$SKAS
Saker Aviation Services, Inc.

2019 Form 10-K Financial Statement

#000143774920006515 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $11.57M $2.882M $11.12M
YoY Change 4.04% -11.86% -7.47%
Cost Of Revenue $5.851M $1.476M $6.067M
YoY Change -3.55% -4.16% 8.11%
Gross Profit $5.717M $1.406M $5.052M
YoY Change 13.16% -19.18% -21.12%
Gross Profit Margin 49.42% 48.79% 45.44%
Selling, General & Admin $4.669M $1.197M $4.560M
YoY Change 2.4% -13.86% -14.15%
% of Gross Profit 81.68% 85.15% 90.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $124.0K $64.42K $472.0K
YoY Change -73.73% -53.99% -12.1%
% of Gross Profit 2.17% 4.58% 9.34%
Operating Expenses $4.669M $1.197M $4.560M
YoY Change 2.4% -13.86% -14.15%
Operating Profit $1.048M $208.9K $492.2K
YoY Change 112.84% -40.33% -54.98%
Interest Expense $7.987K -$3.420K $17.12K
YoY Change -53.35% -20.01%
% of Operating Profit 0.76% -1.64% 3.48%
Other Income/Expense, Net $19.08K $0.00 $16.35K
YoY Change 16.69% -151.73%
Pretax Income $1.067M $205.9K $508.5K
YoY Change 109.75% -39.45% -52.1%
Income Tax $399.0K $94.55K $197.0K
% Of Pretax Income 37.41% 45.92% 38.74%
Net Earnings $667.6K $111.3K $311.5K
YoY Change 114.31% -34.51% -34.77%
Net Earnings / Revenue 5.77% 3.86% 2.8%
Basic Earnings Per Share $0.66 $0.30
Diluted Earnings Per Share $0.65 $109.6K $0.30
COMMON SHARES
Basic Shares Outstanding 1.009M 1.029M
Diluted Shares Outstanding 1.022M 1.040M

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.597M $2.839M $2.839M
YoY Change 26.73% 65.04% 64.61%
Cash & Equivalents $2.839M
Short-Term Investments
Other Short-Term Assets $564.6K $566.5K $566.5K
YoY Change -0.32% 6.88% 6.54%
Inventory $181.2K $170.9K $170.9K
Prepaid Expenses
Receivables $678.1K $847.8K $847.8K
Other Receivables $188.8K $270.0K $270.0K
Total Short-Term Assets $5.210M $4.694M $4.694M
YoY Change 11.0% 1.42% 1.42%
LONG-TERM ASSETS
Property, Plant & Equipment $818.7K $388.1K $388.1K
YoY Change 110.96% -42.08% -42.08%
Goodwill $750.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $478.5K $509.5K $509.5K
YoY Change -6.08% 1.9% 1.76%
Total Long-Term Assets $2.047M $1.648M $1.648M
YoY Change 24.25% -14.22% -14.22%
TOTAL ASSETS
Total Short-Term Assets $5.210M $4.694M $4.694M
Total Long-Term Assets $2.047M $1.648M $1.648M
Total Assets $7.257M $6.341M $6.341M
YoY Change 14.45% -3.17% -3.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $397.3K $348.3K $348.3K
YoY Change 14.08% -29.67% -29.67%
Accrued Expenses $380.2K $288.6K $288.6K
YoY Change 31.74% -1.27% -1.27%
Deferred Revenue $126.8K
YoY Change 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $57.72K
YoY Change -100.0% -100.0% -83.27%
Total Short-Term Liabilities $1.281M $821.5K $821.5K
YoY Change 55.98% -34.77% -34.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $173.4K $173.4K
YoY Change -100.0% 57.64% 54.13%
Other Long-Term Liabilities $399.7K $0.00
YoY Change
Total Long-Term Liabilities $399.7K $173.4K $173.4K
YoY Change 130.52% 57.64% 54.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.281M $821.5K $821.5K
Total Long-Term Liabilities $399.7K $173.4K $173.4K
Total Liabilities $1.681M $994.9K $994.9K
YoY Change 68.97% -27.48% -27.48%
SHAREHOLDERS EQUITY
Retained Earnings -$14.44M
YoY Change -2.11%
Common Stock $19.79M
YoY Change -0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.576M $5.347M $5.347M
YoY Change
Total Liabilities & Shareholders Equity $7.257M $6.341M $6.341M
YoY Change 14.45% -3.17% -3.17%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income $667.6K $111.3K $311.5K
YoY Change 114.31% -34.51% -34.77%
Depreciation, Depletion And Amortization $124.0K $64.42K $472.0K
YoY Change -73.73% -53.99% -12.1%
Cash From Operating Activities $1.124M $102.4K $856.3K
YoY Change 31.25% 156.03% 1505.79%
INVESTING ACTIVITIES
Capital Expenditures $174.6K -$10.50K $190.2K
YoY Change -8.2% -79.0% 43.91%
Acquisitions
YoY Change
Other Investing Activities $87.21K $0.00 $850.3K
YoY Change -89.74% 580.21%
Cash From Investing Activities -$87.38K $39.76K $660.1K
YoY Change -113.24% -179.52% -9321.6%
FINANCING ACTIVITIES
Cash Dividend Paid $126.6K
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $175.8K
YoY Change -100.0% 4.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -277.6K -87.30K -402.2K
YoY Change -30.97% -62.04% -21.71%
NET CHANGE
Cash From Operating Activities 1.124M 102.4K 856.3K
Cash From Investing Activities -87.38K 39.76K 660.1K
Cash From Financing Activities -277.6K -87.30K -402.2K
Net Change In Cash 758.8K 54.87K 1.114M
YoY Change -31.89% -122.86% -338.29%
FREE CASH FLOW
Cash From Operating Activities $1.124M $102.4K $856.3K
Capital Expenditures $174.6K -$10.50K $190.2K
Free Cash Flow $949.3K $112.9K $666.1K
YoY Change 42.52% 25.46% -944.9%

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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
856258
CY2019 us-gaap Net Income Loss
NetIncomeLoss
667644
CY2018 us-gaap Net Income Loss
NetIncomeLoss
311536
CY2019 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
19082
CY2018 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
16353
CY2019Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
188828
CY2018Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
270000
CY2019Q4 us-gaap Notes Payable
NotesPayable
CY2018Q4 us-gaap Notes Payable
NotesPayable
231121
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
CY2018Q4 us-gaap Notes Payable Current
NotesPayableCurrent
57722
CY2019Q1 us-gaap Notes Receivable Net
NotesReceivableNet
276000
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
1047562
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
492183
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
460408
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
60675
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
399733
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
495377
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2019Q4 us-gaap Other Assets
OtherAssets
1723889
CY2018Q4 us-gaap Other Assets
OtherAssets
1259512
CY2019 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
447
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
175816
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
126630
CY2018 us-gaap Payments Of Dividends
PaymentsOfDividends
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
566474
CY2019 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
CY2018 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
135000
CY2019 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
87208
CY2018 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
850264
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3999804
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4018803
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
323316
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
174590
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
190182
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.03
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.03
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
294644
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
388072
CY2019 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
112117
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
361379
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14272897
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14440541
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11567725
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11118452
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
548070
CY2018 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4669097
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4559578
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
33997
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
33997
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
9.1
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
7.4
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.025
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
9999
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
13332
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
13332
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.16
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.03
CY2018 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y
CY2019 us-gaap Stock Issued1
StockIssued1
28202
CY2018 us-gaap Stock Issued1
StockIssued1
CY2019 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5036
CY2019Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
39996
CY2019Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
53328
CY2019 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
56661
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
63327
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
53328
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.606
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.594
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.391
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
50477
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.31
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.35
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.55
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.40
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.60
CY2019 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
525
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
266
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7806
CY2018 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
64084
CY2018 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
175816
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
5576344
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
5346501
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
5176784
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1021865
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1039599
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1008979
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1029001
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company&#x2019;s significant estimates include depreciation, amortization, impairment of goodwill and intangibles, stock-based compensation, allowance for doubtful accounts and deferred tax assets.</div></div></div></div></div>
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
8000

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