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Concentrations | 12 Months Ended
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Sep. 30, 2022
Concentrations |
Concentrations | 2. Concentrations ​ Major Customers and Products ​ In fiscal 2022, 2021 and 2020, the Company derived 58%, 59% and 63%, respectively, of total sales from five customers, although not all the same customers in each year. Accounts receivable and contract assets related to those top five customers was $3.3 million, $2.1 million and $3.4 million as of September 30, 2022, 2021 and 2020, respectively. ​ In fiscal year 2022, the three largest customers, Pilatus, ATSG and Textron accounted for 22%, 11% and 11% of total revenue, respectively. In fiscal year 2021, the two largest customers, Pilatus and Textron accounted for 20% and 17% of total revenue, respectively. In fiscal year 2020, the three largest customers, Pilatus, Dayton T. Brown, Inc., and Kalitta Air accounted for 33%, 12% and 10% of total revenue, respectively. ​ Flat panel sales were 98%, 88% and 80% of total sales in the years ended September 30, 2022, 2021 and 2020, respectively. Sales of air data systems and components were 2%, 12% and 20% of total sales for the years ended September 30, 2022, 2021 and 2020, respectively. Sales to government contractors and agencies accounted for approximately 21%, 18% and 32% of total sales during fiscal years 2022, 2021 and 2020, respectively. The government agency or general contractor typically retains the right to terminate the contract at any time at its convenience. Upon alteration or termination of these contracts, IS&S is typically entitled to an equitable adjustment to the contract price so that it would be compensated for delivered items and allowable costs incurred. Accordingly, because these contracts can be terminated, the Company cannot be assured that its backlog will result in sales. ​ Major Suppliers ​ The Company buys several of its components from sole source suppliers. Although there are a limited number of suppliers of particular components, management believes other suppliers could provide similar components on comparable terms. ​ During fiscal 2022 the Company had three suppliers that accounted for 33.7% of the Company’s total inventory related purchases. During fiscal 2021 the Company had one supplier that accounted for 14.9% of the Company’s total inventory related purchases. ​ Concentration of Credit Risk ​ Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances and accounts receivable. The Company invests its excess cash where preservation of principal is the major consideration. Cash balances are maintained with two major banks. Balances on deposit with certain money market accounts and operating accounts may exceed the Federal Deposit Insurance Corporation limits. The Company’s customer base consists principally of companies within the aviation industry. The Company requests advance payments and/or letters of credit from customers that it considers to be credit risks.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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