Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-52593 | ||
Entity Registrant Name | SAKER AVIATION SERVICES, INC. | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 87-0617649 | ||
Entity Address, Address Line One | 20 South Street, Pier 6 East River | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10004 | ||
City Area Code | 212 | ||
Local Phone Number | 776-4046 | ||
Title of 12(b) Security | Common Stock, $0.03 par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,277,495 | ||
Entity Common Stock, Shares Outstanding (in shares) | 976,330 | ||
Auditor Name | Kronick Kalada Berdy & Co. P.C. | ||
Auditor Location | Kingston, Pennsylvania | ||
Auditor Firm ID | 448 | ||
Entity Central Index Key | 0001128281 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and restricted cash | $ 5,977,157 | $ 1,647,097 |
Accounts receivable | 244,543 | 209,835 |
Non-Compete receivable | 160,000 | 0 |
Inventories | 13,551 | 740 |
Income tax receivable | 119,899 | 693,578 |
Prepaid expenses | 354,913 | 413,792 |
Assets of discontinued operations | 0 | 1,229,673 |
Total current assets | 6,870,063 | 4,194,715 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,111,462 and $3,093,877 respectively | 42,862 | 46,407 |
Assets of discontinued operations | 0 | 1,360,714 |
TOTAL ASSETS | 6,912,925 | 5,601,836 |
CURRENT LIABILITIES | ||
Accounts payable | 328,505 | 115,303 |
Customer deposits | 204,633 | 80,878 |
Accrued expenses | 597,262 | 378,468 |
Liabilities of discontinued operations | 0 | 178,035 |
Total liabilities | 1,130,400 | 752,684 |
LONG-TERM LIABILITIES | ||
Liabilities of discontinued operations | 0 | 385,243 |
TOTAL LIABILITIES | 1,130,400 | 1,137,927 |
STOCKHOLDERS’ EQUITY | ||
Common stock - $0.03 par value; authorized 3,333,334; 976,330 and 975,074 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 29,290 | 29,252 |
Additional paid-in capital | 19,812,794 | 19,740,837 |
Accumulated deficit | (14,059,559) | (15,306,180) |
TOTAL STOCKHOLDERS’ EQUITY | 5,782,525 | 4,463,909 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 6,912,925 | $ 5,601,836 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 3,111,462 | $ 3,093,877 |
Preferred stock, par value (in dollars per share) | $ 0.03 | |
Preferred Stock, Shares Authorized (in shares) | 333,306 | 333,306 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Common stock, shares authorized (in shares) | 3,333,334 | 3,333,334 |
Common stock, shares issued (in shares) | 976,330 | 975,074 |
Common stock, shares outstanding (in shares) | 976,330 | 975,074 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE | $ 7,598,597 | $ 2,400,316 |
COST OF REVENUE | 2,985,281 | 575,362 |
GROSS PROFIT | 4,613,316 | 1,824,954 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3,880,902 | 1,384,408 |
OPERATING INCOME | 732,414 | 440,546 |
OTHER INCOME: | ||
BAD DEBT RECOVERY | 125,000 | 0 |
LIFE INSURANCE PROCEEDS, FORMER PRESIDENT | 500,000 | 0 |
GAIN ON EXTINGUISHMENT OF DEBT – PPP LOAN | 0 | 304,833 |
INTEREST INCOME | 3,302 | 3,780 |
TOTAL OTHER INCOME | 628,302 | 308,613 |
INCOME FROM CONTINUING OPERATIONS, before income taxes | 1,360,716 | 749,159 |
INCOME TAX EXPENSE | (300,000) | (150,000) |
INCOME FROM CONTINUING OPERATIONS, net | 1,060,716 | 599,159 |
DISCONTINUED OPERATIONS: | ||
(Loss) Income from | (65,413) | 179,125 |
Gain on Sale of Assets | 431,318 | 0 |
Income tax expense | (180,000) | (52,100) |
INCOME FROM DISCONTINUED OPERATIONS, net of income taxes | 185,905 | 127,025 |
NET INCOME | $ 1,246,621 | $ 726,184 |
Basic Net Income Per Common Share (in dollars per share) | $ 1.28 | $ 0.71 |
Diluted Net Income Per Common Share (in dollars per share) | $ 1.26 | $ 0.71 |
Weighted Average Number of Common Shares – Basic (in shares) | 976,048 | 1,023,709 |
Weighted Average Number of Common Shares – Diluted (in shares) | 987,149 | 1,026,729 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE – January 1, 2021 (in shares) at Dec. 31, 2020 | 1,028,863 | |||
BALANCE – January 1, 2021 at Dec. 31, 2020 | $ 30,866 | $ 19,909,230 | $ (16,032,364) | $ 3,907,732 |
Amortization of stock based compensation | 34,392 | 34,392 | ||
Purchase and cancellation of Common Stock (in shares) | (53,789) | |||
Purchase and cancellation of Common Stock | $ (1,614) | (202,785) | (204,399) | |
Net income | 726,184 | 726,184 | ||
BALANCE – December 31, 2021 (in shares) at Dec. 31, 2021 | 975,074 | |||
BALANCE – December 31, 2021 at Dec. 31, 2021 | $ 29,252 | 19,740,837 | (15,306,180) | 4,463,909 |
Amortization of stock based compensation | 71,995 | $ 71,995 | ||
Purchase and cancellation of Common Stock (in shares) | (1,256) | |||
Net income | 1,246,621 | $ 1,246,621 | ||
Issuance of Common Stock in connection with a cashless exercise of stock options (in shares) | 1,256 | |||
Issuance of Common Stock in connection with a cashless exercise of stock options | $ 38 | (38) | 0 | |
BALANCE – December 31, 2021 (in shares) at Dec. 31, 2022 | 976,330 | |||
BALANCE – December 31, 2021 at Dec. 31, 2022 | $ 29,290 | $ 19,812,794 | $ (14,059,559) | $ 5,782,525 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 1,246,621 | $ 726,184 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 100,089 | 128,990 |
Life insurance proceeds | (500,000) | 0 |
Stock based compensation | 71,995 | 34,392 |
Gain on sale of assets | (431,318) | 0 |
Gain on extinguishment of debt - PPP loan | 0 | (304,833) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 60,866 | (43,308) |
Inventories | 7,091 | (79,485) |
Income tax receivable | 573,679 | 261,922 |
Prepaid expenses | 150,805 | (248,089) |
Customer deposits | 123,755 | 2,512 |
Accounts payable | 116,284 | 150,200 |
Accrued expenses | 192,689 | 185,266 |
TOTAL ADJUSTMENTS | 465,935 | 87,567 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,712,556 | 813,751 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net proceeds from sale of assets | 1,440,000 | 0 |
Purchase of property and equipment | (15,685) | (81,544) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 1,424,315 | (81,544) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Purchase and cancellation of common stock | 0 | (204,399) |
Proceeds from notes payable | 0 | 76,000 |
Proceeds from life insurance | 500,000 | 0 |
Repayment of notes payable | (67,045) | (8,955) |
Repayment of right of use leases payable | (39,575) | (47,029) |
NET CASH, PROVIDED BY (USED IN) FINANCING ACTIVITIES | 393,380 | (184,383) |
NET CHANGE IN CASH AND RESTRICTED CASH | 3,530,251 | 547,824 |
CASH AND RESTRICTED CASH – Beginning | 2,446,906 | 1,899,082 |
CASH AND RESTRICTED CASH – Ending | 5,977,157 | 2,446,906 |
NON-CASH INVESTING ACTIVITIES | ||
Net proceeds from sale of assets was reduced by issuance of a note receivable | 160,000 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 17,979 | 24,823 |
Income taxes | $ 216,546 | $ 8,364 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 - Nature of Operations Our business activities are carried out by FirstFlight Heliports, LLC d/b/a Saker Aviation Services (“FFH”), a wholly-owned subsidiary, as the operator of the New York Heliport via a concession agreement with the City of New York. FBO Air Garden City, Inc. d/b/a Saker Aviation Services (“GCK”), a wholly-owned subsidiary and, until October 31, 2022, provided services as a fixed base operator (“FBO”) and as a provider of aircraft maintenance, repair and overhaul (“MRO”). FBOs provide ground-based services, such as fueling and aircraft storage for general aviation, commercial and military aircraft, and other miscellaneous services. |
Note 2 - Liquidity and Material
Note 2 - Liquidity and Material Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | NOTE 2 – Liquidity and Material Agreements As of December 31, 2022, we had cash and restricted cash of $5,977,157 and a working capital surplus of $5,739,663. We generated revenue from continuing operations of $7,598,597 and had net income of $1,246,621 for the year ended December 31, 2022 . As disclosed in a Current Report on Form 8-K filed on March 21, 2018 with the SEC, on March 15, 2018 the Company entered into a loan agreement (the “Loan Agreement”) with Key Bank National Association (the “Bank”). The Loan Agreement contains three components: (i) a $2,500,000 acquisition line of credit (the “Key Bank Acquisition Note”); (ii) a $1,000,000 revolving line of credit (the “Key Bank Revolver Note”); and (iii) a $338,481 term loan (the “Key Bank Term Note”). On October 11, 2018, and as subsequently amended, the Company entered into a new loan agreement with the Bank (as so amended, the “Change of Terms Agreement”) which modified the original terms of the Key Bank Acquisition Note. The Bank notified the Company of its decision to discontinue the Key Bank Acquisition Note, effective June 30, 2021. There were no amounts due under the Key Bank Acquisition Note as of the date it was discontinued. All amounts due under the Key Bank Term Note have been repaid. The Key Bank Revolver Note, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. This revolving line of credit is a demand note with no stated maturity date. Borrowings under the Key Bank Revolver Note will bear interest at a rate per annum equal to Daily Simple SOFR plus 2.75%. The Company is required to make monthly payments of interest on any outstanding principal under the Key Bank Revolver Note and is required to pay the entire balance, including principal and all accrued and unpaid interest and fees, upon demand by the Bank. Any proceeds from the Key Bank Revolver Note would be secured by substantially all of the Company’s assets. There were no On August 14, 2020, the Company was granted a loan from the Bank (the “Loan”) in the amount of $304,833, pursuant to the Paycheck Protection Program (PPP) under Division, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a note dated August 14, 2020, was to mature in August 2025 and bore interest at a rate of 1% per annum and was payable in monthly installments commencing on, or before, October 31, 2021 if not forgiven and legally released. At December 31, 2020, in accordance with FASB ASC 470, Debt, and ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recorded the cash inflow from the Loan as a liability, and cash flows from financing, pending legal release from the obligation by the U.S. Small Business Administration (“S.B.A.”). The Company used the Loan proceeds for eligible expenses during the covered period and the Loan was forgiven and legally released by the S.B.A. in full in the second quarter of 2021. The Company recorded the forgiveness of the Loan as a gain on extinguishment of debt – PPP Loan in 2021. The Company is party to a Concession Agreement, dated as of November 1, 2008, with the City of New York for the operation of the New York Heliport (the “Concession Agreement”). Pursuant to the terms of the Concession Agreement, the Company must pay the greater of 18% of the first $5,000,000 in any program year based on cash collected (“Gross Receipts”) and 25% of Gross Receipts in excess of $5,000,000, or minimum annual guaranteed payments. As disclosed in a Current Report on Form 8-K filed with the SEC on February 5, 2016, the Company and the New York City Economic Development Corporation (the “NYCEDC”) announced new measures to reduce helicopter noise and impacts across New York City (the “Air Tour Agreement”). Under the Air Tour Agreement, the Company has not been allowed to permit its tenant operators to conduct tourist flights from the New York Heliport on Sundays since April 1, 2016. The Company was also required to ensure that its tenant operators reduce the total allowable number of tourist flights from 2015 levels by 20 percent beginning June 1, 2016, by 40 percent beginning October 1, 2016 and by 50 percent beginning January 1, 2017. The Air Tour Agreement also provided for the minimum annual guarantee payments the Company is required to pay to the City of New York under the Concession Agreement be reduced by 50%, effective January 1, 2017. Additionally, since June 1, 2016, the Company has been required to provide monthly written reports to the NYCEDC and the New York City Council detailing the number of tourist flights conducted out of the New York Heliport compared to 2015 levels, as well as information on any tour flight that flies over land and/or strays from agreed upon routes. The Air Tour Agreement also extended the Concession Agreement for 30 months, resulting in a new expiration date of April 30, 2021 and gave the City of New York two The reductions under the Air Tour Agreement have negatively impacted the Company’s business and financial results as well as those of its management company at the New York Heliport, Empire Aviation. The Company incurred management fees with Empire Aviation of approximately $2,138,000 and $0 during the twelve months ended December 31, 2022 and 2021, respectively. Empire Aviation notified the Company that it believes additional fees are due under the management agreement with the New York Heliport for both 2021 and 2020. If the Company is unable to come to an agreement with Empire Aviation regarding amounts due under the agreement, the Company could incur additional expense (See Note 10. Contingent Liabilities). During the program year that began on May 1, 2020, the City of New York agreed, in recognition of the pandemic’s impact, that the Company could defer payment of minimum guaranteed payments. In April 2021, the City of New York waived the deferred fees through December 31, 2020. In May 2021, the City of New York waived the deferred fees through April 30, 2021 which coincided with the original expiration of the Concession Agreement as amended by the Air Tour Agreement. The Company worked with the City of New York to address fees to be paid by the Company for the period May 1, 2021 through December 31, 2021. In March 2022, the City of New York agreed to accept 18% of monthly Gross Receipts in excess of $100,000 as Concession fees for this period. In April 2022, the Company agreed to resume paying the City of New York the total monthly amounts due under the Concession Agreement retro-active to January 2022 and to continue paying fees due under the Concession Agreement through the remainder of the Air Tour Agreement. During the twelve months ended December 31, 2022 and 2021, we incurred approximately $1,509,000 and $192,000 in concession fees, respectively, which are recorded in the cost of revenue. On February 15, 2023, it was reported in the public record that NYCEDC would be bringing a new Concession Agreement with the Company as the operator of the Downtown Manhattan Heliport to the Franchise and Concession Review Committee meeting on March 3, 2023. The item was subsequently pulled off the agenda, with NYCEDC announcing on April 7, 2023 that the previous Request for Proposals ("RFP") had been cancelled and that it is their intention to put out a new RFP in 2023. Saker's current Concession Agreement terminates on April 30, 2023. The Company has been notified by NYCEDC that the Company will receive a new permit to operate the heliport from May 1, 2023 until a new RFP process is concluded. The Company is currently working with NYCEDC on the new agreement and expects to file a Form 8-K once the new agreement is finalized. On April 20, 2018, the Company’s Kansas subsidiary entered into a purchase lease with Commerce Bank for a refueling truck (the “Truck Lease”). The Truck Lease commenced on May 1, 2018 and continues for 60 months with a monthly payment of $2,568 and an interest rate of 5.5%. At the end of the Truck Lease, the Company’s subsidiary may purchase the vehicle for $1.00. The refueling truck was included in the sale of the Company’s Kansas subsidiary and the Truck Lease was paid in full at closing. On May 1, 2021, the Company’s Kansas subsidiary executed a promissory note for $76,000 with Avfuel Corporation (“Avfuel”) for the purchase of a Jet-A refueling truck (the “Truck Note”). The Truck Note requires six |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 - Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FFH and GCK. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include depreciation, amortization, impairment of goodwill and intangibles, stock-based compensation, allowance for doubtful accounts, deferred tax assets, and contingent liabilities. Cash and restricted cash The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of federally insured limits. As part of its cash management process, the Company periodically reviews the relative credit standing of these financial institutions. Amounts included in restricted cash are a deposit required by the Concession Agreement with NYEDC and aggregated $425,000 at December 31, 2022 and 2021. Accounts Receivable and Revenue Concentration In 2021, the Company’s accounts receivable was primarily comprised of two two two One of the Company’s former customers resumed operations at our New York Heliport from March 2022 through June 2022, when it ceased operations again. A new tenant began operating at our New York Heliport in June 2022. Beginning in April 2022, the Company’s customers began operating at pre-pandemic levels which continued through the end of 2022. For the fiscal year ended December 31, 2022, three three Inventories Inventory consists primarily of aviation fuel which is stated at lower of cost or net realizable valve determined by the first in first out method. Property and Equipment Property and equipment is stated at cost. Depreciation is provided primarily using the straight-line method over the estimated useful lives as set forth in Note 5. Amortization of leasehold improvements is provided using the straight-line method over the shorter of their estimated useful life or lease term, including renewal option periods expected to be exercised. Maintenance and repairs are charged to expense as incurred; costs of major additions and betterments are capitalized. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in income. Goodwill Goodwill that is deemed to have an indefinite life is not amortized but, instead, are to be reviewed at each reporting period for impairment. The Company assessed potential impairment of goodwill using qualitative factors by considering various factors including macroeconomic conditions, industry and market conditions, cost factors, a sustained share price or market capitalization decrease and any reporting unit specific events. The Company performed an analysis of its goodwill at December 31, 2021 and deemed no impairment necessary. The Company’s goodwill was part of the Company’s sale if its Kansas subsidiary assets at a closing that occurred on October 31, 2022. Leases At December 31, 2021, our consolidated balance sheets include a right of use asset of approximately $387,000, a long-term lease liability of approximately $ 328,000 46,000 Revenue Recognition The Company recognizes revenue from ground-based services, such as fueling. Revenue for the sale of ground-based services is recognized as a sale of services at the time the service is performed and provided to customers. Revenue for the sale of aircraft fuel is recognized at the time products are delivered to customers. Customers are invoiced at the time the services are performed and the associated revenue is recognized in the period it is earned. Customer Deposits Customer deposits consist of amounts that customers are required to remit in advance to the Company in order to secure payment for future purchases and services. Customer deposits amounted to approximately $ 204,000 81,000 Advertising The Company expenses all advertising costs as incurred. Advertising expense for the years ended December 31, 2022 and 2021 was approximately $0 and $3,000, respectively. The company had previously expended funds to advertise services at its Kansas location. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between their financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability should be recorded related to uncertain tax positions taken. Deferred tax assets are subject to a valuation allowance because it is more likely than not that certain of the deferred tax assets will not be realized in future periods due to the uncertainty of future taxable income. The Company files income tax returns in the United States (federal) and in various state and local jurisdictions. In most instances, the Company is no longer subject to federal, state and local income tax examinations by tax authorities for years prior to 2019. Discontinue Operations A component of the Company is classified as a discontinued operation when (i) the operations and cash flows of the component of the Company can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the component has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the component of the Company after the disposal transactions. Significant judgments are involved in determining whether a component meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a component of the Company is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the Statements of Operations. Fair Value of Financial Instruments The reported amounts of the Company’s financial instruments, including accounts receivable, accounts payable and accrued liabilities, approximate their fair value due to their short maturities. The carrying amounts of debt approximate fair value because the debt agreements provide for interest rates that approximate market. The carrying value of the note receivable approximated fair value because it was discounted at a current market rate. Net Income Per Common Share Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period or when their inclusion would be anti-dilutive. The following table sets forth the components used in the computation of basic and diluted income per share: For the Year Ended December 31, 2022 (1) 2021 (1) Weighted average common shares outstanding, basic 976,048 1,023,709 Common shares upon exercise of options 11,101 3,020 Weighted average common shares outstanding, diluted 987,149 1,026,729 (1) Common shares of 26,664 and 36,663 underlying outstanding stock options for the years ended December 31, 2022 and 2021, respectively, were excluded from the computation of diluted earnings per share as their inclusion would be anti-dilutive. Stock-Based Compensation Stock-based compensation expense for all share-based payment awards are based on the estimated grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For each of the years ended December 31, 2022 and 2021, the Company incurred stock based compensation of $71,995 and $34,392, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2022, the unamortized fair value of the options totaled $76,000 and the weighted average remaining amortization period of the options approximated five Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The fair value of each share-based payment award granted during the years ended December 31, 2022 and 2021 were estimated using the Black-Scholes option pricing model with the following weighted average fair values: For the Year Ended December 31, 2022 2021 Dividend yield 0 % 0 % Expected volatility 4,918 % 732 % Risk-free interest rate 3.99 % 1.26 % Expected lives (in years) 5.0 5.0 The weighted average fair value of the options on the date of grants, using the fair value based methodology during the years ended December 31, 2022 and 2021, was $1.84 and $0.74, respectively. |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 – Property and Equipment, net Property and equipment consist of the following: December 31, Estimated 2022 2021 Useful Life Office furniture and equipment (in years) 413,574 407,570 3 – 7 Leasehold improvements (in years) 2,740,750 2,732,714 10 – 20 Total 3,154,324 3,140,284 Less: accumulated depreciation and amortization (3,111,462 ) (3,093,877 ) Property and equipment, net $ 42,862 $ 46,407 Depreciation and amortization expense for the years ended December 31, 2022 and 2021 was approximately $100,089 and $128,990, respectively. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5 – Income Taxes The Company’s deferred tax assets consisted of the following: December 31, Deferred tax assets: 2022 2021 Stock based compensation $ 86,000 $ 72,000 Property and equipment 385,000 399,000 Total deferred tax assets 471,000 471,000 Valuation Allowance (471,000 ) (471,000 ) Deferred tax asset – net of valuation allowance $ - $ - Decrease in valuation allowance $ - $ (55,000 ) The valuation allowance fluctuated due to the uncertainty of future taxable income. The provision for income taxes from continuing operations using the statutory federal tax rate as compared to the Company's effective tax rate is summarized as follows: December 31, 2022 2021 Tax at statutory rate 21.0 % 21.0 % Extinguishment of debt (PPP loan) - (6.9 ) Life insurance proceeds (11.7 ) - State and local income taxes, net of federal 12.7 5.9 % Effective income tax expense rate 22.0 % 20.0 % Income tax receivable principally consists of funds due from the taxing authorities resulting from the carryback of net operating loss to prior tax years. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6 – Stockholders’ Equity Common Stock A summary of the Company’s shares of Common Stock outstanding at December 31, 2022 is presented in the table below: Number of shares December 31, 2021 975,074 Issuance of common stock in connection with a cashless exercise of a stock option 1,256 December 31, 2022 976,330 Stock Options On August 27, 2019, at the Company’s Annual Meeting, the stockholders of the Company approved the Stock Incentive Plan of 2019 (the “2019 Plan”) at which time the Company’s 2005 Stock Incentive Plan (the “2005 Plan”) was terminated and no future awards could be issued under the 2005 plan. As of December 31, 2022, 9,999 options were outstanding under the 2005 Plan. The 2019 Plan is administered by the Company’s Compensation Committee and provides for 185,000 shares of common stock to be reserved for issuance under the Plan. Directors, officers, employees, and consultants of the Company are eligible to participate in the Plan. The Plan provides for the awards of incentive and non-statutory stock options. The Compensation Committee determined the vesting schedule to be up to five ten Details of all options outstanding under the Plan are presented in the table below: Number of Options Weighted Average Exercise Price Balance, January 1, 2021 53,328 $ 3.384 Granted 13,332 3.450 Expired (6,666 ) 2.250 Balance, December 31, 2021 59,994 $ 2.184 Granted 20,832 4.90 Exercised (3,333 ) 2.580 Expired (9,999 ) 3.240 Balance, December 31, 2022 67,494 $ 4.04 A summary of the Company’s stock options outstanding at December 31, 2022 is presented in the table below: Exercise Price Outstanding Weighted average options (in years) Exercisable Intrinsic Value $ 4.00 7,500 4.66 - $ - $ 5.40 13,332 4.92 - $ - $ 3.45 13,332 3.92 13,332 $ 10,416 $ 2.58 9,999 2.92 9,999 $ 16,511 $ 5.60 13,332 1.92 13,332 $ - $ 2.40 9,999 .92 9,999 $ 18,311 TOTALS 67,494 46,662 $ 45,238 Preferred Stock As of December 31, 2022 and 2021, the Company has 333,306 shares of preferred stock authorized and none no |
Note 7 - Employee Benefit Plan
Note 7 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 7 – Employee Benefit Plan The Company maintains a 401K Plan which covers all employees of the Company (the “401K Plan”). Effective January 1, 2020, the Company switched to a Safe Harbor 401K plan. The Safe Harbor 401K Plan stipulates that, going forward, all employees become vested 100% on day one. Employer contributions prior to the change vest over a five-year |
Note 8 - Discontinued Operation
Note 8 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 8 – Discontinued Operations As disclosed in a Current Report on Form 8-K filed with the SEC on October 3, 2022, FBO Air-Garden City, Inc., (“GCK”), one of our wholly owned subsidiaries entered into a FBO Transfer Agreement (the “Transfer Agreement”) with Crosby Flying Services, LLC (“Crosby”) pursuant to which GCK agreed (i) to sell to Crosby substantially all of its assets and none of its liabilities, and (ii) to a seven As disclosed in a Current Report on Form 8-K filed with the SEC on November 2, 2022, on October 31, 2022 (the “Closing Date”), the transaction contemplated by the Transfer Agreement closed and we became subject to the Non-Compete, for an aggregate purchase price of approximately $1.5 million, after certain closing adjustments. Crosby paid the purchase price on the Closing Date less $160,000 which is to be paid in cash upon the first anniversary of the Closing Date subject to GCK’s and our compliance with the Non-Compete, pursuant to the Transfer Agreement. GCK results of operations have been reported as discontinued operations in the Condensed Consolidated Statements of Operations for the twelve months ended December 31, 2022 and 2021. 12/31/21 Current assets Cash $ 799,809 Accounts receivable 95,574 Inventories 242,364 Prepaid expenses 91,926 Total current assets 1,229,673 Property and equipment 222,854 Right of use assets 387,860 Goodwill 750,000 Total long-term assets 1,360,714 Total assets 2,590,387 Current liabilities Accounts payable 96,918 Accrued expenses 26,105 Note Payable 9,315 Right of use lease payable 45,697 Total current liabilities 178,035 Long-term liabilities Note payable – Long Term 57,730 Right of use lease payable 327,513 Total long-term liabilities 385,243 Total liabilities $ 563,278 Components of discontinued operations are as follows: For the Twelve Months Ended December 31, 2022 2021 Revenue $ 3,704,048 $ 2,982,249 Cost of revenue 3,183,561 2,253,578 Gross profit 520,487 728,671 Operating expenses 567,920 524,723 Operating (loss) income from discontinued operations (47,433 ) 203,948 Gain on Sale 431,318 - Income tax expense (180,000 ) (52,100 ) Interest expense (17,980 ) (24,823 ) Net income from discontinued operations $ 185,905 $ 127,025 Basic and diluted net income per common share 0.19 1.24 Weighted average number of shares outstanding, basic 976,048 1,023,709 Weighted average number of shares outstanding, diluted 987,149 1,026,729 For the year ended December 31, 2022, total operating, investing and financing cash flows from discontinued operations were $ (213,475) (106,620) |
Note 9 - Litigation
Note 9 - Litigation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 9 – Litigation From time to time, the Company may be a party to one or more claims or disputes which may result in litigation. The Company’s management does not, however, presently expect that any such matters will have a material adverse effect on the Company’s business, financial condition or results of operations. |
Note 10 - Contingent Liabilitie
Note 10 - Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Contingencies Liabilities Disclosure [Text Block] | NOTE 10 – Contingent Liabilities Beginning in 2020, through the date of this report, the COVID-19 pandemic has negatively impacted the Company’s business and financial results at our New York Heliport. The negative impact on the Company’s business has also negatively affected our management company at the New York Heliport, Empire Aviation. On March 17, 2020, all sightseeing tour operations at the New York Heliport ceased as a result of the COVID-19 pandemic. Payments to Empire Aviation also ceased around this time and did not resume due to the substantial losses the Company incurred throughout 2020. In May 2021, the Company began to see a slight uptick in activity at our New York Heliport, but activity levels continue to be at substantially lower levels than pre-pandemic years. Because of the continued lower levels of activity, payments to Empire Aviation did not resume in 2021. Empire Aviation had previously made a claim for $153,000 in unpaid fees in 2020 which the Company disputes. There can be no assurance that Empire Aviation will not make subsequent claims of amounts due under its management agreement. The Company estimates the range of the contingent liability at December 31, 2021 will not exceed $750,000, which has not been accrued at either December 31, 2021 or December 31, 2022. Management intends to vigorously defend against any claim. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 – Subsequent Events On February 15, 2023, it was reported in the public record that NYCEDC would be bringing a new Concession Agreement with the Company as the operator of the Downtown Manhattan Heliport to the Franchise and Concession Review Committee meeting on March 3, 2023. The item was subsequently pulled off the agenda, with NYCEDC announcing on April 7, 2023 that the previous Request for Proposals ("RFP") had been cancelled and that it is their intention to put out a new RFP in 2023. Saker's current Concession Agreement terminates on April 30, 2023. The Company has been notified by NYCEDC that the Company will receive a new permit to operate the heliport from May 1, 2023 until a new RFP process is concluded. The Company is currently working with NYCEDC on the new agreement and expects to file a Form 8-K once the new agreement is finalized. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and restricted cash |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Revenue Concentration two two two three three |
Inventory, Policy [Policy Text Block] | Inventories |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill |
Lessee, Leases [Policy Text Block] | Leases 328,000 46,000 |
Revenue [Policy Text Block] | Revenue Recognition |
Customer Deposits [Policy Text Block] | Customer Deposits 204,000 81,000 |
Advertising Cost [Policy Text Block] | Advertising |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Discontinued Operations, Policy [Policy Text Block] | Discontinue Operations |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share For the Year Ended December 31, 2022 (1) 2021 (1) Weighted average common shares outstanding, basic 976,048 1,023,709 Common shares upon exercise of options 11,101 3,020 Weighted average common shares outstanding, diluted 987,149 1,026,729 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation five For the Year Ended December 31, 2022 2021 Dividend yield 0 % 0 % Expected volatility 4,918 % 732 % Risk-free interest rate 3.99 % 1.26 % Expected lives (in years) 5.0 5.0 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2022 (1) 2021 (1) Weighted average common shares outstanding, basic 976,048 1,023,709 Common shares upon exercise of options 11,101 3,020 Weighted average common shares outstanding, diluted 987,149 1,026,729 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | For the Year Ended December 31, 2022 2021 Dividend yield 0 % 0 % Expected volatility 4,918 % 732 % Risk-free interest rate 3.99 % 1.26 % Expected lives (in years) 5.0 5.0 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, Estimated 2022 2021 Useful Life Office furniture and equipment (in years) 413,574 407,570 3 – 7 Leasehold improvements (in years) 2,740,750 2,732,714 10 – 20 Total 3,154,324 3,140,284 Less: accumulated depreciation and amortization (3,111,462 ) (3,093,877 ) Property and equipment, net $ 42,862 $ 46,407 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, Deferred tax assets: 2022 2021 Stock based compensation $ 86,000 $ 72,000 Property and equipment 385,000 399,000 Total deferred tax assets 471,000 471,000 Valuation Allowance (471,000 ) (471,000 ) Deferred tax asset – net of valuation allowance $ - $ - Decrease in valuation allowance $ - $ (55,000 ) |
Federal Income Tax Note [Table Text Block] | December 31, 2022 2021 Tax at statutory rate 21.0 % 21.0 % Extinguishment of debt (PPP loan) - (6.9 ) Life insurance proceeds (11.7 ) - State and local income taxes, net of federal 12.7 5.9 % Effective income tax expense rate 22.0 % 20.0 % |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Number of shares December 31, 2021 975,074 Issuance of common stock in connection with a cashless exercise of a stock option 1,256 December 31, 2022 976,330 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Balance, January 1, 2021 53,328 $ 3.384 Granted 13,332 3.450 Expired (6,666 ) 2.250 Balance, December 31, 2021 59,994 $ 2.184 Granted 20,832 4.90 Exercised (3,333 ) 2.580 Expired (9,999 ) 3.240 Balance, December 31, 2022 67,494 $ 4.04 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise Price Outstanding Weighted average options (in years) Exercisable Intrinsic Value $ 4.00 7,500 4.66 - $ - $ 5.40 13,332 4.92 - $ - $ 3.45 13,332 3.92 13,332 $ 10,416 $ 2.58 9,999 2.92 9,999 $ 16,511 $ 5.60 13,332 1.92 13,332 $ - $ 2.40 9,999 .92 9,999 $ 18,311 TOTALS 67,494 46,662 $ 45,238 |
Note 8 - Discontinued Operati_2
Note 8 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 12/31/21 Current assets Cash $ 799,809 Accounts receivable 95,574 Inventories 242,364 Prepaid expenses 91,926 Total current assets 1,229,673 Property and equipment 222,854 Right of use assets 387,860 Goodwill 750,000 Total long-term assets 1,360,714 Total assets 2,590,387 Current liabilities Accounts payable 96,918 Accrued expenses 26,105 Note Payable 9,315 Right of use lease payable 45,697 Total current liabilities 178,035 Long-term liabilities Note payable – Long Term 57,730 Right of use lease payable 327,513 Total long-term liabilities 385,243 Total liabilities $ 563,278 For the Twelve Months Ended December 31, 2022 2021 Revenue $ 3,704,048 $ 2,982,249 Cost of revenue 3,183,561 2,253,578 Gross profit 520,487 728,671 Operating expenses 567,920 524,723 Operating (loss) income from discontinued operations (47,433 ) 203,948 Gain on Sale 431,318 - Income tax expense (180,000 ) (52,100 ) Interest expense (17,980 ) (24,823 ) Net income from discontinued operations $ 185,905 $ 127,025 Basic and diluted net income per common share 0.19 1.24 Weighted average number of shares outstanding, basic 976,048 1,023,709 Weighted average number of shares outstanding, diluted 987,149 1,026,729 |
Note 2 - Liquidity and Materi_2
Note 2 - Liquidity and Material Agreements (Details Textual) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
May 01, 2021 USD ($) | Aug. 14, 2020 USD ($) | Apr. 20, 2018 USD ($) | Jan. 01, 2017 | Nov. 01, 2008 USD ($) | Mar. 31, 2022 USD ($) | Sep. 15, 2018 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2015 | Apr. 30, 2022 USD ($) | Mar. 15, 2018 USD ($) | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | $ 5,977,157 | $ 1,647,097 | ||||||||||
Working Capital | 5,739,663 | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,598,597 | 2,400,316 | ||||||||||
Net Income (Loss) Attributable to Parent, Total | 1,246,621 | 726,184 | ||||||||||
Net Cash Provided by (Used in) Operating Activities, Total | 1,712,556 | 813,751 | ||||||||||
Net Cash Provided by (Used in) Investing Activities, Total | (1,424,315) | 81,544 | ||||||||||
Net Cash Provided by (Used in) Financing Activities, Total | (393,380) | 184,383 | ||||||||||
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights | 20% | |||||||||||
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights by Year One | 40% | |||||||||||
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights by Year Two | 50% | |||||||||||
General and Administrative Expense, Total | 2,138,000 | 0 | ||||||||||
Concession Fees | 1,509,000 | 192,000 | ||||||||||
Truck Lease [Member] | ||||||||||||
Lessee, Finance Lease, Term of Contract (Month) | 60 months | |||||||||||
Lessee, Finance Lease, Base Lease Payment | $ 2,568 | |||||||||||
Capital Lease, Lessee, Purchase Price of Capital Leased Asset | $ 1 | |||||||||||
Concession Agreement [Member] | ||||||||||||
Percentage Payable Greater than Gross Receipts During Period | 18% | 18% | ||||||||||
Amount of Gross Receipts During Period | $ 5,000,000 | $ 100,000 | ||||||||||
Percentage Payable Greater than Gross Receipts in Year One | 25% | |||||||||||
Minimum Annual Guarantee Percent | 50% | |||||||||||
Line of Credit Facility, Payment Term | 30 months | |||||||||||
Line of Credit Facility, Number of Options to Extend Agreement | 2 | |||||||||||
Paycheck Protection Program CARES Act [Member] | ||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 304,833 | |||||||||||
Truck Note [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 76,000 | |||||||||||
Debt Instrument, Number of Annual Payments | 6 | |||||||||||
Debt Instrument, Periodic Payment, Interest | $ 13,432.56 | |||||||||||
Debt Instrument, Prepayments Per Gallon of Fuel Purchased | $ 0.018 | |||||||||||
Prime Rate [Member] | Truck Note [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||||||
Key Bank National Association [Member] | Term Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 338,481 | |||||||||||
Long-Term Debt, Current Maturities, Total | $ 0 | $ 0 | ||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||
Working Capital Line of Credit [Member] | Key Bank National Association [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Operating Lease, Right-of-Use Asset | $ 387,000 | |
Operating Lease, Liability, Noncurrent | 328,000 | |
Operating Lease, Liability, Current | 46,000 | |
Contract with Customer, Liability, Current | $ 204,633 | 80,878 |
Advertising Expense | $ 0 | $ 3,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 26,664 | 36,663 |
Share-Based Payment Arrangement, Noncash Expense, Total | $ 71,995 | $ 34,392 |
Shares Based Compensation, Stock Options Unamortized Fair Value | $ 76,000 | |
Share-based Compensation, Weighted Average Remaining Amortization Period | 5 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 1.84 | $ 0.74 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 4 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Remaining Customers [Member] | ||
Number of Major Customers | 2 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 180,000 | |
Concentration Risk, Percentage | 59.80% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | ||
Number of Major Customers | 3 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 184,000 | |
Concentration Risk, Percentage | 75% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Remaining Customers [Member] | ||
Concentration Risk, Percentage | 27.60% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | ||
Concentration Risk, Percentage | 80% | |
Concession Agreement with NYEDC, Required Deposit [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | $ 425,000 | $ 425,000 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Computation of Basic Net Income Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average common shares outstanding, basic (in shares) | 976,048 | 1,023,709 |
Common shares upon exercise of options (in shares) | 11,101 | 3,020 |
Weighted average common shares outstanding, diluted (in shares) | 987,149 | 1,026,729 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Fair Value of Share-based Payment Awards Granted (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend yield | 0% | 0% |
Expected volatility | 4.918% | 732% |
Risk-free interest rate | 3.99% | 1.26% |
Expected lives (in years) (Year) | 5 years | 5 years |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization, Total | $ 100,089 | $ 128,990 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Gross | $ 3,154,324 | $ 3,140,284 |
Less: accumulated depreciation and amortization | (3,111,462) | (3,093,877) |
Property, Plant and Equipment, Gross | 42,862 | 46,407 |
Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 413,574 | $ 407,570 |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 2,740,750 | $ 2,732,714 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years |
Note 5 - Income Taxes - Summary
Note 5 - Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock based compensation | $ 86,000 | $ 72,000 |
Property and equipment | 385,000 | 399,000 |
Total deferred tax assets | 471,000 | 471,000 |
Valuation Allowance | (471,000) | (471,000) |
Deferred tax asset – net of valuation allowance | 0 | 0 |
Decrease in valuation allowance | $ 0 | $ (55,000) |
Note 5 - Income Taxes - Summa_2
Note 5 - Income Taxes - Summary of Provision for Income Taxes (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax at statutory rate | 21% | 21% |
Extinguishment of debt (PPP loan) | 0% | (6.90%) |
Life insurance proceeds | (11.70%) | 0% |
State and local income taxes, net of federal | 12.70% | 5.90% |
Effective income tax expense rate | 22% | 20% |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - shares | Aug. 17, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 67,494 | 59,994 | 53,328 | |
Preferred Stock, Shares Authorized | 333,306 | 333,306 | ||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||
The 2005 Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 9,999 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 185,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent | 100% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 127,505 | 148,337 | ||
The 2005 Plan [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Common Stock Outstanding (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
December 31, 2021 (in shares) | 975,074 |
Issuance of common stock in connection with a cashless exercise of a stock option (in shares) | 1,256 |
December 31, 2022 (in shares) | 976,330 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Summary of Outstanding Options Under the Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, January 1, 2021 (in shares) | 59,994 | 53,328 |
Balance, January 1, 2021 (in dollars per share) | $ 2.184 | $ 3.384 |
Granted (in shares) | 20,832 | 13,332 |
Granted (in dollars per share) | $ 4.90 | $ 3.450 |
Expired (in shares) | (9,999) | (6,666) |
Expired (in dollars per share) | $ 3.240 | $ 2.250 |
Exercised (in shares) | (3,333) | |
Exercised (in dollars per share) | $ 2.580 | |
Balance, December 31, 2021 (in shares) | 67,494 | 59,994 |
Balance, December 31, 2021 (in dollars per share) | $ 4.04 | $ 2.184 |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity - Summary of the Company's Stock Options (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 67,494 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 46,662 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 45,238 |
Range One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 4 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 7,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 months 28 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Range Two [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 5.40 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 13,332 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 11 months 1 day |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Range Three [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 3.45 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 13,332 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months 1 day |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 13,332 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 10,416 |
Range Four [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 2.58 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 9,999 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 2 years 11 months 1 day |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 9,999 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 16,511 |
Range Five [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 5.60 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 13,332 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 1 year 11 months 1 day |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 13,332 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Range Six [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 2.40 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 9,999 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 11 months 1 day |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable, Ending Balance | 9,999 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 18,311 |
Note 7 - Employee Benefit Plan
Note 7 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Safe Harbor 401K Plan [Member[ | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | ||
Plan 401K [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% | ||
Defined Contribution Plan, Employers Matching Contribution, Vesting Period | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 40,000 | $ 36,000 |
Note 8 - Discontinued Operati_3
Note 8 - Discontinued Operations (Details Textual) - USD ($) | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 03, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2022 | |
Proceeds from Sale of Productive Assets, Total | $ 1,440,000 | $ 0 | |||
GCK [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,500,000 | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 458,064 | ||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (106,620) | ||||
GCK [Member] | Discontinued Operations, Disposed of by Sale [Member] | Forecast [Member] | |||||
Proceeds from Divestiture of Businesses | $ 160,000,000,000 | ||||
GCK [Member] | Discontinued Operations [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,600,000 | ||||
GCK [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (213,475) | ||||
Proceeds from Sale of Productive Assets, Total | $ 1,440,000 | ||||
Noncompete Agreements [Member] | GCK [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 8 - Discontinued Operati_4
Note 8 - Discontinued Operations - Discontinued Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total current assets | $ 0 | $ 1,229,673 |
Assets of discontinued operations | 0 | 1,360,714 |
Gain on Sale | 431,318 | 0 |
Income tax expense | 180,000 | 52,100 |
Total current liabilities | 0 | 178,035 |
INCOME FROM DISCONTINUED OPERATIONS, net of income taxes | 185,905 | 127,025 |
Total long-term liabilities | $ 0 | $ 385,243 |
Weighted average common shares outstanding, basic (in shares) | 976,048 | 1,023,709 |
Weighted average number of shares outstanding, diluted (in shares) | 987,149 | 1,026,729 |
Discontinued Operations, Disposed of by Sale [Member] | GCK [Member] | ||
Revenue | $ 3,704,048 | $ 2,982,249 |
Cash | 799,809 | |
Accounts receivable | 95,574 | |
Cost of revenue | 3,183,561 | 2,253,578 |
Inventories | 242,364 | |
Prepaid expenses | 91,926 | |
Gross profit | 520,487 | 728,671 |
Total current assets | 1,229,673 | |
Property and equipment | 222,854 | |
Operating expenses | 567,920 | 524,723 |
Right of use assets | 387,860 | |
Goodwill | 750,000 | |
Operating (loss) income from discontinued operations | (47,433) | 203,948 |
Assets of discontinued operations | 1,360,714 | |
Total assets | 2,590,387 | |
Gain on Sale | 431,318 | 0 |
Accounts payable | 96,918 | |
Income tax expense | 180,000 | 52,100 |
Accrued expenses | 26,105 | |
Note Payable | 9,315 | |
Interest expense | 17,980 | 24,823 |
Right of use lease payable | 45,697 | |
Total current liabilities | 178,035 | |
INCOME FROM DISCONTINUED OPERATIONS, net of income taxes | $ 185,905 | 127,025 |
Note payable – Long Term | $ 57,730 | |
Basic and diluted net income per common share (in dollars per share) | $ 0.19 | $ 1.24 |
Right of use lease payable | $ 327,513 | |
Total long-term liabilities | $ 385,243 | |
Weighted average common shares outstanding, basic (in shares) | 976,048 | 1,023,709 |
Total liabilities | $ 563,278 | |
Weighted average number of shares outstanding, diluted (in shares) | 987,149 | 1,026,729 |
Note 10 - Contingent Liabilit_2
Note 10 - Contingent Liabilities (Details Textual) - Empire Aviation [Member] | Dec. 31, 2022 USD ($) |
Loss Contingency, Estimate of Contingent Liability | $ 153,000 |
Minimum [Member] | |
Loss Contingency, Estimate of Contingent Liability | $ 750,000 |