XML 25 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues and other income:        
Operating lease revenue $ 6,705,900 $ 7,173,200 $ 20,820,100 $ 20,460,000
Maintenance reserves revenue, net 16,968,400 0 16,968,400 1,629,000
Finance lease revenue 268,600 261,700 764,800 1,002,100
Net loss on sales-type finance leases 0 0 (170,600) 0
Net gain on disposal of assets 44,000 (2,384,300) 322,000 (2,374,400)
Other income 400 1,200 11,200 3,800
Total Income 23,987,300 5,051,800 38,715,900 20,720,500
Expenses:        
Provision for impairment in value of aircraft 23,354,600 2,673,300 24,923,000 2,971,500
Depreciation 2,970,000 3,328,200 9,140,700 9,420,500
Interest 2,347,600 2,467,200 7,745,000 7,086,600
Bad debt expense 3,918,000 0 3,918,000 0
Professional fees, general and administrative and other 944,900 419,400 2,627,300 1,373,400
Salaries and employee benefits 529,200 0 1,749,000 0
Insurance 130,200 77,700 409,600 235,400
Maintenance 255,900 245,300 373,100 405,400
Other taxes 25,600 22,500 88,700 67,700
Management fees 0 1,534,000 0 4,482,800
Total expenses 34,476,000 10,767,600 50,974,400 26,043,300
(Loss)/income before income tax benefit (10,488,700) (5,715,800) (12,258,500) (5,322,800)
Income tax (benefit)/provision (2,257,300) (1,232,100) (2,641,400) (1,075,200)
Net (loss)/income $ (8,231,400) $ (4,483,700) $ (9,617,100) $ (4,247,600)
(Loss)/earnings per share:        
Basic $ (5.32) $ (3.16) $ (6.22) $ (3.00)
Diluted $ (5.32) $ (3.16) $ (6.22) $ (3.00)
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