Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 20, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | |
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 Common Stock, Shares Outstanding (in shares) | 976,330 | |
Entity Central Index Key | 0001128281 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash, cash equivalents, and restricted cash | $ 6,157,409 | $ 5,977,157 |
Investments | 2,425,854 | 0 |
Accounts receivable | 240,615 | 244,543 |
Non-Compete receivable | 160,000 | 160,000 |
Inventories | 6,113 | 13,551 |
Income tax receivable | 119,899 | 119,899 |
Prepaid expenses | 347,039 | 354,913 |
Total current assets | 9,456,929 | 6,870,063 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,123,997 and $3,111,462 respectively | 53,319 | 42,862 |
TOTAL ASSETS | 9,510,248 | 6,912,925 |
CURRENT LIABILITIES | ||
Accounts payable | 641,193 | 328,505 |
Customer deposits | 254,879 | 204,633 |
Accrued expenses | 990,862 | 597,262 |
Total current liabilities | 1,886,934 | 1,130,400 |
TOTAL LIABILITIES | 1,886,934 | 1,130,400 |
STOCKHOLDERS’ EQUITY | ||
Common stock - $0.03 par value; authorized 3,333,334; 976,330 shares issued and outstanding at September 30, 2023 and December 31, 2022 | 29,290 | 29,290 |
Additional paid-in capital | 19,889,294 | 19,812,794 |
Accumulated deficit | (12,295,270) | (14,059,559) |
TOTAL STOCKHOLDERS’ EQUITY | 7,623,314 | 5,782,525 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 9,510,248 | $ 6,912,925 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 3,123,997 | $ 3,111,462 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.03 | $ 0.03 |
Preferred Stock, Shares Authorized (in shares) | 333,306 | 333,306 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding (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 | 976,330 |
Common stock, shares outstanding (in shares) | 976,330 | 976,330 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUE | $ 2,584,755 | $ 2,601,799 | $ 6,318,488 | $ 5,744,342 |
COST OF REVENUE | 557,256 | 1,009,247 | 1,876,428 | 2,283,422 |
GROSS PROFIT | 2,027,499 | 1,592,552 | 4,442,060 | 3,460,920 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 478,800 | 1,185,816 | 2,030,017 | 2,909,142 |
OPERATING INCOME | 1,548,699 | 406,736 | 2,412,043 | 551,778 |
OTHER INCOME | ||||
BAD DEBT RECOVERY | 212,000 | 0 | 212,000 | 125,000 |
LIFE INSURANCE PROCEEDS | 0 | 0 | 0 | 500,000 |
INTEREST INCOME | 79,892 | 0 | 143,246 | 0 |
TOTAL OTHER INCOME | 291,892 | 0 | 355,246 | 625,000 |
INCOME BEFORE INCOME TAX | 1,840,591 | 406,736 | 2,767,289 | 1,176,778 |
INCOME TAX EXPENSE | 668,000 | 141,000 | 1,003,000 | 240,000 |
INCOME FROM CONTINUING OPERATIONS | 1,172,591 | 265,736 | 1,764,289 | 936,778 |
LOSS FROM DISCONTINUED OPERATIONS, net of income taxes | 0 | (52,634) | 0 | (32,786) |
NET INCOME | $ 1,172,591 | $ 213,102 | $ 1,764,289 | $ 903,992 |
Basic Net Income Per Common Share (in dollars per share) | $ 1.2 | $ 0.22 | $ 1.81 | $ 0.93 |
Diluted Net Income Per Common Share (in dollars per share) | $ 1.18 | $ 0.22 | $ 1.78 | $ 0.91 |
Weighted Average Number of Common Shares – Basic (in shares) | 976,330 | 976,330 | 976,330 | 975,953 |
Weighted Average Number of Common Shares - Diluted (in shares) | 992,711 | 988,795 | 993,857 | 988,418 |
Statements of Condensed Consoli
Statements of Condensed Consolidated Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2021 | 975,074 | |||
BALANCE at Dec. 31, 2021 | $ 29,252 | $ 19,740,837 | $ (15,306,180) | $ 4,463,909 |
Issuance of additional Common Stock in connection with cashless exercise of options (in shares) | 1,256 | |||
Issuance of additional Common Stock in connection with cashless exercise of options | $ 38 | (38) | 0 | |
Amortization of stock based compensation | 11,499 | 11,499 | ||
Net income (loss) | (31,152) | (31,152) | ||
BALANCE (in shares) at Mar. 31, 2022 | 976,330 | |||
BALANCE at Mar. 31, 2022 | $ 29,290 | 19,752,298 | (15,337,332) | 4,444,256 |
BALANCE (in shares) at Dec. 31, 2021 | 975,074 | |||
BALANCE at Dec. 31, 2021 | $ 29,252 | 19,740,837 | (15,306,180) | 4,463,909 |
Net income (loss) | 903,992 | |||
BALANCE (in shares) at Sep. 30, 2022 | 976,330 | |||
BALANCE at Sep. 30, 2022 | $ 29,290 | 19,775,296 | (14,402,188) | 5,402,398 |
BALANCE (in shares) at Mar. 31, 2022 | 976,330 | |||
BALANCE at Mar. 31, 2022 | $ 29,290 | 19,752,298 | (15,337,332) | 4,444,256 |
Amortization of stock based compensation | 11,499 | 11,499 | ||
Net income (loss) | 722,042 | 722,042 | ||
BALANCE (in shares) at Jun. 30, 2022 | 976,330 | |||
BALANCE at Jun. 30, 2022 | $ 29,290 | 19,763,797 | (14,615,290) | 5,177,797 |
Amortization of stock based compensation | 11,499 | 11,499 | ||
Net income (loss) | 213,102 | 213,102 | ||
BALANCE (in shares) at Sep. 30, 2022 | 976,330 | |||
BALANCE at Sep. 30, 2022 | $ 29,290 | 19,775,296 | (14,402,188) | 5,402,398 |
Amortization of stock based compensation | 25,500 | 25,500 | ||
Net income (loss) | 692,428 | 692,428 | ||
BALANCE (in shares) at Jun. 30, 2023 | 976,330 | |||
BALANCE at Jun. 30, 2023 | $ 29,290 | 19,863,794 | (13,467,861) | 6,425,223 |
BALANCE at Dec. 31, 2022 | 5,782,525 | |||
Net income (loss) | 1,764,289 | |||
BALANCE (in shares) at Sep. 30, 2023 | 976,330 | |||
BALANCE at Sep. 30, 2023 | $ 29,290 | 19,889,294 | (12,295,270) | 7,623,314 |
BALANCE (in shares) at Jun. 30, 2023 | 976,330 | |||
BALANCE at Jun. 30, 2023 | $ 29,290 | 19,863,794 | (13,467,861) | 6,425,223 |
Amortization of stock based compensation | 25,500 | 25,500 | ||
Net income (loss) | 1,172,591 | 1,172,591 | ||
BALANCE (in shares) at Sep. 30, 2023 | 976,330 | |||
BALANCE at Sep. 30, 2023 | $ 29,290 | $ 19,889,294 | $ (12,295,270) | $ 7,623,314 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income | $ 1,172,591 | $ 213,102 | $ (31,152) | $ 1,764,289 | $ 692,428 | $ 903,992 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 12,535 | 101,181 | ||||
Stock based compensation | 76,500 | 34,497 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable, trade | 3,928 | (65,710) | ||||
Inventories | 7,438 | 13,437 | ||||
Income tax receivable | 0 | 573,679 | ||||
Prepaid expenses | 7,874 | 268,564 | ||||
Customer deposits | 50,246 | 124,079 | ||||
Accounts payable | 312,688 | 341,989 | ||||
Accrued expenses | 393,600 | 25,582 | ||||
TOTAL ADJUSTMENTS | 864,809 | 1,417,298 | ||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,629,098 | 2,321,290 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Purchase of investments | (2,425,854) | 0 | ||||
Purchase of property and equipment | (22,992) | (9,680) | ||||
NET CASH USED IN INVESTING ACTIVITIES | (2,448,846) | (9,680) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Payment of right of use leases payable | 0 | (34,041) | ||||
Repayment of notes payable | 0 | (9,806) | ||||
NET CASH USED IN FINANCING ACTIVITIES | 0 | (43,847) | ||||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 180,252 | 2,267,763 | ||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning | $ 2,446,906 | 5,977,157 | $ 4,714,669 | 2,446,906 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Ending | $ 6,157,409 | $ 4,714,669 | 6,157,409 | 4,714,669 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Reclassification of Inventory, Property, and Equipment, net, Right of use assets and | 0 | 1,175,706 | ||||
Interest | 0 | 17,965 | ||||
Income taxes | $ 637,513 | $ 194,006 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 - Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the “Company”) and its subsidiary have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated balance sheet as of September 30, 2023 and the condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2023 and 2022 have been prepared by the Company without audit. In the opinion of the Company’s management, all necessary adjustments (consisting of normal recurring accruals) have been included to make the Company’s financial position as of September 30, 2023 and its results of operations, stockholders’ equity, and cash flows for the three and nine months ended September 30, 2023 not misleading. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for any full year or any other interim period. |
Note 2 - Liquidity and Material
Note 2 - Liquidity and Material Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | NOTE 2 – Liquidity and Material Agreements As of September 30, 2023, we had cash and cash equivalents of $6,157,409 and a working capital surplus of $7,569,995. We generated revenue from continuing operations of $6,318,488 and had net income of $1,764,289 for the nine months ended September 30, 2023 . On March 15, 2018, the Company entered into a loan agreement for a $1,000,000 revolving line of credit (the “Key Bank Revolver Note”) which, 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 The Company has invested its excess working capital reserves in a high yield savings account and government backed securities with UBS Financial Services Inc. (“UBS”). The Company was party to a Concession Agreement, dated as of November 1, 2008, with the City of New York for the operation of the Downtown Manhattan Heliport (the “Concession Agreement”). Pursuant to the terms of the Concession Agreement, the Company was required to 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 Securities and Exchange Commission (“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 Downtown Manhattan 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. 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 Downtown Manhattan 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 Downtown Manhattan Heliport, Empire Aviation. The Company incurred management fees with Empire Aviation of approximately $448,000 and $836,000 during the six months ended June 30, 2023 and June 30, 2022, respectively. Empire Aviation notified the Company that it believes additional fees are due under the management agreement 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 as disclosed in the Company’s 2022 Annual Report on Form 10-K. The Empire management agreement expired April 30, 2023. The Company's internal management team and heliport employees have taken over all duties relating to the management of the heliport. 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 nine months ended September 30, 2023 and 2022, we incurred approximately $532,000 and $1,089,000 in concession fees, respectively, which are recorded in the cost of revenue. On February 15, 2023, NYCEDC reported that it would be bringing a new concession agreement with the Company as the operator of the Downtown Manhattan Heliport to the New York City Franchise and Concession Review Committee meeting on March 3, 2023. The item was subsequently removed from 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. On April 28, 2023, the Company entered into a Temporary Use Authorization Agreement (the “Use Agreement”), effective as of May 1, 2023, with the City of New York acting by and through the New York City of Department of Small Business Services (“DSBS”). The Use Agreement has a term of one year. Pursuant to the terms of the Use Agreement, the Company has been granted the exclusive right to operate as the fixed base operator for the Downtown Manhattan Heliport and collect all revenue derived from the Downtown Manhattan Heliport operations. In addition to terminations for an event of default, the Use Agreement could be terminated at any time by the Commissioner of the DSBS or suspended at any time by the NYCEDC. The Company was required under the Use Agreement to remit a monthly administrative fee to the NYCEDC in the amount of $5,000. During the nine months ended September 30, 2023, the Company incurred $25,000 in administrative fees which are recorded in the cost of revenue. On July 13, 2023, the DSBS was granted approval by the Franchise and Concession Review Committee to enter into an Interim Concession Agreement (the “Interim Agreement”) with the Company to provide for the continued operation of the Downtown Manhattan Heliport. The Interim Agreement, once executed, provides for one (1) six-month six-month On November 13, 2023, the DBS and NYCEDC released the new RFP. The Interim Agreement, once executed, will govern the Company’s operation of the Downtown Manhattan Heliport until the RFP process is concluded and an operator selected unless terminated earlier pursuant to its terms. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 - Summary of Significant Accounting Policies Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, FirstFlight Heliports, LLC. All significant inter-company accounts and transactions have been eliminated in consolidation. Cash, cash equivalents, and restricted cash The Company maintains its cash and cash equivalents with various financial institutions which often exceeds federally insured limits. Cash equivalents represent money market funds and short term investments with original maturities of three months or less from the date of purchase. 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. At September 30, 2023, there were no restrictions on cash or cash equivalents. Investments Investments held by the Company have readily determinable fair values and are reported at cost, which approximates fair value at September 30, 2023. On a monthly basis, realized gains and losses are determined by using the first-in first-out method and will be reported in other income and unrealized gains and losses will be reported in Other Comprehensive Income (Loss). Investments consist of U.S. treasury Notes and Bills with maturities ranging from December 2023 to August 2024. Investments are not purchased with the intent of selling in the near term. However, from time to time, the Company may decide to sell certain securities for liquidity, tax planning and other business purposes. Purchases and sales are recorded on a trade date basis and interest income is recorded when earned. Net Income Per Common Share Net income was $1,764,289 and $903,992 for the nine months ended September 30, 2023 and 2022, respectively. Net income was $1,172,591 and $213,102 for the three months ended September 30, 2023 and 2022, respectively. 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 and warrants, are excluded from the calculation of the diluted income per share when their exercise prices were greater than the average market price of the common stock during the period. The following table sets forth the components used in the computation of basic net income per share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average common shares outstanding, basic 976,330 976,330 976,330 975,953 Common shares upon exercise of options and warrants 16,381 12,465 17,527 12,465 Weighted average common shares outstanding, diluted 992,711 988,795 993,857 988,418 Stock-Based Compensation Stock-based compensation expense for all stock-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 the nine months ended September 30, 2023 and 2022, the Company incurred stock-based compensation of $76,500 and $34,497, 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 September 30, 2023, the unamortized fair value of the options totaled $25,500 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. |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 4 – 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 was to be paid in cash upon the first anniversary (“Anniversary Payment” of the Closing Date subject to GCK’s and our compliance with the Non-Compete, pursuant to the Transfer Agreement. At Crosby’s request, the Company agreed to extend the due date on the Anniversary Payment to November 15, 2023 which was received by the Company on that date. GCK results of operations have been reported as discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022. Components of discontinued operations are as follows: For the three months ended Sept. 30, 2022 For the nine months ended Sept. 30, 2022 Revenue $ 1,165,101 $ 3,296,055 Cost of revenue 1,040,797 2,832,759 Gross profit 124,304 463,296 Operating expenses 170,748 478,117 Operating loss from discontinued operations (46,444 ) (14,821 ) Interest expense 6,190 17,965 Net loss from discontinued operations $ (52,634 ) $ (32,786 ) Basic and diluted net loss per common share (0.05 ) (0.03 ) Weighted average number of shares outstanding, basic 976,330 975,953 Weighted average number of shares outstanding, diluted 988,795 988,418 |
Note 5 - Litigation
Note 5 - Litigation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 5 – 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 6 - Subsequent Events
Note 6 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 6 – Subsequent Events On July 13, 2023, the DSBS was granted approval by the Franchise and Concession Review Committee to enter into an Interim Concession Agreement (the “Interim Agreement”) with the Company to provide for the continued operation of the Downtown Manhattan Heliport. The Interim Agreement, once executed, provides for one (1) six-month six-month On November 13, 2023, the DBS and NYCEDC released the new RFP. The Interim Agreement, once executed, will govern the Company’s operation of the Downtown Manhattan Heliport until the RFP process is concluded and an operator selected unless terminated earlier pursuant to its terms. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, FirstFlight Heliports, LLC. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, cash equivalents, and restricted cash The Company maintains its cash and cash equivalents with various financial institutions which often exceeds federally insured limits. Cash equivalents represent money market funds and short term investments with original maturities of three months or less from the date of purchase. 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. At September 30, 2023, there were no restrictions on cash or cash equivalents. |
Investment, Policy [Policy Text Block] | Investments Investments held by the Company have readily determinable fair values and are reported at cost, which approximates fair value at September 30, 2023. On a monthly basis, realized gains and losses are determined by using the first-in first-out method and will be reported in other income and unrealized gains and losses will be reported in Other Comprehensive Income (Loss). Investments consist of U.S. treasury Notes and Bills with maturities ranging from December 2023 to August 2024. Investments are not purchased with the intent of selling in the near term. However, from time to time, the Company may decide to sell certain securities for liquidity, tax planning and other business purposes. Purchases and sales are recorded on a trade date basis and interest income is recorded when earned. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share Net income was $1,764,289 and $903,992 for the nine months ended September 30, 2023 and 2022, respectively. Net income was $1,172,591 and $213,102 for the three months ended September 30, 2023 and 2022, respectively. 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 and warrants, are excluded from the calculation of the diluted income per share when their exercise prices were greater than the average market price of the common stock during the period. The following table sets forth the components used in the computation of basic net income per share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average common shares outstanding, basic 976,330 976,330 976,330 975,953 Common shares upon exercise of options and warrants 16,381 12,465 17,527 12,465 Weighted average common shares outstanding, diluted 992,711 988,795 993,857 988,418 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation expense for all stock-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 the nine months ended September 30, 2023 and 2022, the Company incurred stock-based compensation of $76,500 and $34,497, 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 September 30, 2023, the unamortized fair value of the options totaled $25,500 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. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average common shares outstanding, basic 976,330 976,330 976,330 975,953 Common shares upon exercise of options and warrants 16,381 12,465 17,527 12,465 Weighted average common shares outstanding, diluted 992,711 988,795 993,857 988,418 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the three months ended Sept. 30, 2022 For the nine months ended Sept. 30, 2022 Revenue $ 1,165,101 $ 3,296,055 Cost of revenue 1,040,797 2,832,759 Gross profit 124,304 463,296 Operating expenses 170,748 478,117 Operating loss from discontinued operations (46,444 ) (14,821 ) Interest expense 6,190 17,965 Net loss from discontinued operations $ (52,634 ) $ (32,786 ) Basic and diluted net loss per common share (0.05 ) (0.03 ) Weighted average number of shares outstanding, basic 976,330 975,953 Weighted average number of shares outstanding, diluted 988,795 988,418 |
Note 2 - Liquidity and Materi_2
Note 2 - Liquidity and Material Agreements (Details Textual) | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jul. 13, 2023 USD ($) | Apr. 28, 2023 USD ($) | Nov. 01, 2008 USD ($) | Mar. 15, 2018 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2015 | Dec. 31, 2022 USD ($) | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 6,157,409 | $ 6,157,409 | $ 5,977,157 | |||||||||||
Working Capital | 7,569,995 | 7,569,995 | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,584,755 | $ 2,601,799 | 6,318,488 | $ 5,744,342 | ||||||||||
Net income | 1,172,591 | 213,102 | $ 722,042 | $ (31,152) | 1,764,289 | $ 692,428 | 903,992 | |||||||
Net Cash Provided by (Used in) Operating Activities | 2,629,098 | 2,321,290 | ||||||||||||
Net Cash Provided by (Used in) Investing Activities | (2,448,846) | (9,680) | ||||||||||||
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 | 448,000 | 836,000 | ||||||||||||
Concession Fees | 532,000 | 1,089,000 | ||||||||||||
Administrative Fees Expense | 25,000 | |||||||||||||
Interim Agreement, Initial Term | 6 months | |||||||||||||
Interim Agreement, Renewal Period | 6 months | |||||||||||||
Amount Of Gross Receipts During Initial Term | $ 1,036,811 | |||||||||||||
Percentage Of Gross Receipts During Initial Term | 30% | |||||||||||||
Amount Of Gross Receipts During Both Renewal Periods | $ 518,406 | |||||||||||||
Percentage Amount of Gross Receipts During Both Renewal Periods | 30% | |||||||||||||
Concession Agreement [Member] | ||||||||||||||
Percentage Payable Greater than Gross Receipts During Period | 18% | 18% | ||||||||||||
Amount of Gross Receipts During Period | $ 5,000,000 | $ 100,000 | 5,000,000 | |||||||||||
Percentage Payable Greater than Gross Receipts in Year One | 25% | |||||||||||||
Line of Credit Facility, Payment Term (Month) | 30 months | |||||||||||||
Line of Credit Facility, Number of Options to Extend Agreement | 2 | |||||||||||||
Temporary Use Authorization Agreement [Member] | ||||||||||||||
Monthly Administrative Fee | $ 5,000 | |||||||||||||
Key Bank National Association [Member] | Term Loan [Member] | ||||||||||||||
Long-Term Debt, Current Maturities, Total | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Working Capital Line of Credit [Member] | Key Bank National Association [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) | $ 1,172,591 | $ 213,102 | $ 722,042 | $ (31,152) | $ 1,764,289 | $ 692,428 | $ 903,992 |
Net income | $ 1,172,591 | $ 213,102 | $ 722,042 | $ (31,152) | 1,764,289 | $ 692,428 | 903,992 |
Share-Based Payment Arrangement, Noncash Expense | 76,500 | $ 34,497 | |||||
Shares Based Compensation, Stock Options Unamortized Fair Value | $ 25,500 | ||||||
Share-based Compensation, Weighted Average Remaining Amortization Period | 5 years |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Computation of Basic Net Income Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average common shares outstanding, basic (in shares) | 976,330 | 976,330 | 976,330 | 975,953 |
Common shares upon exercise of options (in shares) | 16,381 | 12,465 | 17,527 | 12,465 |
Weighted average common shares outstanding, diluted (in shares) | 992,711 | 988,795 | 993,857 | 988,418 |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) - GCK [Member] - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 03, 2022 |
Discontinued Operations, Disposed of by Sale [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 1.5 | ||
Discontinued Operations, Disposed of by Sale [Member] | Forecast [Member] | |||
Proceeds from Divestiture of Businesses | $ 160,000 | ||
Discontinued Operations [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 1.6 | ||
Noncompete Agreements [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Discontinued Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income from discontinued operations | $ 0 | $ (52,634) | $ 0 | $ (32,786) |
Weighted average common shares outstanding, basic (in shares) | 976,330 | 976,330 | 976,330 | 975,953 |
Weighted average number of shares outstanding, diluted (in shares) | 992,711 | 988,795 | 993,857 | 988,418 |
Discontinued Operations, Disposed of by Sale [Member] | GCK [Member] | ||||
Revenue | $ 1,165,101 | $ 3,296,055 | ||
Cost of revenue | 1,040,797 | 2,832,759 | ||
Gross profit | 124,304 | 463,296 | ||
Operating expenses | 170,748 | 478,117 | ||
Operating income from discontinued operations | (46,444) | (14,821) | ||
Interest expense | 6,190 | 17,965 | ||
Net income from discontinued operations | $ (52,634) | $ (32,786) | ||
Basic and diluted net income per common share (in dollars per share) | $ (0.05) | $ (0.03) | ||
Weighted average common shares outstanding, basic (in shares) | 976,330 | 975,953 | ||
Weighted average number of shares outstanding, diluted (in shares) | 988,795 | 988,418 |
Note 6 - Subsequent Events (Det
Note 6 - Subsequent Events (Details Textual) | Jul. 13, 2023 USD ($) |
Interim Agreement, Initial Term | 6 months |
Interim Agreement, Renewal Period | 6 months |
Amount Of Gross Receipts During Initial Term | $ 1,036,811 |
Percentage Of Gross Receipts During Initial Term | 30% |
Amount Of Gross Receipts During Both Renewal Periods | $ 518,406 |
Percentage Amount of Gross Receipts During Both Renewal Periods | 30% |