As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Operating activities

Net (loss)/income 6,437,600 1,221,700 7,399,200 (8,081,200)

Adjustments to reconcile net (loss)/income to net cash provided by operating activities

Net loss/(gain) on disposal of assets (6,790,700) (2,149,600) (791,500) 3,408,700
Net gain on sales-type finance leases (5,179,200) (1,216,700) (297,400) 0
Non-cash income NA NA 0 (42,700)
Depreciation 9,062,100 9,139,700 12,025,600 12,637,100
Amortization NA NA 0 61,700
Provision for impairment in value of aircraft 1,282,300 1,226,800 1,002,100 2,971,500
Non-cash interest 1,394,000 879,000 1,012,300 1,615,500
Settlement loss NA NA 0 2,527,000
Deferred income taxes 3,582,900 626,300 (4,296,800) (1,390,000)
Changes in operating assets and liabilities
Accounts receivable (2,363,100) 400,100 1,000,700 (537,400)
Finance leases receivable (44,700) (668,200) (510,700) (133,100)
Prepaid expenses and other 168,500 (10,200) (123,500) (457,800)
Taxes receivable (25,000) NA 0 22,500
Accounts payable and accrued expenses (359,500) (152,400) (572,000) 1,802,700
Accrued payroll NA NA 0 (14,800)
Accrued interest on notes payable (155,000) (35,400) 188,100 (147,100)
Maintenance reserves and accrued costs 3,977,100 698,700 (2,171,000) 3,552,600
Security deposits (745,700) 780,500 (232,300) (4,100)
Unearned revenue 315,200 481,000 608,500 827,300
Income taxes payable 0 123,200 329,400 (677,200)
Net cash provided by operating activities 10,556,800 11,344,500 14,570,700 17,941,200

Investing activities

Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees 11,100,600 2,918,400 12,741,200 11,688,400
Proceeds from sale of assets held for sale, net of re-sale fees 3,616,400 3,422,800 193,000 4,945,200
Proceeds from insurance 0 18,886,700 NA NA
Investment in direct financing leases NA 0 (7,614,200) 0
Purchases of aircraft and aircraft engines (1,333,700) (54,357,600) (32,063,100) (22,844,300)
Acquisition of JHC, net of cash acquired NA NA 0 (2,875,100)
Net cash used in investing activities 13,383,300 (29,129,700) (26,743,100) (9,085,800)

Financing activities

Issuance of notes payable - Credit Facility 0 31,300,000 35,900,000 21,000,000
Repayment of notes payable - Credit Facility (23,000,000) (31,600,000) (12,000,000) (32,600,000)
Debt issuance costs (59,600) (65,000) (1,152,500) (70,000)
Issuance of notes payable - special purpose financing 0 19,609,900 NA NA
Repayment of notes payable - special purpose financing 0 (1,986,300) (4,111,700) (4,300,700)
Net cash (used in)/provided by financing activities (23,059,600) 17,258,600 18,635,800 (15,970,700)
Net (decrease)/increase in cash and cash equivalents 880,500 (526,600) 6,463,400 (7,115,300)
Cash and cash equivalents, beginning of year 1,840,500 2,721,000 2,194,400 8,657,800
Cash and cash equivalents, end of year 2,721,000 2,194,400 8,657,800 1,542,500
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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