# EDGAR Filing Document

**Accession Number:** 0001570937
**File Stem:** 0001683168-26-003005
**Filing Date:** 2026-4
**Character Count:** 246787
**Document Hash:** b63f3edd9e9ee8589ace55fc3895c003
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-26-003005.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001683168-26-003005

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Premier Air Charter Holdings Inc.
- **CENTRAL INDEX KEY:** 0001570937
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 990385465
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56312
- **FILM NUMBER:** 26865000

**BUSINESS ADDRESS:**
- **STREET 1:** 2006 PALOMAR AIRPORT ROAD
- **STREET 2:** SUITE 210
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92011
- **BUSINESS PHONE:** 858-239-0788

**MAIL ADDRESS:**
- **STREET 1:** 2006 PALOMAR AIRPORT ROAD
- **STREET 2:** SUITE 210
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALTAIR INTERNATIONAL CORP.
- **DATE OF NAME CHANGE:** 20130301

?xml version='1.0' encoding='ASCII'? PREMIER AIR CHARTER HOLDINGS INC. 10-K

[**Table of Contents**](#k_001)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C.**

**FORM 10-K**

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

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025**

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

**COMMISSION FILE NO. 000-56312**

**PREMIER AIR CHARTER HOLDINGS INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **99-0385465** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**2006 Palomar Airport Road** **, Suite 210, Carlsbad, CA 92011**

(Address of Principal Executive Offices with Zip Code)

Registrant's telephone number, including area code Tel. **858-239-0788**

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

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 shorter period that the registrant as 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 and posted pursuant to Rule 405 of Regulation S-T (X 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post 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 ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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 provided pursuant to Section 13(a) of the Exchange Act. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes ☐ No ☒

The aggregate market value of the 39,900,576 shares of voting and non-voting common equity held by non-affiliates computed by reference to the closing price of $0.040 on June 30, 2025, at which the common equity was last sold in its most recently completed second fiscal quarter was $1,556,023.

At March 31, 2026, there were 280,848,293 shares of common stock outstanding.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | [PART I](#k_002) |  |
| Item 1. | [Business](#k_004) | 2 |
| Item 1A. | [Risk Factors](#k_005) | 7 |
| Item 1B. | [Unresolved Staff Comments](#k_006) | 15 |
| Item 1C. | [Cybersecurity](#k_007) | 16 |
| Item 2. | [Property](#k_008) | 17 |
| Item 3. | [Legal Proceedings](#k_009) | 17 |
| Item 4. | [Mine Safety Disclosures](#k_010) | 17 |
| [PART II](#k_011) | [PART II](#k_011) | [PART II](#k_011) |
| Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#k_012) | 18 |
| Item 6. | [\[Reserved\]](#k_013) | 18 |
| Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operation](#k_014) | 18 |
| Item 7A. | [Quantitative and Qualitative Disclosure About Market Risk](#k_015) | 23 |
| Item 8. | [Financial Statements and Supplementary Data](#k_016) | 24 |
| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#k_023) | 51 |
| Item 9A. | [Controls and Procedures](#k_024) | 51 |
| Item 9B. | [Other Information](#k_025) | 52 |
| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#k_026) | 52 |
| [PART III](#k_027) | [PART III](#k_027) | [PART III](#k_027) |
| Item 10. | [Directors, Executive Officers and Corporate Governance](#k_028) | 53 |
| Item 11. | [Executive Compensation](#k_029) | 56 |
| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#k_030) | 57 |
| Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#k_031) | 59 |
| Item 14. | [Principal Accountant Fees and Services](#k_032) | 64 |
| [PART IV](#k_033) | [PART IV](#k_033) | [PART IV](#k_033) |
| Item 15. | [Exhibits, and Financial Statement Schedules](#k_034) | 65 |
| Item 16 | [Form 10-K Summary](#k_035) | 66 |
|  | [Signatures](#k_036) | 67 |

---

i

**<u>PART I</u>**

***Forward-Looking Statements***

*This Annual Report on Form 10-K contains "forward-looking statements." When contained in this Report, the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our management's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on information available as of the date and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.*

 

*Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in this Report, including the risks described under Item 1A - "[Risk Factors](#k_005)," and Item 7 - "[Management's Discussion and Analysis of Financial Condition and Results of Operations](#k_014)" of this Report and in other documents which we file with the Securities and Exchange Commission ("SEC"). In addition, such statements could be affected by risks and uncertainties related to:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities;* 

· *our results of operations and financial condition;* 

· *costs related to being a public company;* 

· *limited liquidity and trading of our securities;* 

· *that the price of our securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industry in which we operate, variations in operating performance across competitors, changes in laws and regulations affecting our business and any changes in our capital structure;* 

· *the risk of downturns in the aviation industry, including due to increases in fuel costs in light of the war in Ukraine, the Israel and Hamas conflict in Gaza, the conflict in Iran and other global political and economic issues;* 

· *a changing regulatory landscape in the highly competitive aviation industry;* 

· *risks associated with the overall economy, including recent and expected future increases in interest rates and the potential for recession; and* 

· *other risks and uncertainties set forth under the section of this Report entitled " [Risk Factors](#k_005) ."* 

*Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward- looking*

**ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp; BUSINESS**

Premier Air Charter Holdings Inc. ("Premier Holdings" or together with its subsidiaries, the "Company"), a Nevada corporation was incorporated in Nevada on December 12, 2012. The Company primarily operates through its wholly owned subsidiary, Premier Air Charter, Inc., a California corporation ("Premier"). Premier Holdings together with its subsidiary, is referred to in this Form 10-K annual report ("Form 10-K") as the Company. The terms "we", "us" and "our" are also used in the Form 10-K to refer to the Company.

On March 11, 2025, Premier Holdings acquired Premier. As a result of this acquisition, Premier Holdings' business is comprised solely of the business of Premier. This Merger was accounted for as a reverse recapitalization. Under this method of accounting, Premier Holdings is treated as the acquired company for financial statement reporting purposes.

In addition, these financial statements capture the capital structure of Premier Holdings and reflect only the 237,871,049 common shares issued to the former Premier shareholder as being outstanding from the inception of Premier. The 41,977,244 common shares retained by the historical Premier Holdings shareholders will be reflected as being issued on March 5, 2025, the closing date of the acquisition. As of the date of this filing, there are 280,848,293 shares of Premier Holdings common stock issued and outstanding. Any reference to the "Company" within these financial statements is a reference to Premier.

Unaudited proforma financial statements of Premier Holdings and Premier had the acquisition taken place on January 1, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| Year ended December 31,: | **2025** | **2024** |
|  | (unaudited) | (unaudited) |
| Revenues | $31877508 | $20751139 |
| Net loss | $(3865621) | $(2578798) |
| Loss per share - basic and diluted | $(0.01) | $(0.00) |

---

At December 31, 2024, there were no significant assets or liabilities of Premier Holdings, accordingly, no proforma balance sheets are presented.

**The Premier Business**

Premier is a San Diego, California-based aircraft charter business that provides luxury aviation serving an international community of aviation enthusiasts. Premier specializes in creating trusted partnerships within the aviation industry to deliver bespoke aviation solutions for its clients. Premier's fleet of aircraft includes everything from light jets, turbojets and mid-large jets. Drawing on decades of experience, Premier's aviation experts oversee every aspect of the jet charter business, including private charters, aircraft management and sales.

Our mission is rooted in ensuring the highest levels of safety, security, and customer care for every flight.

We achieve this by relentlessly pursuing excellence. Our approach involves a rigorous recruitment and training process, employing expert professionals who meticulously manage and maintain our fleet of complex equipment, with proven safety and security measures integrated into every aspect of our operations.

Premier directly maintains and operates aircraft to deliver a uniquely secure, seamless, and customer-centric travel experience.

Our highly trained pilots, support staff, and tailored flight solutions ensure every client journey reflects our unwavering commitment to service and excellence. As we continue to grow, we are focused on expanding our fleet, enhancing our technological capabilities, and leading the charge in sustainable aviation practices.

The Federal Aviation Administration ("FAA") is the principal regulator of civil aviation safety matters. As applied to our business, Premier possesses an air carrier certificate issued by the FAA in accordance Title 14 of the Code of Federal Regulations ("14 C.F.R.") Part 119, and possesses Operations Specification issued pursuant to 14 C.F.R. Part 135, authorizing Premier to engage in on-demand air-taxi operations.

Premier exclusively operates the following ten aircraft in accordance with the following lease terms:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type of Aircraft | Tail Number | Monthly<br> Payment | Term | Purchase<br> Option | Engine<br> Program | Maintenance Cost Responsibility |
| Challenger 601 | N207JB | $14699 | 23 mo | yes | yes | yes |
| Challenger 601 | N813MS (formerly N614AF) | $26772 | 23 mo | yes | yes | yes |
| Gulfstream IV | N236CA | $53078 | 23 mo | yes | yes | yes |
| Gulfstream IV | N450EJ | $48377 | 20 mo | yes | yes | yes |
| Citation X | N214WT | $28000 | 59 mo | no | yes | yes |
| Citation X | N713FL | $28000 | 59 mo | no | yes | yes |
| Citation X | N265AV | $28000 | 59 mo | no | yes | yes |
| Citation CJ3 | N795KG | $64800 | Monthly | no | yes | yes |
| Citation CJ3 | N973CG | $64800 | Monthly | no | yes | yes |
| Cessna 750 | N910DP | $56509 | 60 mo. | no | yes | yes |

---

**Competition in the Air Charter Business**

The jet air charter services market size is estimated to be $13.65 billion with an average compound annual growth rate of 7.84% according to a 2025 report entitled Private Jet Charter Services Market Analysis - Industry Growth, Size & Forecast Report (2025-2030) by Mordor Intelligence (https://www.mordorintelligence.com/industry-reports/private-jet-charter-services-market). Major competitors serving the jet air charter business include NetJets, Flexjet, Wheels Up, VistaJet, Magellan Jets, and XOJet, with NetJets generally considered the largest and most dominant player based on its extensive fleet and market share across fractional ownership, leasing and private jet card programs.

Key aspects of competition in the jet charter market include:

*Fleet size and variety -* Companies compete based on the size and range of aircraft they offer to cater to different needs and budgets.

*Fleet availability -* Companies compete based on aircraft positioning and availability to meet customer flight and schedule needs.

*Service level and customization* - Providing highest levels of aircraft safety, security and customer wellbeing.

*Pricing and cost structure* - Competition exists in terms of the ability to provide customers with competitive hourly jet charter rates at a cost structure that that results in profitable aircraft operations.

*Global reach* - Companies with a wider network of destinations and operational capabilities can attract more international clients.

*Technology and online platforms* - User-friendly booking systems and digital tools for managing flights can be a competitive advantage.

These competitors are larger and have greater financial resources than Premier. To be successful in the air charter business, a company must have desirable aircraft to charter at reasonable rates that are available on demand and that satisfy all federal safety and security standards.

**Competitive Strengths of Premier**

Premier believes that it can compete successfully in the air charter business based upon the many years of experience that its leadership team has in the private aviation industry, including the skills and contacts necessary to procure and contract for the right to use aircraft assets, the ability to operate aircraft at the highest levels of safety, security and customer wellbeing, and the capability to repair and maintain aircraft.

**Growth Strategy**

Our growth strategies are focused on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continuously building and improving our team of experts that meet/exceed the high and rigorous safety, security, and customer wellbeing demands in operating jet aircraft.

· Investing in aircraft that meet the needs of our customers and provide a favorable return on investment.

· Continuing to expand vertically integrated aircraft maintenance operations to optimize ability to meet and exceed aircraft safety requirements and optimize aircraft availability and operating cost.

· Expanding customer base and flight routes by obtaining required certifications to operate jet aircraft that carry 10 or more passengers.

· Continuing to capture industry synergies by working together to meeting customer needs with available aircraft and providing aircraft maintenance services.

**Government Regulation**

We are subject to government regulation at local, state, federal, and international levels. The scope of these regulations is broad, covering a wide range of subjects that include, but are not limited to, those summarized below.

The Federal Aviation Administration ("FAA") is the principal regulator of civil aviation safety matters. As applied to our business, Premier possesses an air carrier certificate issued by the FAA in accordance Title 14 of the Code of Federal Regulations ("14 C.F.R.") Part 119, an Operations Specification issued pursuant to 14 C.F.R. Part 135, authorizing Premier to engage in on-demand air-taxi operations.

The FAA's regulations touch on many aspects of civil aviation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certification and oversight of air carriers;

· Aircraft inspection, maintenance, repair, and registration;

· Flight crewmember and maintenance technician training, certification, and surveillance;

· Monitoring drug and alcohol testing for safety-sensitive personnel;

· Airport and airport facility design, construction, and maintenance;

· Air traffic control system oversight, management, training, and maintenance;

There are many FAA regulations that may impact our operations and business. They include but are not limited to the following Parts found in Title 14 of the C.F.R.

"Part 43" contains the regulations for aircraft maintenance, preventative maintenance, rebuilding, and alteration. This Part prescribes the requirements to perform all aircraft maintenance, including the documentation, inspection, and applicable processes and standards.

"Part 91" contains the general operating rules for flight safety. These rules govern all flight operations, including private and commercial operations, except to the extent that the commercial operations are subject to additional rules found in other parts of the FAA regulations.

"Part 119" contains rules that govern air carriers. This Part prescribes air carrier certificate requirements, requirements for management personnel employed by an air carrier (i.e. Director of Operations, Director of Maintenance, etc.), and it states which operations are not required to be conducted under Part 135.

"Part 120" contains drug and alcohol testing requirements for Part 135 air carriers and Part 145 repair stations. This Part also contains requirements for record keeping and addressing positive alcohol and drug testing results.

"Part 135" contains additional rules that apply to commercial "on-demand" operations, including crew member rest and duty requirements.

"On-demand" operations include flights where the departure location, departure time, and arrival location are specifically negotiated with the customer or the customer's representative.

As the operator of our nation's air traffic control system, the FAA is responsible for air traffic management. From time to time, the FAA may restrict certain airspace for safety or national security concerns. For example, the FAA may implement a Temporary Flight Restriction ("TFR") after a natural disaster to reserve certain airspace for emergency response aircraft. TFRs and other airspace restrictions may impact our ability to takeoff or land at certain airports and may also require us to select alternate flight routes. Most TFRs and other airspace restrictions are temporary and have little to no impact on our flight operations.

The U.S. Department of Transportation ("DOT") is the principal regulator of economic matters in the aviation industry. DOT oversees the operations of Premier, which operates as an air taxi under a DOT 14 C.F.R. Part 298 exemption that provides certain exemptions from some economic regulatory provisions of Subtitle VII of Title 49, and provides regulations related to various consumer protections applicable to Premier. These regulations include economic authority to conduct business as an air carrier, as well as consumer protection and insurance requirements that apply to our air carrier business operations.

DOT also enforces U.S. laws governing the citizenship of air carriers. We must ensure that we meet DOT's citizenship requirements so that Premier can maintain its air carrier certificate. This means that Premier must be under the actual control of U.S. citizens (as defined in 49 U.S.C. Section 40102(a)(15)), and must satisfy certain other requirements, including that its president/chief executive officer and at least two-thirds of its board of directors and other managing officers are U.S. citizens, and that at least 75% of its voting stock is owned and controlled, directly and indirectly, by U.S. citizens. The amount of non-voting stock that may be owned or controlled by non-U.S. citizens is limited as well.

National Transportation Safety Board ("NTSB") is an independent agency that oversees aircraft accident investigations. NTSB regulations governing accident notification are contained in 14 CFR Part 830. NTSB does not regulate aviation, but it does have the authority to issue subpoenas in conjunction with accident investigations. NTSB may, at its discretion, delegate accident investigation duties to the FAA.

The Transportation Security Administration ("TSA") is an agency under the Department of Homeland Security ("DHS"). TSA is the principal regulator of security in aviation. This includes security in commercial air transportation and at airports. Because of the type of aircraft that we operate and because we operate under Part 135, our passengers undergo security screening by Premier. We are required to have twelve-five standard security program which is reviewed and accepted by TSA. TSA may require us to make certain updates to our security program from time to time. Because of security considerations, we are prohibited from disclosing the contents of our program.

Customs and Border Protection ("CBP"), also an agency of DHS, is the principal regulator of customs and immigration matters. CBP also enforces certain public health matters affecting the aviation industry. When our operations include an international flight, we must provide CBP with an advance disclosure of passenger information, facilitate CBP's inspection of baggage, and help ensure the proper disposal of any foreign-originating refuse on the aircraft. CBP also oversees entry and clearance into the U.S. This includes importing a foreign-based aircraft into the U.S. for purchase, issuing international arrival clearances for landing in the U.S., and issuing overflight permits for certain international flight arrivals.

The Occupational Safety and Health Administration ("OSHA") is the principal federal regulator of safety in the workplace. OSHA governs safety requirements in our aircraft maintenance operations. For example, employees may be required to wear a safety harness and certain personal protective equipment when performing maintenance-related tasks.

Most airports where we operate are owned and operated by state and local government entities. These airport authorities have the right to impose certain safety, security, and other regulations so long as they do not conflict with federal law. Airport authorities also have extensive property rights that empower them to impose conditions on airport facility use and airport property and building leases, including passenger facility charges and related fees. Airports that accept federal funds are required to adhere to certain grant assurance requirements (contracts) with the federal government. Airport tenants are required to adhere to certain grant assurance requirements, and sometimes terms in airport lease agreements are less favorable than would be customary for real estate or other transactions outside of an airport environment.

*Privacy and Data Protection*

As part of our day-to-day business operations and the services we provide, including through our website and mobile application, we receive collect, store, process, transmit, share, and use various kinds of personal information pertaining to our employees, members and other travelers, aircraft owners and buyers, and business partners. A variety of federal, state, local, and foreign laws and regulations apply, or could in the future apply as our business grows and expands, to our processing of that personal information, depending on the nature of the information we process and the locations of the individuals to whom it pertains, among other factors.

These laws and regulations are continually evolving and are subject to potentially differing interpretations, including as to their scope and applicability to our business. They may include, but are not limited to, comprehensive consumer privacy and data protection laws such as the California Consumer Privacy Act of 2018 and the European Union's General Data Protection Regulation and state data security and data breach notification laws that apply to certain sensitive categories of personal information, such as government-issued identification numbers and personal financial and health information.

When and to the extent these laws and regulations apply they can impose a range of obligations on our business. Those obligations can include, among other requirements, providing individuals with privacy notices and giving them an opportunity to opt in or out of our processing or sharing of their personal information; offering, and fulfilling individuals' requests to exercise, various rights with respect to our use, disclosure, and retention of the personal information we maintain; implementing physical, technical, and organizational security measures to safeguard personal information; and notifying individuals and regulatory authorities in the event personal information is subject to unauthorized access or disclosure. Violations of these laws and regulations can give rise to enforcement actions by governmental agencies, and to private lawsuits for damages and other forms of relief.

**Human Capital**

As of December 31, 2025, the Company had a total of 49 employees who are located in the United States. Employees in the U.S. receive health benefits on a cost-sharing basis.

**Recent Developments** 

*Merger*

On February 16, 2024, Premier Holdings entered into an Agreement and Plan of Merger (the "Merger Agreement") among Premier, Premier Air Charter Merger Sub, Inc. ("Merger Sub") and TIPP Aviation, LLC, the sole shareholder of Premier ("TIPP"). Under the terms of the Merger Agreement, Altair exchanged 85% of its shares of common stock for all issued and outstanding shares of Premier common stock and Merger Sub was merged into Premier (the "Merger").

On March 5, 2025, the Premier Holdings, Premier, Merger Sub and TIPP entered into an Amended Merger Agreement amending various procedural items of the Merger Agreement (the "Amended Merger Agreement").

On March 11, 2025, the Merger closed whereby Merger Sub merged with and into Premier with Merger Sub ceasing to exist, Premier becoming a wholly owned subsidiary of Premier Holdings and Premier Holdings issuing TIPP 237,871,049 shares of common stock. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368 of the Internal Revenue Code of 1986, as amended.

*Changes in Executive Officers and Directors*

On the close of business on March 11, 2025, Leonard Lovallo resigned as an executive officer and director of Premier Holdings. The resignation of Mr. Lovallo was not the result of any disagreement with Premier Holdings on any matter relating to the Premier Holdings' operations, policies, practices, or otherwise. The Board approved and accepted the resignations.

On March 11, 2025, Sandra J. DiCicco Bonar was appointed as Chairman of the Board of Directors of the Premier Holdings, and Vincent Monteparte, Ross David Gourdie and Amy Scannell were appointed members of the Board of Directors. Further, Ms. DiCicco Bonar was appointed to serve as the Premier Holdings' Chief Executive Officer and Mr. Gourdie was appointed as the Premier Holdings' President, Secretary and Treasurer.

On May 7, 2025, Sandra J. DiCicco Bonar resigned as Chairman and Vincent Monteparte was appointed as the new Chairman of Premier Holdings.

*Change in Fiscal Year* 

On March 11, 2025, the Board approved a change in fiscal year end of the Premier Holdings from March 31st to December 31st.

The Board's decision to change the fiscal year end was related to the Merger Agreement and the closing of the acquisition of Premier. As a result of the Merger and the other transactions contemplated thereunder, Premier is now a wholly owned subsidiary of the Premier Holdings. Premier's financial statements will survive and become the post-transaction company's financial statements and the fiscal year end of Premier is December 31st; therefore, the Board approved the change in the Premier Holdings' fiscal year end.

**ITEM 1A. &nbsp;&nbsp;&nbsp;&nbsp; RISK FACTORS** 

*An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. The trading price of our securities could decline due to any of these risks, and, as a result, you may lose all or part of your investment.*

 

*In the course of conducting our business operations, we are exposed to a variety of risks. These risks are generally inherent to the private commercial aviation industry. Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition and results of operations. The market price of shares of our Common Stock could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs. Some statements in this Annual Report on Form 10-K, including statements in the following risk factors constitute forward-looking statements. See "[Cautionary Note Regarding Forward-Looking Statements](#k_003)," at the beginning of this Annual Report on Form 10-K.*

*We will need additional capital to fund our operations, which, if obtained, could result in substantial dilution or significant debt service obligations. We may not be able to obtain additional capital on commercially reasonable terms, which could adversely affect our liquidity and financial position.*

In order to continue operating, we may need to obtain additional financing, either through borrowings, private placements, public offerings, or some type of business combination, such as a merger, or buyout, and there can be no assurance that we will be successful in such pursuits. We may be unable to acquire the additional funding necessary to continue operating. Accordingly, if we are unable to generate adequate cash from operations, and if we are unable to find sources of funding, it may be necessary for us to sell one or more lines of business or all or a portion of our assets, enter into a business combination, or reduce or eliminate operations. These possibilities, to the extent available, may be on terms that result in significant dilution to our shareholders or that result in our shareholders losing all of their investment in our Company.

We require significant capital in relation to our Premier operations, including continuing access to credit markets, to operate our current business and fund our growth strategy. The expansion of our business and pursuit of acquisitions or other business opportunities may require significant amounts of capital. Access to credit markets and pricing of our capital is dependent upon maintaining sufficient credit ratings from credit rating agencies. Sufficient credit ratings allow us to access cost competitive tier one commercial paper markets. If we are unable to maintain sufficiently high credit ratings, access to these commercial paper and other debt markets and costs of borrowings could be adversely affected. If we are unable to generate sufficient cash flow or maintain access to adequate external financing, including as a result of significant disruptions in the global credit markets, it could restrict our current operations and our growth opportunities. We manage this risk with constant monitoring of credit/liquidity metrics, cash forecasting, and routine communications with credit rating agencies regarding risk management practices.

If we need to raise additional capital, we do not know what the terms of any such capital raising would be. In addition, any future sale of our equity securities could dilute the ownership and control of your shares and could be at prices substantially below prices at which our shares currently trade. We may seek to increase our cash reserves through the sale of additional equity or debt securities. The sale of convertible debt securities or additional equity securities could result in additional and potentially substantial dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations and liquidity. In addition, our ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all. Any failure to raise additional funds on favorable terms could have a material adverse effect on our liquidity and financial condition.

*Geopolitical Conflicts in the Middle East, Including the War in Iran, Could Materially Increase Jet Fuel Prices and Adversely Affect Our Business, Financial Condition and Results of Operations.*

The ongoing war in Iran and associated geopolitical tensions in the Middle East pose significant risks to our air charter operations. Iran is a major global oil producer, and any escalation, prolongation or expansion of the conflict has the potential to disrupt crude-oil production, refining capacity and transportation infrastructure in the region. Such disruptions historically have caused, and could continue to cause, sharp and sustained increases in the price of crude oil and, by extension, jet fuel, which constitutes one of the largest variable costs in our business.

A material rise in jet-fuel prices would directly increase our operating expenses. We may be unable to pass these cost increases on to customers in the form of higher charter rates without adversely affecting demand for our private-aviation services, particularly from price-sensitive corporate and leisure clients. Even partial pass-throughs could reduce the competitiveness of our offerings relative to other charter providers or alternative travel options. In addition, sustained high fuel prices could compress our margins, impair our cash flow and liquidity, and require us to curtail flight operations or delay fleet maintenance and expansion plans.

Beyond fuel costs, the war in Iran and related regional instability may trigger secondary effects that further harm our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;· heightened volatility in global financial and commodity markets;

&nbsp;&nbsp;&nbsp;&nbsp;· increased aviation-insurance premiums and deductibles;

&nbsp;&nbsp;&nbsp;&nbsp;· potential restrictions on airspace or routing over or near conflict zones;

&nbsp;&nbsp;&nbsp;&nbsp;· supply-chain disruptions for aircraft parts and maintenance services; and

&nbsp;&nbsp;&nbsp;&nbsp;· broader macroeconomic uncertainty that reduces business and high-net-worth travel demand.

We cannot predict the duration, scope or ultimate resolution of the war in Iran or its full impact on energy markets or the aviation industry. Any prolonged disruption or material escalation could have a material adverse effect on our revenues, profitability, cash flows and overall financial condition. Our risk-mitigation strategies, including fuel-hedging programs (if and when implemented), may prove insufficient to offset these risks.

*The private aviation industry is subject to competition.*

Many of the markets in which we operate are competitive as a result of the expansion of existing private aircraft operators, expanding private aircraft ownership, and alternatives such as luxury commercial airline service. We compete against a number of private aviation operators with different business models, and local and regional private operators. Factors that affect competition in our industry include price, reliability, safety, regulations, professional reputation, aircraft availability, equipment and quality, consistency and ease of service, willingness and ability to serve specific airports or regions, and investment requirements. There can be no assurance that our competitors will not be successful in capturing a share of our present or potential customer base. The materialization of any of these risks could adversely affect our business, financial condition, and results of operations.

*The supply of pilots to the airline industry is limited and may negatively affect our operations and financial condition. Increases in our labor costs, which constitute a substantial portion of our total operating costs, may adversely affect our business, results of operations, and financial condition.*

Our pilots are subject to stringent pilot qualification and crew member flight training standards ("FAA Qualification Standards"), which among other things require minimum flight time for pilots and mandate strict rules to minimize pilot fatigue. The existence of such requirements effectively limits the supply of qualified pilot candidates and increases pilot salaries and related labor costs. A shortage of pilots would require us to further increase our labor costs, which would result in a material reduction in our earnings. Such requirements also impact pilot scheduling, work hours, and the number of pilots required to be employed for our operations.

Due to an industry-wide shortage of qualified pilots, driven by the flight hours requirements under the FAA Qualification Standards and attrition resulting from the hiring needs of other industry participants, pilot training timelines have significantly increased and stressed the availability of flight simulators, instructors, and related training equipment. Future changes to FAA regulations and requirements could also prohibit or materially restrict our ability to train pilots in-house. As a result of the foregoing, the training of our pilots might not be accomplished in a cost-efficient manner or in a manner timely enough to support our operational needs.

Due to the flexibility on the types of aircraft and routes we offer, we might not have access to a qualified pilot at the departure location for a particular flight. We rely on commercial airlines to fly our pilots to the departure location when our pilots come onto a work rotation or when there is a grounded aircraft or other maintenance event where there is a need for a pilot to switch planes. Any disruption to such commercial airline activity may cause us to delay or cancel a flight and could adversely affect our reputation, business, results of operation, and financial condition. Aviation businesses are often affected by factors beyond their control including: air traffic congestion at airports; airport slot restrictions; air traffic control inefficiencies; increased and changing security measures; changing regulatory and governmental requirements; new or changing travel-related taxes; any of which could have a material adverse effect on our business, results of operations, and financial condition.

*Pilot attrition may negatively affect our operations and financial condition.*

We may experience volatility in our attrition, including volatility resulting from training delays, pilot wage and bonus increases at other industry participants, and the growth of cargo, low-cost, and ultra-low-cost airlines. In prior periods, these factors, at times, caused our pilot attrition rates to be higher than our ability to hire and retain replacement pilots. If our attrition rates are higher than our ability to hire and retain replacement pilots, our operations and financial results could be materially and adversely affected.

*We may be subject to unionization, work stoppages, slowdowns, or increased labor costs and the unionization of our pilots, maintenance workers, and inflight crewmembers could result in increased labor costs.*

Our business is labor intensive and while our employees, particularly our pilots and our maintenance workers, are not currently represented by labor unions, we may, in the future, experience union organizing activities of our pilots, maintenance workers, or other crewmembers. Such union organization activities could lead to work slowdowns or stoppages, which could result in loss of business. In addition, union activity could result in demands that may increase our operating expenses and adversely affect our business, financial condition, results of operations, and competitive position. Any of the different groups or classes of our crewmembers could unionize at any time, which would require us to negotiate in good faith with the crew member group's certified representative concerning a collective bargaining agreement. In addition, we may be subject to disruptions by unions protesting the non-union status of our other crewmembers. Any of these events would be disruptive to our operations and could harm our business.

*We depend on our executive officers, the loss of whom could materially harm our business.*

We rely upon the accumulated knowledge, skills and experience of our executive officers, significant employees and expertise of our hired consultants. Our executive officers, significant employees and hired consultants have significant experience in aviation industry. If they were to leave us or become incapacitated, we might suffer in our planning and execution of business strategy and operations, impacting our brand and financial results. We also do not maintain any key man life insurance policies for any of our employees.

*Significant reliance on certain third-party aircraft engine manufacturers and engine management companies poses risks to our owned and leased aircraft and operations.*

As part of our business strategy, we have historically relied on aircraft engines manufactured by Rolls Royce, General Electric, and Williams International to power substantially all of our owned and leased aircraft. If any of these engines fail to adequately fulfill their obligations towards us or experience interruptions or disruptions in production or provision of services due to, for example, bankruptcy, natural disasters, labor strikes, or disruption of its supply chain, we may experience a significant delay in the delivery of or fail to receive previously ordered aircraft engines and parts, which would adversely affect our revenue and profitability and could jeopardize our ability to meet the demands of our program participants.

We have entered into engine program agreements with various third-party providers, whom we rely on to provide engine related maintenance and services. If such third-party providers terminate their contracts with us, do not provide timely or consistently high-quality service, or increase pricing to terms we do not believe to be reasonable, we might not be able to replace them in a cost-efficient manner or in a manner timely enough to support our operational needs, which could have a material adverse effect on our business, financial condition, and results of operations.

*We are exposed to operational disruptions due to maintenance.*

Our fleet requires regular maintenance work, which may cause operational disruption. Our inability to perform timely maintenance and repairs can result in our aircraft being underutilized which could have an adverse impact on our business, financial condition, and results of operations. On occasion, airframe manufacturers and/or regulatory authorities require mandatory or recommended modifications to be made across a particular fleet which may mean having to ground a particular type of aircraft. This may cause operational disruption to and impose significant costs on us. Furthermore, our operations in remote locations, where delivery of components and parts could take a significant period of time, could result in delays in our ability to maintain and repair our aircraft. We often rely on commercial airlines to deliver such components and parts. Any such delays may pose a risk to our business, financial condition, and results of operations. Moreover, as our aircraft base increases and our fleet ages, our maintenance costs could potentially increase. Additionally, certain parts may no longer be produced and adversely affect our ability to perform necessary repairs.

*Significant increases in fuel costs could have a material adverse effect on our business, financial condition, and results of operations.*

Fuel is essential to the operation of our aircraft and to our ability to carry out our transport services. Fuel costs are a significant component of our operating expenses. A significant increase in fuel costs may negatively impact our revenue, operating expenses, and results of operations. The majority of our contractual service obligations allow for rate adjustments to account for changes in fuel prices. Wholesale rates are non-contractual, so rates are adjusted on an ad hoc basis. Given our contractual ability to pass on increased fuel costs, in whole or in part, to certain of our customers and mitigate the risk with others, we do not maintain hedging arrangements for the price of fuel. However, increased fuel surcharges may affect our revenue and retention if a prolonged period of high fuel costs occurs. A significant increase in fuel costs where we contractually have fixed rates could have a material adverse effect on our business, financial condition, and results of operations in the interim until we are able to make such jet fuel rate adjustments.

In addition, potential increased environmental regulations that might require new fuel sources (e.g., sustainable aircraft fuel) could lead to increased costs. To the extent there is a significant increase in fuel costs that affects the amount our customers choose to fly with us, it may have a material adverse effect on our business, financial condition, and results of operations.

*Our insurance may become too difficult or expensive to obtain. If we are unable to maintain sufficient insurance coverage, it may materially and adversely impact our results of operations and financial position.*

Hazards are inherent in the aviation industry and may result in loss of life and property, potentially exposing us to substantial liability claims arising from the operation of aircraft. We carry insurance for aviation hull, aviation liability, premises, hangar keepers, product, war risk, general liability, workers compensation, and other insurance customary in the industry in which we operate. Insurance underwriters are required by various federal and state regulations to maintain minimum levels of reserves for known and expected claims. However, there can be no assurance that underwriters have established adequate reserves to fund existing and future claims. The number of accidents, as well as the number of insured losses within the aviation and aerospace industries, and the impact of general economic conditions on underwriters may result in increases in premiums above the rate of inflation. To the extent that our existing insurance carriers are unable or unwilling to provide us with sufficient insurance coverage, and if insurance coverage is not available from another source (for example, a government entity), our insurance costs may increase and may result in our being in breach of regulatory requirements or contractual arrangements requiring that specific insurance be maintained, which may have a material adverse effect on our business, financial condition, and results of operations.

*Aviation businesses are often affected by factors beyond their control including: air traffic congestion at airports; airport slot restrictions; air traffic control inefficiencies; increased and changing security measures; changing regulatory and governmental requirements; new or changing travel-related taxes; any of which could have a material adverse effect on our business, results of operations and financial condition.*

Like other aviation companies, our business is affected by factors beyond our control, including air traffic congestion at airports, airport slot restrictions, air traffic control inefficiencies, increased and changing security measures, changing regulatory and governmental requirements, and/or new or changing travel-related taxes. Factors that cause flight delays frustrate passengers, increase operating costs, and decrease revenues, which in turn could adversely affect profitability. Any general reduction in flight volumes could have a material adverse effect on our business, results of operations, and financial condition. In the United States, the federal government singularly controls all U.S. airspace, and aviation operators are completely dependent on the FAA to operate that airspace in a safe, efficient, and affordable manner. The expansion of our business into international markets would result in a greater degree of interaction with the regulatory authorities of the foreign countries in which we may operate. The air traffic control system, which is operated by the FAA, faces challenges in managing the growing demand for U.S. air travel. U.S. and foreign air-traffic controllers often rely on outdated technologies that routinely overwhelm the system and compel aviation operators to fly inefficient, indirect routes resulting in delays and increased operational cost. In addition, there are currently proposals before Congress that could potentially lead to the privatization of the U.S. air traffic control system, which could adversely affect our business. Further, implementation of the Next Generation Air Transport System by the FAA would result in changes to aircraft routings and flight paths that could lead to increased noise complaints and lawsuits, resulting in increased costs.

*The operation of aircraft is subject to various risks, and failure to maintain an acceptable safety record may have an adverse impact on our ability to obtain and retain customers.*

The operation of aircraft is subject to various risks, including catastrophic disasters, crashes, mechanical failures, and collisions, which may result in loss of life, personal injury, and/or damage to property and equipment. We may experience accidents in the future. These risks could endanger the safety of our customers, our personnel, third parties, equipment, cargo, and other property (both ours and that of third parties), as well as the environment. If any of these events were to occur, we could experience loss of revenue, termination of customer contracts, higher insurance rates, litigation, regulatory investigations and enforcement actions (including potential grounding of our fleet and suspension or revocation of our operating authorities), and damage to our reputation and customer relationships. In addition, to the extent an accident occurs with an aircraft we operate or charter, we could be held liable for resulting damages, which may involve claims from injured passengers and survivors of deceased passengers. There can be no assurance that the amount of our insurance coverage available in the event of such losses would be adequate to cover such losses, or that we would not be forced to bear substantial losses from such events, regardless of our insurance coverage. Moreover, any aircraft accident or incident, even if fully insured, and whether involving us or other private aircraft operators, could create a public perception that we are less safe or reliable than other private aircraft operators, which could cause our customers to lose confidence in us and switch to other private aircraft operators or other means of transportation. In addition, any aircraft accident or incident, whether involving us or other private aircraft operators, could also affect the public's view of industry safety, which may reduce the amount of trust by our customers.

We incur considerable costs to maintain the quality of (i) our safety program, (ii) our training programs, and (iii) our fleet of aircraft. We cannot guarantee that these costs will not increase. Likewise, we cannot guarantee that our efforts will provide an adequate level of safety or an acceptable safety record. If we are unable to maintain an acceptable safety record, we might not be able to retain existing customers or attract new customers, which could have a material adverse effect on our business, financial condition, and results of operations. Failure to comply with regulatory requirements related to the maintenance of our aircraft and associated operations may result in enforcement actions, including revocation or suspension of our operating authorities in the United States and potentially other countries.

*We are subject to significant governmental regulation and changes in government regulations imposing additional requirements and restrictions on our operations could increase our operating costs and result in service delays and disruptions.*

All FAA certified air carriers, including us, are subject to regulation by the DOT, the FAA, and other governmental agencies, including the DHS, the TSA, the CBP, and others. The laws and regulations enforced by these and other agencies impose substantial costs on us, may reduce air travel demand, and also may restrict the manner in which we conduct our business now or in the future, resulting in a material adverse effect on our operations. In April 2024, the FAA issued a new rule that expanded the requirement for a safety management system to all certificate holders operating under FAA Part 135, which will likely increase our regulatory compliance costs. We also incur substantial costs in maintaining our current certifications and otherwise complying with the laws to which we are subject. An adverse decision by a federal agency may have a material adverse effect on our operations, such as an FAA decision to ground, or require time consuming inspections of or maintenance on, all or any of our aircraft. Our business may also be affected if government agencies shut down for any reason or if there is significant automation or another operational disruption, such as those attributed to Air Traffic Control or weather.

*We are subject to various environmental and noise laws and regulations, which could have a material adverse effect on our business, results of operations, and financial condition.*

We are subject to increasingly stringent federal, state, local, and foreign laws, regulations, and ordinances relating to the protection of the environment and noise, including those relating to emissions to the air, discharges (including storm water and de-icing fluid discharges) to surface and subsurface waters, safe drinking water, and the use, management, disposal, and release of, and exposure to, hazardous substances, oils, and waste materials.

We are subject to existing laws and regulations and might be subject to future laws and regulations that may have a direct effect (or indirect effect through our third-party relationships or airport facilities at which we operate) on our operations. Any such existing or future laws and regulations could have an adverse impact on our business, results of operations, and financial condition.

Similarly, we are subject to environmental laws and regulations that require us to investigate and remediate soil or groundwater to meet certain remediation standards. Under certain laws, generators of waste materials, and current and former owners or operators of facilities, can be subject to liability for investigation and remediation costs at locations that have been identified as requiring response actions. Liability under these laws may be strict, joint, and several, meaning that we could be liable for the costs of cleaning up environmental contamination regardless of fault or the amount of wastes directly attributable to us.

*Environmental regulation and liabilities, including new or developing laws and regulations, or our initiatives in response to pressure from our stakeholders may increase our costs of operations and adversely affect us.*

 

In recent years, governments, customers, suppliers, employees, and other of our stakeholders have increasingly focused on climate change, carbon emissions, and energy use. Laws and regulations that curb the use of conventional energy or require the use of renewable fuels or renewable sources of energy, such as wind or solar power, could result in a reduction in demand for hydrocarbon-based fuels such as oil and natural gas. In addition, governments could pass laws, regulations, or taxes that increase the cost of such fuels, thereby decreasing demand for our services and also increasing the costs of our operations. Other laws or pressure from our stakeholders may adversely affect our business and financial results by requiring, or otherwise causing, us to reduce our emissions, make capital investments to modernize certain aspects of our operations, purchase carbon offsets, or otherwise pay for our emissions. Such activity may also impact us indirectly by increasing our operating costs. More stringent environmental laws, regulations, or enforcement policies, as well as motivation to maintain our reputation with our key stakeholders, could have a material adverse effect on our business, financial condition, and results of operations

**Risks Related to Ownership of Our Common Stock and Lack of Liquidity**

 

*As a smaller reporting company, we are exempt from certain disclosure requirements, which could make our Common Stock less attractive to the potential investors.*

Rule 12b-2 of the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· had a public float of less than $250 million as of the last business day of its most recently completed second fiscal quarter, computed by multiplying the aggregate worldwide number of shares of its voting and non-voting common equity held by non-affiliates by the price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market for the common equity; or

· in the case of an initial registration statement under the Securities Act, or the Exchange Act of 1934, as amended, which we refer to as the Exchange Act, for shares of its common equity, had a public float of less than $250 million as of a date within 30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares included in the registration statement by the estimated public offering price of the shares; or

· in the case of an issuer whose public float as calculated under paragraph (1) or (2) of this definition was zero, had annual revenues of less than $100 million during the most recently completed fiscal year for which audited financial statements are available.

As a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our proxy statements; we will provide only two years of financial statements; and we need not provide the table of selected financial data. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies which could make our Common Stock less attractive to potential investors, which could make it more difficult for our stockholders to sell their shares.

*As a public company, we will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.*

As a public company, we have incurred significant legal, accounting and other expenses that we did not incur as a private company. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations have increased and will continue to increase our legal and financial compliance costs and will make some activities more time-consuming and costlier. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain directors' and officers' liability insurance, which could make it more difficult for us to attract and retain qualified members of our board of directors. We cannot predict or estimate the amount of additional costs we will incur as a public company or the timing of such costs.

The Sarbanes-Oxley Act requires, among other things, that we maintain effective internal control over financial reporting and disclosure controls and procedures. In particular, we must perform system and process evaluation and testing of our internal control over financial reporting to allow management to report on the effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. In addition, we will be required to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting the later of our second annual report on Form 10-K or the first annual report on Form 10-K following the date on which we are no longer an emerging growth company. Our compliance with Section 404 of the Sarbanes-Oxley Act will require that we incur substantial accounting expense and expend significant management efforts. We currently do not have an internal audit group, and we will need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge. If we are not able to comply with the requirements of Section 404 in a timely manner, or if we or our independent registered public accounting firm identify deficiencies in our internal control over financial reporting that are deemed to be material weaknesses, the market price of our stock could decline and we could be subject to sanctions or investigations by the exchange we are listed on, the SEC or other regulatory authorities, which would require additional financial and management resources.

Our ability to successfully implement our business plan and comply with Section 404 requires us to be able to prepare timely and accurate financial statements. We expect that we will need to continue to improve existing, and implement new operational and financial systems, procedures and controls to manage our business effectively. Any delay in the implementation of, or disruption in the transition to, new or enhanced systems, procedures or controls, may cause our operations to suffer and we may be unable to conclude that our internal control over financial reporting is effective and to obtain an unqualified report on internal controls from our auditors as required under Section 404 of the Sarbanes-Oxley Act. This, in turn, could have an adverse impact on trading prices for our common stock, and could adversely affect our ability to access the capital markets.

*The Financial Industry Regulatory Authority ("FINRA") sales practice requirements may limit a stockholder's ability to buy and sell our stock.*

FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative, low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. The FINRA requirements may make it more difficult for broker-dealers to recommend that their customers buy our Common Stock, which may have the effect of reducing the level of trading activity in our Common Stock. As a result, fewer broker-dealers may be willing to make a market in our common stock, reducing a stockholder's ability to resell shares of our Common Stock.

 

*Our stock price may be volatile.*

The market price of our Common Stock has been highly volatile and could fluctuate widely in price in response to various potential factors, many of which will be beyond our control, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· services by us or our competitors;

· additions or departures of key personnel;

· our ability to execute our business plan;

· operating results that fall below expectations;

· loss of any strategic relationship;

· industry developments;

· economic and other external factors; and

· period-to-period fluctuations in our financial results.

In addition, the securities markets have from time-to-time experienced significant price and volume fluctuations that are unrelated to the operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of our common stock.

 

*If securities or industry analysts do not publish research or reports about our business, or publish negative reports about our business, our share price and trading volume could decline.*

The trading market for our common stock will, to some extent, depends on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade our shares or change their opinion of our shares, our share price would likely decline. If one or more of these analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

 

 

 

 

*We do not intend to pay dividends for the foreseeable future, which could reduce the attractiveness of our stock to some investors.*

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our common stock if the market price of our common stock increases. In addition, we may incur debt financing to further finance our operations, the governing documents of which may contain restrictions on our ability to pay dividends.

*If our shares of Common Stock become subject to the penny stock rules, it would become more difficult to trade our shares.*

The Commission has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price per share of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. If we do not obtain a listing on the NYSE American or NASDAQ Capital Market and if the price of our Common Stock is less than $5.00 per share, our Common Stock will be deemed a penny stock. The penny stock rules require a broker-dealer, before effecting a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document containing specified information. In addition, the penny stock rules require that, before effecting any such transaction in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive; (i) the purchaser's written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our Common Stock, and therefore stockholders may have difficulty selling their shares.

*Provisions in our articles of incorporation and bylaws and Nevada law may discourage, delay or prevent a change of control of our Company and, therefore, may depress the trading price of our stock.*

Our articles of incorporation and bylaws contain certain provisions that may discourage, delay or prevent a change of control that our stockholders may consider favorable. These provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prohibit stockholder action to elect or remove directors by majority written consent;

· provide that the board of directors is expressly authorized to make, alter or repeal our bylaws;

· prohibit our stockholders from calling a special meeting of stockholders; and

· establish advance notice requirements for nominations for elections to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.

 

*We may be subject to securities litigation, which is expensive and could divert management attention.*

In the past companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion of management's attention and resources, which could seriously hurt our business. Any adverse determination in litigation could also subject us to significant liabilities.

**ITEM 1B. &nbsp;&nbsp;&nbsp;&nbsp; UNRESOLVED STAFF COMMENTS**

None

**ITEM 1C. &nbsp;&nbsp;&nbsp;&nbsp; CYBERSECURITY**

Risk Management and Strategy

The Company's cybersecurity risk management practices are intended to assess, identify and manage risks from threats to the security of our information, systems, products and network. We have developed and implemented cybersecurity and data privacy processes and procedures that are informed by recognized cybersecurity frameworks and standards, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework and International Organization for Standardization 27001 (ISO 27001) Framework. We use these frameworks, together with information collected from assessments, to tailor aspects of our cybersecurity and data privacy practices given the nature of our assets, operations and business. Key features of our cybersecurity and data privacy processes and procedures include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Risk-based controls for information systems and information on our networks:* We seek to maintain an information technology infrastructure that implements controls that are tailored based on risk and designed to protect the confidentiality, integrity and access to our information systems and information stored on our networks, including member, customer and employee information, intellectual property and proprietary information. We employ in-depth defense mechanisms throughout our enterprise, including, but not limited to, employee training, vulnerability management, multi-factor authentication, cybersecurity insurance and managed security services to monitor, mitigate and/or prevent cybersecurity incidents.

· *Cybersecurity incident management and response*: We have a cybersecurity incident response plan and specified teams to respond to cybersecurity incidents. If a cybersecurity incident occurs or we identify a vulnerability, our cross-functional teams lead the initial assessment of priority and severity, and external experts may also be engaged as appropriate. Our cybersecurity teams assist in responding to incidents depending on severity levels and seek to improve our cybersecurity incident management plan through periodic simulations of common incidents. Further, we work closely with our external managed security services experts to provide ongoing monitoring and to augment our internal cybersecurity team with incident management and response specialists.

· *Cybersecurity awareness and training*: Our employees are
required to complete security awareness training and a compliance course annually, which we believe helps our employees understand their
information protection and cybersecurity responsibilities. We also provide additional training to certain employees in accordance with
member or customer requirements and regulatory obligations. Further, we regularly communicate with employees about evolving cybersecurity
trends through company-wide cybersecurity alerts, which heightens awareness of cybersecurity events that may be impacting our business,
peers and industry.

· *Our assessments of third parties*: We have implemented a third-party risk management process that includes, among other things, periodic cybersecurity assessments on certain third parties on which we rely based on an assessment of their risk profile. We also seek contractual commitments from third parties to satisfy our cybersecurity and data privacy requirements, and require third parties to maintain their information technology systems and protect Premier's information that is processed on their systems.

· *Third-party assessments of Premier* third-party cybersecurity companies to periodically assess our cybersecurity and data privacy processes and procedures, and to assist in identifying and remediating risks from cybersecurity threats. It is our goal to have third-party assessors regularly conduct penetration testing and measure our processes, procedures and responses against industry standard frameworks. We will use the results of these periodic assessments to implement programmatic changes and continuous improvements in alignment with business requirements, industry standards and regulatory requirements.

We believe our cybersecurity risk management practices are an important part of our enterprise risk management processes, which must be continuously updated and improved. As of the date of this Annual Report, we have not identified risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition.

Governance

The Board and management each actively assess the Company's cybersecurity and data privacy risk management practices with the goal of being proactive rather than reactive. The Board regularly reviews the Company's cybersecurity and data privacy risks, including our policies, controls and procedures for identifying, managing and mitigating such risks. The Board receives periodic reports from members of management, to the extent their relevant areas are impacted, regarding cybersecurity and data privacy measures and procedures, the identification of security gaps and compliance with applicable cybersecurity and data privacy regulations. T

Management is responsible for day-to-day monitoring of the prevention, detection, mitigation and remediation of cybersecurity incidents. Our President, who reports to our Chief Executive Officer, has primary oversight of material risks from cybersecurity threats. Mr. Gourdie has over 30 years of experience in the aviation industry. Originally from Scotland, UK, Mr. Gourdie moved with his family to San Diego in the summer of 2018. His aviation career started immediately after high school in 1989 when he made the decision to join the UK's military and serve in the Royal Air Force for 10 years as an Avionics Technician. After leaving the military in 1999 he transitioned into commercial airlines. Since 2018, Mr. Gourdie has been involved in the management and development of Premier Air Charter.

**ITEM 2. &nbsp;&nbsp;&nbsp;&nbsp; PROPERTIES**

The Company has a month-to-month lease that expires on August 31, 2029 for its office, ramp and hanger space in Carlsbad, California at the County of San Diego, McClellan-Palomar Airport. The office and aircraft hangar space is approximately 3,000 and 2,500 square feet, respectively.

**ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp; LEGAL PROCEEDINGS**

From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. Except as set forth below, we are not currently a party, and our property is not subject to, any other material pending legal proceedings, other than ordinary routine litigation incidental to the business.

On May 31, 2024, Demeter Harvest Corp. ("Demeter") and Premier filed a Petition and Demand against Empyreal Jet, Inc. in the district court located in Harris County, Texas (Cause No. 2024-34231/Court: 281 claiming Breach of Contract, Promissory Estoppel seeking damages over $200,000 but no more than $1,000,000.

On March 11, 2025, a former employee filed a General Civil Complaint for Damages against Premier and Innoworks Employment Services, Inc. in the Superior Court of the State of California for the County of San Diego, Central Division claiming retaliation and wrongful employment termination seeking general and special damages each in the amount of $35,000 as well as punitive and exemplary damages, reasonable attorney fees, interest and such other relief.

On December 17, 2024, the Company received a notice of investigation from the Federal Aviation Administration's San Diego Flight Standards Office ("FSDO"). The investigation was the result of a safety complaint from a former employee. The investigation was a series of inquiries related to compliance with regulations related to corrective maintenance actions, to which the Company has responded to all requests. Premier has since implemented new policies and procedures to ensure such errors do not happen again. These new policies and procedures were provided to the FDSO January 2025. The Company has been working with the FSDO and is still awaiting the results of the investigation, which may include penalties against the Company. At the time of this filing, such amounts, if any, are not estimable.

On November 18, 2025, the Company filed a General Civil Complaint for Property Damage, Loss of Revenue, Civil Assault, Trespass to Chattel, Vandalism, and Intentional Infliction of Emotional Distress and Indemnity against Triumph Jets and Brandon Avila. Repair estimates are estimated at $53,495, in addition to a loss of revenue exceeding $75,000 due to grounding during repair time, as well as treble, punitive and exemplary damages, reasonable attorneys, interest and such other relief.

**ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp; MINE SAFETY DISCLOSURES**

Not applicable.

**<u>PART II</u>**

**ITEM 5. &nbsp;&nbsp;&nbsp;&nbsp; MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Market Information**

Our common shares are quoted on the OTCID Market under the symbol "PREM". Trading in stocks quoted on the OTC Market is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company's operations or business prospects. We cannot assure you that there will be a market in the future for our common stock.

**Number of Holders**

As of December 31, 2025, there were 280,848,293 issued and outstanding shares of common stock held by 69 shareholders of record.

**Dividend Policy**

We have never paid any cash dividends and intend, for the foreseeable future, to retain any future earnings for the development of our business. Our Board of Directors will determine our future dividend policy on the basis of various factors, including our results of operations, financial condition, capital requirements and investment opportunities.

**Recent Issuance of Unregistered Securities**

On March 11, 2025, the Merger closed whereby Merger Sub merged with and into Premier with Merger Sub ceasing to exist, Premier becoming a wholly owned subsidiary of the Company and the Company issuing TIPP, the former shareholder of Premier, 237,871,049 shares of common stock. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368 of the Internal Revenue Code of 1986, as amended.

**Securities Authorized for Issuance Under Equity Compensation Plans**

None.

**ITEM 6. &nbsp;&nbsp;&nbsp;&nbsp; [Reserved]**

**ITEM 7. &nbsp;&nbsp;&nbsp;&nbsp; MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Management's Discussion and Analysis of Financial Condition and Results of Operations of Premier Holdings. For The Years Ended December 31, 2025 and 2024.**

You should read the following discussion and analysis in conjunction with our financial statements, including the notes thereto, included in this Report. Some of the information contained in this Report may contain forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended (the "Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance, or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology.

These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. We undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

<u>Going Concern and Liquidity</u>

The Company's financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, the realization of assets, and liquidation of liabilities in the normal course of business.

Premier Holdings incurred a net loss of $3,865,621 and $2,191,235 during the years ended December 31, 2025 and 2024, respectively. Although these losses were primarily the result of investments in aircraft and supporting operational infrastructure, these losses and limited working capital raise substantial doubt about our ability to continue as a going concern.

There can be no assurance that the Company will be successful in obtaining additional funding, or that the Company's projections of its future working capital needs will prove accurate, or that any additional funding will be sufficient to continue operations in future years. In addition, support of the Company's operations is dependent on receiving support from related parties which primarily consists of financial support for revenue and operating expenses.

We will be required to raise substantial capital to fund our capital expenditures, working capital, and other cash requirements. We will continue to rely on related parties and seek other financing to complete our business plans. The successful outcome of future financing activities cannot be determined at this time and there are no assurances that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operational results.

In addition to our current deficit, we may incur additional losses during the foreseeable future, until we are able to successfully execute our business plan. There is no assurance that we will be able to obtain additional financing through private placements and/or public offerings necessary to support our working capital requirements. To the extent that funds generated from any private placements and/or public offerings are insufficient, we will have to raise additional working capital through other sources, such as bank loans and/or financings. No assurance can be given that additional financing will be available, or if available, will be on acceptable terms.

We are also incurring increased costs as a publicly traded company. As a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002, as well as new rules subsequently implemented by the Securities and Exchange Commission, have required changes in corporate governance practices of public companies. These new rules and regulations have increased our legal and financial compliance costs and have made some activities more time-consuming and costly. We cannot predict or estimate the amount of additional costs we may incur as a result of being a public company or the timing of such costs.

**RESULTS OF OPERATIONS**

 ****

***Revenues***

Revenues for the year ended December 31, 2025, were $31,877,508 compared with revenue of $20,751,139 during the year ended December 31, 2024, an increase of $11,126,369, or 53.6%.

This growth was driven primarily by strong performance in our core aircraft charter operations. Charter revenue rose by $11,785,580 year-over-year, reflecting higher flight hours, increased aircraft / utilization of our fleet, expanded client demand for luxury private aviation services, and targeted marketing efforts within our broker / retail customer base. The company continues to benefit from robust demand in the private aviation sector.

The overall increase was partially helped in other revenue streams associated with a strategic transition in our business model. Specifically:

· Maintenance revenue decreased
by $639,127, as we ramped up third-party maintenance services.

· Aircraft management fees declined
due to the shift from contracted managed aircraft to a leased aircraft model. Under the new structure, the Company now directly controls
and operates the aircraft and allows a greater share of the charter revenue generated by the fleet.

This transition is expected to enhance the Company's long-term profitability and operational flexibility by aligning revenue more closely with flight activity and reducing reliance on lower-margin management and maintenance services. As a result, a larger portion of our revenue is now derived from higher-margin charter operations.

The Company anticipates that continued growth in charter demand, combined with the benefits of our optimized fleet strategy, will support further revenue expansion.

***Cost of Revenues***

 ****

Cost of revenues for the year ended December 31, 2025, was $28,486,993, compared to cost of revenues of $18,356,827 during the year ended December 31, 2024, an increase of $10,130,166, or 55.2%.

The increase in cost of revenues for the year ended December 31, 2025 was primarily driven by two factors related to the Company's fleet expansion and optimization strategy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher costs associated with grounded aircraft undergoing scheduled and unscheduled maintenance, which temporarily reduced aircraft availability for charter operations while incurring ongoing fixed and variable maintenance expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating costs of newly acquired aircraft incurred prior to these aircraft generating meaningful charter revenue. These pre-revenue costs included crew training, initial positioning, insurance, hangar fees, and other preparatory operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engine reserve costs increased as more flight hours were utilized during the year.

These additional costs were incurred in support of the Company's long-term growth initiatives, including fleet modernization. As these aircraft become fully operational and integrated into our charter fleet, the Company expect improved utilization and contribution to higher-margin revenue in future periods.

***Operating Expenses***

 ****

Operating expenses for the year ended December 31, 2025 were $6,085,952 compared to operating expenses of $3,545,662 during the year ended December 31, 2024, an increase of $2,540,290, or 71.6%.

The increase in Operating Expenses for the year ended December 31, 2025 was driven primarily by higher facility rent and consulting fees. Facility rent rose due to expanded office and hangar space required to support our growing fleet and operations following the transition to a leased aircraft model. Consulting fees increased as the Company engaged external advisors for strategic initiatives, public filings, fleet optimization, regulatory compliance, and support for business expansion in the premium private aviation sector. The Company also incurred $428,998 in rent expense associated with holdover costs for engine overhauls.

These higher costs reflect investments in infrastructure and expertise necessary to scale charter operations and improve long-term efficiency. Despite the percentage increase, operating expenses remain well-controlled relative to the 53.6% revenue growth achieved in the year.

***Loss from Operations***

Loss from operations for the year ended December 31, 2025 was $2,695,437 compared to net loss from operations of $1,151,350 for the year ended December 31, 2024, an increase of $1,544,087, or 134.1%.

The operating loss in 2025 was primarily driven by costs associated with grounded aircraft undergoing maintenance, engine reserve expenses and operating expenses for newly acquired aircraft incurred prior to these aircraft generating meaningful charter revenue. These included scheduled and unscheduled maintenance, crew training, positioning flights, insurance, and other preparatory costs.

Despite these temporary headwinds, the year-over-year reduction in operating loss reflects strong revenue growth of 53.6% and improved gross profit contribution from higher-margin charter operations. The strategic transition, combined with fleet expansion, continued to pressure near-term results but is expected to drive better aircraft utilization, operating leverage, and reduced losses in future periods as the expanded fleet becomes fully productive.

***Other (Income) Expense***

Other (income) expenses for the year ended December 31, 2025 was $1,170,184 compared to $1,039,885 for the year ended December 31, 2024, an increase of $130,299, or 12.5%. The other expenses incurred in the year ended December 31, 2025 are primarily attributable interest expense related to aircraft leases and additional debt.

***Net Income (Loss)***

Net income (loss) was $(3,865,621) and $(2,191,235) for the year ended December 31, 2025 and 2024, respectively. The loss incurred in the year ended December 31, 2025 was driven primarily by higher facility rent and consulting fees as well as an increase in interest expense related to aircraft leases and additional debt.

***Cash Flows***

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Net cash provided by operating activities | $1152792 | $3089157 |
| Net cash used in investing activities | (2815068) | (928554) |
| Net cash used financing activities | 1650223 | (2065246) |
| Net change in cash during the period, before effects of foreign currency | $(213175) | $95357 |

---

 **

 ****

 **

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***Cash flow from Operating Activities***

During the year ended December 31, 2025, the Company incurred a loss of $3,865,621. This negative impact to cash was offset by an $2,738,371 increase in accounts receivable, and a $1,586,559 increase in accounts payable, providing a net positive cash flow from operations of $1,152,792.

***Cash flow from Investing Activities***

During the year ended December 31, 2025, the Company used $2,815,068 of cash primarily investing in $2,551,611 in aircraft assets and $263,457 in engine reserves.

***Cash flow from Financing Activities***

*During the year* ended December 31, 2025, the Company received $1,650,223 in cash of financing activity primarily from related party long term debt.

***Off-Balance Sheet Arrangements***

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

***Liquidity and Capital Resources***

 ****

At December 31, 2025, the Company had current assets of $3,727,772 and current liabilities of $16,333,220 compared with current assets of $997,117 and current liabilities of $5,358,619 at December 31, 2024. The continuation of the Company as a going concern is dependent upon generating additional charter revenue growth by improving current aircraft fleet charter operations, and obtaining cost effective financing to invest in additional charter aircraft.

***Future Financings***

We will continue to rely on related parties, equity sales of our common shares or debt financing arrangements in order to continue to fund our business operations. Issuance of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

 ****

***Critical Accounting Policies***

Refer to our Premier Holdings audited financial statements for the years ended December 31, 2025, and 2024 financial statements for a full discussion of our critical accounting policies.

**Revenue Recognition**

The Company generates revenue primarily from charter services, aircraft management fees, and maintenance services. Revenue is recognized when control of the promised services is transferred to the customer, which generally occurs at a point in time as charter services are completed. The application of revenue recognition guidance requires significant judgment, particularly in determining the appropriate timing of revenue recognition for charter flights that may span reporting periods, identifying performance obligations in arrangements that include multiple services, and assessing whether the Company is acting as a principal or an agent in certain transactions. Changes in these judgments could materially impact the timing and amount of revenue recognized. For example, changes in the assessment of performance obligations or the timing of service delivery could result in revenue being recognized in different reporting periods. Refer to Note 2 – Summary of Significant Accounting Policies in the consolidated financial statements for additional information.

**Accounts Receivable and Allowance for Credit Losses**

Accounts receivable represent amounts due from customers for services provided and are recorded net of an allowance for expected credit losses. As of December 31, 2025, the Company had accounts receivable of approximately $2,902,173 million, net of an allowance of approximately $1,568,030 million. The allowance for credit losses is based on management's estimate of expected losses over the life of the receivables and requires significant judgment. In developing this estimate, management considers historical collection experience, the creditworthiness of customers, the aging of receivables, current and forward-looking economic conditions, and the concentration of credit risk among key customers. Given the significant increase in accounts receivable and the related allowance during 2025, this estimate is particularly sensitive to changes in assumptions regarding customer collectability. A deterioration in customer financial condition or changes in economic conditions could result in higher expected credit losses and increased expense in future periods. Refer to Note 2 – Summary of Significant Accounting Policies for additional details.

**Maintenance Reserves**

Maintenance reserves represent payments made in connection with aircraft engine and airframe maintenance programs and are recorded as assets when such amounts are considered recoverable under the terms of the related agreements. As of December 31, 2025, maintenance reserves totaled approximately $3,058,945. The accounting for maintenance reserves requires significant judgment, particularly in determining whether amounts paid are recoverable, estimating the timing and extent of future maintenance events, assessing compliance with lease return conditions, and evaluating the likelihood of reimbursement from lessors or program providers. These estimates are inherently uncertain and depend on factors such as aircraft utilization, maintenance schedules, and contractual terms. Changes in expected aircraft usage, maintenance cost estimates, or assumptions regarding recoverability could result in material adjustments to the carrying value of maintenance reserves and related expenses in future periods. Refer to Note 3 – Financial Statement Elements for additional details.

**ITEM 7A. &nbsp;&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk.**

Not applicable to smaller reporting companies.

**ITEM 8. &nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Supplementary Data.**

**ALTAIR INTERNATIONAL CORP.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#k_016) (PCAOB ID: 5525) | 25 |
| [Report of Independent Registered Public Accounting Firm](#k_017) (PCAOB ID: 324) | 27 |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#k_018) | 29 |
| [Consolidated Statements of Operations for the Years ended December 31, 2025 and 2024](#k_019) | 30 |
| [Consolidated Statements of Stockholders' Deficit for the Years ended December 31, 2025 and 2024](#k_020) | 31 |
| [Consolidated Statements of Cash Flows for the Years ended December 31, 2025 and 2024](#k_021) | 32 |
| [Notes to the Consolidated Financial Statements](#k_022) | 33 |

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![](image_001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 ****

To the Board of Directors and Stockholders of Premier Air Charter International Corp.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of Premier Air Charter International Corp. ("the Company") as of December 31, 2025, and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has no assurance that its projections of its future working capital needs will prove accurate or that any additional funding will be sufficient to continue operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Aircraft Maintenance Service Contracts**

*Description of the Critical Audit Matter*

 

As discussed in Note 3, the Company is party to long-term service contracts to perform engine replacement and major maintenance on its aircraft. The Company's accounting for aircraft maintenance arrangements was identified as a critical audit matter due to the significant judgment involved in determining the appropriate classification and timing of expense recognized under long-term service agreements. This evaluation involves significant assumptions regarding aircraft utilization, timing of future maintenance events, and the pattern of economic benefit consumption. Given the complexity of the agreements and timing of costs recognition, we considered this to be a critical audit matter.

 

*How the Critical Audit Matter Was Addressed in the Audit*

 

Our principal audit procedures to evaluate management's accounting for engine maintenance arrangements included, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We evaluated the appropriateness and consistency of management's methods
and assumptions used in determining the classification of maintenance costs and the related appropriate and consistency of recognition
and disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We tested the completeness and accuracy of key assumptions, including contractual
terms and aircraft utilization data, and agreed such information to executed agreements and historical operational data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We assessed the relevance and reliability of provided metrics, including the reasonableness
of management's significant assumptions, by comparing them to historical maintenance activity, contractual provisions, and relevant
industry data.

![](image_002.jpg)

Fruci & Associates II, PLLC – PCAOB ID #05525

We have served as the Company's auditor since 2025.

Spokane, Washington

April 15, 2026

***Report of Independent Registered Public Accounting Firm***

To Board of Directors

Premier Air Charter, Inc. (formerly Altair International Corp.)

***Opinion on the Financial Statements***

 ****

We have audited the accompanying consolidated balance sheet of Premier Air Charter, Inc. (formerly Altair International Corp.) (the "Company") as of December 31, 2024, and the related consolidated statements of operations, stockholder's deficit, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

***Going Concern***

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has a net loss during the year ended December 31, 2024 and has negative working capital at such date. Further, at December 31, 2024, the Company is dependent on support from its related parties. These factors raise substantial doubt about the Company's ability to continue as a going concern.

 **

***Basis for Opinion***

 **

These financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

***Critical Audit Matter***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which it relates.

 **

 ****

 **

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***Related-party Transactions***

Description of the Matter:

As discussed in Note 6, the Company engages in significant related party transactions with businesses controlled by, and with people who are related to, the officers and directors of the Company, such as pass-through costs, aircraft maintenance revenue, aircraft management fees, charter sales, debt from/to related parties and aircraft leases.

Our auditing of management's identification of related parties and the related transactions was complex and is based on a thorough understanding the Company's related party relationships, contracts, and business activities. These were the principal considerations that led us to determine this as a critical audit matter.

 

How the Critical Audit Matter Was Addressed in the Audit:

Our audit procedures for related-party transactions included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We evaluated related-party transactions by obtaining the Company's list of related-party relationships and transactions and performing the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Comparing it to press releases, other available online information, questionnaires and confirmations completed by the Company's directors and officers, and other sources.

o Searching for potential related-party transactions within the accounts receivable, accounts payable, revenue, expense, vendor listing master files and journal entries by searching for the name, vendor information, and customer information of the related parties.

o Inspecting the Company's documentation of meetings of the Board of Directors and related committees.

o Making inquiries of management and others within the Company regarding related party transactions.

o Assess the reasonableness of disclosures.

***Related-Party Transactions***

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As discussed in Note 6 to the financial statements, the Company has had numerous significant transactions with businesses controlled by, and with people who are related to, the officers and directors of the Company. The Company's financial position and results of operations, as reflected in the accompanying financial statements, might be different if these transactions were among wholly unrelated parties. Our opinion is not modified with respect to this matter.

/s/ Macias Gini & O'Connell LLP

We served as the Company's auditor from 2023 until 2025.

Irvine, CA

April 7, 2025

**PREMIER AIR CHARTER HOLDINGS INC.**

**(FORMERLY ALTAIR INTERNATIONAL CORP.)** 

**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Cash | $213175 | $225228 |
| Accounts receivable, net allowance of $1,568,030 and $72,405, respectively | 2902173 | 352944 |
| Other receivables | 226062 | 230822 |
| Due from related parties, current portion | 60479 | 179098 |
| Prepaid expenses and other current assets | 325883 | 9025 |
| &nbsp;&nbsp;&nbsp;Total current assets | 3727772 | 997117 |
| Property and equipment, net | 8412922 | 6444402 |
| Right of use assets - operating | 9449375 | 5426543 |
| Right of use assets - financing | 11356858 | 12003034 |
| Investment - related party | 46240 | 85474 |
| Maintenance reserves | 3058945 | 2795488 |
| &nbsp;&nbsp;&nbsp;Total assets | $36052112 | $27752058 |
| **Liabilities and Stockholder's Equity (Deficit)** |  |  |
| Accounts payable and accrued expenses | $4838507 | $2261700 |
| Deferred revenue | 733785 | 192820 |
| Due to related parties | 2701004 | 31144 |
| Right of use liabilities - operating | 1974051 | 1287785 |
| Right of use liabilities - financing | 1895018 | 1091916 |
| Long-term debt, current portion | 4036728 | 166410 |
| Long-term debt, related parties, current portion | 154127 | 326844 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 16333220 | 5358619 |
| Right of use liabilities - operating, net of current portion | 7475324 | 4138758 |
| Right of use liabilities - financing, net of current portion | 7943661 | 9164630 |
| Long-term debt, net of current portion |  | 3669352 |
| Long-term debt, related parties, net of current portion | 331593 | 6980729 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 32083798 | 29312088 |
| Commitments and contingencies (Note 7) | **–** | **–** |
| **Stockholders' Equity (Deficit)** |  |  |
| Series A Preferred stock: par value $0.001; 155,000 shares authorized; 145,410 issued and outstanding at December 31, 2025 | 9351465 |  |
| Common stock: par value $0.001; 5,000,000,000 shares authorized; 280,848,293 and 237,871,049 issued and outstanding, respectively | 280848 | 237871 |
| Additional paid-in capital | 81500 | 40000 |
| Accumulated deficit | (5745499) | (1837901) |
| &nbsp;&nbsp;&nbsp;Stockholders' equity (deficit) | 3968314 | (1560030) |
| Total liabilities and total stockholders' equity (deficit) | $36052112 | $27752058 |

---

The accompanying notes are an integral part of these financial statements.

**PREMIER AIR CHARTER HOLDINGS INC.**

**(FORMERLY ALTAIR INTERNATIONAL CORP.)**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Revenue | $31877508 | $20751139 |
| Cost of sales | 28486993 | 18356827 |
| Gross profit | 3390515 | 2394312 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Payroll and related expenses | 1702369 | 1559738 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 4383583 | 1985924 |
| Total operating expenses | 6085952 | 3545662 |
| Loss from operations | (2695437) | (1151350) |
| Other (income) expense, net |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 1360776 | 854207 |
| &nbsp;&nbsp;&nbsp;Other | (190592) | 185678 |
| &nbsp;&nbsp;&nbsp;Other expense (income), net | 1170184 | 1039885 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | – | – |
| Net loss | $(3865621) | $(2191235) |
| Net loss per basic and diluted | $(0.01) | $(0.01) |
| Weighted average number of common shares outstanding, basic and diluted | 272296493 | 237871049 |

---

The accompanying notes are an integral part of these financial statements.

**PREMIER AIR CHARTER HOLDINGS INC.**

**(FORMERLY ALTAIR INTERNATIONAL CORP.)**

**CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Preferred Stock | Preferred Stock | Common Stock | Common Stock | | | |
|  | Shares | Amount | Shares | Amount | Additional <br> Paid-in<br>Capital | Retained<br>Earnings | Total<br> Stockholders' Equity<br>(Deficit) |
| Balance, December 31, 2023 |  | $– | 237871049 | $237871 | $– | $1246731 | $1484602 |
| Net liabilities assumed over assets forgiven with Demeter |  |  |  |  |  | (893397) | (893397) |
| Capital contributions |  |  |  |  | 40000 |  | 40000 |
| Net loss | – | – | – | – | – | (2191235) | (2191235) |
| Balance, December 31, 2024 |  | $– | 237871049 | $237871 | $40000 | $(1837901) | $(1560030) |
| Acquisition of Premier Air Charter Inc. |  |  | 41977244 | 41977 |  | (41977) |  |
| Issuance of Series A Preferred shares | 145410 | 9351465 |  |  |  |  | 9351465 |
| Issuance of Common Stock for services |  |  | 1000000 | 1000 | 41500 |  | 42500 |
| Net Loss | – | – | – | – | – | (3865621) | (3865621) |
| Balance, December 31, 2025 | 145410 | $9351465 | 280848293 | $280848 | $81500 | $(5745499) | $3968314 |

---

The accompanying notes are an integral part of these financial statements.

**PREMIER AIR CHARTER HOLDINGS INC.**

**(FORMERLY ALTAIR INTERNATIONAL CORP.)**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(3865621) | $(2191235) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 1229267 | 670447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on investment in related party | 39234 | 195471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation | 42500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 1495625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (4275965) | (41969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 235871 | (177401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from/to related parties | 2788479 | 3151742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (316858) | 114895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 3239295 | 1652736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 540965 | (285529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1152792 | 3089157 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (2551611) | (1493806) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment and engine reserves |  | 1600000 |
| &nbsp;&nbsp;&nbsp;Purchase of engine reserves | (263457) | (1034748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (2815068) | (928554) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Capital contributions |  | 40000 |
| &nbsp;&nbsp;&nbsp;Payments on financing lease obligations | (417867) | (281922) |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 589500 | 120000 |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt | (1051022) | (1162485) |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt, related parties | 2565644 |  |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt, related parties | (36032) | (780839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 1650223 | (2065246) |
| **Net change in cash** | (12053) | 95357 |
| Cash at beginning of period | 225228 | 129871 |
| Cash at end of the period | $213175 | $225228 |
| **Supplemental disclosure of cash flow information** |  |  |
| Non-cash investing and financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Related party advances converted into note payable - related party | $– | $3770465 |
| &nbsp;&nbsp;&nbsp;Related party notes converted into preferred stock | $9351465 | $– |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment with a note payable | $– | $3800000 |
| &nbsp;&nbsp;&nbsp;Right of use assets and liabilities - operating | $5708770 | $– |
| &nbsp;&nbsp;&nbsp;Items related to Demeter receivable exchange: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable and advances | $– | $6403528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase of property and equipment | $– | $2320690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in maintenance reserves | $– | $2325946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed notes payable | $– | $1050259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets - operating and financing leases | $– | $16992731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use liabilities - operating and financing lease | $– | $15078977 |
| Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1360776 | $249495 |

---

The accompanying notes are an integral part of these financial statements.

**PREMIER AIR CHARTER HOLDINGS INC.**

**(FORMERLY ALTAIR INTERNATIONAL CORP.)**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. &nbsp;&nbsp;&nbsp;&nbsp; Organization and Business**

***Formation and Business of the Company***

 ****

Altair International Corp., formerly Premier Air Charter, LLC, ("Premier") was acquired by Tipp Aviation, LLC ("Tipp Aviation" or "Tipp") on July 1, 2019 (acquisition date). Premier was a 100% owned subsidiary of Tipp Aviation. Tipp Aviation is a subsidiary of Tipp Investments, LLC.

Premier is a San Diego-based jet charter company that provides private charter flights, aircraft management services, and aircraft maintenance. The Premier has its registered office address at 2006 Palomar Airport Road, Suite 210, Carlsbad, CA 92011, which is also the principal place of business.

On February 16, 2024, Premier converted to a C-Corporation whereby the 300,000 membership units outstanding at Premier Air Charter, LLC were exchanged for 10,000 shares of the Company's no par value common stock.

On May 30, 2025, Altair International Corp. changed its name to Premier Air Charter Holdings Inc. and a change in its trading symbol to "PREM".

***Altair Merger Agreement***

On February 16, 2024, Altair International Corp. (the "Altair") entered into an Agreement and Plan of Merger (the "Merger Agreement") among Premier Air Charter, Inc. ("Premier"), Premier Air Charter Merger Sub, Inc. ("Merger Sub") and TIPP Aviation, LLC, the sole shareholder of Premier ("TIPP"). Under the terms of the Merger Agreement, Altair will exchange 85% of its shares of common stock for all issued and outstanding shares of Premier common stock and Merger Sub will be merged into Premier (the "Merger"). The officers and directors of Premier are now the officers and directors of Altair following the Merger. On March 5, 2025, the Altair, Premier, Merger Sub and TIPP entered into an Amended Merger Agreement amending various procedural items of the Merger Agreement (the "Amended Merger Agreement"). On March 11, 2025, the Merger closed whereby Merger Sub merged with and into Premier with Merger Sub ceasing to exist, Premier becoming a wholly owned subsidiary of Altair and Altair issuing TIPP 237,871,049 shares of common stock. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368 of the Internal Revenue Code of 1986, as amended.

Following the Closing, Premier was deemed the accounting predecessor of the Merger and will be the successor registrant for SEC purposes, meaning that Premier's financial statements for previous periods, include the financial statements included herein, will be disclosed in this and future periodic reports filed with the SEC.

The Merger was accounted for as a reverse recapitalization. Under this method of accounting, Altair is treated as the acquired company for financial statement reporting purposes. These financial statements reflect the financial statements of Premier as of December 31, 2025 and 2024 and for each of the years then ended. In addition, these financial statements capture the capital structure of Altair and reflect only the 237,871,049 common shares issued to the former Premier shareholder as being outstanding from the inception of Premier. The 41,977,244 common shares retained by the historical Altair shareholders will be reflected as being issued on March 5, 2025, the closing date of the acquisition. As of the date of this filing, there are 280,848,293 shares of Premier common stock issued and outstanding. Any reference to the "Company" within these financial statements is a reference to Premier.

Unaudited proforma financial statements of Premier Holdings and Premier had the acquisition taken place on January 1, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| Year ended December 31,: | **2025** | **2024** |
|  | (unaudited) | (unaudited) |
| Revenues | $31877508 | $20751139 |
| Net loss | $(3865621) | $(2578798) |
| Loss per share - basic and diluted | $(0.01) | $(0.00) |

---

At December 31, 2024, there were no significant assets or liabilities of Premier Holdings, accordingly, no proforma balance sheets are presented.

***Going Concern and Liquidity***

 ****

The Company's financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, the realization of assets, and liquidation of liabilities in the normal course of business.

There can be no assurance that the Company will be successful in obtaining additional funding, or that the Company's projections of its future working capital needs will prove accurate, or that any additional funding will be sufficient to continue operations in future years. In addition, support of the Company's operations is dependent on receiving support from related parties which primarily consists of financial support for revenue and operating expenses. If the Company cannot collect all receivables owed or secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with supplies, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially harm the Company's business, results of operations, and prospects. The Company's ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and disruptions to, and volatility in, financial markets in the United States and worldwide resulting from ongoing global issues. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern.

**2. &nbsp;&nbsp;&nbsp;&nbsp; Summary of Significant Accounting Policies**

***Basis of Presentation***

 ****

The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

***Principles of Consolidation***

As of December 31, 2025, these financial statements contain the assets and liabilities of Premier Holdings. As disclosed above, on March 11, 2025, the operations of Premier Holdings have been consolidated. As of December 31, 2025, these financial statements do not include any of Premier Holdings' operations other than the capital structure. All significant intercompany balances and transactions will be eliminated in consolidation.

***Use of Estimates***

 ****

The preparation of the Company's financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses and the disclosure in the Company's financial statements and accompanying notes. The Company based its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management's estimates.

Significant estimates include the allowance for credit losses, determination of the incremental borrowing rate used and the classification of right of use leases, recoverability of long-lived assets, including engine reserves.

***Segment Reporting***

 ****

The Company currently operates and manages its business as one operating segment, which is the business of operating chartered flights and managing leased aircraft. The Company's chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for evaluating financial performance.

The CODM primarily uses **net income (loss)** as the key measure of segment performance. This metric is used to assess the Company's overall profitability and to make decisions regarding resource allocation.

A summary of net loss for the years ended December 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
| **Schedule of segment reporting** | | |
|  | **2025** | **2024** |
| Net loss | $(3865621) | $(2191235) |

---

No additional segment-level financial information is reviewed by the CODM, and therefore no further segment disclosures are presented.

***Cash***

 ****

Cash consists of cash in readily available checking accounts and funds deposited into savings accounts. Cash is recorded at cost, which approximates fair value. As of December 31, 2025 and 2024, the Company had cash balances deposited at a major financial institution. Cash balances are subject to minimal credit risk as the balances are with high-credit quality financial institutions.

***Accounts Receivable***

Accounts receivable are comprised of trade receivables from the Company's customers and are recorded at the invoiced amount or amounts earned in accordance with contractual terms but not yet invoiced. Accounts receivable do not bear interest.

The Company estimates an allowance for expected credit losses in accordance with ASC 326 (Current Expected Credit Losses). The allowance is based on a combination of:

&nbsp;&nbsp;&nbsp;&nbsp;· specific identification of individual customer exposures

&nbsp;&nbsp;&nbsp;&nbsp;· historical collection experience

&nbsp;&nbsp;&nbsp;&nbsp;· current economic conditions

&nbsp;&nbsp;&nbsp;&nbsp;· reasonable and supportable forecasts of future collectability

For certain receivables, including those that are individually significant or exhibit unique risk characteristics, the Company applies a specific identification approach rather than relying solely on historical loss rates.

During the year ended December 31, 2025, the Company recognized amounts due under contractual arrangements that include fixed minimum payment provisions, which are earned as performance obligations are satisfied and are enforceable irrespective of usage. These amounts are included in accounts receivable and are subject to the Company's CECL evaluation.

The Company's allowance for doubtful accounts includes estimates related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specific customer disputes and contractual enforcement matters,
including amounts subject to ongoing legal evaluation and recovery efforts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receivables arising from profit-sharing arrangements, where collectability
is influenced by future operating performance and contractual recovery mechanisms.

As of December 31, 2025 and 2024, the Company had an allowance for doubtful accounts of $1,568,030 and $72,405, respectively.

The Company identified approximately $470,633 of unbilled contractual revenue related to prior periods. Due to the timing of recognition and ongoing evaluation of collectability, these amounts have not been recognized in the current period financial statements. Management believes these amounts are contractually enforceable and is pursuing recovery through legal channels.

 **

 ****

 **

 **

***Concentration of Credit Risk***

 **

Financial instruments that may potentially expose the Company to concentrations of credit risk primarily consist of cash and accounts receivable.

The Company maintains cash balances with multiple high-credit-quality financial institutions. Such balances are insured by the Federal Deposit Insurance Corporation ("FDIC") up to applicable limits; however, balances may exceed insured limits at times. The Company has not experienced any losses in such accounts.

The Company's accounts receivable are concentrated among a limited number of customers. Credit quality is monitored on an ongoing basis, and allowances for expected credit losses are recorded as appropriate.

As of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;· Two customers accounted for approximately 97 % of total accounts receivable

&nbsp;&nbsp;&nbsp;&nbsp;· One customer accounted for approximately 18 % of total revenue in each year

As of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;· Two customers accounted for approximately 89 % of total accounts receivable

&nbsp;&nbsp;&nbsp;&nbsp;· One customer accounted for approximately 10 % of total revenue in each year

A portion of the Company's receivables relates to amounts due under contractual arrangements that are currently subject to dispute and/or collection efforts. While management believes these receivables are contractually enforceable and expects to recover a substantial portion of the outstanding balances, the ultimate timing and amount of recovery may vary.

 **

***Property and Equipment, Net***

 **

Property and equipment are stated at cost, less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred.

The following estimated useful lives were used to depreciate the Company's assets:

---

| | |
|:---|:---|
| Furniture | 5 years |
| Computers | 3 years |
| Vehicles | 5 years |
| Aircraft and improvements | Shorter of 10 years or the life of the asset |
| Equipment | 10-15 years |

---

***Impairment of Long-Lived Assets***

 ****

Long-lived assets consist primarily of property and equipment. Long-lived assets are tested for impairment when events and circumstances indicate the assets might be impaired by first comparing the estimated future undiscounted cash flows of the asset or asset group to the carrying value. If the carrying value exceeds the estimated future undiscounted cash flows, an impairment loss of its long-lived assets is recognized based on the amount that the carrying value exceeds the fair value of the asset or asset group. The Company did not recognize impairment losses of its long-lived assets during the years ended December 31, 2025 and 2024.

***Investments***

The Company applies the cost method of accounting to investments when it does not have significant influence or a controlling interest in the investee and the fair value of the investment is not readily determinable. Dividends on cost method investments received are recorded as income.

For equity investments without readily determinable fair values measured at cost, the Company assesses investments for impairment whenever there are observable price changes for an identical or similar investment of the same issuer. If the Company identifies observable price changes in orderly transactions for the identical or a similar investment of the same issuer, the Company must measure its equity investment at fair value in accordance with ASC 820, *Fair Value Measurement,* as of the date that the observable transaction occurred. See Note 3 for additional information.

***Debt***

Debt is recognized initially at fair value, net of transaction costs, and is subsequently measured at amortized cost using the effective interest method. The difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of operations over the period of the borrowings using the effective interest method.

Classification of debt depends on the terms of the agreement. Debt payable within twelve months after reporting period is reported as current liabilities while debt that is expected to be due more than twelve months after the reporting period is reported as non-current liabilities. However, if at the balance sheet date, the Company intends to refinance a short-term obligation on a long-term basis, the short-term obligation is classified as non-current only if the Company can demonstrate its ability to consummate the long-term refinancing by either of the (a) issuing the long-term obligation or equity securities after the Company's balance sheet date, but before the balance sheet is issued or available to be issued or (b) entering into a financing agreement before the borrower's balance sheet is issued or available to be issued.

 **

***Leases***

 **

Under ASC 842, leases are separated into two classifications: operating leases and finance leases. For a lease to be classified as a finance lease, it must meet one of the five finance lease criteria at inception: (1) transfer of title/ownership to the lessee, (2) purchase option, (3) lease term for the major part of the remaining economic life of the asset, (4) present value represents substantially all of the fair value of the asset, and (5) asset specialization. Any lease that does not meet these criteria is classified as an operating lease. ASC 842 requires all leases to be recognized on the Company's balance sheet. Operating leases are included in operating lease right-of-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities within the balance sheet. Finance leases are included in property, plant, and equipment, current maturities of long-term debt and finance leases, and long-term debt and finance leases, net of current maturities, within the balance sheet.

The Company leases certain aircraft and equipment under operating lease arrangements. The Company has elected the short-term lease exemption for leases with an initial term of 12 months or less. Under this election, short-term leases are not recorded on the balance sheet, and lease payments are recognized as lease expense on a straight-line basis over the lease term.

***Fair Value of Financial Instruments***

ASC Topic 820, *Fair Value Measurement*, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following:

---

| | |
|:---|:---|
| Level 1: | Observable inputs such as quoted prices in active markets for identical assets or liabilities. |
| Level 2: | Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly. |
| Level 3: | Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. |

---

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company's financial assets are subject to fair value measurements on a recurring basis. As of December 31, 2025 and 2024, the Company's investment – related party is considered a level 2 item as the fair market value is based upon the common stock of Dalrada Financial Corporation, see above and Note 3 for additional information.

***Revenue Recognition***

 ****

The Company follows ASC 606, *Revenue from Contracts with Customers* (ASC 606) for recognition of its chartered flights and management fees. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for goods or services and excludes sales incentives and amounts collected on behalf of third parties. The Company analyzes the nature of these performance obligations in the context of individual agreements in order to assess the distinct performance obligations.

The Company applies the following five-step model to recognize revenue: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

Revenue is derived from a variety of sources including, but not limited to (i) flights and (ii) aircraft management.

The Company accounts for a contract when both parties have approved and are committed to performing their obligations, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and the collectability of consideration is probable.

Revenue is recorded net of discounts on standard pricing and incentive offerings, including special pricing agreements and certain promotions.

Deferred revenue is an obligation to transfer services to a customer for which consideration has already been received. Upon receipt of a prepayment from a customer for all or a portion of the transaction price, a contract liability is initially recognized. The contract liability is settled and revenue is recognized upon satisfaction of the performance obligation to the customer at a future date.

Flights and flight-related services, along with the related costs of the flights, are earned and recognized as revenue at the point in time in which the service is provided. For round trip flights, revenue is recognized upon completion of the trip.

The Company manages aircraft for owners in exchange for a contractual fee. Management fees are reported as revenue along with amounts billed to the aircraft owner for maintenance parts and labor. Owner-incurred expenses, including maintenance coordination, cabin crew, and pilots, as well as recharging of certain incurred aircraft operating costs and expenses such as maintenance, fuel, landing fees, parking, and other related operating costs are recovered by the Company as pass through costs. No revenue is recorded for the reimbursement of these costs as they are recorded net.

The Company's disaggregated revenues comprised of the following for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Charter sales | $27371237 | $19538585 |
| Leasing arrangements | 3952928 |  |
| Management fees | 51000 | 103000 |
| Maintenance revenues | 439017 | 1078144 |
| Other revenues | 63326 | 31410 |
| Total: | $31877508 | $20751139 |

---

***Advertising Costs***

 ****

The Company reports as expense the cost of advertising and promoting its services as incurred. Such amounts are included in selling, general and administrative expenses in the accompanying statements of operations and totaled $249,931 and $198,557 for the years ended December 31, 2025 and 2024, respectively.

***Income Taxes***

 ****

Prior to February 2024, as discussed in Note 1, the Company was taxed as a partnership. Under these provisions, the Company was not subject to federal corporate income taxes on its taxable income. Instead, the member was liable for individual federal and state income taxes on their respective shares of the Company's taxable income. However, the Company was subject to certain state, excise, franchise and license fees; the provision for income taxes reflected in the accompanying financial statements consists primarily of such items. Deferred tax assets and liabilities related to these taxes were insignificant.

Subsequent to January 1, 2024, the Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company's tax returns. Deferred income taxes are recognized for differences between financial reporting and tax bases of assets and liabilities at the enacted statutory tax rates in effect for the years in which the temporary differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the realizability of deferred tax assets and valuation allowances are provided when necessary to reduce net deferred tax assets to the amounts expected to be realized.

The Company calculates the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed income tax returns are recorded when identified. The amount of income taxes paid is subject to examination by U.S. federal and state tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to management's assessment of relevant risks, facts and circumstances existing at that time. To the extent that the assessment of such tax positions change, the change in estimate is recorded in the period in which the determination is made.

At January 1, 2024, the Company recorded a deferred tax liability of approximately $23,000 due to book to tax difference upon the conversion to a C-corp. As of December 31, 2024, the Company reversed the deferred tax liability as the Company has a deferred tax asset due to net operating losses. As of December 31, 2024, the Company has recorded a valuation allowance against 100% of the deferred tax assets.

***Net Income Per Share***

Net income per share is computed by dividing net income by the weighted average shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per share ("EPS") calculations are determined by dividing net income by the weighted average number of shares outstanding during the year. Diluted earnings per share calculations are determined by dividing net income by the weighted average number of shares and dilutive share equivalents outstanding. As of December 31, 2025, the Company has 37,405,860 in dilutive securities related to the conversion of outstanding shares of Series A Preferred Stock. The effects of the dilutive shares have been excluded from the calculation of dilutive loss per share for the year ended December 31, 2025 as they are anti-dilutive. The Company did not have any dilutive securities outstanding for the year ended December 31, 2024.

***Recent Accounting Pronouncements***

The FASB issues ASUs to amend the authoritative literature in ASC. There have been several ASUs issued to date, that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). In December 2023, the FASB issued ASU 2023-09, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-09 on January 1, 2025 did not have a significant impact on the Company's operations other than expanded footnote disclosures*.***

In November 2024, the FASB issued the ASC 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses*, which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as disclosures about selling expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact this new guidance will have on its financial statements and disclosures.

**3. &nbsp;&nbsp;&nbsp;&nbsp; Financial Statement Elements**

***Property and Equipment***

Property and equipment, net, as of December 31, 2025 and 2024 consists of the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Aircraft and improvements | $9255997 | $6548355 |
| Equipment | 126872 | 121437 |
| Building Signage | 12885 | 12885 |
| Vehicles | 3000 | 3000 |
| Furniture | 11239 | 11239 |
| Total: | 9409993 | 6696916 |
| Less accumulated depreciation | (997071) | (252514) |
| Total property and equipment | $8412922 | $6444402 |

---

Depreciation related to property and equipment was $744,557 and $221,259 for the year ended December 31, 2025 and 2024, respectively. The carrying value of assets leased to third parties was $9,913,727 as of December 31, 2025.

***Aircraft Engine Long Term Service Contracts***

The Company is a party to long-term service contracts to perform engine replacement and major maintenance. These contracts extend the useful life of an engine by providing major maintenance and/or replacement engines to mitigate risk of lost charter revenue due to aircraft downtime. Under these arrangements, the Company makes periodic payments in advance of services being performed or replacement parts being provided. These payments are generally based on contractual minimum usage requirements as well as variable usage in excess of such minimum thresholds. Payments made for such contracts for aircraft operated under operating leases are expensed as incurred. In the case of long-term service contracts for aircraft owned or financed, the Company evaluates the economic substance of these arrangements and accounts for the related payments based on their underlying nature as follows:

---

| |
|:---|
| Reserve balances – Amounts funded under these programs represent prepaid maintenance funding and are recorded as an asset on the balance sheet. These balances are amortized over the remaining term of the respective agreements based on estimated level-rate engine hours over the contractual term of the maintenance arrangements. The amortization reflects the pattern of consumption of the underlying economic benefit and is periodically adjusted based on updated estimates of future aircraft utilization. |
| Minimum usage component – Payments associated with contractual minimum usage requirements are considered part of the overall reserve funding structure. Increases in reserve balances resulting from such minimum funding are included within the engine reserve asset and are amortized over the remaining contractual term based on estimated level-rate engine hours over the term of the maintenance arrangements. This amortization reflects the pattern of consumption of the underlying economic benefit and is periodically adjusted based on updated estimates of future aircraft utilization. |
| Incremental usage component – Payments associated with usage in excess of contractual minimum thresholds represent variable, usage-based consumption of engine life and are expensed as incurred. |

---

When major maintenance or replacement events occur under these programs, the Company evaluates the nature of the costs incurred. To the extent such costs represent a significant restoration or extension of engine life and are not otherwise satisfied through previously funded reserves, such amounts may be capitalized and amortized over the expected period of benefit.

***Investment - Related Party***

The Company holds 420,366 shares of Dalrada Financial Corporation ("DFC") Convertible Series "G" preferred stock ("Series G"). The stated amount of the investment was $420,366. The Series G are convertible at a fixed rate conversion price of $0.30 per common share, for a total of 1,401,220 common shares of DFC. The ownership in DFC is less than 20%. The Company accounts for the investment at fair market value.

During the year ended December 31, 2025 and 2024, the Company recorded a gain (loss) of ($39,234) and ($195,471), respectively. The Company bases the fair market value of the investment on the closing stock price of DFC's common stock which is considered a similar investment.

 

***Accounts Payable and Accrued Expenses***

Accounts payable and accrued expenses as of December 31, 2025 and 2024 consist of the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Accounts payable | $4256149 | $2009976 |
| Payroll liabilities | 441772 | 160058 |
| Credit cards payable | 140586 | 91666 |
| Total: | $4838507 | $2261700 |

---

Deferred revenue is recorded when payments are received in advance of the Company performing its service obligations and are recognized over the service period. Deferred revenue primarily relates to prepayments of chartered flights as customers pay upfront for flights. Deferred revenue as of December 31, 2025 and 2024 was $733,785 and $192,820, respectively. All deferred revenue recorded at December 31, 2024, was recorded as revenue during the year ended December 31, 2025. All deferred revenue as of December 31, 2025, is expected to be recorded as revenue in calendar 2026.

**4. Aircraft Lease Agreements**

The Company entered into aircraft lease and management agreements with Paradigm Jet Management ("Paradigm"), pursuant to which the Company provided aircraft access and related services.

***General Description***

Under the terms of the agreements, the Company made aircraft available toParadigm for charter operations. The Company retained operational control of the aircraft and was responsible for providing flight services, maintenance coordination, and related support. The agreements included provisions for minimum guaranteed usage as well as variable usage based on actual flight hours.

***Payment Terms***

The agreements generally provided for:

· A minimum guaranteed number of flight hours,
typically 50 hours per month per aircraft;

· An hourly rate of approximately $7,000
per flight hour; and

· Additional charges for certain operating
costs, maintenance-related items, and other reimbursable expenses.

The Customer was obligated to pay for the minimum guaranteed usage regardless of actual flight activity.

***Revenue Recognition***

Revenue under these agreements is recognized in accordance with ASC 842. Fixed minimum payments are recognized on a straight-line basis over the lease term, reflecting the Company's right to consideration as the lessee uses the underlying asset. Variable payments based on usage, such as flight hours, are recognized as lease revenue in the period in which the underlying usage occurs.

 ****

***Accounts Receivable and Contractual Amounts***

As of December 31, 2025, the Company has recognized amounts due under these agreements, including amounts associated with minimum guaranteed usage that had not yet been invoiced. Certain amounts remain outstanding and are subject to ongoing collection efforts, including potential legal proceedings.

**5. &nbsp;&nbsp;&nbsp;&nbsp; Right of Use Assets and Liabilities**

***Right of Use - Operating***

The Company has a month-to-month lease for its office, ramp and hanger space in Carlsbad, California. The Company entered into a lease amendment on February 14, 2023, increasing the monthly rent to $7,108. The Company entered into another lease amendment on February 1, 2024 which increased the monthly rent to $9,438. Effective September 1, 2024, the Company entered into a revised lease agreement for a period of 60 months expiring on August 31, 2029. Under the terms of the agreement, the Company's initial monthly payment is $28,371 increasing by a minimum of 3% per annum each subsequent year. There are no lease renewals. On September 1, 2024, the Company recorded a right of use asset and liability – operating of $1,317,020. The Company used an incremental borrowing rate of 12.9% based upon historical borrowing rates on similar collateralized loans.

As discussed in Note 6, in May 2024, the Company and Demeter signed an Aircraft Asset Rights Transfer Agreement which included leases on four aircraft. At the time of assignment, the Company recorded right of use assets and liabilities – operating of $4,558,913 and $4,558,193, and right of use assets and liabilities – financing of $12,433,818 and $10,520,064, respectively. The Company accounted for the assets and liabilities assumed at their carrying value due to both entities being under common control. The operating leases are payable in monthly payments ranging from $25,000 to approximately $32,000 through December 2029 and contained an initial imputed interest rates ranging from 7.75% to 12.9% and are secured by the equipment being leased.

For the years ended December 31, 2025 and 2024, the Company recorded total operating lease expense of $893,322 and $731,485, respectively. As of December 31, 2025, the weighted average remaining lease term and the weighted average discount rate for the operating leases was 4.0 years and 10.33%, respectively.

Maturities of the Company's right of use liabilities – operating is as follows:

---

| | |
|:---|:---|
| Years Ending December 31: |  |
| 2026 | $2917376 |
| 2027 | 2928001 |
| 2028 | 2938945 |
| 2029 | 2827624 |
| 2030 | 129600 |
| Total | 11741546 |
| Less amount representing interest | (2292171) |
| Total less interest | 9449375 |
| Less current portion | (1974051) |
| Long-term portion | $7475324 |

---

***Right of Use - Financing***

The financing leases are payable in monthly payments ranging from $14,698 to $53,077 through dates ranging from November 2026 to October 2028 and contain original imputed interest rates ranging from 3.85% to 7.75% and are secured by the equipment being leased. Additionally, the leases have balloon payments due at the end of the leases totaling $8,894,298.

For the years ended December 31, 2025 and 2024, amortization expense of right of use assets – financing was $103,692 and $54,067, respectively. For the years ended December 31, 2025 and 2024, interest expense associated with the right of use liabilities – financing was approximately $716,712 and $492,869, respectively. As of December 31, 2025, the weighted average remaining lease term and the weighted average discount rate for the financing leases was 2.25 years and 6.5%, respectively.

As of December 31, 2025, future annual minimum lease payments under right of use liabilities – financing are as follows:

---

| | |
|:---|:---|
| Years Ending December 31: |  |
| 2026 | $2578167 |
| 2027 | 958195 |
| 2028 | 8116608 |
| Total | 11652969 |
| Less amount representing interest | (1814291) |
| Total less interest | 9838679 |
| Less current portion | (1895018) |
| Long-term portion | $7943661 |

---

**6. &nbsp;&nbsp;&nbsp;&nbsp; Notes Payable**

On July 25, 2020, the Company received a loan in the amount of $92,300 from the U.S. Small Business Administration, authorized under Section 7(b) of the Small Business Act (SBA). Installment payments, including principal and interest of $451, are due monthly beginning twelve months from the loan effective date, with an interest rate of 3.75% per annum. The outstanding balance at December 31, 2025 and 2024, was $0, and $2,813, respectively.

In June 2024, the Company received a loan of $120,000 from a third party to be used in operations. The monthly loan payments of $11,349 commence on July 25, 2024 and continue until June 25, 2025. The loan incurs interest at a rate of 24.00% per annum. The outstanding balance at December 31, 2025 and 2024, was $0, and $63,546, respectively.

As part of the transfer from Demeter as noted in Note 6, the Company assumed a loan with a third party of $1,050,259. The loan incurred interest at 12.0% per annum and required monthly payments of $20,154 and a balloon payment of $1,040,169 in July 2024. The loan was secured by the aircraft. In July 2024, the aircraft securing the loan was sold and a portion of the proceeds were used to satisfy the loan.

In September 2024, in connection with the purchase of an aircraft, the Company entered into a loan with a third party for $3.8 million. The loan incurs interest at 12.9% per annum and requires 24 monthly payments of $48,377 and a balloon payment of $3,595,153 on September 2, 2026. The loan is secured by the aircraft and guaranteed by the Company's shareholder. The outstanding balance at December 31, 2025 and 2024, was $3,669,692, and $3,769,402, respectively.

In April 2025, the Company received a loan of $107,000 from a third party to be used in operations. The monthly loan payments of $10,118 commenced on May 3, 2025 and will continue until May 3, 2026. The loan incurs interest at a rate of 24.00% per annum. The outstanding balance at December 31, 2025 and 2024, was $29,178, and $0, respectively.

In September 2025, the Company received a loan of $482,500 from a third party to be used in operations. The loan requires weekly payments of $15,796 commencing in September 2025 and will continue until paid off which is expected to be in July 2026. The loan incurs an effective interest rate of 90.67% per annum. The loan is guaranteed by the primary shareholder of the Company. The outstanding balance at December 31, 2025 and 2024, was $337,860, and $0, respectively.

In September 2025, the Company converted amounts due of $662,488 to a lessor previously recorded as accounts payable to a loan payable. The loan requires weekly payments of $42,638 commencing in September 2025 and will continue until paid off which is expected to be in December 2025. The loan incurs an effective interest rate of 18.00% per annum. Under a default, the lessor has the right to terminate the leasing arrangements. The outstanding balance at December 31, 2025 and 2024, was $0, and $0, respectively.

All remaining debt balances are due within the year end December 31, 2026.

**7. &nbsp;&nbsp;&nbsp;&nbsp; Related Party Transactions**

The tables below summarize the Company's transactions and balances with its related parties as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024:

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity Name** | **Nature of Transactions** | **Transaction<br> Amount, Net During the Year Ended <br> December 31, 2025** | **Outstanding<br> Balance as of December 31, 2025** | **Affiliation, Terms and Conditions** |
| *Due from Related Parties* |  |  |  |  |
| Demeter Harvest | Charter Sales | $16230 | $500 | Refer to (a) |
| Demeter N207JB | Charter Sales | 13089 | (24600) | Refer to (a) |
| Demeter N265AV | Charter Sales |  | 20750 | Refer to (a) |
| Demeter N555DH | Charter Sales |  | 3493 | Refer to (a) |
| Demeter N713FL | Charter Sales |  | 2000 | Refer to (a) |
| Demeter N813MS | Charter Sales |  | 39067 | Refer to (a) |
| Dalrada Financial Corp. | Charter Sales | 7845 |  | Refer to (a) |
| Genefic | Charter Sales | 8500 |  | Refer to (a) |
| Tipp Investments | Charter Sales | 182335 | 19269 | Refer to (a) |
|  |  |  | $60479 |  |
| *Due to Related Parties* |  |  |  |  |
| Afinida - Note | Promissory note payable |  | $485720 | Refer to (b) |
| Afinida - Marketing | Marketing | $58773 | $1803 | Refer to (c) |
| Innoworks | Payroll Advances Accounts Payable | 5224847 | 2659201 | Refer to (b) |
| CSL Staffing | SG&A Professional Fees | 29298 |  | Refer to (c) |
| Tipp Investments | Marketing | 200000 | 40000 | Refer to (c) |
|  |  |  | $3186724 |  |
| *Others* |  |  |  |  |
| Dalrada Financial Corp. | Investment | $39234 | $46240 | Refer to Note 3 |

---

**For the Year Ended December 31, 2024**

Schedule of related parties transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity Name** | **Nature of Transactions** | **Transaction<br> Amount, Net During the Year Ended <br> December 31, 2024** | **Outstanding<br> Balance as of December 31, 2024** | **Affiliation, Terms and Conditions** |
| *Due from Related Parties* |  |  |  |  |
| Demeter | Pass-through costs | $501592 | $– | Refer to (a) |
|  | Maintenance revenue | 691907 |  | Refer to (a) |
|  | Management fees | 46750 |  | Refer to (a) |
| Demeter Harvest | Charter Sales | 9702 | 5144 | Refer to (a) |
| Demeter N207JB | Charter Sales | 35434 | 35434 | Refer to (a) |
| Demeter N614AF | Charter Sales | 39067 | 39067 | Refer to (a) |
| Demeter N265AV | Charter Sales | 20750 | 20750 | Refer to (a) |
| Demeter N555DH | Charter Sales | 49058 | 10213 | Refer to (a) |
| Demeter N713FL | Charter Sales | 31377 | 2000 | Refer to (a) |
| Tipp Investments | Charter Sales |  | 53280 | Refer to (a) |
| Dalrada Health | Charter Sales | 17000 | 17000 | Refer to (a) |
| Dalrada Energy Services | Charter Sales | 8158 | (3790) | Refer to (a) |
|  |  |  | $179098 |  |
| *Due to Related Parties* |  |  |  |  |
| Afinida - Note | Promissory note payable | $(421673) | $501483 | Refer to (b) |
| Prime Capital - Note | Promissory note payable | (200028) | 386821 | Refer to (b) |
| Innoworks - Advances | Accounts payable - Payroll | 3770465 |  | Refer to (b) |
| Innoworks - Note - February 2024 | Promissory note payable | (122121) |  | Refer to (b) |
| Innoworks - Note August 2024 | Promissory note payable | 14599 |  | Refer to (b) |
| Innoworks - Note - December 2024 | Promissory note payable |  | 6419269 | Refer to (b) |
| Demeter | Accounts payable - Aircraft rental | 289409 |  | Refer to (d) |
| Afinida - Marketing | Marketing | 24357 | 11144 | Refer to (c) |
| Tipp Investments | Marketing | 240000 | 20000 | Refer to (c) |
|  |  |  | $7338717 |  |
| *Others* |  |  |  |  |
| Dalrada Financial Corp. | Investment | $(195471) | $85474 | Refer to Note 3 |

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*(a) Revenues and pass-through costs*

 ****

***Pass-through costs***

Per the terms of management agreements between the Company and aircraft owners, certain aircraft expenses are the responsibility of the owners. However, the Company will pay for these costs on behalf of the owners and then invoice for the recovery of these amounts, which the Company refers to as "pass-through" costs. The Company has an aircraft management agreement for aircraft usage from Demeter Harvest Corp. ("Demeter"), an affiliated company owned by Sandra DiCicco Bonar, the majority owner of Tipp.

***Maintenance revenue***

The Company began performing in-house maintenance on aircrafts in 2022. In prior years, aircrafts were sent to third party mechanics for service.

***Management fees***

Per the terms of the management agreements between the Company and aircraft owners, a management fee is invoiced to owners on a monthly basis for the management of the aircraft, which primarily consists of handling administrative tasks in order to manage the rental of the planes. For the year ended December 31, 2025 and 2024, the Company has a management agreement with one affiliated company, Demeter.

***Charter sales***

These entities are either 100% or majority owned by Sandra DiCicco Bonar or controlled by a direct family member of Sandra DiCicco Bonar. The Company does not have stated payment terms as it applies to related party sales.

*(b)* *Debt and advances*

**<u>Afinida, Inc.</u>**

Afinida Inc. ("Afinida") is a payroll processing company that is a subsidiary of Trucept, Inc.; Sandra DiCicco Bonar's family member is the Chairman of the Board at Trucept, Inc. From the period July 1, 2019 through January 30, 2022, Afinida paid certain payroll costs (salaries and wages) for the Company. It was verbally agreed that the Company would pay Afinida for these amounts in the future, but formal terms were not documented until June 2022, when a formal Promissory Note was put in place. The Promissory Note converted outstanding payroll services invoices due to Afinida as of December 31, 2021 in the amount of $1,674,032 into a note, payable over 36 months with a simple interest of 5%, and with the first payment due on July 1, 2022. On March 19, 2025, the Company entered into an amended and rested note with Afinida for $501,483 which represented the amounts due to Afinida at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $15,715 will commence on October 1, 2025 for period of 36 months. The amended note incurs an annual interest rate of 8%.

**<u>Innoworks Employment Services</u>**

Innoworks Employment Services ("Innoworks") is a professional employer organization ("PEO") in which a family member of Sandra DiCicco Bonar exercises significant influence over the operations. From the period February 1, 2022 through December 31, 2023, Innoworks paid certain payroll costs (salaries and wages) for the Company. It was verbally agreed that the Company would pay Innoworks for these amounts in the future. As of December 31, 2023, no written agreement existed. However, in February 2024, a formal Promissory Note was put in place. The Promissory Note converted all outstanding payroll services invoice due to Innoworks as of December 31, 2023 in the amount of $2,756,327 into a note, payable over 96 months, with a simple interest of 5%, and with the first payment due on March 1, 2024.

The Company entered into a note payable with Innoworks for $1,629,954 on August 1, 2024 for unpaid accounts from January 1, 2024 to June 30, 2024. The note is payable in monthly installments of $23,042 over a period of eight years and incurs interest at 8% per annum. First payment was to be made on December 1, 2024. No payments were made on this loan.

On March 19, 2025, the Company entered into an amended and rested note with Innoworks for $6,419,269 which represented the amounts due to Innoworks at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $55,680 will commence on October 1, 2025 for period of 120 months. The amended note incurs an annual interest rate of 8%.

On August 5, 2025, related party notes payable and amounts due to Innoworks of $6,419,269 was converted into 100,000 shares of Series A Preferred Stock ("Series A"). The note is convertible in to shares of common stock at $0.04 per share which represented the fair market value of the common stock on that date. On October 21, 2025, the conversion price of the Series A was modified to $0.25 per share. There was no impact on the financial statements due to the modification

On August 13, 2025, the Company entered into a note payable with Innoworks for $2,565,646, which represented amounts due to Innoworks through June 30, 2025. Under the terms of the note, monthly principal and interest payments of $39,989 will commence on December 1, 2025 for period of 84 months. The note incurs an annual interest rate of 8%.

On November 11, 2025, related party notes payable and amounts due to Innoworks of $2,565,646 was converted into 39,970 shares of Series A. The note is convertible into shares of common stock at $0.25 per share which was determined to be in excess of the Company's common stock on that date.

During the year ended December 31, 2025 and 2024, additional advances from Innoworks for payroll related items were $5,224,847 and $3,770,465, respectively, and had an outstanding balance of $2,659,201 as of December 31, 2025. See above for 2025 and 2024 amounts converted into a promissory note.

**<u>Prime Capital</u>**

Prime Capital ("Prime"), which has a family member of the Company employed at Prime, has an agreement with Tipp to collect funds for and disperse such funds on behalf of Tipp; as such, it is a related party. From the period January 1, 2021 through December 31, 2021, Prime provided $153,514 to Premier to help finance operations. As of December 31, 2021, Prime had advanced a total of $817,209 to Premier. It was verbally agreed that the Company would pay Prime for these amounts in the future, but formal terms were not documented until July 2022, when a formal Promissory Note was put in place. The Promissory Note in the amount of $817,209 represents the amount due to Prime as of December 31, 2021, payable over 42 months, with a simple interest of 5%, and with the first payment due on August 1, 2022. On March 19, 2025, the Company entered into an amended and rested note with Prime for $386,821 which represented the amounts due to Prime at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $17,495 will commence on October 1, 2025 for period of 24 months. The amended note incurs an annual interest rate of 8%.

On November 11, 2025, related party notes payable and amounts due to Prime of $366,549 was converted into 5,710 shares of Series A. The note is convertible into shares of common stock at $0.25 per share which was determined to be in excess of the Company's common stock on that date.

**<u>Tipp Investments, LLC</u>**

The Company acquired a $3,000,000 line of credit with Tipp Investments, LLC on August 1, 2024, with annual interest of 12% and a maturity date of December 31, 2025. As of December 31, 2025, there have been no draws on the line of credit.

**<u>Payout Schedule</u>**

As of December 31, 2025, future annual minimum debt obligations are as follows:

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| | |
|:---|:---|
| Years Ending December 31: |  |
| 2026 | $154127 |
| 2027 | 166807 |
| 2028 | 164786 |
| Total | 485720 |
| Less current portion | (154127) |
| Long-term portion | $331593 |

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*(c)* *Marketing and other*

The Company paid Trucept, Inc. to perform marketing research, launch social media campaigns and improve website performance. Sandra DiCicco Bonar's family member is the Chairman of the Board at Trucept, Inc.

From time to time the Company utilizes related entities to provide catering, repair work and placement agent services.

*(d)* *Note from receivable from Demeter and asset transfer*

 

On January 9, 2023, the Company signed a Promissory Note agreement with Demeter. The Promissory Note converted outstanding net amounts due from Demeter as of December 31, 2021 in the amount of $2,164,913 into a note receivable, payable over 46 months, with a simple interest of 5%, and with the first payment of $49,417 to be received on February 1, 2023. As of December 31, 2023, the remaining balance of the note receivable is $2,027,453. See below for exchange of this note receivable for aircraft and right-of-use assets and lease liabilities during the year ended December 31, 2024.

On October 23, 2023, the Company signed a Promissory Note agreement with Demeter. The Promissory Note converted outstanding net amounts due from Demeter as of December 31, 2022 in the amount of $2,724,415 into a note receivable, payable over 72 months, with a simple interest of 5%, and with the first payment to be received on October 31, 2024. As of December 31, 2023, the remaining balance of the note receivable is $2,590,932. See below for exchange of this note receivable for aircraft and right-of-use assets and lease liabilities during the year ended December 31, 2024.

The Company leased aircraft owned by Demeter on an hourly basis; per the terms of the management agreement, the Company paid the aircraft owner a rate per hour that the plane is used in charter sales. Amounts due to Demeter for these lease payments was included in the exchange below.

In May 2024, Demeter signed an Aircraft Asset Rights Transfer Agreement to include Right of Usage of aircraft tail numbers: N614AF, N207JB, N236CA, and N555DH. This agreement transferred the Right to Use (includes all Demeter revenue share) and the Net Book Value of the assets and liabilities to the Company. The net assets include various right-of-use assets and lease liabilities, improvements made to the right-of-use assets, deposits on engine reserves, and other deposits. The Company received assets totaling $21,639,368, assumed liabilities of $16,129,236 and relieved $6,403,529 in amounts due from Demeter resulting in a difference of $893,397 which was recorded as a reduction of capital. On the date of transfer, the Company recorded assets consisting of $2,320,690 in property and equipment, $2,325,946 in maintenance reserves, $16,992,731 in right of use assets and total liabilities of $16,129,236 related to right of use liabilities and assumed notes payable, The Company accounted for the assets and liabilities assumed at their carrying value due to both entities being under common control.

**8. &nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies**

***Indemnification***

 ****

Under the Company's amended and restated Certificate of Incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company's request in such capacity. There have been no claims to date, and the Company has a director and officer insurance policy that may enable it to recover a portion of any amounts paid for future claims.

***Legal Proceedings***

 ****

From time to time, the Company may be involved in legal proceedings arising in the ordinary course of our business. Except as set forth below, the Company is not currently a party, and Company property is not subject to, any other material pending legal proceedings, other than ordinary routine litigation incidental to the business.

On May 31, 2024, Demeter Harvest Corp. ("Demeter") and Premier filed a Petition and Demand against Empyreal Jet, Inc. in the district court located in Harris County, Texas (Cause No. 2024-34231/Court: 281 claiming Breach of Contract, Promissory Estoppel seeking damages over $200,000 but no more than $1,000,000.

On March 11, 2025, a former employee filed a General Civil Complaint for Damages against Premier and Innoworks Employment Services, Inc. in the Superior Court of the State of California for the County of San Diego, Central Division claiming retaliation and wrongful employment termination seeking general and special damages each in the amount of $35,000 as well as punitive and exemplary damages, reasonable attorney fees, interest and such other relief.

On December 17, 2024, the Company received a notice of investigation from the Federal Aviation Administration's San Diego Flight Standards Office ("FSDO"). The investigation was the result of a safety complaint from a former employee. The investigation was a series of inquiries related to compliance with regulations related to corrective maintenance actions, to which the Company has responded to all requests. Premier has since implemented new policies and procedures to ensure such errors do not happen again. These new policies and procedures were provided to the FDSO January 2025. The Company has been working with the FSDO and is still awaiting the results of the investigation, which may include penalties against the Company. At the time of this filing, such amounts, if any, are not estimable.

Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors.

**9. &nbsp;&nbsp;&nbsp;&nbsp; Income Taxes**

The Company recorded the following provision for income taxes for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Current: |  |  |
| Federal | $– | $– |
| State | – | – |
| **Total current** |  |  |
| Deferred: |  |  |
| Federal | (797866) | (433537) |
| State | (251626) | (144117) |
| **Total deferred** | (1049492) | (577654) |
| Valuation allowance | 1049492 | (577654) |
| Total provision for taxes | $– | $– |

---

The Company's net deferred tax assets and liabilities are as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Net operating losses | $1099798 | $458796 |
| Reserves and accruals | 544425 | 125935 |
| Depreciation and amortization | (17077) | (17077) |
| Total: | 1627146 | 577654 |
| Valuation allowance | (1627146) | (577654) |
| Net deferred tax assets | $– | $– |

---

During the years ended December 31, 2025 and 2024, the effective rate was approximately 0% and 0%, respectively. The Company's federal income tax rate was 21% for the year ended December 31, 2025 and 21% for the year ended December 31, 2024. The difference between the federal statutory rate and the effective tax rate was due to a full valuation allowance on the deferred tax assets.

Prior to January 1, 2024, the Company was a limited liability company whereby its income or loss is allocated to the members. The Company will not be subject to federal or state income taxes from future profits or losses. Upon the conversion to a C-corporation, the Company recorded a deferred tax liability of $22,990 in connection with excess depreciation taken by the LLC. For tax purposes, the Company was considered a disregarded entity.

The Company has timely filed all its United States Federal and State tax returns. The Company has identified the United States Federal tax returns as its "major" tax jurisdiction, and for state tax reporting, the California. The Company's Federal income tax returns for the tax year 2021 forward is still subject to examination by the IRS. The Company's state income tax return years for the tax year 2020 forward is still subject to examination by the corresponding state authorities. We do not currently have any ongoing tax examinations.

**10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' Equity**

On August 5, 2025, the Company authorized the issuance of 100,000 shares of Series A. The Series A has a stated value of $64.19 per share and is convertible into common stock at $0.04 per share. The Series A holders vote on an as converted basis. On October 21, 2025, the Company filed an amended Certificate of Designation with the Nevada Secretary of State to amend the conversion price of the Series A Preferred Stock from $0.04 per share to $0.25 per share. On October 29, 2025, the Company filed a Certificate of Amendment to increase the total authorized Series A shares to 155,000.

During the year ended December 31, 2025, the Company issued 1.0 million shares of common stock for legal and business advisory services. The shares vested upon issuance which the fair market value of $42,500 was based upon the closing market price of the Company's common stock. During the year ended December 31, 2025, the entire value of $42,500 was recorded within selling, general and administrative expenses.

See Note 6 for discussion of related party notes converted into Series A.

**11. &nbsp;&nbsp;&nbsp;&nbsp; Subsequent Events**

On February 19, 2026, the Company appointed Gregory Johnson as an independent director of the Company. In connection with his appointment, the Company entered into an Independent Director Engagement Agreement whereby Mr. Johnson will receive an annual grant of stock options to purchase 150,000 shares of the Company's common stock, vesting over 12 months and an exercise price of $0.063 per share.

**ITEM 9. &nbsp;&nbsp;&nbsp;&nbsp; CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

On June 23, 2025, the Company changed its independent registered public accounting firm from Macias Gini & O'Connell LLP ("MGO") to Fruci & Associates II, PLLC ("Fruci").

The audit reports of MGO on the Company's consolidated financial statements as of and for the years ended December 31, 2024 and 2023 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, except that such reports included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.

During the years ended December 31, 2024 and 2023, and through the date of the change in auditors, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K) with MGO on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to MGO's satisfaction, would have caused MGO to make reference thereto in its reports on the Company's financial statements.

During the same periods, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

During the years ended December 31, 2024 and 2023, and through the date of engagement of Fruci, neither the Company nor anyone acting on its behalf consulted with Fruci regarding (i) the application of accounting principles to a specific completed or contemplated transaction, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that Fruci concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).

**ITEM 9A. &nbsp;&nbsp;&nbsp;&nbsp; CONTROLS AND PROCEDURES**

Our disclosure controls and procedures are designed to ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Board of Directors, Chief Executive Officer and Director, and our President and Treasurer, as appropriate, to allow timely decisions regarding required disclosure. As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, including our Chief Executive Officer and Director evaluated, as of December 31, 2025, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(c) and Rule 15d-15(e).

**Management's Annual Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

The Company's management, with the participation of the Company's Chief Executive Officer, who serves as the Principal Executive and Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this report. Based on such an evaluation, the Company's Chief Executive Officer, have concluded that internal controls over financial reporting were not effective as December 31, 2025.

**Description of Material Weakness and Management's Remediation Initiatives**

In connection with the audits of our consolidated financial statements for the years ended December 31, 2025, and 2024, management has identified material weaknesses in internal control over financial reporting. Our size has prevented us from being able to employ sufficient resources to enable us to have an adequate level of supervision and segregation of duties. Therefore, management concluded that we did not have a comprehensive and formalized accounting and financial reporting policies and procedures manual which details the information needed for our financial reporting process and that we did not have a robust review process by which management could monitor for potential errors or technical accounting requirements, which have resulted in material weaknesses in internal control over financial reporting as of December 31, 2025.

The material weaknesses above did not result in a misstatement to the consolidated financial statements.

In response, our management team has established a remediation plan to address the previously disclosed material weaknesses. Our plan during 2026 will include establishing more robust processes to support our internal control over financial reporting, which includes designing and implementing controls and processes to facilitate effective financial reporting, along with accurate documentation and timely support.

The Company is committed to remediating the material weaknesses and the actions the Company is taking are subject to ongoing senior management review, as well as oversight from the Company's Board of Directors. The Company will not be able to fully remediate these material weaknesses until these steps have been completed and operate effectively for a sufficient period of time. The Company may also identify additional measures that may be required to remediate the material weaknesses in the Company's internal control over financial reporting, necessitating further action.

**No Attestation Report by Independent Registered Accountant**

The effectiveness of our internal control over financial reporting as of December 31, 2025, has not been audited by our independent registered public accounting firm by virtue of our exemption from such requirement as a smaller reporting company.

**Changes in Internal Control Over Financial Reporting**

There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of December 31, 2025, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. &nbsp;&nbsp;&nbsp;&nbsp; OTHER INFORMATION**

During the year ended December 31, 2025, no director or officer adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or (ii) any "non-Rule 10b5-1 trading arrangement" as defined in paragraph (c) of item 408 of Regulation S-K

**ITEM 9C.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

 

None.

 

 

 

 

 

**<u>PART III</u>**

**ITEM 10. &nbsp;&nbsp;&nbsp;&nbsp; Directors, Executive Officers and Corporate Governance**

The current directors and executive officers of the Company are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) and Offices Held** |
| Sandra J. DiCicco Bonar (1) | 61 | Chief Executive Officer |
| Vincent Monteparte (1) | 61 | Chief Executive Officer and Chairman of the Board of Directors |
| Ross David Gourdie | 54 | President, Secretary and Treasurer |
| Amy Scannell | 35 | Director |
| Gregory Johnson | 59 | Director |

---

*(1)* *Sandra J. DiCicco Bonar resigned and Vincent Monteparte was appointed as Chairman of the Board of Directors on May 7, 2025* 

***Sandra J. DiCicco Bonar***

 ****

Ms. DiCicco Bonar, age 61, has since 2015 served as the CEO and owner of TIPP Investments LLC, the principal stockholder of the Company and a real estate holding company. Further, Ms. DiCicco Bonar since 2020 has served as the owner, President and CEO of Hungry Squirrel which offers keto friendly products, since 2020 as the owner, President and CEO of Clovis Glass Co Inc., which provides glass repair services. Further, since 2013, Ms. DiCicco Bonar has services as the owner and CEO of Grand Restaurant Group managing five restaurant locations. Ms. DiCicco Bonar received a BA in Organizational Management from Fresno Pacific University.

***Vincent Monteparte***

Mr. Monteparte, age 61, has more than 25 years of experience managing strategic and transformative enterprise initiatives, across Aerospace, Transportation, Logistics, and Enterprise / SaaS Software. Since May 2020, Mr. Monteparte has served as the Principal of Global Capital Markets, a financial services provider, and since November 2015 as President and Chief Executive Officer of 927 Inc., a family investment office to strategically invest in and drive growth for mid-sized software development companies. Further, since May 2017, Mr. Monteparte has been a venture partner with Sway Capital, a global platform for alternative investments. Mr. Monteparte holds a series 63 and 79 license and Board Advisory positions for BlueSky eLearn, a leading learning management software platform and Measurabl, a global ESG SaaS Software company. Mr. Monteparte received his MBA from Pepperdine Graziadio Business School in 2001 and his BS in Aeronautical Engineering in 1987.

***Ross David Gourdie***

Mr. Gourdie, age 54, has over 30 years of experience in the aviation industry. Originally from Scotland, UK, Mr. Gourdie moved with his family to San Diego in the summer of 2018. His aviation career started immediately after high school in 1989 when he made the decision to join the UK's military and serve in the Royal Air Force for 10 years as an Avionics Technician. After leaving the military in 1999 he transitioned into commercial airlines. Since 2018, Mr. Gourdie has been involved in the management and development of Premier Air Charter. In that short time under his direction, Premier Air Charter has grown annual revenue from $1 million flying small jets and turboprop aircraft to a$20 million annual revenue using mid and super-mid jet aircraft. Mr. Gourdie served in various positions from 2005 to 2018 with LoganAir, based at Glasgow Airport, UK, including roles as Aircraft Engineering Training Instructor and Licensed Engineering Manager.

***Amy Scannell***

Ms. Scannell, age 35, experience with corporate structure, compliance, and investments involves raising capital, negotiations, contract development, and business structure. As General Counsel of Tipp Investments, LLC, located in Escondido, California, Scannell oversees broad investment interests, including commercial real estate, agriculture, and aviation. Ms. Scannell was admitted to the California bar in 2019 and the Massachusetts bar in 2015. Prior to joining Tipp Investments in 2019, Ms. Scannell was an associate attorney for Baskin & Associates, LLC, a family law litigation firm in Boston, Massachusetts. She also served as a law clerk at Holstrom, Block & Parke, APLC in Murrieta, California. Ms. Scannell received her Juris Doctorate from Suffolk University Law School in Boston, Massachusetts, and graduated Cum Laude with her Bachelor of Arts from Westfield State University in Westfield, Massachusetts.

***Gregory Johnson***

Mr. Johnson, age 59, is a seasoned private aviation and fintech executive with more than 20 years of experience building, scaling, and exiting aviation-technology platforms. He is the Founder and Chief Executive Officer of Tuvoli (since October 2019), a fintech-enabled payments and marketplace infrastructure platform for the private air charter industry. Prior roles include Chief Technology Officer of Flexjet (2017–2020), Principal of Business Aviation Technology (2010–2017), Chief Operating Officer of FlightCar (2013–2015), and Founder, President and CEO of OneSky Jets (2003–2010), which achieved triple-digit revenue growth and was merged into Sentient Jet. Mr. Johnson also serves on the Advisory Board of Embry-Riddle Aeronautical University's Center for Entrepreneurship. He brings deep expertise in aviation fintech, payments infrastructure, intelligent pricing systems, regulatory navigation, and marketplace technology directly relevant to the Company's air charter operations.

On the close of business on March 11, 2025, Leonard Lovallo resigned as an executive officer and director of the Company. The resignation of Mr. Lovallo was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, practices, or otherwise. The Board approved and accepted the resignations.

On March 11, 2025, Sandra J. DiCicco Bonar was appointed as Chairman of the Board of Directors of the Company, and Vincent Monteparte, Ross David Gourdie and Amy Scannell were appointed members of the Board of Directors. Further, Ms. DiCicco Bonar was appointed to serve as the Company's Chief Executive Officer and Mr. Gourdie was appointed as the Company's President, Secretary and Treasurer. On May 7, 2025, Sandra J. DiCicco Bonar resigned as Chairman of the Board of Directors and Vincent Monteparte was appointed as the new Chairman of the Board of Directors.

**Family Relationships**

Ross Gourdie, Director, President, Secretary and Treasurer is the son in law of Sandra DiCicco, Director and CEO.

**Involvement in Certain Legal Proceedings**

To our knowledge, during the last ten years, none of our directors and executive officers has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Had a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

· Been convicted in a criminal proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor offenses.

· Been subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities.

· Been found by a court of competent jurisdiction (in a civil action), the SEC, or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

· Been the subject to, or a party to, any sanction or order, not subsequently reverse, suspended or vacated, of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

To our knowledge, none of our directors and executive officers has at any time been subject to any proceedings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· that were initiated by any regulatory, civil or criminal agency

· in which claims alleging fraud were asserted and seeking damages in excess of $100,000

**Audit Committee Financial Expert**

The Company has not appointed an Audit Committee Financial Expert. The Board of Director oversee and manages the Company's financial operations including the appointment of the independent audit firm that audits and reports on the quarterly and annual published financial statements as required and reported to the Securities and Exchange Commission.

**Indemnification of Directors and Officers**

Our Articles of Incorporation and Bylaws both provide for the indemnification of our officers and directors, to the fullest extent, permitted by Nevada law.

**Compliance with Section 16(a) of the Exchange Act, Beneficial Ownership Reporting Compliance**

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our directors and executive officers and persons who own more than 10% of the issued and outstanding shares of our common stock to file reports of initial ownership of common stock and other equity securities and subsequent changes in that ownership with the SEC. Officers, directors and greater than ten percent stockholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file. To our knowledge, based solely on a review of the copies of such reports furnished to us and written representations that no other reports were required, during the fiscal year ended December 31, 2025 all Section 16(a) filing requirements applicable to our officers, directors and greater than 10% beneficial owners were complied with except that Mr. Gourdie and Mr. Johnson have not filed their required Form 3 Initial Statements of Beneficial Ownership.

**Code of Ethics**

We have adopted a Code of Business Conduct and Ethics Policy (the "Code of Ethics") that applies to all directors and officers, which is posted on the Corporate Governance page under the tab labeled "Board Committees" on our Investor Relations website at https://premieraircharter.com. The Code of Ethics describes the legal, ethical and regulatory standards that must be followed by the directors and officers of the Company and sets forth high standards of business conduct applicable to each director and officer. As adopted, the Code of Ethics sets forth written standards that are designed to deter wrongdoing and to promote, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· compliance with applicable governmental laws, rules and regulations;

· the prompt internal reporting of violations of the Code of Ethics to the appropriate person or persons identified in the code; and

· accountability for adherence to the Code of Ethics.

**ITEM 11. &nbsp;&nbsp;&nbsp;&nbsp; EXECUTIVE COMPENSATION**

***<u>SUMMARY COMPENSATION TABLE</u>***

The following Summary Compensation Table sets forth all compensation earned in all capacities during the fiscal years ended December 31, 2025 and 2024 by (i) our principal executive officer, (ii) our two most highly compensated executive officers, other than our principal executive officer, who were serving as executive officers as of December 31, 2025 and whose total compensation for the 2025 fiscal year, as determined by Regulation S-K, Item 402, exceeded $100,000, (iii) a person who would have been included as one of our two most highly compensated executive officers, other than our principal executive officer, but for the fact that he was not serving as one of our executive officers as of December 31, 2024, (the individuals falling within categories (i), (ii) and (iii) are collectively referred to as the "Named Executive Officers"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus** | **Total** |
| Leonard Lovallo, CEO & Director | 2025 | $– | $– $– $– $– $– $– $|  |
| Sandra DiCicco Bonar, CEO & Chairman (1) | 2025 | $– | $– $– $– $– $– $– $|  |
| Vincent Monteparte, Chairman (1) | 2025 | $113538 | $– $– $– $– $– $– $| 113538 |
| Ross Gourdie, President, Treasurer & Director | 2025 | $255000 | $– $– $– $– $– $– $| 255000 |
| Amy Scannell, Director | 2025 | $– | $– $– $– $– $– $– $|  |

---

*(1)* *Sandra J. DiCicco Bonar resigned and Vincent Monteparte was appointed as Chairman of the Board of Directors on May 7, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus** | **Stock Awards** | **Option Awards** | **No Equity Incentive Plan Compensation** | **Non Qualified Deferred Compensation Earnings** | **All Other Compensation** | **Total** |
| Leonard Lovallo, CEO & Director | 2024 | $22000 | $– | $16000 | $– | $– | $– | $– | $38000 |
| Sandra DiCicco Bonar, CEO & Director | 2024 | $– | $– | $– | $– | $– | $– | $– | $– |
| Ross Gourdie, President, Treasurer & Director | 2024 | $255000 | $– | $– | $– | $– | $– | $– | $255000 |
| Vincent Monteparte, Director |  |  |  |  |  |  |  |  |  |
| Amy Scannell, Director | 2024 | $– | $– | $– | $– | $– | $– | $– | $– |

---

*(1)* *Leonard Lovallo resigned as Chairman of the Board on March 11, 2025; Sandra DiCicco Bonar was appointed as Chairman* 

**<u>Grant of Plan-Based Awards</u>**

During the year ended December 31, 2025 and 2024, there were no equity grants to the Named Executive Officers.

**Outstanding Equity Awards at Fiscal Year End**

There were no outstanding equity awards as of December 31, 2025.

**Option Exercises and Stock Vested Table**

There have been no option exercises and restricted stock vesting during the year ended December 31, 2025 by any Named Executive Officers.

**Compensation of Directors** 

The total compensation paid to Ross Gourdie, President, Treasurer, and Director for the year 2025 by Premier was $255,000.

**Executive Employment Agreements**

On June 17, 2019, Premier entered into an at-will Employment Agreement with Ross Gourdie that either party can terminate with or without cause. Under the terms of the Employment Agreement with Mr. Gourdie, he has been engaged commencing July 1, 2019, to be President at an annual base salary of $120,000. This base salary has been increased to $255,000 per year and appointed President.

**Granting of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information**

The Board has not established policies and practices (whether written or otherwise) regarding the timing of option grants or other awards in relation to the release of material nonpublic information ("MNPI") and do not take MNPI into account when determining the timing and terms of stock option or other equity awards to executive officers. The Company does not time the disclosure of MNPI, whether positive or negative, for the purpose of affecting the value of executive compensation.

**ITEM 12. &nbsp;&nbsp;&nbsp;&nbsp; SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table provides certain information regarding the ownership of our common stock, as of the date of the filing of this annual report by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each of our executive officers;

· each director;

· each person known to us to own more than 5% of our outstanding common stock; and

· all of our executive officers and directors and as a group.

As of December 31, 2025, we had a total of 280,848,293 shares of common stock issued and outstanding held by a total of 69 shareholders of record. Except as indicated in footnotes to this table, the persons named in this table have sole voting and investment power with respect to all shares of common stock indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **Officers and Directors Title of Class** | **Name and Address of Beneficial Owner** | **Common Shares** | **Percentage (1)** |
| Common Stock | Sandra DiCicco Bonar (2) | 237871049 | 84.69% |
|  | 600 La Terraza Blvd. |  |  |
|  | Escondido, CA 92025 |  |  |
| Common Stock | Ross Gourdie |  |  |
|  | Escondido, CA 92025 |  |  |
| Common Stock | Vincent Monteparte |  | \* |
|  | 600 La Terraza Blvd. |  |  |
|  | Escondido, CA 92025 |  |  |
| Common Stock | Amy Scannell |  | \* |
|  | 600 La Terraza Blvd. |  |  |
|  | Escondido, CA 92025 |  |  |
| Common Stock | Gregory Johnson | 150000(3) | \* |
|  | 600 La Terraza Blvd. |  |  |
|  | Escondido, CA 92025 |  |  |
| **All Officers and Directors as a Group (6 persons)** | **All Officers and Directors as a Group (6 persons)** | **238021049** | **84.75%** |
| 5% Beneficial Owners |  |  |  |
| Common Stock | TIPP (2) | 237871049 | 84.69% |
|  | 600 La Terraza Blvd. |  |  |
|  | Escondido, CA 92025 |  |  |
| **All Other Beneficial Owners as a Group (1 person)** | **All Other Beneficial Owners as a Group (1 person)** | **237871049** | **84.69%** |

---

\* Represents less than 1% of the Company's issued and outstanding shares of common stock.

(1) Applicable percentage ownership is based on 280.848.293 shares of common stock
outstanding as of December 31, 2025. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission
and generally includes voting or investment power with respect to securities. Shares of common stock that are currently exercisable or
exercisable within 60 days of the reference date of this table are deemed to be beneficially owned by the person holding such securities
for computing the percentage of ownership of such person, but are not treated as outstanding for computing the percentage ownership of
any other person. Options or warrants which are not vested, or expected to be vested as of April 9, 2026, are referenced in the footnotes
below for the sake of completeness, but are not included in the figures in the above table.

(2) Represents 237,871,049 shares of common stock held by TIPP Aviation LLC. Ms. DiCicco Bonar is owner and Executive Officer of TIPP.

(3) Represents a nonstatutory stock options to purchase 150,000 shares of
the Company's common stock at an exercise price of $0.063 per share under the Company's 2025 Omnibus Equity Incentive Plan,
vesting in full after twelve (12) months of continuous service.

**ITEM 13. &nbsp;&nbsp;&nbsp;&nbsp; CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE**

**Related Party Transactions**

The following are Premier Holdings related party transactions made prior to the merger with Premier:

On February 27, 2025 Leonard Lovallo was issued 640,000 of restricted common stock for $16,000 of 3 months of accrued Premier Holdings salary.

The tables below summarize the Company's transactions and balances with its related parties as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024:

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity Name** | **Nature of Transactions** | **Transaction<br> Amount, Net During the Year Ended <br> December 31, 2025** | **Outstanding<br> Balance as of December 31, 2025** | **Affiliation, Terms and Conditions** |
| *Due from Related Parties* |  |  |  |  |
| Demeter Harvest | Charter Sales | $16230 | $500 | Refer to (a) |
| Demeter N207JB | Charter Sales | 13089 | (24600) | Refer to (a) |
| Demeter N265AV | Charter Sales |  | 20750 | Refer to (a) |
| Demeter N555DH | Charter Sales |  | 3493 | Refer to (a) |
| Demeter N713FL | Charter Sales |  | 2000 | Refer to (a) |
| Demeter N813MS | Charter Sales |  | 39067 | Refer to (a) |
| Dalrada Financial Corp. | Charter Sales | 7845 |  | Refer to (a) |
| Genefic | Charter Sales | 8500 |  | Refer to (a) |
| Tipp Investments | Charter Sales | 182335 | 19269 | Refer to (a) |
|  |  |  | $60479 |  |
| *Due to Related Parties* |  |  |  |  |
| Afinida - Note | Promissory note payable |  | $485720 | Refer to (b) |
| Afinida - Marketing | Marketing | $58773 | $1803 | Refer to (c) |
| Innoworks | Payroll Advances Accounts Payable | 5224847 | 2659201 | Refer to (b) |
| CSL Staffing | SG&A Professional Fees | 29298 |  | Refer to (c) |
| Tipp Investments | Marketing | 200000 | 40000 | Refer to (c) |
|  |  |  | $3186724 |  |
| *Others* |  |  |  |  |
| Dalrada Financial Corp. | Investment | $39234 | $46240 | Refer to Note 3 |

---

**For the Year Ended December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity Name** | **Nature of Transactions** | **Transaction<br> Amount, Net During the Year Ended <br> December 31, 2024** | **Outstanding<br> Balance as of December 31, 2024** | **Affiliation, Terms and Conditions** |
| *Due from Related Parties* |  |  |  |  |
| Demeter | Pass-through costs | $501592 | $– | Refer to (a) |
|  | Maintenance revenue | 691907 |  | Refer to (a) |
|  | Management fees | 46750 |  | Refer to (a) |
| Demeter Harvest | Charter Sales | 9702 | 5144 | Refer to (a) |
| Demeter N207JB | Charter Sales | 35434 | 35434 | Refer to (a) |
| Demeter N614AF | Charter Sales | 39067 | 39067 | Refer to (a) |
| Demeter N265AV | Charter Sales | 20750 | 20750 | Refer to (a) |
| Demeter N555DH | Charter Sales | 49058 | 10213 | Refer to (a) |
| Demeter N713FL | Charter Sales | 31377 | 2000 | Refer to (a) |
| Tipp Investments | Charter Sales |  | 53280 | Refer to (a) |
| Dalrada Health | Charter Sales | 17000 | 17000 | Refer to (a) |
| Dalrada Energy Services | Charter Sales | 8158 | (3790) | Refer to (a) |
|  |  |  | $179098 |  |
| *Due to Related Parties* |  |  |  |  |
| Afinida - Note | Promissory note payable | $(421673) | $501483 | Refer to (b) |
| Prime Capital - Note | Promissory note payable | (200028) | 386821 | Refer to (b) |
| Innoworks - Advances | Accounts payable - Payroll | 3770465 |  | Refer to (b) |
| Innoworks - Note - February 2024 | Promissory note payable | (122121) |  | Refer to (b) |
| Innoworks - Note August 2024 | Promissory note payable | 14599 |  | Refer to (b) |
| Innoworks - Note - December 2024 | Promissory note payable |  | 6419269 | Refer to (b) |
| Demeter | Accounts payable - Aircraft rental | 289409 |  | Refer to (d) |
| Afinida - Marketing | Marketing | 24357 | 11144 | Refer to (c) |
| Tipp Investments | Marketing | 240000 | 20000 | Refer to (c) |
|  |  |  | $7338717 |  |
| *Others* |  |  |  |  |
| Dalrada Financial Corp. | Investment | $(195471) | $85474 | Refer to Note 3 |

---

*(a)* *Revenues and pass-through costs* 

***Pass-through costs***

Per the terms of management agreements between the Company and aircraft owners, certain aircraft expenses are the responsibility of the owners. However, the Company will pay for these costs on behalf of the owners and then invoice for the recovery of these amounts, which the Company refers to as "pass-through" costs. The Company has an aircraft management agreement for aircraft usage from Demeter Harvest Corp. ("Demeter"), an affiliated company owned by Sandra DiCicco Bonar, the majority owner of Tipp.

***Maintenance revenue***

The Company began performing in-house maintenance on aircrafts in 2022. In prior years, aircrafts were sent to third party mechanics for service.

***Management fees***

Per the terms of the management agreements between the Company and aircraft owners, a management fee is invoiced to owners on a monthly basis for the management of the aircraft, which primarily consists of handling administrative tasks in order to manage the rental of the planes. For the year ended December 31, 2025 and 2024, the Company has a management agreement with one affiliated company, Demeter.

***Charter sales***

These entities are either 100% or majority owned by Sandra DiCicco Bonar or controlled by a direct family member of Sandra DiCicco Bonar. The Company does not have stated payment terms as it applies to related party sales.

*(b)* *Debt and advances* 

**<u>Afinida, Inc.</u>**

Afinida Inc. ("Afinida") is a payroll processing company that is a subsidiary of Trucept, Inc.; Sandra DiCicco Bonar's family member is the Chairman of the Board at Trucept, Inc. From the period July 1, 2019 through January 30, 2022, Afinida paid certain payroll costs (salaries and wages) for the Company. It was verbally agreed that the Company would pay Afinida for these amounts in the future, but formal terms were not documented until June 2022, when a formal Promissory Note was put in place. The Promissory Note converted outstanding payroll services invoices due to Afinida as of December 31, 2021 in the amount of $1,674,032 into a note, payable over 36 months with a simple interest of 5%, and with the first payment due on July 1, 2022. On March 19, 2025, the Company entered into an amended and rested note with Afinida for $501,483 which represented the amounts due to Afinida at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $15,715 will commence on October 1, 2025 for period of 36 months. The amended note incurs an annual interest rate of 8%.

**<u>Innoworks Employment Services</u>**

Innoworks Employment Services ("Innoworks") is a professional employer organization ("PEO") in which a family member of Sandra DiCicco Bonar exercises significant influence over the operations. From the period February 1, 2022 through December 31, 2023, Innoworks paid certain payroll costs (salaries and wages) for the Company. It was verbally agreed that the Company would pay Innoworks for these amounts in the future. As of December 31, 2023, no written agreement existed. However, in February 2024, a formal Promissory Note was put in place. The Promissory Note converted all outstanding payroll services invoice due to Innoworks as of December 31, 2023 in the amount of $2,756,327 into a note, payable over 96 months, with a simple interest of 5%, and with the first payment due on March 1, 2024.

The Company entered into a note payable with Innoworks for $1,629,954 on August 1, 2024 for unpaid accounts from January 1, 2024 to June 30, 2024. The note is payable in monthly installments of $23,042 over a period of eight years and incurs interest at 8% per annum. First payment was to be made on December 1, 2024. No payments were made on this loan.

On March 19, 2025, the Company entered into an amended and rested note with Innoworks for $6,419,269 which represented the amounts due to Innoworks at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $55,680 will commence on October 1, 2025 for period of 120 months. The amended note incurs an annual interest rate of 8%.

On August 5, 2025, related party notes payable and amounts due to Innoworks of $6,419,269 was converted into 100,000 shares of Series A Preferred Stock ("Series A"). The note is convertible in to shares of common stock at $0.04 per share which represented the fair market value of the common stock on that date. On October 21, 2025, the conversion price of the Series A was modified to $0.25 per share. There was no impact on the financial statements due to the modification

On August 13, 2025, the Company entered into a note payable with Innoworks for $2,565,646, which represented amounts due to Innoworks through June 30, 2025. Under the terms of the note, monthly principal and interest payments of $39,989 will commence on December 1, 2025 for period of 84 months. The note incurs an annual interest rate of 8%.

On November 11, 2025, related party notes payable and amounts due to Innoworks of $2,565,646 was converted into 39,970 shares of Series A. The note is convertible into shares of common stock at $0.25 per share which was determined to be in excess of the Company's common stock on that date.

During the year ended December 31, 2025 and 2024, additional advances from Innoworks for payroll related items were $5,224,847 and $3,770,465, respectively, and had an outstanding balance of $2,659,201 as of December 31, 2025. See above for 2025 and 2024 amounts converted into a promissory note.

**<u>Prime Capital</u>**

Prime Capital ("Prime"), which has a family member of the Company employed at Prime, has an agreement with Tipp to collect funds for and disperse such funds on behalf of Tipp; as such, it is a related party. From the period January 1, 2021 through December 31, 2021, Prime provided $153,514 to Premier to help finance operations. As of December 31, 2021, Prime had advanced a total of $817,209 to Premier. It was verbally agreed that the Company would pay Prime for these amounts in the future, but formal terms were not documented until July 2022, when a formal Promissory Note was put in place. The Promissory Note in the amount of $817,209 represents the amount due to Prime as of December 31, 2021, payable over 42 months, with a simple interest of 5%, and with the first payment due on August 1, 2022. On March 19, 2025, the Company entered into an amended and rested note with Prime for $386,821 which represented the amounts due to Prime at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $17,495 will commence on October 1, 2025 for period of 24 months. The amended note incurs an annual interest rate of 8%.

On November 11, 2025, related party notes payable and amounts due to Prime of $366,549 was converted into 5,710 shares of Series A. The note is convertible into shares of common stock at $0.25 per share which was determined to be in excess of the Company's common stock on that date.

**<u>Tipp Investments, LLC</u>**

The Company acquired a $3,000,000 line of credit with Tipp Investments, LLC on August 1, 2024, with annual interest of 12% and a maturity date of December 31, 2025. As of December 31, 2025, there have been no draws on the line of credit.

**<u>Payout Schedule</u>**

As of December 31, 2025, future annual minimum debt obligations are as follows:

---

| | |
|:---|:---|
| Years Ending December 31: |  |
| 2026 | $154127 |
| 2027 | 166807 |
| 2028 | 164786 |
| Total | 485720 |
| Less current portion | (154127) |
| Long-term portion | $331593 |

---

*(c)* *Marketing and other* 

The Company paid Trucept, Inc. to perform marketing research, launch social media campaigns and improve website performance. Sandra DiCicco Bonar's family member is the Chairman of the Board at Trucept, Inc.

From time to time the Company utilizes related entities to provide catering, repair work and placement agent services.

*(d)* *Note from receivable from Demeter and asset transfer* 

 

On January 9, 2023, the Company signed a Promissory Note agreement with Demeter. The Promissory Note converted outstanding net amounts due from Demeter as of December 31, 2021 in the amount of $2,164,913 into a note receivable, payable over 46 months, with a simple interest of 5%, and with the first payment of $49,417 to be received on February 1, 2023. As of December 31, 2023, the remaining balance of the note receivable is $2,027,453. See below for exchange of this note receivable for aircraft and right-of-use assets and lease liabilities during the year ended December 31, 2024.

On October 23, 2023, the Company signed a Promissory Note agreement with Demeter. The Promissory Note converted outstanding net amounts due from Demeter as of December 31, 2022 in the amount of $2,724,415 into a note receivable, payable over 72 months, with a simple interest of 5%, and with the first payment to be received on October 31, 2024. As of December 31, 2023, the remaining balance of the note receivable is $2,590,932. See below for exchange of this note receivable for aircraft and right-of-use assets and lease liabilities during the year ended December 31, 2024.

The Company leased aircraft owned by Demeter on an hourly basis; per the terms of the management agreement, the Company paid the aircraft owner a rate per hour that the plane is used in charter sales. Amounts due to Demeter for these lease payments was included in the exchange below.

In May 2024, Demeter signed an Aircraft Asset Rights Transfer Agreement to include Right of Usage of aircraft tail numbers: N614AF, N207JB, N236CA, and N555DH. This agreement transferred the Right to Use (includes all Demeter revenue share) and the Net Book Value of the assets and liabilities to the Company. The net assets include various right-of-use assets and lease liabilities, improvements made to the right-of-use assets, deposits on engine reserves, and other deposits. The Company received assets totaling $21,639,368, assumed liabilities of $16,129,236 and relieved $6,403,529 in amounts due from Demeter resulting in a difference of $893,397 which was recorded as a reduction of capital. On the date of transfer, the Company recorded assets consisting of $2,320,690 in property and equipment, $2,325,946 in maintenance reserves, $16,992,731 in right of use assets and total liabilities of $16,129,236 related to right of use liabilities and assumed notes payable, The Company accounted for the assets and liabilities assumed at their carrying value due to both entities being under common control.

***Director Independence***

The OTC Markets Group Inc. does not have a requirement that a majority of our Board of Directors be independent. However, for purposes of determining director independence, we have applied the definitions set out in NASDAQ Marketplace Rule 4200(a)(15), which states that "Independent director" means "a person other than an executive officer or employee of the company or any other individual having a relationship which, in the opinion of the issuer's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director." As of December 31, 2025, only Vincent Monteparte came within any of the exceptions to this definition regarding: being or having been an executive officer; having an employee-employer relationship with us; having received compensation from us in an amount in excess of $100,000; and having certain relationships with us, in the case of membership of a director on an audit committee, including applicable family relationships.

**ITEM 14. &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The following is a summary of the fees billed to Premier by our principal accountants during the years ended December 31, 2025, and 2024, respectively:

---

| | | |
|:---|:---|:---|
| Fee Category | 2025 | 2024 |
| Audit Fees | $130000 | $198852 |
| Audit-related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees | – | – |
| Total Fees | $13000 | $198852 |

---

The aggregate fees billed for professional services rendered by Macias Gini & O'Connell LLP, the Company's former auditor was $25,000. The aggregate fees billed to Fruci & Associates II, PLLC for professional services for the year ended December 31, 2025 was $92,000.

Audit Fees - Consists of fees for professional services rendered by our principal accountants for the audit of our annual financial statements for our 10-K Annual Reports and review of the financial statements included in our 10-Q Quarterly Reports or services that are normally provided by our principal accountants in connection with statutory and regulatory filings or engagements.

Audit-related Fees - Consists of fees for assurance and related services by our principal accountants that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit fees."

Tax Fees - Consists of fees for professional services rendered by our principal accountants for tax compliance, tax advice and tax planning.

All Other Fees - Consists of fees for products and services provided by our principal accountants, other than the services reported under "Audit Fees," "Audit-related Fees," and "Tax Fees" above.

**<u>PART IV</u>**

**ITEM 15. &nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS**

---

| | | |
|:---|:---|:---|
| **Exhibit No.** | **Description** | **Incorporation by Reference** |
| 2.1 | [Agreement and Plan of Merger among Altair International Corp., Premier Air Charter, Inc., Premier Air Charter Merger Sub, Inc. and TIPP Aviation, LLC dated February 16, 2024](http://www.sec.gov/Archives/edgar/data/1570937/000155479524000018/atao0220form8k10_1.htm) | Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on February 21, 2024 |
| 2.2 | [Agreement and Plan of Merger among Altair International Corp., Premier Air Charter, Inc., Premier Air Charter Merger Sub, Inc. and TIPP Aviation, LLC dated March 5, 2025](http://www.sec.gov/Archives/edgar/data/1570937/000168316825001519/altair_ex0202.htm) | Incorporated by reference to Exhibit 2.2 filed on Form 8-K with the Securities and Exchange Commission on March 11, 2025 |
| 3.1 | [Articles of Incorporation dated December 20, 2012](http://www.sec.gov/Archives/edgar/data/1570937/000157093713000001/f31.htm) | Incorporated by reference to Exhibit 3.1 filed on Form S-1 with the Securities and Exchange Commission on July 29, 2013 |
| 3.2 | [Certificate of Amendment dated August 24, 2018](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex0302.htm) | Incorporated by reference to Exhibit 3.2 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 3.3 | [Certificate of Amendment dated October 1, 2021](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex0303.htm) | Incorporated by reference to Exhibit 3.3 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 3.4 | [Certificate of Amendment dated January 11, 2023](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex0304.htm) | Incorporated by reference to Exhibit 3.4 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 3.5 | [Bylaws](https://www.sec.gov/Archives/edgar/data/1570937/000157093713000001/bylawsaltair.htm) | Incorporated by reference to Exhibit 3.2 filed on Form S-1 with the Securities and Exchange Commission on July 29, 2013 |
| 3.6 | [Certificate of Designation of Series A Preferred Stock of Premier Air Charter Holdings Inc. dated August 6, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825005806/premier_ex0301.htm) | Incorporated by reference to Exhibit 3.1 filed on Form 8-K with the Securities and Exchange Commission on August 8, 2025 |
| 3.7 | [Amended Certificate of Designation of Series A Preferred Stock filed October 21, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825007725/prem_ex0302.htm) | Incorporated by reference to Exhibit 3.2 filed on Form 8-K with the Securities and Exchange Commission on October 22, 2025 |
| 3.8 | [Certificate of Amendment to Designations of Preferences and Rights of Series A Preferred Stock, filed November 7, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825008327/prem_ex0301.htm) | Incorporated by reference to Exhibit 3.1 filed on Form 8-K with the Securities and Exchange Commission on November 13, 2025 |
| 4.1 | [Description of the Registrant's Securities](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex0401.htm) | Incorporated by reference to Exhibit 4.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 10.1 | [Amended and Restated Promissory Note payable to Innoworks Employment Services, Inc. dated March 19, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex1001.htm) | Incorporated by reference to Exhibit 10.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 10.2 | [Amended and Restated Promissory Note payable to Primer Capital HR dated March 19, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex1002.htm) | Incorporated by reference to Exhibit 10.2 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 10.3 | [Amended and Restated Promissory Installment Note payable to Afinida Inc. dated March 19, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex1003.htm) | Incorporated by reference to Exhibit 10.3 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 10.4 | [Conversion Agreement, dated as of August 5, 2025, by and between Premier Air Charter Holdings Inc. and Innoworks Employment Services, Inc.](https://www.sec.gov/Archives/edgar/data/1570937/000168316825005806/premier_ex1001.htm) | Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on August 8, 2025 |
| 10.5 | [Letter Agreement, dated October 21, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825007725/prem_ex1002.htm) | Incorporated by reference to Exhibit 10.2 filed on Form 8-K with the Securities and Exchange Commission on October 22, 2025 |
| 10.6 | [Conversion Agreement dated November 11, 2025, by and between the Company and Innoworks Employment Services, Inc.](https://www.sec.gov/Archives/edgar/data/1570937/000168316825008327/prem_ex1001.htm) | <br> Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on November 13, 2025 |
| 10.7 | [Conversion Agreement dated November 11, 2025, by and between the Company and Prime Loan](https://www.sec.gov/Archives/edgar/data/1570937/000168316825008327/prem_ex1002.htm) | Incorporated by reference to Exhibit 10.2 filed on Form 8-K with the Securities and Exchange Commission on November 13, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Exhibit No.** | **Description** | **Incorporation by Reference** |
| <br> 10.8 | <br> [Form of Independent Director Engagement Agreement](https://www.sec.gov/Archives/edgar/data/1570937/000168316826001301/prem_ex1001.htm) | <br> Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on February 25, 2026 |
| 10.9 | [Form of Nonstatutory Stock Option Agreement](https://www.sec.gov/Archives/edgar/data/1570937/000168316826001301/prem_ex1002.htm) | Incorporated by reference to Exhibit 10.2 filed on Form 8-K with the Securities and Exchange Commission on February 25, 2026 |
| 14.1 | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex1401.htm) | Incorporated by reference to Exhibit 14.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 16.1 | [Letter from Macias Gino & O'Connell LLC](https://www.sec.gov/Archives/edgar/data/1570937/000168316825004791/prem_ex1601.htm) | Incorporated by reference to Exhibit 16.1 filed on Form 8-K with the Securities and Exchange Commission on June 27, 2025 |
| 19 | [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex1901.htm) | Incorporated by reference to Exhibit 19 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 21.1 | [List of Subsidiaries](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex2101.htm) | Incorporated by reference to Exhibit 21.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 31.1\* | [Certification of Chief Executive Officer and Principal Financial/Accounting Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act](prem_ex3101.htm) |  |
| 32.1\* | [Certification of Chief Executive Officer and Principal Financial/Accounting Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](prem_ex3201.htm) |  |
| 97.1 | [Policy for Recovery of Erroneously Awarded Compensation adopted March 27, 2025](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex9701.htm) | Incorporated by reference to Exhibit 97.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 99.1 | [Policy on Granting Equity Awards](https://www.sec.gov/Archives/edgar/data/1570937/000168316825002316/altair_ex9901.htm) | Incorporated by reference to Exhibit 99.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 |
| 101.INS\* | Inline XBRL Instances Document |  |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |  |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition 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 in IXBRL, and included in exhibit 101). |  |

---

\* Filed herewith.

**ITEM 16. &nbsp;&nbsp;&nbsp;&nbsp; FORM 10-K SUMMARY**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  | **PREMIER AIR CHARTER HOLDINGS, INC.** | **PREMIER AIR CHARTER HOLDINGS, INC.** |
| Dated: April 15, 2026 | By: | /s/ Sandra DiCicco Bonar |
|  |  | Sandra DiCicco Bonar |
|  |  | CEO |
|  |  | (Principal Executive Officer and Principal Financial Officer) |
|  | By: | /s/ Ross David Gourdie |
|  |  | Ross David Gourdie |
|  |  | President, Treasurer and Director |
|  |  | (Principal Accounting Officer) |

---

In accordance with the Exchange Act, this report has been signed below by the following persons on April 15, 2026 on behalf of the registrant and in the capacities indicated.

---

| | |
|:---|:---|
| Signature | Title |
| /s/ Sandra DiCicco Bonar | CEO |
| Sandra DiCicco Bonar | (Principal Executive Officer and Principal Financial Officer) |
| /s/ Ross David Gourdie | President, Treasurer and Director |
| Ross David Gourdie | (Principal Accounting Officer) |
| /s/ Vincent Monteparte | Chairperson |
| Vincent Monteparte |  |
| /s/Amy Scannell | Director |
| Amy Scannell |  |
| /s/Gregory Johnson | Director |
| Gregory Johnson |  |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Sandra DiCicco Bonar, certify that:

1. I have reviewed
 this Annual Report on Form 10-K of Premier Air Charter Holdings Inc. (the
 "Company");

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 Company as of, and for, the periods presented ire this report;

4. I am 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 Company 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 Company, 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 Company'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 Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company'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 Company'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 Company's internal control over financial reporting.

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| | |
|:---|:---|
| Date: April 15, 2026 | */s/ Sandra DiCicco Bonar* |
|  | Sandra DiCicco Bonar |
|  | Chief Executive Officer and Principal Financial/Accounting Officer |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Premier Air Charter Holdings Inc. (the "Company") on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sandra DiCicco Bonar, Chief Executive Officer and Principal Financial/Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: April 15, 2026 | */s/ Sandra DiCicco Bonar* |
|  | Sandra DiCicco Bonar |
|  | Chief Executive Officer and Principal Financial/Accounting Officer |

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