Pilatus Aircraft Ltd

The following table reflects the Company’s contract assets and contract liabilities: Contract Contract Assets LiabilitiesSeptember 30, 2024 $ 1,680,060 $ 340,481Amount transferred to receivables from contract assets (754,432) —Contract asset additions 843,745 —Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (268,502)Increases due to invoicing prior to satisfaction of performance obligations — 659,814March 31, 2025 $ 1,769,373 $ 731,793 ConcentrationsMajor Customers and Products In the three months ended March 31, 2025, five customers, Lockheed Martin Corporation (“Lockheed Martin”), Atlas Air Inc. (“Atlas”), The Boeing Company (“Boeing”), Pilatus Aircraft Ltd (“Pilatus”) and Kalitta Air Inc. (“Kalitta”), accounted for 48%, 9%, 5%, 5% and 5% of net sales, respectively.

The following table reflects the Company’s contract assets and contract liabilities: Contract Contract Assets LiabilitiesSeptember 30, 2024 $ 1,680,060 $ 340,481Amount transferred to receivables from contract assets (1,029,584) —Contract asset additions 2,759,864 —Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (297,610)Increases due to invoicing prior to satisfaction of performance obligations — 315,935December 31, 2024 $ 3,410,340 $ 358,806 ConcentrationsMajor Customers and Products In the three months ended December 31, 2024, three customers, Lockheed Martin, Boeing and Pilatus Aircraft Ltd (“Pilatus”), accounted for 38%, 9% and 8% of net sales, respectively.

In the three months ended June 30, 2024, two customers, Pilatus Aircraft Ltd (“Pilatus”) and Lufthansa Technik AG, accounted for 21% and 10% of net sales, respectively.

The following table reflects the Company’s contract assets and contract liabilities: Contract Contract Assets LiabilitiesSeptember 30, 2023 $ 487,139 $ 143,359Amount transferred to receivables from contract assets (363,719) —Contract asset additions 974,881 —Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (99,045)Increases due to invoicing prior to satisfaction of performance obligations — 87,220June 30, 2024 $ 1,098,301 $ 131,534 ConcentrationsMajor Customers and ProductsIn the three-month period ended June 30, 2024, two customers, Pilatus Aircraft Ltd (“Pilatus”) and Lufthansa Technik AG, accounted for 21% and 10% of net sales, respectively.

The following table reflects the Company’s contract assets and contract liabilities: Contract Contract Assets LiabilitiesSeptember 30, 2023 $ 487,139 $ 143,359Amount transferred to receivables from contract assets (363,719) —Contract asset additions 1,107,187 —Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (92,108)Increases due to invoicing prior to satisfaction of performance obligations — 45,399March 31, 2024 $ 1,230,607 $ 96,650 ConcentrationsMajor Customers and ProductsIn the three-month period ended March 31, 2024, two customers, Pilatus Aircraft Ltd (“Pilatus”) and Textron Aviation, Inc. (“Textron”), accounted for 28% and 17% of net sales, respectively.

The Company has recorded the excess of funded premiums over estimated claims incurred but not reported of $205,000 and $382,000 as a current asset in the accompanying consolidated balance sheets as of December 31, 2023 and September 30, 2023, respectively.ConcentrationsMajor Customers and ProductsIn the three-month period ended December 31, 2023, one customer, Pilatus Aircraft Ltd (“Pilatus”) accounted for 29% of net sales.In the three-month period ended December 31, 2022, three customers, Pilatus, Air Transport Services Group and Textron Aviation, Inc. (“Textron”) accounted for 38%, 13% and 11% of net sales, respectively.Major SuppliersThe Company buys several of its components from sole source suppliers.

ConcentrationsMajor Customers and ProductsIn the three-month period ended June 30, 2023, three customers, Pilatus Aircraft Ltd (“Pilatus”), Air Transport Services Group (“ATSG”) and Textron Aviation, Inc. (“Textron”), accounted for 25%, 24% and 10% of net sales, respectively.

The Company has recorded the excess of funded premiums over estimated claims incurred but not reported of $464,373 and $424,155 as a current asset in the accompanying consolidated balance sheets as of March 31, 2023 and September 30, 2022, respectively.ConcentrationsMajor Customers and ProductsIn the three-month period ended March 31, 2023, four customers, Pilatus Aircraft Ltd (“Pilatus”), Challenge Airlines, Air Transport Services Group and Textron Aviation, Inc. (“Textron”), accounted for 21%, 18%, 16% and 10% of net sales, respectively.

ConcentrationsMajor Customers and ProductsIn the three-month period ended June 30, 2021, two customers, Pilatus Aircraft Ltd (“Pilatus”), and Textron Aviation, Inc. (“Textron”), accounted for 25%, and 21% of net sales, respectively.

For the three months ended March 31, 2020, two customers, Pilatus Aircraft Ltd (“Pilatus”), and Kalitta Air (“Kalitta”), accounted for 38% and 19% of net sales, respectively.

For the three months ended December 31, 2019, two customers, Pilatus Aircraft Ltd (“Pilatus”) and Empresa Nacional de Aeronautica, accounted for 32% and 22% of net sales, respectively.

For the three months ended June 30, 2020, two customers, Pilatus Aircraft Ltd (“Pilatus”), and Kalitta Air (“Kalitta”), accounted for 36.6% and 10.9% of net sales, respectively.