Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 976,330 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and restricted cash | $ 3,094,329 | $ 2,446,906 |
Accounts receivable | 291,016 | 305,409 |
Inventories | 281,168 | 243,104 |
Income tax receivable | 693,578 | 693,578 |
Prepaid expenses | 210,681 | 505,718 |
Total current assets | 4,570,772 | 4,194,715 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,850,090 and $3,817,000, respectively | 249,836 | 269,261 |
OTHER ASSETS | ||
Right of use assets | 374,194 | 387,860 |
Goodwill | 750,000 | 750,000 |
Total other assets | 1,124,194 | 1,137,860 |
TOTAL ASSETS | 5,944,802 | 5,601,836 |
CURRENT LIABILITIES | ||
Accounts payable | 496,208 | 212,221 |
Customer deposits | 180,878 | 80,878 |
Accrued expenses | 397,883 | 404,573 |
Note Payable – Current | 9,461 | 9,315 |
Right of use leases payable – current portion | 46,316 | 45,697 |
Total current liabilities | 1,130,746 | 752,684 |
LONG-TERM LIABILITIES | ||
Note Payable – Long Term | 54,101 | 57,730 |
Right of use leases payable - less current portion | 315,699 | 327,513 |
Total liabilities | 1,500,546 | 1,137,927 |
STOCKHOLDERS’ EQUITY | ||
Common stock - $0.03 par value; authorized 3,333,334; 976,330 and 975,074 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 29,290 | 29,252 |
Additional paid-in capital | 19,752,298 | 19,740,837 |
Accumulated deficit | (15,337,332) | (15,306,180) |
TOTAL STOCKHOLDERS’ EQUITY | 4,444,256 | 4,463,909 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 5,944,802 | $ 5,601,836 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Depreciation, Depletion and Amortization | $ 3,850,090 | $ 3,817,000 |
Preferred stock, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Preferred stock, authorized (in shares) | 333,306 | 333,306 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, 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) | 976,330 | 975,074 |
Common stock, shares outstanding (in shares) | 976,330 | 975,074 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUE | $ 1,820,739 | $ 809,096 |
COST OF REVENUE | 1,253,220 | 565,135 |
GROSS PROFIT | 567,519 | 243,961 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 692,517 | 499,544 |
OPERATING LOSS FROM OPERATIONS | (124,998) | (255,583) |
OTHER INCOME (EXPENSE): | ||
BAD DEBT RECOVERY | 100,000 | |
INTEREST EXPENSE | (6,154) | (5,657) |
NET OTHER INCOME (EXPENSE) | (93,846) | 5,657 |
LOSS FROM OPERATIONS, before income taxes | (31,152) | (261,240) |
INCOME TAX EXPENSE | 0 | 4,426 |
NET LOSS | $ (31,152) | $ (265,666) |
Basic and Diluted Net Loss Per Common Share (in dollars per share) | $ (0.03) | $ (0.26) |
Weighted Average Number of Common Shares – Basic (in shares) | 975,186 | 1,028,863 |
Weighted Average Number of Common Shares – Diluted (in shares) | 994,746 | 1,035,031 |
Statement of Condensed Stockhol
Statement of Condensed Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 | 8,598 | 8,598 | ||
Net loss | (265,666) | (265,666) | ||
Balance (in shares) at Mar. 31, 2021 | 1,028,863 | |||
Balance at Mar. 31, 2021 | $ 30,866 | 19,917,828 | (16,298,030) | 3,650,664 |
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 |
Amortization of stock based compensation | 11,499 | 11,499 | ||
Net loss | (31,152) | (31,152) | ||
Issuance of additional Common Stock in connection with cashless exercise of options (in shares) | 1,256 | |||
Issuance of additional Common Stock in connection with cashless exercise of options | $ 38 | (38) | 0 | |
Balance (in shares) at Mar. 31, 2022 | 976,330 | |||
Balance at Mar. 31, 2022 | $ 29,290 | $ 19,752,298 | $ (15,337,332) | $ 4,444,256 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (31,152) | $ (265,666) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 33,090 | 25,302 |
Stock based compensation | 11,499 | 8,598 |
Changes in operating assets and liabilities: | ||
Accounts receivable, trade | 14,393 | 17,590 |
Inventories | (38,064) | (30,511) |
Prepaid expenses | 295,036 | 85,485 |
Customer deposits | 100,000 | |
Accounts payable | 283,987 | 43,987 |
Accrued expenses | (6,690) | 16,024 |
TOTAL ADJUSTMENTS | 693,251 | 166,475 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 662,099 | (99,191) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | 0 | (1,203) |
NET CASH USED IN INVESTING ACTIVITIES | 0 | (1,203) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of notes payable | (3,483) | |
Repayment of right of use leases payable | (11,193) | (6,835) |
NET CASH USED IN FINANCING ACTIVITIES | (14,676) | (6,835) |
NET CHANGE IN CASH AND RESTRICTED CASH | 647,423 | (107,229) |
CASH AND RESTRICTED CASH – Beginning | 2,446,906 | 1,899,082 |
CASH AND RESTRICTED CASH – Ending | 3,094,329 | 1,791,853 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | $ 6,154 | 5,657 |
Income taxes | $ 4,426 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form 10 not 10 December 31, 2021. The condensed consolidated balance sheet as of March 31, 2022 three March 31, 2022 2021 March 31, 2022 three March 31, 2022 not three March 31, 2022 not The COVID- 19 19 March 17, 2020 July 20, 2020, 4 For the period July 20, 2020 March 31, 2022, April 2022, no 10 19 |
Note 2 - Liquidity and Material
Note 2 - Liquidity and Material Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | NOTE 2 Liquidity and Material Agreements As of March 31, 2022, March 31, 2022 . March 31, 2022, As disclosed in a Current Report on Form 8 March 21, 2018 March 15, 2018 three October 11, 2018, June 30, 2021. three March 31, 2022 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 2022 three March 31, 2022 2021. On August 14, 2020, March 27, 2020. August 14, 2020, 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 no March 31, 2022 2021. 2021 2020. 2021 10 15. three March 31, 2022 2021, 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. March 2022, April 2022, January 2022 March 31, 2022 2021, On April 20, 2018, May 1, 2018 may On May 1, 2021, April 30, 2022 April 30, 2028. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 Summary of Significant Accounting Policies Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FirstFlight Heliports, LLC, and its fixed base operation and aircraft maintenance and repair services at Garden City (Kansas) Regional Airport. All significant inter-company accounts and transactions have been eliminated in consolidation. Cash and restricted cash The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not March 31, 2022 2021. Net Loss Per Common Share Net loss was $(31,152) and $(265,666) for the three March 31, 2022 2021, The following table sets forth the components used in the computation of basic net income per share: For the Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding, basic 975,186 1,028,863 Common shares upon exercise of options 19,560 6,168 Weighted average common shares outstanding, diluted 994,746 1,035,031 Stock-Based Compensation Stock-based compensation expense for all stock-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 the three March 31, 2022 2021, March 31, 2022, 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 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
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 for our MRO operation in Kansas. 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: March 31, 2022 December 31 , 2021 Parts inventory $ 104,106 $ 102,763 Fuel inventory 159,593 115,364 Other inventory 17,469 24,977 Total inventory $ 281,168 $ 243,104 Total Inventory $ 281,168 $ 243,104 Included in fuel inventory are amounts held for third March 31, 2022 December 31, 2021, |
Note 5 - Related Parties
Note 5 - Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 5 Related Parties As described in more detail in Note 2, |
Note 6 - Litigation
Note 6 - Litigation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 6 Litigation From time to time, the Company may one may not, |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding, basic 975,186 1,028,863 Common shares upon exercise of options 19,560 6,168 Weighted average common shares outstanding, diluted 994,746 1,035,031 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31 , 2021 Parts inventory $ 104,106 $ 102,763 Fuel inventory 159,593 115,364 Other inventory 17,469 24,977 Total inventory $ 281,168 $ 243,104 Total Inventory $ 281,168 $ 243,104 |
Note 2 - Liquidity and Materi_2
Note 2 - Liquidity and Material Agreements (Details Textual) | May 01, 2021USD ($) | Aug. 14, 2020USD ($) | Apr. 20, 2018USD ($) | Jan. 01, 2017 | Nov. 01, 2008USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2015 | Apr. 30, 2022USD ($) | Mar. 15, 2018USD ($) |
Cash and Cash Equivalents, at Carrying Value, Total | $ 3,094,329 | $ 3,094,329 | ||||||||||
Working Capital | 3,440,026 | $ 3,440,026 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,820,739 | $ 809,096 | ||||||||||
Net Income (Loss) Attributable to Parent, Total | (31,152) | (265,666) | ||||||||||
Net Cash Provided by (Used in) Operating Activities, Total | 662,099 | (99,191) | ||||||||||
Net Cash Provided by (Used in) Financing Activities, Total | (14,676) | (6,835) | ||||||||||
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 | 123,000 | 0 | ||||||||||
Concession Fees | 249,000 | 0 | ||||||||||
Truck Lease [Member] | ||||||||||||
Lessee, Finance Lease, Term of Contract (Month) | 60 months | |||||||||||
Lessee, Finance Lease, Base Lease Payment | $ 2,568 | |||||||||||
Capital Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 5.50% | |||||||||||
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 | |||||||||||
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 | $ 0 | |||||||||
Acquisition Line of Credit [Member] | Key Bank National Association [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |||||||||||
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% |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ (31,152) | $ (265,666) |
Share-Based Payment Arrangement, Expense | 11,499 | 8,598 |
Shares Based Compensation, Stock Options Unamortized Fair Value | $ 34,496 | |
Share-based Compensation, Weighted Average Remaining Amortization Period (Year) | 5 years | |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average common shares outstanding, basic (in shares) | 975,186 | 1,028,863 |
Common shares upon exercise of options (in shares) | 19,560 | 6,168 |
Weighted average common shares outstanding, diluted (in shares) | 994,746 | 1,035,031 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fuel [Member] | ||
Inventory Third Party | $ 15,795 | $ 28,042 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventory (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Inventories | $ 281,168 | $ 243,104 | $ 243,104 |
Total Inventory | 281,168 | 243,104 | $ 243,104 |
Parts [Member] | |||
Inventories | 104,106 | 102,763 | |
Total Inventory | 104,106 | 102,763 | |
Fuel [Member] | |||
Inventories | 159,593 | 115,364 | |
Total Inventory | 159,593 | 115,364 | |
Other Inventory [Member] | |||
Inventories | 17,469 | 24,977 | |
Total Inventory | $ 17,469 | $ 24,977 |