UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

(Amendment No. 1)

(Mark One)

 

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

 

For The Quarterly Period Ended June 30, 2016

 

or

 

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

 

For the transition period from _______________ to ________________

 

Commission File Number: 000-52593

 

SAKER AVIATION SERVICES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada 87-0617649
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
   
20 South Street, Pier 6 East River, New York, NY 10004
(Address of principal executive offices) (Zip Code)

 

(212) 776-4046

(Registrant’s telephone number, including area code)

 

N/A

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

 

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  x          No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web-site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  x           No o

 

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

12b-2 of the Exchange Act.

 Large accelerated filer   o Accelerated filer   o Non-accelerated filer   o Smaller Reporting Company   x

 

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

Yes o           No x

As of August 15, 2016, the registrant had 33,157,610 shares of its common stock, $0.001 par value, issued and outstanding.

 

i  

 


EXPLANATORY NOTE

 

The Registrant has prepared this Amendment No. 1 (“Amendment”) on Form 10-Q/A to amend its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2016 (the “Original Form 10-Q”) which was originally filed on August 15, 2016. The Registrant is filing this Amendment in response to a comment letter received from the Securities and Exchange Commission (the “SEC”). This Amendment is being filed solely to revise the Certifications on Exhibits 31.1 and 31.2 to include additional language in paragraph 4 as required by Item 601(b) (31) of Regulation S-K. Accordingly, the Registrant hereby amends Item. 6 in the Original Form 10-Q to reflect the filing of the new certifications. There have been no changes to Item 1. Condensed Consolidated Financial Statements or Item 4. Controls and Procedures as reported in the Original Form 10-Q.

 

 

 

 

ii  

 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

Form 10-Q/A

June 30, 2016

 

 

Index

 

PART I - FINANCIAL INFORMATION
                 
  ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page
                 
    Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015 1
             
    Statements of Operations for the Three and Six Months Ended June 30, 2016 and 2015 (unaudited) 2
       
    Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (unaudited) 3
     
    Notes to Financial Statements (unaudited) 4
                 
  ITEM 4.   CONTROLS AND PROCEDURES     8
                 
PART II - OTHER INFORMATION        
                 
  ITEM 6. EXHIBITS   8
                 
SIGNATURES           8
   
                   

 

 

iii  

 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

ASSETS      
    June 30,
2016
    December 31,
2015
 
    (unaudited)        
CURRENT ASSETS            
Cash   $ 1,337,004     $ 414,661  
Accounts receivable     1,942,434       2,520,955  
Inventories     58,214       67,860  
Notes receivable – current portion     270,000       300,000  
Prepaid expenses and other current assets     308,541       354.485  
Total current assets     3,916,193       3,657,961  
                 
PROPERTY AND EQUIPMENT, net                
   of accumulated depreciation and amortization of $2,354,543 and $2,116,676 respectively     1,274,734       1,496,656  
                 
OTHER ASSETS                
Deposits     123,773       150,297  
Note receivable     200,000       200,000  
Intangible assets     35,000       35,000  
Goodwill     530,000       530,000  
Deferred income taxes     173,000       173,000  
Total other assets     1,061,773       1,088,297  
TOTAL ASSETS   $ 6,252,700     $ 6,242,914  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
                 
CURRENT LIABILITIES                
Accounts payable   $ 736,809     $ 682,916  
Customer deposits     126,415       126,257  
Accrued expenses     278,660       589,417  
Notes payable – current portion     270,000       272,374  
Total current liabilities     1,411,884       1,670,964  
                 
LONG-TERM LIABILITIES                
Notes payable - less current portion     517,500       652,500  
Total liabilities     1,929,384       2,323,464  
                 
STOCKHOLDERS’ EQUITY                
Preferred stock - $.001 par value; authorized 9,999,154;                
   none issued and outstanding                
Common stock - $.001 par value; authorized 100,000,000;                
33,157,610 shares issued and outstanding as of
June 30, 2016 and December 31, 2015
    33,157       33,157  
Additional paid-in capital     20,013,426       19,996,428  
Accumulated deficit     (15,723,267 )     (16,110,135 )
TOTAL STOCKHOLDERS’ EQUITY     4,323,316       3,919,450  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 6,252,700     $ 6,242,914  

 

 

See notes to condensed consolidated financial statements.

 

 

  1

 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

    For the Three Months Ended
June 30,
    For the Six Months Ended
June 30,
 
    2016     2015     2016     2015  
                         

REVENUE

  $ 4,064,488     $ 4,557,736     $ 7,031,568     $ 7,044,851  

COST OF REVENUE

    1,971,961       1,816,397       3,237,351       3,099,461  

GROSS PROFIT

    2,092,527       2,741,339       3,794,217       3,945,390  
                                 
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     1,668,176       1,939,103       2,996,788       3,058,645  
                                 
OPERATING INCOME FROM CONTINUING OPERATIONS     424,351       802,236       797,429       886,745  
                                 
OTHER INCOME (EXPENSE)                                
     OTHER (EXPENSE) INCOME, net     ---       (284 )     ---       1,666  
     INTEREST EXPENSE     (7,849 )     (6,403 )     (15,061 )     (12,150 )
TOTAL OTHER EXPENSE, net     (7,849 )     (6,687 )     (15,061 )     (10,484 )
                                 
INCOME FROM CONTINUING OPERATIONS, before income taxes     416,502       795,549       782,368       876,261  
                                 
INCOME TAX EXPENSE     216,000       456,000       395,500       456,000  
INCOME FROM CONTINUING OPERATIONS     200,502       339,549       386,868       420,261  
                                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of income taxes     0       88,160       0       (129,144 )
                                 
NET INCOME   $ 200,502     $ 427,709     $ 386,868     $ 291,117  
Basic and Diluted Net Income Per Common Share   $ 0.01     $ 0.01     $ 0.01     $ 0.01  
                                 
Weighted Average Number of Common Shares – Basic     33,157,610       33,107,610       33,157,610       33,107,610  
Weighted Average Number of Common Shares - Diluted     33,294,336       33,824,541       33,294,336       33,824,541  

 

 

See notes to condensed consolidated financial statements.

  2

 

 

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

             
             
    Six Months Ended
June 30,
 
    2016     2015  
CASH FLOWS FROM OPERATING ACTIVITIES            
Net income   $ 386,868     $ 291,117  
Adjustments to reconcile net loss to net cash provided by operating activities:
               
      Depreciation and amortization     237,867       303,506  
      Stock based compensation     16,998       16,998  
      Changes in operating assets and liabilities:                
         Accounts receivable, trade     578,521       (799,547 )
                 
         Inventories     9,646       (17,197 )
         Prepaid expenses and other current assets     45,944       176,730  
         Deposits     26,524       ---  
         Deferred income taxes     ---       232,000  
         Accounts payable     53,893       198,811  
         Customer deposits     158       (5,638 )
         Accrued expenses     (310,757 )     (242,279 )
         TOTAL ADJUSTMENTS     658,794       (136,616 )
                 
         NET CASH PROVIDED BY OPERATING ACTIVITIES     1,045,662       154,501  
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
   Payment of note receivable     30,000       ---  
   Net cash, held for sale subsidiary     ---       (79,875 )
   Purchase of property and equipment     (15,945 )     (83,354 )
      NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES     14,055       (163,229 )
                 
CASH FLOWS USED IN FINANCING ACTIVITIES                
   Repayment of notes payable     (137,374 )     (187,018 )
                 
NET CHANGE IN CASH     922,343       (195,746 )
                 
CASH – Beginning     414,661       531,003  
CASH – Ending   $ 1,337,004     $ 335,257  
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
   Cash paid during the periods for:                
      Interest   $ 15,061     $ 28,150  
      Income taxes   $ 365,894     $ 152,000  

 

 

See notes to condensed consolidated financial statements.

  3

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 - Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of Saker Aviation Services, Inc. (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements and should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

 

The condensed consolidated balance sheet and statements of cash flows as of June 30, 2016 and the condensed consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 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 June 30, 2016 and its results of operations and cash flows for the three and six months ended June 30, 2016 not misleading. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for any full year or any other interim period.

 

NOTE 2 – Liquidity

 

As of June 30, 2016, we had cash and cash equivalents of $1,337,004 and a working capital surplus of $2,504,309. For the six months ended June 30, 2016, we generated revenue from continuing operations of $7,031,568 and had net income from continuing operations before taxes of $782,368. For the six months ended June 30, 2016, cash flows included net cash provided by operating activities of $1,045,662, net cash provided by investing activities of $14,055, and net cash used in financing activities of $137,374.

 

On May 17, 2013, we entered into a loan agreement with PNC Bank (the “PNC Loan Agreement”). The PNC Loan Agreement contained three components: (i) a $2,500,000 non-revolving acquisition line of credit (the “PNC Acquisition Line”); (ii) a $1,150,000 working capital line (the “PNC Working Capital Line”); and (iii) a $280,920 term loan (the “PNC Term Loan”).

 

Proceeds of the PNC Acquisition Line were able to be dispersed, based on parameters defined in the PNC Loan Agreement, until May 17, 2014 (the “Conversion Date”). As of the Conversion Date, there was $1,350,000 outstanding under the PNC Acquisition Line. The payment terms provided that 30 days following the Conversion Date, and continuing on the same day of each month thereafter, we are required to make equal payments of principal over a 60 month period. Interest on the outstanding principal continues to accrue at a rate equal to one-month LIBOR plus 275 basis points (3.18% as of June 30, 2016). As of June 30, 2016, there was $787,500 outstanding under the PNC Acquisition Line.

 

The PNC Working Capital was to have been dispersed for working capital and general corporate purposes. Interest on outstanding principal accrued at a rate equal to daily LIBOR plus 250 basis points. The PNC Working Capital Line expired on December 31, 2015, with $0 outstanding.

 

The PNC Term Loan was utilized to retire our previously outstanding miscellaneous debt of the same amount. Interest on outstanding principal accrued at a rate equal to one-month LIBOR plus 275 basis points and principal and interest payments were to be made over a thirty-four month period. At December 31, 2015, all amounts under the PNC Term loan have been repaid.

 

The Company is party to a concession agreement, dated as of November 1, 2008, with the City of New York for the operation of the Downtown Manhattan Heliport (the “Concession Agreement”). Pursuant to the terms of the Concession Agreement, the Company must pay the greater of 18% of the first $5,000,000 in program year gross receipts and 25% of gross receipts in excess of $5 million or minimum annual guaranteed payments. The Company paid the City of New York $1,200,000 in the first year of the term and minimum payments were scheduled to increase to approximately $1,700,000 in the final year of Concession Agreement which now, in accordance with an agreement (the “Agreement”) between the Company and the New York City Economic Development Corporation (“NYCEDC”), expires on April 30, 2021. In addition to the extended base term, the City of New York has two one year options to further extend the Concession Agreement. The Agreement also calls for certain reductions in air tour activity at the Heliport as well as reductions to the Company’s minimum annual guaranteed payments, which are further detailed in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the “SEC”) on April 11, 2016. During the six months ended June 30, 2016 and 2015, we incurred approximately $1,416,000 and $1,024,000, respectively, in concession fees which are recorded in the cost of revenue.

 

  4

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

On July 13, 2016, the Franchise and Concession Review Committee of New York City approved an amendment (the “Amendment”) to the Concession Agreement between the Company and the City of New York. The Amendment, which memorializes the Agreement, is filed as an exhibit with this report. In addition to elements described above, the Amendment redefines the plan year as well as the applicable minimum annual guaranteed payments through the extended base term and option periods.

 

The air tour reductions articulated in the Agreement are expected to negatively impact the Company’s business and financial results as well as those of the Company’s management company at the Heliport, Empire Aviation which, as previously disclosed, is owned by the children of Alvin Trenk, our CEO and a member of our Board of Directors.  The Company incurred management fees with Empire Aviation of approximately $648,000 and $486,000 during the six months ended June 30, 2016 and 2015, respectively, which is recorded in administrative expenses.  The Company and Empire have also contributed to the Helicopter Tourism and Jobs Council (“HTJC”), an association that lobbies on behalf of the helicopter air tour industry, and which had engaged in discussions with the Mayor’s office in connection with the Agreement.  Mr. Trenk is also an active participant with HJTC, which is managed by his grandson.

 

As disclosed in a Current Report on Form 8-K filed with the SEC on July 6, 2015, the Company entered into a Stock Purchase Agreement, dated June 30, 2015, by and between the Company and Warren A. Peck (the “Stock Agreement”). The details of the Stock Agreement are included in that Current Report as well as in the Company’s Annual Report on Form 10-K, which was filed with the SEC on April 11, 2016.

 

On September 30, 2015, the Company and Mr. Peck executed a Closing Cash Agreement (“the “Closing Agreement”), which was filed with the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2015. The Closing Agreement provided for Mr. Peck to sign over to the Company title to an aircraft to defer the $250,000 cash consideration due at closing. As further described in the Closing Agreement, the Company is to receive the $250,000 closing cash payment, plus other identified costs, when the aircraft is subsequently sold. On June 13, 2016, the Company entered into a sale agreement (the “Sale Agreement”) with an unrelated third party to acquire the aircraft subject to the Closing Agreement. Under the terms of the Sale Agreement, the Company received a down-payment of $30,000, which was credited against the $250,000 cash consideration owed by Mr. Peck. In addition, the Company will receive monthly payments of at least $28,000 to satisfy the remainder of the $250,000 cash consideration and $50,000 of the Note owed by Mr. Peck. The $220,000 remaining balance of closing cash consideration, plus receivables associated with the Note, are reflected as a Note Receivable as of June 30, 2016.

 

NOTE 3 - Summary of Significant Accounting Policies

 

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries, FirstFlight Heliports, LLC (“FFH”), our FBO at Garden City (Kansas) Regional Airport (“FBOGC”) and Phoenix Rising Aviation, Inc. (“PRA”), see Note 5, Discontinued Operations. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

Reclassifications

Certain reclassifications were made to prior year amounts to conform to the current year presentation. None of the reclassifications affected the Company’s net income in any period.

 

Net Income Per Common Share

Net income was $386,868 and $291,117 for the six months ended June 30, 2016 and 2015, respectively. Basic net income per share applicable to common stockholders is computed based on the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted net 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. 

 

  5

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

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

 

    For the Three Months Ended
June 30,
    For the Six Months Ended
June 30,
 
    2016     2015     2016     2015  
Weighted average common shares outstanding, basic
    33,157,610       33,107,610       33,157,610       33,107,610  
Common shares upon exercise of options and warrants
    136,726       716,931       136,726       716,931  
Weighted average common shares outstanding, diluted
    33,294,336       33,824,541       33,294,336       33,824,541  

  

Stock Based Compensation

Stock-based compensation expense for all share-based payment awards are based on the 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 six months ended June 30, 2016 and 2015, the Company incurred stock-based compensation costs of $16,998. Such amounts have been recorded as part of the Company’s selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June 30, 2016, the unamortized fair value of the options totaled $8,000.

 

Option valuation models require the input of highly subjective assumptions, including the expected life of the option. In management's opinion, the use of such option valuation models does not necessarily provide a reliable single measure of the fair value of the Company’s employee stock options. Management holds this view partly because the Company's employee stock options have characteristics significantly different from those of traded options and also because changes in the subjective input assumptions can materially affect the fair value estimate.

 

Recently Issued Accounting Pronouncements

 

In April 2014, the FASB issued Accounting Standards Update No. 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) – Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08) which requires entities to change the criteria for reporting discontinued operations and enhance convergence of the FASB’s and International Accounting Standard Board’s (IASB) reporting requirements for discontinued operations so as not to be overly complex or difficult to apply to stakeholders. Only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014 and interim periods thereafter. ASU 2014-08 is effective for the Company’s financial statements for fiscal years beginning January 1, 2015. Based on the Company’s evaluation of ASU 2014-08, the adoption of this statement on January 1, 2015 did not have a material impact on the Company’s financial statements.

 

NOTE 4 - Inventories

 

Inventories consist primarily of aviation fuel which the Company sells to its customers. The Company also maintains fuel inventories for commercial airlines, to which it charges into-plane fees when servicing commercial aircraft. A summary of inventories as of June 30, 2016 and December 31, 2015 is set forth in the table below:

 

  6

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

 

    June 30, 2016     December 31, 2015  
Fuel inventory   $ 43,246     $ 52,475  
Other inventory     14,968       15,385  
Total inventory   $ 58,214     $ 67,860  

 

Included in inventories are amounts held for third parties of $75,519 and $55,798 as of June 30, 2016 and December 31, 2015, respectively, with an offsetting liability included as part of accrued expenses.

 

NOTE 5 – Discontinued Operations

 

As disclosed in a Current Report on Form 8-K filed with the SEC on July 6, 2015, the Company entered into a Stock Purchase Agreement, dated June 30, 2015, by and between the Company and Warren A. Peck (the “Agreement”). The details of this Agreement are included in that Current Report as well as in the Company’s Annual Report on Form 10-K, which was filed with the SEC on April 11, 2016.

 

Components of discontinued operations are as follows:

 

As of June 30, 2016 and June 30, 2015, assets of $0 and $702,199, and liabilities of $0 and $102,638, respectively, were included in the consolidated balance sheets.

 

    For the Three Months Ended
June 30,
    For the Six Months Ended
June 30,
 
    2016     2015     2016     2015  
                         
Revenue   $ 0.00     $ 640,508     $ 0.00     $ 863,536  
Cost of revenue     0.00       348,945       0.00       559,606  
Gross profit     0.00       291,563       0.00       303,930  
Operating expenses     0.00       261,145       0.00       499,074  
Operating income (loss) from discontinued operations     0.00       30,418       0.00       (195,144 )
Interest expense     0.00       (8,258 )     0.00       (17,044 )
Other expense     0.00       ---       0.00       (1,956 )
Income tax benefit     0.00       66,000       0.00       85,000  
Net income (loss) from discontinued operations     0.00       88,160       0.00       (129,144 )
Basic net income (loss) per common share     0.00       0.00       0.00       (0.00 )
Weighted average number of shares outstanding, basic     33,157,610       33,107,610       33,157,610       33,107,610  
                                 
                                 

 

NOTE 6 – Related Parties

 

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 such firm. During the six months ended June 30, 2016 and 2015, no services were provided to the Company by Wachtel & Missry, LLP.

 

As described in Note 2, Liquidity, the Company is party to a management agreement with Empire Aviation, an entity owned by the children of Alvin S. Trenk, the Company’s CEO and a member of the Company’s Board of Directors.

 

NOTE 7 - Litigation

 

From time to time, the Company and/or its subsidiaries may be a party to one or more claims or disputes which may result in litigation. The Company's management does not, however, presently expect that any such matters will have a material adverse effect on the Company's business, financial condition or results of operations.

 

  7

SAKER AVIATION SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Item 4 – Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Management, including our Chief Executive Officer (principal executive officer) and our President (principal financial officer), has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon, and as of the date of that evaluation, our President, Chief Executive Officer and principal financial officer concluded that our disclosure controls and procedures were effective, in all material respects, to ensure that information required to be disclosed in the reports filed and submitted by us under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized and reported as and when required, and (ii) is accumulated and communicated to our management, including our President and 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.

 

PART II – OTHER INFORMATION

 

Item 6.  Exhibits

 

Exhibit No.   Description of Exhibit
     
31.1   Certification of Chief Executive Officer (principal executive officer) under Section 302 of the Sarbanes-Oxley Act of 2002. *
     
31.2   Certification of President (principal financial officer) under Section 302 of the Sarbanes-Oxley Act of 2002. *

 

* Filed herewith

   

 

SIGNATURES

 

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

 

  Saker Aviation Services, Inc.
     
Date: October 5 , 2016 By: /s/ Ronald J. Ricciardi
    Ronald J. Ricciardi
    President

 

 

 

  8

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