Saker Aviation Services, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Saker Aviation Services, Inc. (SKAS) filed its Q1 2024 10-Q, detailing financial performance and corporate structure.</b>

AI Summary

Saker Aviation Services, Inc. (SKAS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Saker Aviation Services, Inc. filed its 10-Q report for the period ending March 31, 2024. The company's principal business is operating airports, flying fields, and airport terminal services. The filing includes financial data for the periods ending March 31, 2024, and March 31, 2023. Key financial statement items such as retained earnings, additional paid-in capital, and common stock are detailed for various periods. The company is incorporated in Nevada and has its principal business address in New York.

Why It Matters

For investors and stakeholders tracking Saker Aviation Services, Inc., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Saker Aviation Services, Inc., crucial for understanding its operational and financial health. The filing details the company's position in the airport services industry, offering insights into its business model and market presence.

Risk Assessment

Risk Level: low — Saker Aviation Services, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or positive/negative events.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to assess Saker Aviation Services, Inc.'s current financial health and operational performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers the quarterly period ending on this date.)
• 2023-03-31 — Prior Period End Date (Comparative financial data is presented as of this date.)
• 000-52593 — SEC File Number (The SEC file number assigned to Saker Aviation Services, Inc.)
• 0001128281 — Central Index Key (CIK) (The CIK for Saker Aviation Services, Inc.)

Key Players & Entities

• Saker Aviation Services, Inc. (company) — Filer and subject of the 10-Q filing.
• SKAS (company) — Ticker symbol for Saker Aviation Services, Inc.
• 2024-03-31 (date) — End of the reporting period for the 10-Q.
• 2023-03-31 (date) — Prior period comparative date for financial reporting.
• New York (location) — Location of the company's business and mailing address.
• Nevada (location) — State of incorporation for Saker Aviation Services, Inc.
• 20 South Street, Pier 6 East River (address) — Business and mailing address of Saker Aviation Services, Inc.
• 212-776-4046 (phone) — Business phone number for Saker Aviation Services, Inc.

FAQ

Risk Factors

• Airport Operations [medium — operational]: The company operates airports, flying fields, and airport terminal services, which are subject to various operational risks.
• Industry Regulations [medium — regulatory]: The aviation and airport services industry is subject to extensive government regulation.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-15: Filing Date — The date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and condition during the quarter.)

Key Financial Figures

• $0.03 — had 989,994 shares of its common stock, $0.03 par value, issued and outstanding. i
• $5,000 — tive fee to the NYCEDC in the amount of $5,000. On July 13, 2023, the DSBS was grante
• $1,036,811 — mpany is required to pay the greater of $1,036,811 or 30% of Gross Receipts during the Ini
• $518,406 — ing the Initial Term and the greater of $518,406 or 30% of Gross Receipts during both Re
• $425,000 — 024 and 2023, we incurred approximately $425,000 and $343,000 in concession fees, respec
• $343,000 — we incurred approximately $425,000 and $343,000 in concession fees, respectively, which

Filing Documents

• skas20240331_10q.htm (10-Q) — 379KB
• ex_669857.htm (EX-31.1) — 11KB
• ex_669858.htm (EX-31.2) — 11KB
• ex_669859.htm (EX-32.1) — 6KB
• 0001437749-24-016895.txt (&nbsp;) — 2089KB
• skas-20240331.xsd (EX-101.SCH) — 24KB
• skas-20240331_def.xml (EX-101.DEF) — 147KB
• skas-20240331_lab.xml (EX-101.LAB) — 150KB
• skas-20240331_pre.xml (EX-101.PRE) — 161KB
• skas-20240331_cal.xml (EX-101.CAL) — 21KB
• skas20240331_10q_htm.xml (XML) — 129KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 2 3 4

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 12

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 12

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 13

-A. RISK FACTORS

ITEM 1-A. RISK FACTORS 13

EXHIBITS

ITEM 6. EXHIBITS 13

SIGNATURES

SIGNATURES 14 ii SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash, cash equivalents, and restricted cash $ 6,202,337 $ 6,931,709 Investments 3,464,020 2,543,321 Accounts receivable 238,588 294,521 Inventories 5,421 1,142 Income tax receivable 44,899 44,899 Prepaid expenses 660,008 745,606 Total current assets 10,615,273 10,561,198 PROPERTY AND EQUIPMENT , net of accumulated depreciation and amortization of $ 3,131,755 and $ 3,127,876 , respectively 47,731 49,440 TOTAL ASSETS $ 10,663,004 $ 10,610,638 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 442,170 $ 705,133 Customer deposits 256,572 253,446 Accrued expenses 1,432,585 1,333,092 Total current liabilities 2,131,327 2,291,671 TOTAL LIABILITIES 2,131,327 2,291,671 STOCKHOLDERS ' EQUITY Preferred stock - $ 0.03 par value; authorized 333,306 ; none issued and outstanding Common stock - $ 0.03 par value; authorized 3,333,334 ; 985,888 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 29,577 29,577 Additional paid-in capital 19,927,925 19,902,505 Accumulated deficit ( 11,425,825 ) ( 11,613,115 ) TOTAL STOCKHOLDERS' EQUITY 8,531,677 8,318,967 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,663,004 $ 10,610,638 See accompanying notes to consolidated financial statements. 1 SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 2024 2023 REVENUE $ 1,338,367 $ 1,322,058 COST OF REVENUE 706,172 681,007 GROSS PROFIT 632,195 641,051 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 431,133 741,781 OPERATING INCOME (LOSS) 201,062 ( 100,730 ) OTHER INCOME: INTEREST INCOME 91,228 0 INCOME (LOSS) FROM OPERATIONS 292,290 ( 100,73

- Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management ' s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read together with the accompanying unaudited condensed consolidated financial statements and related notes in this report. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed or implied in such forward-looking statements. Factors which could cause actual results to differ materially are discussed throughout this report and include, but are not limited to, those set forth at the end of this Item 2 under the heading "Cautionary Statement Regarding Forward Looking Statements." Additional factors are under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 8 The terms "we", "us", and "our" are used below to refer collectively to the Company and the subsidiaries through which our various businesses are actually conducted. Overview Saker Aviation Services, Inc. is a Nevada corporation. Our common stock, $0.03 par value per share (the "common stock"), is quoted on the OTCQB Marketplace ("OTCQB") under the symbol "SKAS". Through our subsidiary, we operate in the aviation services segment of the general aviation industry in which we serve as the operator of a heliport. We were formed on January 17, 2003 as a proprietorship and were incorporated in Arizona on January 2, 2004. We became a public company as a result of a reverse merger transaction on August 20, 2004 with Shadows Bend Development, Inc., an inactive public Nevada corporation, and subsequently changed our name to FBO Air, Inc. On December 12, 2006, we changed our name to FirstFlight, Inc. On September 2, 2009, we changed our name to Saker Aviation Services, Inc. Our business activities are carried out as the

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