XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Fresh Start Accounting (Details) - Schedule of settlement of liabilities subject to compromise
9 Months Ended
Sep. 30, 2021
USD ($)
Liabilities subject to compromise pre-emergence  
Accrued maintenance costs $ 46,100
Lease liability 780,500
Maintenance reserves 2,061,200
Security deposits 466,000
Drake Indebtedness 38,675,300
Total 42,029,100
Less: Amounts settled per the Plan of Reorganization  
Aircrafts included in the assets held for sale (31,149,300)
Reorganization gain per the Plan of Reorganization 10,879,800
Add: Gain on settlement of liabilities subject to compromise before Plan of Reorganization * 19,296,100 [1]
Reorganization gain $ 30,175,900
[1] The predecessor of the Company started to sell its aircrafts before it filed Petitions under Chapter 11 in March 2021, and continued the sales of aircrafts through the receipt of the Plan of the Reorganization. As of September 29, 2021, the Company closed sales of five aircraft withs carrying amount of $22.6 million, and the proceeds from the sales were settled against the liabilities subject to compromise of $41.6 million, and the Company recognized reorganization gains of $19.3 million.