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 2019 Q2 YTD 6/30/2019 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 2019 Q2 YTD 6/30/2019 USD

Net cash provided by operating activities

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

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 NA
Net gain on sales-type finance leases (5,179,200) (1,216,700) (297,400) 0 NA
Non-cash income NA NA 0 (42,700) NA
Depreciation 9,062,100 9,139,700 12,025,600 12,637,100 NA
Amortization NA NA 0 61,700 NA
Provision for impairment in value of aircraft 1,282,300 1,226,800 1,002,100 2,971,500 NA
Non-cash interest 1,394,000 879,000 1,012,300 1,615,500 NA
Settlement loss NA NA 0 2,527,000 NA
Deferred income taxes 3,582,900 626,300 (4,296,800) (1,390,000) NA
Changes in operating assets and liabilities
Accounts receivable (2,363,100) 400,100 1,000,700 (537,400) NA
Finance leases receivable (44,700) (668,200) (510,700) (133,100) NA
Prepaid expenses and other 168,500 (10,200) (123,500) (457,800) NA
Taxes receivable (25,000) NA 0 22,500 NA
Accounts payable and accrued expenses (359,500) (152,400) (572,000) 1,802,700 NA
Accrued payroll NA NA 0 (14,800) NA
Accrued interest on notes payable (155,000) (35,400) 188,100 (147,100) NA
Maintenance reserves and accrued costs 3,977,100 698,700 (2,171,000) 3,552,600 NA
Security deposits (745,700) 780,500 (232,300) (4,100) NA
Unearned revenue 315,200 481,000 608,500 827,300 NA
Income taxes payable 0 123,200 329,400 (677,200) NA
Net cash provided by operating activities 10,556,800 11,344,500 14,570,700 17,941,200 6,419,900

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 1,710,500
Proceeds from sale of assets held for sale, net of re-sale fees 3,616,400 3,422,800 193,000 4,945,200 2,181,600
Proceeds from insurance 0 18,886,700 NA NA NA
Investment in direct financing leases NA 0 (7,614,200) 0 NA
Purchases of aircraft and aircraft engines (1,333,700) (54,357,600) (32,063,100) (22,844,300) NA
Acquisition of JHC, net of cash acquired NA NA 0 (2,875,100) NA
Investment in aircraft parts and acquisition costs NA NA NA NA 0
Net cash provided by/(used in) investing activities 13,383,300 (29,129,700) (26,743,100) (9,085,800) 3,892,100

Financing activities

Issuance of notes payable - Credit Facility 0 31,300,000 35,900,000 21,000,000 5,100,000
Repayment of notes payable - Credit Facility (23,000,000) (31,600,000) (12,000,000) (32,600,000) (40,100,000)
Issuance of notes payable - Term Loans NA NA NA NA 44,310,000
Repayment of notes payable - UK LLC SPE Financing NA NA NA NA (9,211,100)
Repayment of notes payable - Term Loans NA NA NA NA (3,533,600)
Debt issuance costs (59,600) (65,000) (1,152,500) (70,000) (5,063,100)
Issuance of notes payable - special purpose financing 0 19,609,900 NA NA NA
Repayment of notes payable - special purpose financing 0 (1,986,300) (4,111,700) (4,300,700) NA
Net cash (used in)/provided by financing activities (23,059,600) 17,258,600 18,635,800 (15,970,700) (8,497,800)
Net increase/(decrease) in cash and cash equivalents 880,500 (526,600) 6,463,400 (7,115,300) 1,814,200
Cash and cash equivalents, beginning of period 1,840,500 2,721,000 2,194,400 8,657,800 1,542,500
Cash and cash equivalents, end of period 2,721,000 2,194,400 8,657,800 1,542,500 3,356,700
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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