2023 Q2 Form 10-Q Financial Statement

#000143774923014550 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.412M $1.322M
YoY Change -30.15% -27.39%
Cost Of Revenue $638.2K $681.0K
YoY Change -64.8% -45.66%
Gross Profit $1.774M $641.1K
YoY Change 8.15% 12.96%
Gross Profit Margin 73.54% 48.49%
Selling, General & Admin $809.4K $741.8K
YoY Change -39.51% 7.11%
% of Gross Profit 45.64% 115.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.210K $4.220K
YoY Change -87.31% -87.25%
% of Gross Profit 0.24% 0.66%
Operating Expenses $809.4K $741.8K
YoY Change -39.51% 7.11%
Operating Profit $964.1K -$100.7K
YoY Change 219.59% -19.41%
Interest Expense $63.35K
YoY Change 1026.82%
% of Operating Profit 6.57%
Other Income/Expense, Net $63.35K $0.00
YoY Change -112.2% -100.0%
Pretax Income $1.027M -$100.7K
YoY Change 25.14% 223.35%
Income Tax $335.0K $0.00
% Of Pretax Income 32.61%
Net Earnings $692.4K -$100.7K
YoY Change -4.1% 223.35%
Net Earnings / Revenue 28.71% -7.62%
Basic Earnings Per Share $0.71 -$0.10
Diluted Earnings Per Share $0.70 -$0.10
COMMON SHARES
Basic Shares Outstanding 976.3K 976.3K
Diluted Shares Outstanding 994.3K 995.6K

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.668M $6.149M
YoY Change 89.71% 98.72%
Cash & Equivalents $6.668M $6.149M
Short-Term Investments
Other Short-Term Assets $241.0K $215.1K
YoY Change -14.94% 2.08%
Inventory $3.394K $2.772K
Prepaid Expenses $241.0K $215.1K
Receivables $202.7K $202.2K
Other Receivables $279.9K $279.9K
Total Short-Term Assets $7.395M $6.849M
YoY Change 41.83% 49.84%
LONG-TERM ASSETS
Property, Plant & Equipment $34.43K $38.65K
YoY Change -85.16% -84.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $34.43K $38.65K
YoY Change -97.44% -97.19%
TOTAL ASSETS
Total Short-Term Assets $7.395M $6.849M
Total Long-Term Assets $34.43K $38.65K
Total Assets $7.429M $6.888M
YoY Change 13.31% 15.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $520.6K $381.2K
YoY Change 8.24% -23.18%
Accrued Expenses $278.6K $594.4K
YoY Change -15.95% 49.4%
Deferred Revenue $204.6K $204.6K
YoY Change 32.06% 13.13%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.004M $1.180M
YoY Change -1.47% 4.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.004M $1.180M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.004M $1.180M
YoY Change -27.18% -21.35%
SHAREHOLDERS EQUITY
Retained Earnings -$13.47M -$14.16M
YoY Change -7.85% -7.67%
Common Stock $19.89M $19.87M
YoY Change 0.51% 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.425M $5.707M
YoY Change
Total Liabilities & Shareholders Equity $7.429M $6.888M
YoY Change 13.31% 15.86%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $692.4K -$100.7K
YoY Change -4.1% 223.35%
Depreciation, Depletion And Amortization $4.210K $4.220K
YoY Change -87.31% -87.25%
Cash From Operating Activities $518.7K $171.8K
YoY Change -44.6% -74.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -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 0.000 $0.00
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 518.7K $171.8K
Cash From Investing Activities 0.000 $0.00
Cash From Financing Activities 0.000 $0.00
Net Change In Cash 518.7K $171.8K
YoY Change 23.43% -73.47%
FREE CASH FLOW
Cash From Operating Activities $518.7K $171.8K
Capital Expenditures $0.00 $0.00
Free Cash Flow $518.7K $171.8K
YoY Change -44.7% -74.06%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NOTE 1 - <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 10-Q. Accordingly, they do not 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 10-K for the year ended December 31, 2022.</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 March 31, 2023 and the condensed consolidated statements of operations and cash flows for the three months ended March 31, 2023 and 2022 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 March 31, 2023 and its results of operations, stockholders’ equity, and cash flows for the three months ended March 31, 2023 not misleading. The results of operations for the three months ended March 31, 2023 are not 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-19 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-19 pandemic, on March 17, 2020 all sightseeing tour operations at the Downtown Manhattan Heliport ceased. On July 20, 2020, New York City started Phase 4 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 July 20, 2020 through March 31, 2022, sightseeing tour operators experienced much lower demand for tours as compared to pre-pandemic levels of activity. Beginning in April 2022, sightseeing tour operators have seen an increase in activity and a much higher demand for tours. There can be no assurance that this increased activity will continue as demand for sightseeing tours will depend on future developments in the COVID-19 pandemic, including the duration and spread and related travel advisories and restrictions and the impact on overall demand for air travel.</p>
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