Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income from continuing operations $ 8,482,513 $ 15,499,138 $ 26,725,449
Adjustments to reconcile net income from continuing operations to net cash (used in) provided by operating activities:      
Depreciation and amortization 24,222,907 30,080,936 29,826,222
Amortization expense 740,372 802,280 1,019,953
Inventory impairment 13,651,271 5,557,481 1,084,247
Impairment of aircraft held for lease 3,035,578 0  
Provision for doubtful accounts 211,696 54,939 618,786
Deferred income taxes 21,611 2,461,865 (7,815,572)
Stock-based compensation 1,042,456 0  
Decreases (increases) in operating assets and liabilities, net of acquisitions:      
Accounts receivable (2,586,940) (21,535,624) (8,936,950)
Inventory (55,275,418) 3,420,729 7,717,316
Deposits, prepaid expenses, and other current assets 3,373,540 (2,848,692) 190,347
Deferred customer incentives and other assets 55,754 23,477 (3,580,770)
Advance vendor payments (2,958,224) (250,697) 341,797
Accounts payable (800,943) 3,771,721 1,224,994
Income tax receivable   384 850,844
Income tax payable 1,324,481 0  
Accrued expenses (1,697,118) 3,159,718 3,564,972
Deferred revenue (5,893,782) 1,748,328 4,152,140
Lessee and customer purchase deposits 1,775,908 2,822,894 1,411,814
Maintenance deposit payments and other liabilities (956,562) 686,957 850,898
Net cash (used in) provided by operating activities (12,230,900) 45,455,834 59,246,487
Cash flows from investing activities:      
Business acquisitions (16,975,595) (26,081,080) (22,283,660)
Proceeds from sale of assets 3,100,000 2,115,441 75,297,892
Acquisition of aircraft and engines held for lease, including capitalized cost (5,127,892) (36,478,888) (7,589,143)
Purchase of property and equipment (2,137,219) (1,648,618) (1,235,182)
Net cash (used in) provided by investing activities (21,140,706) (62,093,145) 44,189,907
Cash flows from financing activities:      
Repayments of long-term secured debt   0 (3,432,837)
Repayments of 8% Senior Secured Notes (3,424,273) (5,512,054) (5,069,941)
Proceeds from revolving credit facility 96,725,970 77,703,575 23,900,000
Repayments of revolving credit facility (96,725,970) (77,703,575) (97,500,000)
Payments of debt issuance costs   0 (1,680,447)
Proceeds from merger 48,607,823 0  
Net cash provided by (used in) financing activities 45,183,550 (5,512,054) (83,783,225)
Cash flows from discontinued operations:      
Net cash provided by (used in) operating activities   18,050,201 (4,594,395)
Net cash used in financing activities   0 (1,225,937)
Net cash provided by (used in) discontinued operations   18,050,201 (5,820,332)
Increase (decrease) in cash and cash equivalents 11,811,944 (4,099,164) 13,832,837
Cash, cash equivalents and restricted cash, beginning of year 17,505,002 21,604,166 7,771,329
Cash, cash equivalents, end of year 29,316,946 17,505,002 21,604,166
Supplemental disclosure of cash activities      
Income taxes, net 2,650,000 8,529,000 4,656,000
Interest 855,000 2,296,000 2,310,000
Supplemental disclosure of noncash investing activities      
Reclassification of aircraft and aircraft engines inventory to (from) equipment held for lease net $ 6,228,000 $ (22,468,000) $ 182,000