Saker Aviation Services Files Q2 2024 10-Q, Discloses Legal Matters

TL;DR

Saker Aviation's Q2 10-Q is out. Financials look okay, but watch out for that Empire Aviation arbitration.

AI Summary

Saker Aviation Services, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and disclosed ongoing legal matters, including an arbitration with Empire Aviation LLC. A significant subsequent event noted was related to this arbitration on July 8, 2024.

Why It Matters

This filing provides insight into Saker Aviation's financial health and ongoing legal disputes, which could impact its future operations and stock value.

Risk Assessment

Risk Level: medium — The company faces ongoing arbitration with Empire Aviation LLC, which could have material financial implications.

Key Numbers

• 20240630 — End of Fiscal Period (The 10-Q covers financial performance up to this date.)
• 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Saker Aviation Services, Inc. (company) — Filer of the 10-Q
• Empire Aviation LLC (company) — Party in arbitration with Saker Aviation
• 20240630 (date) — End of reporting period for the 10-Q
• 20240814 (date) — Filing date of the 10-Q
• 20240708 (date) — Date of a subsequent event related to arbitration

FAQ

Key Financial Figures

• $0.03 — had 989,994 shares of its common stock, $0.03 par value, issued and outstanding. i

Filing Documents

• skas20240630_10q.htm (10-Q) — 457KB
• ex_710303.htm (EX-31.1) — 10KB
• ex_710304.htm (EX-31.2) — 10KB
• ex_710305.htm (EX-32.1) — 7KB
• 0001437749-24-026766.txt ( ) — 2223KB
• skas-20240630.xsd (EX-101.SCH) — 24KB
• skas-20240630_def.xml (EX-101.DEF) — 147KB
• skas-20240630_lab.xml (EX-101.LAB) — 153KB
• skas-20240630_pre.xml (EX-101.PRE) — 161KB
• skas-20240630_cal.xml (EX-101.CAL) — 23KB
• skas20240630_10q_htm.xml (XML) — 150KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Balance Sheets as of June 30, 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 9

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 13

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 13

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 14

EXHIBITS

ITEM 6. EXHIBITS 14

SIGNATURES

SIGNATURES 15 ii SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (unaudited) (audited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,034,463 $ 6,931,709 Investments 3,463,218 2,543,321 Accounts receivable, trade 253,895 294,521 Inventories 8,739 1,142 Income tax receivable 0 44,899 Prepaid expenses 799,231 745,606 Total current assets 10,559,546 10,561,198 PROPERTY AND EQUIPMENT , net of accumulated depreciation and amortization of $ 3,135,634 and $ 3,127,876 , respectively 43,853 49,440 TOTAL ASSETS $ 10,603,399 $ 10,610,638 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,617,702 $ 705,133 Customer deposits 258,299 253,446 Accrued expenses 201,697 1,333,092 Total current liabilities 2,077,698 2,291,671 TOTAL LIABILITIES 2,077,698 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 ; 989,994 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 29,700 29,577 Additional paid-in capital 19,953,133 19,902,505 Accumulated deficit ( 11,457,132 ) ( 11,613,115 ) TOTAL STOCKHOLDERS' EQUITY 8,525,701 8,318,967 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,603,399 $ 10,610,638 See accompanying notes to condensed consolidated financial statements. 1 SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 REVENUE $ 2,623,118 $ 2,411,676 $ 3,961,485 $ 3,733,733 COST OF REVENUE 1,231,384 638,166 1,937,556 1,319,172 GROSS PROFIT 1,391,734 1,773,510 2,023,929 2,414,561 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 4

- 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. 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 ope

View Full Filing

View this 10-Q filing on SEC EDGAR