0001144204-12-045213.txt : 20120814 0001144204-12-045213.hdr.sgml : 20120814 20120814100506 ACCESSION NUMBER: 0001144204-12-045213 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Saker Aviation Services, Inc. CENTRAL INDEX KEY: 0001128281 STANDARD INDUSTRIAL CLASSIFICATION: AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581] IRS NUMBER: 870617649 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52593 FILM NUMBER: 121030007 BUSINESS ADDRESS: STREET 1: 101 HANGAR ROAD STREET 2: WILKES-BARRE/SCRANTON INTERN'T'L AIRPORT CITY: AVOCA STATE: PA ZIP: 18641 BUSINESS PHONE: 570.414.1400 MAIL ADDRESS: STREET 1: 101 HANGAR ROAD STREET 2: WILKES-BARRE/SCRANTON INTERN'T'L AIRPORT CITY: AVOCA STATE: PA ZIP: 18641 FORMER COMPANY: FORMER CONFORMED NAME: FirstFlight, Inc. DATE OF NAME CHANGE: 20070104 FORMER COMPANY: FORMER CONFORMED NAME: FBO AIR, INC. DATE OF NAME CHANGE: 20040929 FORMER COMPANY: FORMER CONFORMED NAME: SHADOWS BEND DEVELOPMENT INC DATE OF NAME CHANGE: 20010220 10-Q 1 v318853_10q.htm QUARTERLY REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For The Quarterly Period Ended June 30, 2012

 

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to ________________

 

Commission File Number: 000-52593

 

SAKER AVIATION SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Nevada 87-0617649
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
   
101 Hangar Road, Avoca, PA 18641
(Address of principal executive offices) (Zip Code)

 

(570) 457-3400

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes x         No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x         No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule # 12b-2 of the Exchange Act.

 Large accelerated filer  o Accelerated filer  o Non-accelerated filer  o Smaller Reporting Company  x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o          No x

 

As of August 14, 2012, the registrant had 33,040,422 shares of its common stock, $0.001 par value, issued and outstanding.

 

i
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

Form 10-Q

June 30, 2012

 

Index

 

     Page
     
PART I - FINANCIAL INFORMATION  
     
ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
     
  Balance Sheets as of June 30, 2012 (unaudited) and December 31, 2011 1
     
  Statements of Operations for the Three and Six Months Ended June 30, 2012 and 2011 (unaudited) 2
     
  Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011 (unaudited) 3
     
  Notes to Financial Statements (unaudited) 4
     
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8
     
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 13
     
ITEM 4.  CONTROLS AND PROCEDURES 13
     
PART II - OTHER INFORMATION  
     
ITEM 6.  EXHIBITS 14
     
SIGNATURES 15

 

ii
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

  

   June 30,
2012
   December 31,
2011
 
   (unaudited)     
ASSETS         
         
CURRENT ASSETS          
Cash  $803,215   $451,957 
Accounts receivable   1,556,613    1,532,673 
Inventories   283,084    285,171 
Note receivable – current portion, less discount   104,666    101,077 
Prepaid expenses and other current assets   370,115    373,385 
Deferred income taxes       204,000 
Total current assets   3,117,693    2,948,263 
           
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $1,159,419 and $961,189 respectively   2,424,517    2,539,198 
           
OTHER ASSETS          
Deposits   197,534    181,259 
Note receivable, less current portion and discount   247,466    300,712 
Intangible assets – trade names   135,000    135,000 
Goodwill   2,368,284    2,368,284 
Total other assets   2,948,284    2,985,255 
TOTAL ASSETS  $8,490,494   $8,472,716 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
CURRENT LIABILITIES          
Accounts payable  $786,763   $781,675 
Customer deposits   129,830    138,756 
Lines of credit   616,995    650,000 
Accrued expenses   368,079    385,872 
Deferred income taxes   12,000     
Notes payable – current portion   551,101    488,846 
Total current liabilities   2,464,768    2,445,149 
           
LONG-TERM LIABILITIES          
Notes payable - less current portion   1,478,144    1,809,902 
Total liabilities   3,942,912    4,255,051 
           
STOCKHOLDERS’ EQUITY          
Controlling interest          
Preferred stock - $.001 par value; authorized 9,999,154;   none issued and outstanding        —           —  
Common stock - $.001 par value; authorized 100,000,000; 33,040,422 shares issued and outstanding as of  June 30, 2012 and December 31, 2011        33,040           33,040   
Additional paid-in capital   19,866,278    19,850,134 
Accumulated deficit   (15,351,736)   (15,665,509)
TOTAL STOCKHOLDERS’ EQUITY   4,547,582    4,217,665 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $8,490,494   $8,472,716 

 

 
See notes to condensed consolidated financial statements.

 

1
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   For the Three Months Ended
June 30,
   For the Six Months Ended
June 30,
 
   2012   2011   2012   2011 
                 
REVENUE  $4,864,253   $4,574,759   $8,010,329   $7,349,977 
COST OF REVENUE   2,726,187    2,465,410    4,717,183    4,162,696 
GROSS PROFIT   2,138,066    2,109,349    3,293,146    3,187,281 
                     
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES   1,580,908    1,583,537    2,662,577    2,635,229 
                     
OPERATING INCOME   557,158    525,812    630,569    552,052 
                     
OTHER INCOME (EXPENSE)                    
OTHER INCOME (EXPENSE), net   2,894    (43,647)   35,909    (76,828)
INTEREST INCOME   6,455    9,217    13,343    18,812 
INTEREST EXPENSE   (37,085)   (39,243)   (74,048)   (78,194)
TOTAL OTHER INCOME (EXPENSE)   (27,736)   (73,673)   (24,796)   (136,210)
                     
INCOME BEFORE INCOME TAX EXPENSE   529,422    452,139    605,773    415,842 
                     
INCOME TAX EXPENSE                    
CURRENT   73,000        76,000     
DEFERRED   190,000    176,000    216,000    176,000 
INCOME TAX EXPENSE   263,000    176,000    292,000    176,000 
                     
NET INCOME  $266,422   $276,139   $313,773   $239,842 
                     
Net income per Common Share – Basic and Diluted  $0.01   $0.01   $0.01   $0.01 
                     
Weighted Average Number of Common Shares Outstanding – Basic   33,040,422    33,040,422    33,040,422    33,047,960 
                     
Weighted Average Number of Common Shares    Outstanding – Diluted   34,436,629    34,743,200    33,436,629    34,750,738 

 

 
See notes to condensed consolidated financial statements.

 

2
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Six months ended
June 30,
 
   2012   2011 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $313,773   $239,842 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   198,230    166,565 
Management fee recorded through additional paid in capital       708,382 
Loss on dispositions of equipment       2,799 
Stock based compensation   16,144    3,498 
Changes in operating assets and liabilities:          
Accounts receivable   (23,940)   (285,222)
Inventories   2,087    (48,766)
Prepaid expenses and other current assets   3,270    (46,779)
Deposits   (16,275)   (2,118)
Deferred income taxes   216,000    176,000 
Accounts payable   5,088    172,509 
Customer deposits   (8,926)   3,539 
Accrued expenses   (17,793)   (757,982)
TOTAL ADJUSTMENTS   373,885    92,425 
           
NET CASH PROVIDED BY OPERATING ACTIVITIES   687,659    332,267 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from disposition of equipment       65,247 
Payment of note receivable   49,657    46,310 
Purchase of property and equipment   (83,549)   (931,196)
NET CASH USED IN INVESTING ACTIVITIES   (33,892)   (819,639)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Repayment of notes payable   (269,503)   (47,139)
Purchase of common stock, retired       (11,989)
Repayment of line of credit   (33,005)    
NET CASH USED IN FINANCING ACTIVITIES   (302,508)   (59,128)
           
NET CHANGE IN CASH   351,258    (546,500)
           
CASH – Beginning   451,957    1,541,992 
CASH – Ending  $803,215   $995,492 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid during the periods for:          
Interest  $74,048  78,194 
Income Taxes  $76,176   

  

 
See notes to condensed consolidated financial statements.

 

3
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 - Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial statements and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required for annual financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statements and related footnotes for Saker Aviation Services, Inc. and its subsidiaries (collectively, the “Company”), which appear in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission.

 

The condensed consolidated balance sheet as of June 30, 2012 and the condensed consolidated statements of operations for the three and six months ended June 30, 2012 and 2011 and the cash flows for the six months ended June 30, 2012 and 2011 have been prepared by the Company without audit. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) necessary to make the Company’s financial position as of June 30, 2012 and its results of operations for the three and six months ended June 30, 2012 and cash flows for the six months ending June 30, 2012 not misleading have been included. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the results to be expected for any full year or any other interim period.

 

The Company has evaluated subsequent events which have occurred after June 30, 2012.

 

NOTE 2 – Management’s Liquidity Plans

 

As of June 30, 2012, the Company had cash of $803,215 and had a working capital surplus of $652,925. The Company generated revenue of $8,010,329 and net income of $313,773 for the six months ended June 30, 2012.

 

Effective January 30, 2012, the Company entered into an amended and restated Loan Agreement (the “Amended and Restated Loan Agreement”) with Bank of America. The Amended and Restated Loan Agreement increased the Company’s revolving credit facility (“B of A Credit Facility”) to $1,150,000.

 

The B of A Credit Facility, with an extended balance of $616,995 as of June 30, 2012, requires interest payments based on outstanding balances at an interest rate calculated using the 30-day LIBOR rate plus 300 basis points, and is annually renewable at Bank of America’s option. An annual fee of 0.50% against the total availability of the B of A Credit Facility is also incurred.

 

On September 21, 2011, the Company entered into an agreement with Bank of America whereby the bank established an equipment line of credit for up to $130,000. On May 1, 2012, the principal amount drawn by the company against this line of credit of $118,703 was converted into a term loan (the “B of A Equipment Loan”). The B of A Equipment Loan is being amortized over five years and bears interest at a rate equal to the bank’s prime rate plus 1.5 %.

 

On July 20, 2011, the Company entered into a loan agreement with Bank of America that provided the Company with a $318,198 term loan facility (the “B of A Term Loan”). The B of A Term Loan is being amortized over 48 months, bears interest at a rate of 4.2% and matures on July 20, 2015. A one-time origination fee of 1.0% was incurred at the commencement of the B of A Term Loan.

 

The Company is party to a concession agreement with the City of New York for the operation of the Downtown Manhattan Heliport (the “Heliport”), which expires on October 31, 2018. Under this agreement, the Company must pay the greater of 18% of the first $5 million in program year gross receipts and 25% of gross receipts in excess of $5 million or minimum annual guaranteed payments that began at $1.2 million in Year 1 of the agreement, which commenced on November 1, 2008, and increase to approximately $1.7 million in Year 10 of the agreement. During the six months ended June 30, 2012, the Company incurred with the City of New York approximately $875,000 in concession fees, which are recorded in the cost of revenue.

 

NOTE 3 - Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FirstFlight Heliports, LLC d/b/a Saker Aviation Services (“FFH”), FBO Air Wilkes-Barre, Inc. d/b/a Saker Aviation Services (“FBOWB”), and FBO Air Garden City, Inc. d/b/a Saker Aviation Services (“FBOGC”). All significant inter-company accounts and transactions have been eliminated in consolidation.

 

4
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Reclassifications

Certain reclassifications were made to the prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income or loss in any period.

 

Net Income Per Common Share

Net income for the three and six months ended June 30, 2012 was $266,422 and $313,773, respectively, and net income for the three and six months ended June 30, 2011 was $276,139 and $239,842, respectively. Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period. 

 

The following table sets forth the components used in the computation of basic net income per share:

 

   For the Three Months Ended
June 30,
   For the Six Months Ended
June 30,
 
   2012*   2011*   2012*   2011* 
Weighted average common shares outstanding, basic   33,040,422    33,040,422    33,040,422    33,047,960 
                     
Common shares upon exercise of options   1,396,207    1,702,778    1,396,207    1,702,778 
                     
Weighted average common shares outstanding, diluted   34,436,629    34,743,200    34,436,629    34,750,738 

 

* Outstanding stock options and warrants aggregating 1,400,000 and 4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June 30, 2012 and 2011, respectively.

 

Stock Based Compensation

Stock-based compensation expense for all share-based payment awards are based on the grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For the six months ended June 30, 2012 and 2011, the Company incurred stock-based compensation of $16,144 and $3,498, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June 30, 2012, the unamortized fair value of such options totaled $16,340.

 

Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.

 

Recently Issued Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-08, Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment (ASU 2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU 2011-08 is effective for the Company in the year ending December 31, 2012 and earlier adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2011-08 on its consolidated financial statements.

 

5
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 4 - Inventories

 

Inventories consist primarily of maintenance parts and aviation fuel, which the Company sells to its customers. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft. A summary of inventories as of June 30, 2012 and December 31, 2011 is set forth in the following table:

 

   June 30, 2012   December 31, 2011 
Parts inventory  $104,574   $105,162 
Fuel inventory   167,134    167,540 
Other inventory   11,376    12,469 
Total inventory  $283,084   $285,171 

 

Included in inventories are amounts held for third parties of $147,823 and $173,023 as of June 30, 2012 and December 31, 2011, respectively, with an offsetting liability included as part of accrued expenses.

 

NOTE 5 - Stockholders’ Equity

 

Stock Options

Details of all options outstanding are presented in the table below:

 

   Number of
Options
   Weighted Average
Exercise Price
 
         
Balance, January 1, 2012   1,675,000   $0.14 
Granted   100,000    0.05 
Exercised        
Forfeited        
Balance, June 30, 2012   1,775,000   $0.14 
Exercisable at June 30, 2012   775,000   $0.14 

 

On June 1, 2012, the Company granted an employee a stock option under the Plan to purchase 100,000 shares of common stock at $0.05 per share, the closing price of the Company’s common stock on May 31, 2012. Fifty-thousand shares subject to such option vest on December 31, 2012 and the remaining 50,000 shares vest on December 31, 2013. This option is valued at $5,000 and is being amortized over the vesting period.

 

NOTE 6 – Related Parties

 

The law firm of Wachtel & Masyr, LLP provides certain legal services to the Company. William B. Wachtel, the Company’s Chairman of the Board of Directors, is a managing partner of this firm. During the six months ended June 30, 2012 and 2011, the Company was billed approximately $0 for legal services. At June 30, 2012 and December 31, 2011, the Company has recorded in accounts payable an obligation for legal fees to such firm of approximately $250 related to legal services provided by such firm.

 

On August 29, 2011, the Company entered into a Redemption Agreement with the non-controlling interest in a subsidiary of the Company. As part of this agreement, the non-controlling interest relinquished its membership interest in the subsidiary in return for earn-out payments of the non-controlling interest’s capital account of $2,769,000. Of that amount, $444,000 was paid upon the execution of the Redemption Agreement, an additional approximately $624,000 has been paid through June 30, 2012, and the balance is recorded as a liability at a discount rate of seven (7%) percent. Continuing earn-out payments shall be made on a monthly basis in an amount equal to (i) five percent (5%) of the subsidiary’s gross receipts, plus (ii) five percent (5%) of the subsidiary’s pre-tax profit.

 

6
 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 7 - Litigation

 

From time to time, the Company may be a party to one or more claims or disputes which may result in litigation. The Company's management does not, however, presently expect that any such matters will have a material adverse effect on the Company's business, financial condition or results of operations.

 

7
 

 

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read together with the consolidated condensed financial statements and related notes appearing elsewhere in this report. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those included in such forward-looking statements. Factors which could cause actual results to differ materially include those set forth at the end of this Item 2 under the heading "Cautionary Statement Regarding Forward Looking Statements," as well as those discussed elsewhere in this report and those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

 

OVERVIEW

 

Saker Aviation Services, Inc. (“we”, “us”, “our”) is a Nevada corporation, the common stock, $0.001 par value (the “common stock”), of which is publicly traded on the OTCQB market place system under the symbol “SKAS”. Through our subsidiaries, we operate in the fixed base operation (“FBO”) segment of the general aviation industry, in which we serve as the operator of a heliport FBO, two primarily fixed-wing aircraft FBOs and provide consulting services for an FBO facility that we do not own. FBOs provide ground-based services, such as fueling and aircraft storage for general aviation, commercial and military aircraft; aircraft maintenance; as well as other miscellaneous services.

 

We were formed on January 17, 2003 (our date of inception) as a proprietorship and were incorporated in Arizona on January 2, 2004. We became a public company as a result of a reverse merger transaction on August 20, 2004 with Shadows Bend Development, Inc., an inactive public Nevada corporation and subsequently changed our name to FBO Air, Inc. On December 12, 2006, we changed our name to FirstFlight, Inc. On September 2, 2009, we changed our name to Saker Aviation Services, Inc.

 

Our business activities are carried out as an FBO at the Wilkes-Barre/Scranton (Pennsylvania) International Airport, as an FBO at the Garden City (Kansas) Regional Airport, as the FBO and operator of the Downtown Manhattan (New York) Heliport, and as a consultant to the FBO and operator of the Niagara Falls (New York) International Airport.

 

The Wilkes-Barre facility became part of our company as a result of our acquisition of Tech Aviation Service, Inc. (“Tech”) in March 2005. The Garden City facility became part of our company as a result of our acquisition of the FBO assets of Central Plains Aviation, Inc. (“CPA”) in March 2005.

 

The New York heliport facility became part of our company through the award of a concession agreement by the City of New York to operate the Downtown Manhattan Heliport, which we assigned to our subsidiary, FirstFlight Heliports, LLC d/b/a Saker Aviation Services (“FFH”).

 

The FBO segment of the general aviation industry is highly fragmented. According to the National Air Transportation Association (“NATA”), the industry is populated by over 3,000 operators that serve customers at one or more of over 3,000 airport facilities across the country that have at least one paved 3,000-foot runway. The vast majority of these companies are single location operators. NATA characterizes companies with operations at three or more airports as “chains.” An operation with FBOs in at least two distinctive regions of the country is considered a “national” chain while multiple locations within a single region are considered “regional” chains.

 

REVENUE AND OPERATING RESULTS

 

Comparison of the Three and Six Months Ended June 30, 2012 and June 30, 2011.

 

8
 

 

REVENUE

 

Revenue increased by 6.3 percent to $4,864,253 for the three months ended June 30, 2012 as compared with corresponding prior-year period revenue of $4,574,759. For the six months ended June 30, 2012, revenue increased by 9.0% to $8,010,329 as compared with revenue of $7,349,977 in the same period in the prior year.

 

For the three months ended June 30, 2012, revenue associated with the sale of jet fuel, aviation gasoline and related items increased by 15.5 percent to approximately $2,600,000 as compared to approximately $2,200,000 in the three months ended June 30, 2011. The increase was related to a combination of higher volume along with higher average fuel prices as compared with the prior year. We generally price our fuel products on a fixed dollar margin basis. As the cost of fuel increases, the corresponding customer price increases as well. If volume is constant, this methodology yields higher revenue but at comparable gross margins.

 

For the three months ended June 30, 2012, revenue associated with services and supply items decreased by 1.1 percent to approximately $2,200,000 as compared to approximately $2,300,000 in the three months ended June 30, 2011. The decrease was in large part impacted by a decrease in maintenance activity and revenue in the three months ended June 30, 2012 as compared to the same period in the prior year.

 

For the three months ended June 30, 2012, all other revenue decreased by 39.1 percent to approximately $49,000 as compared to approximately $81,000 in the three months ended June 30, 2011.

 

For the six months ended June 30, 2012, revenue associated with the sale of jet fuel, aviation gasoline and related items increased by 16.7 percent to approximately $4,400,000 as compared to approximately $3,750,000 in the six months ended June 30, 2011. The increase was related to a combination of higher volume along with higher average fuel prices as compared with the prior year.

 

For the six months ended June 30, 2012, revenue associated with services and supply items increased by 1.4 percent to approximately $3,535,000 as compared to approximately $3,486,000 in the six months ended June 30, 2011.

 

For the six months ended June 30, 2012, all other revenue decreased by 12.4 percent to approximately $96,000 as compared to approximately $110,000 in the six months ended June 30, 2011.

 

GROSS PROFIT

 

Total gross profit increased 1.4 percent to $2,138,066 in the three months ended June 30, 2012 as compared with the three months ended June 30, 2011. Gross profit as a percent of revenue decreased to 44.0 percent in the three months ended June 30, 2012 as compared to 46.1 percent in the same period in the prior year. The decrease in gross margin is related to higher fee payments to the City of New York in connection with the Heliport and higher costs of fuel, which translated to greater revenue but at comparable gross profit on a per gallon basis.

 

Total gross profit increased 3.3 percent to $3,293,146 in the six months ended June 30, 2012 as compared with the six months ended June 30, 2011. Gross profit as a percent of revenue decreased to 41.1 percent in the six months ended June 30, 2012 as compared to 43.4 percent in the same period in the prior year. The decrease in gross margin is related to higher fee payments to the City of New York in connection with the Heliport and higher costs of fuel, which translated to greater revenue but at comparable gross profit on a per gallon basis.

 

OPERATING EXPENSE

 

Selling, General and Administrative

Total selling, general and administrative (“SG&A”) expenses were $1,580,908 in the three months ended June 30, 2012, a decrease of approximately $2,600 or 0.2 percent, as compared to the same period in 2011.

 

9
 

 

SG&A associated with our FBO operations were approximately $1,500,000 in the three months ended June 30, 2012, a decrease of approximately $39,000, or 2.6 percent, as compared to the three months ended June 30, 2011. SG&A associated with our FBO operations as a percentage of revenue was 30.8 percent for the three months ended June 30, 2012, as compared with 33.6 percent in the corresponding prior year period.

 

Corporate SG&A was approximately $84,000 for the three months ended June 30, 2012, representing an increase of approximately $37,000 as compared with the corresponding prior year period. The increase was driven largely by fees associated with our audit being recorded in the three months ended June 30, 2012 while comparable expenses were recorded in the three months ended March 31, 2011.

 

Total SG&A was $2,662,577 in the six months ended June 30, 2012, an increase of approximately $27,000 or 1.0 percent, as compared to the same period in 2011.

 

SG&A associated with our FBO operations were approximately $2,500,000 in the six months ended June 30, 2012, an increase of approximately $27,000, or 1.1 percent, as compared to the six months ended June 30, 2011. SG&A associated with our FBO operations as a percentage of revenue was 31.6 percent for the six months ended June 30, 2012, as compared with 34.1 percent in the corresponding prior year period.

 

Corporate SG&A was approximately $131,000 for the six months ended June 30, 2012 and 2011.

 

OPERATING INCOME

 

Operating income for the three and six months ended June 30, 2012 was $557,158 and $630,569, respectively, as compared to $525,812 and $552,052 in the three and six months ended June 30, 2011, respectively. Improvements on a year-over-year basis were driven by a combination of higher levels of revenue leading to increased gross profit, which offset slightly higher SG&A, as described above.

 

Depreciation and Amortization

Depreciation and amortization was approximately $198,000 and $167,000 for the six months ended June 30, 2012 and 2011, respectively. The increase was largely attributed to the depreciation recorded in connection with the capital improvement program at the Heliport, as described in our Annual Report on Form 10-K for the year ended December 31, 2011.

 

Interest Income/Expense

Interest income for the three and six months ended June 30, 2012 was $6,455 and $13,343, respectively, as compared to $9,217 and $18,812 in three and six months ended June 30, 2011, respectively, with the decreases largely attributable to lesser deposited amounts. Interest expense for the three and six months ended June 30, 2012 was $37,085 and $74,048, respectively, as compared to $39,243 and $78,194 in the same periods in 2011.

 

Income Tax

Income tax expense for the three and six months ended June 30, 2012 was $263,000 and $292,000, respectively, as compared to $176,000 for the three and six months ended June 30, 2011. Increases for both periods were a result of higher pre-tax income due to the factors described above.

 

Net Income Per Share

Net income for the three and six months ended June 30, 2012 was $266,422 and $313,773, respectively. Net income for the three and six months ended June 30, 2011 was $276,139 and $239,842, respectively.

 

Basic and diluted net income per share for the three and six months ended June 30, 2012 was $0.01. Basic and diluted net income per share for the three and six months ended June 30, 2011 was $0.01.

 

10
 

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of June 30, 2012, we had cash of $803,215 and had a working capital surplus of $652,925. We generated revenue of $8,010,329 and net income of $313,773 for the six months ended June 30, 2012.

 

Effective January 30, 2012, we entered into an amended and restated Loan Agreement (the “Amended and Restated Loan Agreement”) with Bank of America. The Amended and Restated Loan Agreement increased our revolving credit facility (“B of A Credit Facility”) to $1,150,000.

 

The B of A Credit Facility, with an extended balance of $616,995 as of June 30, 2012, requires interest payments based on outstanding balances at an interest rate calculated using the 30-day LIBOR rate plus 300 basis points, and is annually renewable at Bank of America’s option. An annual fee of 0.50% against the total availability of the B of A Credit Facility is also incurred.

 

On September 21, 2011, we entered into an agreement with Bank of America whereby the bank established an equipment line of credit for up to $130,000. On May 1, 2012, the principal amount drawn by the company against this line of credit of $118,703 was converted into a term loan (the “B of A Equipment Loan”). The B of A Equipment Loan is being amortized over five years and bears interest at a rate equal to the bank’s prime rate plus 1.5 %.

 

On July 20, 2011, we entered into a loan agreement with Bank of America that provided us with a $318,198 term loan facility (the “B of A Term Loan”). The B of A Term Loan is being amortized over 48 months, bears interest at a rate of 4.2% and matures on July 20, 2015. A one-time origination fee of 1.0% was incurred at the commencement of the B of A Term Loan.

 

We are party to a concession agreement with the City of New York for the operation of the Downtown Manhattan Heliport (the “Heliport”), which expires on October 31, 2018. Under this agreement, we must pay the greater of 18% of the first $5 million in program year gross receipts and 25% of gross receipts in excess of $5 million or minimum annual guaranteed payments that began at $1.2 million in Year 1 of the agreement, which commenced on November 1, 2008, and increase to approximately $1.7 million in Year 10 of the agreement. During the six months ended June 30, 2012, we incurred with the City of New York approximately $875,000 in concession fees, which are recorded in the cost of revenue.

 

During the six months ended June 30, 2012, we had a net increase in cash of $351,258. Our sources and uses of funds during this period were as follows:

 

Cash from Operating Activities

 

For the six months ended June 30, 2012, net cash provided by operating activities was $687,659. This amount included an increase in operating cash related to net income of $313,773 and additions for the following items: (i) depreciation and amortization, $198,230; (ii) stock-based compensation expense, $16,144; (iii) accounts payable, $5,088; (iv) prepaid expense, $3,270; (iv) inventory, $2,087; and (vii) deferred income taxes, $216,000. The increase in cash used in operating activities in 2012 was offset by the following decreases: (i) accounts receivable, $23,940; (ii) deposits, $16,275; (iii) customer deposits, $8,926; (iv) and accrued expenses, $17,793. For the six months ended June 30, 2011 net cash provided by operating activities was $332,267. This amount included an increase in operating cash related to net income of $239,842 and additions for the following items: (i) depreciation and amortization, $166,565; (ii) management fees recorded through additional paid in capital, $708,382; (iii) stock-based compensation expense, $3,498; (iv) accounts payable, $172,509, (v) customer deposits, $3,539; (vi) deferred income taxes, $176,000; and (vii) loss on disposition of equipment, $2,799. The increase in cash used in operating activities in 2011 was offset by the following decreases: (i) accounts receivable, $285,222, (ii) inventories, $48,766; (iii) prepaid expenses, $46,779; (iv) deposits, $2,118; and (v) accrued expenses, $757,982.

 

11
 

 

Cash from Investing Activities

 

For the six months ended June 30, 2012, net cash used in investing activities was $33,892 and was attributable to the purchase of property and equipment of $83,549 offset by the repayment of notes receivable of $49,657. For the six months ended June 30, 2011, net cash used in investing activities was $819,639 and was attributable to the purchase of property and equipment of $931,196 offset by (i) the payment of notes receivable of $46,310; and (ii) proceeds from the disposition of equipment of $65,247.

 

Cash from Financing Activities

 

For the six months ended June 30, 2012, net cash used in financing activities was $302,508, consisting of the repayment of notes payable, $269,503, and the repayment of line of credit, $33,005. For the six months ended June 30, 2011, net cash used in financing activities was $59,128, consisting of the repayment of notes payable of $47,139 and purchase of common stock, retired, of $11,989.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

Recent Accounting Pronouncements

 

In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-08, Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment (ASU 2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU 2011-08 is effective for us in the year ended December 31, 2012 and earlier adoption is permitted. We are currently evaluating the impact of its pending adoption of ASU 2011-08 on our consolidated financial statements.

 

12
 

 

CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS

 

Statements contained in this report may contain information that includes or is based upon "forward-looking statements" relating to our business. These forward-looking statements represent management's current judgment and assumptions, and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are frequently accompanied by the use of such words as "anticipates," "plans," "believes," "expects," "projects," "intends," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, but not limited to, those relating to:

 

§our ability to secure the additional debt or equity financing, if required, to execute our business plan;

 

§our ability to identify, negotiate and complete the acquisition of targeted operators, consistent with our business plan;

 

§existing or new competitors consolidating operators ahead of us;

 

§our ability to attract new personnel or retain existing personnel, which would adversely affect implementation of our overall business strategy.

 

Any one of these or other risks, uncertainties, other factors, or any inaccurate assumptions made by the Company may cause actual results to be materially different from those described herein or elsewhere by us. Undue reliance should not be replaced on any such forward-looking statements, which speak only as of the date they were made. Certain of these risks, uncertainties, and other factors are described in greater detail in our Annual Report on Form 10-K for the year ended December 31, 2011 and in other filings we make with the Securities and Exchange Commission. Subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and elsewhere in our reports filed with the Securities and Exchange Commission. We expressly disclaim any intent or obligation to update any forward-looking statements.

 

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

 

Not applicable.

 

Item 4 – Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Management, including our President, Chief Executive Officer and principal financial officer (the same executive is both our principal executive officer and principal financial officer), has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon, and as of the date of that evaluation, our President, Chief Executive Officer and principal financial officer concluded that the disclosure controls and procedures were effective, in all material respects, to ensure that information required to be disclosed in the reports filed and submitted by us under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized and reported as and when required, and (ii) is accumulated and communicated to our management, including our President, Chief Executive Officer and principal financial officer, as appropriate.

 

Changes in Internal Control Over Financial Reporting

 

There has been no change in our internal control over financial reporting that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

13
 

 

PART II – OTHER INFORMATION

 

Item 6.  Exhibits

 

Exhibit No.   Description of Exhibit
     
31.1   Rule 13a-14(a)/15d-14(a) Certification of President and Chief Executive Officer (principal executive and principal financial officer). *
     
32.1   Section 1350 Certification. *

 

* Filed herewith

 

** 101.INS XBRL Instance Document  
   
** 101.SCH   XBRL Taxonomy Extension Schema Document
   
** 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
   
** 101.DEF XBRL Taxonomy Extension Definition Linkbase Document
   
** 101.LAB XBRL Taxonomy Extension Label Linkbase Document
   
** 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

 

** Pursuant to Rule 406T of Regulation S-T, the information in this exhibit shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement, prospectus or other document filed under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filings.

 

14
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Saker Aviation Services, Inc.
     
Date: August 14, 2012 By: /s/ Ronald J. Ricciardi
    Ronald J. Ricciardi
    President and Chief Executive Officer

 

15

 

EX-31.1 2 v318853_ex31-1.htm CERTIFICATION

 

EXHIBIT 31.1

 

Certification of President and Chief Executive Officer (principal executive and financial officer)

Pursuant To Rule 13a-14(a)/15d-14(a)

 

I, Ronald J. Ricciardi, certify that:

 

1.    I have reviewed this Quarterly Report on Form 10-Q of Saker Aviation Services, Inc.;

 

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(c)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.     The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2012  
   
By:  /s/ Ronald J. Ricciardi  
Ronald J. Ricciardi  
President and Chief Executive Officer (principal executive and financial officer)  

 

 

 

EX-32.1 3 v318853_ex32-1.htm CERTIFICATION

 

EXHIBIT 32.1

 

Section 1350 Certification

 

Pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (“Section 906”), Ronald J. Ricciardi, the President and Chief Executive Officer (principal executive officer and principal financial officer) of Saker Aviation Services, Inc. does hereby certify that:

 

1.The Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012 (the “Report”) of Saker Aviation Services, Inc. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of Saker Aviation Services, Inc.

  

Date: August 14, 2012 By: /s/ Ronald J. Ricciardi
    Ronald J. Ricciardi
   

President and Chief Executive Officer

(principal executive and financial officer)

 

A signed original of this written statement required by Section 906 has been provided to Saker Aviation Services, Inc. and will be retained by Saker Aviation Services, Inc., and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

EX-101.INS 4 skas-20120630.xml XBRL INSTANCE DOCUMENT 0001128281 2010-12-31 0001128281 2011-04-01 2011-06-30 0001128281 2011-01-01 2011-06-30 0001128281 skas:WachtelAndMasyrLlpMember 2011-01-01 2011-06-30 0001128281 2011-06-30 0001128281 skas:BOfATermLoanMember 2011-07-20 0001128281 skas:EquipmentLineOfCreditMember 2011-09-21 0001128281 us-gaap:AccountsPayableMember 2011-01-01 2011-12-31 0001128281 2011-12-31 0001128281 skas:BOfATermLoanMember 2012-05-01 0001128281 2012-04-01 2012-06-30 0001128281 2012-01-01 2012-06-30 0001128281 skas:BOfACreditFacilityMember 2012-01-01 2012-06-30 0001128281 skas:BOfATermLoanMember 2012-01-01 2012-06-30 0001128281 skas:BOfAEquipmentLoanMember 2012-01-01 2012-06-30 0001128281 skas:WachtelAndMasyrLlpMember 2012-01-01 2012-06-30 0001128281 us-gaap:AccountsPayableMember 2012-01-01 2012-06-30 0001128281 skas:ConcessionAgreementMember 2012-01-01 2012-06-30 0001128281 2012-06-30 0001128281 skas:BOfACreditFacilityMember 2012-06-30 0001128281 2012-12-31 0001128281 2013-12-31 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure Saker Aviation Services, Inc. 0001128281 --12-31 Smaller Reporting Company SKAS 10-Q false 2012-06-30 Q2 2012 1541992 995492 451957 803215 1532673 1556613 285171 283084 101077 104666 373385 370115 204000 0 2948263 3117693 2539198 2424517 181259 197534 300712 247466 135000 135000 2368284 2368284 2985255 2948284 8472716 8490494 781675 786763 138756 129830 650000 616995 385872 368079 488846 551101 0 12000 2445149 2464768 1809902 1478144 4255051 3942912 0 0 33040 33040 19850134 19866278 -15665509 -15351736 4217665 4547582 8472716 8490494 961189 1159419 0.001 0.001 9999154 9999154 0 0 0 0 0.001 0.001 100000000 100000000 33040422 33040422 33040422 33040422 4574759 7349977 4864253 8010329 2465410 4162696 2726187 4717183 2109349 3187281 2138066 3293146 1583537 2635229 1580908 2662577 525812 552052 557158 630569 -43647 -76828 2894 35909 9217 18812 6455 13343 39243 78194 37085 74048 -73673 -136210 -27736 -24796 452139 415842 529422 605773 0 0 73000 76000 176000 176000 190000 216000 176000 176000 263000 292000 276139 239842 266422 313773 0.01 0.01 0.01 0.01 33040422 33047960 33040422 33040422 34743200 34750738 34436629 33436629 166565 198230 -708382 0 -2799 0 3498 16144 285222 23940 48766 -2087 46779 -3270 2118 16275 -176000 -216000 172509 5088 3539 -8926 -757982 -17793 92425 373885 332267 687659 65247 0 46310 49657 931196 83549 -819639 -33892 47139 269503 11989 0 -59128 -302508 -546500 351258 78194 74048 <p style="margin: 0in 0in 0pt;">NOTE 1- <u>Basis of Presentation</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial statements and with the instructions to Form10-Q. Accordingly, they do not include all of the information and disclosures required for annual financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statements and related footnotes for Saker Aviation Services, Inc. and its subsidiaries (collectively, the &#8220;Company&#8221;), which appear in the Company&#8217;s Annual Report on Form10-K for the year ended December31,2011, as filed with the Securities and Exchange Commission.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The condensed consolidated balance sheet as of June30,2012and the condensed consolidated statements of operations for the three and six months ended June30,2012and2011and the cash flows for the six months ended June30,2012and2011have been prepared by the Company without audit. In the opinion of the Company&#8217;s management, all adjustments (consisting of normal recurring accruals) necessary to make the Company&#8217;s financial position as of June30,2012and its results of operations for the three and six months ended June30,2012and cash flows for the six months ending June30,2012not misleading have been included. The results of operations for the three and six months ended June30,2012are not necessarily indicative of the results to be expected for any full year or any other interim period.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The Company has evaluated subsequent events which have occurred after June30,2012.</p> <p style="margin: 0in 0in 0pt;">NOTE 2&#8211; <u>Management&#8217;s Liquidity Plans</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">As of June30,2012, the Company had cash of $803,215and had a working capital surplus of $652,925. The Company generated revenue of $8,010,329and net income of $313,773for the six months ended June30,2012.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">Effective January30,2012, the Company entered into an amended and restated Loan Agreement (the &#8220;Amended and Restated Loan Agreement&#8221;) with Bank of America. The Amended and Restated Loan Agreement increased the Company&#8217;s revolving credit facility (&#8220;B of A Credit Facility&#8221;) to $1,150,000.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The B of A Credit Facility, with an extended balance of $616,995as of June30,2012, requires interest payments based on outstanding balances at an interest rate calculated using the30-day LIBOR rate plus300basis points, and is annually renewable at Bank of America&#8217;s option. An annual fee of0.50% against the total availability of the B of A Credit Facility is also incurred.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">On September21,2011, the Company entered into an agreement with Bank of America whereby the bank established an equipment line of credit for up to $130,000. On May1,2012, the principal amount drawn by the company against this line of credit of $118,703was converted into a term loan (the &#8220;B of A Equipment Loan&#8221;). The B of A Equipment Loan is being amortized over five years and bears interest at a rate equal to the bank&#8217;s prime rate plus1.5%.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">On July20,2011, the Company entered into a loan agreement with Bank of America that provided the Company with a $318,198term loan facility (the &#8220;B of A Term Loan&#8221;). The B of A Term Loan is being amortized over48months, bears interest at a rate of4.2% and matures on July20,2015. A one-time origination fee of1.0% was incurred at the commencement of the B of A Term Loan.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The Company is party to a concession agreement with the City of New York for the operation of the Downtown Manhattan Heliport (the &#8220;Heliport&#8221;), which expires on October31,2018. Under this agreement, the Company must pay the greater of18% of the first $5million in program year gross receipts and25% of gross receipts in excess of $5million or minimum annual guaranteed payments that began at $1.2million in Year1of the agreement, which commenced on November1,2008, and increase to approximately $1.7million in Year10of the agreement. During the six months ended June30,2012, the Company incurred with the City of New York approximately $875,000in concession fees, which are recorded in the cost of revenue.</p> <p style="margin: 0in 0in 0pt;">NOTE 3- <u>Summary of Significant Accounting Policies</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;"><u>Principles of Consolidation</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FirstFlight Heliports, LLC d/b/a Saker Aviation Services (&#8220;FFH&#8221;), FBO Air Wilkes-Barre, Inc. d/b/a Saker Aviation Services (&#8220;FBOWB&#8221;), and FBO Air Garden City, Inc. d/b/a Saker Aviation Services (&#8220;FBOGC&#8221;). All significant inter-company accounts and transactions have been eliminated in consolidation.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;"><u>Reclassifications</u></p> <p style="margin: 0in 0in 0pt;">Certain reclassifications were made to the prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income or loss in any period.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;"><u>Net Income Per Common Share</u></p> <p style="margin: 0in 0in 0pt;">Net income for the three and six months ended June30,2012was $266,422and $313,773, respectively, and net income for the three and six months ended June30,2011was $276,139and $239,842, respectively. Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company&#8217;s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period.&#160;</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The following table sets forth the components used in the computation of basic net income per share:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="6" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">For the Three Months Ended<br />June30,</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="6" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">For the Six Months Ended<br />June30,</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2012*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2011*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2012*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2011*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 52%; background: #ccffcc; padding: 0in;" valign="bottom" width="52%"> <p class="msonormal">Weighted average common shares outstanding, basic</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,047,960</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Common shares upon exercise of options</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,396,207</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,702,778</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,396,207</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,702,778</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Weighted average common shares outstanding, diluted</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,436,629</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,743,200</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,436,629</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,750,738</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">* Outstanding stock options and warrants aggregating1,400,000and4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June30,2012and2011, respectively.</p> <p style="text-align: justify; margin: 0in 0in 0pt;">&#160;</p> <p style="text-align: justify; margin: 0in 0in 0pt;"><u>Stock Based Compensation</u></p> <p style="margin: 0in 0in 0pt;">Stock-based compensation expense for all share-based payment awards are based on the grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For the six months ended June30,2012and2011, the Company incurred stock-based compensation of $16,144and $3,498, respectively. Such amounts have been recorded as part of the Company&#8217;s selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June30,2012, the unamortized fair value of such options totaled $16,340.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;"><u>Recently Issued Accounting Pronouncements</u></p> <p style="margin: 0in 0in 0pt;">In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-08, <i>Intangibles &#8211; Goodwill and Other (Topic 350) &#8211; Testing Goodwill for Impairment </i>(ASU2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU2011-08 is effective for the Company in the year ending December31,2012 and earlier adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU2011-08 on its consolidated financial statements.</p> <p style="margin: 0in 0in 0pt;">NOTE 4- <u>Inventories</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">Inventories consist primarily of maintenance parts and aviation fuel, which the Company sells to its customers. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft. A summary of inventories as of June30,2012and December31,2011is set forth in the following table:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">June30,2012</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">December31,2011</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 76%; background: #ccffcc; padding: 0in;" valign="bottom" width="76%"> <p class="msonormal">Parts inventory</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">$</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">104,574</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">$</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">105,162</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">Fuel inventory</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">167,134</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">167,540</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Other inventory</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">11,376</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">12,469</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Total inventory</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">283,084</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">285,171</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">Included in inventories are amounts held for third parties of $147,823and $173,023as of June30,2012and December31,2011, respectively, with an offsetting liability included as part of accrued expenses.</p> <p style="margin: 0in 0in 0pt;">NOTE 5- <u>Stockholders&#8217; Equity</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;"><u>Stock Options</u></p> <p style="margin: 0in 0in 0pt;">Details of all options outstanding are presented in the table below:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">Number of<br />Options</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">Weighted Average<br />Exercise Price</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 76%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="76%"> <p class="msonormal">Balance, January1,2012</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 9%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">1,675,000</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">$</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 9%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">0.14</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Granted</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">100,000</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">0.05</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Exercised</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="padding-bottom: 1pt; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Forfeited</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Balance, June30,2012</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,775,000</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">0.14</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Exercisable at June30,2012</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">775,000</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">0.14</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> <p align="right" style="text-align: right; margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">On June1,2012, the Company granted an employee a stock option under the Plan to purchase100,000shares of common stock at $0.05per share, the closing price of the Company&#8217;s common stock on May31,2012. Fifty-thousand shares subject to such option vest on December31,2012and the remaining50,000shares vest on December31,2013. This option is valued at $5,000and is being amortized over the vesting period.</p> <p style="margin: 0in 0in 0pt;">NOTE 6&#8211; <u>Related Parties</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The law firm of Wachtel &amp; Masyr, LLP provides certain legal services to the Company. William B. Wachtel, the Company&#8217;s Chairman of the Board of Directors, is a managing partner of this firm. During the six months ended June30,2012and2011, the Company was billed approximately $0for legal services. At June30,2012and December31,2011, the Company has recorded in accounts payable an obligation for legal fees to such firm of approximately $250related to legal services provided by such firm.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">On August29,2011, the Company entered into a Redemption Agreement with the non-controlling interest in a subsidiary of the Company. As part of this agreement, the non-controlling interest relinquished its membership interest in the subsidiary in return for earn-out payments of the non-controlling interest&#8217;s capital account of $2,769,000. Of that amount, $444,000was paid upon the execution of the Redemption Agreement, an additional approximately $624,000has been paid through June30,2012, and the balance is recorded as a liability at a discount rate of seven (7%) percent. Continuing earn-out payments shall be made on a monthly basis in an amount equal to (i) five percent (5%) of the subsidiary&#8217;s gross receipts, plus (ii) five percent (5%) of the subsidiary&#8217;s pre-tax profit.</p> <p style="margin: 0in 0in 0pt;">NOTE 7- <u>Litigation</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">From time to time, the Company may be a party to one or more claims or disputes which may result in litigation. The Company's management does not, however, presently expect that any such matters will have a material adverse effect on the Company's business, financial condition or results of operations.</p> <p style="margin: 0in 0in 0pt;"><u>Principles of Consolidation</u></p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FirstFlight Heliports, LLC d/b/a Saker Aviation Services (&#8220;FFH&#8221;), FBO Air Wilkes-Barre, Inc. d/b/a Saker Aviation Services (&#8220;FBOWB&#8221;), and FBO Air Garden City, Inc. d/b/a Saker Aviation Services (&#8220;FBOGC&#8221;). All significant inter-company accounts and transactions have been eliminated in consolidation.</p> <p style="margin: 0in 0in 0pt;"><u>Net Income Per Common Share</u></p> <p style="margin: 0in 0in 0pt;">Net income for the three and six months ended June30,2012was $266,422and $313,773, respectively, and net income for the three and six months ended June30,2011was $276,139and $239,842, respectively. Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company&#8217;s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period.&#160;</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">The following table sets forth the components used in the computation of basic net income per share:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="6" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">For the Three Months Ended<br />June30,</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="6" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">For the Six Months Ended<br />June30,</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2012*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2011*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2012*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2011*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 52%; background: #ccffcc; padding: 0in;" valign="bottom" width="52%"> <p class="msonormal">Weighted average common shares outstanding, basic</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,047,960</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Common shares upon exercise of options</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,396,207</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,702,778</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,396,207</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,702,778</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Weighted average common shares outstanding, diluted</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,436,629</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,743,200</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,436,629</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,750,738</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">* Outstanding stock options and warrants aggregating1,400,000and4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June30,2012and2011, respectively.</p> <p style="text-align: justify; margin: 0in 0in 0pt;"><u>Stock Based Compensation</u></p> <p style="margin: 0in 0in 0pt;">Stock-based compensation expense for all share-based payment awards are based on the grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For the six months ended June30,2012and2011, the Company incurred stock-based compensation of $16,144and $3,498, respectively. Such amounts have been recorded as part of the Company&#8217;s selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June30,2012, the unamortized fair value of such options totaled $16,340.</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.</p> <p style="margin: 0in 0in 0pt;"><u>Recently Issued Accounting Pronouncements</u></p> <p style="margin: 0in 0in 0pt;">In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-08, <i>Intangibles &#8211; Goodwill and Other (Topic 350) &#8211; Testing Goodwill for Impairment </i>(ASU2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU2011-08 is effective for the Company in the year ending December31,2012 and earlier adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU2011-08 on its consolidated financial statements.</p> <p style="margin: 0in 0in 0pt;">The following table sets forth the components used in the computation of basic net income per share:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="6" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">For the Three Months Ended<br />June30,</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="6" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">For the Six Months Ended<br />June30,</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2012*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2011*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2012*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">2011*</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="width: 52%; background: #ccffcc; padding: 0in;" valign="bottom" width="52%"> <p class="msonormal">Weighted average common shares outstanding, basic</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,040,422</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">33,047,960</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Common shares upon exercise of options</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,396,207</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,702,778</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,396,207</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,702,778</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Weighted average common shares outstanding, diluted</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,436,629</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,743,200</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,436,629</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">34,750,738</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;">&#160;</p> <p style="margin: 0in 0in 0pt;">* Outstanding stock options and warrants aggregating1,400,000and4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June30,2012and2011, respectively.</p> <p style="margin: 0in 0in 0pt;">A summary of inventories as of June30,2012and December31,2011is set forth in the following table:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">June30,2012</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">December31,2011</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="width: 76%; background: #ccffcc; padding: 0in;" valign="bottom" width="76%"> <p class="msonormal">Parts inventory</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">$</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">104,574</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">$</p> </td> <td style="width: 9%; background: #ccffcc; padding: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">105,162</p> </td> <td style="width: 1%; background: #ccffcc; padding: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">Fuel inventory</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">167,134</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">167,540</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Other inventory</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">11,376</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">12,469</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Total inventory</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">283,084</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">285,171</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;">Details of all options outstanding are presented in the table below:</p> <p style="margin: 0in 0in 0pt;">&#160;</p> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">Number of<br />Options</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center" style="text-align: center;" class="msonormal">Weighted Average<br />Exercise Price</p> </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom" colspan="2"> <p align="center" style="text-align: center;" class="msonormal">&#160;</p> </td> <td style="padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 76%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="76%"> <p class="msonormal">Balance, January1,2012</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 9%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">1,675,000</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">$</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 9%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="9%"> <p align="right" style="text-align: right;" class="msonormal">0.14</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; width: 1%; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom" width="1%"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Granted</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">100,000</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">0.05</p> </td> <td style="background: white; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Exercised</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="padding-bottom: 1pt; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Forfeited</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 0in; padding-left: 9pt; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">&#8212;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">Balance, June30,2012</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">1,775,000</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 1pt solid; border-left: medium none; background: #ccffcc; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">0.14</p> </td> <td style="padding-bottom: 1pt; padding-left: 0in; padding-right: 0in; background: #ccffcc; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> <tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;"> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">Exercisable at June30,2012</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">775,000</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p class="msonormal">$</p> </td> <td style="border-bottom: black 2.25pt double; border-left: medium none; background: white; border-top: medium none; border-right: medium none; padding: 0in;" valign="bottom"> <p align="right" style="text-align: right;" class="msonormal">0.14</p> </td> <td style="padding-bottom: 2.5pt; padding-left: 0in; padding-right: 0in; background: white; padding-top: 0in;" valign="bottom"> <p class="msonormal">&#160;</p> </td> </tr> </table> 652925 130000 1150000 616995 LIBOR plus 300 basis points 0.0050 118703 prime rate plus 1.5 percentage points P48M P5Y 318198 0.0420 0.010 2015-07-20 0.18 5000000 0.25 1200000 5000000 1700000 875000 1702778 1702778 1396207 1396207 4975000 4975000 1400000 1400000 105162 104574 167540 167134 12469 11376 173023 147823 1675000 1775000 100000 0 0 775000 0.14 0.14 0.05 0 0 0.14 50000 50000 0 250 0 250 2769000 444000 624000 0.07 Continuing earn-out payments shall be made on a monthly basis in an amount equal to (i) five percent (5%) of the subsidiary''''s gross receipts, plus (ii) five percent (5%) of the subsidiary''''s pre-tax profit. 0 33005 0 76176 <p style="margin: 0in 0in 0pt;"><u>Reclassifications</u></p> <p style="margin: 0in 0in 0pt;">Certain reclassifications were made to the prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income or loss in any period.</p> Outstanding stock options and warrants aggregating 1,400,000 and 4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June 30, 2012 and 2011, respectively. 0.05 5000 16340 00011282812012-08-14 33040422 EX-101.SCH 5 skas-20120630.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Management's Liquidity Plans link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Inventories link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Related Parties link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Litigation link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Inventories (Tables) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Management's Liquidity Plans (Details Textuals) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Summary of Significant Accounting Policies (Details Textuals) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Inventories (Details) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Inventories (Details Textuals) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Stockholders' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Stockholders' Equity (Details Textual) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Related Parties (Details Textuals) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 6 skas-20120630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 7 skas-20120630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 8 skas-20120630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 9 skas-20120630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
6 Months Ended
Jun. 30, 2012
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

NOTE 4- Inventories

 

Inventories consist primarily of maintenance parts and aviation fuel, which the Company sells to its customers. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft. A summary of inventories as of June30,2012and December31,2011is set forth in the following table:

 

 

 

June30,2012

 

 

December31,2011

 

Parts inventory

 

$

104,574

 

 

$

105,162

 

Fuel inventory

 

 

167,134

 

 

 

167,540

 

Other inventory

 

 

11,376

 

 

 

12,469

 

Total inventory

 

$

283,084

 

 

$

285,171

 

 

Included in inventories are amounts held for third parties of $147,823and $173,023as of June30,2012and December31,2011, respectively, with an offsetting liability included as part of accrued expenses.

EXCEL 12 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\S9#-F,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R M.3,T-6,S-6(B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-/3D1%3E-%1%]#3TY33TQ)1$%4141?4U1!5$5- M13$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-T;V-K:&]L9&5R#I7;W)K#I7;W)K#I%>&-E;%=O5]O9E]3:6=N:69I8V%N=%]!8V-O=6YT,3PO>#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/E-U;6UA#I7;W)K#I7;W)K#I. M86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U;6UA#I7;W)K#I%>&-E;%=O#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN=F5N=&]R:65S7T1E M=&%I;'-?5&5X='5A;',\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I3='EL97-H965T($A2968],T0B M5V]R:W-H965T&-E M;"!84"!O3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%\S9#-F,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T M-6,S-6(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5? M-#(X-U\T,60W7V$S.3A?,34X,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M2!296=I'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$"!+97D\ M+W1D/@T*("`@("`@("`\=&0@8VQA2!&:6QE3PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^4VUA;&QE3QS<&%N/CPO6UB;VP\+W1D/@T*("`@("`@("`\=&0@ M8VQA2!#;VUM;VX@4W1O8VL@4VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^9F%L'0^2G5N(#,P+`T* M"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S6%B;&4\+W1D M/@T*("`@("`@("`\=&0@8VQA6%B;&4@+2!C M=7)R96YT('!O'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D(#DL.3DY+#$U M-#L@;F]N92!IF5D(#$P,"PP,#`L,#`P.R`S,RPP-#`L-#(R('-H M87)E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQAF5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XY+#DY.2PQ-30\7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S"!M;VYT:',@96YD960@2G5N92`S,"P@ M,C`Q,B!A;F0@,C`Q,2P@3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S9#-F,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S M-6(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X M-U\T,60W7V$S.3A?,34X,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!O<&5R M871I;F<@86-T:79I=&EE&5S/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,38L,#`P/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6UE;G0@;V8@;F]T M97,@<&%Y86)L93PO=&0^#0H@("`@("`@(#QT9"!C;&%S6UE;G0@;V8@;&EN92!O9B!C&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$;G5M<#XD(#7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\ M<"!S='EL93TS1"=M87)G:6XZ(#!I;B`P:6X@,'!T.R<^3D]412`Q+2`\=3Y" M87-I6QE/3-$)VUA M&-H86YG92!#;VUM:7-S M:6]N+CPO<#X-"CQP('-T>6QE/3-$)VUA2!T:&4@0V]M<&%N>2!W:71H;W5T M(&%U9&ET+B!);B!T:&4@;W!I;FEO;B!O9B!T:&4@0V]M<&%N>28C.#(Q-SMS M(&UA;F%G96UE;G0L(&%L;"!A9&IU28C.#(Q-SMS(&9I;F%N8VEA;"!P;W-I=&EO;B!A"!M;VYT:',@96YD960@2G5N93,P+#(P,3)A;F0@ M8V%S:"!F;&]W"!M;VYT:',@96YD:6YG($IU;F4S,"PR M,#$R;F]T(&UI"!M;VYT M:',@96YD960@2G5N93,P+#(P,3)A2!F M=6QL('EE87(@;W(@86YY(&]T:&5R(&EN=&5R:6T@<&5R:6]D+CPO<#X-"CQP M('-T>6QE/3-$)VUA'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S M='EL93TS1"=M87)G:6XZ(#!I;B`P:6X@,'!T.R<^3D]412`R)B,X,C$Q.R`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`@("`\=&%B;&4@8VQA2!O9B!3 M:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S/&)R/CPO'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\<"!S='EL93TS1"=M87)G:6XZ(#!I;B`P:6X@,'!T.R<^3D]412`S+2`\ M=3Y3=6UM87)Y(&]F(%-I9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L:6-I97,\ M+W4^/"]P/@T*/'`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`U,B4[(&)A8VMG6QE/3-$)W=I9'1H.B`Q M)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N M/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C M:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T M=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Y)3L@8F%C:V=R;W5N M9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I M9'1H/3-$.24^#0H\<"!A;&EG;CTS1')I9VAT('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R<@8VQA6QE/3-$ M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN M.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H M.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@ M8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$ M8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`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`^#0H\<"!S='EL93TS1"=T97AT+6%L M:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!I;B`P:6X@,'!T.R<^)B,Q-C`[/"]P M/@T*/'`@3L@;6%R9VEN.B`P M:6X@,&EN(#!P=#LG/CQU/E-T;V-K($)AF5D(&9A M:7(@=F%L=64@;V8@2!S M=6)J96-T:79E(&%S2=S(&5M M<&QO>65E('-T;V-K(&]P=&EO;G,@:&%V92!C:&%R86-T97)I2!D:69F97)E;G0@9G)O;2!T:&]S92!O9B!T6QE M/3-$)VUA2!)2!E M=F%L=6%T:6YG('1H92!I;7!A8W0@;V8@:71S('!E;F1I;F<@861O<'1I;VX@ M;V8@05-5,C`Q,2TP."!O;B!I=',@8V]N'1087)T7S-D,V8R,#,U7S0R.#=?-#%D-U]A,SDX7S$U.#(Y,S0U8S,U M8@T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\S9#-F,C`S-5\T,C@W M7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!$:7-C;&]S=7)E(%M497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'`@6QE/3-$ M)VUA2!O9B!M86EN=&5N86YC92!P87)T6QE/3-$)VUA6QE M/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)VUS M;RUY9G1I+6ER;W6QE/3-$)W=I9'1H.B`Q M)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N M/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C M:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T M=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@ M<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\ M<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN M9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S M6QE/3-$ M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN M.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R M;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)V)A8VMG M6QE/3-$)V)A8VMG6QE/3-$)V)A8VMG6QE/3-$)V)A8VMG M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<@8VQA6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W!A9&1I M;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE M/3-$)V)O6QE/3-$)W!A9&1I;F2P@=VET:"!A;B!O9F9S971T:6YG(&QI86)I;&ET>2!I M;F-L=61E9"!A7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA3QB'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!.;W1E($1I'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ(#!I M;B`P:6X@,'!T.R<^3D]412`U+2`\=3Y3=&]C:VAO;&1E3PO=3X\+W`^#0H\<"!S='EL93TS1"=M87)G:6XZ(#!I;B`P:6X@,'!T M.R<^)B,Q-C`[/"]P/@T*/'`@65S.R<^#0H\=&0@6QE/3-$)W!A M9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$ M)VUS;RUY9G1I+6ER;W6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<@8VQA6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$)V)A8VMG6QE/3-$ M)V)A8VMG6QE/3-$)V)A8VMG6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<@8VQA6QE/3-$)W!A9&1I;F&5R8VES960\+W`^#0H\+W1D/@T*/'1D('-T>6QE/3-$ M)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<@ M8VQA6QE/3-$)V)A8VMG M6QE/3-$)V)A8VMG6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<@8VQA6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$)W!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W!A M9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<@8VQA6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$)W!A9&1I;F&5R8VES86)L92!A="!*=6YE,S`L M,C`Q,CPO<#X-"CPO=&0^#0H\=&0@6QE/3-$)VUA2!G65E(&$@3,Q+#(P,3(N($9I9G1Y+71H;W5S86YD M('-H87)E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'`@6QE/3-$)VUA7(L($Q,4"!P&EM871E;'D@)#(U,')E;&%T960@=&\@;&5G86P@6QE/3-$)VUA2!O9B!T:&4@ M0V]M<&%N>2X@07,@<&%R="!O9B!T:&ES(&%G2`D-C(T+#`P,&AA28C M.#(Q-SMS(&=R;W-S(')E8V5I<'1S+"!P;'5S("AI:2D@9FEV92!P97)C96YT M("@U)2D@;V8@=&AE('-U8G-I9&EA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%\S9#-F,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S M.3A?,34X,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA'0^/'`@ M2!M87D@8F4@ M82!P87)T>2!T;R!O;F4@;W(@;6]R92!C;&%I;7,@;W(@9&ES<'5T97,@=VAI M8V@@;6%Y(')E2=S(&UA M;F%G96UE;G0@9&]E2!E>'!E8W0@ M=&AA="!A;GD@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@2P@26YC+B!D+V(O82!386ME2!497AT($)L;V-K73PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'`@6QE M/3-$)VUA2!P97)I;V0N/"]P/CQS<&%N/CPO M2!497AT($)L;V-K73PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'`@"!M M;VYT:',@96YD960@2G5N93,P+#(P,3%W87,@)#(W-BPQ,SEA;F0@)#(S.2PX M-#(L(')E2X@0F%S:6,@;F5T(&EN8V]M92!P97(@&5R M8VES960@;W(@8V]N=F5R=&5D(&EN=&\@8V]M;6]N('-T;V-K+B!0;W1E;G1I M86QL>2!D:6QU=&EV92!S96-U6QE/3-$)VUA6QE/3-$)VUA6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$ M)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O M6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$)W=I9'1H.B`Q)3L@8F%C M:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T M=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N M9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I M9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C M9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$ M,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Y)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@ M<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24^#0H\ M<"!A;&EG;CTS1')I9VAT('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<@ M8VQA6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R M;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@ M(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H M/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`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`@("`@(#QT9"!C M;&%S'0^/'`@3L@ M;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQU/E-T;V-K($)A"!M;VYT:',@ M96YD960@2G5N93,P+#(P,3)A;F0R,#$Q+"!T:&4@0V]M<&%N>2!I;F-U2X@4W5C:"!A;6]U;G1S(&AA=F4@8F5E;B!R96-O M6EN9R!C;VYD96YS960@8V]N6QE/3-$)VUA'!E8W1E9"!L:69E(&]F('1H92!O<'1I;VXN($)E8V%U6QE M/3-$)VUA2!)2!E M=F%L=6%T:6YG('1H92!I;7!A8W0@;V8@:71S('!E;F1I;F<@861O<'1I;VX@ M;V8@05-5,C`Q,2TP."!O;B!I=',@8V]N'1087)T7S-D,V8R,#,U7S0R.#=?-#%D-U]A,SDX7S$U.#(Y,S0U8S,U M8@T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\S9#-F,C`S-5\T,C@W M7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S("A486)L97,I M/&)R/CPO6QE M/3-$)VUA65S.R<^#0H\=&0@6QE/3-$)V)O6QE/3-$)W!A9&1I;F69T:2UI6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O M6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W1E>'0M86QI9VXZ(&-E M;G1E6QE/3-$)W=I9'1H.B`U,B4[(&)A8VMG6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C M8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^ M#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D M9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C M;&%S6QE M/3-$)W=I9'1H.B`Y)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@ M,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$.24^#0H\<"!A;&EG;CTS M1')I9VAT('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<@8VQA6QE/3-$ M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN M.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H M.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@ M8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$ M8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`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`^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B M;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S M9#-F,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S.3A? M,34X,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0@0FQO8VM=/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ M(#!I;B`P:6X@,'!T.R<^02!S=6UM87)Y(&]F(&EN=F5N=&]R:65S(&%S(&]F M($IU;F4S,"PR,#$R86YD($1E8V5M8F5R,S$L,C`Q,6ES('-E="!F;W)T:"!I M;B!T:&4@9F]L;&]W:6YG('1A8FQE.CPO<#X-"CQP('-T>6QE/3-$)VUA6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)VUS;RUY9G1I+6ER;W6QE/3-$ M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN M.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H M.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@ M(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H M/3-$,24^#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C M8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^ M#0H\<"!C;&%S6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D M9&EN9SH@,&EN.R<@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C M;&%S6QE/3-$)W=I9'1H.B`Q M)3L@8F%C:V=R;W5N9#H@(V-C9F9C8SL@<&%D9&EN9SH@,&EN.R<@=F%L:6=N M/3-$8F]T=&]M('=I9'1H/3-$,24^#0H\<"!C;&%S6QE M/3-$)V)A8VMG6QE/3-$)V)A8VMG6QE/3-$)V)A8VMG6QE M/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R<@8VQA6QE/3-$)VUS;RUY M9G1I+6ER;W6QE/3-$)V)O6QE/3-$)W!A9&1I M;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE M/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W!A9&1I M;F3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S9#-F,C`S-5\T,C@W7S0Q M9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S.3A?,34X,CDS-#5C,S5B+U=O M'0O:'1M M;#L@8VAA6QE/3-$ M)W=I9'1H.B`Q,#`E.R!B;W)D97(M8V]L;&%P69T:2UT8FQL;V]K.B`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`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S M.3A?,34X,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA2!0;&%N'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^<')I;64@ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^-2!Y96%R'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!$871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4@1W)E M871E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA2X\+W1D M/@T*("`@("`@/"]T7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA6UE;G0@07=A'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S9#-F,C`S M-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S.3A?,34X,CDS M-#5C,S5B+U=O'0O:'1M;#L@8VAA3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S9#-F M,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S.3A?,34X M,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA'1U86QS*2`H55-$("0I/&)R/CPO'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2`H1&5T86EL2`Q+"`R,#$R/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$;G5M<#XQ+#8W-2PP,#`\&5R8VES86)L92!A="!*=6YE(#,P+"`R,#$R/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$;G5M<#XW-S4L,#`P/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES92!0&5R8VES960\+W1D/@T*("`@("`@("`\=&0@8VQA M&5R8VES92!0&5R8VES92!03X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%\S9#-F,C`S-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T M-6,S-6(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5? M-#(X-U\T,60W7V$S.3A?,34X,CDS-#5C,S5B+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M6UE;G0@07=A6UE;G0@07=A'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E8W1E9"!4;R!697-T+"!% M>&5R8VES86)L92P@3G5M8F5R/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\2!3:&%R92!"87-E9"!087EM96YT($%W87)D($]P=&EO M;G,@5F5S=&5D(&%N9"!%>'!E8W1E9"!4;R!697-T($5X97)C:7-A8FQE(%9A M;'5E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#4L,#`P/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S9#-F,C`S M-5\T,C@W7S0Q9#=?83,Y.%\Q-3@R.3,T-6,S-6(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,V0S9C(P,S5?-#(X-U\T,60W7V$S.3A?,34X,CDS M-#5C,S5B+U=O'0O:'1M;#L@8VAA'1U86QS*2`H55-$("0I/&)R/CPO6%B;&4@6TUE;6)E6UE;G1S($9O&5C=71I;VX@3V8@ M4F5D96UP=&EO;B!!9W)E96UE;G0\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!);F-U2'1087)T7S-D,V8R,#,U7S0R.#=?-#%D-U]A,SDX7S$U.#(Y,S0U8S,U8@T* M0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\S9#-F,C`S-5\T,C@W7S0Q M9#=?83,Y.%\Q-3@R.3,T-6,S-6(O5V]R:W-H965T XML 13 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

NOTE 3- Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FirstFlight Heliports, LLC d/b/a Saker Aviation Services (“FFH”), FBO Air Wilkes-Barre, Inc. d/b/a Saker Aviation Services (“FBOWB”), and FBO Air Garden City, Inc. d/b/a Saker Aviation Services (“FBOGC”). All significant inter-company accounts and transactions have been eliminated in consolidation.

 

Reclassifications

Certain reclassifications were made to the prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income or loss in any period.

 

Net Income Per Common Share

Net income for the three and six months ended June30,2012was $266,422and $313,773, respectively, and net income for the three and six months ended June30,2011was $276,139and $239,842, respectively. Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period. 

 

The following table sets forth the components used in the computation of basic net income per share:

 

 

 

For the Three Months Ended
June30,

 

 

For the Six Months Ended
June30,

 

 

 

2012*

 

 

2011*

 

 

2012*

 

 

2011*

 

Weighted average common shares outstanding, basic

 

 

33,040,422

 

 

 

33,040,422

 

 

 

33,040,422

 

 

 

33,047,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares upon exercise of options

 

 

1,396,207

 

 

 

1,702,778

 

 

 

1,396,207

 

 

 

1,702,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, diluted

 

 

34,436,629

 

 

 

34,743,200

 

 

 

34,436,629

 

 

 

34,750,738

 

 

* Outstanding stock options and warrants aggregating1,400,000and4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June30,2012and2011, respectively.

 

Stock Based Compensation

Stock-based compensation expense for all share-based payment awards are based on the grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For the six months ended June30,2012and2011, the Company incurred stock-based compensation of $16,144and $3,498, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June30,2012, the unamortized fair value of such options totaled $16,340.

 

Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.

 

Recently Issued Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-08, Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment (ASU2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU2011-08 is effective for the Company in the year ending December31,2012 and earlier adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU2011-08 on its consolidated financial statements.

ZIP 14 0001144204-12-045213-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-045213-xbrl.zip M4$L#!!0````(`*M0#D%SXE)[J$$``*3W`@`1`!P`I$8PD+@AT@&QK7]7][=R%P:L#=*0<2#1P0M<+AJ\./MY? MRM;!7U]__]W+_Y)EZ=?3VW>2&SK3,0T2R8DH2:@K/7K)2+KX7>9WLY$D_4@Y M@L&D_U:L8T4[5A6D2@HZP<8)1E+O_?]*LIR/>DIB&`7Z\`'4([2XQZ^D?ZD<6&NI_2V"6S0ZDW'4[C1%+,0RG%``"4$PT# MAHS,4S_RO1/VMP2B".*3^#.)7QV,DF1R!R[PYN^MZ\P[%QL9Q>G/>]-G0CYBW M1;9M'_.[\Z:Q5]40!D7'O[Y_=^>,Z)C(7A`G)'!*6+P5V)?;>W&HJH^<*.B.7UR1M7MV9V*#E[P M0..DNDMZKZ)30#PGKN[#;[$NJ-PE]ISJ#G"CJGDRB6K:PYV*#M-8'A(RF?<9 MD+C/9S:[4<'%D[]"?WY]QY2:F2;3[I.8Z^TM'4A3*)S0*/%H M7+0^/D`RFT#OV!M/_/FU440'<`TL7\YM^^@I=@^.3W?1`Q;.&GWKQI^O!)XSD<^JP,96#17MP9EXR6_SNN>P*N+9(XMR6FLR'^;!DP":*\D`!Q&R3FXI50&H-,:Z.BB?_'^'+1;ZF#( M6"D2S.]N)C3CJQ(:VDNA?;JE/EMQ;@#.[#XB04RXV<:GL^*=WI,7?_H'<48) M]7N!^Y[$L^B=/WE/QWT:[4;PF=SHD$4X^0472,(:Z#E>DF*17`_NIR%:YE5/ MVK-X\)HYMI,Z1E\>5](L3$$!WM>N*)E;WE/[*KGE9S(0Y993&:A,!GYJ+N>T MGUS!Z!$/M+E9G%X/>O>Y,$.W6Y@[)=W22 MSMU91%TO@4#9\[W,I5W\:^I-&'R(I.CU(&WQ=4SB-$OQ)_2T]D[C_2Y#,Y\$L=\6GL.SW+B&S(C?9]^'1.ZDJ6# MUWFS2M[V^I>:>^2T:M=DSUU-WG+O@NMFZ?GJ`U_ZAC:P1*YOQ/_ M;7'X-MF+O.#_QXQ7\/.'GO9O.WE[M9.WOXKR+7?>=>Z\O[K0&T:4SI<):.70 MF(EV?GV_YY\;>8F'S/!K.?E#S?;R'OY^I4W+V?8V]_"_94&[VS798![9GPX[ M?WNMSUO=^5O(`.^O#/!F,F#5)!\#[UDI";O^_7=7_T;_<_G+S5OZ1,]UP[1^ MNZ7_\E[_^O'JW^SR;X_>@Z-IFJ/KNG/_?Z/7QLNW%R^U-V_0Y=N7)\BZ-'1T M>?GV!3IY]59_]>:E\<8VKDJE*E-&F0D^'I&(@EUEU\>4Q-.(OLZLA=_,P>?W M\M_9&!4C?KP[?S9<5@MV`O>ZC_8)Q/CICD&9C^MZ#S"!KPN-/T`2%;%:L35) M/^O/+I[3(!Q[0=6P;054&N*XC'XUYY-I@>$R67:K28Y,CRY\'AN45.RE2[V3 M"Z[HMW3H0?H).ON!C*F4*> MUPW.$"WNG0&HB/A7@4N??J:S=I2+-EP[5$[GC-?S)9=>[!#_-TJBBS3H:$=* M3DT[I5,W5)FE2\^GT1E<'H912X;NQL2'3M(MG811X@5#Z2P<3T@P*_)7&C^*O$Q\_+:^]FDI920(O\]';+8-\?8@PLN MNWCIDV&[`0?$CVDZ8JGWZR6(-]RM=IK1Q=I=1EP::IE..N5IDTNX%K>C]7>U M3./9,-5TF&IUH,+^KJ(S'X91F4=2)!Y5#ON\/%%B#H2W88Y<V=6T3,H6'IZO(:#JR=5,`-^I*,I:"5:37D\GS M]EOJ4.^!I>X?:))Y'0%<(AVKAHD7]%?1$X&KI5B0KAL&6@/75?``5\`=PFT! M\E$M'9EH`:,X_#ID6[*O6EBQM&:R'\*$QKW`9?O`6U,1,'RS8`B--(4!;*LK MBF88QIH`;R(Z(9Y[\32!!)-"K^MD1*->'-,D%B=#;&)L%:R\!56!(%O*$9O` MQOH@S^F`PD7WGCRE;81JH:IH$.,MP*V@)@!42XEUQR-:L51;LU2CZ"?KID>X MMB!D&G8;RC?I:Q:S&Q_B?5"C^=,K02Y:QS:RK:+>UM,3@:NM#]=4B"',[KC. M(>2/O23.]"@,''&^W$*J;A>UMIK4IG#:>F[;U+'6#4Z]=Q2]VY`5 M";.M/FX(4Z#$5&Q8:C$$7)=>6T5J0Z\0``A9NRQ=U0L!1V'X-:BV992MF$5& M:Z@*8]/23-5$QO)"V8U6VVQ2LQ7-UE;2*C\(%A>*F!8R3/UYQE8FM!F4EF(P M+<,T*I+'>BAGTS@)QS3*5R"!Z1.V3+TP^S64-@33UL&!S6&E$QCV*D6OM/"HR"31TBU3+6EM-:V-`;4- M\0U+,>V.@'@$(MRY:)9E:MZB:@G)^Q3;5@J^ MI8K.)CC:JH<&48*F=<"QD)8(+P+AIJ*CRLE8@VI;-VIKJEW,)6NHWD29M=PE MH?.9U_2)]1(5!#:@WWV/K('^63@>AX%0YC%6M&*XLT1A7>IM)[X]]9X+\887 M!L2_(9Y[%9R1B9<0O]!%A!>`A$M!Q0V79K+B0+;>$[(,0S6M=4'>TH1`$.=> MD"B`-#V&H&4ZGO(2:5B-6-V7`$G*2#<,\"6%M:69KCB4+44)*+&.3&RLBY(+ M=Q3Z+HUBMEN95!Z&1KP^;YW)*U3W%?C"$%4<*<5, MK!T"L9CK9F!7F/GMN#=-1F'D_4[=SO+-JCN7JVML&^E:' M(-I-G=[Z:+?C[I"2_5<)<94[61-:>VT4"$VDF^-)K::J*U`]]RQK(&HO*#&( MA#NZ%K":/$6+/M8FGCAK273[=9_4##T%0=;XGOIIICI&"UGZ!9T?#&4XUT"^NXZ*); MT16$M(N"J`;6U9)3W272+FH%,E5LQ=H+F388@&&HNKG1[%]/V)N;T.<1CJ\47">K(K`VEBS(AJ^3[A&/IHC^&5BP? MWK)8FDK'L8:[8DFOB?(_V%;+$$K#=Z7<*9&VD*T)H]Q%`["I6/J6>&ZH,=84 MS6I%>8LKCHE++^^V:+Q>R\((R^9Y2H)87)YE/0!_7N:C$)W MX:@VCXLU'3)6NV@3.\.^3R+KMN.D6YKZAQ=9I[Q#M4L[UW]0D77*DQ3(HO$7 M%UE6[SP?-7-WIY#-B]@6++W7LHK2AIBZV/>N,'4Q(!.7'RKN3E8-N(PU<>5O M&6Q+L=`2L@9ZFT+KE(WM%EJG;49;^7)2:]I87UMJN](QP5`VT:FM2J5I`QCO M3BI-[PVK7:%\H(G`76?5-$K1=6GT;F0[/=?`=BE"W8!LMYDW2E&>,&Z;3C7! MI4BIEFQ>0)]7+9V2V',@*#KW_&E24]FR.S80'=3B"LU8S\@ MKM2B_8"X4N/$0_P']88CN-9[@/!]2#],V;G&UX-G=3Q\B(Z:654^Q$\@]=Q/ MCN7V^ZCORI@:NJQ9_;[<=VQ'1J1/G0%!&B965:U1)[QB&:W7[U6,6N!X3=,E MP"-Q9$T?6+)MNK9LJ@.J8Z-OF%A+&35M0]D+1NNM9!6C_;[F]EVLR[3O:K)F MT(%,D.[(_3YP[\("I"C[/:-M&;6(H;J(:+*B6DQU#4VV^PZH+J8(NXKB.H:S M"T8S:VY7YK>>E5IJW[*M@2M3Q:6R1JDE]PUJR"ZV,57[AC'HN\"J9FI859J5 MMPZQ:&;7LU1;=;&J$DM67=<$9C&1+<6B,NJ;RL#NP]KN*IQ973&QM3?,KF>M M2--L`\.DFK0_D#6;(MFF+I*)UM<-V^H[F/09LQHVC&)ERE[-;%MF5=-4-:4/ M+%HJEC755&10:ENVW`'1B-%7-*0SBQ7(;/$%J:7WHC9/L@Q#+[X$N8*6.$B- M;]ZJ6.D,*7\\[I!X)+IN0;%P\2W-6E*B\+1^E;T5DC?$"UC>S$_8`=$ M=SU8<=I3)^FHIEVL@5Q%3"2JUC)JC2B/;ZG+SC@'*8HQ,:P53X6L)B($1H-9 M&:43+YIQ@#Y%%!J;I_66KBX]16DDN@6038?2V9HB$F-^CG+= MP1Z='MU99K$V=R4QD:B:'C(KEBD$57;\;[XW6GD,\.9"-$S37@6W#8J=\-$@ M=@P!R7;YR,YH$RE]%2%K%>CG)+<`LK*);,;ON?G$0I(.733MIKBHB6J6T#9=+`/K)IX?9`]]Y_3K#[C/H38"?(8 MCQ\2O7C6<1^R+Y'<1"'[&I5[.OL8,Y\P+[#O.8GW($;DMJJIQ6-C!6+[@CPW ME:UBR]H!T^PC!#N:1HQ5U2A^)J0UZ:T!;BB*@OA=MS<%#,T=2EU>`L5>H[T> M=#O.IXN(#5W5RM\3:$MZ>X@['/XG!"VT.PM]/_UFW?6`GQLI,"W6#(Q6@%Y- M?:NX&][*M0U]A6ITP$UFF1OJ.3`?$=V>.ML8H6(]='O26P/<\-X\UHMO':^' MM\;-I"638EVR;(%\<;.+JZ"]-<1-:32V;'53P+>0:J=3DZFZJ-Q$,TL5.'5T M!&%I*I"Q=05W`Y-K[&480?-IY(P@6+P>-!W@V2E]0[9582/U%(7C:[\B=<)6 MHXJ77D`@6!-KM[J-BN]KMB>]-]FHK4XDO7ZX+.R_C9B;K;>OV/C;T!S;5>OUNF M>1T-29`]M`0R<>A[;OY`\P8Z@+1(&A-ENDE\?B09=PSG7NSX(?N`\CW`._7; M^I_7/_K)BXD4)S.?OCH8DVCH!2>2X@7I_Y/DQ<&/P^3%A^O["PG)$FL]91=8 MT4@LA0.IB(S=/>:W^4\3]M/WW[6C\",93U[\"1G*&GWO1U0BCI-^=)@]RI\& M9.IZ6\SNNDH0'6I:K*B[-4A>97T(N_'$J/(\\9260RH23* M)W6I(3)?Q%(O%5GZ%6P)\&13]#/'RGK-V`@4I.9*X.@HJ^[`Z)#YK$.)`$N> M3PLS?D>=:90N>HR5BR=8](,AISWVXA@X/MJ]F=5,>I_XW$+B$:4)XP7T#7P, MQ0IC3V7XD_K>A$$^K/BG/,)"J?`)7,Q1Z!K_&XX\0*FA)FA52G(F`1DR/D\Y#9) M%CMI3"\#\*C?0>/72-LDQ06E+](`6A.')-HQKS`&"R@EM[" MFO**ANJ9848"#F#J;R[_9J$S9@I]F)\";?8I_Y9[P05GSLOEWD8,O(ARMY@+ MT`,7[@$@AY_'DT]<3@F$"]Z*/DW`6+@.;]W#A+-O3.@T719>?2LYV2 M^$M%.+UENSTLN:01R2P/&OU@*?A013HS!W:=2(]A])D7.*8?HP"MB";^E(_X M@Z&KA[:JIU:6#Y>&.$R!HO2@Q73<0P4IAUBUV<@!Y?%%.$[O880/31.W\;,[ M-HZ+P2!=[J6_$5B?HUFE`"F/R5E@`G9/P$^.4]QI[,'7)U=B'RJ5>D/P-7R+ M[J>EX*%7Z'-;W:<86*0+_2D)/A>"PG0>6HS$A,\S);?6_\PCW/CU&FS`W7RW2@8@`F4K>*%NN!L5(C"$D9MWHM9 M"-B4[Z2?*)"F,6L-LP&.R24SZ=W5Z?5MVHJ9&U:4/D^:)N#O$@A2^=(;9Y$V MK$416-TCWV\#0DMZ49K8<,+\+`3^P3Q,IXQIY4A7_BR1(6&Y0KHPALS>R0/Y M3WO7^MRVK>P_G\[T?^#-;:?)&5'F2Z_T-#-V$J<^-XD]<7HZ_92!2,C&"47J M\!%'YZ^_NP!(D;)D4Z8>E(1.6]L2">PN=A<+8+$_YHO#U6DVS2V6*:?'CT/4 M+CXW;'FT+S&(AR451L96%AD_:*>Y/2RR)ICMX&D9O@WQ.S2FH<\@3/6XYN3[ M[3X+N-YDI@*.+)T(S;>%WFM`W`0R[V4,1C7`!J7D3N@BQ>E.O1PH"` M=.?Z04TUS7ZK9]AWA&]N?:-1DC.H`;=CS4?+G_4AY4B41J5'CJ&B/&;6*6()<>0_Y8K/.J_T&>0&S`-%&:"+>DGB`6FA5SQ MS7;GY^WKT3]3?VH9CZJ0$.XC:I3<`NL3N4%X;RT`C<#\UV^9@_YLN&:^=O&X M(9#@,W?H!@+0")@?M-^IS_AR?WZ8LR\6 M;27`HH+)H;ATDS#?!>BWM3]@'HN$I\A)+:OO.!43%O\0'B$8N\-(]7_.R!RQ M"![YJ3-FOH_4,US*AC<1&8N%RPU6R<6E)643L;UB=?C+QV<.,1>5Z:`8%=QOJ44X7(3-^_$3J,PK)@;E`R\2RNQ*JNE MTB4!=A.P$3BP(#G-=RBO8-WF,AIO;GUE%[:)K]/Q&+=GE]HIB[0_F?^5 MQOH9`6N2.[4KM'IV^>=9N5UD*&O['0%;"KAE/J7I=Z_+L_&I#^(MJ"V?8?4\ MKLLDS#<S,!&B0I@ZQ`:9C)?Y+AL(!<\DLL=<"6NL MY,9"7B(ZPC.H6+P<)O`.>G(/WV&<:((98'ABQC=I-0:4SDZ#0/39KC.>"53"K$1(0\J MP9\3L:_!NQ2[]]HH"L?R-$9LE!3B:4_*Z)Y\8-G.1PX\>D8[N@^^!Q/-HEX0 MDQC@;%S!.K[21#R:=5(2Q[TQ:]>RZ9I3^PAFX/".$\3UFE]"`L.2\24J,_@[ M'-PT+D:(J..Y((=+3>;E.CF2%(KW[YB7W+[43,/X^5=MB/$KSHJ^3R8Q?:EE MO_VJC>-0GXX2IB=#X#3\"J^8?4=\/B$>FI%._*1`B/COUV<:]^U`:1R*HS#> M_S/9&;]K[U+?CR<$4W3ROV6C^'>!]"CG.Z.'1>$=]%J@D"^:^*=3&O]:?-O+ MWI:-OY04?B,0(06_/1N&21*.GVE!>!>1R6_/Q,]G1;'/,_.(K$\2[X'^==$A MR!)&3;^ZS))SLC'ZI*!GY0Y^`10(3&H^)R5-[.N9QF/_-I]H.87M_B](KM#R/M!)^2,^V1Z-&^T_]T.ZBARPW1 MXVL($H]9BT^2J,+$9#YE`MHW0VN2835Y@K'6:HBXY/O[@8[_OM&K]+62OII* M7YM!K])7Y5_WB=YF!MK*/ZXC1+86A\AR9ZICX<84#/=-%*:!]U+[7]<=C5SW MT5'B[__V#-Y_G)\_Y[>5LZU&N:<\VRMNB5VZBL.4[:[58\&LP,'*%M5\T@;U M2!O\O,@ZN2$L-$[^S3+;M.V6X1AXL+*R>'_\H:D";O#8-YBT`U'+IHI7D::4 MLG'B5:0=A%+V6H.NL:_BK19,VXN#Z2(+=[721LX$EG"*A+@GU3.#HQ*5( M4$JC2%!*HTA02K/];4WGP9/_IYV?/!"(UMG.?5W:[4PG83!+UISEAE8<_)=EJ.W6UUK<$QV=1!,'%46JY$MGW'T'-L+.)Z3#9U$$PM5L.0;')($'G-9`E)F?K]*\,:CB=L5H8U*\%*211`RW&Q MX&Z\I`0K;_GI-5B?A.DW5RAXJ9R+ZHW@>FPT_56K,W`K-NAG=>\YJV>\"C%6 M%:9!7+N2/&]3%Y6-W4*;'*0NB$5-9L05Y.,G'Y2`#!H!1?)$^=Q2;>0;U"X= M:\IK(P*#C=!QM(P&AA`%-P'[+^4*$=-RYPA8$`OT&%&5^S\IBUF"U6QYD759 M:/?''S)EX)1D$`@L+N"I"M`-WJK$3.?X-VWMO#I\XQ+0AGB9[#@`3[=E.HXH M?MUR!OWYJM37*8(UR(KEL]KN.70#$6@C#U61CJGO\RU'R2W7>^(AD$:<1`*` M4`YC#AQ;0K1=$3FSK2U!C$N#&8C,;,!Y*6SD,G,]'#@*'D'9V,ZV0;\NI1)P M&$/\;1QZU,\1:B62[23E(K^%>024)TZ'_Y9`;S`1I&/!2$MB(C!9]3G'<_39 M*'=/&9[6&75)&I?P-'\!31M/_'!*Z9QSYGK@@J41%Z$?05W=N`@6P"MHCT:4 M%[.7[C<45R-@P%%MPHQ$`;4D^A88K[D.%+@2#!=XTZ`;A/6!W@4<,2]_+R!@ M9B.+AH0/H20*"*2_Q!EB:4L*1I;UEJ*6$,)%K$P)@(380M1GHAXTO`$_QI0@ M"$D.0%/2*P2;6"S#'2(@4#Y`%U@PW2NAD400/J02V*@6,L)%`N(S@.$L9$W_#<#1LB MEDD1[/)=&'IWS!?>YY*7D'_^&=3`U>R.\:+TZ&?I@/-7<'*Y`)M@$9]/N$!X M9\]/K_^0)+QH<4P>K&J.,%NB6CU\@HI--,0,8XGP=1PJAX##0=0'Q*RZ*?;# M\G[`C^6MXTPR9AQO0[3.X9T$VA%\Q4$DYGJ)P9W&G%YXTJ,XFR#^VMTM%?7S M$YR`P!]2\`=?*9^"H'%4?%Z"_[XRH^XC'`KC(./B?1\ADOB+2)P+`1OWV'(F MO1C);A`$2`1CLFW&(0LD4C':)W^L!.^;L54`QN"&2&,W8D-LZB[4XX1.9O*; MR8X+MBW&^8YA#SSL>NP-3@1(((,#+PT!?$=S0,TLDIO-MB64:Q1"&>;:XHH' M7_L,I$\\.=FS6`YMDL']%G"\9FQ+6-O,E2/9;I)YF(GL,&\4L44K]+#PL:A>&4`+F`@<20O%P3*.XK"\'L.!)YAG)A(!`AI3',8$0K3X9$$!H7IL">U[&MM M%VV\).PF:^$7G,"1:,F^T]_40K*;U-*YN>F@1[H6*H.<.'O=>D6_X/W'^;GB MX5(65TPK#DKCJI+M@K2?5J.H267H3,-I=7I.XT3:X-%N,&E[K8B=EMG=VPJ= MM2J+KS]Q^[RX.JWJR_<]W;X!)-2T@6ZO9=I5G?&^RTJ1L!Z-Z3A5$Q\;?D%D M2:G8)B9_7$J,W-4<;!,YV9=M&96SN2)`BE';'7$\1DSL&I'+TW@9#U6:[4M8$7SPG3H MTU6FX]HBV%$$\]@^T8\_'*V\ZGE*JV^WC'[5%?Q!6-1!,%%/S=>KJ)LRZCWE MM:Y!=EIF[ZE'C'NDRSN\9W*1)1_"AZ6\)+SID:6V4]^327TL\GAN%C["4^2= M7JMOV3Q'WNR!_X3?*V0TW;N4PI);3-\,1Z.8)CR5#S.)F8_)G"PCL9!/3UPW MPAS8+#=^87[>0]EVQ:P\?H'B-O1!W^.W_TFASX]A0K>1HM?*$`"U<^3&;%1`0ORW@366E# MZD/(ODX9J&RWIF2[J3R>+>;Q?$SY#81PA,T-(^V$;XT_!9Q#J1NM4 MW.LL:L_;[$+H%5[R;/0@ULKLVO9N9;/ZVQ1B_9Z+10U#`[9WE^3H5%\:%I,V MU[C)O5(RYQGQ\0Y,2_LG"5(23&/LFINAM.-).,IYHK,#3;#W'HS`UM= M489"C;!BKC',5=UM/4B3--KF^L\X=C^FN\AF*^TF"VD,B@+:_`;S.RS34KE2 M\;[G6S:`A+J)\L8*D^&^RTJ1L`YO;72:+JBU0A@_U:>N,^4HV\AZBE^M>(UE MLTJZKT34LY7\U,PZ)IDI(HY0>VKAIU7(\MQR&'L>1B/*M@^YT:#4J]VO)79X M->(^\S_^L!+[3<\M7-VY*!5O`@OKN2BPN[S"0V986>2:(;Z>&BQ4XGJ=Z[/9 M"=E62R8UYL;603"A+E:N`@Q=ZQ1M+_7C()C8JXN&Z[^9T%1.=W:"MD=*7"UJ MZ.W]A4JYV4+&7&G(03.S9)4!UX7&GJ3F- M4^1';CM6%&$M]*;E"#,!#P#,`C).5D/^1J3:<)2)#+:$:$7@$@WD*>&.KGR$ MOPJU21JYMR2F,O$C`QL?E:&O(.SX"0_Z/X0A*6-F+4(1*C4&OWP@ M4PFLT-;.V2B9ZLEMF,8<4TM0(/%CD,0"O@^'5\(&YN`9\$4!XH0U](&D3I&; MQ2_96(&?Q=H,RX$#7WB9F\;KG M)^HCS@/6S)U^AD&-BWB*6"[TG@&4Z1=B5NUG).=W#7$Q$3?'*' MT"EC5+<_B7N;4%_@O^!_H%CQ-&II[]]?9:@_H'PT0E0%S:Y-&3**"K`P1=D=`-8%FU%@$I?G.T9+\*5@J7H4N<]O6 M3I-'KSP76P>?,,,)`^$1@1^"%YRG8B4"S`_!WTGLB[Q'CCB166TV4',$6ATC MDAH%3\Z-BQPW3QM.9XUL&\%B[@PCB_!!*VCD48A!U+#E^!E1*L)T#NGPYAY3.)NE/3QM`C.ALJ4M=UZ MN%W$N`H0R^X62801&_-1CF_9I-2Y1.G*NF>("Y>DD1A+A%74PS31)`Q?G)&W MK-NRNR<3AD6`I-+PB_A6J]<=H%=M:Y>9IZ42" M_-'OU$TS5!S\8)&L$8=,P^``/\9>R\K6M7CCJ-`<_8[WD-Q"<'%S6X:9RV:1 MH=B]1PLN0N61PI5_I%[SP!]S_B)$M$(D.OH-.GC>^_D%S@DNAX%"I\R"%&5U M7Z@P0?D^D`5^PJ,X11'A`X#N(8D91U-#YKB@-(H046@QS]D+L(IO-.M%>]Z! M+J6(9F-:&A.(IF+.#V63!-S3Q$]C:.@)+4TBJB?D.QKJB"4+I[T59C"<^.*O M)'[Y'MW`512ZE&*<%V]NCNL5BAJ\!ZVYJ8UP6A?$.:R<8Q_@C).TH2C_2`<$+X&=IGZW-;]G,L2[-`O M<0%8#U8KE`-HM;3;\`XT&>916>,`,:PX_J"TVT!Z9C`QL'[H$M&X.*X@R7'] MP"*AB9A*V*T,MG/6\S"-$<((5'&&9X5@D4S8>R3)G\>'+*K;PWI3#*E>Y_A9 MT`A'P)IN1+]RO;J"B=UE$U\$TZ7N=QD]+4'C7(0HEI4UR2$]T\(TD.-6!6*. MN8,8UY_JX5V`V)Z9WV"(4'6.Y1W.?5P3:;_#W(0H=#&&:*\U[V1X0K1K\A4" MH],,1NLZ"P2>9U[',GX]/_\]_\O\]06T>G:IG;((H[:O--;/2(2+DHO`;:_2 MZMGEGV?E=I&AK.UW$-2!/W\-#O\I3;][76P:)G1$N&4Y(IN8.G4WDV0F83X+ M%7QF`;@5I#>&D9(U1]RB4BUTPP]I?=$ZWDH0Y2L:7>.2:1L&\I$F*-,0_!YT MBPJ%*T3>?1T#P6:9:'8UO&8,/GZRNMV68UD"4=>T6[V>/5\)"+\+GMB)*3KI M=5NF/>"=6/:@U7>L>>#>,YC\W6(W!73KR00&AX?@,!<4%]9RF2D@&\<3#H]= M@DR^RTHC9)#7059B0YNM^ZLMX0NU<+S9&D8LA.-9:1Q8X4B<[H6\1'3D`]," M2W(""V,(E<`'<6QOQHF&V0;,P@<67#>--(8Q%OPB`#I!]*$LE1TG42J\%N+L M(?QHF6`)*BZSYC6.IA>`%)(LC"\^W=:N,EHX&"Y2\XT6>FYE^(#(.)^>[N.> MMWB1H`4XYL1WTQF..7Z489G?DP\'[EN,94YJ09G?&[-VK1),-2>E.:A`Q!*, M)9A@AOP.,0\.;AK/RBT)'<\%.5QJ,JH8TR-'I/M9C&G/H+IVGE>T8>C![D:K M^IS+:?8SGV8_B.GU+4ZOV'Y6WT?.M$>B1_M.?S.K4VU'CZ\A2#QF+=['\E8; M$G&3#*O)$\QZJTCADN_O!SK^^T:OTM=*^FHJ?6T&O4I?E7_=)WJ;&6@K_[C! M@I)R9ZIC_?QPFOZR49)UK>#]Q_GYJTQ>]!M64;OF$SJ()@X*B57(MM^#4+# M:O5Z_6,RJ8-@XJB47(E,Q0O*+VPZ;ZDAM4D/FV4U7V\##&7?-[84"<>TO;<> M$G[\H0%$-($$I3:*!*4TB@2E--N-Q;JUJL8W(31=)2M?%B`Y_$#\2#=0E,BV MO.=D.RW'[K:ZUN"8;.H@F#@J+5<%H#`18V7Z]75GZ]5X8U'$_8K`QK5H*5RDK(Q8*[\9(2K+SE MI]=@7:T\<0X!4BH4/)/SK.CS(\64`NZ:&K_3N.$C:8/@2/YLD`TA\[1.'5:D3S.\Q.K0_,V=5$4 MV2VTRJ+Q;*JO,<9=T+*2NC0CH"8<1*M79 MYS`2-P'[+^6Z%--RYVX88V7U#%8HHHC>P1*:8:+(&KV9%G$Z6K+./XNU&QJ` MRF&I8ORV`)2$E@2Z.6YK6=G!E4%F6."F$6*=Q,LDA]@>9K=E.HZHFMUR!OWY MZM/+T4=Z M=RI`"8#(JPCBB13>Y;8"[;P6;A0[X1%T!2G*!A=X];4:!5B:S MSE1Q@<`.DX1C)VDSQWB>(V44>KW&N(5/#@(([/GYZ?79"U&'WEO\X!\3/F%\ M#-N\<=T`IXF$,=$W/'?#AH@>4L1C>Q>&'L=:086_Y*7OGW\&+70UNV.\*#WZ M6?K__!6A`^[;$IH>`I"@:-)` MO`]2CL6+2)P+@2:?,.0T?C&2W8`FRR!2MLTXU(*HZ1^C>^"/90;/F;KO=(0P'<" MCP?%FT6@L\F>_SF%(!C#`Q3"',XB5SSXVF<@?>+-H!/%T'+$AV+<@V++V:9R M.I(S"9+M)IF#F\@.\T;A\P+=H1R8%1];Z6O1ZVO!U8??'_I5?JJ_.L^T=O,0%OY1X6?\.`P-:X([SZ1UKCR MRZI4O2)-*>6QCGR#25-*>:PCWV#2&J>4"CUA7R_&'S`)/_ZPM33ZPQ"8(D%5 ME5`D**5IE+@4"<>D-`H_85-;TP=PH73M[*N;Y@T463U7I^HA[RL31Z7D2F0* M/T'Y!:7D2F0[]PLJ7MA/)O:J2LL1LJSF:X6?H$A0VWN*!*4TBH2FD*"49L]( M:`98S+&HC<)/4/@)Q[:!HD2FJB&K32>EY4ID#7`,"C]A/YDX*BU7(E,1@W(, MF]9R=4S5_&,JA9^0-YUME2C\A";C)SRMINOBJK`7P3<:)&$T?2VJX&ZN#NRI M%J?C,98=QH*ZLELLWTSFR]BCI,IE?4V&]?4363)6EH>=*RJKBL`^LN.IBL#N M2?'+6O/+QFM(;;)X9L$)'(F6[#O]3:T\M4DMG9N;#GJD:Y5QE1-GKUNO3@"\ M_S@_5R1*XCRNF%88AM/J])S&B;3!H]U@TO9:$3LM ML[NW17UJE2)4K]E7WYGB<)-8&$FC;0[;5,NZHSWG=9*1+6HS$=I^I) M:<,SRI94EVKB;K%`9EO5P3:1DWW9EE&'O'LBLIH.S6S9O>XQV=-!,+%7IYU' MR')-H[1:3O<(LBZJ%EZJD_ANM3M/%$@Y8JLCCL^(7%T[>FD")^NQ6JMM`2N: M%Z9#GZXR'=<6P8XBF*K[1$7`/6&)H3Y/-F)^'Z>^U:XIZ=A-AIBK^/QABK'Z1!RG%3VQA:S-SZFF+L!5HC-98B\ET^IX:K4YHC4)K]M?2K2?XO: M\S;+&[["7.!&#^(^PC(WI+]-`1ONN5C4,#1@4V])9D;U!4$Q56^-6YLKI?"= M$9\$+FUI_R1!2J*I62<1^%%6SVP':9)&VZRWM]W,,=U%#E-I#U%(8U`4T.:W%=_A7='*!:WV/&NCTW1!K17IZJD^=9V))ME&UE/\:L7+"YM5TGTEHIZM M"&K[EFD=D\P4$4>H/;4*[5?([=MR&'L>1B/*ME^9M4$)-[M?2^PP(;XF\\W) M*'NXQ/4JSD6I>!-86$]Z^.ZRR0Z9X6U/]WMKD54KP3\U6-CZ18#9"=E6"^4T MYI[.03"AKM.M@B!6ZQ1M+_7C()C8J^MEZ\]';RJG.SM!VR,EKA8U]/;^&IW< M[.59X"190TC1!*;4_1]UT>U1/U8OJ-A+#3D()O;LZI>ZYK;3U)S&*?(*=]R> M>E\-;[_%7TG\\L\P^@IONAUK8'7^<;*@]>*5N_!%61]DPK3![1LS M@:]"[0:X+,A^$9=GEZ/3N3XJL&AV-L?C)SHF#"O.[YK+KMD=##H/,[F7G[2)G\8::"9XIYC%VB1D01(_ MS-L2"A]C#)S)F"5H..>47D'X#[\)Y,CU,C8;NDD:T>+8.<]>&6W#Z#RBH$L( MS=T;$/F-1C&P?#DJOG\1?`X_TVC\/B2+ATNHI&'J'\A4\/6&#N$U6,"EV%W. M5]9*)9/K]PQ;NL8JE!6'J=Q]82PO1_\B$4/OCH-\QE6CRC@MX6?F,F=,O9I$ M;$RU"-H72FBV.XB+D:G%O":N0FL^5'/TC,,H8?_ET]D59:%7AZ>Y,7IUY?0_ MR&%XI-=M4+=0XE>=OZI3N%CNKTD43<&;P2MID#PTB2*-OIA$ZVNY;?;-07^9 M,I2)6DY\T7%=)_`_[Q$W5)^5Q2[(L8QEO#Q$XQ+%N80@DP5\]%;WK'49LCE# MIK%0L991MGR(/I`DC<`'OT&WL$;KA&<[NM'3EPN^V',NZ!G)5V2*+N:=`.3Y M?$N"=U$8QY^H2\$-Q6_@W>`&'J]JMZ0LF;?2GX M)U&:\RDLYW*T;9[F+%WO/GO%(T@CTZ='"5M]J"Z"ORB)+H-J^K6F<K$HDY6Q\@3H;UP&D0I,1_EQ)^N8)NEY%[>O<@ M415(_TRK1>SK&8->-=*!J&(0*[L"SUPMN*M-*TSD_5YG1FF9AIRTB\"->'O$ M?\TAS?B&1'R:)!$;IGSKXG,H=R(6$FZ7"#<+!`EX^C)-&O-^>\:\+\2T'-MS MNGK'L!W=L.RMGJ]S.NN0NKZ^.L^B3]W2$=DU!_J M9&C:NM/M]O3^J#?2@9OA@`SHP!KUF\&?/5?CJ!I_?6J,!I9MZX;IPO@9KJT/ M.J,>_&G2GD$IM:B#NS"#KF7T&C1^5?ESB=,=6B[1+1@VW1E:'9UT;$_W>I08 M)C7-SL"HRU\6&IT&">.@A>P;O:8N!D:,QF\ESN%Y%(YQ:Q`:$`NPCQ0"*3<< M8XA7`%K\`]AZ8*&PW$S!;WR!I>`73NVSH7N@LS705%5(IMWK5J:IL`R+ M?Z>^=Q["&HQ%'BH?6X^,>K9AV:4%WZ*>:A)353A.KU^1F/R@<^'QYBD"0-_P M6.EL.GL$%NE\Q7-'(D_&207G*,OYK2K315$>-\R2_UX[G3L30N50%W1KGX3` MZT#$%T'U+;)'^9^;P]=+87D&YP?Z%W&<4J^XH296",73_OQB]CHX+#*W,@'K M'#QY^S&%OM8Y@FL;T5E!;.OC8:VBRUK> MJO16].5KY6&MTELPC>RA_%;D8D,3Y9[ZNXH3?Q(7M-P'>CZ0>!J]]R>/'J3:)8>54_:J,KGG?[TM MAH-?S@F+_D7\E)Y-WS,R%+F%F,+-*3QU7;Y;(=,`*IR=6IUZ],V?YS9F MUQW,3L97ZWR6`R/L$B=+,#PW%3O[GZA'Q]Q*\Y/ZVN0ZCC.CMG*WLSU!SV/X M#?&W1W+7*I#\!`(69!I=CMZPF.L=INM!"[EB7@0N`@1Y%T%]5A8F%.5'O+6I M*::$)"Q(0DBB`-5(F&DRFJW:2_6K6AD:A$3U,$VTBF]%@'O)];4BU,?&H M%@8:T<;P_*T_E=GG##Z"?\71&/U/2GPM";7G[(4V8M]HEAVL/>_\_`*1C!"@ M*,ZMX!?X)]9N,-E(BV2V44ND%C]GJS0QB:B>D._P,QRQI#U+5GE`.D6W!L8K MOQ)9V'&6AKWZZ>\#'G5I+^LBY6%KLFVCN+2L1(TX7_Q,OM,84\3JB:.\OIAK MNEZO#W/>ZYK%\Y@'>H:@.HS$6N43Y9>WV(BY(K#R_IW&R5PF^SH!O_"I%'^9 M[UG@#*79,ZL!>KVF44+@@VB^4>T.9B5AUV"Q:%439![M#3=6A4G'^!WP.`JC M*2IA6FD!30!]X%#H4&W/CH![DVF MLN7VC-G9V*TZ0")X_1]=U\[#,`G"A&K7E`=-FJ[CR,,,_?7E2'X'=O!5^\X_ M2J83$"L,)PT\ZCV3G\*4#I_>)LGDYG0'T7A M>#7J,D+"WYYEC55_5R+"F6UC`9$1(C`'B=B:`&\2?06KYL]F7L#E66R20?`C`J00 M])YR'F+V7804L<8MC1>6T&Q@"7TG?P1GE3*',,.7!GEU:ZN4>KC0VBJ]N3-K M6X6O-5I;9;F;CC/HVA[5>W0XTIT!-?4!]4R=.,-.=]`?NC89+I9[I3=W)O=5 M^-J%W/ND:WDF<73#ZG=TI]]U],'0=773IJ;M&8;G=MTE^E[ES=WI^PI\[4+N ME5*`%\J]TIL[D_LJ?.U"[E:O9SG&$*RP;]FZ8_4,O3_R!GK?&Q&'=(>&8W86 MR[W2FSN3^RI\[43?^]YP:`X]W:9=M,?A4!^Z`[!'D+$[(J9CDR51;*4W=Z?O M*_"U"[E7N@JS4.Z5WMR9W%?A:R?SJC7L#\`"=6K`Y.]0VM>'7=K5/7M@4VO8 M[8Z&WI)YM;9ED;YN>1[$6]0F>M_H M4]T<]F#!-^SU(-A=+/=*;^Y,[JOPM1ZYEW<.<,>/[Q'^+3M364\"[U:SQ;9$ M]ZMUB>CQS`-^:EQ[W[]P<7E+)*\_N21+GS:SMK32.Z1B9)`I\!> M2GKYI=AR[HOIZ*?IC3PDD4]#ZUAR2_[%//Q[Q'!CTKT% M28E!X/AO__`H>_F6=R)O[^*VI\B/+V[W+L\'*LKDD7P@VS8.(Q6VMUOM5JMUO)OOR^CT)L#XYB2]ZW#@V[+`^+3`)/)^];G MVXOVV];O'[[_[K7)K@Y^.7CKR?_>QL`#=/^3UXLG,1=>]]>?O*/NX9'7?7-RW#WY^=CK77GM MMAHFQ.3K'>+@2;8(?]^:"C$[Z706B\7!\HZ%!Y1-.D?=[G%GW;"U:GFRY'BK M]>)XW?:P\^?5X,:?0H3:F'"!B/]`I;K1T1V^>_>ND_Q5-N7XA"?T`^HCD2BJ MD"\OMX7ZK;UNUE:/VH='[>/#@R4/6DH'C(9P#6,O&?Y$W,_@?8OC:!8JMI-G M4P9C^>PKXFVEQ^Z;XZZB_O%&(`$*G>'X`A,I*$;AB'*L>.Z'B/,$L9:G1OA\ M?;DE!D=?@:$Y3@0\\&G44:TZEEUV%.,^"OTX3#H82#:W!("E`!*HP5=/5>=/ M.'YB.]3?&C)4:%&VK;1TQ`22,>)W"2XQ;T\0FG64,CL0"KY^DJBWW3U,X?DQ M??Q7CW,0O!\S)CE;#Q"B.PB38?_2M^M4S&4?\:F!N>3/N\#UV#9[B/GK+N1_ M,ZAMFW;:HL/C*$IZ:V,)WII^S&AD4L]Z7*IATZ,L`"8=E/1/,9<\T)GJ'X4M M;P%X,A7R3Y7KM^?[-":"7X,/>([N0O@$PL(H3&3NXV&6.L7IR"6<+LE<\D;9 MO634@,M6,_=QV)8JU?NQ2WK_1`7P'@D&%)&RDZ28UGV$+.1/8?O9)=A&#&8( M!^?+&1`.DO^AF`*S7?)LJ-V'SDH'*7B_N`3>&8Q!LA?E_%HU)PUG3Q)[0). M-Y93*X2LR-U&RTX#=B%HM0&H0&2"):O?_-/YT@]CE67Y2&FPP&%H#$PMR-U& MSDX#=D%LE$0"PP6.T5-XXK=3IK) M&J%[%4;89^YV"&JTEGR%YZ7M=H5USU?U8RYH!&P=FQ?CDD?1"&!RQ74OCAU@ M`GPX[LN]-K;(*FB;-P(3O:#N^5LYJ5D,02FWFT_3"&@,(KL7V&YDIDIA9*9K M!$X%HMOE3BM/KUB'`KK6CL:K29?U9I3P:R8[LWB/HTB2JR@R#1M!`Y9`=V;P+T@P"L>1@@'EZ2/9EB@ M<(-U4XQ>3-P(H&R4X-ZNZAH$DAO`X!PQ@LF$RRU''"E%0R"C6NQC4V!H0=P( MZ&R4X-Z&:R,"Z)&@U"):2.I&8&,4RQ!U6B]439-1U])R.>CL5"Q_^/Z[S7]/ M4XE]27P:P;Y%UREU%?75Z5`5U\)\9)3S$:-CHU?=;%5UM2;0UK*:O)>=ATT`RQ;;5C.J&H3T81N"UJ,73Y-M;PG]0G["%!` M6*/1%4JCK=$P4+GG.M2K)%RH*'#%ZB41P.038TUB#DF3D,J7V[U\TIJWXJFT MV[)9B.Q(69P=JMP_/RP^%U+@/B52NE@*F*Y.E/!3&%,&JW:W:`G\"A/*Y,YT M+9Y>ZJ,/Q9(H#:BM>`9WRKJD> M4AY/9=QHSDCD451=*Y><)9=GOX"P=M/-E25;/F?6@'O1UKHRICQH193-0:U0 M!^ZYB$\@K!(MU1Q.6)TCJ6P MI_>?N7)FWT+%GB_PO*AZ[4F'J?Y%\YF$9H6B2J]%E`G\;_*K<07+IZKW1?-G M@%SSLG&^REP\>EEGLGPI=]E$7I;FQ>-K4)>3!S^ MC6FF>_$P%ZC-,F-5\1GV%#$X15+4/HV4318YZAR"%P]NGJ)5%7*!JPZ?(7&8:?HU&I^==QJTI>,][41#?DKM`B=$E/\WSJ/_T[> MM>1"H:-_E1:@46-J`N\<-X&=BR#V"A`?WO5[==!GU//VUF#WFHE2N&>( M7R'P606ND7UV)T;$\K.^5WR5XB^3HEK_)VZ[%K=??KHDXD2G?Q_"%MT MIOA(6]P1V?TSU$?*^[3SV\DZ`AWWJX/R1TY072>57S3H`P1)'8!ZO6@XSKV- MSR!>F5[<,W8#E)JK"NW5Y5XITR[[DM\^#4/P5T M"Y-[G]0_]WQIG@SVFN/VG30;[A+*8'K=8HH7G4JM\GUE+J@3/(=,W\J]VC#L=W=*A;$C4;21CD. MOO6X:8"#S>LW+:?B-DVC$32HPL$%0@FK0ACY0ZUD8U_%LZOC$J8ND0EZN!+U4S\]7DUZ*C8H3O7\D`$/0 MFTO6)_`ICNZ`#<=G.(SETZ2.C0]CH3YXJ[ZR8G"]97NJ.J6=PU^&L5/$L5]> MSIQ^:CWDV!/<75=24G-/6X.>=1CJR>IL144WW^X!3+CI"<'P72S4IN.6#I.1 M=5O*\GTT&<@]-&;]!5;-HO"(Q6"CAFX?CZ\A?S:WKAFK*5^DK8/'$6*")TG* M:$:)BF-=R?W2O*7_P!02P,$%`````@` MJU`.08%MS;E9&```T)@!`!4`'`!S:V%S+3(P,3(P-C,P7V1E9BYX;6Q55`D` M`R%;*E`A6RI0=7@+``$$)0X```0Y`0``[5U;<]LXEG[?JOD/WLSK.+:D3E]2 MDYE2?,FJUK9?F+!)"1C0Y$:@+2M_O4+\"*)(G&C2`',\*7CM@'P^\[! MY>#@X.#O_WQ;^B#=Z?OSN!@1MZ*%A\>O=U=GWZZ[M__N,O__7W M_SX]_=?GAYN3R]"-ES"(3FYIF3F"WLDKBIY/KOX\_8;@*\0GW]*V3FA3[S^\ M__6$_CB+(?'`^F\GXW@1D^CD_)>_G0S/!\.3\Y\_CLX__C0Z&=^>G)ZRS_@H M^/X$"#RAL`+RZ=US%*T^GIV]OKZ^?WO"_OL0+\Z&Y^>CL[S@N[3DQS>""J5? M1WG9P=F_;F\>W6>X!*CP?LWXFUPT3)>M/G,;@,?SM(_OF/B`MC%H0\? MX/PD^_'KPZ1<#071F8>69UF9,^#[]$L,P\=HO8*?WA&T7/DP_]TSAG,NQ?S[ M#/D'AOFOK+6S`]#0GV'`^LRI!^<@]J,&L97;;@AIN`0H:`=HVO1!.),F3I=P M^01QDR`+[1Z"\)F"P6[\!$\WQ!O$6=7Z(6B#,!HW.F2R!A-,.:"JQO<1LI8) M^`XQ>$')3/3>#9=G"<;+Z<77VZN[V?CNDOYW,OMCK_WPE4P"#V'H1G61 ME1LZ$.0M",`B:9S.*!:PA0T<_",$;K?GT/?HYN,*SINHG6MOLMMI2UX&?]F4.:-'0CV M`?ITUF0+3'2@OL4M)3"I]8V"9&F[H9@*:&DY&'C,!$A_RYH\V.!)]I*A6_B0 MSW9O(:XTV1)S;0[(4V*SQ>1T`<#JC,GK#/H1R7^32/#T?)!MU_Z:_=K9+$"4 M'9S0'TG^%1\\03_YML,O[)RG4M)&3*#[?A&^G'D0I6#I#_L8Z:^<*SJ-,=W, MP-.V8^Q`*Y5Q!OMZ&^,B-FH;YPUE9K+6OG..PZ6"6/)/AGR<)R&F0^33.UHX M)A1$N&)PV6!+K>Z/;AA$M)-=^4GK="C`!?MA^W<_)-#[]"[",3R&'M8/<(%( MA.D2

60G7L%76&;6BE`S\4_ M,M+IKY$/\05%L@BQN,L72CH?.B#T:MRYO'\ZLKQG&#"/^>-Z^13Z'$D7RC@_ M=T#&^XASZ7XP,X6'RV48)%;QXS/`D$SCB'GS&43Q?"ZHZ/S2`3THT%R^4<7[K@'#W$>?2 M_=50Q[V'&(6>V#ZI+.L,SCL@;B[T7.Z_&9)[:B^EL*[I[ZJVS,+RSJ"536I+ M\J^$O]T4&54",UK55;`I[0RZL!\5@-^(G[,I/2NZK5IR9"D>9_V'N+0:0,SS M%B)3*C5!:I"5_%BEJ/NP+%R1$LK( MK1D%+(Y%('GV9Z,^1*X`J^6=X;5&O%EL!WF`+D0O;)&_@U'&1M3A!=6,NA(U MU2'A8<^,E(>2K"D^@5YVBQGU,&KJ80]WTZ=U]>5^%T:0C`/O)@2![B"1UC7J MIM34D`J9ID_YZJOM'L,50-[5VXJ:BY#"GD;/$!$1].GCPV9R:KFL5EGJ:Y]L(^\Z=/% M0Z:X<`5Q&BX=T3'-0B-7;.LEMA!$U9R!R1`?U2V+C($]1MO.-*NPB:PH[0Q, M;N95%<(!;H\1=PE7[!B!9+-I&+@*:TEU%6=@%SL&8#RKG/]F(7C?`E#[Q7Y59%@.M6=@4F7 M@IX"5?G8,SLJ*&D+W*1/04\1NYCMV9CN<%`S!9R!22>!GLCW8-NSGY0*/`,] M-+^I5W79,ZSV=.L;!)Z0GUQ'H8M7^<:6@OFKVH0SM#W:J0XC>Y:#'=3J!V#\ M2L[0Y'9?2P52+590L\:.SD\R[L&:&8SJ1SC%"L[0I`M`(FOQ&4Z9B#7*N8A) M%"XASG=DIA)GT%-9>@*A+VG++MX-LZ8/4V M1.5ZSLBDGZ'9/5$U.XLLNS!8S"!>[HY]D=XJBCLCDQX'N:PY.N(PL693M$-, M;2`YHQ_'E<"XV&-FE]E,@NS,XC[$B:"C"*.G.&*]:!:RCA@&$14?A;*8!!'$ MD*A,B\U^R!E9XJRHVR&:%X<]>X):3F"!%$=F[S4TKBC5'K$K`&OF[GN<[702 MO-^`'XL6U8K2SLAL> MA])/WP/D38(+L$(1\'=`BQQ8TLK.R&RZEAKZ4B-ECTGTP+(W!M"[`CB@4S@9 MNVZ\C)/\CI=4Z"X2+6/RRL[(;/Z7&AI4(V6S`:)E>#@CLTED:FBHFH0]/D>9 MQ7Q`=(#STX_C4N$2E&C2IBP=Q73M??LJ-/V7%K,?%GEBF4N)TI>5*4,O^Q,^*))I.;-Z@CJ3K%*>&_4FA%0@T MG1*]0;VH+5#"MPJLSQJMRD*20?WH?NGL5<[>Z]Q[G7NO<^]U[KW.=DJU]SHW M-(T#'Y('^`*#&(J3?^V5[(P/N(S;'E?N14BHR<&RC20']Q"_(!>2Q]`7&^V\ M2IUQV0HIV..F_8)#0NYQ.!<&;.V4ZHP#MHC9'F_K(TR"GK_`@)KI/CN>\994 MDBP")D(O,,M"*IJEE!KHC!=6F8X]'MDIM?Q`E$2NLYW4#>UH`GU5E.Z,Y[4: MNSW>UKLP"(L0\RR^\LL4TKJ=\;2J,+''SYJDP>)"%@TD846SWE8E%7#&F)26 M-:8TRT-/(M8K4XSYS1V!TGA5S#I@#U"7B)`]9G>.2CZJ]DJ:=;L>I)<2#WO, M[#K3G6!*,'FO\P`5"1G98Z%O;9UKROXB#"C>F$+.C*$P()_A/,0P+3<#;Y#< MHB#$R;7'["ICX!5;2:/4;V'T''K;&41D-AX1A=D\VCJ6SI&%8L_!YX90-F(^ MT^T2W=DJF+F2FF8S=NOK7DC$H@/1-!$%![/(]26L:#97MXH&.-XP*2MK;-P\ M296^ZB0US:;IKJ\[!5HVV;VZ6N/2,NFCJ:\M`1V+S&$8*;G."N7,IOK6\L?L MPY9$@!Q1\OGMY#P"[S,@R*4FT27RXT@82"6I:38YN(YV%(ALYS/C"OL=HL4S MA35^H1;N`M[%3!#3>2G0*&$A4)]6.]U)(JY-:Z-:\VL5!WO6#W7BZ#1;,IMT MO`'UBHAM%,Q9YHX>;L?>M+WVPU%XWKMQCH3OU>+FCT^EWJ[ M>9-NYWH"5]GL6Y3P<.S]7YR=9;<6D;C%]M2%\_!+I*"-?-)'J?D4MZZ(5NE.D8C((^K M7I$,[!G`7ZC@&/%I<(G(*DM8-YU+GX84UC,:07E<+^XI ME''GCT%NGT[7Z@SEZF;#1345HZK=:IK6&&)EP"QL+:!?$[\5(ZQG-JBT)47N M\;/'VBI#O<=P!9"7!]OD,;6!I_8D>KT&S09^MJ1T5>+V6&1E#MEKL'5U7ZYN M-LRS)4U7T[39)"O%TFE.V!7UC8>$MJ/92IY=,*WDC^A)ZQJ/%&W3J-KA:,\] MTC+<_7>YM?2Y7]EX,&D;"JTB:<\MT\H.N/=8M.X8W:MN-B"UO6%:0=.>BS!- M[OR/=)IE-C3VN*Z2IN5FSQ*A?AS82!"#V1#-#-1QB[MGAC6&O#*C3A# M"X/=:FI=B[0]<[RZ$!I9Q)VAA9%K]32N1]H>YRL'=_8H8S/FFZ`Q9]B5!'SU MN-FCZ`>XRB:E;-61>V!Y59RA23]=3454:U5$T1XK+(-X'6**-\;N,R#4A%1[ M!UQ>V1F:=-`UJDXULO986+O=C\U!])\+##W)L^"<.L[(:&J_MH9EB:/UYE(% MYT8636=DH;.KGH+U2-NSBC+0;`M'_V$F_`O=T;'#.H@1RXI5/"40Z%RG&6?4 M%0^7+BM[SJD99(FZG)%);Y2N&AA:>PX%'N/5*KV<#?S\GO\DF(=XF=[FD.\L M%%MP1EVYS*A!R*;3XC0YX#U`HAPXN\61I2YAW]%KE8LRG8B?F1JJ-0 MTAD9?9N@`8V4Z$@,^N/D,KD%`5@DS,@-HLL?M583=Q^YA!%`/IG1AF/@DSZO M29_7Q)J\)@THZ=&%`:`F'B??B;!\!S*?R/!;LR#DN+X&9`5=-$?0XR;SD-8Q ME3-%*FV.<@0\?E0%&4Z_TKRF[,O,DOJ=-14%6\IDXKRC%8M815M;/!;.BYJJL.2^>MPO30Y;Y'O@"12/_]Y=)[( MG/W&^3R=CXL?ORWLLW:$+BQO-%,,KU<792W#WYZ0-S$9S)C/#QS$A7AW8$EE"X`O"HM M)3Y17I.K):VBE0(':];E1E5CR?KHF0@ID M8N1.OE7%VLHL(ET,.?(1"7&+N+UA7EN*AM>M0\1YA%7J(@Q<2!B%S>?%DRBW M@IFL*-R.6"%@(71KC#:5V)/.O#Z7HVUQE?H]Q-^WM[=YW;98RFSV#Q4!+@@-W M'6,;=R1X0\MX^3G$.'Q-ARS]2[06*$:GF>X\XJ;+RIZ@Q"KD#Y`)B#V$=:!B M^0UUYP4X?5[V1"I68<]#^1ZH""XA<3%:25+Z:K32G;?@-$G9D].F"CB[V8.2 M1"K7$-Y#[++`PH4H9DRCE>[DEM`DU<0#T/S]Y0O$)+G?)TZ)ST:0PEA3\FP4&^D.TD/]#AM--K"H4H1R12C!0J2 M<2^S^S1JF\UK4',.%)'9*,2\$Z4(^A9$,6:1292R\I#:K60V9T'](;3/8:.A M0_PAG"&S[0M94HLO&-+/XMDS"+[@D*1YIU81N:20@D5Z3YH]IM1GD.N.$U8R?*__<*EG'#92;R%281M_ M0BUS;D!=L93AV_D:_LT]T!M!N,7NNHO MX%W,[!BZRK,7A\DTCD@$`H^%I0""7($6M=IIY_Y^"SY&758M1N?ZR]$YI MUM4$Q#B*,'J*(S:SS\)I\CFN1:S31DO7^ALVES49V1/UR^E9E\B/Z6]+'4Q_ MY/%:,GI3O8&Q)^`EB2FV<*/4IR[K-TP_T(:I7BB][0YY'FI[4CB,Z=SBL7D1 MONY\.VYEE0-<8PQ"-)DJ)_7 MVR+9\PSC5X"]S-K]!DG$,K^G1[K7`.%OP(^%*V<[7[1^(]$^?\F5J^,8INS% MI(!VUMY-WUN=/Y35V;OI>S=][Z;OW?0_LIL^7[S7]P!')'GK=+D*`_H[0G<: MT_D#)!"_")]#4FVB,T:\!J%6_?(9BNL8^C)=2&I8;RK+\=NSIYU&SQ!OL*J. M$D&MSGC.Q1SLV>+N0E29N%CJD*Y<\-D#;>D.L#]_Z'>"5NP$A4'GY'^@[UV' M>/:,L,<6^^IW'R4UK#]GD..WXCFFY+77Y]"G2`C+41JM>W=2/XG8,(G8X7C? M.>U)8Q9:=+F7OF7])-H/8100*NX=V8YWQ_M2B9L_>]]`>3(W#.4113,D> M89JH^)KUOJIVN=N31?-0?MGX8+9;Z_9*Z5N=\:FUP=R>E)T-6F-[8;OY['N/ MD=MF\(DB@L[X#X\G#WMRBTHY$RVSKJV>V!R*=M[.,M$;&Y6)/9E1#^:=4S/> M*;6`M/1\F(7]4EM/Z$ZGAPL.K)JY.+4./"NWE;0I3_.0O:K8SJF52%TYWCL>`)I\<77]EGP M+D4>\_/6'Z4=61A6!,L^0#])Q)\&W_7QLOVNX0?<-?0W)_N;D[K+2G]SLK\Y MV:&;DSOK^'I&;14"W,0<^;S>_8MDXE-OI)T-0BNSH18I>V)K=\%)QUZY<$O& MMO*LJ"=UN>8VK*P<<;449,FLV):FFIPC.?OFWX'['$&?;K9N`5GC&W]U"SD> M%&%YH^%YU;V\8F$2%8>8;UVHME:66QD/.SQ M9FZ0YCCI]O\6`A)CZ$V#!Y;Z#6T*!?[IHH?LP-:LKK;VQ/MVT-E^8M)]A89UY80 MEC<:5'B4":2ZQ_"$88UV;^`"^)R'E$IENA-[5X#B3%0BJOWNB` M9^VRQ#@>7";?&"\PA)EOOE)%R@TX`]O#6O3YM'C(._8\E+9UL(IJ-.4,.A%2 M4I-9$]<4I:^XLD<92++(L0?,*:[-`CD)V,+*DN+JC+-#&W8&MD=I-,>SB3N$ M_%<6(Q3$=+:^`CB8QE'>\V805QY`*]1R!IV(=9"3D-R:JXA1.&.?>:)K(?V? M_P=02P,$%`````@`JU`.0;(*%[&7,P``=A0#`!4`'`!S:V%S+3(P,3(P-C,P M7VQA8BYX;6Q55`D``R%;*E`A6RI0=7@+``$$)0X```0Y`0``[7W_<]LXDN_O MK^K^![R\O;>[5?+$FQN35UMT21D\X8BM225Q/O7 M'P"2$K^`(,`OW5#N?IB*1T(#W5!_NAM`H_&'?_NR#<@G&B=^%/[QQ:MOSE\0 M&KJ1YX>/?WSQ87UU]KL7__:G?_E??_C?9V=_?7MW32XC=[^E84K>LS8;GWKD MLY\^D<4_SS[Z]#.-R<>L+\*Z^N;[;WY'V)_K/4T\YWE&YOO'?9*2\_\W(]^> MO_J6G/_PX^OS'[][3>;OR=D9'R;PPU\>G(02QE:8_/'%4YKN?GSY\O/GS]]\ M>8B#;Z+X\>6WY^>O7Q8-7V0M?_R2^)76GU\7;5^]_.O[ZWOWB6Z=,S],4B=T MCU2\&QG=JS=OWKP4W[*FB?]C(NBO(]=)Q41U\D5:6_#_.RN:G?&/SEY]>_;Z MU3=?$N\%GX,X"N@=W1`Q_(_I\X[^\47B;W[I.S1\?999T$S@,-BJY>O/P3 MF8"[-USZ5S^4N;OFPS99K$_EFTI?&1'C$8+#6QK[D;<(^[%:HP;E^3YUXG0` MUR5Z(+[74>H$O3@N40+Q>D/[S>V!#FI.F9&F_>;T2#DBKVF33^.)/,X@]R/\ M[VLV?H4S^B6EHL_C7"1G\4S]]7H:;*-X*IS)_2-+8<=.B0R&"&.;OYGV\_%,Q M"16>8YI$^]BE1A.0_0Y5IIR''DQQI\MZX)$%#<\^W+_XTR&:*-&3K`-2ZH'\ M7/3Q'W_(^!E/O+0$A6EE/#L&3_!BLA#O(?KO(*A7,,\'LEG2>5RU)T[L%NRR M/SM$S5N\=",6S>[2LPI(-W&T[6LX"I:BOK/U4MM6EB//A+K?/$:?7GK4?\G- M)_]#V-&S\U=%[,H^^KL8UZ?)VGDXNIB2I6RV`;"$,L;J*E-\3WX6+8#MF!4< M=IB@,7B$P%2K&A:8:=-!4TQLG.1!<%>LR00P:)`>5FEUA.0?_YT%Z2GE2&41 M$%VR/Q,)5!2-`3"C9+7^LQ\:D9]Y,R+:`4/(1H8[$#4!RQ``Z];B`FF=*CRI M&WJ^HX\^]WIA>N-LE=ZHWA32*379E%K59W)L1WA#)`]E#;NZ[FHLAD%]5XON M-ER87'&GA=4%`W+L!$NV4O_R[_19B:MZ6U!@-1EM^>7SAD2T)*PI%K8LXE@; M7N/Q#(NP%C5N0DRNPU-A[&(?QVS`*S]QG>!OU(D7H7?)W&<+S%J;`R%-P6Y= M#?*F)&M+>&.V(O<(;PX/.%L9U\#=1*Q#P:]+P\L([%#O:1W=E1_0^(*-]AC% M:C=7;0GJY.I,MAA?T8P4[;#\FQW,:KNV4=B%]6I2G6WZ-)G"3@6F=>SP=(7[ MY^U#U)COG/EJ&R``U1FK_[SY]R1K`(\99/XT8#*,0RAD2!6PC`F9]DV\AHJV MVRB\3R/WE_LGA_TZJWW*4U\X&^H%E8H0=G6E%J%M$2"HB"`C&1TI$:(MO`8+ M,X.01G]1!B(/\()-`S.2U5LW8*:">G$>MV;=MH"ZT@0(OC6V6@]/^??P>$3E M3@-?0_B#PHM,\T1#AFFBIT]>5M@'U%GM-7<90T1]_.LX]C`EXS% M,[1_D:JQS-'(='AJC&5[AMG(5^PS68Z%NCTPUF0,MVI"OJ&;*X1HCHWTD'ENCX+#,;)<^B&,5*S!H"=?&^!N';QSL M-=2Z'7EUG49(.5QMKOS0"5V?V8$H\3MN-AB18Z0EJL5I3Z);;BE?%F,C'Z+^#2% M:&].43`G3?%7ZB<;"UZ+,><7(GAH'?A)$\*I(FO`8&5L]/XB=G'.)"!9$@3%Y`L[1KE28S9 MFM__1,[(6_KHA^$4V3&[6M67G@PNT')=9%"L&XL2#@'=LNM&^S!-[JA+_4\\ MEKZA:6ZP5-Y910;II-7L-WQUWIPX_..:@GUU#] MAD/OUGLX["[#3VS8*'YF/"BP6FD&B,T:>W5M.'S-$8B#/$T.?0I^CJ+)H:BS M1?RBT?BS6*H`-A&/D(B7`::.<`E:X!!]$Z4TF;,P)W)"4Y?<30N(?1U!ZHHB M:$0U'T%EE8_N*T_)U;'XT\WW"'91S$\!9B2@24(\/Q%.!,$:W8044%:!'4S#>RA_+6A#4OP(\>*/04P0_=:$M)ZGS!6VM,P#HDD#4T MOP[@;K5'.A_3/1=#.P_K/`>SXD"I=34ZL5?56C:/P2G:P9?6@1=">!SM:)P^ MW[*)3)D_7OQC[^]XDHAZ@TQ)!AH0*]EOAE=9Y6MXN[ M]=_(_.:2+/[_A^7M^\7->D9"*C(#'=?=;_2,L(#6HR1TMI@9 M-"-),XDL9A$.S"\#FY&C;P^:F3K:Q@#.P&D8,0Q#I=`.7&.#P9BFY>C!&B1T MNN"!!H'2GH;>-AC2]E?'MI<%>UVMIT)9$@7FZ=50+I'VXS3VX9!.?CN/?.'/ M>EL/>7$/=V7ZMEK/KZ>ZRFAPFFO(&OSQK?K<%ESUKWWGP0_$>WULI2I*^3Y% M@<<"!WZ@DSYK'*=H=P$('P.QZNI2(A6[$&5BDE&C7S$>(MYR_G9YO5PO%_?B M:/-^O;KX]Y]6UY>+N_M?BX/.]=^PK`NP6)#@-\59W3P8@@S%@.B7%E`0X1B) M[OOO9;-@2Z4!(P&*"_PEI%B`\U'X1@*R9@F"3F6'OVM\ZSSSG6C]6\8U`H3[ MQ0V66^^VYBWMN%*LS_8N:XE]DW@PPQ@7B.7ZW'9U6*K,@,5`]DD:;6E<'"=W MH["-`K)D2"O3S6?QLI;DD/.!"L0>C'O(&1\CL@Q:64.MUXUB&TJEA@Q@0YJL M-A%-B1KB(M!(YZC#7%%0[SH=`QN86/2=A5N M1J.M^@L:A\9[ZC4C8W4HVD(#&XVV,BX)E'A;(EDYHL6DQLP7-T<1P]+1>`:. M3-4:+@E.E>J-P9UM>=II>N10='$EP3OW'Y1GW($'_``$3=22PZ<1/3XS5S;NS]>+NO67'?N,QCP39=A0HT-L*`4`@1^'CFL;;LBM7 MX5?6'!*V\;A2F;`<;*XS)DQIPF.D'LR`.!ON0V\A0UWRUK)L<>AB#Y&*0\"%E' MI#H,*<9!CZZGGRZ+DFVM$!;V6;LI[$7S6;P)C`6F4>UE(.TP=H:&RS[S<[*F M1)7/6[+\?J[N=ID%_ M)V$44N(G"<]9$(6Y]VF2.M(7LJ"0;(_$P!7(VU`DJ3C>`B'`!.)HNXU"+<0W MFD*F##?9;/H"W@0?Z/JLZBC\J_/SV7GVW^_)Z]>S\^_.9]]]^RU)GAPF08O^ M$TOQ*?OD)+2[9FDMXS?#\5\Z$Y2Z"9 MT"T`;:1`R]$)F(?I>3Y?DCC!K>-[R_#"V?FI$Y3X4M@6#6+(S$P=41H9@P-2QKHT-S!TQHYTPW!TPO9TO>_:-9$=BHGP+R':7U@'>R$SC M;G7I;W%95YE&[X!<3FI1)1KU47I;!1H+CMAUIO/2BRNM+Y.HUK)C#0%[%W&L:5'%D^6^R:%S M89C*W1/58TAH]QVGFJ"VUX&TGP5"O$]Y,G,"?%]S5!LCN=XYIH'!.F&\=>)5 M?)]R,<2.Y2V-[_F&K?:A8VL':.>0"I&ZCB89*5G%)"/.SB\((R>"WH8CRUZR MB=W[V7';GOS×!8'#PD^FE=D6_6_M.*(<14)[SAZ[\*4^CNP`%Y;1$#PD M\\/9C[:Q:!"B&0F)"%W&(2,A1QH;#(*1'#E,G.DDZ`7Y<67`PWH;+-08;\$$ M+K:7XK36$-!/P_D`#`_E'1N[5;77P6U%YW$Q MNSJF51@"MTR)C-ZJ$)H07DV89]<;Q[J2Y("P+E=P;"FPL2V!AP[`F]A`R0OL ML4[7H<;)'C18XU42"BUUP<1BEDP6(FKJ'#,@,:Z MKP)_2Q;@O22P9ND]#?=(:-9=<7?K/B)Z.]?:;128J&U=Z52LJE?8:DU'Q*C>VEI)AHE6]2I.!EGT)74_&:KZ;\&:>F(Q4+&L ML:+60`3D2^F\?JZ(X+=ZU>[:*$#?0V]CNODFM2@/?&B*?OW=3M:U'SF?@'E( MN'9H>_/I;Y6J`V;G.P%-[N@G&N[I#546J:BUA,S+;S#9O%`COA05Q]&R\;NY M7'Q&C`B3=+7A#X"+'%H:?_)=FMQ'@7KAUDH$&@TJ M6&\&($G*7YD1S;-D]9R`<`J\,,I$AM7]FJRNB`7:W:TVS8BI0V?@=/Y='"7) M;1QME+O)N1=XN;Q1U_>_[FDLPOWR]OEO?KN_EZ M^7%!%G^]7=SSFQ;TT:MN09KEZX\T M!4!S*O3-T#[RK-8_+>X.L,W]%%HZT'02P+Z.I0F0YEM9>N@`]*_I$XU;V5*Y M6C4AI-?M$J&A4)R`*(".@VYS.:3`F)$0;[MX2AE`/;86+!K.6P<3D&>5GVB2 M\I.8C(^BCKCRL+*%!/2TLI7MYK%9T;1`\+*E>#34::4^ZS?KQ=WB?MT2GL(= M48[%,>RYI%JSFP>32K6&A&0V<+=_K;<$!6"=R2;N\L*D["?E<6"#%6U-I'&$L'* M9:CQ\A,IC8[O;ETQL?CK'WZX9USEVU]1F+REFRBF6;LU?ZW^O1]&L7@Y)W\- M)_2JO62%R-[3]"GRC@Y?M5T,R05XNA_4Y+:DLG%"PBG)D0%RY(!D+!0&33!! M"BZ.CW_QX[]&A_G+/!DSI,0-;IX?VH27M^3)V\75ZFY1V*GU_*_LDYL%6H*` M%5/3G!,K8BQP$RC/UX2T?]`>AO&X&3\.T4W_'8E?T-1?+7UOI/_J*#L<:"_S@BCFJ.VB M!(1MMQ!U]2DHK`-N#U$65PN&A4LLZ([',21X-?6^CEX]I4.GP4$&0"*+L]=F,#,>( MFF!1UT7(=@8@G:8)["=?AF4MP33K*$+:`4V0U2V#'L+@;,5?J/_X MQ`:>LY_:>:0W>_Y$\VK3J.TB^%18#K-^`.V(J8!U32WH2=X!R7K@5^J;E94R MS<4Q,E,)&FTJ\*S*6V"5XS,K;H1VFV$T^9U0MJ?7L"M M6Z,^J$6W3;FI-*GC9MH3OGU2"&E@H0KW:4L-N.F$[;!2Y3C"3CLUQ1R<31?V MZBPY1Y3TI&URE\'2M,H=U@KRO>V\IMAJ<^$D3U=!]#G12.50DH&^P:UDO_D: M=U$&CAE43D`$!7H&1V\Q(B@QM-\8GU@0V`>\N['1?,J[$QB@^]FHO]^3J;O6>'"L\S"_6RX_BS6W$'7D<`8'WH7OB M5+)9W0^D@.^+>_^YSW-7U]$=Y5/D![2RR[Z.QC-;DPP'^>[X--/5>(/\.`P_ M)CP,1$J[U^*B`/ORM$PDP@2F$8D/$Q@>M\?9Y_S_7#Y_NV+^'I[)\1J:'R3O?84N\*2JZA`$Q95S#>3 M%8^MLYJ+I?98:8J#!'"F%$`[;]%"$9)0I67VM5TD-75.P1H5`MG[;/%VRHD)1*^"9X1H55A-Y1$",$8]XZM M$[YU3/^Q]W?;41-;S0`_N2"@5=UU`-*H\ZZ!#L!CK3P?BWH7T9:;F:[%10L! MY%%6&\N-0Y,B'9(YB7)3I*,K;;;%"W8/@FUW2K9UCZKL8=RPWOK8C(.>J2F! MV3A-4Z$2]*963!D7ES3[M[2;`()3*ME3B4! MKBEH1TNW$6B%"B;\>86GD(W&K*X1[LMTJ("O"J"%]!*)/0CODF,"EH="NC?+ MN!B6J'PW>)OZCHG:VYCR/=JBTD3Q!D7HB=W/SAW&GAVBXEQ39"T#D/=%#A5> MBL(1/`[-3C%P]RM'$[^0E&;MLT@[$A*Z>5DJ9V1)AUH5:$EQC9$)DKNME`&, M,%^T/^]V["?6,*&_ MF5@%!":\+_9)RJQ-7$161OAN$*,"7"**%L(+.C)^4#P,XAH"'7CWIN*]-\C' MX!X7YFW8Z,9Y"S"0_7B\9\'9\;S6U)77R;&]>5,<78?.*4F)U!;`:PE5\%]L MF=F#>&3V1SCK',X^>F#2`G*MV$2.\-.\_*NP;J,.>7?_YPOWZ_N%F/7P5!J_;2Z4II9K"QY3S5.\-M'F`"*VAC[1J%'S#H MQ,I:-1(M-JY18W_E%IF4BS4155MN[U8?EY>+2_+V;S!U:70+L"/(9F=)FC;K M8XP]=-N2O:HX4ETL56?XMD8MJI'-.71E4]&74<2NEXU:WGQN\$=+5AGS!CF3[?LA^-OP>[*"Z'*JR122^` M9LA,N&8.64:=O5+-Z?G5Y:('(KH0>66+\>\!FUB=D:3D0"C?#)[HAK.9P<&0 M#=+6](!?W52/#CA!M3*>(&F:&&Y5C)]SJ MB&ZFO(O4R]*8R^H\%W5W0]9XDJM)PPS,A")AVA4]X'69%BW4`5J7;.J3=31W MF8F+::_01;\32*MB(EJ+2HH-]9P<-FS1Q=X@(1E33_SHE0%O5PC'Q4*OR@(L M%JA9,49P.R[#-GWG5`N M.[=;AF^SV&)3KOS0"=V1]GQ5G>';&+6H1K;FT-4)[/F>L-C#K*V9X/6]X*OE MS?SFPGKCI(%?32/5#5XX8W5'=WETEJ_MNN]FM)(`&AX%VW5U.S8];JI,=?]" M$T9]N"\V&R:X@F&VU)F$>4A\=ZE\'<4=^@Z_]W$5Q8RG?-&XVF2O]XD2?!I[ M'@IBA+T.I2BM>QR,BAS)Q`MK^0N&G!)[:\-,IM+:OWBFD#>=D9BF;*D\XB., M_78TII4&8R.C&SYM&QB=V,'QV]=^2-D_%VQ^?=5:HIT&R7/7&5>[;M%:@%VT MM\%Y:PO``<$ZS(`Q,OO]W?>([&,Y<*GNJSRX3/%MW!L894_`SKV`,1;#]J^` M=?;E=):^J/N-$\IEYY)^^%(>W*9POO@I+?N''Z1\<@)NZ6YI[$=>_6J6PJH8 M=0-H5PS%:^PV<:LBDBOX'Z4>2-8%:5SLQ#(M`P45(/QI?O-NP1'(X8AC2287 M`])P],%6W73T`!;@\Q7[W2X0;P(Y0?&,]#+<1/$V>S5+XX%VS1X@'[C0%JKQ MD$&)\OA,."D1HQ\^#!#NP^WM]8)?2)M?D\OE_<7UZO[#W8*LKLAA3YZ![FIU M]WZ^7JYNT*K,(XH(^D*%&?8:3U88`0^R7@338YJDMX[O*>Q&I1EH_8<*>\TZ M#]G7A'^/5JR=<*DVA*V4DJ-24E1 ME$,=PVD`HU]`Q(!5Y$(;LE]>4E-#\K,#/E<:/SIA_E;J110F4>![Q3NJM^R' MY%XGRPC.E\!.<,\^$>Y()Z]EG/XAGT$=:4(:3Z:6^IV12L]BV5KNFV]^'WHG MQ^XMR`RQ8GHBX^D!?W)E&)/#_L?<]/WTF.T:8?&,%9#4C=& M%$20]255K+=4:.E08#'D_YCZ&]\E]\3;7"E ML^S3[`#R<%)7I,;9UI&02-7-@B47BG"@9W9&"MDXLC/11LC3B.QIR^>CT]-Z M9KZ="O240L5\VYNDSY5(#-W73"H$[/%&IRHUCSJZ]`@5"3I>1DF&BP65T97K MD05N9&HYD!'1Z2Q$R:.J%FGLV?620IZ0;)3C.8]/4%"!`TI$UG@ MKJ#D@;V!J*=JS8N(6GJ&CQDSOV72BP5(TC/K"B6TS'EARVD#\@P\F+FV#CBZ MO::/3I#75/7#1Y4S4K>'.JQ5,%S7'-&4E-IBIQ=,Q#O8F667LE0.*SLT942= M[4PT:"?`TEJ5P9/\]-A9!1:SKY5(8,+_:D=#$@@A=B4A_)"D3Y2$_/I20%S& M9U9&YF&?\(H-R8RU<(,];\SIO+V;DB!_7S*KEALQ^ICPYR8?CPEX#';\C(6& M_(0%+QNA$U)*:..MJ2HY>>*@ZEDG(%220=X=5[/?N"M>;C[+#A^?R<_YOQ9$ M>E#R@%ZQUE"QQI7J;OV"?/#"C^+L.O<==0,G2<01K\AB/;R+>$D3-_9W,B-: M*>%OV!7HHQ?&8C:7&E4Z&R&&+";L@Q']%+?Y9$0OK85#Z,*)0^Y'&8_W3TY, M]1U9%R4@_KJ%J.MA0<$KG1!!8R/@H.6"1)BFXM4!I:=U@&=;G(FW3D*]BVC+ MWZK/[F3L\HL:2S87+,K^1/E[#DG&K.J4JT=OD.==O81M'`KQ7LY$-Z3;71T/OXHG]WC19AN4V;,'N[P+-/-UQ!X*T%V-/40,]^0"B?#G]7$F/ MK0R2E3G+AN%U$RL-BY'(SVM>O-H*XP(V&8JLLCO-D)M4>[/2K(PU`=$X$X!C'?HH M?KL5Z*'U&&@_)-!>[..8_=4#WQU=H""Z4RP5A@_$,Y*36PG:_C)&/67$P:6> MBK8C44L_,;`G7]>(O,%L<9/DQ9*?>Z"R=^!TP%2HDMV\NB*[S574R*^JE M/UL)]"DF)RHF1[;9T']R<"S$4""UVXZ!*`(\?Q;/-%PYKCCFGW_Q5>\B2!I# MGC7+6&VKS;S:\WNZ?:"Q1$W5[:&R_10, MUW_QM\<'HTH_>]8<)]?/E/FY-OM@V6Q="E-)9NO0E@%Z>W@V_MH/:?&DDUIU M5210VJMFNW'87;06[Y^5M!E="S2FOZ((W7,/YY4OZ4.Z#),T%KFM'7&EI#&@ M1Y:R6M<2WH@<6R''E2.R#.F)VY6B[H=;-0)+@V^<+>V,+5M)T+2YPG:'@LP( M;XT>:4XF`)ZF-Y5'K>\-S1D8>QX=0^2$W:&GK#EDY"EG5QJ[E9PW:XL?=QJP M/M=E'C3J5*A*(^ALUY.!^KJF\59/56LM(;6TP:3T5^:M+-%-/8;G&BR#:J1< M&1K**-6$`7HX?XPI5<2NDD90VE=GK5$JL_@>*4H=A4DP'9/^T!7UDOW*8VA6 M:SPI;0:N7:UA5^FG0XH5[6%4Z_9F-Z>7-'7\(.'':_R2IE,0X%VH;-%2.3#& M"E9%:>@DX?FY1=?J&*"=``HN*I8EUP7SMJ2DFMA.MG/2*[]YUXP/^/7_$L6_ M\/K@SLY/G<:$%^S66D']S@WFZC]NWH#D+5!,(CJ36N:PD\OYEF>X?7 MS=J29!_O@GU"?N/1C>_ZZ6_Q#*1<6RM8D:HJW`Y6>1OX<#3@?/&W^^W;*(ZC MSQEO[)M4=9W(J!O`G2Y#\1IE'JJ[_44/,Y+W00Z=D*(7K"VQ,22-!DD*N7?6 M1VWK^VD]=!87EW>41U",JZ'(5'2$C$VEB-KH//1B.3[-I94AU$1:;(QVJ[`. M2COU%Q>GQ:/&=TY*]4I.F/2"C-!VX;3A>7C=F_=!2IW8A$U#.67`U)83&Y4= M"JL#2;6VXN+Q(MIN?5'_XHK26QKS*[W.(S7$8ULOR'AL%TX;C\_3`B#DFYG`'K#6_CR`1E]:U778AAI4F5PH/5YJ,3^_QV"X\;WCJ) M00I@1S=HZ52=XG5F*)5ZX!@L^LC"2-&+'7E7XTH::4F*EZ"EI[;JI"TMG1W@ MG&LID=LH3O-WO6^I'WEM?KF+#,HE=[/?E;]:IB&"",4'GX0@6D[77)*;/3_I MXW!^ID[,G>KG)]]]$F?6'I?2/TKI)\3)NJ0>GK/51$W%S^I!!LO%7CAQ_.R' MC]DAF;9+K9&AN=`&^XTE7A0^GHEPE!/.R+LX2BQQBGJ\IQV\X[DYN>JHW9I4 M;[!TO[P3=9^*1R9TMGP,.D'#18=HG>%694.27\7/WAQ!W^_!E1(/:SJJJD:> MAIZ.%DZN8O_1#X6/Z]I'-:'&"2X5PG2%9B52Y/W2DY6K1^AI(-CQ2QZ%1B6Q M-DPL/W1YK1Z/.*F(2=UHR_K/BN@5N96U.-66T+0+@8H(M0-^6,[ZO9/N8WZ+ MGIDN;>=<(4)SQC76.]U2T9YP`CL\[:@BX+E1F1*IW:9$@P:XR2.:;IUGOJ/S M+J:LXWC]Y(0BNK^C+O5W:7+)!@T?LR+];5ZS7V=03K2OJ`H3G7=$\IX([RI; M%)&B,Y+U1K+N4+SL5RFXEAN>0/)=+KDH.A[NG8`\"K'C0NR`LO]+^7S\ZOO9 M^?DY_X_X&]8LFRKQU7L_%)F)\ZR+=WLG=E@X3/&\]2!#4''>0ZS`D&M'8@&_ MVAA;K6Y"L*M)&B*TY)*O-O;9G1,21^^:4W]Y6&PNMQ8/=!/%--]F9K8EKR;. M/MKN@]3?!3Z+]A^>R:O?_:NH,>YLN`W)FC=;??O]OR+>J-(%8/6.E2;Z(&*< M9?@WZL2KL'5;H$=/UD4W92$'>OAE2'A?A'5F=V!S(C*/&]-H"MT9T%0"EZ\S MIFD`OU]`4T?]X&CFUO&]WL;*I`O8"$=7K!9GRLFMMDNG+Z5!/#10S!T7LV)' M:N;'#[/#^"A$M"0]X"B)?*7Z`,G27/7M2&RTAAX[DP+1)JH/B)HE,(H5Y2VEJ.JM8(O@9(SIZA[ MPEM@79W`95+W'H2:R^-^F7OD=T/%JWKYV;>7[01RB.W$#A'J50>)VK;4DRGI M[`"D+$,W%M;#"?@]J2@43W$D\S2-_8=]*E[;B/(W.-IP9-0'%,H,!:LK3HF< M9/390RX)*??`KP+E?:"@=*"0N6!))MA^Q_ZF7VCL^DF6+C*19%K0'BC:W/-\ M_ATO@I.)QP`?[+W\;A-/=G$"=Q\XQ84+SP_V/#EN<7M/G(0X;,68[(-#&LPN M2ADOOA,$SUE3_C`PW6RHFY:F"L]T],%QQ;#T`#%W+/:ITGJA!ZS\1]"/^U,`Q]]*,"LG`FF MJ8&KTA#D.`8I!B%\%%(:)GLEF"?/\)%FXKW*TF"$CS8CV7A8J4`VS-NF/F]1 M_WF#S#^:"IKUK*6)<`GX(*'TC;-Y'/.'BKGA??M\;'*;'=W./SNQEQO=CS1A M_FD99L>85XX??W2"O2I5<*H1(9\NG&S2&D_VM;QA2$J#D;?/E;<.\P&)&'%V M?,DO&Y5O063CS@@?F8BAT=XYA)U)HCF31#*3Q40VYE$QC9`F;V(D-YY)G!3& M<`;P\$#LK1-G;[0S<:*09Z@P:[W:W-&$QI^DVS7&70":*`.QFHO,P^O`@EBD MY!S)9R(`8/%3T066[1@@8B:77W2`"5M3_:OCT%#Y!FW*Y"-=[6G0A8TN"K@- M%P73K9I/>&ML/3?G7W#=JM50.R0&#!?W4ODE\SV_P!!2L7'QB;F"S#O'.7&6 M%^C]YSX1-9.8%7(.A=8?'-:I2TGR1!FYQTM3;**8;"JS@;D)TH6;VI9'!VC@ M?..*S6Y\X$?7':JH`#V@FOFZ)HK6I.3Z+'%R?:2PPJ]IZ$[=E74KSN!TR_W7LI*&`SR5J8EI\J)82W)JPY$>U)3H"8(]:'_\WD_!MD M?VD*4/-F2>ZB_-#S77'%G;NF1(B6"M%VK*OG(US)9S]]8HZ.$6T2FJ:\J\!W M'K)2:(>3`M8K)Q3I]JX;[]E']`M?@:&GCJG0)^ MFF.=T*:7;**FW.XJC<>\N1CQ5'>Y]*?N03UU#\74/:!/79;5<)\RV-LP?<>B M6(=9>)LM*V;DSTZX=YAY?C4CW(A,-!6+T+-^(O8A):_/Y=-P2GN=K49[[%W. M-HM].O[M'4^"2XI]V@F=6VV@$_)LC2F:TJUE@Y5/8G7R MB908)T%#&Y=E3\D:R2$VMBF2X@O0#J61^\LR2=ARI7SQ-]!%U2IM1C%,R&V@F8HRYD9B!0W-40]!;QQM@[ZO@IQ-8E/P50'0A M&^V$0@SY9$UI,THC6F`U0*9/8E9RPM..+Q1(&SO(:(?9Z1BFW*3RW.+)=_2: M8YV049)-%$`8P\<[]1T]_:D;9TREW;C_D+]QR?FU^<,\,XC+<+HV]AWITQ>UN7@A+R`_J2"G?84?)"< MD??$:(=[*@\_(A?E1)[>/IT_ZGX"=JK^?=,X[#>LIG)R-#WEC:SHZWD_( MHAX.CK"-JADCIV173:=X4M,J.2C\>JWKT)GO-+!VG$FBV(#1K6P?`W!"AE9R M;H)E:DU9.25C:S[-DYI;Z1GKUVMPA\]^I\D]C?/:B:S!Z$:WGRFPR.SJGV@@ MG0?H..4^T3/B:#Z8QMKG-3.N`F\7C M)&8;.B"HD:%N.H-,XG0UH?(]:>VF499K]JRLF#\GSCU__EUK:D,K>:H"RLSDPFWNKJC M`2_[QBN;/:^9,(GC"G[?/I>_F7_Q5=4T#3H!7.$8B5;'0MY$5/9[)F7R&;/+GM%4-$;"UH%5M6[] MG+6S`B8#6<;2^*I2J#2[HA$#%BI_<=RGE`D<>N^=Y#F^#G;O:M`H#%:5U*4PFL.C0& MSOH>GO=X^WQ=%+2]")PDZ0A^U'2`-KE+@$8E_L.3,#RB.9`008,*KSC#XOQE2);`/G)AS!ZX$71^;IF M&>[V*?N:312C$LNFNCR=P<[T8V/@=,*);,?'C)2&G9%B8+(*R6%H(L:>D?+H M1`Q/JN//I)8#.="S"LA;T?RAJB!J=9L-U[.5$PUG()IBXT?MJY_]5]UP$+^CN[8/#\Y"5UM;J+P(@I3QBJC M>UR&*64_0[H,[__Y3OSLO9.9?KS#KGZ`K6RM]$+K`!N3'WOQ*UF++RP2X[\N?Q[+HUMQ M"#9_C*DX*VLS+_H=0%D6$Y&:#WAFM.*=JP-U]F!;04\.':"8DQ,63\N&#)&/ MFP_729Y(M$\W0?29K^#H0]$MZM`/AQL[/HF:^ZK+%N_\VF M1"_(FG9.F#'SBCF)BW>S*T^.9G/BRRTD8C0VE@6I1FDCF8\!II$O)/UPS]:1 M"R<.5_NT,,MK&F];GRKNH((R:IW,-U[,/1`03L%K"Q]C$D&$8HF&RG$&((>6 M^3`6Y)(F;NSOBF68>Y2+8P^ MO?2HGYT[L#_JQPWLHVS#><$8:$WYE;4"@*Z<.?FV?M9DJ@06IE'MR!R-30@- M5?S@A4:V_]I3:6`V4&M"2*,)D.[5V*K_HL5O.57F0Z?2#>,/2MMD/VY9U22_ M+.3CCRR*XI;VGL573NQ''7E_\O:@3SC*&6[IV9:^TTD)JB8+RA+7E;GIUT:&U%SE'G]#>T1CWWF2C7 MC/)/[&_V#]]+8U_\%U!+`P04````"`"K4`Y!^OVRH`L``00E#@``!#D! M``#M75MSV[B2?M^J_0_>G-?CV+)F,I/4F7-*\26K6MM2.4KFS!,+)B$)&PK4 M`J1MS:]?@!>)$@D0H"B!Q.AEXK$!L+_NQJV[T?V/?[TM_+,72"@*\&_O>N\O MWYU![`8>PK/?WGV;W)W_^NY?__S/__C'?YV?__OST_W93>!&"XC#LP?69HJ@ M=_:*POG9[9_GWQ%\A>3L>S+6&1OJ_<_O?SUC/TXB2#VP^OO9()I%-#R[_.7O M9U>7O:NSRP^?^I>??NJ?#1[.SL_Y9WR$?SP#"L\869C^]FX>ALM/%Q>OKZ_O MWYZ)_SX@LXNKR\O^1=;P7=+RTQM%6ZU?^UG;WL6_'^Z_NG.X`.<(TQ!@=].+ M#U/6K_?QX\>+^*^L*46?:-S_/G!!&#.JDJXS80O^?^=9LW/^J_/>U7F_]_Z- M>N\X#TC@PR%O[RA:+'U&-O_;MZ?A%@$4_(`$O*"8M/=NL+C@ MK2YN1M??'FX?)X/'&_;?X>2/X>/=Z.EA,!F.'M^E@\\)G++!?P!ZS@5R^:%_ MRS='SC6@\SL_>*5#["$"W;`N9<6!]B3R M,Z"(CJ9C`BG[0/QA+=K*^N])T@/`8!;CI??H_R+DH7`U]@&F6H2)1]E7K-%B M`,J&$*\V)4.B^)T%/T&=SBR]#H2Y;=KKN2<@]6QAG^M,OU^TH M:GU`]6Y*S=6^-@'/_D%@I`,W-U=K4%KLW?B\K<,_T2"'VB]N8`B03R?P+8R` MW]#VL3OH4;0U_>@!U#4;^9@P:@FDWA>:FX9U1%#2O7&":C%3,DSC*T4MW16. MB>!"'P M:U&]S:EOR6#["W;3&VXP;NUH=\;CD-2-7ZS7_C9";F[%^`V0H1LKUBB*PSG,EG/E6A.>1/SG4+W_2QXN?`@NN`P^`\Q MGO/+7FK0_1O[E1-_.;M9E%!<:./T$HKRLAN0;>H`<;.AV(\%P6W;G-,6%\O8 M>'CNSI&_EOF4!(OZG,MH"L10S@+"]OO?WK'&$654!DL^1K;9:W-]"NASC"RB MYS,`E@GKH1_2[#>[,DA_[:RM@FP>P"'[D98(0]S8N3(BE5*6;G-=2K.0_6<, MR!02DIX8)(3&5+Y`\AQL5KR#3YC5$YPAKFKTC0A*+@7!/"F2 MWO!TT>/Y-2.;`'_(-H6W_X$K*=-WVCH_=8CK1=HSMO>.S/?KB'!X=XBZP/\# M`L).PS<,BH#UHN;.SYW@OH3\3`!71A3_#OF07#-*9@&1J_U62^=#)]A>3GG& M\?Z1.3XA@,<7?%TMG@-?P.NM-LXOG>#R+LT9?W\RLY0'BT6`8XO+USG#24=1 MR*,?.(GR=5W2T?FU$Y)0`I*)Y^!O@>B,P[\84M^U[4YR6BEMZ_3,7&_K:G2!^(SS MOQKB?')Z2LBZ8[\KN\9*VSL],U?9NA(H!9!)X:-1*?`SK+H,UJV=7C?NJ!+R M-Q>F<@%<[%H>=^$V9HU4#/\S96TJH4IBOM3I7MMRV0`JD3&SO*$ABZ8F,ZO, M:I46S?::U.[A#/C)L7CPAD2KU4XK0Q9/,=^+"U218J/VLYM@`1"67J^2)H9L ME`*6B6Y0:UJML>&WQ$BI;\B762B/O^S4%^"`4AA2A0UPNV'[[)L_B817(+RI M[2+,>YQ-2"VUWBH+;Z>]86-I42XR^15IMT",_#&$1&K\SX9MK4+FE\LJI=@" MT:21F?0)NA"]\.WA$88I'V033=+-L+%64Y052!K;_0S*.`LB73%D$IGFFQFV M_FK*<(=RL4NO.S)[#$)(!]B[#P#6G9R5?4T;GS7%JX1'[%7LCM#'!"X!\F[? MEA!3R!"/PCDD6]R2B%VAMVD;N*;@%1&)'9[=$?U-2N<$O"7XE&:ZI)=I8[NF MJ"N0B)VFW1&QZCS>T6^S%GO=T]0N[6*'K*[@\K'DQUZ6@R4DR;.RD*U"_`G) MDM_*Y>G9]8BI'HIK<)@P_$XMZDHF!A*6CL]LU8B56$*2&_LN&S4P'<# ME]RS0M/=(\"NPNY9WL7IF;48B>0DVCG%*"PP4(@/_THR5NGN],P:G_3DK8K( MAJ5YR!^"S!"#MSX4WKZY?L1#Z;X$@?>*_+)(3IWN3L^LN4I/^*J(;#"!*`AX M`]FLO4I/B'FJ;3!;Y-"K'9R<*[/V)SUQ[1#>G+7!W(VF4E@9W#:8BU1=9YS: MYJ:3.>'<(_",_/CA'=OFB[D+%"XIJD,X5RT)M5'P;^M@LN'LD\.K[@`7=W*N MS!J2M,17J0$EX"RXZV2^R#%8\2.]NAMVNX-S9=:X5"$GN1^V",4"P5Y'-`P6 MD&1W]6K)"GHX5V9-3;5$*\%BQT*-(1U-KQFI2,%G4]; M;#4B$2.SP!?Y8ES>Q[DR:U^JNQZ+T=AP:\UY'+7$+.WG7)FU)M42=26BQJZ\ M1CT$L>%4^6A5TMJY,FMEJB5<`0X;'.I:T[9$L_MFK5`U-]TR XV7/(-HX, MO2MOL9_3-VO!:O;66X[/BC-T@&<32!;YU4HF\Y+F3M^L+:M:3@+Y"K!8<.W- ML41M`CM]FXQ4'$USER%S*W.1#T.<^AS'`8E%%(8$/49FF>(#3>W6BX1"?_[IA_Y-2YD56W*L\""_6:< M$1HC_0[\2':(*&GM]$TG5I-*J%RL`AP6R#.72:M*F+M-G;[IY&TU)%D&PH;3 M_<#S4$+T&"!OB*_!$K'33`ZNS*Q:V=GIFTX/5T/6:K#LB,U]XG4,,/1N`<%L MRZ(#UXT645SIX`9.D8MD&W=U9Z=O.E==#?FKP;+SN*9U3'-^,ITIKX9TRV'8 M$#I6=:O9(RK)^G/&A' M77_N3WG0.GD5V[IF,+K=9&MG/_LPE@;V!@MN=?PS_KWP_:\\#JJ13W0I]UIS MD"TPVVT;)-DI<$1B9GJQ46L,29P67]DR*QJ@?44PA/JA#,@&:]\VV*0$PB`* MYP%!?VZN&I5BW^W8OFH7(VED),W MY(`"!#ZD3_`%X@C*D[GNM.R0;Z)(>8MVC'U.PY0=DW@JM3C2!I(7Y$+Z-?#E MEQQ1IPXY$Z0@[)B77TA`Z9@$4VED:*Y5AYP#VU1;\3X,QB]1OD#,+C4^]W5Z M"X01/\F&Z`6FZ?MEBZO2`!WR$"@#LL%;,%I"#HL_1>)WF7NFWA)9E[3ND%>@ MG'H;XGH?`QQL@\O*;E0;`2K[=LD+H`3&!A]`G-=4B%8VA:4=37L"U.0GF-Z5 MR"P(S^'5LFC(9T."+GM!*K7RE7` MZ6.C!QC.`V^S[LF.Z4>DPG3Y')W# MX9'98D->KS4KTGGZF5V*ITC=MRCL:;I,C[[>2*%8$:*09+T2H)499J4=31?H M49&>P%9;BKG>GZ/EKFOEW"FXLC,R>U+*E(%K;\&5#DLH/G#?*C4!H&6M'3=$4@ M'(9D-"U$2<8,D,A>:YPNE0[2!K;9 MFSN\.0M0I^JO$T*L.9+I4D,-J(8,VEHY&C^Y&8DTO@9T?N<'KW3($!+(;N3F M,K6L:='+T%+H=@H_UL_,4L9$47C#*0:YE1&;IQCD4PSR*0:Y8Z=W=@'E2^^8 M!"^([>2?5]\HMQNM(XT&;HA>DHQR"I$XVH-U*)*Y%C@+[*OU;#!FG2/U9*5B MHK$BL_7`^]\H]?--@B?H!MA%/MP".@F:6Q8.\3G#(==-*MB!V&.#A3^?SFHG MBY74KR/L93B*^U"B%KF!9'RP8!W+`B9=QC'=\-%"'\-QX,=5#1D7]E\XVA"R M]H7=E#C31O@&T66:[G4T'5`*I:%'TGZF(\F/JR25K+`CN#%SST#O.ECP25"U MOY1W,!UY?ES=$//`AD=%C&4$,G`W,/DWQZ2T4H9:`)GB(*8#V8^K.GI\L2'/ M61'QP'6#B+&;,1NBEPJ;O4IWTV'SFD)5U8QRH'L?7=NP[13!\O!;S+XF+U@I M[6?%RO/+K6&]!T`/R!5$85NAUG MV")^=OGG)_:ZFE/L;CK@_4!Z4@YT_T-L6[5B)S)8@UNPLRE2?IRJBW0.QV;D%H_2&4 MH0RF#9E[2]6>1(SP36DYW;5AI[OI\/S#+0\E0&UX5M>D=>A(7F+3#P6.:U!K MFG/-;6M&7P[MKY+J@YA^C]!PP(L&:DN>F94A3I[#-Q0$)QFL2R\6ZJ&S(1:% M078A].*D"3RKZ6A:ISR=QBC.E>$\*?5$7:XWFK@M"$[91^#]W$B_X8 MA%#-_:,WD'-EUIQ[4*VIAF[%2@-6Z6%NX+))06"MA49Y$.>JE<&Z-35&"[8= MQG]U!C9R;'&N6AE[6T]?]&#;D.%+@#@MC=[,85:$2[-MR3LX_0-IVD^U))00&GU$;.$ M7XT<%IQ^*\VI]=1##[8-1TP.EU_5V3_\NO7";N[<<0X)XCE&MSUG$GW1&<;I M=\>&JHO+%I6H$+73;TDV`$41)I0!:)%!0R%JF-X/2[D]=8`Y(=P3E)#N\Q0+(DBOEF M3M]P:3(-"8DB;;;16.`9RH645HIRJZ73-VP[:T":!4`'S*-SO(QV/'AL9WT!JO+WHOD'4 M]0,:$3AAJO'9EUN_FOZ4X?1\34E(W8]]%#B MO*3J"PK]`6@\'2X_]"_CR(QK@%U(9`=&85NMR:M`@]KD4NEF:*+( M.+6C](HH;%#@K]%B`#&$O`[.H MA!J5N2/K9GC&R/DKO(A)\=@P46+_ZSSP&1":5#D[?F[Q70IXQ(!2=G%91R/Y MQP7S1+J2!SX;Y]01][I`>`Q(:V(MR7U]-"+L>@3@H6.54 M5]75P/P2D:0WPS1&,3S'%$0@#+;0P6C#/+M'(9IIFA0%M^\XUWP:5,^+$U59 M`43MF[`$[(Y=:0,0=C!Y^Y=PJ,P"(,-@@ZZJW?U/-H#:7OJ\G32F9Z6R,H&QURAA M@NQ:KC^:X;(]M4S$M5`V%GEI5E_<.?0B_N;Z$;[FF$<"S'YT4W\M]J[G`,\@ M7:>ZBML@[**EK^A@:/1#AFL#U=*RIAG06'QI^R\%<0VNTY5@C]F]N_]EJ8`2 M><3\U9O%.@-V\!I1&Z@--_6<&]',S+/!F;C1H#5=UQ'A^EICMLF'Z**340.; M#5.JZ``R,[,LU." M]`U9:Q(PWS!=0I==EZ$G+&->V<>P%59=ZZ M0N..U$DO)=P./\LVM,H)6=;T& M/H=#S([9$4=8L:<5&QLNQ:VZIY42;H1O:(UC`RGU-U,5P\>QR(:D(=`M" M.Q=/OMIO%I(`X.KMK:2YZ=+5,K8+MC@!BO9*:0+)0DU`VRU-EXZN(9LB`-/G M?(% M2BGG7T:R?'D2=C!56UC([Q*Q2(GOM@FIF!A+Q:R[;FRZS*^V47>+\@/&01W3 MB*208\]PE5T!^P5FHI1@4Q-+L.3]'I`?FVI^HG5NNY7I*K9*?!?0;?KDU=#Z M!GQ>S.4%XHC7KI,M;MLM3=>;U9HR);0W9DPPLR]MU1F42&VKG>FRL%HR*U#> MV%G;C,3RQLBU`1F\H46T^!P0$KPFRPO[2RA[.*`SC.FBKUKRU@5FQ^&D#/43 MY(=M!G=?O1`/9+I4Z]Z:(8?66/[AUNE&EICUB?%/[1VBQBBFZZGNK1427(VE M(FZ=2O"Z)RA^:GD'X1@2_J8*S&3!8QJCM+!*JIY*2'`U5B:\<=L1&Y!;4Y+" M)AFB(9X$F0%88D:J[&NZPJGZI4L532;(7SL]M[?]`;GE:S3]#@CB!AR^KL5) MCY6=A?)A3)\9L\I3.8NJ# MM+"&IZKLJV"M-<%4:(_26CTB:(9PS/:JD[9&;]-U.NNNW#(\:WEV.X7#-N`' M$$:$QQXR?BE/Z'PGTT4X]YC`NS#6`C9E?1-,V(T:I@5BOQ#(2":3.:D,[DQW M);+5&L=P*@Z=&O>ZN-KY"FV(79(5#@\6BP`G]`_"D*#G*(R3RP5IRCG1A4%G M#,.Y/%0$7`>3U5/^!OD1^VU!L_4GO6@DPXE#&ICV$F2-/2,)`Z:-[;^"ZB=G M/%U%3U=1JZZB-<^\';N$Y@FW0G[U7LRUY,*Y)8URR>W2W>T;YH"M.1[?=M$+ M_`I='GS"UI[;-]>/V!9WQSC%8INV8)?VJ%]-UZQL4H$H.,/I_`CZ3GM\-\L7V7:TU=:H(#!\RW9*0(C"'' MGA558#IYGZI7T<7N"]7)M]?10_K)MW?R[9U\>VU;5]=;S!B0I.XE.X0%F/V. ML@O<:/K$!$->2D/$=(=HW_U&:-K7@-169UX*X"Z"?I4@*WJT[RXA;'(4=Z=[S\%167)Z>KG7O?*M7U83LQJ[GYKRAQ-.[CRUBPN?-I_3YM,^^>WI!\S%&"2AF`?TNA:^U8'- M\9#8FU+`9>S#96A(V$TE_,)?`-/,&7U`#=S^4%OLZ$=0OP)P.RQ[\5X^I#2" M7CX!2Q)%'O\QQ7_[!HF+*)0JE_9@[;/-BQ6H#C@[S(/[SAUV'YI"%$:,44=8 MHDJ^UCY7PL'6J7+TIDO`M4,/S1[56N?R..)1;>,HV3L77W)6N\5>-W4PW1WX M;>O@.ECX5ON<-@?3P3+LC57[H%'=TBCLZQ1UU5'X= M#?GXZYP="\!-O9D51%DW@T_SB'>D+W<@LNAXG+`DU*B1A"L#[-V^+:'+?IP$ M_%?'=*BJDM"EL*;CL<18DJ8#K9_5T$59F([Y^0[$/AV9'5;D9WJ"?ERB-GEB M9/@5:(Z8U80)C++[&)>)PMVXJNOI=JPXT108^=>\'Y\R-W4UR<\IW2/PC'P4KJY] M0&G%PBOMUY87#A5K;14&.]YLK5%F&-DM\0$"GB;&&^$GGD>=I+6AZ#<`=DBQ6K4UK/A::EXX5; MC;2]X;<#1Q%VN9Z)V-'MB\.^_NZVA-[K.[QST?'=?K]Y#V?`%Q3^+K1I84QY M3VA"VZ*ZG4?X)[B,B#L'%(ZFCP&^#G#(OL+ZS88XA(S'X1!_C9XI\A`@*]'! M7F^4%@9.%V58$Y?I6[A`S*EGA(=QW[ZQ78;3Q#.6>G`1TS>8$1BS1"1AY0%: M&$8L$*X6)-/'?U%*/<]#"1U[2[C&4"V,M!7(NB8XTQNL:#9#XG)VSR`O\$GC M<]T38P7#M#X3#C$_2_)2-#JS?-^!G5[K8AQ$L[\)J(VE+VA6/_@^A7#$MJE; M0/`H"C.EGT!2>D!6Z.7T6A'-D550) M``,A6RI0(5LJ4'5X"P`!!"4.```$.0$``.U;;7/BMA;^WIG^!Y4O[9TI(22[ MVTUFLQV2P"XS)#"!?>ET[G2$+4`36::2O`G]]?=(ML'&LK$AVR67_9+(TGF. MSHNDHV..W_S^Z#'TA0A)?7Y1:QX=UQ#ACN]2/KVH?1AUZJ]KO[_]\8NC:=P*/<(5N@&9"B8L>J)JA]C_UCY0\$($^AKP0L#IZ>?0:07,4$.GB MQ:^H%4P#J=#Q;[^BD^/F"3I^=7YZ?/[B%+5N4+VNIY'.C'@8*2RF1-UBC\@Y M=LA%;:;4_+S1>'AX.)+XG@C\A6(%TQPYOM?0O(Y?G6K1&='"=7SA79,)#IBZ MJ/T=8&8DK2'0E8]E:8X&DJ)^.#WRQ11(CIN-SS>]H9$XYLTHOT]1/XX% MB^E/&WIXC"6)R?6HJY:`)/'+1CBX)&4%?#_W@'&2*2T@IEPJS)V5$!FA(Q6; M9V=G#3,:DW(RQ8JXNH"99C@X@&C+GKQ\WZ:3.& M.'[`E5BD+2.)(V@R*`/H,PY[XR9\';-W@^IWSBZVZ]#\ZUB",`(-WX<-?=<(X8C:[[5Q]N MVK>CUNTU_.V._NC>=OIW-ZU1MW];0Q2,4DBQG-LE$\JID0O.'E1?G<70C#@@ M8(%"'BC!Y$UCG4/,-)#$[?.WI@U>DL#.B*\/E`@5D=@0*X;EZ!W,G(#E3]!( M&7DGJP]!#Q,,^I,.Y7#>4W'8 MOM:M8;_7O6Z-X.&RU6O=7K71\'V[/1I^=TB.D0<8CF@U(XJ":%6\DP;:776Z MC:O0GRG6_SULUW7A_3N@+E6+`5SZ9&CA_&&[ MG7];M_.*P<\2+5D@P^,`S3T,/`^+17\RI%,.`=/!7+4$:93=KC\JN7J7.NS&[2Y M;M`(A2+8`=JR!V)-$_>'Q+/=AB?K-EPA#M!\Y0+2-D&L.)@U3[[.*MD/,A^BIQ?T@Z)-MMM_K+@OO((9LU>P%)+?>\ M4;N1,VFD[9)RR-;.S1>OB<*4R1%Y5`%FF[++=6J[-RHEF^B7B"F*N1ZB?\H= M[Y&EJD2$&&+WU`[9Z-)OW]VUP?;IO;4=U.Z^3*Z[A?L.>MLE8G%J;UGZK1XX MR63'J>A^P#LD:\'T-B@8MULZDS;;+'W0BSE[9TK'B]QAN\$S.;;]3G7`:SS7 MHM$JW&#WF,IN_FQN763^>.$?HAO2;]VLITTQB=T!F71Y[3W=_]^AH__H\KL[ M,D&FKNU<%_]BPFT9P+*NR,U]:M M$$T?0HW5"P"O,O-:HX?XRK-K^]A+?DS#%`3_FRQ&2%A;0YTZ5EIDES:*R;5A"O\L*#,JH@Q MNE%M-Q97O9'SVVWD*/[`8?N8:7A9?1)]DV1DN:C%-?OQ M?\S=-E>0Z7;AFB4\,V]K+)7`<:6GOB'^50T67C?-=T#GT$?YM*N(IU.A&L(1 MU45-B4!?1@T57/^H[XX,S@U$5*K`*6/Z%Z685@8`IBK0H^^$'\SC22BP!VU1 M1MUW/DQ^Y<,U3MC4L@_OI_BK5%FGPY?,=^YS-+%2ADJ%7["'E:K`^N$_"MZ:"F.?6(Y4)N=?Z_^6CR57G+H79]2?/W8VB7QL3VH2/ M1_;)XB::2:W94LS,JBF@V2=5/OGB7L=G/*[^9BBNI!GBA6;T3!"LB1C.L.4AY1QQ"YTI>!_K`'A@Q M$AIOB=\?`\`:#/27>F64+4&[\VY=Z?;5MFMIGW7Y'P2+/B?;.#P!WC=O#S!U MJ^A<"?7U5L"3Q:D;RJD7>"T(_YB]"["`\$!(5N\-=,]:TQ'AI30U=,]`T]5M M#V*-M%X#PX%GH$N7PV%G7J6Q*]\#(84WA\0S?/4KX#`)"]`O%RL2B)[F"OR`A1NMR7?ZU)&? M")W.%'%;D!M`E&T_0LBDD@P$=9)G\[\Q62IN&V[?;(OLJNY'(K6:W&T_SHD# MS9&ONR*%M6P?,0N>TL"E9WP&!_(G[,`J8:#,#98+T6/SS-N&?))]>MEP1^:! M<&;@LO[DUN<0&Y7P&=.OHB#@0PR`]&T(7*E+P0L)]:H"GT4>$"Y:"6\PS6==N>U/]FCWO64![#IVUCP?J!BO^NW=6MW[D+" M&UL550%``,A6RI0=7@+ M``$$)0X```0Y`0``4$L!`AX#%`````@`JU`.01'"M@^D"0``JX(``!4`&``` M`````0```*2!\T$``'-K87,M,C`Q,C`V,S!?8V%L+GAM;%54!0`#(5LJ4'5X M"P`!!"4.```$.0$``%!+`0(>`Q0````(`*M0#D&!;9+``!S:V%S+3(P,3(P-C,P7V1E9BYX;6Q55`4``R%;*E!U M>`L``00E#@``!#D!``!02P$"'@,4````"`"K4`Y!L@H7L9&UL550%``,A6RI0 M=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`JU`.0?K]LJ'-'```3`("`!4` M&````````0```*2!=)@``'-K87,M,C`Q,C`V,S!?<')E+GAM;%54!0`#(5LJ M4'5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`*M0#D%2\JJQ^PD``&)4```1 M`!@```````$```"D@9"U``!S:V%S+3(P,3(P-C,P+GAS9%54!0`#(5LJ4'5X C"P`!!"4.```$.0$``%!+!08`````!@`&`!H"``#6OP`````` ` end XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Dec. 31, 2011
CURRENT ASSETS    
Cash $ 803,215 $ 451,957
Accounts receivable 1,556,613 1,532,673
Inventories 283,084 285,171
Note receivable - current portion, less discount 104,666 101,077
Prepaid expenses and other current assets 370,115 373,385
Deferred income taxes 0 204,000
Total current assets 3,117,693 2,948,263
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $1,159,419 and $961,189 respectively 2,424,517 2,539,198
OTHER ASSETS    
Deposits 197,534 181,259
Note receivable, less current portion and discount 247,466 300,712
Intangible assets - trade names 135,000 135,000
Goodwill 2,368,284 2,368,284
Total other assets 2,948,284 2,985,255
TOTAL ASSETS 8,490,494 8,472,716
CURRENT LIABILITIES    
Accounts payable 786,763 781,675
Customer deposits 129,830 138,756
Lines of credit 616,995 650,000
Accrued expenses 368,079 385,872
Deferred income taxes 12,000 0
Notes payable - current portion 551,101 488,846
Total current liabilities 2,464,768 2,445,149
LONG-TERM LIABILITIES    
Notes payable - less current portion 1,478,144 1,809,902
Total liabilities 3,942,912 4,255,051
STOCKHOLDERS' EQUITY    
Preferred stock - $.001 par value; authorized 9,999,154; none issued and outstanding 0 0
Common stock - $.001 par value; authorized 100,000,000; 33,040,422 shares issued and outstanding as of June 30, 2012 and December 31, 2011 33,040 33,040
Additional paid-in capital 19,866,278 19,850,134
Accumulated deficit (15,351,736) (15,665,509)
TOTAL STOCKHOLDERS' EQUITY 4,547,582 4,217,665
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,490,494 $ 8,472,716

XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
6 Months Ended
Jun. 30, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1- Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial statements and with the instructions to Form10-Q. Accordingly, they do not include all of the information and disclosures required for annual financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statements and related footnotes for Saker Aviation Services, Inc. and its subsidiaries (collectively, the “Company”), which appear in the Company’s Annual Report on Form10-K for the year ended December31,2011, as filed with the Securities and Exchange Commission.

 

The condensed consolidated balance sheet as of June30,2012and the condensed consolidated statements of operations for the three and six months ended June30,2012and2011and the cash flows for the six months ended June30,2012and2011have been prepared by the Company without audit. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) necessary to make the Company’s financial position as of June30,2012and its results of operations for the three and six months ended June30,2012and cash flows for the six months ending June30,2012not misleading have been included. The results of operations for the three and six months ended June30,2012are not necessarily indicative of the results to be expected for any full year or any other interim period.

 

The Company has evaluated subsequent events which have occurred after June30,2012.

XML 17 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity (Details) (USD $)
6 Months Ended
Jun. 30, 2012
Number of Options, Balance, January 1, 2012 1,675,000
Number of Options, Granted 100,000
Number of Options, Exercised 0
Number of Options, Forfeited 0
Number of Options, Balance, June 30, 2012 1,775,000
Number of Options Exercisable at June 30, 2012 775,000
Weighted Average Exercise Price, Balance, January 1, 2012 $ 0.14
Weighted Average Exercise Price, Granted $ 0.05
Weighted Average Exercise Price, Exercised $ 0
Weighted Average Exercise Price, Forfeited $ 0
Weighted Average Exercise Price, Balance, June 30, 2012 $ 0.14
Weighted Average Exercise Price, Exercisable at June 30, 2012 $ 0.14
XML 18 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Parties (Details Textuals) (USD $)
6 Months Ended 12 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Accounts Payable [Member]
Dec. 31, 2011
Accounts Payable [Member]
Jun. 30, 2012
Wachtel & Masyr, LLP [Member]
Jun. 30, 2011
Wachtel & Masyr, LLP [Member]
Legal Fees   $ 250 $ 250 $ 0 $ 0
Repurchase of Non-Controlling Interest in Subsidiary 2,769,000        
Payments For Execution Of Redemption Agreement 444,000        
Additional Payments For Execution Of Redemption Agreement $ 624,000        
Percentage Of Discount Rate For Liability Incurred In Redemption Agreement 7.00%        
Continuing Earn-Out Payments Terms Continuing earn-out payments shall be made on a monthly basis in an amount equal to (i) five percent (5%) of the subsidiary''''s gross receipts, plus (ii) five percent (5%) of the subsidiary''''s pre-tax profit.        
XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Management's Liquidity Plans
6 Months Ended
Jun. 30, 2012
Going Concern [Abstract]  
Going Concern Disclosure [Text Block]

NOTE 2– Management’s Liquidity Plans

 

As of June30,2012, the Company had cash of $803,215and had a working capital surplus of $652,925. The Company generated revenue of $8,010,329and net income of $313,773for the six months ended June30,2012.

 

Effective January30,2012, the Company entered into an amended and restated Loan Agreement (the “Amended and Restated Loan Agreement”) with Bank of America. The Amended and Restated Loan Agreement increased the Company’s revolving credit facility (“B of A Credit Facility”) to $1,150,000.

 

The B of A Credit Facility, with an extended balance of $616,995as of June30,2012, requires interest payments based on outstanding balances at an interest rate calculated using the30-day LIBOR rate plus300basis points, and is annually renewable at Bank of America’s option. An annual fee of0.50% against the total availability of the B of A Credit Facility is also incurred.

 

On September21,2011, the Company entered into an agreement with Bank of America whereby the bank established an equipment line of credit for up to $130,000. On May1,2012, the principal amount drawn by the company against this line of credit of $118,703was converted into a term loan (the “B of A Equipment Loan”). The B of A Equipment Loan is being amortized over five years and bears interest at a rate equal to the bank’s prime rate plus1.5%.

 

On July20,2011, the Company entered into a loan agreement with Bank of America that provided the Company with a $318,198term loan facility (the “B of A Term Loan”). The B of A Term Loan is being amortized over48months, bears interest at a rate of4.2% and matures on July20,2015. A one-time origination fee of1.0% was incurred at the commencement of the B of A Term Loan.

 

The Company is party to a concession agreement with the City of New York for the operation of the Downtown Manhattan Heliport (the “Heliport”), which expires on October31,2018. Under this agreement, the Company must pay the greater of18% of the first $5million in program year gross receipts and25% of gross receipts in excess of $5million or minimum annual guaranteed payments that began at $1.2million in Year1of the agreement, which commenced on November1,2008, and increase to approximately $1.7million in Year10of the agreement. During the six months ended June30,2012, the Company incurred with the City of New York approximately $875,000in concession fees, which are recorded in the cost of revenue.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)
Jun. 30, 2012
Dec. 31, 2011
PROPERTY AND EQUIPMENT, accumulated depreciation and amortization $ 1,159,419 $ 961,189
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 9,999,154 9,999,154
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized 100,000,000 100,000,000
Common stock, shares issued 33,040,422 33,040,422
Common stock, shares outstanding 33,040,422 33,040,422
XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Management's Liquidity Plans (Details Textuals) (USD $)
3 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Dec. 31, 2010
Jun. 30, 2012
Concession Agreement [Member]
Jun. 30, 2012
B Of A Equipment Loan [Member]
Jun. 30, 2012
B Of A Term Loan [Member]
May 01, 2012
B Of A Term Loan [Member]
Jul. 20, 2011
B Of A Term Loan [Member]
Jun. 30, 2012
B Of A Credit Facility [Member]
Sep. 21, 2011
Equipment Line Of Credit [Member]
Cash $ 803,215 $ 995,492 $ 803,215 $ 995,492 $ 451,957 $ 1,541,992              
Working Capital 652,925   652,925                    
Revenue, Net 4,864,253 4,574,759 8,010,329 7,349,977                  
Net Income (Loss) Attributable To Parent 266,422 276,139 313,773 239,842                  
Line of Credit Facility, Maximum Borrowing Capacity                       1,150,000 130,000
Line of Credit Facility, Remaining Borrowing Capacity                       616,995  
Line of Credit Facility, Interest Rate Description                       LIBOR plus 300 basis points  
Line of Credit Facility, Commitment Fee Percentage                       0.50%  
Conversion Of Line Of Credit In To Term Loan                   118,703      
Debt Instrument, Description of Variable Rate Basis               prime rate plus 1.5 percentage points          
Debt Instrument Amortization Peiod               5 years 48 months        
Long-Term Debt, Gross                     318,198    
Debt Instrument, Interest Rate, Stated Percentage                     4.20%    
Debt Instrument Origination Fee Percentage                 1.00%        
Debt Instrument, Maturity Date                 Jul. 20, 2015        
Percentage Payable Greater Than Gross Receipts During Period             18.00%            
Amount Of Gross Receipts During Period             5,000,000            
Percentage Payable Greater Than Gross Receipts In Year One             25.00%            
Amount Paid Greater Than Gross Receipts In Year One             1,200,000            
Minimum Annual Guarantee, Year One             5,000,000            
Amount Paid Greater Than Gross Receipts In Year Ten             1,700,000            
Concession Fees             $ 875,000            
XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
6 Months Ended
Jun. 30, 2012
Aug. 14, 2012
Entity Registrant Name Saker Aviation Services, Inc.  
Entity Central Index Key 0001128281  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol SKAS  
Entity Common Stock Shares Outstanding   33,040,422
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Weighted average common shares outstanding, diluted 33,040,422 [1] 33,040,422 [1] 33,040,422 [1] 33,047,960 [1]
Common shares upon exercise of options 1,396,207 [1] 1,702,778 [1] 1,396,207 [1] 1,702,778 [1]
Weighted average common shares outstanding, diluted 34,436,629 [1] 34,743,200 [1] 33,436,629 [1] 34,750,738 [1]
[1] Outstanding stock options and warrants aggregating 1,400,000 and 4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June 30, 2012 and 2011, respectively.
XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
REVENUE $ 4,864,253 $ 4,574,759 $ 8,010,329 $ 7,349,977
COST OF REVENUE 2,726,187 2,465,410 4,717,183 4,162,696
GROSS PROFIT 2,138,066 2,109,349 3,293,146 3,187,281
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 1,580,908 1,583,537 2,662,577 2,635,229
OPERATING INCOME 557,158 525,812 630,569 552,052
OTHER INCOME (EXPENSE)        
OTHER INCOME (EXPENSE), net 2,894 (43,647) 35,909 (76,828)
INTEREST INCOME 6,455 9,217 13,343 18,812
INTEREST EXPENSE (37,085) (39,243) (74,048) (78,194)
TOTAL OTHER INCOME (EXPENSE) (27,736) (73,673) (24,796) (136,210)
INCOME BEFORE INCOME TAX EXPENSE 529,422 452,139 605,773 415,842
INCOME TAX EXPENSE        
CURRENT 73,000 0 76,000 0
DEFERRED 190,000 176,000 216,000 176,000
INCOME TAX EXPENSE 263,000 176,000 292,000 176,000
NET INCOME $ 266,422 $ 276,139 $ 313,773 $ 239,842
Net income per Common Share - Basic and Diluted (in dollars per share) $ 0.01 $ 0.01 $ 0.01 $ 0.01
Weighted Average Number of Common Shares Outstanding - Basic (in shares) 33,040,422 [1] 33,040,422 [1] 33,040,422 [1] 33,047,960 [1]
Weighted Average Number of Common Shares Outstanding - Diluted (in shares) 34,436,629 [1] 34,743,200 [1] 33,436,629 [1] 34,750,738 [1]
[1] Outstanding stock options and warrants aggregating 1,400,000 and 4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June 30, 2012 and 2011, respectively.
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Litigation
6 Months Ended
Jun. 30, 2012
Legal Proceedings [Abstract]  
Legal Proceedings [Text Block]

NOTE 7- Litigation

 

From time to time, the Company may be a party to one or more claims or disputes which may result in litigation. The Company's management does not, however, presently expect that any such matters will have a material adverse effect on the Company's business, financial condition or results of operations.

XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Parties
6 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

NOTE 6– Related Parties

 

The law firm of Wachtel & Masyr, LLP provides certain legal services to the Company. William B. Wachtel, the Company’s Chairman of the Board of Directors, is a managing partner of this firm. During the six months ended June30,2012and2011, the Company was billed approximately $0for legal services. At June30,2012and December31,2011, the Company has recorded in accounts payable an obligation for legal fees to such firm of approximately $250related to legal services provided by such firm.

 

On August29,2011, the Company entered into a Redemption Agreement with the non-controlling interest in a subsidiary of the Company. As part of this agreement, the non-controlling interest relinquished its membership interest in the subsidiary in return for earn-out payments of the non-controlling interest’s capital account of $2,769,000. Of that amount, $444,000was paid upon the execution of the Redemption Agreement, an additional approximately $624,000has been paid through June30,2012, and the balance is recorded as a liability at a discount rate of seven (7%) percent. Continuing earn-out payments shall be made on a monthly basis in an amount equal to (i) five percent (5%) of the subsidiary’s gross receipts, plus (ii) five percent (5%) of the subsidiary’s pre-tax profit.

XML 28 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity (Details Textual) (USD $)
6 Months Ended
Jun. 30, 2012
Dec. 31, 2013
Dec. 31, 2012
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures 100,000    
Share Based Compensation Arrangement By Share Based Payment Award Options Grants Weighted Average Exercise Price $ 0.05    
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Exercisable, Number   50,000 50,000
Share Based Compensation Arrangement By Share Based Payment Award Options Vested and Expected To Vest Exercisable Value $ 5,000    
XML 29 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Details Textuals) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net Income (Loss) Attributable To Parent $ 266,422 $ 276,139 $ 313,773 $ 239,842
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount $ 1,400,000 $ 4,975,000 $ 1,400,000 $ 4,975,000
Share Based Compensation     16,144 3,498
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value     $ 16,340  
XML 30 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Tables)
6 Months Ended
Jun. 30, 2012
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current [Table Text Block]

A summary of inventories as of June30,2012and December31,2011is set forth in the following table:

 

 

 

June30,2012

 

 

December31,2011

 

Parts inventory

 

$

104,574

 

 

$

105,162

 

Fuel inventory

 

 

167,134

 

 

 

167,540

 

Other inventory

 

 

11,376

 

 

 

12,469

 

Total inventory

 

$

283,084

 

 

$

285,171

 

XML 31 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

Principles of Consolidation

 

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, FirstFlight Heliports, LLC d/b/a Saker Aviation Services (“FFH”), FBO Air Wilkes-Barre, Inc. d/b/a Saker Aviation Services (“FBOWB”), and FBO Air Garden City, Inc. d/b/a Saker Aviation Services (“FBOGC”). All significant inter-company accounts and transactions have been eliminated in consolidation.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain reclassifications were made to the prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income or loss in any period.

Earnings Per Share, Policy [Policy Text Block]

Net Income Per Common Share

Net income for the three and six months ended June30,2012was $266,422and $313,773, respectively, and net income for the three and six months ended June30,2011was $276,139and $239,842, respectively. Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices are greater than the average market price of the common stock during the period. 

 

The following table sets forth the components used in the computation of basic net income per share:

 

 

 

For the Three Months Ended
June30,

 

 

For the Six Months Ended
June30,

 

 

 

2012*

 

 

2011*

 

 

2012*

 

 

2011*

 

Weighted average common shares outstanding, basic

 

 

33,040,422

 

 

 

33,040,422

 

 

 

33,040,422

 

 

 

33,047,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares upon exercise of options

 

 

1,396,207

 

 

 

1,702,778

 

 

 

1,396,207

 

 

 

1,702,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, diluted

 

 

34,436,629

 

 

 

34,743,200

 

 

 

34,436,629

 

 

 

34,750,738

 

 

* Outstanding stock options and warrants aggregating1,400,000and4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June30,2012and2011, respectively.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock Based Compensation

Stock-based compensation expense for all share-based payment awards are based on the grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For the six months ended June30,2012and2011, the Company incurred stock-based compensation of $16,144and $3,498, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June30,2012, the unamortized fair value of such options totaled $16,340.

 

Option valuation models require the input of highly subjective assumptions, including the expected life of the option. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Recently Issued Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-08, Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment (ASU2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU2011-08 is effective for the Company in the year ending December31,2012 and earlier adoption is permitted. The Company is currently evaluating the impact of its pending adoption of ASU2011-08 on its consolidated financial statements.

XML 32 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Schedule of Earnings Per Share Reconciliation [Table Text Block]

The following table sets forth the components used in the computation of basic net income per share:

 

 

 

For the Three Months Ended
June30,

 

 

For the Six Months Ended
June30,

 

 

 

2012*

 

 

2011*

 

 

2012*

 

 

2011*

 

Weighted average common shares outstanding, basic

 

 

33,040,422

 

 

 

33,040,422

 

 

 

33,040,422

 

 

 

33,047,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares upon exercise of options

 

 

1,396,207

 

 

 

1,702,778

 

 

 

1,396,207

 

 

 

1,702,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, diluted

 

 

34,436,629

 

 

 

34,743,200

 

 

 

34,436,629

 

 

 

34,750,738

 

 

* Outstanding stock options and warrants aggregating1,400,000and4,975,000, respectively, were excluded from the compilation of diluted earnings per share as their exercise prices were greater than the average market price of the common stock for the three and six months ended June30,2012and2011, respectively.

XML 33 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2012
Stockholders' Equity Note [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Details of all options outstanding are presented in the table below:

 

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

 

 

 

 

 

 

 

Balance, January1,2012

 

 

1,675,000

 

 

$

0.14

 

Granted

 

 

100,000

 

 

 

0.05

 

Exercised

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Balance, June30,2012

 

 

1,775,000

 

 

$

0.14

 

Exercisable at June30,2012

 

 

775,000

 

 

$

0.14

 

XML 34 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Details Textuals) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Amounts Held for Third Parties $ 147,823 $ 173,023
XML 35 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 313,773 $ 239,842
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 198,230 166,565
Management fee recorded through additional paid in capital 0 708,382
Loss on dispositions of equipment 0 2,799
Stock based compensation 16,144 3,498
Changes in operating assets and liabilities:    
Accounts receivable (23,940) (285,222)
Inventories 2,087 (48,766)
Prepaid expenses and other current assets 3,270 (46,779)
Deposits (16,275) (2,118)
Deferred income taxes 216,000 176,000
Accounts payable 5,088 172,509
Customer deposits (8,926) 3,539
Accrued expenses (17,793) (757,982)
TOTAL ADJUSTMENTS 373,885 92,425
NET CASH PROVIDED BY OPERATING ACTIVITIES 687,659 332,267
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from disposition of equipment 0 65,247
Payment of note receivable 49,657 46,310
Purchase of property and equipment (83,549) (931,196)
NET CASH USED IN INVESTING ACTIVITIES (33,892) (819,639)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of notes payable (269,503) (47,139)
Purchase of common stock, retired 0 (11,989)
Repayment of line of credit (33,005) 0
NET CASH USED IN FINANCING ACTIVITIES (302,508) (59,128)
NET CHANGE IN CASH 351,258 (546,500)
CASH - Beginning 451,957 1,541,992
CASH - Ending 803,215 995,492
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 74,048 78,194
Income Taxes $ 76,176 $ 0
XML 36 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity
6 Months Ended
Jun. 30, 2012
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

NOTE 5- Stockholders’ Equity

 

Stock Options

Details of all options outstanding are presented in the table below:

 

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

 

 

 

 

 

 

 

Balance, January1,2012

 

 

1,675,000

 

 

$

0.14

 

Granted

 

 

100,000

 

 

 

0.05

 

Exercised

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Balance, June30,2012

 

 

1,775,000

 

 

$

0.14

 

Exercisable at June30,2012

 

 

775,000

 

 

$

0.14

 

 

On June1,2012, the Company granted an employee a stock option under the Plan to purchase100,000shares of common stock at $0.05per share, the closing price of the Company’s common stock on May31,2012. Fifty-thousand shares subject to such option vest on December31,2012and the remaining50,000shares vest on December31,2013. This option is valued at $5,000and is being amortized over the vesting period.

XML 37 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 23 151 1 true 7 0 false 4 false false R1.htm 001 - Document - DOCUMENT AND ENTITY INFORMATION Sheet http://www.sakeraviation.com/role/DOCUMENTANDENTITYINFORMATION DOCUMENT AND ENTITY INFORMATION true false R2.htm 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.sakeraviation.com/role/StatementOfFinancialPositionClassified CONDENSED CONSOLIDATED BALANCE SHEETS false false R3.htm 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] Sheet http://www.sakeraviation.com/role/StatementOfFinancialPositionClassifiedParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] false false R4.htm 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.sakeraviation.com/role/StatementOfIncome CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS false false R5.htm 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.sakeraviation.com/role/StatementOfCashFlowsIndirect CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS false false R6.htm 006 - Disclosure - Basis of Presentation Sheet http://www.sakeraviation.com/role/BasisOfPresentation Basis of Presentation false false R7.htm 007 - Disclosure - Management's Liquidity Plans Sheet http://www.sakeraviation.com/role/ManagementsLiquidityPlans Management's Liquidity Plans false false R8.htm 008 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.sakeraviation.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies false false R9.htm 009 - Disclosure - Inventories Sheet http://www.sakeraviation.com/role/Inventories Inventories false false R10.htm 010 - Disclosure - Stockholders' Equity Sheet http://www.sakeraviation.com/role/StockholdersEquity Stockholders' Equity false false R11.htm 011 - Disclosure - Related Parties Sheet http://www.sakeraviation.com/role/RelatedParties Related Parties false false R12.htm 012 - Disclosure - Litigation Sheet http://www.sakeraviation.com/role/Litigation Litigation false false R13.htm 013 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.sakeraviation.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) false false R14.htm 014 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://www.sakeraviation.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) false false R15.htm 015 - Disclosure - Inventories (Tables) Sheet http://www.sakeraviation.com/role/InventoriesTables Inventories (Tables) false false R16.htm 016 - Disclosure - Stockholders' Equity (Tables) Sheet http://www.sakeraviation.com/role/StockholdersEquityTables Stockholders' Equity (Tables) false false R17.htm 017 - Disclosure - Management's Liquidity Plans (Details Textuals) Sheet http://www.sakeraviation.com/role/ManagementsLiquidityPlansDetailsTextuals Management's Liquidity Plans (Details Textuals) false false R18.htm 018 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://www.sakeraviation.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) false false R19.htm 019 - Disclosure - Summary of Significant Accounting Policies (Details Textuals) Sheet http://www.sakeraviation.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals Summary of Significant Accounting Policies (Details Textuals) false false R20.htm 020 - Disclosure - Inventories (Details) Sheet http://www.sakeraviation.com/role/InventoriesDetails Inventories (Details) false false R21.htm 021 - Disclosure - Inventories (Details Textuals) Sheet http://www.sakeraviation.com/role/InventoriesDetailsTextuals Inventories (Details Textuals) false false R22.htm 022 - Disclosure - Stockholders' Equity (Details) Sheet http://www.sakeraviation.com/role/StockholdersEquityDetails Stockholders' Equity (Details) false false R23.htm 023 - Disclosure - Stockholders' Equity (Details Textual) Sheet http://www.sakeraviation.com/role/StockholdersEquityDetailsTextual Stockholders' Equity (Details Textual) false false R24.htm 024 - Disclosure - Related Parties (Details Textuals) Sheet http://www.sakeraviation.com/role/RelatedPartiesDetailsTextuals Related Parties (Details Textuals) false false All Reports Book All Reports Element us-gaap_LegalFees had a mix of decimals attribute values: -3 0. Element us-gaap_RepaymentsOfLinesOfCredit had a mix of decimals attribute values: -3 0. Process Flow-Through: 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Process Flow-Through: Removing column 'Jun. 30, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] Process Flow-Through: 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Process Flow-Through: 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS skas-20120630.xml skas-20120630.xsd skas-20120630_cal.xml skas-20120630_def.xml skas-20120630_lab.xml skas-20120630_pre.xml true true XML 38 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Parts inventory $ 104,574 $ 105,162
Fuel inventory 167,134 167,540
Other inventory 11,376 12,469
Total inventory $ 283,084 $ 285,171