Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 30, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Saker Aviation Services, Inc. | ||
Entity Central Index Key | 0001128281 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,020,135 | ||
Entity Public Float | $ 0 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock, $0.03 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 3,597,491 | $ 2,838,649 |
Accounts receivable | 678,045 | 847,814 |
Inventories | 181,204 | 170,865 |
Notes receivable | 188,828 | 270,000 |
Held for sale assets | 270,000 | |
Prepaid expenses and other current assets | 294,644 | 566,474 |
Total current assets | 5,210,212 | 4,693,802 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,676,488 and $3,630,731 respectively | 323,316 | 388,072 |
OTHER ASSETS | ||
Deposits | 2,512 | 2,512 |
Right of use assets | 495,377 | |
Goodwill | 750,000 | 750,000 |
Deferred income taxes | 476,000 | 507,000 |
Total other assets | 1,723,889 | 1,259,512 |
TOTAL ASSETS | 7,257,417 | 6,341,386 |
CURRENT LIABILITIES | ||
Accounts payable | 397,343 | 348,291 |
Customer deposits | 130,395 | 126,843 |
Accrued dividends payable | 373,370 | |
Accrued expenses | 319,557 | 288,630 |
Notes payable – current portion | 57,722 | |
Right of use leases payable – current portion | 60,675 | |
Total current liabilities | 1,281,340 | 821,486 |
LONG-TERM LIABILITIES | ||
Notes payable - less current portion | 173,399 | |
Right of use leases payable - less current portion | 399,733 | |
Total liabilities | 1,681,073 | 994,885 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock - $0.03 par value; authorized 333,306; none issued and outstanding | ||
Common stock - $0.03 par value; authorized 3,333,334; 1,020,135 and 1,006,768 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 30,604 | 30,203 |
Additional paid-in capital | 19,818,637 | 19,756,839 |
Accumulated deficit | (14,272,897) | (14,440,541) |
TOTAL STOCKHOLDERS’ EQUITY | 5,576,344 | 5,346,501 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 7,257,417 | $ 6,341,386 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property and equipment, accumulated depreciation | $ 3,676,488 | $ 3,630,731 |
Preferred stock, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Preferred stock, shares authorized (in shares) | 333,306 | 333,306 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Common stock, shares authorized (in shares) | 3,333,334 | 3,333,334 |
Common stock, shares issued (in shares) | 1,020,135 | 1,006,768 |
Common stock, shares outstanding (in shares) | 1,020,135 | 1,006,768 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
REVENUE | $ 11,567,725 | $ 11,118,452 | |
COST OF REVENUE | 5,851,066 | 6,066,691 | |
GROSS PROFIT | 5,716,659 | 5,051,761 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (4,669,097) | (4,559,578) | |
OPERATING INCOME | 1,047,562 | 492,183 | |
OTHER INCOME (EXPENSE): | |||
OTHER INCOME | 447 | ||
INTEREST INCOME | 27,069 | 33,027 | |
INTEREST EXPENSE | (7,987) | (17,121) | |
TOTAL OTHER INCOME | 19,082 | 16,353 | |
INCOME FROM OPERATIONS, before income taxes | 1,066,644 | 508,536 | |
INCOME TAX EXPENSE (BENEFIT) | |||
CURRENT | 368,000 | 250,000 | |
DEFERRED | 31,000 | (53,000) | |
INCOME TAX EXPENSE | 399,000 | 197,000 | |
NET INCOME | $ 667,644 | $ 311,536 | |
Basic Net Income Per Common Share (in dollars per share) | $ 0.66 | $ 0.30 | |
Diluted Net Income Per Common Share (in dollars per share) | $ 0.65 | $ 0.30 | |
Weighted Average Number of Common Shares – Basic (in shares) | [1] | 1,008,979 | 1,029,001 |
Weighted Average Number of Common Shares – Diluted (in shares) | [1] | 1,021,865 | 1,039,599 |
[1] | Common shares of 40,402 and 39,402 underlying outstanding stock options for the years ended December 31, 2019 and 2018, respectively, were excluded from the computation of diluted earnings per share as their inclusion would be antidilutive. |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 1,070,586 | |||
Balance at Dec. 31, 2017 | $ 32,117 | $ 19,896,744 | $ (14,752,077) | $ 5,176,784 |
Amortization of stock based compensation | 33,997 | $ 33,997 | ||
Repurchase and cancellation of shares of Common Stock (in shares) | (64,084) | (64,084) | ||
Repurchase and cancellation of Common Stock | $ (1,922) | (173,894) | $ (175,816) | |
Shares issued in connection with Employment Agreement (in shares) | 266 | |||
Issuance of additional common stock | $ (8) | 8 | 0 | |
Issuance of additional common stock | $ 8 | (8) | 0 | |
Net income | 311,536 | 311,536 | ||
Balance (in shares) at Dec. 31, 2018 | 1,006,768 | |||
Balance at Dec. 31, 2018 | $ 30,203 | 19,756,839 | (14,440,541) | 5,346,501 |
Amortization of stock based compensation | 33,997 | $ 33,997 | ||
Shares issued in connection with Employment Agreement (in shares) | 12,842 | 5,036 | ||
Issuance of additional common stock | $ (385) | (27,817) | $ (28,202) | |
Issuance of additional common stock | $ 385 | 27,817 | 28,202 | |
Net income | 667,644 | $ 667,644 | ||
Shares issued in connection with Reverse Split (in shares) | 525 | 525 | ||
Issuance of additional Common Stock in connection with reverse split | $ 16 | (16) | $ 0 | |
Issuance of additional Common Stock in connection with reverse split | 16 | (16) | 0 | |
Dividends declared | (500,000) | (500,000) | ||
Balance (in shares) at Dec. 31, 2019 | 1,020,135 | |||
Balance at Dec. 31, 2019 | $ 30,604 | $ 19,818,637 | $ (14,272,897) | $ 5,576,344 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 667,644 | $ 311,536 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 124,264 | 472,067 |
Stock based compensation | 33,997 | 33,997 |
Changes in operating assets and liabilities: | ||
Accounts receivable, trade | (106,267) | 240,586 |
Inventories | (10,339) | (7,736) |
Prepaid expenses and other current assets | 271,830 | (34,783) |
Deposits | 3,552 | 44,205 |
Deferred income taxes | 31,000 | (53,000) |
Accounts payable | 49,052 | (146,903) |
Accrued expenses | 59,129 | (3,711) |
TOTAL ADJUSTMENTS | 456,218 | 544,722 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,123,862 | 856,258 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payment of notes receivable | 87,208 | 850,264 |
Purchase of property and equipment | (174,590) | (190,182) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (87,382) | 660,082 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings: | 135,000 | |
Repayments | (112,117) | (361,379) |
Dividends paid | (126,630) | |
Repayment of right of use leases payable | (38,891) | |
Repurchase and cancellation of common stock | (175,816) | |
NET CASH USED IN FINANCING ACTIVITIES | (277,638) | (402,195) |
NET CHANGE IN CASH | 758,842 | 1,114,145 |
CASH – Beginning | 2,838,649 | 1,724,504 |
CASH – Ending | 3,597,491 | 2,838,649 |
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES: | ||
Accrued Dividend Payable | 373,370 | |
Change in Accounts Receivable through issuance of a Note Receivable | 276,036 | 750,264 |
Right of use assets obtained in exchange for Lease obligations | 548,070 | |
Issuance of common stock | 28,202 | |
Change in assets held for sale from Notes Receivable | 270,000 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 7,987 | 17,121 |
Income taxes | $ 79,029 | $ 341,547 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 Nature of Operations Saker Aviation Services, Inc. (“Saker”), through its subsidiaries (collectively the “Company”), operates in the aviation services segment of the general aviation industry, in which it serves as the operator of a heliport and a fixed base operation (“FBO”), and as a provider of aircraft maintenance, repair and overhaul (“MRO”). FBOs provide ground-based services, such as fueling and aircraft storage for general aviation, commercial and military aircraft, and other miscellaneous services. FirstFlight Heliports, LLC d/b/a Saker Aviation Services (“FFH”), a wholly-owned subsidiary, operates the Downtown Manhattan Heliport via a concession agreement with the City of New York. FBO Air Garden City, Inc. d/b/a Saker Aviation Services (“FBOGC”), a wholly-owned subsidiary provides FBO and MRO services in Garden City, Kansas. |
Note 2 - Liquidity and Material
Note 2 - Liquidity and Material Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | NOTE 2 Liquidity and Material Agreements As of December 31, 2019, $3,597,491 $3,928,872. $11,567,725 $667,644 twelve December 31, 2019. As disclosed in a Current Report on Form 8 March 21, 2018 March 15, 2018 three $2,500,000 $1,000,000 $338,481 Proceeds of the Key Bank Acquisition Note were to be dispersed pursuant to a multiple draw demand note dated as of the agreement date, where the Company could, at the discretion of the Bank, borrow up to an aggregate amount of $2,500,000, one one 2.75%, September 15, 2018 ( At any time through and including the Conversion Date, at the Bank’s discretion, the Company had the opportunity to request that any loan made under the Key Bank Acquisition Note be converted into a term loan to be repaid in full, including accrued interest, by consecutive monthly payments over a 48 not 48 four 2.5%. no no On October 11, 2018, may $2,500,000 June 30, 2020 ( one 4.25%. December 31, 2019, no Proceeds from the Key Bank Revolver Note, at the discretion of the Bank, provide for the Company to borrow up to $1,000,000 no one 2.75%. December 31, 2019, no Proceeds from the Key Bank Term Note were utilized to retire amounts previously outstanding under a $280,920 December 31, 2019, The Company is party to a Concession Agreement, dated as of November 1, 2008, 18% first $5,000,000 25% $5,000,000, twelve December 31, 2019 2018, $1,640,000 $1,800,000 As disclosed in a Current Report on Form 8 February 5, 2016, Under the Air Tour Agreement, filed as an exhibit to our Annual Report on Form 10 December 31, 2015, may not April 1, 2016. 2015 20 June 1, 2016, 40 October 1, 2016 50 January 1, 2017. June 1, 2016, 2015 The Air Tour Agreement also extended the Concession Agreement for 30 April 30, 2021. two one 50%, January 1, 2017. These reductions have negatively impacted the Company’s business and financial results as well as those of its management company at the Heliport, Empire Aviation which, as previously disclosed, is owned by the children of Alvin Trenk, the Company’s former Chief Executive Officer and a former member of its Board of Directors. The Company incurred management fees with Empire Aviation of approximately $2,200,000 $1,777,000 twelve December 31, 2019 2018, On April 20, 2018, May 1, 2018 60 416 may $1.00. On January 15, 2019, one $276,000 October 31, 2019, 7.5% six May 31, 2019. not 11 As disclosed in a Current Report on Form 8 July 6, 2015, June 30, 2015, 10 December 31, 2015, April 11, 2016. $100,000 September 2017 $100,000 September 2018. 2019, 10 $270,000 December 31, 2019. As disclosed in a Current Report on Form 8 September 06, 2019, September 1, 2019, four $200,000, 25% four five one one |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FFH and FBOGC. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include depreciation, amortization, impairment of goodwill and intangibles, stock-based compensation, allowance for doubtful accounts and deferred tax assets. Cash The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not Accounts Receivable , T rade and Revenue Concentration The Company extends credit to large and mid-size companies for products and services. The Company has concentrations of credit risk in that 73.0% December 31, 2019 four December 31, 2019, four $241,298 35.6% $115,864 17.1% $111,149 16.4% $26,523 3.9% four 54.7% 2019. December 31, 2018, four $285,350 33.7% 202,080 23.8% $101,678 12.0% $12,671 1.5% four 59.7% 2018. Inventories Inventories consist primarily of maintenance parts and aviation fuel and are stated at the lower of cost or net realizable value determined by the first first Property and Equipment Property and equipment is stated at cost. Depreciation is provided primarily using the straight-line method over the estimated useful lives as set forth in footnote 5. Goodwill and Intangible Assets Goodwill and intangibles that are deemed to have indefinite lives are not December 31, 2019 2018. Leases At December 31, 2019, $495,000, $400,000, $61,000. Revenue Recognition The Company recognizes revenue from ground-based services, such as fueling and aircraft storage, and aircraft maintenance and repair services. Revenue for the sale of ground-based services is recognized as a sale of services at the time the service is performed and provided to customers. Revenue for the sale of aircraft fuel is recognized at the time products are delivered to customers. Customers are invoiced at the time the services are performed and the associated revenue is recognized in the period it is earned. Revenue from aircraft storage services is recognized monthly based upon agreement. Aircraft maintenance and repair service revenue is recognized over time as all of the performance obligations are met. Performance obligations are satisfied when control of the aircraft has been transferred back to the customer. In 2014, 606, 606” five 606 January 1, 2018 January 1, 2018. not no no Customer Deposits Customer deposits consist of amounts that customers are required to remit in advance to the Company in order to secure payment for future purchases and services. Advertising The Company expenses all advertising costs as incurred. Advertising expense for the years ended December 31, 2019 2018 $29,840 $33,118, Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between their financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” no Deferred tax assets are subject to a valuation allowance because it is more likely than not not no 2016. Fair Value of Financial Instruments The reported amounts of the Company’s financial instruments, including accounts receivable, accounts payable and accrued liabilities, approximate their fair value due to their short maturities. The carrying amounts of debt approximate fair value because the debt agreements provide for interest rates that approximate market. The carrying value of the note receivable approximated fair value because it was discounted at a current market rate. Net Income Per Common Share Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period or when their inclusion would be antidilutive. The following table sets forth the components used in the computation of basic and diluted income per share: For the Year Ended December 31, 2019(1) 2018(1) Weighted average common shares outstanding, basic 1,008,979 1,029,001 Common shares upon exercise of options 12,886 10,598 Weighted average common shares outstanding, diluted 1,021,865 1,039,599 ( 1 Common shares of 40,402 39,402 December 31, 2019 2018, Stock - Based Compensation Stock-based compensation expense for all share-based payment awards are based on the estimated grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For each of the years ended December 31, 2019 2018, $ 33,997 December 31, 2019, $74,660 five Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not The fair value of each share-based payment award granted during the years ended December 31, 2019 2018 For the Year Ended December 31, 2019 2018 Dividend yield 0% 0% Expected volatility 910% 740% Risk-free interest rate 1.6% 2.5% Expected lives (years) 5.0 5.0 The weighted average fair value of the options on the date of grant, using the fair value based methodology during the years ended December 31, 2019 2018, $5.16 $3.03, Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, 2016 02” 2016 02 January 1, 2019 2016 02 not |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories Inventory consists primarily of aviation fuel, which the Company dispenses to its customers, and parts inventory as a result of the acquisition of Aircraft Services. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft. Inventories consist of the following: December 31, 2019 2018 Parts inventory $ 87,625 $ 82,384 Fuel inventory 79,497 76,761 Other inventory 14,082 11,720 Total inventory $ 181,204 $ 170,865 Included in fuel inventory are amounts held for third $25,804 $37,675 December 31, 2019 2018, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property and Equipment Property and equipment consist of the following: December 31, Estimated 2019 2018 Useful Life (years) Aircraft $ 56,000 $ 56,000 7 – 12 Vehicles 396,483 467,972 5 – 10 Office furniture and equipment 452,520 409,260 3 – 7 Tools and shop equipment 81,847 81,847 3 – 10 Leasehold improvements 2,812,594 2,803,724 10 – 20 Building/fuel farm 200,000 200,000 7 – 17 Total 3,999,804 4,018,803 Less: accumulated depreciation and amortization (3,676,488 ) (3,630,731 ) Property and equipment, net $ 323,316 $ 388,072 Depreciation and amortization expense for the years ended December 31, 2019 2018 $124,000 $472,000, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6 Goodwill and I ntangible Assets The Company had $ 750,000 December 31, 2019 2018. |
Note 7 - Notes Payable
Note 7 - Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Notes Payable Disclosure [Text Block] | NOTE 7 Notes Payable Notes payable consist of: December 31, 2019 2018 Key Bank Term Note, paid in full in 2019. $ --- 112,117 Commerce Bank Truck Lease, converted to Right of use lease payable in 2019. --- 119,004 Subtotal --- 231,121 Less: current portion --- (57,722 ) Total – long term $ --- $ 173,399 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 Income Taxes The Company’s deferred tax assets consisted of the following: December 31, Deferred tax assets: 2019 2018 Stock based compensation $ 44,000 $ 50,000 Goodwill and intangibles 3,000 21,000 Property and equipment 471,000 486,000 Total deferred tax assets 518,000 557,000 Valuation Allowance (42,000 ) (50,000 ) Deferred tax asset – net of valuation allowance $ 476,000 $ 507,000 Change in valuation allowance $ 8,000 $ --- The provision for income taxes using the statutory federal tax rate as compared to the Company's effective tax rate is summarized as follows: December 31, 2019 2018 Tax expense at statutory rate 21.0 % 21.0 % State and local income taxes, net of federal 16.4 % 17.7 % Effective income tax expense rate 37.4 % 38.7 % On December 22, 2017, 2017 21% January 1, 2018, 21% |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 Stockholders’ Equity Common Stock A summary of the Company’s shares of Common Stock outstanding at December 31, 2019 : Number of shares outstanding January 1, 2018 1,070,586 Repurchase and cancellation of shares of Common Stock (64,084 ) Shares issued in connection with exercise of stock options 266 December 31, 2018 1,006,768 Shares issued in connection with Reverse Split 525 Shares issued in connection with exercise of stock options 7,806 Shares issued in connection with Employment Agreement 5,036 December 31, 2019 1,020,135 Stock Options On August 27, 2019, 2019 2005, December 12, 2006. 250,000 five ten 100% 718. December 31, 2019 2018, 196,672 186,673 Details of all options outstanding under the Plan are presented in the table below: Number of Options Weighted Average Exercise Price Balance, December 31, 2017 56,661 $ 2.606 Granted 13,332 2.400 Exercised (6,666 ) 2.310 Balance, December 31, 2018 63,327 $ 2.594 Granted 13,332 5.600 Exercised (13,332 ) 2.350 Expired (9,999 ) 2.550 Balance, December 31, 2019 53,328 $ 3.391 A summary of the Company’s stock options outstanding at December 31, 2019 Exercise Price Outstanding Weighted average remaining contractual life of options (in years) Exercisable Intrinsic Value $5.60 13,332 4.92 --- $ --- $2.40 13,332 3.92 13,332 $ 20,225 $3.24 13,332 2.92 13,332 $ 9,026 $2.25 6,666 1.92 6,666 $ 11,113 $2.40 6,666 .92 6,666 $ 10,113 TOTALS 53,328 39,996 $ 50,477 Warrants The company does not December 31, 2019. Preferred Stock As of December 31, 2019 2018, 333,306 none February 27, 2019, 333,306. one December 31, 2019 2018, no |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 10 Employee Benefit Plan The Company maintains a 401K “401K January 1, 2020, 401K 401K 100% five 20% 401K 100% 4% 50% 6% 401K $31,000 $30,000 December 31, 2019 2018, |
Note 11 - Commitments
Note 11 - Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Co mmitments Right-Of-Use Leas ing Arrangements The Company leases facilities from Garden City, Kansas, which provides for: (a) a 21 December 31, 2030, one five $2,187 $0.06 $52,000 $49,000 December 31, 2019 2018, The Company leases additional facilities from Garden City, Kansas, which provides for a 14 December 31, 2030 $565 In 2018, May 1, 2018 60 416 may $1.00. The Company’s lease right of use assets and lease liabilities as of December 31, 2019 December 31, 2019 Right of use assets $ 495,377 Current portion of debt and right of use lease liabilities $ 60,675 Long term portion of debt and right of use lease liabilities 399,733 Total right of use lease liabilities $ 460,408 Weighted average remaining lease terms (years) 12 Weighted average discount rate 5.5 % The maturities of the Company’s right of use lease liabilities as of December 31, 2019 For the year ended December 31, Total 2020 $ 84,672 2021 84,018 2022 83,149 2023 61,688 2024 50,448 Thereafter 289,171 TOTAL $ 653,146 Less Interest (192,738 ) Present value of lease liabilities $ 460,408 The components of right of use lease expenses included in “Selling, General and Administrative Expenses” in the Company’s consolidated statements of operations aggregated approximately $35,000 2019. |
Note 12 - Dividend Payable
Note 12 - Dividend Payable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Dividends Payable Disclosures [Text Block] | NOTE 12 Dividend Payable On September 30, 2019, $0.50 $0.125 November 1, 2019, August 28, 2020. December 31, 2019. |
Note 13 - Related Parties
Note 13 - Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 Related Parties From time to time, the law firm of Wachtel Missry, LLP provides certain legal services to the Company and its subsidiaries. William B. Wachtel, Chairman of the Company’s Board of Directors, is a managing partner of such firm. During the year ended December 31, 2019 2018, no As described in more detail in Note 2, |
Note 14 - Litigation
Note 14 - Litigation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 14 Litigation From time to time, the Company may one may not, |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 Subsequent Events In December 2019, 19 19 January 30, 2020, 4 not March 2020, 19 may 19 19 March 17, 2020, 19 19 19 19 December 31, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FFH and FBOGC. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include depreciation, amortization, impairment of goodwill and intangibles, stock-based compensation, allowance for doubtful accounts and deferred tax assets. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not |
Accounts Receivable [Policy Text Block] | Accounts Receivable , T rade and Revenue Concentration The Company extends credit to large and mid-size companies for products and services. The Company has concentrations of credit risk in that 73.0% December 31, 2019 four December 31, 2019, four $241,298 35.6% $115,864 17.1% $111,149 16.4% $26,523 3.9% four 54.7% 2019. December 31, 2018, four $285,350 33.7% 202,080 23.8% $101,678 12.0% $12,671 1.5% four 59.7% 2018. |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of maintenance parts and aviation fuel and are stated at the lower of cost or net realizable value determined by the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost. Depreciation is provided primarily using the straight-line method over the estimated useful lives as set forth in footnote 5. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill and intangibles that are deemed to have indefinite lives are not December 31, 2019 2018. |
Lessee, Leases [Policy Text Block] | Leases At December 31, 2019, $495,000, $400,000, $61,000. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue from ground-based services, such as fueling and aircraft storage, and aircraft maintenance and repair services. Revenue for the sale of ground-based services is recognized as a sale of services at the time the service is performed and provided to customers. Revenue for the sale of aircraft fuel is recognized at the time products are delivered to customers. Customers are invoiced at the time the services are performed and the associated revenue is recognized in the period it is earned. Revenue from aircraft storage services is recognized monthly based upon agreement. Aircraft maintenance and repair service revenue is recognized over time as all of the performance obligations are met. Performance obligations are satisfied when control of the aircraft has been transferred back to the customer. In 2014, 606, 606” five 606 January 1, 2018 January 1, 2018. not no no |
Customer Deposits [Policy Text Block] | Customer Deposits Customer deposits consist of amounts that customers are required to remit in advance to the Company in order to secure payment for future purchases and services. |
Advertising Cost [Policy Text Block] | Advertising The Company expenses all advertising costs as incurred. Advertising expense for the years ended December 31, 2019 2018 $29,840 $33,118, |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between their financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” no Deferred tax assets are subject to a valuation allowance because it is more likely than not not no 2016. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The reported amounts of the Company’s financial instruments, including accounts receivable, accounts payable and accrued liabilities, approximate their fair value due to their short maturities. The carrying amounts of debt approximate fair value because the debt agreements provide for interest rates that approximate market. The carrying value of the note receivable approximated fair value because it was discounted at a current market rate. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period or when their inclusion would be antidilutive. The following table sets forth the components used in the computation of basic and diluted income per share: For the Year Ended December 31, 2019(1) 2018(1) Weighted average common shares outstanding, basic 1,008,979 1,029,001 Common shares upon exercise of options 12,886 10,598 Weighted average common shares outstanding, diluted 1,021,865 1,039,599 ( 1 Common shares of 40,402 39,402 December 31, 2019 2018, |
Share-based Payment Arrangement [Policy Text Block] | Stock - Based Compensation Stock-based compensation expense for all share-based payment awards are based on the estimated grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For each of the years ended December 31, 2019 2018, $33,997 December 31, 2019, $74,660 five Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not The fair value of each share-based payment award granted during the years ended December 31, 2019 2018 For the Year Ended December 31, 2019 2018 Dividend yield 0% 0% Expected volatility 910% 740% Risk-free interest rate 1.6% 2.5% Expected lives (years) 5.0 5.0 The weighted average fair value of the options on the date of grant, using the fair value based methodology during the years ended December 31, 2019 2018, $5.16 $3.03, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, 2016 02” 2016 02 January 1, 2019 2016 02 not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2019(1) 2018(1) Weighted average common shares outstanding, basic 1,008,979 1,029,001 Common shares upon exercise of options 12,886 10,598 Weighted average common shares outstanding, diluted 1,021,865 1,039,599 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | For the Year Ended December 31, 2019 2018 Dividend yield 0% 0% Expected volatility 910% 740% Risk-free interest rate 1.6% 2.5% Expected lives (years) 5.0 5.0 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 Parts inventory $ 87,625 $ 82,384 Fuel inventory 79,497 76,761 Other inventory 14,082 11,720 Total inventory $ 181,204 $ 170,865 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, Estimated 2019 2018 Useful Life (years) Aircraft $ 56,000 $ 56,000 7 – 12 Vehicles 396,483 467,972 5 – 10 Office furniture and equipment 452,520 409,260 3 – 7 Tools and shop equipment 81,847 81,847 3 – 10 Leasehold improvements 2,812,594 2,803,724 10 – 20 Building/fuel farm 200,000 200,000 7 – 17 Total 3,999,804 4,018,803 Less: accumulated depreciation and amortization (3,676,488 ) (3,630,731 ) Property and equipment, net $ 323,316 $ 388,072 |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Notes Payable [Table Text Block] | Notes payable consist of: December 31, 2019 2018 Key Bank Term Note, paid in full in 2019. $ --- 112,117 Commerce Bank Truck Lease, converted to Right of use lease payable in 2019. --- 119,004 Subtotal --- 231,121 Less: current portion --- (57,722 ) Total – long term $ --- $ 173,399 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, Deferred tax assets: 2019 2018 Stock based compensation $ 44,000 $ 50,000 Goodwill and intangibles 3,000 21,000 Property and equipment 471,000 486,000 Total deferred tax assets 518,000 557,000 Valuation Allowance (42,000 ) (50,000 ) Deferred tax asset – net of valuation allowance $ 476,000 $ 507,000 Change in valuation allowance $ 8,000 $ --- |
Federal Income Tax Note [Table Text Block] | The provision for income taxes using the statutory federal tax rate as compared to the Company's effective tax rate is summarized as follows: December 31, 2019 2018 Tax expense at statutory rate 21.0 % 21.0 % State and local income taxes, net of federal 16.4 % 17.7 % Effective income tax expense rate 37.4 % 38.7 % |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | : Number of shares outstanding January 1, 2018 1,070,586 Repurchase and cancellation of shares of Common Stock (64,084 ) Shares issued in connection with exercise of stock options 266 December 31, 2018 1,006,768 Shares issued in connection with Reverse Split 525 Shares issued in connection with exercise of stock options 7,806 Shares issued in connection with Employment Agreement 5,036 December 31, 2019 1,020,135 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Balance, December 31, 2017 56,661 $ 2.606 Granted 13,332 2.400 Exercised (6,666 ) 2.310 Balance, December 31, 2018 63,327 $ 2.594 Granted 13,332 5.600 Exercised (13,332 ) 2.350 Expired (9,999 ) 2.550 Balance, December 31, 2019 53,328 $ 3.391 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise Price Outstanding Weighted average remaining contractual life of options (in years) Exercisable Intrinsic Value $5.60 13,332 4.92 --- $ --- $2.40 13,332 3.92 13,332 $ 20,225 $3.24 13,332 2.92 13,332 $ 9,026 $2.25 6,666 1.92 6,666 $ 11,113 $2.40 6,666 .92 6,666 $ 10,113 TOTALS 53,328 39,996 $ 50,477 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Operating Lease, Assets And Liabilities, Lessee [Table Text Block ] | December 31, 2019 Right of use assets $ 495,377 Current portion of debt and right of use lease liabilities $ 60,675 Long term portion of debt and right of use lease liabilities 399,733 Total right of use lease liabilities $ 460,408 Weighted average remaining lease terms (years) 12 Weighted average discount rate 5.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the year ended December 31, Total 2020 $ 84,672 2021 84,018 2022 83,149 2023 61,688 2024 50,448 Thereafter 289,171 TOTAL $ 653,146 Less Interest (192,738 ) Present value of lease liabilities $ 460,408 |
Note 2 - Liquidity and Materi_2
Note 2 - Liquidity and Material Agreements (Details Textual) | Sep. 01, 2019USD ($) | Oct. 11, 2018USD ($) | Jan. 01, 2017 | Nov. 01, 2008USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 15, 2018 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015 | Sep. 30, 2019USD ($) | Jan. 15, 2019USD ($) | Apr. 20, 2018USD ($) | Mar. 15, 2018USD ($) | Dec. 31, 2017USD ($) | May 17, 2013USD ($) |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 3,597,491 | $ 2,838,649 | $ 1,724,504 | |||||||||||||
Working Capital | 3,928,872 | |||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 11,567,725 | 11,118,452 | ||||||||||||||
Net Income (Loss) Attributable to Parent, Total | 667,644 | 311,536 | ||||||||||||||
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights | 20.00% | |||||||||||||||
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights by Year One | 40.00% | |||||||||||||||
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights by Year Two | 50.00% | |||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 276,000 | |||||||||||||||
Financing Receivable, Interest Rate | 7.50% | |||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | 188,828 | 270,000 | ||||||||||||||
President and Chief Executive Officer [Member] | ||||||||||||||||
Employment Agreement, Term | 4 years | |||||||||||||||
Annual Base Salary | $ 200,000 | |||||||||||||||
Percentage of Base Salary, Annual Incentive Bonus | 25.00% | |||||||||||||||
Employment Agreement, Number of Additional Stock Awards | 5 | |||||||||||||||
Employment Agreement, Stock Awards, Percent of Issued and Outstanding Stock | 0.0005% | |||||||||||||||
Warren A. Peck [Member] | ||||||||||||||||
Proceeds from Collection of Notes Receivable | $ 100,000 | $ 100,000 | ||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 270,000 | |||||||||||||||
Truck Lease [Member] | ||||||||||||||||
Lessee, Finance Lease, Term of Contract | 5 years | |||||||||||||||
Capital Lease, Lessee, Purchase Price of Capital Leased Asset | $ 1 | |||||||||||||||
Concession Agreement [Member] | ||||||||||||||||
Percentage Payable Greater than Gross Receipts During Period | 18.00% | |||||||||||||||
Amount of Gross Receipts During Period | $ 5,000,000 | |||||||||||||||
Percentage Payable Greater than Gross Receipts in Year One | 25.00% | |||||||||||||||
Concession Fees | 1,640,000 | 1,800,000 | ||||||||||||||
Line of Credit Facility, Payment Term | 2 years 180 days | |||||||||||||||
Line of Credit Facility, Number of Options to Extend Agreement | 2 | |||||||||||||||
Minimum Annual Guarantee Percent | 50.00% | |||||||||||||||
General and Administrative Expense, Total | 2,200,000 | $ 1,777,000 | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Truck Lease [Member] | ||||||||||||||||
Capital Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 4.16% | |||||||||||||||
Key Bank National Association [Member] | Term Loan [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 338,481 | |||||||||||||||
PNC Bank [Member] | Term Loan [Member] | ||||||||||||||||
Extinguishment of Debt, Amount | 280,920 | |||||||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |||||||||||||||
Debt Instrument, Term | 4 years | |||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 0 | |||||||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | Cost of Funds Rate [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||
Working Capital Line of Credit [Member] | Key Bank National Association [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 0 | |||||||||||||||
Working Capital Line of Credit [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
PNC Acquisition Line [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||||||||||||||
Change of Terms Agreement [Member] | Key Bank National Association [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 0 | |||||||||||||||
Change of Terms Agreement [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Operating Lease, Right-of-Use Asset | $ 495,377 | |
Operating Lease, Liability, Noncurrent | 399,733 | |
Operating Lease, Liability, Current | 60,675 | |
Advertising Expense | $ 29,840 | $ 33,118 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 40,402 | 39,402 |
Share-based Payment Arrangement, Noncash Expense, Total | $ 33,997 | $ 33,997 |
Shares Based Compensation, Stock Options Unamortized Fair Value | $ 74,660 | |
Share-based Compensation, Weighted Average Remaining Amortization Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.16 | $ 3.03 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 4 | 4 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||
Concentration Risk, Percentage | 73.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 35.60% | 33.70% |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 241,298 | $ 285,350 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||
Concentration Risk, Percentage | 17.10% | 23.80% |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 115,864 | $ 202,080 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||
Concentration Risk, Percentage | 16.40% | 12.00% |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 111,149 | $ 101,678 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Four [Member] | ||
Concentration Risk, Percentage | 3.90% | 1.50% |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 26,523 | $ 12,671 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 59.70% | |
Number of Major Customers | 4 | 4 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||
Concentration Risk, Percentage | 54.70% |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Computation of Basic Net Income Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Weighted average common shares outstanding, basic (in shares) | [1] | 1,008,979 | 1,029,001 |
Common shares upon exercise of options (in shares) | [1] | 12,886 | 10,598 |
Weighted average common shares outstanding, diluted (in shares) | [1] | 1,021,865 | 1,039,599 |
[1] | Common shares of 40,402 and 39,402 underlying outstanding stock options for the years ended December 31, 2019 and 2018, respectively, were excluded from the computation of diluted earnings per share as their inclusion would be antidilutive. |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Fair Value of Share-based Payment Awards Granted (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 910.00% | 740.00% |
Risk-free interest rate | 1.60% | 2.50% |
Expected lives (years) (Year) | 5 years | 5 years |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fuel [Member] | ||
Inventory Third Party | $ 25,804 | $ 37,675 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventory (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories | $ 181,204 | $ 170,865 |
Parts [Member] | ||
Inventories | 87,625 | 82,384 |
Fuel [Member] | ||
Inventories | 79,497 | 76,761 |
Other Inventory [Member] | ||
Inventories | $ 14,082 | $ 11,720 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 124,000 | $ 472,000 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Gross | $ 3,999,804 | $ 4,018,803 |
Less: accumulated depreciation and amortization | (3,676,488) | (3,630,731) |
Property and equipment, net | 323,316 | 388,072 |
Air Transportation Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 56,000 | 56,000 |
Air Transportation Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Air Transportation Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 12 years | |
Vehicles [Member] | ||
Property, Plant and Equipment, Gross | $ 396,483 | 467,972 |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 452,520 | 409,260 |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Tools, Dies and Molds [Member] | ||
Property, Plant and Equipment, Gross | $ 81,847 | 81,847 |
Tools, Dies and Molds [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Tools, Dies and Molds [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 2,812,594 | 2,803,724 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Building [Member] | ||
Property, Plant and Equipment, Gross | $ 200,000 | $ 200,000 |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 17 years |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 750,000 | $ 750,000 |
Note 7 - Notes Payable - Summar
Note 7 - Notes Payable - Summary of Notes Payable (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Notes payable | $ 231,121 | |
Less: current portion | (57,722) | |
Total – long term | 173,399 | |
Key Bank Term Note [Member] | ||
Notes payable | 112,117 | |
Commerce Bank Truck Lease [Member] | ||
Notes payable | $ 119,004 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Note 8 - Income Taxes - Summary
Note 8 - Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock based compensation | $ 44,000 | $ 50,000 |
Goodwill and intangibles | 3,000 | 21,000 |
Property and equipment | 471,000 | 486,000 |
Total deferred tax assets | 518,000 | 557,000 |
Valuation Allowance | (42,000) | (50,000) |
Deferred tax asset – net of valuation allowance | 476,000 | 507,000 |
Change in valuation allowance | $ 8,000 |
Note 8 - Income Taxes - Summa_2
Note 8 - Income Taxes - Summary of Provision for Income Taxes (Details) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal | 16.40% | 17.70% | |
Effective income tax expense rate | 37.40% | 38.70% |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - shares | Dec. 12, 2006 | Dec. 31, 2019 | Feb. 27, 2019 | Dec. 31, 2018 |
Preferred Stock, Shares Authorized | 333,306 | 333,306 | 333,306 | |
Preferred Stock, Shares Issued, Total | 0 | 0 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | ||
The 2005 Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 196,672 | 186,673 | ||
The 2005 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Common Stock Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common stock outstanding (in shares) | 1,006,768 | 1,070,586 |
Repurchase and cancellation of shares of Common Stock (in shares) | (64,084) | |
Shares issued in connection with exercise of stock options (in shares) | 7,806 | 266 |
Shares issued in connection with Reverse Split (in shares) | 525 | |
Shares issued in connection with Employment Agreement (in shares) | 5,036 | |
Common stock outstanding (in shares) | 1,020,135 | 1,006,768 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of Outstanding Options Under the Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding (in shares) | 63,327 | 56,661 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.594 | $ 2.606 |
Granted (in shares) | 13,332 | 13,332 |
Granted, weighted average exercise price (in dollars per share) | $ 5.60 | $ 2.40 |
Exercised (in shares) | (7,806) | (266) |
Exercised, weighted average exercise price (in dollars per share) | $ 2.35 | $ 2.31 |
Expired (in shares) | (9,999) | |
Expired, weighted average exercise price (in dollars per share) | $ 2.55 | |
Outstanding (in shares) | 53,328 | 63,327 |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.391 | $ 2.594 |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity - Summary of the Company's Stock Options (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Outstanding (in shares) | 53,328 |
Exercisable (in shares) | 39,996 |
Intrinsic Value | $ | $ 50,477 |
Range One [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 5.60 |
Outstanding (in shares) | 13,332 |
Weighted average remaining contractual life of options (Year) | 4 years 335 days |
Exercisable (in shares) | |
Intrinsic Value | $ | |
Range Two [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 2.40 |
Outstanding (in shares) | 13,332 |
Weighted average remaining contractual life of options (Year) | 3 years 335 days |
Exercisable (in shares) | 13,332 |
Intrinsic Value | $ | $ 20,225 |
Range Three [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 3.24 |
Outstanding (in shares) | 13,332 |
Weighted average remaining contractual life of options (Year) | 2 years 335 days |
Exercisable (in shares) | 13,332 |
Intrinsic Value | $ | $ 9,026 |
Range Four [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 2.25 |
Outstanding (in shares) | 6,666 |
Weighted average remaining contractual life of options (Year) | 1 year 335 days |
Exercisable (in shares) | 6,666 |
Intrinsic Value | $ | $ 11,113 |
Range Five [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 2.40 |
Outstanding (in shares) | 6,666 |
Weighted average remaining contractual life of options (Year) | 335 days |
Exercisable (in shares) | 6,666 |
Intrinsic Value | $ | $ 10,113 |
Note 10 - Employee Benefit Pl_2
Note 10 - Employee Benefit Plan (Details Textual) - USD ($) | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Plan 401K [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Vesting Period | 5 years | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 31,000 | $ 30,000 | |
Subsequent Event [Member] | Safe Harbor 401K Plan [Member[ | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) | Oct. 03, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 20, 2018USD ($) |
Variable Expenses Gallon | $ 52,000 | $ 49,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease, Expense | $ 35,000 | |||
Facility in Garden City, Kansas [Member] | ||||
Lessee, Operating Lease, Term of Contract | 21 years | |||
Number of Renewals | 1 | |||
Operating Leases, Monthly Rent Expense | $ 2,187 | |||
Fuel Flowage Fee, Per Gallon | 0.06 | |||
Additional Facilities in Garden City Kansas [Member] | ||||
Lessee, Operating Lease, Term of Contract | 14 years | |||
Operating Leases, Monthly Rent Expense | $ 565 | |||
Truck Lease [Member] | ||||
Lessee, Finance Lease, Term of Contract | 5 years | |||
Capital Lease, Lessee, Purchase Price of Capital Leased Asset | $ 1 | |||
Truck Lease [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Capital Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 4.16% |
Note 11 - Commitments - Operati
Note 11 - Commitments - Operating Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Right of use assets | $ 495,377 | |
Right of use leases payable – current portion | 60,675 | |
Right of use leases payable - less current portion | 399,733 | |
Total right of use lease liabilities | $ 460,408 | |
Weighted average remaining lease terms (years) (Year) | 12 years | |
Weighted average discount rate | 5.50% |
Note 11 - Commitments - Lease L
Note 11 - Commitments - Lease Liabilities (Details) | Dec. 31, 2019USD ($) |
2020 | $ 84,672 |
2021 | 84,018 |
2022 | 83,149 |
2023 | 61,688 |
2024 | 50,448 |
Thereafter | 289,171 |
TOTAL | 653,146 |
Less Interest | (192,738) |
Present value of lease liabilities | $ 460,408 |
Note 12 - Dividend Payable (Det
Note 12 - Dividend Payable (Details Textual) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Common Stock, Dividends, Per Share, Declared | $ 0.50 |
Dividends, Per Share to be Paid in Equal Quarterly Installments | $ 0.125 |