$SKAS
Saker Aviation Services, Inc.

2024 Q3 Form 10-Q Financial Statement

#000143774924026766 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.505M $2.623M
YoY Change -3.07% 8.77%
Cost Of Revenue $1.246M $1.231M
YoY Change 123.57% 92.96%
Gross Profit $1.260M $1.392M
YoY Change -37.87% -21.53%
Gross Profit Margin 50.27% 53.06%
Selling, General & Admin $456.1K $496.0K
YoY Change -4.73% -38.72%
% of Gross Profit 36.21% 35.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.880K
YoY Change -7.84%
% of Gross Profit 0.28%
Operating Expenses $456.1K $496.0K
YoY Change -4.73% -38.72%
Operating Profit $803.5K $895.7K
YoY Change -48.12% -7.09%
Interest Expense $108.2K
YoY Change 70.77%
% of Operating Profit 12.08%
Other Income/Expense, Net $120.4K -$946.0K
YoY Change -58.75% -1593.23%
Pretax Income $923.9K -$50.31K
YoY Change -49.8% -104.9%
Income Tax $343.0K $19.00K
% Of Pretax Income 37.13%
Net Earnings $580.9K -$31.31K
YoY Change -50.46% -104.52%
Net Earnings / Revenue 23.18% -1.19%
Basic Earnings Per Share $0.59 -$0.03
Diluted Earnings Per Share $0.57 -$0.03
COMMON SHARES
Basic Shares Outstanding 990.0K 985.9K
Diluted Shares Outstanding 1.019M 1.025M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.498M
YoY Change 42.44%
Cash & Equivalents $5.078M $6.034M
Short-Term Investments $3.463M
Other Short-Term Assets $799.2K
YoY Change 231.66%
Inventory $4.601K $8.739K
Prepaid Expenses $1.055M $799.2K
Receivables $235.6K $253.9K
Other Receivables $0.00
Total Short-Term Assets $9.894M $10.56M
YoY Change 4.62% 42.8%
LONG-TERM ASSETS
Property, Plant & Equipment $39.98K $43.85K
YoY Change -25.03% 27.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $39.98K $43.85K
YoY Change -25.03% 27.37%
TOTAL ASSETS
Total Short-Term Assets $9.894M $10.56M
Total Long-Term Assets $39.98K $43.85K
Total Assets $9.934M $10.60M
YoY Change 4.45% 42.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.3K $1.618M
YoY Change -78.27% 210.71%
Accrued Expenses $402.4K $201.7K
YoY Change -59.39% -27.59%
Deferred Revenue $260.2K $258.3K
YoY Change 2.08% 26.23%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $802.0K $2.078M
YoY Change -57.5% 106.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $802.0K $2.078M
Total Long-Term Liabilities $0.00
Total Liabilities $802.0K $2.078M
YoY Change -57.5% 106.98%
SHAREHOLDERS EQUITY
Retained Earnings -$10.88M -$11.46M
YoY Change -11.54% -14.93%
Common Stock $20.01M $19.98M
YoY Change 0.45% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.132M $8.526M
YoY Change
Total Liabilities & Shareholders Equity $9.934M $10.60M
YoY Change 4.45% 42.73%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $580.9K -$31.31K
YoY Change -50.46% -104.52%
Depreciation, Depletion And Amortization $3.880K
YoY Change -7.84%
Cash From Operating Activities -$183.9K
YoY Change -135.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $16.02K
YoY Change
Cash From Investing Activities $16.02K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -183.9K
Cash From Investing Activities 16.02K
Cash From Financing Activities
Net Change In Cash -167.9K
YoY Change -132.36%
FREE CASH FLOW
Cash From Operating Activities -$183.9K
Capital Expenditures $0.00
Free Cash Flow -$183.9K
YoY Change -135.45%

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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; text-align: justify;">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, 2023.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The condensed consolidated balance sheet as of June 30, 2024 and the condensed consolidated statements of operations and cash flows for the three and six months ended June 30, 2024 and 2023 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 June 30, 2024 and its results of operations, stockholders’ equity, and cash flows for the three and six months ended June 30, 2024 not misleading. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for any full year or any other interim period.</p>
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6034463 usd
CY2024Q2 skas Working Capital
WorkingCapital
8481848 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3961485 usd
us-gaap Net Income Loss
NetIncomeLoss
155983 usd
us-gaap Net Income Loss
NetIncomeLoss
155983 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9600 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-906846 usd
CY2023Q3 skas Amount Of Gross Receipts During Initial Term
AmountOfGrossReceiptsDuringInitialTerm
1036811 usd
CY2023Q3 skas Percentage Of Gross Receipts During Initial Term
PercentageOfGrossReceiptsDuringInitialTerm
0.30 pure
CY2023Q3 skas Amount Of Gross Receipts During Both Renewal Periods
AmountOfGrossReceiptsDuringBothRenewalPeriods
518406 usd
CY2023Q3 skas Percentage Amount Of Gross Receipts During Both Renewal Periods
PercentageAmountOfGrossReceiptsDuringBothRenewalPeriods
0.30 pure
us-gaap Net Income Loss
NetIncomeLoss
155983 usd
us-gaap Net Income Loss
NetIncomeLoss
591698 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-31307 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
692428 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
989633
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
976330
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
987761
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
976330
CY2024Q2 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
35124
CY2023Q2 skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
18013
skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
31652
skas Incremental Common Shares Attributable To Options And Warrants
IncrementalCommonSharesAttributableToOptionsAndWarrants
18286
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1024757
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
994343
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1019413
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
994616
us-gaap Share Based Compensation
ShareBasedCompensation
50751 usd
us-gaap Share Based Compensation
ShareBasedCompensation
51000 usd
skas Shares Based Compensation Stock Options Unamortized Fair Value
SharesBasedCompensationStockOptionsUnamortizedFairValue
50929 usd

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