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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON , D.C. 20549 FORM 10 - Q ( Mark One ) 冈 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30 , 2021 ㅁ or 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 001-14785 GSE Systems , Inc. ( Exact name of registrant as specified in its charter ) 52-1868008 ( I.R.S. Employer Identification Number ) Delaware ( State of incorporation ) 6940 Columbia Gateway Dr. , Suite 470 , Columbia MD ( Address of principal executive offices ) 21046 ( Zip Code ) Registrant's telephone number , including area code : ( 410 ) 970-7800 Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Sections 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the Registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes > No □ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T during the preceding 12 months ( or for such period that the registrant was required to submit such files ) . Yes > No ☐ Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , or a smaller reporting company or an emerging growth company . See the definitions of “ large accelerated filer ” , “ accelerated filer ” , and “ smaller reporting company " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer ☐ Accelerated filer ☐ Non - accelerated filer □ Smaller reporting company ☑ Emerging growth company □ If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . □ Indicate by check mark whether the registrant is a shell company ( as defined in rule 12 ( b ) -2 of the Exchange Act ) . Yes ☐ No ☑ Securities registered pursuant to Section 12 ( b ) of the Act : Title of each class Common Stock , $ .01 Par Value Trading Symbol ( s ) GVP Name of each exchange on which registered The NASDAQ Capital Market There were 20,900,225 shares of common stock , with a par value of $ 0.01 per share outstanding as of October 31 , 2021 .