Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes (Tables) [Line Items]

Schedule of income tax benefit

	Successor			Predecessor
	September 30, 2021 through December 31, 2021			Period from January 1, 2021 through September 29, 2021			Year ended December 31, 2020
Current income tax provision
Federal	$	-		$	16,900		$	(11,400	)
State		3,200			4,000			4,000
Foreign		(500	)		50,000			(20,100	)
		2,700			70,900			(27,500	)
Deferred income tax provision (benefits)
Federal	$	(2,027,100	)		(1,640,000	)		(9,589,200	)
State		(28,200	)		(103,800	)		(90,700	)
Foreign		11,400			(1,700	)		(1,351,100	)
Valuation allowance		1,929,400			1,804,400			7,493,800
		(114,500	)		58,900			(3,537,200	)
Income tax provision (benefits)	$	(111,800	)	$	129,800		$	(3,564,700	)

Schedule of income tax benefit

	Successor			Predecessor
	September 30, 2021 through December 31, 2021			Period from January 1, 2021 through September 29, 2021			Year ended December 31, 2020
Income tax provision (benefit) at statutory federal income tax rate	$	(880,300	)	$	1,711,500		$	(9,619,800	)
State tax expense (benefit), net of federal benefit		(200	)		80,200			(67,200	)
Foreign tax expenses (benefit)		581,900			200,800			(1,375,000	)
Non-deductible management and acquisition fees		-			593,500			-
PPP loan forgiveness		(59,900	)		-			-
Non-taxable income		(4,037,200	)		(4,260,600	)		-
Other non-deductible expenses		187,600			-			3,500
Valuation allowance		4,096,300			1,804,400			7,493,800
Income tax provision (benefits)	$	(111,800	)	$	129,800		$	(3,564,700	)

Schedule of deferred tax assets and liabilities reported

	Successor			Predecessor
	December 31,			September 29,			December 31,
	2021			2021			2020
Deferred tax assets:
Debt basis differences	$	8,560,700		$	8,560,700		$	-
Current and prior year tax losses		7,970,100			4,093,400			9,616,600
Deferred interest expense		4,110,900			4,136,200			3,631,600
Foreign tax credit		705,600			705,600			573,900
Maintenance reserves		-			-			390,500
Deferred derivative losses		-			-			81,100
Deferred maintenance, bad debt allowance and other		-			-			59,900
Accrued vacation and others		40,500			51,200			-
		21,387,800			17,547,100			14,353,600
Valuation allowance		(12,409,500	)		(8,637,800	)		(7,493,800	)
Deferred tax assets, net of valuation allowance	$	8,978,300		$	8,909,300		$	6,859,800
Deferred tax liabilities:
Accumulated depreciation on aircraft and aircraft engines	$	(6,556,600	)	$	(6,581,300	)	$	(5,654,700	)
Deferred income		(2,421,700	)		(2,421,700	)		(58,000	)
Leasehold interest		-			-			3,800
Unrealized foreign exchange gain		-			(20,800	)		-
Deferred tax liabilities		(8,978,300	)		(9,023,800	)		(5,708,900	)
Net deferred tax assets/(liabilities), net of valuation allowance and deferred tax liabilities	$	-		$	(114,500	)	$	1,150,900

Schedule of unrecognized tax benefits

	December 31,			December 31,
	2021			2020
Balance at January 1	$	74,000		$	94,400
Additions for prior years’ tax positions		800			5,100
Reductions from expiration of statute of limitations		(8,600	)		(25,500	)
Balance at December 31	$	66,200		$	74,000

Reported [Member]

Income Taxes (Tables) [Line Items]

Schedule of deferred tax assets and liabilities reported

	Successor			Predecessor
	December 31,			September 29,			December 31,
	2021			2021			2020
Deferred tax assets	$	12,409,500		$	8,523,300		$	8,644,700
Deferred tax liabilities		-			-			-
Valuation allowance		(12,409,500	)		(8,637,800	)		(7,493,800	)
Net deferred tax assets/(liabilities)	$	-		$	(114,500	)	$	1,150,900