2023 Q1 Form 10-Q Financial Statement

#000143774923014229 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $1.107M $397.0K
YoY Change 178.84% 1.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.549M $5.828M
YoY Change -39.1% 2492.53%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $145.0K
YoY Change 210.34% -51.18%
% of Gross Profit
Operating Expenses $5.791M $5.973M
YoY Change -3.05% 245.86%
Operating Profit -$4.684M -$5.576M
YoY Change -16.0% -226.12%
Interest Expense -$4.210M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$4.077M -$13.94M
YoY Change -70.75%
Pretax Income -$8.761M -$19.51M
YoY Change -55.1% -540.48%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.196M -$15.76M
YoY Change -60.69% 670.43%
Net Earnings / Revenue -559.71% -3970.53%
Basic Earnings Per Share -$0.41 -$1.44
Diluted Earnings Per Share -$0.41 -$1.44
COMMON SHARES
Basic Shares Outstanding 14.98K 10.95M
Diluted Shares Outstanding 14.98K 10.95M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.26M $48.61M
YoY Change -56.27% -65.18%
Cash & Equivalents $73.16M $66.65M
Short-Term Investments $18.41M
Other Short-Term Assets $168.9M $227.8M
YoY Change -25.86% 58064.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $190.2M $276.4M
YoY Change -31.2% 97.47%
LONG-TERM ASSETS
Property, Plant & Equipment $136.4M $71.33M
YoY Change 91.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $136.4M $71.33M
YoY Change 91.18% -7132500100.0%
TOTAL ASSETS
Total Short-Term Assets $190.2M $276.4M
Total Long-Term Assets $136.4M $71.33M
Total Assets $326.5M $347.8M
YoY Change -6.1% 148.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.07M $12.07M
YoY Change 8.23% 9508.37%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.07M $12.07M
YoY Change 8.23% 147.09%
LONG-TERM LIABILITIES
Long-Term Debt $162.3M $160.8M
YoY Change 0.94%
Other Long-Term Liabilities $60.95M $83.44M
YoY Change -26.96% 524.66%
Total Long-Term Liabilities $223.2M $244.2M
YoY Change -8.59% 1728.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.07M $12.07M
Total Long-Term Liabilities $223.2M $244.2M
Total Liabilities $236.3M $256.3M
YoY Change -7.8% 1304.75%
SHAREHOLDERS EQUITY
Retained Earnings -$9.380M -$15.76M
YoY Change -40.49% -7.03%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.84M $12.92M
YoY Change
Total Liabilities & Shareholders Equity $326.5M $347.8M
YoY Change -6.1% 148.41%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$6.196M -$15.76M
YoY Change -60.69% 670.43%
Depreciation, Depletion And Amortization $450.0K $145.0K
YoY Change 210.34% -51.18%
Cash From Operating Activities -$4.553M -$10.16M
YoY Change -55.2% 699.06%
INVESTING ACTIVITIES
Capital Expenditures $175.0K $6.000K
YoY Change 2816.67% -40.0%
Acquisitions
YoY Change
Other Investing Activities $36.49M -$179.0M
YoY Change -120.39% 1032126.07%
Cash From Investing Activities $36.31M -$179.0M
YoY Change -120.29% 13960.8%
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 $51.87M
YoY Change -100.0% 100.55%
NET CHANGE
Cash From Operating Activities -$4.553M -$10.16M
Cash From Investing Activities $36.31M -$179.0M
Cash From Financing Activities $0.00 $51.87M
Net Change In Cash $31.76M -$137.3M
YoY Change -123.13% -688.77%
FREE CASH FLOW
Cash From Operating Activities -$4.553M -$10.16M
Capital Expenditures $175.0K $6.000K
Free Cash Flow -$4.728M -$10.17M
YoY Change -53.51% 693.29%

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates </i></b></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;text-align:justify;margin:0pt;text-indent:18pt;">The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. Such estimates include assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining incentive compensation expense and financial instruments such as warrants, and estimates and assumptions related to right-of-use assets and operating lease liabilities. Actual results could differ materially from those estimates.</p>
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CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Held To Maturity Securities
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CY2023Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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CY2023Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2023Q1 us-gaap Held To Maturity Securities Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Fair Value
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CY2022Q4 us-gaap Construction Payable Current And Noncurrent
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CY2023Q1 skyh Accrued Transaction Costs
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CY2022Q4 skyh Accrued Transaction Costs
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CY2023Q1 us-gaap Other Liabilities
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CY2022Q4 us-gaap Other Liabilities
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CY2023Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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CY2023Q1 skyh Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2022Q1 skyh Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2022Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
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CY2022Q4 us-gaap Cash
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CY2021Q4 us-gaap Cash
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CY2022Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash
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CY2022Q1 us-gaap Cash
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CY2023Q1 us-gaap Restricted Cash
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CY2023Q1 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q1 skyh Lessee Operating Lease Liability To Be Paid After Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
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4105000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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2538000 usd
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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0 usd
CY2023Q1 skyh Lessor Operating Lease Payment To Be Received After Year Four
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q1 skyh Rent Concessions
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CY2023Q1 skyh Lessor Operating Lease Payments To Be Received Net Rent Concessions
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CY2023Q1 us-gaap Long Term Debt Fair Value
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CY2022Q4 us-gaap Long Term Debt Fair Value
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CY2023Q1 us-gaap Interest Expense Debt Excluding Amortization
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CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
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53000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
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77000 usd
CY2023Q1 us-gaap Interest Costs Incurred
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1788000 usd
CY2022Q1 us-gaap Interest Costs Incurred
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1812000 usd
CY2023Q1 us-gaap Interest Costs Capitalized
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1788000 usd
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1812000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0 usd
CY2022Q1 us-gaap Interest Expense Debt
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0 usd
CY2023Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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Files In Submission

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