| Schedule of Outstanding Short-Term Notes Payable |
The components of the Company’s outstanding Short-term notes payable consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rates |
|
|
March 31,
2025 |
|
|
December 31,
2024 |
|
Short-term notes payable |
|
|
|
|
|
|
|
|
|
Bank 2 |
|
|
7.8 |
% |
|
$ |
5,283 |
|
|
$ |
5,962 |
|
Less: Unamortized debt issuance costs |
|
|
|
|
|
(15 |
) |
|
|
— |
|
Total short-term notes payable |
|
|
|
|
$ |
5,268 |
|
|
$ |
5,962 |
|
|
The components of the Company’s outstanding short-term notes payable consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rates |
|
|
|
December 31,
2024 |
|
|
|
December 31,
2023 |
|
Short-term notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
Bank 2 |
|
|
7.8% |
|
|
$ |
5,962 |
|
|
$ |
14,400 |
|
Less: Unamortized debt issuance costs |
|
|
|
|
|
|
— |
|
|
|
(4) |
|
Total short-term notes payable |
|
|
|
|
|
$ |
5,962 |
|
|
$ |
14,396 |
|
|
| Schedule of Long-Term Debt |
The components of the Company’s outstanding long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rates |
|
Amounts |
|
|
Maturity Dates |
|
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
March 31, 2025 |
|
December 31, 2024 |
Long-term notes payable with banks for the purchase of aircrafts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank 1 |
|
4.0% - 7.3% |
|
4.0% - 7.3% |
|
$ |
11,423 |
|
|
$ |
11,841 |
|
|
Aug 2025 - Feb 2029 |
|
Aug 2025 - Feb 2029 |
Bank 2 |
|
4.0% - 7.8% |
|
4.0% - 7.8% |
|
|
9,228 |
|
|
|
12,325 |
|
|
Jun 2025 - Apr 2029 |
|
Jun 2025 - Apr 2029 |
Bank 3 |
|
2.3% + SOFR** |
|
2.3% + SOFR** |
|
|
1,611 |
|
|
|
1,653 |
|
|
Sep 2025 |
|
Sep 2025 |
Bank 4 |
|
5.3% - 6.0%* |
|
5.3% - 6.0%* |
|
|
3,166 |
|
|
|
3,289 |
|
|
Jul 2030 - Sep 2030 |
|
Jul 2030 - Sep 2030 |
Bank 5 |
|
7.7% |
|
7.7% |
|
|
1,548 |
|
|
|
1,614 |
|
|
Jan 2030 |
|
Jan 2030 |
Bank 6 |
|
4.0% |
|
4.0% |
|
|
731 |
|
|
|
800 |
|
|
Sep 2027 |
|
Sep 2027 |
Bank 7 |
|
8.8% |
|
8.8% |
|
|
12,249 |
|
|
|
12,361 |
|
|
May 2029 |
|
May 2029 |
Long-term notes payable with financial institutions for the purchase of aircrafts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Institution 1 |
|
0.25% + Schwab Loan Rate |
|
0.25% + Schwab Loan Rate |
|
|
2,869 |
|
|
|
2,959 |
|
|
Dec 2027 |
|
Dec 2027 |
Financial Institution 2 |
|
3.6% - 7.0% |
|
3.6% - 7.0% |
|
|
7,632 |
|
|
|
7,796 |
|
|
Nov 2026 - May 2027 |
|
Nov 2026 - May 2027 |
Financial Institution 3 |
|
9.0% - 9.5% |
|
9.0% - 9.5% |
|
|
33,774 |
|
|
|
34,407 |
|
|
Sep 2033 - Mar 2034 |
|
Sep 2033 - Mar 2034 |
Credit facilities with financial institutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Institution 4 |
|
2.3% + SOFR** - 2.8% + SOFR** |
|
1.5% + SOFR** - 2.8% + SOFR** |
|
|
3,026 |
|
|
|
62,666 |
|
|
See disclosure below |
|
See disclosure below |
Other long-term debt payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EID loan |
|
See disclosure below |
|
See disclosure below |
|
|
122 |
|
|
|
122 |
|
|
See disclosure below |
|
See disclosure below |
Long-term debt from VIEs |
|
|
|
|
|
|
34,472 |
|
|
|
37,310 |
|
|
|
|
|
Total Long-term notes payable |
|
|
|
|
|
|
121,851 |
|
|
|
189,143 |
|
|
|
|
|
Less: Unamortized debt issuance costs and debt discount |
|
|
|
|
|
|
(205 |
) |
|
|
(233 |
) |
|
|
|
|
Less: current portion |
|
|
|
|
|
|
(22,672 |
) |
|
|
(84,883 |
) |
|
|
|
|
Long-term notes payable, non-current portion |
|
|
|
|
|
$ |
98,974 |
|
|
$ |
104,027 |
|
|
|
|
|
* The payment terms dictate that the Note shall bear interest at a rate equal to the Prime Rate plus 275 basis points with an initial interest rate set at 6% based on the Prime Rate and Loan Spread at the time of the agreement. The interest rate is to be adjusted every 5 years and be based on the Prime Rate published as of the date plus the Loan Spread. ** SOFR is defined as “Secured Overnight Financing Rate.”
|
The components of the Company’s outstanding long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rates |
|
|
Amounts |
|
|
Maturity Dates |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
December 31, 2023 |
Long-term notes payable with banks for the purchase of aircrafts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank 1 |
|
4.0% - 7.3% |
|
4.0% - 7.3% |
|
$ |
11,841 |
|
|
$ |
13,589 |
|
|
Aug 2025 - Feb 2029 |
|
Aug 2025 - Feb 2027 |
Bank 2 |
|
4.0% - 7.8% |
|
4.0% - 7.8% |
|
|
12,325 |
|
|
|
13,769 |
|
|
Dec 2025 - Apr 2029 |
|
Dec 2025 - Jun 2028 |
Bank 3 |
|
2.3% + SOFR** |
|
3.5% Fixed - 2.3% + SOFR** |
|
|
1,653 |
|
|
|
7,705 |
|
|
Sep 2025 |
|
Jan 2024 - Oct 2026 |
Bank 4 |
|
n/a |
|
2.9% + SOFR** |
|
|
— |
|
|
|
4,082 |
|
|
n/a |
|
Sep 2024 - Dec 2024 |
Bank 5 |
|
5.3% - 6.0%* |
|
5.3% - 6.0% |
|
|
3,289 |
|
|
|
3,759 |
|
|
Jul 2030 - Sep 2030 |
|
Jul 2030 - Sep 2030 |
Bank 6 |
|
7.7% |
|
7.7% |
|
|
1,614 |
|
|
|
1,843 |
|
|
Jan 2030 |
|
Jan 2030 |
Bank 7 |
|
4.0% |
|
4.0% |
|
|
800 |
|
|
|
1,061 |
|
|
Sep 2027 |
|
Sep 2027 |
Bank 8 |
|
8.8% |
|
n/a |
|
|
12,361 |
|
|
|
— |
|
|
May 2029 |
|
n/a |
Long-term notes payable with financial institutions for the purchase of aircrafts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Institution 1 |
|
0.25%+ Schwab Loan Rate |
|
0.25% + Schwab Loan Rate |
|
|
2,959 |
|
|
|
3,290 |
|
|
Dec 2027 |
|
Dec 2027 |
Financial Institution 2 |
|
3.6% - 7.0% |
|
3.6% - 7.0% |
|
|
7,796 |
|
|
|
8,435 |
|
|
Nov 2026 - May 2027 |
|
Nov 2026 - May 2027 |
Financial Institution 3 |
|
9.0% - 9.5% |
|
9.0% - 9.5% |
|
|
34,407 |
|
|
|
22,612 |
|
|
Sep 2033 - Mar 2034 |
|
Sep 2033 - Dec 2033 |
Credit facilities with financial institutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rates |
|
|
Amounts |
|
|
Maturity Dates |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
December 31, 2023 |
Financial Institution 4 |
|
1.5% + SOFR **- 2.8% + SOFR** |
|
1.3% + SOFR **- 2.8% + SOFR** |
|
|
62,666 |
|
|
|
72,688 |
|
|
See disclosure below |
|
See disclosure below |
Bridge Notes |
|
n/a |
|
n/a |
|
|
n/a |
|
|
|
n/a |
|
|
See disclosure below |
|
See disclosure below |
Other long-term debt payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EID loan |
|
See disclosure below |
|
See disclosure below |
|
|
122 |
|
|
|
116 |
|
|
See disclosure below |
|
See disclosure below |
Long-term debt from VIEs |
|
|
|
|
|
|
37,310 |
|
|
|
40,491 |
|
|
|
|
|
Total Long-term notes payable |
|
|
|
|
|
|
189,143 |
|
|
|
193,440 |
|
|
|
|
|
Less: Unamortized debt issuance costs and debt discount |
|
|
|
|
|
|
(233 |
) |
|
|
(151 |
) |
|
|
|
|
Less: current portion |
|
|
|
|
|
$ |
(84,883 |
) |
|
$ |
(26,471 |
) |
|
|
|
|
Long-term notes payable, non-current portion |
|
|
|
|
|
$ |
104,027 |
|
|
$ |
166,818 |
|
|
|
|
|
*The payment terms dictate that the Note shall bear interest at a rate equal to the Prime Rate plus 275 basis points with an initial interest rate set at 6% based on the Prime Rate and Loan Spread at the time of the agreement. The interest rate is to be adjusted every 5 years and be based on the Prime Rate published as of the date plus the Loan Spread. **SOFR is defined as “Secured Overnight Financing Rate”
|
| Schedule of Contractual Principal Payments |
The table below presents the Company’s contractual principal payments (not including debt issuance costs) as of March 31, 2025 under then-outstanding long-term debt agreements in each of the next five calendar years (does not include VIE loans):
|
|
|
|
|
Fiscal year |
|
Amount |
|
Remainder of 2025 |
|
$ |
13,109 |
|
2026 |
|
|
13,312 |
|
2027 |
|
|
12,337 |
|
2028 |
|
|
5,215 |
|
2029 |
|
|
21,395 |
|
Thereafter |
|
|
22,011 |
|
|
|
|
87,379 |
|
Long-term notes payable from VIE |
|
|
34,472 |
|
Debt issuance costs |
|
|
(205 |
) |
Total long-term notes payable |
|
$ |
121,646 |
|
|
The table below presents the Company’s contractual principal payments (not including debt issuance costs) as of December 31, 2024 under then-outstanding long-term debt agreements in each of the next five calendar years (does not include VIE loans):
|
|
|
|
Fiscal year |
|
|
Amount |
2025 |
|
$ |
77,193 |
2026 |
|
|
12,897 |
2027 |
|
|
11,948 |
2028 |
|
|
4,840 |
2029 |
|
|
21,728 |
Thereafter |
|
|
23,227 |
|
|
|
151,833 |
Long-term notes payable from VIE |
|
|
37,310 |
Debt issuance costs |
|
|
(233) |
Total long-term notes payable |
|
$ |
188,910 |
|