Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2022 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001823587 |
Entity Registrant Name | Sky Harbour Group Corporation |
Amendment Flag | false |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Document Type | S-1 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 85-2732947 |
Entity Address, Address Line One | 136 Tower Road, Suite 205 Westchester County Airport |
Entity Address, City or Town | White Plains |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10604 |
City Area Code | 212 |
Local Phone Number | 554-5990 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 48,610 | $ 6,805 |
Restricted cash | 18,036 | 197,130 |
Restricted investments | 166,560 | 0 |
Prepaid expenses and other assets | 3,807 | 3,142 |
Right-of-use assets | 56,555 | 56,867 |
Total assets | 347,773 | 303,887 |
Liabilities and equity | ||
Accounts payable, accrued expenses and other liabilities | 12,071 | 10,959 |
Operating lease liabilities | 61,516 | 61,289 |
Bonds payable, net of debt issuance costs and premiums | 160,756 | 160,679 |
Warrants liability | 21,924 | 0 |
Total liabilities | 256,267 | 232,927 |
Redeemable Sky Series B Preferred Units | 0 | 54,029 |
Stockholders’ equity | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 28,681 | 0 |
Accumulated deficit | (15,763) | 0 |
Total Sky Harbour Group Corporation stockholders’ equity | 12,923 | 0 |
Members’ equity | 0 | 16,931 |
Non-controlling interests | 78,583 | 0 |
Total equity | 91,506 | 16,931 |
Total liabilities and equity | 347,773 | 303,887 |
Common Class A [Member] | ||
Stockholders’ equity | ||
Common stock | 1 | 0 |
Common Class B [Member] | ||
Stockholders’ equity | ||
Common stock | 4 | 0 |
Construction in Progress [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 39,435 | 25,034 |
Asset under Construction [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 14,365 | 14,500 |
Equipment and Software [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | $ 405 | $ 409 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Jan. 25, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common Class A [Member] | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock, shares issued (in shares) | 14,937,581 | ||
Common stock, shares outstanding (in shares) | 14,937,581 | ||
Common Class B [Member] | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized (in shares) | 50,000,000 | 20,000,000 | |
Common stock, shares issued (in shares) | 42,192,250 | ||
Common stock, shares outstanding (in shares) | 42,192,250 | 3,399,724 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Rental revenue | $ 397,000 | $ 390,000 |
Total revenue | 397,000 | 390,000 |
Expenses: | ||
Operating | 1,145,000 | 995,000 |
Depreciation | 145,000 | 141,000 |
General and administrative | 4,683,000 | 591,000 |
Total Expenses | 5,973,000 | 1,727,000 |
Other Expenses: | ||
Interest expense, net of capitalized interest | 0 | 459,000 |
Unrealized loss on warrants | 13,938,000 | 0 |
Loss on extinguishment of note payable to related party | 0 | 250,000 |
Total Other Expenses | 13,938,000 | 709,000 |
Net loss | (19,514,000) | (2,046,000) |
Net loss attributable to non-controlling interests | (3,751,000) | 0 |
Net loss attributable to Sky Harbour Group Corporation shareholders | $ (15,763,000) | $ (2,046,000) |
Loss per share | ||
Basic (in dollars per share) | $ (1.44) | $ 0 |
Diluted (in dollars per share) | $ (1.44) | $ 0 |
Weighted average shares | ||
Basic (in shares) | 10,954 | 0 |
Diluted (in shares) | 10,954 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Prior to Recapitalization [Member]Preferred Stock [Member]Series B Preferred Stock [Member] | Prior to Recapitalization [Member]Common Stock [Member]Common Class A [Member] | Prior to Recapitalization [Member]Common Stock [Member]Common Class B [Member] | Prior to Recapitalization [Member]Additional Paid-in Capital [Member] | Prior to Recapitalization [Member]Retained Earnings [Member] | Prior to Recapitalization [Member]Parent [Member] | Prior to Recapitalization [Member]Members Equity [Member] | Prior to Recapitalization [Member]Noncontrolling Interest [Member] | Prior to Recapitalization [Member] | After Recapitalization [Member]Preferred Stock [Member]Series B Preferred Stock [Member] | After Recapitalization [Member]Common Stock [Member]Common Class A [Member] | After Recapitalization [Member]Common Stock [Member]Common Class B [Member] | After Recapitalization [Member]Additional Paid-in Capital [Member] | After Recapitalization [Member]Retained Earnings [Member] | After Recapitalization [Member]Parent [Member] | After Recapitalization [Member]Members Equity [Member] | After Recapitalization [Member]Noncontrolling Interest [Member] | After Recapitalization [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Members Equity [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 0 | |||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (6,509) | $ 0 | $ (6,509) | |||||||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | 0 | (2,046) | 0 | (2,046) | |||||||||||||||||||
Gain on extinguishment of related party loan, net of repurchase of membership interests | 0 | 0 | 0 | 0 | 0 | 0 | 5,621 | 0 | 5,621 | |||||||||||||||||||
Conversion of SH I loan to equity | 0 | 0 | 0 | 0 | 0 | 0 | 1,250 | 0 | 1,250 | |||||||||||||||||||
Issuance of Sky Series A Preferred Units, net of equity issuance costs | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 29,683 | 0 | 29,683 | |||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 0 | 0 | 0 | |||||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 27,999 | 0 | 27,999 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 0 | |||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | (6,509) | 0 | (6,509) | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | |||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 54,029 | $ 0 | $ 0 | 0 | 0 | 0 | 16,931 | 0 | 16,931 | |||||||||||||||||||
Incentive compensation | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 23 | $ 0 | $ 23 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 63 | $ 63 | ||||||||||
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,247) | $ 0 | $ (1,247) | $ 0 | $ 0 | $ 0 | $ 0 | $ (15,763) | $ (15,763) | $ 0 | $ (2,504) | $ (18,267) | (15,763) | |||||||||
Yellowstone Transaction and recapitalization, See Note 3 (in shares) | 0 | 14,937,581 | 42,192,250 | |||||||||||||||||||||||||
Yellowstone Transaction and recapitalization, See Note 3 | $ (54,029) | $ 1 | $ 4 | 28,681 | 0 | 28,686 | (15,707) | 81,024 | 94,003 | |||||||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 0 | 14,937,581 | 42,192,250 | 57,129,831 | ||||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 1 | $ 4 | $ 28,681 | $ (15,763) | $ 12,923 | $ 0 | $ 78,583 | $ 91,506 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (19,514,000) | $ (2,046,000) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 145,000 | 297,000 |
Straight-line rent adjustments, net | 12,000 | (72,000) |
Loss on extinguishment of related party loan payable | 0 | 250,000 |
Incentive compensation | 86,000 | 0 |
Non-cash operating lease expense | 539,000 | 706,000 |
Unrealized loss on warrants | 13,938,000 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (3,500,000) | (906,000) |
Accounts payable and accrued expenses | (1,870,000) | 499,000 |
Net cash used in operating activities | (10,164,000) | (1,272,000) |
Cash Flows from Investing Activities: | ||
Purchases of long-lived assets | (6,000) | (10,000) |
Payments for cost of construction | (12,428,000) | (1,263,000) |
Purchases of held-to-maturity investments | (166,560,000) | 0 |
Net cash used in investing activities | (178,994,000) | (1,273,000) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Sky Series A Preferred Units | 0 | 30,000,000 |
Proceeds from issuance of BOC PIPE | 45,000,000 | 0 |
Proceeds from Yellowstone trust | 15,691,000 | 0 |
Offering costs | (8,822,000) | (251,000) |
Payments for debt issuance costs | 0 | (69,000) |
Payment of loan payable and redemption of Sky membership interest | 0 | (5,221,000) |
Proceeds from note payable to Sponsor | 0 | 774,000 |
Proceeds of loans payable to related parties | 0 | 630,000 |
Net cash provided by financing activities | 51,869,000 | 25,863,000 |
Net (decrease) increase in cash | (137,289,000) | 23,318,000 |
Cash – beginning of the period | 203,935,000 | 72,000 |
Cash – end of the period | $ 66,646,000 | $ 23,390,000 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | |||
Cash | $ 48,610,000 | $ 6,805,000 | $ 0 |
Total assets | 347,773,000 | 303,887,000 | |
Current liabilities: | |||
Warrants liability | 21,924,000 | 0 | |
Total liabilities | 256,267,000 | 232,927,000 | |
Commitments and Contingencies: | |||
Stockholders’ equity | |||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022; none issued and outstanding | 0 | 0 | |
Additional paid-in capital | 28,681,000 | 0 | |
Accumulated deficit | (15,763,000) | 0 | |
Total liabilities and equity | 347,773,000 | 303,887,000 | |
Common Class A [Member] | |||
Stockholders’ equity | |||
Common stock | 1,000 | 0 | |
Common Class B [Member] | |||
Stockholders’ equity | |||
Common stock | $ 4,000 | 0 | |
Predecessor [Member] | |||
Current assets: | |||
Cash | 114,626 | 1,122,194 | |
Assets held in Trust | 138,760,121 | 138,716,226 | |
Prepaid expenses | 239,660 | 403,186 | |
Total assets | 139,114,407 | 140,241,606 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 1,174,980 | 153,928 | |
Note payable to Sponsor | 1,000,000 | 0 | |
Deferred underwriting fee payable | 4,759,615 | 4,759,615 | |
Total current liabilities | 6,934,595 | 4,913,543 | |
Warrants liability | 11,908,671 | 18,003,841 | |
Total liabilities | 18,843,266 | 22,917,384 | |
Stockholders’ equity | |||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022; none issued and outstanding | 0 | 0 | |
Additional paid-in capital | 0 | 0 | |
Accumulated deficit | (18,437,959) | (21,384,878) | |
Total Stockholders' Equity | (18,437,619) | (21,384,538) | |
Total liabilities and equity | 139,114,407 | 140,241,606 | |
Predecessor [Member] | Common Class A [Member] | |||
Current liabilities: | |||
Class A common stock, $0.0001 par value; 13,598,898 shares subject to possible redemption at $10.20 per share | 138,708,760 | 138,708,760 | |
Stockholders’ equity | |||
Common stock | 0 | 0 | |
Predecessor [Member] | Common Class B [Member] | |||
Stockholders’ equity | |||
Common stock | $ 340 | $ 340 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | |
Preferred stock, shares issued (in shares) | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | |
Predecessor [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Temporary equity, shares subject to possible redemption (in shares) | 13,598,898 | |
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 200,000,000 | |
Common Class A [Member] | Predecessor [Member] | ||
Temporary equity, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Temporary equity, shares subject to possible redemption (in shares) | 13,598,898 | 13,598,898 |
Temporary equity, redemption value per share (in dollars per share) | $ 10.20 | $ 10.20 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 20,000,000 | |
Common stock, shares outstanding (in shares) | 3,399,724 | |
Common Class B [Member] | Predecessor [Member] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 3,399,724 | 3,399,724 |
Common stock, shares outstanding (in shares) | 3,399,724 | 3,399,724 |
Statements of Operations
Statements of Operations - USD ($) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Change in fair value of warrant liability | $ 6,095,170 | |
Income tax (provision) benefit | $ 0 | |
Common Class A [Member] | ||
Loss per share | ||
Class A common stock - basic and diluted (in dollars per share) | $ (0.27) | $ 0.17 |
Common Class B [Member] | ||
Loss per share | ||
Class A common stock - basic and diluted (in dollars per share) | $ (0.27) | $ 0.17 |
Predecessor [Member] | ||
Professional fees and other expenses | $ (656,563) | $ (2,345,854) |
State franchise taxes, other than income tax | (70,542) | (200,000) |
General and administrative costs | (241,749) | (639,439) |
Change in fair value of warrant liability | (2,070,328) | 6,095,170 |
Net income (loss) income from operations | (3,039,182) | 2,909,877 |
Other income - interest and dividend income | 0 | 35,423 |
Gain on disposition of investments | 12,297 | 0 |
Unrealized gain on marketable securities held in Trust | 2,081 | 1,619 |
Income (loss) before income taxes | (3,024,804) | 2,946,919 |
Income tax (provision) benefit | 0 | 0 |
Net loss attributable to Sky Harbour Group Corporation shareholders | $ (3,024,804) | $ 2,946,919 |
Predecessor [Member] | Common Class A [Member] | ||
Loss per share | ||
Class A common stock - basic and diluted (in dollars per share) | $ (0.27) | $ 0.17 |
Predecessor [Member] | Common Class B [Member] | ||
Loss per share | ||
Class A common stock - basic and diluted (in dollars per share) | $ (0.27) | $ 0.17 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | IPO [Member]Common Stock [Member]Common Class A [Member]Predecessor [Member] | IPO [Member]Common Stock [Member]Common Class B [Member]Predecessor [Member] | IPO [Member]Additional Paid-in Capital [Member]Predecessor [Member] | IPO [Member]Retained Earnings [Member]Predecessor [Member] | IPO [Member]Predecessor [Member] | Common Stock [Member]Common Class A [Member]Predecessor [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member]Predecessor [Member] | Common Stock [Member]Common Class B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Predecessor [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member]Predecessor [Member] | Retained Earnings [Member] | Predecessor [Member] | Total |
Balance (in shares) at Aug. 25, 2020 | 0 | 0 | ||||||||||||||
Balance at Aug. 25, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 3,593,750 | ||||||||||||||
Issuance of Sky Series A Preferred Units, net of equity issuance costs | $ 0 | $ 0 | $ 135,988,980 | $ 0 | $ 135,988,980 | $ 0 | $ 359 | 24,641 | 0 | 25,000 | ||||||
Offering costs | $ 0 | $ 0 | (7,451,220) | 0 | (7,451,220) | |||||||||||
Over-allotment reduction of Class B common stock (in shares) | 0 | (194,026) | ||||||||||||||
Over-allotment reduction of Class B common stock | $ 0 | $ (19) | 19 | 0 | 0 | |||||||||||
Sale of private placement warrants to Sponsor | 0 | 0 | 7,719,779 | 0 | 7,719,779 | |||||||||||
Reclassification of warrants to liabilities | 0 | 0 | (15,933,513) | 0 | (15,933,513) | |||||||||||
Common stock subject to possible redemption | 0 | 0 | (120,348,686) | (18,360,074) | (138,708,760) | |||||||||||
Net loss | $ 0 | $ 0 | 0 | (3,024,804) | (3,024,804) | |||||||||||
Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 3,399,724 | 0 | ||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 340 | 0 | (21,384,878) | (21,384,538) | |||||||||||
Issuance of Sky Series A Preferred Units, net of equity issuance costs | $ 0 | $ 0 | $ 0 | $ 0 | $ 29,683,000 | |||||||||||
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | (2,046,000) | |||||||||||
Balance (in shares) at Mar. 31, 2021 | 0 | 0 | ||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 0 | 0 | 3,399,724 | 0 | ||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 340 | 0 | (21,384,878) | (21,384,538) | |||||||||||
Net loss | $ 0 | $ 0 | 0 | 2,946,919 | 2,946,919 | |||||||||||
Balance (in shares) at Dec. 31, 2021 | 0 | 0 | 3,399,724 | 0 | ||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 340 | $ 0 | $ (18,437,959) | $ (18,437,619) | |||||||||||
Net loss | $ (15,763,000) | |||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 14,937,581 | 42,192,250 | 57,129,831 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | ||||
Net Income (Loss) | $ (15,763,000) | $ (2,046,000) | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
Unrealized loss on warrants | 13,938,000 | 0 | $ (6,095,170) | |
Changes in operating assets and liabilities: | ||||
Accounts payable and accrued expenses | (1,870,000) | 499,000 | ||
Net cash used in operating activities | (10,164,000) | (1,272,000) | ||
Cash Flows from Investing Activities: | ||||
Net cash used in investing activities | (178,994,000) | (1,273,000) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from note payable to Sponsor | 0 | 774,000 | ||
Offering costs | (8,822,000) | (251,000) | ||
Net cash provided by financing activities | 51,869,000 | 25,863,000 | ||
Net (decrease) increase in cash | (137,289,000) | 23,318,000 | ||
Cash – beginning of the period | 203,935,000 | 72,000 | 72,000 | |
Cash – end of the period | 66,646,000 | 23,390,000 | $ 72,000 | 203,935,000 |
Interest Paid in Cash | 2,063,000 | 259,000 | ||
Predecessor [Member] | ||||
Cash Flows from Operating Activities: | ||||
Net Income (Loss) | (3,024,804) | 2,946,919 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
Unrealized gain on marketable securities held in Trust | (2,081) | (1,619) | ||
Gain on disposition of investments | (12,297) | 0 | ||
Issuance costs related to warrant liability | 509,899 | 0 | ||
Unrealized loss on warrants | 2,070,328 | (6,095,170) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (403,186) | 163,526 | ||
Accounts payable and accrued expenses | 153,928 | 1,021,052 | ||
Net cash used in operating activities | (708,213) | (1,965,292) | ||
Cash Flows from Investing Activities: | ||||
Proceeds from sales of investments | 266,000,000 | 1,179,227,029 | ||
Purchase of investments | (404,701,848) | (1,179,269,305) | ||
Net cash used in investing activities | (138,701,848) | (42,276) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of Private Placement Warrants | 7,719,779 | 0 | ||
Proceeds from note payable to Sponsor | 0 | 1,000,000 | ||
Offering costs | (3,201,504) | 0 | ||
Net cash provided by financing activities | 140,532,255 | 1,000,000 | ||
Net (decrease) increase in cash | 1,122,194 | (1,007,568) | ||
Cash – beginning of the period | $ 114,626 | $ 1,122,194 | 0 | 1,122,194 |
Cash – end of the period | 1,122,194 | 114,626 | ||
Interest Paid in Cash | 0 | 0 | ||
Income Taxes Paid in Cash | 0 | 0 | ||
Predecessor [Member] | Common Class A [Member] | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common stock | 135,988,980 | 0 | ||
Predecessor [Member] | Common Class B [Member] | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common stock | $ 25,000 | $ 0 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Operations | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Business Operations Sky Harbour Group Corporation (“SHG”) is a holding company organized under the laws of the State of Delaware and, through its main operating subsidiary, Sky Harbour LLC and its subsidiaries (collectively, “Sky”), is an aviation infrastructure development company that develops, leases and manages general aviation hangars for business aircraft across the United States. Sky Harbour Group Corporation and its consolidated subsidiaries are collectively referred to as the “Company.” On January 25, 2022 ( August 25, 2020, August 1, 2021 ( As a result of the closing of the Yellowstone Transaction, and collectively with the other transaction described in the Equity Purchase Agreement, the Company was reorganized as an umbrella partnership-C corporation, or “Up-C”, structure in which substantially all of the operating assets of the Company are held by Sky and SHG’s only substantive assets are its equity interests in Sky (the “Common Units”). As of the Closing Date, SHG owned approximately 26.1% of the common units of Sky (the “Sky Common Units”), and the prior holders of Sky’s Existing Common Units (the “LLC Interests”) owned approximately 73.9% of the Sky Common Units and control the Company through their ownership of the Class B Common Stock, $0.0001 par value (“Class B Common Stock”) of the Company. As of March 31, 2022, 2 3 | 1. Organization and Business Operations Organization and General Yellowstone Acquisition Company (the “Company”) was incorporated in Delaware on August 25, 2020. one December 31 The Company completed its initial public offering (“IPO”) on October 26, 2020 not Sky Harbour Business Combination On August 1, 2021, August 2, 2021. On August 25, 2021, 2021 three 2036, 2041 2054, 2032 2054 2036 2041 2054 September 14, 2021. On December 22, 2021, $150 The Business Combination with SHG closed on January 25, 2022. Financing Upon the closing of the IPO, $127,500,000 ($10.20 per Unit) of the net proceeds of the sale of the Units in the IPO, including proceeds of the sale of the Private Placement Warrants, were placed in a trust account (“Trust Account”) located in the United States at JP Morgan Chase Bank, N.A. with Continental Stock Transfer & Trust Company acting as trustee. In connection with the exercise of the underwriters' overallotment option on December 1, 2020, Trust Account Prior to the closing of the Business Combination, funds held in the Trust Account were invested in U.S. government securities, within the meaning set forth in Section 2 16 185 2a 7 Business Combination The Company’s management had broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds were intended to be applied generally toward completing a Business Combination. The Company was required to complete its initial Business Combination with one not 1940, The Company, after signing a definitive agreement for a business combination, was required to provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The stockholders were entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.20 two not no 480 On January 25, 2022, 2021 Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2 2012 not not not 404 not Further, section 102 1 not not not may |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2021, December 31, 2021 8 March 28, 2022, Notwithstanding the legal form of the Yellowstone Transaction pursuant to the terms therein, the Yellowstone Transaction was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, SHG was treated as the acquired company for financial reporting purposes, and Sky was treated as the accounting acquirer. In accordance with this accounting method, the Yellowstone Transaction was treated as the equivalent of Sky issuing stock for the net assets of Yellowstone, accompanied by a recapitalization. Sky was deemed the accounting acquirer for purposes of the Yellowstone Transaction based on an evaluation of the following facts and circumstances: • The LLC Interests, through their ownership of the Class B Common Stock, hold a majority voting interest in the Company; • The LLC Interests have the ability to nominate and elect the majority of the Company’s Board of Directors; • Sky’s senior management team comprises the senior management of the Company; and • Sky’s assets were larger in relative size compared to Yellowstone’s assets prior to the Yellowstone Transaction. Thus, the financial statements included in this quarterly report for the three March 31, 2022 no Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. Such estimates include the estimates of collectability of tenant lease payments, assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining incentive compensation expense and financial instruments such as warrants, and estimates and assumptions related to right-of-use assets and operating lease liabilities. Actual results could differ materially from those estimates. Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company was engaged in securing access to land through ground leases, and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs. In March 2020, 2019 19” 19 2020, 19 2020, 2021 2022 19 19 not 19 Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one Significant Accounting Policies Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not no Cash and Restricted Cash The Company’s cash is held at a major commercial bank, which cash balance may not Pursuant to the Company’s bond offering described in Note 8, March 31, 2022 December 31, 2021. Restricted Investments Held-to-Maturity Pursuant to provisions within the Master Indenture of the Series 2021 8, The Company has the ability and intent to hold these restricted investments until maturity, and as a result, the Company would not March 31, 2022, one one five Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. Constructed assets, net Constructed assets on the consolidated balance sheets consists principally of developed airplane hangar buildings, and are carried at cost less accumulated depreciation. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. Constructed assets, net, as of March 31, 2022 December 31, 2021 Other long-lived assets Long-lived assets on the consolidated balance sheets consists principally of equipment and software. Long-lived assets are carried at cost less accumulated depreciation. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over 5 years, the estimated useful life of the assets. Impairment of long-lived assets The Company’s assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may March 31, 2022, not Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 842 12 12 The Company also has tenant leases and accounts for those leases in accordance with the lessor guidance under ASC Topic 842. The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not The Company has not Warrants liability The Company accounts for the warrants assumed in the Yellowstone Transaction (see Note 9 815, 815” not Fair Value of Financial Instruments ASC Topic 820, 820 three 1 2 not 3 no 1 3 2 3 may may 13. Equity issuance costs The Company accounts for equity issuance costs as an asset within prepaid expenses and other assets on the consolidated balance sheets until the related equity financing is obtained, and then reclassifies such costs as a reduction in equity. As of December 31, 2021, March 31, 2022, Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 7 March 31, 2022, December 31, 2021, The Company evaluates the collectability of tenant receivables for payments required under the lease agreements. If the Company determines that collectability is not 842 no three March 31, 2022 2021. For the three March 31, 2022 2021, December 2023 November 2025, Operating Expenses For the three March 31, 2022, three March 31, 2021, three March 31, 2022 March 31, 2021, Advertising Costs The Company expenses the cost of advertising and marketing as incurred. Advertising and marketing costs charged to general and administrative expenses totaled $102 and $37 for the three March 31, 2022 2021, Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three March 31, 2022. three March 31, 2022 not not Amounts payable under the Tax Receivable Agreement, as defined in Note 3, Recently Issued Accounting Pronouncements In March 2020, 2020 04, 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020 04 January 2021, 2021 01 2020 04 March 12, 2020 may December 31, 2022 2021 01 January 7, 2021 may December 31, 2022. 2020 04 2021 01 | 2. Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission. Net Loss Per Common Share Net (loss) income per share of common stock is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. We apply the two As of December 31, 2021 December 31, 2020, December 31, 2021, not Reconciliation of Net Earnings (Loss) per common share Basic and diluted loss per common share is calculated as follows: For the Year Ended For the Period from Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) $ 2,357,536 $ 589,383 $ (1,868,311 ) $ (1,156,493 ) Denominator: Weighted-average shares outstanding 13,598,898 3,399,724 6,975,341 4,317,769 Basic and diluted net income (loss) per share $ 0.17 $ 0.17 $ (0.27 ) $ (0.27 ) Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may $250,000. December 31, 2021, not not Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Warrants Liability We account for the warrants in accordance with the guidance contained in Accounting Standards Codification 815 815” not Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, For those liabilities or benefits to be recognized, a tax position must be more-likely-than- not December 31, 2021, not not not The Company may may The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. Redeemable Shares of Class A Common Stock All of the 13,598,898 shares of Class A common stock sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with the Accounting Standards Codification 480 10 S99 3A 480” not 480. Recently issued accounting pronouncements not Management does not not |
Note 3 - Yellowstone Transactio
Note 3 - Yellowstone Transaction | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | 3. Yellowstone Transaction As contemplated by the Equity Purchase Agreement, on the Closing Date, the following occurred: • Yellowstone changed its name to Sky Harbour Group Corporation. • All outstanding shares of stock held by BOC Yellowstone LLC (the “Sponsor”) were converted into shares of Class A Common Stock, $0.0001 par value (“Class A Common Stock”) of the Company. • Sky restructured its capitalization and issued to the Company 14,937,581 Sky Common Units, which was equal to the number of outstanding shares of Class A Common Stock immediately after giving effect to the Equity Purchase Agreement. The number of outstanding shares after the Equity Purchase Agreement reflected the redemption of Class A Common Stock (by former holders of the special purpose acquisition company shares that elected to redeem such shares) and the Class A Common Stock issued as a result of the BOC PIPE investment (the “BOC PIPE”), the reclassification of the existing Sky Common Units (other than the Sky Incentive Units, as defined in Note 11 • Certain adjustments were affected to the number of Sky Incentive Units to reflect the new capital structure. • SHG was appointed as the managing member of Sky under the Third Amended and Restated Operating Agreement (the “A&R Operating Agreement”). • The Sky Common Units issued to the Sponsor in respect of Sky’s Series B Preferred Units were converted into 5,500,000 shares of Class A Common Stock of the Company. • The LLC Interests received one share of Class B Common Stock for each Sky Common Unit that they held, and as consideration for the issuance of 14,937,581 Sky Common Units by Sky to the Company, Yellowstone contributed to Sky the net amount held in the Yellowstone trust account after deducting the amount required to fund the redemption of the Class A Common Stock held by eligible stockholders who properly elected to have their shares redeemed as of the Closing Date and the amount of various transaction costs. • The Yellowstone Warrants that were issued and outstanding immediately prior to the Closing Date became SHG Warrants. The following table reconciles the elements of the Yellowstone Transaction to the consolidated statements of changes in equity for the three March 31, 2022: Yellowstone Transaction Cash - Yellowstone trust and cash, net of redemptions $ 15,691 Cash - BOC PIPE investment 45,000 Less: transaction costs and advisory fees (12,731 ) Net proceeds from the Yellowstone Transaction $ 47,960 Conversion of Sky Series B preferred units to Class A Common Stock 54,029 Less: Initial fair value of Warrants liability assumed on 1/25/2022 (7,986 ) Net adjustment to total equity from the Yellowstone Transaction $ 94,003 Transaction costs and advisory fees of approximately $12.7 million includes $14.7 million of total transaction costs incurred at or around closing of the Yellowstone Transaction, $0.6 million of transaction costs paid prior to December 31, 2021, The following table reconciles the number of shares of SHG Common Stock immediately following the consummation of the Yellowstone Transaction: Number of shares Yellowstone Common stock, outstanding prior to Yellowstone Transaction 13,598,898 Less: redemption of Yellowstone Common Stock (12,061,041 ) Common stock of Yellowstone, net of redemptions 1,537,857 Shares held by Sponsor 3,399,724 Conversion of Sky Series B units to Class A Common Stock 5,500,000 Shares issued in BOC PIPE investment 4,500,000 Class A Common Stock outstanding after the Yellowstone Transaction 14,937,581 Class B Common Stock issued to LLC Interests 42,192,250 Total shares of common stock following the Yellowstone Transaction 57,129,831 Tax Receivable Agreement On the Closing Date, in connection with the completion of the Yellowstone Transaction and as contemplated by the Equity Purchase Agreement, the Company, Sky, the LLC Interests, and the TRA Holder Representative, entered into a tax receivable agreement (the “Tax Receivable Agreement”). Pursuant to the Tax Receivable Agreement, the Company will generally be required to pay the LLC Interests 85% of the amount of savings, if any, in U.S. federal, state, local, and foreign taxes that are based on, or measured with respect to, net income or profits, and any interest related thereto that the Company realizes, or is deemed to realize, as a result of certain tax attributes, including: • existing tax basis in certain assets of Sky and certain of its direct or indirect subsidiaries, including assets that will eventually be subject to depreciation or amortization, once placed in service, attributable to Sky Common Units acquired by the Company from a TRA Holder, as determined at the time of the relevant acquisition; • tax basis adjustments resulting from taxable exchanges of Sky Common Units (including any such adjustments resulting from certain payments made by the Company under the Tax Receivable Agreement) acquired by the Company from a TRA Holder pursuant to the terms of the A&R Operating Agreement; and • tax deductions in respect of portions of certain payments made under the Tax Receivable Agreement (each of the foregoing, collectively, the “Tax Attributes”). As of March 31, 2022, |
Note 4 - Cost of Construction a
Note 4 - Cost of Construction and Constructed Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Cost of Construction and Constructed Assets [Text Block] | 4. Cost of Construction and Constructed Assets The Company’s portfolio as of March 31, 2022 ● Sugar Land Regional Airport (“SGR”), Sugar Land, TX (Houston area); ● Miami-Opa Locka Executive Airport (“OPF”), Opa-Locka, FL (Miami area); ● Nashville International Airport ("BNA"), Nashville, TN; ● Centennial Airport (“APA”), Englewood, CO (Denver area); and ● Phoenix Deer Valley Airport (“DVT”), Phoenix, AZ. Constructed assets, net, and cost of construction, consists of the following: March 31, 2022 December 31, 2021 Constructed assets, net of accumulated depreciation: Buildings, SGR (Phase I) $ 15,079 $ 15,079 Accumulated depreciation (714 ) (579 ) $ 14,365 $ 14,500 Cost of construction: OPF; BNA; APA; DVT; SGR (Phase II) $ 39,435 $ 25,034 Depreciation expense for the three March 31, 2022 2021 |
Note 5 - Long-lived Assets
Note 5 - Long-lived Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Long-lived assets Long-lived assets, net, consists of the following: March 31, 2022 December 31, 2021 Equipment $ 205 $ 200 Software 248 247 453 447 Accumulated depreciation (48 ) (38 ) $ 405 $ 409 Depreciation expense for the three March 31, 2022 2021 |
Note 6 - Supplemental Balance S
Note 6 - Supplemental Balance Sheet and Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet and Cash Flow Disclosure [Text Block] | 6. Supplemental Balance Sheet and Cash Flow Information Accounts payable, accrued expenses and other liabilities Accounts payable, accrued expenses and other liabilities, consists of the following: March 31, 2022 December 31, 2021 Costs of construction $ 5,621 $ 3,450 Employee compensation and benefits 1,689 2,497 Interest 1,735 2,063 Transaction costs 1,805 2,048 Other 1,221 901 $ 12,071 $ 10,959 Supplemental Cash Flow Information The following table summarizes non-cash investing and financing activities: Three months ended March 31, 2022 March 31, 2021 Accrued costs of construction, including interest $ 6,256 $ 145 Accrued long-lived assets - 55 Accrued equity issuance costs 1,805 50 Debt issuance costs and premium amortized to cost of construction 77 374 Net gain on extinguishment of related party notes - 5,371 Settlement of related party note payable by issuing equity - 1,250 The following table summarizes non-cash activities associated with the Company’s operating leases: Three months ended March 31, 2022 March 31, 2021 Right-of-use assets obtained in exchange for operating lease liabilities $ - $ 19,639 The following table summarizes interest paid for the three Three months ended March 31, 2022 March 31, 2021 Interest paid $ 2,063 $ 259 The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the total shown within the consolidated statements of cash flows: Three months ended March 31, 2022 March 31, 2021 Cash, beginning of year $ 6,805 $ - Restricted cash, beginning of year 197,130 72 Cash and restricted cash, beginning of year $ 203,935 $ 72 Cash, end of period $ 48,610 $ 18,428 Restricted cash, end of period 18,036 4,962 Cash and restricted cash, end of period $ 66,646 $ 23,390 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating Lease [Text Block] | 7. Leases Lessee All of the Company’s leases are classified as operating leases under ASC Topic 842. not The Company’s lease population does not none not not three March 31, 2022 2021. one 15. The Company’s ground leases at SGR, OPF, and BNA have terms ranging between 30 to 50 years, including options for the Company to extend the terms. These leases expire between 2049 2070, The Company’s ground lease at OPF was entered into in May 2019 March 2, 2022, 8 April 29, 2022 On January 1, 2021, three On May 4, 2021, four On October 15, 2021, no In addition to the Company’s ground leases, the company has operating leases for office space and a ground support vehicle. Supplemental consolidated cash flow information related to the Company’s leases was as follows: Three months ended March 31, 2022 March 31, 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases as lessee $ 448 $ 192 Supplemental consolidated balance sheet information related to the Company’s leases was as follows: Weighted Average Remaining Lease Term March 31, 2022 December 31, 2021 Operating leases as lessee (in years) 54.18 54.39 Weighted Average Discount Rate Operating leases as lessee 4.40 % 4.40 % The Company’s future minimum lease payments required under leases as of March 31, 2022 Year Ending December 31, Operating Leases 2022 (remainder of year) $ 1,583 2023 2,390 2024 2,428 2025 2,462 2026 2,522 Thereafter 216,533 Total lease payments 227,918 Less imputed interest (166,402 ) Total $ 61,516 Lessor The Company leases the hangar facilities that it constructs to third not one five no no The leases may not not Tenant leases to which the Company is the lessor require the following non-cancelable future minimum lease payments from tenants as of March 31, 2022: Year Ending December 31, Operating Leases 2022 (remainder of year) $ 1,037 2023 1,391 2024 601 2025 566 2026 - Thereafter - Total lease payments $ 3,595 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 3,381 |
Note 8 - Bonds Payable, Loans P
Note 8 - Bonds Payable, Loans Payable and Interest | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Bonds payable, Loans payable and interest Bonds payable On May 20, 2021, September 2021 2021 2021 not no The Series 2021 September 1, 2021 2021 1 first The bond trustee established various restricted bank accounts which were initially funded with the bond proceeds and cash on hand. The bond trustee will continue to control the Borrowers’ cash receipts and disbursements under a Trust Agreement. Such restricted funds are available to fund the construction expenditures of the two March 31, 2022. The Borrowers have agreed to use all commercially reasonable efforts to jointly maintain a Debt Service Coverage Ratio (as defined in the agreement) of 1.25 for each applicable test period; provided, however, that the failure to maintain this ratio will not December 31, 2024. 1.0, 1.0 10 120 The Series 2021 July 1, 2036; July 1, 2041; July 1, 2054. 2021 July 1, 2036 January 1 July 1, January 1, 2022. 2021 July 1, 2032. The bonds maturing on July 1, 2036 July 1, 2028, July 1, 2041 July 1, 2054 July 1, 2031, The Series 2021 2021 not 2021 60 2021 may The following table summarizes the Company’s Bonds payable as of March 31, 2022 December 31, 2021: March 31, 2022 December 31, 2021 Bonds payable: Series 2021 Bonds Principal $ 166,340 $ 166,340 Premium on bonds 249 249 Bond proceeds $ 166,589 $ 166,589 Debt issuance costs (6,002 ) (6,002 ) Accumulated amortization of debt issuance costs and bond premium 169 92 Total Bonds payable, net $ 160,756 $ 160,679 In connection with the issuance of the Bonds Payable, the Company recognized debt issuance costs totaling $6 million which are being amortized into interest using the Effective Interest method over the life of the bonds. Interest that is incurred at the stated interest rate of the bonds, as well as the amortization of bond premium and amortization of debt issuance costs are capitalized and added to the cost of construction on the consolidated balance sheet. See Interest, Loans payable In connection with two two three March 31, 2021, August 11, 2021 September 3, 2021. Sky closed on a construction loan on August 28, 2019 6%, September 3, 2021, On January 23, 2020, March 12, 2021 August 11, 2021, Interest Interest, including amortization of bond premium and debt issuance costs, for the three March 31, 2022 three March 31, 2022. three March 31, 2021 three March 31, 2021. not The following table sets forth the details of interest expense: Three months ended March 31, 2022 March 31, 2021 Interest $ 1,735 $ 442 Amortization of bond premium and debt issuance costs 77 529 Total interest incurred $ 1,812 $ 971 Less: capitalized interest (1,812 ) (512 ) Interest expense $ - $ 459 |
Note 9 - Warrants
Note 9 - Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Warrants [Text Block] | 9. Warrants As part of Yellowstone’s initial public offering, Yellowstone issued to third one one March 31, 2022, The terms of the Private Warrants are identical to those of the Public Warrants, except for that so long as the Private Warrants are held by the Sponsor or its permitted transferees, they may January 25, 2027. 1 2 The closing price of the Public Warrants was $1.51 and $0.55 per warrant on March 31, 2022 March 31, 2022 three March 31, 2022, March 31, 2022. |
Note 10 - Equity and Redeemable
Note 10 - Equity and Redeemable Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | 10. Equity and Redeemable Equity Prior to the Yellowstone Transaction Sky and its members initially entered into a Limited Liability Company Agreement on February 12, 2018. March 12, 2021 ( September 14, 2021 ( January 25, 2022, On March 12, 2021, no March 12, 2021 ( 14 . On August 1, 2021, September 14, 2021 December 31, 2021. not no December 31, 2021 January 25, 2022, Recapitalization As of December 31, 2021, As of March 31, 2022, one The holders of Class A Common Stock are entitled to receive dividends, as and if declared by the Company’s Board of Directors out of legally available funds. With respect to stock dividends, holders of Class A Common Stock must receive Class A Common Stock. The holders of Class B Common Stock do not Forward Purchase Agreement On January 17, 2022, not March 7, 2022, Non-controlling interests The LLC Interests’ ownership in Sky is presented as non-controlling interests within the Equity section of the consolidated balance sheet as of March 31, 2022 may, not March 31, 2022, | 6. Stockholders’ Equity Common Stock Class A common stock December 31, 2021, Class B common stock December 31, 2021, Common stockholders of record are entitled to one The shares of Class B common stock are identical to the shares of Class A common stock included in the units sold in the offering, and holders of Class B common stock have the same stockholder rights as public stockholders, except that (i) the shares of Class B common stock are subject to certain transfer restrictions, as described in more detail below, (ii) the Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed (A) to waive their redemption rights with respect to any Class B common stock and any public shares held by them in connection with the completion of the Business Combination and (B) to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete the Business Combination within the prescribed time period, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the Business Combination within such time period, (iii) the Class B common stock are shares that will automatically convert into shares of the Class A common stock at the time of the initial Business Combination, on a one one With certain limited exceptions, the shares of Class B common stock are not one x 20 30 150 On November 16, 2020, no not Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, with such designations, voting and other rights and preferences as may December 31, 2021, |
Note 11 - Equity Compensation
Note 11 - Equity Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Equity Compensation Sky Incentive Units In May 2021, 10 may no The Sky Incentive Units were valued as of the date of grant using the Option-Pricing Method described in the AICPA Accounting and Valuation Guide entitled Valuation of Privately Held Company Equity Securities Issued as Compensation. 3 Equity value $ 62,287,970 Term (in years) 5 Risk-free interest rate 0.84 % Volatility 57 % Below is a summary of activity related to the Sky Incentive Units for the three March 31, 2022: Sky Incentive Units Weighted-average grant date fair value Sky units outstanding as of December 31, 2021 (as previously presented) 3,951 $ 318.44 Sky units outstanding as of December 31, 2021 (recast for recapitalization) 2,807,750 $ 0.45 Granted - - Forfeitures - - Sky units outstanding as of March 31, 2022 2,807,750 $ 0.45 Vested Units outstanding as of March 31, 2022 335,493 $ 0.45 Non-vested Units outstanding as of March 31, 2022 2,472,257 $ 0.45 The Company recognizes equity-based compensation expense on a straight-line basis over the requisite service period and has elected to account for forfeitures of Sky Incentive Units if and when they occur. The Company recorded equity-based compensation expense relating to Sky Incentive Units of $86 for the three March 31, 2022, March 31, 2022, |
Note 12 - Loss Per Share
Note 12 - Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Loss per Share Basic net loss per share of Class A Common Stock is computed by dividing net loss attributable to SHG by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted net loss per share of Class A Common Stock is computed by dividing net loss attributable to SHG, adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive shares. Shares of the Company’s Class B Common Stock do not not two not three March 31, 2021, no not three March 31, 2021 not not Numerator: Net loss $ (19,514 ) Less: Net loss attributable to non-controlling interests (3,751 ) Net loss attributable to Sky Harbour Group Corporation – Based and diluted $ (15,763 ) Denominator: Weighted average shares of Class A Common Stock outstanding – Basic and diluted 10,954 Net loss per share of Class A Common Stock – Basic and diluted $ (1.44 ) Potentially dilutive shares associated with the outstanding Warrants were antidilutive as of March 31, 2022 |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 13. Financial Instruments The following table summarizes the carrying value, estimated fair value and classification of our financial instruments as of: March 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 48,610 $ 48,610 $ 48,610 $ - $ - Restricted cash 18,036 18,036 18,036 - - Restricted investments 166,560 165,526 165,526 - - $ 233,206 $ 232,172 $ 232,172 $ - $ - Liabilities Bonds payable $ 160,756 $ 161,892 $ - $ 161,892 $ - Warrants liability 21,924 21,924 10,267 11,657 - $ 182,680 $ 183,816 $ 10,267 $ 173,549 $ - December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 6,805 $ 6,805 $ 6,805 $ - $ - Restricted cash 197,130 197,130 197,130 - - Restricted investments - - - - - $ 203,935 $ 203,935 $ 203,935 $ - $ - Liabilities Bonds payable $ 160,679 $ 173,093 $ - $ 173,093 $ - Warrants liability - - - - - $ 160,679 $ 173,093 $ - $ 173,093 $ - The fair value of the Company’s restricted investments is estimated utilizing Level 1 2 9 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Related Party Transactions Disclosure [Text Block] | 14. Related Party Transactions Loans payable to Related parties Sky previously was party to a loan from a company owned by its former majority member. The loan payable bore interest at an annual rate of 5.50% and all interest was PIK interest. On March 12, 2021, three March 31, 2021 Beginning in November 2020, November 24, 2021. March 12, 2021, Services During the three March 31, 2022 2021, For the three March 31, 2022 2021, July 1, 2021. On September 20, 2021, G58 September 8, 2021 35 three March 31, 2022, March 31, 2022. | 4. Related Party Transactions Founder Shares On August 31, 2020, October 9, 2020, December 31, 2020, no December 31, 2021 December 31, 2020. one one The sale of the Founders Shares is in the scope of ASC Topic 718, 718, Private Placement Warrants The Sponsor purchased an aggregate of 7,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant from the Company in a private placement that closed simultaneously with the closing of the IPO. In connection with the underwriter’s exercise of the over-allotment option on December 1, 2020, one 6 not Related Party Reimbursement and Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, not may may not may no On September 27, 2021, 1274 may As of December 31, 2021, may x |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies In addition to the lease payment commitments discussed in Note 7, With respect to the Company’s SGR Phase II project, the Company is subject to requirements that define (i) a minimum improvement amount of $2.0 million and (ii) that related construction commence by October 2022 October 2023. not The Company has committed to spend $17.0 million in capital improvements on the BNA construction project by July 2, 2023. not 60 The APA Lease requires the Company to improve the property in accordance with a development plan included in the lease and to complete such improvements within 24-months of the issuance of permitting documents. The APA Phase I project is still in the permitting phase. The DVT Lease requires improvements to be made for Phase I (estimated cost of improvements of $15.3 million) and for Phase II, if such option is exercised (estimated cost of improvements of $14.6 million), within 12 no May 2026. The Company has contracts for construction of the OPF Phase I project and the BNA project. The Company may | 7. Commitments Registration Rights The holders of the Founder Shares, Private Placement Warrants, Conversion Warrants that may may may may three not Underwriting Agreement The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $2,500,000 in the aggregate, which amount was paid upon the closing of the Initial Public Offering. In addition, the underwriters are entitled to a deferred fee of $0.35 per Unit, or $4,759,615 (including over-allotment units) in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business Operations | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Business Operations Sky Harbour Group Corporation (“SHG”) is a holding company organized under the laws of the State of Delaware and, through its main operating subsidiary, Sky Harbour LLC and its subsidiaries (collectively, “Sky”), is an aviation infrastructure development company that develops, leases and manages general aviation hangars for business aircraft across the United States. Sky Harbour Group Corporation and its consolidated subsidiaries are collectively referred to as the “Company.” On January 25, 2022 ( August 25, 2020, August 1, 2021 ( As a result of the closing of the Yellowstone Transaction, and collectively with the other transaction described in the Equity Purchase Agreement, the Company was reorganized as an umbrella partnership-C corporation, or “Up-C”, structure in which substantially all of the operating assets of the Company are held by Sky and SHG’s only substantive assets are its equity interests in Sky (the “Common Units”). As of the Closing Date, SHG owned approximately 26.1% of the common units of Sky (the “Sky Common Units”), and the prior holders of Sky’s Existing Common Units (the “LLC Interests”) owned approximately 73.9% of the Sky Common Units and control the Company through their ownership of the Class B Common Stock, $0.0001 par value (“Class B Common Stock”) of the Company. As of March 31, 2022, 2 3 | 1. Organization and Business Operations Organization and General Yellowstone Acquisition Company (the “Company”) was incorporated in Delaware on August 25, 2020. one December 31 The Company completed its initial public offering (“IPO”) on October 26, 2020 not Sky Harbour Business Combination On August 1, 2021, August 2, 2021. On August 25, 2021, 2021 three 2036, 2041 2054, 2032 2054 2036 2041 2054 September 14, 2021. On December 22, 2021, $150 The Business Combination with SHG closed on January 25, 2022. Financing Upon the closing of the IPO, $127,500,000 ($10.20 per Unit) of the net proceeds of the sale of the Units in the IPO, including proceeds of the sale of the Private Placement Warrants, were placed in a trust account (“Trust Account”) located in the United States at JP Morgan Chase Bank, N.A. with Continental Stock Transfer & Trust Company acting as trustee. In connection with the exercise of the underwriters' overallotment option on December 1, 2020, Trust Account Prior to the closing of the Business Combination, funds held in the Trust Account were invested in U.S. government securities, within the meaning set forth in Section 2 16 185 2a 7 Business Combination The Company’s management had broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds were intended to be applied generally toward completing a Business Combination. The Company was required to complete its initial Business Combination with one not 1940, The Company, after signing a definitive agreement for a business combination, was required to provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The stockholders were entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.20 two not no 480 On January 25, 2022, 2021 Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2 2012 not not not 404 not Further, section 102 1 not not not may |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2021, December 31, 2021 8 March 28, 2022, Notwithstanding the legal form of the Yellowstone Transaction pursuant to the terms therein, the Yellowstone Transaction was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, SHG was treated as the acquired company for financial reporting purposes, and Sky was treated as the accounting acquirer. In accordance with this accounting method, the Yellowstone Transaction was treated as the equivalent of Sky issuing stock for the net assets of Yellowstone, accompanied by a recapitalization. Sky was deemed the accounting acquirer for purposes of the Yellowstone Transaction based on an evaluation of the following facts and circumstances: • The LLC Interests, through their ownership of the Class B Common Stock, hold a majority voting interest in the Company; • The LLC Interests have the ability to nominate and elect the majority of the Company’s Board of Directors; • Sky’s senior management team comprises the senior management of the Company; and • Sky’s assets were larger in relative size compared to Yellowstone’s assets prior to the Yellowstone Transaction. Thus, the financial statements included in this quarterly report for the three March 31, 2022 no Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. Such estimates include the estimates of collectability of tenant lease payments, assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining incentive compensation expense and financial instruments such as warrants, and estimates and assumptions related to right-of-use assets and operating lease liabilities. Actual results could differ materially from those estimates. Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company was engaged in securing access to land through ground leases, and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs. In March 2020, 2019 19” 19 2020, 19 2020, 2021 2022 19 19 not 19 Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one Significant Accounting Policies Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not no Cash and Restricted Cash The Company’s cash is held at a major commercial bank, which cash balance may not Pursuant to the Company’s bond offering described in Note 8, March 31, 2022 December 31, 2021. Restricted Investments Held-to-Maturity Pursuant to provisions within the Master Indenture of the Series 2021 8, The Company has the ability and intent to hold these restricted investments until maturity, and as a result, the Company would not March 31, 2022, one one five Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. Constructed assets, net Constructed assets on the consolidated balance sheets consists principally of developed airplane hangar buildings, and are carried at cost less accumulated depreciation. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. Constructed assets, net, as of March 31, 2022 December 31, 2021 Other long-lived assets Long-lived assets on the consolidated balance sheets consists principally of equipment and software. Long-lived assets are carried at cost less accumulated depreciation. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over 5 years, the estimated useful life of the assets. Impairment of long-lived assets The Company’s assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may March 31, 2022, not Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 842 12 12 The Company also has tenant leases and accounts for those leases in accordance with the lessor guidance under ASC Topic 842. The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not The Company has not Warrants liability The Company accounts for the warrants assumed in the Yellowstone Transaction (see Note 9 815, 815” not Fair Value of Financial Instruments ASC Topic 820, 820 three 1 2 not 3 no 1 3 2 3 may may 13. Equity issuance costs The Company accounts for equity issuance costs as an asset within prepaid expenses and other assets on the consolidated balance sheets until the related equity financing is obtained, and then reclassifies such costs as a reduction in equity. As of December 31, 2021, March 31, 2022, Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 7 March 31, 2022, December 31, 2021, The Company evaluates the collectability of tenant receivables for payments required under the lease agreements. If the Company determines that collectability is not 842 no three March 31, 2022 2021. For the three March 31, 2022 2021, December 2023 November 2025, Operating Expenses For the three March 31, 2022, three March 31, 2021, three March 31, 2022 March 31, 2021, Advertising Costs The Company expenses the cost of advertising and marketing as incurred. Advertising and marketing costs charged to general and administrative expenses totaled $102 and $37 for the three March 31, 2022 2021, Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three March 31, 2022. three March 31, 2022 not not Amounts payable under the Tax Receivable Agreement, as defined in Note 3, Recently Issued Accounting Pronouncements In March 2020, 2020 04, 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020 04 January 2021, 2021 01 2020 04 March 12, 2020 may December 31, 2022 2021 01 January 7, 2021 may December 31, 2022. 2020 04 2021 01 | 2. Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission. Net Loss Per Common Share Net (loss) income per share of common stock is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. We apply the two As of December 31, 2021 December 31, 2020, December 31, 2021, not Reconciliation of Net Earnings (Loss) per common share Basic and diluted loss per common share is calculated as follows: For the Year Ended For the Period from Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) $ 2,357,536 $ 589,383 $ (1,868,311 ) $ (1,156,493 ) Denominator: Weighted-average shares outstanding 13,598,898 3,399,724 6,975,341 4,317,769 Basic and diluted net income (loss) per share $ 0.17 $ 0.17 $ (0.27 ) $ (0.27 ) Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may $250,000. December 31, 2021, not not Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Warrants Liability We account for the warrants in accordance with the guidance contained in Accounting Standards Codification 815 815” not Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, For those liabilities or benefits to be recognized, a tax position must be more-likely-than- not December 31, 2021, not not not The Company may may The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. Redeemable Shares of Class A Common Stock All of the 13,598,898 shares of Class A common stock sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with the Accounting Standards Codification 480 10 S99 3A 480” not 480. Recently issued accounting pronouncements not Management does not not |
Note 3 - Initial Public Offerin
Note 3 - Initial Public Offering | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | 10. Equity and Redeemable Equity Prior to the Yellowstone Transaction Sky and its members initially entered into a Limited Liability Company Agreement on February 12, 2018. March 12, 2021 ( September 14, 2021 ( January 25, 2022, On March 12, 2021, no March 12, 2021 ( 14 . On August 1, 2021, September 14, 2021 December 31, 2021. not no December 31, 2021 January 25, 2022, Recapitalization As of December 31, 2021, As of March 31, 2022, one The holders of Class A Common Stock are entitled to receive dividends, as and if declared by the Company’s Board of Directors out of legally available funds. With respect to stock dividends, holders of Class A Common Stock must receive Class A Common Stock. The holders of Class B Common Stock do not Forward Purchase Agreement On January 17, 2022, not March 7, 2022, Non-controlling interests The LLC Interests’ ownership in Sky is presented as non-controlling interests within the Equity section of the consolidated balance sheet as of March 31, 2022 may, not March 31, 2022, | 6. Stockholders’ Equity Common Stock Class A common stock December 31, 2021, Class B common stock December 31, 2021, Common stockholders of record are entitled to one The shares of Class B common stock are identical to the shares of Class A common stock included in the units sold in the offering, and holders of Class B common stock have the same stockholder rights as public stockholders, except that (i) the shares of Class B common stock are subject to certain transfer restrictions, as described in more detail below, (ii) the Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed (A) to waive their redemption rights with respect to any Class B common stock and any public shares held by them in connection with the completion of the Business Combination and (B) to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete the Business Combination within the prescribed time period, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the Business Combination within such time period, (iii) the Class B common stock are shares that will automatically convert into shares of the Class A common stock at the time of the initial Business Combination, on a one one With certain limited exceptions, the shares of Class B common stock are not one x 20 30 150 On November 16, 2020, no not Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, with such designations, voting and other rights and preferences as may December 31, 2021, |
IPO [Member] | ||
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | 3. Initial Public Offering Public Units On October 26, 2020, one one one one 6 December 1, 2020, |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Related Party Transactions Disclosure [Text Block] | 14. Related Party Transactions Loans payable to Related parties Sky previously was party to a loan from a company owned by its former majority member. The loan payable bore interest at an annual rate of 5.50% and all interest was PIK interest. On March 12, 2021, three March 31, 2021 Beginning in November 2020, November 24, 2021. March 12, 2021, Services During the three March 31, 2022 2021, For the three March 31, 2022 2021, July 1, 2021. On September 20, 2021, G58 September 8, 2021 35 three March 31, 2022, March 31, 2022. | 4. Related Party Transactions Founder Shares On August 31, 2020, October 9, 2020, December 31, 2020, no December 31, 2021 December 31, 2020. one one The sale of the Founders Shares is in the scope of ASC Topic 718, 718, Private Placement Warrants The Sponsor purchased an aggregate of 7,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant from the Company in a private placement that closed simultaneously with the closing of the IPO. In connection with the underwriter’s exercise of the over-allotment option on December 1, 2020, one 6 not Related Party Reimbursement and Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, not may may not may no On September 27, 2021, 1274 may As of December 31, 2021, may x |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Income Taxes Effective Tax Rate Reconciliation We are subject to taxation in all jurisdictions in which we operate that impose an income tax on our business activities. The components of the income tax expense for the years ended December 31, December 31, Year ended December 31, 2021 2020 Income tax expense (benefit): Deferred federal income tax expense (benefit) (767,176 ) (93,745 ) Deferred state income tax expense (benefit) (225,399 ) (32,634 ) Total Income Tax Benefit Before Valuation Allowance (992,575 ) (126,379 ) Valuation allowance 992,575 126,379 Total Income Tax Expense (Benefit) $ - $ - A reconciliation of the statutory federal income tax expense to the income tax expense (benefit) from continuing operations provided at December 31, 2021 December 31, 2020 For the Year Ended December 31, 2021 For the Period from August 25, 2020 (inception) through December 31, 2020 Income tax expense (benefit) at the federal statutory rate $ 618,853 $ (93,745 ) State income taxes (benefit) - net of federal income tax benefits 182,709 (32,634 ) Unrealized gain on warrants (1,657,887 ) - Unrealized gain on securities (440 ) - Other, net (9,431 ) - Change in valuation allowance 866,196 126,379 Total income tax expense (benefit) $ - $ - Components of the Company’s deferred tax assets at December 31, 2021 December 31, 2020 Net operating loss carryforwards $ 455,199 $ 126,379 Start-up costs 537,376 - Valuation allowance (992,575 ) (126,379 ) Total deferred tax asset $ - $ - The realization of deferred tax assets, including net operating loss carryforwards, is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards, and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not not December 31, 2021 2020, As of December 31, 2021, 2021 2020. 2017 may 80% 2040 Uncertain Tax Positions We believe that there are no 12 The federal and state statutes of limitation for assessment of tax liability generally lapse within three may December 31, 2021, not |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | 10. Equity and Redeemable Equity Prior to the Yellowstone Transaction Sky and its members initially entered into a Limited Liability Company Agreement on February 12, 2018. March 12, 2021 ( September 14, 2021 ( January 25, 2022, On March 12, 2021, no March 12, 2021 ( 14 . On August 1, 2021, September 14, 2021 December 31, 2021. not no December 31, 2021 January 25, 2022, Recapitalization As of December 31, 2021, As of March 31, 2022, one The holders of Class A Common Stock are entitled to receive dividends, as and if declared by the Company’s Board of Directors out of legally available funds. With respect to stock dividends, holders of Class A Common Stock must receive Class A Common Stock. The holders of Class B Common Stock do not Forward Purchase Agreement On January 17, 2022, not March 7, 2022, Non-controlling interests The LLC Interests’ ownership in Sky is presented as non-controlling interests within the Equity section of the consolidated balance sheet as of March 31, 2022 may, not March 31, 2022, | 6. Stockholders’ Equity Common Stock Class A common stock December 31, 2021, Class B common stock December 31, 2021, Common stockholders of record are entitled to one The shares of Class B common stock are identical to the shares of Class A common stock included in the units sold in the offering, and holders of Class B common stock have the same stockholder rights as public stockholders, except that (i) the shares of Class B common stock are subject to certain transfer restrictions, as described in more detail below, (ii) the Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed (A) to waive their redemption rights with respect to any Class B common stock and any public shares held by them in connection with the completion of the Business Combination and (B) to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete the Business Combination within the prescribed time period, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the Business Combination within such time period, (iii) the Class B common stock are shares that will automatically convert into shares of the Class A common stock at the time of the initial Business Combination, on a one one With certain limited exceptions, the shares of Class B common stock are not one x 20 30 150 On November 16, 2020, no not Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, with such designations, voting and other rights and preferences as may December 31, 2021, |
Note 7 - Commitments
Note 7 - Commitments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies In addition to the lease payment commitments discussed in Note 7, With respect to the Company’s SGR Phase II project, the Company is subject to requirements that define (i) a minimum improvement amount of $2.0 million and (ii) that related construction commence by October 2022 October 2023. not The Company has committed to spend $17.0 million in capital improvements on the BNA construction project by July 2, 2023. not 60 The APA Lease requires the Company to improve the property in accordance with a development plan included in the lease and to complete such improvements within 24-months of the issuance of permitting documents. The APA Phase I project is still in the permitting phase. The DVT Lease requires improvements to be made for Phase I (estimated cost of improvements of $15.3 million) and for Phase II, if such option is exercised (estimated cost of improvements of $14.6 million), within 12 no May 2026. The Company has contracts for construction of the OPF Phase I project and the BNA project. The Company may | 7. Commitments Registration Rights The holders of the Founder Shares, Private Placement Warrants, Conversion Warrants that may may may may three not Underwriting Agreement The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $2,500,000 in the aggregate, which amount was paid upon the closing of the Initial Public Offering. In addition, the underwriters are entitled to a deferred fee of $0.35 per Unit, or $4,759,615 (including over-allotment units) in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value Measurements The Company follows the guidance in ASC 820 The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Level 2: 1 2 not Level 3: The Company's assets that are measured at fair value on a recurring basis at December 31, 2021 1 December 31, 2021, |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent Events Business Combination with Sky As described in Note 1, January 25, 2022, Following this transaction, Sky became a consolidated subsidiary of the Company, which was renamed Sky Harbour Group Corporation, shares of which listed for trading on the New York Stock Exchange under the symbol “SKYH” on January 25, 2022. 10 10 The Company paid the deferred underwriting discount totaling $4,759,615 or 3.50% of the gross offering proceeds of the Public Offering which was accrued as of December 31, 2021, January 25, 2022 Also in connection with the closing of the business combination on January 25, 2022, OPF Lease Transaction The Company’s ground lease at OPF was entered into in May 2019 March 2, 2022, April 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2021, December 31, 2021 8 March 28, 2022, Notwithstanding the legal form of the Yellowstone Transaction pursuant to the terms therein, the Yellowstone Transaction was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, SHG was treated as the acquired company for financial reporting purposes, and Sky was treated as the accounting acquirer. In accordance with this accounting method, the Yellowstone Transaction was treated as the equivalent of Sky issuing stock for the net assets of Yellowstone, accompanied by a recapitalization. Sky was deemed the accounting acquirer for purposes of the Yellowstone Transaction based on an evaluation of the following facts and circumstances: • The LLC Interests, through their ownership of the Class B Common Stock, hold a majority voting interest in the Company; • The LLC Interests have the ability to nominate and elect the majority of the Company’s Board of Directors; • Sky’s senior management team comprises the senior management of the Company; and • Sky’s assets were larger in relative size compared to Yellowstone’s assets prior to the Yellowstone Transaction. Thus, the financial statements included in this quarterly report for the three March 31, 2022 no | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. Such estimates include the estimates of collectability of tenant lease payments, assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining incentive compensation expense and financial instruments such as warrants, and estimates and assumptions related to right-of-use assets and operating lease liabilities. Actual results could differ materially from those estimates. | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company was engaged in securing access to land through ground leases, and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs. In March 2020, 2019 19” 19 2020, 19 2020, 2021 2022 19 19 not 19 | ||
Liquidity and Capital Resources [Policy Text Block] | Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one | ||
Consolidation, Policy [Policy Text Block] | Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not no | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Restricted Cash The Company’s cash is held at a major commercial bank, which cash balance may not Pursuant to the Company’s bond offering described in Note 8, March 31, 2022 December 31, 2021. | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three | |
Investment, Policy [Policy Text Block] | Restricted Investments Held-to-Maturity Pursuant to provisions within the Master Indenture of the Series 2021 8, The Company has the ability and intent to hold these restricted investments until maturity, and as a result, the Company would not March 31, 2022, one one five | ||
Cost of Construction [Policy Text Block] | Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. | ||
Constructed Assets, Net [Policy Text Block] | Constructed assets, net Constructed assets on the consolidated balance sheets consists principally of developed airplane hangar buildings, and are carried at cost less accumulated depreciation. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. Constructed assets, net, as of March 31, 2022 December 31, 2021 | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Other long-lived assets Long-lived assets on the consolidated balance sheets consists principally of equipment and software. Long-lived assets are carried at cost less accumulated depreciation. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over 5 years, the estimated useful life of the assets. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company’s assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may March 31, 2022, not | ||
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 842 12 12 The Company also has tenant leases and accounts for those leases in accordance with the lessor guidance under ASC Topic 842. The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not The Company has not | ||
Derivatives, Policy [Policy Text Block] | Warrants liability The Company accounts for the warrants assumed in the Yellowstone Transaction (see Note 9 815, 815” not | Warrants Liability We account for the warrants in accordance with the guidance contained in Accounting Standards Codification 815 815” not | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC Topic 820, 820 three 1 2 not 3 no 1 3 2 3 may may 13. | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, | |
Deferred Charges, Policy [Policy Text Block] | Equity issuance costs The Company accounts for equity issuance costs as an asset within prepaid expenses and other assets on the consolidated balance sheets until the related equity financing is obtained, and then reclassifies such costs as a reduction in equity. As of December 31, 2021, March 31, 2022, | ||
Revenue [Policy Text Block] | Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 7 March 31, 2022, December 31, 2021, The Company evaluates the collectability of tenant receivables for payments required under the lease agreements. If the Company determines that collectability is not 842 no three March 31, 2022 2021. For the three March 31, 2022 2021, December 2023 November 2025, | ||
Operating Expenses [Policy Text Block] | Operating Expenses For the three March 31, 2022, three March 31, 2021, three March 31, 2022 March 31, 2021, | ||
Advertising Cost [Policy Text Block] | Advertising Costs The Company expenses the cost of advertising and marketing as incurred. Advertising and marketing costs charged to general and administrative expenses totaled $102 and $37 for the three March 31, 2022 2021, | ||
Income Tax, Policy [Policy Text Block] | Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three March 31, 2022. three March 31, 2022 not not Amounts payable under the Tax Receivable Agreement, as defined in Note 3, | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, For those liabilities or benefits to be recognized, a tax position must be more-likely-than- not December 31, 2021, not not not The Company may may The Company is incorporated in the State of Delaware and is required to pay franchise taxes to the State of Delaware on an annual basis. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In March 2020, 2020 04, 848, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020 04 January 2021, 2021 01 2020 04 March 12, 2020 may December 31, 2022 2021 01 January 7, 2021 may December 31, 2022. 2020 04 2021 01 | Recently issued accounting pronouncements not Management does not not | |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Common Share Net (loss) income per share of common stock is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. We apply the two As of December 31, 2021 December 31, 2020, December 31, 2021, not Reconciliation of Net Earnings (Loss) per common share Basic and diluted loss per common share is calculated as follows: For the Year Ended For the Period from Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) $ 2,357,536 $ 589,383 $ (1,868,311 ) $ (1,156,493 ) Denominator: Weighted-average shares outstanding 13,598,898 3,399,724 6,975,341 4,317,769 Basic and diluted net income (loss) per share $ 0.17 $ 0.17 $ (0.27 ) $ (0.27 ) | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may $250,000. December 31, 2021, not not | ||
Temporary Equity [Policy Text Block] | Redeemable Shares of Class A Common Stock All of the 13,598,898 shares of Class A common stock sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with the Accounting Standards Codification 480 10 S99 3A 480” not 480. |
Note 3 - Yellowstone Transact_2
Note 3 - Yellowstone Transaction (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Yellowstone Transaction Cash - Yellowstone trust and cash, net of redemptions $ 15,691 Cash - BOC PIPE investment 45,000 Less: transaction costs and advisory fees (12,731 ) Net proceeds from the Yellowstone Transaction $ 47,960 Conversion of Sky Series B preferred units to Class A Common Stock 54,029 Less: Initial fair value of Warrants liability assumed on 1/25/2022 (7,986 ) Net adjustment to total equity from the Yellowstone Transaction $ 94,003 Number of shares Yellowstone Common stock, outstanding prior to Yellowstone Transaction 13,598,898 Less: redemption of Yellowstone Common Stock (12,061,041 ) Common stock of Yellowstone, net of redemptions 1,537,857 Shares held by Sponsor 3,399,724 Conversion of Sky Series B units to Class A Common Stock 5,500,000 Shares issued in BOC PIPE investment 4,500,000 Class A Common Stock outstanding after the Yellowstone Transaction 14,937,581 Class B Common Stock issued to LLC Interests 42,192,250 Total shares of common stock following the Yellowstone Transaction 57,129,831 |
Note 4 - Cost of Construction_2
Note 4 - Cost of Construction and Constructed Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Constructed Assets, Net and Cost of Construction [Table Text Block] | March 31, 2022 December 31, 2021 Constructed assets, net of accumulated depreciation: Buildings, SGR (Phase I) $ 15,079 $ 15,079 Accumulated depreciation (714 ) (579 ) $ 14,365 $ 14,500 Cost of construction: OPF; BNA; APA; DVT; SGR (Phase II) $ 39,435 $ 25,034 |
Note 5 - Long-lived Assets (Tab
Note 5 - Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2022 December 31, 2021 Equipment $ 205 $ 200 Software 248 247 453 447 Accumulated depreciation (48 ) (38 ) $ 405 $ 409 |
Note 6 - Supplemental Balance_2
Note 6 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 Costs of construction $ 5,621 $ 3,450 Employee compensation and benefits 1,689 2,497 Interest 1,735 2,063 Transaction costs 1,805 2,048 Other 1,221 901 $ 12,071 $ 10,959 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three months ended March 31, 2022 March 31, 2021 Accrued costs of construction, including interest $ 6,256 $ 145 Accrued long-lived assets - 55 Accrued equity issuance costs 1,805 50 Debt issuance costs and premium amortized to cost of construction 77 374 Net gain on extinguishment of related party notes - 5,371 Settlement of related party note payable by issuing equity - 1,250 Three months ended March 31, 2022 March 31, 2021 Right-of-use assets obtained in exchange for operating lease liabilities $ - $ 19,639 Three months ended March 31, 2022 March 31, 2021 Interest paid $ 2,063 $ 259 Three months ended March 31, 2022 March 31, 2021 Cash, beginning of year $ 6,805 $ - Restricted cash, beginning of year 197,130 72 Cash and restricted cash, beginning of year $ 203,935 $ 72 Cash, end of period $ 48,610 $ 18,428 Restricted cash, end of period 18,036 4,962 Cash and restricted cash, end of period $ 66,646 $ 23,390 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Supplemental Information of Leases [Table Text Block] | Three months ended March 31, 2022 March 31, 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases as lessee $ 448 $ 192 Weighted Average Remaining Lease Term March 31, 2022 December 31, 2021 Operating leases as lessee (in years) 54.18 54.39 Weighted Average Discount Rate Operating leases as lessee 4.40 % 4.40 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2022 (remainder of year) $ 1,583 2023 2,390 2024 2,428 2025 2,462 2026 2,522 Thereafter 216,533 Total lease payments 227,918 Less imputed interest (166,402 ) Total $ 61,516 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2022 (remainder of year) $ 1,037 2023 1,391 2024 601 2025 566 2026 - Thereafter - Total lease payments $ 3,595 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 3,381 |
Note 8 - Bonds Payable, Loans_2
Note 8 - Bonds Payable, Loans Payable and Interest (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2022 December 31, 2021 Bonds payable: Series 2021 Bonds Principal $ 166,340 $ 166,340 Premium on bonds 249 249 Bond proceeds $ 166,589 $ 166,589 Debt issuance costs (6,002 ) (6,002 ) Accumulated amortization of debt issuance costs and bond premium 169 92 Total Bonds payable, net $ 160,756 $ 160,679 |
Interest Expense, Debt [Table Text Block] | Three months ended March 31, 2022 March 31, 2021 Interest $ 1,735 $ 442 Amortization of bond premium and debt issuance costs 77 529 Total interest incurred $ 1,812 $ 971 Less: capitalized interest (1,812 ) (512 ) Interest expense $ - $ 459 |
Note 11 - Equity Compensation (
Note 11 - Equity Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Equity value $ 62,287,970 Term (in years) 5 Risk-free interest rate 0.84 % Volatility 57 % |
Share-Based Payment Arrangement, Activity [Table Text Block] | Sky Incentive Units Weighted-average grant date fair value Sky units outstanding as of December 31, 2021 (as previously presented) 3,951 $ 318.44 Sky units outstanding as of December 31, 2021 (recast for recapitalization) 2,807,750 $ 0.45 Granted - - Forfeitures - - Sky units outstanding as of March 31, 2022 2,807,750 $ 0.45 Vested Units outstanding as of March 31, 2022 335,493 $ 0.45 Non-vested Units outstanding as of March 31, 2022 2,472,257 $ 0.45 |
Note 12 - Loss Per Share (Table
Note 12 - Loss Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes Tables | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Numerator: Net loss $ (19,514 ) Less: Net loss attributable to non-controlling interests (3,751 ) Net loss attributable to Sky Harbour Group Corporation – Based and diluted $ (15,763 ) Denominator: Weighted average shares of Class A Common Stock outstanding – Basic and diluted 10,954 Net loss per share of Class A Common Stock – Basic and diluted $ (1.44 ) | For the Year Ended For the Period from Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) $ 2,357,536 $ 589,383 $ (1,868,311 ) $ (1,156,493 ) Denominator: Weighted-average shares outstanding 13,598,898 3,399,724 6,975,341 4,317,769 Basic and diluted net income (loss) per share $ 0.17 $ 0.17 $ (0.27 ) $ (0.27 ) |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 48,610 $ 48,610 $ 48,610 $ - $ - Restricted cash 18,036 18,036 18,036 - - Restricted investments 166,560 165,526 165,526 - - $ 233,206 $ 232,172 $ 232,172 $ - $ - Liabilities Bonds payable $ 160,756 $ 161,892 $ - $ 161,892 $ - Warrants liability 21,924 21,924 10,267 11,657 - $ 182,680 $ 183,816 $ 10,267 $ 173,549 $ - December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 6,805 $ 6,805 $ 6,805 $ - $ - Restricted cash 197,130 197,130 197,130 - - Restricted investments - - - - - $ 203,935 $ 203,935 $ 203,935 $ - $ - Liabilities Bonds payable $ 160,679 $ 173,093 $ - $ 173,093 $ - Warrants liability - - - - - $ 160,679 $ 173,093 $ - $ 173,093 $ - |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notes Tables | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Numerator: Net loss $ (19,514 ) Less: Net loss attributable to non-controlling interests (3,751 ) Net loss attributable to Sky Harbour Group Corporation – Based and diluted $ (15,763 ) Denominator: Weighted average shares of Class A Common Stock outstanding – Basic and diluted 10,954 Net loss per share of Class A Common Stock – Basic and diluted $ (1.44 ) | For the Year Ended For the Period from Class A Class B Class A Class B Basic and diluted net income (loss) per share Numerator: Allocation of net income (loss) $ 2,357,536 $ 589,383 $ (1,868,311 ) $ (1,156,493 ) Denominator: Weighted-average shares outstanding 13,598,898 3,399,724 6,975,341 4,317,769 Basic and diluted net income (loss) per share $ 0.17 $ 0.17 $ (0.27 ) $ (0.27 ) |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2021 2020 Income tax expense (benefit): Deferred federal income tax expense (benefit) (767,176 ) (93,745 ) Deferred state income tax expense (benefit) (225,399 ) (32,634 ) Total Income Tax Benefit Before Valuation Allowance (992,575 ) (126,379 ) Valuation allowance 992,575 126,379 Total Income Tax Expense (Benefit) $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2021 For the Period from August 25, 2020 (inception) through December 31, 2020 Income tax expense (benefit) at the federal statutory rate $ 618,853 $ (93,745 ) State income taxes (benefit) - net of federal income tax benefits 182,709 (32,634 ) Unrealized gain on warrants (1,657,887 ) - Unrealized gain on securities (440 ) - Other, net (9,431 ) - Change in valuation allowance 866,196 126,379 Total income tax expense (benefit) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net operating loss carryforwards $ 455,199 $ 126,379 Start-up costs 537,376 - Valuation allowance (992,575 ) (126,379 ) Total deferred tax asset $ - $ - |
Note 1 - Organization and Bus_3
Note 1 - Organization and Business Operations (Details Textual) - $ / shares | Mar. 31, 2022 | Jan. 25, 2022 | Dec. 31, 2021 |
Common Class B [Member] | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Sky Harbour LLC [Member] | Common Class B [Member] | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||
Sky Harbour LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 26.10% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 26.10% | ||
Sky Harbour LLC [Member] | LLC Interests and TRA Holders [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 73.90% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 73.90% | 73.90% |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Total | $ 166,560,000 | |||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 95,398,000 | |||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 71,162,000 | |||
Tangible Asset Impairment Charges, Total | 0 | |||
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Operating Expense [Member] | ||||
Operating Lease, Expense | $ 988,000 | $ 881,000 | ||
Other Cost and Expense, Operating | 157,000 | 114,000 | ||
General and Administrative Expense [Member] | ||||
Operating Lease, Expense | 18,000 | 7,000 | ||
Advertising Expense | $ 102,000 | $ 37,000 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Tenants | 2 | 2 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Tenants [Member] | ||||
Concentration Risk, Percentage | 90.00% | 90.00% | ||
Prepaid Expenses and Other Assets [Member] | ||||
Deferred Offering Costs | $ 0 | 2,696,000 | ||
Deferred Rent Asset, Net, Current | $ 102,000 | $ 103,000 | ||
Asset under Construction [Member] | Sugar Land Phase I Project [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 28 years | |||
Equipment and Software [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Consolidated Subsidiaries [Member] | Sky Harbour LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 3 - Yellowstone Transact_3
Note 3 - Yellowstone Transaction (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 25, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 |
Transaction Costs and Advisory Fees | $ 14,700 | $ 12,731 | $ 600 | $ 12,700 |
General Insurance Expense | $ 2,600 | |||
Tax Receivable Agreement, Percentage of Savings as a Result of Certain Tax Attibutes | 85.00% | |||
Cash Savings Tax Benefit | $ 0 | |||
Sky’s Series B Preferred Units Converted Into Class A Common Stock [Member] | ||||
Conversion of Stock, Shares Issued (in shares) | 5,500,000 | |||
LLC Interests [Member] | Sky Common Unit Converted into Class B Common Stock [Member] | ||||
Stock Conversion, Share Per Unit Rate (in dollars per share) | $ 1 | |||
Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Class A [Member] | Sky Harbour LLC [Member] | Sky Harbour Group Corporation (SHG) [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 14,937,581 |
Note 3 - Yellowstone Transact_4
Note 3 - Yellowstone Transaction - Reconciliation to Consolidated Statements of Changes in Equity (Details) - USD ($) $ in Thousands | Jan. 25, 2022 | Jan. 24, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2020 |
Cash - Yellowstone trust and cash, net of redemptions | $ 15,691 | $ 0 | |||||
Cash - BOC PIPE investment | 45,000 | 0 | |||||
Less: transaction costs and advisory fees | $ (14,700) | (12,731) | $ (600) | $ (12,700) | |||
Net proceeds from the Yellowstone Transaction | 47,960 | ||||||
Conversion of Sky Series B preferred units to Class A Common Stock | 1,250 | ||||||
Less: Initial fair value of Warrants liability assumed on 1/25/2022 | (7,986) | ||||||
Net adjustment to total equity from the Yellowstone Transaction | 94,003 | ||||||
Common Class B [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 42,192,250 | ||||||
Sky’s Series B Preferred Units Converted Into Class A Common Stock [Member] | |||||||
Conversion of Sky Series B preferred units to Class A Common Stock | $ 54,029 | ||||||
Common Stock [Member] | |||||||
Common stock, outstanding (in shares) | 13,598,898 | 57,129,831 | 57,129,831 | ||||
Less: redemption of Yellowstone Common Stock (in shares) | (12,061,041) | ||||||
Common stock of Yellowstone, net of redemptions (in shares) | 1,537,857 | ||||||
Common Stock [Member] | Common Class A [Member] | |||||||
Conversion of Sky Series B preferred units to Class A Common Stock | $ 0 | ||||||
Net adjustment to total equity from the Yellowstone Transaction | $ 1 | ||||||
Common stock, outstanding (in shares) | 14,937,581 | 0 | 0 | 14,937,581 | 0 | ||
Common Stock [Member] | Common Class B [Member] | |||||||
Conversion of Sky Series B preferred units to Class A Common Stock | $ 0 | ||||||
Net adjustment to total equity from the Yellowstone Transaction | $ 4 | ||||||
Common stock, outstanding (in shares) | 42,192,250 | 0 | 0 | 42,192,250 | 0 | ||
Common Stock [Member] | BOC PIPE [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,500,000 | ||||||
Common Stock [Member] | Sky’s Series B Preferred Units Converted Into Class A Common Stock [Member] | |||||||
Conversion of Sky Series B units to Class A Common Stock (in shares) | 5,500,000 | ||||||
Common Stock [Member] | Sponsor [Member] | |||||||
Common stock, outstanding (in shares) | 3,399,724 | 3,399,724 |
Note 4 - Cost of Construction_3
Note 4 - Cost of Construction and Constructed Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Asset under Construction [Member] | ||
Depreciation, Total | $ 135 | $ 135 |
Note 4 - Cost of Construction_4
Note 4 - Cost of Construction and Constructed Assets - Constructed Assets, Net and Cost of Construction (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Asset under Construction [Member] | ||
Property, Plant and Equipment, Gross | $ 15,079 | $ 15,079 |
Accumulated depreciation | (714) | (579) |
Property, Plant and Equipment, Net, Total | 14,365 | 14,500 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net, Total | $ 39,435 | $ 25,034 |
Note 5 - Long-lived Assets (Det
Note 5 - Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equipment and Software [Member] | ||
Depreciation, Total | $ 10 | $ 6 |
Note 5 - Long-lived Assets - Lo
Note 5 - Long-lived Assets - Long-lived Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 205 | $ 200 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment, Gross | 248 | 247 |
Equipment and Software [Member] | ||
Property, Plant and Equipment, Gross | 453 | 447 |
Accumulated depreciation | (48) | (38) |
Property, Plant and Equipment, Net, Total | $ 405 | $ 409 |
Note 6 - Supplemental Balance_3
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Costs of construction | $ 5,621 | $ 3,450 |
Employee compensation and benefits | 1,689 | 2,497 |
Interest | 1,735 | 2,063 |
Transaction costs | 1,805 | 2,048 |
Other | 1,221 | 901 |
Accounts Payable and Accrued Liabilities, Total | $ 12,071 | $ 10,959 |
Note 6 - Supplemental Balance_4
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accrued costs of construction, including interest | $ 6,256 | $ 145 | |
Accrued long-lived assets | 0 | 55 | |
Accrued equity issuance costs | 1,805 | 50 | |
Debt issuance costs and premium amortized to cost of construction | 77 | 374 | |
Net gain on extinguishment of related party notes | 0 | 5,371 | |
Settlement of related party note payable by issuing equity | 0 | 1,250 | |
Right-of-use assets obtained in exchange for operating lease liabilities | 0 | 19,639 | |
Interest Paid in Cash | 2,063 | 259 | |
Cash, beginning of year | 6,805 | 0 | $ 0 |
Restricted cash, beginning of year | 197,130 | 72 | 72 |
Cash and restricted cash, beginning of year | 203,935 | 72 | 72 |
Cash, end of period | 48,610 | 18,428 | 6,805 |
Restricted cash, end of period | 18,036 | 4,962 | 197,130 |
Cash and restricted cash, end of period | $ 66,646 | $ 23,390 | $ 203,935 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Millions | Apr. 29, 2022USD ($) | May 04, 2021 | Jan. 01, 2021 | Mar. 31, 2022 | Oct. 15, 2021a |
Minimum [Member] | |||||
Lessor, Operating Lease, Term of Contract (Year) | 1 year | ||||
Maximum [Member] | |||||
Lessor, Operating Lease, Term of Contract (Year) | 5 years | ||||
Ground Leases at SGR, OPF, and BNA [Member] | Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 30 years | ||||
Ground Leases at SGR, OPF, and BNA [Member] | Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 50 years | ||||
Lease at OPF [Member] | Subsequent Event [Member] | |||||
Payment to Purchase Ground Lease | $ 8.5 | ||||
Payments of Assignment Fees | $ 1 | ||||
Lessee, Operating Lease, Extension of Term (Year) | 10 years | ||||
APA Lease [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 41 years | ||||
Lessee, Operating Lease, Term of Contract with Extension (Year) | 76 years | ||||
Option to Lease Additional Land, Exercise Term (Year) | 3 years | ||||
DVT Lease [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | ||||
Option to Lease Additional Land, Exercise Term (Year) | 4 years | ||||
Addison Airport [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | ||||
Area of Land (Acre) | a | 6 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Operating cash flows from operating leases as lessee | $ 448 | $ 192 | |
Operating leases as lessee (in years) (Year) | 54 years 2 months 4 days | 54 years 4 months 20 days | |
Operating leases as lessee | 4.40% | 4.40% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
2022 (remainder of year) | $ 1,583 | |
2023 | 2,390 | |
2024 | 2,428 | |
2025 | 2,462 | |
2026 | 2,522 | |
Thereafter | 216,533 | |
Total lease payments | 227,918 | |
Less imputed interest | (166,402) | |
Total | $ 61,516 | $ 61,289 |
Note 7 - Leases - Non-cancelabl
Note 7 - Leases - Non-cancelable Future Minimum Lease Payments from Tenants (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 (remainder of year) | $ 1,037 |
2023 | 1,391 |
2024 | 601 |
2025 | 566 |
2026 | 0 |
Thereafter | 0 |
Total lease payments | 3,595 |
Less rent concessions to be applied at Company’s discretion | (214) |
Total | $ 3,381 |
Note 8 - Bonds Payable, Loans_3
Note 8 - Bonds Payable, Loans Payable and Interest (Details Textual) $ in Thousands | Jan. 23, 2022USD ($) | May 20, 2021USD ($) | Mar. 12, 2021 | Aug. 28, 2019USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Funds to Pay Debt Service and Reserve Funds | $ 183,800 | ||||||
Interest Costs Incurred, Total | 1,812 | $ 971 | |||||
Interest Costs Capitalized | 1,812 | $ 512 | |||||
Restricted Cash [Member] | |||||||
Funds to Pay Debt Service and Reserve Funds | 17,300 | ||||||
Restricted Investments [Member] | |||||||
Funds to Pay Debt Service and Reserve Funds | 166,500 | ||||||
Maximum [Member] | |||||||
Restricted Fund for Construction Expenditures | 50,000 | ||||||
Series 2021 Bonds [Member] | |||||||
Long-Term Debt, Gross | $ 166,300 | 166,340 | $ 166,340 | ||||
Debt Service Coverage Ratio | 1.25 | ||||||
Debt Instrument, Unamortized Premium, Total | $ 200 | 249 | 249 | ||||
Debt Issuance Costs, Net, Total | 6,000 | $ 6,002 | $ 6,002 | ||||
Series 2021 Bonds [Member] | Tranche One [Member] | |||||||
Long-Term Debt, Gross | $ 21,100 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||
Series 2021 Bonds [Member] | Tranche Two [Member] | |||||||
Long-Term Debt, Gross | $ 30,400 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||
Series 2021 Bonds [Member] | Tranche Three [Member] | |||||||
Long-Term Debt, Gross | $ 114,800 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||
SGR Loan [Member] | |||||||
Debt Instrument, Face Amount | $ 16,700 | ||||||
SGR Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | ||||||
SGR Loan [Member] | Pay-in-kind Interest [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
SGR Loan [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||||||
OPF Loan [Member] | |||||||
Debt Instrument, Face Amount | $ 46,000 | ||||||
OPF Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | 8.00% | |||||
OPF Loan [Member] | Pay-in-kind Interest [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |||||
OPF Loan [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.669% | 1.669% |
Note 8 - Bonds Payable, Loans_4
Note 8 - Bonds Payable, Loans Payable and Interest - Bonds Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | May 20, 2021 |
Total Bonds payable, net | $ 160,756 | $ 160,679 | |
Series 2021 Bonds [Member] | |||
Series 2021 Bonds Principal | 166,340 | 166,340 | $ 166,300 |
Premium on bonds | 249 | 249 | 200 |
Bond proceeds | 166,589 | 166,589 | |
Debt issuance costs | (6,002) | (6,002) | $ (6,000) |
Accumulated amortization of debt issuance costs and bond premium | 169 | 92 | |
Total Bonds payable, net | $ 160,756 | $ 160,679 |
Note 8 - Bonds Payable, Loans_5
Note 8 - Bonds Payable, Loans Payable and Interest - Interest Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest | $ 1,735 | $ 442 |
Amortization of bond premium and debt issuance costs | 77 | 529 |
Total interest incurred | 1,812 | 971 |
Less: capitalized interest | (1,812) | (512) |
Interest expense | $ 0 | $ 459 |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jan. 25, 2022 | Oct. 26, 2020 | |
Fair Value Adjustment of Warrants | $ 13,938,000 | $ 0 | $ (6,095,170) | |||
Public Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,799,439 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||
Class of Warrant or Right, Outstanding (in shares) | 6,799,439 | 6,799,439 | ||||
Class of Warrants and Rights Outsanding, Price (in dollars per share) | $ 1.51 | $ 1.51 | $ 0.55 | |||
Warrants and Rights Outstanding | $ 21,900,000 | $ 21,900,000 | $ 8,000,000 | |||
Fair Value Adjustment of Warrants | $ 13,900,000 | |||||
Private Placement Warrant [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 | |||
Class of Warrant or Right, Outstanding (in shares) | 7,719,779 | 7,719,779 |
Note 10 - Equity and Redeemab_2
Note 10 - Equity and Redeemable Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 07, 2022 | Jan. 25, 2022 | Jan. 17, 2022 | Sep. 14, 2021 | Mar. 12, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Stock Issued During Period, Value, New Issues | $ 29,683 | |||||||
Sky Harbour LLC [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 26.10% | |||||||
Common Class B [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 42,192,250 | |||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 42,192,250 | 3,399,724 | ||||||
Common Class A [Member] | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 14,937,581 | |||||||
Common Class A [Member] | ACM ARRT VII E LLC [Member] | ||||||||
Forward Purchase Agreement, Number of Shares (in shares) | 7,000,000 | |||||||
Forward Purchase Agreement, Shares Purchased by Counterparty (in shares) | 664,909 | |||||||
Forward Purchase Agreement, Payments to Counterparty | $ 6,700 | |||||||
Forward Purchase Agreement, Term (Month) | 18 months | |||||||
Forward Purchase Agreement, Counterparty Shares Sold (in shares) | 664,909 | |||||||
Forward Purchase Agreement, Payment Remitted | $ 6,700 | |||||||
Series B Preferred Units Converted into Class A Common Stock [Member] | ||||||||
Conversion of Stock, Shares Issued (in shares) | 5,500,000 | |||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Capital Unit, Class A [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 14,937,581 | |||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Series A Preferred Units and Founder Units Converted into Common Units [Member] | ||||||||
Conversion of Stock, Shares Issued (in shares) | 42,192,250 | |||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Series A Preferred Units [Member] | ||||||||
Stock Issued During Period, Value, New Issues | $ 31,300 | |||||||
Preferred Units, Outstanding (in shares) | 31,250 | |||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Redeemable Series B Preferred Units [Member] | ||||||||
Stock Issued During Period, Value, New Issues | $ 55,000 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 8,049 | |||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 10 | |||||||
Preferred Units, Outstanding (in shares) | 8,049 | |||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Founder Units [Member] | ||||||||
Preferred Units, Outstanding (in shares) | 27,035 | |||||||
LLC Interests and TRA Holders [Member] | Sky Harbour LLC [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 73.90% | 73.90% |
Note 11 - Equity Compensation_2
Note 11 - Equity Compensation (Details Textual) - Sky Incentive Units [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
May 31, 2021 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 2,472,257 | |
Sky Harbour LLC and Subsidiaries (Sky) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,951 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 2,807,750 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 956 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |
Sky Harbour LLC and Subsidiaries (Sky) [Member] | General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 86 |
Note 11 - Equity Compensation -
Note 11 - Equity Compensation - Assumptions (Details) - Sky Incentive Units [Member] - Sky Harbour LLC and Subsidiaries (Sky) [Member] | 1 Months Ended |
May 31, 2021USD ($) | |
Equity value | $ 62,287,970 |
Term (Year) | 5 years |
Risk-free interest rate | 0.84% |
Volatility | 57.00% |
Note 11 - Equity Compensation_3
Note 11 - Equity Compensation - Summary of Activity Related to Incentive Units (Details) - Sky Incentive Units [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Granted (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeitures (in shares) | shares | 0 |
Forfeitures, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Sky units outstanding (in shares) | shares | 2,807,750 |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.45 |
Vested Units outstanding (in shares) | shares | 335,493 |
Vested Units outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.45 |
Non-vested Units outstanding (in shares) | shares | 2,472,257 |
Non-vested Units outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.45 |
Prior to Recapitalization [Member] | |
Sky units outstanding (in shares) | shares | 3,951 |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 318.44 |
After Recapitalization [Member] | |
Sky units outstanding (in shares) | shares | 2,807,750 |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.45 |
Note 12 - Loss Per Share (Detai
Note 12 - Loss Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2022shares | |
Warrant [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 14,519,218 |
Note 12 - Loss Per Share - Sche
Note 12 - Loss Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss | $ (19,514) | $ (2,046) |
Less: Net loss attributable to non-controlling interests | (3,751) | 0 |
Net Income (Loss) | $ (15,763) | $ (2,046) |
Basic (in shares) | 10,954 | 0 |
Basic (in dollars per share) | $ (1.44) | $ 0 |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 48,610 | $ 6,805 |
Restricted cash | 18,036 | 197,130 |
Restricted investments | 166,560 | 0 |
Assets, Fair Value Disclosure, Total | 233,206 | 203,935 |
Bonds payable | 160,756 | 160,679 |
Warrants and Rights Outstanding | 21,924 | 0 |
Financial Liabilities Fair Value Disclosure, Total | 182,680 | 160,679 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 48,610 | 6,805 |
Restricted cash | 18,036 | 197,130 |
Restricted investments | 165,526 | 0 |
Assets, Fair Value Disclosure, Total | 232,172 | 203,935 |
Bonds payable | 161,892 | 173,093 |
Warrants and Rights Outstanding | 21,924 | 0 |
Financial Liabilities Fair Value Disclosure, Total | 183,816 | 173,093 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 48,610 | 6,805 |
Restricted cash | 18,036 | 197,130 |
Restricted investments | 165,526 | 0 |
Assets, Fair Value Disclosure, Total | 232,172 | 203,935 |
Bonds payable | 0 | 0 |
Warrants and Rights Outstanding | 10,267 | 0 |
Financial Liabilities Fair Value Disclosure, Total | 10,267 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 0 | 0 |
Assets, Fair Value Disclosure, Total | 0 | 0 |
Bonds payable | 161,892 | 173,093 |
Warrants and Rights Outstanding | 11,657 | 0 |
Financial Liabilities Fair Value Disclosure, Total | 173,549 | 173,093 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 0 | 0 |
Assets, Fair Value Disclosure, Total | 0 | 0 |
Bonds payable | 0 | 0 |
Warrants and Rights Outstanding | 0 | 0 |
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) | Sep. 08, 2021 | Mar. 12, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 27, 2021 | Nov. 30, 2020 |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ (250,000) | ||||
Interest Expense, Debt, Total | 0 | 459,000 | ||||
Non-exclusive Agreement with Echo Echo, LLC [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 29,000 | |||||
Direct Operating Costs, Per Flight Hour | $ 675,000 | |||||
Employee Service [Member] | Employees of Company Affiliated With the Founder and CEO [Member] | ||||||
Related Party Transaction, Amounts of Transaction | 31,000 | 0 | ||||
Employee Service [Member] | Company That Employed The Chief Financial Officer [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 20,000 | 31,000 | ||||
Series A Preferred Stock [Member] | SH Investment Fund I LLC [Member] | ||||||
Stock Issued During Period, Units, Issued for Note Payable (in shares) | 1,250 | |||||
Stock Issued During Period, Value, Issued for Note Payable | $ 1,250,000 | |||||
Loans Payable [Member] | ||||||
Debt Instrument, Redemption Amount | 5,100,000 | |||||
Gain (Loss) on Extinguishment of Debt, Total | 5,600,000 | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 150,000 | |||||
Interest Expense, Debt, Total | $ 120,000 | |||||
SH Investment Fund I LLC [Member] | ||||||
Gain (Loss) on Extinguishment of Debt, Total | (250,000) | |||||
Notes Payable, Total | $ 1,000,000 | |||||
Promissory Note [Member] | BOC Yellowstone LLC [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||
Promissory Note [Member] | SH Investment Fund I LLC [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
APA Lease [Member] | |
Lease Improvement Plan, Period Limitation (Month) | 24 months |
DVT Lease [Member] | |
Lease Improvement Requirement, Phase I Requirement | $ 15,300 |
Lease Improvement Requirement, Phase II Requirement | 14,600 |
SGR Phase II Project [Member] | |
Minimum Improvement Amount | 2,000 |
BNA Construction Project [Member] | |
Capital Improvement, Comment To Spend | 17,000 |
Termination Penalty | $ 0 |
OPF Construction Contract [Member] | |
Percentage of Unrealized Fee | 50.00% |
Note 1 - Organization and Bus_4
Note 1 - Organization and Business Operations (Details Textual) - USD ($) | Jan. 25, 2022 | Dec. 22, 2021 | Aug. 25, 2021 | Dec. 31, 2021 | Dec. 01, 2020 | Oct. 26, 2020 |
Equity Issued During Period, Price Per Unit (in dollars per share) | $ 10.20 | |||||
Business Combination, Required Fair Market Value, Percentage of Net Assets Held in Trust Account | 80.00% | |||||
Business Combination, Minimum Percentage of Voting Interest Acquired | 50.00% | |||||
Subsequent Event [Member] | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | |||||
Stock Redeemed or Called During Period, Shares (in shares) | 12,061,041 | |||||
Proceeds from IPO [Member] | ||||||
Assets Held-in-trust, Total | $ 127,500,000 | |||||
Proceeds from Over-allotment Option [Member] | ||||||
Assets Held-in-trust, Total | $ 10,988,980 | |||||
Boston Omaha [Member] | ||||||
Purchase Agreement, Provided Financing | $ 45,000,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | |||||
Purchase Agreement, Minimum Financing Amount Waived | $ 150,000,000 | |||||
Senior Bonds [Member] | Sky Harbour Capital LLC [Member] | Public Finance Authority [Member] | ||||||
Proceeds from Issuance of Secured Tax Exempt Debt | $ 166,000,000 | |||||
Bond, Weighted Average Amortization Period (Year) | 24 years | |||||
Senior Bonds Maturing In 2036 [Member] | Sky Harbour Capital LLC [Member] | Public Finance Authority [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||||
Senior Bonds Maturing In 2041 [Member] | Sky Harbour Capital LLC [Member] | Public Finance Authority [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||
Senior Bonds Maturing In 2054 [Member] | Sky Harbour Capital LLC [Member] | Public Finance Authority [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | |
Common Class A [Member] | ||
Temporary Equity, Shares Outstanding (in shares) | 13,598,898 | |
Warrants Issued in Connection with Units [Member] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 14,519,218 | 14,519,218 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Net Loss Per Common Share (Details) - USD ($) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Common Class A [Member] | ||
Allocation of net income (loss) | $ (1,868,311) | $ 2,357,536 |
Weighted-average shares outstanding (in shares) | 6,975,341 | 13,598,898 |
Class A common stock - basic and diluted (in dollars per share) | $ (0.27) | $ 0.17 |
Common Class B [Member] | ||
Allocation of net income (loss) | $ (1,156,493) | $ 589,383 |
Weighted-average shares outstanding (in shares) | 4,317,769 | 3,399,724 |
Class A common stock - basic and diluted (in dollars per share) | $ (0.27) | $ 0.17 |
Note 3 - Initial Public Offer_2
Note 3 - Initial Public Offering (Details Textual) - USD ($) | Dec. 01, 2020 | Oct. 26, 2020 |
Warrants Issued in Connection with Units [Member] | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |
IPO [Member] | ||
Units Issued During Period, Number (in shares) | 12,500,000 | |
Units Issued During Period, Price Per Unit (in dollars per share) | $ 10 | |
Proceeds from Issuance or Sale of Equity, Total | $ 125,000,000 | |
Units Issued During Period, Number of Warrants (in shares) | 0.5 | |
IPO [Member] | Common Class A [Member] | ||
Units Issued During Period, Number of Common Stock Shares (in shares) | 1 | |
Over-Allotment Option [Member] | Underwriters [Member] | ||
Units Issued During Period, Number (in shares) | 1,098,898 | |
Units Issued During Period, Price Per Unit (in dollars per share) | $ 10 | |
Over-allotment Option, Term (Day) | 45 days | |
Over-Allotment Option [Member] | Underwriters [Member] | Maximum [Member] | ||
Over-allotment Option, Number of Units Called by Options (in shares) | 1,875,000 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) | Jan. 25, 2022shares | Dec. 01, 2020$ / sharesshares | Oct. 26, 2020USD ($)$ / sharesshares | Aug. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Dec. 31, 2020shares | Mar. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Sep. 27, 2021USD ($) |
Stock Issued During Period, Value, New Issues | $ | $ 29,683,000 | ||||||||
Long-term Debt, Total | $ | $ 160,756,000 | $ 160,679,000 | |||||||
Promissory Note [Member] | BOC Yellowstone LLC [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ | $ 1,000,000 | ||||||||
Long-term Debt, Total | $ | $ 1,000,000 | ||||||||
Proceeds from Private Placement Warrants [Member] | |||||||||
Assets Held-in-trust, Total | $ | $ 5,000,000 | ||||||||
Private Placement Warrant [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | 219,779 | 7,500,000 | |||||||
Class of Warrant or Right, Issued During Period, Purchase Price (in dollars per share) | $ / shares | $ 1 | $ 1 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | |||||||
Proceeds from Issuance of Warrants | $ | $ 7,500,000 | ||||||||
Conversion Warrant [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.50 | ||||||||
BOC Yellowstone LLC [Member] | |||||||||
Related Party, Working Capital Loan, Conversion, Price Per Warrant (in dollars per share) | $ / shares | 1.50 | ||||||||
Common Class B [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 42,192,250 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 42,192,250 | 3,399,724 | |||||||
Common Class B [Member] | BOC Yellowstone LLC [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,750,000 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
Stock Issued During Period, Value, New Issues | $ | $ 25,000 | ||||||||
Common Stock, Shares Surrendered (in shares) | 2,350,276 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,399,724 | ||||||||
Common Stock, Conversion Rate | 1 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) $ in Millions | Dec. 31, 2021USD ($) |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards, Total | $ 1.7 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards, Total | $ 1.7 |
Note 5 - Income Taxes - Income
Note 5 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred federal income tax expense (benefit) | $ (767,176) | $ (93,745) | |
Deferred state income tax expense (benefit) | (225,399) | (32,634) | |
Total Income Tax Benefit Before Valuation Allowance | (992,575) | (126,379) | |
Valuation allowance | 992,575 | 126,379 | |
Total income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Note 5 - Income Taxes - Effecti
Note 5 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax expense (benefit) at the federal statutory rate | $ (618,853) | $ 93,745 | |
State income taxes (benefit) - net of federal income tax benefits | (182,709) | 32,634 | |
Unrealized gain on warrants | (1,657,887) | 0 | |
Unrealized gain on securities | (440) | 0 | |
Other, net | (9,431) | 0 | |
Change in valuation allowance | (866,196) | (126,379) | |
Total income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Note 5 - Income Taxes - Compone
Note 5 - Income Taxes - Components of Deferred Tax Asset (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforwards | $ 455,199 | $ 126,379 |
Start-up costs | 537,376 | 0 |
Valuation allowance | (992,575) | (126,379) |
Total deferred tax asset | $ 0 | $ 0 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) | Nov. 16, 2020USD ($)shares | Dec. 31, 2021$ / sharesshares | Mar. 31, 2022$ / sharesshares | Jan. 25, 2022$ / shares | Dec. 31, 2020$ / sharesshares | Aug. 31, 2020$ / shares |
Common Stock, Voting Rights Per Share | 1 | |||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | ||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | ||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ | $ 309,375 | |||||
Investment Owned, Shares to Be Transferred Upon Initial Business Combination (in shares) | 206,250 | |||||
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | BOC Yellowstone II LLC [Member] | ||||||
Investment Owned, Shares Transferred (in shares) | 206,250 | |||||
Predecessor [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | ||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||||
Common Class A [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock and Temporary Equity, Shares, Issued (in shares) | 13,598,898 | |||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 14,937,581 | |||||
Common Class A [Member] | Predecessor [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Class B [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 20,000,000 | 50,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,399,724 | 42,192,250 | ||||
Common Stock, Conversion Features, Period After Completion of Initial Business Combination (Year) | 1 year | |||||
Common Stock, Conversion Features, Minimum Sale Price For 20 Days, Class A Common Stock, At Least 150 Days After Initial Business Combination (in dollars per share) | $ / shares | $ 12 | |||||
Common Class B [Member] | Predecessor [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,399,724 | 3,399,724 | ||||
Common Class B [Member] | BOC Yellowstone LLC [Member] | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,399,724 | |||||
Common Stock, Conversion Rate | 1 |
Note 7 - Commitments (Details T
Note 7 - Commitments (Details Textual) | Dec. 31, 2021USD ($)$ / shares |
Underwriting Agreement, Cash Underwriting Discount, Per Unit (in dollars per share) | $ / shares | $ 0.20 |
Underwriting Agreement, Cash Underwriting Discount, Aggregate Amount | $ | $ 2,500,000 |
Underwriting Agreement, Deferred Fee, Per Unit (in dollars per share) | $ / shares | $ 0.35 |
Underwriting Agreement, Cash Underwriting Discount, Aggregate Amount Including Underwriter Shares | $ | $ 4,759,615 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value Adjustment of Warrants | $ 13,938,000 | $ 0 | $ (6,095,170) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivative Liability, Total | 11,908,671 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Investments, Fair Value Disclosure, Total | 69,382,121 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||
Investments, Fair Value Disclosure, Total | $ 69,378,000 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) | Mar. 02, 2022 | Jan. 25, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Payments of Stock Issuance Costs | $ 8,822,000 | $ 251,000 | ||
Repayments of Notes Payable | $ 0 | $ 5,221,000 | ||
Subsequent Event [Member] | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | |||
Proceeds from Issuance of Common Stock | $ 45,000,000 | |||
Payments of Stock Issuance Costs | $ 4,759,615 | |||
Subscription Agreement, Offering Fee, Percent | 3.50% | |||
Repayments of Notes Payable | $ 1,000,000 | |||
Subsequent Event [Member] | AA's Underlying Ground Lease [Member] | ||||
Lessee, Operating Lease, Amount Purchased | $ 8,500,000 | |||
Lessee, Operating Lease, Purchased, Transfer Fee | $ 1,000,000 | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||
Subsequent Event [Member] | Common Class A [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,500,000 |