$SKAS
Saker Aviation Services, Inc.

2022 Q4 Form 10-Q Financial Statement

#000143774922027255 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $1.854M $2.602M
YoY Change -4.55% 79.21%
Cost Of Revenue $701.9K $1.009M
YoY Change -28.87% 29.16%
Gross Profit $1.152M $1.593M
YoY Change 20.56% 137.54%
Gross Profit Margin 62.15% 61.21%
Selling, General & Admin $971.8K $1.186M
YoY Change 79.31% 156.17%
% of Gross Profit 84.32% 74.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$1.090K $34.92K
YoY Change -102.33% 20.0%
% of Gross Profit -0.09% 2.19%
Operating Expenses $971.8K $1.186M
YoY Change 79.31% 156.17%
Operating Profit $180.6K $406.7K
YoY Change -56.36% 95.98%
Interest Expense $3.300K
YoY Change -228.4%
% of Operating Profit 1.83%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $183.9K $406.7K
YoY Change -55.28% 102.34%
Income Tax $60.00K $141.0K
% Of Pretax Income 32.62% 34.67%
Net Earnings $342.6K $213.1K
YoY Change 57.45% 8.13%
Net Earnings / Revenue 18.48% 8.19%
Basic Earnings Per Share $0.22
Diluted Earnings Per Share $0.34 $0.22
COMMON SHARES
Basic Shares Outstanding 976.3K 976.3K
Diluted Shares Outstanding 988.8K

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.977M $4.715M
YoY Change 144.27% 134.53%
Cash & Equivalents $5.977M $4.715M
Short-Term Investments
Other Short-Term Assets $354.9K $1.413M
YoY Change -29.82% 646.01%
Inventory $13.55K $7.946K
Prepaid Expenses $354.9K $237.2K
Receivables $244.5K $371.1K
Other Receivables $279.9K $119.9K
Total Short-Term Assets $6.870M $6.626M
YoY Change 63.78% 70.26%
LONG-TERM ASSETS
Property, Plant & Equipment $42.86K $37.53K
YoY Change -84.08% -86.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $42.86K $361.6K
YoY Change -96.95% -75.07%
TOTAL ASSETS
Total Short-Term Assets $6.870M $6.626M
Total Long-Term Assets $42.86K $361.6K
Total Assets $6.913M $6.988M
YoY Change 23.4% 30.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $328.5K $554.2K
YoY Change 54.79% 262.68%
Accrued Expenses $597.3K $430.2K
YoY Change 47.63% 118.77%
Deferred Revenue $204.6K $205.0K
YoY Change 153.01% 153.42%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $57.24K
YoY Change 1573.68%
Total Short-Term Liabilities $1.130M $1.586M
YoY Change 50.18% 231.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.130M $1.586M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.130M $1.586M
YoY Change -0.66% 76.14%
SHAREHOLDERS EQUITY
Retained Earnings -$14.06M -$14.40M
YoY Change -8.14% -7.23%
Common Stock $19.84M $19.80M
YoY Change 0.36% -0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.783M $5.402M
YoY Change
Total Liabilities & Shareholders Equity $6.913M $6.988M
YoY Change 23.4% 30.81%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $342.6K $213.1K
YoY Change 57.45% 8.13%
Depreciation, Depletion And Amortization -$1.090K $34.92K
YoY Change -102.33% 20.0%
Cash From Operating Activities -$608.7K $722.8K
YoY Change -264.81% 211.41%
INVESTING ACTIVITIES
Capital Expenditures $6.010K -$8.040K
YoY Change -271.71%
Acquisitions
YoY Change
Other Investing Activities $1.440M $500.0K
YoY Change
Cash From Investing Activities $1.434M $492.0K
YoY Change -41071.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 437.2K -14.70K
YoY Change 517.99% 37.51%
NET CHANGE
Cash From Operating Activities -608.7K 722.8K
Cash From Investing Activities 1.434M 492.0K
Cash From Financing Activities 437.2K -14.70K
Net Change In Cash 1.263M 1.200M
YoY Change 189.16% 441.99%
FREE CASH FLOW
Cash From Operating Activities -$608.7K $722.8K
Capital Expenditures $6.010K -$8.040K
Free Cash Flow -$614.7K $730.9K
YoY Change -264.87% 214.88%

Facts In Submission

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dei Entity Registrant Name
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Saker Aviation Services, Inc.
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Debt Extinguishment Costs
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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 Finance Lease Principal Payments
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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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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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2010293 usd
skas Reclassification Of Inventory Property And Equipment Net Right Of Use Assets And Goodwill To Assets Held For Sale
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us-gaap Interest Paid Net
InterestPaidNet
17965 usd
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid
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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;"> September 30, 2022 </em>and the condensed consolidated statements of operations and cash flows for the <em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 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;"> September 30, 2022 </em>and its results of operations, stockholders’ equity, and cash flows for the <em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2022 </em><em style="font: inherit;">not</em> misleading. The results of operations for the <em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 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 style="font: inherit;">19</em> pandemic has had a less substantial impact on our operations at our Kansas FBO and MRO.</p>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4714669 usd
CY2022Q3 skas Working Capital
WorkingCapital
5040762 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
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5744342 usd
us-gaap Net Income Loss
NetIncomeLoss
903992 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInInvestingActivities
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NetCashProvidedByUsedInFinancingActivities
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CY2015 skas Environmental Remediation Agreed Percentage Of Reduction In Tenant Operated Tourist Flights
EnvironmentalRemediationAgreedPercentageOfReductionInTenantOperatedTouristFlights
0.20 pure
CY2015 skas Environmental Remediation Agreed Percentage Of Reduction In Tenant Operated Tourist Flights By Year One
EnvironmentalRemediationAgreedPercentageOfReductionInTenantOperatedTouristFlightsByYearOne
0.40 pure
CY2015 skas Environmental Remediation Agreed Percentage Of Reduction In Tenant Operated Tourist Flights By Year Two
EnvironmentalRemediationAgreedPercentageOfReductionInTenantOperatedTouristFlightsByYearTwo
0.50 pure
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1622000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
0 usd
skas Concession Fees
ConcessionFees
1089000 usd
skas Concession Fees
ConcessionFees
104000 usd
us-gaap Net Income Loss
NetIncomeLoss
903992 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
213102 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
197078 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
976330
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1028863
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1028863
CY2022Q3 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
12465
CY2021Q3 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
2764
skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
12465
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
988418
skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
3785
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
988795
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1031627
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1032648
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34497 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25794 usd
skas Shares Based Compensation Stock Options Unamortized Fair Value
SharesBasedCompensationStockOptionsUnamortizedFairValue
11498 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
7946 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
243104 usd

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