| Schedule of Outstanding Short-Term Notes Payable |
The components of the Company’s outstanding short-term notes payable consisted of the following:
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Interest
Rates |
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December 31,
2025 |
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December 31,
2024 |
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Short-term notes payable |
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Bank 1 |
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6.5 |
% |
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$ |
3,160 |
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$ |
— |
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Bank 2 |
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7.8 |
% |
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4,229 |
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5,962 |
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Financial Institution 5 |
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10.0 |
% |
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1,594 |
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— |
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Less: Unamortized debt issuance costs |
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(446 |
) |
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— |
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Total short-term notes payable |
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$ |
8,537 |
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$ |
5,962 |
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| Schedule of Long-Term Debt |
The components of the Company’s outstanding long-term debt consisted of the following:
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Interest Rates |
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Amounts |
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Maturity Dates |
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2025 |
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December 31, 2024 |
Long-term notes payable with banks for the purchase of aircraft |
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Bank 1 |
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4.0% - 7.3% |
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4.0% - 7.3% |
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$ |
6,304 |
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$ |
11,841 |
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Aug 2026 - Feb 2029 |
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Aug 2025 - Feb 2029 |
Bank 2 |
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7.5% - 7.8% |
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4.0% - 7.8% |
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9,208 |
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12,325 |
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Jun 2028 - Dec 2030 |
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Jun 2025 - Apr 2029 |
Bank 3 |
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2.3% + SOFR** |
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2.3% + SOFR** |
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1,508 |
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1,653 |
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Sept 2026 |
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Sep 2025 |
Bank 4 |
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n/a |
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5.3% - 6.0%* |
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- |
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3,289 |
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n/a |
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Jul 2030 - Sep 2030 |
Bank 5 |
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7.7% |
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7.7% |
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1,344 |
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1,614 |
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Jan 2030 |
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Jan 2030 |
Bank 6 |
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4.0% |
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4.0% |
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|
519 |
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|
800 |
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Sep 2027 |
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Sep 2027 |
Bank 7 |
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8.8% |
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8.8% |
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11,914 |
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12,361 |
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May 2029 |
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May 2029 |
Bank 8 |
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2.8% + SOFR** |
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n/a |
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1,322 |
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— |
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Apr 2027 |
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n/a |
Long-term notes payable with financial institutions for the purchase of aircraft |
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Financial Institution 1 |
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n/a |
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0.25% + Schwab Loan Rate |
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- |
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2,959 |
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n/a |
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Dec 2027 |
Financial Institution 2 |
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3.6% - 7.0% |
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3.6% - 7.0% |
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6,499 |
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7,796 |
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Nov 2026 - Dec 2026 |
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Nov 2026 - May 2027 |
Financial Institution 3 |
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9.5% |
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9.0% - 9.5% |
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12,777 |
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34,407 |
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Dec 2033 - Mar 2034 |
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Sep 2033 - Mar 2034 |
Credit facilities with financial institutions |
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Financial Institution 4 |
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n/a |
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1.5% + SOFR** - 2.8% + SOFR** |
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- |
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62,666 |
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See disclosure below |
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See disclosure below |
Other long-term debt payable |
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Financing obligations from sale-leaseback transactions |
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1.0% - 2.4% |
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n/a |
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29,397 |
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— |
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Nov 2028 - Aug 2030 |
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n/a |
EID loan |
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See disclosure below |
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See disclosure below |
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122 |
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122 |
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See disclosure below |
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See disclosure below |
Long-term debt from VIEs |
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28,180 |
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37,310 |
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Total Long-term notes payable |
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109,094 |
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189,143 |
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Less: Unamortized debt issuance costs and debt discount |
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(159 |
) |
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(233 |
) |
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Less: current portion |
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(29,905 |
) |
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(84,883 |
) |
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Long-term notes payable, non-current portion |
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$ |
79,030 |
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$ |
104,027 |
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* 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 6.00% 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”
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| Schedule of Contractual Principal Payments |
The table below presents the Company’s contractual principal payments (not including debt issuance costs) as of December 31, 2025 under then-outstanding long-term debt agreements in each of the next five calendar years (does not include VIE loans):
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Fiscal year |
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Amount |
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Remainder of 2026 |
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$ |
12,044 |
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2027 |
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6,918 |
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2028 |
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21,487 |
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2029 |
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19,230 |
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2030 |
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13,641 |
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Thereafter |
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7,594 |
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|
80,914 |
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Long-term notes payable from VIE |
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28,180 |
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Debt issuance costs |
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(159 |
) |
Total long-term notes payable |
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$ |
108,935 |
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