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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues and Other Income:        
Operating lease revenue $ 3,249,100 $ 6,705,900 $ 12,395,800 $ 20,820,100
Maintenance reserves revenue, net 221,400 16,968,400 221,400 16,968,400
Finance lease revenue 0 268,600 56,300 764,800
Net gain on disposal of assets 19,800 44,000 8,700 322,000
Net loss on sales-type leases 0 0 0 (170,600)
Other (loss)/income 0 400 (23,200) 11,200
Total Income 3,490,300 23,987,300 12,659,000 38,715,900
Expenses:        
Interest 3,020,100 2,347,600 13,492,700 7,745,000
Impairment in value of aircraft 439,000 23,354,600 16,820,500 24,923,000
Depreciation 1,342,100 2,970,000 5,514,900 9,140,700
Professional fees, general and administrative and other 1,370,600 944,900 4,368,900 2,627,300
Bad debt expense 0 3,918,000 1,170,000 3,918,000
Salaries and employee benefits 498,800 529,200 1,533,500 1,749,000
Insurance 191,400 130,200 602,900 409,600
Maintenance 78,000 255,900 246,400 373,100
Other taxes 26,500 25,600 77,600 88,700
Total expenses 6,966,500 34,476,000 43,827,400 50,974,400
Loss before income tax (benefit)/provision (3,476,200) (10,488,700) (31,168,400) (12,258,500)
Income tax (benefit)/provision 604,900 (2,257,300) (3,391,200) (2,641,400)
Net loss $ (4,081,100) $ (8,231,400) $ (27,777,200) $ (9,617,100)
Loss Per Share:        
Basic $ (2.64) $ (5.32) $ (17.97) $ (6.22)
Diluted $ (2.64) $ (5.32) $ (17.97) $ (6.22)
Weighted Average Shares Used in Loss Per Share Computations:        
Basic 1,545,884 1,545,884 1,545,884 1,545,884
Diluted 1,545,884 1,545,884 1,545,884 1,545,884