0001387131-19-008449.txt : 20191108 0001387131-19-008449.hdr.sgml : 20191108 20191108114646 ACCESSION NUMBER: 0001387131-19-008449 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191108 DATE AS OF CHANGE: 20191108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPI AEROSTRUCTURES INC CENTRAL INDEX KEY: 0000889348 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 112520310 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11398 FILM NUMBER: 191203037 BUSINESS ADDRESS: STREET 1: 200A EXECUTIVE DR CITY: EDGEWOOD STATE: NY ZIP: 11717 BUSINESS PHONE: 5165865200 MAIL ADDRESS: STREET 1: 91 HEARTLAND BLVD CITY: EDGEWOOD STATE: NY ZIP: 11717 10-Q 1 cvu-10q_093019.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to __________

Commission File Number: 1-11398

CPI AEROSTRUCTURES, INC.

(Exact name of registrant as specified in its charter)

New York	11-2520310
(State or other jurisdiction	(IRS Employer Identification Number)
of incorporation or organization)

91 Heartland Blvd., Edgewood, NY	11717
(Address of principal executive offices)	(zip code)

(631) 586-5200
(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.001 par value per share	CVU	NYSE American

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 4, 2019, the number of shares of common stock, par value $.001 per share, outstanding was 11,857,737.

INDEX

Part I - Financial Information

Item 1 – Consolidated Financial Statements

Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018	3

Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months ended September 30, 2019 (Unaudited) and 2018 (Unaudited)	4

Consolidated Statements of Shareholders’ Equity for the Nine Months ended September 30, 2019 (Unaudited) and 2018 (Unaudited)	5

Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2019 (Unaudited) and 2018 (Unaudited)	6

Notes to Consolidated Financial Statements (Unaudited)	7

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3 – Quantitative and Qualitative Disclosures About Market Risk	28

Item 4 – Controls and Procedures	28

Part II - Other Information

Item 1 – Legal Proceedings	29

Item 1A – Risk Factors	29

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3 – Defaults Upon Senior Securities	29

Item 4 – Mine Safety Disclosures	29

Item 5 – Other Information	29

Item 6 – Exhibits	29

Signatures	30

Exhibits

Part I - Financial Information

Item 1 – Consolidated Financial Statements

CONSOLIDATED BALANCE SHEETS

	September 30, 2019		December 31, 2018
		(Unaudited)		(Note 1)
ASSETS
Current Assets:
Cash	$	468,536	$	4,128,142
Restricted cash		2,000,000		2,000,000
Accounts receivable, net of allowance for doubtful accounts of $275,000 as of September 30, 2019 and December 31, 2018		10,284,768		8,623,329
Contract assets		121,458,084		113,333,491
Inventory		10,404,058		9,711,997
Refundable income taxes		435,000		435,000
Prepaid expenses and other current assets		966,522		1,972,630
Total current assets		146,016,968		140,204,589

Operating lease right-of-use assets		4,259,868		—
Property and equipment, net		3,137,194		2,545,192
Refundable income taxes		—		435,000
Deferred income taxes		—		279,318
Other assets		207,096		249,575
Total assets	$	153,621,126	$	143,713,674

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	10,892,353	$	9,902,481
Accrued expenses		1,458,961		1,558,160
Contract liabilities		1,823,255		3,805,106
Current portion of long-term debt		2,499,012		2,434,981
Operating lease liabilities		1,673,244		—
Line of credit		26,738,685		24,038,685
Income tax payable		—		115,000
Total current liabilities		45,085,510		41,854,413

Long-term operating lease liabilities		3,033,710		—
Long-term debt, net of current portion		2,371,797		3,876,238
Deferred income taxes		2,964,600		4,028,553
Other liabilities		—		531,124
Total liabilities		53,455,617		50,290,328

Shareholders’ Equity:
Common stock - $.001 par value; authorized 50,000,000 shares, 11,839,065 and 11,718,246 shares, respectively, issued and outstanding		11,838		11,715
Additional paid-in capital		71,357,488		70,651,416
Retained earnings		28,796,183		22,760,215

Total Shareholders’ Equity		100,165,509		93,423,346
Total Liabilities and Shareholders’ Equity	$	153,621,126	$	143,713,674

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019			2018
	(Unaudited)				(Unaudited)

Revenue	$	25,711,153	$	19,017,301	$	74,452,935		$	57,470,163
Cost of revenue		20,748,065		15,146,080		59,117,855			44,964,256
Gross profit		4,963,088		3,871,221		15,335,080			12,505,907

Selling, general and administrative expenses		2,594,980		2,584,560		8,110,736			7,192,159
Income from operations		2,368,108		1,286,661		7,224,344			5,313,748

Interest expense		378,195		574,765		1,464,376			1,438,862
Income before provision for (benefit from) income taxes		1,989,913		711,896		5,759,968			3,874,886

Provision for (benefit from) income taxes		323,000		126,000		(276,000	)		775,000
Net income		1,666,913		585,896		6,035,968			3,099,886

Other comprehensive income net of tax- Change in unrealized loss on interest rate swap		—		20,600		—			14,800
Comprehensive income	$	1,666,913	$	606,496	$	6,035,968		$	3,114,686

Income per common share – basic	$	0.14	$	0.07	$	0.51		$	0.35

Income per common share – diluted	$	0.14	$	0.07	$	0.51		$	0.35

Shares used in computing income per common share:
Basic		11,838,862		8,952,979		11,796,580			8,926,734
Diluted		11,857,534		8,977,075		11,815,252			8,951,640

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

	Common Stock Shares		Amount		Additional Paid-in Capital			Retained Earnings		Accumulated Other Comprehensive Loss			Total Shareholders’Equity

Balance at January 1, 2018		8,864,319	$	8,863	$	53,770,618		$	20,548,652	$	(14,800	)	$	74,313,333
Net income		—		—		—			1,256,765		—			1,256,765
Change in unrealized loss from interest rate swap		—		—		—			—		(5,800	)		(5,800	)
Common stock issued as employee compensation		5,130		5		45,908			—		—			45,913
Stock-based compensation expense		54,396		51		303,889			—		—			303,940
Balance at March 31, 2018		8,923,845		8,919		54,120,415			21,805,417		(20,600	)		75,914,151
Net income		—		—		—			1,257,225		—			1,257,225
Change in unrealized loss from interest rate swap		—		—		—			—		20,600			20,600
Stock-based compensation expense		14,646		16		155,760			—		—			155,776
Balance at June 30, 2018		8,938,491		8,935		54,276,175			23,062,642		—			77,347,752
Net income		—		—		—			585,896		—			585,896
Stock-based compensation expense		14,646		15		76,439			—		—			76,454
Balance at September 30, 2018		8,953,137	$	8,950	$	54,352,614		$	23,648,538	$	—		$	78,010,102

Balance at January 1, 2019		11,718,246	$	11,715	$	70,651,416		$	22,760,215	$	—		$	93,423,346
Net income		—		—		—			1,658,598		—			1,658,598
Costs related to stock offering		—		—		(64,371	)		—		—			(64,371	)
Common stock issued upon exercise of options		521		—		—			—		—			—
Stock-based compensation expense		17,619		21		330,766			—		—			330,787
Balance at March 31, 2019		11,736,386		11,736		70,917,811			24,418,813		—			95,348,360
Net income		—		—		—			2,710,457		—			2,710,457
Costs related to stock offering		—		—		(55,200	)		—		—			(55,200	)
Common stock issued as employee compensation		4,950		5		32,319			—		—			32,324
Stock-based compensation expense		79,054		72		209,495			—		—			209,567
Balance at June 30, 2019		11,820,390		11,813		71,104,425			27,129,270		—			98,245,508
Net income		—		—		—			1,666,913		—			1,666,913
Stock-based compensation expense		18,675		25		253,063			—		—			253,088
Balance at September 30, 2019		11,839,065	$	11,838	$	71,357,488		$	28,796,183	$	—		$	100,165,509

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net income	$	6,035,968		$	3,099,886
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization		729,319			521,255
Debt issuance costs		67,479			58,990
Non-cash lease expense		(84,036	)		(53,073	)
Stock-based compensation		793,440			536,170
Common stock issued as employee compensation		32,324			45,913
Adjustment for maturity of interest rate swap		—			20,600
Bad debt expense					125,000
Deferred income taxes		(784,635	)		881,500
Changes in operating assets and liabilities:
Increase in accounts receivable		(1,661,439	)		(1,109,365	)
Increase in contract assets		(8,124,593	)		(2,009,154	)
Increase in inventory		(692,061	)		(95,268	)
Decrease in refundable income taxes		435,000			—
Decrease in prepaid expenses and other assets		797,622			177,625
Increase (decrease) in accounts payable and accrued expenses		890,672			(5,347,688	)
(Decrease) increase in contract liabilities		(2,359,976	)		218,493
Decrease in other liabilities		—			(10,976	)
Decrease in income taxes payable		(115,000	)		(109,327	)
Net cash used in operating activities		(4,039,916	)		(3,049,419	)

Cash flows from investing activities:

Purchase of property and equipment		(334,909	)		(521,499	)
Net cash used in investing activities		(334,909	)		(521,499	)

Cash flows from financing activities:
Payments on long-term debt		(1,840,210	)		(1,522,283	)
Proceeds from line of credit		3,000,000			6,200,000
Payments on line of credit		(300,000	)		(1,500,000	)
Stock offering costs paid		(119,571	)		—
Debt issue costs paid		(25,000	)		(209,082	)
Net cash provided by financing activities		715,219			2,968,635

Net decrease in cash and restricted cash		(3,659,606	)		(602,283	)
Cash and restricted cash at beginning of period		6,128,142			1,430,877
Cash and restricted cash at end of period	$	2,468,536		$	828,594
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	1,406,581		$	1,601,144
Income taxes	$	103,927		$	—

Noncash investing and financing activities:
Equipment acquired under financing lease	$	399,800		$	649,158

See Notes to Consolidated Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. INTERIM FINANCIAL STATEMENTS

The Company consists of CPI Aerostructures, Inc. (“CPI”) and Welding Metallurgy, Inc. (“WMI”), a wholly owned subsidiary acquired on December 20, 2018 and Compac Development Corporation (“Compac”), a wholly owned subsidiary of WMI, collectively the “Company.”

An operating segment, in part, is a component of an enterprise whose operating results are regularly reviewed by the chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated only to a limited extent. The Company’s CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial performance. Accordingly, the Company has determined that it has a single operating and reportable segment.

The consolidated financial statements of the Company as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

The consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected. Such adjustments are of a normal, recurring nature. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.

The Company maintains its cash in five financial institutions. The balances are insured by the Federal Deposit Insurance Corporation. From time to time, the Company’s balances may exceed insurance limits. As of September 30, 2019, the Company had $595,906 of uninsured balances. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.

The Company applied business combination accounting for the WMI acquisition in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”). Business combination accounting requires that the assets acquired and liabilities assumed be recorded at their respective estimated fair values at the date of acquisition. The excess purchase price over fair value of the net assets acquired is recorded as goodwill. In determining estimated fair values, we are required to make estimates and assumptions that affect the recorded amounts, including, but not limited to, expected future cash flows, discount rates, remaining useful lives of long-lived assets, useful lives of identified intangible assets, replacement or reproduction costs of property and equipment and the amounts to be recovered in future periods from acquired net operating losses and other deferred tax assets. Our estimates in this area impact, among other items, the amount of depreciation and amortization, impairment charges in certain instances if the asset becomes impaired, and income tax expense or benefit that we report. Our provisional estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain. See Note 2 for a summary and status of the application of business combination accounting.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Effective January 1, 2018, the Company adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for all of its contracts. ASC 606 requires sales and gross profit to be recognized over the contract period as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Contract assets.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Contract liabilities.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in revenue in the period the change becomes known. ASC 606 involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the process; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

When changes are required for the estimated total revenue on a contract, these changes are recognized with an inception-to-date effect in the current period. Also, when estimates of total costs to be incurred exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.

Following the adoption of ASC 606, the Company’s revenue recognition for all of its contracts remained materially consistent with historical practice and there was no material impact on the consolidated financial statements upon adoption.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. On January 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company did not have to reassess whether expired or existing contracts are or contain a lease and did not have to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases.

ASC 842 also provides practical expedients for an entity's ongoing accounting. The Company elected the short-term lease recognition exemption under which the Company will not recognize right-of-use (“ROU”) assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases. The Company elected the practical expedient to not separate lease and non-lease components for certain classes of assets (office buildings).

On January 1, 2019, the Company recognized ROU assets and lease liabilities of approximately $5.3 million and $5.8 million, respectively, on its consolidated balance sheet using an estimated incremental borrowing rate of 6%.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

2. Business Combinations

As discussed in Note 1, the Company completed the WMI acquisition on December 20, 2018. The acquisition was accounted for as a business combination in accordance with ASC 805. Accordingly, the Company is required to determine and record the fair value of the assets acquired, including any potential intangible assets, and liabilities assumed at the date of acquisition. The acquisition was considered a stock purchase for tax purposes.

The purchase price for the acquisition was $7.9 million, which is subject to a post-closing working capital adjustment. Two million dollars of the purchase price was placed in escrow at closing and may be released after the completion of the working capital adjustment and for the indemnification contingencies. The escrowed amount is shown as restricted cash on the consolidated balance sheet as of September 30, 2019. The working capital adjustment is based on the historical values of components of working capital as defined in the Stock Purchase Agreement. We have calculated a post-closing working capital adjustment. Air Industries Group (“Air”) formally objected to our calculation. The Stock Purchase Agreement provided the parties 30 days to come to an agreement on the working capital adjustment. The Company and Air could not come to an agreement within the time specified and the issues were submitted to BDO USA, LLP (“BDO”) for a binding resolution. During the course of BDO’s work, Air conceded on three of the four items of contention, leaving only the inventory valuation in dispute. In its report dated September 3, 2019, BDO found in favor of the Company and that there should be no changes to the Closing Working Capital Statement as prepared by the Company. The result of the conceded items and BDO determination would decrease the purchase price of the acquisition by approximately $4.2 million. On September 16, 2019, the Company received a letter from Air acknowledging the conceded items and, among other things, rejecting the determination by BDO. On September 27, 2019, the Company filed a notice of motion in the Supreme Court of the State of New York, County of New York, against Air seeking, among other things, an order of specific performance requiring Air to comply with its obligations under the SPA and Escrow Agreement and a judgment against Air in the amount of approximately $4.2 million.

In October 2019, Air and the Company jointly authorized the release of approximately $619,000 from escrow, which represents the value of the conceded items. The remaining amount of approximately $3.6 million is still in dispute. Because of the uncertain outcome of the September 27 court filing, the Company has not recorded any adjustments to the provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI related to the BDO determination.

The Company is in the process of determining the fair values of the assets and liabilities acquired and has recorded provisional estimates as of the acquisition date. As the Company completes this process and additional information becomes known concerning the acquired assets and assumed liabilities, management will make adjustments to the fair value of the amounts provisionally recorded in the opening balance sheet of WMI during the measurement period, which is no longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. If the final aggregate fair value of the net assets acquired is less than the final purchase price paid, then the Company may be required to record goodwill. Conversely, if the final aggregate fair value of the net assets acquired is in excess of the final purchase price paid, then the Company may potentially conclude that the purchase of WMI was a “bargain purchase.”

As stated above, the Company has determined the following provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI:

	Provisional Fair Values
Other current assets	$	1,049,000
Accounts receivable		1,522,000
Inventory		7,969,000
Property and equipment, net		586,000
Current liabilities		(5,174,000	)
Total	$	5,952,000

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the unaudited pro forma revenue and net income for the period presented as if the WMI Acquisition had occurred on January 1, 2018, based on the provisional estimates of the fair value of the net assets acquired:

	Three months ended		Nine months ended
	September 30, 2018
Revenue	$	23,968,743	$	68,866,449
Net income	$	1,269,232	$	3,761,492
Income per common share	$	.14	$	.42

3. REVENUE RECOGNITION

The majority of the Company’s revenues are from long-term contracts with the U.S. government and commercial contractors. The contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) which provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. government contracts. The pricing for commercial contractors is based on the specific negotiations with each customer.

The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified and payment terms are identified.

To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period.

All of the Company’s current long-term contracts have a single performance obligation as the promise to transfer the goods or services are not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. All of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Revenues for the Company’s long-term contracts are recognized over time as the Company performs its obligations because of continuous transfer of control to the customer. The continuous transfer of control to the customer is supported by clauses in contracts that either allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and the products and services have no alternative use or the customer controls the work in progress.

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses the cost-to-cost input method to measure progress for its contracts because it best depicts the transfer of assets to the customer which occurs as the Company incurs costs on its contracts.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In applying the cost-to-cost input method, the Company compares the actual costs incurred relative to the total estimated costs to determine its progress towards contract completion and to calculate the corresponding amount of estimated revenue and estimated gross profit recognized. For any costs incurred that do not contribute to a performance obligation, the Company excludes such costs from its input methods of revenue recognition as the amounts are not reflective in transferring control of the asset to the customer. Costs to fulfill a performance obligation include labor, materials and subcontractors’ costs, other direct costs and an allocation of indirect costs.

Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin for a contract is reflected in revenue in the period the change becomes known. Contract estimates involve considerable use of judgement in determining revenues, profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the application of the cost-to-cost input method; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

For the Company’s uncompleted contracts, contract assets include unbilled amounts when the estimated revenues recognized exceed the amount billed to the customer and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current. The Company’s contract liabilities consist of billings in excess of estimated revenues recognized and contract losses. Contract liabilities are classified as current. The Company’s contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period.

Revenue recognized for the three and nine months ended September 30, 2019, that was included in the contract liabilities at January 1, 2019 was $2.6 million.

The Company’s remaining performance obligations represent the transaction price of its long-term contracts for which work has not been performed. As of September 30, 2019, the aggregate amount of transaction price allocated to the remaining performance obligations was $255.2 million. The Company estimates that it expects to recognize approximately 18% of its remaining performance obligations in 2019 and 82% revenue in 2020.

In addition, the Company recognizes revenue for products manufactured by WMI and parts supplied for certain Maintenance Repair and Overhaul (“MRO”) contracts at a point in time following the transfer of control to the customer, which typically occurs upon shipment or delivery, depending on the terms of the underlying contract.

Revenue from long-term contracts recognized over time and revenue from contracts recognized at a point in time accounted for approximately 83% and 17%, respectively, for the nine months ended September 30, 2019.

Revenue from long-term contracts recognized over time and revenue from contracts recognized at a point in time accounted for approximately 76% and 24%, respectively, for the three months ended September 30, 2019.

Revenue by long-term contracts type for the three and nine months ended September 30, 2019 and 2018 is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Government subcontracts	$	17,082,754	$	9,516,799	$	48,344,906	$	28,228,457
Commercial contracts		6,809,616		7,536,697		20,205,689		22,363,979
Prime government contracts		1,818,783		1,963,805		5,902,340		6,877,727
	$	25,711,153	$	19,017,301	$	74,452,935	$	57,470,163

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

4. lEases

The Company leases a building and equipment. Under ASC 842, at contract inception we determine whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are included in ROU assets and operating lease liabilities in our consolidated balance sheets.

The Company leases manufacturing and office space under an agreement classified as an operating lease.

The lease agreement expires on April 30, 2022 and does not include any renewal options. The agreement provides for an initial monthly base amount plus annual escalations through the term of the lease.

In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms.

The Company also leases office equipment in agreements classified as operating leases.

For the three and nine months ended September 30, 2019, the Company’s operating lease expense was $439,825 and $1,319,764, respectively.

Future minimum lease payments under non-cancellable operating leases as of September 30, 2019 were as follows:

Twelve months ending September 30,
2020	$	1,910,384
2021		1,953,865
2022		1,175,727
2023		55,322
2024		11,631
Total undiscounted operating lease payments		5,106,929
Less imputed interest		(399,975	)
Present value of operating lease payments	$	4,706,954

The following table sets forth the ROU assets and operating lease liabilities as of September 30, 2019:

Assets
ROU Assets	$	4,259,868

Liabilities
Current operating lease liabilities	$	1,673,244
Long-term operating lease liabilities		3,033,710
Total ROU liabilities	$	4,706,954

The Company’s weighted average remaining lease term for its operating leases is 2.3 years.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

5. reconciliation of cash and restricted cash

The following table provides a reconciliation of cash and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows:
	September 30, 2019		September 30, 2018
Cash	$	468,536	$	828,594
Restricted cash		2,000,000		—
Total cash and restricted cash shown in the statement of cash flow	$	2,468,536	$	828,594

6. inventory

The components of inventory consisted of the following:

	September 30, 2019		December 31, 2018
Raw materials	$	1,843,621	$	3,379,986
Work in progress		6,586,308		4,495,980
Finished goods		1,974,129		1,836,031
Total	$	10,404,058	$	9,711,997

7. stock-based compensation

The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant.

In January 2019, the Company granted 75,353 restricted stock units (“RSUs”) to its board of directors as partial compensation for the 2019 year. In January 2018, the Company granted 58,578 RSUs to its board of directors as partial compensation for the 2018 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the nine months ended September 30, 2019 and 2018 includes approximately $409,000 and $491,500, respectively, of non-cash compensation expense related to the RSU grants to the board of directors. This expense is recorded as a component of selling, general and administrative expenses.

In June 2019 a board member retired and 7,326 of his unvested RSUs were forfeited which were valued at approximately $47,000. In addition, in April 2019, the Company granted 6,677 RSUs to one of its board members as partial compensation for the 2019 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the nine months ended September 30, 2019 includes approximately $29,000 of non-cash compensation expense related to the RSU grants to the board member. In June 2019, two board members were granted an additional 2,725 RSUs as partial compensation for the 2019 year. The Company’s net income for the nine months ended September 30, 2019 includes approximately $15,000 of non-cash compensation expense related to the RSU grants to the board of directors.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In April 2019, the Company granted 4,950 shares of common stock to various employees. For the nine months ended September 30, 2019, approximately $6,000 of compensation expense is included in selling, general and administrative expenses and approximately $26,000 of compensation expense is included in cost of revenue for this grant. In January 2018, the Company granted 5,130 shares of common stock to various employees. For the nine months ended September 30, 2018, approximately $10,000 of compensation expense is included in selling, general and administrative expenses and approximately $36,000 of compensation expense is included in cost of revenue for this grant.

In March 2018, the Company granted 68,764 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2022 based upon the service and performance thresholds. For the nine months ended September 30, 2019, approximately $197,000 of compensation expense is included in selling, general and administrative expenses and approximately $38,000 of compensation expense is included in cost of revenue for this grant.

In April 2019, the Company granted 94,972 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2023 based upon the service and performance thresholds. For the nine months ended September 30, 2019, approximately $137,000 of compensation expense is included in selling, general and administrative expenses and approximately $42,000 of compensation expense is included in cost of revenue for this grant.

On February 12, 2019, these employees returned 1,221 common shares, valued at approximately $7,893, to pay the employees’ withholding taxes.

In April 2019, 11,193, 8,299 and 8,593 of the shares granted in 2016, 2017 and 2018, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2018. In addition, on April 2, 2019, these employees returned 9,806 common shares, valued at approximately $64,000, to pay the employees’ withholding taxes.

In March 2018, 12,330 and 9,130 of the shares granted in 2016 and 2017, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2017. In addition, on March 22, 2018, these employees returned 7,552 common shares, valued at approximately $62,000, to pay the employees’ withholding taxes.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

A summary of the status of the Company’s stock option plans as of September 30, 2019 and changes during the nine months ended September 30, 2019 is as follows:

	Options		Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at beginning of period		41,772	$	7.58
Exercised during the period		35,000	$	6.60
Forfeited during the period		6,772
Outstanding and vested at end of period		—	$	0.00		0.0	$	0

During the nine months ended September 30, 2019, 35,000 stock options were exercised, pursuant to the provisions of the stock option plan, where the Company received no cash and 34,478 shares of its common stock in exchange for the 35,000 shares issued in the exercise. The 34,478 shares that the Company received were valued at $231,003, the fair market value of the shares on the date of exercise. During the nine months ended September 30, 2018, no stock options were granted or exercised.

8. Fair Value

Fair Value

At September 30, 2019 and December 31, 2018, the fair values of cash, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these instruments.

	September 30, 2019
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	31,609,494	$	31,609,494

	December 31, 2018
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	30,349,904	$	30,349,904

We estimated the fair value of debt using market quotes and calculations based on market rates.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

9. Contract assets and contract liabilities

Net contract assets consist of the following:

	September 30, 2019
	U.S.
	Government			Commercial			Total
Contract assets	$	49,657,016		$	71,801,068		$	121,458,084
Contract liabilities		(1,819,792	)		(3,463	)		(1,823,255	)
Net contract assets	$	47,837,224		$	71,797,605		$	119,634,829

	December 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	48,358,481		$	64,975,010		$	113,333,491
Contract liabilities		(3,780,866	)		(24,240	)		(3,805,106	)
Net contract assets	$	44,577,615		$	64,950,770		$	109,528,385

The increase in the Company’s net contract assets from January 1, 2019 to September 30, 2019 was primarily due to costs incurred on the G-650 program ($2.2 million increase), the new design of the HondaJet engine inlet ($1.8 million increase), for which the Company has not begun billing on a steady rate and the Raytheon Next Generation Jammer pod 2.0 ($3.3 million increase). Additionally, contract assets on the Company’s F-35 Lock Assembly program increased $0.6 million.

U.S. government contracts includes contracts directly with the U.S. government and government subcontractors.

Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the nine months ended September 30, 2019, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $327,000 from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years. During the nine months ended September 30, 2018, the effect of such revisions was a decrease to total gross profit of approximately $683,000.

Although management believes it has established adequate procedures for estimating costs to uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

10.

income PER COMMON SHARE

Basic income per common share is computed using the weighted average number of common shares outstanding. Diluted income per common share for the three and nine months ended September 30, 2019 and 2018 is computed using the weighted-average number of common shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock, as well as unvested RSUs. Incremental shares of 18,672 were used in the calculation of diluted income per common share in the three and nine months ended September 30, 2019. Incremental shares of 49,641 were used in the calculation of diluted income per common share in the three and nine months ended September 30, 2018. Incremental shares of 43,064 were not used in the calculation of diluted income per common share in the three and nine months ended September 30, 2018, as their exercise price was in excess of the Company’s average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive.

11.

Debt

On March 24, 2016, the Company entered into a Credit Agreement (as amended, the “Credit Agreement”) with BankUnited, N.A. as the sole arranger, administrative agent and collateral agent and a lender and Citizens Bank N.A. as a lender (the “BankUnited Facility”). The BankUnited Facility provides for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement. On June 25, 2019, the Credit Agreement was amended and the Company and the banks entered into an assignment and acceptance agreement whereby Citizens Bank N.A.’s interest in the BankUnited Facility was transferred to BNB Bank. Additionally, the Revolving Loan and Term Loan maturity date was extended to June 30, 2021.

Under the Credit Agreement, upon the consummation of a public offering of common stock that results in gross proceeds of $7 million or more, (A) the Company will prepay the loans in an amount equal to 25% of net proceeds of the offering (with $1.2 million applied to the Term Loan and the remainder applied to the revolving line of credit) and (B) the Company will maintain a minimum of $3 million of combined unrestricted cash in accounts with BankUnited, N.A., and in availability under the Revolving Loan. As of September 30, 2019, the Company had approximately $1.1 million of availability under the revolving line of credit for this combined criteria.

As of September 30, 2019, the Company had $26.7 million outstanding under the Revolving Loan bearing interest at 5.87%.

The Company paid to BankUnited, N.A. commitment and agent fees in the amount of $25,000, together with out-of-pocket costs, expenses, and reasonable attorney’s fees incurred by BankUnited, N.A. in connection with the amendment.

The Company paid approximately $488,000 of total debt issuance costs in connection with the BankUnited Facility, of which approximately $99,000 is included in other assets and $22,000 is a reduction of long-term debt at September 30, 2019.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which originally matured on June 30, 2020.

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending September 30,
2020	$	2,499,012
2021		2,008,385
2022		193,626
2023		132,220
Thereafter		37,566
	$	4,870,809

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of September 30, 2019, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.

The BankUnited Facility is secured by all of the Company’s assets.

In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $1,034,706, including a current portion of $399,012.

12. Income taxes

In February 2019, the Company received information that the net operating loss carryback that was generated in 2014 and carried back to 2012 and 13 was under examination and could possibly be disallowed by the IRS. The Company had not received a written notice or tax assessment related to the possible disallowance of the net operating loss carryback. Although the Company had not received any formal documentation or notice of such disallowance, in accordance with ASC 740-10 “Accounting for Uncertainty in Tax Positions”, the Company recorded a liability of approximately $3.1 million in the year ended December 31, 2018 for this uncertainty. The liability represents the maximum net tax adjustment for the disallowance of the net operating loss carryback, computed at the pre-2018 tax rates, and tax savings of recording a net operating loss carryforward, calculated at the current tax rates.

In May 2019, the Company received further information from the IRS related to the possible disallowance of our net operating loss carryback. Based on the new IRS communication, the liability related to this uncertain tax position was reduced by approximately $1.4 million in the three months ended September 30, 2019, which results in a provision for income taxes of $323,000 and a benefit from income taxes $276,000 for the three and nine months ended September 30, 2019, respectively, compared to provision for income taxes of $126,000 and $775,000 for the three and nine months ended September 30, 2018, respectively.

The Company has not yet received an assessment of additional tax related to this matter. If the Company receives an official tax assessment we have the ability to appeal the disallowance, as well as go to tax court to challenge the notice.

13. MAJOR CUSTOMERS

During the nine months ended September 30, 2019, the Company’s four largest commercial customers accounted for 26%, 16%, 13% and 13% of revenue. During the nine months ended September 30, 2018, the Company’s four largest commercial customers accounted for 25%, 12%, 12% and 12% of revenue. In addition, during the nine months ended September 30, 2019 and 2018, 8% and 13% of revenue, respectively, was directly from the U.S. government.

At September 30, 2019, 38%, 13%, 13% and 12% of contract assets were from the Company’s four largest commercial customers. At December 31, 2018, 39%, 14%, 13% and 13% of contract assets were from the Company’s four largest commercial customers.

At September 30, 2019 and December 31, 2018, 1% and 2%, respectively, of contract assets were directly from the U.S. government.

At September 30, 2019, 39% and 12% of our accounts receivable were from our two largest commercial customers. At December 31, 2018, 20%, 18%, and 17% of accounts receivable were from our three largest commercial customers.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in this report.

Forward Looking Statements

When used in this Form 10-Q and in future filings by us with the Securities and Exchange Commission, the words or phrases “will likely result,” “management expects” or “we expect,” “will continue,” “is anticipated,” “estimated” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The risks are included in Item 1A - Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2018 and Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q. We have no obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.

Business Operations

We are a manufacturer of structural aircraft parts for fixed wing aircraft and helicopters in both the commercial and defense markets. Within the global aerostructure supply chain, we are either a Tier 1 supplier to aircraft Original Equipment Manufacturers (“OEMs”) or a Tier 2 subcontractor to major Tier 1 manufacturers. We also are a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with our assembly operations, we provide engineering, program management, supply chain management, and Maintenance Repair & Overhaul (“MRO”) services.

Recent defense industry consolidation may result in leaner supply chains across the industry, a decrease in the number of preferred suppliers, and new priorities for consolidated OEMs, increasing competition for the programs and contracts that we supply. In addition, vertical consolidation may mean that our major customers may choose not to outsource production of products that we currently supply.

We have positioned our Company to take advantage of opportunities in the military aerospace market to a broad customer base, which we believe will reduce the potential impact of industry consolidation. Our success as a subcontractor to defense prime contractors has provided us with opportunities to act as a subcontractor to prime contractors in the production of commercial aircraft structures, which we believe will also reduce our exposure to defense industry consolidation, government spending decisions, and other defense industry risks.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Backlog

We produce custom assemblies pursuant to long-term contracts and customer purchase orders. Backlog consists of aggregate values under such contracts and purchase orders, excluding the portion previously included in operating revenues pursuant to ASC 606, and including estimates of future contract price escalation. Substantially all of our backlog is subject to termination at will and rescheduling, without significant penalty. Funds are often appropriated for programs or contracts on a yearly or quarterly basis, even though the contract may call for performance that is expected to take a number of years. Therefore, our funded backlog does not include the full value of our contracts. Our total backlog as of September 30, 2019 and December 31, 2018 was as follows:

Backlog (Total)	September 30, 2019		December 31, 2018
Funded	$	104,509,000	$	94,474,000
Unfunded		429,396,000		362,906,000
Total	$	533,905,000	$	457,380,000

Approximately 91% of the total amount of our total backlog at September 30, 2019 was attributable to government contracts. Our backlog attributable to government contracts at September 30, 2019 and December 31, 2018 was as follows:

Backlog (Government)	September 30, 2019		December 31, 2018
Funded	$	104,406,000	$	80,812,000
Unfunded		379,862,000		305,582,000
Total	$	484,268,000	$	386,394,000

Our backlog attributable to commercial contracts at September 30, 2019 and December 31, 2018 was as follows:

Backlog (Commercial)	September 30, 2019		December 31, 2018
Funded	$	104,000	$	13,662,000
Unfunded		49,533,000		57,324,000
Total	$	49,637,000	$	70,986,000

Our unfunded backlog is primarily comprised of the long-term contracts for the Northrop Grumman E-2D, F-16 Falcon, T-38C trainer aircraft for the U.S. government, Lockheed F-35, HondaJet Light Business Jet, Bell AH-1Z, Sikorsky S-92, Boeing A-10, Embraer Phenom 300 and Raytheon Next Generation Jammer pod. These long-term contracts are expected to have yearly orders, which will be funded in the future.

The low level of funded backlog on commercial programs is the result of customers placing funded orders based upon expected lead time. These programs are under long-term agreements with our customers, and as such, we are protected by termination liability provisions.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Critical Accounting Policies

Revenue Recognition

Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606 “Revenue from Contracts with Customers” (“ASC 606”) using the modified retrospective method for all of its contracts. ASC 606 requires sales and gross profit to be recognized over the contract period as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Contract assets.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Contract liabilities.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in cost of sales in the period the change becomes known. ASC 606 involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the process; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

Following the adoption of ASC 606, the Company’s revenue recognition for all of its contracts remained materially consistent with historical practice and there was no impact in the three months ended March 31, 2018 consolidated financial statements upon adoption.

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. On January 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company did not have to reassess whether expired or existing contracts are or contain a lease; did not have to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases.

On January 1, 2019, the Company recognized ROU assets and lease liabilities of approximately $5.3 million and $5.8 million, respectively, on its consolidated balance sheets using an estimated incremental borrowing rate of 6%.

Item 2 – Management’s Discussion and Analysis of Financial Condition and

Results of Operations

Results of Operations

Revenue

Revenue for the three months ended September 30, 2019 was $25,711,153 compared to $19,017,301 for the same period last year, an increase of $6,693,852 or 35.2%. Approximately $5.2 million of this increase is the result of the inclusion of WMI revenue, which we acquired in December of 2018. Additionally, there was an increase of $1.3 million related to the E-2D program.

Revenue for the nine months ended September 30, 2019 was $74,452,935 compared to $57,470,163 for the same period last year, an increase of $16,982,772 or 29.6%. Approximately $9.1 million of this increase is the result of the inclusion of WMI revenue, which we acquired in December of 2018. Additionally, there was an increase of $8.1 million because of the increasing production rates of the Next Generation Jammer pod program.

Revenue from government subcontracts was $17,082,754 for the three months ended September 30, 2019 compared to $9,516,799 for the three months ended September 30, 2018, an increase of $7,565,955 or 79.5%. Approximately $5 million of this increase is the result of the inclusion of WMI revenue, which we acquired in December of 2018. Additionally, there was an increase in revenue related to the E-2D program described above.

Revenue from government subcontracts was $48,344,906 for the nine months ended September 30, 2019 compared to $28,228,457 for the nine months ended September 30, 2018, an increase of $20,116,449 or 71.3%. Approximately $8.4 million of this increase is the result of the inclusion of WMI revenue, which we acquired in December of 2018. Additionally, the increase in revenue is a result of the increasing production rates of the Next Generation Jammer pod program as described above.

Revenue from direct military was $1,818,783 for the three months ended September 30, 2019 compared to $1,963,805 for the three months ended September 30, 2018, a decrease of $145,022 or 7.4%. The decrease in revenue is primarily driven by a decrease in revenue from T-38 kits, offset by an increase in revenue because of F-16 sales and the addition of WMI.

Revenue from direct military was $5,902,340 for the nine months ended September 30, 2019 compared to $6,877,727 for the nine months ended September 30, 2018, a decrease of $975,387 or 14.2%. The decrease in revenue is primarily driven by a decrease in revenue from T-38 kits, offset by an increase in revenue of F-16 sales and the addition of WMI.

Revenue from commercial subcontracts was $6,809,616 for the three months ended September 30, 2019 compared to $7,536,697 for the three months ended September 30, 2018, a decrease of $727,081 or 9.6%. The decrease is the result of lower revenue from the HondaJet program of $0.6 million and on the G650 program of approximately $0.2 million.

Revenue from commercial subcontracts was $20,205,689 for the nine months ended September 30, 2019 compared to $22,363,979 for the nine months ended September 30, 2018, a decrease of $2,158,290 or 9.7%. The decrease is predominately the result of lower revenue on the G650 program of approximately $2.7 million, offset by the increase in revenue from HondaJet program of approximately $0.2 million.

Inflation historically has not had a material effect on our operations.

Cost of sales

Cost of sales for the three months ended September 30, 2019 and 2018 was $20,748,065 and $15,146,080, respectively, an increase of $5,601,985 or 37%. This increase is the result of the comparable increase in revenue.

Cost of sales for the nine months ended September 30, 2019 and 2018 was $59,117,855 and $44,964,256, respectively, an increase of $14,153,599 or 31.5%. This increase is the result of the comparable increase in revenue.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

The components of the cost of sales were as follows:

	Three months ended					Nine months ended
	September 30, 2019		September 30, 2018			September 30, 2019			September 30, 2018
Procurement	$	11,868,864	$	9,606,143		$	38,738,996		$	28,551,130
Labor		1,967,144		1,490,227			5,876,664			4,737,522
Factory overhead		5,164,788		4,100,162			15,088,391			11,729,044
Other contract costs (credit), net		195,321		(50,452	)		105,865			(53,440	)
Inventory change		1,551,948		—			(692,061	)		—
Cost of Sales	$	20,748,065	$	15,146,080		$	59,117,855		$	44,964,256

Other contract costs (credit), net for the three months ended September 30, 2019 were $195,321 compared to $(50,452), an increase of $245,773. Other contract costs (credit), net for the nine months ended September 30, 2019 were $105,865 compared to $(53,440), an increase of $159,305. Other contract costs relate to expenses recognized for changes in estimates and expenses predominately associated with loss contracts. In the three months ended September 30, 2018 and nine months ended September 30, 2018, other contract costs are a credit, as we have incurred actual expenses on our A-10 program that had been previously recognized as part of the change in estimate charge.

Procurement for the three months ended September 30, 2019 was $11,868,864 compared to $9,606,143, an increase of $2,262,721 or 23.6%. Increase is predominantly the result of WMI which accounted for approximately $1.4 million of procurement. Procurement for the nine months ended September 30, 2019 was $38,738,996 compared to $28,551,130, an increase of $10,187,866 or 35.7%. This increase is predominately the result of a $4.9 million increase in procurement related to the Raytheon Next Generation Jammer pod program.

Labor costs for the three months ended September 30, 2019 were $1,967,144 compared to $1,490,227, an increase of $476,916 or 32%. The increase is predominantly the result of $337,000 of WMI labor and $163,000 associated with the Next Generation Jammer pod program, which is very labor intensive.

Labor costs for the nine months ended September 30, 2019 were $5,876,664 compared to $4,737,522, an increase of $1,139,142 or 24%. The increase is predominantly the result of $933,000 of WMI labor and $231,000 associated with the Next Generation Jammer pod program, as described above.

Factory overhead for the three months ended September 30, 2019 was $5,164,788 compared to $4,100,162, an increase of $1,064,626 or 26%. The increase in factory overhead is predominately the result of an increase of additional costs in the current year related to WMI.

Factory overhead for the nine months ended September 30, 2019 was $15,088,391 compared to $11,729,044, an increase of $3,359,347 or 28.6%. The increase in factory overhead is predominately the result of an increase of additional costs in the current year related to WMI.

Gross Profit

Gross profit for the three months ended September 30, 2019 was $4,963,088 compared to $3,871,221 for the three months ended September 30, 2018, an increase of $1,091,867 or 28.2%, predominately the result of higher volume. Gross profit percentage three months ended September 30, 2019 was 19.3% compared to 20.4% for the three months ended September 30, 2018, a decrease of 1.1%, predominately the result of a lower margin from WMI.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Gross profit for the nine months ended September 30, 2019 was $15,335,080 compared to $12,505,907 for the nine months ended September 30, 2018, an increase of $2,829,173 or 22.6%, predominately the result of higher volume. Gross profit percentage nine months ended September 30, 2019 was 20.6% compared to 21.8% for the nine months ended September 30, 2018, a decrease of 1.2%, predominately the result of a lower margin from WMI.

Favorable/Unfavorable Adjustments to Gross Profit (Loss)

During the nine months ended September 30, 2019 and 2018, circumstances required that we make changes in estimates to various contracts. Such changes in estimates resulted in changes in total gross profit as follows:

	Nine months ended
	September 30, 2019			September 30, 2018
Favorable adjustments	$	466,000		$	249,000
Unfavorable adjustments		(793,000	)		(932,000	)
Net adjustments	$	(327,000	)	$	(683,000	)

During the nine months ended September 30, 2019, we had one contract that had a $368,000 favorable adjustment, caused by the completion of the program at a favorable rate. In addition, we had two contracts that had unfavorable adjustments totaling $440,000 caused by excess overhead and material costs incurred. There were no other material changes favorable or unfavorable during the nine months ended September 30, 2019.

During the nine months ended September 30, 2018, we had one contract which had approximately $240,000 unfavorable adjustment caused by changing estimates on a long-term program, for which we are working with the customer to agree to contract extensions and are adjusting our long-term margin estimates. In addition, we had two contracts that had unfavorable adjustments totaling $381,000 caused by excess overhead and material costs incurred. There were no other material changes favorable or unfavorable during the nine months ended September 30, 2018.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended September 30, 2019 were $2,594,980 compared to $2,584,560 for the three months ended September 30, 2018, an increase of $10,420, or 0.4%. This change was predominately the result of an increase of additional costs in the current year related to WMI and approximately $285,000 in salaries offset by lower accounting and legal fees.

Selling, general and administrative expenses for the nine months ended September 30, 2019 were $8,110,736 compared to $7,192,159 for the nine months ended September 30, 2018, an increase of $918,577, or 12.8%. This change was predominately the result of an increase of additional costs in the current year related to WMI and approximately $767,000 in salaries.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Income Before Provision for (Benefit from) Income Taxes

Income before provision for (benefit from) income taxes for the three months ended September 30, 2019 was $1,989,913 compared to $711,896 for the same period last year, an increase of $1,278,017 or 179.5%, predominately the result of higher government subcontractor revenue. Income before provision for (benefit from) income taxes for the nine months ended September 30, 2019 was $5,759,968 compared to $3,874,886 for the same period last year, an increase of $1,885,082 or 48.6%, predominately the result of higher government subcontractor revenue.

Provision for (Benefit from) Income Taxes

In February 2019, the Company received information that the net operating loss carryback that was generated in 2014 and carried back to 2012 and 13 was under examination and could possibly be disallowed by the IRS. The Company had not received a written notice or tax assessment related to the possible disallowance of our net operating loss carryback. Although the Company had not received any formal documentation or notice of such disallowance, in accordance with ASC 740-10 “Accounting for Uncertainty in Tax Positions”, the Company recorded a liability of approximately $3.1 million in the year ended December 31, 2018 for this uncertainty. The liability represents the maximum net tax adjustment for the disallowance of the net operating loss carryback, computed at the pre-2018 tax rates, and tax savings of recording a net operating loss carryforward, calculated at the current tax rates.

In May 2019, we received further information from the IRS related to the possible disallowance of our net operating loss carryback. Based on the new IRS communication, the liability related to this uncertain tax position was reduced by approximately $1.4 million in the three months ended September 30, 2019, which results in a provision for income taxes of $323,000 and a benefit from income taxes $276,000 for the three and nine months ended September 30, 2019, respectively, compared to provision for income taxes of $126,000 and $775,000 for the three and nine months ended September 30, 2018, respectively.

We have not yet received an assessment of additional tax related to this matter. If we receive an official tax assessment we have the ability to appeal the disallowance, as well as go to tax court to challenge the notice.

Net Income

Net income for the three months ended September 30, 2019 was $1,666,913 or $0.14 per basic share, compared to $585,896 or $0.07 per basic share, for the same period last year. Diluted income per share was $0.14 for the three months ended September 30, 2019 calculated utilizing 11,724,993 weighted average shares outstanding. Diluted income per share was $0.07 for the three months ended September 30, 2018 calculated utilizing 8,977,075 weighted average shares outstanding.

Net income for the nine months ended September 30, 2019 was $6,035,968 or $0.51 per basic share, compared to $3,099,886 or $0.35 per basic share, for the same period last year. Diluted income per share was $0.51 for the nine months ended September 30, 2019 calculated utilizing 11,815,252 weighted average shares outstanding. Diluted income per share was $0.35 for the nine months ended September 30, 2018 calculated utilizing 8,951,640 weighted average shares outstanding.

Net income for the three and nine months ended September 30, 2019 includes an approximate $0.09 adjustment for the reversal of tax liability described above.

Liquidity and Capital Resources

General

At September 30, 2019, we had working capital of $100,931,458 compared to $98,350,176 at December 31, 2018, an increase of $2,581,282 or 2.6%.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cash Flow

A large portion of our cash flow is used to pay for materials and processing costs associated with contracts that are in process and which do not provide for progress payments. Costs for which we are not able to bill on a progress basis are components of “Contract Assets” on our consolidated balance sheets and represent the aggregate costs and related earnings for uncompleted contracts for which the customer has not yet been billed. These costs and earnings are recovered upon shipment of products and presentation of billings in accordance with contract terms.

Because ASC 606 requires us to use estimates in determining revenue, costs and profits and in assigning the amounts to accounting periods, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash that we receive during any reporting period. Accordingly, it is possible that we may have a shortfall in our cash flow and may need to borrow money, or to raise additional capital, until the reported earnings materialize into actual cash receipts.

At September 30, 2019, we had a cash balance of $468,536 compared to $4,128,142 at December 31, 2018. Additionally, at September 30, 2019 and December 31, 2018, we have $2,000,000 of restricted cash, which is cash held in escrow pursuant to the WMI acquisition and the determination of a final working capital adjustment.

Our contract assets increased by approximately $8.1 million during the nine months ended September 30, 2019.

Several of our programs require us to expend up-front costs that may have to be amortized over a portion of production units. In the case of significant program delays and/or program cancellations, we could be required to bear impairment charges which may be material, for costs that are not recoverable. Such charges and the loss of up-front costs could have a material impact on our liquidity.

We continue to work to obtain better payment terms with our customers, including accelerated progress payment arrangements, as well as exploring alternative funding sources.

We believe that our existing resources, together with the availability under our credit facility and the commitment that we have from BankUnited to extend our credit facility, will be sufficient to meet our current working capital needs for at least 12 months from the date of this filing.

Credit Facilities

Credit Agreement and Term Loan

On March 24, 2016, the Company entered into a Credit Agreement (as amended, the “Credit Agreement”) with BankUnited, N.A. as the sole arranger, administrative agent and collateral agent and a lender and Citizens Bank, N.A. as a lender (the “BankUnited Facility”). The BankUnited Facility provides for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement. On June 25, 2019, the Credit Agreement was amended and the Company and the banks entered into an assignment and acceptance agreement whereby Citizens Bank N.A.’s interest in the BankUnited Facility was transferred to BNB Bank. Additionally, the Revolving Loan and Term Loan maturity date was extended to June 30, 2021.

As of September 30, 2019, the Company had $26.7 million outstanding under the Revolving Loan bearing interest at 5.87%.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on June 30, 2021. The maturities of the Term Loan are included in the maturities of long-term debt.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

As of September 30, 2019, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.

The BankUnited Revolving Facility is secured by all of our assets.

Contractual Obligations

For information concerning our contractual obligations, see Contractual Obligations under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2018.

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4 – Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain a system of disclosure controls and procedures that is designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, as appropriate, to allow timely decisions regarding required disclosures. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, and Board of Directors, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2019. Based on this evaluation and considering the material weakness in internal control over financial reporting described below, we concluded as of September 30, 2019, that our disclosure controls and procedures were effective at the reasonable assurance level.

A material weakness is a control deficiency or combination of control deficiencies that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness was identified subsequent to September 30, 2018. The review control procedures were inadequately designed to ensure that sales invoices were coded to the correct contract type. The result was a failure to identify, in a timely manner, the miscoding of an invoice in the Company’s records and the resulting overstatement of revenue. Because the foregoing material weakness in the Company’s internal control over financial reporting had not been remediated by or before the filing of the Form 10-Q for the three and nine months ended September 30, 2018 as originally filed with the SEC on November 13, 2018, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level as of September 30, 2018. The Company has reviewed its financial closing process and has identified the corrective action to remediate the control failure that was the cause of this error and has implemented this control as well as certain other procedures in the first quarter of 2019. The Company has evaluated the effectiveness of the corrective action and has determined that the implementation of the new control procedures provides reasonable assurance that this type of error will not occur in the future.

Our evaluation excluded WMI which was acquired on December 20, 2018. As of and for the nine months ended September 30, 2019, WMI represented approximately 8% of total assets and 12% of revenue. In accordance with guidance issued by the SEC, companies are allowed to exclude acquisitions from their assessment of internal control over financial reporting during the first year subsequent to the acquisition while integrating the acquired operations.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended September 30, 2019 that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

Part II: Other Information

Item 1 – Legal Proceedings

CPI Aerostructures, Inc. v. Air Industries Group, et al. On September 27, 2019, the Company filed a notice of motion in the Supreme Court of the State of New York, County of New York against Air Industries Group (“Air Industries”) in connection with a working capital dispute. The Company is seeking, among other things, (i) an order of specific performance requiring Air Industries to comply with its obligations under the Stock Purchase Agreement entered into between the Company and Air Industries on March 21, 2018 and the Escrow Agreement entered into between the Company and Air Industries on December 20, 2018, and (ii) a judgment against Air Industries in the amount of approximately $3.6 million.

Item 1A – Risk Factors

Material risks related to our business, financial condition and results of operations are disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on April 1, 2019. There have been no material changes to such risk factors. The risk factors disclosed in our Annual Report should be carefully considered in evaluating our business because such factors may have a significant impact on our business, operating results, liquidity and financial condition.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

There have been no sales of unregistered equity securities for the nine months ended September 30, 2019.

Item 3 – Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosures

Not applicable.

Item 5 – Other Information

None.

Item 6 – Exhibits

Exhibit 31.1	Section 302 Certification by Chief Executive Officer and President
Exhibit 31.2	Section 302 Certification by Chief Financial Officer (Principal Accounting Officer)
Exhibit 32	Section 906 Certification by Chief Executive Officer and Chief Financial Officer
Exhibit 101	The following financial information from CPI Aerostructures, Inc. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheet, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statement of Shareholder’s Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to the Consolidated Financial Statements

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CPI AEROSTRUCTURES, INC.



Dated: November 8, 2019	By:	/s/ Douglas J. McCrosson
		Douglas J. McCrosson
		Chief Executive Officer and President



Dated: November 8, 2019	By:	/s/ Vincent Palazzolo
		Vincent Palazzolo
		Chief Financial Officer (Principal Accounting Officer)

EX-31.1 2 ex31-1.htm CERTIFICATION BY CHIEF EXECUTIVE OFFICER AND PRESIDENT

CPI Aerostructures, Inc 10-Q

CPI AEROSTRUCTURES, INC

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Douglas J. McCrosson, certify that:

I have reviewed this Quarterly Report on Form 10-Q of CPI Aerostructures, Inc;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for the external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2019

	By:	/s/ Douglas J. McCrosson
		Name: Douglas J. McCrosson
		Title: Chief Executive Officer and President

EX-31.2 3 ex31-2.htm CERTIFICATION BY CHIEF FINANCIAL OFFICER (PRINCIPAL ACCOUNTING OFFICER)

CPI Aerostructures, Inc 10-Q

CPI AEROSTRUCTURES, INC

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Vincent Palazzolo, certify that:

I have reviewed this Quarterly Report on Form 10-Q of CPI Aerostructures, Inc;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2019

	By:	/s/ Vincent Palazzolo
		Name: Vincent Palazzolo
		Title: Chief Financial Officer

EX-32 4 ex32.htm CERTIFICATION BY CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

CPI Aerostructures, Inc 10-Q

CPI AEROSTRUCTURES, INC

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CPI Aerostructures, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2019 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: November 8, 2019

	By:	/s/ Douglas J. McCrosson
		Name: Douglas J. McCrosson
		Title: Chief Executive Officer and President

	By:	/s/ Vincent Palazzolo
		Name: Vincent Palazzolo
		Title: Chief Financial Officer

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6.       inventory   The components of inventory consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2018</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Raw materials</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,843,621</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">3,379,986</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Work in progress</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,586,308</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,495,980</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Finished goods</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,974,129</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,836,031</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 2pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Total</td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">10,404,058</td><td style="padding-bottom: 2pt; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">9,711,997</td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

7.       stock-based compensation   The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant.   In January 2019, the Company granted 75,353 restricted stock units (“RSUs”) to its board of directors as partial compensation for the 2019 year. In January 2018, the Company granted 58,578 RSUs to its board of directors as partial compensation for the 2018 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the nine months ended September 30, 2019 and 2018 includes approximately $409,000 and $491,500, respectively, of non-cash compensation expense related to the RSU grants to the board of directors. This expense is recorded as a component of selling, general and administrative expenses.   In June 2019 a board member retired and 7,326 of his unvested RSUs were forfeited which were valued at approximately $47,000. In addition, in April 2019, the Company granted 6,677 RSUs to one of its board members as partial compensation for the 2019 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the nine months ended September 30, 2019 includes approximately $29,000 of non-cash compensation expense related to the RSU grants to the board member. In June 2019, two board members were granted an additional 2,725 RSUs as partial compensation for the 2019 year. The Company’s net income for the nine months ended September 30, 2019 includes approximately $15,000 of non-cash compensation expense related to the RSU grants to the board of directors.   In April 2019, the Company granted 4,950 shares of common stock to various employees. For the nine months ended September 30, 2019, approximately $6,000 of compensation expense is included in selling, general and administrative expenses and approximately $26,000 of compensation expense is included in cost of revenue for this grant. In January 2018, the Company granted 5,130 shares of common stock to various employees. For the nine months ended September 30, 2018, approximately $10,000 of compensation expense is included in selling, general and administrative expenses and approximately $36,000 of compensation expense is included in cost of revenue for this grant.    In March 2018, the Company granted 68,764 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2022 based upon the service and performance thresholds. For the nine months ended September 30, 2019, approximately $197,000 of compensation expense is included in selling, general and administrative expenses and approximately $38,000 of compensation expense is included in cost of revenue for this grant.   In April 2019, the Company granted 94,972 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2023 based upon the service and performance thresholds. For the nine months ended September 30, 2019, approximately $137,000 of compensation expense is included in selling, general and administrative expenses and approximately $42,000 of compensation expense is included in cost of revenue for this grant.   On February 12, 2019, these employees returned 1,221 common shares, valued at approximately $7,893, to pay the employees’ withholding taxes.   In April 2019, 11,193, 8,299 and 8,593 of the shares granted in 2016, 2017 and 2018, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2018. In addition, on April 2, 2019, these employees returned 9,806 common shares, valued at approximately $64,000, to pay the employees’ withholding taxes.   In March 2018, 12,330 and 9,130 of the shares granted in 2016 and 2017, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2017. In addition, on March 22, 2018, these employees returned 7,552 common shares, valued at approximately $62,000, to pay the employees’ withholding taxes.   A summary of the status of the Company’s stock option plans as of September 30, 2019 and changes during the nine months ended September 30, 2019 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Options</td><td style="padding-bottom: 1pt; color: purple; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: purple; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise price</td><td style="padding-bottom: 1pt; color: purple; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: purple; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted average remaining contractual term (in years)</td><td style="padding-bottom: 1pt; color: purple; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: purple; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; color: purple; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 40%; color: purple; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Outstanding at beginning of period</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">41,772</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">7.58</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 12%; color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 12%; color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exercised during the period </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">35,000</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">6.60</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Forfeited during the period </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">6,772</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: windowtext; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Outstanding and vested at end of period</td><td style="color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">—</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 2pt; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">0.00</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 2pt; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">0.0</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 2pt; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">0</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   During the nine months ended September 30, 2019, 35,000 stock options were exercised, pursuant to the provisions of the stock option plan, where the Company received no cash and 34,478 shares of its common stock in exchange for the 35,000 shares issued in the exercise. The 34,478 shares that the Company received were valued at $231,003, the fair market value of the shares on the date of exercise. During the nine months ended September 30, 2018, no stock options were granted or exercised.

9.        Contract assets and contract liabilities   Net contract assets consist of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; font: 10pt Times New Roman, Times, Serif">U.S.</td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Commercial</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Total</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 55%; color: black; text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract assets</td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">49,657,016</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">71,801,068</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">121,458,084</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract liabilities</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,819,792</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,463</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,823,255</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net contract assets</td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">47,837,224</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">71,797,605</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">119,634,829</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2018</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; font: 10pt Times New Roman, Times, Serif">U.S.</td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Commercial</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Total</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 55%; color: black; text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract assets</td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">48,358,481</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">64,975,010</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">113,333,491</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract liabilities</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,780,866</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(24,240</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,805,106</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net contract assets</td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">44,577,615</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">64,950,770</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">109,528,385</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   The increase in the Company’s net contract assets from January 1, 2019 to September 30, 2019 was primarily due to costs incurred on the G-650 program ($2.2 million increase), the new design of the HondaJet engine inlet ($1.8 million increase), for which the Company has not begun billing on a steady rate and the Raytheon Next Generation Jammer pod 2.0 ($3.3 million increase). Additionally, contract assets on the Company’s F-35 Lock Assembly program increased $0.6 million.   U.S. government contracts includes contracts directly with the U.S. government and government subcontractors.   Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the nine months ended September 30, 2019, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $327,000 from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years. During the nine months ended September 30, 2018, the effect of such revisions was a decrease to total gross profit of approximately $683,000.   Although management believes it has established adequate procedures for estimating costs to uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

12.       Income taxes   In February 2019, the Company received information that the net operating loss carryback that was generated in 2014 and carried back to 2012 and 13 was under examination and could possibly be disallowed by the IRS. The Company had not received a written notice or tax assessment related to the possible disallowance of the net operating loss carryback. Although the Company had not received any formal documentation or notice of such disallowance, in accordance with ASC 740-10 “Accounting for Uncertainty in Tax Positions”, the Company recorded a liability of approximately $3.1 million in the year ended December 31, 2018 for this uncertainty. The liability represents the maximum net tax adjustment for the disallowance of the net operating loss carryback, computed at the pre-2018 tax rates, and tax savings of recording a net operating loss carryforward, calculated at the current tax rates.   In May 2019, the Company received further information from the IRS related to the possible disallowance of our net operating loss carryback. Based on the new IRS communication, the liability related to this uncertain tax position was reduced by approximately $1.4 million in the three months ended September 30, 2019, which results in a provision for income taxes of $323,000 and a benefit from income taxes $276,000 for the three and nine months ended September 30, 2019, respectively, compared to provision for income taxes of $126,000 and $775,000 for the three and nine months ended September 30, 2018, respectively.   The Company has not yet received an assessment of additional tax related to this matter. If the Company receives an official tax assessment we have the ability to appeal the disallowance, as well as go to tax court to challenge the notice.

13.       MAJOR CUSTOMERS   During the nine months ended September 30, 2019, the Company’s four largest commercial customers accounted for 26%, 16%, 13% and 13% of revenue. During the nine months ended September 30, 2018, the Company’s four largest commercial customers accounted for 25%, 12%, 12% and 12% of revenue. In addition, during the nine months ended September 30, 2019 and 2018, 8% and 13% of revenue, respectively, was directly from the U.S. government.   At September 30, 2019, 38%, 13%, 13% and 12% of contract assets were from the Company’s four largest commercial customers. At December 31, 2018, 39%, 14%, 13% and 13% of contract assets were from the Company’s four largest commercial customers.   At September 30, 2019 and December 31, 2018, 1% and 2%, respectively, of contract assets were directly from the U.S. government.   At September 30, 2019, 39% and 12% of our accounts receivable were from our two largest commercial customers. At December 31, 2018, 20%, 18%, and 17% of accounts receivable were from our three largest commercial customers.

As stated above, the Company has determined the following provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Provisional Fair Values</td><td style="padding-bottom: 1pt; color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 85%; color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Other current assets</td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,049,000</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Accounts receivable</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,522,000</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Inventory</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">7,969,000</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Property and equipment, net</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">586,000</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Current liabilities</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,174,000</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt; padding-left: 5.4pt">Total</td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,952,000</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

Revenue by long-term contracts type for the three and nine months ended September 30, 2019 and 2018 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Three months ended September 30,</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Nine months ended September 30,</td><td style="padding-bottom: 1pt; color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2019</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2018</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2019</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2018</td><td style="padding-bottom: 1pt; color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 40%; color: Black; text-align: justify; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif">Government subcontracts</td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">17,082,754</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">9,516,799</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">48,344,906</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">28,228,457</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif">Commercial contracts</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">6,809,616</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">7,536,697</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">20,205,689</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">22,363,979</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif">Prime government contracts</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,818,783</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,963,805</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">5,902,340</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">6,877,727</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: right; padding-bottom: 2pt; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">25,711,153</td><td style="padding-bottom: 2pt; color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">19,017,301</td><td style="padding-bottom: 2pt; color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">74,452,935</td><td style="padding-bottom: 2pt; color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">57,470,163</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

The following table sets forth the ROU assets and operating lease liabilities as of September 30, 2019:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Assets</td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 84%; color: windowtext; text-align: justify; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">ROU Assets</td><td style="width: 1%; color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">4,259,868</td><td style="width: 1%; padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Liabilities</td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: justify; font: 10pt Times New Roman, Times, Serif">Current operating lease liabilities</td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">1,673,244</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: justify; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Long-term operating lease liabilities</td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">3,033,710</td><td style="padding-bottom: 1pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: justify; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">      Total ROU liabilities</td><td style="color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">4,706,954</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

The components of inventory consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2018</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Raw materials</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,843,621</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">3,379,986</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Work in progress</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,586,308</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,495,980</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Finished goods</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,974,129</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,836,031</td><td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 2pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Total</td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">10,404,058</td><td style="padding-bottom: 2pt; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">9,711,997</td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

A summary of the status of the Company’s stock option plans as of September 30, 2019 and changes during the nine months ended September 30, 2019 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Options</td><td style="padding-bottom: 1pt; color: purple; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: purple; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise price</td><td style="padding-bottom: 1pt; color: purple; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: purple; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted average remaining contractual term (in years)</td><td style="padding-bottom: 1pt; color: purple; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: purple; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; color: purple; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 40%; color: purple; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Outstanding at beginning of period</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">41,772</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">7.58</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 12%; color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 12%; color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exercised during the period </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">35,000</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">6.60</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Forfeited during the period </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">6,772</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: windowtext; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Outstanding and vested at end of period</td><td style="color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">—</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 2pt; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">0.00</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 2pt; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">0.0</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 2pt; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif">0</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

At September 30, 2019 and December 31, 2018, the fair values of cash, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these instruments.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Carrying Amount</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Fair Value</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">Debt</td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: justify; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Short-term borrowings and long-term debt</td><td style="width: 1%; color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">31,609,494</td><td style="width: 1%; padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">31,609,494</td><td style="width: 1%; padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2018</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Carrying Amount</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Fair Value</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">Debt</td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; color: windowtext; text-align: justify; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Short-term borrowings and long-term debt</td><td style="width: 1%; color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">30,349,904</td><td style="width: 1%; padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">30,349,904</td><td style="width: 1%; padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

Net contract assets consist of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; font: 10pt Times New Roman, Times, Serif">U.S.</td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Commercial</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Total</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 55%; color: black; text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract assets</td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">49,657,016</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">71,801,068</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">121,458,084</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract liabilities</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,819,792</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,463</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,823,255</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net contract assets</td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">47,837,224</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">71,797,605</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">119,634,829</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="10" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">December 31, 2018</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; font: 10pt Times New Roman, Times, Serif">U.S.</td><td style="color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Government</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Commercial</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Total</td><td style="padding-bottom: 1pt; color: black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 55%; color: black; text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract assets</td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">48,358,481</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">64,975,010</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: black; text-align: right; font: 10pt Times New Roman, Times, Serif">113,333,491</td><td style="width: 1%; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Contract liabilities</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,780,866</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(24,240</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td><td style="color: black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,805,106</td><td style="padding-bottom: 1pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: black; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net contract assets</td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">44,577,615</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">64,950,770</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">109,528,385</td><td style="padding-bottom: 2pt; color: black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">Twelve months ending September 30,</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 79%; color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2020</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 17%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">2,499,012</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2021</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">2,008,385</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2022</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">193,626</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2023</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">132,220</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Thereafter</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37,566</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,870,809</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

14800

20600

45908

45913

32319

32324

-5800

20600

23968743

68866449

1269232

3761492

2022-04-30

4950

5130

68764

94972

1100000

4.       lEases   The Company leases a building and equipment. Under ASC 842, at contract inception we determine whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are included in ROU assets and operating lease liabilities in our consolidated balance sheets.   The Company leases manufacturing and office space under an agreement classified as an operating lease.   The lease agreement expires on April 30, 2022 and does not include any renewal options. The agreement provides for an initial monthly base amount plus annual escalations through the term of the lease.   In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms.   The Company also leases office equipment in agreements classified as operating leases.   For the three and nine months ended September 30, 2019, the Company’s operating lease expense was $439,825 and $1,319,764, respectively.   Future minimum lease payments under non-cancellable operating leases as of September 30, 2019 were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="color: Black; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Twelve months ending September 30,</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 84%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2020</td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,910,384</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2021</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,953,865</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2022</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,175,727</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2023</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">55,322</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">2024</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">11,631</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">      Total undiscounted operating lease payments</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">5,106,929</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">Less imputed interest</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(399,975</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">Present value of operating lease payments</td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,706,954</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   The following table sets forth the ROU assets and operating lease liabilities as of September 30, 2019:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Assets</td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 84%; color: windowtext; text-align: justify; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">ROU Assets</td><td style="width: 1%; color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">4,259,868</td><td style="width: 1%; padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Liabilities</td><td style="color: purple; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: purple; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: justify; font: 10pt Times New Roman, Times, Serif">Current operating lease liabilities</td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">1,673,244</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: justify; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Long-term operating lease liabilities</td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">3,033,710</td><td style="padding-bottom: 1pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: justify; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif">      Total ROU liabilities</td><td style="color: windowtext; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: windowtext; text-align: right">4,706,954</td><td style="padding-bottom: 2pt; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   The Company’s weighted average remaining lease term for its operating leases is 2.3 years.

Future minimum lease payments under non-cancellable operating leases as of September 30, 2019 were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; font: bold 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="color: Black; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Twelve months ending September 30,</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 84%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2020</td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,910,384</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2021</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,953,865</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2022</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,175,727</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">2023</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">55,322</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">2024</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">11,631</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">      Total undiscounted operating lease payments</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">5,106,929</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">Less imputed interest</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(399,975</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">Present value of operating lease payments</td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,706,954</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

5.       reconciliation of cash and restricted cash   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td colspan="9" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The following table provides a reconciliation of cash and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows:</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 2pt; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2018</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Cash</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">468,536</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">828,594</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Restricted cash</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,000,000</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Total cash and restricted cash shown in the statement of cash flow</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,468,536</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">828,594</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td colspan="9" style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The following table provides a reconciliation of cash and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows:</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-left: 2pt; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2019</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2018</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; text-align: justify; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Cash</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">468,536</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">828,594</td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Restricted cash</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,000,000</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 2pt; font: 10pt Times New Roman, Times, Serif">Total cash and restricted cash shown in the statement of cash flow</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,468,536</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">828,594</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

1.       INTERIM FINANCIAL STATEMENTS   The Company consists of CPI Aerostructures, Inc. (“CPI”) and Welding Metallurgy, Inc. (“WMI”), a wholly owned subsidiary acquired on December 20, 2018 and Compac Development Corporation (“Compac”), a wholly owned subsidiary of WMI, collectively the “Company.”   An operating segment, in part, is a component of an enterprise whose operating results are regularly reviewed by the chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated only to a limited extent. The Company’s CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial performance. Accordingly, the Company has determined that it has a single operating and reportable segment.   The consolidated financial statements of the Company as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.   The consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected. Such adjustments are of a normal, recurring nature. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.   The Company maintains its cash in five financial institutions. The balances are insured by the Federal Deposit Insurance Corporation. From time to time, the Company’s balances may exceed insurance limits. As of September 30, 2019, the Company had $595,906 of uninsured balances. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.   The Company applied business combination accounting for the WMI acquisition in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”). Business combination accounting requires that the assets acquired and liabilities assumed be recorded at their respective estimated fair values at the date of acquisition. The excess purchase price over fair value of the net assets acquired is recorded as goodwill. In determining estimated fair values, we are required to make estimates and assumptions that affect the recorded amounts, including, but not limited to, expected future cash flows, discount rates, remaining useful lives of long-lived assets, useful lives of identified intangible assets, replacement or reproduction costs of property and equipment and the amounts to be recovered in future periods from acquired net operating losses and other deferred tax assets. Our estimates in this area impact, among other items, the amount of depreciation and amortization, impairment charges in certain instances if the asset becomes impaired, and income tax expense or benefit that we report. Our provisional estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain. See Note 2 for a summary and status of the application of business combination accounting.    Effective January 1, 2018, the Company adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for all of its contracts. ASC 606 requires sales and gross profit to be recognized over the contract period as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Contract assets.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Contract liabilities.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in revenue in the period the change becomes known. ASC 606 involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the process; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.   When changes are required for the estimated total revenue on a contract, these changes are recognized with an inception-to-date effect in the current period. Also, when estimates of total costs to be incurred exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.   Following the adoption of ASC 606, the Company’s revenue recognition for all of its contracts remained materially consistent with historical practice and there was no material impact on the consolidated financial statements upon adoption.   In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. On January 1, 2019, the Company adopted the new lease standard using the optional transition method under which comparative financial information will not be restated and continue to apply the provisions of the previous lease standard in its annual disclosures for the comparative periods. In addition, the new lease standard provides a number of optional practical expedients in transition. The Company elected the package of practical expedients. As such, the Company did not have to reassess whether expired or existing contracts are or contain a lease and did not have to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases.   ASC 842 also provides practical expedients for an entity's ongoing accounting. The Company elected the short-term lease recognition exemption under which the Company will not recognize right-of-use (“ROU”) assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases. The Company elected the practical expedient to not separate lease and non-lease components for certain classes of assets (office buildings).   On January 1, 2019, the Company recognized ROU assets and lease liabilities of approximately $5.3 million and $5.8 million, respectively, on its consolidated balance sheet using an estimated incremental borrowing rate of 6%.

2.       Business Combinations   As discussed in Note 1, the Company completed the WMI acquisition on December 20, 2018. The acquisition was accounted for as a business combination in accordance with ASC 805. Accordingly, the Company is required to determine and record the fair value of the assets acquired, including any potential intangible assets, and liabilities assumed at the date of acquisition. The acquisition was considered a stock purchase for tax purposes.   The purchase price for the acquisition was $7.9 million, which is subject to a post-closing working capital adjustment. Two million dollars of the purchase price was placed in escrow at closing and may be released after the completion of the working capital adjustment and for the indemnification contingencies. The escrowed amount is shown as restricted cash on the consolidated balance sheet as of September 30, 2019. The working capital adjustment is based on the historical values of components of working capital as defined in the Stock Purchase Agreement. We have calculated a post-closing working capital adjustment. Air Industries Group (“Air”) formally objected to our calculation. The Stock Purchase Agreement provided the parties 30 days to come to an agreement on the working capital adjustment. The Company and Air could not come to an agreement within the time specified and the issues were submitted to BDO USA, LLP (“BDO”) for a binding resolution. During the course of BDO’s work, Air conceded on three of the four items of contention, leaving only the inventory valuation in dispute. In its report dated September 3, 2019, BDO found in favor of the Company and that there should be no changes to the Closing Working Capital Statement as prepared by the Company. The result of the conceded items and BDO determination would decrease the purchase price of the acquisition by approximately $4.2 million. On September 16, 2019, the Company received a letter from Air acknowledging the conceded items and, among other things, rejecting the determination by BDO. On September 27, 2019, the Company filed a notice of motion in the Supreme Court of the State of New York, County of New York, against Air seeking, among other things, an order of specific performance requiring Air to comply with its obligations under the SPA and Escrow Agreement and a judgment against Air in the amount of approximately $4.2 million.   In October 2019, Air and the Company jointly authorized the release of approximately $619,000 from escrow, which represents the value of the conceded items. The remaining amount of approximately $3.6 million is still in dispute. Because of the uncertain outcome of the September 27 court filing, the Company has not recorded any adjustments to the provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI related to the BDO determination.   The Company is in the process of determining the fair values of the assets and liabilities acquired and has recorded provisional estimates as of the acquisition date. As the Company completes this process and additional information becomes known concerning the acquired assets and assumed liabilities, management will make adjustments to the fair value of the amounts provisionally recorded in the opening balance sheet of WMI during the measurement period, which is no longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. If the final aggregate fair value of the net assets acquired is less than the final purchase price paid, then the Company may be required to record goodwill. Conversely, if the final aggregate fair value of the net assets acquired is in excess of the final purchase price paid, then the Company may potentially conclude that the purchase of WMI was a “bargain purchase.”   As stated above, the Company has determined the following provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Provisional Fair Values</td><td style="padding-bottom: 1pt; color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 85%; color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Other current assets</td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,049,000</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Accounts receivable</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">1,522,000</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Inventory</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">7,969,000</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Property and equipment, net</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">586,000</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Current liabilities</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,174,000</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt; padding-left: 5.4pt">Total</td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,952,000</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>    The following table presents the unaudited pro forma revenue and net income for the period presented as if the WMI Acquisition had occurred on January 1, 2018, based on the provisional estimates of the fair value of the net assets acquired:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Three months ended</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Nine months ended</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2018</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; color: windowtext; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Revenue</td><td style="width: 1%; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">23,968,743</td><td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">68,866,449</td><td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: windowtext; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net income</td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">1,269,232</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">3,761,492</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: windowtext; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Income per common share</td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">.14</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">.42</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

The following table presents the unaudited pro forma revenue and net income for the period presented as if the WMI Acquisition had occurred on January 1, 2018, based on the provisional estimates of the fair value of the net assets acquired:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Three months ended</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Nine months ended</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: purple; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: windowtext; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">September 30, 2018</td><td style="padding-bottom: 1pt; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 70%; color: windowtext; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Revenue</td><td style="width: 1%; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">23,968,743</td><td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">68,866,449</td><td style="width: 1%; color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: windowtext; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net income</td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">1,269,232</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">3,761,492</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: windowtext; text-align: justify; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Income per common share</td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">.14</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: windowtext; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: windowtext; text-align: right; font: 10pt Times New Roman, Times, Serif">.42</td><td style="color: windowtext; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

.14

.42

3.       REVENUE RECOGNITION   The majority of the Company’s revenues are from long-term contracts with the U.S. government and commercial contractors. The contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) which provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. government contracts. The pricing for commercial contractors is based on the specific negotiations with each customer.   The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified and payment terms are identified.   To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period.   All of the Company’s current long-term contracts have a single performance obligation as the promise to transfer the goods or services are not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. All of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.   Revenues for the Company’s long-term contracts are recognized over time as the Company performs its obligations because of continuous transfer of control to the customer. The continuous transfer of control to the customer is supported by clauses in contracts that either allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and the products and services have no alternative use or the customer controls the work in progress.   Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses the cost-to-cost input method to measure progress for its contracts because it best depicts the transfer of assets to the customer which occurs as the Company incurs costs on its contracts.    In applying the cost-to-cost input method, the Company compares the actual costs incurred relative to the total estimated costs to determine its progress towards contract completion and to calculate the corresponding amount of estimated revenue and estimated gross profit recognized. For any costs incurred that do not contribute to a performance obligation, the Company excludes such costs from its input methods of revenue recognition as the amounts are not reflective in transferring control of the asset to the customer. Costs to fulfill a performance obligation include labor, materials and subcontractors’ costs, other direct costs and an allocation of indirect costs.   Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin for a contract is reflected in revenue in the period the change becomes known. Contract estimates involve considerable use of judgement in determining revenues, profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the application of the cost-to-cost input method; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.   For the Company’s uncompleted contracts, contract assets include unbilled amounts when the estimated revenues recognized exceed the amount billed to the customer and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current. The Company’s contract liabilities consist of billings in excess of estimated revenues recognized and contract losses. Contract liabilities are classified as current. The Company’s contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period.   Revenue recognized for the three and nine months ended September 30, 2019, that was included in the contract liabilities at January 1, 2019 was $2.6 million.   The Company’s remaining performance obligations represent the transaction price of its long-term contracts for which work has not been performed. As of September 30, 2019, the aggregate amount of transaction price allocated to the remaining performance obligations was $255.2 million. The Company estimates that it expects to recognize approximately 18% of its remaining performance obligations in 2019 and 82% revenue in 2020.   In addition, the Company recognizes revenue for products manufactured by WMI and parts supplied for certain Maintenance Repair and Overhaul (“MRO”) contracts at a point in time following the transfer of control to the customer, which typically occurs upon shipment or delivery, depending on the terms of the underlying contract.   Revenue from long-term contracts recognized over time and revenue from contracts recognized at a point in time accounted for approximately 83% and 17%, respectively, for the nine months ended September 30, 2019.   Revenue from long-term contracts recognized over time and revenue from contracts recognized at a point in time accounted for approximately 76% and 24%, respectively, for the three months ended September 30, 2019.   Revenue by long-term contracts type for the three and nine months ended September 30, 2019 and 2018 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Three months ended September 30,</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Nine months ended September 30,</td><td style="padding-bottom: 1pt; color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2019</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2018</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2019</td><td style="padding-bottom: 1pt; color: Black; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2018</td><td style="padding-bottom: 1pt; color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 40%; color: Black; text-align: justify; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif">Government subcontracts</td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">17,082,754</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">9,516,799</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">48,344,906</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 12%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">28,228,457</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif">Commercial contracts</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">6,809,616</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">7,536,697</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">20,205,689</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">22,363,979</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: justify; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif">Prime government contracts</td><td style="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,818,783</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">1,963,805</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">5,902,340</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">6,877,727</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: right; padding-bottom: 2pt; padding-left: 20pt; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">25,711,153</td><td style="padding-bottom: 2pt; color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">19,017,301</td><td style="padding-bottom: 2pt; color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">74,452,935</td><td style="padding-bottom: 2pt; color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">$</td><td style="color: Black; text-align: right; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif">57,470,163</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 0.3in; font: 10pt Times New Roman, Times, Serif">11.</td><td style="font: 10pt Times New Roman, Times, Serif">Debt</td></tr></table>   On March 24, 2016, the Company entered into a Credit Agreement (as amended, the “Credit Agreement”) with BankUnited, N.A. as the sole arranger, administrative agent and collateral agent and a lender and Citizens Bank N.A. as a lender (the “BankUnited Facility”). The BankUnited Facility provides for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement. On June 25, 2019, the Credit Agreement was amended and the Company and the banks entered into an assignment and acceptance agreement whereby Citizens Bank N.A.’s interest in the BankUnited Facility was transferred to BNB Bank. Additionally, the Revolving Loan and Term Loan maturity date was extended to June 30, 2021.   Under the Credit Agreement, upon the consummation of a public offering of common stock that results in gross proceeds of $7 million or more, (A) the Company will prepay the loans in an amount equal to 25% of net proceeds of the offering (with $1.2 million applied to the Term Loan and the remainder applied to the revolving line of credit) and (B) the Company will maintain a minimum of $3 million of combined unrestricted cash in accounts with BankUnited, N.A., and in availability under the Revolving Loan. As of September 30, 2019, the Company had approximately $1.1 million of availability under the revolving line of credit for this combined criteria.   As of September 30, 2019, the Company had $26.7 million outstanding under the Revolving Loan bearing interest at 5.87%.   The Company paid to BankUnited, N.A. commitment and agent fees in the amount of $25,000, together with out-of-pocket costs, expenses, and reasonable attorney’s fees incurred by BankUnited, N.A. in connection with the amendment.   The Company paid approximately $488,000 of total debt issuance costs in connection with the BankUnited Facility, of which approximately $99,000 is included in other assets and $22,000 is a reduction of long-term debt at September 30, 2019.   The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which originally matured on June 30, 2020.   The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">Twelve months ending September 30,</td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="width: 79%; color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2020</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="width: 1%; color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td style="width: 17%; color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">2,499,012</td><td style="width: 1%; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2021</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">2,008,385</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2022</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">193,626</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif">2023</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; font: 10pt Times New Roman, Times, Serif"> </td> <td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; text-align: right; font: 10pt Times New Roman, Times, Serif">132,220</td><td style="color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Thereafter</td><td style="padding-bottom: 1pt; color: Black; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37,566</td><td style="padding-bottom: 1pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td style="color: Black; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</td><td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,870,809</td><td style="padding-bottom: 2pt; color: Black; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> </table>   As of September 30, 2019, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.   The BankUnited Facility is secured by all of the Company’s assets.   In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $1,034,706, including a current portion of $399,012.

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Refundable income taxes Prepaid expenses and other current assets Total current assets Operating lease right-of-use assets Property and equipment, net Refundable income taxes Deferred income taxes Other assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Contract liabilities Current portion of long-term debt Operating lease liabilities Line of credit Income tax payable Total current liabilities Long-term operating lease liabilities Long-term debt, net of current portion Deferred income taxes Other liabilities Total liabilities Shareholders' Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 11,839,065 and 11,718,246 shares, respectively, issued and outstanding Additional paid-in capital Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Accounts receivable, allowance for doubtful accounts Common stock, par value (in dollars per share) Common stock, authorized Common 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DEBT (Details)	Sep. 30, 2019 USD ($)
Twelve months ending September 30,
2020	$ 2,499,012
2021	2,008,385
2022	193,626
2023	132,220
Thereafter	37,566
Total maturities	$ 4,870,809

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FAIR VALUE (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount [Member]
Short-term borrowings and long-term debt	$ 31,609,494	$ 30,349,904
Fair Value [Member]
Short-term borrowings and long-term debt	$ 31,609,494	$ 30,349,904

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RECONCILIATION OF CASH AND RESTRICTED CASH (Tables)

9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents [Abstract]

Schedule of reconciliation of cash and restricted cash

The following table provides a reconciliation of cash and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows:
	September 30, 2019		September 30, 2018
Cash	$	468,536	$	828,594
Restricted cash		2,000,000		—
Total cash and restricted cash shown in the statement of cash flow	$	2,468,536	$	828,594

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CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of net contract assets

Net contract assets consist of the following:

	September 30, 2019
	U.S.
	Government			Commercial			Total
Contract assets	$	49,657,016		$	71,801,068		$	121,458,084
Contract liabilities		(1,819,792	)		(3,463	)		(1,823,255	)
Net contract assets	$	47,837,224		$	71,797,605		$	119,634,829

	December 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	48,358,481		$	64,975,010		$	113,333,491
Contract liabilities		(3,780,866	)		(24,240	)		(3,805,106	)
Net contract assets	$	44,577,615		$	64,950,770		$	109,528,385

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INTERIM FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INTERIM FINANCIAL STATEMENTS

1. INTERIM FINANCIAL STATEMENTS

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MAJOR CUSTOMERS

9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

MAJOR CUSTOMERS

13. MAJOR CUSTOMERS

At September 30, 2019 and December 31, 2018, 1% and 2%, respectively, of contract assets were directly from the U.S. government.

XML 20 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 275,000	$ 275,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	50,000,000	50,000,000
Common stock, issued	11,839,065	11,718,246
Common stock, outstanding	11,839,065	11,718,246

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RECONCILIATION OF CASH AND RESTRICTED CASH

9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents [Abstract]

RECONCILIATION OF CASH AND RESTRICTED CASH

5. reconciliation of cash and restricted cash

The following table provides a reconciliation of cash and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows:
	September 30, 2019		September 30, 2018
Cash	$	468,536	$	828,594
Restricted cash		2,000,000		—
Total cash and restricted cash shown in the statement of cash flow	$	2,468,536	$	828,594

XML 22 R15.htm IDEA: XBRL DOCUMENT

CONTRACT ASSETS AND CONTRACT LIABILITIES

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

CONTRACT ASSETS AND CONTRACT LIABILITIES

9. Contract assets and contract liabilities

Net contract assets consist of the following:

	September 30, 2019
	U.S.
	Government			Commercial			Total
Contract assets	$	49,657,016		$	71,801,068		$	121,458,084
Contract liabilities		(1,819,792	)		(3,463	)		(1,823,255	)
Net contract assets	$	47,837,224		$	71,797,605		$	119,634,829

	December 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	48,358,481		$	64,975,010		$	113,333,491
Contract liabilities		(3,780,866	)		(24,240	)		(3,805,106	)
Net contract assets	$	44,577,615		$	64,950,770		$	109,528,385

U.S. government contracts includes contracts directly with the U.S. government and government subcontractors.

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LEASES (Details 1)	Sep. 30, 2019 USD ($)
Assets
ROU Assets	$ 4,259,868
Liabilities
Current operating lease liabilities	1,673,244
Long-term operating lease liabilities	3,033,710
Total ROU liabilities	$ 4,706,954

XML 24 R32.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATIONS (Details Narrative) - USD ($)				1 Months Ended
BUSINESS COMBINATIONS (Details Narrative) - USD ($)	Sep. 27, 2019	Sep. 03, 2019	Dec. 20, 2018	Oct. 31, 2019
Air [Member]
Judgment amount sought	$ 4,200,000
Air [Member] \| Subsequent Event [Member]
Judgment amount sought				$ 3,600,000
Release of escrow deposit				$ 619,000
WMI [Member]
Allocation of total purchase price			$ 7,900,000
Purchase price held in escrow			$ 2,000,000
Potential decrease in acquisition purchase price		$ 4,200,000

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LEASES

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

LEASES

4. lEases

The Company leases manufacturing and office space under an agreement classified as an operating lease.

In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms.

The Company also leases office equipment in agreements classified as operating leases.

For the three and nine months ended September 30, 2019, the Company’s operating lease expense was $439,825 and $1,319,764, respectively.

Future minimum lease payments under non-cancellable operating leases as of September 30, 2019 were as follows:

Twelve months ending September 30,
2020	$	1,910,384
2021		1,953,865
2022		1,175,727
2023		55,322
2024		11,631
Total undiscounted operating lease payments		5,106,929
Less imputed interest		(399,975	)
Present value of operating lease payments	$	4,706,954

The following table sets forth the ROU assets and operating lease liabilities as of September 30, 2019:

Assets
ROU Assets	$	4,259,868

Liabilities
Current operating lease liabilities	$	1,673,244
Long-term operating lease liabilities		3,033,710
Total ROU liabilities	$	4,706,954

The Company’s weighted average remaining lease term for its operating leases is 2.3 years.

XML 26 R14.htm IDEA: XBRL DOCUMENT

FAIR VALUE

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE

8. Fair Value

Fair Value

	September 30, 2019
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	31,609,494	$	31,609,494

	December 31, 2018
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	30,349,904	$	30,349,904

We estimated the fair value of debt using market quotes and calculations based on market rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 27 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 6,035,968	$ 3,099,886
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	729,319	521,255
Debt issuance costs	67,479	58,990
Non-cash lease expense	(84,036)	(53,073)
Stock-based compensation	793,440	536,170
Common stock issued as employee compensation	32,324	45,913
Adjustment for maturity of interest rate swap		20,600
Bad debt expense		125,000
Deferred income taxes	(784,635)	881,500
Changes in operating assets and liabilities:
Increase in accounts receivable	(1,661,439)	(1,109,365)
Increase in contract assets	(8,124,593)	(2,009,154)
Increase in inventory	(692,061)	(95,268)
Decrease in refundable income taxes	435,000
Decrease in prepaid expenses and other assets	797,622	177,625
Increase (decrease) in accounts payable and accrued expenses	890,672	(5,347,688)
(Decrease) increase in contract liabilities	(2,359,976)	218,493
Decrease in other liabilities		(10,976)
Decrease in income taxes payable	(115,000)	(109,327)
Net cash used in operating activities	(4,039,916)	(3,049,419)
Cash flows from investing activities:
Purchase of property and equipment	(334,909)	(521,499)
Net cash used in investing activities	(334,909)	(521,499)
Cash flows from financing activities:
Payments on long-term debt	(1,840,210)	(1,522,283)
Proceeds from line of credit	3,000,000	6,200,000
Payments on line of credit	(300,000)	(1,500,000)
Stock offering costs paid	(119,571)
Debt issue costs paid	(25,000)	(209,082)
Net cash provided by financing activities	715,219	2,968,635
Net decrease in cash and restricted cash	(3,659,606)	(602,283)
Cash and restricted cash at beginning of period	6,128,142	1,430,877
Cash and restricted cash at end of period	2,468,536	828,594
Cash paid during the period for:
Interest	1,406,581	1,601,144
Income taxes	103,927
Noncash investing and financing activities:
Equipment acquired under financing lease	$ 399,800	$ 649,158

XML 28 R18.htm IDEA: XBRL DOCUMENT

INCOME TAXES

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

12. Income taxes

XML 29 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash	$ 468,536	$ 4,128,142
Restricted cash	2,000,000	2,000,000
Accounts receivable, net of allowance for doubtful accounts of $275,000 as of September 30, 2019 and December 31, 2018	10,284,768	8,623,329
Contract assets	121,458,084	113,333,491
Inventory	10,404,058	9,711,997
Refundable income taxes	435,000	435,000
Prepaid expenses and other current assets	966,522	1,972,630
Total current assets	146,016,968	140,204,589
Operating lease right-of-use assets	4,259,868
Property and equipment, net	3,137,194	2,545,192
Refundable income taxes		435,000
Deferred income taxes		279,318
Other assets	207,096	249,575
Total assets	153,621,126	143,713,674
Current Liabilities:
Accounts payable	10,892,353	9,902,481
Accrued expenses	1,458,961	1,558,160
Contract liabilities	1,823,255	3,805,106
Current portion of long-term debt	2,499,012	2,434,981
Operating lease liabilities	1,673,244
Line of credit	26,738,685	24,038,685
Income tax payable		115,000
Total current liabilities	45,085,510	41,854,413
Long-term operating lease liabilities	3,033,710
Long-term debt, net of current portion	2,371,797	3,876,238
Deferred income taxes	2,964,600	4,028,553
Other liabilities		531,124
Total liabilities	53,455,617	50,290,328
Shareholders' Equity:
Common stock - $.001 par value; authorized 50,000,000 shares, 11,839,065 and 11,718,246 shares, respectively, issued and outstanding	11,838	11,715
Additional paid-in capital	71,357,488	70,651,416
Retained earnings	28,796,183	22,760,215
Total Shareholders' Equity	100,165,509	93,423,346
Total Liabilities and Shareholders' Equity	$ 153,621,126	$ 143,713,674

XML 30 R37.htm IDEA: XBRL DOCUMENT

LEASES (Details Narrative)	3 Months Ended	9 Months Ended
LEASES (Details Narrative)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Leases [Abstract]
Lease expiration date		Apr. 30, 2022
Rent expense, net	$ 439,825	$ 1,319,764
Weighted average remaining lease term operating leases	2 years 3 months 19 days	2 years 3 months 19 days

XML 31 R33.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION (Details) - USD ($)	3 Months Ended		9 Months Ended
REVENUE RECOGNITION (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue by long-term contract type	$ 25,711,153	$ 19,017,301	$ 74,452,935	$ 57,470,163
Government Subcontracts [Member]
Revenue by long-term contract type	17,082,754	9,516,799	48,344,906	28,228,457
Commercial Contracts [Member]
Revenue by long-term contract type	6,809,616	7,536,697	20,205,689	22,363,979
Prime Government Contracts [Member]
Revenue by long-term contract type	$ 1,818,783	$ 1,963,805	$ 5,902,340	$ 6,877,727

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DEBT (Details Narrative) - USD ($)
9 Months Ended

Jun. 25, 2019

Mar. 24, 2016

Sep. 30, 2019

Dec. 31, 2018

Payments of debt issuance costs $ 119,571

Debt issuance costs 99,000

Debt issuance costs, reduction of long-term debt 22,000

Capital leases and notes payable 1,034,706

Capital leases and notes payable, current 399,012

Oustanding loans 26,738,685 $ 24,038,685

Credit Agreement [Member]

Available combined borrowing capacity 1,100,000

Bank United [Member]

Line of credit facility, maturity date Jun. 30, 2021

Debt agreement, proceeds from common stock $ 7,000,000

Debt agreement, repayment of debt (percent) 25.00%

Debt agreement, minimum unrestricted cash or availablity under revolving loan $ 3,000,000

Payments of debt issuance costs $ 488,000

Commitment and agent fees 25,000

Bank United [Member] | Revolving Loan [Member]

Line of credit facility, maximum borrowing capacity 30,000,000

Oustanding loans $ 26,700,000

Line of credit facility, interest rate at period end 5.87%

Bank United [Member] | Term loan [Member]

Debt instrument, face amount $ 10,000,000

Line of credit facility, maturity date Jun. 30, 2020

Debt agreement, repayment of debt $ 1,200,000

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CONTRACT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Contract assets $ 121,458,084 $ 113,333,491

Contract liabilities (1,823,255) (3,805,106)

Net contract assets 119,634,829 109,528,385

U.S. Government Contracts [Member]

Contract assets 49,657,016 48,358,481

Contract liabilities (1,819,792) (3,780,866)

Net contract assets 47,837,224 44,577,615

Commercial Contracts [Member]

Contract assets 71,801,068 64,975,010

Contract liabilities (3,463) (24,240)

Net contract assets $ 71,797,605 $ 64,950,770

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LEASES (Tables)
9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of aggregate minimum lease payments under non-cancellable operating leases
Future minimum lease payments under non-cancellable operating leases as of September 30, 2019 were as follows:

Twelve months ending September 30,

2020 $ 1,910,384

2021 1,953,865

2022 1,175,727

2023 55,322

2024 11,631

 Total undiscounted operating lease payments 5,106,929

Less imputed interest (399,975 )

Present value of operating lease payments $ 4,706,954

Schedule of ROU assets and operating lease liabilities
The following table sets forth the ROU assets and operating lease liabilities as of September 30, 2019:

Assets

ROU Assets $ 4,259,868

Liabilities

Current operating lease liabilities $ 1,673,244

Long-term operating lease liabilities 3,033,710

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FAIR VALUE (Tables)
9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of fair values
At September 30, 2019 and December 31, 2018, the fair values of cash, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these instruments.

September 30, 2019

Carrying Amount Fair Value

Debt

Short-term borrowings and long-term debt $ 31,609,494 $ 31,609,494

December 31, 2018

Carrying Amount Fair Value

Debt

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LEASES (Details)

Sep. 30, 2019

USD ($)

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2020 $ 1,910,384

2021 1,953,865

2022 1,175,727

2023 55,322

2024 11,631

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BUSINESS COMBINATIONS (Details 1) - WMI [Member] - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2018

Sep. 30, 2018

Pro forma Information:

Revenue $ 23,968,743 $ 68,866,449

Net income $ 1,269,232 $ 3,761,492

Income per common share $ .14 $ .42

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INVENTORY (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Inventory Disclosure [Abstract]

Raw materials $ 1,843,621 $ 3,379,986

Work in progress 6,586,308 4,495,980

Finished goods 1,974,129 1,836,031

Inventory $ 10,404,058 $ 9,711,997

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INVENTORY
9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

INVENTORY
6. inventory

The components of inventory consisted of the following:

September 30,
2019 December 31,
2018

Raw materials $ 1,843,621 $ 3,379,986

Work in progress 6,586,308 4,495,980

Finished goods 1,974,129 1,836,031

Total $ 10,404,058 $ 9,711,997

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BUSINESS COMBINATIONS
9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

BUSINESS COMBINATIONS
2. Business Combinations

As discussed in Note 1, the Company completed the WMI acquisition on December 20, 2018. The acquisition was accounted for as a business combination in accordance with ASC 805. Accordingly, the Company is required to determine and record the fair value of the assets acquired, including any potential intangible assets, and liabilities assumed at the date of acquisition. The acquisition was considered a stock purchase for tax purposes.

The purchase price for the acquisition was $7.9 million, which is subject to a post-closing working capital adjustment. Two million dollars of the purchase price was placed in escrow at closing and may be released after the completion of the working capital adjustment and for the indemnification contingencies. The escrowed amount is shown as restricted cash on the consolidated balance sheet as of September 30, 2019. The working capital adjustment is based on the historical values of components of working capital as defined in the Stock Purchase Agreement. We have calculated a post-closing working capital adjustment. Air Industries Group (“Air”) formally objected to our calculation. The Stock Purchase Agreement provided the parties 30 days to come to an agreement on the working capital adjustment. The Company and Air could not come to an agreement within the time specified and the issues were submitted to BDO USA, LLP (“BDO”) for a binding resolution. During the course of BDO’s work, Air conceded on three of the four items of contention, leaving only the inventory valuation in dispute. In its report dated September 3, 2019, BDO found in favor of the Company and that there should be no changes to the Closing Working Capital Statement as prepared by the Company. The result of the conceded items and BDO determination would decrease the purchase price of the acquisition by approximately $4.2 million. On September 16, 2019, the Company received a letter from Air acknowledging the conceded items and, among other things, rejecting the determination by BDO. On September 27, 2019, the Company filed a notice of motion in the Supreme Court of the State of New York, County of New York, against Air seeking, among other things, an order of specific performance requiring Air to comply with its obligations under the SPA and Escrow Agreement and a judgment against Air in the amount of approximately $4.2 million.

In October 2019, Air and the Company jointly authorized the release of approximately $619,000 from escrow, which represents the value of the conceded items. The remaining amount of approximately $3.6 million is still in dispute. Because of the uncertain outcome of the September 27 court filing, the Company has not recorded any adjustments to the provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI related to the BDO determination.

The Company is in the process of determining the fair values of the assets and liabilities acquired and has recorded provisional estimates as of the acquisition date. As the Company completes this process and additional information becomes known concerning the acquired assets and assumed liabilities, management will make adjustments to the fair value of the amounts provisionally recorded in the opening balance sheet of WMI during the measurement period, which is no longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. If the final aggregate fair value of the net assets acquired is less than the final purchase price paid, then the Company may be required to record goodwill. Conversely, if the final aggregate fair value of the net assets acquired is in excess of the final purchase price paid, then the Company may potentially conclude that the purchase of WMI was a “bargain purchase.”

As stated above, the Company has determined the following provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI:

Provisional

Fair Values

Other current assets $ 1,049,000

Accounts receivable 1,522,000

Inventory 7,969,000

Property and equipment, net 586,000

Current liabilities (5,174,000 )

Total $ 5,952,000



The following table presents the unaudited pro forma revenue and net income for the period presented as if the WMI Acquisition had occurred on January 1, 2018, based on the provisional estimates of the fair value of the net assets acquired:

Three months ended Nine months ended

September 30, 2018

Revenue $ 23,968,743 $ 68,866,449

Net income $ 1,269,232 $ 3,761,492

Income per common share $ .14 $ .42

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INCOME PER COMMON SHARE
9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

INCOME PER COMMON SHARE
10. income PER COMMON SHARE

Basic income per common share is computed using the weighted average number of common shares outstanding. Diluted income per common share for the three and nine months ended September 30, 2019 and 2018 is computed using the weighted-average number of common shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock, as well as unvested RSUs. Incremental shares of 18,672 were used in the calculation of diluted income per common share in the three and nine months ended September 30, 2019. Incremental shares of 49,641 were used in the calculation of diluted income per common share in the three and nine months ended September 30, 2018. Incremental shares of 43,064 were not used in the calculation of diluted income per common share in the three and nine months ended September 30, 2018, as their exercise price was in excess of the Company’s average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive.

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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Income Statement [Abstract]

Revenue $ 25,711,153 $ 19,017,301 $ 74,452,935 $ 57,470,163

Cost of revenue 20,748,065 15,146,080 59,117,855 44,964,256

Gross profit 4,963,088 3,871,221 15,335,080 12,505,907

Selling, general and administrative expenses 2,594,980 2,584,560 8,110,736 7,192,159

Income from operations 2,368,108 1,286,661 7,224,344 5,313,748

Interest expense 378,195 574,765 1,464,376 1,438,862

Income before provision for (benefit from) income taxes 1,989,913 711,896 5,759,968 3,874,886

Provision for (benefit from) income taxes 323,000 126,000 (276,000) 775,000

Net income 1,666,913 585,896 6,035,968 3,099,886

Other comprehensive income net of tax- Change in unrealized loss on interest rate swap 20,600 14,800

Comprehensive income $ 1,666,913 $ 606,496 $ 6,035,968 $ 3,114,686

Income per common share - basic (in dollars per share) $ 0.14 $ 0.07 $ 0.51 $ 0.35

Income per common share - diluted (in dollars per share) $ 0.14 $ 0.07 $ 0.51 $ 0.35

Shares used in computing income per common share:

Basic (in shares) 11,838,862 8,952,979 11,796,580 8,926,734

Diluted (in shares) 11,857,534 8,977,075 11,815,252 8,951,640

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MAJOR CUSTOMERS (Details Narrative) - Number
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Dec. 31, 2018

Sep. 30, 2019

Sep. 30, 2018

Revenue [Member]

Concentration Risk [Line Items]

Number of large commercial customers 4 4

Revenue [Member] | Customer Concentration Risk [Member] | Customer One [Member]

Concentration Risk [Line Items]

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Concentration Risk [Line Items]

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Concentration Risk [Line Items]

Concentration risk, percentage 13.00% 12.00%

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Concentration Risk [Line Items]

Concentration risk, percentage 13.00% 12.00%

Revenue [Member] | US Government Concentration Risk [Member]

Concentration Risk [Line Items]

Concentration risk, percentage 8.00% 13.00%

Contract Assets [Member]

Concentration Risk [Line Items]

Number of large commercial customers 4 4

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Concentration Risk [Line Items]

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Concentration Risk [Line Items]

Concentration risk, percentage 13.00% 14.00%

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Concentration Risk [Line Items]

Concentration risk, percentage 13.00% 13.00%

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Concentration risk, percentage 12.00% 13.00%

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DEBT (Tables)
9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt
The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending September 30,

2020 $ 2,499,012

2021 2,008,385

2022 193,626

2023 132,220

Thereafter 37,566

$ 4,870,809

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BUSINESS COMBINATIONS (Tables)
9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI
As stated above, the Company has determined the following provisional estimates of the fair value of the assets acquired and liabilities assumed from WMI:

Provisional

Fair Values

Other current assets $ 1,049,000

Accounts receivable 1,522,000

Inventory 7,969,000

Property and equipment, net 586,000

Current liabilities (5,174,000 )

Total $ 5,952,000

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Three months ended Nine months ended

September 30, 2018

Revenue $ 23,968,743 $ 68,866,449

Net income $ 1,269,232 $ 3,761,492

Income per common share $ .14 $ .42

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INVENTORY (Tables)
9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Schedule of components of inventory
The components of inventory consisted of the following:

September 30,
2019 December 31,
2018

Raw materials $ 1,843,621 $ 3,379,986

Work in progress 6,586,308 4,495,980

Finished goods 1,974,129 1,836,031

Total $ 10,404,058 $ 9,711,997

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INCOME TAXES (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Liability for uncertain tax position $ 3,100,000

Decrease in liability for uncertain tax position $ 1,400,000

Provision for (benefit from) income taxes $ 323,000 $ 126,000 $ (276,000) $ 775,000

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CONTRACT ASSETS AND CONTRACT LIABILITIES (Details Narrative) - USD ($)
9 Months Ended

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Sep. 30, 2018

Increase in contract assets $ 8,124,593 $ 2,009,154

Increase (decrease) in total gross profit (327,000) $ (683,000)

G-650 Program [Member]

Increase in contract assets 2,200,000

Honda Jet Engine Inlet [Member]

Increase in contract assets 1,800,000

Raytheon Next Generation Jammer pod [Member]

Increase in contract assets 3,300,000

F-35 Lock Assembly Program [Member]

Increase in contract assets $ 600,000

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9 Months Ended

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USD ($)

$ / shares

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Options, Outstanding, Weighted Average Exercise Price

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Exercised | $ / shares 6.60

Vested at end | $ / shares $ 0.00

Options, Weighted Average Remaining Contractual Term

Vested at end 0 years

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REVENUE RECOGNITION (Tables)
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Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of revenue by long-term contract type
Revenue by long-term contracts type for the three and nine months ended September 30, 2019 and 2018 is as follows:

Three months ended
September 30, Nine months ended
September 30,

2019 2018 2019 2018

Government subcontracts $ 17,082,754 $ 9,516,799 $ 48,344,906 $ 28,228,457

Commercial contracts 6,809,616 7,536,697 20,205,689 22,363,979

Prime government contracts 1,818,783 1,963,805 5,902,340 6,877,727

$ 25,711,153 $ 19,017,301 $ 74,452,935 $ 57,470,163

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Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of stock options plans activity
A summary of the status of the Company’s stock option plans as of September 30, 2019 and changes during the nine months ended September 30, 2019 is as follows:

Options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate
intrinsic
value

Outstanding at beginning of period 41,772 $ 7.58

Exercised during the period
35,000 $ 6.60

Forfeited during the period
6,772

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INTERIM FINANCIAL STATEMENTS (Details Narrative) - USD ($)

Sep. 30, 2019

Jan. 02, 2019

Cash uninsured amount $ 595,906

Operating lease right-of-use assets 4,259,868

Operating lease right-of-use liabilities $ 3,033,710

ASU 2016-02 [Member]

Operating lease right-of-use assets $ 5,300,000

Operating lease right-of-use liabilities $ 5,800,000

Incremental borrowing rate 6.00%

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RECONCILIATION OF CASH AND RESTRICTED CASH (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Sep. 30, 2018

Dec. 31, 2017

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash $ 468,536 $ 4,128,142 $ 828,594

Restricted cash 2,000,000 2,000,000

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REVENUE RECOGNITION (Details Narrative)
3 Months Ended 9 Months Ended

Sep. 30, 2019

USD ($)

Sep. 30, 2019

USD ($)

Revenue recognized that was included in contract liabilities $ 2,600,000 $ 2,600,000

Remaining performance obligations $ 255,200,000 $ 255,200,000

2019 [Member]

Expected remaining performance obligation (percent) 18.00%

Performance obligation year 2019 2019

2020 [Member]

Expected remaining performance obligation (percent) 82.00%

Performance obligation year 2020 2020

Transferred over Time [Member]

Revenue recognized from contracts (percent) 76.00% 83.00%

Transferred at Point in Time [Member]

Revenue recognized from contracts (percent) 24.00% 17.00%

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BUSINESS COMBINATIONS (Details) - WMI [Member]

Dec. 20, 2018

USD ($)

Allocation of the total purchase price of business combination:

Other current assets $ 1,049,000

Accounts receivable 1,522,000

Inventory 7,969,000

Property and equipment, net 586,000

Current liabilities (5,174,000)

Total $ 5,952,000

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Total

Balance, beginning at Dec. 31, 2017 $ 8,863 $ 53,770,618 $ 20,548,652 $ (14,800) $ 74,313,333

Balance, beginning (in shares) at Dec. 31, 2017 8,864,319

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 1,256,765 1,256,765

Change in unrealized loss from interest rate swap (5,800) (5,800)

Common stock issued as employee compensation $ 5 45,908 45,913

Common stock issued as employee compensation (in shares) 5,130

Stock-based compensation expense $ 51 303,889 303,940

Stock-based compensation expense (in shares) 54,396

Balance, ending at Mar. 31, 2018 $ 8,919 54,120,415 21,805,417 (20,600) 75,914,151

Balance, ending (in shares) at Mar. 31, 2018 8,923,845

Balance, beginning at Dec. 31, 2017 $ 8,863 53,770,618 20,548,652 (14,800) 74,313,333

Balance, beginning (in shares) at Dec. 31, 2017 8,864,319

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 3,099,886

Balance, ending at Sep. 30, 2018 $ 8,950 54,352,614 23,648,538 78,010,102

Balance, ending (in shares) at Sep. 30, 2018 8,953,137

Balance, beginning at Mar. 31, 2018 $ 8,919 54,120,415 21,805,417 (20,600) 75,914,151

Balance, beginning (in shares) at Mar. 31, 2018 8,923,845

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 1,257,225 1,257,225

Change in unrealized loss from interest rate swap $ 20,600 20,600

Stock-based compensation expense $ 16 155,760 155,776

Stock-based compensation expense (in shares) 14,646

Balance, ending at Jun. 30, 2018 $ 8,935 54,276,175 23,062,642 77,347,752

Balance, ending (in shares) at Jun. 30, 2018 8,938,491

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 585,896 585,896

Stock-based compensation expense $ 15 76,439 76,454

Stock-based compensation expense (in shares) 14,646

Balance, ending at Sep. 30, 2018 $ 8,950 54,352,614 23,648,538 78,010,102

Balance, ending (in shares) at Sep. 30, 2018 8,953,137

Balance, beginning at Dec. 31, 2018 $ 11,715 70,651,416 22,760,215 $ 93,423,346

Balance, beginning (in shares) at Dec. 31, 2018 11,718,246 11,718,246

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 1,658,598 $ 1,658,598

Costs related to stock offering (64,371) (64,371)

Common stock issued upon exercise of options (in shares) 521

Stock-based compensation expense $ 21 330,766 330,787

Stock-based compensation expense (in shares) 17,619

Balance, ending at Mar. 31, 2019 $ 11,736 70,917,811 24,418,813 95,348,360

Balance, ending (in shares) at Mar. 31, 2019 11,736,386

Balance, beginning at Dec. 31, 2018 $ 11,715 70,651,416 22,760,215 $ 93,423,346

Balance, beginning (in shares) at Dec. 31, 2018 11,718,246 11,718,246

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income $ 6,035,968

Balance, ending at Sep. 30, 2019 $ 11,838 71,357,488 28,796,183 $ 100,165,509

Balance, ending (in shares) at Sep. 30, 2019 11,839,065 11,839,065

Balance, beginning at Mar. 31, 2019 $ 11,736 70,917,811 24,418,813 $ 95,348,360

Balance, beginning (in shares) at Mar. 31, 2019 11,736,386

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 2,710,457 2,710,457

Costs related to stock offering (55,200) (55,200)

Common stock issued as employee compensation $ 5 32,319 32,324

Common stock issued as employee compensation (in shares) 4,950

Stock-based compensation expense $ 72 209,495 209,567

Stock-based compensation expense (in shares) 79,054

Balance, ending at Jun. 30, 2019 $ 11,813 71,104,425 27,129,270 $ 98,245,508

Balance, ending (in shares) at Jun. 30, 2019 11,820,390 11,820,390

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 1,666,913 $ 1,666,913

Stock-based compensation expense $ 25 253,063 253,088

Stock-based compensation expense (in shares) 18,675

Balance, ending at Sep. 30, 2019 $ 11,838 $ 71,357,488 $ 28,796,183 $ 100,165,509

Balance, ending (in shares) at Sep. 30, 2019 11,839,065 11,839,065

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Document and Entity Information - shares
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Nov. 04, 2019

Document And Entity Information

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STOCK-BASED COMPENSATION
9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION
7. stock-based compensation

The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant.

In January 2019, the Company granted 75,353 restricted stock units (“RSUs”) to its board of directors as partial compensation for the 2019 year. In January 2018, the Company granted 58,578 RSUs to its board of directors as partial compensation for the 2018 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the nine months ended September 30, 2019 and 2018 includes approximately $409,000 and $491,500, respectively, of non-cash compensation expense related to the RSU grants to the board of directors. This expense is recorded as a component of selling, general and administrative expenses.

In June 2019 a board member retired and 7,326 of his unvested RSUs were forfeited which were valued at approximately $47,000. In addition, in April 2019, the Company granted 6,677 RSUs to one of its board members as partial compensation for the 2019 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the nine months ended September 30, 2019 includes approximately $29,000 of non-cash compensation expense related to the RSU grants to the board member. In June 2019, two board members were granted an additional 2,725 RSUs as partial compensation for the 2019 year. The Company’s net income for the nine months ended September 30, 2019 includes approximately $15,000 of non-cash compensation expense related to the RSU grants to the board of directors.

In April 2019, the Company granted 4,950 shares of common stock to various employees. For the nine months ended September 30, 2019, approximately $6,000 of compensation expense is included in selling, general and administrative expenses and approximately $26,000 of compensation expense is included in cost of revenue for this grant. In January 2018, the Company granted 5,130 shares of common stock to various employees. For the nine months ended September 30, 2018, approximately $10,000 of compensation expense is included in selling, general and administrative expenses and approximately $36,000 of compensation expense is included in cost of revenue for this grant.

In March 2018, the Company granted 68,764 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2022 based upon the service and performance thresholds. For the nine months ended September 30, 2019, approximately $197,000 of compensation expense is included in selling, general and administrative expenses and approximately $38,000 of compensation expense is included in cost of revenue for this grant.

In April 2019, the Company granted 94,972 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2023 based upon the service and performance thresholds. For the nine months ended September 30, 2019, approximately $137,000 of compensation expense is included in selling, general and administrative expenses and approximately $42,000 of compensation expense is included in cost of revenue for this grant.

On February 12, 2019, these employees returned 1,221 common shares, valued at approximately $7,893, to pay the employees’ withholding taxes.

In April 2019, 11,193, 8,299 and 8,593 of the shares granted in 2016, 2017 and 2018, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2018. In addition, on April 2, 2019, these employees returned 9,806 common shares, valued at approximately $64,000, to pay the employees’ withholding taxes.

In March 2018, 12,330 and 9,130 of the shares granted in 2016 and 2017, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2017. In addition, on March 22, 2018, these employees returned 7,552 common shares, valued at approximately $62,000, to pay the employees’ withholding taxes.

A summary of the status of the Company’s stock option plans as of September 30, 2019 and changes during the nine months ended September 30, 2019 is as follows:

Options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate
intrinsic
value

Outstanding at beginning of period 41,772 $ 7.58

Exercised during the period
35,000 $ 6.60

Forfeited during the period
6,772

Outstanding and vested at end of period — $ 0.00 0.0 $ 0

During the nine months ended September 30, 2019, 35,000 stock options were exercised, pursuant to the provisions of the stock option plan, where the Company received no cash and 34,478 shares of its common stock in exchange for the 35,000 shares issued in the exercise. The 34,478 shares that the Company received were valued at $231,003, the fair market value of the shares on the date of exercise. During the nine months ended September 30, 2018, no stock options were granted or exercised.

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REVENUE RECOGNITION
9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION
3. REVENUE RECOGNITION

The majority of the Company’s revenues are from long-term contracts with the U.S. government and commercial contractors. The contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) which provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. government contracts. The pricing for commercial contractors is based on the specific negotiations with each customer.

The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified and payment terms are identified.

To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period.

All of the Company’s current long-term contracts have a single performance obligation as the promise to transfer the goods or services are not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. All of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Revenues for the Company’s long-term contracts are recognized over time as the Company performs its obligations because of continuous transfer of control to the customer. The continuous transfer of control to the customer is supported by clauses in contracts that either allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and the products and services have no alternative use or the customer controls the work in progress.

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses the cost-to-cost input method to measure progress for its contracts because it best depicts the transfer of assets to the customer which occurs as the Company incurs costs on its contracts.



In applying the cost-to-cost input method, the Company compares the actual costs incurred relative to the total estimated costs to determine its progress towards contract completion and to calculate the corresponding amount of estimated revenue and estimated gross profit recognized. For any costs incurred that do not contribute to a performance obligation, the Company excludes such costs from its input methods of revenue recognition as the amounts are not reflective in transferring control of the asset to the customer. Costs to fulfill a performance obligation include labor, materials and subcontractors’ costs, other direct costs and an allocation of indirect costs.

Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin for a contract is reflected in revenue in the period the change becomes known. Contract estimates involve considerable use of judgement in determining revenues, profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the application of the cost-to-cost input method; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

For the Company’s uncompleted contracts, contract assets include unbilled amounts when the estimated revenues recognized exceed the amount billed to the customer and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current. The Company’s contract liabilities consist of billings in excess of estimated revenues recognized and contract losses. Contract liabilities are classified as current. The Company’s contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period.

Revenue recognized for the three and nine months ended September 30, 2019, that was included in the contract liabilities at January 1, 2019 was $2.6 million.

The Company’s remaining performance obligations represent the transaction price of its long-term contracts for which work has not been performed. As of September 30, 2019, the aggregate amount of transaction price allocated to the remaining performance obligations was $255.2 million. The Company estimates that it expects to recognize approximately 18% of its remaining performance obligations in 2019 and 82% revenue in 2020.

In addition, the Company recognizes revenue for products manufactured by WMI and parts supplied for certain Maintenance Repair and Overhaul (“MRO”) contracts at a point in time following the transfer of control to the customer, which typically occurs upon shipment or delivery, depending on the terms of the underlying contract.

Revenue from long-term contracts recognized over time and revenue from contracts recognized at a point in time accounted for approximately 83% and 17%, respectively, for the nine months ended September 30, 2019.

Revenue from long-term contracts recognized over time and revenue from contracts recognized at a point in time accounted for approximately 76% and 24%, respectively, for the three months ended September 30, 2019.

Revenue by long-term contracts type for the three and nine months ended September 30, 2019 and 2018 is as follows:

Three months ended
September 30, Nine months ended
September 30,

2019 2018 2019 2018

Government subcontracts $ 17,082,754 $ 9,516,799 $ 48,344,906 $ 28,228,457

Commercial contracts 6,809,616 7,536,697 20,205,689 22,363,979

Prime government contracts 1,818,783 1,963,805 5,902,340 6,877,727

$ 25,711,153 $ 19,017,301 $ 74,452,935 $ 57,470,163

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DEBT
9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

DEBT
11. Debt

On March 24, 2016, the Company entered into a Credit Agreement (as amended, the “Credit Agreement”) with BankUnited, N.A. as the sole arranger, administrative agent and collateral agent and a lender and Citizens Bank N.A. as a lender (the “BankUnited Facility”). The BankUnited Facility provides for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement. On June 25, 2019, the Credit Agreement was amended and the Company and the banks entered into an assignment and acceptance agreement whereby Citizens Bank N.A.’s interest in the BankUnited Facility was transferred to BNB Bank. Additionally, the Revolving Loan and Term Loan maturity date was extended to June 30, 2021.

Under the Credit Agreement, upon the consummation of a public offering of common stock that results in gross proceeds of $7 million or more, (A) the Company will prepay the loans in an amount equal to 25% of net proceeds of the offering (with $1.2 million applied to the Term Loan and the remainder applied to the revolving line of credit) and (B) the Company will maintain a minimum of $3 million of combined unrestricted cash in accounts with BankUnited, N.A., and in availability under the Revolving Loan. As of September 30, 2019, the Company had approximately $1.1 million of availability under the revolving line of credit for this combined criteria.

As of September 30, 2019, the Company had $26.7 million outstanding under the Revolving Loan bearing interest at 5.87%.

The Company paid to BankUnited, N.A. commitment and agent fees in the amount of $25,000, together with out-of-pocket costs, expenses, and reasonable attorney’s fees incurred by BankUnited, N.A. in connection with the amendment.

The Company paid approximately $488,000 of total debt issuance costs in connection with the BankUnited Facility, of which approximately $99,000 is included in other assets and $22,000 is a reduction of long-term debt at September 30, 2019.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which originally matured on June 30, 2020.

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending September 30,

2020 $ 2,499,012

2021 2,008,385

2022 193,626

2023 132,220

Thereafter 37,566

$ 4,870,809

As of September 30, 2019, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.

The BankUnited Facility is secured by all of the Company’s assets.

In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $1,034,706, including a current portion of $399,012.

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DEBT (Details Narrative) - USD ($)			9 Months Ended
DEBT (Details Narrative) - USD ($)	Jun. 25, 2019	Mar. 24, 2016	Sep. 30, 2019	Dec. 31, 2018
Payments of debt issuance costs			$ 119,571
Debt issuance costs			99,000
Debt issuance costs, reduction of long-term debt			22,000
Capital leases and notes payable			1,034,706
Capital leases and notes payable, current			399,012
Oustanding loans			26,738,685	$ 24,038,685
Credit Agreement [Member]
Available combined borrowing capacity			1,100,000
Bank United [Member]
Line of credit facility, maturity date	Jun. 30, 2021
Debt agreement, proceeds from common stock	$ 7,000,000
Debt agreement, repayment of debt (percent)	25.00%
Debt agreement, minimum unrestricted cash or availablity under revolving loan	$ 3,000,000
Payments of debt issuance costs		$ 488,000
Commitment and agent fees	25,000
Bank United [Member] \| Revolving Loan [Member]
Line of credit facility, maximum borrowing capacity		30,000,000
Oustanding loans			$ 26,700,000
Line of credit facility, interest rate at period end			5.87%
Bank United [Member] \| Term loan [Member]
Debt instrument, face amount		$ 10,000,000
Line of credit facility, maturity date		Jun. 30, 2020
Debt agreement, repayment of debt	$ 1,200,000

CONTRACT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Contract assets	$ 121,458,084	$ 113,333,491
Contract liabilities	(1,823,255)	(3,805,106)
Net contract assets	119,634,829	109,528,385
U.S. Government Contracts [Member]
Contract assets	49,657,016	48,358,481
Contract liabilities	(1,819,792)	(3,780,866)
Net contract assets	47,837,224	44,577,615
Commercial Contracts [Member]
Contract assets	71,801,068	64,975,010
Contract liabilities	(3,463)	(24,240)
Net contract assets	$ 71,797,605	$ 64,950,770

LEASES (Details)	Sep. 30, 2019 USD ($)
Twelve months ending September 30,
2020	$ 1,910,384
2021	1,953,865
2022	1,175,727
2023	55,322
2024	11,631
Total undiscounted operating lease payments	5,106,929
Less imputed interest	(399,975)
Present value of operating lease payments	$ 4,706,954

BUSINESS COMBINATIONS (Details 1) - WMI [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Pro forma Information:
Revenue	$ 23,968,743	$ 68,866,449
Net income	$ 1,269,232	$ 3,761,492
Income per common share	$ .14	$ .42

INVENTORY (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 1,843,621	$ 3,379,986
Work in progress	6,586,308	4,495,980
Finished goods	1,974,129	1,836,031
Inventory	$ 10,404,058	$ 9,711,997

INCOME PER COMMON SHARE (Details Narrative) - shares	3 Months Ended		9 Months Ended
INCOME PER COMMON SHARE (Details Narrative) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	18,672	49,641	18,672	49,641
Antidilutive securities excluded from computation of earnings per share (shares)		43,064		43,064

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)				1 Months Ended					9 Months Ended
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	Apr. 02, 2019	Feb. 12, 2019	Mar. 22, 2018	Jun. 30, 2019	Apr. 30, 2019	Jan. 31, 2019	Mar. 31, 2018	Jan. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted Stock Units (RSUs) [Member] \| Board of Directors [Member]
Restricted stock units granted				2,725	6,677	75,353		58,578
Vesting period					1 year	1 year		1 year
Stock awards forfeited (shares)				7,326
Stock forfeited				$ 47,000
Restricted Stock Units (RSUs) [Member] \| Board of Directors [Member] \| April 2019 Awards [Member]
Stock-based compensation									$ 29,000
Restricted Stock Units (RSUs) [Member] \| Board of Directors [Member] \| June 2019 Awards [Member]
Stock-based compensation									15,000
Restricted Stock Units (RSUs) [Member] \| Board of Directors [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation									409,000	$ 491,500
Stock Awards [Member] \| Employees [Member]
Number of common shares granted							68,764	5,130
Number of shares returned for employee's withholding taxes (shares)	9,806	1,221	7,552
Value of shares returned for employee's withholding taxes	$ 64,000	$ 7,893	$ 62,000
Stock Awards [Member] \| Employees [Member] \| Tranche One [Member]
Number of common shares granted					4,950
Stock Awards [Member] \| Employees [Member] \| Tranche Two [Member]
Number of common shares granted					94,972
Stock Awards [Member] \| Awards in 2016 [Member] \| Employees [Member]
Stock awards forfeited (shares)					11,193		12,330
Stock Awards [Member] \| Awards in 2017 [Member] \| Employees [Member]
Stock awards forfeited (shares)					8,299		9,130
Stock Awards [Member] \| Awards in 2018 [Member] \| Employees [Member]
Stock awards forfeited (shares)					8,593
Stock Awards [Member] \| Selling, General and Administrative Expenses [Member] \| April 2019 Awards [Member] \| Employees [Member] \| Tranche One [Member]
Stock-based compensation									6,000
Stock Awards [Member] \| Selling, General and Administrative Expenses [Member] \| April 2019 Awards [Member] \| Employees [Member] \| Tranche Two [Member]
Stock-based compensation									137,000
Stock Awards [Member] \| Selling, General and Administrative Expenses [Member] \| January 2018 Awards [Member] \| Employees [Member]
Stock-based compensation										10,000
Stock Awards [Member] \| Selling, General and Administrative Expenses [Member] \| March 2018 Awards [Member] \| Employees [Member]
Stock-based compensation									197,000
Stock Awards [Member] \| Cost of Sales [Member] \| April 2019 Awards [Member] \| Employees [Member] \| Tranche One [Member]
Stock-based compensation									26,000
Stock Awards [Member] \| Cost of Sales [Member] \| April 2019 Awards [Member] \| Employees [Member] \| Tranche Two [Member]
Stock-based compensation									42,000
Stock Awards [Member] \| Cost of Sales [Member] \| January 2018 Awards [Member] \| Employees [Member]
Stock-based compensation										$ 36,000
Stock Awards [Member] \| Cost of Sales [Member] \| March 2018 Awards [Member] \| Employees [Member]
Stock-based compensation									$ 38,000
Stock Option Plans [Member]
Stock options exercised									35,000
Fair value of shares on exercise date									$ 231,003
Shares received in exercise of options for exchange (shares)									34,478

MAJOR CUSTOMERS (Details Narrative) - Number			9 Months Ended
MAJOR CUSTOMERS (Details Narrative) - Number	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue [Member]
Concentration Risk [Line Items]
Number of large commercial customers			4	4
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			26.00%	25.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			16.00%	12.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			13.00%	12.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			13.00%	12.00%
Revenue [Member] \| US Government Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			8.00%	13.00%
Contract Assets [Member]
Concentration Risk [Line Items]
Number of large commercial customers	4	4
Contract Assets [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%	39.00%
Contract Assets [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	14.00%
Contract Assets [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	13.00%
Contract Assets [Member] \| Customer Concentration Risk [Member] \| Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	13.00%
Contract Assets [Member] \| US Government Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%	2.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of large commercial customers	2	3
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	39.00%	20.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	18.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		17.00%

INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
INCOME TAXES (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Liability for uncertain tax position					$ 3,100,000
Decrease in liability for uncertain tax position	$ 1,400,000
Provision for (benefit from) income taxes	$ 323,000	$ 126,000	$ (276,000)	$ 775,000

STOCK-BASED COMPENSATION (Details) - Stock Option Plans [Member]	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Options, Outstanding
Outstanding at beginning \| shares	41,772
Exercised \| shares	35,000
Forfeited/Expired \| shares	6,772
Options, Outstanding, Weighted Average Exercise Price
Outstanding at beginning \| $ / shares	$ 7.58
Exercised \| $ / shares	6.60
Vested at end \| $ / shares	$ 0.00
Options, Weighted Average Remaining Contractual Term
Vested at end	0 years
Options, Aggregate Intrinsic Value
Vested at end \| $	$ 0

INTERIM FINANCIAL STATEMENTS (Details Narrative) - USD ($)	Sep. 30, 2019	Jan. 02, 2019
Cash uninsured amount	$ 595,906
Operating lease right-of-use assets	4,259,868
Operating lease right-of-use liabilities	$ 3,033,710
ASU 2016-02 [Member]
Operating lease right-of-use assets		$ 5,300,000
Operating lease right-of-use liabilities		$ 5,800,000
Incremental borrowing rate		6.00%

RECONCILIATION OF CASH AND RESTRICTED CASH (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash	$ 468,536	$ 4,128,142	$ 828,594
Restricted cash	2,000,000	2,000,000
Total cash and restricted cash shown in the statement of cash flow	$ 2,468,536	$ 6,128,142	$ 828,594	$ 1,430,877

REVENUE RECOGNITION (Details Narrative)	3 Months Ended	9 Months Ended
REVENUE RECOGNITION (Details Narrative)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Revenue recognized that was included in contract liabilities	$ 2,600,000	$ 2,600,000
Remaining performance obligations	$ 255,200,000	$ 255,200,000
2019 [Member]
Expected remaining performance obligation (percent)		18.00%
Performance obligation year	2019	2019
2020 [Member]
Expected remaining performance obligation (percent)		82.00%
Performance obligation year	2020	2020
Transferred over Time [Member]
Revenue recognized from contracts (percent)	76.00%	83.00%
Transferred at Point in Time [Member]
Revenue recognized from contracts (percent)	24.00%	17.00%

BUSINESS COMBINATIONS (Details) - WMI [Member]	Dec. 20, 2018 USD ($)
Allocation of the total purchase price of business combination:
Other current assets	$ 1,049,000
Accounts receivable	1,522,000
Inventory	7,969,000
Property and equipment, net	586,000
Current liabilities	(5,174,000)
Total	$ 5,952,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance, beginning at Dec. 31, 2017	$ 8,863	$ 53,770,618	$ 20,548,652	$ (14,800)	$ 74,313,333
Balance, beginning (in shares) at Dec. 31, 2017	8,864,319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,256,765		1,256,765
Change in unrealized loss from interest rate swap				(5,800)	(5,800)
Common stock issued as employee compensation	$ 5	45,908			45,913
Common stock issued as employee compensation (in shares)	5,130
Stock-based compensation expense	$ 51	303,889			303,940
Stock-based compensation expense (in shares)	54,396
Balance, ending at Mar. 31, 2018	$ 8,919	54,120,415	21,805,417	(20,600)	75,914,151
Balance, ending (in shares) at Mar. 31, 2018	8,923,845
Balance, beginning at Dec. 31, 2017	$ 8,863	53,770,618	20,548,652	(14,800)	74,313,333
Balance, beginning (in shares) at Dec. 31, 2017	8,864,319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					3,099,886
Balance, ending at Sep. 30, 2018	$ 8,950	54,352,614	23,648,538		78,010,102
Balance, ending (in shares) at Sep. 30, 2018	8,953,137
Balance, beginning at Mar. 31, 2018	$ 8,919	54,120,415	21,805,417	(20,600)	75,914,151
Balance, beginning (in shares) at Mar. 31, 2018	8,923,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,257,225		1,257,225
Change in unrealized loss from interest rate swap				$ 20,600	20,600
Stock-based compensation expense	$ 16	155,760			155,776
Stock-based compensation expense (in shares)	14,646
Balance, ending at Jun. 30, 2018	$ 8,935	54,276,175	23,062,642		77,347,752
Balance, ending (in shares) at Jun. 30, 2018	8,938,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			585,896		585,896
Stock-based compensation expense	$ 15	76,439			76,454
Stock-based compensation expense (in shares)	14,646
Balance, ending at Sep. 30, 2018	$ 8,950	54,352,614	23,648,538		78,010,102
Balance, ending (in shares) at Sep. 30, 2018	8,953,137
Balance, beginning at Dec. 31, 2018	$ 11,715	70,651,416	22,760,215		$ 93,423,346
Balance, beginning (in shares) at Dec. 31, 2018	11,718,246				11,718,246
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,658,598		$ 1,658,598
Costs related to stock offering		(64,371)			(64,371)
Common stock issued upon exercise of options (in shares)	521
Stock-based compensation expense	$ 21	330,766			330,787
Stock-based compensation expense (in shares)	17,619
Balance, ending at Mar. 31, 2019	$ 11,736	70,917,811	24,418,813		95,348,360
Balance, ending (in shares) at Mar. 31, 2019	11,736,386
Balance, beginning at Dec. 31, 2018	$ 11,715	70,651,416	22,760,215		$ 93,423,346
Balance, beginning (in shares) at Dec. 31, 2018	11,718,246				11,718,246
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					$ 6,035,968
Balance, ending at Sep. 30, 2019	$ 11,838	71,357,488	28,796,183		$ 100,165,509
Balance, ending (in shares) at Sep. 30, 2019	11,839,065				11,839,065
Balance, beginning at Mar. 31, 2019	$ 11,736	70,917,811	24,418,813		$ 95,348,360
Balance, beginning (in shares) at Mar. 31, 2019	11,736,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			2,710,457		2,710,457
Costs related to stock offering		(55,200)			(55,200)
Common stock issued as employee compensation	$ 5	32,319			32,324
Common stock issued as employee compensation (in shares)	4,950
Stock-based compensation expense	$ 72	209,495			209,567
Stock-based compensation expense (in shares)	79,054
Balance, ending at Jun. 30, 2019	$ 11,813	71,104,425	27,129,270		$ 98,245,508
Balance, ending (in shares) at Jun. 30, 2019	11,820,390				11,820,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,666,913		$ 1,666,913
Stock-based compensation expense	$ 25	253,063			253,088
Stock-based compensation expense (in shares)	18,675
Balance, ending at Sep. 30, 2019	$ 11,838	$ 71,357,488	$ 28,796,183		$ 100,165,509
Balance, ending (in shares) at Sep. 30, 2019	11,839,065				11,839,065

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 04, 2019
Document And Entity Information
Entity Registrant Name	CPI AEROSTRUCTURES INC
Entity Central Index Key	0000889348
Document Type	10-Q
Entity File Number	1-11398
Document Period End Date	Sep. 30, 2019
Entity Incorporation, State or Country Code	NY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,857,737
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019