CPI Aerostructures Inc

The Registrant is unable to file, without unreasonable effort and expense, its Quarterly Report on Form 10-Q for the period ended June 30, 2025, because additional time is needed to complete the compilation, review, and validation of the information to be included in the Form 10-Q with respect to the adjustments explained in Part IV – Other Information below. The Registrant anticipates that the Form 10-Q will be filed with the U.S. Securities and Exchange Commission within the prescribed extension period

CPI Aerostructures, Inc. (the “Company”) is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”) by the prescribed due date as the Company requires additional time to finalize the calculation of a correction within Note 11 “Income Taxes” to its deferred tax asset and deferred tax liability balances at December 31, 2022, which the Company has determined were each previously overstated by between $2.0 to $3.0 million. At this time, the Company believes that there is no material impact to the previously reported net deferred tax asset on its December 31, 2022 Balance Sheet, and believes that there is no material impact to the Company’s previously reported Net Income, Earnings Per Share or Cash Flow for the twelve months ended December 31, 2022. The Company is in the process of mitigating the material weakness in internal controls that led to the aforementioned error. It is anticipated the Form 10-K will be filed with the U.S. Securities and Exchange Commission within the prescribed deadline

The Registrant is unable to file, without unreasonable effort and expense, its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023 (the “Form 10-Q”), because additional time is needed to complete the compilation, review, and validation of information to be included in the Form 10-Q. It is anticipated the Form 10-Q will be filed with the U.S. Securities and Exchange Commission within the prescribed deadline

The Registrant is unable to file, without unreasonable effort and expense, its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”), because additional time is needed to complete the review and validation of information to be included in the Form 10-K. It is anticipated the Form 10-K will be filed with the U.S. Securities and Exchange Commission within the prescribed deadline

The Registrant is unable to file, without unreasonable effort and expense, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, because additional time was needed to compile information to be included in the subject Form 10-Q. It is anticipated the subject Form 10-Q will be filed with the U.S. Securities and Exchange Commission within the prescribed deadline

CPI Aerostructures, Inc. (the “Company”) is unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Q2 Form 10-Q”) by the prescribed due date. As previously disclosed, the Company is in the process of preparing (i) its financial statements for the year ended December 31, 2021 and Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) and (ii) its financial statements for the quarter ended March 31, 2022 and Quarterly Report on Form 10-Q (the “Q2 Form 10-Q”), which the Company could not, without unreasonable effort or expense, file by the prescribed due date. The Company’s financial statements for the quarter ended June 30, 2022 and the Q2 Form 10-Q cannot be completed until the financial statements for the year ended December 31, 2021 and for the quarter ended March 31, 2022 are finalized. Accordingly, the Company could not, without unreasonable effort or expense, file the Q2 Form 10-Q by the prescribed due date

CPI Aerostructures, Inc. (the “Company”) is unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “2022 Q1 Form 10-Q”) by the prescribed due date. As previously disclosed, the Company is in the process of preparing its financial statements for the year ended December 31, 2021 and Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) which the Company could not, without unreasonable effort or expense, file by the prescribed due date. The Company’s financial statements for the quarter ended March 31, 2022 and the 2022 Q1 Form 10-Q cannot be completed until the financial statements for the year ended December 31, 2021 are finalized. Accordingly, the Company could not, without unreasonable effort or expense, file the 2022 Q1 Form 10-Q by the prescribed due date

CPI Aerostructures, Inc. (the “Company”) is unable to file its Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) by the prescribed due date. As previously disclosed, the Company is in the process of preparing its financial statements for the quarters ended June 30, 2021 and September 30, 2021 and Quarterly Reports on Form 10-Q for the quarters ended June 30, 2021 and September 30, 2021 (together, the “Forms 10-Q”) which the Company could not, without unreasonable effort or expense, file by the prescribed due dates. The Company’s financial statements for the year ended December 31, 2021 and the Form 10-K cannot be completed until the financial statements for the Forms 10-Q are finalized. Accordingly, the Company could not, without unreasonable effort or expense, file the Form 10-K by the prescribed due date

CPI Aerostructures, Inc. (the “Company”) is unable to file its Quarterly Report for the quarter ended September 30, 2021 (“Form 10-Q”) by the prescribed due date. As previously disclosed, the audit and finance committee of the Company’s board of directors determined, based on the recommendation of management and in consultation with the Company’s independent registered public accounting firm, that the Company’s financial statements which were included in its Annual Reports on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 as filed with the Securities and Exchange Commission should no longer be relied upon due to errors in such financial statements relating to the recording and reporting of inventory costing and related internal controls. The inventory costing errors also resulted in the Company reevaluating the sufficiency of its provisions for loss contracts and inventory reserves previously reported. The Company is in the process of preparing related restatements of its financial statements and its financial statements for the quarters ended March 31, 2021 and June 30, 2021. The financial statements for the quarter ended September 30, 2021 cannot be finalized until the restated financial statements and the March 31, 2021 and June 30, 2021 financial statements are finalized. Accordingly, the Company could not, without unreasonable effort or expense, file the Form 10-Q by the prescribed due date

CPI Aerostructures, Inc. (the “Company”) is unable to file its Quarterly Report for the quarter ended June 30, 2021 (“Form 10-Q”) by the prescribed due date. As previously disclosed, on June 4, 2021, the audit and finance committee of the Company’s board of directors determined, based on the recommendation of management and in consultation with the Company’s independent registered public accounting firm, that the Company’s financial statements which were included in its Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 as filed with the Securities and Exchange Commission should no longer be relied upon due to errors in such financial statements relating to the recording and reporting of inventory costing and related internal controls. The Company is in the process of preparing restatements of such financial statements and its financial statements for the quarter ended March 31, 2021. The financial statements for the quarter ended June 30, 2021 cannot be finalized until the restated financial statements and first quarter financial statements are filed. Accordingly, the Company could not, without unreasonable effort or expense, file the Form 10-Q by the prescribed due date

CPI Aerostructures, Inc. (the “Company”) is unable to file its Quarterly Report for the quarter ended March 31, 2021 (“Form 10-Q”) by the prescribed due date without unreasonable effort or expense due to, among other things, long-term COVID-19 related absences of personnel whose functions are essential to the financial closing process. The Company expects that the Form 10-Q will be filed on or before the fifth calendar day following the prescribed due date

CPI Aerostructures, Inc. (the “Company”) is unable to file its Annual Report for the fiscal year ended December 31, 2020 (“Form 10-K”) by the prescribed due date without unreasonable effort or expense due to, among other things, long-term COVID-19 related absences of personnel whose functions are essential to the year-end financial closing process. The Company expects that the Form 10-K will be filed on or before the fifteenth calendar day following the prescribed due date