$SKAS
Saker Aviation Services, Inc.

2023 Q1 Form 10-K Financial Statement

#000143774923010425 Filed on April 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.322M $1.854M $7.599M
YoY Change -27.39% -4.55% 41.17%
Cost Of Revenue $681.0K $701.9K $2.985M
YoY Change -45.66% -28.87% 5.53%
Gross Profit $641.1K $1.152M $4.613M
YoY Change 12.96% 20.56% 80.66%
Gross Profit Margin 48.49% 62.15% 60.71%
Selling, General & Admin $741.8K $971.8K $3.881M
YoY Change 7.11% 79.31% 103.28%
% of Gross Profit 115.71% 84.32% 84.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.220K -$1.090K $100.1K
YoY Change -87.25% -102.33% -22.41%
% of Gross Profit 0.66% -0.09% 2.17%
Operating Expenses $741.8K $971.8K $3.881M
YoY Change 7.11% 79.31% 103.28%
Operating Profit -$100.7K $180.6K $732.4K
YoY Change -19.41% -56.36% 13.64%
Interest Expense $3.300K $3.300K
YoY Change -228.4% -86.71%
% of Operating Profit 1.83% 0.45%
Other Income/Expense, Net $0.00 $0.00 $628.3K
YoY Change -100.0% 121.4%
Pretax Income -$100.7K $183.9K $1.361M
YoY Change 223.35% -55.28% 46.58%
Income Tax $0.00 $60.00K $300.0K
% Of Pretax Income 32.62% 22.05%
Net Earnings -$100.7K $342.6K $1.247M
YoY Change 223.35% 57.45% 71.67%
Net Earnings / Revenue -7.62% 18.48% 16.41%
Basic Earnings Per Share -$0.10 $1.28
Diluted Earnings Per Share -$0.10 $0.34 $1.26
COMMON SHARES
Basic Shares Outstanding 976.3K 976.3K 976.0K
Diluted Shares Outstanding 995.6K 987.1K

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.149M $5.977M $5.977M
YoY Change 98.72% 144.27% 144.27%
Cash & Equivalents $6.149M $5.977M
Short-Term Investments
Other Short-Term Assets $215.1K $354.9K $354.9K
YoY Change 2.08% -29.82% -29.82%
Inventory $2.772K $13.55K $13.55K
Prepaid Expenses $215.1K $354.9K
Receivables $202.2K $244.5K $244.5K
Other Receivables $279.9K $279.9K $279.9K
Total Short-Term Assets $6.849M $6.870M $6.870M
YoY Change 49.84% 63.78% 63.78%
LONG-TERM ASSETS
Property, Plant & Equipment $38.65K $42.86K $42.86K
YoY Change -84.53% -84.08% -93.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $38.65K $42.86K $42.87K
YoY Change -97.19% -96.95% -96.95%
TOTAL ASSETS
Total Short-Term Assets $6.849M $6.870M $6.870M
Total Long-Term Assets $38.65K $42.86K $42.87K
Total Assets $6.888M $6.913M $6.913M
YoY Change 15.86% 23.4% 23.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $381.2K $328.5K $328.5K
YoY Change -23.18% 54.79% 54.8%
Accrued Expenses $594.4K $597.3K $597.3K
YoY Change 49.4% 47.63% 32.64%
Deferred Revenue $204.6K $204.6K
YoY Change 13.13% 153.01%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.180M $1.130M $1.130M
YoY Change 4.38% 50.18% 50.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.180M $1.130M $1.130M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.180M $1.130M $1.130M
YoY Change -21.35% -0.66% -0.66%
SHAREHOLDERS EQUITY
Retained Earnings -$14.16M -$14.06M
YoY Change -7.67% -8.14%
Common Stock $19.87M $19.84M
YoY Change 0.43% 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.707M $5.783M $5.783M
YoY Change
Total Liabilities & Shareholders Equity $6.888M $6.913M $6.913M
YoY Change 15.86% 23.4% 23.4%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$100.7K $342.6K $1.247M
YoY Change 223.35% 57.45% 71.67%
Depreciation, Depletion And Amortization $4.220K -$1.090K $100.1K
YoY Change -87.25% -102.33% -22.41%
Cash From Operating Activities $171.8K -$608.7K $1.713M
YoY Change -74.06% -264.81% 110.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $6.010K $15.69K
YoY Change -271.71% -80.76%
Acquisitions
YoY Change
Other Investing Activities $1.440M $1.440M
YoY Change
Cash From Investing Activities $0.00 $1.434M $1.424M
YoY Change -41071.43% -1846.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 437.2K $393.4K
YoY Change -100.0% 517.99% -313.35%
NET CHANGE
Cash From Operating Activities $171.8K -608.7K $1.713M
Cash From Investing Activities $0.00 1.434M $1.424M
Cash From Financing Activities $0.00 437.2K $393.4K
Net Change In Cash $171.8K 1.263M $3.530M
YoY Change -73.47% 189.16% 544.41%
FREE CASH FLOW
Cash From Operating Activities $171.8K -$608.7K $1.713M
Capital Expenditures $0.00 $6.010K $15.69K
Free Cash Flow $171.8K -$614.7K $1.697M
YoY Change -74.06% -264.87% 131.75%

Facts In Submission

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CY2022Q4 skas Working Capital
WorkingCapital
5739663 usd
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7598597 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
1246621 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1712556 usd
CY2022 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
11101
CY2021 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
3020
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
987149
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1026729
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26664
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36663
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1424315 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
393380 usd
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
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2138000 usd
CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
0 usd
CY2022 skas Concession Fees
ConcessionFees
1509000 usd
CY2021 skas Concession Fees
ConcessionFees
192000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<span style="text-decoration: underline; ">Use of Estimates</span>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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include depreciation, amortization, impairment of goodwill and intangibles, stock-based compensation, allowance for doubtful accounts, deferred tax assets, and contingent liabilities.
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
387000 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
0 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
3000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
976048
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1023709
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
71995 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
34392 usd
CY2022 skas Shares Based Compensation Stock Options Unamortized Fair Value
SharesBasedCompensationStockOptionsUnamortizedFairValue
76000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
7.32 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0399 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0126 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.84
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.74
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3154324 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3140284 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3111462 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3093877 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42862 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100089 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
128990 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
86000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
72000 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
385000 usd
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
399000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
471000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
471000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
471000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
471000 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-55000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 skas Effective Income Tax Rate Reconciliation Extinguishment Of Debt
EffectiveIncomeTaxRateReconciliationExtinguishmentOfDebt
0 pure
CY2021 skas Effective Income Tax Rate Reconciliation Extinguishment Of Debt
EffectiveIncomeTaxRateReconciliationExtinguishmentOfDebt
-0.069 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Life Insurance
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseLifeInsurance
0.117 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Life Insurance
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseLifeInsurance
-0 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.127 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.059 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200 pure
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
975074
CY2022 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1256
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
976330
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
53328
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.384
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
13332
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.450
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6666
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.250
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
59994
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.184
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
20832
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.90
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3333
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.580
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
9999
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
3.240
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
67494
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.04
CY2022Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
67494
CY2022Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
46662
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
45238 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
333306

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