Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes (Tables) [Line Items]

Schedule of income tax benefit

	Successor			Successor			Predecessor
	Year Ended December 31, 2022			September 30, 2021 through December 31, 2021			Period from January 1, 2021 through September 29, 2021
Current income tax provision
Federal	$	-		$	-		$	16,900
State		4,800			3,200			4,000
Foreign		(53,700	)		(500	)		50,000
		(48,900	)		2,700			70,900
Deferred income tax provision (benefits)
Federal	$	1,692,300			(2,027,100	)		(1,640,000	)
State		(283,800	)		(28,200	)		(103,800	)
Foreign		-			11,400			(1,700	)
Valuation allowance		(1,408,400	)		1,929,400			1,804,400
		-			(114,500	)		58,900
Income tax (benefits) provision	$	(48,900	)	$	(111,800	)	$	129,800

Schedule of income tax benefit

	Successor			Successor			Predecessor
	Year Ended December 31, 2022			September 30, 2021 through December 31, 2021			Period from January 1, 2021 through September 29, 2021
Income tax provision (benefit) at statutory federal income tax rate	$	(1,290,800	)	$	(880,300	)	$	1,711,500
State tax expense (benefit), net of federal benefit		4,800			(200	)		80,200
Foreign tax (benefit) expenses		(38,900	)		581,900			200,800
Non-deductible management and acquisition fees		-			-			593,500
Impairment of intangible assets		13,300			-			-
PPP loan forgiveness		-			(59,900	)		-
Non-taxable income		-			(4,037,200	)		(4,260,600	)
Other non-deductible expenses		(35,100	)		187,600			-
Valuation allowance		1,297,800			4,096,300			1,804,400
Income tax (benefits) provision	$	(48,900	)	$	(111,800	)	$	129,800

Schedule of deferred tax assets and liabilities reported

	Successor			Successor			Predecessor
	December 31,			December 31,			September 29,
	2022			2021			2021
Deferred tax assets:
Debt basis differences	$	-		$	8,560,700		$	8,560,700
Current and prior year tax losses		6,169,300			7,970,100			4,093,400
Deferred interest expense		3,991,300			4,110,900			4,136,200
Foreign tax credit		705,600			705,600			705,600
Accrued vacation and others		28,500			40,500			51,200
		10,894,700			21,387,800			17,547,100
Valuation allowance		(10,889,000	)		(12,409,500	)		(8,637,800	)
Deferred tax assets, net of valuation allowance	$	5,700		$	8,978,300		$	8,909,300
Deferred tax liabilities:
Accumulated depreciation on aircraft and aircraft engines	$	-		$	(6,556,600	)	$	(6,581,300	)
Deferred income		-			(2,421,700	)		(2,421,700	)
Unrealized foreign exchange gain		-			-			(20,800	)
Others		(5,700	)		-			-
Deferred tax liabilities		(5,700	)		(8,978,300	)		(9,023,800	)
Net deferred tax assets/(liabilities), net of valuation allowance and deferred tax liabilities	$	-		$	-		$	(114,500	)

Schedule of unrecognized tax benefits

	December 31,			December 31,
	2022			2021
Balance at January 1	$	66,200		$	74,000
Additions for prior years’ tax positions		2,700			800
Reductions from expiration of statute of limitations		(12,800	)		(8,600	)
Balance at December 31	$	56,100		$	66,200

Reported [Member]

Income Taxes (Tables) [Line Items]

Schedule of deferred tax assets and liabilities reported

	Successor			Successor			Predecessor
	December 31,			December 31,			September 29,
	2022			2021			2021
Deferred tax assets	$	10,894,700		$	12,409,500		$	8,523,300
Deferred tax liabilities		(5,700	)		-			-
Valuation allowance		(10,889,000	)		(12,409,500	)		(8,637,800	)
Net deferred tax assets/(liabilities)	$	-		$	-		$	(114,500	)