Mega Matrix (MPU) 10-Q 22 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 22, 2022
Document Information Line Items
Entity Registrant Name	MEGA MATRIX CORP.
Trading Symbol	MTMT
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		22,084,055
Amendment Flag	false
Entity Central Index Key	0001036848
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-13387
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3263974
Entity Address, Address Line One	3000 El Camino Real
Entity Address, Address Line Two	Bldg. 4, Suite 200
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94306
City Area Code	(650)
Local Phone Number	340-1888
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 3,967,400	$ 7,380,700
Digital assets	314,500
Taxes receivable	1,109,000	1,235,200
Prepaid expenses and other assets	490,500	645,100
Goodwill	4,688,600	4,688,600
Intangible assets	888,900
Deposit for intangible assets		1,000,000
Total assets	11,458,900	14,949,600
Liabilities:
Accounts payable and accrued expenses	1,783,400	2,961,300
Accrued payroll	168,500	161,300
Income taxes payable	14,600	13,700
Total liabilities	1,966,500	3,136,300
Commitments and contingencies (Note 12)
Equity:
Preferred stock, $0.001 par value, 2,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value, 40,000,000 shares authorized, 22,084,055 and 22,084,055 shares outstanding at June 30, 2022 and December 31, 2021	22,100	22,100
Paid-in capital	16,982,700	16,982,700
Accumulated deficit	(6,849,300)	(4,954,400)
Total Mega Matrix Corp. (formerly “AeroCentury Corp.”) stockholders’ equity	10,155,500	12,050,400
Non-controlling interests	(663,100)	(237,100)
Total equity	9,492,400	11,813,300
Total liabilities and equity	$ 11,458,900	$ 14,949,600

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares outstanding	22,084,055	22,084,055

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Successor
Revenues and other income:
Gamefi revenue		$ 3,200		$ 326,800
Operating lease revenue				120,000
Net gain (loss) on disposal of assets
Other income
Revenues and other income		3,200		446,800
Cost of revenues		(533,300)		(561,100)
Gross (loss) profit		(530,100)		(114,300)
Expenses:
Impairment of digital assets		8,300		8,300
Impairment in value of aircraft
Interest				120,000
Professional fees, general and administrative and other		449,500		1,001,400
Depreciation
(Reversal) provision of bad debt expense				(300,000)
Salaries and employee benefits		603,800		1,236,300
Insurance		100,500		186,700
Maintenance
Other taxes		2,800		2,800
Reorganization costs
Total expenses		1,164,900		2,255,500
Loss before income tax provision		(1,695,000)		(2,369,800)
Income tax provision		(2,600)		(4,100)
Net loss		(1,697,600)		(2,373,900)
Less: Net loss attributable to non-controlling interests		339,000		479,000
Net loss attributable to Mega Matrix Corp. (formerly “AeroCentury Corp.”)’s shareholders		$ (1,358,600)		$ (1,894,900)
Loss per share:
Basic (in Dollars per share)	[1]	$ (0.06)		$ (0.09)
Diluted (in Dollars per share)	[1]	$ (0.06)		$ (0.09)
Weighted average shares used in loss per share computations:
Basic (in Shares)	[1]	22,084,055		22,084,055
Diluted (in Shares)	[1]	22,084,055		22,084,055
Net loss		$ (1,697,600)		$ (2,373,900)
Other comprehensive income (loss):
Reclassification of net unrealized losses on derivative instruments to interest expense
Tax expense related to items of other comprehensive loss
Other comprehensive income
Total comprehensive loss		(1,697,600)		(2,373,900)
Less: comprehensive loss attributable to non-controlling interests		339,000		479,000
Total comprehensive loss attributable to Mega Matrix Corp. (formerly “AeroCentury Corp.”)’s shareholders		$ (1,358,600)		$ (1,894,900)
Predecessor
Revenues and other income:
Gamefi revenue
Operating lease revenue			1,470,300		4,207,600
Net gain (loss) on disposal of assets			6,800		(194,900)
Other income			3,600		2,200
Revenues and other income			1,480,700		4,014,900
Cost of revenues
Gross (loss) profit			1,480,700		4,014,900
Expenses:
Impairment of digital assets
Impairment in value of aircraft			2,264,000		4,204,400
Interest			1,900		1,916,600
Professional fees, general and administrative and other			119,600		1,714,900
Depreciation			466,600		1,165,800
(Reversal) provision of bad debt expense			326,000		1,147,000
Salaries and employee benefits			486,700		993,100
Insurance			216,300		464,100
Maintenance			94,500		239,500
Other taxes			25,600		51,100
Reorganization costs			952,800		952,800
PPP loan forgiveness			(279,200)		(279,200)
Total expenses			4,674,800		12,570,100
Loss before income tax provision			(3,194,100)		(8,555,200)
Income tax provision			(3,700)		(52,900)
Net loss			(3,197,800)		(8,608,100)
Less: Net loss attributable to non-controlling interests
Net loss attributable to Mega Matrix Corp. (formerly “AeroCentury Corp.”)’s shareholders			$ (3,197,800)		$ (8,608,100)
Loss per share:
Basic (in Dollars per share)	[1]		$ (0.41)		$ (1.11)
Diluted (in Dollars per share)	[1]		$ (0.41)		$ (1.11)
Weighted average shares used in loss per share computations:
Basic (in Shares)	[1]		7,729,420		7,729,420
Diluted (in Shares)	[1]		7,729,420		7,729,420
Net loss			$ (3,197,800)		$ (8,608,100)
Other comprehensive income (loss):
Reclassification of net unrealized losses on derivative instruments to interest expense					2,600
Tax expense related to items of other comprehensive loss					(600)
Other comprehensive income					2,000
Total comprehensive loss			(3,197,800)		(8,606,100)
Less: comprehensive loss attributable to non-controlling interests
Total comprehensive loss attributable to Mega Matrix Corp. (formerly “AeroCentury Corp.”)’s shareholders			$ (3,197,800)		$ (8,606,100)
[1] Retrospectively restated to give effect to five for one forward stock split effective December 30, 2021.

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) - USD ($)		Common Stock		Paid-in Capital		Accumulated Deficits	Treasury Stock	Accumulated Other Comprehensive Loss	Non Controlling Interests	Total
Balance at Dec. 31, 2020		$ 7,700	[1]	$ 16,776,900	[1]	$ (31,361,600)	$ (3,037,300)	$ (2,000)		$ (17,616,300)
Balance (in Shares) at Dec. 31, 2020	[1]	7,729,420
Net loss						(5,410,300)				(5,410,300)
Accumulated other comprehensive income								2,000		2,000
Balance at Mar. 31, 2021		$ 7,700	[1]	16,776,900	[1]	(36,771,900)	(3,037,300)			(23,024,600)
Balance (in Shares) at Mar. 31, 2021	[1]	7,729,420
Balance at Dec. 31, 2020		$ 7,700	[1]	16,776,900	[1]	(31,361,600)	(3,037,300)	(2,000)		(17,616,300)
Balance (in Shares) at Dec. 31, 2020	[1]	7,729,420
Balance at Jun. 30, 2021		$ 7,700	[1]	16,776,900	[1]	(39,969,700)	(3,037,300)			(26,222,400)
Balance (in Shares) at Jun. 30, 2021	[1]	7,729,420
Balance at Mar. 31, 2021		$ 7,700	[1]	16,776,900	[1]	(36,771,900)	(3,037,300)			(23,024,600)
Balance (in Shares) at Mar. 31, 2021	[1]	7,729,420
Net loss						(3,197,800)				(3,197,800)
Balance at Jun. 30, 2021		$ 7,700	[1]	16,776,900	[1]	(39,969,700)	(3,037,300)			(26,222,400)
Balance (in Shares) at Jun. 30, 2021	[1]	7,729,420
Balance at Dec. 31, 2021		$ 22,100	[1]	16,982,700	[1]	(4,954,400)			(237,100)	11,813,300
Balance (in Shares) at Dec. 31, 2021	[1]	22,084,055
Share based compensation									65,000	65,000
Net loss						(536,300)			(140,000)	(676,300)
Balance at Mar. 31, 2022		$ 22,100	[1]	16,982,700	[1]	(5,490,700)			(312,100)	11,202,000
Balance (in Shares) at Mar. 31, 2022	[1]	22,084,055
Balance at Dec. 31, 2021		$ 22,100	[1]	16,982,700	[1]	(4,954,400)			(237,100)	11,813,300
Balance (in Shares) at Dec. 31, 2021	[1]	22,084,055
Balance at Jun. 30, 2022		$ 22,100	[1]	16,982,700	[1]	(6,849,300)			(663,100)	9,492,400
Balance (in Shares) at Jun. 30, 2022	[1]	22,084,055
Balance at Mar. 31, 2022		$ 22,100	[1]	16,982,700	[1]	(5,490,700)			(312,100)	11,202,000
Balance (in Shares) at Mar. 31, 2022	[1]	22,084,055
Cancellation of share-based compensation due to one management									(12,000)	(12,000)
Net loss						(1,358,600)			(339,000)	(1,697,600)
Balance at Jun. 30, 2022		$ 22,100	[1]	$ 16,982,700	[1]	$ (6,849,300)			$ (663,100)	$ 9,492,400
Balance (in Shares) at Jun. 30, 2022	[1]	22,084,055
[1] Retrospectively restated to give effect to five for one forward stock split effective December 30, 2021.

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Successor
Operating activities:
Net cash (used in) / provided by operating activities	$ (3,413,300)
Investing activities:
Proceeds from sale of aircraft and Part-out Assets held for sale, net of re-sale fees
Net cash provided by investing activities
Financing activities:
Repayment of notes payable – MUFG Credit Facility and Drake Indebtedness
Repayment of notes payable – Nord Loans
Issuance of notes payable – PPP Loan
Debt issuance costs
Net cash used in financing activities
Net decrease in cash and cash equivalents	(3,413,300)
Cash and cash equivalents, beginning of period	7,380,700
Cash and cash equivalents, end of period	$ 3,967,400
Predecessor
Operating activities:
Net cash (used in) / provided by operating activities		$ 561,300
Investing activities:
Proceeds from sale of aircraft and Part-out Assets held for sale, net of re-sale fees		11,796,100
Net cash provided by investing activities		11,796,100
Financing activities:
Repayment of notes payable – MUFG Credit Facility and Drake Indebtedness		(14,210,700)
Repayment of notes payable – Nord Loans		(703,100)
Issuance of notes payable – PPP Loan		170,000
Debt issuance costs		(5,200)
Net cash used in financing activities		(14,749,000)
Net decrease in cash and cash equivalents		(2,391,600)
Cash and cash equivalents, beginning of period		5,100,900
Cash and cash equivalents, end of period		$ 2,709,300

Organization and Principal Acti

Organization and Principal Activities	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES Mega Matrix Corp. (the “Company”, formerly “AeroCentury Corp.” and “ACY”) is a Delaware corporation incorporated in 1997. Through the Company’s emergence from bankruptcy on September 30, 2021, and new investors and management, the Company became a holding company located in Palo Alto, California, with two subsidiaries: Mega Metaverse Corp., a California corporation (“Mega”) and JetFleet Holdings Corp., a California corporation (“JHC”). On January 1, 2022, JetFleet Management Corp. (“JMC”), a wholly-owned subsidiary of JHC, was merged with and into JHC, with JHC being the surviving entity. As part of the merger, JHC changed its name to JetFleet Management Corp. On March 25, 2022, the Company changed its name from “AeroCentury Corp” to “Mega Matrix Corp.” (“Name Change”) to better reflect its expansion into Metaverse and GameFi business. In connection with the Name Change, the Company changed its ticker symbol from “ACY” to “MTMT” on the NYSE American, effective on March 28, 2022. All references to the “Company,” or “AeroCentury” refers to AeroCentury Corp. together with its consolidated subsidiaries prior to March 25, 2022 and renamed “Mega Matrix Corp.” commencing on March 25, 2022. In August 2016, the Company formed two wholly-owned subsidiaries, ACY 19002 Limited (“ACY 19002”) and ACY 19003 Limited (“ACY 19003”) for the purpose of acquiring aircraft using a combination of cash and third-party financing (“UK LLC SPE Financing” or “special-purpose financing”) separate from the Company’s credit facility (the “MUFG Credit Facility”). The UK LLC SPE Financing was repaid in full in February 2019 as part of a refinancing involving new non-recourse term loans totaling approximately $44.3 million (“Nord Loans”) made to ACY 19002, ACY 19003, and two other newly formed special-purpose subsidiaries of the Company, ACY SN 15129 LLC (“ACY 15129”) and ACY E-175 LLC (“ACY E-175”), which were formed for the purpose of refinancing four of the Company’s aircraft using the Nord Loans. The Company sold its membership interest in ACY E-175 in March 2021. On October 20, 2021, the Company set up Mega Metaverse Corp. (“Mega”), a wholly owned subsidiary incorporated in California. In December 2021, the Company launched its GameFi business in the metaverse ecosystem through Mega and released its first NFT game “Mano” in late March of 2022. Mano is a competitive idle role-playing game (RPG) deploying the concept of GameFi in the innovative NFTs (non-fungible token) on blockchain technology, with a “Play-to-earn” model that the players can earn while they play in the Company’s metaverse universe “alSpace”. Our alSpace metaverse platform has been developed. It is our intent that the alSpace universe will (i) support our NFT games to launch; and (ii) create a marketplace where players and users place their in-game NFT to sell and trade. Failure to develop a robust alSpace metaverse universe will adversely affect our business objectives. On December 23, 2021, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Certificate of Incorporation to (i) implement a 5-for-1 forward stock split of its issued and outstanding shares of common stock (the “Stock Split”), and (ii) to increase the number of authorized shares of common stock of the Company from 13,000,000 to 40,000,000, effective December 30, 2021. Chapter 11 Bankruptcy Emergence On March 29, 2021 (the “Petition Date”), the Company and certain of its subsidiaries in the U.S. (collectively, the “Debtors” and the “Debtors-in-Possession”) filed voluntary petitions for relief (collectively, the “Petitions”) under Chapter 11 of Title 11 (“Chapter 11”) of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 cases (the “Chapter 11 Case”) are being jointly administered under the caption In re: AeroCentury Corp., et al., Case No. 21-10636 The Plan was confirmed by the Bankruptcy Court on August 31, 2021, and the Company emerged from the bankruptcy proceedings on September 30, 2021 (“the Effective Date”). Fresh Start Accounting Upon emergence from bankruptcy, the Company adopted fresh start accounting in accordance with Accounting Standards Codification (ASC) Topic 852 – Reorganizations (ASC 852) and became a new entity for financial reporting purposes. As a result, the consolidated financial statements after the Effective Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts presented. References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to the financial position and results of operations of the Company and its subsidiaries on or before the Effective Date. During the Predecessor period, ASC 852 was applied in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. ASC 852 requires certain additional reporting for financial statements prepared between the bankruptcy filing date and the date of emergence from bankruptcy, including: (i) Reclassification of pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured, to a separate line item on the consolidated balance sheet called, “Liabilities subject to compromise”; and (ii) Segregation of “Reorganization items, net” as a separate line on the consolidated statements of comprehensive loss, included within income from continuing operations. Upon application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities, except for deferred income taxes, based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes.

Summary of Principal Accounting

Summary of Principal Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES	2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements are presented on a consolidated basis in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period. All intercompany balances and transactions have been eliminated in consolidation. Non-controlling interests Non-controlling interests represent the equity interests of JMC that are not attributable, either directly or indirectly, to the Company. As of June 30, 2022 and December 31, 2021, non-controlling equity holders held 49% and 24.17% equity interest in JHC, respectively. Liquidity As of June 30, 2022, the Company had total net assets of approximately $9.5 million and believes that this has alleviated the substantial doubt about the Company’s ability to continue as a going concern. As a result of the effectiveness of the Plan, the Company believes it has the ability to meet its obligations for at least one year from the date of issuance date of the Company’s unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022. Accordingly, the accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course business. Impact of COVID-19 The Company’s business could be adversely affected by the effects of epidemic. COVID-19, a novel strain of coronavirus, has spread around the world. The ongoing COVID-19 Pandemic has had an overwhelming effect on all forms of transportation globally, but most acutely for the airline industry. The combined effect of fear of infection during air travel and international and domestic travel restrictions has caused a dramatic decrease in passenger loads in all areas of the world, not just in those countries with active clusters of COVID-19, but in airline ticket net bookings (i.e. bookings made less bookings canceled) of flights as well. This has led to significant cash flow issues for airlines, including some of the Company’s customers. The Predecessor provided lease payment reductions to customers, and also sold aircraft to the customers who failed to make scheduled lease payments. In the short term, the COVID-19 pandemic has created uncertainties and risks. Based on the current situation, the Company does not expect a significant impact on the operations and financial results in the long run. The extent to which COVID-19 impacts the results of operations will depend on the future development of the circumstances, which is highly uncertain and cannot be predicted with confidence at this time. Use of Estimates The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 bases its estimates on historical experience and on various other assumptions that are believed to be reasonable for making judgments that are not readily apparent from other sources. The most significant estimates with regards to these consolidated financial statements are accounting for realization of goodwill, the amount and timing of future cash flows associated with each asset that are used to evaluate whether assets are impaired, accounting for income taxes, and the amounts recorded as allowances for doubtful accounts. Digital assets Digital assets (including Binance Coin (BNB), USD Coin (USDC) and Binance USD (BUSD) are included in current assets in the accompanying unaudited condensed consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Company through its GameFi business are accounted for in connection with the Company’s revenue recognition policy disclosed below. Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Company, if any, will be included within investing activities in the accompanying unaudited condensed consolidated statements of cash flows, while digital assets awarded to the Company through its GameFi are included within operating activities on the accompanying unaudited condensed consolidated statements of cash flows. The sales of digital assets are included within investing activities in the accompanying unaudited condensed consolidated statements of cash flows and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company accounts for its gains or losses in accordance with the first-in first-out method of accounting. As of June 30, 2022, the Company did not sell its digital assets for cash. Intangible assets Purchased intangible assets primarily consist of software, which are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method based on their estimated useful lives. The estimated useful life of software is 3 years. Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Impairment of $8,300 and $ nil Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts Revenue from GameFi business In late March 2022, the Company released its first NFT game “Mano” in the Mega’s metaverse universe platform“alSpace”. Mano is a competitive idle role-playing game (RPG) deploying the concept of GameFi in the innovative application of NFTs (non-fungible token) based on blockchain technology, with a “Play-to-earn” business model that the players can earn while they play in the alSpace. The Company earns transaction fees from players based on a fixed number of Binance Coin (BNB) of each transaction when they want to upgrade or reset their NFT in Mano. When a player executes a game transaction through Binance Smart Chain (“BSC”), transaction fee is recognized upon the completion of this game transaction. Only a single performance obligation is identified for each game transaction, and the performance obligation is satisfied on the trade date because that is when the underlying game service is identified, the pricing of transaction fee is agreed upon and the promised services are delivered to customers. All of the Company’s revenues from contracts with customers are recognized at a point in time. The game service could not be cancelled once it’s executed and is not refundable, so returns and allowances are not applicable. The Company recognizes revenues on a gross basis as the Company is determined to be the primary obligor in fulfilling the trade order initiated by the player. The revenue is in the form of BNB, which is a cryptocurrency that is primarily used in payment of paying transactions and trading fees through BSC. BNB is convertible to cash or other digital assets. The BNB is collected just in time in the accounts of MetaMask Wallet of the Company. As of June 30, 2022, the Company had no accounts receivable due from players. Revenue from leasing of aircraft assets Revenue from leasing of aircraft assets pursuant to operating leases is recognized on a straight-line basis over the terms of the applicable lease agreements. Deferred payments are recorded as accrued rent when the cash rent received is lower than the straight-line revenue recognized. Such receivables decrease over the term of the applicable leases. Interest income is recognized on finance leases based on the interest rate implicit in the lease and the outstanding balance of the lease receivable. Maintenance reserves retained by the Company at lease-end are recognized as maintenance reserves revenue. In instances where collectability is not reasonably assured, the Company recognizes revenue as cash payments are received. The Company estimates and charges to income a provision for bad debts based on its experience with each specific customer, the amount and length of payment arrearages, and its analysis of the lessee’s overall financial condition. If the financial condition of any of the Company’s customers deteriorates, it could result in actual losses exceeding any estimated allowances. The Company had an allowance for doubtful accounts of $ nil Comprehensive Loss The Company accounts for former interest rate cash flow hedges by reclassifying accumulated other comprehensive income into earnings in the periods in which the expected transactions occur or when it is probable that the hedged transactions will no longer occur, and are included in interest expense. Taxes As part of the process of preparing the Company’s consolidated financial statements, management estimates income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company’s current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and US GAAP purposes. These differences result in deferred tax assets and liabilities, which are included in the balance sheet. In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or availability to carryback the losses to taxable income during periods in which those temporary differences become deductible. The Company considered several factors when analyzing the need for a valuation allowance including the Company's current three-year cumulative loss through June 30, 2022, the operation forecast, the Company’s recent filing for protection under Chapter 11 of the bankruptcy code, the operation uncertainty of the Company's new business. Based on this analysis, the Company has concluded that a valuation allowance is necessary for its U.S. and foreign deferred tax assets not supported by either future taxable income or availability of future reversals of existing taxable temporary differences and has recorded a full valuation allowance on its deferred tax assets. Interest Rate Hedging During the first quarter of 2019, the Company entered into certain derivative instruments to mitigate its exposure to variable interest rates under the Nord Loan debt and a portion of the MUFG Indebtedness. Hedge accounting is applied to such a transaction only if specific criteria have been met, the transaction is deemed to be “highly effective” and the transaction has been designated as a hedge at its inception. Under hedge accounting treatment, generally, the effects of derivative transactions are recorded in earnings for the period in which the hedge transaction affects earnings. A change in value of a hedging instrument is reported as a component of other comprehensive income/(loss) and is reclassified into earnings in the period in which the transaction being hedged affects earnings. If at any time after designation of a cash flow hedge, such as those entered into by the Company, it is no longer probable that the forecasted cash flows will occur, hedge accounting is no longer permitted and a hedge is “de-designated.” After de-designation, if it is still considered reasonably possible that the forecasted cash flows will occur, the amount previously recognized in other comprehensive income/(loss) will continue to be reversed as the forecasted transactions affect earnings. However, if after de-designation it is probable that the forecasted transactions will not occur, amounts deferred in accumulated other comprehensive income/(loss) will be recognized in earnings immediately. In October 2019, the Company became aware that, as a result of certain defaults under its MUFG Credit Facility, certain of the forecasted transactions related to its MUFG Credit Facility interest rate swaps were no longer probable of occurring, hence, those swaps were de-designated from hedge accounting at that time. The two swaps related to the MUFG Credit Facility were terminated in March 2020 and the Company incurred a $3.1 million obligation in connection with such termination, payment of which was due no later than the June 30, 2021 maturity of the Drake Loan. As a result of the forecasted transaction being not probable to occur, accumulated other comprehensive loss of $1,167,700 related to the MUFG Swaps was recognized as interest expense in the first quarter of 2020. In March 2020, the Company determined that the future hedged interest payments related to its five remaining Nord Loan interest rate hedges (the “Nord Swaps”) were no longer probable of occurring, and consequently de-designated all five swaps from hedge accounting. Additionally, in December 2020, the Company determined that the interest cash flows that were associated with its three remaining swaps were probable of not occurring after February 2021. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no impact on previously reported net income or cash flows. Recent Accounting Pronouncements ASU 2016-13 The Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) .

Emergence from the Chapter 11 C

Emergence from the Chapter 11 Cases	6 Months Ended
	Jun. 30, 2022
Emergence From The Chapter Abstract
EMERGENCE FROM THE CHAPTER 11 CASES	3. EMERGENCE FROM THE CHAPTER 11 CASES On March 29, 2021, the Company and certain of its subsidiaries in the U.S. filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court. The Chapter 11 Cases are being jointly administered under the caption In re: AeroCentury Corp., et al., Case No. 21-10636 On July 14, 2021, the Debtors filed the Combined Disclosure Statement and Joint Chapter 11 Plan of Reorganization of AeroCentury Corp, and Its Affiliated Debtors Combined Plan Statement Notice of Filing of Plan Supplement to the Combined Disclosure Statement and Joint Chapter 11 Plan of AeroCentury Corp., and its Affiliated Debtors Plan Supplement Second Plan Supplement to the Combined Disclosure Statement and Joint Chapter 11 Plan of AeroCentury Corp., and its Affiliated Debtors Confirmation Order The principal terms of the Plan Sponsor Agreement were below: ● Plan Sponsor Equity Investment Legacy ACY Shareholders ● New Capital Structure for JetFleet Holding Corp. (“JHC”) a) Cancellation of the Company’s Equity in JHC. b) JHC Common Stock Issuance to Plan Sponsor and JHC Management . JHC Management c) JHC Series A Preferred Stock Issuance to the Company. d) Distribution of Trust Interest in JHC Series B to Legacy ACY Shareholders . Legacy Trust On September 30, 2021 (“Effective Date”) and pursuant to the Plan Sponsor Agreement, the Company entered into and consummated (the “Closing”) the transactions contemplated by a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the Plan Sponsor, and Yucheng Hu, in the capacity as the representative for the Plan Sponsor thereunder, pursuant to which the Company issued and sold, and the Plan Sponsor purchased, 14,354,635 shares of common stock (given effect to five for one forward stock split), par value $0.001 per share, of the Company (the “ACY Common Stock”) at $0.77 (given effect to five for one forward stock split) for each share of Common Stock, for an aggregate purchase price of approximately $11,053,100 (the “Purchase Price”). The Securities Purchase Agreement contained customary representations, warranties and covenants by the parties to such agreement. On the Effective Date, the Debtors satisfied all conditions precedent required for consummation of the Plan as set forth in the Plan, the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases without any need for further action or order of the Bankruptcy Court.

Goodwill from fresh Start Accou

Goodwill from fresh Start Accounting	6 Months Ended
	Jun. 30, 2022
Goodwill From Fresh Start Accounting Abstract
GOODWILL FROM FRESH START ACCOUNTING	4. GOODWILL FROM FRESH START ACCOUNTING In connection with our emergence from bankruptcy and in accordance with ASC Topic 852, the Company qualified for and adopted fresh start accounting on the Effective Date. We were required to adopt fresh start accounting because (i) the holders of existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor, and (ii) the reorganization value of our assets immediately prior to confirmation of the Plan was less than the post-petition liabilities and allowed claims. The adoption of fresh start accounting resulted in a new reporting entity for financial reporting purposes with no beginning retained earnings or deficit. The issuance of new shares of common stock of the Successor caused a related change of control of the Company under ASC 852. Upon the application of fresh start accounting, the Company allocated the reorganization value to its individual assets based on their estimated fair values. Each asset and liability existing as of the Effective Date, other than deferred taxes, have been stated at the fair value, and determined at appropriate risk-adjusted interest rates. Deferred taxes were determined in conformity with applicable accounting standards. The excess of enterprise value of the Successor over the fair value of net assets was recorded as goodwill. Reorganization value represents the fair value of the Successor’s assets before considering liabilities. Our reorganization value is derived from an estimate of enterprise value. Enterprise value represents the estimated fair value of an entity’s long-term debt and shareholders’ equity. In support of the Plan, the enterprise value of the Successor was estimated to be approximately $18.9 million. The valuation analysis was prepared using financial information and financial projections and applying standard valuation techniques, including a risked net asset value analysis. The Effective Date estimated fair values of certain of the Company’s assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, the Company’s consolidated financial statements on or after September 30, 2021 are not comparable to the Company’s consolidated financial statements as of or prior to that date. Reorganization Value The enterprise value of the Successor Company was estimated to be between $18.0 million and $20.0 million. Based on the estimates and assumptions discussed below, the Company estimated the enterprise value to be $18.9 million as of the Effective Date. Management, with the assistance of its valuation advisors, estimated the enterprise value (“EV”) of the Successor Company, using various valuation methodologies, including a Discounted Cash Flow analysis (DCF), the Guideline Public Company Method (GPCM), and the Guideline Transaction Method (GTM). Under the DCF analysis, the enterprise value was estimated by discounting the projections’ unlevered free cash flow by the Weighted Average Cost of Capital (WACC), the Company’s estimated rate of return. A terminal value was estimated by applying a Gordon Growth Model to the normalized level of cash flows in the terminal period. The Gordon Growth Model was based on the WACC and the perpetual growth rate, and the terminal value was added back to the discounted cash flows. Under the GPCM, the Company’s enterprise value was estimated by performing an analysis of publicly traded companies that operate in a similar industry. A range of Enterprise Value / EBITDA (EV/EBITDA) multiples were selected based on the financial and operating attributes of the Company relative to the comparable publicly traded companies. The selected range of multiples were applied to the Company’s forecasted EBITDA to estimate the enterprise value of the Company. The GTM approach is similar to the GPCM, in that it relies on EV/EBITDA multiples but rather than of publicly traded companies, the multiples are based on precedent transactions. A range of multiples was derived by analyzing the operating and financial attributes of the acquired companies and the implied EV/EBITDA multiples. This range of multiples were then applied to the forecasted EBITDA of the Company to arrive an enterprise value. The following table reconciles the enterprise value to the fair value of net assets as of the Effective Date: September 30, Enterprise value $ 18,883,100 Cash and cash equivalents $ 10,625,600 Accounts receivable 450,000 Finance leases receivable, net 1,234,500 Taxes receivable 1,884,400 Fair value of net assets $ 14,194,500 Goodwill $ 4,688,600

Digital Assets

Digital Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
DIGITAL ASSETS	5. DIGITAL ASSETS Digital asset holdings were comprised of the following: June 30, December 31, 2022 2021 USDC $ 297,400 $ - BNB 6,900 - BUSD 10,200 - $ 314,500 $ - Additional information about digital assets For the six months ended June 30, 2022, the Company received BNB primarily through GameFi business. The Company generated USDC and BUSD from the exchange of BNB. The following table presents additional information about digital assets for the six months ended June 30, 2022: June 30, 2022 Opening balance $ - Receipt of BNB from GameFi business 326,800 Exchange of BNB into USDC (297,400 ) Exchange of BNB into BUSD (10,200 ) Payment of services and charges (4,000 ) Impairment of BNB (8,300 ) $ 6,900

Finance Lease Receivable

Finance Lease Receivable	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
FINANCE LEASE RECEIVABLE	6. FINANCE LEASE RECEIVABLE The Company’s leases are normally “triple net leases” under which the lessee is obligated to bear all costs, including tax, maintenance and insurance, on the leased assets during the term of the lease. In most cases, the lessee is obligated to provide a security deposit or letter of credit to secure its performance obligations under the lease, and in some cases, is required to pay maintenance reserves based on utilization of the aircraft, which reserves are available for qualified maintenance costs during the lease term and may or may not be refundable at the end of the lease. Typically, the leases also contain minimum return conditions, as well as an economic adjustment payable by the lessee (and in some instances by the lessor) for amounts by which the various aircraft or engine components are worse or better than a targeted condition set forth in the lease. Some leases contain renewal or purchase options, although the Company’s sales-type leases contain a bargain purchase option at lease end which the Company expects the lessees to exercise or require that the lessee purchase the aircraft at lease-end for a specified price. Because all of the Company’s leases transfer use and possession of the asset to the lessee and contain no other substantial undertakings by the Company, the Company has concluded that all of its lease contracts qualify for lease accounting. Certain lessee payments of what would otherwise be lessor costs (such as insurance and property taxes) are excluded from both revenue and expense. The Company evaluates the expected return on its leased assets by considering both the rents receivable over the lease term, any expected additional consideration at lease end, and the residual value of the asset at the end of the lease. In some cases, the Company depreciates the asset to the expected residual value because it expects to sell the asset at lease end; in other cases, it may expect to re-lease the asset to the same or another lessee and the depreciation term and related residual value will differ from the initial lease term and initial residual value. Residual value is estimated by considering future estimates provided by independent appraisers, although it may be adjusted by the Company based on expected return conditions or location, specific lessee considerations, or other market information. For the three months ended June 30, 2022 and 2021, the Company recorded impairment losses totaling $ nil nil nil nil (a) Assets Held for Lease At June 30, 2022, the Company had no regional jet aircraft held for lease. At December 31, 2021, the Company had one regional jet aircraft held for lease. The Company did not purchase or sell any aircraft held for lease during the three and six months ended June 30, 2022 and 2021. As a result of its Chapter 11 filing in March 2021 and the Company’s consequent lack of authority to sell certain assets without the approval of the Bankruptcy Court, as of June 30, 2021, the Company reclassified all of its off-lease aircraft, comprised of four regional jet aircraft and two turboprop aircraft, from held for sale to held for lease. (b) Sales-Type and Finance Leases In January 2020, the Company amended the leases for three of its assets that were subject to sales-type leases with two customers. The amendments provided for (i) the exercise of a purchase option of one aircraft to the customer in January 2020, which resulted in a gain of $12,700, (ii) application of collected maintenance reserves and a security deposit held by the Company to past due amounts for the other two aircraft, (iii) payments totaling $585,000 in January 2020 for two of the leases and (iv) the reduction of future payments due under the two finance leases. Because of the uncertainty of collection of amounts receivable under the finance leases, the Company did not recognize interest income on the finance lease receivables (i.e., they are accounted for on a non-accrual basis) and their asset value is based on the collateral value of the aircraft that secure the finance leases, net of projected sales costs. The Company had two sales-type leases, which were substantially modified in January 2020 to reduce the amount of monthly payments and purchase option amounts due under the leases. Although the modifications would ordinarily have given rise to income or loss resulting from the changed term of the agreements, the lessee’s poor compliance with the lease terms has led the Company to value the sales-type leases at the fair value of the collateral and, as such, the modifications did not give rise to any effect on income other than that related to the collateral value of the financed aircraft. The Company recorded a bad debt allowance of $821,000 related to one of the two sales-type finance leases as a result of its May 2021 agreement to sell the aircraft to the customer (“Sale Order”), and recorded a bad debt allowance of $326,000 related to the second sales-type finance lease as a result of its July 2021 agreement to sell the aircraft to the customer. As a result of the Sale Order approved by the Bankruptcy Court in May 2021, the Company reclassified all of its aircraft under sales-type and finance leases to held for sale. At June 30, 2022 and December 31, 2021, the net investment included in sales-type leases and direct financing leases receivable were as follows: June 30, December 31, 2022 2021 Gross minimum lease payments receivable $ - $ 300,000 Allowance for doubtful accounts - (300,000 ) Finance leases receivable $ - $ - As of June 30, 2022 and December 31, 2021, there were no minimum future payments receivable under finance leases.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	7. INTANGIBLE ASSETS Intangible assets were comprised of the following: June 30, December 31, 2022 2021 Software $ 1,000,000 $ - Less: Accumulated amortization (111,100 ) - $ 888,900 $ - For the three months ended June 30, 2022 and 2021, the amortization expenses were $27,800 and $ nil nil

Operating Segments

Operating Segments	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
OPERATING SEGMENTS	8. OPERATING SEGMENTS ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. For the three and six months ended June 30, 2022, the Company had two business segments which were comprised of 1) the leasing of regional aircraft to foreign and domestic regional airlines, and 2) the newly launched GameFi business. For the three and six months ended June 30, 2021, the Company had one business segment which was the leasing of regional aircraft to foreign and domestic regional airlines. The following tables present summary information of operations by segment for the three and months ended June 30, 2022 and 2021, respectively: For the Three Months Ended June 30, 2022 (Successor) GameFi Leasing Business Business Total Revenue $ 3,200 $ - $ 3,200 Gross loss $ (530,100 ) $ - $ (530,100 ) Expenses $ (547,400 ) $ (617,500 ) $ (1,164,900 ) Loss before income tax provision $ (1,077,500 ) $ (617,500 ) $ (1,695,000 ) Net loss $ (1,077,900 ) $ (619,700 ) $ (1,697,600 ) For the Three Months Ended June 30, 2021 (Predecessor) GameFi Leasing Business Business Total Revenue $ - $ 1,480,700 $ 1,480,700 Gross profit $ - $ 1,480,700 $ 1,480,700 Expenses $ - $ (4,674,800 ) $ (4,674,800 ) Loss before income tax provision $ - $ (3,194,100 ) $ (3,194,100 ) Net loss $ - $ (3,197,800 ) $ (3,197,800 ) For the Six Months Ended June 30, 2022 (Successor) GameFi Leasing Business Business Total Revenue $ 326,800 $ 120,000 $ 446,800 Gross (loss)/profit $ (234,300 ) $ 120,000 $ (114,300 ) Expenses $ (1,026,000 ) $ (1,229,500 ) $ (2,255,500 ) Loss before income tax provision $ (1,260,300 ) $ (1,109,500 ) $ (2,369,800 ) Net loss $ (1,261,100 ) $ (1,112,800 ) $ (2,373,900 ) For the Six Months Ended June 30, 2021 (Predecessor) GameFi Leasing Business Business Total Revenue $ - $ 4,014,900 $ 4,014,900 Gross profit $ - $ 4,014,900 $ 4,014,900 Expenses $ - $ (12,570,100 ) $ (12,570,100 ) Loss before income tax provision $ - $ (8,555,200 ) $ (8,555,200 ) Net loss $ - $ (8,608,100 ) $ (8,608,100 ) The following tables present total assets by segment for as of June 30, 2022 and December 31, 2021: June 30, December 31, 2022 2021 GameFi Business $ 4,458,500 $ 6,788,900 Lease Business 2,311,800 3,472,100 Unallocated 4,688,600 4,688,600 $ 11,458,900 $ 14,949,600

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	9. DERIVATIVE INSTRUMENTS In the first quarter of 2019, the Company entered into eight fixed pay/receive variable interest rate swaps. The Company entered into the interest rate swaps in order to reduce its exposure to the risk of increased interest rates. The Company estimates the fair value of derivative instruments using a discounted cash flow technique and uses creditworthiness inputs that corroborate observable market data evaluating the Company’s and counterparties’ risk of non-performance. Valuation of the derivative instruments requires certain assumptions for underlying variables and the use of different assumptions would result in a different valuation. Management believes it has applied assumptions consistently during the period. The Company designated seven of its interest rate swaps as cash flow hedges upon entering into the swaps. Changes in the fair value of the hedged swaps were included in other comprehensive income/(loss), which amounts are reclassified into earnings in the period in which the transaction being hedged affected earnings (i.e., with future settlements of the interest rate swaps). One of the interest rate swaps was not eligible under its terms for hedge treatment and was terminated in 2019 when the associated asset was sold and the related debt was paid off. Changes in fair value of non-hedge derivatives are reflected in earnings in the periods in which they occur. (a) MUFG Swaps The two interest rate swaps entered into by AeroCentury (the “MUFG Swaps”) were intended to protect against the exposure to interest rate increases on $50 million of the Company’s MUFG Credit Facility debt prior to its sale to Drake during the fourth quarter of 2020. The MUFG Swaps had notional amounts totaling $50 million and were to extend through the maturity of the MUFG Credit Facility in February 2023. Under the ISDA agreement for these interest rate swaps, defaults under the MUFG Credit Facility give the swap counterparty the right to terminate the interest rate swaps with any breakage costs being the liability of the Company. In October 2019, the Company determined that it was no longer probable that forecasted cash flows for its two interest rate swaps with a nominal value of $50 million would occur as scheduled as a result of the Company’s defaults under the MUFG Credit Facility. Therefore, those swaps were no longer subject to hedge accounting and changes in fair market value thereafter were recognized in earnings as they occurred. As a result of the forecasted transaction being not probable to occur, accumulated other comprehensive loss of $1,167,700 related to the MUFG Swaps was recognized as interest expense in the first quarter of 2020. The two swaps related to the MUFG Credit Facility were terminated in March 2020 and the Company incurred a $3.1 million obligation, recorded as interest expense and derivative termination liability, in connection with such termination, payment of which was due no later than the March 31, 2021 maturity of the Drake Indebtedness. The derivative termination liability was included in the liabilities subject to compromise. As part of the Plan of Reorganization, the Bankruptcy Court approved the settlement of claims reported within Liabilities subject to compromise in the Company’s consolidated balance sheet at their respective allowed claim amounts. Accordingly, the Company did not have derivative termination liability as of June 30, 2022 and December 31, 2021. (b) Nord Swaps With respect to the interest rate swaps entered into by the LLC Borrowers (“the Nord Swaps”), the swaps were deemed necessary so that the anticipated cash flows of such entities, which arise entirely from the lease rents for the aircraft owned by such entities, would be sufficient to make the required Nord Loan principal and interest payments, thereby preventing default so long as the lessees met their lease rent payment obligations. The Nord Swaps were entered into by the LLC Borrowers and provided for reduced notional amounts that mirrored the amortization under the Nord Loans entered into by the LLC Borrowers, effectively converting each of the related Nord Loans from a variable to a fixed interest rate, ranging from 5.38% to 6.30%. Each of Nord Swaps extended for the duration of the corresponding Nord Loan. Two of the swaps had maturities in the fourth quarter of 2020 and were terminated when the associated assets were sold and the related debt was paid off. The other three LLC Swaps had maturities in 2025, but were sold in March 2021 as part of the Company’s sale of its membership interest in ACY E-175. In March 2020, the Company determined that the future hedged interest payments related to its Nord Swaps were no longer probable of occurring, as a result of lease payment defaults for the aircraft owned by ACY 19002 and ACY 19003 and conversations with the lessee for the three aircraft owned by ACY E-175 regarding likely rent concessions, and consequently de-designated all five Nord Swaps as hedges because the lease payments were used to service the Nord Loans associated with the swaps. As a result of de-designation, future changes in market value were recognized in ordinary income and AOCI was reclassified to ordinary income as the forecasted transactions occurred. In December 2020, the Company determined that the payments after February 2021 for the three remaining swaps were probable not to occur as a result of the Company’s agreement to sell its interest in ACY E-175 during the first quarter of 2021. Accumulated other comprehensive income of $2,600 related to the Nord Swaps was recognized as an expense in the six months ended June 30, 2021, respectively. Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Change in value of undesignated interest rate swaps $ - $ - $ - $ (48,700 ) Reclassification from other comprehensive income to interest expense - - - 2,600 Included in interest expense $ - $ - $ - $ (46,100 ) Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Reclassification from other comprehensive income to interest expense $ - $ - $ - $ 2,600 Change in accumulated other comprehensive income $ - $ - $ - $ 2,600 At June 30, 2022 and December 31, 2021, the Company had no interest rate swaps.

Lease Liabilities and Right of

Lease Liabilities and Right of Use Assets	6 Months Ended
	Jun. 30, 2022
Lease Liabilities and Right of Use Assets [Abstract]
LEASE LIABILITIES AND RIGHT OF USE ASSETS	10. LEASE LIABILITIES AND RIGHT OF USE ASSETS The Company was a lessee under a lease of the office space it occupies in Burlingame, California, which expired in June 2020. The lease also provided for two, successive one-year lease extension options for amounts that were substantially below the market rent for the property. The lease provided for monthly rental payments according to a fixed schedule of increasing rent payments. As a result of the below-market extension options, the Company determined that it was reasonably certain that it would extend the lease and, therefore, included such extended term in its calculation of the right of use asset (“ROU Asset”) and lease liability recognized in connection with the lease. In addition to a fixed monthly payment schedule, the office lease also included an obligation for the Company to make future variable payments for certain common areas and building operating and lessor costs, which were recognized as expense in the periods in which they are incurred. As a direct pass-through of applicable expense, such costs were not allocated as a component of the lease. Effective January 1, 2020, the Company reduced both the size of the office space leased and the amount of rent payable in the future. As such, the Company recognized a reduction in both the capitalized amount related to the surrendered office space and a proportionate amount of the liability associated with its future lease obligations. In January 2020, the Company recorded a loss of $160,000 related to the reduction in its ROU Asset, net of the reduction in its operating lease liability. In March 2020, the Company elected not to exercise the extension options for its office lease. The lease liability associated with the office lease was calculated at June 30, 2020 by discounting the fixed, minimum lease payments over the remaining lease term, including the below-market extension periods, at a discount rate of 7.25%, which represents the Company’s estimate of the incremental borrowing rate for a collateralized loan for the type of underlying asset that was the subject of the office lease at the time the lease liability was evaluated. As a result of non-exercise of its extension option, the Company reduced the lease liability to reflect only the three remaining rent payments in the second quarter of 2020. In July 2020, the lease for the Company’s office lease was extended for one month to July 31, 2020 at a rate of $10,000. The Company signed a lease for a smaller office suite in the same building effective August 1, 2020. The lease provided for a term of 30 months expiring on January 31, 2023, at a monthly base rate of approximately $7,400, with no rent due during the first six months. The Company recognized an ROU asset and lease liability of $169,800, both of which were non-cash items and are not reflected in the consolidated statement of cash flows. No cash was paid at the inception of the lease, and a discount rate of 3% was used, based on the interest rates available on secured commercial real estate loans available at the time. Upon emergence from bankruptcy on September 30, 2021, the Company terminated the office lease agreement, and the Company had no right of use assets or lease liabilities as of June 30, 2022 and December 31, 2021. The Company recognized rental expenses as follows: Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Fixed rental expense during the year $ 41,500 $ 17,800 $ 84,000 $ 35,500 Variable lease expense - 4,500 - 11,000 Lease expenses $ 41,500 $ 22,300 $ 84,000 $ 46,500

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	11. FAIR VALUE MEASUREMENT Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible. The fair value hierarchy under US GAAP is based on three levels of inputs. Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company estimates the fair value of derivative instruments using a discounted cash flow technique and has used creditworthiness inputs that corroborate observable market data evaluating the Company’s and counterparties’ risk of non-performance. The Successor of the Company had no interest rate swaps on June 30, 2022 and December 31, 2021. For the three and six months ended June 30, 2021, the Predecessor of the Company reversed $48,700 as realized through the income statement as a result of sale of interest rate swaps. For the six months ended June 30, 2021, the Predecessor of the Company recorded no realized income or loss as a change in interest expense. There were no transfers into or out of Level 3 during the three and six months ended June 30, 2022. Assets Measured and Recorded at Fair Value on a Non-recurring Basis The Company determines fair value of long-lived assets held and used, such as aircraft and aircraft engines held for lease and other assets held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. The independent appraisals utilized the market approach which uses recent sales of comparable assets, making appropriate adjustments to reflect differences between them and the subject property being analyzed.   Certain assumptions are used in the management’s estimate of the fair value of aircraft including the adjustments made to comparable assets, identifying market data of similar assets, and estimating cost to sell. These are considered Level 3 within the fair value hierarchy. An impairment charge is recorded when the Company believes that the carrying value of an asset will not be recovered through future net cash flows and that the asset’s carrying value exceeds its fair value. For the three months ended June 30, 2021, the Company recorded impairment losses totaling $2,264,000 on five assets held for sale, based on appraised values or expected sales proceeds, which had an aggregate fair value of $29,333,100 $29,333,100 The Successor of the Company did not record impairment against assets held for sale for the three and six months ended June 30, 2022. There were no transfers into or out of Level 3 during the three and six months ended June 30, 2022. Fair Value of Other Financial Instruments The Company’s financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable, amounts borrowed under the MUFG Credit Facility and Drake Loan, notes payable under special-purpose financing, its derivative termination liability and its derivative instruments. The fair value of accounts receivable, accounts payable and the Company’s maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments because of their short-term maturity. The fair value of finance lease receivables approximates the carrying value. The fair value of the Company’s derivative instruments is discussed in Note 9 and in this note above in “Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis.” Borrowings under the Company’s Drake Loan bore floating rates of interest that reset periodically to a market benchmark rate plus a credit margin. The Company believes the effective interest rate under the Drake Loan approximates current market rates, and therefore that the outstanding principal and accrued interest of $80,060,900 at June 30, 2021 approximate their fair values on such date. The fair value of the Company’s outstanding balance of its Drake Loan is categorized as a Level 3 input under the US GAAP fair value hierarchy. As part of the Plan of Reorganization, the Bankruptcy Court approved the settlement of claims reported within Liabilities subject to compromise in the Company’s Consolidated balance sheet at their respective allowed claim amounts. Accordingly, the Company did not have finance leases receivable, amounts borrowed under the MUFG Credit Facility and Drake Loan, notes payable under special-purpose financing, its derivative termination liability and its derivative instruments as of June 30, 2022 and December 31, 2021. There were no transfers in or out of assets or liabilities measured at fair value under Level 3 during the three and six months ended June 30, 2022 or 2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES In the ordinary course of the Company’s business, the Company may be subject to lawsuits, arbitrations and administrative proceedings from time to time. The Company believes that the outcome of any existing or known threatened proceedings, even if determined adversely, should not have a material adverse effect on the Company’s business, financial condition, liquidity or results of operations.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	13. INCOME TAXES The Company recorded income tax expense of $2,600 and $4,100 in the three and six months ended June 30, 2022, or negative 0.15% and 0.17%, respectively of pre-tax loss, compared to $3,600 and $52,800 income tax expense, or negative 0.12% and 0.62% of pre-tax loss in the three and six months ended June 30, 2021. The difference in the effective federal income tax rate from the normal statutory rate in the three and six months ended June 30, 2022 was primarily related to the discontinued operation of the Company's foreign aircraft leasing business. In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or availability to carryback the losses to taxable income during periods in which those temporary differences become deductible. The Company considered several factors when analyzing the need for a valuation allowance including the Company's current three-year cumulative loss through June 30, 2022, the operation forecast, the Company’s recent filing for protection under Chapter 11 of the bankruptcy code, the operation uncertainty of the Company's new business. Based on this analysis, the Company has concluded that a valuation allowance is necessary for its U.S. and foreign deferred tax assets not supported by either future taxable income or availability of future reversals of existing taxable temporary differences and has recorded a full valuation allowance on its deferred tax assets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS None

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements are presented on a consolidated basis in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period. All intercompany balances and transactions have been eliminated in consolidation.
Non-controlling interests	Non-controlling interests Non-controlling interests represent the equity interests of JMC that are not attributable, either directly or indirectly, to the Company. As of June 30, 2022 and December 31, 2021, non-controlling equity holders held 49% and 24.17% equity interest in JHC, respectively.
Liquidity	Liquidity As of June 30, 2022, the Company had total net assets of approximately $9.5 million and believes that this has alleviated the substantial doubt about the Company’s ability to continue as a going concern. As a result of the effectiveness of the Plan, the Company believes it has the ability to meet its obligations for at least one year from the date of issuance date of the Company’s unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022. Accordingly, the accompanying unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course business.
Impact of COVID-19	Impact of COVID-19 The Company’s business could be adversely affected by the effects of epidemic. COVID-19, a novel strain of coronavirus, has spread around the world. The ongoing COVID-19 Pandemic has had an overwhelming effect on all forms of transportation globally, but most acutely for the airline industry. The combined effect of fear of infection during air travel and international and domestic travel restrictions has caused a dramatic decrease in passenger loads in all areas of the world, not just in those countries with active clusters of COVID-19, but in airline ticket net bookings (i.e. bookings made less bookings canceled) of flights as well. This has led to significant cash flow issues for airlines, including some of the Company’s customers. The Predecessor provided lease payment reductions to customers, and also sold aircraft to the customers who failed to make scheduled lease payments. In the short term, the COVID-19 pandemic has created uncertainties and risks. Based on the current situation, the Company does not expect a significant impact on the operations and financial results in the long run. The extent to which COVID-19 impacts the results of operations will depend on the future development of the circumstances, which is highly uncertain and cannot be predicted with confidence at this time.
Use of Estimates	Use of Estimates The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 bases its estimates on historical experience and on various other assumptions that are believed to be reasonable for making judgments that are not readily apparent from other sources. The most significant estimates with regards to these consolidated financial statements are accounting for realization of goodwill, the amount and timing of future cash flows associated with each asset that are used to evaluate whether assets are impaired, accounting for income taxes, and the amounts recorded as allowances for doubtful accounts.
Digital assets	Digital assets Digital assets (including Binance Coin (BNB), USD Coin (USDC) and Binance USD (BUSD) are included in current assets in the accompanying unaudited condensed consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Company through its GameFi business are accounted for in connection with the Company’s revenue recognition policy disclosed below. Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Company, if any, will be included within investing activities in the accompanying unaudited condensed consolidated statements of cash flows, while digital assets awarded to the Company through its GameFi are included within operating activities on the accompanying unaudited condensed consolidated statements of cash flows. The sales of digital assets are included within investing activities in the accompanying unaudited condensed consolidated statements of cash flows and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company accounts for its gains or losses in accordance with the first-in first-out method of accounting. As of June 30, 2022, the Company did not sell its digital assets for cash.
Intangible assets	Intangible assets Purchased intangible assets primarily consist of software, which are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method based on their estimated useful lives. The estimated useful life of software is 3 years.
Impairment of Long-lived Assets	Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Impairment of $8,300 and $ nil
Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts	Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts Revenue from GameFi business In late March 2022, the Company released its first NFT game “Mano” in the Mega’s metaverse universe platform“alSpace”. Mano is a competitive idle role-playing game (RPG) deploying the concept of GameFi in the innovative application of NFTs (non-fungible token) based on blockchain technology, with a “Play-to-earn” business model that the players can earn while they play in the alSpace. The Company earns transaction fees from players based on a fixed number of Binance Coin (BNB) of each transaction when they want to upgrade or reset their NFT in Mano. When a player executes a game transaction through Binance Smart Chain (“BSC”), transaction fee is recognized upon the completion of this game transaction. Only a single performance obligation is identified for each game transaction, and the performance obligation is satisfied on the trade date because that is when the underlying game service is identified, the pricing of transaction fee is agreed upon and the promised services are delivered to customers. All of the Company’s revenues from contracts with customers are recognized at a point in time. The game service could not be cancelled once it’s executed and is not refundable, so returns and allowances are not applicable. The Company recognizes revenues on a gross basis as the Company is determined to be the primary obligor in fulfilling the trade order initiated by the player. The revenue is in the form of BNB, which is a cryptocurrency that is primarily used in payment of paying transactions and trading fees through BSC. BNB is convertible to cash or other digital assets. The BNB is collected just in time in the accounts of MetaMask Wallet of the Company. As of June 30, 2022, the Company had no accounts receivable due from players. Revenue from leasing of aircraft assets Revenue from leasing of aircraft assets pursuant to operating leases is recognized on a straight-line basis over the terms of the applicable lease agreements. Deferred payments are recorded as accrued rent when the cash rent received is lower than the straight-line revenue recognized. Such receivables decrease over the term of the applicable leases. Interest income is recognized on finance leases based on the interest rate implicit in the lease and the outstanding balance of the lease receivable. Maintenance reserves retained by the Company at lease-end are recognized as maintenance reserves revenue. In instances where collectability is not reasonably assured, the Company recognizes revenue as cash payments are received. The Company estimates and charges to income a provision for bad debts based on its experience with each specific customer, the amount and length of payment arrearages, and its analysis of the lessee’s overall financial condition. If the financial condition of any of the Company’s customers deteriorates, it could result in actual losses exceeding any estimated allowances. The Company had an allowance for doubtful accounts of $ nil
Comprehensive Loss	Comprehensive Loss The Company accounts for former interest rate cash flow hedges by reclassifying accumulated other comprehensive income into earnings in the periods in which the expected transactions occur or when it is probable that the hedged transactions will no longer occur, and are included in interest expense.
Taxes	Taxes As part of the process of preparing the Company’s consolidated financial statements, management estimates income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company’s current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and US GAAP purposes. These differences result in deferred tax assets and liabilities, which are included in the balance sheet. In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or availability to carryback the losses to taxable income during periods in which those temporary differences become deductible. The Company considered several factors when analyzing the need for a valuation allowance including the Company's current three-year cumulative loss through June 30, 2022, the operation forecast, the Company’s recent filing for protection under Chapter 11 of the bankruptcy code, the operation uncertainty of the Company's new business. Based on this analysis, the Company has concluded that a valuation allowance is necessary for its U.S. and foreign deferred tax assets not supported by either future taxable income or availability of future reversals of existing taxable temporary differences and has recorded a full valuation allowance on its deferred tax assets.
Interest Rate Hedging	Interest Rate Hedging During the first quarter of 2019, the Company entered into certain derivative instruments to mitigate its exposure to variable interest rates under the Nord Loan debt and a portion of the MUFG Indebtedness. Hedge accounting is applied to such a transaction only if specific criteria have been met, the transaction is deemed to be “highly effective” and the transaction has been designated as a hedge at its inception. Under hedge accounting treatment, generally, the effects of derivative transactions are recorded in earnings for the period in which the hedge transaction affects earnings. A change in value of a hedging instrument is reported as a component of other comprehensive income/(loss) and is reclassified into earnings in the period in which the transaction being hedged affects earnings. If at any time after designation of a cash flow hedge, such as those entered into by the Company, it is no longer probable that the forecasted cash flows will occur, hedge accounting is no longer permitted and a hedge is “de-designated.” After de-designation, if it is still considered reasonably possible that the forecasted cash flows will occur, the amount previously recognized in other comprehensive income/(loss) will continue to be reversed as the forecasted transactions affect earnings. However, if after de-designation it is probable that the forecasted transactions will not occur, amounts deferred in accumulated other comprehensive income/(loss) will be recognized in earnings immediately. In October 2019, the Company became aware that, as a result of certain defaults under its MUFG Credit Facility, certain of the forecasted transactions related to its MUFG Credit Facility interest rate swaps were no longer probable of occurring, hence, those swaps were de-designated from hedge accounting at that time. The two swaps related to the MUFG Credit Facility were terminated in March 2020 and the Company incurred a $3.1 million obligation in connection with such termination, payment of which was due no later than the June 30, 2021 maturity of the Drake Loan. As a result of the forecasted transaction being not probable to occur, accumulated other comprehensive loss of $1,167,700 related to the MUFG Swaps was recognized as interest expense in the first quarter of 2020. In March 2020, the Company determined that the future hedged interest payments related to its five remaining Nord Loan interest rate hedges (the “Nord Swaps”) were no longer probable of occurring, and consequently de-designated all five swaps from hedge accounting. Additionally, in December 2020, the Company determined that the interest cash flows that were associated with its three remaining swaps were probable of not occurring after February 2021.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no impact on previously reported net income or cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2016-13 The Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) .

Goodwill from fresh Start Acc_2

Goodwill from fresh Start Accounting (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill From Fresh Start Accounting Abstract
Schedule of reconciles the enterprise value to the fair value of net assets of effective date	September 30, Enterprise value $ 18,883,100 Cash and cash equivalents $ 10,625,600 Accounts receivable 450,000 Finance leases receivable, net 1,234,500 Taxes receivable 1,884,400 Fair value of net assets $ 14,194,500 Goodwill $ 4,688,600

Digital Assets (Tables)

Digital Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of digital asset holdings	June 30, December 31, 2022 2021 USDC $ 297,400 $ - BNB 6,900 - BUSD 10,200 - $ 314,500 $ -
Schedule of digital assets	June 30, 2022 Opening balance $ - Receipt of BNB from GameFi business 326,800 Exchange of BNB into USDC (297,400 ) Exchange of BNB into BUSD (10,200 ) Payment of services and charges (4,000 ) Impairment of BNB (8,300 ) $ 6,900

Finance Lease Receivable (Table

Finance Lease Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of net investment included in sales-type leases and direct financing leases receivable	June 30, December 31, 2022 2021 Gross minimum lease payments receivable $ - $ 300,000 Allowance for doubtful accounts - (300,000 ) Finance leases receivable $ - $ -

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	June 30, December 31, 2022 2021 Software $ 1,000,000 $ - Less: Accumulated amortization (111,100 ) - $ 888,900 $ -

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of operations by segment	For the Three Months Ended June 30, 2022 (Successor) GameFi Leasing Business Business Total Revenue $ 3,200 $ - $ 3,200 Gross loss $ (530,100 ) $ - $ (530,100 ) Expenses $ (547,400 ) $ (617,500 ) $ (1,164,900 ) Loss before income tax provision $ (1,077,500 ) $ (617,500 ) $ (1,695,000 ) Net loss $ (1,077,900 ) $ (619,700 ) $ (1,697,600 ) For the Three Months Ended June 30, 2021 (Predecessor) GameFi Leasing Business Business Total Revenue $ - $ 1,480,700 $ 1,480,700 Gross profit $ - $ 1,480,700 $ 1,480,700 Expenses $ - $ (4,674,800 ) $ (4,674,800 ) Loss before income tax provision $ - $ (3,194,100 ) $ (3,194,100 ) Net loss $ - $ (3,197,800 ) $ (3,197,800 ) For the Six Months Ended June 30, 2022 (Successor) GameFi Leasing Business Business Total Revenue $ 326,800 $ 120,000 $ 446,800 Gross (loss)/profit $ (234,300 ) $ 120,000 $ (114,300 ) Expenses $ (1,026,000 ) $ (1,229,500 ) $ (2,255,500 ) Loss before income tax provision $ (1,260,300 ) $ (1,109,500 ) $ (2,369,800 ) Net loss $ (1,261,100 ) $ (1,112,800 ) $ (2,373,900 ) For the Six Months Ended June 30, 2021 (Predecessor) GameFi Leasing Business Business Total Revenue $ - $ 4,014,900 $ 4,014,900 Gross profit $ - $ 4,014,900 $ 4,014,900 Expenses $ - $ (12,570,100 ) $ (12,570,100 ) Loss before income tax provision $ - $ (8,555,200 ) $ (8,555,200 ) Net loss $ - $ (8,608,100 ) $ (8,608,100 )
Schedule total assets by segment	June 30, December 31, 2022 2021 GameFi Business $ 4,458,500 $ 6,788,900 Lease Business 2,311,800 3,472,100 Unallocated 4,688,600 4,688,600 $ 11,458,900 $ 14,949,600

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the amount in its net income (loss) and comprehensive income (loss)	Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Change in value of undesignated interest rate swaps $ - $ - $ - $ (48,700 ) Reclassification from other comprehensive income to interest expense - - - 2,600 Included in interest expense $ - $ - $ - $ (46,100 ) Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Reclassification from other comprehensive income to interest expense $ - $ - $ - $ 2,600 Change in accumulated other comprehensive income $ - $ - $ - $ 2,600

Lease Liabilities and Right o_2

Lease Liabilities and Right of Use Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Lease Liabilities and Right of Use Assets [Abstract]
Schedule of company recognized rental expenses	Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Fixed rental expense during the year $ 41,500 $ 17,800 $ 84,000 $ 35,500 Variable lease expense - 4,500 - 11,000 Lease expenses $ 41,500 $ 22,300 $ 84,000 $ 46,500

Organization and Principal Ac_2

Organization and Principal Activities (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2016	Dec. 23, 2021
Organization and Principal Activities (Details) [Line Items]
Non-recourse term loans (in Dollars)	$ 44.3
Minimum [Member]
Organization and Principal Activities (Details) [Line Items]
Common stock, shares authorized		13,000,000
Maximum [Member]
Organization and Principal Activities (Details) [Line Items]
Common stock, shares authorized		40,000,000

Summary of Principal Accounti_2

Summary of Principal Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2020
Summary of Principal Accounting Policies (Details) [Line Items]
Estimated useful lives term			3 years
Digital assets	$ 8,300	$ 8,300	$ 8,300
Allowance for doubtful accounts					$ 300,000
Obligation incurred		$ 3,100,000		$ 3,100,000
Accumulated other comprehensive loss						$ 1,167,700
Total net assets	$ 9,500,000		$ 9,500,000
JHC [Member]
Summary of Principal Accounting Policies (Details) [Line Items]
Non-controlling equity holders held	49%		49%		24.17%

Emergence from the Chapter 11_2

Emergence from the Chapter 11 Cases (Details) - USD ($)	1 Months Ended	6 Months Ended
	Sep. 30, 2021	Jun. 30, 2022
Emergence from the Chapter 11 Cases (Details) [Line Items]
Common stock (in Shares)		2,870,927
Purchase price per share	$ 0.77	$ 3.85
Aggregate of purchase price (in Dollars)		$ 11,000,000
Capital structure, description		●New Capital Structure for JetFleet Holding Corp. (“JHC”). On the Effective Date, the following transactions relating to JHC equity ownership was executed:   a) Cancellation of the Company’s Equity in JHC. All outstanding stock of JetFleet Holding Corp. (“JHC”) currently held 100% by the Company, was canceled.     b) JHC Common Stock Issuance to Plan Sponsor and JHC Management. Plan Sponsor acquired 35,000 shares of common stock of JHC, and certain employees of JHC (“JHC Management”) who would be appointed to continue the legacy aircraft leasing business of the Company through JHC shall acquire 65,000 shares of common stock of JHC. All shares of common stock of JHC would be purchased at a price of $1 per share.     c) JHC Series A Preferred Stock Issuance to the Company. The Company used $2 million of its proceeds from the Plan Sponsor’s purchase of New ACY Shares to purchase new JHC Series A Preferred Stock from JHC. The JHC Series A Preferred Stock shall carry a dividend rate of 7.5% per annum, shall be non-convertible and non-transferable, should be redeemable by JHC at any time, but shall only be redeemable by the Company after 7 years. The JHC Series A Preferred Stockholders shall in the aggregate constitute 74.83% of the voting equity of JHC, voting as a single class together with the outstanding JHC Common Stock.     d) Distribution of Trust Interest in JHC Series B to Legacy ACY Shareholders. A trust (“Legacy Trust”) was established for the benefit of the Legacy ACY Shareholders, and JHC issued new JHC Series B Preferred Stock to the Legacy Trust. The JHC Series B Preferred Stock issued to the Legacy Trust will have an aggregate liquidation preference of $1, non-convertible, non-transferable, non-voting, will not pay a dividend, and will contain a mandatory, redeemable provision. The JHC Series B Preferred Stock was redeemable for an aggregate amount equal to (i) $1,000,000, if the JHC Series B Preferred Stock is redeemed after the first fiscal year for which JHC reports positive EBITDA for the preceding 12-month period, or (ii) $0.001 per share, if the JHC Series B Preferred Stock is redeemed prior the first fiscal year for which JHC reports positive EBITDA for the preceding 12-month period.
Sponsor [Member]
Emergence from the Chapter 11 Cases (Details) [Line Items]
Purchase price per share	$ 0.001
Aggregate of purchase price (in Dollars)	$ 11,053,100
Ownership percentage		65%
Issuance of common stock (in Shares)	14,354,635
Legacy ACY Shareholders [Member]
Emergence from the Chapter 11 Cases (Details) [Line Items]
Ownership percentage		35%

Goodwill from fresh Start Acc_3

Goodwill from fresh Start Accounting (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill from fresh Start Accounting (Details) [Line Items]
Voting percentage	50%
Enterprise value	$ 18.9
Successor [Member]
Goodwill from fresh Start Accounting (Details) [Line Items]
Enterprise value	18.9
Successor [Member] | Minimum [Member]
Goodwill from fresh Start Accounting (Details) [Line Items]
Enterprise value	18
Successor [Member] | Maximum [Member]
Goodwill from fresh Start Accounting (Details) [Line Items]
Enterprise value	$ 20

Goodwill from fresh Start Acc_4

Goodwill from fresh Start Accounting (Details) - Schedule of reconciles the enterprise value to the fair value of net assets of effective date - Predecessor [Member] - Reorganization Value [Member]	Sep. 30, 2021 USD ($)
Goodwill from fresh Start Accounting (Details) - Schedule of reconciles the enterprise value to the fair value of net assets of effective date [Line Items]
Enterprise value	$ 18,883,100
Cash and cash equivalents	10,625,600
Accounts receivable	450,000
Finance leases receivable, net	1,234,500
Taxes receivable	1,884,400
Fair value of net assets	14,194,500
Goodwill	$ 4,688,600

Digital Assets (Details) - Sche

Digital Assets (Details) - Schedule of digital asset holdings - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Digital Assets (Details) - Schedule of digital asset holdings [Line Items]
Digital asset	$ 314,500
USDC [Member]
Digital Assets (Details) - Schedule of digital asset holdings [Line Items]
Digital asset	297,400
BNB [Member]
Digital Assets (Details) - Schedule of digital asset holdings [Line Items]
Digital asset	6,900
BUSD [Member]
Digital Assets (Details) - Schedule of digital asset holdings [Line Items]
Digital asset	$ 10,200

Digital Assets (Details) - Sc_2

Digital Assets (Details) - Schedule of digital assets	Jun. 30, 2022 USD ($)
Schedule Of Digital Assets Abstract
Opening balance
Receipt of BNB from GameFi business	326,800
Exchange of BNB into USDC	(297,400)
Exchange of BNB into BUSD	(10,200)
Payment of services and charges	(4,000)
Impairment of BNB	(8,300)
Total	$ 6,900

Finance Lease Receivable (Detai

Finance Lease Receivable (Details) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2021	May 31, 2021	Jan. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Receivables [Abstract]
Impairment losses					$ 2,264,000		$ 4,204,400
Aircraft held for sale					$ 5		$ 5
Gain			$ 12,700
Payments totaling			$ 585,000
Bad debt allowance	$ 326,000	$ 821,000

Finance Lease Receivable (Det_2

Finance Lease Receivable (Details) - Schedule of net investment included in sales-type leases and direct financing leases receivable - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Net Investment Included In Sales Type Leases And Direct Financing Leases Receivable Abstract
Gross minimum lease payments receivable		$ 300,000
Allowance for doubtful accounts		(300,000)
Finance leases receivable

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expenses	$ 27,800		$ 111,100

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Intangible Assets Abstract
Software	$ 1,000,000
Less: Accumulated amortization	(111,100)
Total intangible assets	$ 888,900

Operating Segments (Details) -

Operating Segments (Details) - Schedule of operations by segment - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 3,200	$ 1,480,700	$ 446,800	$ 4,014,900
Gross (loss)/profit	(530,100)	1,480,700	(114,300)	4,014,900
Expenses	(1,164,900)	(4,674,800)	(2,255,500)	(12,570,100)
Loss before income tax provision	(1,695,000)	(3,194,100)	(2,369,800)	(8,555,200)
Net loss	(1,697,600)	(3,197,800)	(2,373,900)	(8,608,100)
GameFi Business [Member]
Segment Reporting Information [Line Items]
Revenue	3,200		326,800
Gross (loss)/profit	(530,100)		(234,300)
Expenses	(547,400)		(1,026,000)
Loss before income tax provision	(1,077,500)		(1,260,300)
Net loss	(1,077,900)		(1,261,100)
Leasing Business [Member]
Segment Reporting Information [Line Items]
Revenue		1,480,700	120,000	4,014,900
Gross (loss)/profit		1,480,700	120,000	4,014,900
Expenses	(617,500)	(4,674,800)	(1,229,500)	(12,570,100)
Loss before income tax provision	(617,500)	(3,194,100)	(1,109,500)	(8,555,200)
Net loss	$ (619,700)	$ (3,197,800)	$ (1,112,800)	$ (8,608,100)

Operating Segments (Details) _2

Operating Segments (Details) - Schedule total assets by segment - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule Total Assets By Segment Abstract
GameFi Business	$ 4,458,500	$ 6,788,900
Lease Business	2,311,800	3,472,100
Unallocated	4,688,600	4,688,600
Total assets	$ 11,458,900	$ 14,949,600

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2022	Oct. 31, 2019
Derivative Instruments (Details) [Line Items]
Interest rate increases			$ 50,000,000
Notional amounts				$ 50,000,000	$ 50,000,000
Interest expense	$ 3,100,000
Interest rate swaps				$ 2,600
Minimum [Member]
Derivative Instruments (Details) [Line Items]
Interest rate				5.38%
Maximum [Member]
Derivative Instruments (Details) [Line Items]
Interest rate				6.30%
MUFG Swaps [Member]
Derivative Instruments (Details) [Line Items]
Accumulated other comprehensive loss		$ 1,167,700

Derivative Instruments (Detai_2

Derivative Instruments (Details) - Schedule of the amount in its net income (loss) and comprehensive income (loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Successor [Member]
Condensed Statement of Income Captions [Line Items]
Change in value of undesignated interest rate swaps
Reclassification from other comprehensive income to interest expense
Included in interest expense
Reclassification from other comprehensive income to interest expense
Change in accumulated other comprehensive income
Predecessor [Member]
Condensed Statement of Income Captions [Line Items]
Change in value of undesignated interest rate swaps				$ (48,700)
Reclassification from other comprehensive income to interest expense				2,600
Included in interest expense				(46,100)
Reclassification from other comprehensive income to interest expense				2,600
Change in accumulated other comprehensive income				$ 2,600

Lease Liabilities and Right o_3

Lease Liabilities and Right of Use Assets (Details) - USD ($)	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Jan. 31, 2020
Lease Liabilities and Right of Use Assets [Abstract]
ROU asset of lease liability	$ 169,800		$ 160,000
Operating lease discount rate, percentage	3%	7.25%
Payment of office lease	$ 10,000
Lease provided for a term	30 months
Monthly base rate	$ 7,400

Lease Liabilities and Right o_4

Lease Liabilities and Right of Use Assets (Details) - Schedule of company recognized rental expenses - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Successor [Member]
Lease Liabilities and Right of Use Assets (Details) - Schedule of company recognized rental expenses [Line Items]
Fixed rental expense during the year	$ 41,500		$ 84,000
Variable lease expense
Lease expenses	$ 41,500		$ 84,000
Predecessor [Member]
Lease Liabilities and Right of Use Assets (Details) - Schedule of company recognized rental expenses [Line Items]
Fixed rental expense during the year		$ 17,800		$ 35,500
Variable lease expense		4,500		11,000
Lease expenses		$ 22,300		$ 46,500

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Decrease in interest expense	$ 48,700	$ 48,700
Impairment losses	2,264,000	4,204,400
Aggregate fair value	$ 29,333,100	29,333,100
Outstanding principal and accrued interest		$ 80,060,900

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,600	$ 3,600	$ 4,100	$ 52,800
Pre-tax loss	0.15%	0.12%	0.17%	0.62%