Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 29,316,946 $ 17,505,002
Accounts receivable, net of allowance for doubtful accounts of $1,652,000 and $1,545,000 as of December 31, 2020 and 2019 50,214,991 51,867,653
Inventory:    
Aircraft, airframes, engines and parts 85,191,747 57,918,723
Advance vendor payments 6,205,479 3,247,255
Due from related party 474,257 6,130,990
Deposits, prepaid expenses, and other current assets 7,560,391 5,116,175
Total current assets 178,963,811 141,785,798
Fixed assets:    
Aircraft and engines held for lease, net 86,844,145 111,896,294
Property and equipment, net 7,839,045 7,461,792
Inventory:    
Aircraft, airframes, engines, and parts, net 55,463,352 37,043,804
Deferred income taxes, net 5,707,912 4,753,679
Deferred financing costs, net 366,750 1,034,564
Deferred customer incentives and other assets, net 270,782 324,869
Due from related party 5,449,739 5,449,739
Goodwill 19,860,168 13,858,551
Other intangible assets, net 28,363,988 20,375,166
Total assets 389,129,692 343,984,256
Current liabilities:    
Accounts payable 16,363,699 17,030,404
Accrued expenses 8,576,941 9,629,084
Income tax payable 1,324,481  
Lessee and customer purchase deposits 2,819,987 3,473,921
Current portion of long-term debt, net   3,351,714
Deferred revenue 2,594,979 7,708,761
Total current liabilities 31,680,087 41,193,884
Long-term lease deposits 1,144,935 4,184,874
Maintenance deposit payments and other liabilities 3,663,571 4,620,133
Total liabilities 36,488,593 49,998,891
Stockholders' equity:    
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 41,046,216 shares and 5,285,054, respectively 4,105 529
Additional paid-in capital 293,390,354 243,220,709
Retained earnings 59,246,640 50,764,127
Total equity 352,641,099 293,985,365
Total liabilities and stockholders' equity $ 389,129,692 $ 343,984,256