| Schedule of Outstanding Short-Term Notes Payable |
The components of the Company’s outstanding short-term notes payable consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rates |
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Short-term notes payable |
|
|
|
|
|
|
|
|
|
Bank 1 |
|
n/a |
|
|
$ |
— |
|
|
$ |
3,160 |
|
Bank 2 |
|
|
7.8 |
% |
|
|
3,674 |
|
|
|
4,229 |
|
Financial Institution 5 |
|
|
26.5 |
% |
|
|
4,421 |
|
|
|
1,594 |
|
Less: Unamortized debt issuance costs |
|
|
|
|
|
(1,178 |
) |
|
|
(446 |
) |
Total short-term notes payable |
|
|
|
|
$ |
6,917 |
|
|
$ |
8,537 |
|
|
| Schedule of Long-Term Debt |
The components of the Company’s outstanding long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rates |
|
Amounts |
|
|
Maturity Dates |
|
|
June 30, 2026 |
|
December 31, 2025 |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
June 30, 2026 |
|
December 31, 2025 |
Long-term notes payable with banks for the purchase of aircrafts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank 1 |
|
n/a |
|
4.0% - 7.3% |
|
$ |
— |
|
|
$ |
6,304 |
|
|
n/a |
|
Aug 2026 - Feb 2029 |
Bank 2 |
|
7.5% - 7.8% |
|
7.5% - 7.8% |
|
|
8,641 |
|
|
|
9,208 |
|
|
Jun 2028 - Dec 2030 |
|
Jun 2028 - Dec 2030 |
Bank 3 |
|
n/a |
|
2.3% + SOFR** |
|
|
— |
|
|
|
1,508 |
|
|
n/a |
|
Sep 2026 |
Bank 5 |
|
7.7% |
|
7.7% |
|
|
1,201 |
|
|
|
1,344 |
|
|
Jan 2030 |
|
Jan 2030 |
Bank 6 |
|
n/a |
|
4.0% |
|
|
— |
|
|
|
519 |
|
|
n/a |
|
Sep 2027 |
Bank 7 |
|
8.8% |
|
8.8% |
|
|
11,476 |
|
|
|
11,914 |
|
|
May 2029 |
|
May 2029 |
Bank 8 |
|
2.8% + SOFR** |
|
2.8% + SOFR** |
|
|
1,245 |
|
|
|
1,322 |
|
|
Apr 2027 |
|
Apr 2027 |
Long-term notes payable with financial institutions for the purchase of aircrafts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Institution 2 |
|
3.6% - 7.0% |
|
3.6% - 7.0% |
|
|
3,551 |
|
|
|
6,499 |
|
|
Nov 2026 - Dec 2026 |
|
Nov 2026 - Dec 2026 |
Financial Institution 3 |
|
9.5% |
|
9.5% |
|
|
12,239 |
|
|
|
12,777 |
|
|
Dec 2033 - Mar 2034 |
|
Dec 2033 - Mar 2034 |
Financial Institution 5 |
|
15.2% |
|
n/a |
|
|
7,991 |
|
|
|
— |
|
|
Mar 2031 |
|
n/a |
Financial Institution 6 |
|
14.4% - 14.9% |
|
14.4% - 15.9% |
|
|
10,414 |
|
|
|
10,898 |
|
|
Nov 2030 |
|
Nov 2030 |
Other long-term debt payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing obligations from sale-leaseback transactions |
|
2.5% - 12.0% |
|
12.0% |
|
|
23,200 |
|
|
|
18,500 |
|
|
Nov 2028 - May 2031 |
|
Nov 2028 |
EID loan |
|
See disclosure below |
|
See disclosure below |
|
|
122 |
|
|
|
122 |
|
|
See disclosure below |
|
See disclosure below |
Long-term debt from VIEs |
|
|
|
|
|
|
23,977 |
|
|
|
28,180 |
|
|
|
|
|
Total Long-term notes payable |
|
|
|
|
|
|
104,057 |
|
|
|
109,095 |
|
|
|
|
|
Less: Unamortized debt issuance costs and debt discount |
|
|
|
|
|
|
(194 |
) |
|
|
(159 |
) |
|
|
|
|
Less: current portion |
|
|
|
|
|
|
(24,358 |
) |
|
|
(29,905 |
) |
|
|
|
|
Long-term notes payable, non-current portion |
|
|
|
|
|
$ |
79,505 |
|
|
$ |
79,031 |
|
|
|
|
|
** 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 June 30, 2026 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 2026 |
|
$ |
5,570 |
|
2027 |
|
|
5,053 |
|
2028 |
|
|
22,235 |
|
2029 |
|
|
17,658 |
|
2030 |
|
|
13,392 |
|
Thereafter |
|
|
16,172 |
|
|
|
|
80,080 |
|
Long-term notes payable from VIE |
|
|
23,977 |
|
Debt issuance costs |
|
|
(194 |
) |
Total long-term notes payable |
|
$ |
103,863 |
|
|