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Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues and other income:    
Operating lease revenue $ 25,609,000 $ 27,637,500
Maintenance reserves revenue, net 16,968,400 1,629,000
Finance lease revenue 852,600 1,251,000
Net gain (loss) on disposal of assets 326,900 (3,408,700)
Net loss on sales-type finance leases (170,600) 0
Other income 12,800 7,600
Total income 43,599,100 27,116,400
Expenses:    
Provision for impairment in value of aircraft 31,007,400 2,971,500
Depreciation 11,587,500 12,637,100
Interest 11,302,900 9,506,000
Professional fees, general and administrative and other 4,005,100 2,343,800
Bad debt expense 2,908,600 0
Salaries and employee benefits 2,367,500 592,300
Maintenance 850,800 636,000
Insurance 621,300 383,700
Other taxes 114,300 90,200
Management fees 0 4,482,800
Settlement loss 0 2,527,000
Total expenses 64,765,400 36,170,400
Loss before income tax benefit (21,166,300) (9,054,000)
Income tax benefit (4,507,800) (972,800)
Net loss $ (16,658,500) $ (8,081,200)
Loss per share:    
Basic $ (10.78) $ (5.58)
Diluted $ (10.78) $ (5.58)
Weighted average shares used in loss per share computations:    
Basic 1,545,884 1,449,261
Diluted 1,545,884 1,449,261