# EDGAR Filing Document

**Accession Number:** 0001128281
**File Stem:** 0001437749-26-017366
**Filing Date:** 2026-5
**Character Count:** 52474
**Document Hash:** 3085316041dcdd324c7895130962c939
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-017366.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001437749-26-017366

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saker Aviation Services, Inc.
- **CENTRAL INDEX KEY:** 0001128281
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRPORTS, FLYING FIELDS & AIRPORT TERMINAL SERVICES [4581]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 870617649
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52593
- **FILM NUMBER:** 26986700

**BUSINESS ADDRESS:**
- **STREET 1:** 885 2ND AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-909-9500

**MAIL ADDRESS:**
- **STREET 1:** 885 2ND AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FirstFlight, Inc.
- **DATE OF NAME CHANGE:** 20070104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FBO AIR, INC.
- **DATE OF NAME CHANGE:** 20040929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHADOWS BEND DEVELOPMENT INC
- **DATE OF NAME CHANGE:** 20010220

?xml version='1.0' encoding='ASCII'? skas20260331_10q.htm

**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 <u>March 31, 2026</u>

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: <u>000-52593</u>

## SAKER AVIATION SERVICES, INC.
(Exact Name of Registrant as Specified in Its Charter)

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| | |
|:---|:---|
| <u>Nevada</u> | <u>87-0617649</u> |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
| <u>885 2nd Avenue</u><u>, New York, NY</u> | <u>10017</u> |
| (Address of principal executive offices) | (Zip Code) |

---

(212) 909-9500

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(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 ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth 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 ☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No ☒

As of May 15, 2026, the registrant had 1,010,514 shares of its common stock, $0.03 par value, issued and outstanding.

i

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**SAKER AVIATION SERVICES, INC. AND SUBSIDIARY**

**Form 10-Q**

**March 31, 2026**

**Index**

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| | |
|:---|:---|
|  | **Page** |
| **PART I - FINANCIAL INFORMATION** |  |
| ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |  |
| Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 | 1 |
| Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited) | 2 |
| Statements of Stockholders' Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited) | 3 |
| Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited) | 4 |
| Notes to Financial Statements (unaudited) | 5 |
| ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 8 |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 11 |
| ITEM 4. CONTROLS AND PROCEDURES | 12 |
| **PART II - OTHER INFORMATION** |  |
| ITEM 1. LEGAL PROCEEDINGS | 13 |
| ITEM 1-A. RISK FACTORS | 13 |
| ITEM 6. EXHIBITS | 13 |
| SIGNATURES | 14 |

---

ii

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SAKER AVIATION SERVICES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | March 31,<br> 2026 | December 31,<br> 2025 |
| <u>**ASSETS**</u> |  |  |
| <u>CURRENT ASSETS</u> |  |  |
| Cash and cash equivalents | $4539940 | $4631666 |
| Investments | 3723657 | 3688909 |
| Accounts receivable | 10000 | 0 |
| Prepaid expenses | 684972 | 734951 |
| Total current assets | 8958569 | 9055526 |
| TOTAL ASSETS | $8958569 | $9055526 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| <u>CURRENT LIABILITIES</u> |  |  |
| Accounts payable | $179188 | $187006 |
| Deferred liability | 84615 | 130769 |
| Accrued expenses | 185082 | 10506 |
| Total current liabilities | 448885 | 328281 |
| TOTAL LIABILITIES | 448885 | 328281 |
| <u>STOCKHOLDERS</u><u>'</u> <u>EQUITY</u> |  |  |
| Preferred stock - $0.03 par value; authorized 333,306; none issued and outstanding at March 31, 2026 and December 31, 2025 |  |  |
| Common stock - $0.03 par value; authorized 3,333,334; 1,010,514 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 30316 | 30316 |
| Additional paid-in capital | 20150876 | 20145210 |
| Accumulated deficit | (11671508) | (11448281) |
| TOTAL STOCKHOLDERS' EQUITY | 8509684 | 8727245 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $8958569 | $9055526 |

---

*See accompanying notes to consolidated financial statements.*

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| |
|:---|
| SAKER AVIATION SERVICES, INC. AND SUBSIDIARY |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |

---

---

| | | |
|:---|:---|:---|
|  | For the Three Months Ended<br> March 31, | For the Three Months Ended<br> March 31, |
|  | 2026 | 2025 |
| <u>REVENUE</u> | $15000 | $1260756 |
| <u>COST OF REVENUE</u> | 21875 | 749396 |
| <u>GROSS (LOSS) PROFIT</u> | (6875) | 511360 |
| <u>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</u> | 296449 | 1007464 |
| <u>OPERATING LOSS</u> | (303324) | (496104) |
| <u>OTHER INCOME (EXPENSE):</u> |  |  |
| WRITE-OFF OF RELINQUISHED ASSETS, NET OF DEPRECIATION | 0 | (104339) |
| INTEREST INCOME | 79303 | 78671 |
| REALIZED GAIN ON INVESTMENTS | 794 | 7007 |
| TOTAL OTHER INCOME (EXPENSE) | 80097 | (18661) |
| LOSS FROM OPERATIONS | (223227) | (514765) |
| INCOME TAX EXPENSE | 0 | 0 |
| NET LOSS | $(223227) | $(514765) |
| Basic Net Loss Per Common Share | $(0.22) | $(0.52) |
| Diluted Net Loss Per Common Share | $(0.22) | $(0.51) |
| Weighted Average Number of Common Shares – Basic | 1010514 | 995939 |
| Weighted Average Number of Common Shares – Diluted | 1014449 | 1012936 |

---

*See accompanying notes to consolidated financial statements.*

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| |
|:---|
| SAKER AVIATION SERVICES, INC. AND SUBSIDIARY |
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY<br> FOR THREE MONTHS ENDED MARCH 31, 2026 AND 2025 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Additional |  | Total |
|  | Common Stock | Common Stock | Paid-in | Accumulated | Stockholders' |
|  | Shares | Amount | Capital | Deficit | Equity |
| <u>BALANCE</u> – January 1, 2025 | 995939 | $29878 | $20004209 | $(10358291) | $9675796 |
| Amortization of stock-based compensation |  |  | 27097 |  | 27097 |
| Net loss |  |  |  | (514765) | (514765) |
| <u>BALANCE</u> – March 31, 2025 | 985939 | $29878 | $20004209 | $(10358291) | $9188128 |
| <u>BALANCE</u> – January 1, 2026 | 1010514 | $30316 | $20145210 | $(11448281) | $8727245 |
| Amortization of stock-based compensation |  |  | 5666 |  | 5666 |
| Net loss |  |  |  | (223227) | (223227) |
| <u>BALANCE</u> – March 31, 2026 | 1010514 | $30316 | $20150876 | $(11671508) | $8509684 |

---

*See accompanying notes to consolidated financial statements.*

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| |
|:---|
| SAKER AVIATION SERVICES, INC. AND SUBSIDIARY |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |

---

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| | | |
|:---|:---|:---|
|  | For the Three Months Ended<br> March 31, | For the Three Months Ended<br> March 31, |
|  | 2026 | 2025 |
| <u>CASH FLOWS FROM OPERATING ACTIVITIES</u> |  |  |
| Net loss | $(223227) | $(514765) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 0 | 3879 |
| Stock based compensation | 5666 | 27097 |
| Write-off of relinquished assets, net of depreciation | 0 | 104339 |
| Realized gain on investments | (794) | (7007) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (10000) | 128422 |
| Inventories | 0 | 6647 |
| Prepaid expenses | 49979 | 519194 |
| Deferred liabilities | (46154) | 276923 |
| Customer deposits | 0 | 2852 |
| Accounts payable | (7818) | 105644 |
| Accrued expenses | 174576 | (618436) |
| TOTAL ADJUSTMENTS | 165455 | 549554 |
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (57772) | 34789 |
| <u>CASH FLOWS FROM INVESTING ACTIVITIES</u> |  |  |
| Purchase of investments | (1054954) | (732598) |
| Proceeds from sale of investments | 1021000 | 709000 |
| Purchase of property and equipment | 0 | (6145) |
| NET CASH USED IN INVESTING ACTIVITIES | (33954) | (29743) |
| NET CHANGE IN CASH | (91726) | 5046 |
| <u>CASH</u> – Beginning | 4631666 | 5298722 |
| <u>CASH</u> – Ending | $4539940 | $5303768 |
| <u>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</u> |  |  |
| Cash paid during the periods for income taxes | $0 | $196143 |

---

*See accompanying notes to consolidated financial statements.*

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**SAKER AVIATION SERVICES, INC. AND SUBSIDIARY**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

NOTE 1 - <u>Nature of Operations</u>

The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the "Company") and its subsidiary 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, 2025.

The condensed consolidated balance sheet as of March 31, 2026 and the condensed consolidated statements of operations and cash flows for the three months ended March 31, 2026 and 2025 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 March 31, 2026 and its results of operations, stockholders' equity, and cash flows for the three months ended March 31, 2026 not misleading. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for any full year or any other interim period.

NOTE 2 – <u>Liquidity and Material Agreements</u> 

As of March 31, 2026, we had cash and cash equivalents of $4,539,940 and a working capital surplus of $8,509,684. For the three months ended March 31, 2026, we generated revenue from operations of $15,000 and had a net loss of $223,227. For the three months ended March 31, 2026, cash flows included net cash used in operating activities of $57,772, which included net loss of $223,227, and net cash used in investing activities of $33,954.

On March 15, 2018, the Company entered into a loan agreement for a $1,000,000 revolving line of credit (the "Key Bank Revolver Note") which, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. On November 22, 2023, the Bank reduced the amount available under the Key Bank Revolver Note to $500,000. 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 at March 31, 2026 or 2025.

The Company has invested its excess working capital reserves in a high yield savings account and government backed securities with UBS Financial Services Inc. ("UBS").

On February 10, 2025, the Company entered into a Covenant Not To Compete agreement (the "Covenant Agreement") with Brian Tolbert, the manager of the Downtown Manhattan Heliport (the "Receiving Party"). The Covenant Agreement provides for payments beginning in April 2025 totaling $276,923 over the next 18 months, provided the Receiving Party does not disclose any confidential information to, or accept employment with, the new operator of the Heliport or any of its subsidiaries. The Company has recorded the liability and expense in the Company's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operation as of March 31, 2026.

The Company was 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 was required to 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.

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On July 13, 2023, the New York City Department of Small Business Services ("DSBS") was granted approval by the Franchise and Concession Review Committee to enter into an Interim Concession Agreement (the "Interim Agreement") with the Company to provide for the continued operation of the Downtown Manhattan Heliport. The Interim Agreement became effective upon registration with the Comptroller of the City of New York and commenced on December 12, 2023, the date set forth in a written notice to proceed received by the Company. The Interim Agreement provided for one (1) six-month term (the "Initial Period"), with two (2) six-month options to renew (the "Renewal Periods"). The Company was required to pay the greater of $1,036,811 or 30% of Gross Receipts during the Initial Term and the greater of $518,406 or 30% of Gross Receipts during both Renewal Periods.

On April 30, 2024, the Company received notice from DSBS of its exercise of the first of the two six-month renewal options extending the term of the Interim Concession Agreement through December 12, 2024. On October 18, 2024, the Company received notice from DSBS of its exercise of the second of the two six-month renewal options extending the term of the Interim Concession Agreement through June 12, 2025. During the three months ended March 31, 2026 and 2025, we incurred $0 and approximately $412,000 in fees under the Interim Agreement, respectively.

On November 13, 2023, the DBS and NYCEDC released the new Request for Proposals ("RFP"). The Company submitted a timely proposal in compliance with the terms of the RFP.

The Company was notified by the NYCEDC on November 20, 2024 that they intended to award the concession agreement for the operation of the Downtown Manhattan Heliport to another company. On March 4, 2025, the Company was notified by NYCEDC that NYCEDC would be terminating the Concession Agreement effective March 29, 2025. Pursuant to the termination, the Company vacated and ceased use of the Heliport on March 29, 2025.

On March 31, 2025, the Company filed a petition with the Supreme Court of the State of New York County of New York requesting among other things, an order directing the City of New York to produce non-privileged documentation related to its decision to award the Concession Agreement to Skyport, which the Company has already requested, and a judgement annulling the award of the Concession Agreement to Skyport and directing the city to award the Concession Agreement to another company. The petition alleges a number of misrepresentations made by Skyport to the city which the Company believes helped Skyport secure the Concession Agreement. Please see Note 4. Litigation for additional information.

NOTE 3 - <u>Summary of Significant Accounting Policies</u>

<u>Principles of Consolidation</u>

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, FirstFlight Heliports, LLC. All significant inter-company accounts and transactions have been eliminated in consolidation.

<u>Cash and cash equivalents</u>

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.

<u>Net Loss Per Common Share</u>

Net loss was $223,227and $514,765 for the three months ended March 31, 2026 and 2025, respectively. Basic net loss 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.

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

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| | | |
|:---|:---|:---|
|  | For the Three Months Ended<br> March 31, | For the Three Months Ended<br> March 31, |
|  | 2026 | 2025 |
| Weighted average common shares outstanding, basic | 1010514 | 995939 |
| Common shares upon exercise of options | 3935 | 16997 |
| Weighted average common shares outstanding, diluted | 1014449 | 1012936 |

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<u>Stock-Based Compensation</u>

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 three months ended March 31, 2026 and 2025, the Company incurred stock-based compensation of $5,666 and $27,097, 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 March 31, 2026, the unamortized fair value of the options totaled $15,110 and the weighted average remaining amortization period of the options ranging from one to five years.

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.

NOTE 4 – <u>Litigation</u>

On November 20, 2024 the Company was notified by the NYCEDC that NYCEDC intends to award the Concession Agreement for the operation of the Downtown Manhattan Heliport to another company ("Skyport"). On March 31, 2025, the Company filed a petition with the Supreme Court of the State of New York County of New York requesting among other things, an order directing the City of New York to produce non-privileged documentation related to its decision to award the Concession Agreement to Skyport, which the Company has already requested, and a judgement annulling the award of the Concession Agreement to Skyport and directing the city to award the Concession Agreement to another company. The petition alleges a number of misrepresentations made by Skyport to the city which the Company believes helped Skyport secure the Concession Agreement. As of March 31, 2026, this litigation is still ongoing. The Company can make no assurance that we will be successful in the annulment of the Concession Agreement to Skyport.

NOTE 5 – I<u>nvestments</u>

Accounting principles generally accepted in the United States of America establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 – Inputs to the valuation methodology include:

● quoted prices for similar assets or liabilities in active markets;

● quoted prices for identical or similar assets or liabilities in inactive markets;

● inputs other than quoted prices that are observable for the asset or liability;

● inputs that are derived principally from or corroborated by observable market data by correlation or by other means.

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Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value measurements and levels within the fair value hierarchy of these measurements for the assets reported at fair value on a recurring basis at March 31, 2026 and December 31, 2025 are U.S. Treasury Notes and Bills in the amount of $3,723,657 and $3,688,909, respectively, within level 2. There have been no changes in valuation approaches or techniques and related inputs.

The Company's policy is to recognize transfers of investments into or out of Level 3 as of the date of the event or change in circumstances that caused the transfer. For the three months ended March 31, 2026 and twelve months ended December 31, 2025, there were no transfers of investments into or out of Level 3. There are no assets requiring the use of Level 3 inputs for the three months ended March 31, 2026 and twelve months ended December 31, 2025.

NOTE 6 – <u>Related Parties</u>

The law firm of Wachtel & Missry, LLP provides certain legal services to the Company and its subsidiaries from time to time. William B. Wachtel, Chairman of the Company's Board of Directors, is a managing partner of this firm. During the three months ended March 31, 2026 and 2025, the Company was billed $0 and $2,475, respectively, for legal services by Wachtel & Missry, LLP.

NOTE 7 – <u>Subsequent Events</u>

The Company has evaluated events and transactions subsequent to March 31, 2026, the balance sheet date, for items that should be potentially recognized or disclosed in these consolidated financial statements. The company determined that there were no material subsequent events. The evaluation was conducted through the date these consolidated financial statements were issued.

**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, 2025.

The terms "we", "us", and "our" are used below to refer collectively to the Company and its subsidiary through which our businesses are conducted.

**Overview**

Saker Aviation Services, Inc. ("we," "us," "our" or the "Company") 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". We previously served as the operator of a heliport and currently provide strategic financial advisory services to clients.

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.

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As discussed throughout this document, we previously were the operator of the Downtown Manhattan (New York) Heliport until March 29, 2025. Our business activities at the Downtown Manhattan (New York) Heliport facility (the "Downtown Manhattan Heliport") commenced in November 2008 when we were awarded the Concession Agreement by the City of New York to operate the Downtown Manhattan Heliport, which we assigned to our subsidiary, FirstFlight Heliports, LLC d/b/a Saker Aviation Services. As described in greater detail below, we no longer operate the Downtown Manhattan Heliport.

Beginning in December 2025, we commenced providing strategic financial advisory services to clients.

REVENUE AND OPERATING RESULTS

*Comparison of Operations for the Three Months Ended March 31, 2026 and March 31, 2025.*

*REVENUE*

For the three months ended March 31, 2026, revenue from operations associated with providing financial advisory services was $15,000. For the three months ended March 31, 2025, revenue from operations at the Downtown Manhattan Heliport was $1,260,756, consisting of approximately $297,000 from the sale of jet fuel, approximately $937,000 associated with services and supply items, and $27,000 relating to all other revenue. The change in a year-over-year basis is due to the Company ceasing operations at the Downtown Manhattan Heliport on March 29, 2025.

*COST OF REVENUE*

For the three months ended March 31, 2026, cost of revenue from providing financial advisory services was $21,875. For the three months ended March 31, 2025, cost of revenue from operating the Downtown Manhattan Heliport was $749,396. The change in a year-over-year basis is due to the Company ceasing operations at the Downtown Manhattan Heliport on March 29, 2025.

*GROSS PROFIT*

Total gross profit from operations decreased by 101.3 percent in the three months ended March 31, 2026 as compared with the three months ended March 31, 2025. For the three months ended March 31, 2026, the Company had a net loss from operations of $(6,875) compared to a gross profit of $511,360 for the three months ended March 31, 2025. Gross margin was (45.8) percent in the three months ended March 31, 2026 as compared to 40.6 percent in the same period in the prior year. The change in a year-over-year basis is due to the Company ceasing operating the Downtown Manhattan Heliport on March 29, 2025.

*OPERATING EXPENSE*

<u>Selling, General and Administrative</u> 

Total selling, general and administrative expenses, ("SG&A"), from operations were $296,449 in the three months ended March 31, 2026, representing a decrease of $711,015 or 70.6 percent, as compared to the same period in 2025.

SG&A expenses associated with our operations were approximately $220,000 in the three months ended March 31, 2026, representing a decrease of approximately $633,000, or 74.2 percent, as compared to the three months ended March 31, 2025. SG&A associated with our operations, as a percentage of revenue, was 1,467 percent for the three months ended March 31, 2026, as compared with 67.7 percent in the corresponding prior year period. The decrease in SG&A on a year-over-year basis is primarily attributable to a one-time charge in the first quarter of 2025 to record deferred compensation expense relating to a Covenant to Compete Agreement as well as decreased professional fees in 2026 relating to the Company's ongoing challenge, and pending litigation, of the NYCEDC selection of the heliport's new operator.

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Corporate SG&A from operations was approximately $76,000 for the three months ended March 31, 2026, representing a decrease of approximately $78,000 as compared with the corresponding prior year period. The decrease in corporate expenses was primarily attributable to a decrease in services provided by various service providers.

*OPERATING LOSS* 

Operating loss from operations for the three months ended March 31, 2026 was $303,324 as compared to $496,104 in the three months ended March 31, 2025. The change on a year-over-year basis was largely attributable to the items discussed above.

<u>Interest Income</u>

Interest income for the three months ended March 31, 2026 and 2025 was $79,303 and $78,671, respectively.

<u>Income Tax</u>

Income tax expense for the three months ended March 31, 2026 and 2025 was $0.

<u>Net Loss Per Share</u>

Net loss was $223,227 and $514,765 for the three months ended March 31, 2026 and 2025, respectively. The change on a year-over-year basis was largely attributed to the items discussed above.

Basic net loss per share for the three months ended March 31, 2026 and 2025 was $0.22 and $0.52, respectively. Diluted net loss per share for the three months ended March 31, 2026 and 2025 was $0.22 and $0.51, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2026, we had cash and cash equivalents of $4,539,940 and a working capital surplus of $8,509,684. In the three months ended March 31, 2026, we generated revenue from operations of $15,000 and had a net loss of $223,227**.** For the three months ended March 31, 2026, cash flows included net cash used in operating activities of $57,772, which included net loss of $223,227, and net cash used in investing activities of $33,954.

On March 15, 2018, the Company entered into a loan agreement for a $1,000,000 revolving line of credit (the "Key Bank Revolver Note") which, at the discretion of the Bank, provides for the Company to borrow up to $1,000,000 for working capital and general corporate purposes. On November 22, 2023, the Bank reduced the amount available under the Key Bank Revolver Note to $500,000. 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 at March 31, 2026 or 2025.

The Company has invested its excess working capital reserves in a high yield savings account and government backed securities with UBS Financial Services Inc. ("UBS").

On February 10, 2025, the Company entered into a Covenant Not To Compete agreement (the "Covenant Agreement") with Brian Tolbert, the manager of the Downtown Manhattan Heliport (the "Receiving Party"). The Covenant Agreement provides for payments beginning in April 2025 totaling $276,923 over the next 18 months, provided the Receiving Party does not disclose any confidential information to, or accept employment with, the new operator of the Heliport or any of its subsidiaries. The Company has recorded the liability and expense in the Company's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operation as of March 31, 2026.

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During the three months ended March 31, 2026, we had a net decrease in cash of $91,726. Our sources and uses of funds during this period were as follows:

**Cash from Operating Activities**

For the three months ended March 31, 2026, net cash used in operating activities was $57,772. This amount included a decrease in operating cash related to net loss of $223,227 and additions for the following items: (i) stock-based compensation, $5,666; (ii) prepaid expenses, $49,979; and (iii) accrued expenses, $174,576. These increases in operating activities were offset by (i) realized gain on investments of $794; (ii) accounts receivable, $10,000; (iii) deferred liabilities, $46,154; and (iv) accounts payable, $7,818.

For the three months ended March 31, 2025, net cash provided by operating activities was $34,789. This amount included an increase in operating cash related to net loss of $514,765 and additions for the following items: (i) depreciation and amortization, $3,879; (ii) stock-based compensation, $27,097; (iii) write-off of relinquished assets, net of depreciation, $104,339; (iv) accounts receivable, $128,422; (v) inventory, $6,647; (vi) prepaid expenses, $519,194; (vii) deferred liabilities, $276,923; (viii) customer deposits, $2,852; and (ix) accounts payable, $105,644. These increases in operating activities were offset by a decrease in accrued expenses of $618,436 and realized gain on investments of $7,007.

**Cash Used in Investing Activities**

For the three months ended March 31, 2026, net cash used in investing activities was $33,954. This amount included purchases of investments of $1,054,954 offset by the sale of investments of $1,021,000.

For the three months ended March 31, 2025, net cash used in investing activities was $29,743. This amount included purchases of investments of $732,598 and the purchase of property and equipment of $6,145, offset by the sale of investments of $709,000.

**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 "approximately," "believes," could," "estimated," "expects," "may," "should," "will," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, are described in greater detail in our Annual Report on Form 10-K for the year ended December 31, 2025.

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. 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.

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**Item 4** – **Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. All internal control systems, no matter how well designed and tested, have inherent limitations, including, among other things, the possibility of human error, circumvention or disregard. Therefore, even those systems of internal control that have been determined to be effective can provide only reasonable assurance that the objectives of the control system are met and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision, and with the participation of management, including our Chief Executive Officer (principal executive officer) and President (principal financial officer), we conducted an assessment of the effectiveness of our internal control over financial reporting based on the framework in *Internal Control* — *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management's assessment of the effectiveness of the Company's internal control over financial reporting as of March 31, 2026 concluded that it was not effective at the reasonable assurance level due to a material weakness.

This material weakness relates to the Company's governance and staffing structure, including the absence of an audit committee and limited segregation of duties due to limited personnel. These conditions could adversely affect the Company's ability to prevent or detect material misstatements to the financial statements on a timely basis.

No material misstatements were identified in the financial statements as a result of this condition.

The Company is implementing remediation measures, including enhancing oversight and establishing an audit committee.

**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-1** – **Legal Proceedings** 

On November 20, 2024 the Company was notified by the NYCEDC that NYCEDC intends to award the Concession Agreement for the operation of the Downtown Manhattan Heliport to another company ("Skyport"). On March 31, 2025, the Company filed a petition with the Supreme Court of the State of New York County of New York requesting among other things, an order directing the City of New York to produce non-privileged documentation related to its decision to award the Concession Agreement to Skyport, which the Company has already requested, and a judgement annulling the award of the Concession Agreement to Skyport and directing the city to award the Concession Agreement to another company. The petition alleges a number of misrepresentations made by Skyport to the city which the Company believes helped Skyport secure the Concession Agreement. As of May 15, 2026, this litigation is still ongoing. The Company can make no assurance that we will be successful in the annulment of the Concession Agreement to Skyport.

**Item**–**1A** – **Risk Factors**

For a discussion of the Company's potential risks or uncertainties, please see: (i) "Part I—Item 1A—Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC.

**Item 6 - Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 31.1\* | [Rule 13a-14(a)/15d-14(a) Certification of acting principal executive officer \*](ex_959974.htm) |
| 31.2\* | [Rule 13a-14(a)/15d-14(a) Certification of acting principal financial officer \*](ex_959975.htm) |
| 32.1\* | [Section 1350 Certification \*](ex_959976.htm) |
| 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

------

**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | Saker Aviation Services, Inc. | Saker Aviation Services, Inc. |
| Date: May 15, 2026 | By:  | <u>/s/ William B. Wachtel</u>  |
|  |  | William B. Wachtel |
|  |  | President, Chief Executive Officer, Principal Executive<br> Officer, Principal Financial Officer, and Principal<br> Accounting Officer |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**Certification of Chief Executive Officer** 

**(principal executive officer)**

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

I, William B. Wachtel, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: May 15, 2026

By: /s/ William B. Wachtel

William B. Wachtel

Chief Executive Officer (principal executive officer)

## Exhibit 31.2

**EXHIBIT 31.2**

**Certification of President** 

**(principal financial officer)**

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

I, William B. Wachtel, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: May 15, 2026

By: /s/ William B. Wachtel<br>

William B. Wachtel

President (principal financial officer)

## Exhibit 32.1

**EXHIBIT 32.1**

**Section 1350 Certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (the "Report") of Saker Aviation Services, Inc. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | |
|:---|:---|:---|
| Date: May 15, 2026<br>| By: | /s/ William B. Wachtel  |
|  |  | William B. Wachtel |
|  |  | Chief Executive Officer<br> (principal executive officer) |
| Date: May 15, 2026<br>| By: | /s/ William B. Wachtel  |
|  |  | William B. Wachtel |
|  |  | President<br> (principal financial officer) |

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