Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001823587 | |
Entity Registrant Name | Sky Harbour Group Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39648 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-2732947 | |
Entity Address, Address Line One | 136 Tower Road, Suite 205 | |
Entity Address, City or Town | White Plains | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10604 | |
City Area Code | 212 | |
Local Phone Number | 554-5990 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,046,356 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | SKYH | |
Security Exchange Name | NYSEAMER | |
Entity Common Stock, Shares Outstanding | 21,848,410 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | |
Trading Symbol | SKYH WS | |
Security Exchange Name | NYSEAMER |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 2,471 | $ 2,174 |
Restricted cash | 34,289 | 39,222 |
Investments | 16,832 | 24,895 |
Restricted investments | 80,183 | 114,648 |
Prepaid expenses and other assets | 3,835 | 4,448 |
Right-of-use assets | 56,829 | 56,716 |
Total assets | 332,777 | 331,204 |
Liabilities and equity | ||
Accounts payable, accrued expenses and other liabilities | 13,903 | 14,184 |
Operating lease liabilities | 55,027 | 53,531 |
Loans payable and finance lease liabilities | 10,561 | 0 |
Bonds payable, net of debt issuance costs and premiums | 162,368 | 162,210 |
Warrants liability | 2,904 | 2,904 |
Total liabilities | 244,763 | 232,829 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of September 30, 2023; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 31,139 | 29,560 |
Accumulated deficit | (8,791) | (3,184) |
Accumulated other comprehensive income (loss) | 298 | (102) |
Total Sky Harbour Group Corporation stockholders’ equity | 22,651 | 26,279 |
Non-controlling interests | 65,363 | 72,096 |
Total equity | 88,014 | 98,375 |
Total liabilities and equity | 332,777 | 331,204 |
Common Class A [Member] | ||
Stockholders’ equity | ||
Common stock | 1 | 1 |
Common Class B [Member] | ||
Stockholders’ equity | ||
Common stock | 4 | 4 |
Construction in Progress [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 48,153 | 48,242 |
Asset under Construction [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 78,110 | 39,709 |
Equipment and Software [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | $ 12,075 | $ 1,150 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | |
Preferred stock, shares issued (in shares) | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 15,252,574 | 14,962,831 |
Common stock, shares outstanding (in shares) | 15,252,574 | 14,962,831 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 42,046,356 | 42,192,250 |
Common stock, shares outstanding (in shares) | 42,046,356 | 42,192,250 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue: | ||||
Rental revenue | $ 2,502 | $ 431 | $ 5,337 | $ 1,236 |
Total revenue | 2,502 | 431 | 5,337 | 1,236 |
Expenses: | ||||
Operating | 1,675 | 1,228 | 5,179 | 3,652 |
Depreciation | 670 | 148 | 1,650 | 447 |
Loss on impairment of long-lived assets | 0 | 0 | 0 | 248 |
General and administrative | 3,556 | 3,599 | 10,838 | 12,136 |
Total expenses | 5,901 | 4,975 | 17,667 | 16,483 |
Operating loss | (3,399) | (4,544) | (12,330) | (15,247) |
Other (income) expense: | ||||
Interest expense | 234 | 0 | 316 | 0 |
Unrealized gain on warrants | (1,597) | (1,452) | 0 | (2,904) |
Other income | (37) | 0 | (252) | 0 |
Total other (income) expense | (1,400) | (1,452) | 64 | (2,904) |
Net loss | (1,999) | (3,092) | (12,394) | (12,343) |
Net loss attributable to non-controlling interests | (1,810) | (2,479) | (6,788) | (8,632) |
Net loss attributable to Sky Harbour Group Corporation shareholders | $ (189) | $ (613) | $ (5,606) | $ (3,711) |
Loss per share | ||||
Basic (in dollars per share) | $ (0.01) | $ (0.04) | $ (0.37) | $ (0.27) |
Diluted (in dollars per share) | $ (0.01) | $ (0.04) | $ (0.37) | $ (0.27) |
Weighted average shares | ||||
Basic (in shares) | 15,245 | 14,949 | 15,132 | 13,628 |
Diluted (in shares) | 15,245 | 14,949 | 15,132 | 13,628 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss | $ (1,999) | $ (3,092) | $ (12,394) | $ (12,343) |
Other comprehensive income (loss), before related income taxes: | ||||
Unrealized gain (loss) on available-for-sale securities | 204 | (147) | 521 | (231) |
Total comprehensive loss | $ (1,795) | $ (3,239) | $ (11,873) | $ (12,574) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Prior to Recapitalization [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Prior to Recapitalization [Member] Common Stock [Member] Common Class A [Member] | Prior to Recapitalization [Member] Common Stock [Member] Common Class B [Member] | Prior to Recapitalization [Member] Additional Paid-in Capital [Member] | Prior to Recapitalization [Member] Retained Earnings [Member] | Prior to Recapitalization [Member] AOCI Attributable to Parent [Member] | Prior to Recapitalization [Member] Parent [Member] | Prior to Recapitalization [Member] Members Equity [Member] | Prior to Recapitalization [Member] Noncontrolling Interest [Member] | Prior to Recapitalization [Member] | After Recapitalization [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | After Recapitalization [Member] Common Stock [Member] Common Class A [Member] | After Recapitalization [Member] Common Stock [Member] Common Class B [Member] | After Recapitalization [Member] Additional Paid-in Capital [Member] | After Recapitalization [Member] Retained Earnings [Member] | After Recapitalization [Member] AOCI Attributable to Parent [Member] | After Recapitalization [Member] Parent [Member] | After Recapitalization [Member] Members Equity [Member] | After Recapitalization [Member] Noncontrolling Interest [Member] | After Recapitalization [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Members Equity [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 54,029 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16,931 | $ 0 | $ 16,931 | |||||||||||||||||||||
Sky incentive compensation | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 63 | $ 63 | ||||||||||||||||||||
Net income (loss), parent | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,247) | 0 | 0 | 0 | 0 | (15,763) | 0 | (15,763) | 0 | ||||||||||||||
Net income (loss), nci | $ 0 | $ (2,504) | ||||||||||||||||||||||||||||
Net loss | $ (1,247) | (18,267) | ||||||||||||||||||||||||||||
Sky incentive compensation prior to recapitalization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23 | $ 0 | 23 | ||||||||||||||||||||
Net income (loss) | $ (1,247) | $ (18,267) | ||||||||||||||||||||||||||||
Yellowstone Transaction and recapitalization (in shares) | 0 | 14,937,581 | 42,192,250 | |||||||||||||||||||||||||||
Yellowstone Transaction and recapitalization | $ (54,029) | $ 1 | $ 4 | 28,681 | 0 | $ 0 | 28,686 | (15,707) | 81,024 | 94,003 | ||||||||||||||||||||
Net loss following recapitalization | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,247) | $ 0 | $ 0 | $ 0 | $ 0 | $ (15,763) | $ 0 | $ (15,763) | $ 0 | ||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 0 | 14,937,581 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 1 | $ 4 | 28,681 | (15,763) | 12,923 | 0 | 78,583 | 91,506 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 54,029 | $ 0 | $ 0 | 0 | 0 | 0 | 16,931 | 0 | 16,931 | |||||||||||||||||||||
Net income (loss), parent | (3,711) | |||||||||||||||||||||||||||||
Net income (loss), nci | (8,632) | |||||||||||||||||||||||||||||
Net loss | (12,343) | |||||||||||||||||||||||||||||
Net income (loss) | (12,343) | |||||||||||||||||||||||||||||
Net loss following recapitalization | (3,711) | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (231) | |||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 0 | 14,962,831 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 1 | $ 4 | 29,254 | (3,711) | (231) | 25,317 | 0 | 73,872 | 99,189 | ||||||||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 0 | 14,937,581 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 1 | $ 4 | 28,681 | (15,763) | 12,923 | 0 | 78,583 | 91,506 | |||||||||||||||||||||
Sky incentive compensation | 0 | 0 | 0 | 160 | 0 | 0 | 160 | 0 | 85 | 245 | ||||||||||||||||||||
Net income (loss), parent | 0 | 0 | 0 | 0 | 12,665 | 0 | 12,665 | 0 | ||||||||||||||||||||||
Net income (loss), nci | (2,402) | |||||||||||||||||||||||||||||
Net loss | 10,263 | |||||||||||||||||||||||||||||
Net income (loss) | 10,263 | |||||||||||||||||||||||||||||
Net loss following recapitalization | 0 | 0 | 0 | 0 | 12,665 | 0 | 12,665 | 0 | ||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | $ 0 | $ 0 | $ 0 | 0 | 0 | (84) | (84) | 0 | (84) | |||||||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 0 | 14,937,581 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 1 | $ 4 | 28,841 | (3,098) | (84) | 25,664 | 0 | 76,266 | 101,930 | ||||||||||||||||||||
Sky incentive compensation | 0 | 0 | 0 | 298 | 0 | 0 | 298 | 0 | 85 | 383 | ||||||||||||||||||||
Net income (loss), parent | $ 0 | $ 0 | $ 0 | 0 | (613) | 0 | (613) | 0 | (613) | |||||||||||||||||||||
Net income (loss), nci | (2,479) | (2,479) | ||||||||||||||||||||||||||||
Net loss | (3,092) | |||||||||||||||||||||||||||||
Exercise of warrants (in shares) | 0 | 250 | 0 | |||||||||||||||||||||||||||
Exercise of warrants | $ 0 | $ 0 | $ 0 | 3 | 0 | 3 | 0 | 0 | 3 | |||||||||||||||||||||
Net income (loss) | (3,092) | |||||||||||||||||||||||||||||
Net loss following recapitalization | 0 | 0 | 0 | 0 | (613) | 0 | (613) | 0 | (613) | |||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | $ 0 | $ 0 | $ 0 | 0 | 0 | (147) | (147) | 0 | 0 | (147) | ||||||||||||||||||||
Issuance of initial commitment shares (in shares) | 0 | 25,000 | 0 | |||||||||||||||||||||||||||
Issuance of initial commitment shares | $ 0 | $ 0 | $ 0 | 112 | 0 | 0 | 112 | 0 | 0 | 112 | ||||||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 0 | 14,962,831 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 1 | $ 4 | 29,254 | (3,711) | (231) | 25,317 | 0 | 73,872 | 99,189 | ||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 0 | 14,962,831 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 1 | $ 4 | 29,560 | (3,184) | (102) | 26,279 | 0 | 72,096 | 98,375 | ||||||||||||||||||||
Sky incentive compensation | $ 0 | $ 0 | $ 0 | 393 | 0 | 0 | 393 | 0 | 85 | 478 | ||||||||||||||||||||
Exchange of Class B Common Stock (in shares) | 0 | 145,894 | 145,894 | |||||||||||||||||||||||||||
Exchange of Class B Common Stock | $ 0 | $ 0 | $ 0 | 184 | 0 | 0 | 184 | 0 | (184) | 0 | ||||||||||||||||||||
Exchange of Class B Common Stock (in shares) | 0 | (145,894) | (145,894) | |||||||||||||||||||||||||||
Other comprehensive income | $ 0 | $ 0 | $ 0 | 0 | 0 | 177 | 177 | 0 | 0 | 177 | ||||||||||||||||||||
Net income (loss), parent | 0 | 0 | 0 | 0 | (6,196) | 0 | (6,196) | 0 | ||||||||||||||||||||||
Net income (loss), nci | (2,565) | |||||||||||||||||||||||||||||
Net loss | (8,761) | |||||||||||||||||||||||||||||
Net income (loss) | (8,761) | |||||||||||||||||||||||||||||
Net loss following recapitalization | $ 0 | $ 0 | $ 0 | 0 | (6,196) | 0 | (6,196) | 0 | ||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 0 | 15,108,725 | 42,046,356 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 1 | $ 4 | 30,137 | (9,380) | 75 | 20,837 | 0 | 69,432 | 90,269 | ||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 0 | 14,962,831 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 1 | $ 4 | 29,560 | (3,184) | (102) | 26,279 | 0 | 72,096 | 98,375 | ||||||||||||||||||||
Net income (loss), parent | (5,606) | |||||||||||||||||||||||||||||
Net income (loss), nci | (6,788) | |||||||||||||||||||||||||||||
Net loss | (12,394) | |||||||||||||||||||||||||||||
Net income (loss) | (12,394) | |||||||||||||||||||||||||||||
Net loss following recapitalization | (5,606) | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 521 | |||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 0 | 15,252,574 | 42,046,356 | |||||||||||||||||||||||||||
Balance at Sep. 30, 2023 | $ 0 | $ 1 | $ 4 | 31,139 | (8,791) | 298 | 22,651 | 0 | 65,363 | 88,014 | ||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 0 | 15,108,725 | 42,046,356 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 1 | $ 4 | 30,137 | (9,380) | 75 | 20,837 | 0 | 69,432 | 90,269 | ||||||||||||||||||||
Sky incentive compensation | 0 | 0 | 0 | 499 | 0 | 0 | 499 | 0 | 81 | 580 | ||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 38 | 38 | 0 | 0 | 38 | ||||||||||||||||||||
Net income (loss), parent | $ 0 | $ 0 | $ 0 | 0 | 778 | 0 | 778 | 0 | ||||||||||||||||||||||
Net income (loss), nci | (2,412) | |||||||||||||||||||||||||||||
Net loss | (1,634) | |||||||||||||||||||||||||||||
Vesting of restricted stock units (in shares) | 0 | 124,261 | 0 | |||||||||||||||||||||||||||
Exercise of warrants (in shares) | 0 | 225 | 0 | |||||||||||||||||||||||||||
Exercise of warrants | $ 0 | $ 0 | $ 0 | 3 | 0 | 0 | 3 | 0 | 0 | 3 | ||||||||||||||||||||
Net income (loss) | (1,634) | |||||||||||||||||||||||||||||
Net loss following recapitalization | $ 0 | $ 0 | $ 0 | 0 | 778 | 0 | 778 | 0 | ||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 0 | 15,233,211 | 42,046,356 | |||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 1 | $ 4 | 30,639 | (8,602) | 113 | 22,155 | 0 | 67,101 | 89,256 | ||||||||||||||||||||
Sky incentive compensation | 0 | 0 | 0 | 500 | 0 | 0 | 500 | 0 | 72 | 572 | ||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 185 | 185 | 0 | 0 | 185 | ||||||||||||||||||||
Net income (loss), parent | $ 0 | $ 0 | $ 0 | 0 | (189) | 0 | (189) | 0 | (189) | |||||||||||||||||||||
Net income (loss), nci | (1,810) | (1,810) | ||||||||||||||||||||||||||||
Net loss | (1,999) | |||||||||||||||||||||||||||||
Vesting of restricted stock units (in shares) | 0 | 19,363 | 0 | |||||||||||||||||||||||||||
Net income (loss) | (1,999) | |||||||||||||||||||||||||||||
Net loss following recapitalization | $ 0 | $ 0 | $ 0 | 0 | (189) | 0 | (189) | 0 | (189) | |||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 204 | |||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 0 | 15,252,574 | 42,046,356 | |||||||||||||||||||||||||||
Balance at Sep. 30, 2023 | $ 0 | $ 1 | $ 4 | $ 31,139 | $ (8,791) | $ 298 | $ 22,651 | $ 0 | $ 65,363 | $ 88,014 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (12,394) | $ (12,343) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,650 | 447 |
Straight-line rent adjustments, net | (188) | 14 |
Equity-based compensation | 1,630 | 826 |
Loss on impairment of long-lived assets | 0 | 248 |
Non-cash operating lease expense | 1,409 | 1,451 |
Unrealized gain on warrants | 0 | (2,904) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 674 | (1,768) |
Right-of-use asset initial direct costs | (26) | (9,555) |
Accounts payable, accrued expenses and other liabilities | 982 | (1,698) |
Net cash used in operating activities | (6,263) | (25,282) |
Cash flows from investing activities: | ||
Purchases of long-lived assets | (597) | (645) |
Payments for cost of construction | (40,043) | (35,597) |
Investment in notes receivable, net | (2,040) | (1,955) |
Net cash provided by acquisition of business | 1,793 | 0 |
Purchases of available for sale investments | (5,427) | (29,996) |
Purchases of held-to-maturity investments | (103,994) | (193,822) |
Proceeds from available for sale investments | 14,011 | 0 |
Proceeds from held-to-maturity investments | 138,434 | 48,466 |
Net cash provided by (used in) investing activities | 2,137 | (213,549) |
Cash flows from financing activities: | ||
Proceeds from issuance of BOC PIPE | 0 | 45,000 |
Proceeds from Yellowstone trust | 0 | 15,691 |
Proceeds from exercise of warrants | 3 | 3 |
Principal payments for loans payable and finance leases | (513) | 0 |
Refund of debt issuance costs | 0 | 1,249 |
Payments for equity issuance costs | 0 | (9,153) |
Net cash (used in) provided by financing activities | (510) | 52,790 |
Net decrease in cash and restricted cash | (4,636) | (186,041) |
Cash and restricted cash, beginning of year | 41,396 | 203,935 |
Cash and restricted cash, end of period | $ 36,760 | $ 17,894 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Business Operations Sky Harbour Group Corporation (“SHG”) is a holding company organized under the laws of the State of Delaware and, through its main operating subsidiary, Sky Harbour LLC and its subsidiaries (collectively, “Sky”), is an aviation infrastructure development company that develops, leases and manages general aviation hangars for business aircraft across the United States. Sky Harbour Group Corporation and its consolidated subsidiaries are collectively referred to as the “Company.” The Company is organized as an umbrella partnership-C corporation, or “Up-C”, structure in which substantially all of the operating assets of the Company are held by Sky and SHG’s only substantive assets are its equity interests in Sky (the “Sky Common Units”). As of September 30, 2023 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2022, Certain historical amounts have been reclassified to conform to the current year’s presentation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining the fair value of financial instruments such as warrants, estimates and assumptions related to right-of-use assets and operating lease liabilities, and estimates and assumptions used in the determination of the fair value of assets acquired and liabilities assumed in the business combination. Actual results could differ materially from those estimates. Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company has been engaged in securing access to land through ground leases and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs due to inflation and increased borrowing costs to the extent that the Company incurs additional indebtedness. Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one Significant Accounting Policies Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not no Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. Activities associated with internally manufactured hangar buildings, including materials, direct manufacturing labor, and manufacturing overhead directly identifiable with such activities are allocated to our construction projects and capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 842 12 not 12 The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not not Warrants liability On January 25, 2022 ( August 1, 2021 9 Warrants 815, 815” not Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 7 Leases not 842 Variable lease payments consist of tenant reimbursements for common area maintenance, utilities, and operating expenses of the property, and various other fees, including fees associated with the delivery of aircraft fuel, late fees, and lease termination fees. Variable lease payments are charged based on the terms and conditions included in the respective tenant leases and are recognized in the same period as the expenses are incurred. For the three nine September 30, 2023, three nine September 30, 2023 two 4 Cost of Construction and Constructed Assets three nine September 30, 2022, As of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 For the three nine September 30, 2023 10% three nine September 30, 2023, three nine September 30, 2022, two Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three nine September 30, 2023 2022. three nine September 30, 2023 2022 not not Recently Adopted Accounting Pronouncements Credit Losses (Topic 326 In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” 2016 13, 326 first 2023. not |
Note 3 - Investments and Restri
Note 3 - Investments and Restricted Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investments and Restricted Investments Investments of the Company's cash in various U.S. Treasury securities have been classified as available-for-sale and are carried at estimated fair value utilizing Level 1 Pursuant to provisions within the Master Indenture of the Series 2021 8 Bonds payable, loans payable, and interest not not not three nine September 30, 2023. September 30, 2023, not 1 The following tables are summaries of the amortized cost, unrealized gains, unrealized losses, and fair value by investment type as of September 30, 2023 December 31, 2022: September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 16,534 $ 298 $ - $ 16,832 Total investments $ 16,534 $ 298 $ - $ 16,832 Restricted investments, held-to-maturity: U.S. Treasuries 80,183 599 (1,114 ) 79,668 Total restricted investments $ 80,183 $ 599 $ (1,114 ) $ 79,668 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 24,997 $ 65 $ (167 ) $ 24,895 Total investments $ 24,997 $ 65 $ (167 ) $ 24,895 Restricted investments, held-to-maturity: U.S. Treasuries 114,648 299 (1,991 ) 112,956 Total restricted investments $ 114,648 $ 299 $ (1,991 ) $ 112,956 The following table sets forth the maturity profile of the Company's investments and restricted investments as of September 30, 2023: Investments Restricted Investments Due within one year $ 16,832 $ 63,432 Due one year through five years - 16,751 Total $ 16,832 $ 80,183 |
Note 4 - Cost of Construction a
Note 4 - Cost of Construction and Constructed Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cost of Construction and Constructed Assets [Text Block] | 4. Cost of Construction and Constructed Assets The Company’s portfolio as of September 30, 2023 ● Sugar Land Regional Airport (“SGR”), Sugar Land, TX (Houston area); ● Miami-Opa Locka Executive Airport (“OPF”), Opa-Locka, FL (Miami area); ● Nashville International Airport (“BNA”), Nashville, TN; ● Centennial Airport (“APA”), Englewood, CO (Denver area); ● Phoenix Deer Valley Airport (“DVT”), Phoenix, AZ; and ● Addison Airport (“ADS”), Addison, TX (Dallas area). Constructed assets, net, and cost of construction, consists of the following: September 30, 2023 December 31, 2022 Constructed assets, net of accumulated depreciation: Buildings, SGR, BNA, and OPF (Phase I) $ 80,611 $ 40,921 Accumulated depreciation (2,501 ) (1,212 ) $ 78,110 $ 39,709 Cost of construction: OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) $ 48,153 $ 48,242 Depreciation expense for the three September 30, 2023 2022 nine September 30, 2023 2022 |
Note 5 - Long-lived Assets
Note 5 - Long-lived Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Long-lived Assets Long-lived assets, net, consists of the following: September 30, 2023 December 31, 2022 Ground support equipment $ 1,034 $ 485 Machinery and equipment 3,710 - Buildings 5,380 - Land 1,620 - Other equipment and fixtures 531 110 Purchase deposits and construction in progress 435 650 12,710 1,245 Accumulated depreciation (635 ) (95 ) $ 12,075 $ 1,150 Depreciation expense for the three September 30, 2023 2022 nine September 30, 2023 2022 three nine September 30, 2023, September 30, 2023 December 31, 2022, not not |
Note 6 - Supplemental Balance S
Note 6 - Supplemental Balance Sheet and Cash Flow Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet and Cash Flow Disclosure [Text Block] | 6. Supplemental Balance Sheet and Cash Flow Information Rapidbuilt Acquisition On May 12, 2023 ( Rapidbuilt is a manufacturer of pre-engineered steel buildings that previously entered into a supplier arrangement with Sky. Rapidbuilt and Sky’s strategic partnership has resulted in a standard set of proprietary prototype hangar designs, which are intended to deliver high-quality business aviation facilities, lower construction costs, minimize development risk, expedite permit issuance, and facilitate the implementation of refinements across Sky’s portfolio. The Company had pre-existing relationships with Rapidbuilt through a vendor agreement entered into in July 2022 No The total cash purchase consideration was nominal. The Company accounted for the acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to assets acquired and liabilities assumed based on respective estimated fair values. The estimated fair values of the acquired assets and assume liabilities are based on preliminary calculations and subject to further refinement and may not one no not The following tables summarize the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed for the Rapidbuilt Acquisition: May 12, 2023 Cash $ 293 Restricted Cash 1,500 Long-lived assets 10,821 Total assets 12,614 Accounts payable, accrued expenses and other liabilities 1,496 Loans payable and finance lease liabilities 11,074 Total liabilities 12,570 Total fair value of net assets acquired 44 Effective settlement of net receivable from Rapidbuilt 44 Total consideration transferred $ 44 Substantially all of Overflow and Rapidbuilt's activities relate to the manufacturing of pre-engineering hangar structures for Sky's hangar development projects. As such, the pro-forma effect of this acquisition on revenues and earnings was not three nine September 30, 2023. Accounts payable, accrued expenses and other liabilities Accounts payable, accrued expenses and other liabilities, consists of the following: September 30, 2023 December 31, 2022 Costs of construction $ 6,317 $ 6,098 Employee compensation and benefits 1,530 2,047 Interest 1,739 3,470 Professional Fees 1,698 1,621 Other 2,619 948 $ 13,903 $ 14,184 Supplemental Cash Flow Information The following table summarizes non-cash investing and financing activities: Nine months ended September 30, 2023 September 30, 2022 Accrued costs of construction, including capitalized interest $ 8,593 $ 10,121 Accrued costs of long-lived assets 47 - Accrued equity issuance costs - 1,500 Debt issuance costs and premium amortized to cost of construction 158 228 The following table summarizes non-cash activities associated with the Company’s operating leases: Nine months ended September 30, 2023 September 30, 2022 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,368 $ 2,876 Net decrease in right-of-use assets and operating lease liabilities due to lease remeasurement $ (206 ) $ (12,189 ) The following table summarizes interest paid: Nine months ended September 30, 2023 September 30, 2022 Interest paid $ 7,256 $ 5,533 The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the total shown within the consolidated statements of cash flows: Nine months ended September 30, 2023 September 30, 2022 Cash, beginning of year $ 2,174 $ 6,805 Restricted cash, beginning of year 39,222 197,130 Cash and restricted cash, beginning of year $ 41,396 $ 203,935 Cash, end of period $ 2,471 $ 3,796 Restricted cash, end of period 34,289 38,392 Cash and restricted cash, end of period $ 36,760 $ 42,188 |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating Lease [Text Block] | 7. Leases Lessee All of the Company’s ground leases at airports are classified as operating leases under ASC Topic 842. not The Company’s lease population does not not not three nine September 30, 2023 2022 one 14 Commitments and Contingencies The Company’s ground leases have remaining terms ranging between 25 to 73 years, including options for the Company to extend the terms. These leases expire between 2049 2097, In January 2023, June 2023 one July 2024 no In addition to the Company’s ground leases, the company has operating leases for office space and ground support vehicles, and finance leases for vehicles supporting operations at Rapidbuilt. Supplemental consolidated cash flow information related to the Company’s leases was as follows: Nine months ended September 30, September 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases as lessee $ 1,504 $ 1,384 Supplemental consolidated balance sheet information related to the Company’s leases was as follows: Weighted Average Remaining Lease Term September 30, 2023 December 31, 2022 Operating leases as lessee (in years) 54.3 55.3 Weighted Average Discount Rate Operating leases as lessee 4.65 % 4.62 % The Company’s future minimum lease payments required under leases as of September 30, 2023 Year Ending December 31, Operating Leases Finance Leases 2023 (remainder of year) $ 482 $ 8 2024 2,137 29 2025 2,379 23 2026 2,431 17 2027 2,494 2 Thereafter 199,870 - Total lease payments 209,793 79 Less imputed interest (154,766 ) (5 ) Total $ 55,027 $ 74 Lessor The Company leases the hangar facilities that it constructs to third not one ten no The leases may not not Tenant leases to which the Company is the lessor require the following non-cancelable future minimum lease payments from tenants as of September 30, 2023 Year Ending December 31, Operating Leases 2023 (remainder of year) $ 1,639 2024 6,133 2025 5,474 2026 3,352 2027 2,478 Thereafter 3,294 Total lease payments 22,370 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 22,156 |
Note 8 - Bonds Payable and Inte
Note 8 - Bonds Payable and Interest | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Bonds payable, loans payable, and interest Bonds payable On May 20, 2021, September 2021 2021 2021 not no The Series 2021 September 1, 2021 2021 1 first The Series 2021 July 1, 2036; July 1, 2041; July 1, 2054. 2021 July 1, 2036 January 1 July 1, January 1, 2022. 2021 July 1, 2032. On March 22, 2023 , 2021 2021 2021 2021 2021 As of September 30, 2023 December 31, 2022, 2021 1 September 30, 2023 December 31, 2022, 2 The following table summarizes the Company’s Bonds payable as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Bonds payable: Series 2021 Bonds Principal $ 166,340 $ 166,340 Premium on bonds 249 249 Bond proceeds 166,589 166,589 Debt issuance costs (4,753 ) (4,753 ) Accumulated amortization of debt issuance costs and accretion of bond premium 532 374 Total Bonds payable, net $ 162,368 $ 162,210 Rapidbuilt Loan and Guaranty Agreement In connection with the Rapidbuilt Acquisition, Sky and Vista Bank (the “Lender”) entered into a consent, waiver, and second The Rapidbuilt Loan was originated in December 2020 three first three nine September 30, 2023, January 1, April 1, July 1, October 1 December 1, 2025. Interest The following table sets forth the details of interest expense: Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest $ 1,969 $ 1,735 $ 5,522 $ 5,205 Accretion of bond premium and amortization of debt issuance costs 52 75 158 228 Total interest incurred 2,021 1,810 5,680 5,433 Less: capitalized interest (1,787 ) (1,810 ) (5,364 ) (5,433 ) Interest expense $ 234 $ - $ 316 $ - |
Note 9 - Warrants
Note 9 - Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Warrants [Text Block] | 9. Warrants SHG's legal predecessor, Yellowstone, issued to third one one September 30, 2023 The terms of the Private Warrants are identical to those of the Public Warrants, except for that so long as the Private Warrants are held by the Sponsor or its permitted transferees, they may January 25, 2027. 1 2 The closing price of the Public Warrants was $0.20 and $0.20 per warrant on September 30, 2023 December 31, 2022, September 30, 2023 December 31, 2022, three September 30, 2023 2022, not nine September 30, 2023. nine September 30, 2022. |
Note 10 - Equity and Redeemable
Note 10 - Equity and Redeemable Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. Equity and Redeemable Equity Common Equity As of September 30, 2023 one The holders of Class A Common Stock are entitled to receive dividends, as and if declared by the Company’s Board of Directors out of legally available funds. With respect to stock dividends, holders of Class A Common Stock must receive Class A Common Stock. The holders of Class B Common Stock do not Common Stock Purchase Agreement On August 18, 2022, not 36 Under the B. Riley Stock Purchase Agreement, on any trading day selected by the Company, the Company has the right, in its sole discretion, to present B. Riley with a purchase notice (each, a "VWAP Purchase Notice"), directly B. Riley (as principal) to purchase a specified amount of shares not one million no In consideration for entering into the B. Riley Stock Purchase Agreement and concurrently with the execution of the B. Riley Stock Purchase Agreement, the Company issued to B. Riley 25,000 shares of Class A Common Stock as initial commitment shares and will issue up to an aggregate of 75,000 shares of its Class A Common Stock as additional commitment shares if certain conditions and milestones are met. As of September 30, 2023, not Non-controlling interests The LLC Interests’ ownership in Sky is presented as non-controlling interests within the Equity section of the consolidated balance sheet as of September 30, 2023 may not September 30, 2023 The former majority shareholder's ownership in Overflow is presented as a non-controlling interest within the Equity section of the consolidated balance sheet. As of September 30, 2023, |
Note 11 - Equity Compensation
Note 11 - Equity Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Equity Compensation Restricted Stock Units (“RSUs”) In February 2023, 2022 four first February 13, 2027. During the three nine September 30, 2023, three nine September 30, 2022, September 30, 2023, September 30, 2023 Sky Incentive Units The Company recognized equity-based compensation expense relating to awarded equity units of Sky (the “Sky Incentive Units”) of $72 and $238 for the three nine September 30, 2023 three nine September 30, 2022, September 30, 2023 |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings (loss) per Share Basic earnings (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted net income (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG, adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive shares using the treasury stock or if-converted method as appropriate. Shares of the Company’s Class B Common Stock do not not two not Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator: Net loss $ (1,999 ) $ (3,092 ) $ (12,394 ) $ (12,343 ) Less: Net loss attributable to non-controlling interests (1,810 ) (2,479 ) (6,788 ) (8,632 ) Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders (189 ) (613 ) (5,606 ) (3,711 ) Denominator: Based and diluted weighted average shares of Class A Common Stock outstanding 15,245 14,949 15,132 13,628 Loss per share of Class A Common Stock – Basic and diluted $ (0.01 ) $ (0.04 ) $ (0.37 ) $ (0.27 ) Potentially dilutive shares excluded from the weighted-average shares used to calculate the diluted net loss per common share due the Company's net loss position were as follows (in thousands): Three Months Ended Nine Months Ended September September 30 September 30 September Shares subject to unvested restricted stock units 957 631 957 631 Shares issuable upon the exercise of Warrants 14,519 14,519 14,519 14,519 Shares issuable upon the exchange of Class B Common Stock 42,046 42,192 42,046 42,192 Shares issuable upon the exercise and exchange of Sky Incentive Units 2,808 2,808 2,808 2,808 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions On September 20, 2021, G58 September 8, 2021 35 three nine September 30, 2023, three nine September 30, 2022, September 30, 2023 For the three nine September 30, 2023, July 1, 2021. three nine September 30, 2022 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies In addition to the lease payment commitments discussed in Note 7 Leases The APA Lease requires the Company to improve the property in accordance with a development plan included in the lease and to complete such improvements within 24-months of the issuance of permitting documents. Construction began on the APA Phase I project in October 2022. The DVT Lease requires approximately $15.3 million and $14.6 million of improvements to be made for Phase I and for Phase II, if such option is exercised, respectively, within 12 no May 2026. December 2022. The Company has committed to spend $10.0 million in capital improvements on the ADS construction project. If this amount is not The Company has contracts for construction of the APA Phase I and DVT Phase I projects. The Company may |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of Accumulated other comprehensive income (loss): Unrealized gain (loss) on Available-for-sale Securities Total Balance as of December 31, 2022 $ (102 ) $ (102 ) Other comprehensive income before reclassifications 521 521 Amounts reclassified to other (income) expense (121 ) (121 ) Balance as of September 30, 2023 $ 298 $ 298 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events PWK Ground Lease On October 11, 2023, two first second no PWK is jointly owned by the Village of Wheeling and City of Prospect Heights, Illinois, and acts a primary reliever and general aviation airport within the Chicago metropolitan area. The FAA reported nearly 100,000 2021 2022, SGR Phase II Lease Termination The Company was subject to requirements in its ground lease at SGR with respect to the Company's contemplated SGR Phase II project that defined (i) a minimum improvement amount of $2.0 million and (ii) that related construction commence by October 2023, October 2023, not Private Placement and Securities Purchase Agreement On November 1, 2023, second The closing of the Initial Financing occurred on November 2, 2023 ( November 30, 2023, The PIPE Warrants are similar in form and substance to the Company’s public warrants to purchase Class A Common Stock. The PIPE Warrants are exercisable at an exercise price of $11.50 per share, subject to adjustment as set forth therein. The PIPE Warrants are fully exercisable and expire on January 25, 2027. 4.4 10 December 31, 2022, March 24, 2023. The Private Placement Purchase Agreement includes certain covenants, including a limitation on the Company’s use of the net proceeds from the Financing, certain customary standstill restrictions for a period of 90 eighteen six Registration Rights Agreement On November 1, 2023, 180 fifth not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2022, Certain historical amounts have been reclassified to conform to the current year’s presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining the fair value of financial instruments such as warrants, estimates and assumptions related to right-of-use assets and operating lease liabilities, and estimates and assumptions used in the determination of the fair value of assets acquired and liabilities assumed in the business combination. Actual results could differ materially from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company has been engaged in securing access to land through ground leases and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs due to inflation and increased borrowing costs to the extent that the Company incurs additional indebtedness. |
Liquidity and Capital Resources [Policy Text Block] | Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not no |
Cost of Construction [Policy Text Block] | Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. Activities associated with internally manufactured hangar buildings, including materials, direct manufacturing labor, and manufacturing overhead directly identifiable with such activities are allocated to our construction projects and capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 842 12 not 12 The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not not |
Derivatives, Policy [Policy Text Block] | Warrants liability On January 25, 2022 ( August 1, 2021 9 Warrants 815, 815” not |
Revenue [Policy Text Block] | Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 7 Leases not 842 Variable lease payments consist of tenant reimbursements for common area maintenance, utilities, and operating expenses of the property, and various other fees, including fees associated with the delivery of aircraft fuel, late fees, and lease termination fees. Variable lease payments are charged based on the terms and conditions included in the respective tenant leases and are recognized in the same period as the expenses are incurred. For the three nine September 30, 2023, three nine September 30, 2023 two 4 Cost of Construction and Constructed Assets three nine September 30, 2022, As of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 For the three nine September 30, 2023 10% three nine September 30, 2023, three nine September 30, 2022, two |
Income Tax, Policy [Policy Text Block] | Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three nine September 30, 2023 2022. three nine September 30, 2023 2022 not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Credit Losses (Topic 326 In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” 2016 13, 326 first 2023. not |
Note 3 - Investments and Rest_2
Note 3 - Investments and Restricted Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Available for Sale Securities, and Held to Maturity [Table Text Block] | September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 16,534 $ 298 $ - $ 16,832 Total investments $ 16,534 $ 298 $ - $ 16,832 Restricted investments, held-to-maturity: U.S. Treasuries 80,183 599 (1,114 ) 79,668 Total restricted investments $ 80,183 $ 599 $ (1,114 ) $ 79,668 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 24,997 $ 65 $ (167 ) $ 24,895 Total investments $ 24,997 $ 65 $ (167 ) $ 24,895 Restricted investments, held-to-maturity: U.S. Treasuries 114,648 299 (1,991 ) 112,956 Total restricted investments $ 114,648 $ 299 $ (1,991 ) $ 112,956 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Investments Restricted Investments Due within one year $ 16,832 $ 63,432 Due one year through five years - 16,751 Total $ 16,832 $ 80,183 |
Note 4 - Cost of Construction_2
Note 4 - Cost of Construction and Constructed Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Constructed Assets, Net and Cost of Construction [Table Text Block] | September 30, 2023 December 31, 2022 Constructed assets, net of accumulated depreciation: Buildings, SGR, BNA, and OPF (Phase I) $ 80,611 $ 40,921 Accumulated depreciation (2,501 ) (1,212 ) $ 78,110 $ 39,709 Cost of construction: OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) $ 48,153 $ 48,242 |
Note 5 - Long-lived Assets (Tab
Note 5 - Long-lived Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2023 December 31, 2022 Ground support equipment $ 1,034 $ 485 Machinery and equipment 3,710 - Buildings 5,380 - Land 1,620 - Other equipment and fixtures 531 110 Purchase deposits and construction in progress 435 650 12,710 1,245 Accumulated depreciation (635 ) (95 ) $ 12,075 $ 1,150 |
Note 6 - Supplemental Balance_2
Note 6 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | May 12, 2023 Cash $ 293 Restricted Cash 1,500 Long-lived assets 10,821 Total assets 12,614 Accounts payable, accrued expenses and other liabilities 1,496 Loans payable and finance lease liabilities 11,074 Total liabilities 12,570 Total fair value of net assets acquired 44 Effective settlement of net receivable from Rapidbuilt 44 Total consideration transferred $ 44 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2023 December 31, 2022 Costs of construction $ 6,317 $ 6,098 Employee compensation and benefits 1,530 2,047 Interest 1,739 3,470 Professional Fees 1,698 1,621 Other 2,619 948 $ 13,903 $ 14,184 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine months ended September 30, 2023 September 30, 2022 Accrued costs of construction, including capitalized interest $ 8,593 $ 10,121 Accrued costs of long-lived assets 47 - Accrued equity issuance costs - 1,500 Debt issuance costs and premium amortized to cost of construction 158 228 Nine months ended September 30, 2023 September 30, 2022 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,368 $ 2,876 Net decrease in right-of-use assets and operating lease liabilities due to lease remeasurement $ (206 ) $ (12,189 ) Nine months ended September 30, 2023 September 30, 2022 Interest paid $ 7,256 $ 5,533 Nine months ended September 30, 2023 September 30, 2022 Cash, beginning of year $ 2,174 $ 6,805 Restricted cash, beginning of year 39,222 197,130 Cash and restricted cash, beginning of year $ 41,396 $ 203,935 Cash, end of period $ 2,471 $ 3,796 Restricted cash, end of period 34,289 38,392 Cash and restricted cash, end of period $ 36,760 $ 42,188 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Supplemental Information of Leases [Table Text Block] | Nine months ended September 30, September 30, 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases as lessee $ 1,504 $ 1,384 Weighted Average Remaining Lease Term September 30, 2023 December 31, 2022 Operating leases as lessee (in years) 54.3 55.3 Weighted Average Discount Rate Operating leases as lessee 4.65 % 4.62 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, Operating Leases Finance Leases 2023 (remainder of year) $ 482 $ 8 2024 2,137 29 2025 2,379 23 2026 2,431 17 2027 2,494 2 Thereafter 199,870 - Total lease payments 209,793 79 Less imputed interest (154,766 ) (5 ) Total $ 55,027 $ 74 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2023 (remainder of year) $ 1,639 2024 6,133 2025 5,474 2026 3,352 2027 2,478 Thereafter 3,294 Total lease payments 22,370 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 22,156 |
Note 8 - Bonds Payable and In_2
Note 8 - Bonds Payable and Interest (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 2023 December 31, 2022 Bonds payable: Series 2021 Bonds Principal $ 166,340 $ 166,340 Premium on bonds 249 249 Bond proceeds 166,589 166,589 Debt issuance costs (4,753 ) (4,753 ) Accumulated amortization of debt issuance costs and accretion of bond premium 532 374 Total Bonds payable, net $ 162,368 $ 162,210 |
Interest Expense, Debt [Table Text Block] | Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest $ 1,969 $ 1,735 $ 5,522 $ 5,205 Accretion of bond premium and amortization of debt issuance costs 52 75 158 228 Total interest incurred 2,021 1,810 5,680 5,433 Less: capitalized interest (1,787 ) (1,810 ) (5,364 ) (5,433 ) Interest expense $ 234 $ - $ 316 $ - |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator: Net loss $ (1,999 ) $ (3,092 ) $ (12,394 ) $ (12,343 ) Less: Net loss attributable to non-controlling interests (1,810 ) (2,479 ) (6,788 ) (8,632 ) Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders (189 ) (613 ) (5,606 ) (3,711 ) Denominator: Based and diluted weighted average shares of Class A Common Stock outstanding 15,245 14,949 15,132 13,628 Loss per share of Class A Common Stock – Basic and diluted $ (0.01 ) $ (0.04 ) $ (0.37 ) $ (0.27 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Nine Months Ended September September 30 September 30 September Shares subject to unvested restricted stock units 957 631 957 631 Shares issuable upon the exercise of Warrants 14,519 14,519 14,519 14,519 Shares issuable upon the exchange of Class B Common Stock 42,046 42,192 42,046 42,192 Shares issuable upon the exercise and exchange of Sky Incentive Units 2,808 2,808 2,808 2,808 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gain (loss) on Available-for-sale Securities Total Balance as of December 31, 2022 $ (102 ) $ (102 ) Other comprehensive income before reclassifications 521 521 Amounts reclassified to other (income) expense (121 ) (121 ) Balance as of September 30, 2023 $ 298 $ 298 |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business Operations (Details Textual) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Sky Harbour LLC [Member] | Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |
Sky Harbour LLC [Member] | ||
Subsidiary, Ownership Percentage, Parent | 26.20% | |
Sky Harbour LLC [Member] | LLC Interests and TRA Holders [Member] | ||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 73.80% |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Operating Lease, Variable Lease Income | $ 920 | $ 28 | $ 1,224 | $ 96 | |
Operating Lease, Termination, Period of Additional Rent Payments (Month) | 8 months 15 days | ||||
Advance Rent | 175 | $ 175 | $ 95 | ||
Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 0% | 0% | 0% | 0% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number of Major Tenants | 2 | 2 | 2 | 2 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Tenants [Member] | |||||
Concentration Risk, Percentage | 46% | 82% | 38% | 87% | |
Prepaid Expenses and Other Assets [Member] | |||||
Deferred Rent Asset, Net, Current | $ 304 | $ 304 | $ 83 | ||
Consolidated Subsidiaries [Member] | Sky Harbour LLC [Member] | |||||
Subsidiary, Ownership Percentage, Parent | 100% | 100% |
Note 3 - Investments and Rest_3
Note 3 - Investments and Restricted Investments - Summaries of the Amortized Cost, Unrealized Gains, Unrealized Losses, and Fair Value by Investment Type (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, available for sale, amortized cost | $ 16,534 | $ 24,997 |
Investments, available for sale, gross unrealized gains | 298 | 65 |
Investments, available for sale, gross unrealized losses | 0 | (167) |
Investments, available for sale, estimated fair value | 16,832 | 24,895 |
Restricted investments, held-to-maturity, amortized cost | 80,183 | 114,648 |
Restricted investments, gross unrealized gains | 599 | 299 |
Restricted investments, gross unrealized losses | (1,114) | (1,991) |
Restricted investments, estimated fair value | 79,668 | 112,956 |
US Treasury Securities [Member] | ||
Investments, available for sale, amortized cost | 16,534 | 24,997 |
Investments, available for sale, gross unrealized gains | 298 | 65 |
Investments, available for sale, gross unrealized losses | 0 | (167) |
Investments, available for sale, estimated fair value | 16,832 | 24,895 |
Restricted investments, held-to-maturity, amortized cost | 80,183 | 114,648 |
Restricted investments, gross unrealized gains | 599 | 299 |
Restricted investments, gross unrealized losses | (1,114) | (1,991) |
Restricted investments, estimated fair value | $ 79,668 | $ 112,956 |
Note 3 - Investments and Rest_4
Note 3 - Investments and Restricted Investments - Investments and Restricted Investments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Investments, due within one year | $ 16,832 |
Restricted investments, due within one year | 63,432 |
Investments,due on year through five years | 0 |
Restricted investments, due on year through five years | 16,751 |
Investments, total | 16,832 |
Restricted investments, total | $ 80,183 |
Note 4 - Cost of Construction_3
Note 4 - Cost of Construction and Constructed Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Asset under Construction [Member] | ||||
Depreciation | $ 449 | $ 135 | $ 1,289 | $ 409 |
Note 4 - Cost of Construction_4
Note 4 - Cost of Construction and Constructed Assets - Constructed Assets, Net and Cost of Construction (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Asset under Construction [Member] | ||
Property, Plant and Equipment, Gross | $ 80,611 | $ 40,921 |
Accumulated depreciation | (2,501) | (1,212) |
Property, Plant and Equipment, Net | 78,110 | 39,709 |
OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) | 78,110 | 39,709 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net | 48,153 | 48,242 |
OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) | $ 48,153 | $ 48,242 |
Note 5 - Long-lived Assets (Det
Note 5 - Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equipment and Software [Member] | |||||
Depreciation | $ 221 | $ 13 | $ 361 | $ 38 | |
Construction in Progress [Member] | |||||
Depreciation | 59 | 178 | |||
Equipment [Member] | |||||
Property, Plant, and Equipment, Not in Service | $ 435 | $ 435 | $ 650 |
Note 5 - Long-lived Assets - Lo
Note 5 - Long-lived Assets - Long-lived Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 1,034 | $ 485 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 3,710 | 0 |
Building [Member] | ||
Property, Plant and Equipment, Gross | 5,380 | 0 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 1,620 | 0 |
Other Equipment and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 531 | 110 |
Purchase deposits and Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 435 | 650 |
Equipment and Software [Member] | ||
Property, Plant and Equipment, Gross | 12,710 | 1,245 |
Accumulated depreciation | (635) | (95) |
Property, Plant and Equipment, Net | $ 12,075 | $ 1,150 |
Note 6 - Supplemental Balance_3
Note 6 - Supplemental Balance Sheet and Cash Flow Information (Details Textual) - Rapidbuilt Acquisition [Member] $ in Thousands | May 12, 2023 USD ($) |
Business Acquisition, Percentage of Voting Interests Acquired | 51% |
Business Combination, Consideration Transferred, Receivable | $ 44 |
Overflow [Member] | Weatherford Steel Buildings Holdings LLC [Member] | |
Subsidiary, Ownership Percentage, Parent | 50% |
Overflow [Member] | Weatherford Steel Buildings GP LLC [Member] | |
Subsidiary, Ownership Percentage, Parent | 1% |
Note 6 - Supplemental Balance_4
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Schedule of Business Acquisition (Details) - Rapidbuilt Acquisition [Member] $ in Thousands | May 12, 2023 USD ($) |
Cash | $ 293 |
Restricted Cash | 1,500 |
Long-lived assets | 10,821 |
Total assets | 12,614 |
Accounts payable, accrued expenses and other liabilities | 1,496 |
Loans payable and finance lease liabilities | 11,074 |
Total liabilities | 12,570 |
Total fair value of net assets acquired | 44 |
Effective settlement of net receivable from Rapidbuilt | 44 |
Total consideration transferred | $ 44 |
Note 6 - Supplemental Balance_5
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Costs of construction | $ 6,317 | $ 6,098 |
Employee compensation and benefits | 1,530 | 2,047 |
Interest | 1,739 | 3,470 |
Professional Fees | 1,698 | 1,621 |
Other | 2,619 | 948 |
Accounts Payable and Accrued Liabilities | $ 13,903 | $ 14,184 |
Note 6 - Supplemental Balance_6
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accrued costs of construction, including capitalized interest | $ 8,593 | $ 10,121 |
Accrued costs of long-lived assets | 47 | 0 |
Accrued equity issuance costs | 0 | 1,500 |
Debt issuance costs and premium amortized to cost of construction | 158 | 228 |
Right-of-use assets obtained in exchange for operating lease liabilities | 1,368 | 2,876 |
Net decrease in right-of-use assets and operating lease liabilities due to lease remeasurement | (206) | (12,189) |
Interest paid | 7,256 | 5,533 |
Cash, beginning of year | 2,174 | 6,805 |
Restricted cash, beginning of year | 39,222 | 197,130 |
Cash and restricted cash, beginning of year | 41,396 | 203,935 |
Cash, end of period | 2,471 | 3,796 |
Restricted cash, end of period | 34,289 | 38,392 |
Cash and restricted cash, end of period | $ 36,760 | $ 42,188 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 1 Months Ended | |
Jan. 31, 2023 | Sep. 30, 2023 | |
Minimum [Member] | ||
Lessor, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessor, Operating Lease, Term of Contract (Year) | 10 years | |
Ground Leases at SGR, OPF, and BNA [Member] | Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 25 years | |
Ground Leases at SGR, OPF, and BNA [Member] | Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 73 years | |
ADS Expansion Parcels, Lease Agreement[Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | |
Number of Additional Parcels of Land | 2 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating cash flows from operating leases as lessee | $ 1,504 | $ 1,384 | |
Operating leases as lessee (in years) (Year) | 54 years 3 months 18 days | 55 years 3 months 18 days | |
Operating leases as lessee | 4.65% | 4.62% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2023 (remainder of year), Operating Lease | $ 482 | |
2023 (remainder of year), Finance Lease | 8 | |
2024, Operating Lease | 2,137 | |
2024, Finance Lease | 29 | |
2025, Operating Lease | 2,379 | |
2025, Finance Lease | 23 | |
2026, Operating Lease | 2,431 | |
2026, Finance Lease | 17 | |
2027, Operating Lease | 2,494 | |
2027, Finance Lease | 2 | |
Thereafter, Operating Lease | 199,870 | |
Thereafter, Finance Lease | 0 | |
Total lease payments, Operating Lease | 209,793 | |
Total lease payments, Finance Lease | 79 | |
Less imputed interest, Operating Lease | (154,766) | |
Less imputed interest, Finance Lease | (5) | |
Total, Operating Lease | 55,027 | $ 53,531 |
Total, Finance Lease | $ 74 |
Note 7 - Leases - Non-cancelabl
Note 7 - Leases - Non-cancelable Future Minimum Lease Payments from Tenants (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 (remainder of year) | $ 1,639 |
2024 | 6,133 |
2025 | 5,474 |
2026 | 3,352 |
2027 | 2,478 |
Thereafter | 3,294 |
Total lease payments | 22,370 |
Less rent concessions to be applied at Company’s discretion | (214) |
Total | $ 22,156 |
Note 8 - Bonds Payable and In_3
Note 8 - Bonds Payable and Interest (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 12, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | May 20, 2021 | |
Long-Term Debt | $ 162,368 | $ 162,368 | $ 162,210 | ||
Series 2021 Bonds [Member] | |||||
Long-Term Debt, Gross | 166,340 | 166,340 | 166,340 | $ 166,300 | |
Debt Instrument, Unamortized Premium, Total | 249 | 249 | 249 | 200 | |
Long-Term Debt | 162,368 | 162,368 | 162,210 | ||
Series 2021 Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Long-Term Debt, Fair Value | $ 117,300 | $ 117,300 | $ 119,500 | ||
Series 2021 Bonds [Member] | Tranche One [Member] | |||||
Long-Term Debt, Gross | $ 21,100 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||
Series 2021 Bonds [Member] | Tranche Two [Member] | |||||
Long-Term Debt, Gross | $ 30,400 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||
Series 2021 Bonds [Member] | Tranche Three [Member] | |||||
Long-Term Debt, Gross | $ 114,800 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||
Overflow Loan [Member] | |||||
Long-Term Debt | $ 10,300 | ||||
Long-Term Debt, Weighted Average Interest Rate, over Time | 8.53% | 8.44% | |||
Overflow Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3% |
Note 8 - Bonds Payable, Loans P
Note 8 - Bonds Payable, Loans Payable and Interest - Bonds Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | May 20, 2021 |
Total Bonds payable, net | $ 162,368 | $ 162,210 | |
Series 2021 Bonds [Member] | |||
Series 2021 Bonds Principal | 166,340 | 166,340 | $ 166,300 |
Premium on bonds | 249 | 249 | $ 200 |
Bond proceeds | 166,589 | 166,589 | |
Debt issuance costs | (4,753) | (4,753) | |
Accumulated amortization of debt issuance costs and accretion of bond premium | 532 | 374 | |
Total Bonds payable, net | $ 162,368 | $ 162,210 |
Note 8 - Bonds Payable, Loans_2
Note 8 - Bonds Payable, Loans Payable and Interest - Interest Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest | $ 1,969 | $ 1,735 | $ 5,522 | $ 5,205 |
Accretion of bond premium and amortization of debt issuance costs | 52 | 75 | 158 | 228 |
Total interest incurred | 2,021 | 1,810 | 5,680 | 5,433 |
Less: capitalized interest | (1,787) | (1,810) | (5,364) | (5,433) |
Interest expense | $ 234 | $ 0 | $ 316 | $ 0 |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Oct. 26, 2020 | |
Fair Value Adjustment of Warrants | $ (1,597) | $ (1,452) | $ 0 | $ (2,904) | ||
Public Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,799,439 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.5 | |||||
Private Placement Warrant [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.5 | $ 11.5 | ||||
Class of Warrant or Right, Outstanding (in shares) | 6,798,964 | 6,798,964 | 7,719,779 | |||
Class of Warrants and Rights Outsanding, Price (in dollars per share) | $ 0.2 | $ 0.2 | $ 0.2 | |||
Warrants and Rights Outstanding | $ 2,900 | $ 2,900 | $ 2,900 | |||
Fair Value Adjustment of Warrants | $ (1,600) | $ 1,500 | $ 0 | $ 2,900 |
Note 10 - Equity and Redeemab_2
Note 10 - Equity and Redeemable Equity (Details Textual) - shares | Sep. 30, 2023 | Dec. 31, 2022 | Aug. 18, 2022 |
Sky Harbour LLC [Member] | LLC Interests and TRA Holders [Member] | |||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 73.80% | ||
Overflow [Member] | Former Majority Shareholder [Member] | |||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 49% | ||
Common Class A [Member] | |||
Common Stock, Shares, Outstanding (in shares) | 15,252,574 | 14,962,831 | |
Common Stock, Shares, Issued (in shares) | 15,252,574 | 14,962,831 | |
Common Class A [Member] | Common Stock Purchase Agreement [Member] | |||
Share Purchase Right, Shares to be Purchased (in shares) | 10,000,000 | ||
Share Purchase Right, Price Modifier | 0.97 | ||
Common Stock, Shares, Issued (in shares) | 25,000 | ||
Share Purchase Right, Contingent Commitment Shares (in shares) | 75,000 | ||
Common Class A [Member] | Common Stock Purchase Agreement [Member] | Minimum [Member] | |||
Share Purchase Right, Shares to be Purchased (in shares) | 1,000,000 | ||
Share Purchase Right, Total Aggregate Number of Shares | 20% | ||
Common Class B [Member] | |||
Common Stock, Shares, Outstanding (in shares) | 42,046,356 | 42,192,250 | |
Common Stock, Shares, Issued (in shares) | 42,046,356 | 42,192,250 |
Note 11 - Equity Compensation (
Note 11 - Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sky Incentive Units [Member] | Sky Harbour LLC and Subsidiaries (Sky) [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 500 | $ 500 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||||
Sky Incentive Units [Member] | Sky Harbour LLC and Subsidiaries (Sky) [Member] | General and Administrative Expense [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 72 | $ 85 | $ 238 | $ 256 | |
The 2022 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.53 | $ 6.53 | |||
Share-Based Payment Arrangement, Expense | $ 500 | $ 300 | $ 1,400 | $ 500 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 956,869 | 956,869 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,800 | $ 5,800 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||
The 2022 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 545,522 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.75 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) | $ (1,999) | $ (1,634) | $ (8,761) | $ (3,092) | $ 10,263 | $ (12,394) | $ (12,343) |
Net income (loss), nci | (1,810) | (2,479) | (6,788) | (8,632) | |||
Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders | $ (189) | $ (613) | $ (5,606) | $ (3,711) | |||
Based and diluted weighted average shares of Class A Common Stock outstanding (in shares) | 15,245 | 14,949 | 15,132 | 13,628 | |||
Loss per share of Class A Common Stock – Basic and diluted (in dollars per share) | $ (0.01) | $ (0.04) | $ (0.37) | $ (0.27) |
Note 12 - Earnings (Loss) Per_4
Note 12 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive securities (in shares) | 957 | 631 | 957 | 631 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 14,519 | 14,519 | 14,519 | 14,519 |
Class B Common Stock [Member] | ||||
Antidilutive securities (in shares) | 42,046 | 42,192 | 42,046 | 42,192 |
Sky Incentive Units [Member] | ||||
Antidilutive securities (in shares) | 2,808 | 2,808 | 2,808 | 2,808 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Company That Employed The Chief Financial Officer [Member] | Employee Service [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 3 | $ 40 | $ 98 | $ 85 |
Non-exclusive Agreement [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 41 | $ 50 | $ 157 | $ 134 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
BNA Construction Project [Member] | |
Termination Penalty | $ 0 |
APA Lease [Member] | |
Lease Improvement Plan, Period Limitation (Month) | 24 months |
DVT Lease [Member] | |
Lease Improvement Requirement, Phase I Requirement | $ 15,300 |
Lease Improvement Requirement, Phase II Requirement | 14,600 |
ADS Construction Project [Member] | |
Capital Improvement, Comment To Spend | $ 10,000 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 98,375 |
Balance | 88,014 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest [Member] | |
Balance | (102) |
Other comprehensive income before reclassifications | 521 |
Amounts reclassified to other (income) expense | (121) |
Balance | 298 |
AOCI Attributable to Parent [Member] | |
Balance | (102) |
Other comprehensive income before reclassifications | 521 |
Amounts reclassified to other (income) expense | (121) |
Balance | $ 298 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) $ / shares in Units, $ in Millions | Nov. 01, 2023 USD ($) $ / shares shares | Oct. 11, 2023 a | Sep. 30, 2023 USD ($) |
SGR Phase II Project [Member] | |||
Minimum Improvement Amount | $ | $ 2 | ||
Subsequent Event [Member] | PIPE Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,141,600 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.5 | ||
Class of Warrant or Right, Percentage of Outstanding Common Stock | 130% | ||
Subsequent Event [Member] | Additional PIPE Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 400,000 | ||
Subsequent Event [Member] | Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 6,586,154 | ||
Proceeds from Issuance or Sale of Equity | $ | $ 42.8 | ||
Subsequent Event [Member] | Additional PIPE Offering [Member] | |||
Equity Offering, Maximum Shares (in shares) | 2,307,692 | ||
Equity Offering, Maximum Amount | $ | $ 15 | ||
Subsequent Event [Member] | PWK Phase I [Member] | |||
Area of Land (Acre) | a | 15 | ||
Subsequent Event [Member] | PWK Phase II [Member] | |||
Area of Land (Acre) | a | 10 | ||
Subsequent Event [Member] | PWK Lease [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 50 years |