Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001128281 | ||
Entity Registrant Name | Saker Aviation Services, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-52593 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 87-0617649 | ||
Entity Address, Address Line One | 20 South Street, Pier 6 East River | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10004 | ||
City Area Code | 212 | ||
Local Phone Number | 776-4046 | ||
Title of 12(b) Security | Common Stock, $0.03 par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,747,064 | ||
Entity Common Stock, Shares Outstanding | 974,330 | ||
Auditor Name | Kronick Kalada Berdy & Co. P.C. | ||
Auditor Location | Kingston, Pennsylvania | ||
Auditor Firm ID | 448 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and restricted cash | $ 2,446,906 | $ 1,899,082 |
Accounts receivable | 305,409 | 262,101 |
Inventories | 243,104 | 163,619 |
Income tax receivable | 693,578 | 955,500 |
Prepaid expenses | 505,718 | 257,629 |
Total current assets | 4,194,715 | 3,537,931 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,817,000 and $3,745,861 respectively | 269,261 | 258,856 |
OTHER ASSETS | ||
Deposits | 2,512 | |
Right of use assets | 387,860 | 445,711 |
Goodwill | 750,000 | 750,000 |
Total other assets | 1,137,860 | 1,198,223 |
TOTAL ASSETS | 5,601,836 | 4,995,010 |
CURRENT LIABILITIES | ||
Accounts payable | 212,221 | 62,021 |
Customer deposits | 80,878 | 80,878 |
Accrued expenses | 404,573 | 219,307 |
Notes Payable – Current | 9,315 | 304,833 |
Right of use leases payable – current portion | 45,697 | 43,306 |
Total current liabilities | 752,684 | 710,345 |
LONG-TERM LIABILITIES | ||
Notes Payable – Long Term | 57,730 | 0 |
Right of use leases payable - less current portion | 327,513 | 376,933 |
Total liabilities | 1,137,927 | 1,087,278 |
STOCKHOLDERS’ EQUITY | ||
Common stock - $0.03 par value; authorized 3,333,334; 975,074 and 1,028,863 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 29,252 | 30,866 |
Additional paid-in capital | 19,740,837 | 19,909,230 |
Accumulated deficit | (15,306,180) | (16,032,364) |
TOTAL STOCKHOLDERS’ EQUITY | 4,463,909 | 3,907,732 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 5,601,836 | $ 4,995,010 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Depreciation, Depletion and Amortization | $ 3,817,000 | $ 3,745,861 |
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) | 975,074 | 1,028,863 |
Common stock, shares outstanding (in shares) | 975,074 | 1,028,863 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE | $ 5,382,565 | $ 3,506,268 |
COST OF REVENUE | 2,828,939 | 2,525,341 |
GROSS PROFIT | 2,553,626 | 980,927 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,909,132 | 2,472,203 |
OPERATING INCOME (LOSS) | 644,494 | (1,491,276) |
OTHER (INCOME) EXPENSE : | ||
IMPAIRMENT CHARGE | 0 | 205,730 |
Bad debt | 0 | 476,966 |
Gain on extinguishment of debt - PPP loan | (304,833) | 0 |
INTEREST INCOME | (3,780) | (18,109) |
INTEREST EXPENSE | 24,823 | 24,025 |
TOTAL OTHER (INCOME) EXPENSE | (283,790) | 688,612 |
INCOME (LOSS) FROM OPERATIONS, before income taxes | 928,284 | (2,179,888) |
INCOME TAX EXPENSE (BENEFIT) | ||
CURRENT | 202,100 | (906,960) |
DEFERRED | 0 | 476,000 |
INCOME TAX (BENEFIT) EXPENSE | 202,100 | (430,960) |
NET (LOSS) INCOME | $ 726,184 | $ (1,748,928) |
Basic and Diluted Net Income (Loss) Per Common Share (in dollars per share) | $ 0.71 | $ (1.71) |
Weighted Average Number of Common Shares – Basic (in shares) | 1,023,709 | 1,024,907 |
Weighted Average Number of Common Shares – Diluted (in shares) | 1,026,729 | 1,024,907 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 |
Amortization of stock based compensation | 74,659 | 74,659 | ||
Dividends | (10,539) | (10,539) | ||
Issuance of additional Common Stock (in shares) | 8,728 | |||
Issuance of additional Common Stock | $ 262 | 15,934 | 16,196 | |
Net income (loss) | (1,748,928) | (1,748,928) | ||
Balance (in shares) at Dec. 31, 2020 | 1,028,863 | |||
Balance at Dec. 31, 2020 | $ 30,866 | 19,909,230 | (16,032,364) | 3,907,732 |
Amortization of stock based compensation | 34,392 | 34,392 | ||
Net income (loss) | 726,184 | $ 726,184 | ||
Purchase and cancellation of common stock (in shares) | (53,789) | (53,789) | ||
Purchase and cancellation of Common Stock | $ (1,614) | (202,785) | $ (204,399) | |
Balance (in shares) at Dec. 31, 2021 | 975,074 | |||
Balance at Dec. 31, 2021 | $ 29,252 | $ 19,740,837 | $ (15,306,180) | $ 4,463,909 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 726,184 | $ (1,748,928) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 128,990 | 119,039 |
Bad debt | 0 | 476,966 |
Impairment of note receivable | 0 | 205,730 |
Stock based compensation | 34,392 | 74,659 |
Deferred income taxes | 0 | 476,000 |
Gain on extinguishment of debt - PPP loan | (304,833) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (43,308) | 208,978 |
Inventories | (79,485) | 17,585 |
Income tax receivable | 261,922 | (955,500) |
Prepaid expenses | (248,089) | 20,113 |
Customer deposits | 2,512 | (49,517) |
Accounts payable | 150,200 | (335,322) |
Accrued expenses | 185,266 | (100,250) |
TOTAL ADJUSTMENTS | 87,567 | 158,481 |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 813,751 | (1,590,447) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (81,544) | (4,913) |
NET CASH USED IN INVESTING ACTIVITIES | (81,544) | (4,913) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common stock | 0 | 16,196 |
Purchase and cancellation of common stock | (204,399) | 0 |
Proceeds | 76,000 | 304,833 |
Repayment of notes payable | (8,955) | |
Dividends paid | (383,909) | |
Repayment of right of use leases payable | (47,029) | (40,169) |
NET CASH USED IN FINANCING ACTIVITIES | (184,383) | (103,049) |
NET CHANGE IN CASH AND RESTRICTED CASH | 547,824 | (1,698,409) |
CASH AND RESTRICTED CASH – Beginning | 1,899,082 | 3,597,491 |
CASH AND RESTRICTED CASH – Ending | 2,446,906 | 1,899,082 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 24,823 | 24,025 |
Income taxes | $ 8,364 | $ 59,415 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | NOTE 2 Liquidity and Material Agreements As of December 31, 2021, December 31, 2021 . December 31, 2021, As disclosed in a Current Report on Form 8 March 21, 2018 March 15, 2018 three Proceeds of the Key Bank Acquisition Note were to be disbursed 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, to be used for the Company’s acquisition of one one 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 month amortization period beginning after the Conversion Date. For any loan that was not 48 four no On October 11, 2018, September 1, 2021 ( one June 30, 2021. The Key Bank Revolver Note, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. This revolving line of credit is a demand note with no one December 31, 2021, On August 14, 2020, March 27, 2020. August 14, 2020,was August 2025 1% October 31, 2021 not December 31, 2020, 470, 405 20, second 2021. The Company is party to a Concession Agreement, dated as of November 1, 2008, first $5,000,000, As disclosed in a Current Report on Form 8 February 5, 2016, not April 1, 2016. 2015 June 1, 2016, October 1, 2016 January 1, 2017. January 1, 2017. June 1, 2016, 2015 April 30, 2021 two one April 30, 2023 two one The reductions under the Air Tour Agreement 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 two December 31, 2021 2020, 2021 2020. 15. During the program year that began on May 1, 2020, April 2021, December 31, 2020. May 2021, April 30, 2021 May 1, 2021 December 31, 2021. 10 2021 May 2021 December 2021. 2022 December 31, 2021 2020, On April 20, 2018, May 1, 2018 may On January 15, 2019, one October 31, 2019, six May 31, 2019. not 11 October 2019. February 2021, 11 7 7 11 December 31, 2020 fourth 2020. As disclosed in a Current Report on Form 8 July 6, 2015, June 30, 2015, 10 December 31, 2015, April 11, 2016. September 2017 September 2018. 2019, 10 December 31, 2019. June 30, 2020 not December 2020, On May 1, 2021, April 30, 2022 April 30, 2028. As described throughout this Annual Report on Form 10 March 17, 2020, 19 . July 20, 2020, 4 July 20, 2020, second 2021 may 19 no may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 consolidated 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, deferred tax assets, and contingent liabilities. Cash and restricted cash The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not December 31, 2021 2020. Accounts Receivable and Revenue Concentration In 2020, 19 2020. December 31, 2020, fourth 2020. December 31, 2020, No 10% 2020. December 31, 2019. In 2021, 2021, December 31, 2021, 2021. March 2022, one 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 Goodwill that is deemed to have an indefinite life is not December 31, 2021 2020 Leases At December 31, 2021 December 31, 2020, $446,000, , $328,000 $377,000, $46,000 $43,000, 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 at the time the performance obligations are met, which is generally less than a month. Performance obligations are satisfied when control of the aircraft has been transferred back to the customer. 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. Customer deposits amounted to $130,395 at December 31, 2019. Advertising The Company expenses all advertising costs as incurred. Advertising expense for the years ended December 31, 2021 2020 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 2018. 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 (Loss) Per Common Share Basic net income (loss) 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, 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 anti-dilutive. The following table sets forth the components used in the computation of basic and diluted income (loss) per share: For the Year Ended December 31, 2021 (1) 2020 (1) Weighted average common shares outstanding, basic 1,023,709 1,024,907 Common shares upon exercise of options 3,020 - Weighted average common shares outstanding, diluted 1,026,729 1,024,907 ( 1 Common shares of 36,663 and 53,328 underlying outstanding stock options for the years ended December 31, 2021 2020, 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, 2021 2020, December 31, 2021, 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, 2021 2020 For the Year Ended December 31, 2021 2020 Dividend yield 0 % 0 % Expected volatility 732 % 636 % Risk-free interest rate 0.0 % 0.36 % 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, 2021 2020, |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Parts inventory $ 102,763 $ 92,481 Fuel inventory 115,364 59,336 Other inventory 24,977 11,802 Total inventory $ 243,104 $ 163,619 Included in fuel inventory are amounts held for third December 31, 2021 2020, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 Useful Life (years) Aircraft $ 56,000 $ 56,000 7 – 12 Vehicles 472,484 396,483 5 – 10 Office furniture and equipment 459,713 454,170 3 – 7 Tools and shop equipment 85,110 85,110 3 – 10 Leasehold improvements 2,812,954 2,812,954 10 – 20 Building/fuel farm 200,000 200,000 7 – 17 Total 4,086,261 4,004,717 Less: accumulated depreciation and amortization (3,817,000 ) (3,745,861 ) Property and equipment, net $ 269,261 $ 258,856 Depreciation and amortization expense for the years ended December 31, 2021 2020 |
Note 6 - Goodwill
Note 6 - Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 6 Goodwill The Company had $750,000 of goodwill at each of December 31, 2021 2020. December 31, 2021 2020 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Notes Payable Disclosure [Text Block] | NOTE 7 Notes Payable Notes payable consist of: December 31, 2021 2020 Avfuel Corporation loan for $ 76,000 6 3 $ 67,045 $ - KeyBank PPP SBA loan forgiven in 2021. - 304,833 Subtotal 67,045 304,833 Less: current portion (9,315 ) (304,833 ) Total – long term $ 57,730 $ - |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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: 2021 2020 Stock based compensation $ 72,000 $ 60,000 Property and equipment 399,000 466,000 Total deferred tax assets 471,000 526,000 Valuation Allowance (471,000 ) (526,000 ) Deferred tax asset – net of valuation allowance $ - $ - Increase (decrease) in valuation allowance $ (55,000 ) $ 484,000 The valuation allowance fluctuated due to the uncertainty of future taxable income and the lack thereof of taxable income in carry-back periods. 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, 2021 2020 Tax at statutory rate 21.0 % 21.0 % Extinguishment of debt (PPP loan) (6.9 ) - Net operating loss carry-back - 15.8 % Valuation allowance - (21.8 %) State and local income taxes, net of federal 7.7 % 4.7 % Effective income tax expense rate 21.8 % 19.7 % Income tax receivable principally consists of funds due from the taxing authorities resulting from the carryback of of net operating loss to prior tax years. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Number of shares outstanding December 31, 2020 1,028,863 Purchase and cancellation of common stock (53,789 ) December 31, 2021 975,074 Stock Options On August 27, 2019, 2019 five ten 718. December 31, 2021 2020, Details of all options outstanding under the Plan are presented in the table below: Number of Options Weighted Average Exercise Price Balance, January 1, 2020 53,328 $ 3.391 Granted 13,332 2.580 Exercised (6,666 ) 2.820 Expired (6,666 ) 2.400 Balance, December 31, 2020 53,328 $ 3.384 Granted 13,332 3.450 Expired (6,666 ) 2.250 Balance, December 31, 2021 59,994 $ 2.184 A summary of the Company’s stock options outstanding at December 31, 2021 Exercise Price Outstanding Weighted average remaining contractual life of options (in years) Exercisable Intrinsic Value $ 3.45 13,332 4.92 - $ - $ 2.58 13,332 3.92 13,332 $ 3,933 $ 5.60 13,332 2.92 13,332 $ - $ 2.40 9,999 1.92 9,999 $ 4,750 $ 3.24 9,999 .92 9,999 $ - TOTALS 59,994 46,662 $ 8,683 Preferred Stock As of December 31, 2021 2020, none February 27, 2019, one December 31, 2020 2019, |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
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 five 401K 401K December 31, 2021 2020, |
Note 11 - Commitments
Note 11 - Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Commitments Right-Of-Use Leasing Arrangements The Company leases facilities from Garden City, Kansas, which provides for: (a) a 21-year lease term expiring December 31, 2030, one five December 31, 2021 2020, The Company leases additional facilities from Garden City, Kansas, which provides for a 14 year lease term expiring December 31, 2030 The Company’s Kansas subsidiary entered into a purchase lease with Commerce Bank for a refueling truck. The lease commenced on May 1, 2018 may The Company’s lease right of use assets and lease liabilities as of December 31, 2021 2020 December 31, 2021 2020 Right of use assets $ 387,860 $ 445,711 Current portion of debt and right of use lease liabilities $ 45,697 $ 43,306 Long term portion of debt and right of use lease liabilities $ 327,513 $ 376,933 Total right of use lease liabilities $ 373,210 $ 420,239 Weighted average remaining lease terms (years) 10 11 Weighted average discount rate 5.5 % 5.5 % The maturities of the Company’s right of use lease liabilities as of December 31, 2021 For the year ended December 31, Total 2022 $ 65,040 2023 44,496 2024 34,224 2025 34,224 2026 34,224 Thereafter 308,016 TOTAL $ 520,224 Less interest (147,014 ) Present value of lease liabilities $ 373,210 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 $34,000 in both 2021 2020. |
Note 12 - Dividend Payable
Note 12 - Dividend Payable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Dividends Payable Disclosures [Text Block] | NOTE 12 Dividend Payable On September 30, 2019, November 1, 2019, August 13, 2020. |
Note 13 - Related Parties
Note 13 - Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 Related Parties As described in more detail in Note 2, |
Note 14 - Litigation
Note 14 - Litigation | 12 Months Ended |
Dec. 31, 2021 | |
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 - Contingent Liabilitie
Note 15 - Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Contingencies Liabilities Disclosure [Text Block] | NOTE 15 Contingent Liabilities Beginning in 2020, 19 two On March 17, 2020, 19 . not 2020. May 2021, not 2021. 2020 no not December 31, 2021 not not December 31,2021. |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16 Subsequent Events The Company has evaluated events which have occurred subsequent to December 31, 2021, 10 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 consolidated 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, deferred tax assets, and contingent liabilities. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and restricted cash The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not December 31, 2021 2020. |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Revenue Concentration In 2020, 19 2020. December 31, 2020, fourth 2020. December 31, 2020, No 10% 2020. December 31, 2019. In 2021, 2021, December 31, 2021, 2021. March 2022, one |
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 Goodwill that is deemed to have an indefinite life is not December 31, 2021 2020 |
Lessee, Leases [Policy Text Block] | Leases At December 31, 2021 December 31, 2020, $446,000, , $328,000 $377,000, $46,000 $43,000, |
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 at the time the performance obligations are met, which is generally less than a month. Performance obligations are satisfied when control of the aircraft has been transferred back to the customer. |
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. Customer deposits amounted to $130,395 at December 31, 2019. |
Advertising Cost [Policy Text Block] | Advertising The Company expenses all advertising costs as incurred. Advertising expense for the years ended December 31, 2021 2020 |
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 2018. |
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 (Loss) Per Common Share Basic net income (loss) 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, 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 anti-dilutive. The following table sets forth the components used in the computation of basic and diluted income (loss) per share: For the Year Ended December 31, 2021 (1) 2020 (1) Weighted average common shares outstanding, basic 1,023,709 1,024,907 Common shares upon exercise of options 3,020 - Weighted average common shares outstanding, diluted 1,026,729 1,024,907 ( 1 Common shares of 36,663 and 53,328 underlying outstanding stock options for the years ended December 31, 2021 2020, |
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, 2021 2020, December 31, 2021, 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, 2021 2020 For the Year Ended December 31, 2021 2020 Dividend yield 0 % 0 % Expected volatility 732 % 636 % Risk-free interest rate 0.0 % 0.36 % 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, 2021 2020, |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2021 (1) 2020 (1) Weighted average common shares outstanding, basic 1,023,709 1,024,907 Common shares upon exercise of options 3,020 - Weighted average common shares outstanding, diluted 1,026,729 1,024,907 |
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, 2021 2020 Dividend yield 0 % 0 % Expected volatility 732 % 636 % Risk-free interest rate 0.0 % 0.36 % Expected lives (years) 5.0 5.0 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 Parts inventory $ 102,763 $ 92,481 Fuel inventory 115,364 59,336 Other inventory 24,977 11,802 Total inventory $ 243,104 $ 163,619 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, Estimated 2021 2020 Useful Life (years) Aircraft $ 56,000 $ 56,000 7 – 12 Vehicles 472,484 396,483 5 – 10 Office furniture and equipment 459,713 454,170 3 – 7 Tools and shop equipment 85,110 85,110 3 – 10 Leasehold improvements 2,812,954 2,812,954 10 – 20 Building/fuel farm 200,000 200,000 7 – 17 Total 4,086,261 4,004,717 Less: accumulated depreciation and amortization (3,817,000 ) (3,745,861 ) Property and equipment, net $ 269,261 $ 258,856 |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Notes Payable [Table Text Block] | Notes payable consist of: December 31, 2021 2020 Avfuel Corporation loan for $ 76,000 6 3 $ 67,045 $ - KeyBank PPP SBA loan forgiven in 2021. - 304,833 Subtotal 67,045 304,833 Less: current portion (9,315 ) (304,833 ) Total – long term $ 57,730 $ - |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, Deferred tax assets: 2021 2020 Stock based compensation $ 72,000 $ 60,000 Property and equipment 399,000 466,000 Total deferred tax assets 471,000 526,000 Valuation Allowance (471,000 ) (526,000 ) Deferred tax asset – net of valuation allowance $ - $ - Increase (decrease) in valuation allowance $ (55,000 ) $ 484,000 |
Federal Income Tax Note [Table Text Block] | December 31, 2021 2020 Tax at statutory rate 21.0 % 21.0 % Extinguishment of debt (PPP loan) (6.9 ) - Net operating loss carry-back - 15.8 % Valuation allowance - (21.8 %) State and local income taxes, net of federal 7.7 % 4.7 % Effective income tax expense rate 21.8 % 19.7 % |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Number of shares outstanding December 31, 2020 1,028,863 Purchase and cancellation of common stock (53,789 ) December 31, 2021 975,074 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Balance, January 1, 2020 53,328 $ 3.391 Granted 13,332 2.580 Exercised (6,666 ) 2.820 Expired (6,666 ) 2.400 Balance, December 31, 2020 53,328 $ 3.384 Granted 13,332 3.450 Expired (6,666 ) 2.250 Balance, December 31, 2021 59,994 $ 2.184 |
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 $ 3.45 13,332 4.92 - $ - $ 2.58 13,332 3.92 13,332 $ 3,933 $ 5.60 13,332 2.92 13,332 $ - $ 2.40 9,999 1.92 9,999 $ 4,750 $ 3.24 9,999 .92 9,999 $ - TOTALS 59,994 46,662 $ 8,683 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Operating Lease, Assets And Liabilities, Lessee [Table Text Block ] | December 31, 2021 2020 Right of use assets $ 387,860 $ 445,711 Current portion of debt and right of use lease liabilities $ 45,697 $ 43,306 Long term portion of debt and right of use lease liabilities $ 327,513 $ 376,933 Total right of use lease liabilities $ 373,210 $ 420,239 Weighted average remaining lease terms (years) 10 11 Weighted average discount rate 5.5 % 5.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the year ended December 31, Total 2022 $ 65,040 2023 44,496 2024 34,224 2025 34,224 2026 34,224 Thereafter 308,016 TOTAL $ 520,224 Less interest (147,014 ) Present value of lease liabilities $ 373,210 |
Note 2 - Liquidity and Materi_2
Note 2 - Liquidity and Material Agreements (Details Textual) | May 01, 2021USD ($) | Aug. 14, 2020USD ($) | Oct. 11, 2018USD ($) | Apr. 20, 2018USD ($) | Jan. 01, 2017 | Nov. 01, 2008USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Sep. 15, 2018 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2015 | Apr. 30, 2022USD ($) | Sep. 30, 2019USD ($) | Jan. 15, 2019USD ($) | Mar. 15, 2018USD ($) | May 17, 2013USD ($) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 1,899,082 | $ 2,446,906 | $ 2,446,906 | $ 1,899,082 | |||||||||||||||
Working Capital | $ 3,442,031 | 3,442,031 | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 5,382,565 | 3,506,268 | |||||||||||||||||
Net Income (Loss) Attributable to Parent, Total | 726,184 | (1,748,928) | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities, Total | 813,751 | (1,590,447) | |||||||||||||||||
Net Cash Provided by (Used in) Investing Activities, Total | (81,544) | (4,913) | |||||||||||||||||
Net Cash Provided by (Used in) Financing Activities, Total | (184,383) | (103,049) | |||||||||||||||||
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% | ||||||||||||||||||
General and Administrative Expense, Total | 0 | 144,000 | |||||||||||||||||
Concession Fees | 192,000 | 103,000 | |||||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 276,000 | ||||||||||||||||||
Financing Receivable, Interest Rate | 7.50% | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 205,000 | $ 205,000 | |||||||||||||||||
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 (Month) | 60 months | ||||||||||||||||||
Lessee, Finance Lease, Base Lease Payment | $ 2,568 | ||||||||||||||||||
Capital Lease, Lessee, Purchase Price of Capital Leased Asset | $ 1 | ||||||||||||||||||
Concession Agreement [Member] | |||||||||||||||||||
Percentage Payable Greater than Gross Receipts During Period | 18.00% | 18.00% | |||||||||||||||||
Amount of Gross Receipts During Period | $ 5,000,000 | $ 100,000 | |||||||||||||||||
Percentage Payable Greater than Gross Receipts in Year One | 25.00% | ||||||||||||||||||
Minimum Annual Guarantee Percent | 50.00% | ||||||||||||||||||
Line of Credit Facility, Payment Term (Month) | 30 months | ||||||||||||||||||
Line of Credit Facility, Number of Options to Extend Agreement | 2 | ||||||||||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 304,833 | ||||||||||||||||||
Truck Note [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 76,000 | ||||||||||||||||||
Debt Instrument, Number of Annual Payments | 6 | ||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 13,432.56 | ||||||||||||||||||
Debt Instrument Interest Rate, Per Gallon | $ 0.018 | ||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Truck Lease [Member] | |||||||||||||||||||
Capital Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 4.16% | ||||||||||||||||||
Prime Rate [Member] | Truck Note [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||||
Key Bank National Association [Member] | Term Loan [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 338,481 | ||||||||||||||||||
Long-term Debt, Current Maturities, Total | $ 0 | 0 | |||||||||||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | ||||||||||||||||||
Debt Instrument, Term (Month) | 48 months | ||||||||||||||||||
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, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Operating Lease, Right-of-Use Asset | 387,860 | 445,711 | |
Operating Lease, Liability, Noncurrent | 327,513 | 376,933 | |
Operating Lease, Liability, Current | 45,697 | 43,306 | |
Contract with Customer, Liability, Current | 80,878 | 80,878 | $ 130,395 |
Advertising Expense | $ 3,000 | $ 4,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 36,663 | 53,328 | |
Share-based Payment Arrangement, Noncash Expense, Total | $ 34,392 | $ 74,659 | |
Shares Based Compensation, Stock Options Unamortized Fair Value | $ 45,995 | ||
Share-based Compensation, Weighted Average Remaining Amortization Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0.74 | $ 1.14 | |
Two Customers with Ceased Operations [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 208,000 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 4 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers with Ceased Operations [Member] | |||
Number of Major Customers | 2 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Remaining Customers [Member] | |||
Number of Major Customers | 2 | 2 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 180,000 | $ 137,000 | $ 678,045 |
Concentration Risk, Percentage | 59.80% | 52.40% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Remaining Customers [Member] | |||
Concentration Risk, Percentage | 27.60% | ||
Concession Agreement with NYEDC, Required Deposit [Member] | |||
Restricted Cash and Cash Equivalents, Current, Total | $ 425,000 | $ 425,000 |
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, 2021 | Dec. 31, 2020 | |
Weighted average common shares outstanding, basic (in shares) | 1,023,709 | 1,024,907 |
Common shares upon exercise of options (in shares) | 3,020 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 1,026,729 | 1,024,907 |
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, 2021 | Dec. 31, 2020 | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 732.00% | 636.00% |
Risk-free interest rate | 0.00% | 0.36% |
Expected lives (years) (Year) | 5 years | 5 years |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fuel [Member] | ||
Inventory Third Party | $ 28,042 | $ 30,904 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventory (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories | $ 243,104 | $ 163,619 |
Parts [Member] | ||
Inventories | 102,763 | 92,481 |
Fuel [Member] | ||
Inventories | 115,364 | 59,336 |
Other Inventory [Member] | ||
Inventories | $ 24,977 | $ 11,802 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Depletion and Amortization, Total | $ 129,000 | $ 119,000 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Gross | $ 4,086,261 | $ 4,004,717 |
Less: accumulated depreciation and amortization | (3,817,000) | (3,745,861) |
Property and equipment, net | 269,261 | 258,856 |
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 | $ 472,484 | 396,483 |
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 | $ 459,713 | 454,170 |
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 | $ 85,110 | 85,110 |
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 | $ 2,812,954 | 2,812,954 |
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 (Details Text
Note 6 - Goodwill (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 750,000 | $ 750,000 |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 7 - Notes Payable - Summar
Note 7 - Notes Payable - Summary of Notes Payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Payable | $ 67,045 | $ 304,833 |
Notes Payable | 67,045 | 304,833 |
Less: current portion | (9,315) | (304,833) |
Total – long term | 57,730 | 0 |
Avfuel Corporation Loan [Member] | ||
Notes Payable | 67,045 | 0 |
Notes Payable | 67,045 | 0 |
KeyBank PPP SBA Loan [Member] | ||
Notes Payable | 0 | 304,833 |
Notes Payable | $ 0 | $ 304,833 |
Note 7 - Notes Payable - Summ_2
Note 7 - Notes Payable - Summary of Notes Payable (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds | $ 76,000 | $ 304,833 |
Avfuel Corporation Loan [Member] | ||
Proceeds | $ 76,000 | |
Interest rate | 3.00% | |
Debt Instrument, Term (Year) | 6 years |
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, 2021 | Dec. 31, 2020 | |
Stock based compensation | $ 72,000 | $ 60,000 |
Property and equipment | 399,000 | 466,000 |
Total deferred tax assets | 471,000 | 526,000 |
Valuation Allowance | (471,000) | (526,000) |
Deferred tax asset – net of valuation allowance | 0 | 0 |
Increase (decrease) in valuation allowance | $ (55,000) | $ 484,000 |
Note 8 - Income Taxes - Summa_2
Note 8 - Income Taxes - Summary of Provision for Income Taxes (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax at statutory rate | 21.00% | 21.00% |
Extinguishment of debt (PPP loan) | (6.90%) | 0.00% |
Net operating loss carry-back | 0.00% | 15.80% |
Valuation allowance | 0.00% | (21.80%) |
State and local income taxes, net of federal | 7.70% | 4.70% |
Effective income tax expense rate | 21.80% | 19.70% |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - shares | Aug. 17, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 27, 2019 |
Preferred Stock, Shares Authorized (in shares) | 333,306 | 333,306 | 333,306 | |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||
The 2005 Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 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 (in shares) | 190,006 | 196,672 | ||
The 2005 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Common Stock Outstanding (Details) | 12 Months Ended |
Dec. 31, 2021shares | |
Common stock outstanding (in shares) | 1,028,863 |
Purchase and cancellation of common stock (in shares) | (53,789) |
Common stock outstanding (in shares) | 975,074 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of Outstanding Options Under the Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding (in shares) | 53,328 | 53,328 |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.384 | $ 3.391 |
Granted (in shares) | 13,332 | 13,332 |
Granted, weighted average exercise price (in dollars per share) | $ 3.450 | $ 2.580 |
Exercised (in shares) | (6,666) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.820 | |
Expired (in shares) | (6,666) | (6,666) |
Expired, weighted average exercise price (in dollars per share) | $ 2.250 | $ 2.400 |
Outstanding (in shares) | 59,994 | 53,328 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.184 | $ 3.384 |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity - Summary of the Company's Stock Options (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Outstanding (in shares) | 59,994 |
Exercisable (in shares) | 46,662 |
Intrinsic Value | $ | $ 8,683 |
Range One [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 3.45 |
Outstanding (in shares) | 13,332 |
Weighted average remaining contractual life of options (Year) | 4 years 11 months 1 day |
Exercisable (in shares) | 0 |
Intrinsic Value | $ | $ 0 |
Range Two [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 2.58 |
Outstanding (in shares) | 13,332 |
Weighted average remaining contractual life of options (Year) | 3 years 11 months 1 day |
Exercisable (in shares) | 13,332 |
Intrinsic Value | $ | $ 3,933 |
Range Three [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 5.60 |
Outstanding (in shares) | 13,332 |
Weighted average remaining contractual life of options (Year) | 2 years 11 months 1 day |
Exercisable (in shares) | 13,332 |
Intrinsic Value | $ | $ 0 |
Range Four [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 2.40 |
Outstanding (in shares) | 9,999 |
Weighted average remaining contractual life of options (Year) | 1 year 11 months 1 day |
Exercisable (in shares) | 9,999 |
Intrinsic Value | $ | $ 4,750 |
Range Five [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 3.24 |
Outstanding (in shares) | 9,999 |
Weighted average remaining contractual life of options (Year) | 11 months 1 day |
Exercisable (in shares) | 9,999 |
Intrinsic Value | $ | $ 0 |
Note 10 - Employee Benefit Pl_2
Note 10 - Employee Benefit Plan (Details Textual) - USD ($) | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
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% | ||
Plan 401K [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Vesting Period (Year) | 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 | $ 36,000 | $ 42,000 |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) | Oct. 03, 2016USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 01, 2018USD ($) |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Variable Expenses Gallon | $ 43,000 | $ 36,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease, Expense | $ 34,000 | $ 34,000 | ||
Facility in Garden City, Kansas [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 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 (Year) | 14 years | |||
Operating Leases, Monthly Rent Expense | $ 565 | |||
Truck Lease [Member] | ||||
Lessee, Finance Lease, Term of Contract (Month) | 60 months | |||
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, 2021 | Dec. 31, 2020 |
Right of use assets | $ 387,860 | $ 445,711 |
Current portion of debt and right of use lease liabilities | 45,697 | 43,306 |
Long term portion of debt and right of use lease liabilities | 327,513 | 376,933 |
Total right of use lease liabilities | $ 373,210 | $ 420,239 |
Weighted average remaining lease terms (years) (Year) | 10 years | 11 years |
Weighted average discount rate | 5.50% | 5.50% |
Note 11 - Commitments - Lease L
Note 11 - Commitments - Lease Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 65,040 | |
2023 | 44,496 | |
2024 | 34,224 | |
2025 | 34,224 | |
2026 | 34,224 | |
Thereafter | 308,016 | |
TOTAL | 520,224 | |
Less interest | (147,014) | |
Present value of lease liabilities | $ 373,210 | $ 420,239 |
Note 12 - Dividend Payable (Det
Note 12 - Dividend Payable (Details Textual) - $ / shares | Sep. 30, 2019 | Nov. 01, 2019 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.50 | |
Dividends, Per Share to be Paid in Equal Quarterly Installments (in dollars per share) | $ 0.125 |
Note 15 - Contingent Liabilit_2
Note 15 - Contingent Liabilities (Details Textual) - Empire Aviation [Member] - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingency, Estimate of Contingent Liability | $ 153,000 | |
Minimum [Member] | ||
Loss Contingency, Estimate of Contingent Liability | $ 750,000 |