SEC Info - Ieh Corp. - ‘10-K/A’ for 3/31/22

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		Alternative Formats (Word, et al.) Balance Sheets Exhibits and Financial Statement Schedules Financial Statements and Supplementary Data Independent Auditors' Report -- Marcum LLP (PCAOB ID: 688) Management's Discussion and Analysis of Financial Conditions and Results of Operations Marcum LLP (PCAOB ID: 688) Notes to Financial Statements Part I Part Ii Signatures Statements of Cash Flows Statements of Operations Statements of Stockholders' Equity
1	1st Page – Filing Submission
"	Part I
"	Management's Discussion and Analysis of Financial Conditions and Results of Operations
"	Financial Statements and Supplementary Data
"	Part Ii
"	Exhibits and Financial Statement Schedules
"	Signatures
"	Independent Auditors' Report -- Marcum LLP (PCAOB ID: 688)
"	Balance Sheets
"	Statements of Operations
"	Statements of Stockholders' Equity
"	Statements of Cash Flows
"	Notes to Financial Statements

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM i 10-K/A

Amendment No. 1

(Mark One)

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

For the fiscal year ended i i March 31, i 2022 /

i ☐ 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: i 0-5278

i IEH Corporation

(Exact name of registrant as specified in its charter)

i New York		i 13-5549348
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

i 140 58^th Street, i Suite 8E,

i Brooklyn, i NY

i 11220

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: i (718) i 492-4440

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class:		Trading Symbol(s)		Name of Each Exchange on Which Registered:
i Shares of common stock, $0.01 par value		i IEHC		OTC Pink Market

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ i No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ i No ☒

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. i Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition 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	☐
i Non-accelerated filer	☒	Smaller reporting company	i ☒
Emerging growth company	i ☐

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. i ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. i ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant on September 30, 2021, based on a closing price of $12.00 was $ i 14,777,000.

As of April 22, 2024, the registrant had i 2,380,251 shares of its common stock, par value $0.01 per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

i None.

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to IEH Corporation’s Annual Report on Form 10-K for the year ended March 31, 2022 (the “Original Form 10-K”) originally filed with the Securities and Exchange Commission (“the SEC”) on June 22, 2023 is to amend its footnote disclosures to provide supplemental information, to include within liquidity and capital resources a discussion of material changes in certain cash flow activities for each of the quarterly reporting periods ended December 31, 2021, September 30, 2021, June 30, 2021, December 31, 2020, September 30, 2020, June 30, 2020, December 31, 2019, September 27, 2019 and June 28, 2019 and add results of operations for the quarterly and year-to-date reporting periods within the fiscal year ended March 31, 2020. The additional Note 15 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) includes additional disclosures on disaggregated revenue, both by geography and by industry; net income (loss) per share; components of inventory; components of other current liabilities; the (provision for) benefit from income taxes; the cash bonus plan; revenue concentrations; accounts receivable concentrations and accounts payable concentrations for such quarterly periods. The following items of the Original Form 10-K have been updated to reflect these additional quarterly disclosures:

●

Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

●

Part II, Item 8. Financial Statements

In addition, in accordance with applicable SEC rules, this Amendment No. 1 to the Original Form 10-K includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 from our principal executive officer and our principal financial officer dated as of the filing date of this Amendment No. 1 to the Original Form 10-K, which are also reflected in Item 15 hereof, as well as an updated signature page.

Except as described above, this Amendment No. 1 to the Original Form 10-K does not amend, update or change any other items or disclosures in the Original Form 10-K and does not purport to reflect any information or events subsequent to the filing thereof. Accordingly, as reflected in the Table of Contents below, sections of the Original Form 10-K not amended, updated or changed, have been omitted from this Amendment No. 1 to the Original Form 10-K. As such, this Amendment No. 1 to the Original Form 10-K speaks only as of the date the Original Form 10-K was filed, and we have not undertaken herein to amend, supplement or update any information contained in the Original Form 10-K to give effect to any subsequent events. Accordingly, this Amendment No. 1 to the Original Form 10-K should be read in conjunction with our original 10-K filed with SEC on June 22, 2023 and filings made with the SEC subsequent to the Original Form 10-K.

TABLE OF CONTENTS

		PAGE

PART I
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS	1
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	28

PART II
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	29

SIGNATURES		31

IEH CORPORATION

PART I

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations:

Statements contained in this report, which are not historical facts, may be considered forward-looking information with respect to plans, projections, or future performance of the Company as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. The words “anticipate,” “believe”, “estimate”, “expect,” “objective,” and think” or similar expressions used herein are intended to identify forward-looking statements. The forward-looking statements are based on the Company’s current views and assumptions and involve risks and uncertainties that include, among other things, the effects of the Company’s business, actions of competitors, changes in laws and regulations, including accounting standards, employee relations, customer demand, prices of purchased raw material and parts, domestic economic conditions, including housing starts and changes in consumer disposable income, and foreign economic conditions, including currency rate fluctuations. Some or all of the facts are beyond the Company’s control.

The following discussion and analysis should be read in conjunction with our audited financial statements and related footnotes included elsewhere in this report, which provide additional information concerning the Company’s financial activities and condition.

The Company designs, develops and manufactures printed circuit board connectors and custom interconnects for high performance applications.

Overview of Business:

All of our connectors utilize the HYPERBOLOID contact design, a rugged, high-reliability contact system ideally suited for high-stress environments. We believe we are the only independent producer of HYPERBOLOID printed circuit board connectors in the United States.

Our customers consist of OEMs (Original Equipment Manufacturers) and distributors who resell our products to OEMs. We sell our products directly and through 22 independent sales representatives and distributors located in all regions of the United States, Canada, the European Union, Southeast Asia, Central Asia and the Middle East.

The customers we service are in the Military, Aerospace, Space, Medical, Oil and Gas, Industrial, Test Equipment and Commercial Electronics markets. We appear on the Military Qualified Product Listing (“QPL”) MIL-DTL-55302 and supply customer requested modifications to this specification. For the fiscal year ending March 31, 2022, approximately 59.1% of our sales were for defense applications, 14.7% for commercial aerospace, and the remainder in commercial space launch, medical, oil and gas and industrial markets. For the fiscal year ending March 31, 2021, approximately 60.8% of our sales were for defense applications, 21.4% for commercial aerospace, and the remainder in commercial space launch, medical, oil and gas and industrial markets. For the fiscal year ending March 31, 2020, approximately 59.5% of our sales were for defense applications, 22.7% for commercial aerospace, and the remainder in commercial space launch, medical, oil and gas and industrial markets. Our offering of “QPL” items has recently been expanded to include additional products.

We are exposed to and impacted by macroeconomic factors and U.S., state and local government policies. Current general economic conditions are uncertain, resulting in market volatility and decreased consumer confidence. We have adopted particular measures to protect our employees at our manufacturing operations in Brooklyn, New York, and Allentown, PA, and we expect to execute on our contracts through carefully designed arrangements.

Coronavirus (COVID-19):

Impact of the COVID-19 Pandemic

The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and shipping, created significant volatility and disruption in financial markets and resulted in weakened economic conditions. While as part of efforts to contain the spread of COVID-19, federal, state, local and foreign governments imposed various restrictions on the conduct of business and travel during 2020 and 2021, most of these restrictions have been lifted, except in China where many remain in place. Because of these restrictions, the Company continued to experience softened demand for its products generally, and in China, during fiscal 2022.

Worldwide Supply Chain Disruptions

Worldwide supply chain disruptions, which were initially brought about by the impact of the COVID-19 pandemic, have persisted despite the recovery in the global economy and financial markets. The Company has experienced longer lead times for raw materials and has experienced raw material cost increases compared to prior fiscal years. These and other issues resulting from worldwide supply chain disruptions have recently improved but are expected to continue to some degree in fiscal 2023 and could continue to have a material adverse effect on the Company’s business, operating results and financial condition. The precise financial impact and duration, however, cannot be reasonably estimated at this time.

Critical Accounting Policies and Estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of our financial statements include estimates associated with revenue recognition, valuation of inventories, accounting for income taxes and stock-based compensation expense.

Our financial position, results of operations and cash flows are impacted by the accounting policies we have adopted. In order to get a full understanding of our financial statements, one must have a clear understanding of the accounting policies employed. A summary of our critical accounting policies is presented within the footnotes in the financial statements presented within this Annual Report.

Revenue Recognition

In May 2014, the Financial Accounting Standards Board issued ASC 606 “Revenue from Contracts with Customers” that, as amended on August 12, 2015, became effective for annual reporting periods beginning after December 15, 2017. The Company has adopted the provisions of ASC 606 as of March 30, 2019, using the modified retrospective transition method. However, such adoption did not have any effect on the way in which the Company recognizes, records and reports revenues. Management determined that there was no cumulative effect adjustment to the financial statements and the adoption of the standard did not require any adjustments to the financial statements for prior periods. Under the guidance of the standard, revenue represents the amount received or receivable for goods and services supplied by the Company to its customers. The Company recognizes revenue at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. Most of the Company’s sales arrangements with customers are short-term in nature involving single performance obligations related to the delivery of goods and generally provide for transfer of control at the time of shipment to the customer.

The Company does not offer any discounts, credits or other sales incentives. Historically, the Company believes that it has no collection issues with its customer base. The Company’s policy with respect to customer returns and allowances as well as product warranty is as follows:

The Company may accept a return of defective product within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will replace the defective product with a new item. The cost of defective products is immaterial at this time. Billing terms vary by customer and product but generally do not exceed 30 days.

The Company provides engineering services as part of the relationship with its customers in developing the custom product. The Company is not obligated to provide such engineering service to its customers. The Company does not invoice its customers separately for these services.

The Company records a liability when receiving cash in advance of delivering goods or services to the customer. This liability is reversed against the receivable recognized when those goods or services are delivered. The company recorded deposits from customers of $97,885, $38,661, and $245,960, as of March 31, 2022, March 31, 2021 and March 31, 2020, respectively.

Valuation of Inventories

Raw materials and supplies are stated at the average cost on a first-in first-out basis which does not exceed net realizable value. Finished goods and work in process are valued at the lower of actual cost, determined on a specific identification basis, or the net realizable value of each Product. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost, and adjusts their inventory value accordingly. Future periods could include either income or expense items if estimates change and for differences between the estimated and actual amount realized from the sale of inventory.

Accounting for Income Taxes

The Company records a liability for potential tax assessments based on its estimate of the potential exposure. Due to the subjectivity and complex nature of the underlying issues, actual payments or assessments may differ from estimates. Income tax expense in future periods could be adjusted for the difference between actual payments and the Company’s recorded liability based on its assessments and estimates.

Stock-Based Compensation Expense

Stock-based compensation expense recognized in the statement of operations is based on options ultimately expected to vest, reduced by the amount of estimated forfeitures. We chose the straight-line method of allocating compensation cost over the requisite service period of the related award in accordance with the authoritative guidance. The expected term of options granted to employees is calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option, which, for options granted in fiscal 2022, 2021 and 2020, resulted in an expected term of approximately five years. We used our historical volatility to estimate expected volatility in fiscal 2022, 2021 and 2020. The risk-free interest rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding to the expected life of the options. The dividend yield is 0% based on the fact that we have no present intention to pay dividends. Determining some of these assumptions requires significant judgment and changes to these assumptions could result in a significant change to the calculation of stock-based compensation in future periods.

Results of Operations:

Annual Results of Operations

Comparison of the Years Ended March 31, 2022 and March 31, 2021:

The following table summarizes our results of operations for the fiscal years ended March 31, 2022 and March 31, 2021:

	Fiscal Years Ended						Period-to-
	March 31, 2022			March 31, 2021			Period Change

Revenue	$	24,265,589		$	34,715,195		$	(10,449,606	)

Operating expenses:
Cost of products sold		19,328,249			24,436,692			(5,108,443	)
Selling, general and administrative		5,039,072			6,903,330			(1,864,258	)
Depreciation and amortization		837,201			790,250			46,951
Total operating expenses		25,204,522			32,130,272			(6,925,750	)
Operating (loss) income		(938,933	)		2,584,923			(3,523,856	)
Other income (expense):
Other income ^(a)		2,214,030			65,197			2,148,833
Interest income (expense), net		391			(15,443	)		15,834
Total other income (expense), net		2,214,421			49,754			2,164,667

Income before benefit from (provision for) income taxes		1,275,488			2,634,677			(1,359,189	)
Benefit from (provision for) income taxes		162,646			(606,755	)		769,401
Net income	$	1,438,134		$	2,027,922		$	(589,788	)

^(a)	For the fiscal year ended March 31, 2022, other income consists of $2,103,885 of debt forgiveness income from the forgiveness of the PPP Loan (See Note 8 – PPP Loan and Note).

Revenue for the fiscal year ended March 31, 2022 was $24,265,589 reflecting a decrease of $10,449,606, or 30.1%, as compared to $34,715,195 for the fiscal year ended March 31, 2021. The decrease in revenues for fiscal year 2022 compared to fiscal year 2021 was primarily due to a decrease of $7,124,539 and $4,006,899 in our military and commercial aerospace revenues, respectively, as explained below.

The level of demand for our products generally lags a year or more behind major drivers of demand in the aerospace industry. Our revenues were negatively impacted by unprecedented reductions in demand in commercial aerospace due to two major factors. First, the worldwide grounding, principally during the year 2020, of the Boeing 737-Max jet following two crashes had a severe negative impact on demand for parts that we supply in support of that aircraft. Shortly thereafter, COVID-19 effectively grounded aircraft worldwide as air travel declined by approximately 90% in a matter of weeks. The commercial aerospace industry is still just recovering from this historic decline.

Our military revenues tend to track with geopolitical events, as well as defense priorities from one administration to the next. Accordingly, revenues for the years ending 2020 and 2021 were uncharacteristically high as demand for several military programs in which we were involved peaked at the same time.

Cost of products sold for the fiscal year ended March 31, 2022 was $19,328,249 reflecting a decrease of $5,108,443, or 20.9%, as compared to $24,436,692 for the fiscal year ended March 31, 2021. The decrease was principally attributable to the 30.1% decrease in revenue and variations in margins earned on different product platforms.

Selling, general and administrative expenses for the fiscal year ended March 31, 2022 was $5,039,072, reflecting a decrease of $1,864,258, or 27.0%, as compared to $6,903,330 for the fiscal year ended March 31, 2021. The decrease was primarily attributable to a decrease in stock-based compensation expense of $1,312,743, a decrease in sales commission expenses of $397,485, a decrease in COVID-19 related charges of $243,514, offset by an increase in accounting fees of $318,442.

Depreciation and amortization for the fiscal year ended March 31, 2022 was $837,201 reflecting an increase of $46,951, or 5.9%, as compared to $790,250 for the fiscal year ended March 31, 2021. The increase was principally attributable to an increase in capitalized leasehold improvements related to our new Pennsylvania facility.

Total other income (expense) for the fiscal year ended March 31, 2022 was income of $2,214,421, reflecting an increase of $2,164,667, as compared to income of $49,754 for the fiscal year ended March 31, 2021. The increase was primarily attributable to the gain on the forgiveness of the PPP loan of $2,103,885 in the first quarter of the fiscal year 2022.

Benefit from (provision for) income taxes for the fiscal year ended March 31, 2022 was a benefit of $162,646, as compared to a provision of $606,755 for the fiscal year ended March 31, 2021. The change was primarily attributable to a lower effective income tax rate in fiscal year ended March 31, 2022, on account of the effect of the $2,103,885 gain on forgiveness of debt, which was not subject to income tax. The effective tax rates for the fiscal years ended March 31, 2022 and 2021 were (12.7)% and 22.9%, respectively.

Comparison of the Years Ended March 31, 2021 and March 31, 2020 (As Restated):

The following table summarizes our results of operations for the fiscal years ended March 31, 2021 and March 31, 2020, as restated:

	Fiscal Years Ended
				As Restated			Period-to-
	March 31, 2021			March 31, 2020			Period Change

Revenue	$	34,715,195		$	32,154,549		$	2,560,646

Operating expenses:
Cost of products sold		24,436,692			23,775,372			661,320
Selling, general and administrative		6,903,330			6,007,241			896,089
Depreciation and amortization		790,250			955,124			(164,874	)
Total operating expenses		32,130,272			30,737,737			1,392,535
Operating income		2,584,923			1,416,812			1,168,111
Other income (expense):
Other income		65,197			-			65,197
Interest income (expense), net		(15,443	)		(44,875	)		29,432
Total other income (expense), net		49,754			(44,875	)		94,629

Income before provision for income taxes		2,634,677			1,371,937			1,262,740
Provision for income taxes		(606,755	)		(50,875	)		(555,880	)
Net income	$	2,027,922		$	1,321,062		$	706,860

Revenue for the fiscal year ended March 31, 2021 was $34,715,195, reflecting an increase of $2,560,646, or 8.0%, as compared to $32,154,549 for the fiscal year ended March 31, 2020. This increase was principally attributable to the strength of our military business based on the increase in government spending on military infrastructure.

Cost of products sold for the fiscal year ended March 31, 2021 was $24,436,692, reflecting an increase of $661,320, or 2.8%, as compared to $23,775,372 for the fiscal year ended March 31, 2020. The increase was primarily attributable to the 8.0% increase in revenue, offset by the effect of changes in product mix.

Selling, general and administrative expenses for the fiscal year ended March 31, 2021 was $6,903,330, reflecting an increase of $896,089, or 14.9%, as compared to $6,007,241 for the fiscal year ended March 31, 2020. The increase was primarily attributable to an increase in salaries, wages and other related benefits of $351,762, an increase in stock-based compensation expense of $274,615 and an increase in COVID-19 related charges of $181,392.

Depreciation and amortization for the fiscal year ended March 31, 2021 was $790,250 reflecting a decrease of $164,874, or 17.3%, as compared to $955,124 for the fiscal year ended March 31, 2020. The decrease was primarily attributable to equipment reaching the end of its useful life during the period.

Total other income (expense) for the fiscal year ended March 31, 2021 was income of $49,754, reflecting an increase of $94,629, as compared to expense of $44,875 for the fiscal year ended March 31, 2020. The increase was a result of the recognition of other income of $65,197, offset by interest expense of $17,380 related to the PPP loan.

The provision for income taxes for the fiscal year ended March 31, 2021 was $606,755, reflecting an increase of $555,880 as compared to $50,875 for the fiscal year ended March 31, 2020. The increase was primarily attributable to a lower effective income tax rate in the fiscal year ended March 31, 2020 due principally to favorable tax deductions in 2020 attributable to certain exercises of stock options. The effective tax rates for the fiscal years ended March 31, 2021 and 2020 were 22.9% and 3.8%, respectively.

Interim Period Results of Operations

This Annual Report includes summary financial information for the three-months ended June 30, 2021, June 30, 2020 and June 28, 2019, the three and six-months ended September 30, 2021, September 30, 2020 and September 27, 2019, and the three and nine-months ended December 31, 2021, December 31, 2020 and December 31, 2019. The following is a summary of the results of operations of the Company during each of those periods.

Three, Six and Nine Months Periods of 2022 compared to 2021:

Three-months ended June 30, 2021 compared to three-months ended June 30, 2020

	Three-Months Ended						Period-to-
	June 30, 2021			June 30, 2020			Period Change

Revenue	$	6,510,577		$	8,265,086		$	(1,754,509	)

Operating expenses:
Cost of products sold		4,739,742			5,736,255			(996,513	)
Selling, general and administrative		1,284,106			1,786,532			(502,426	)
Depreciation and amortization		175,916			146,130			29,786
Total operating expenses		6,199,764			7,668,917			(1,469,153	)
Operating income		310,813			596,169			(285,356	)
Other income (expense):
Other income ^(a)		2,130,606			27,897			2,102,709
Interest income (expense), net		73			(8,973	)		9,046
Total other income (expense), net		2,130,679			18,924			2,111,755

Income before provision for income taxes		2,441,492			615,093			1,826,399
Provision for income taxes		(97,904	)		(140,856	)		42,952
Net income	$	2,343,588		$	474,237		$	1,869,351

(a)	For the three months ended June 30, 2022, other income consists of $2,103,885 of debt forgiveness income from the forgiveness of the PPP Loan (See Note 8 – PPP Loan and Note).

Revenue for the three months ended June 30, 2021 was $6,510,577, reflecting a decrease of $1,754,509, or 21.2%, as compared to $8,265,086 for the three months ended June 30, 2020. Our revenues were negatively impacted by unprecedented reductions in demand in commercial aerospace due to two major factors. First, the worldwide grounding of the Boeing 737-Max jet following two crashes had a severe negative impact on demand for parts that we supply in support of that aircraft. Shortly thereafter, COVID-19 effectively grounded aircraft worldwide as air travel declined by approximately 90% in a matter of weeks. The commercial aerospace industry is still just recovering from this historic decline.

Cost of products sold for the three months ended June 30, 2021 was $4,739,742, reflecting a decrease of $996,513, or 17.4% as compared to $5,736,255 for the three months ended June 30, 2020. The decrease was principally attributable to the 21.2% decrease in revenue.

Selling, general and administrative expenses for the three months ended June 30, 2021 was $1,284,106, reflecting a decrease of $502,426, or 28.1%, as compared to $1,786,532 for the three months ended June 30, 2020. The decrease was primarily due to a decrease in COVID-19 related charges of $236,573 and a decrease in commission expense of $130,902.

Depreciation and amortization for the three months ended June 30, 2021 was $175,916, reflecting an increase of $29,786, or 20.4%, as compared to $146,130 for the three months ended June 30, 2020. The increase was principally attributable to capitalized leasehold improvements in our new Pennsylvania facility.

Total other income (expense) for the three months ended June 30, 2021 was income of $2,130,679, reflecting an increase of $2,111,755, as compared to income of $18,924 for the three months ended June 30, 2020. The increase was primarily attributable to the gain on the forgiveness of the PPP loan of $2,103,885.

Provision for income taxes for the three months ended June 30, 2021 was $97,904, reflecting a decrease of $42,952 as compared to $140,856 for the three months ended June 30, 2020. The decrease was primarily attributable to a lower effective income tax rate for the three months ended June 30, 2021, on account of the effect of the $2,103,885 gain on forgiveness of debt, which was not subject to income tax.

Three-months ended September 30, 2021 compared to Three-months ended September 30, 2020

	Three-Months Ended						Period-to-
	September 30, 2021			September 30, 2020			Period Change

Revenue	$	6,561,872		$	9,538,479		$	(2,976,607	)

Operating expenses:
Cost of products sold		5,563,554			5,816,176			(252,622	)
Selling, general and administrative		1,180,275			1,659,188			(478,913	)
Depreciation and amortization		181,149			245,483			(64,334	)
Total operating expenses		6,924,978			7,720,847			(795,869	)
Operating (loss) income		(363,106	)		1,817,632			(2,180,738	)
Other income (expense):
Other income		50,839			23			50,816
Interest income (expense), net		126			(5,791	)		5,917
Total other income (expense), net		50,965			(5,768	)		56,733

(Loss) income before (provision for) benefit from income taxes		(312,141	)		1,811,864			(2,124,005	)
Benefit from (provision for) income taxes		69,914			(414,916	)		484,830
Net (loss) income	$	(242,227	)	$	1,396,948		$	(1,639,175	)

Revenue for the three months ended September 30, 2021 was $6,561,872, reflecting a decrease of $2,976,607, or 31.2%, as compared to $9,538,479 for the three months ended September 30, 2020. Our revenues were negatively impacted by unprecedented reductions in demand in commercial aerospace due to two major factors. First, the worldwide grounding of the Boeing 737-Max jet following two crashes had a severe negative impact on demand for parts that we supply in support of that aircraft. Shortly thereafter, COVID-19 effectively grounded aircraft worldwide as air travel declined by approximately 90% in a matter of weeks. The commercial aerospace industry is still just recovering from this historic decline.

Cost of products sold for the three months ended September 30, 2021 was $5,563,554, reflecting a decrease of $252,622, or 4.3%, as compared to $5,816,176 for the three months ended September 30, 2020. The decrease was principally attributable to the 31.2% decrease in revenue, offset by increases in manufacturing costs associated with scaling back operations to align with reductions in customer demand.

Selling, general and administrative expenses for the three months ended September 30, 2021 was $1,180,275, reflecting a decrease of $478,913, or 28.9%, as compared to $1,659,188 for the three months ended September 30, 2020. The decrease was primarily due to a decrease in commission expenses of $181,953 and a decrease in stock-based compensation expense of $139,372.

Depreciation and amortization for the three months ended September 30, 2021 was $181,149, reflecting a decrease of $64,334, or 26.2%, as compared to $245,483 for the three months ended September 30, 2020. The decrease was primarily due to equipment reaching the end of its useful life.

Total other income (expense) for the three months ended September 30, 2021 was income of $50,965, reflecting an increase of $56,733, as compared to an expense of $5,768 for the three months ended September 30, 2020. The change was primarily attributable to other income of $50,839.

Benefit from (provision for) income taxes for the three months ended September 30, 2021 was a benefit of $69,914, as compared to a provision of $414,916 for the three months ended September 30, 2020. The change was primarily attributable to a decrease in income before income taxes.

Six-months ended September 30, 2021 compared to six-months ended September 30, 2020

	Six-Months Ended						Period-to-
	September 30, 2021			September 30, 2020			Period Change

Revenue	$	13,072,449		$	17,803,565		$	(4,731,116	)

Operating expenses:
Cost of products sold		10,303,296			11,552,431			(1,249,135	)
Selling, general and administrative		2,464,381			3,445,720			(981,339	)
Depreciation and amortization		357,065			391,613			(34,548	)
Total operating expenses		13,124,742			15,389,764			(2,265,022	)
Operating (loss) income		(52,293	)		2,413,801			(2,466,094	)
Other income (expense):
Other income ^(a)		2,181,445			27,920			2,153,525
Interest income (expense), net		199			(14,764	)		14,963
Total other income (expense), net		2,181,644			13,156			2,168,488

Income before provision for income taxes		2,129,351			2,426,957			(297,606	)
Provision for income taxes		(27,990	)		(555,772	)		527,782
Net income	$	2,101,361		$	1,871,185		$	230,176

(a)	For the six months ended September 30, 2022, other income consists of $2,103,885 of debt forgiveness income from the forgiveness of the PPP Loan (See Note 8 – PPP Loan and Note).

Revenue for the six months ended September 30, 2021 was $13,072,449, reflecting a decrease of 4,731,116, or 26.6%, as compared to $17,803,565 for the six months ended September 30, 2020. Our revenues were negatively impacted by unprecedented reductions in demand in commercial aerospace due to two major factors. First, the worldwide grounding of the Boeing 737-Max jet following two crashes had a severe negative impact on demand for parts that we supply in support of that aircraft. Shortly thereafter, COVID-19 effectively grounded aircraft worldwide as air travel declined by approximately 90% in a matter of weeks. The commercial aerospace industry is still just recovering from this historic decline.

Cost of products sold for the six months ended September 30, 2021 was $10,303,296, reflecting a decrease of $1,249,135, or 10.8%, as compared to $11,552,431 for the six months ended September 30, 2020. The decrease was principally attributable to the 26.6% decrease in revenue, offset by increases in manufacturing costs associated with scaling back operations to align with reductions in customer demand.

Selling, general and administrative expenses for the six months ended September 30, 2021 was $2,464,381, reflecting a decrease of $981,339 or 28.5%, as compared to $3,445,720 for the six months ended September 30, 2020. The decrease was primarily attributable to a decrease in commission expenses of $312,855, a decrease in COVID-19 related charges of $237,043 and a decrease in stock-based compensation expense of $211,943.

Depreciation and amortization for the six months ended September 30, 2021 was $357,065, reflecting a decrease of $34,548, or 8.8%, as compared to $391,613 for the six months ended September 30, 2020. The decrease was primarily due to equipment reaching the end of its useful life.

Total other income (expense) for the six months ended September 30, 2021 was income of $2,181,644, reflecting an increase of $2,168,488, as compared to income of $13,156 for the six months ended September 30, 2020. The increase was primarily attributable to the gain on the forgiveness of the PPP loan of $2,103,885 in the first quarter of the fiscal year 2022.

Provision for income taxes for the six months ended September 30, 2021 was $27,990, reflecting a decrease of $527,782 or 95.0%, as compared to $555,772 for the six months ended September 30, 2020. The decrease was primarily attributable to a lower effective income tax rate in fiscal year ended 2022, as the debt forgiveness of the PPP loan was not subject to income tax

Three-months ended December 31, 2021 compared to three-months ended December 31, 2020

	Three-Months Ended						Period-to-
	December 31, 2021			December 31, 2020			Period Change

Revenue	$	5,814,132		$	8,397,523		$	(2,583,391	)

Operating expenses:
Cost of products sold		4,546,524			4,683,903			(137,379	)
Selling, general and administrative		1,320,001			2,193,989			(873,988	)
Depreciation and amortization		226,338			204,300			22,038
Total operating expenses		6,092,863			7,082,192			(989,329	)
Operating (loss) income		(278,731	)		1,315,331			(1,594,062	)
Other income (expense):
Other income		14,516			28,324			(13,808	)
Interest income (expense), net		69			144			(75	)
Total other income (expense), net		14,585			28,468			(13,883	)

(Loss) income before benefit from (provision for) income taxes		(264,146	)		1,343,799			(1,607,945	)
Benefit from (provision for) income taxes		59,164			(307,800	)		366,964
Net (loss) income	$	(204,982	)	$	1,035,999		$	(1,240,981	)

Revenue for the three months ended December 31, 2021 was $5,814,132, reflecting a decrease of $2,583,391, or 30.8%, as compared to $8,397,523 for the three months ended December 31, 2020. Our revenues were negatively impacted by unprecedented reductions in demand in commercial aerospace due to two major factors. First, the worldwide grounding of the Boeing 737-Max jet following two crashes had a severe negative impact on demand for parts that we supply in support of that aircraft. Shortly thereafter, COVID-19 effectively grounded aircraft worldwide as air travel declined by approximately 90% in a matter of weeks. The commercial aerospace industry is still just recovering from this historic decline.

Cost of products sold for the three months ended December 31, 2021 was $4,546,524, reflecting a decrease of $137,379, or 2.9%, as compared to $4,683,903 for the three months ended December 31, 2020. The decrease was principally attributable to the 30.8% decrease in revenue, offset by increases in manufacturing costs associated with scaling back operations to align with reductions in customer demand.

Selling, general and administrative expenses for the three months ended December 31, 2021 was $1,320,001, reflecting a decrease of $873,988, or 39.8%, as compared to $2,193,989 for the three months ended December 31, 2020. The decrease was primarily attributable to a decrease in stock-based compensation expense of $959,904, offset by an increase in professional service fees of $83,316 and an increase in salaries and other related benefits of $46,253.

Depreciation and amortization for the three months ended December 31, 2021 was $226,338, reflecting an increase of $22,038, or 10.8%, as compared to $204,300 for the three months ended December 31, 2020. The increase was primarily attributable to capitalized leasehold improvements in our new Pennsylvania facility.

Total other income (expense) for the three months ended December 31, 2021 was income $14,585, reflecting a decrease of $13,883, or 48.8%, as compared to income of $28,468 for the three months ended December 31, 2020. The decrease was primarily attributable to a decrease in other income of $13,808.

Benefit from (provision for) income taxes for the three months ended December 31, 2021 was a benefit of $59,164, as compared to a provision of $307,800 for the three months ended December 31, 2020. The change was primarily attributable to a decrease in income before income taxes.

Nine-months ended December 31, 2021 compared to nine-months ended December 31, 2020

	Nine-Months Ended						Period-to-
	December 31, 2021			December 31, 2020			Period Change

Revenue	$	18,886,581		$	26,201,088		$	(7,314,507	)

Operating expenses:
Cost of products sold		14,849,820			16,236,334			(1,386,514	)
Selling, general and administrative		3,784,382			5,639,709			(1,855,327	)
Depreciation and amortization		583,403			595,913			(12,510	)
Total operating expenses		19,217,605			22,471,956			(3,254,351	)
Operating (loss) income		(331,024	)		3,729,132			(4,060,156	)
Other income (expense):
Other income ^(a)		2,195,961			56,244			2,139,717
Interest income (expense), net		268			(14,620	)		14,888
Total other income (expense), net		2,196,229			41,624			2,154,605

Income before benefit from (provision for) income taxes		1,865,205			3,770,756			(1,905,551	)
Benefit from (provision for) income taxes		31,174			(863,572	)		894,746
Net income	$	1,896,379		$	2,907,184		$	(1,010,805	)

(a)	For the nine months ended December 30, 2022, other income consists of $2,103,885 of debt forgiveness income from the forgiveness of the PPP Loan (See Note 8 – PPP Loan and Note).

Revenue for the nine months ended December 31, 2021 was $18,886,581, reflecting a decrease of $7,314,507, or 27.9%, as compared to $26,201,088 for the nine months ended December 31, 2020. Our revenues were negatively impacted by unprecedented reductions in demand in commercial aerospace due to two major factors. First, the worldwide grounding of the Boeing 737-Max jet following two crashes had a severe negative impact on demand for parts that we supply in support of that aircraft. Shortly thereafter, COVID-19 effectively grounded aircraft worldwide as air travel declined by approximately 90% in a matter of weeks. The commercial aerospace industry is still just recovering from this historic decline.

Cost of products sold for the nine months ended December 31, 2021 was $14,849,820, reflecting a decrease of $1,386,514, or 8.5%, as compared to $16,236,334 for the nine months ended December 31, 2020. The decrease was principally attributable to the 27.9% decrease in revenue, offset by increases in manufacturing costs associated with scaling back operations to align with reductions in customer demand.

Selling, general and administrative expenses for the nine months ended December 31, 2021 was $3,784,382, reflecting a decrease of $1,855,327, or 32.9%, as compared to $5,639,709 for the nine months ended December 31, 2020. The decrease was primarily attributable to a decrease in stock-based compensation expense of $1,171,838 and a decrease in COVID-19 related charges of $242,540.

Depreciation and amortization for the nine months ended December 31, 2021 was $583,403, reflecting a decrease of $12,510, or 2.1%, as compared to $595,913 for the nine months ended December 31, 2020. The decrease was primarily attributable to equipment reaching the end of its useful life.

Total other income (expense) for the nine months ended December 31, 2021 was income of $2,196,229, reflecting an increase of $2,154,605, as compared to income of $41,624 for the nine months ended December 31, 2020. The increase was primarily attributable to the gain on the forgiveness of the PPP loan of $2,103,885 in the first quarter of the fiscal year 2022.

Benefit from (provision for) the nine months ended December 31, 2021 was a benefit of $31,174, as compared to a provision of $863,572 for the nine months ended December 31, 2020. The change was primarily attributable to a lower effective income tax rate in fiscal year ended 2022, as the debt forgiveness of the PPP loan was not subject to income tax, as well as a lower income before income taxes.

Three, Six and Nine Months Periods of Fiscal Year Ended March 31, 2021 compared to periods within the Fiscal Year Ended March 31, 2020 (As Restated):

Three-months ended June 30, 2020 compared to three-months ended June 28, 2019

	Three-Months Ended						Period-to-
	June 30, 2020			June 28, 2019			Period Change

Revenue	$	8,265,086		$	7,567,398		$	697,688

Operating expenses:
Cost of products sold		5,736,255			4,820,944			915,311
Selling, general and administrative		1,786,532			1,113,833			672,699
Depreciation and amortization		146,130			236,620			(90,490	)
Total operating expenses		7,668,917			6,171,397			1,497,520
Operating income		596,169			1,396,001			(799,832	)
Other income (expense):
Other income		27,897			8,898			18,999
Interest income (expense), net		(8,973	)		(13,927	)		4,954
Total other income (expense), net		18,924			(5,029	)		23,953

Income before provision for income taxes		615,093			1,390,972			(775,879	)
Provision for income taxes		(140,856	)		(481,439	)		340,583
Net income	$	474,237		$	909,533		$	(435,296	)

Revenue for the three months ended June 30, 2020 was $8,265,086, reflecting an increase of $697,688, or 9.2%, as compared to $7,567,398 for the three months ended June 28, 2019. The increase was primarily a result of the Company’s efforts in increasing sales in the military sector, driven by demands for military spending for national security.

Cost of products sold for the three months ended June 30, 2020 was $5,736,255, reflecting an increase of $915,311, or 19%, as compared to $4,820,944 for the three months ended June 28, 2019. The increase was primarily attributable to the increase in revenue and increases in production costs compensation and materials.

Selling, general and administrative expenses for the three months ended June 30, 2020 was $1,786,532, reflecting an increase of $672,699, or 60.4%, as compared to $1,113,833 for the three months ended June 28, 2019. The increase was primarily attributable to an increase in stock-based compensation expense of $263,600 and an increase in COVID-19 related charges of $236,573, offset by a decrease in travel and entertainments expenses of $85,467.

Depreciation and amortization for the three months ended June 30, 2020 was $146,130, reflecting a decrease of $90,490 or 38.2%, as compared to $236,620 for the three months ended June 28, 2019. The decrease was primarily attributable to equipment reaching the end of its useful life.

Total other income (expense) for the three months ended June 30, 2020 was income $18,924, reflecting an increase of $23,953, as compared to expense of $5,029 for the three months ended June 28, 2019. The increase is primarily attributable to other income of $27,897, offset by interest expense of $9,602 related to the PPP loan.

Provision for income taxes for the three months ended June 30, 2020 was $140,856, reflecting an decreased of $340,583 as compared to $481,439 for the three months ended June 28, 2019. The decrease was primarily attributable to a lower level of income before income taxes in the three months ended June 30, 2020, as compared to the prior period.

Three-months ended September 30, 2020 compared to three-months ended September 27, 2019 (As Restated)

	Three-Months Ended
				As Restated			Period-to-
	September 30, 2020			September 27, 2019			Period Change

Revenue	$	9,538,479		$	7,551,384		$	1,987,095

Operating expenses:
Cost of products sold		5,816,176			7,197,810			(1,381,634	)
Selling, general and administrative		1,659,188			2,116,610			(457,422	)
Depreciation and amortization		245,483			223,333			22,150
Total operating expenses		7,720,847			9,537,753			(1,816,906	)
Operating income (loss)		1,817,632			(1,986,369	)		3,804,001
Other income (expense):
Other income (expense)		23			7,976			(7,953	)
Interest income (expense), net		(5,791	)		(19,816	)		14,025
Total other income (expense), net		(5,768	)		(11,840	)		6,072

Income (loss) before (provision for) benefit from income taxes		1,811,864			(1,998,209	)		3,810,073
(Provision for) benefit from income taxes		(414,916	)		781,898			(1,196,814	)
Net income (loss)	$	1,396,948		$	(1,216,311	)	$	2,613,259

Revenue for the three months ended September 30, 2020 was $9,538,479, reflecting an increase of $1,987,095, or 26.3%, as compared to $7,551,384 for the three months ended September 27, 2019. The increase was primarily a result of the Company’s efforts in increasing sales in the military sector, driven by demands for military spending for national security.

Cost of products sold for the three months ended September 30, 2020 was $5,816,176, reflecting a decrease of $1,381,634, or 19.2%, as compared to $7,197,810 for the three months ended September 27, 2019. The decrease was primarily attributable to lower production costs and true-up adjustments to inventory in connection with the Company’s transition to its new enterprise reporting system.

Selling, general and administrative expenses for the three months ended September 30, 2020 was $1,659,188, reflecting a decrease of $457,422, or 21.6%, as compared to $2,116,610 for the three months ended September 27, 2019. The decrease was primarily attributable to a decrease in stock-based compensation expense of $748,144, offset by an increase in commission expenses of $109,009, an increase in professional service fees of $74,940 and an increase in salaries, wages and related benefits of $39,471.

Depreciation and amortization for the three months ended September 30, 2020 was $245,483, reflecting an increase of $22,150, or 9.9%, as compared to $223,333 for the three months ended September 27, 2019. The increase was primarily attributable to depreciation of additional machinery and equipment purchased.

Total other income (expense) for the three months ended September 30, 2020 was an expense of $5,768, reflecting an increase of $6,072, or 51.3%, as compared to expense of $11,840 for the three months ended September 27, 2019.

The (provision for) benefit from income taxes for the three months ended September 30, 2020 was a provision of $414,916, as compared a benefit of $781,898 for the three months ended September 27, 2019. The change was primarily attributable to a lower income before income tax in the 2019 period, as compared to the 2020 period.

Six-months ended September 30, 2020 compared to six-months ended September 27, 2019 (As Restated)

	Six-Months Ended
				As Restated			Period-to-
	September 30, 2020			September 27, 2019			Period Change

Revenue	$	17,803,565		$	15,118,782		$	2,684,783

Operating expenses:
Cost of products sold		11,552,431			12,018,754			(466,323	)
Selling, general and administrative		3,445,720			3,230,443			215,277
Depreciation and amortization		391,613			459,953			(68,340	)
Total operating expenses		15,389,764			15,709,150			(319,386	)
Operating income		2,413,801			(590,368	)		3,004,169
Other income (expense):
Other income (expense)		27,920			16,874			11,046
Interest income (expense), net		(14,764	)		(33,743	)		18,979
Total other income (expense), net		13,156			(16,869	)		30,025

Income (loss) before (provision for) benefit from income taxes		2,426,957			(607,237	)		3,034,194
(Provision for) benefit from income taxes		(555,772	)		300,459			(856,231	)
Net income	$	1,871,185		$	(306,778	)	$	2,177,963

Revenue for the six months ended September 30, 2020 was $17,803,565, reflecting an increase of $2,684,783, or 17.8%, as compared to $15,118,782 for the six months ended September 27, 2019. The increase was primarily a result of the Company’s efforts in increasing sales in the military section driven by stronger demand for spending for national security.

Cost of products sold for the six months ended September 30, 2020 was $11,552,431, reflecting a decrease of $466,323, or 3.9%, as compared to $12,018,754 for the six months ended September 27, 2019. The decrease was primarily attributable to decreases in production costs as a percentage of revenue.

Selling, general and administrative for the six months ended September 30, 2020 was $3,445,720, reflecting an increase of $215,277, or 6.7%, as compared to $3,230,443 for the six months ended September 27, 2019. The increase was primarily attributable to increases in COVID-19 related charges of $237,043, professional service fees of $183,403, commission expenses of $123,344 and salaries, wages and other related benefits of $121,673, offset by a decrease in stock-based compensation expense of $420,859.

Depreciation and amortization for the six months ended September 30, 2020 was $391,613, reflecting a decrease of $68,340 or 14.9%, as compared to $459,953 for the six months ended September 27, 2019. The decrease was primarily attributable to machinery reaching the end of its useful life.

Total other income (expense) for the six months ended September 30, 2020 was income of $13,156, reflecting an increase of $30,025 as compared to an expense of $16,869 for the six months ended September 27, 2019. The increase is primarily attributable to other income of $27,907.

The (provision for) benefit from income taxes for the six months ended September 30, 2020 was a provision of $555,772, as compared to a benefit of $300,459 for the six months ended September 27, 2019. The change was primarily attributable to a lower income before income tax in the 2019 period, as compared to the 2020 period.

Three-months ended December 31, 2020 compared to three-months ended December 31, 2019 (As Restated)

	Three-Months Ended
				As Restated			Period-to-
	December 31, 2020			December 31, 2019			Period Change

Revenue	$	8,397,523		$	8,424,657		$	(27,134	)

Operating expenses:
Cost of products sold		4,683,903			5,060,882			(376,979	)
Selling, general and administrative		2,193,989			1,469,197			724,792
Depreciation and amortization		204,300			237,764			(33,464	)
Total operating expenses		7,082,192			6,767,843			314,349
Operating income		1,315,331			1,656,814			(341,483	)
Other income (expense):
Other income (expense)		28,324			6,025			22,299
Interest income (expense), net		144			(17,263	)		17,407
Total other income (expense), net		28,468			(11,238	)		39,706

Income before provision for income taxes		1,343,799			1,645,576			(301,777	)
Provision for income taxes		(307,800	)		(673,491	)		365,691
Net income	$	1,035,999		$	972,085		$	63,914

Revenue for the three months ended December 31, 2020 was $8,397,523 reflecting a decrease of $27,134, or 0.3%, as compared to $8,424,657 for the three months ended December 31, 2019.

Cost of products sold for the three months ended December 31, 2020 was $4,683,903, reflecting a decrease of $376,979, or 7.4%, as compared to $5,060,882 for the three months ended December 31, 2019. The decrease was primarily attributable to a decrease in production costs.

Selling, general and administrative expenses for the three months ended December 31, 2020 was $2,193,989 reflecting an increase of $724,792, or 49.3%, as compared to $1,469,197 for the three months ended December 31, 2019. The increase was primarily attributable to an increase in stock-based compensation expense of $757,901, offset by a decrease in commission expenses of $58,935.

Depreciation and amortization for the three months ended December 31, 2020 was $204,300 reflecting a decrease of $33,464, or 14.1%, as compared to $237,764 for the three months ended December 31, 2019. The decrease was primarily attributable to equipment reaching the end of its useful life.

Total other income (expense) for the three months ended December 31, 2020 was income of $28,468, reflecting an increase of $39,706, as compared to expense of $11,238 for the three months ended December 31, 2019.

The provision for income taxes for the three months ended December 31, 2020 was $307,800, reflecting a decrease of $365,691 or 54.3%, as compared to $673,491 for the three months ended December 31, 2019. The decrease was primarily attributable to a lower income tax rate, net of federal benefit in 2021 compared to 2020.

Nine-months ended December 31, 2020 compared to nine-months ended December 31, 2019 (As Restated)

	Nine-Months Ended
				As Restated			Period-to-
	December 31, 2020			December 31, 2019			Period Change

Revenue	$	26,201,088		$	23,542,266		$	2,658,822

Operating expenses:
Cost of products sold		16,236,334			17,078,463			(842,129	)
Selling, general and administrative		5,639,709			4,699,640			940,069
Depreciation and amortization		595,913			697,717			(101,804	)
Total operating expenses		22,471,956			22,475,820			(3,864	)
Operating income		3,729,132			1,066,446			2,662,686
Other income (expense):
Other income		56,244			22,899			33,345
Interest income (expense), net		(14,620	)		(51,006	)		36,386
Total other income (expense), net		41,624			(28,107	)		69,731

Income before provision for income taxes		3,770,756			1,038,339			2,732,417
Provision for income taxes		(863,572	)		(373,032	)		(490,540	)
Net income	$	2,907,184		$	665,307		$	2,241,877

Revenue for the nine months ended December 31, 2020 was $26,201,088, reflecting an increase of $2,658,822, or 11.3%, as compared to $23,542,266 for the nine months ended December 31, 2019. The increase in revenue was primarily a result of the Company’s efforts in increasing sales in the military sector.

Cost of products sold for the nine months ended December 31, 2020 was $16,236,334, reflecting a decrease of $842,129, or 4.9%, as compared to $17,078,463 for the nine months ended December 31, 2019. The decrease was primarily attributable to a decrease in production costs.

Selling, general and administrative expenses for the nine months ended December 31, 2020 was $5,639,709, reflecting an increase of $940,069, or 20.0%, as compared to $4,699,640 for the nine months ended December 31, 2019. The increase was primarily attributable to increases in stock-based compensation of $337,042, COVID-19 related charges of $242,540 and an increase in professional services fees of $203,112.

Depreciation and amortization for the nine months ended December 31, 2020 was $595,913, reflecting a decrease of $101,804, or 14.6%, as compared to $697,717 for the nine months ended December 31, 2019. The decrease was attributable to equipment reaching the end of its useful life.

Total other income (expense) for the nine months ended December 31, 2020 was income of $41,624, reflecting an increase of $69,731, as compared to expense of $28,107 for the nine months ended December 31, 2019. The increase was primarily attributable to an increase in other income of $56,244.

The provision for income taxes for the nine months ended December 31, 2020 was $863,572, reflecting an increase of $490,540 as compared to $373,032 for the nine months ended December 31, 2019. The increase was primarily attributable to an increase in income before income tax in the 2020 period, as compared to the 2019 period.

Interim Periods of Fiscal Year Ended March 31, 2020 Compared to Prior Year Periods:

Three-months ended June 28, 2019 compared to three-months ended June 29, 2018

	Three-Months Ended						Period-to-
	June 28, 2019			June 29, 2018			Period Change

Revenue	$	7,567,398		$	9,043,306		$	(1,475,908	)

Operating expenses:
Cost of products sold		4,820,944			4,758,488			62,456
Selling, general and administrative		1,113,833			861,693			252,140
Depreciation and amortization		236,620			141,600			95,020
Total operating expenses		6,171,397			5,761,781			409,616
Operating income		1,396,001			3,281,525			(1,885,524	)
Other income (expense):
Other income		8,898			1,206			7,692
Interest income (expense), net		(13,927	)		(10,248	)		(3,679	)
Total other income (expense), net		(5,029	)		(9,042	)		4,013

Income before provision for income taxes		1,390,972			3,272,483			(1,881,511	)
Provision for income taxes		(481,439	)		(1,013,198	)		531,759
Net income	$	909,533		$	2,259,285		$	(1,349,752	)

Revenue for the three months ended June 28, 2019 was $7,567,398, reflecting a decrease of $1,475,908, or 16.3%, as compared to $9,043,306, for the three months ended June 29, 2018. The decrease in revenues was attributable to the completion of a large customer contract which was fulfilled by the end of the quarter ended June 29, 2018.

Cost of products sold for the three months ended June 28, 2019 was $4,820,944, reflecting an increase of $62,456 or 1.3%, as compared to $4,758,488, for the three months ended June 29, 2018. The increase was primarily attributable to an increase in production costs.

Selling, general and administrative expenses for the three months ended June 28, 2019 was $1,113,833, reflecting an increase of $252,140, or 29.3%, as compared to $861,693, for the three months ended June 29, 2018. The increase was primarily attributable to an increase in travel and commissions.

Depreciation and amortization for the three months ended June 28, 2019 was $236,620, reflecting an increase of $95,020, or 67.1%, as compared to $141,600, for the three months ended June 29, 2018. The increase was primarily attributable to amortization for new machinery and equipment.

Total other income (expense) for the three months ended June 28, 2019 was expense of $5,029, reflecting a decrease of $4,013, as compared to expense of $9,042 for the three months ended June 29, 2018.

The provision for income taxes for the three months ended June 28, 2019 was $481,439, reflecting a decrease of $531,759 or 52.5%, as compared to $1,013,198 for the three months ended June 29, 2018. The decrease was primarily attributable to the lower income before income taxes for the three months ended June 28, 2019, as compared to that of the comparable quarterly period ended June 29, 2018.

Three-months ended September 27, 2019 (As Restated) compared to three-months ended September 28, 2018

	Three-Months Ended
	As Restated						Period-to-
	September 27, 2019			September 28, 2018			Period Change

Revenue	$	7,551,384		$	6,597,876		$	953,508

Operating expenses:
Cost of products sold		7,197,810			4,041,230			3,156,580
Selling, general and administrative		2,116,610			1,042,532			1,074,078
Depreciation and amortization		223,333			84,000			139,333
Total operating expenses		9,537,753			5,167,762			4,369,991
Operating (loss) income		(1,986,369	)		1,430,114			(3,416,483	)
Other income (expense):
Other income (expense)		7,976			1,955			6,021
Interest income (expense), net		(19,816	)		(5,304	)		(14,512	)
Total other income (expense), net		(11,840	)		(3,349	)		(8,491	)

(Loss) income before benefit from (provision for) income taxes		(1,998,209	)		1,426,765			(3,424,974)
Benefit from (provision for) income taxes		781,898			(480,461	)		1,262,359
Net (loss) income	$	(1,216,311	)	$	946,304		$	(2,162,615	)

Revenue for the three months ended September 27, 2019 was $7,551,384, reflecting an increase of $953,508, or 14.5%, as compared to $6,597,876, for the three months ended September 28, 2018. The increase in revenues was attributable to increased marketing efforts and sales management support along with successful penetration into new markets.

Cost of products sold for the three months ended September 27, 2019 was $7,197,810, reflecting an increase of $3,156,580, or 78.1%, as compared to $4,041,230, for the three months ended September 28, 2018. The increase was primarily attributable to higher production costs and true-up adjustments to inventory recorded during the three months ended September 27, 2019, in connection with the Company’s transition to its new enterprise reporting system.

Selling, general and administrative expenses for the three months ended September 27, 2019 was $2,116,610, reflecting an increase of $1,074,078, or 103%, as compared to $1,042,532, for the three months ended September 28, 2018. The increase was primarily attributable to stock-based compensation.

Depreciation and amortization for the three months ended September 27, 2019 was $223,333, reflecting an increase of $139,333, or 165.9%, as compared to $84,000, for the three months ended September 28, 2018. The increase was primarily attributable to amortization for new machinery and equipment.

Total other income (expense) for the three months ended September 27, 2019 was expense of $11,840, reflecting an increase of $8,491, as compared to expense of $3,349, for the three months ended September 28, 2018.

The benefit from income taxes for the three months ended September 27, 2019 was $781,898, as compared to a provision of $480,461 for the three months ended September 28, 2018. The tax benefit recognized for the three months ended September 27, 2019 was attributable to the loss incurred for the period of $1,998,209. The tax provision of $480,461 for the three months ended September 28, 2018 was primarily attributable to income before income taxes of $1,426,765.

Six-months ended September 27, 2019 (As Restated) compared to six-months ended September 28, 2018

	Six-Months Ended
	As Restated						Period-to-
	September 27, 2019			September 28, 2018			Period Change

Revenue	$	15,118,782		$	15,641,182		$	(522,400)

Operating expenses:
Cost of products sold		12,018,754			8,626,465			3,392,289
Selling, general and administrative		3,230,443			2,077,479			1,152,964
Depreciation and amortization		459,953			225,600			234,353
Total operating expenses		15,709,150			10,929,544			4,779,606
Operating (loss) income		(590,368	)		4,711,638			(5,302,006	)
Other income (expense):
Other income (expense)		16,874			3,162			13,712
Interest income (expense), net		(33,743	)		(15,552	)		(18,191	)
Total other income (expense), net		(16,869	)		(12,390	)		(4,479	)

(Loss) income before benefit from (provision for) income taxes		(607,237	)		4,699,248			(5,306,485)
Benefit from (provision for) income taxes		300,459			(1,493,659	)		1,794,118
Net (loss) income	$	(306,778	)	$	3,205,589		$	(3,512,367	)

Revenue for the six months ended September 27, 2019 was $15,118,782, reflecting a decrease of $522,400, or 3.3% as compared to $15,641,182, for the six months ended September 28, 2018. The decrease in revenues was attributable to the completion of a large customer contract which was fulfilled by the end of the quarter ended June 29, 2018.

Cost of products sold for the six months ended September 27, 2019 was $12,018,754, reflecting an increase of $3,392,289 or 39.3%, as compared to $8,626,465, for the six months ended September 28, 2018. The increase was primarily attributable to higher production costs and true-up adjustments to inventory recorded during the three months ended September 27, 2019, in connection with the Company’s transition to its new enterprise reporting system.

Selling, general and administrative expenses for the six months ended September 27, 2019 was $3,230,443, reflecting an increase of $1,152,964, or 55.5%, as compared to $2,077,479, for the six months ended September 28, 2018. The increase was primarily attributable to stock-based compensation.

Depreciation and amortization for the six months ended September 27, 2019 was $459,953, reflecting an increase of $234,353, or 103.9%, as compared to $225,600, for the six months ended September 28, 2018. The increase was primarily attributable to amortization for new machinery and equipment.

Total other income (expense) for the six months ended September 27, 2019 was expense of $16,869, reflecting an increase of $4,479, as compared to expense of $12,390, for the six months ended September 28, 2018.

The benefit from income taxes for the six months ended September 27, 2019 was a benefit of $300,459 as compared to a provision of $1,493,659 for the six months ended September 28, 2018. The tax benefit recognized for the six months ended September 27, 2019 was attributable to the loss incurred for the period of $607,237. The tax provision of $1,493,659 for the six months ended September 28, 2018 was primarily attributable to income before income taxes of $4,699,248 for the period.

Three-months ended December 31, 2019 (As Restated) compared to three-months ended December 28, 2018

	Three-Months Ended
	As Restated						Period-to-
	December 31, 2019			December 28, 2018			Period Change

Revenue	$	8,424,657		$	5,977,835		$	2,446,822

Operating expenses:
Cost of products sold		5,060,882			3,790,188			1,270,694
Selling, general and administrative		1,469,197			985,043			484,154
Depreciation and amortization		237,764			84,000			153,764
Total operating expenses		6,767,843			4,859,231			1,908,612
Operating income		1,656,814			1,118,604			538,210
Other income (expense):
Other income (expense)		6,025			5,417			608
Interest income (expense), net		(17,263	)		(40,904	)		23,641
Total other income (expense), net		(11,238	)		(35,487	)		24,249

Income before provision for income taxes		1,645,576			1,083,117			562,459
Provision for income taxes		(673,491	)		(294,237	)		(379,254	)
Net income	$	972,085		$	788,880		$	183,205

Revenue for the three months ended December 31, 2019 was $8,424,657, reflecting an increase of $2,446,822, or 40.9%, as compared to $5,977,835, for the three months ended December 28, 2018. The increase in revenues was attributable to increased marketing efforts and sales management support along with successful penetration into new markets.

Cost of products sold for the three months ended December 31, 2019 was $5,060,882, reflecting an increase of $1,270,694, or 33.5%, as compared to $3,790,188, for the three months ended December 28, 2018. The increase was primarily attributable to increases in revenue, payroll and related fringe costs.

Selling, general and administrative expenses for the three months ended December 31, 2019 was $1,469,197, reflecting an increase of $484,154, or 49.2%, as compared to $985,043, for the three months ended December 28, 2018. The increase was primarily attributable to an increase in general and administrative salaries.

Depreciation and amortization for the three months ended December 31, 2019 was $237,764, reflecting an increase of $153,764, or 183.1%, as compared to $84,000, for the three months ended December 28, 2018. The increase was primarily attributable to additional fixed assets put into service during the current quarter.

Total other income (expense) for the three months ended December 31, 2019 was expense of $11,238, reflecting a decrease of $24,249, as compared to expense of $35,487, for the three months ended December 28, 2018.

The provision for income taxes for the three months ended December 31, 2019 was $673,491 as compared to $294,237 for the three months ended December 28, 2018. The increase in the provision for the three months ended December 31, 2019 was principally attributable to the increase of $562,459 in income before income taxes to $1,645,576 as compared to $1,083,117 for the comparable period.

Nine-months ended December 31, 2019 (As Restated) compared to nine-months ended December 28, 2018

	Nine-Months Ended
	As Restated						Period-to-
	December 31, 2019			December 28, 2018			Period Change

Revenue	$	23,542,266		$	21,619,017		$	1,923,249

Operating expenses:
Cost of products sold		17,078,463			12,415,830			4,662,633
Selling, general and administrative		4,699,640			3,063,345			1,636,295
Depreciation and amortization		697,717			309,600			388,117
Total operating expenses		22,475,820			15,788,775			6,687,045
Operating income		1,066,446			5,830,242			(4,763,796	)
Other income (expense):
Other income		22,899			8,579			14,320
Interest income (expense), net		(51,006	)		(56,456	)		5,450
Total other income (expense), net		(28,107	)		(47,877	)		19,770

Income before provision for income taxes		1,038,339			5,782,365			(4,744,026	)
Provision for income taxes		(373,032	)		(1,787,896	)		1,414,864
Net income	$	665,307		$	3,994,469		$	(3,329,162	)

Revenue for the nine months ended December 31, 2019 was $23,542,266, reflecting an increase of $1,923,249, or 8.9%, as compared to $21,619,017, for the nine months ended December 28, 2018. The increase in revenues was attributable to increased marketing efforts and sales management support along with successful penetration into new markets.

Cost of products sold for the nine months ended December 31, 2019 was $17,078,463, reflecting an increase of $4,662,633, or 37.6%, as compared to $12,415,830, for the nine months ended December 28, 2018. The increase was attributable in part to an 8.9% increase in revenue and in part to higher production costs and true-up adjustments to inventory recorded during the period, in connection with the Company’s transition to its new enterprise reporting system.

Selling, general and administrative expenses for the nine months ended December 31, 2019 was $4,699,640, reflecting an increase of $1,636,295, or 53.4%, as compared to $3,063,345, for the nine months ended December 28, 2018. The increase was primarily attributable to an increase in general and administrative salaries.

Depreciation and amortization for the nine months ended December 31, 2019 was $697,717, reflecting an increase of $388,117, or 125.4%, as compared to $309,600, for the nine months ended December 28, 2018. The increase was primarily attributable to additional fixed assets put into service during the current nine-month period.

Total other income (expense) for the nine months ended December 31, 2019 was expense of $28,107, reflecting a decrease of $19,770, as compared to expense of $47,877, for the nine months ended December 28, 2018.

The provision for income taxes for the nine months ended December 31, 2019 was $373,032 as compared to $1,787,896 for the nine months ended December 28, 2018. The decrease in the provision for the nine months ended December 31, 2019 was principally attributable to the decrease of $4,744,026 in income before income taxes to $1,038,339 as compared to $5,782,365 for the comparable period.

Liquidity and Capital Resources:

Our primary requirements for liquidity and capital are working capital, inventory, capital expenditures, public company costs and general corporate needs. We expect these needs to continue as we further develop and grow our business. For the year ended March 31, 2022, our primary sources of liquidity came from existing cash. Based on our current plans and business conditions, we believe that existing cash, together with cash generated from operations will be sufficient to satisfy our anticipated cash requirements, and we are not aware of any trends or demands, commitments, events or uncertainties that are reasonably likely to result in a decrease in liquidity of our assets. We may require additional capital to respond to technological advancements, competitive dynamics or technologies, business opportunities, challenges, acquisitions or unforeseen circumstances and in either the short-term or long-term may determine to engage in equity or debt financings or enter into credit facilities for other reasons. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to grow or support our business and to respond to business challenges could be significantly limited. In particular, rising inflation and interest rates, the 2023 banking crisis and the conflict between Russia and Ukraine have resulted in, and may continue to result in, significant disruption and volatility in the global financial markets, reducing our ability to access capital. If we are unable to raise additional funds when or on the terms desired, our business, financial condition and results of operations could be adversely affected.

As of March 31, 2022, our cash balance was $12,675,271. For the fiscal year ended March 31, 2022, we recorded net income of $1,438,134, which included within other income, a gain in the amount of $2,103,885 for the forgiveness of our PPP Loan. As of March 31, 2022, we had working capital of $25,508,882.

Our principal source of liquidity is cash flows generated by operating activities.

Cash Flow Activities for the Years Ended March 31, 2022 Compared to the Year Ended March 31, 2021

The following table summarizes our cash flow activities for the fiscal years ended March 31, 2022 and March 31, 2021:

	Fiscal Years Ended						Period-to-
	March 31, 2022			March 31, 2021			Period Change

Cash flow provided by (used in)
Operating activities		1,414,493			4,839,738			(3,425,245	)
Investing activities		(2,646,764	)		(759,914	)		(1,886,850	)
Financing activities		-			2,067,661			(2,067,661	)
(Decrease) increase in cash and cash equivalents	$	(1,232,271	)	$	6,147,485		$	(7,379,756	)

Net cash provided by operating activities was $1,414,493 for the fiscal year ended March 31, 2022, a decrease of $3,425,245, as compared to $4,839,738 for the fiscal year ended March 31, 2021. The decrease in cash provided by operating activities was primarily due to the decrease in net income (as adjusted for the non-cash gain on forgiveness of debt), the increases inventories and the corporate income taxes receivable, offset principally by increases in accounts receivable.

Net cash used in investing activities was $2,646,764 for the fiscal year ended March 31, 2022, an increase of $1,886,850, as compared to a use of $759,914 for the fiscal year ended March 31, 2021. The increase in cash used in investing activities was due principally to costs incurred for the buildout of our new Pennsylvania location.

Net cash provided by financing activities was $0 for the fiscal year ended March 31, 2022 compared to net cash provided by financing activities of $2,067,661 for the fiscal year ended March 31, 2021. The net cash provided by financing activities for the fiscal year ended March 31, 2021 was principally attributable to the proceeds from our PPP Loan.

Cash Flow Activities for the Years Ended March 31, 2021 Compared to the Year Ended March 31, 2020 (As Restated)

The following table summarizes our cash flow activities for the fiscal years ended March 31, 2021 and March 31, 2020:

	Fiscal Years Ended
				As Restated			Period-to-
	March 31, 2021			March 31, 2020			Period Change

Cash flow provided by (used in)
Operating activities		4,839,738			1,683,413			3,156,325
Investing activities		(759,914	)		(969,400	)		209,486
Financing activities		2,067,661			(34,082	)		2,101,743
Increase in cash and cash equivalents	$	6,147,485		$	679,931		$	5,467,554

Net cash provided by operating activities was $4,839,739 for the fiscal year ended March 31, 2021, an increase of $3,156,325, as compared to $1,683,413 for the fiscal year ended March 31, 2020. The increase in cash provided by operating activities was primarily due to an increase in net income, decreases in accounts receivable and the net decrease in corporate income tax payable.

Net cash used in investing activities was $759,914 for the fiscal year ended March 31, 2021, a decrease of $209,486, as compared to $969,400 for the fiscal year ended March 31, 2020. The decrease in cash used in investing activities was principally due to reduced investment in machinery and equipment during the period.

Net cash provided by financing activities was $2,067,661 for the fiscal year ended March 31, 2021, an increase of $2,101,743, as compared to net used in financing activities of $34,082 for the fiscal year ended March 31, 2020. The increase in cash provided by financing activities was due principally to proceeds from the PPP loan of $2,103,885 in fiscal year ended March 31, 2021.

Interim Period Cash Flow Activities

This Annual Report includes summary financial cash flow information for the three-months ended June 30, 2021, June 30, 2020 and June 28, 2019, the six-months ended September 30, 2021, September 30, 2020 and September 27, 2019, and the nine-months ended December 31, 2021, December 31, 2020 and December 31, 2019. The following is a summary of the cash flow activities of the Company during each of those periods.

Cash Flow Activities for the Three Months Ended June 30, 2021 Compared to the Three Months Ended June 30, 2020

The following table summarizes our cash flow activities for the three months ended June 30, 2021 and June 30, 2020:

	For the Three Months Ended						Period-to-
	June 30, 2021			June 30, 2020			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	1,154,892		$	1,876,048		$	(721,156	)
Investing activities		(34,121	)		(257,040	)		222,919
Financing activities		-			2,204,240			(2,204,240	)
Net decrease in cash and cash equivalents	$	1,120,771		$	3,823,248		$	(2,702,477	)

Net cash provided by operating activities was $1,154,892 for the three months ended June 30, 2021, a decrease of $721,156, as compared to $1,876,048 for the fiscal quarter ended June 30, 2020. The decrease in cash provided by operating activities was primarily due to a decrease of $1,285,347 in other current liabilities, an increase of $773,387 in inventories and an increase of $512,272 for a non-cash charge for deferred income taxes, offset by a decrease of $1,833,138 in accounts receivable.

Net cash used in investing activities was $34,121 for the three months ended June 30, 2021, a decrease of $222,919, as compared to $257,040 for the fiscal quarter ended June 30, 2020. The decrease in cash used in investing activities was principally due to reduced investment in machinery and equipment during the period.

There was no net cash from financing activities for the three months ended June 30, 2021. Net cash provided by financing activities was $2,204,240 for the three months ended June 30, 2020 and consisted principally of proceeds from the PPP loan of $2,103,885.

Cash Flow Activities for the Six Months Ended September 30, 2021 Compared to the Six Months Ended September 30, 2020

The following table summarizes our cash flow activities for the six months ended September 30, 2021 and September 30, 2020:

	For the Six Months Ended						Period-to-
	September 30, 2021			September 30, 2020			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	1,121,197		$	2,293,234		$	(1,172,037	)
Investing activities		(412,158	)		(557,938	)		145,780
Financing activities		-			2,067,661			(2,067,661	)
Net decrease in cash and cash equivalents	$	709,039		$	3,802,957		$	(3,093,918	)

Net cash provided by operating activities was $1,121,197 for the six months ended September 30, 2021, a decrease of $1,172,037, as compared to $2,293,234 for the six months ended September 30, 2020. The decrease in cash provided by operating activities was primarily due to a decrease of $1,873,709 in net income net of the non-cash gain on forgiveness of the PPP loan for the six months ended September 30, 2021, offset by an increase of $2,853,952 in cash provided by the change in accounts receivable.

Net cash used in investing activities was $412,158 for the six months ended September 30, 2021, a decrease of $145,780, as compared to $557,938, for the six months ended September 30, 2020. The decrease in cash used in investing activities was principally due to reduced investment in machinery and equipment during the period.

There was no net cash from financing activities for the six months ended September 30, 2021. Net cash provided by financing activities was $2,067,661 for the six months ended September 30, 2020 and consisted principally of proceeds from the PPP loan of $2,103,885.

Cash Flow Activities for the Nine Months Ended December 31, 2021 Compared to the Nine Months Ended December 31, 2020

The following table summarizes our cash flow activities for the nine months ended December 31, 2021 and December 31, 2020:

	For the Nine Months Ended						Period-to-
	December 31, 2021			December 31, 2020			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	1,426,281		$	3,587,979		$	(2,161,698	)
Investing activities		(2,215,159	)		(648,316	)		(1,566,843	)
Financing activities		-			2,067,661			(2,067,661	)
Net decrease in cash and cash equivalents	$	(788,878	)	$	5,007,324		$	(5,796,202	)

Net cash provided by operating activities was $1,426,281 for the nine months ended December 31, 2021, a decrease of $2,161,698, as compared to $3,587,979 for the nine months ended December 31, 2020. The decrease in cash provided by operating activities was primarily due to a decrease of $3,114,690 in net income net of the non-cash gain on forgiveness of the PPP loan for the nine months ended December 31, 2021 and a decrease of $1,171,838 in stock-based compensation, offset by an increase of $1,438,902 in cash provided by the change in accounts receivable.

Net cash used in investing activities was $2,215,159 for the nine months ended December 31, 2021, an increase of $1,566,843, as compared to $648,316, for the nine months ended December 31, 2020. The increase in cash used in investing activities was principally due to purchases of equipment and leasehold improvements for our new Allentown, PA facility.

There was no net cash from financing activities for the nine months ended December 31, 2021. Net cash provided by financing activities was $2,067,661 for the nine months ended December 31, 2020 and consisted principally of proceeds from the PPP loan of $2,103,885.

Cash Flow Activities for the Three Months Ended June 30, 2020 Compared to the Three Months Ended June 28, 2019

The following table summarizes our cash flow activities for the three months ended June 30, 2020 and June 28, 2019:

	For the Three Months Ended						Period-to-
	June 30, 2020			June 28, 2019			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	1,876,048		$	(41,079	)	$	1,917,127
Investing activities		(257,040	)		(260,239	)		3,199
Financing activities		2,204,240			(334,306	)		2,538,546
Net increase in cash and cash equivalents	$	3,823,248		$	(635,624	)	$	4,458,872

Net cash provided by operating activities was $1,876,048 for the three months ended June 30, 2020, an increase of $1,917,127, as compared to net cash used in operating activities of $41,079 for the fiscal quarter ended June 28, 2019. The increase in cash provided by operating activities was primarily due to increases of $1,495,072 and $871,685 in cash provided by accounts receivable by other current liabilities, respectively.

Net cash used in investing activities was $257,040 for the fiscal quarter ended June 30, 2020, a decrease of $3,199, as compared to $260,239 for the fiscal quarter ended June 28, 2019.

Net cash provided by financing activities was $2,204,240 for the three months ended June 30, 2020, an increase of $2,538,546, as compared to cash used of $334,306 for the three months ended June 28, 2019. The increase in cash provided by financing activities was due principally to proceeds from the PPP loan of $2,103,885.

Cash Flow Activities for the Six Months Ended September 30, 2020 Compared to the Six Months Ended September 27, 2019, As Restated

The following table summarizes our cash flow activities for the six months ended September 30, 2020 and September 27, 2019:

	For the Six Months Ended
				(As Restated)			Period-to-
	September 30, 2020			September 27, 2019			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	2,293,234		$	117,906		$	2,175,328
Investing activities		(557,938	)		(333,302	)		(224,636	)
Financing activities		2,067,661			(301,306	)		2,368,967
Net increase in cash and cash equivalents	$	3,802,957		$	(516,702	)	$	4,319,659

Net cash provided by operating activities was $2,293,234 for the six months ended September 30, 2020, an increase of $2,175,238, as compared to $117,906 for the six months ended September 27, 2019. The increase in cash provided by operating activities was primarily due to an increase of $2,177,963 in net income.

Net cash used in investing activities was $557,938 for the six months ended September 30, 2020, an increase of $224,636, as compared to $333,302 for the six months ended September 27, 2019. The increase in cash used in investing activities was principally due to investment in machinery and equipment during the period.

Net cash provided by financing activities was $2,067,661 for the six months ended September 30, 2020, an increase of $2,368,967, as compared to net cash used in financing activities of $301,306 for the six months ended September 27, 2019. The increase in cash provided by financing activities was due principally to proceeds from the PPP loan of $2,103,885.

Cash Flow Activities for the Nine Months Ended December 31, 2020 Compared to the Nine Months Ended December 31, 2019, As Restated

The following table summarizes our cash flow activities for the nine months ended December 31, 2020 and December 31, 2019:

	For the Nine Months Ended
				(As Restated)			Period-to-
	December 31, 2020			December 31, 2019			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	3,587,979		$	1,329,093		$	2,258,886
Investing activities		(648,316	)		(468,815	)		(179,501	)
Financing activities		2,067,661			251,565			1,816,096
Net decrease in cash and cash equivalents	$	5,007,324		$	1,111,843		$	3,895,481

Net cash provided by operating activities was $3,587,979 for the nine months ended December 31, 2020, an increase of $2,258,886, as compared to $1,329,093 for the nine months ended December 31, 2019. The increase in cash provided by operating activities was primarily due to an increase of $2,241,877 in net income.

Net cash used in investing activities was $648,316 for the nine months ended December 31, 2020, an increase of $179,501, as compared to $468,815, for the nine months ended December 31, 2019. The increase in cash used in investing activities was principally due to investment in additional machinery and equipment during the period.

Net cash provided by financing activities was $2,067,661 for the nine months ended December 31, 2020, an increase of $1,816,096, as compared to $251,565, for the nine months ended December 31, 2019. The increase in cash provided by financing activities was due principally to proceeds from the PPP loan of $2,103,885.

Cash Flow Activities for the Three Months Ended June 28, 2019 Compared to the Three Months Ended June 29, 2018

The following table summarizes our cash flow activities for the three months ended June 28, 2019 and June 29, 2018:

	For the Three Months Ended						Period-to-
	June 28, 2019			June 29, 2018			Period Change

Net cash and cash equivalents (used in) provided by:
Operating activities	$	(41,079	)	$	973,416		$	(1,014,495	)
Investing activities		(260,239	)		(57,433	)		(202,806	)
Financing activities		(334,306	)		-			(334,306	)
Net decrease in cash and cash equivalents	$	(635,624	)	$	915,983		$	(1,551,607	)

Net cash used in operating activities was $41,079 for the fiscal quarter ended June 28, 2019, a decrease of $1,014,495, as compared to net cash provided of $973,416 for the fiscal quarter ended June 29, 2018. The decrease in cash provided by operating activities was primarily due to the decrease of $1,349,752 in net income.

Net cash used in investing activities was $260,239 for the fiscal quarter ended June 28, 2019, an increase of $202,806, as compared to $57,433 for the fiscal quarter ended June 29, 2018. The increase in cash used in investing activities was principally due to investments in machinery and equipment and leasehold improvements during the period.

Net cash used in financing activities was $334,406 for the fiscal quarter ended June 28, 2019, an increase of $334,306, as compared to none for the fiscal quarter ended June 29, 2018. The increase in cash used in financing activities was due to repayments in excess of advances under the accounts receivable financing arrangement.

Cash Flow Activities for the Six Months Ended September 27, 2019, As Restated, Compared to the Six Months Ended September 28, 2018

The following table summarizes cash flow activities for the six months ended September 27, 2019 and September 28, 2018:

	For the Six Months Ended
	(As Restated)						Period-to-
	September 27, 2019			September 28, 2018			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	117,906		$	3,006,129		$	(2,888,223	)
Investing activities		(333,302	)		(325,894	)		(7,408	)
Financing activities		(301,306	)		-			(301,306	)
Net decrease in cash and cash equivalents	$	(516,702	)	$	2,680,235		$	(3,196,937	)

Net cash provided by operating activities was $117,906 for the six months ended September 27, 2019, a decrease of $2,888,223, as compared to $3,006,129 for the six months ended September 28, 2018. The decrease in cash provided by operating activities was primarily due to a decrease of $3,512,367 in net income and an increase of $1,705,047 in accounts receivable, offset by a decrease of $2,900,602 in inventories.

Net cash used in investing activities was $333,302 for the six months ended September 27, 2019, an increase of $7,408, as compared to $325,894 for the six months ended September 28, 2018. The increase in cash used in investing activities was principally due to investment in machinery and equipment during the period.

Net cash used in financing activities was $301,306 for the six months ended September 27, 2019, an increase of $301,306, as compared to none for the six months ended September 28, 2018. The increase in cash provided by financing activities was due principally to repayments in excess of advances under the accounts receivable financing arrangement.

Cash Flow Activities for the Nine Months Ended December 31, 2019, As Restated, Compared to the Nine Months Ended December 28, 2018

The following table summarizes our cash flow activities for the nine months ended December 31, 2019 and December 28, 2018:

	For the Nine Months Ended
	(As Restated)						Period-to-
	December 31, 2019			December 28, 2018			Period Change

Net cash and cash equivalents provided by (used in):
Operating activities	$	1,329,093		$	5,981,283		$	(4,652,190	)
Investing activities		(468,815	)		(528,088	)		59,273
Financing activities		251,565			228,757			22,808
Net decrease in cash and cash equivalents	$	1,111,843		$	5,681,952		$	(4,570,109	)

Net cash provided by operating activities was $1,329,093 for the nine months ended December 31, 2019, a decrease of $4,652,190, as compared to $5,981,283 for the nine months ended December 28, 2018. The decrease in cash provided by operating activities was primarily due to a decrease of $3,329,162 in net income, an increase of $3,461,265 in accounts receivable, offset by a decrease of $1,525,216 in inventories.

Net cash used in investing activities was $468,815 for the nine months ended December 31, 2019, a decrease of $59,273, as compared to $528,088 for the nine months ended December 28, 2018. The decrease in cash used in investing activities was principally due to reduced investment in machinery and equipment during the period.

Net cash provided by financing activities was $251,565 for the nine months ended December 31, 2019, an increase of $22,808, as compared to $228,757 for the nine months ended December 28, 2018. The increase in cash provided by financing activities was due principally to a reduction of $181,192 in net proceeds from the accounts receivable arrangement, offset by proceeds of $204,000 from the exercise of stock options.

PPP Loan and Note

On April 13, 2020, the Company entered into an unsecured note (the “PPP Note”) evidencing an unsecured loan (“PPP Loan”) in a principal amount of $2,103,885 pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid Relief and Economic Security Act (“CARES Act”). The PPP Loan was administered by the U.S. Small Business Administration and the Company’s loan was made through JP Morgan Chase Bank. The PPP Loan bore interest at a fixed interest rate of one (1%) percent per year and had a maturity date two (2) years after the issuance date. Payment of interest was deferred for the first six (6) months. Beginning on the seventh month following the date of the PPP Note (November 2020), the Company was required to make 18 payments of equal monthly installments of principal and interest with the final payment due in April 2022. The PPP Note provided for customary events of default including, among other things, cross-defaults on any other loan with JP Morgan Chase Bank. The proceeds of the PPP Loan were used for payroll costs, costs related to certain group health care benefits, rent payments, utility payments, mortgage interest payments, interest payments on other debt obligation that were incurred before February 15, 2020. On April 21, 2021, the Company received notice that the original PPP loan was forgiven. The Company recorded the forgiveness of the principal balance of $2,103,885 as debt forgiveness income in the quarter ending June 30, 2021.

Backlog of Orders

The backlog of orders for the Company’s products amounted to approximately $7,909,000 at March 31, 2022 as compared to $13,673,000 at March 31, 2021 and $21,552,000 at March 31, 2020. The orders in backlog at March 31, 2022 are expected to ship over the next twelve months depending on customer requirements and product availability.

Inflation

We believe that inflation has begun to and is expected to have a material effect on our operations in the immediate future. Management will continue to monitor inflation and evaluate the possible future effects of inflation on our business and operations.

Item 8. Financial Statements and Supplementary Data

See our audited Financial Statements for the fiscal years ended March 31, 2022, 2021 and 2020 which follows Item 15 of this Amendment No.1 to the Original Form 10-K.

IEH CORPORATION

PART II

Item 15. Exhibits and Financial Statement Schedules.

(a)

Documents filed as part of this report.

The following financial statements of IEH Corporation and Report of Independent Registered Accounting Firm, are included in this report:

		Page Number
Independent Auditors’ Report – Marcum LLP (PCAOB ID: 688)		F-2
Balance Sheets		F-4
Statements of Operations		F-5
Statements of Stockholders’ Equity		F-6
Statements of Cash Flows		F-7
Notes to Financial Statements		F-8

List of financial statement schedules:

All schedules have been omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

List of Exhibits required by Item 601 of Regulation S-K. See part (b) below.

(b) Exhibits

The exhibits filed as part of this annual Report on Form 10-K are set forth on the Exhibit Index, which Exhibit Index is incorporated herein by reference.

EXHIBIT INDEX

Exhibit No.		Description

3.1		Amended and Restated Certificate of Incorporation of the Company (filed as Exhibit C-4 to Current Report on Form 8-K, dated February 27, 1991).
3.2		By-Laws of the Company (filed as Exhibit 3.2 on Annual Report on Form 10-KSB for the fiscal year ended March 27, 1994).
4.1		Form of Common Stock Certificate of the Company (filed as Exhibit 4.1 on Annual Report on Form 10-KSB for the fiscal year ended March 27, 1994).
4.2+		Description of Securities
10.1(†)		Agreement between the Company and Michael Offerman (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on Form 8-K filed on September 4, 2009).
10.2(†)		2011 Equity Incentive Plan (filed as Exhibit A to definitive Proxy Statement dated August 31, 2011).
10.3(†)		2020 Equity Stock Based Compensation Plan (filed as Annex A to definitive Proxy Statement dated November 23, 2020).
10.5(†)		Amended and Restated Agreement between the Company and Robert Knoth, dated as of September 1, 2017 (filed as Exhibit 10.5 to the Company’s Annual Report on Form 10-K filed on July 12, 2018).
10.6(†)		Employment Agreement between the Company and David Offerman, dated as of July 31, 2019 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 31, 2019).
10.7(†)		Employment Agreement between the Company and William H. Craig dated as of August 27, 2020 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 27, 2020).
10.8(†)		Employment Agreement between the Company and William H. Craig dated as of September 21, 2022 and effective as of July 1, 2022 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 21, 2022).
21+		Subsidiaries of the Company
23.1+		Consent of Marcum LLP
23.2*		Consent of Marcum LLP
31.1+		Certification of Chief Executive Officer pursuant to Section 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+		Certification of Chief Financial Officer pursuant to Section 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.3*		Certification of Chief Executive Officer pursuant to Section 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.4*		Certification of Chief Financial Officer pursuant to Section 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1++		Certifications by Chief Executive Officer and Chief Financial Officer, pursuant to 17 CFR 240.13a-14(b) or 17 CFR 240.15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certifications by Chief Executive Officer and Chief Financial Officer, pursuant to 17 CFR 240.13a-14(b) or 17 CFR 240.15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1*		The following information from the IEH Corporation’s Annual Report in Form 10-K for the fiscal year ended March 31, 2022, formatted in Inline XBRL (Extensible Business Reporting language) and filed electronically herewith: (i) the Balance Sheets; (ii) the Statements of Operations; and (iii) the Statements of Stockholders’ Equity; (iv) the Statements of Cash Flow; and (v) the Notes to Financial Statements.
101.INS*		Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (“Inline XBRL”)
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

*	Exhibits filed herewith.
**	Exhibits furnished herewith.
+	Exhibits previously filed in connection with the Original Form 10-K.
++	Exhibits previously furnished in connection with the Original Form 10-K.
†	Indicates management contract or compensatory plan or arrangement.

IEH CORPORATION

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, IEH Corporation has duly caused this Amended Annual Report on Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly authorized.

	IEH CORPORATION

	By:	/s/ David Offerman
		David Offerman
		Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)

Dated: April 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ David Offerman		April 22, 2024
David Offerman,
Chairman of the Board, Chief Executive Officer (Principal Executive Officer) and President

/s/ Subrata Purkayastha		April 22, 2024
Subrata Purkayastha,
Chief Financial Officer,
(Principal Financial Officer)

/s/ Allen Gottlieb		April 22, 2024
Allen Gottlieb, Director

/s/ Gerald E. Chafetz		April 22, 2024
Gerald E. Chafetz, Director

/s/ John Spiezio		April 22, 2024
John Spiezio, Director

/s/ Eric C. Hugel		April 22, 2024
Eric C. Hugel, Director

/s/ Brian Glenn		April 22, 2024
Brian Glenn, Director

/s/ Michael E. Rosenfeld		April 22, 2024
Michael E. Rosenfeld, Director

IEH CORPORATION
Index to Financial Statements

	Page Number

Independent Auditors’ Report – Marcum LLP (PCAOB ID: i 688)	F-2

Balance Sheets	F-4

Statements of Operations	F-5

Statements of Stockholders’ Equity	F-6

Statements of Cash Flows	F-7

Notes to Financial Statements	F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

IEH Corporation

Opinion on the Financial Statements

We have audited the accompanying balance sheets of IEH Corporation (the “Company”) as of March 31, 2022, 2021 and 2020, and the related statements of operations, changes in stockholders’ equity and cash flows for each of the three years in the period ended March 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2022, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Restatement of the 2020 Financial Statements

As discussed in Note 2 to the financial statements, the accompanying financial statements as of March 31, 2020 and for the period then ended have been restated.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

F-2

Valuation of Inventories

As described in Note 2 to the financial statements, the Company reported there were material errors within its reporting for the periods ended September 27, 2019, December 31, 2019 and March 31, 2020, pertaining to the improper valuation of its inventory. We identified inventory valuation as a critical audit matter.

The principal consideration for our determination that the valuation of inventory is a critical audit matter is because of the significance of the balance sheet item, the significant assumptions management makes with regards to its valuation of inventory and the high degree of subjective auditor judgment associated with evaluating management’s determination of the value of inventory.

To address the matter, it involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Our procedures related to the valuation of inventory included, among others:

●

We obtained an understanding and evaluated the design of the internal controls over management’s valuation of inventory.

●

We evaluated the significant assumptions stated above and the completeness and accuracy of the underlying data used in management’s costing and valuation.

●

We obtained from management the master schedule of inventory values with adjustments from raw materials, work in process, and finished goods; the schedule for calculation of manufacturing overhead; and the analysis of inventory reserve.

We assessed the qualifications and competence of management; and

We evaluated the methodologies used to determine the reasonableness and accuracy of adjustments, overhead rates, and allowance for obsolete inventory.

●

We tested the pricing used to determine the average costs of raw materials and supplies, the net realizable value of finished goods and work in process, and the estimates of which materials may be obsolete.

●

We assessed the reasonableness of the schedules of management’s estimates by inquiring with management to understand the analysis of inventoried raw material parts as applied to quantities and costs for each of the periods presented.

●

We evaluated management’s provision for slow-moving and obsolete inventory calculation, by reviewing inputs, including historical sales activity versus on-hand inventory levels, we reviewed current selling prices versus current cost.

/s/ i Marcum llp

Marcum llp

We have served as the Company’s auditor since 2019.

i New York, NY

June 22, 2023, except for Note 15 of the financial statements, as to which the date is April 22, 2024.

F-3

IEH CORPORATION

BALANCE SHEETS

As of

(As Restated)

March 31,
2022

March 31,
2021

March 31,
2020

Assets

Current assets:

Cash

i 12,675,271

i 13,907,542

i 7,760,057

Accounts receivable

i 3,039,468

i 5,646,723

i 5,358,164

Inventories

i 9,728,387

i 9,301,797

i 10,752,565

Corporate income taxes receivable

i 2,096,480

i 535,096

Prepaid expenses and other current assets

i 112,173

i 139,400

i 175,873

Total current assets

i 27,651,779

i 29,530,558

i 24,046,659

Non-current assets:

Property, plant and equipment, net

i 4,354,111

i 2,544,548

i 2,574,884

Operating lease right-of-use assets

i 2,980,820

i 3,272,539

i 111,125

Deferred income tax assets, net

i 806,380

i 641,953

i 264,215

Security Deposit

i 75,756

i 54,489

Total assets

i 35,868,846

i 36,065,354

i 27,051,372

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 808,631

i 619,054

i 484,477

Due to accounts receivable financing company

i 36,224

Customer advance payments

i 97,885

i 38,661

i 245,960

Accrued corporate income taxes

i 222,091

Operating lease liabilities

i 285,275

i 185,818

Other current liabilities

i 951,106

i 939,379

i 668,462

Total current liabilities

i 2,142,897

i 1,782,912

i 1,657,214

Operating lease liabilities, non-current

i 2,906,455

i 3,180,280

i 119,629

PPP Loan

i 2,103,885

Total liabilities

i 5,049,352

i 7,067,077

i 1,776,843

Commitments and Contingencies (Note 13)

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i 2,370,251 / , i i 2,370,251 / and i i 2,370,251 / shares issued and outstanding at March 31, 2022, March 31, 2021 and March 30, 2020, respectively

i 23,703

Additional paid-in capital

i 7,566,324

i 7,183,241

i 5,487,415

Retained earnings

i 23,229,467

i 21,791,333

i 19,763,411

Total Stockholders’ Equity

i 30,819,494

i 28,998,277

i 25,274,529

Total Liabilities and Stockholders’ Equity

i 35,868,846

i 36,065,354

i 27,051,372

F-4

IEH CORPORATION

STATEMENTS OF OPERATIONS

For the Fiscal Years Ended

(As Restated)

March 31,
2022

March 31,
2021

March 31,
2020

Revenue

i 24,265,589

i 34,715,195

i 32,154,549

Costs and expenses:

Cost of products sold

i 19,328,249

i 24,436,692

i 23,775,372

Selling, general and administrative

i 5,039,072

i 6,903,330

i 6,007,241

Depreciation and amortization

i 837,201

i 790,250

i 955,124

Total operating expenses

i 25,204,522

i 32,130,272

i 30,737,737

Operating (loss) income

( i 938,933

)

i 2,584,923

i 1,416,812

Other income (expense):

Other income (for fiscal year ended March 31, 2022, consists principally of $ i 2,103,885 debt forgiveness income from the forgiveness of the PPP Loan, see Note 8)

i 2,214,030

i 65,197

Interest income (expense), net

i 391

( i 15,443

)

( i 44,875

)

Total other income (expense), net

i 2,214,421

i 49,754

( i 44,875

)

Income before benefit from (provision for) income taxes

i 1,275,488

i 2,634,677

i 1,371,937

Benefit from (provision for) income taxes

i 162,646

( i 606,755

)

( i 50,875

)

Net income

i 1,438,134

i 2,027,922

i 1,321,062

Basic earnings per common share

i 0.61

i 0.86

i 0.56

Diluted earnings per share

i 0.59

i 0.82

i 0.54

Weighted average number of common shares outstanding - basic (in thousands)

i 2,370

i 2,341

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,448

i 2,463

i 2,452

F-5

IEH CORPORATION

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

Common Stock

Additional
Paid-in

Retained

Total
Stockholders’

Amount

Capital

Earnings

Equity

Balances at March 29, 2019

i 2,323,468

i 23,235

i 3,802,672

i 18,442,349

i 22,268,256

Stock-based compensation expense

i 1,421,211

Exercise of stock options

i 46,783

i 468

i 263,532

i 264,000

Net income

i 1,321,062

Balances at March 31, 2020 (As Restated)

i 2,370,251

i 23,703

i 5,487,415

i 19,763,411

i 25,274,529

Stock-based compensation expense

i 1,695,826

Net income

i 2,027,922

Balances at March 31, 2021

i 2,370,251

i 23,703

i 7,183,241

i 21,791,333

i 28,998,277

Stock-based compensation expense

i 383,083

Net income

i 1,438,134

Balances at March 31, 2022

i 2,370,251

i 23,703

i 7,566,324

i 23,229,467

i 30,819,494

F-6

IEH CORPORATION

STATEMENTS OF CASH FLOWS

For the Fiscal Years Ended

(As Restated)

March 31,
2022

March 31,
2021

March 31,
2020

Cash flows from operating activities:

Net income

i 1,438,134

i 2,027,922

i 1,321,062

Adjustments to reconcile net income to

Net cash provided by operating activities:

Depreciation and amortization

i 837,201

i 790,250

i 955,123

Stock-based compensation expense

i 383,083

i 1,695,826

i 1,421,211

Inventory obsolescence provision

( i 14,000

)

i 9,000

i 216,000

Deferred income taxes, net

( i 164,427

)

( i 377,738

)

( i 264,215

)

Operating lease right-of-use assets

i 484,359

i 85,055

( i 111,125

)

Gain on forgiveness of PPP loan

( i 2,103,885

)

Changes in assets and liabilities:

Accounts receivable

i 2,607,255

( i 288,559

)

( i 1,525,074

)

Inventories

( i 412,590

)

i 1,441,768

i 1,052,878

Prepaid expenses and other current assets

i 27,227

i 36,474

i 359,024

Security deposit

( i 21,267

)

Operating lease liabilities

( i 367,008

)

i 119,629

Accounts payable

i 189,577

i 134,577

i 4,465

Customer advance payments

i 59,224

( i 207,299

)

( i 102,270

)

Other current liabilities

i 11,727

i 270,916

( i 308,958

)

Corporate income taxes receivable

( i 1,561,384

)

( i 535,096

)

Accrued corporate income taxes

( i 222,091

)

( i 1,454,337

)

Net cash provided by operating activities

i 1,414,493

i 4,839,738

i 1,683,413

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 2,646,764

)

( i 759,914

)

( i 969,400

)

Net cash used in investing activities

( i 2,646,764

)

( i 759,914

)

( i 969,400

)

Cash flows from financing activities:

Advances under accounts receivable financing

i 21,477,673

i 29,765,459

Repayments under the accounts receivable financing

( i 21,513,897

)

( i 30,063,541

)

Proceeds from exercise of stock options

i 264,000

Proceeds from PPP loan

i 2,103,885

Net cash provided by/(used in) financing activities

i 2,067,661

( i 34,082

)

Net (decrease) increase in cash

( i 1,232,271

)

i 6,147,485

i 679,931

Cash - beginning of fiscal year

i 13,907,542

i 7,760,057

i 7,080,126

Cash - end of fiscal year

i 12,675,271

i 13,907,542

i 7,760,057

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 110

i 17,380

i 71,595

Income Taxes

i 1,274,539

i 1,629,700

i 1,769,429

F-7

IEH CORPORATION
Notes to Financial Statements

Note 1 - DESCRIPTION OF BUSINESS:

Overview:

IEH Corporation (hereinafter referred to as “IEH” or the “Company”) began in New York, New York in 1941. IEH was incorporated in March, 1943.

The Company designs and manufactures HYPERBOLOID connectors that not only accommodate, but exceed military and aerospace specification standards.

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS:

Restatement Background

On October 8, 2020 the Company filed its Form 10-K for the fiscal year ended March 31, 2020. On October 8, 2020 the Company filed Form 8-K to report that there were material errors within its Quarterly Reports on Form 10-Q for the periods ended September 27, 2019 and December 31, 2019, that such quarterly reports were not to be relied upon and that the Company intended to file amended quarterly reports for such periods. Specifically the Company determined that certain stock-based obligations were not recorded as expenses on a timely basis and that the Company did not properly value its inventory.

On January 26, 2023, the Company’s management and the Audit Committee reached a determination that the Company’s previously issued financial statements and related disclosures as of March 31, 2020 and for the period then ended should no longer be relied upon because of material misstatements contained in those financial statements. Specifically the Company determined that it did not properly value its inventory.

Accordingly, the Company has restated herein the financial statements at the aforementioned periods in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections.

The relevant unaudited interim financial information for the quarterly periods ended June 29, 2019, September 27, 2019, December 31, 2019, June 30, 2020, September 30, 2020, December 31, 2020, June 30, 2021, September 30, 2021 and December 31, 2021 is included in Note 15, Quarterly Financial Information (Unaudited). The categories of misstatements and their impact on the previously issued financial statements are described in more detail below.

As previously disclosed, the Company determined that inventory as of the aforementioned periods had been misstated. The Company concluded that the impact of applying corrections for these errors and misstatements on the aforementioned financial statements is material. These errors resulted in an understatement of costs of products sold of $ i 1,869,136, an overstatement of income tax expense of $ i 632,818, and an overstatement of net income of $ i 1,236,318, for the fiscal year ended March 31, 2020.

F-8

IEH CORPORATION
Notes to Financial Statements

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued):

Description of Misstatements

Misstatements Associated with Inventory

(a) Inventory

The Company migrated to a new enterprise accounting and inventory system at the end of the second quarter of the fiscal year ended March 31, 2020 upon unexpectedly losing support for its legacy inventory system. In connection with the Company’s migration to the new accounting system, including the reconciliation of the old and new systems and preparation of its year end accounting, management discovered that inventory balances previously reported as of September 27, 2019, December 31, 2019 and March 31, 2020 were misstated.

Additional Misstatements

(b) Stock-based compensation

In preparation of its quarterly reporting for the three and nine months ended December 31, 2019, the Company identified a misstatement of stock-based compensation expense and understatement of additional paid in capital previously reported as of September 27, 2019.

The correction of the inventory and stock-based compensation misstatements resulted in an increase to cost of goods sold, a decrease to net income and a decrease to the provision for income taxes.

Description of Restatement Tables

See below for a reconciliation of the previously reported amounts to the restated amounts.

The table below sets forth the balance sheet accounts, including the balances originally reported, corrections and the as restated balances (see Note 15 for quarterly data with respect to the restatements):

As of March 31, 2020

As Reported

Correction

As Restated

Inventories

i 12,621,701

( i 1,869,136

)

i 10,752,565

Total current assets

i 25,915,795

( i 1,869,136

)

i 24,046,659

Total assets

i 28,920,508

( i 1,869,136

)

i 27,051,372

Accrued corporate income taxes

i 854,909

( i 632,818

)

i 222,091

Total current liabilities

i 2,409,661

( i 632,818

)

i 1,776,843

Total liabilities

i 2,409,661

( i 632,818

)

i 1,776,843

Retained earnings

i 20,999,729

( i 1,236,318

)

i 19,763,411

Total Stockholder’s Equity

i 26,510,847

( i 1,236,318

)

i 25,274,529

Total Liabilities and Stockholders’ Equity

i 28,920,508

( i 1,869,136

)

i 27,051,372

F-9

IEH CORPORATION
Notes to Financial Statements

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued):

The tables below set forth the statements of income, including the amounts originally reported, corrections, and the as restated amounts:

For the fiscal year ended
March 31, 2020

As Reported

Correction

As Restated

Cost of products sold

i 21,906,236

i 1,869,136

i 23,775,372

Operating income

i 3,285,948

( i 1,869,136

)

i 1,416,812

Income before income taxes

i 3,241,073

( i 1,869,136

)

i 1,371,937

Provision for income taxes

i 683,693

( i 632,818

)

i 50,875

Net income

i 2,557,380

( i 1,236,318

)

i 1,321,062

Basic earnings per share

i 1.09

( i 0.53

)

i 0.56

Fully diluted earnings per share

i 1.04

( i 0.50

)

i 0.54

The table below sets forth the statements of stockholders’ equity, including the balances originally reported, corrections and the as restated balances:

For the fiscal year ended
March 31, 2020

As Reported

Correction

As Restated

Net income, for the fiscal year ended March 31, 2020

i 2,557,380

( i 1,236,318

)

i 1,321,062

Retained earnings, as of March 31, 2020

i 20,999,729

( i 1,236,318

)

i 19,763,411

Total stockholders’ equity, as of March 31, 2020

i 26,510,847

( i 1,236,318

)

i 25,274,529

The table below sets forth the statements of cash flows from operating activities, including the balances originally reported, corrections and the as restated balances:

For the fiscal year ended
March 31, 2020

As Reported

Correction

As Restated

Net income

i 2,557,380

( i 1,236,318

)

i 1,321,062

Obsolescence provision

i 253,605

( i 37,605

)

i 216,000

Deferred income taxes, net

( i 746,428

)

i 482,213

( i 264,215

)

Increase/(decrease) in inventories

( i 853,863

)

i 1,906,741

i 1,052,878

Increase/(decrease) in accrued corporate income taxes

( i 339,306

)

( i 1,115,031

)

( i 1,454,337

)

Net cash provided by operating activities

i 1,683,413

The restatement had no impact on cash flows from investing activities or financing activities.

In addition to the restated financial statements, the information contained in Notes 3, 4, 10 and 15 has been restated.

F-10

IEH CORPORATION
Notes to Financial Statements

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued):

IEH CORPORATION

BALANCE SHEET

As of March 31, 2020

As Previously Reported

Restatement Impacts

Restatement Reference

(As Restated)

Assets

Current assets:

Cash

i 7,760,057

Accounts receivable

i 5,358,164

Inventories

i 12,621,701

( i 1,869,136

)

i 10,752,565

Prepaid expenses and other current assets

i 175,873

Total current assets

i 25,915,795

( i 1,869,136

)

i 24,046,659

Non-current assets:

Property, plant and equipment, net

i 2,574,884

Operating lease right-of-use assets

i 111,125

Deferred income tax asset, net

i 264,215

Security deposit

i 54,489

Total assets

i 28,920,508

( i 1,869,136

)

i 27,051,372

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 484,477

Due to accounts receivable financing company

i 36,224

Customer advance payments

i 245,960

Accrued corporate income taxes

i 854,909

( i 632,818

)

i 222,091

Operating lease liabilities

i 119,629

Other current liabilities

i 668,462

Total current liabilities

i 2,409,661

( i 632,818

)

i 1,776,843

Total liabilities

i 2,409,661

( i 632,818

)

i 1,776,843

Commitments and Contingencies

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i i i i i 2,370,251 / / / / / shares issued and outstanding at March 31, 2020

i 23,703

Additional paid-in capital

i 5,487,415

Retained earnings

i 20,999,729

( i 1,236,318

)

a, c

i 19,763,411

Total Stockholders’ Equity

i 26,510,847

( i 1,236,318

)

i 25,274,529

Total Liabilities and Stockholders’ Equity

i 28,920,508

( i 1,869,136

)

i 27,051,372

F-11

IEH CORPORATION
Notes to Financial Statements

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued):

IEH CORPORATION

STATEMENT OF OPERATIONS

For the Fiscal Year Ended March 31, 2020

As Previously Reported

Restatement Impacts

Restatement Reference

As Restated

Revenue

i 32,154,549

Costs and expenses:

Cost of products sold

i 21,906,236

i 1,869,136

i 23,775,372

Selling, general and administrative

i 6,007,241

Depreciation and amortization

i 955,124

Total operating expenses

i 28,868,601

i 1,869,136

i 30,737,737

Operating income

i 3,285,948

( i 1,869,136

)

i 1,416,812

Other expenses:

Other income

i 26,720

Interest income (expense)

( i 71,595

)

( i 71,595

)

Total other income (expense), net

( i 44,875

)

( i 44,875

)

Income before provision for income taxes

i 3,241,073

( i 1,869,136

)

i 1,371,937

Provision for income taxes

( i 683,693

)

i 632,818

( i 50,875

)

Net Income

i 2,557,380

( i 1,236,318

)

i 1,321,062

Basic earnings per common share

i 1.09

( i 0.53

)

i 0.56

Diluted earnings per share

i 1.04

( i 0.50

)

i 0.54

Weighted average number of common shares outstanding - basic (in thousands)

i 2,341

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,458

i 2,452

F-12

IEH CORPORATION
Notes to Financial Statements

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued):

IEH CORPORATION

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

Common Stock

Additional
Paid-in

Retained

Total
Stockholders’

Amount

Capital

Earnings

Equity

As Previously Reported

Balance at March 29, 2019

i 2,323,468

i 23,235

i 3,802,672

i 18,442,349

i 22,268,256

Stock-based compensation expense

i 1,421,211

Exercise of stock options

i 46,783

i 468

i 263,532

i 264,000

Net income

i 2,557,380

Balance at March 31, 2020

i 2,370,251

i 23,703

i 5,487,415

i 20,999,729

i 26,510,847

Restatement Impacts

Balance at March 29, 2019

i 2,323,468

i 23,235

i 3,802,672

i 18,442,349

i 22,268,256

Stock-based compensation expense

Exercise of stock options

Net income (loss) (correction)

( i 1,236,318

)

( i 1,236,318

)

Balance at March 31, 2020

( i 1,236,318

)

( i 1,236,318

)

As Restated

Balance at March 29, 2019

i 2,323,468

i 23,235

i 3,802,672

i 18,442,349

i 22,268,256

Stock-based compensation expense

i 1,421,211

Exercise of stock options

i 46,783

i 468

i 263,532

i 264,000

Net income (as restated)

i 1,321,062

Balance at March 31, 2020 (As Restated)

i 2,370,251

i 23,703

i 5,487,415

i 19,763,411

i 25,274,529

F-13

IEH CORPORATION
Notes to Financial Statements

Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued):

IEH CORPORATION

STATEMENT OF CASH FLOWS

For the Fiscal Year Ended March 31, 2020

As Previously Stated

Restatement Impacts

Restatement Reference

As Restated

Cash flows from operating activities:

Net income

i 2,557,380

( i 1,236,318

)

a, c

i 1,321,062

Adjustments to reconcile net income to

Net cash provided by operating activities:

Depreciation and amortization

i 955,123

Stock-based compensation expense

i 1,421,211

Obsolescence provision

i 253,605

( i 37,605

)

i 216,000

Deferred income taxes, net

( i 746,428

)

i 482,213

( i 264,215

)

Operating lease right-of-use assets

( i 111,125

)

( i 111,125

)

Changes in assets and liabilities:

Accounts receivable

( i 1,525,074

)

( i 1,525,074

)

Inventories

( i 853,863

)

i 1,906,741

i 1,052,878

Prepaid expenses and other current assets

i 359,024

Operating lease liabilities

i 119,629

Accounts payable

i 4,465

Customer advance payments

( i 102,270

)

( i 102,270

)

Other current liabilities

( i 308,958

)

( i 308,958

)

Accrued corporate income taxes

( i 339,306

)

( i 1,115,031

)

( i 1,454,337

)

Net cash provided by operating activities

i 1,683,413

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 969,400

)

( i 969,400

)

Net cash used in investing activities

( i 969,400

)

( i 969,400

)

Cash flows from financing activities:

Advances under accounts receivable financing

i 29,765,459

Repayments under the accounts receivable financing

( i 30,063,541

)

( i 30,063,541

)

Exercise of stock options

i 264,000

Net cash (used in)/provided by financing activities

( i 34,082

)

( i 34,082

)

Net increase in cash

i 679,931

Cash - beginning of fiscal year

i 7,080,126

Cash - end of fiscal year

i 7,760,057

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 71,595

Income Taxes

i 1,769,429

F-14

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Accounting Periods

On February 11, 2020, the Audit Committee adopted a resolution approving a change in the fiscal year end from a 52-53 week year ending on the last Friday of March to a calendar year ending on March 31. In addition, each applicable fiscal quarter, which previously ended on the last Friday of each of June, September, December and March would, beginning with the third fiscal quarter ending on December 31, 2019, change to a calendar fiscal quarter ending on June 30, September 30, December 31 and March 31, respectively. Accordingly, the Company’s fiscal year ending in March 2020 would end on March 31, 2020 and thereafter each March 31.

Revenue Recognition

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Codification ASC 606 “Revenue from Contracts with Customers” (“ASC 606”) that, as amended on August 12, 2015, became effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASC 606 on March 30, 2019.

The core principle underlying ASC 606, is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 sets out the following steps for an entity to follow when applying the core principle to its revenue generating transactions:

	●	Identify the contract with a customer

	●	Identify the performance obligations in the contract

	●	Determine the transaction price

	●	Allocate the transaction price to the performance obligations

	●	Recognize revenue when (or as) each performance obligation is satisfied

The Company recognizes revenue upon shipment of the goods (FOB shipping point).

i The Company’s disaggregated revenue by geographical location is as follows:

	Fiscal Year Ended March 31,
	2022		2021		2020
Domestic	$	i 18,480,329	$	i 26,633,429	$	i 26,244,412
International		i 5,785,260		i 8,081,766		i 5,910,137
Total	$	i 24,265,589	$	i 34,715,195	$	i 32,154,549

Approximately i 68.2%, i 85.8% and i 47.0% of the international net sales for fiscal years ended March 31, 2022, 2021 and 2020, respectively, represent sales to customers located in China.

F-15

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

Revenue Recognition (Continued)

i Based upon the information available to the Company, the aggregated revenue by industry as a percentage of total revenue is provided below:

Fiscal Year Ended March 31,

2022

2021

2020

Industry

Military

i 59.1

i 60.8

i 59.5

Commercial Aerospace

i 14.7

i 21.4

i 22.7

Space

i 17.7

i 13.9

Other

i 8.5

i 3.9

The Company does not offer any discounts, credits or other sales incentives. Historically, the Company has not had an issue with uncollectible accounts receivable.

The Company will accept a return of defective products within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will provide a replacement at its own cost.

Inventories:

Inventories are stated at cost, on an average basis, which does not exceed net realizable value. The Company manufactures products pursuant to specific technical and contractual requirements.

The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience is made to inventory in recognition of this impairment. The Company’s allowance for obsolete inventory was $ i 211,000, $ i 225,000 and $ i 216,000 as of March 31, 2022, 2021 and 2020, respectively, and was reflected as a reduction of inventory.

Concentration of Credit Risk:

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

At times, the Company’s cash in banks was in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any loss as a result of these deposits.

F-16

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

Property, Plant and Equipment:

Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on a straight-line basis over the estimated useful lives ( i 5- i 7 years) of the related assets.

Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization account. Any gain or loss thereon is either credited or charged to operations.

Income Taxes:

The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary and permanent differences resulting from different treatment of items for tax and financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made.

Uncertain Tax Positions:

The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision.

F-17

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

Earnings Per Share

The Company accounts for earnings per share pursuant to ASC Topic 260, “Earnings per Share”, which requires disclosure on the Financial Statements of “basic” and “diluted” earnings per share. Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the fiscal year. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive).

i Basic and diluted net income per share is calculated as follows:

Fiscal Year Ended March 31,

2022

2021

2020

(As Restated)

NET INCOME

i 1,438,134

i 2,027,922

i 1,321,062

BASIC EARNINGS PER COMMON SHARE

i 0.61

i 0.86

i 0.56

DILUTED EARNINGS PER SHARE

i 0.59

i 0.82

i 0.54

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC

i 2,370,251

i 2,341,320

DILUTIVE EFFECT OF OPTIONS TO THE EXTENT THAT SUCH OPTIONS ARE DETERMINED TO BE IN THE MONEY FOR THE PERIOD

i 77,688

i 92,410

i 110,434

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-FULLY DILUTED

i 2,447,939

i 2,462,661

i 2,451,754

F-18

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

Fair Value of Financial Instruments:

The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity of these instruments. The Company is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions.

The Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly.

Level 3 - Significant unobservable inputs that cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by other means.

Use of Estimates:

The preparation of Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the Financial Statements. The Company utilizes estimates with respect to determining the useful lives of fixed assets, the fair value of stock based instruments, an incremental borrowing rate for determining the leases present value of lease payments as well as in the calculation of inventory obsolescence. Actual amounts could differ from those estimates.

Impairment of Long-Lived Assets:

The Company has adopted the provisions of ASC Topic 360, “Property, Plant and Equipment-Impairment or Disposal of Long Lived Assets,” and requires that long-lived assets and certain identifiable intangibles to be held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no long-lived asset impairments recognized by the Company for the fiscal years ended March 31, 2022, 2021 and 2020, respectively.

F-19

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

Stock-Based Compensation:

Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant.

i The Company determined the fair value of the stock option grant based upon the assumptions as provided below:

	For the Fiscal Year Ended March 31,
	2022			2021			2020
Weighted Average Stock Price	$	i 15.18		$	i 12.18		$	i 19.70
Expected life (in years)		i 5			i 5			i 6
Expected volatility		i 55	%		i 55	%		i 56	%
Dividend yield		i 0	%		i 0	%		i 0	%
Risk-Free interest rate, per annum		i 1.40	%		i .07	%		i 1.88	%

Recent Accounting Standards:

Leases

Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods and may include options to extend or terminate the lease term, when it is reasonably certain such options will be exercised.

The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less (“short-term leases”) on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet.

i Balance sheet information related to our leases is presented below:

As of March 31,

Balance Sheet Location

2022

2021

2020

Operating leases:

Right-of-use assets

Operating lease right-of-use assets

i 2,980,820

i 3,272,539

i 111,125

Right-of-use liability, current

Operating lease liabilities

i 285,275

i 185,818

Right-of-use lease liability, long-term

Operating lease liabilities, non-current

i 2,906,455

i 3,180,280

i 119,629

F-20

IEH CORPORATION
Notes to Financial Statements

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):

Leases (Continued)

i Other information related to leases is presented below:

As of March 31,

2022

2021

2020

Other information

Weighted-average discount rate – operating leases

i 6.00

Weighted-average remaining lease term – operating lease (in years)

i 8.8

i 7.8

i 0.7

The lease cost for the fiscal years ended March 31, 2022, 2021 and 2020 was $ i 573,125, $ i 255,158 and $ i 194,338, respectively. In addition to the base rent, the Company pays insurance premiums and utility charges relating to the use of the premises. The Company considers its present facilities to be adequate for its present and anticipated future needs.

The basic minimum annual rental remaining on the leases is $ i 4,050,696 as of March 31, 2022.

i The total remaining operating lease payments included in the measurement of lease liabilities on the Company’s balance sheet as of March 31, 2022 was as follows:

For the fiscal year ending March 31:	Operating Lease Payments
2023	$	i 469,112
2024		i 483,184
2025		i 497,684
2026		i 519,036
2027		i 547,460
Thereafter		i 1,534,220
Total gross operating lease payments		i 4,050,696
Less: imputed interest		( i 858,966	)
Total lease liabilities, reflecting present value of future minimum lease payments	$	i 3,191,730

Financial Instruments - Credit Losses

In June 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which was subsequently revised by ASU 2018-19 and ASU 2020-02. The ASU introduces a new model for assessing impairment on most financial assets. Entities will be required to use a forward-looking expected loss model, which will replace the current incurred loss model, which will result in earlier recognition of allowance for losses. The ASU will be effective for the Company’s first interim period of fiscal 2023. The Company has evaluated the impact of the adoption of ASU 2016-13, and related updates, and has determined that the impact will not be material to its financial statements and disclosures.

F-21

IEH CORPORATION
Notes to Financial Statements

Note 4 - INVENTORIES:

i Inventories are comprised of the following:

As of March 31,

2022

2021

2020

(As Restated)

Raw materials

i 7,875,015

i 6,885,402

i 9,093,070

Work in progress

i 1,505,614

i 1,804,779

i 1,589,178

Finished goods

i 558,758

i 836,616

i 286,317

Allowance for obsolete inventory

( i 211,000

)

( i 225,000

)

( i 216,000

)

i 9,728,387

i 9,301,797

i 10,752,565

Note 5 - PREPAID EXPENSES AND OTHER CURRENT ASSETS:

Prepaid expenses and other current assets are comprised of the following:

	As of March 31,
	2022		2021		2020
Prepaid insurance	$	i 35,691	$	i 76,143	$	i 117,043
Other current assets		i 76,482		i 63,257		i 58,830
	$	i 112,173	$	i 139,400	$	i 175,873

/ /

Note 6 - PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment are as follows:

As of March 31,

2022

2021

2020

Computers

i 572,423

i 539,652

i 537,042

Leasehold improvements

i 2,784,674

i 1,081,226

i 993,876

Machinery and equipment

i 7,909,982

i 7,603,314

i 7,250,410

Tools and dies

i 5,030,650

i 4,593,016

i 4,283,024

Furniture and fixtures

i 352,372

i 186,129

i 179,072

Website development cost

i 9,785

i 9,784

i 16,659,886

i 14,013,122

i 13,253,208

Less: accumulated depreciation and amortization

( i 12,305,775

)

( i 11,468,574

)

( i 10,678,324

)

Property, Plant and Equipment, net

i 4,354,111

i 2,544,548

i 2,574,884

Depreciation and amortization expense for the fiscal years ended March 31, 2022, 2021 and 2020 was $ i 837,201, $ i 790,250 and $ i 955,123, respectively.

F-22

IEH CORPORATION
Notes to Financial Statements

Note 7 - ACCOUNTS RECEIVABLE FINANCING:

The Company had an accounts receivable financing agreement with a non-bank lending institution (“Financing Company”) whereby it was able to borrow up to i 80 percent of its eligible receivables (as defined in such financing agreement) at an interest rate of i 2.5% above JP Morgan Chase’s publicly announced rate with a minimum rate of i 6% per annum.

The financing agreement was terminated as of March 14, 2022.

As of March 31, 2022, 2021 and 2020, the obligation to the Financing Company was $ i 0, $ i 0 and $ i 36,224, respectively.

Note 8 - PPP LOAN AND NOTE:

On April 13, 2020, the Company entered into an unsecured note (the “PPP Note”) evidencing an unsecured loan (“PPP Loan”) in a principal amount of $ i 2,103,885 pursuant to the Payment Protection Program (“PPP”) under the Coronavirus Aid Relief and Economic Security Act (“CARES Act”). The PPP Loan was administered by the U.S. Small Business Administration and the Company’s loan was made through JP Morgan Chase Bank. The PPP Loan bore interest at a fixed interest rate of one ( i 1%) percent per year and would have matured in two ( i 2) years after the issuance date. Payment of interest is deferred for the first six (6) months. Beginning on the seventh month following the date of the PPP Note (November 2020), the Company is required to make 18 payments of equal monthly installments of principal and interest with the final payment due in April 2022. The PPP Note provides for customary events of default including, among other things, cross-defaults on any other loan with JP Morgan Chase Bank. The PPP Loan may be accelerated upon the occurrence of an event of default. The PPP Loan may be prepaid by the Company at any time with no prepayment penalties applied.

The proceeds of the PPP Loan may be used for payroll costs, costs related to certain group health care benefits, rent payments, utility payments, mortgage interest payments, interest payments on other debt obligation that were incurred before February 15, 2020. The PPP Note contains events of defaults and other conditions customary for a note of this type.

The PPP Loan was guaranteed by the United States Small Business Administration (“SBA”). The Company may apply to JP Morgan Chase Bank for forgiveness of the PPP Loan, with the amounts which may be forgiven equal to the sum of payroll costs, covered rent and mortgage obligations and covered utilities, which payments were incurred by the Company during the 24-week period beginning on April 13, 2020 and calculated in accordance with the CARES Act.

Under the terms of the CARES Act, the PPP Loan recipients can apply for and be granted forgiveness for all or a portion of a loan granted under the PPP with such forgiveness to be determined subject to limitations based on the use of loan proceeds for payment of payroll costs and any payments of mortgage, interest, rent and utilities.

On April 21, 2021, the Company received notice that the PPP Loan was forgiven. The Company recorded the forgiveness of the principal balance of $ i 2,103,885 as debt forgiveness income in the quarter ending June 30, 2021.

F-23

IEH CORPORATION
Notes to Financial Statements

Note 9 - OTHER CURRENT LIABILITIES:

Other current liabilities are comprised of the following:

As of March 31,

2022

2021

2020

Payroll and vacation accruals

i 871,117

i 824,536

i 589,989

Sales commissions

i 48,681

i 80,775

i 68,328

Other current liabilities

i 31,308

i 34,068

i 10,145

i 951,106

i 939,379

i 668,462

/ /

Note 10 - INCOME TAXES:

The Company accounts for income taxes under the provisions of ASC Topic 740, “Income Taxes.” Under ASC Topic 740, deferred income tax assets or liabilities are computed based upon the temporary differences between the Financial Statement and income tax bases of assets and liabilities using the currently enacted marginal income tax rates. Deferred income tax expense or credits are based on the changes in the deferred income tax assets or liabilities from period to period.

The provision for income taxes consists of the following:

	Fiscal Year Ended March 31,
	2022			2021			2020
							(As Restated)
Current:
Federal	$	-		$	i 980,061		$	i 430,193
State and local		-			i 81,169			i 367,110
Total current tax provision		-			i 1,061,230			i 797,303

Deferred:
Federal		( i 150,204	)		( i 420,508	)		( i 453,034	)
State and local		( i 12,442	)		( i 33,967	)		( i 293,394	)
Total deferred tax expense		( i 162,646	)		( i 454,475	)		( i 746,428	)
Total provision	$	( i 162,646	)	$	i 606,755		$	i 50,875

/ /

F-24

IEH CORPORATION
Notes to Financial Statements

Note 10 - INCOME TAXES (Continued):

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows:

As of March 31,

2022

2021

2020

(As Restated)

Deferred tax assets:

Net operating loss

i 424,263

Operating lease liabilities

i 714,947

i 752,340

Stock options

i 883,522

i 816,500

i 677,239

Accrued expenses

i 67,146

i 119,872

Inventory

i 150,460

i 148,742

Total deferred tax assets

i 2,240,338

i 1,717,582

i 797,111

Deferred tax liabilities:

Depreciation

i 766,255

i 344,200

i 532,896

Operating lease right-of-use asset

i 667,703

i 731,429

Total deferred tax liabilities

i 1,433,958

i 1,075,629

i 532,896

Deferred tax assets (liabilities), net

i 806,380

i 641,953

i 264,215

F-25

IEH CORPORATION
Notes to Financial Statements

Note 10 - INCOME TAXES (Continued):

A reconciliation of the provision for income taxes with the amounts computed by applying the statutory Federal income tax rate to income before provision for income taxes is as follows:

	Fiscal Year Ended March 31,
	2022			2021			2020
							(As Restated)
U.S. federal statutory rate		i 21.0	%		i 21.0	%		i 21.0	%
State taxes, net of federal benefit		i 1.4	%		i 1.4	%		i 13.6	%
Stock Option Exercises		i 1.6	%		i 0.6	%		( i 21.2	)%
True-up for tax provision		i 0.0	%		i 0.0	%		( i 8.9	)%
Debt forgiveness income of the PPP Note- not subject to income tax		( i 36.9	)%		i 0.0	%		i 0.0	%
Meals and entertainment		i 0.2	%		( i 0.1	)%		( i 0.7	)%
Effective tax rate		( i 12.7	)%		i 22.9	%		i 3.8	%

During the fiscal year ended March 29, 2019, the Company received a remittance of $ i 460,442 from the Internal Revenue Service. The remittance did not indicate the basis for the payment. The Company has reported this payment as a current liability in the accompanying financial statements until such time that the basis for this remittance can be determined.

For the year ended March 31, 2022, the Company’s effective tax rate was ( i 12.7)%, which consisted principally of a federal rate of i 21%, and the Company’s estimate of state taxes, net of federal benefit, of i 1.4%, offset by the impact of a gain on the forgiveness of debt that was not subject to income tax.

As of March 31, 2022 for U.S. federal and state income tax reporting purposes, the Company has approximately $ i 1,900,000 of unused net operating losses (“NOLs”) available for carry forward to future years. As a result of the Tax Cuts and Jobs Act of 2017 (“TCJA”), for U.S. income tax purposes, NOLs generated in tax years beginning after December 31, 2017 may be carried forward indefinitely to offset future taxable income. The total amount of the Federal NOL as of March 31, 2022, may be carried forward indefinitely. The state and city NOLs may generally be carried forward for i twenty years and may be applied against future taxable income. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur if the Company issues additional shares of common stock pursuant.

The Company remains subject to examination by tax authorities for fiscal tax years ended March 31, 2020 and later.

Based upon the Company’s history of generating taxable income, the Company performed an analysis and determined that it was not necessary to establish a valuation reserve with respect to its net deferred income tax assets.

As of December 31, 2022, management does not believe that the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year.

F-26

IEH CORPORATION
Notes to Financial Statements

Note 11 - EQUITY INCENTIVE PLANS:

2011 Equity Incentive Plan

On August 31, 2011, the Company’s stockholders approved the adoption of the Company’s 2011 Equity Incentive Plan (“2011 Plan”) to provide for the grant of stock options and restricted stock awards to purchase up to i 750,000 shares of the Company’s common stock to all employees, consultants and other eligible participants including senior management and members of the Board of Directors of the Company. The 2011 Equity Incentive Plan expired on August 31, 2021 after which no further awards will be granted under such plan.

2020 Equity Incentive Plan

On November 18, 2020, the Board of Directors approved for submission to stockholders at the Annual Meeting the Company’s 2020 Equity Incentive Plan (the “2020 Plan”). On December 16, 2020, the Company’s stockholders approved the adoption of the 2020 Plan to provide for the grant of stock options and restricted stock awards to purchase up to i 750,000 shares of the Company’s common stock to all employees, consultants and other eligible participants including senior management and members of the Board of Directors of the Company.

Options granted to employees under both the 2011 Plan and the 2020 Plan (together the “Plans”) may be designated as options which qualify for incentive stock option treatment under Section 422A of the Internal Revenue Code, or options which do not qualify (non-qualified stock options).

Under the Plans, the exercise price of an option designated as an incentive stock option shall not be less than the fair market value of the Company’s common stock on the day the option is granted. In the event an option designated as an incentive stock option is granted to a ten percent ( i 10%) or greater stockholders, such exercise price shall be at least 110 percent ( i 110%) of the fair market value of the Company’s common stock and the option must not be exercisable after the expiration of ten years from the day of the grant. The Plans also provides that holders of options that wish to pay for the exercise price of their options with shares of the Company’s common stock must have beneficially owned such stock for at least six months prior to the exercise date.

Exercise prices of non-incentive stock options may not be less than the fair market value of the Company’s common stock.

The aggregate fair market value of shares subject to options granted to a participant(s), which are designated as incentive stock options, and which become exercisable in any calendar year, shall not exceed $ i 100,000.

Option Awards

On July 29, 2019, the Board of Directors granted David Offerman, the Company’s President and Chief Executive Officer an option to purchase i 225,000 shares of the Company’s common stock at an exercise price of $ i 20.00 per share, under the 2011 Plan, in connection with his employment agreement dated as of July 29, 2019. The option expires i ten years from the date of grant, and vests in three equal annual installments of i 75,000 options each, with the first vesting installment occurring on the date of grant. The option had a fair value on the date of grant of $ i 2,394,000.

F-27

IEH CORPORATION
Notes to Financial Statements

Note 11 - EQUITY INCENTIVE PLANS (Continued):

Stock-based compensation expense

Stock-based compensation expense is recorded in general and administrative expenses included in the statement of operations. For the fiscal years ended March 31, 2022, 2021 and 2020, stock-based compensation expense was $ i 383,083, $ i 1,695,826 and $ i 1,421,211, respectively.

The Company received $ i 0, $ i 0 and $ i 264,000 in proceeds from stock option exercises during the fiscal years ended March 31, 2022, 2021 and 2020, respectively.

As of March 31, 2022 there was no unrecognized compensation expense related to unamortized stock options.

Stock option activity

The following table provides the stock option activity:

Weighted Avg.

Remaining Contractual

Aggregate
Intrinsic

Grant Date

Exercise

Term

Value

Fair Value

Price

(Years)

(in thousands)

Balance at March 31, 2019

i 185,000

i 4.19

i 6.05

i 7.75

i 1,832

Granted

i 235,000

i 10.46

i 14.72

Exercised

( i 47,783

)

i 3.94

i 6.59

Forfeited or Expired

Balance as of March 31, 2020

i 372,217

i 8.18

i 14.72

i 7.84

i 934

Exercisable as of March 31, 2020

i 220,217

i 6.47

i 6.59

Granted

i 112,500

i 7.24

i 13.84

Exercised

Forfeited or Expired

( i 10,000

)

i 7.22

i 15.10

Balance as of March 31, 2021

i 474,717

i 7.98

i 14.82

i 7.48

i 1,858

Exercisable as of March 31, 2021

i 399,717

i 7.48

i 13.85

Granted

i 20,000

i 5.85

i 12.18

Exercised

Forfeited or Expired

( i 12,500

)

i 7.41

i 15.10

Balance as of March 31, 2022

i 482,217

i 7.91

i 14.69

i 6.56

i 865

Exercisable as of March 31, 2022

i 482,217

i 7.91

i 14.69

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their in-the-money options on those dates.

F-28

IEH CORPORATION
Notes to Financial Statements

Note 12 - CASH BONUS PLAN:

In 1987, the Company adopted a cash bonus plan (the “Cash Bonus Plan”) for non-union, management and administration staff. Contributions to the Cash Bonus Plan are made by the Company only when the Company is profitable for the fiscal year. The Company accrued contributions of $ i 408,000, $ i 394,000 and $ i 324,000 for the fiscal years ended March 31, 2022, 2021 and 2020, respectively.

Note 13 - COMMITMENTS AND CONTINGENCIES:

The Company maintains its operations in facilities located in both New York and Pennsylvania.

On December 1, 2020, i the Company entered into a 120 month extension of its lease agreement for an industrial building in Brooklyn, NY. Monthly rent is $20,400 for the period from commencement through November 30, 2021, $21,012 for the next 12-month period, $21,642 for the next 12-month period, $22,292 for the next 12-month period, $22,960 for the next 12-month period, $25,256 for the next 12-month period, $26,014 for the next 12-month period, $26,795 for the next 12-month period, $27,598 for the next 12-month period and $28,426 for the last 12-month period. The Company maintains a security deposit of $40,800, which is included in other assets on the accompanying balance sheet.

On January 29, 2021 i the Company entered into an 87 month lease agreement for an industrial building in Allentown, Pennsylvania. Monthly rent is $17,520 for the period from commencement through month 15, $18,046 for the next 12-month period, $18,587 for the next 12-month period, $19,145 for the next 12-month period, $19,719 for the next 12-month period, $20,310 for the next 12-month period and $20,920 for the last 12-month period. The Company maintains a security deposit of $35,040, which is included in other assets on the accompanying balance sheet.

The rental expense for the fiscal years ended March 31, 2022, 2021 and 2020, was $ i 573,125, $ i 255,158 and $ i 194,338, respectively.

The Company has a collective bargaining multi-employer pension plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (ID No. 136115077). The Multi-Employer Plan is covered by a collective bargaining agreement with the Company, which expires on March 31, 2024. Contributions are made in accordance with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer Pension Plan Amendments Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions made under the collective bargaining agreement. Generally, these liabilities are contingent upon the termination, withdrawal, or partial withdrawal from the Multi-Employer Plan. The risks of participating in a multiemployer plan are different from single-employer plans, for example, assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, if a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers, and if a participating employer chooses to stop participating in these multiemployer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan.

Based upon the Multi-Employer Plan’s consulting actuary, the actuarial certification of plan status for the year ended December 31, 2021 is neither endangered nor critical under the Pension Protection Act of 2006. The total contributions charged to operations under the provisions of the Multi-Employer Plan were $ i 56,791, $ i 55,941 and $ i 51,383 for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. For the plan years ended December, 31, 2021, 2020 and 2019 respectively, the Company was listed in the United Auto Workers of America, Local 259 as providing less than i 5% of the total contributions for the plan. The Company has not taken any action to terminate, withdraw or partially withdraw from the Multi-Employer Plan nor does it intend to do so in the future.

F-29

IEH CORPORATION
Notes to Financial Statements

Note 14 - CONCENTRATIONS:

During the fiscal year ended March 31, 2022, three customers accounted for i 37.1% of the Company’s net sales. One of those customers accounted for i 12.5% of the Company’s net sales while the second and third customers accounted for i 12.3% and i 12.3% of the Company’s net sales, respectively.

During the fiscal year ended March 31, 2021, three customers accounted for i 36.0% of the Company’s net sales. One of those customers accounted for i 17.3% of the Company’s net sales while the second and third customers accounted for i 10.4% and i 8.3% of the Company’s net sales, respectively.

During the fiscal year ended March 31, 2020, three customers accounted for i 36.6% of the Company’s net sales. One of those customers accounted for i 13.6% of the Company’s net sales while the second and third customers accounted for i 13.1% and i 9.9% of the Company’s net sales, respectively.

As of March 31, 2022, 2021 and 2020 one customer accounted for i 15.0%, three customers accounted for i 41.7%, and two customers accounted for i 35% of accounts receivable, respectively.

As of March 31, 2022, 2021 and 2020 two vendors accounted for i 21.4%, four vendors accounted for i 46.3%, and six vendors accounted for i 73% of accounts payable, respectively.

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED):

As further described in Note 2, the previously reported financial information for the quarters ended September 27, 2019 and December 31, 2019 have been restated. Relevant restated financial information for the second and third quarters of fiscal year 2020 is included in this Annual Report on Form 10-K in the tables that follow. As part of the restatement, the Company recorded adjustments to correct the uncorrected misstatements in the impacted periods. Descriptions of the restatement references (a), (b), and (c) can be found in Note 2. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Restated amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding.

The following tables summarize the Company’s unaudited quarterly financial information for each of the three interim quarters for the fiscal years ended March 31, 2022, 2021 and 2020 (the sum of quarterly periods may not equal full-year amounts due to rounding):

Incorporated herein is expanded disclosure of the restatements of the quarterly information for the three and six-months ended September 27, 2019 and three and nine-months ended December 31, 2019.

F-30

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED BALANCE SHEETS

(unaudited)

As Restated

June 28,
2019

September 27,
2019

December 31,
2019

Assets

Current assets:

Cash

i 6,444,502

i 6,563,424

i 8,191,969

Accounts receivable

i 5,200,850

i 5,515,887

i 5,776,564

Inventories

i 12,044,241

i 9,947,043

i 11,174,119

Excess payments to commercial finance company

i 705,623

i 608,666

Prepaid expenses and other current assets

i 387,519

i 551,032

i 271,541

Total current assets

i 24,782,735

i 23,186,052

i 25,414,193

Non-current assets:

Property, plant and equipment, net

i 2,584,226

i 2,433,956

i 2,331,705

Operating lease right-of-use assets

i 254,249

i 206,541

i 158,833

Security deposit

i 54,489

Total assets

i 27,675,699

i 25,881,038

i 27,959,220

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 501,105

i 119,691

i 246,706

Due to accounts receivable financing company

i 381,871

Customer advance payments

i 524,685

i 222,541

Accrued corporate income taxes

i 2,044,973

i 1,263,075

i 843,114

Operating lease liabilities

i 190,920

i 177,664

i 165,395

Other current liabilities

i 1,163,558

i 1,171,749

i 2,025,287

Total current liabilities

i 4,425,241

i 2,954,720

i 3,662,373

Operating lease liabilities, non-current

i 64,207

i 33,047

Total liabilities

i 4,489,448

i 2,987,767

i 3,662,373

Commitments and Contingencies

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i 2,323,468 / , i i 2,331,751 / and i i 2,360,251 / shares issued and outstanding at June 28, 2019, September 27, 2019 and December 31, 2019, respectively

i 23,235

i 23,318

i 23,603

Additional paid-in capital

i 3,811,134

i 4,734,382

i 5,165,588

Retained earnings

i 19,351,882

i 18,135,571

i 19,107,656

Total Stockholders’ Equity

i 23,186,251

i 22,893,271

i 24,296,847

Total Liabilities and Stockholders’ Equity

i 27,675,699

i 25,881,038

i 27,959,220

F-31

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED BALANCE SHEETS

(unaudited)

June 30,
2020

September 30,
2020

December 31,
2020

Assets

Current assets:

Cash

i 11,583,305

i 11,563,014

i 12,767,381

Accounts receivable

i 5,230,852

i 5,634,070

i 4,541,646

Inventories

i 10,676,366

i 10,602,201

i 11,454,873

Corporate income taxes receivable

i 404,337

i 656,017

Prepaid expenses and other current assets

i 148,609

i 88,262

i 99,734

Total current assets

i 27,639,132

i 28,291,884

i 29,519,651

Non-current assets:

Property, plant and equipment, net

i 2,685,795

i 2,741,209

i 2,627,287

Operating lease right-of-use assets

i 63,417

i 15,710

i 2,027,596

Deferred income tax asset, net

i 264,215

Security deposit

i 54,489

Total assets

i 30,707,048

i 31,367,507

i 34,493,238

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 111,703

i 600,813

i 98,067

Due to accounts receivable financing company

i 136,579

Customer advance payments

i 170,958

i 215,928

i 50,358

Accrued corporate income taxes

i 362,947

Operating lease liabilities

i 40,196

Other current liabilities

i 1,726,285

i 795,136

i 511,904

Total current liabilities

i 2,508,472

i 1,611,877

i 700,525

Operating lease liabilities, non-current

i 73,863

i 28,097

i 2,010,789

PPP Loan

i 2,103,885

Total liabilities

i 4,686,220

i 3,743,859

i 4,815,199

Commitments and Contingencies

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i 2,370,251 / , i i 2,370,251 / and i i 2,370,251 / shares issued and outstanding at June 30, 2020, September 30, 2020 and December 31, 2020, respectively

i 23,703

Additional paid-in capital

i 5,759,477

i 5,965,349

i 6,983,741

Retained earnings

i 20,237,648

i 21,634,596

i 22,670,595

Total Stockholders’ Equity

i 26,020,828

i 27,623,648

i 29,678,039

Total Liabilities and Stockholders’ Equity

i 30,707,048

i 31,367,507

i 34,493,238

F-32

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED BALANCE SHEETS

(unaudited)

June 30,
2021

September 30,
2021

December 31,
2021

Assets

Current assets:

Cash

i 15,028,313

i 14,616,581

i 13,118,664

Accounts receivable

i 3,686,273

i 3,068,677

i 3,391,303

Inventories

i 10,021,985

i 9,311,019

i 9,419,614

Corporate income taxes receivable

i 627,511

i 1,418,452

i 1,613,310

Prepaid expenses and other current assets

i 219,715

i 174,219

i 81,807

Total current assets

i 29,583,797

i 28,588,948

i 27,624,698

Non-current assets:

Property, plant and equipment, net

i 2,402,752

i 2,599,641

i 4,176,303

Operating lease right-of-use assets

i 3,209,494

i 3,134,176

i 3,057,992

Deferred income tax asset, net

i 1,154,225

Security deposit

i 75,756

Total assets

i 36,426,024

i 35,552,746

i 36,088,974

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 791,077

i 271,903

i 882,688

Customer advance payments

i 12,272

i 29,633

i 159,954

Operating lease liabilities

i 245,785

i 270,084

i 277,604

Other current liabilities

i 711,855

i 561,957

i 568,411

Total current liabilities

i 1,760,989

i 1,133,577

i 1,888,657

Operating lease liabilities, non-current

i 3,123,670

i 3,053,531

i 2,981,173

Total liabilities

i 4,884,659

i 4,187,108

i 4,869,830

Commitments and Contingencies

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i 2,370,251 / , i i 2,370,251 / and i i 2,370,251 / shares issued and outstanding at June 30, 2021 September 30, 2021 and December 31, 2021 respectively

i 23,703

Additional paid-in capital

i 7,382,741

i 7,449,241

i 7,507,729

Retained earnings

i 24,134,921

i 23,892,694

i 23,687,712

Total Stockholders’ Equity

i 31,541,365

i 31,365,638

i 31,219,144

Total Liabilities and Stockholders’ Equity

i 36,426,024

i 35,552,746

i 36,088,974

F-33

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

As Restated

Three Months
Ended
June 28,
2019

Three Months Ended
September 27,
2019

Six Months
Ended
September 27,
2019

Three Months
Ended
December 31,
2019

Nine Months
Ended
December 31,
2019

Revenue

i 7,567,398

i 7,551,384

i 15,118,782

i 8,424,657

i 23,542,266

Costs and expenses:

Cost of products sold

i 4,820,944

i 7,197,810

i 12,018,754

i 5,060,882

i 17,078,463

Selling, general and administrative

i 1,113,833

i 2,116,610

i 3,230,443

i 1,469,197

i 4,699,640

Depreciation and amortization

i 236,620

i 223,333

i 459,953

i 237,764

i 697,717

Total operating expenses

i 6,171,397

i 9,537,753

i 15,709,150

i 6,767,843

i 22,475,820

Operating income (loss)

i 1,396,001

( i 1,986,369

)

( i 590,368

)

i 1,656,814

i 1,066,446

Other (expense) income:

Other income

i 8,898

i 7,976

i 16,874

i 6,025

i 22,899

Interest (expense) income, net

( i 13,927

)

( i 19,816

)

( i 33,743

)

( i 17,263

)

( i 51,006

)

Total other (expense) income, net

( i 5,029

)

( i 11,840

)

( i 16,869

)

( i 11,238

)

( i 28,107

)

Income (loss) before (provision for) benefit from income taxes

i 1,390,972

( i 1,998,209

)

( i 607,237

)

i 1,645,576

i 1,038,339

(Provision for) benefit from income taxes

( i 481,439

)

i 781,898

i 300,459

( i 673,491

)

( i 373,032

)

Net Income (Loss)

i 909,533

( i 1,216,311

)

( i 306,778

)

i 972,085

i 665,307

Basic earnings per common share

i 0.39

( i 0.52

)

( i 0.13

)

i 0.41

i 0.29

Diluted earnings per share

i 0.37

( i 0.52

)

( i 0.13

)

i 0.35

i 0.25

Weighted average number of common shares outstanding - basic (in thousands)

i 2,323

i 2,328

i 2,326

i 2,349

i 2,334

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,440

i 2,328

i 2,443

i 2,769

i 2,616

F-34

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

Three Months
Ended
June 30,
2020

Three Months
Ended
September 30,
2020

Six Months
Ended
September 30,
2020

Three Months Ended
December 31,
2020

Nine Months Ended
December 31,
2020

Revenue

i 8,265,086

i 9,538,479

i 17,803,565

i 8,397,523

i 26,201,088

Costs and expenses:

Cost of products sold

i 5,736,255

i 5,816,176

i 11,552,431

i 4,683,903

i 16,236,334

Selling, general and administrative

i 1,786,532

i 1,659,188

i 3,445,720

i 2,193,989

i 5,639,709

Depreciation and amortization

i 146,130

i 245,483

i 391,613

i 204,300

i 595,913

Total operating expenses

i 7,668,917

i 7,720,847

i 15,389,764

i 7,082,192

i 22,471,956

Operating income

i 596,169

i 1,817,632

i 2,413,801

i 1,315,331

i 3,729,132

Other income (expense):

Other income

i 27,897

i 23

i 27,920

i 28,324

i 56,244

Interest (expense) income, net

( i 8,973

)

( i 5,791

)

( i 14,764

)

i 144

( i 14,620

)

Total other income (expense), net

i 18,924

( i 5,768

)

i 13,156

i 28,468

i 41,624

Income before provision for income taxes

i 615,093

i 1,811,864

i 2,426,957

i 1,343,799

i 3,770,756

Provision for income taxes

( i 140,856

)

( i 414,916

)

( i 555,772

)

( i 307,800

)

( i 863,572

)

Net Income

i 474,237

i 1,396,948

i 1,871,185

i 1,035,999

i 2,907,184

Basic earnings per common share

i 0.20

i 0.59

i 0.79

i 0.44

i 1.23

Diluted earnings per share

i 0.19

i 0.57

i 0.76

i 0.42

i 1.18

Weighted average number of common shares outstanding - basic (in thousands)

i 2,370

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,455

i 2,458

i 2,457

i 2,460

i 2,458

F-35

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended
June 30,
2021

Three Months Ended
September 30,
2021

Six Months Ended
September 30,
2021

Three Months Ended
December 31,
2021

Nine Months Ended
December 31,
2021

Revenue

i 6,510,577

i 6,561,872

i 13,072,449

i 5,814,132

i 18,886,581

Costs and expenses:

Cost of products sold

i 4,739,742

i 5,563,554

i 10,303,296

i 4,546,524

i 14,849,820

Selling, general and administrative

i 1,284,106

i 1,180,275

i 2,464,381

i 1,320,001

i 3,784,382

Depreciation and amortization

i 175,916

i 181,149

i 357,065

i 226,338

i 583,403

Total operating expenses

i 6,199,764

i 6,924,978

i 13,124,742

i 6,092,863

i 19,217,605

Operating income (loss)

i 310,813

( i 363,106

)

( i 52,293

)

( i 278,731

)

( i 331,024

)

Other income (expense):

Other income

i 2,130,606

i 50,839

i 2,181,445

i 14,516

i 2,195,961

Interest income (expense), net

i 73

i 126

i 199

i 69

i 268

Total other income (expense), net

i 2,130,679

i 50,965

i 2,181,644

i 14,585

i 2,196,229

Income (loss) before (provision for) benefit from income taxes

i 2,441,492

( i 312,141

)

i 2,129,351

( i 264,146

)

i 1,865,205

(Provision for) benefit from income taxes

( i 97,904

)

i 69,914

( i 27,990

)

i 59,164

i 31,174

Net Income (Loss)

i 2,343,588

( i 242,227

)

i 2,101,361

( i 204,982

)

i 1,896,379

Basic earnings per common share

i 0.99

( i 0.10

)

i 0.89

( i 0.09

)

i 0.80

Diluted earnings per share

i 0.95

( i 0.10

)

i 0.86

( i 0.09

)

i 0.77

Weighted average number of common shares outstanding - basic (in thousands)

i 2,370

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,472

i 2,370

i 2,456

i 2,370

i 2,449

F-36

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

Common Stock

Additional
Paid-in

Retained

Total
Stockholders’

Amount

Capital

Earnings

Equity

Balance at March 29, 2019

i 2,323,468

i 23,235

i 3,802,672

i 18,442,349

i 22,268,256

Stock-based compensation expense

i 8,462

Exercise of stock options

Net income

i 909,533

Balance at June 28, 2019

i 2,323,468

i 23,235

i 3,811,134

i 19,351,882

i 23,186,251

Stock-based compensation expense

i 890,331

Exercise of stock options

i 8,283

i 83

i 32,917

i 33,000

Net loss

( i 1,216,311

)

( i 1,216,311

)

Balance at September 27, 2019 (As Restated)

i 2,331,751

i 23,318

i 4,734,382

i 18,135,571

i 22,893,271

Stock-based compensation expense

i 260,491

Exercise of stock options

i 28,500

i 285

i 170,715

i 171,000

Net income

i 972,085

Balance at December 31, 2019 (As Restated)

i 2,360,251

i 23,603

i 5,165,588

i 19,107,656

i 24,296,847

Stock-based compensation expense

i 261,927

Exercise of stock options

i 10,000

i 100

i 59,900

i 60,000

Net income

i 655,755

Balance at March 31, 2020 (As Restated)

i 2,370,251

i 23,703

i 5,487,415

i 19,763,411

i 25,274,529

F-37

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

Common Stock

Additional
Paid-in

Retained

Total
Stockholders’

Amount

Capital

Earnings

Equity

Balance at March 31, 2020 (As Restated)

i 2,370,251

i 23,703

i 5,487,415

i 19,763,411

i 25,274,529

Stock-based compensation expense

i 272,062

Exercise of stock options

Net income

i 474,237

Balance at June 30, 2020

i 2,370,251

i 23,703

i 5,759,477

i 20,237,648

i 26,020,828

Stock-based compensation expense

i 205,872

Exercise of stock options

Net income

i 1,396,948

Balance at September 30, 2020

i 2,370,251

i 23,703

i 5,965,349

i 21,634,596

i 27,623,648

Stock-based compensation expense

i 1,018,392

Exercise of stock options

Net income

i 1,035,999

Balance at December 31, 2020

i 2,370,251

i 23,703

i 6,983,741

i 22,670,595

i 29,678,039

Stock-based compensation expense

i 199,500

Exercise of stock options

Net loss

( i 879,262

)

( i 879,262

)

Balance at March 31, 2021

i 2,370,251

i 23,703

i 7,183,241

i 21,791,333

i 28,998,277

F-38

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

Common Stock

Additional
Paid-in

Retained

Total
Stockholders’

Amount

Capital

Earnings

Equity

Balance at March 31, 2021

i 2,370,251

i 23,703

i 7,183,241

i 21,791,333

i 28,998,277

Stock-based compensation expense

i 199,500

Exercise of stock options

Net income

i 2,343,588

Balance at June 30, 2021

i 2,370,251

i 23,703

i 7,382,741

i 24,134,921

i 31,541,365

Stock-based compensation expense

i 66,500

Exercise of stock options

Net loss

( i 242,227

)

( i 242,227

)

Balance at September 30, 2021

i 2,370,251

i 23,703

i 7,449,241

i 23,892,694

i 31,365,638

Stock-based compensation expense

i 58,488

Exercise of stock options

Net loss

( i 204,982

)

( i 204,982

)

Balance at December 31, 2021

i 2,370,251

i 23,703

i 7,507,729

i 23,687,712

i 31,219,144

Stock-based compensation expense

i 58,595

Exercise of stock options

Net loss

( i 458,245

)

( i 458,245

)

Balance at March 31, 2022

i 2,370,251

i 23,703

i 7,566,324

i 23,229,467

i 30,819,494

F-39

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

As Restated

Three Months Ended
June 28,
2019

Six Months Ended
September 27, 2019

Nine Months Ended
December 31, 2019

Cash flows from operating activities:

Net income (loss)

i 909,533

( i 306,778

)

i 665,307

Adjustments to reconcile net income to

Net cash provided by operating activities:

Depreciation and amortization

i 236,620

i 459,953

i 697,717

Stock-based compensation expense

i 8,462

i 898,793

i 1,159,284

Operating lease right-of-use assets

( i 254,249

)

( i 206,541

)

( i 158,833

)

Changes in assets and liabilities:

Accounts receivable

( i 1,367,760

)

( i 1,682,797

)

( i 1,943,474

)

Inventories

( i 22,798

)

i 2,074,400

i 847,324

Prepaid expenses and other current assets

i 147,378

( i 16,135

)

i 263,356

Operating lease liabilities

i 255,127

i 210,711

i 165,395

Accounts payable

i 21,093

( i 360,321

)

( i 233,306

)

Customer advance payments

i 176,455

( i 125,689

)

( i 348,230

)

Other current liabilities

i 186,138

i 194,329

i 1,047,867

Accrued corporate income taxes

i 368,545

( i 413,353

)

( i 833,314

)

Excess payments to commercial financial company

( i 705,623

)

( i 608,666

)

Net cash (used in)/provided by operating activities

( i 41,079

)

i 117,906

i 1,329,093

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 260,239

)

( i 333,302

)

( i 468,815

)

Net cash used in investing activities

( i 260,239

)

( i 333,302

)

( i 468,815

)

Cash flows from financing activities:

Advances under accounts receivable financing

i 10,611,009

i 11,316,632

i 25,856,183

Repayments under the accounts receivable financing

( i 10,945,315

)

( i 11,650,938

)

( i 25,808,618

)

Exercise of stock options

i 33,000

i 204,000

Net cash (used in)/provided by financing activities

( i 334,306

)

( i 301,306

)

i 251,565

Net increase in cash

( i 635,624

)

( i 516,702

)

i 1,111,843

Cash - beginning of fiscal year

i 7,080,126

Cash - end of fiscal year

i 6,444,502

i 6,563,424

i 8,191,969

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 10,502

i 31,329

i 48,592

Income Taxes

i 112,895

i 953,365

F-40

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

Three Months Ended
June 30, 2020

Six Months Ended
September 30, 2020

Nine Months Ended
December 31, 2020

Cash flows from operating activities:

Net income

i 474,237

i 1,871,185

i 2,907,184

Adjustments to reconcile net income to

Net cash provided by operating activities:

Depreciation and amortization

i 146,129

i 391,613

i 595,913

Stock-based compensation expense

i 272,062

i 477,934

i 1,496,326

Obsolescence provision

i 9,000

Operating lease right-of-use assets

i 1,942

i 3,883

i 14,885

Changes in assets and liabilities:

Accounts receivable

i 127,312

( i 275,906

)

i 816,518

Inventories

i 67,199

i 141,364

( i 711,308

)

Prepaid expenses and other current assets

i 27,264

i 87,611

i 76,139

Accounts payable

( i 372,774

)

i 116,336

( i 386,410

)

Customer advance payments

( i 75,002

)

( i 30,032

)

( i 195,602

)

Other current liabilities

i 1,057,823

i 126,674

( i 156,558

)

Corporate income taxes receivable

( i 404,337

)

( i 656,017

)

Accrued corporate income taxes

i 140,856

( i 222,091

)

( i 222,091

)

Net cash provided by operating activities

i 1,876,048

i 2,293,234

i 3,587,979

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 257,040

)

( i 557,938

)

( i 648,316

)

Net cash used in investing activities

( i 257,040

)

( i 557,938

)

( i 648,316

)

Cash flows from financing activities:

Advances under accounts receivable financing

i 13,650,607

i 21,468,020

Repayments under the accounts receivable financing

( i 13,550,252

)

( i 21,504,244

)

( i 21,504,244

)

Proceeds from PPP loan

i 2,103,885

Net cash provided by financing activities

i 2,204,240

i 2,067,661

Net increase in cash

i 3,823,248

i 3,802,957

i 5,007,324

Cash - beginning of fiscal year

i 7,760,057

Cash - end of fiscal year

i 11,583,305

i 11,563,014

i 12,767,381

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 9,602

i 16,029

i 16,269

Income Taxes

i 1,182,200

i 1,629,700

F-41

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

Three Months Ended
June 30,
2021

Six Months Ended September 30,
2021

Nine Months Ended December 31,
2021

Cash flows from operating activities:

Net income

i 2,343,588

i 2,101,361

i 1,896,379

Adjustments to reconcile net income to

Net cash provided by operating activities:

Depreciation and amortization

i 175,917

i 357,065

i 583,404

Stock-based compensation expense

i 199,500

i 266,000

i 324,488

Obsolescence provision

( i 14,000

)

( i 14,000

)

( i 14,000

)

Deferred income taxes, net

( i 512,272

)

( i 512,272

)

( i 512,272

)

Operating lease right-of-use assets

i 107,202

i 232,921

i 358,640

Gain on forgiveness of PPP loan

( i 2,103,885

)

( i 2,103,885

)

( i 2,103,885

)

Changes in assets and liabilities:

Accounts receivable

i 1,960,450

i 2,578,046

i 2,255,420

Inventories

( i 706,188

)

i 4,778

( i 103,817

)

Prepaid expenses and other current assets

( i 80,315

)

( i 34,819

)

i 57,593

Operating lease liabilities

( i 40,800

)

( i 137,041

)

( i 251,414

)

Accounts payable

i 172,023

( i 347,151

)

i 263,634

Customer advance payments

( i 26,389

)

( i 9,028

)

i 121,293

Other current liabilities

( i 227,524

)

( i 377,422

)

( i 370,968

)

Corporate income taxes receivable

( i 92,415

)

( i 883,356

)

( i 1,078,214

)

Net cash provided by operating activities

i 1,154,892

i 1,121,197

i 1,426,281

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 34,121

)

( i 412,158

)

( i 2,215,159

)

Net cash used in investing activities

( i 34,121

)

( i 412,158

)

( i 2,215,159

)

Net increase in cash

i 1,120,771

i 709,039

( i 788,878

)

Cash - beginning of fiscal year

i 13,907,542

Cash - end of fiscal year

i 15,028,313

i 14,616,581

i 13,118,664

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 52

i 110

Income Taxes

i 397,592

i 1,010,539

i 1,274,539

F-42

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED BALANCE SHEETS

As of September 27, 2019

As Previously Reported

Restatement Impacts

Restatement Reference

(As Restated)

Assets

Current assets:

Cash

i 6,563,424

Accounts receivable

i 5,515,887

Inventories

i 13,091,697

( i 3,144,654

)

i 9,947,043

Excess payments to commercial financial company

i 608,666

Prepaid expenses and other current assets

i 551,032

Total current assets

i 26,330,706

( i 3,144,654

)

i 23,186,052

Non-current assets:

Property, plant and equipment, net

i 2,433,956

Operating lease right-of-use assets

i 206,541

Security deposit

i 54,489

Total assets

i 29,025,692

( i 3,144,654

)

i 25,881,038

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 119,691

Customer advance payments

i 222,541

Accrued corporate income taxes

i 2,747,407

( i 1,484,332

)

i 1,263,075

Operating lease liabilities

i 177,664

Other current liabilities

i 1,171,749

Total current liabilities

i 4,439,052

( i 1,484,332

)

i 2,954,720

Operating lease liabilities, non-current

i 33,047

Total liabilities

i 4,472,099

( i 1,484,332

)

i 2,987,767

Commitments and Contingencies

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i i i i i 2,331,751 / / / / / shares issued and outstanding

i 23,318

Additional paid-in capital

i 3,849,715

i 884,667

i 4,734,382

Retained earnings

i 20,680,560

( i 2,544,989

)

a, b, c

i 18,135,571

Total Stockholders’ Equity

i 24,553,593

( i 1,660,322

)

i 22,893,271

Total Liabilities and Stockholders’ Equity

i 29,025,692

( i 3,144,654

)

i 25,881,038

F-43

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED BALANCE SHEETS

As of December 31, 2019

As Previously Reported

Restatement Impacts

Restatement Reference

(As Restated)

Assets

Current assets:

Cash

i 8,191,969

Accounts receivable

i 5,776,564

Inventories

i 14,108,916

( i 2,934,797

)

i 11,174,119

Prepaid expenses and other current assets

i 271,540

i 271,541

Total current assets

i 28,348,989

( i 2,934,797

)

i 25,414,193

Non-current assets:

Property, plant and equipment, net

i 2,331,705

Operating lease right-of-use assets

i 158,833

Security deposit

i 54,489

Total assets

i 30,894,016

( i 2,934,797

)

i 27,959,220

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

i 246,706

Due to accounts receivable financing company

i 381,871

Accrued corporate income taxes

i 1,844,650

( i 1,001,536

)

i 843,114

Operating lease liabilities

i 165,395

Other current liabilities

i 2,025,287

Total current liabilities

i 4,663,909

( i 1,001,536

)

i 3,662,373

Total liabilities

i 4,663,909

( i 1,001,536

)

i 3,662,373

Commitments and Contingencies

Stockholders’ Equity

Common Stock, $ i i i 0.01 / / par value; i i i 10,000,000 / / shares authorized; i i i i i i 2,360,251 / / / / / shares issued and outstanding

i 23,603

Additional paid-in capital

i 5,165,588

Retained earnings

i 21,040,916

( i 1,933,260

)

a, c

i 19,107,656

Total Stockholders’ Equity

i 26,230,107

( i 1,933,260

)

i 24,296,847

Total Liabilities and Stockholders’ Equity

i 30,894,016

( i 2,934,796

)

i 27,959,220

F-44

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

For the Three-Months Ended September 27, 2019

As Previously Reported

Restatement Impacts

Restatement Reference

As Restated

Revenue

i 7,551,384

Costs and expenses:

Cost of products sold

i 4,052,488

i 3,145,322

i 7,197,810

Selling, general and administrative

i 1,232,611

i 883,999

i 2,116,610

Depreciation and amortization

i 223,333

Total operating expenses

i 5,508,432

i 4,029,321

i 9,537,753

Operating income (loss)

i 2,042,952

( i 4,029,321

)

( i 1,986,369

)

Other expenses

Other income

i 7,976

Interest income (expense)

( i 19,816

)

( i 19,816

)

Total other income (expense), net

( i 11,840

)

( i 11,840

)

Income (loss) before benefit from (provision for) income taxes

i 2,031,112

( i 4,029,321

)

a, b

( i 1,998,209

)

Benefit from (provision for) income taxes

( i 702,434

)

i 1,484,332

i 781,898

Net Income (Loss)

i 1,328,678

( i 2,544,989

)

a, b, c

( i 1,216,311

)

Basic earnings per common share

i 0.57

( i 1.09

)

( i 0.52

)

Diluted earnings per share

i 0.54

( i 1.06

)

( i 0.52

)

Weighted average number of common shares outstanding - basic (in thousands)

i 2,328

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,446

i 2,328

F-45

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

For the Six-Months Ended September 27, 2019

As Previously Reported

Restatement Impacts

Restatement Reference

As Restated

Revenue

i 15,118,782

Costs and expenses:

Cost of products sold

i 8,874,100

i 3,144,654

i 12,018,754

Selling, general and administrative

i 2,345,776

i 884,667

i 3,230,443

Depreciation and amortization

i 459,953

Total operating expenses

i 11,679,829

i 4,029,321

i 15,709,150

Operating income

i 3,438,953

( i 4,029,321

)

( i 590,368

)

Other expenses

Other income

i 16,874

Interest income (expense)

( i 33,743

)

( i 33,743

)

Total other income (expense), net

( i 16,869

)

( i 16,869

)

Income before provision for income taxes

i 3,422,084

( i 4,029,321

)

a, b

( i 607,237

)

Provision for income taxes

( i 1,183,873

)

i 1,484,332

i 300,459

Net Income

i 2,238,211

( i 2,544,989

)

a, b, c

( i 306,778

)

Basic earnings per common share

i 0.96

( i 1.09

)

( i 0.13

)

Diluted earnings per share

i 0.92

( i 1.05

)

( i 0.13

)

Weighted average number of common shares outstanding - basic (in thousands)

i 2,328

i 2,326

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,446

i 2,443

F-46

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

For the Three-Months Ended December 31, 2019

As Previously
Reported

Restatement
Impacts

Restatement
Reference

As
Restated

Revenue

i 8,424,657

Costs and expenses:

Cost of products sold

i 5,270,795

( i 209,913

)

i 5,060,882

Selling, general and administrative

i 1,469,198

i 1,469,197

Depreciation and amortization

i 237,764

Total operating expenses

i 6,977,757

( i 209,913

)

i 6,767,843

Operating income

i 1,446,900

i 209,913

i 1,656,814

Other expenses

Other income

i 6,025

Interest income (expense)

( i 17,263

)

( i 17,263

)

Total other income (expense), net

( i 11,238

)

( i 11,238

)

Income before provision for income taxes

i 1,435,662

i 209,913

i 1,645,576

Provision for income taxes

( i 587,550

)

( i 85,941

)

( i 673,491

)

Net Income

i 848,112

i 123,972

a, c

i 972,085

Basic earnings per common share

i 0.36

i 0.05

i 0.41

Diluted earnings per share

i 0.31

i 0.04

i 0.35

Weighted average number of common shares outstanding - basic (in thousands)

i 2,349

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,769

F-47

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

For the Nine-Months Ended December 31, 2019

As Previously Reported

Restatement Impacts

Restatement Reference

As Restated

Revenue

i 23,542,266

Costs and expenses:

Cost of products sold

i 14,143,666

i 2,934,797

i 17,078,463

Selling, general and administrative

i 4,699,640

Depreciation and amortization

i 697,717

Total operating expenses

i 19,541,023

i 2,934,797

i 22,475,820

Operating income

i 4,001,243

( i 2,934,797

)

i 1,066,446

Other expenses

Other income

i 22,899

Interest income (expense)

( i 51,006

)

( i 51,006

)

Total other income (expense), net

( i 28,107

)

( i 28,107

)

Income before provision for income taxes

i 3,973,136

( i 2,934,797

)

i 1,038,339

Provision for income taxes

( i 1,374,511

)

i 1,001,479

( i 373,032

)

Net Income

i 2,598,625

( i 1,933,318

)

a, c

i 665,307

Basic earnings per common share

i 1.11

( i 0.82

)

i 0.29

Diluted earnings per share

i 0.99

( i 0.74

)

i 0.25

Weighted average number of common shares outstanding - basic (in thousands)

i 2,334

Weighted average number of common shares outstanding - diluted (in thousands)

i 2,616

F-48

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(See Note, below)

Common Stock

Additional paid-in

Retained

Total
Stockholders’

Amount

capital

Earnings

Equity

As Previously Reported

Balance at June 28, 2019

i 2,323,468

i 23,235

i 3,811,134

i 19,351,882

i 23,186,251

Stock-based compensation expense

i 5,664

Exercise of stock options

i 8,283

i 83

i 32,917

i 33,000

Net income (loss)

i 1,328,678

Balance at September 27, 2019

i 2,331,751

i 23,318

i 3,849,715

i 20,680,560

i 24,553,593

Restatement Impacts

Balance at June 28, 2019

Stock-based compensation expense (see Note, below)

i 884,667

Exercise of stock options

Net income (loss) (see Note, below)

( i 2,544,989

)

( i 2,544,989

)

Balance at September 27, 2019

i 884,667

( i 2,544,989

)

( i 1,660,322

)

As Restated

Balance at June 28, 2019

i 2,323,468

i 23,235

i 3,811,134

i 19,351,882

i 23,186,251

Stock-based compensation expense

i 890,331

Exercise of stock options

i 8,283

i 83

i 32,917

i 33,000

Net income (loss)

( i 1,216,311

)

( i 1,216,311

)

Balance at September 27, 2019 (As Restated)

i 2,331,751

i 23,318

i 4,734,382

i 18,135,571

i 22,893,271

Note - This stock-based compensation expense adjustment is to record in Q2 the amortization of stock-based compensation, net of income tax expense, for an equity based award that should have been recorded during this period in the Company’s original filing of Form 10-Q. The amortization of this stock-based compensation award was recorded within the year-to-date statement of operations for the nine months ended December 31, 2019, as if it had been properly recorded within the second quarter of FYE 2020. Thus, within the restatement schedules for the three and six months ended September 27, 2019, the Company is reflecting the effect of recording the impact of this stock-based compensation expense, net of tax, during the three and six months ended September 27, 2019, since these periods are being re-presented within this quarterly information within this annual report. However, the reader will not see a corresponding restatement adjustment impact from this stock-based compensation item, net of tax, within the financial information for the three and nine months ended December 31, 2019, since that information was presented, as adjusted, within the original filing of the Form 10-Q for such period.

F-49

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(See Note, below)

Common Stock

Additional paid-in

Retained

Total
Stockholders’

Amount

capital

Earnings

Equity

As adjusted and Previously Reported within the Form 10-Q for the Three and Nine Months Ended December 31, 2019:

As presented within the as filed Form 10-Q for the three and six months ended September 27, 2019

i 2,331,751

i 23,318

i 3,849,715

i 20,680,560

i 24,553,593

- Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $ i 884,667, net of income taxes of $ i 396,911)

i 884,667

( i 487,756

)

i 396,911

Balance at September 27, 2019 - as adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed.

i 2,331,751

i 23,318

i 4,734,382

i 20,192,804

i 24,950,504

Stock-based compensation expense

i 260,491

Exercise of stock options

i 28,500

i 285

i 170,715

i 171,000

Net income (loss)

i 848,112

Balance at December 31, 2019

i 2,360,251

i 23,603

i 5,165,588

i 21,040,916

i 26,230,107

Restatement Impacts

Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($ i 2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $ i 487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019).

( i 2,057,233

)

( i 2,057,233

)

Stock-based compensation expense

Exercise of stock options

Net income (loss)

i 123,973

Balance at December 31, 2019

( i 1,933,260

)

( i 1,933,260

)

As Restated

Balance at September 27, 2019

i 2,331,751

i 23,318

i 4,734,382

i 18,135,571

i 22,893,271

Stock-based compensation expense

i 260,491

Exercise of stock options

i 28,500

i 285

i 170,715

i 171,000

Net income (loss)

i 972,085

Balance at December 31, 2019 (As Restated)

i 2,360,251

i 23,603

i 5,165,588

i 19,107,656

i 24,296,847

Note - As further discussed above, a year-to-date stock-based compensation expense adjustment was recorded within the Form 10-Q for the three and nine months ended December 31, 2019, to record the amortization of stock-based compensation, net of income tax expense, for an equity based award that should have been recorded during the three months ended June 27, 2019. The amortization of this Q2 stock-based compensation award was recorded within the year-to-date statement of operations for the nine months ended December 31, 2019, as if it had been properly recorded within the second quarter of FYE 2020. Thus, within the restatement schedules for the three and six months ended September 27, 2019, the Company is reflecting the effect of recording the impact of this stock-based compensation expense, net of tax, during the three and six months ended September 27, 2019, since these periods are being re-presented within this quarterly information within this annual report. However, the reader will not see a corresponding restatement adjustment impact from this stock-based compensation item, net of tax, within the financial information for the three and nine months ended December 31, 2019, since that information was presented, as adjusted, within the original filing of the Form 10-Q for such period.

F-50

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

For the Six-Months Ended September 27, 2019

As Previously Stated

Restatement Impacts

Restatement Reference

As Restated

Cash flows from operating activities:

Net income

i 2,238,211

( i 2,544,989

)

a, b, c

( i 306,778

)

Adjustments to reconcile net income to Net cash provided by operating activities:

Depreciation and amortization

i 459,953

Stock-based compensation expense

i 14,126

i 884,667

i 898,793

Operating lease right-of-use assets

( i 206,541

)

( i 206,541

)

Changes in assets and liabilities:

Accounts receivable

( i 1,682,797

)

( i 1,682,797

)

Inventories

( i 1,070,254

)

i 3,144,654

i 2,074,400

Excess payments to commercial finance company

( i 608,666

)

( i 608,666

)

Prepaid expenses and other current assets

( i 16,135

)

( i 16,135

)

Operating lease liabilities

i 210,711

Accounts payable

( i 360,321

)

( i 360,321

)

Customer advance payments

( i 125,689

)

( i 125,689

)

Other current liabilities

i 194,329

Accrued corporate income taxes

i 1,070,979

( i 1,484,332

)

( i 413,353

)

Net cash provided by operating activities

i 117,906

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 333,302

)

( i 333,302

)

Net cash used in investing activities

( i 333,302

)

( i 333,302

)

Cash flows from financing activities:

Advances under accounts receivable financing

i 11,316,632

Repayments under the accounts receivable financing

( i 11,650,938

)

( i 11,650,938

)

Exercise of stock options

i 33,000

Net cash (used in)/provided by financing activities

( i 301,306

)

( i 301,306

)

Net increase in cash

( i 516,702

)

( i 516,702

)

Cash - beginning of fiscal year

i 7,080,126

Cash - end of fiscal year

i 6,563,424

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 31,329

Income Taxes

i 112,895

F-51

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

IEH CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

For the Nine-Months Ended December 31, 2019

As Previously Stated

Restatement Impacts

Restatement Reference

As Restated

Cash flows from operating activities:

Net income

i 2,598,625

( i 1,933,318

)

a, b, c

i 665,307

Adjustments to reconcile net income to Net cash provided by operating activities:

Depreciation and amortization

i 697,717

Stock-based compensation expense

i 1,159,284

Operating lease right-of-use assets

( i 158,833

)

( i 158,833

)

Changes in assets and liabilities:

Accounts receivable

( i 1,943,474

)

( i 1,943,474

)

Inventories

( i 2,087,473

)

i 2,934,797

i 847,324

Prepaid expenses and other current assets

i 263,357

i 263,356

Operating lease liabilities

i 165,395

Accounts payable

( i 233,363

)

( i 233,306

)

Customer advance payments

( i 348,230

)

( i 348,230

)

Other current liabilities

i 1,047,867

Accrued corporate income taxes

i 168,221

( i 1,001,479

)

( i 833,314

)

Net cash provided by operating activities

i 1,329,093

Cash flows from investing activities:

Acquisition of property, plant and equipment

( i 468,815

)

( i 468,815

)

Net cash used in investing activities

( i 468,815

)

( i 468,815

)

Cash flows from financing activities:

Advances under accounts receivable financing

i 25,856,183

Repayments under the accounts receivable financing

( i 25,808,618

)

( i 25,808,618

)

Exercise of stock options

i 204,000

Net cash (used in)/provided by financing activities

i 251,565

Net increase in cash

i 1,111,843

Cash - beginning of fiscal year

i 7,080,126

Cash - end of fiscal year

i 8,191,969

Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest

i 48,592

Income Taxes

i 953,365

F-52

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

SUMMARY OF SELECTED KEY QUARTERLY FOOTNOTE INFORMATION

Subsequent to the filing of the original Form 10-K as of and for the years ended March 31, 2022, 2021 and 2020 filed with the SEC on June 22, 2023, the Company determined to provide additional quarterly information within this quarterly financial information footnote. The additional quarterly footnote information provided includes disclosures regarding disaggregated revenue, both by geography and by industry; net income (loss) per share; components of inventory; components of other current liabilities; the (provision for) benefit provided by income taxes; the cash bonus plan; revenue concentrations; accounts receivable concentrations; and accounts payable concentrations.

Revenue Recognition

The Company’s disaggregated revenue by geographical location for the quarterly and year-to-date periods within the fiscal year ended March 31, 2020, as restated, is as follows:

Three Months Ended
June 28,
2019

(As Restated)

Three Months Ended
September 27,
2019

(As Restated)

Six Months Ended
September 27,
2019

(As Restated)

Three Months Ended
December 31,
2019

(As Restated)

Nine Months Ended
December 31,
2019

Domestic

i 6,182,564

i 6,169,481

i 12,352,045

i 6,908,219

i 19,260,264

International

i 1,384,834

i 1,381,903

i 2,766,737

i 1,516,438

i 4,282,002

Total

i 7,567,398

i 7,551,384

i 15,118,782

i 8,424,657

i 23,542,266

Approximately i 38.8%, i 51.3% and i 58.9% of international revenues for the three months ended June 28, 2019, September 27, 2019, and December 31, 2019, respectively, represent revenues from customers located in China. Approximately i 45.1% of international revenues for the six months ended September 27, 2019 represent revenues from customers located in China. Approximately i 50.0% of international revenues for the nine months ended December 31, 2019 represent revenues from customers located in China.

The Company’s disaggregated revenue by industry as a percentage of total revenue for the quarterly and year-to-date periods within the fiscal year ended March 31, 2020, as restated, is as follows:

Three Months Ended
June 28,
2019

(As Restated)

Three Months Ended
September 27,
2019

(As Restated)

Six Months Ended
September 27,
2019

(As Restated)

Three Months Ended
December 31,
2019

(As Restated)

Nine Months Ended
December 31,
2019

Industry

Defense

i 57.8

i 65.0

i 60.3

Commercial Aerospace

i 24.7

i 25.1

i 24.9

i 19.3

i 22.9

Space

i 7.1

i 10.6

i 8.8

i 9.7

i 9.2

Other

i 10.4

i 6.5

i 8.5

i 6.0

i 7.6

Total

i 100.0

F-53

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

The Company’s disaggregated revenue by geographical location for the quarterly and year-to-date periods within the fiscal year ended March 31, 2021 is as follows:

Three Months Ended
June 30,
2020

Three Months Ended
September 30,
2020

Six Months

Ended
September 30,

2020

Three Months Ended
December 31,
2020

Nine Months Ended
December 31,
2020

Domestic

i 6,649,646

i 7,842,782

i 14,492,428

i 5,923,521

i 20,415,949

International

i 1,615,440

i 1,695,697

i 3,311,137

i 2,474,002

i 5,785,139

Total

i 8,265,086

i 9,538,479

i 17,803,565

i 8,397,523

i 26,201,088

Approximately i 77.9%, i 86.1% and i 93.2% of international revenues for the three months ended June 30, 2020, September 30, 2020, and December 31, 2020, respectively, represent revenues from customers located in China. Approximately i 82.1% of international revenues for the six months ended September 30, 2020 represent revenues from customers located in China. Approximately i 86.9% of international revenues for the nine months ended December 31, 2020 represent revenues from customers located in China.

The Company’s disaggregated revenue by industry as a percentage of total revenue for the quarterly and year-to-date periods within the fiscal year ended March 31, 2021 is as follows:

Three Months Ended
June 30,
2020

Three Months Ended
September 30,
2020

Six Months Ended
September 30,
2020

Three Months Ended
December 31,
2020

Nine Months Ended
December 31,
2020

Industry

Defense

i 59.3

i 73.2

i 66.8

i 49.3

i 61.2

Commercial Aerospace

i 24.2

i 12.5

i 17.9

i 29.3

i 21.6

Space

i 8.6

i 11.6

i 10.2

i 14.6

i 11.6

Other

i 7.9

i 2.7

i 5.1

i 6.8

i 5.6

Total

i 100.0

F-54

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

The Company’s disaggregated revenue by geographical location for the quarterly and year-to-date periods within the fiscal year ended March 31, 2022 is as follows:

Three Months Ended
June 30,
2021

Three Months Ended
September 30,
2021

Six Months

Ended
September 30,

2021

Three Months Ended
December 31,
2021

Nine Months Ended
December 31,
2021

Domestic

i 4,571,993

i 5,132,645

i 9,704,638

i 4,653,930

i 14,358,568

International

i 1,938,584

i 1,429,227

i 3,367,811

i 1,160,202

i 4,528,013

Total

i 6,510,577

i 6,561,872

i 13,072,449

i 5,814,132

i 18,886,581

Approximately i 82.7%, i 70.6% and i 70.2% of international revenues for the three months ended June 30, 2021, September 30, 2021, and December 31, 2021, respectively, represent revenues from customers located in China. Approximately i 77.5% of international revenues for the six months ended September 30, 2021 represent revenues from customers located in China. Approximately i 75.7% of international revenues for the nine months ended December 31, 2021 represent revenues from customers located in China.

The Company’s disaggregated revenue by industry as a percentage of total revenue for the quarterly and year-to-date periods within the fiscal year ended March 31, 2022 is as follows:

Three Months Ended
June 30,
2021

Three Months Ended
September 30,
2021

Six Months Ended
September 30,
2021

Three Months Ended
December 31,
2021

Nine Months Ended
December 31,
2021

Industry

Defense

i 56.4

i 57.5

i 57.0

i 61.9

i 58.5

Commercial Aerospace

i 14.3

i 12.8

i 13.5

i 12.8

i 13.3

Space

i 21.5

i 18.5

i 20.0

i 17.8

i 19.3

Other

i 7.8

i 11.2

i 9.5

i 7.5

i 8.9

Total

i 100.0

F-55

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

Net Income (Loss) Per Share

The Company accounts for earnings per share pursuant to ASC Topic 260, “Earnings per Share”, which requires disclosure on the financial statements of “basic” and “diluted” earnings per share. Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted net loss per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) for the reporting period.

Basic and diluted net income (loss) per common share is calculated as follows:

As Restated

Three Months
Ended

Six Months
Ended

Three Months
Ended

Nine Months
Ended

June 28,
2019

September 27,
2019

December 31,
2019

Net Income (Loss)

i 909,533

( i 1,216,311

)

( i 306,778

)

i 972,085

i 665,307

Basic earnings per common share

i 0.39

( i 0.52

)

( i 0.13

)

i 0.41

i 0.29

Diluted earnings per share

i 0.37

( i 0.52

)

( i 0.13

)

i 0.35

i 0.25

Weighted average number of common shares outstanding - basic

i 2,323,000

i 2,328,000

i 2,326,000

i 2,349,000

i 2,334,000

Dilutive effect of options to the extent that such options are determined to be in the money for the period

i 117,000

i 420,000

i 282,000

Weighted average number of common shares outstanding - diluted

i 2,440,000

i 2,328,000

i 2,443,000

i 2,769,000

i 2,616,000

Three Months
Ended

Six Months
Ended

Three Months
Ended

Nine Months
Ended

June 30,
2020

September 30,
2020

December 31,
2020

Net Income

i 474,237

i 1,396,948

i 1,871,185

i 1,035,999

i 2,907,184

Basic earnings per common share

i 0.20

i 0.59

i 0.79

i 0.44

i 1.23

Diluted earnings per share

i 0.19

i 0.57

i 0.76

i 0.42

i 1.18

Weighted average number of common shares outstanding - basic

i 2,370,251

Dilutive effect of options to the extent that such options are determined to be in the money for the period

i 85,162

i 87,709

i 86,468

i 89,290

i 88,035

Weighted average number of common shares outstanding - diluted

i 2,455,413

i 2,457,960

i 2,456,719

i 2,459,541

i 2,458,286

F-56

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

Three Months
Ended

Six Months
Ended

Three Months
Ended

Nine Months
Ended

June 30,
2021

September 30,
2021

December 31,
2021

Net Income (Loss)

i 2,343,588

( i 242,227

)

i 2,101,361

( i 204,982

)

i 1,896,379

Basic earnings per common share

i 0.99

( i 0.10

)

i 0.89

( i 0.09

)

i 0.80

Diluted earnings per share

i 0.95

( i 0.10

)

i 0.86

( i 0.09

)

i 0.77

Weighted average number of common shares outstanding - basic

i 2,370,251

Dilutive effect of options to the extent that such options are determined to be in the money for the period

i 101,326

i 86,002

i 79,019

shares outstanding - diluted

i 2,471,577

i 2,370,251

i 2,456,253

i 2,370,251

i 2,449,270

Inventories

Inventories are comprised of the following:

As of

June 28,
2019

(As Restated)

September 27,
2019

(As Restated)

December 31,
2019

Raw materials

i 7,067,310

i 8,056,904

i 9,189,771

Work in progress

i 2,802,290

i 1,575,910

i 1,567,723

Finished goods

i 2,174,641

i 314,229

i 416,625

Allowance for obsolete inventory

i 12,044,241

i 9,947,043

i 11,174,119

As of

June 30,
2020

September 30,
2020

December 31,
2020

Raw materials

i 8,929,850

i 8,064,148

i 9,048,653

Work in progress

i 1,499,966

i 1,970,948

i 2,061,933

Finished goods

i 471,550

i 792,105

i 569,287

Allowance for obsolete inventory

( i 225,000

)

( i 225,000

)

( i 225,000

)

i 10,676,366

i 10,602,201

i 11,454,873

As of

June 30,
2021

September 30,
2021

December 31,
2021

Raw materials

i 7,221,808

i 7,160,611

i 7,443,465

Work in progress

i 2,082,759

i 1,289,654

i 1,511,886

Finished goods

i 928,418

i 1,071,754

i 675,263

Allowance for obsolete inventory

( i 211,000

)

( i 211,000

)

( i 211,000

)

i 10,021,985

i 9,311,019

i 9,419,614

F-57

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

Other Current Liabilities

Other current liabilities are comprised of the following:

As of

June 28,
2019

(As Restated)

September 27,
2019

(As Restated)

December 31,
2019

Payroll and vacation accruals

i 865,971

i 603,028

i 775,492

Sales commissions

i 93,527

i 64,154

i 67,637

Line of credit

i 204,060

i 502,059

i 1,173,359

Other current liabilities

i 2,508

i 8,799

i 1,163,558

i 1,171,749

i 2,025,287

As of

June 30,
2020

September 30,
2020

December 31,
2020

Payroll and vacation accruals

i 1,031,716

i 641,845

i 412,719

Sales commissions

i 79,790

i 64,766

i 64,499

Other current liabilities

i 614,779

i 88,525

i 34,686

i 1,726,285

i 795,136

i 511,904

As of

June 30,
2021

September 30,
2021

December 31,
2021

Payroll and vacation accruals

i 634,818

i 497,869

i 469,822

Sales commissions

i 58,186

i 41,959

i 56,716

Other current liabilities

i 18,851

i 22,129

i 41,873

i 711,855

i 561,957

i 568,411

F-58

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

Income Taxes

The Company’s (provision for) benefit from income taxes for the quarterly and year-to-date periods within the fiscal year ended March 31, 2020 is as follows:

The provision for income taxes for the three months ended June 28, 2019 was $ i 481,439, reflecting a decrease of $ i 531,759, as compared to $ i 1,013,198 for the three months ended June 29, 2018. The decrease was primarily attributable to lower income before income taxes for the three months ended June 28, 2019 of $ i 1,390,972, as compared to $ i 3,272,483 for the three months ended June 29, 2018.

The benefit from income taxes for the three months ended September 27, 2019 was a benefit of $ i 781,898, as compared to a provision of $ i 480,461 for the three months ended September 28, 2018. The tax benefit recognized for the three months ended September 27, 2019 was attributable to the loss before income taxes incurred for the period of $ i 1,998,209. The tax provision of $ i 480,461 for the three months ended September 28, 2018 was primarily attributable to income before income taxes of $ i 1,426,765.

The benefit from income taxes for the six months ended September 27, 2019 was a benefit of $ i 300,459 as compared to a provision of $ i 1,493,659 for the six months ended September 28, 2018. The tax benefit recognized for the six months ended September 27, 2019 was attributable to the loss before income taxes incurred for the period of $ i 607,237. The tax provision of $ i 1,493,659 for the six months ended September 28, 2018 was primarily attributable to income before income taxes of $ i 4,699,248 for the period.

The provision for income taxes for the three months ended December 31, 2019 was $ i 673,491 as compared to $ i 294,237 for the three months ended December 28, 2018. The increase in the provision for the three months ended December 31, 2019 was principally attributable to the increase of $ i 562,459 in income before income taxes to $ i 1,645,576 as compared to $ i 1,083,117 for the comparable period.

The provision for income taxes for the nine months ended December 31, 2019 was $ i 373,032 as compared to $ i 1,787,896 for the nine months ended December 28, 2018. The decrease in the provision for the nine months ended December 31, 2019 was principally attributable to the decrease of $ i 4,744,026 in income before income taxes to $ i 1,038,339 as compared to $ i 5,782,365 for the comparable period.

The Company’s (provision for) benefit from income taxes for the quarterly and year-to-date periods within the fiscal year ended March 31, 2021 is as follows:

The provision for income taxes for the three months ended June 30, 2020 was $ i 140,856, reflecting a decrease of $ i 340,583 as compared to $ i 481,439 for the three months ended June 28, 2019. The decrease was primarily attributable to a lower level of income before income taxes in the three months ended June 30, 2020, as compared to the prior period.

The provision for income taxes for the three months ended September 30, 2020 was $ i 414,916, as compared to a benefit of $ i 781,898 for the three months ended September 27, 2019. The change was primarily attributable to a lower level of income before income tax in the 2019 period, as compared to the 2020 period.

The provision for income taxes for the six months ended September 30, 2020 was a provision of $ i 555,772, as compared to a benefit of $ i 300,459 for the six months ended September 27, 2019. The change was primarily attributable to a lower level of income before income tax in the 2019 period, as compared to the 2020 period.

The provision for income taxes for the three months ended December 31, 2020 was $ i 307,800, reflecting a decrease of $ i 365,691 or i 54.3%, as compared to $ i 673,491 for the three months ended December 31, 2019. The decrease was primarily attributable to a lower income tax rate, net of federal benefit in 2021 as compared to 2020.

The provision for income taxes for the nine months ended December 31, 2020 was $ i 863,572, reflecting an increase of $ i 490,540 as compared to $ i 373,032 for the nine months ended December 31, 2019. The increase was primarily attributable to an increase in income before income tax for the nine months ended December 31, 2020, as compared to the prior year period.

F-59

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

The Company’s (provision for) benefit from income taxes for the quarterly and year-to-date periods within the fiscal year ended March 31, 2022 is as follows:

The provision for income taxes for the three months ended June 30, 2021 was $ i 97,904, reflecting a decrease of $ i 42,952 as compared to $ i 140,856 for the three months ended June 30, 2020. The decrease was primarily attributable to a lower effective income tax rate for the three months ended June 30, 2021, on account of the effect of the $ i 2,103,885 gain on forgiveness of debt, which was not subject to income tax.

The benefit from income taxes for the three months ended September 30, 2021 was a benefit of $ i 69,914, as compared to a provision of $ i 414,916 for the three months ended September 30, 2020. The change was primarily attributable to a decrease in income before income taxes.

The provision for income taxes for the six months ended September 30, 2021 was $ i 27,990, reflecting a decrease of $ i 527,782 or i 95.0%, as compared to $ i 555,772 for the six months ended September 30, 2020. The decrease was primarily attributable to a lower effective income tax rate in fiscal year ended 2022, as the debt forgiveness of the PPP loan was not subject to income tax.

The benefit from income taxes for the three months ended December 31, 2021 was a benefit of $ i 59,164, as compared to a provision of $ i 307,800 for the three months ended December 31, 2020. The change was primarily attributable to a decrease in income before income taxes.

The benefit from income taxes for the nine months ended December 31, 2021 was a benefit of $ i 31,174, as compared to a provision of $ i 863,572 for the nine months ended December 31, 2020. The change was primarily attributable to a lower effective income tax rate in fiscal year ended 2022, as the debt forgiveness of the PPP loan was not subject to income tax, as well as a lower level of income before income taxes.

Cash Bonus Plan

In 1987, the Company adopted a cash bonus plan (the “Cash Bonus Plan”) for non-union, management and administration staff. Unless otherwise approved by the Compensation Committee of the Board of Directors or the full Board of Directors, the Cash Bonus Plan will only be funded by the Company for payment of bonuses with respect to any fiscal year, when the Company is profitable for such fiscal year.

The Company’s accrued bonus and bonus expense as of and for the quarterly and year-to-date periods within the fiscal year ended March 31, 2020 is as follows:

As of June 28, 2019, September 27, 2019 and December 31, 2019, the Company’s accrued bonus was $ i 755,920, $ i 516,212 and $ i 555,992, respectively. Bonus expense recorded for the three months ended June 28, 2019 was $ i 100,500. Bonus expense recorded for the three and six months ended September 27, 2019 was $ i 100,500 and $ i 201,000, respectively. Bonus expense recorded for the three and nine months ended December 31, 2019 was $ i 100,500 and $ i 301,500, respectively.

The Company’s accrued bonus and bonus expense as of and for the quarterly and year-to-date periods within the fiscal year ended March 31, 2021 is as follows:

As of June 30, 2020, September 30, 2020 and December 31, 2020, the Company’s accrued bonus was $ i 81,855, $ i 156,909, and $ i 261,540, respectively. Bonus expense recorded for the three months ended June 30, 2020 was $ i 136,255. Bonus expense recorded for the three and six months ended September 30, 2020 was $ i 136,255 and $ i 272,510, respectively. Bonus expense recorded for the three and nine months ended December 31, 2020 was $ i 136,255 and $ i 408,765, respectively.

The Company’s accrued bonus and bonus expense as of and for the quarterly and year-to-date periods within the fiscal year ended March 31, 2022 is as follows:

As of June 30, 2021, September 30, 2021 and December 31, 2021, the Company’s accrued bonus was $ i 109,542, $ i 210,042, and $ i 308,542, respectively. Bonus expense recorded for the three months ended June 30, 2021 was $ i 100,500. Bonus expense recorded for the three and six months ended September 30, 2021 was $ i 100,500 and $ i 201,000, respectively. Bonus expense recorded for the three and nine months ended December 31, 2021 was $ i 100,500 and $ i 301,500, respectively.

F-60

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

Concentrations

The Company’s customer revenue concentrations for the quarterly and year-to-date periods within the fiscal year ended March 31, 2020 is as follows:

During the three months ended June 28, 2019, two customers accounted for i 30.6% of the Company’s revenue, each represented i 16.5% and i 14.1%, respectively.

During the three months ended September 27, 2019, two customers accounted for i 29.7% of the Company’s revenue, each represented i 15.8% and i 13.9%, respectively. During six months ended September 27, 2019, three customers accounted for i 37.9% of the Company’s revenue, each represented i 16.1%, i 11.2% and i 10.6%, respectively.

During three months ended December 31, 2019, three customers accounted for i 41.0% of the Company’s revenue, each represented i 17.3%, i 12.9% and i 10.8%, respectively. During nine months ended December 31, 2019, three customers accounted for i 39.0% of the Company’s revenue, each represented i 15.0%, i 13.0% and i 11.0%, respectively.

The Company’s customer revenue concentrations for the quarterly and year-to-date periods within the fiscal year ended March 31, 2021 is as follows:

During three months ended June 30, 2020, one customer accounted for i 15.4% of the Company’s revenue.

During three months ended September 30, 2020, one customer accounted for i 30.6% of the Company’s revenue. During six months ended September 30, 2020, one customer accounted for i 23.5% of the Company’s revenue.

During three months ended December 31, 2020, three customers accounted for i 36.1% of the Company’s revenue, each represented i 13.1%, i 12.5% and i 10.5%, respectively. During nine months ended December 31, 2020, one customer accounted for i 18.8% of the Company’s revenue.

The Company’s customer revenue concentrations for the quarterly and year-to-date periods within the fiscal year ended March 31, 2022 is as follows:

During three months ended June 30, 2021, three customers accounted for i 44.6% of the Company’s revenue, each represented i 16.6%, i 16.6% and i 11.4%, respectively.

During three months ended September 30, 2021, two customers accounted for i 22.9% of the Company’s revenue, each represented i 11.5% and i 11.4%, respectively. During six months ended September 30, 2021, three customers accounted for i 38.4% of the Company’s revenue, each represented i 14.0%, i 13.0% and i 11.4%, respectively.

During three months ended December 31, 2021, three customers accounted for i 47.5% of the Company’s revenue, each represented i 19.0%, i 17.9% and i 10.6%, respectively. During nine months ended December 31, 2021, three customers accounted for i 41.2% of the Company’s revenue, each represented i 14.8%, i 13.4% and i 13.0%, respectively.

The Company’s customer accounts receivable concentrations as of the quarterly periods ending June 28, September 27 and December 31, 2019 is as follows:

As of June 28, 2019, three customers accounted for i 43.3% of accounts receivable, each represented i 22.4%, i 10.8% and i 10.1%, respectively. As of September 27, 2019, two customers accounted for i 34.5% of accounts receivable, each represented i 23.2% and i 11.3%, respectively. As of December 31, 2019, two customers accounted for i 33.8% of accounts receivable, each represented i 19.4% and i 14.4%, respectively.

The Company’s customer accounts receivable concentrations as of the quarterly periods ending June 30, September 30 and December 31, 2020 is as follows:

As of June 30, 2020, one customer accounted for i 19.2% of accounts receivable. As of September 30, 2020, one customer accounted for i 28.2% of accounts receivable. As of December 31, 2020, two customers accounted for i 27.3% of accounts receivable, each represented i 16.3% and i 11.0%, respectively.

F-61

IEH CORPORATION
Notes to Financial Statements

Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Continued):

The Company’s customer accounts receivable concentrations as of the quarterly periods ending June 30, September 30 and December 31, 2021 is as follows:

As of June 30, 2021, two customers accounted for i 29.6% of accounts receivable, each represented i 16.7% and i 12.9%, respectively. As of September 30, 2021, two customers accounted for i 21.3% of accounts receivable, each represented i 11.0% and i 10.3%, respectively. As of December 31, 2021, two customers accounted for i 28.2% of accounts receivable, each represented i 17.2% and i 11.0%, respectively.

The Company’s vendor accounts payable concentrations as of the quarterly periods ending June 28, September 27 and December 31, 2019 is as follows:

As of June 28, 2019, two vendors accounted for i 50.7% of accounts payable, each represented i 28.7% and i 22.0%, respectively. As of September 27, 2019, four vendors accounted for i 97.5% of accounts payable, each represented i 38.9%, i 22.9%, i 17.9% and i 17.8%, respectively. As of December 31, 2019, four vendors accounted for i 80.8% of accounts payable, each represented i 23.9%, i 21.4%, i 18.0% and i 17.5%, respectively.

The Company’s vendor accounts payable concentrations as of the quarterly periods ending June 30, September 30 and December 31, 2020 is as follows:

As of June 30, 2020, two vendors accounted for i 81.3% of accounts payable, each represented i 70.5% and i 10.8%, respectively. As of September 30, 2020, four vendors accounted for i 49.4% of accounts payable, each represented i 16.8%, i 11.5%, i 10.6% and i 10.5%, respectively. As of December 31, 2020, two vendors accounted for i 67.8% of accounts payable, each represented i 52.5% and i 15.3%, respectively.

The Company’s vendor accounts payable concentrations as of the quarterly periods ending June 30, September 30 and December 31, 2021 is as follows:

As of June 30, 2021, two vendors accounted for i 22.5% of accounts payable, each represented i 11.8% and i 10.7%, respectively. As of September 30, 2021, two vendors accounted for i 66.7% of accounts payable, each represented i 48.4% and i 18.3%, respectively. As of December 31, 2021, there are no vendors that accounted for i 10% of accounts payable.

F-62

i NONE i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i true i FY i 0000050292 / 0000050292 2021-04-01 2022-03-31 0000050292 2021-09-30 0000050292 2024-04-22 0000050292 2022-03-31 0000050292 2021-03-31 0000050292 2020-03-31 0000050292 2020-04-01 2021-03-31 0000050292 2019-03-30 2020-03-31 0000050292 us-gaap:CommonStockMember 2019-03-29 0000050292 us-gaap:AdditionalPaidInCapitalMember 2019-03-29 0000050292 us-gaap:RetainedEarningsMember 2019-03-29 0000050292 2019-03-29 0000050292 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This ‘10-K/A’ Filing	Date	Other Filings

Filed on:	4/22/24
	3/31/24
	6/22/23	10-K
	1/26/23	8-K
	12/31/22	10-Q
	12/30/22
	9/30/22	10-Q
	6/30/22	10-Q
For Period end:	3/31/22	10-K
	3/14/22
	12/31/21
	11/30/21
	9/30/21
	8/31/21
	6/30/21
	4/21/21
	3/31/21	NT 10-K
	1/29/21
	12/31/20	NT 10-Q
	12/16/20	8-K, DEF 14A
	12/1/20	8-K, DEFA14A
	11/18/20
	10/8/20	10-K, 8-K
	9/30/20	NT 10-Q
	6/30/20	NT 10-Q
	4/13/20
	3/31/20	10-K, NT 10-K
	3/30/20
	2/15/20
	2/11/20
	12/31/19	10-Q
	9/27/19	10-Q, NT 10-Q
	7/29/19	4, 8-K
	6/29/19
	6/28/19	10-Q, NT 10-K, NT 10-Q
	6/27/19
	3/31/19
	3/30/19
	3/29/19	10-K, 10-K/A, NT 10-K
	12/28/18	10-Q, 10-Q/A, NT 10-Q
	9/28/18	10-Q, 10-Q/A, NT 10-Q
	6/29/18	10-Q, NT 10-K
	12/31/17
	12/15/17
	8/12/15
	8/31/11	8-K, DEF 14A
	3/27/94
		List all Filings

Ieh Corp. – ‘10-K/A’ for 3/31/22

On: Monday, 4/22/24, at 4:27pm ET · For: 3/31/22 · Accession #: 1213900-24-34937 · File #: 0-05278

Previous ‘10-K’: ‘10-K’ on 10/6/23 for 3/31/23 · Latest ‘10-K’: This Filing · 9 References:

Amendment to Annual Report — Form 10-K — SEA’34

Filing Table of Contents

‘10-K/A’ — Amendment No. 1 to Form 10-K

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

9 Previous Filings that this Filing References

Ieh Corp. – ‘10-K/A’ for 3/31/22

On: Monday, 4/22/24, at 4:27pm ET · For: 3/31/22 · Accession #: 1213900-24-34937 · File #: 0-05278

Amendment to Annual Report — Form 10-K — SEA’34Filing Table of Contents

‘10-K/A’ — Amendment No. 1 to Form 10-KDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

9 Previous Filings that this Filing References

Amendment to Annual Report — Form 10-K — SEA’34

Filing Table of Contents

‘10-K/A’ — Amendment No. 1 to Form 10-K

Document Table of Contents