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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 29, 2021
Sep. 30, 2020
Successor      
Net cash provided by/(used in) operating activities $ (1,600)    
Investing activity:      
Proceeds from sale of aircraft and Part-out Assets held for sale, net of re-sale fees    
Net cash provided by investing activity    
Financing activities:      
Subscription fee advanced from successor shareholders 100,000    
Repayment of notes payable – MUFG Credit Facility and Drake Indebtedness    
Repayment of notes payable – Nord Loans    
Issuance of notes payable – PPP Loan    
Debt issuance costs    
Net cash provided by (used in) financing activities 100,000    
Net increase in cash, cash equivalents and restricted cash 98,400    
Cash, cash equivalents and restricted cash, beginning of period 10,527,200 $ 10,527,200  
Cash, cash equivalents and restricted cash, end of period 10,625,600    
Cash and cash equivalents 10,625,600    
Restricted cash    
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 10,625,600    
Payment of interest expenses    
Payment of income tax expenses    
Predecessor      
Net cash provided by/(used in) operating activities   (2,608,900) $ 5,983,900
Investing activity:      
Proceeds from sale of aircraft and Part-out Assets held for sale, net of re-sale fees   11,796,100 3,229,900
Net cash provided by investing activity   11,796,100 3,229,900
Financing activities:      
Subscription fee advanced from successor shareholders   10,953,100
Capital contribution from successor shareholders   35,000
Repayment of notes payable – MUFG Credit Facility and Drake Indebtedness   (14,210,700) (1,165,000)
Repayment of notes payable – Nord Loans   (703,100) (5,131,500)
Issuance of notes payable – PPP Loan   170,000 276,400
Debt issuance costs   (5,200) (1,707,000)
Net cash provided by (used in) financing activities   (3,760,900) (7,727,100)
Net increase in cash, cash equivalents and restricted cash   5,426,300 1,486,700
Cash, cash equivalents and restricted cash, beginning of period $ 5,100,900 5,100,900 3,427,100
Cash, cash equivalents and restricted cash, end of period   10,527,200 4,913,800
Cash and cash equivalents   10,527,200 4,863,800
Restricted cash   50,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows   10,527,200 4,913,800
Payment of interest expenses   186,500 3,250,300
Payment of income tax expenses   $ 4,000 $ 222,900