10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For The Quarterly Period Ended September 30, 2022

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.)
20 South Street, Pier 6 East River, New York, NY	10004
(Address of principal executive offices)	(Zip Code)

(212)

776-4046

(Registrant’s telephone number, including area code)

N/A

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

Securities registered pursuant to Section 12(b) of the Act: None

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 ☒         No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.05 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒         No ☐

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

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒

                                        Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.  ☐

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

Yes ☐          No ☒

As of November 14, 2022, the registrant had 976,330 shares of its common stock, $0.03 par value, issued and outstanding.

i

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

Form 10-Q

September 30, 2022

Index

PART I - FINANCIAL INFORMATION
	ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS		Page
		Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021	1
		Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)	2
		Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)	3
		Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (unaudited)	4
		Notes to Financial Statements (unaudited)	5
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND  RESULTS OF OPERATIONS		10
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		16
	ITEM 4. CONTROLS AND PROCEDURES		16
PART II - OTHER INFORMATION
	ITEM 6. EXHIBITS		17
SIGNATURES			18

ii

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2022			December 31, 2021
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and restricted cash	$	4,714,669		$	2,446,906
Accounts receivable		371,119			305,409
Assets held for sale		1,175,706			---
Inventories		7,946			243,104
Income tax receivable		119,899			693,578
Prepaid expenses		237,154			505,718
Total current assets		6,626,493			4,194,715
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,022,745 and $3,005,828, respectively		37,525			269,261
OTHER ASSETS
Right of use assets		324,111			387,860
Goodwill		---			750,000
Total other assets		324,111			1,137,860
TOTAL ASSETS	$	6,988,129		$	5,601,836
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	554,210		$	212,221
Customer deposits		204,957			80,878
Accrued expenses		430,155			404,573
Note Payable – Current		57,240			9,315
Right of use leases payable – current portion		339,169			45,697
Total current liabilities		1,585,731			752,684
LONG-TERM LIABILITIES
Note Payable – Long Term		---			57,730
Right of use leases payable - less current portion		---			327,513
Total liabilities		1,585,731			1,137,927
STOCKHOLDERS’ EQUITY
Preferred stock - $0.03 par value; authorized 333,306; none issued and outstanding
Common stock - $0.03 par value; authorized 3,333,334; 976,330 and 975,074 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		29,290			29,252
Additional paid-in capital		19,775,296			19,740,837
Accumulated deficit		(14,402,188	)		(15,306,180	)
TOTAL STOCKHOLDERS’ EQUITY		5,402,398			4,463,909
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	6,988,129		$	5,601,836

See accompanying notes to condensed consolidated financial statements.

1

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2022			2021		2022			2021
REVENUE	$	2,601,799		$	680,278	$	5,744,342		$	1,347,183
COST OF REVENUE		1,009,247			173,970		2,283,422			301,825
GROSS PROFIT		1,592,552			506,308		3,460,920			1,045,358
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		1,185,816			311,269		2,909,142			981,439
OPERATING INCOME FROM CONTINUING OPERATIONS		406,736			195,039		551,778			63,919
OTHER INCOME
BAD DEBT RECOVERY		---			---		125,000			---
LIFE INSURANCE PROCEEDS		---			---		500,000			---
GAIN ON EXTINGUISHMENT OF DEBT		---			---		---			304,833
TOTAL OTHER INCOME		0			0		625,000			304,833
INCOME FROM CONTINUING OPERATIONS, before income taxes		406,736			195,039		1,176,778			368,752
INCOME TAX EXPENSE		141,000			3,938		240,000			8,364
INCOME FROM CONTINUING OPERATIONS		265,736			191,101		936,778			360,388
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of income taxes		(52,634	)		5,977		(32,786	)		148,188
NET INCOME	$	213,102		$	197,078	$	903,992		$	508,576
Basic Net Income Per Common Share	$	0.22		$	0.19	$	0.93		$	0.49
Diluted Net Income Per Common Share	$	0.22		$	0.19	$	0.91		$	0.49
Weighted Average Number of Common Shares – Basic		976,330			1,028,863		975,953			1,028,863
Weighted Average Number of Common Shares - Diluted		988,795			1,031,627		988,418			1,032,648

See notes to condensed consolidated financial statements

2

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED STOCKHOLDERS' EQUITY

(UNAUDITED)

					Additional						Total
	Common Stock				Paid-in			Accumulated			Stockholders’
	Shares		Amount		Capital			Deficit			Equity
BALANCE – January 1, 2021		1,028,863	$	30,866	$	19,909,230		$	(16,032,364	)	$	3,907,732
Amortization of stock based compensation						8,598						8,598
Net loss									(265,666	)		(265,666	)
BALANCE – March 31, 2021		1,028,863	$	30,866	$	19,917,828		$	(16,298,030	)	$	3,650,664
Amortization of stock based compensation						8,598						8,598
Net income									577,164			577,164
BALANCE – June 30, 2021		1,028,863	$	30,866	$	19,926,426		$	(15,720,866	)	$	4,236,426
Amortization of stock based compensation						8,598						8,598
Net income									197,078			197,078
BALANCE – September 30, 2021		1,028,863	$	30,866	$	19,935,024		$	(15,523,788	)	$	4,442,102
BALANCE – January 1, 2022		975,074	$	29,252	$	19,740,837		$	(15,306,180	)	$	4,463,909
Issuance of additional Common Stock in connection with cashless exercise of options		1,256		38		(38	)					0
Amortization of stock based compensation						11,499						11,499
Net loss									(31,152	)		(31,152	)
BALANCE – March 31, 2022		976,330	$	29,290		19,752,298			(15,337,332	)	$	4,444,256
Amortization of stock based compensation						11,499						11,499
Net income									722,042			722,042
BALANCE – June 30, 2022		976,330	$	29,290	$	19,763,797		$	(14,615,290	)	$	5,177,797
Amortization of stock based compensation						11,499						11,499
Net income									213,102			213,102
BALANCE – September 30, 2022		976,330	$	29,290	$	19,775,296		$	(14,402,188	)	$	5,402,398

. See accompanying notes to condensed consolidated financial statements

3

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended September 30,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	903,992		$	508,576
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		101,181			82,244
Stock based compensation		34,497			25,794
Changes in operating assets and liabilities:
Accounts receivable, trade		(65,710	)		5,679
Inventories		13,437			(69,365	)
Income tax receivable		573,679			--
Prepaid expenses		268,564			(179,151	)
Customer deposits		124,079			2,512
Accounts payable		341,989			90,787
Accrued expenses		25,582			(22,687	)
TOTAL ADJUSTMENTS		1,417,298			(64,187	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		2,321,290			444,389
CASH FLOWS FROM INVESTING ACTIVITIES
Life insurance receivable					---
Purchase of property and equipment		(9,680	)		(78,044	)
NET CASH USED IN INVESTING ACTIVITIES		(9,680	)		(78,044	)
CASH FLOWS FROM FINANCING ACTIVITIES
Extinguishment of debt		---			(304,833	)
Issuance of notes payable		---			76,000
Payment of right of use leases payable		(34,041	)		(20,781	)
Repayment of notes payable		(9,806	)		(5,520	)
NET CASH USED IN FINANCING ACTIVITIES		(43,847	)		(255,134	)
NET CHANGE IN CASH AND RESTRICTED CASH		2,267,763			111,211
CASH AND RESTRICTED CASH – Beginning		2,446,906			1,899,082
CASH AND RESTRICTED CASH – Ending	$	4,714,669		$	2,010,293
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Reclassification of Inventory, Property and Equipment, net, Right of use assets and Goodwill to Assets held for .sale	$	1,175,706		$	---
Cash paid during the periods for:
Interest	$	17,965		$	18,478
Income taxes	$	194,006		$	8,364

See accompanying notes to condensed consolidated financial statements.

4

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 of Saker Aviation Services, Inc. (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The condensed consolidated balance sheet as of September 30, 2022 and the condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2022 and 2021 have been prepared by the Company without audit. In the opinion of the Company’s management, all necessary adjustments (consisting of normal recurring accruals) have been included to make the Company’s financial position as of September 30, 2022 and its results of operations, stockholders’ equity, and cash flows for the three and nine months ended September 30, 2022 not misleading. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for any full year or any other interim period.

The COVID-19 pandemic has impacted the global and United States economies. Federal, state, and local governments implemented certain travel restrictions, “stay-at-home” orders, and social distancing initiatives which negatively impacted our operations and those of our customers. As a result of the COVID-19 pandemic, on March 17, 2020 all sightseeing tour operations at the Downtown Manhattan Heliport ceased. On July 20, 2020, New York City started Phase 4 of the city’s reopening. Sightseeing tour operators at the heliport restarted operations under this phase.

For the period July 20, 2020 through March 31, 2022, sightseeing tour operators experienced much lower demand for tours as compared to pre-pandemic levels of activity. Beginning in April 2022, sightseeing tour operators have seen an increase in activity and a much higher demand for tours. There can be no assurance that this increased activity will continue as demand for sightseeing tours will depend on future developments in the COVID-19 pandemic, including the duration and spread and related travel advisories and restrictions and the impact on overall demand for air travel. The COVID-19 pandemic has had a less substantial impact on our operations at our Kansas FBO and MRO.

NOTE 2 – Liquidity and Material Agreements

As of September 30, 2022, we had cash and restricted cash of $4,714,669 and a working capital surplus of $5,040,762. We generated revenue from continuing operation of $5,744,342 and had net income of $903,992 for the nine months ended September 30, 2022. For the nine months ended September 30, 2022, cash flows included net cash provided by operating activities of $2,321,290, net cash used in investing activities of $9,680, and net cash used in financing activities of $43,847.

As disclosed in a Current Report on Form 8-K filed on March 21, 2018 with the Securities and Exchange Commission (the “SEC”), on March 15, 2018 the Company entered into a loan agreement (the “Loan Agreement”) with Key Bank National Association (the “Bank”). The Loan Agreement contains three components: (i) a $2,500,000 acquisition line of credit (the “Key Bank Acquisition Note”); (ii) a $1,000,000 revolving line of credit (the “Key Bank Revolver Note”); and (iii) a $338,481 term loan (the “Key Bank Term Note”). On October 11, 2018, and as subsequently amended, the Company entered into a new loan agreement with the Bank (as so amended, the “Change of Terms Agreement”) which modified the original terms of the Key Bank Acquisition Note. The Bank notified the Company of its decision to discontinue the Key Bank Acquisition Note, effective June 30, 2021. There were no amounts due under the Changes of Terms Agreement at September 30, 2022 or 2021.

The Key Bank Revolver Note, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. This revolving line of credit is a demand note with no stated maturity date. Borrowings under the Key Bank Revolver Note will bear interest at a rate per annum equal to Daily Simple SOFR plus 2.75%. The Company is required to make monthly payments of interest on any outstanding principal under the Key Bank Revolver Note and is required to pay the entire balance, including principal and all accrued and unpaid interest and fees, upon demand by the Bank. Any proceeds from the Key Bank Revolver Note would be secured by substantially all of the Company’s assets. There were no amounts due under the Key Bank Revolver Note or Key Bank Term Note at September 30, 2022 or 2021.

5

 

On August 14, 2020, the Company was granted a loan from the Bank (the “Loan”) in the amount of $304,833, pursuant to the Paycheck Protection Program (PPP) under Division, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a note dated August 14, 2020, was to mature in August 2025 and bore interest at a rate of 1% per annum and was payable in monthly installments commencing on, or before, October 31, 2021 if not forgiven and legally released. At December 31, 2020, in accordance with FASB ASC 470, Debt, and ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recorded the cash inflow from the Loan as a liability, and cash flows from financing, pending legal release from the obligation by the U.S. Small Business Administration (“S.B.A.”). The Company used the Loan proceeds for eligible expenses during the covered period and the Loan was forgiven and legally released by the S.B.A. in full in the second quarter of 2021. The Company recorded the forgiveness of the Loan as a gain on extinguishment of debt – PPP Loan.

The Company is party to a Concession Agreement, dated as of November 1, 2008, with the City of New York for the operation of the Downtown Manhattan Heliport (the “Concession Agreement”). Pursuant to the terms of the Concession Agreement, the Company must pay the greater of 18% of the first $5,000,000 in any program year based on cash collected (“Gross Receipts”) and 25% of Gross Receipts in excess of $5,000,000, or minimum annual guaranteed payments.

As disclosed in a Current Report on Form 8-K filed with the SEC on February 5, 2016, the Company and the New York City Economic Development Corporation (the “NYCEDC”) announced new measures to reduce helicopter noise and impacts across New York City (the “Air Tour Agreement”). Under the Air Tour Agreement, the Company has not been allowed to permit its tenant operators to conduct tourist flights from the Downtown Manhattan Heliport on Sundays since April 1, 2016. The Company was also required to ensure that its tenant operators reduce the total allowable number of tourist flights from 2015 levels by 20 percent beginning June 1, 2016, by 40 percent beginning October 1, 2016 and by 50 percent beginning January 1, 2017. The Air Tour Agreement also provided for the minimum annual guarantee payments the Company is required to pay to the City of New York under the Concession Agreement be reduced by 50%, effective January 1, 2017. Additionally, since June 1, 2016, the Company has been required to provide monthly written reports to the NYCEDC and the New York City Council detailing the number of tourist flights conducted out of the Downtown Manhattan Heliport compared to 2015 levels, as well as information on any tour flight that flies over land and/or strays from agreed upon routes. The Air Tour Agreement also extended the Concession Agreement for 30 months, resulting in a new expiration date of April 30, 2021 and gave the City of New York two one-year options to extend the term of the Concession Agreement. The term of the Concession Agreement was subsequently extended by the City through April 30, 2023 by the City’s exercise of both one-year option renewals.

The reductions under the Air Tour Agreement have negatively impacted the Company’s business and financial results as well as those of its management company at the Heliport, Empire Aviation which, as previously disclosed, is owned by two children and a grandchild of a former officer and director of the Company. The Company incurred management fees with Empire Aviation of approximately $1,622,000 and $0 during the nine months ended September 30, 2022 and 2021, respectively. Empire Aviation has notified the Company that it believes additional fees are due under the management agreement with the New York Heliport for both 2021 and 2020. If the Company is unable to come to an agreement with Empire Aviation regarding amounts due under the agreement, the Company could incur additional expense as disclosed in the Company’s 2021 Annual Report on Form 10-K (Note 15. Contingent Liabilities).

During the program year that began on May 1, 2020, the City of New York agreed, in recognition of the pandemic’s impact, that the Company could defer payment of minimum guaranteed payments. In April 2021, the City of New York waived the deferred fees through December 31, 2020. In May 2021, the City of New York waived the deferred fees through April 30, 2021 which coincided with the original expiration of the Concession Agreement as amended by the Air Tour Agreement. The Company worked with the City of New York to address fees to be paid by the Company for the period May 1, 2021 through December 31, 2021. In March 2022, the City of New York agreed to accept 18% of monthly Gross Receipts in excess of $100,000 as Concession fees for this period. In April 2022, the Company agreed to resume paying the City of New York the total monthly amounts due under the Concession Agreement retro-active to January 2022 and to continue paying fees due under the Concession Agreement through the remainder of the Air Tour Agreement. During the nine months ended September 30, 2022 and 2021, we incurred approximately $1,089,000 and $104,000 in concession fees, respectively, which are recorded in the cost of revenue.

On April 20, 2018, the Company’s Kansas subsidiary entered into a purchase lease with Commerce Bank for a refueling truck (the “Truck Lease”). The Truck Lease commenced on May 1, 2018 and continues for 60 months with a monthly payment of $2,568 and an interest rate of 5.5%. At the end of the Truck Lease, the Company’s subsidiary may purchase the vehicle for $1.00. Subsequent to September 30, 2022, the refueling truck was sold in the sale of the Company’s Kansas subsidiary and the Truck Lease was paid in full. See Note 8.

On May 1, 2021, the Company’s Kansas subsidiary executed a promissory note for $76,000 with Avfuel Corporation (“Avfuel”) for the purchase of a Jet-A refueling truck (the “Truck Note”). The Truck Note requires six annual payments of $13,432.56 commencing April 30, 2022 with the entire balance of unpaid principal and interest due on, or before, April 30, 2028. Interest accrues at prime plus 3% on the outstanding principal amount. The Company is required to make prepayments against the Truck Note at the rate of $0.018 per gallon of fuel purchased under a fuel supply agreement between the Company and Avfuel. Subsequent to September 30, 2022, the Jet-A refueling truck was sold in the sale of the Company’s Kansas subsidiary and the Truck Note was paid in full. See Note 8.

6

 

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, and its fixed base operation and aircraft maintenance and repair services at Garden City (Kansas) Regional Airport. All significant inter-company accounts and transactions have been eliminated in consolidation.

Cash and restricted cash

The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of federally insured limits. As part of its cash management process, the Company periodically reviews the relative credit standing of these financial institutions. Amounts included in restricted cash are a deposit required by the Concession Agreement with NYEDC and aggregated $425,000 at September 30, 2022 and 2021.

Net Income Per Common Share

Net income was $903,992 and $508,576 for the nine months ended September 30, 2022 and 2021, respectively. Net income was $213,102 and $197,078 for the three months ended September 30, 2022 and 2021, 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 loss 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 were 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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average common shares outstanding, basic		976,330		1,028,863		975,953		1,028,863
Common shares upon exercise of options and warrants		12,465		2,764		12,465		3,785
Weighted average common shares outstanding, diluted		988,795		1,031,627		988,418		1,032,648

Stock-Based Compensation

Stock-based compensation expense for all stock-based payment awards are based on the estimated 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 nine months ended September 30, 2022 and 2021, the Company incurred stock-based compensation of $34,497 and $25,794, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2022, the unamortized fair value of the options totaled $11,498.

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.

7

 

NOTE 4 – Inventories

Inventory consists primarily of aviation fuel, which the Company dispenses to its customers, and parts inventory for our MRO operation in Kansas. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft.

Inventories consist of the following:

	September 30, 2022		December 31, 2021
Parts inventory	$	---	$	102,763
Fuel inventory		7,946		115,364
Other inventory		---		24,977
Total inventory	$	7,946	$	243,104

Included in fuel inventory are amounts held for third parties of $1,929 and $28,042 as of September 30, 2022 and December 31, 2021, respectively, with an offsetting liability included as part of accrued expenses.

NOTE 5 – Related Parties

As described in more detail in Note 2, Liquidity and Material Agreements, the Company is party to a management agreement with Empire Aviation, an entity owned by the children and grandchild of the Company’s former Chief Executive Officer and a former member of our Company’s Board of Directors.

NOTE 6 – 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.

NOTE 7 – Changes in Management

On June 29, 2022, the Company filed a Form 8-K with the SEC announcing that the Company’s President, Chief Executive Officer, and Director, Ronald J. Ricciardi, had passed away on June 23, 2022. In a subsequent Form 8-K filed with the SEC on July 11, 2022, the Company announced that the Company’s Director, Samuel Goldstein, had been appointed to serve as President and Chief Executive Officer.

NOTE 8 – Subsequent Events and Discontinued Operations

As disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC) on October 3, 2022, FBO Air-Garden City, Inc., (“GCK”) a wholly owned subsidiary of Saker Aviation Services, Inc. (the “Company”) entered into a FBO Transfer Agreement (the “Agreement”) with Crosby Flying Services, LLC (the “Buyer”) pursuant to which GCK agreed (i) to sell to the Buyer substantially all of its assets (the “Assets”) and none of its liabilities, and (ii) to a seven year non-competition covenant (the “Non-Compete”) whereby the Company, including its subsidiaries and affiliates, will not engage in any business involving the operation of a fixed based operation supplying aviation fuels and lubricants or the supply of other goods or provision of services typically supplied or performed at fixed base operations at airports at any facility located within one hundred (100) miles of the Garden City Regional Airport in Garden City, Kansas (the “Airport”), for $1.6 million.

As disclosed in a Current Report on Form 8-K filed with the SEC on November 2, 2022, on October 31, 2022 (the “Closing Date”), the Company closed on the sale of the Assets to the Buyer and became subject to the Non-Compete, for an aggregate purchase price of $1.5 million, after certain closing adjustments. The Buyer paid the purchase price on the Closing Date less $160,000 which is to be paid in cash upon the first anniversary of the Closing Date subject to GCK’s and the Company’s compliance with the Non-Compete, pursuant to the Agreement.

GCK results of operations have been reported as discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021. The assets sold by GCK have been re-classed to “Assets Held For Sale” in the Condensed Consolidated Balance Sheets as of September 30, 2022.

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Assets held for sale are as follows:

	September 30, 2022
Inventory	$	221,722
Property and equipment, net		181,398
Right of Use Asset		22,586
Goodwill		750,000
Total assets held for sale	$	1,175,706

Components of discontinued operations are as follows:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2022			2021		2022			2021
Revenue	$	1,165,101		$	771,539	$	3,296,055		$	2,092,794
Cost of revenue		1,040,797			607,406		2,832,759			1,540,362
Gross profit		124,304			164,133		463,296			552,432
Operating expenses		170,748			151,634		478,117			385,766
Operating (loss) income from discontinued operations		(46,444	)		12,499		(14,821	)		166,666
Interest expense		6,190			6,522		17,965			18,478
Net (loss) gain from discontinued operations		(52,634	)		5,977		(32,786	)		148,188
Basic net (loss) income per common share		(0.05	)		0.01		(0.03	)		0.14
Weighted average number of shares outstanding, basic		976,330			1,028,863		975,953			1,028,863

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

The following discussion should be read together with the accompanying unaudited condensed consolidated financial statements and related notes 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 expressed or implied in such forward-looking statements. Factors which could cause actual results to differ materially are discussed throughout this report and include, but are not limited to, those set forth at the end of this Item 2 under the heading "Cautionary Statement Regarding Forward Looking Statements." Additional factors are under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The terms “we”, “us”, and “our” are used below to refer collectively to the Company and the subsidiaries through which our various businesses are actually conducted.

OVERVIEW

Saker Aviation Services, Inc. is a Nevada corporation. Our common stock, $0.03 par value per share (the “common stock”), is quoted on the OTCQB Marketplace (“OTCQB”) under the symbol “SKAS”. Through our subsidiaries, we operate in the aviation services segment of the general aviation industry, in which we serve as the operator of a heliport, a fixed base operation (“FBO”), and as a provider of aircraft maintenance and repair services (“MRO”). FBOs provide ground-based services, such as fueling and aircraft storage for general aviation, commercial and military aircraft, and other miscellaneous services.

We were formed on January 17, 2003 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 the operator of the Downtown Manhattan (New York) Heliport and until October 31, 2022 as an FBO and MRO at the Garden City (Kansas) Regional Airport.

The Garden City facility became part of our company as a result of our acquisition of the FBO assets of Central Plains Aviation, Inc. in March 2005 and of Aircraft Services, Inc. in October 2016. Subsequent to September 30, 2022, the Garden City facility was sold and we no longer maintain an FBO or MRO at the Garden City (Kansas) Regional Airport.

Our business activities at the Downtown Manhattan (New York) Heliport facility (the “Heliport”) commenced in November 2008 when we were awarded the Concession Agreement by the City of New York to operate the Heliport, which we assigned to our subsidiary, FirstFlight Heliports, LLC d/b/a Saker Aviation Services.

The COVID-19 pandemic has impacted the global and United States economies. Federal, state, and local governments implemented certain travel restrictions, “stay-at-home” orders, and social distancing initiatives which negatively impacted our operations and those of our customers. As a result of the COVID-19 pandemic, on March 17, 2020 all sightseeing tour operations at the Downtown Manhattan Heliport ceased. On July 20, 2020, New York City started Phase 4 of the city’s reopening. Sightseeing tour operators at the heliport restarted operations under this phase.

For the period July 20, 2020 through March 31, 2022, sightseeing tour operators experienced much lower demand for tours as compared to pre-pandemic levels of activity. Beginning in April 2022, sightseeing tour operators have seen an increase in activity and a much higher demand for tours. There can be no assurance that this increased activity will continue as demand for sightseeing tours will depend on future developments in the COVID-19 pandemic, including the duration and spread and related travel advisories and restrictions and the impact on overall demand for air travel. The COVID-19 pandemic has had a less substantial impact on our operations at our Kansas FBO and MRO.

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Our long-term strategy is to increase our sales through growth within our aviation services operations. To do so, we may expand our geographic reach and product offering through strategic acquisitions and improved market penetration within the markets we serve. We expect that any future acquisitions or product offerings would be to complement and/or augment our current aviation services operations.

REVENUE AND RESULTS OF CONTINUING OPERATIONS

DISCONTINUED OPERATIONS

As disclosed in a Current Report on Form 8-K filed with the SEC on November 2, 2022, on October 31, 2022 (the “Closing Date”), the Company completed the asset sale of its subsidiary FBO Air-Garden City, Inc. (“GCK”) to Crosby Flying Services, LLC (the “Buyer”) for an aggregate purchase price of approximately $1.5 million, after certain closing adjustments. The Buyer paid the purchase price on the Closing Date less $160,000 which is to be paid in cash upon the first anniversary of the Closing Date subject to GCK’s and the Company’s compliance with a Non-Compete agreement. GCK results of operations have been reported as discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021. The assets sold by GCK have been re-classed to “Assets Held For Sale” in the Condensed Consolidated Balance Sheets as of September 30, 2022.

Comparison of Continuing Operations from the Three and Nine Months Ended September 30, 2022 and September 30, 2021.

REVENUE

Total revenue from continuing operations increased by 282.5 percent to $2,061,799 for the three months ended September 30, 2022 as compared with corresponding prior-year period revenue of $680,278.

For the three months ended September 30, 2022, revenue from continuing operations associated with the sale of jet fuel, aviation gasoline and related items increased by 473.2 percent to approximately $626,000 as compared to approximately $109,000 in the three months ended September 30, 2021. This increase was attributable to the higher volume of gallons and price of aviation gasoline sold at our New York location compared to the third quarter of 2021.

For the three months ended September 30, 2022, revenue from continuing operations associated with services and supply items increased by 257.1 percent to approximately $1,791,000 as compared to approximately $502,000 in the three months ended September 30, 2021. This increase was attributable to increased demand for services at our New York location compared to the third quarter of 2021.

For the three months ended September 30, 2022 all other revenue from continuing operations increased by 165.8 percent to approximately $185,000 as compared to approximately $70,000 in the three months ended September 30, 2021. This decrease was attributable to an increase in non-aeronautical revenue generated at our New York location compared to the same period last year.

Total revenue from continuing operations increased by 326.4 percent to $ 5,744,342 for the nine months ended September 30, 2022 as compared with corresponding prior-year period revenue of $1,347,183.

For the nine months ended September 30, 2022, revenue from continuing operations associated with the sale of jet fuel, aviation gasoline and related items increased by 561.2 percent to approximately $1,395,000 as compared to approximately $211,000 in the nine months ended September 30, 2021. This increase was attributable to the higher volume of gallons and price of aviation gasoline sold at our New York location compared to the same period in 2021.

For the nine months ended September 30, 2022, revenue from continuing operations associated with services and supply items increased by 350.7 percent to approximately $4,115,000 as compared to approximately $913,000 in the nine months ended September 30, 2021. This increase was attributable to the increased demand for services at our New York location compared to the same period in 2021.

For the nine months ended September 30, 2022, all other revenue from continuing operations increased by 4.7 percent to approximately $233,000 as compared to approximately $223,000 in the nine months ended September 30, 2021. This increase was attributable to an increase in non-aeronautical revenue generated by our New York location compared to the same period in 2021.

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GROSS PROFIT

Total gross profit from continuing operations increased by 214.5 percent to $1,592,552 in the three months ended September 30, 2022 compared to $506,308 in the three months ended September 30, 2021. Gross profit was positively impacted by an increase in activity and much higher demand for tours at our New York location. Gross margin decreased to 61.2 percent in the three months ended September 30, 2022 as compared to 74.4 percent in the same period in the prior year. This decrease in gross margin is largely attributable to Cares Act tax credits recorded by the Company in the second quarter of 2021 period which were not available in 2022.

Total gross profit from continuing operations increased by 231.1 percent to $3,460,920 in the nine months ended September 30, 2022 as compared to $1,045,358 in the nine months ended September 30, 2021. Gross margin decreased to 60.2 percent in the nine months ended September 30, 2022 as compared to 77.6 percent in the same period in the prior year. The increase in gross profit and decrease in gross margin were a result of the items discussed above.

OPERATING EXPENSE

Selling, General and Administrative

Total selling, general and administrative expenses (“SG&A”) from continuing operations were approximately $1,077,000 in the three months ended September 30, 2022, representing an increase of approximately $870,000 or 421.8 percent, as compared to the same period in 2021. The increase in SG&A for the three months ended September 30, 2022 was primarily attributable to increased fees due under the Company’s Concession Agreement with the City of New York and management agreement with Empire Aviation. SG&A in the nine months ended September 30, 2022 were approximately $2,501,000, representing an increase of approximately $1,868,000 or 294.8 percent, as compared to the same period in 2021. The increase in SG&A operating expenses for the nine months ended September 30, 2022 were primarily attributable to increases in amounts due under agreement as described above for the three month period.

Corporate SG&A from continuing operations was approximately $109,000 for the three months ended September 30, 2022, representing an increase of approximately $105,000 as compared with the corresponding prior year period. Corporate SG&A was approximately $408,000 for the nine months ended September 30, 2022, representing an increase of approximately $60,000 as compared with the corresponding prior year period. The increase in the nine month periods on a year-over-year basis, were largely attributable to non-recurring miscellaneous expenses in the second quarter of 2022.

OPERATING INCOME

Operating income from continuing operations for the three months ended September 30, 2022 was $406,736 as compared to operating income of $195,039 in the three months ended September 30, 2021. Operating income from continuing operations for the nine months ended September 30, 2022 was $551,778 as compared to operating income of $63,919 in the nine months ended September 30, 2021. The increase in operating income for both periods was largely attributable to more activity and much higher demand for tours at our New York location.

Depreciation and Amortization

Depreciation and amortization were approximately $101,000 and $82,000 for the nine months ended September 30, 2022 and 2021, respectively. The increase in depreciation and amortization was largely attributable to depreciation related to our right of use assets.

Interest Expense

Interest expense for the nine months ended September 30, 2022 and September 30, 2021 was approximately $18,000 in both periods.

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Bad Debt Recovery

Bad Debt Recovery for the nine months ended September 30, 2022 was $125,000 as compared to $0 in the same period in 2021. The increase in bad debt recovery is attributable to collection of amounts previously deemed uncollectable in 2020.

Life Insurance Proceeds

As part of an employment agreement with the Company’s President, Chief Executive Officer, and Director, Ronald J. Ricciardi, the Company was required to provide Executive Life Insurance insuring the life of Mr. Ricciardi during the term of the agreement. The term policy was to be in the amount of $1 million, with one-half (1/2) of the proceeds thereof directed to such beneficiary or beneficiaries of Mr. Ricciardi may from time to time appoint, and one-half (1/2) of the proceeds directed to the Company. As discussed in Note 7 to the financial statements, Mr Ricciardi passed away on June 23, 2022. The Company recorded the life insurance receivable of $500,000 as Other Income during the period ending June 30, 2022. The Company received the payment of $500,000 in life insurance proceeds in the third quarter ending September 30, 2022.

Income Tax

Income tax expense for the nine months ended September 30, 2022 and 2021 was $240,000 and $8,364 respectively. The increase in income tax is attributable to higher net income in the nine months ended September 30, 2022 compared to the same period in 2021.

Net income Per Share

Net income was $903,992 and $508,576 for the nine months ended September 30, 2022 and 2021, respectively.

Basic net income per share for the nine months ended September 30, 2022 and 2021 was $0.93 and $0.49, respectively. Diluted net income per share for the nine months ended September 30, 2022 and 2021 was $0.91 and $0.49, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2022, we had cash and restricted cash of $4,714,669 and a working capital surplus of $5,040,762. We generated revenue from continuing operation of $5,744,342 and had net income of $903,992 for the nine months ended September 30, 2022. For the nine months ended September 30, 2022, cash flows included net cash provided by operating activities of $2,321,290, net cash used in investing activities of $9,680, and net cash used in financing activities of $43,847.

As disclosed in a Current Report on Form 8-K filed on March 21, 2018 with the Securities and Exchange Commission (the “SEC”), on March 15, 2018 the Company entered into a loan agreement (the “Loan Agreement”) with Key Bank National Association (the “Bank”). The Loan Agreement contains three components: (i) a $2,500,000 acquisition line of credit (the “Key Bank Acquisition Note”); (ii) a $1,000,000 revolving line of credit (the “Key Bank Revolver Note”); and (iii) a $338,481 term loan (the “Key Bank Term Note”). On October 11, 2018, and as subsequently amended, the Company entered into a new loan agreement with the Bank (as so amended, the “Change of Terms Agreement”) which modified the original terms of the Key Bank Acquisition Note. The Bank notified the Company of its decision to discontinue the Key Bank Acquisition Note, effective June 30, 2021. There were no amounts due under the Changes of Terms Agreement at September 30, 2022 or 2021.

The Key Bank Revolver Note, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. This revolving line of credit is a demand note with no stated maturity date. Borrowings under the Key Bank Revolver Note will bear interest at a rate per annum equal to Daily Simple SOFR plus 2.75%. The Company is required to make monthly payments of interest on any outstanding principal under the Key Bank Revolver Note and is required to pay the entire balance, including principal and all accrued and unpaid interest and fees, upon demand by the Bank. Any proceeds from the Key Bank Revolver Note would be secured by substantially all of the Company’s assets. There were no amounts due under the Key Bank Revolver Note or Key Bank Term Note at September 30, 2022 or 2021.

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On August 14, 2020, the Company was granted a loan from the Bank (the “Loan”) in the amount of $304,833, pursuant to the Paycheck Protection Program (PPP) under Division, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a note dated August 14, 2020, was to mature in August 2025 and bore interest at a rate of 1% per annum and was payable in monthly installments commencing on, or before, October 31, 2021 if not forgiven and legally released. At December 31, 2020, in accordance with FASB ASC 470, Debt, and ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recorded the cash inflow from the Loan as a liability, and cash flows from financing, pending legal release from the obligation by the U.S. Small Business Administration (“S.B.A.”). The Company used the Loan proceeds for eligible expenses during the covered period and the Loan was forgiven and legally released by the S.B.A. in full in the second quarter of 2021. The Company recorded the forgiveness of the Loan as a gain on extinguishment of debt – PPP Loan.

The Company is party to a Concession Agreement, dated as of November 1, 2008, with the City of New York for the operation of the Downtown Manhattan Heliport (the “Concession Agreement”). Pursuant to the terms of the Concession Agreement, the Company must pay the greater of 18% of the first $5,000,000 in any program year based on cash collected (“Gross Receipts”) and 25% of Gross Receipts in excess of $5,000,000, or minimum annual guaranteed payments.

As disclosed in a Current Report on Form 8-K filed with the SEC on February 5, 2016, the Company and the New York City Economic Development Corporation (the “NYCEDC”) announced new measures to reduce helicopter noise and impacts across New York City (the “Air Tour Agreement”). Under the Air Tour Agreement, the Company has not been allowed to permit its tenant operators to conduct tourist flights from the Downtown Manhattan Heliport on Sundays since April 1, 2016. The Company was also required to ensure that its tenant operators reduce the total allowable number of tourist flights from 2015 levels by 20 percent beginning June 1, 2016, by 40 percent beginning October 1, 2016 and by 50 percent beginning January 1, 2017. The Air Tour Agreement also provided for the minimum annual guarantee payments the Company is required to pay to the City of New York under the Concession Agreement be reduced by 50%, effective January 1, 2017. Additionally, since June 1, 2016, the Company has been required to provide monthly written reports to the NYCEDC and the New York City Council detailing the number of tourist flights conducted out of the Downtown Manhattan Heliport compared to 2015 levels, as well as information on any tour flight that flies over land and/or strays from agreed upon routes. The Air Tour Agreement also extended the Concession Agreement for 30 months, resulting in a new expiration date of April 30, 2021 and gave the City of New York two one-year options to extend the term of the Concession Agreement. The term of the Concession Agreement was subsequently extended by the City through April 30, 2023 by the City’s exercise of both one-year option renewals.

The reductions under the Air Tour Agreement have negatively impacted the Company’s business and financial results as well as those of its management company at the Heliport, Empire Aviation which, as previously disclosed, is owned by two children and a grandchild of a former officer and director of the Company. The Company incurred management fees with Empire Aviation of approximately $1,622,000 and $0 during the nine months ended September 30, 2022 and 2021, respectively. Empire Aviation has notified the Company that it believes additional fees are due under the management agreement with the New York Heliport for both 2021 and 2020. If the Company is unable to come to an agreement with Empire Aviation regarding amounts due under the agreement, the Company could incur additional expense as disclosed in the Company’s 2021 Annual Report on Form 10-K (Note 15. Contingent Liabilities).

During the program year that began on May 1, 2020, the City of New York agreed, in recognition of the pandemic’s impact, that the Company could defer payment of minimum guaranteed payments. In April 2021, the City of New York waived the deferred fees through December 31, 2020. In May 2021, the City of New York waived the deferred fees through April 30, 2021 which coincided with the original expiration of the Concession Agreement as amended by the Air Tour Agreement. The Company worked with the City of New York to address fees to be paid by the Company for the period May 1, 2021 through December 31, 2021. In March 2022, the City of New York agreed to accept 18% of monthly Gross Receipts in excess of $100,000 as Concession fees for this period. In April 2022, the Company agreed to resume paying the City of New York the total monthly amounts due under the Concession Agreement retro-active to January 2022 and to continue paying fees due under the Concession Agreement through the remainder of the Air Tour Agreement. During the nine months ended September 30, 2022 and 2021, we incurred approximately $1,089,000 and $104,000 in concession fees, respectively, which are recorded in the cost of revenue.

14

On April 20, 2018, the Company’s Kansas subsidiary entered into a purchase lease with Commerce Bank for a refueling truck (the “Truck Lease”). The Truck Lease commenced on May 1, 2018 and continues for 60 months with a monthly payment of $2,568 and an interest rate of 5.5%. At the end of the Truck Lease, the Company’s subsidiary may purchase the vehicle for $1.00. Subsequent to September 30, 2022, the refueling truck was sold in the sale of the Company’s Kansas subsidiary and the Truck Lease was paid in full. See Note 8.

On May 1, 2021, the Company’s Kansas subsidiary executed a promissory note for $76,000 with Avfuel Corporation (“Avfuel”) for the purchase of a Jet-A refueling truck (the “Truck Note”). The Truck Note requires six annual payments of $13,432.56 commencing April 30, 2022 with the entire balance of unpaid principal and interest due on, or before, April 30, 2028. Interest accrues at prime plus 3% on the outstanding principal amount. The Company is required to make prepayments against the Truck Note at the rate of $0.018 per gallon of fuel purchased under a fuel supply agreement between the Company and Avfuel. Subsequent to September 30, 2022, the Jet-A refueling truck was sold in the sale of the Company’s Kansas subsidiary and the Truck Note was paid in full. See Note 8.

During the nine months ended September 30, 2022, we had a net increase in cash of $2,267,763. Our sources and uses of funds during this period were as follows:

Cash from Operating Activities

For the nine months ended September 30, 2022, net cash provided by operating activities was $2,321,290. This amount included an increase in operating cash related to net income of $903,992 and additions for the following items: (i) depreciation and amortization, $101,181; (ii) stock based compensation, $34,497; (iii) inventories, 13,437; (iv) income tax receivable, $573,679; (v) prepaid expenses, $268,564; (vi) customer deposits, $124,079; (vii) accounts payable, $341,989; and (viii) accrued expenses, $25,582. These increases in operating activities were offset by an increase in accounts receivable, trade, of $65,710.

For the nine months ended September 30, 2021, net cash provided by operating activities was $444,389. This amount included an increase in operating cash related to net income of $508,576 and additions for the following items: (i) depreciation and amortization, $82,244; (ii) stock based compensation, $25,794; (iii) accounts receivable, trade, $5,679; (iv) deposits, $2,512; and (v) accounts payable, $90,787. These increases in operating activities were offset by a decrease in the following items: (i) inventories, $69,365, (ii) prepaid expenses and other current assets, $179,151; and (iii) accrued expenses, $22,687.

Cash from Investing Activities

For the nine months ended September 30, 2022, net cash of $9,680 used in investing activities for the purchase of property and equipment. For the nine months ended September 30, 2021, net cash of $78,044 was used in investing activities for the purchase of property and equipment.

Cash from Financing Activities

For the nine months ended September 30, 2022, net cash of $43,847 was used in financing activities for the following items: (i) payment of right of use leases, $34,041; and (ii) repayment of notes payable, $9,806. For the nine months ended September 30, 2021, net cash of $255,134 was used in financing activities for the following items: (i) extinguishment of debt, $304,833; (ii) payment of right of use leases, $20,781; and (iii) repayment of notes payable, $5,520. These decreases in financing activities were offset by issuance of notes payable of $76,000.

15

CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS

Statements contained in this report may contain information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, but not limited to, those relating to:

● the impact of the COVID-19 pandemic on our business and results of operations;

● 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 and/or other businesses, consistent with our business plan;

● existing or new competitors consolidating operators ahead of us; and

● 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 placed 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, 2021 and in other filings we make with the SEC. 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 SEC. We expressly disclaim any intent or obligation to update any forward-looking statements, except as may be required by law.

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 and Chief Executive Officer, have 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 management and our President and Chief Executive Officer, have concluded that our 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 and Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosure.

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.

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PART II – OTHER INFORMATION

Item 6 - Exhibits

Exhibit No.	Description of Exhibit
10.1+	FBO Transfer Agreement between FBO Air-Garden City Inc. and Crosby Flying Services, LLC dated September 27, 2022, incorporated by reference from exhibit 10.1 to the Company’s Current Report on Form 8-K filed October 3, 2022.
31.1*	Rule 13a-14(a)/15d-14(a) Certification of principal executive officer. *
31.2*	Rule 13a-14(a)/15d-14(a) Certification of principal financial officer. *
32.1*	Section 1350 Certification. *
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

+ Schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will furnish a copy of any omitted schedule or similar attachment to the Securities and   Exchange Commission upon request.

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SIGNATURES

Pursuant to the requirements 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.
	By:
Date: November 14, 2022		/s/ Samuel Goldstein
		Samuel Goldstein President, Chief Executive Officer, Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer

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EX-31.1

EXHIBIT 31.1

Certification of Chief Executive Officer

(principal executive officer)

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

I, Samuel Goldstein, 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 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) 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 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:           November 14, 2022

By:  /s/ Samuel Goldstein

Samuel Goldstein

Chief Executive Officer (principal executive officer)

EX-31.2

EXHIBIT 31.2

Certification of President

(principal financial officer)

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

I, Samuel Goldstein, 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 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) 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 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:         November 14, 2022

By:  /s/ Samuel Goldstein

Samuel Goldstein

President (principal financial officer)

EX-32.1

EXHIBIT 32.1

Section 1350 Certification

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (“Section 906”), Samuel Goldstein, the Chief Executive Officer (principal executive officer) and President (principal financial officer) of Saker Aviation Services, Inc., does hereby certify that:

1. The Quarterly Report on Form 10-Q for the nine months ended September 30, 2022 (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, as amended; 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:            November 14, 2022	By:	/s/ Samuel Goldstein
		Samuel Goldstein
		Chief Executive Officer (principal executive officer)
Date:           November 14, 2022	By:	/s/ Samuel Goldstein
		Samuel Goldstein
		President (principal 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.

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Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document Information [Line Items]
Entity Central Index Key	0001128281
Entity Registrant Name	Saker Aviation Services, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	000-52593
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	87-0617649
Entity Address, Address Line One	20 South Street, Pier 6 East River
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10004
City Area Code	212
Local Phone Number	776-4046
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		976,330

XML

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and restricted cash	$ 4,714,669	$ 2,446,906
Accounts receivable	371,119	305,409
Assets held for sale	1,175,706
Inventories	7,946	243,104
Income tax receivable	119,899	693,578
Prepaid expenses	237,154	505,718
Total current assets	6,626,493	4,194,715
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $3,022,745 and $3,005,828, respectively	37,525	269,261
OTHER ASSETS
Right of use assets	324,111	387,860
Goodwill		750,000
Total other assets	324,111	1,137,860
TOTAL ASSETS	6,988,129	5,601,836
CURRENT LIABILITIES
Accounts payable	554,210	212,221
Customer deposits	204,957	80,878
Accrued expenses	430,155	404,573
Note Payable – Current	57,240	9,315
Right of use leases payable – current portion	339,169	45,697
Total current liabilities	1,585,731	752,684
LONG-TERM LIABILITIES
Note Payable – Long Term		57,730
Right of use leases payable - less current portion		327,513
Total liabilities	1,585,731	1,137,927
STOCKHOLDERS’ EQUITY
Common stock - $0.03 par value; authorized 3,333,334; 976,330 and 975,074 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	29,290	29,252
Additional paid-in capital	19,775,296	19,740,837
Accumulated deficit	(14,402,188)	(15,306,180)
TOTAL STOCKHOLDERS’ EQUITY	5,402,398	4,463,909
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 6,988,129	$ 5,601,836

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accumulated Depreciation, Depletion and Amortization	$ 3,022,745	$ 3,005,828
Preferred stock, par value (in dollars per share)	$ 0.03	$ 0.03
Preferred stock, shares authorized (in shares)	333,306	333,306
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.03	$ 0.03
Common stock, shares authorized (in shares)	3,333,334	3,333,334
Common stock, shares issued (in shares)	976,330	975,074
Common stock, shares outstanding (in shares)	976,330	975,074

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE	$ 2,601,799	$ 680,278	$ 5,744,342	$ 1,347,183
COST OF REVENUE	1,009,247	173,970	2,283,422	301,825
GROSS PROFIT	1,592,552	506,308	3,460,920	1,045,358
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,185,816	311,269	2,909,142	981,439
OPERATING INCOME FROM CONTINUING OPERATIONS	406,736	195,039	551,778	63,919
OTHER INCOME
BAD DEBT RECOVERY			125,000
LIFE INSURANCE PROCEEDS			500,000
GAIN ON EXTINGUISHMENT OF DEBT				304,833
TOTAL OTHER INCOME	0	0	625,000	304,833
INCOME FROM CONTINUING OPERATIONS, before income taxes	406,736	195,039	1,176,778	368,752
INCOME TAX EXPENSE	141,000	3,938	240,000	8,364
INCOME FROM CONTINUING OPERATIONS	265,736	191,101	936,778	360,388
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of income taxes	(52,634)	5,977	(32,786)	148,188
NET INCOME	$ 213,102	$ 197,078	$ 903,992	$ 508,576
Basic Net Income Per Common Share (in dollars per share)	$ 0.22	$ 0.19	$ 0.93	$ 0.49
Diluted Net Income Per Common Share (in dollars per share)	$ 0.22	$ 0.19	$ 0.91	$ 0.49
Weighted Average Number of Common Shares – Basic (in shares)	976,330	1,028,863	975,953	1,028,863
Weighted Average Number of Common Shares - Diluted (in shares)	988,795	1,031,627	988,418	1,032,648

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Statement of Condensed Consolidated Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	1,028,863
Balance at Dec. 31, 2020	$ 30,866	$ 19,909,230	$ (16,032,364)	$ 3,907,732
Amortization of stock based compensation		8,598		8,598
Net income			(265,666)	(265,666)
Balance (in shares) at Mar. 31, 2021	1,028,863
Balance at Mar. 31, 2021	$ 30,866	19,917,828	(16,298,030)	3,650,664
Balance (in shares) at Dec. 31, 2020	1,028,863
Balance at Dec. 31, 2020	$ 30,866	19,909,230	(16,032,364)	3,907,732
Net income				508,576
Balance (in shares) at Sep. 30, 2021	1,028,863
Balance at Sep. 30, 2021	$ 30,866	19,935,024	(15,523,788)	4,442,102
Balance (in shares) at Mar. 31, 2021	1,028,863
Balance at Mar. 31, 2021	$ 30,866	19,917,828	(16,298,030)	3,650,664
Amortization of stock based compensation		8,598		8,598
Net income			577,164	577,164
Balance (in shares) at Jun. 30, 2021	1,028,863
Balance at Jun. 30, 2021	$ 30,866	19,926,426	(15,720,866)	4,236,426
Amortization of stock based compensation		8,598		8,598
Net income			197,078	197,078
Balance (in shares) at Sep. 30, 2021	1,028,863
Balance at Sep. 30, 2021	$ 30,866	19,935,024	(15,523,788)	4,442,102
Balance (in shares) at Dec. 31, 2021	975,074
Balance at Dec. 31, 2021	$ 29,252	19,740,837	(15,306,180)	4,463,909
Amortization of stock based compensation		11,499		11,499
Net income			(31,152)	(31,152)
Issuance of additional Common Stock in connection with cashless exercise of options (in shares)	1,256
Issuance of additional Common Stock in connection with cashless exercise of options	$ 38	(38)		0
Balance (in shares) at Mar. 31, 2022	976,330
Balance at Mar. 31, 2022	$ 29,290	19,752,298	(15,337,332)	4,444,256
Balance (in shares) at Dec. 31, 2021	975,074
Balance at Dec. 31, 2021	$ 29,252	19,740,837	(15,306,180)	4,463,909
Net income				903,992
Balance (in shares) at Sep. 30, 2022	976,330
Balance at Sep. 30, 2022	$ 29,290	19,775,296	(14,402,188)	5,402,398
Balance (in shares) at Mar. 31, 2022	976,330
Balance at Mar. 31, 2022	$ 29,290	19,752,298	(15,337,332)	4,444,256
Amortization of stock based compensation		11,499		11,499
Net income			722,042	722,042
Balance (in shares) at Jun. 30, 2022	976,330
Balance at Jun. 30, 2022	$ 29,290	19,763,797	(14,615,290)	5,177,797
Amortization of stock based compensation		11,499		11,499
Net income			213,102	213,102
Balance (in shares) at Sep. 30, 2022	976,330
Balance at Sep. 30, 2022	$ 29,290	$ 19,775,296	$ (14,402,188)	$ 5,402,398

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 903,992	$ 508,576
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	101,181	82,244
Stock based compensation	34,497	25,794
Changes in operating assets and liabilities:
Accounts receivable, trade	(65,710)	5,679
Inventories	13,437	(69,365)
Income tax receivable	573,679
Prepaid expenses	268,564	(179,151)
Customer deposits	124,079	2,512
Accounts payable	341,989	90,787
Accrued expenses	25,582	(22,687)
TOTAL ADJUSTMENTS	1,417,298	(64,187)
NET CASH PROVIDED BY OPERATING ACTIVITIES	2,321,290	444,389
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(9,680)	(78,044)
NET CASH USED IN INVESTING ACTIVITIES	(9,680)	(78,044)
CASH FLOWS FROM FINANCING ACTIVITIES
Extinguishment of debt		(304,833)
Issuance of notes payable		76,000
Payment of right of use leases payable	(34,041)	(20,781)
Repayment of notes payable	(9,806)	(5,520)
NET CASH USED IN FINANCING ACTIVITIES	(43,847)	(255,134)
NET CHANGE IN CASH AND RESTRICTED CASH	2,267,763	111,211
CASH AND RESTRICTED CASH – Beginning	2,446,906	1,899,082
CASH AND RESTRICTED CASH – Ending	4,714,669	2,010,293
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Reclassification of Inventory, Property and Equipment, net, Right of use assets and Goodwill to Assets held for .sale	1,175,706
Interest	17,965	18,478
Income taxes	$ 194,006	$ 8,364

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Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Basis of Accounting [Text Block]

NOTE 1 - Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The condensed consolidated balance sheet as of September 30, 2022 and the condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2022 and 2021 have been prepared by the Company without audit. In the opinion of the Company’s management, all necessary adjustments (consisting of normal recurring accruals) have been included to make the Company’s financial position as of September 30, 2022 and its results of operations, stockholders’ equity, and cash flows for the three and nine months ended September 30, 2022 not misleading. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for any full year or any other interim period.

The COVID-19 pandemic has impacted the global and United States economies. Federal, state, and local governments implemented certain travel restrictions, “stay-at-home” orders, and social distancing initiatives which negatively impacted our operations and those of our customers. As a result of the COVID-19 pandemic, on March 17, 2020 all sightseeing tour operations at the Downtown Manhattan Heliport ceased. On July 20, 2020, New York City started Phase 4 of the city’s reopening. Sightseeing tour operators at the heliport restarted operations under this phase.

For the period July 20, 2020 through March 31, 2022, sightseeing tour operators experienced much lower demand for tours as compared to pre-pandemic levels of activity. Beginning in April 2022, sightseeing tour operators have seen an increase in activity and a much higher demand for tours. There can be no assurance that this increased activity will continue as demand for sightseeing tours will depend on future developments in the COVID-19 pandemic, including the duration and spread and related travel advisories and restrictions and the impact on overall demand for air travel. The COVID-19 pandemic has had a less substantial impact on our operations at our Kansas FBO and MRO.

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Note 2 - Liquidity and Material Agreements

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Going Concern Disclosure [Text Block]

NOTE 2 – Liquidity and Material Agreements

As of September 30, 2022, we had cash and restricted cash of $4,714,669 and a working capital surplus of $5,040,762. We generated revenue from continuing operation of $5,744,342 and had net income of $903,992 for the nine months ended September 30, 2022. For the nine months ended September 30, 2022, cash flows included net cash provided by operating activities of $2,321,290, net cash used in investing activities of $9,680, and net cash used in financing activities of $43,847.

As disclosed in a Current Report on Form 8-K filed on March 21, 2018 with the Securities and Exchange Commission (the “SEC”), on March 15, 2018 the Company entered into a loan agreement (the “Loan Agreement”) with Key Bank National Association (the “Bank”). The Loan Agreement contains three components: (i) a $2,500,000 acquisition line of credit (the “Key Bank Acquisition Note”); (ii) a $1,000,000 revolving line of credit (the “Key Bank Revolver Note”); and (iii) a $338,481 term loan (the “Key Bank Term Note”). On October 11, 2018, and as subsequently amended, the Company entered into a new loan agreement with the Bank (as so amended, the “Change of Terms Agreement”) which modified the original terms of the Key Bank Acquisition Note. The Bank notified the Company of its decision to discontinue the Key Bank Acquisition Note, effective June 30, 2021. There were no amounts due under the Changes of Terms Agreement at September 30, 2022 or 2021.

The Key Bank Revolver Note, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. This revolving line of credit is a demand note with no stated maturity date. Borrowings under the Key Bank Revolver Note will bear interest at a rate per annum equal to Daily Simple SOFR plus 2.75%. The Company is required to make monthly payments of interest on any outstanding principal under the Key Bank Revolver Note and is required to pay the entire balance, including principal and all accrued and unpaid interest and fees, upon demand by the Bank. Any proceeds from the Key Bank Revolver Note would be secured by substantially all of the Company’s assets. There were no amounts due under the Key Bank Revolver Note or Key Bank Term Note at September 30, 2022 or 2021.

On August 14, 2020, the Company was granted a loan from the Bank (the “Loan”) in the amount of $304,833, pursuant to the Paycheck Protection Program (PPP) under Division, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a note dated August 14, 2020, was to mature in August 2025 and bore interest at a rate of 1% per annum and was payable in monthly installments commencing on, or before, October 31, 2021 if not forgiven and legally released. At December 31, 2020, in accordance with FASB ASC 470, Debt, and ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recorded the cash inflow from the Loan as a liability, and cash flows from financing, pending legal release from the obligation by the U.S. Small Business Administration (“S.B.A.”). The Company used the Loan proceeds for eligible expenses during the covered period and the Loan was forgiven and legally released by the S.B.A. in full in the second quarter of 2021. The Company recorded the forgiveness of the Loan as a gain on extinguishment of debt – PPP Loan.

The Company is party to a Concession Agreement, dated as of November 1, 2008, with the City of New York for the operation of the Downtown Manhattan Heliport (the “Concession Agreement”). Pursuant to the terms of the Concession Agreement, the Company must pay the greater of 18% of the first $5,000,000 in any program year based on cash collected (“Gross Receipts”) and 25% of Gross Receipts in excess of $5,000,000, or minimum annual guaranteed payments.

As disclosed in a Current Report on Form 8-K filed with the SEC on February 5, 2016, the Company and the New York City Economic Development Corporation (the “NYCEDC”) announced new measures to reduce helicopter noise and impacts across New York City (the “Air Tour Agreement”). Under the Air Tour Agreement, the Company has not been allowed to permit its tenant operators to conduct tourist flights from the Downtown Manhattan Heliport on Sundays since April 1, 2016. The Company was also required to ensure that its tenant operators reduce the total allowable number of tourist flights from 2015 levels by 20 percent beginning June 1, 2016, by 40 percent beginning October 1, 2016 and by 50 percent beginning January 1, 2017. The Air Tour Agreement also provided for the minimum annual guarantee payments the Company is required to pay to the City of New York under the Concession Agreement be reduced by 50%, effective January 1, 2017. Additionally, since June 1, 2016, the Company has been required to provide monthly written reports to the NYCEDC and the New York City Council detailing the number of tourist flights conducted out of the Downtown Manhattan Heliport compared to 2015 levels, as well as information on any tour flight that flies over land and/or strays from agreed upon routes. The Air Tour Agreement also extended the Concession Agreement for 30 months, resulting in a new expiration date of April 30, 2021 and gave the City of New York two one-year options to extend the term of the Concession Agreement. The term of the Concession Agreement was subsequently extended by the City through April 30, 2023 by the City’s exercise of both one-year option renewals.

The reductions under the Air Tour Agreement have negatively impacted the Company’s business and financial results as well as those of its management company at the Heliport, Empire Aviation which, as previously disclosed, is owned by two children and a grandchild of a former officer and director of the Company. The Company incurred management fees with Empire Aviation of approximately $1,622,000 and $0 during the nine months ended September 30, 2022 and 2021, respectively. Empire Aviation has notified the Company that it believes additional fees are due under the management agreement with the New York Heliport for both 2021 and 2020. If the Company is unable to come to an agreement with Empire Aviation regarding amounts due under the agreement, the Company could incur additional expense as disclosed in the Company’s 2021 Annual Report on Form 10-K (Note 15. Contingent Liabilities).

During the program year that began on May 1, 2020, the City of New York agreed, in recognition of the pandemic’s impact, that the Company could defer payment of minimum guaranteed payments. In April 2021, the City of New York waived the deferred fees through December 31, 2020. In May 2021, the City of New York waived the deferred fees through April 30, 2021 which coincided with the original expiration of the Concession Agreement as amended by the Air Tour Agreement. The Company worked with the City of New York to address fees to be paid by the Company for the period May 1, 2021 through December 31, 2021. In March 2022, the City of New York agreed to accept 18% of monthly Gross Receipts in excess of $100,000 as Concession fees for this period. In April 2022, the Company agreed to resume paying the City of New York the total monthly amounts due under the Concession Agreement retro-active to January 2022 and to continue paying fees due under the Concession Agreement through the remainder of the Air Tour Agreement. During the nine months ended September 30, 2022 and 2021, we incurred approximately $1,089,000 and $104,000 in concession fees, respectively, which are recorded in the cost of revenue.

On April 20, 2018, the Company’s Kansas subsidiary entered into a purchase lease with Commerce Bank for a refueling truck (the “Truck Lease”). The Truck Lease commenced on May 1, 2018 and continues for 60 months with a monthly payment of $2,568 and an interest rate of 5.5%. At the end of the Truck Lease, the Company’s subsidiary may purchase the vehicle for $1.00. Subsequent to September 30, 2022, the refueling truck was sold in the sale of the Company’s Kansas subsidiary and the Truck Lease was paid in full. See Note 8.

On May 1, 2021, the Company’s Kansas subsidiary executed a promissory note for $76,000 with Avfuel Corporation (“Avfuel”) for the purchase of a Jet-A refueling truck (the “Truck Note”). The Truck Note requires six annual payments of $13,432.56 commencing April 30, 2022 with the entire balance of unpaid principal and interest due on, or before, April 30, 2028. Interest accrues at prime plus 3% on the outstanding principal amount. The Company is required to make prepayments against the Truck Note at the rate of $0.018 per gallon of fuel purchased under a fuel supply agreement between the Company and Avfuel. Subsequent to September 30, 2022, the Jet-A refueling truck was sold in the sale of the Company’s Kansas subsidiary and the Truck Note was paid in full. See Note 8.

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Note 3 - Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

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, and its fixed base operation and aircraft maintenance and repair services at Garden City (Kansas) Regional Airport. All significant inter-company accounts and transactions have been eliminated in consolidation.

Cash and restricted cash

The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of federally insured limits. As part of its cash management process, the Company periodically reviews the relative credit standing of these financial institutions. Amounts included in restricted cash are a deposit required by the Concession Agreement with NYEDC and aggregated $425,000 at September 30, 2022 and 2021.

Net Income Per Common Share

Net income was $903,992 and $508,576 for the nine months ended September 30, 2022 and 2021, respectively. Net income was $213,102 and $197,078 for the three months ended September 30, 2022 and 2021, 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 loss 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 were 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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average common shares outstanding, basic		976,330		1,028,863		975,953		1,028,863
Common shares upon exercise of options and warrants		12,465		2,764		12,465		3,785
Weighted average common shares outstanding, diluted		988,795		1,031,627		988,418		1,032,648

Stock-Based Compensation

Stock-based compensation expense for all stock-based payment awards are based on the estimated 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 nine months ended September 30, 2022 and 2021, the Company incurred stock-based compensation of $34,497 and $25,794, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2022, the unamortized fair value of the options totaled $11,498.

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.

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Note 4 - Inventories

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4 – Inventories

Inventory consists primarily of aviation fuel, which the Company dispenses to its customers, and parts inventory for our MRO operation in Kansas. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft.

Inventories consist of the following:

	September 30, 2022		December 31, 2021
Parts inventory	$	---	$	102,763
Fuel inventory		7,946		115,364
Other inventory		---		24,977
Total inventory	$	7,946	$	243,104

Included in fuel inventory are amounts held for third parties of $1,929 and $28,042 as of September 30, 2022 and December 31, 2021, respectively, with an offsetting liability included as part of accrued expenses.

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Note 5 - Related Parties

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 5 – Related Parties

As described in more detail in Note 2, Liquidity and Material Agreements, the Company is party to a management agreement with Empire Aviation, an entity owned by the children and grandchild of the Company’s former Chief Executive Officer and a former member of our Company’s Board of Directors.

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Note 6 - Litigation

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

NOTE 6 – 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.

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Note 7 - Changes in Management

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Changes in Management [Text Block]

NOTE 7 – Changes in Management

On June 29, 2022, the Company filed a Form 8-K with the SEC announcing that the Company’s President, Chief Executive Officer, and Director, Ronald J. Ricciardi, had passed away on June 23, 2022. In a subsequent Form 8-K filed with the SEC on July 11, 2022, the Company announced that the Company’s Director, Samuel Goldstein, had been appointed to serve as President and Chief Executive Officer.

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Note 8 - Subsequent Events and Discontinued Operations

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 8 – Subsequent Events and Discontinued Operations

As disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC) on October 3, 2022, FBO Air-Garden City, Inc., (“GCK”) a wholly owned subsidiary of Saker Aviation Services, Inc. (the “Company”) entered into a FBO Transfer Agreement (the “Agreement”) with Crosby Flying Services, LLC (the “Buyer”) pursuant to which GCK agreed (i) to sell to the Buyer substantially all of its assets (the “Assets”) and none of its liabilities, and (ii) to a seven year non-competition covenant (the “Non-Compete”) whereby the Company, including its subsidiaries and affiliates, will not engage in any business involving the operation of a fixed based operation supplying aviation fuels and lubricants or the supply of other goods or provision of services typically supplied or performed at fixed base operations at airports at any facility located within one hundred (100) miles of the Garden City Regional Airport in Garden City, Kansas (the “Airport”), for $1.6 million.

As disclosed in a Current Report on Form 8-K filed with the SEC on November 2, 2022, on October 31, 2022 (the “Closing Date”), the Company closed on the sale of the Assets to the Buyer and became subject to the Non-Compete, for an aggregate purchase price of $1.5 million, after certain closing adjustments. The Buyer paid the purchase price on the Closing Date less $160,000 which is to be paid in cash upon the first anniversary of the Closing Date subject to GCK’s and the Company’s compliance with the Non-Compete, pursuant to the Agreement.

GCK results of operations have been reported as discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021. The assets sold by GCK have been re-classed to “Assets Held For Sale” in the Condensed Consolidated Balance Sheets as of September 30, 2022.

Assets held for sale are as follows:

	September 30, 2022
Inventory	$	221,722
Property and equipment, net		181,398
Right of Use Asset		22,586
Goodwill		750,000
Total assets held for sale	$	1,175,706

Components of discontinued operations are as follows:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2022			2021		2022			2021
Revenue	$	1,165,101		$	771,539	$	3,296,055		$	2,092,794
Cost of revenue		1,040,797			607,406		2,832,759			1,540,362
Gross profit		124,304			164,133		463,296			552,432
Operating expenses		170,748			151,634		478,117			385,766
Operating (loss) income from discontinued operations		(46,444	)		12,499		(14,821	)		166,666
Interest expense		6,190			6,522		17,965			18,478
Net (loss) gain from discontinued operations		(52,634	)		5,977		(32,786	)		148,188
Basic net (loss) income per common share		(0.05	)		0.01		(0.03	)		0.14
Weighted average number of shares outstanding, basic		976,330			1,028,863		975,953			1,028,863

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

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, and its fixed base operation and aircraft maintenance and repair services at Garden City (Kansas) Regional Airport. All significant inter-company accounts and transactions have been eliminated in consolidation.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and restricted cash

The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of federally insured limits. As part of its cash management process, the Company periodically reviews the relative credit standing of these financial institutions. Amounts included in restricted cash are a deposit required by the Concession Agreement with NYEDC and aggregated $425,000 at September 30, 2022 and 2021.

Earnings Per Share, Policy [Policy Text Block]

Net Income Per Common Share

Net income was $903,992 and $508,576 for the nine months ended September 30, 2022 and 2021, respectively. Net income was $213,102 and $197,078 for the three months ended September 30, 2022 and 2021, 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 loss 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 were 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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average common shares outstanding, basic		976,330		1,028,863		975,953		1,028,863
Common shares upon exercise of options and warrants		12,465		2,764		12,465		3,785
Weighted average common shares outstanding, diluted		988,795		1,031,627		988,418		1,032,648

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

Stock-based compensation expense for all stock-based payment awards are based on the estimated 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 nine months ended September 30, 2022 and 2021, the Company incurred stock-based compensation of $34,497 and $25,794, respectively. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2022, the unamortized fair value of the options totaled $11,498.

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.

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Note 3 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average common shares outstanding, basic		976,330		1,028,863		975,953		1,028,863
Common shares upon exercise of options and warrants		12,465		2,764		12,465		3,785
Weighted average common shares outstanding, diluted		988,795		1,031,627		988,418		1,032,648

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Note 4 - Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30, 2022		December 31, 2021
Parts inventory	$	---	$	102,763
Fuel inventory		7,946		115,364
Other inventory		---		24,977
Total inventory	$	7,946	$	243,104

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Note 8 - Subsequent Events and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Disclosure of Long-Lived Assets Held-for-sale [Table Text Block]

	September 30, 2022
Inventory	$	221,722
Property and equipment, net		181,398
Right of Use Asset		22,586
Goodwill		750,000
Total assets held for sale	$	1,175,706

Disposal Groups, Including Discontinued Operations [Table Text Block]

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2022			2021		2022			2021
Revenue	$	1,165,101		$	771,539	$	3,296,055		$	2,092,794
Cost of revenue		1,040,797			607,406		2,832,759			1,540,362
Gross profit		124,304			164,133		463,296			552,432
Operating expenses		170,748			151,634		478,117			385,766
Operating (loss) income from discontinued operations		(46,444	)		12,499		(14,821	)		166,666
Interest expense		6,190			6,522		17,965			18,478
Net (loss) gain from discontinued operations		(52,634	)		5,977		(32,786	)		148,188
Basic net (loss) income per common share		(0.05	)		0.01		(0.03	)		0.14
Weighted average number of shares outstanding, basic		976,330			1,028,863		975,953			1,028,863

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Note 2 - Liquidity and Material Agreements (Details Textual)						3 Months Ended						9 Months Ended		11 Months Ended	12 Months Ended
	May 01, 2021 USD ($)	Aug. 14, 2020 USD ($)	Apr. 20, 2018 USD ($)	Jan. 01, 2017	Nov. 01, 2008 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2015	Apr. 30, 2022 USD ($)	Mar. 15, 2018 USD ($)
Cash and Cash Equivalents, at Carrying Value, Total						$ 4,714,669						$ 4,714,669
Working Capital						5,040,762						5,040,762
Revenue from Contract with Customer, Including Assessed Tax						2,601,799			$ 680,278			5,744,342	$ 1,347,183
Net Income (Loss) Attributable to Parent, Total						213,102	$ 722,042	$ (31,152)	$ 197,078	$ 577,164	$ (265,666)	903,992	508,576
Net Cash Provided by (Used in) Operating Activities, Total												2,321,290	444,389
Net Cash Provided by (Used in) Investing Activities, Total												(9,680)	(78,044)
Net Cash Provided by (Used in) Financing Activities, Total												(43,847)	(255,134)
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights																20.00%
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights by Year One																40.00%
Environmental Remediation, Agreed Percentage of Reduction in Tenant Operated Tourist Flights by Year Two																50.00%
General and Administrative Expense, Total												1,622,000	0
Concession Fees												1,089,000	$ 104,000
Truck Lease [Member]
Lessee, Finance Lease, Term of Contract (Month)			60 months
Lessee, Finance Lease, Base Lease Payment			$ 2,568
Capital Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate			5.50%
Capital Lease, Lessee, Purchase Price of Capital Leased Asset			$ 1.00
Concession Agreement [Member]
Percentage Payable Greater than Gross Receipts During Period					18.00%									18.00%
Amount of Gross Receipts During Period					$ 5,000,000									$ 100,000
Percentage Payable Greater than Gross Receipts in Year One					25.00%
Minimum Annual Guarantee Percent				50.00%
Line of Credit Facility, Payment Term (Month)																30 months
Line of Credit Facility, Number of Options to Extend Agreement																2
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total		$ 304,833
Truck Note [Member]
Debt Instrument, Face Amount	$ 76,000
Debt Instrument, Number of Annual Payments	6
Debt Instrument, Periodic Payment, Interest	$ 13,432.56
Debt Instrument Interest Rate, Per Gallon																	$ 0.018
Prime Rate [Member] | Truck Note [Member]
Debt Instrument, Basis Spread on Variable Rate	3.00%
Key Bank National Association [Member] | Term Loan [Member]
Debt Instrument, Face Amount																		$ 338,481
Long-Term Debt, Current Maturities, Total						$ 0						0
Acquisition Line of Credit [Member] | Key Bank National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity																		2,500,000
Working Capital Line of Credit [Member] | Key Bank National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity																		$ 1,000,000
Debt Instrument, Periodic Payment, Total												$ 0
Working Capital Line of Credit [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate															2.75%

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Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Income (Loss) Attributable to Parent, Total	$ 213,102	$ 722,042	$ (31,152)	$ 197,078	$ 577,164	$ (265,666)	$ 903,992	$ 508,576
Share-Based Payment Arrangement, Expense							34,497	25,794
Shares Based Compensation, Stock Options Unamortized Fair Value							11,498
Concession Agreement with NYEDC, Required Deposit [Member]
Restricted Cash and Cash Equivalents, Current, Total	$ 425,000			$ 425,000			$ 425,000	$ 425,000

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Note 3 - Summary of Significant Accounting Policies - Computation of Basic Net Income Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average common shares outstanding, basic (in shares)	976,330	1,028,863	975,953	1,028,863
Common shares upon exercise of options and warrants (in shares)	12,465	2,764	12,465	3,785
Weighted average common shares outstanding, diluted (in shares)	988,795	1,031,627	988,418	1,032,648

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Note 4 - Inventories (Details Textual) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fuel [Member]
Inventory Third Party	$ 1,929	$ 28,042

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Note 4 - Inventories - Summary of Inventory (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Inventories	$ 7,946	$ 243,104
Parts [Member]
Inventories		102,763
Fuel [Member]
Inventories	$ 7,946	115,364
Other Inventory [Member]
Inventories		$ 24,977

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Note 8 - Subsequent Events and Discontinued Operations (Details Textual) - Subsequent Event [Member] - GCK [Member] - USD ($)	Oct. 03, 2023	Oct. 03, 2022
Disposal Group, Including Discontinued Operation, Consideration		$ 1.6
Net Cash Provided by (Used in) Discontinued Operations, Total		$ 1.5
Forecast [Member]
Proceeds from Divestiture of Businesses and Interests in Affiliates, Total	$ 160,000

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Note 8 - Subsequent Events and Discontinued Operations - Disclosure of Assets Held for Sale (Details) - GCK [Member]	Sep. 30, 2022 USD ($)
Inventory	$ 221,722
Property and equipment, net	181,398
Right of Use Asset	22,586
Goodwill	750,000
Total assets held for sale	$ 1,175,706

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Note 8 - Subsequent Events and Discontinued Operations - Components of Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of income taxes	$ (52,634)	$ 5,977	$ (32,786)	$ 148,188
GCK [Member]
Revenue	1,165,101	771,539	3,296,055	2,092,794
Cost of revenue	1,040,797	607,406	2,832,759	1,540,362
Gross profit	124,304	164,133	463,296	552,432
Operating expenses	170,748	151,634	478,117	385,766
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of income taxes	(46,444)	12,499	(14,821)	166,666
Interest expense	6,190	6,522	17,965	18,478
Net (loss) gain from discontinued operations	(52,634)	5,977	(32,786)	148,188
Basic net (loss) income per common share	(0.05)	0.01	(0.03)	0.14
Weighted average number of shares outstanding, basic	$ 976,330	$ 1,028,863	$ 975,953	$ 1,028,863