Saker Aviation Services, Inc. is a Nevada-based aviation company that operated the Downtown Manhattan Heliport until its ceasing in March 2025, primarily generating revenue from aviation services like sightseeing, fuel, and corporate charters, with historical revenue around $248,000 in 2023 and $293,000 in 2024.

# Company Summary - Saker Aviation Services, Inc.

## Business Overview
- **Legal Structure:** Nevada corporation.
- **Stock:** Common stock with a $0.03 par value, quoted on OTCQB under the symbol “SKAS”.
- **Primary Operations:**
  - Previously operated the Downtown Manhattan (New York) Heliport.
  - Began operations at the heliport in November 2008 after securing a Concession Agreement with the City of New York.
  - Operated as the fixed base operator (FBO) for the heliport, providing aviation services such as sightseeing tours, fuel, and corporate charters.
  - Managed the heliport under various contractual agreements, including the Concession Agreement and later a Temporary Use Authorization Agreement and an Interim Concession Agreement.
  - Ceased use of the heliport on March 29, 2025, due to termination of the concession.

## Business Activities
- Historically, the company generated revenue primarily from operations related to the Downtown Manhattan Heliport.
- The operations included services such as sightseeing tours, fueling, and corporate charters.
- Efforts to increase traffic and revenue at the heliport were central to marketing strategies.

## Employees
- As of December 31, 2024, the company employed **13 persons**, with **11 full-time employees**.
- None of the employees held executive officer positions.

## Revenue and Financials (as of end of 2023 and 2024)
- **2023 Revenue:** Approximately $248,000 from four major customers.
- **2024 Revenue:** Approximately $293,000 from the same four major customers, representing:
  - About **84.8%** of total revenue in 2023.
  - About **87.3%** of total revenue in 2024.
- **Accounts Receivable:**
  - 2023: $248,000 from four customers.
  - 2024: $293,000 from the same four customers.

## Key Financial Details
- **Concession Fees:** Incurred roughly **$2,756,000** in 2024 and **$682,000** in 2023, recorded as cost of revenue.
- The company’s financial health is heavily dependent on the heliport operations, which ended in March 2025. 

## Other Information
- The company will have limited operations after ceasing heliport activities, with no current leased property or offices.
- The company’s stock liquidity is limited, trading sporadically on OTCQB with no active market. The stock is subject to penny stock rules.

This summary encapsulates the core business operations, employment, revenue, and financial position of Saker Aviation Services, Inc. based on the provided document.

Saker Aviation Services, Inc. is an aviation services company that operates the Downtown Manhattan Heliport, focusing on helicopter sightseeing tours and previously provided aircraft maintenance and repair services at a regional airport.

# Saker Aviation Services, Inc. Overview

## Company Profile
- **Incorporation:** Nevada Corporation 
- **Ticker Symbol:** SKAS (OTCQB Marketplace)  
- **Establishment:** Formed in 2003 as a proprietorship, incorporated in Arizona in 2004, went public via a reverse merger in 2004.

## Business Operations
Saker Aviation Services, Inc. operates in the aviation services segment of the general aviation industry, specifically as the operator of the **Downtown Manhattan Heliport** and formerly as a fixed base operator (*FBO*) providing aircraft maintenance and repair services (*MRO*) at the Garden City (Kansas) Regional Airport until October 31, 2022.

### Key Facilities
- **Downtown Manhattan Heliport:** 
  - Commenced operations in November 2008 under a Concession Agreement with the City of New York.
  - Exclusively provides helicopter sightseeing tours due to its unique authorization in New York City.

### Recent Agreements
- **Temporary Use Authorization Agreement (May 1, 2023):**
  - Granted exclusive rights to operate at the Downtown Manhattan Heliport for one year.
  - Required to pay a monthly administrative fee of $5,000.
- **Interim Concession Agreement:** 
  - Effective December 12, 2023, allows operations at the Heliport with fees set at a minimum of $1,036,811 or 30% of gross receipts.
- **Pending RFP (Released November 13, 2023):** 
  - Proposed new concession operations sought by the NYCEDC. 

## Financial Overview
- **Revenue:** 
  - For the fiscal year ended December 31, 2023, revenue heavily reliant on four major customers, representing approximately 84.8% of total revenue.
  - Average Concession fees incurred: Approximately $682,000 (2023), down from about $1.5 million in 2022.
- **Customers:**
  - As of September 2023, the company had **four primary customers**, contributing approximately **$248,000** (or **84.1%** of accounts receivable).
  - Continued operations with historical dependence on a select few customers highlights potential revenue concentration risk.
  
## Employment
- As of December 31, 2023, the company had **11 employees**, with **9** full-time positions.
- None of the employees are executive officers, focusing primarily on operations at the Downtown Manhattan Heliport.

## Market Conditions
Saker Aviation indicates the aviation service market is historically cyclical, with revenues correlated to general U.S. economic conditions. A significant uptick in tourist activity began in April 2022, influencing demand for sightseeing tours, although future demand remains uncertain.

## Competition
Saker Aviation uniquely offers sightseeing tours from the Downtown Manhattan Heliport, facing competition primarily from two other heliports in New York that provide fuel and charter services.

## Risks and Challenges
The company faces multiple risks that could affect operations and profitability, including:
- **Regulatory Risks:** Dependence on compliance with aviation regulations and operational agreements with the NYCEDC.
- **Market Risks:** Price fluctuations in jet fuel could impact costs and profitability. 
- **Contractual Risks:** The necessity to secure ongoing operational agreements could pose challenges, especially with new contracts being competitive. 

**Conclusion:** Saker Aviation Services is focused on providing helicopter operation services primarily through the Downtown Manhattan Heliport, supported by a small workforce and facing competitive market pressures amidst regulatory challenges and economic fluctuations.

Saker Aviation Services, Inc.

10-K / April 15, 2025

10-K / April 1, 2024

10-K / April 15, 2025

Company Summary - Saker Aviation Services, Inc.

Business Overview

Business Activities

Employees

Revenue and Financials (as of end of 2023 and 2024)

Key Financial Details

Other Information