2023 Q2 Form 10-Q Financial Statement
#000143774923014550 Filed on May 15, 2023
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% |
Facts In Submission
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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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