Operating Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

OPERATING SEGMENTS

7. OPERATING SEGMENTS  

For the year ended December 31, 2021, the Company had two business segments which were comprised of 1) the leasing of regional aircraft to foreign and domestic regional airlines, and 2) the newly launched GameFi business. Because the GameFi business has not commenced operations, the assets and liabilities, revenues and expenses are related to the business of leasing of regional aircraft to foreign and domestic regional airlines. For the year ended December 31, 2020, the Company operated in one business segment, the leasing of regional aircraft to foreign and domestic regional airlines, and therefore does not present separate segment information for lines of business.  

Approximately 50% and 50% of the Company’s operating lease revenue was derived from lessees domiciled in the United States during 2021 and 2020, respectively. All revenues relating to aircraft leased and operated internationally, with the exception of rent payable in Euros for one and two of the Company’s aircraft for the years ended December 31, 2021 and 2020, respectively, are denominated and payable in U.S. dollars.

The tables below set forth geographic information about the Company’s operating lease revenue and net book value for leased aircraft and aircraft equipment, grouped by domicile of the lessee: 

Operating Lease Revenue

	Successor		Predecessor
	December 31,		September 29,		December 31,
	2021		2021		2020
North America	$	540,000	$	4,060,400	$	10,119,100
Europe		-		1,693,500		5,349,000
	$	540,000	$	5,753,900	$	15,468,100

Net Book Value of Aircraft and Aircraft Engines Held for Lease

	Successor		Predecessor
	December 31,		September 29,		December 31,
	2021		2021		2020
North America	$	-	$	-	$	30,433,100
Europe and United Kingdom		-		-		15,330,000
	$	-	$	-	$	45,763,100

Finance lease revenue for the year ended December 31, 2020 was all from Europe and United Kingdom.