During the three months ended June 30, 2007 the company had no revenue. It was because the company doesn't fly any aircraft and sells no tickets. Not able to produce any revenue the company has incurred a net loss of $1.4 million over the same quarter ended. This was a huge increase compared to $125 thousand loss over the previous quarter and was mainly because of the increased general and administrative expenses. The company states this increase to be a result of increased activity in preparing for air carrier certification. The stockholders equity has been increasing over time because of the increasing cash the company holds. Over the last quarter ended the company's stockholder equity increased to $640 thousand - a 521% increase compared to $103 thousand over the previous quarter. This was mainly achieved through the issuance of new stock.
Despite constant losses the company's stock price remains around its highest values in 2 year period. This might be the result of company's intentions to lease Boeing 747 aircraft and start the service at JFK airport.
The company announced to have had $1.2 million in working capital as of August 9, 2007. This is adequate financing for the start of operations. However the planed start of operations has not yet been set. Also with current financial trends it seems that the company might last for 2 or 3 quarters before the increasing losses turn it stockholder equity negative.
