$SKAS
Saker Aviation Services, Inc.

2022 Q3 Form 10-Q Financial Statement

#000143774922020521 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.602M $3.453M $1.821M
YoY Change 79.21% 192.84% 125.03%
Cost Of Revenue $1.009M $1.813M $1.253M
YoY Change 29.16% 265.75% 121.76%
Gross Profit $1.593M $1.640M $567.5K
YoY Change 137.54% 139.96% 132.63%
Gross Profit Margin 61.21% 47.49% 31.17%
Selling, General & Admin $1.186M $1.338M $692.5K
YoY Change 156.17% 230.61% 38.63%
% of Gross Profit 74.46% 81.6% 122.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.92K $33.17K $33.09K
YoY Change 20.0% 19.15% 30.79%
% of Gross Profit 2.19% 2.02% 5.83%
Operating Expenses $1.186M $1.338M $692.5K
YoY Change 156.17% 230.61% 38.63%
Operating Profit $406.7K $301.7K -$125.0K
YoY Change 95.98% 8.27% -51.09%
Interest Expense $5.622K $6.154K
YoY Change -10.79% 8.79%
% of Operating Profit 1.86%
Other Income/Expense, Net $0.00 -$519.4K $93.85K
YoY Change -100.0% 73.98% -1758.94%
Pretax Income $406.7K $821.0K -$31.15K
YoY Change 102.34% 42.25% -88.08%
Income Tax $141.0K $99.00K $0.00
% Of Pretax Income 34.67% 12.06%
Net Earnings $213.1K $722.0K -$31.15K
YoY Change 8.13% 25.1% -88.27%
Net Earnings / Revenue 8.19% 20.91% -1.71%
Basic Earnings Per Share $0.22 $0.74 -$0.03
Diluted Earnings Per Share $0.22 $0.73 -$31.94K
COMMON SHARES
Basic Shares Outstanding 976.3K 976.3K 975.2K
Diluted Shares Outstanding 988.8K 993.5K 994.7K

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.715M $3.515M $3.094M
YoY Change 134.53% 96.47% 72.69%
Cash & Equivalents $4.715M $3.515M $3.094M
Short-Term Investments
Other Short-Term Assets $1.413M $283.3K $210.7K
YoY Change 646.01% 50.87% 22.39%
Inventory $7.946K $323.6K $281.2K
Prepaid Expenses $237.2K $283.3K $210.7K
Receivables $371.1K $472.4K $291.0K
Other Receivables $119.9K $619.9K $693.6K
Total Short-Term Assets $6.626M $5.214M $4.571M
YoY Change 70.26% 43.38% 36.11%
LONG-TERM ASSETS
Property, Plant & Equipment $37.53K $232.0K $249.8K
YoY Change -86.77% -23.45% 2.21%
Goodwill $750.0K $750.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $361.6K $1.343M $1.374M
YoY Change -75.07% -9.26% -4.11%
TOTAL ASSETS
Total Short-Term Assets $6.626M $5.214M $4.571M
Total Long-Term Assets $361.6K $1.343M $1.374M
Total Assets $6.988M $6.556M $5.945M
YoY Change 30.81% 28.16% 24.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $554.2K $481.0K $496.2K
YoY Change 262.68% 357.93% 368.09%
Accrued Expenses $430.2K $331.4K $397.9K
YoY Change 118.77% 55.74% 69.07%
Deferred Revenue $205.0K $155.0K $180.9K
YoY Change 153.42% 91.59% 123.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $57.24K $9.610K $9.460K
YoY Change 1573.68% 22.26%
Total Short-Term Liabilities $1.586M $1.019M $1.131M
YoY Change 231.18% 125.86% 46.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $50.83K $54.10K
YoY Change -100.0% -23.32%
Other Long-Term Liabilities $0.00 $308.9K $315.7K
YoY Change -100.0% -14.67% -14.56%
Total Long-Term Liabilities $0.00 $359.7K $369.8K
YoY Change -100.0% -16.01% 0.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.586M $1.019M $1.131M
Total Long-Term Liabilities $0.00 $359.7K $369.8K
Total Liabilities $1.586M $1.378M $1.501M
YoY Change 76.14% 56.76% 31.57%
SHAREHOLDERS EQUITY
Retained Earnings -$14.40M -$14.62M -$15.34M
YoY Change -7.23% -7.03% -5.89%
Common Stock $19.80M $19.79M $19.78M
YoY Change -0.81% -0.82% -0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.402M $5.178M $4.444M
YoY Change
Total Liabilities & Shareholders Equity $6.988M $6.556M $5.945M
YoY Change 30.81% 28.16% 24.08%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $213.1K $722.0K -$31.15K
YoY Change 8.13% 25.1% -88.27%
Depreciation, Depletion And Amortization $34.92K $33.17K $33.09K
YoY Change 20.0% 19.15% 30.79%
Cash From Operating Activities $722.8K $936.4K $662.1K
YoY Change 211.41% 341.11% -767.5%
INVESTING ACTIVITIES
Capital Expenditures -$8.040K -$1.640K $0.00
YoY Change -97.87% -100.0%
Acquisitions
YoY Change
Other Investing Activities $500.0K -$500.0K
YoY Change
Cash From Investing Activities $492.0K -$501.6K $0.00
YoY Change 542.77% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.70K -14.47K -$14.68K
YoY Change 37.51% -94.08% 114.72%
NET CHANGE
Cash From Operating Activities 722.8K 936.4K $662.1K
Cash From Investing Activities 492.0K -501.6K $0.00
Cash From Financing Activities -14.70K -14.47K -$14.68K
Net Change In Cash 1.200M 420.3K $647.4K
YoY Change 441.99% -481.34% -703.78%
FREE CASH FLOW
Cash From Operating Activities $722.8K $936.4K $662.1K
Capital Expenditures -$8.040K -$1.640K $0.00
Free Cash Flow $730.9K $938.0K $662.1K
YoY Change 214.88% 224.44% -759.5%

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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Notes Payable
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us-gaap Finance Lease Principal Payments
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Income Taxes Paid
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us-gaap Basis Of Accounting
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NOTE <em style="font: inherit;">1</em> - <span style="text-decoration: underline; ">Basis of Presentation</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form <em style="font: inherit;">10</em>-Q. Accordingly, they do <em style="font: inherit;">not</em> include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The condensed consolidated balance sheet as of <em style="font: inherit;"> June 30, 2022 </em>and the condensed consolidated statements of operations and cash flows for the <em style="font: inherit;">three</em> and <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2022 </em>and <em style="font: inherit;">2021</em> have been prepared by the Company without audit. In the opinion of the Company’s management, all necessary adjustments (consisting of normal recurring accruals) have been included to make the Company’s financial position as of <em style="font: inherit;"> June 30, 2022 </em>and its results of operations, stockholders’ equity, and cash flows for the <em style="font: inherit;">three</em> and <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2022 </em><em style="font: inherit;">not</em> misleading. The results of operations for the <em style="font: inherit;">three</em> and <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2022 </em>are <em style="font: inherit;">not</em> necessarily indicative of the results to be expected for any full year or any other interim period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The COVID-<em style="font: inherit;">19</em> pandemic has impacted the global and United States economies. Federal, state, and local governments implemented certain travel restrictions, “stay-at-home” orders, and social distancing initiatives which negatively impacted our operations and those of our customers. As a result of the COVID-<em style="font: inherit;">19</em> pandemic, on <em style="font: inherit;"> March 17, 2020 </em>all sightseeing tour operations at the Downtown Manhattan Heliport ceased. On <em style="font: inherit;"> July 20, 2020, </em>New York City started Phase <em style="font: inherit;">4</em> of the city’s reopening. Sightseeing tour operators at the heliport restarted operations under this phase.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the period <em style="font: inherit;"> July 20, 2020 </em>through <em style="font: inherit;"> March 31, 2022, </em>sightseeing tour operators experienced much lower demand for tours as compared to pre-pandemic levels of activity. Beginning in <em style="font: inherit;"> April 2022, </em>sightseeing tour operators have seen an increase in activity and a much higher demand for tours. There can be <em style="font: inherit;">no</em> assurance that this increased activity will continue as demand for sightseeing tours will depend on future developments in the COVID-<em style="font: inherit;">19</em> pandemic, including the duration and spread and related travel advisories and restrictions and the impact on overall demand for air travel. The COVID-<em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">19</em> pandemic has had a less substantial impact on our operations at our Kansas FBO and MRO.</p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q2 skas Working Capital
WorkingCapital
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CY2015 skas Environmental Remediation Agreed Percentage Of Reduction In Tenant Operated Tourist Flights By Year One
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CY2015 skas Environmental Remediation Agreed Percentage Of Reduction In Tenant Operated Tourist Flights By Year Two
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us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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skas Concession Fees
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us-gaap Net Income Loss
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CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1028863
us-gaap Weighted Average Number Of Shares Outstanding Basic
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1028863
CY2022Q2 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
17140
CY2021Q2 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
2038
skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
11834
skas Incremental Common Shares Attributable To Options And Warrants
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
993470
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1030901
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
987595
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1033131
us-gaap Allocated Share Based Compensation Expense
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22998 usd
us-gaap Allocated Share Based Compensation Expense
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17196 usd
skas Shares Based Compensation Stock Options Unamortized Fair Value
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CY2022Q2 us-gaap Inventory Net
InventoryNet
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CY2021Q4 us-gaap Inventory Net
InventoryNet
243104 usd

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