# EDGAR Filing Document

**Accession Number:** 0001128281
**File Stem:** 0001437749-25-032770
**Filing Date:** 2025-11
**Character Count:** 51705
**Document Hash:** 550b5bea0f81886d3f37149e0f85f896
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032770.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001437749-25-032770

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52593
- **FILM NUMBER:** 251443942

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? skas20250930_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

(Mark One)

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

For The Quarterly Period Ended <u>September 30, 2025</u>

or

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

For the transition period from _______________ to ________________

Commission File Number: <u>000-52593</u>

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

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

---

---

| |
|:---|
| (212) 909-9500 |
| (Registrant's telephone number, including area code) |
| N/A |
| (Former name, former address and former fiscal year, if changed since last report) |

---

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

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

Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No ☐

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

Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No ☐

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Smaller reporting company ☒ |
| Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth company ☐ | Emerging growth company ☐ |

---

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

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

Yes ☒ No ☐

As of November 7, 2025, the registrant had 997,182 shares of its common stock, $0.03 par value, issued and outstanding.

i

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

**Form 10-Q**

**September 30, 2025**

**Index**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I - FINANCIAL INFORMATION** | **PART I - FINANCIAL INFORMATION** |  |
| ITEM 1. | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |  |
|  | Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 | 3 |
|  | Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited) | 4 |
|  | Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited) | 5 |
|  | Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited) | 6 |
|  | Notes to Financial Statements (unaudited) | 7 |
| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 10 |
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 13 |
| ITEM 4. | CONTROLS AND PROCEDURES | 14 |
| **PART II - OTHER INFORMATION** | **PART II - OTHER INFORMATION** |  |
| ITEM 1A. | RISK FACTORS | 15 |
| ITEM 6. | EXHIBITS | 15 |
| SIGNATURES | SIGNATURES | 16 |

---

ii

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SAKER AVIATION SERVICES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br> (unaudited) | December 31,<br> 2024<br> (audited) |
| <u>**ASSETS**</u> |  |  |
| <u>CURRENT ASSETS</u> |  |  |
| Cash and cash equivalents | $4790773 | $5298722 |
| Investments | 3669746 | 3553000 |
| Accounts receivable | 0 | 316027 |
| Inventories | 0 | 6647 |
| Prepaid expenses | 626089 | 1607476 |
| Total current assets | 9086608 | 10781872 |
| <u>PROPERTY AND EQUIPMENT</u>, net of accumulated depreciation | 0 | 102073 |
| TOTAL ASSETS | $9086608 | $10883945 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| <u>CURRENT LIABILITIES</u> |  |  |
| Accounts payable | $79831 | $227050 |
| Customer deposits | 0 | 263032 |
| Deferred liability | 184613 | 0 |
| Accrued expenses | 9946 | 718067 |
| Total current liabilities | 274390 | 1208149 |
| TOTAL LIABILITIES | 274390 | 1208149 |
| <u>STOCKHOLDERS</u><u>'</u> <u>EQUITY</u> |  |  |
| Preferred stock - $0.03 par value; authorized 333,306; none issued and outstanding |  |  |
| Common stock - $0.03 par value; authorized 3,333,334; 997,182 and 995,939 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 29916 | 29878 |
| Additional paid-in capital | 20085463 | 20004209 |
| Accumulated deficit | (11303161) | (10358291) |
| TOTAL STOCKHOLDERS' EQUITY | 8812218 | 9675796 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $9086608 | $10883945 |

---

------

*See accompanying notes to consolidated financial statements.*

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SAKER AVIATION SERVICES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

&nbsp;&nbsp;&nbsp;&nbsp;(UNAUDITED)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Three Months Ended<br> September 30, | For the Three Months Ended<br> September 30, | For the Nine Months Ended<br> September 30, | For the Nine Months Ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| <u>REVENUE</u> | $0 | $2505488 | $1260756 | $6466973 |
| <u>COST OF REVENUE</u> | 0 | 1245862 | 749396 | 3183418 |
| <u>GROSS PROFIT</u> | 0 | 1259626 | 511360 | 3283555 |
| <u>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</u>  | 264319 | 456132 | 1640683 | 1383285 |
| <u>OPERATING (LOSS) INCOME</u> | (264319) | 803494 | (1129323) | 1900270 |
| <u>OTHER (EXPENSE) INCOME</u> |  |  |  |  |
| LITIGATION EXPENSE | 0 | 0 | 0 | (1054200) |
| WRITE-OFF OF RELINQUISHED ASSETS, NET OF DEPRECIATION | 0 | 0 | (104339) | 0 |
| GAIN ON SALE OF INVESTMENTS | 10380 | 23095 | 38287 | 38317 |
| INTEREST INCOME | 90008 | 97296 | 250505 | 281481 |
| TOTAL OTHER INCOME (EXPENSE) | 100388 | 120391 | 184453 | (734402) |
| (LOSS) INCOME BEFORE INCOME TAX | (163931) | 923885 | (944870) | 1165868 |
| INCOME TAX EXPENSE | 0 | 343000 | 0 | 429000 |
| NET (LOSS) INCOME | (163931) | 580885 | (944870) | 736868 |
| Basic Net (Loss) Income Per Common Share | $(0.16) | $0.59 | $(0.95) | $0.75 |
| Diluted Net (Loss) Income Per Common Share | $(0.16) | $0.57 | $(0.93) | $0.73 |
| Weighted Average Number of Common Shares – Basic | 997182 | 989994 | 996636 | 988510 |
| Weighted Average Number of Common Shares - Diluted | 1010991 | 1018612 | 1011545 | 1016282 |

---

------

*See accompanying notes to condensed consolidated financial statements.*

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SAKER AVIATION SERVICES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(UNAUDITED)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Common Stock | Common Stock | Additional<br> Paid-in | Accumulated | Total<br> Stockholders' |
|  | Shares | Amount | Capital | Deficit | Equity |
| <u>BALANCE</u> – January 1, 2024 | 985888 | $29577 | $19902505 | $(11613115) | $8318967 |
| Amortization of stock-based compensation |  |  | 25420 |  | 25420 |
| Net income |  |  |  | 187290 | 187290 |
| <u>BALANCE</u> – March 31, 2024 | 985888 | $29577 | $19927925 | $(11425825) | $8531677 |
| Amortization of stock-based compensation |  |  | 25331 |  | 25331 |
| Exercise of stock options | 4106 | 123 | (123) |  | 0 |
| Net loss |  |  |  | (31307) | (31307) |
| <u>BALANCE</u> – June 30, 2024 | 989994 | $29700 | $19953133 | $(11457132) | $8525701 |
| Amortization of stock-based compensation |  |  | 25330 |  | 25330 |
| Net income |  |  |  | 580885 | 580885 |
| <u>BALANCE</u> – September 30, 2024 | 989994 | $29700 | $19978463 | $(10876247) | $9131916 |
| <u>BALANCE</u> – January 1, 2025 | 995939 | $29878 | $20004209 | $(10358291) | $9675796 |
| Amortization of stock-based compensation |  |  | 27097 |  | 27097 |
| Net loss |  |  |  | (514765) | (514765) |
| <u>BALANCE</u> – March 31, 2025 | 995939 | $29878 | $20031306 | $(10873056) | $9188128 |
| Exercise of stock options | 1243 | 38 | (38) |  | 0 |
| Amortization of stock-based compensation |  |  | 27097 |  | 27097 |
| Net loss |  |  |  | (266174) | (266174) |
| <u>BALANCE</u> – June 30, 2025 | 997182 | $29916 | $20058365 | $(11139230) | $8949051 |
| Amortization of stock-based compensation |  |  | 27098 |  | 27098 |
| Net loss |  |  |  | (163931) | (163931) |
| <u>BALANCE</u> – September 30, 2025 | 997182 | $29916 | $20085463 | $(11303161) | $8812218 |

---

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*See accompanying notes to consolidated financial statements.*

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SAKER AVIATION SERVICES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

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| | | |
|:---|:---|:---|
|  | For the Nine Months Ended<br> September 30, | For the Nine Months Ended<br> September 30, |
|  | 2025 | 2024 |
| <u>CASH FLOWS FROM OPERATING ACTIVITIES</u> |  |  |
| Net (loss) income | $(944870) | $736868 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 3879 | 11636 |
| Stock based compensation | 81292 | 76081 |
| Write-off of relinquished assets, net of depreciation | 104339 | 0 |
| Realized gain on investments | (38287) | (38317) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | 316027 | 58924 |
| Inventories | 6647 | (3459) |
| Prepaid expenses | 981387 | (264564) |
| Deferred liabilities | 184613 | 0 |
| Customer deposits | (263032) | 6740 |
| Accounts payable | (147219) | (565785) |
| Accrued expenses | (708121) | (930665) |
| TOTAL ADJUSTMENTS | 521525 | (1649409) |
| NET CASH USED IN OPERATING ACTIVITIES | (423345) | (912541) |
| <u>CASH FLOWS FROM INVESTING ACTIVITIES</u> |  |  |
| Purchase of investments | (2703459) | (2761571) |
| Proceeds from sale of investments | 2625000 | 1823000 |
| Purchase of property and equipment | (6145) | (2171) |
| NET CASH USED IN INVESTING ACTIVITIES | (84604) | (940742) |
| NET CHANGE IN CASH | (507949) | (1853283) |
| <u>CASH</u> – Beginning | 5298722 | 6931709 |
| <u>CASH</u> – Ending | $4790773 | $5078426 |
| <u>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</u> |  |  |
| Cash paid during the periods for income taxes | $196143 | $2125719 |

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*See accompanying notes to consolidated financial statements.*

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

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

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

The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the "Company") and its subsidiary have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial statements and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The condensed consolidated balance sheet as of September 30, 2025 and the condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2025 and 2024 have been prepared by the Company without audit. In the opinion of the Company's management, all necessary adjustments (consisting of normal recurring accruals) have been included to make the Company's financial position as of September 30, 2025 and its results of operations, stockholders' equity, and cash flows for the nine months ended September 30, 2025 not misleading. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for any full year or any other interim period.

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

As of September 30, 2025, we had cash and cash equivalents of $4,790,773 and a working capital surplus of $8,812,218. For the nine months ended September 30, 2025, we generated revenue from operations of $1,260,756 and had a net loss of $(944,870). For the nine months ended September 30, 2025, cash flows included net cash used in operating activities of $423,345, which included net loss of $(944,870), and cash used in investing activities of $84,604.

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

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

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

The term of the Concession Agreement was subsequently extended by the City through April 30, 2023.

On April 28, 2023, the Company entered into a Temporary Use Authorization Agreement (the "Use Agreement"), effective as of May 1, 2023, with the City of New York acting by and through the New York City of Department of Small Business Services ("DSBS"). The Use Agreement had a term of one year. The Company was required under the Use Agreement to remit a monthly administrative fee to NYCEDC in the amount of $5,000.

On July 13, 2023, the DSBS was granted approval by the Franchise and Concession Review Committee to enter into an Interim Concession Agreement (the "Interim Agreement") with the Company to provide for the continued operation of the Downtown Manhattan Heliport. The Interim Agreement became effective on December 12, 2023 and provided for one (1) six-month term (the "Initial Period"), with two (2) six-month options to renew (the "Renewal Periods"). The Company was required to pay the greater of $1,036,811 or 30% of Gross Receipts during the Initial Term and the greater of $518,406 or 30% of Gross Receipts during both Renewal Periods. On April 30, 2024, the Company received notice from DSBS of its exercise of the first of the two six-month renewal options extending the term of the Interim Agreement through December 12, 2024. On October 18, 2024, the Company received notice from DSBS of its exercise of the second of the two six-month renewal options extending the term of the Interim Concession Agreement through June 12, 2025. During the nine months ended September 30, 2025 and 2024, we incurred approximately $412,000 and $1,969,000 in fees under the Interim Agreement, respectively.

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

The Company was notified by the NYCEDC on November 20, 2024 that it intended to award the concession agreement for the operation of the Downtown Manhattan Heliport to another company. On March 4, 2025, the Company was notified that NYCEDC would be terminating the Concession Agreement effective March 29, 2025. Pursuant to the termination, the Company vacated and ceased use of the Heliport on that date. As part of the Interim Agreement, the Company was required to leave certain assets at the heliport. The Company wrote off the remaining assets at the heliport, net of depreciation, in the first quarter of 2025. The Company had no operations during the second and third quarters of 2025.

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

<u>Principles of Consolidation</u>

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

<u>Cash and cash equivalents</u>

The Company maintains its cash with various financial institutions which often exceeds federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of federally insured limits. As part of its cash management process, the Company periodically reviews the relative credit standing of these financial institutions.

<u>Net (Loss) Income Per Common Share</u>

Net (loss) income was $(944,870) and $736,868 for the nine months ended September 30, 2025 and 2024, respectively. Basic net (loss) income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company's common stock outstanding during the periods presented. Diluted net (loss) income per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices were greater than the average market price of the common stock during the period.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Three Months Ended<br> September 30, | For the Three Months Ended<br> September 30, | For the Nine Months Ended<br> September 30, | For the Nine Months Ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Weighted average common shares outstanding, basic | 997182 | 989994 | 996636 | 988510 |
| Common shares upon exercise of options and warrants | 13809 | 28618 | 14909 | 27772 |
| Weighted average common shares outstanding, diluted | 1010991 | 1018612 | 1011545 | 1016282 |

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<u>Stock-Based Compensation</u>

Stock-based compensation expense for all stock-based payment awards are based on the estimated grant-date fair value. The Company recognizes these compensation costs over the requisite service period of the award, which is generally the option vesting term. For the nine months ended September 30, 2025 and 2024, the Company incurred stock-based compensation of $81,292 and $76,081, respectively. Such amounts have been recorded as part of the Company's selling, general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2025, the unamortized fair value of the options totaled $27,097 and the weighted average remaining amortization period of the options ranging from one to five years.

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

NOTE 4 – <u>Investments</u>

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

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

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| | |
|:---|:---|
| Level 2 – | Inputs to the valuation methodology include: |

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

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

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

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

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

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

The fair value measurements and levels within the fair value hierarchy of these measurements for the assets reported at fair value on a recurring basis at September 30, 2025 and December 31, 2024 are U.S. Treasury Notes and Bills in the amount of $3,669,746 and $3,553,000, respectively, within level 2. There have been no changes in valuation approaches or techniques and related inputs.

The Company's policy is to recognize transfers of investments into or out of Level 3 as of the date of the event or change in circumstances that caused the transfer. For the nine months ended September 30, 2025 and twelve months ended December 31, 2024, there were no transfers of investments into or out of Level 3. There are no assets requiring the use of Level 3 inputs for the nine months ended September 30, 2025 and twelve months ended December 31, 2024.

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NOTE 5 – <u>Related Parties</u>

The law firm of Wachtel & Missry, LLP provides certain legal services to the Company and its subsidiaries from time to time. William B. Wachtel, Chairman of the Company's Board of Directors, is a managing partner of this firm. During the nine months ended September 30, 2025 and 2024, the Company was billed approximately $2,500 and $142,000, respectively, for legal services by Wachtel & Missry, LLP.

The Company was party to a management agreement with Empire Aviation, an entity owned by the children and grandchild of the Company's former Chief Executive Officer and former member of our Company's Board of Directors.

NOTE 6 – <u>Subsequent Events</u>

The Company has made an assessment of its operations and determined that there were no material subsequent events, requiring adjustment to, or disclosure in, our condensed consolidated financial statements for the nine months ended September 30, 2025.

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

The following discussion should be read together with the accompanying unaudited condensed consolidated financial statements and related notes in this report. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed or implied in such forward-looking statements. Factors which could cause actual results to differ materially are discussed throughout this report and include, but are not limited to, those set forth at the end of this Item 2 under the heading "Cautionary Statement Regarding Forward Looking Statements." Additional factors are under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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

**Overview**

Saker Aviation Services, Inc. is a Nevada corporation. Our common stock, $0.03 par value per share (the "common stock"), is quoted on the OTCID Basic Market ("OTCID") under the symbol "SKAS". We were formed on January 17, 2003 as a proprietorship and were incorporated in Arizona on January 2, 2004. We became a public company as a result of a reverse merger transaction on August 20, 2004 with Shadows Bend Development, Inc., an inactive public Nevada corporation, and subsequently changed our name to FBO Air, Inc. On December 12, 2006, we changed our name to FirstFlight, Inc. On September 2, 2009, we changed our name to Saker Aviation Services, Inc.

Our business activities were carried out by FirstFlight Heliports, LLC d/b/a Saker Aviation Services ("FFH"), a wholly-owned subsidiary, as the operator of the Downtown Manhattan Heliport via a concession agreement (the "Concession Agreement") with the City of New York. On March 4, 2025, the Company was notified by NYCEDC that NYCEDC would be terminating the Concession Agreement effective March 29, 2025. Pursuant to the termination, the Company vacated and ceased use of the Heliport on March 29, 2025. We are currently reviewing alternative business activities as a source of revenue.

REVENUE AND OPERATING RESULTS

*Comparison of Operations for the Three and Nine Months Ended September 30, 2025 and September 30, 2024.*

Operations for the three and nine months ended September 30, 2025 were negatively impacted by the termination of our Concession Agreement to operate the Downtown Manhattan Heliport effective March 29, 2025.

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*REVENUE*

Revenue for the three months ended September 30, 2025 was $0. We had no operations in the three months ended September 30, 2025 due to the termination of our Concession Agreement to operate the Downtown Manhattan Heliport effective March 29, 2025.

Total revenue from operations for the nine months ended September 30, 2025 was $1,260,756 as compared with corresponding prior-year period revenue of $6,466,973. For the nine months ended September 30, 2025, revenue associated with the sale of jet fuel and related items was approximately $297,000 as compared to approximately $1,604,000 in the nine months ended September 30, 2024. For the nine months ended September 30, 2025, revenue associated with services and supply items was approximately $937,000 as compared to approximately $4,568,000 in the nine months ended September 30, 2024. For the nine months ended September 30, 2025, all other revenue was approximately $27,000 as compared to approximately $295,000 in the nine months ended September 30, 2024. Operations for the nine months ended September 30, 2025 was negatively impacted by the termination of our Concession Agreement to operate the Downtown Manhattan Heliport effective March 29, 2025.

*COST OF REVENUE*

Total cost of revenue was $0 in the three months ended September 30, 2025 as compared to $1,245,862 in the three months ended September 30, 2024. Total cost of revenue was $749,396 in the nine months ended September 30, 2025 as compared to $3,183,418 in the nine months ended September 30, 2024. Cost of revenue on a year over year basis was substantially lower due to the termination of our Concession Agreement to operate the Downtown Manhattan Heliport effective March 29, 2025.

*GROSS PROFIT*

Total gross profit was $0 in the three months ended September 30, 2025 as compared with $1,259,626 in the three months ended September 30, 2024. Total gross profit was $511,360 in the nine months ended September 30, 2025 as compared to $3,283,555 in the nine months ended September 30, 2024. Gross Profit was substantially lower on a year over year basis due to the termination of our Concession Agreement to operate the Downtown Manhattan Heliport effective March 29, 2025.

*OPERATING EXPENSE*

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

Total selling, general and administrative expenses, ("SG&A"), from operations were $264,319 in the three months ended September 30, 2025, representing a decrease of $191,813 or 42.1percent, as compared to the same period in 2024. Total SG&A expenses from operations were $1,640,683 for the nine months ended September 30, 2025 representing an increase of $257,398 or 18.6 percent compared to the same period in 2024.

SG&A expenses associated with our operations were approximately $158,000 in the three months ended September 30, 2025, representing a decrease of approximately $170,000, or 51.9 percent, as compared to the three months ended September 30, 2024. SG&A expenses for the three month period ended September 30, 2025 were lower due to the termination of our Concession Agreement to operate the Downtown Manhattan Heliport effective March 29, 2025.

SG&A expenses from operations in the nine months ended September 30, 2025 were approximately $1,261,000, representing an increase of approximately $266,000 or 26.7 percent, as compared to the same period in 2024. The increase in SG&A on a year-over-year basis is primarily attributable to a one-time charge to record deferred compensation expense relating to a Covenant to Compete Agreement as well as increased professional fees relating to the Company's ongoing challenge, and pending litigation, of the NYCEDC selection of the heliport's new operator.

Corporate SG&A expenses from operations were approximately $107,000 for the three months ended September 30, 2025, representing a decrease of approximately $22,000 as compared with the corresponding prior year period. Corporate SG&A expenses were approximately $379,000 for the nine months ended September 30, 2025, representing an increase of approximately $8,000 as compared with the corresponding prior year period. Corporate SG&A expenses remained substantially the same on a year-over-year basis due to the continuing costs associated with a public company.

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*OPERATING (LOSS) INCOME* 

Operating loss from operations for the three months ended September 30, 2025 was $(264,319) as compared to operating income of $803,494 in the three months ended September 30, 2024. Operating loss from operations for the nine months ended September 30, 2025 was $(1,129,323) as compared to operating income of $1,900,270 in the nine months ended September 30, 2024. The change on a year-over-year basis is attributable to the items discussed above.

<u>Depreciation</u>

Depreciation for the nine months ended September 30, 2025 and 2024 was $3,879 and $11,636, respectively.

<u>Interest Income</u>

Interest income for the nine months ended September 30, 2025 and 2024 was $250,505 and $281,481, respectively. The decrease is primarily attributable to lower interest rates in 2025 compared to 2024.

<u>Income Tax</u>

Income tax expense for the nine months ended September 30, 2025 and 2024 was $0 and $429,000, respectively.

<u>Net (Loss) Income Per Share</u>

Net (loss) income was $(163,931) and $580,885 for the three months ended September 30, 2025 and 2024, respectively. Net (loss) income was $(944,870) and $736,868 for the nine months ended September 30, 2025 and 2024, respectively. The change on a year-over-year basis was attributable to the items discussed above.

Basic net (loss) income per share for the three months ended September 30, 2025 and 2024 was $(0.16) and $0.59, respectively. Diluted net (loss) income per share for the three months ended September 30, 2025 and 2024 was $(0.16) and $0.57, respectively. Basic net (loss) income per share for the nine months ended September 30, 2025 and 2024 was $(0.95) and $0.75, respectively. Diluted net (loss) income per share for the nine months ended September 30, 2025 and 2024 was $(0.93) and $0.73, respectively. The change on a year-over-year basis was attributable to the items discussed above.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, we had cash and cash equivalents of $4,790,773 and a working capital surplus of $8,812,218. For the nine months ended September 30, 2025, we generated revenue from operations of $1,260,756 and had a net loss of $(944,870). For the nine months ended September 30, 2025, cash flows included net cash used in operating activities of $423,345, which included net loss of $(944,870), and cash used in investing activities of $84,604.

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

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

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**Cash from Operating Activities**

For the nine months ended September 30, 2025, net cash used in operating activities was $423,345. This amount included an increase in operating cash related to net loss of $(944,870) and additions for the following items: (i) depreciation and amortization, $3,879; (ii) stock-based compensation, $81,292; (iii) write-off of relinquished assets, net of depreciation, $104,339; (iv) accounts receivable, trade, $316,027; (v) inventory, $6,647; (vi) prepaid expenses, $981,387; and (vii) deferred liabilities, $184,613. These increases in operating activities were offset by decreases for the following items: (i) customer deposits, $263,032; (ii) accounts payable, $147,219; (iii) accrued expenses, $708,121; and (iv) realized gain on investments, $38,287.

For the nine months ended September 30, 2024, net cash used in operating activities was $912,541. This amount included an increase in operating cash related to net profit of $736,838 and additions for the following items: (i) depreciation and amortization, $11,636; (ii) stock-based compensation, $76,081; (iii) accounts receivable, trade, $58,924; and (iv) customer deposits, $6,740. These increases in operating activities were offset by (i) gain on sale of investments, $38,317; (ii) inventories, $3,459; (iii) prepaid expenses, $264,564; (iv) accounts payable, $565,785; and accrued expenses, $930,665.

**Cash from Investing Activities**

For the nine months ended September 30, 2025, net cash used in investing activities was $84,604. This amount included purchases of investments of $2,703,459 and the purchase of property and equipment of $6,145, offset by the sale of investments of $2,625,000. For the nine months ended September 30, 2024, cash used in investing activities was $940,742. This amount included purchases of investments of $2,761,571, proceeds from sale of investments of $1,823,000, and the purchase of property and equipment of $2,171.

**CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS**

Statements contained in this report may contain information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's current judgment and assumptions and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are frequently accompanied by the use of such words as "anticipates," "plans," "believes," "expects," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, but not limited to, those relating to:

● the operation of the Downtown Manhattan Heliport was our only source of revenue, if we are unable to find alternative revenue streams we may cease operations;

● our ability to attract new personnel, or retain existing personnel, could adversely affect the implementation of any new business strategy.

Any one of these or other risks, uncertainties, other factors, or any inaccurate assumptions made by the Company may cause actual results to be materially different from those described herein or elsewhere by us. Undue reliance should not be placed on any such forward-looking statements, which speak only as of the date they were made. Certain of these risks, uncertainties, and other factors are described in greater detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and in other filings we make with the SEC. Subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and elsewhere in our reports filed with the SEC. We expressly disclaim any intent or obligation to update any forward-looking statements, except as may be required by law.

**Item 3** – **Quantitative and Qualitative Disclosures about Market Risk**

Not applicable.

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

**Evaluation of Disclosure Controls and Procedures**

Management, including our President (principal financial officer) and Chief Executive Officer (principal executive officer), have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon, and as of the date of that evaluation, our President and our Chief Executive Officer concluded that the disclosure controls and procedures were effective, in all material respects, to ensure that information required to be disclosed in the reports filed and submitted by us under the Exchange Act, is (i) recorded, processed, summarized and reported as and when required, and (ii) is accumulated and communicated to our management, including our President and our Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control Over Financial Reporting**

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

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**PART II** – **OTHER INFORMATION**

**Item**–**1** – **Risk Factors**

For a discussion of the Company's potential risks or uncertainties, please see: (i) "Part I—Item 1A—Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC.

**Item 6 - Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 31.1\* | [Rule 13a-14(a)/15d-14(a) Certification of acting principal executive officer \*](ex_876775.htm) |
| 31.2\* | [Rule 13a-14(a)/15d-14(a) Certification of acting principal financial officer \*](ex_876776.htm) |
| 32.1\* | [Section 1350 Certification \*](ex_876777.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) |

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\* Filed herewith

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**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | Saker Aviation Services, Inc. | Saker Aviation Services, Inc. |
| Date: November 7, 2025 | By:  | <u>/s/ William B. Wachtel</u>  |
|  |  | William B. Wachtel |
|  |  | President, Chief Executive Officer, Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer |

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## Exhibit 31.1

**EXHIBIT 31.1**

**Certification of Chief Executive Officer** 

**(principal executive officer)**

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

I, William B. Wachtel, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: November 7, 2025

By: /s/ William B. Wachtel

William B. Wachtel

Chief Executive Officer (principal executive officer)

## Exhibit 31.2

**EXHIBIT 31.2**

**Certification of President** 

**(principal financial officer)**

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

I, William B. Wachtel, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: November 7, 2025

By: /s/ William B. Wachtel

William B. Wachtel

President (principal financial officer)

## Exhibit 32.1

**EXHIBIT 32.1**

**Section 1350 Certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Quarterly Report on Form 10-Q for the nine months ended September 30, 2025 (the "Report") of Saker Aviation Services, Inc. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

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| | | |
|:---|:---|:---|
| Date: November 7, 2025 | By: | /s/ William B. Wachtel  |
|  |  | William B. Wachtel |
|  |  | Chief Executive Officer<br> (principal executive officer) |
| Date: November 7, 2025 | By: | /s/ William B. Wachtel  |
|  |  | William B. Wachtel |
|  |  | President<br> (principal financial officer) |

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