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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues and other income:        
Operating lease revenue $ 6,966,000 $ 6,823,900 $ 14,114,200 $ 13,286,800
Maintenance reserves revenue, net 0 579,000 0 1,629,000
Finance lease revenue 260,100 361,300 496,200 740,400
Net loss on sales-type finance leases (170,600) 0 (170,600) 0
Net gain on disposal of assets 99,600 18,100 277,900 9,900
Other income 6,600 1,200 10,800 2,600
Total Income 7,161,700 7,783,500 14,728,500 15,668,700
Expenses:        
Depreciation 2,970,000 3,150,400 6,170,700 6,092,300
Interest 2,485,000 2,365,100 5,397,500 4,619,400
Provision for impairment in value of aircraft 160,000 298,200 1,568,400 298,200
Professional fees, general and administrative and other 856,700 376,900 1,681,900 954,000
Salaries and employee benefits 620,900 0 1,219,800 0
Management fees 0 1,502,100 0 2,948,800
Maintenance 10,000 68,900 117,400 160,200
Insurance 139,000 78,000 279,500 157,700
Other taxes 25,600 22,500 63,200 45,100
Total expenses 7,267,200 7,862,100 16,498,400 15,275,700
(Loss)/income before income tax benefit (105,500) (78,600) (1,769,900) 393,000
Income tax (benefit)/provision (27,900) 2,500 (384,100) 156,800
Net (loss)/income $ (77,600) $ (81,100) $ (1,385,800) $ 236,200
(Loss)/earnings per share:        
Basic $ (0.05) $ (0.06) $ (0.90) $ 0.17
Diluted $ (0.05) $ (0.06) $ (0.90) $ 0.17
Weighted average shares used in (loss)/earnings per share computations:        
Basic 1,545,884 1,416,699 1,545,884 1,416,699
Diluted 1,545,884 1,416,699 1,545,884 1,416,699