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The integration of converter-interfaced generation (CIG) from renewable energy sources poses challenges to the stability and transient behavior of electric power systems. Understanding the dynamic behavior of low-inertia power systems is critical to addressing these stability questions. However, there is a limited availability of open source tools explicitly geared towards low-inertia systems modeling. In this paper, we develop an open source simulation toolbox to study transient responses under high penetration scenarios. LITS.jl is implemented in the Julia computing language and features multi-machine modeling capability, a rich library of synchronous generators components (AVR, PSS, Governor, etc.) and inverter configurations. Several case studies are conducted and benchmarked and validated against existing toolboxes. Case studies are selected to showcase the integration of different device models' behavior in power systems.