NOTE
3 – DISCONTINUED OPERATIONS
In
March 2025, the Company sold GC Aviation, Inc., which held the FAA Part 135 certificate, therefore items related to GC Aviation, Inc. are included in discontinued operations.
Major
classes of line items constituting net income (loss) from discontinued operations are as follows:
SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
Three Months Ended June 30, | | |
Six Month ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Revenue - Aircraft usage | |
$ | — | | |
$ | 24 | | |
$ | — | | |
$ | 80 | |
| Revenue - Managed aircraft | |
| — | | |
| — | | |
| — | | |
| — | |
| Costs of Revenue - Aircraft usage | |
| — | | |
| 27 | | |
| — | | |
| 64 | |
| Cost of Revenue - Managed aircraft | |
| — | | |
| — | | |
| — | | |
| 1 | |
| Selling, general and administrative | |
| — | | |
| 99 | | |
| — | | |
| 306 | |
| Other income (loss) from discontinued operations | |
| 103 | | |
| 946 | | |
| 103 | | |
| 1,005 | |
| Loss from discontinued operations before provision for taxes | |
| 103 | | |
| 844 | | |
| 103 | | |
| 714 | |
| Benefit for taxes from discontinued operations | |
| — | | |
| (75 | ) | |
| — | | |
| (300 | ) |
| Net income (loss) from discontinued operations, net | |
$ | 103 | | |
$ | 919 | | |
$ | 103 | | |
$ | 1,014 | |
Carrying
amounts and major classes of assets included as part of discontinued operations are as follows:
| | |
June 30,
2026 | | |
December 31,
2025 | |
| Accounts receivable, net | |
$ | 32 | | |
$ | 13 | |
| Prepaid and other assets | |
| — | | |
| 254 | |
| Total assets associated with discontinued operations | |
$ | 32 | | |
$ | 267 | |
Carrying
amounts and major classes of liabilities included as part of discontinued operations are as follows:
| | |
June 30,
2026 | | |
December 31,
2025 | |
| Accounts payable and accrued liabilities | |
$ | 35 | | |
$ | 1,307 | |
| Customer deposits and deferred revenue | |
| — | | |
| 284 | |
| Total liabilities associated with discontinued operations | |
$ | 35 | | |
$ | 1,591 | |
|