| 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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|
March 31,
2026 |
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December 31,
2025 |
|
Short-term notes payable |
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|
Bank 1 |
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|
6.5 |
% |
|
$ |
3,160 |
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$ |
3,160 |
|
Bank 2 |
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|
7.8 |
% |
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|
3,977 |
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|
|
4,229 |
|
Financial Institution 5 |
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|
10.0 |
% |
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|
375 |
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|
|
1,594 |
|
Less: Unamortized debt issuance costs |
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|
|
|
|
(123 |
) |
|
|
(446 |
) |
Total short-term notes payable |
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|
|
|
$ |
7,389 |
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|
$ |
8,537 |
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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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March 31, 2026 |
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December 31, 2025 |
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March 31, 2026 |
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December 31, 2025 |
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|
March 31, 2026 |
|
December 31, 2025 |
Long-term notes payable with banks for the purchase of aircrafts |
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Bank 1 |
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n/a |
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4.0% - 7.3% |
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- |
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|
$ |
6,304 |
|
|
n/a |
|
Aug 2026 - Feb 2029 |
Bank 2 |
|
7.5% - 7.8% |
|
7.5% - 7.8% |
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|
8,925 |
|
|
|
9,208 |
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|
Jun 2028 - Dec 2030 |
|
Jun 2028 - Dec 2030 |
Bank 3 |
|
2.3% + SOFR** |
|
2.3% + SOFR** |
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|
1,455 |
|
|
|
1,508 |
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|
Sep 2026 |
|
Sep 2026 |
Bank 5 |
|
7.7% |
|
7.7% |
|
|
1,273 |
|
|
|
1,344 |
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Jan 2030 |
|
Jan 2030 |
Bank 6 |
|
4.0% |
|
4.0% |
|
|
446 |
|
|
|
519 |
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Sep 2027 |
|
Sep 2027 |
Bank 7 |
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8.8% |
|
8.8% |
|
|
11,599 |
|
|
|
11,914 |
|
|
May 2029 |
|
May 2029 |
Bank 8 |
|
2.8% + SOFR** |
|
2.8% + SOFR** |
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|
1,284 |
|
|
|
1,322 |
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|
Apr 2027 |
|
Apr 2027 |
Long-term notes payable with financial institutions for the purchase of aircrafts |
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|
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|
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|
|
|
|
|
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Financial Institution 2 |
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3.6% - 7.0% |
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3.6% - 7.0% |
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|
3,640 |
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|
|
6,499 |
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|
Nov 2026 - Dec 2026 |
|
Nov 2026 - Dec 2026 |
Financial Institution 3 |
|
9.5% |
|
9.5% |
|
|
12,508 |
|
|
|
12,777 |
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|
Dec 2033 - Mar 2034 |
|
Dec 2033 - Mar 2034 |
Financial Institution 5 |
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15.7% |
|
n/a |
|
|
8,285 |
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|
— |
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|
Mar 2031 |
|
n/a |
Financial Institution 6 |
|
14.4% - 14.9% |
|
14.4% - 15.9% |
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|
10,898 |
|
|
|
10,898 |
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|
Nov 2030 |
|
Nov 2030 |
Other long-term debt payable |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Financing obligations from sale-leaseback transactions |
|
12.0% |
|
12.0% |
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|
18,500 |
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|
|
18,500 |
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Nov 2028 |
|
Nov 2028 |
EID loan |
|
See disclosure below |
|
See disclosure below |
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|
122 |
|
|
|
122 |
|
|
See disclosure below |
|
See disclosure below |
Long-term debt from VIEs |
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|
24,610 |
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|
|
28,180 |
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Total Long-term notes payable |
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|
|
|
103,545 |
|
|
|
109,095 |
|
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|
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Less: Unamortized debt issuance costs and debt discount |
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|
(101 |
) |
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|
(159 |
) |
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Less: current portion |
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(25,742 |
) |
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|
(29,905 |
) |
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Long-term notes payable, non-current portion |
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|
|
|
|
$ |
77,702 |
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|
$ |
79,031 |
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** 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 March 31, 2026 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 |
|
Amount |
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Remainder of 2026 |
|
$ |
8,446 |
|
2027 |
|
|
5,419 |
|
2028 |
|
|
22,375 |
|
2029 |
|
|
17,313 |
|
2030 |
|
|
13,831 |
|
Thereafter |
|
|
11,551 |
|
|
|
|
78,935 |
|
Long-term notes payable from VIE |
|
|
24,610 |
|
Debt issuance costs |
|
|
(101 |
) |
Total long-term notes payable |
|
$ |
103,444 |
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