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its a miracle the bid ask spread is less than a penny right now
Yea i just bought some @ the ask. my gut tells me something is going to happen soon now with this news. they already had a very good Revolving credit Facility with BOA. and they only used 300k with that Facility and still had 700k to draw down on. no reason to Cancel the BOA facility for current operations unless they wanted to make a M/A agreement. and expand the business. Following this company for 6 months now i think we might finally be rewarded this summer
wow they just filed a P.R too lol cant say they are not trying to rise the PPS... in the PR."We are pleased to enter into a new banking relationship with PNC," stated Ron Ricciardi, the Company's President and CEO. "They have proven, even in the short term, to have the flexibility and willingness to work with our strategic business model, which includes the potential to seek mergers or acquisitions. And, we believe the rates of interest on each component of our facility indicate how aggressive PNC was in earning our business. We look forward to a long and healthy business relationship."
you got to believe a deal is really close to being completed because there would be no reason to make this deal otherwise
one day the share price will go up lol. constantly good news and very well managed through Hurricane Sandy aftermath. As Q1 results showed just needs to start an uptrend with more Liquidity.
SKAS filed 8K with new larger Credit agreement with PNC bank
On May 17, 2013, Saker Aviation Services, Inc. and its wholly-owned subsidiaries FBO Air Wilkes-Barre, Inc., FBO Air Garden City, Inc. and FirstFlight Heliports, LLC (collectively, the "Company") entered into a Loan Agreement (the "Loan Agreement") with PNC Bank, National Association (the "Bank"). The Loan Agreement provides the Companies with (i) a $1,150,000 revolving line of credit (the "Revolving Line"), (ii) a $280,919 term loan facility (the "Term Loan") and
(iii) a $2,500,000 non-revolving acquisition line of credit (the "Convertible Line" and together with the Revolving Line and the Term Loan, collectively, the "New Credit Facilities"). Obligations under the New Credit Facilities are evidenced by the following (collectively, the "Notes"): (a) a Committed Line of Credit Note (for the Revolving Line), (b) a Term Note (for the Term Loan) and
(c) a Convertible Line of Credit Note (for the Convertible Line). The Revolving Line has one year term. The Term Loan has a 35 month term. Upon the earlier of May 17, 2014 or the date on which the entire committed amount of the Convertible Line has been advanced by the Bank, the Convertible Line shall convert to a term loan with a term of no more than 60 months to be selected by the Company.
SKAS just filed an 8K with new credit Facility with PNC Bank
On May 17, 2013, Saker Aviation Services, Inc. and its wholly-owned subsidiaries FBO Air Wilkes-Barre, Inc., FBO Air Garden City, Inc. and FirstFlight Heliports, LLC (collectively, the "Company") entered into a Loan Agreement (the "Loan Agreement") with PNC Bank, National Association (the "Bank"). The Loan Agreement provides the Companies with (i) a $1,150,000 revolving line of credit (the "Revolving Line"), (ii) a $280,919 term loan facility (the "Term Loan") and
(iii) a $2,500,000 non-revolving acquisition line of credit (the "Convertible Line" and together with the Revolving Line and the Term Loan, collectively, the "New Credit Facilities"). Obligations under the New Credit Facilities are evidenced by the following (collectively, the "Notes"): (a) a Committed Line of Credit Note (for the Revolving Line), (b) a Term Note (for the Term Loan) and
(c) a Convertible Line of Credit Note (for the Convertible Line). The Revolving Line has one year term. The Term Loan has a 35 month term. Upon the earlier of May 17, 2014 or the date on which the entire committed amount of the Convertible Line has been advanced by the Bank, the Convertible Line shall convert to a term loan with a term of no more than 60 months to be selected by the Company.
it looks promising when you read this line "a $2,500,000 non-revolving acquisition line of credit"....... that is the companies current market cap lol
8k filed on a larger revolving credit agreement with PNC Bank
Entry into a Material Definitive Agreement, Termination of a Materi
Item 1.01. Entry into a Material Definitive Agreement.
On May 17, 2013, Saker Aviation Services, Inc. and its wholly-owned subsidiaries FBO Air Wilkes-Barre, Inc., FBO Air Garden City, Inc. and FirstFlight Heliports, LLC (collectively, the "Company") entered into a Loan Agreement (the "Loan Agreement") with PNC Bank, National Association (the "Bank"). The Loan Agreement provides the Companies with (i) a $1,150,000 revolving line of credit (the "Revolving Line"), (ii) a $280,919 term loan facility (the "Term Loan") and
(iii) a $2,500,000 non-revolving acquisition line of credit (the "Convertible Line" and together with the Revolving Line and the Term Loan, collectively, the "New Credit Facilities"). Obligations under the New Credit Facilities are evidenced by the following (collectively, the "Notes"): (a) a Committed Line of Credit Note (for the Revolving Line), (b) a Term Note (for the Term Loan) and
(c) a Convertible Line of Credit Note (for the Convertible Line). The Revolving Line has one year term. The Term Loan has a 35 month term. Upon the earlier of May 17, 2014 or the date on which the entire committed amount of the Convertible Line has been advanced by the Bank, the Convertible Line shall convert to a term loan with a term of no more than 60 months to be selected by the Company.
The Company entered into the Loan Agreement to, among other things, pay off and terminate its prior credit facility with Bank of America, N.A. ("BofA") entered into on July 20, 2011 (the "Prior Credit Facility") and to support the Company's anticipated working capital needs. As of May 17, 2013, $581,527 was outstanding under the Prior Credit Facility. In order to pay off the amount outstanding under the Prior Credit Facility, the Term Loan was utilized in full and the Company immediately drew down $300,607 under the Revolving Line of the New Credit Facilities.
Amounts outstanding under the Revolving Line of the New Credit Facilities bear interest at a rate, which fluctuates daily, equal to the one-month LIBOR rate plus a 2.50% margin (i.e. 2.70% as of May 17, 2013). Amounts outstanding under the Term Loan and the Convertible Line of the New Credit Facilities bear interest at a rate, which fluctuates monthly, equal to the one-month LIBOR plus a 2.75% margin (i.e. 2.95% as of May 17, 2013). There is an unused fee on the Convertible Line equal to 1.50%, payable quarterly in arrears. All other payments under the New Credit Facilities are due monthly.
Under the Loan Agreement, the Companies have covenanted to maintain, on a combined basis, a Leverage Ratio (as defined in the Loan Agreement) of no greater than 2.25 to 1.00, measured on a quarterly basis beginning with the fiscal quarter ending on June 30, 2013. The Company has also covenanted under the Loan Agreement to maintain, on a combined basis, a Fixed Charge Coverage Ratio (as defined in the Loan Agreement) of no less than 1.10 to 1.00, measured on a quarterly basis beginning with the fiscal quarter ending on June 30, 2013.
In connection with the Loan Agreement, the Company granted the Bank a security interest in all the Company's property pursuant to Security Agreements. The Loan Agreement, the Notes and the Security Agreements contain such other terms and conditions customary to similar agreements.
Copies of the Loan Agreement, the Notes and the Security Agreements will be attached as exhibits to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2013. The above summary of the terms of the Loan Agreement, the Notes and Security Agreements are qualified in their entirety by reference to the actual texts of such agreements.
Item 1.02. Termination of a Material Definitive Agreement.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 1.02 by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference
still does not matter it is convertible debt that most of it matures in 2014. imo that is a red flag. just my opinion not trying to bash the stock
reading through the 10-Q they have alot of convertible debt on the books
On August 14, 2012, The First, Second, Third and Fourth Promissory Notes were amended to make the indebtedness evidenced by each Promissory Note secured by a) all the assets of the Company, and b) all of the Company's ownership interest in Pulse pursuant to the terms of the St. George Pledge Agreement.
On August 14, 2012, the Company issued a Promissory Note (the "Fifth Promissory Note") in favor of St. George, in exchange for a loan in the amount of $370,000 made by St. George to the Company. Loan proceeds from the Fifth Promissory Note were transferred by the Company to Pulse. The initial conversion price of the Fifth Promissory Note is $0.010277667. As required by the Purchase Agreement, Pulse entered into that certain Security Agreement by and between Pulse and St George dated August 14, 2012 ("Pulse Security Agreement'), thereby securing the Fifth Promissory Note and the Prior Promissory Notes with all of the assets of Pulse. Pulse also unconditionally guaranteed repayment of and the Fifth Promissory Note Prior Notes by executing that certain Guaranty dated August 14, 2012, in favor of St George ("Pulse Guaranty").
On October 10, 2012, the Company issued a Promissory Note (the "Sixth Promissory Note") in favor of St. George, a related party, in exchange for a loan in the amount of $50,000 made by St. George to the Company. The Company used the proceeds of the loan for working capital purposes. Interest on the Sixth Promissory Note accrues at an annual rate of 10%. No payments of principal or interest on the Sixth Promissory Note are due until the Sixth Promissory Note matures, which is on the earlier of (a) December 31, 2014, or (b) the date of (i) the sale of all or substantially all of the assets of the Company or Pulse Systems, (ii) the merger of the Company or Pulse Systems, LLC, or (iii) the sale of all or substantially all of the equity of the Company or Pulse Systems, LLC. Only upon an event of default (as defined in the Sixth Promissory Note), the holder of the Sixth Promissory Note may elect to convert all or any part of the outstanding principal of, and the accrued but unpaid interest on, the Sixth Promissory Note into newly issued shares of common stock of the Company. The conversion price is $0.004323 per share.
If the Company issues any convertible security with a conversion price lower than that of the promissory notes issued by the Company to St. George, discussed above, the conversion prices for those promissory notes automatically reduces to the lower conversion price. Accordingly, the conversion price for each of the promissory notes is $0.004323 per share of the Company's common stock, which is the conversion price of the most recent promissory note. If the Company were to default on the promissory notes, and if St. George were then to elect to convert the $1,545,000 aggregate principal amount the promissory notes, the Company would be obligated to issue to St. George 357,638,880 shares of common stock. This number of shares exceeds the number of the Company's authorized shares of common stock that are available to be issued. An issuance of all of the Company's remaining authorized but unissued shares of common stock to St. George would be highly dilutive to the other holders of the Company's common stock.
12
The Company and St George entered into that certain Pledge and Security Agreement dated August 14, 2012 ("St George Pledge Agreement"), thereby providing that the Fifth Promissory Note is secured by all of the Company's ownership interests in its subsidiary, Pulse. The Fifth Promissory Note is also secured by all of the assets of the Company pursuant to that certain Security Agreement between the Company and St George dated August 14, 2012 ("St George Security Agreement"). St George required Pulse to guarantee repayment of the Fifth promissory Note and the Prior Notes, and to secure all such indebtedness by all of the assets of Pulse. As such, Fifth Third Bank and St George entered into that certain Subordination Agreement dated August 17, 2012 ("Subordination Agreement"), thereby indicating that Fifth Third Bank was in a first lien position, and St George was in a subordinate lien position. St George was also required to execute that certain Membership Interest Pledge Agreement dated August 17, 2012, in favor of Fifth Third, thereby pledging to Fifth Third all of its preferred units in Pulse ("Preferred Unit Pledge Agreement").
Interest expense was approximately $0.1 million and $0.5 million for nine months ended March 31, 2013 and 2012, respectively.
i do not like how the Goodwill is so high.seems like an accounting trick. but right now the market cap is only 500k ffor a profitable company is just insane
why were they just downgraded to the limited Tier do they not plan to report anymore?
it has now been over 1 year since they hired the M/A firm. but still not one M/A over that time frame.
this stock is just on my watch list now they are to inconsistent they need to build more trust
they might be setting it up for a big promo to dump the shares into. thats the onyl way penny stocks go up these days it seems
lmao yeah compared to the .10 stock me and RNsider own ANDR is way overvalued if you compare the fundamentals
any company that has convertible debt on the books is defiantly a short term play but these are the companies that rise 100 to 500% on hype. the stocks with the good fundamentals and no dilution are the long term plays that just trade flat until they are recognized or up listed
updated the ibox
you called this Cobra looks like this will probably run until the movie release then drop off again because of dilution
so your saying Tesla TSLA will hit 120 in the near future? thats another 40% from current levels
i agree with your private message it is just i am extremely confident in a great Q2 and Q3 for SKAS. where as FUTU i have to do some more research.
anyone know where Charles volk and tony mason live? lol
if the short volume is still 70% for the rest of the week i might buy even though like like another stock besides SKAS alot better right now
i only got 2.5k in cash right now but i would be in
70% short volume on the 13th and 17th is just insane
http://otcshortreport.com/index.php?index=FUTU
.... are people getting borrowed share @.20 to short here because Futu has basically been trading flat so why are people shorting a legit company makes no sense
if i never cut my losses my 15k investment would of been 600$ right now i got out with 9k left and im almost back up to my original 15k in other trades and investments!!! granted though i bought before pump and sold before pump. so WGAs could of been an amazing trade if i played it right. read the SEC filings people anyone with any ability to read would of saw this coming
and what evidence do you have of this? people this is a trade @ best not an investment you have been warned
nice call by Lil green bull back in october 2012 on this stock.. went from 3.05 to 1.28 in that time frame
Edit OTC found that Leslie was director of STRS...
i found that our Chairman Mr. Leslie is also a Director of STRS. a similar company to ASDS meaning they both are in real estate. And STRS just became profitable for continuing operations the past 2 quarters and look what happen to that stock. 60-80 million market cap to 123 million market cap within 3-6 months or 8$ PPS to 15-16 PPS . ASDS just became profitable this last Q from continuing operations.
i know its just i want to start an uptrend going into Q2 Q3 earnings. because everything is setting up perfectly for Sakers business this year with events, Aviation outlook etc
well volume is coming in but of course it is a sell off. Best Q1 in 4 years yea lets sell... SMH
talk about bad timing lmao and now there are huge buys and it is breaking out
Cobra im surprised you like this stock. this thing is a dilution machine. but then again these are the types that rise 300% for no reason
Futu has alot better daily volume than SKAS though lol. if some one takes out the ask @ .18 cents you are going to see panic short covering. im tempted but i only have 2k in cash in my account right now
see nothing to worry about look @ bid/ask now
also i think they need market makers that tighten up the bid/ask spread it is currently @ a 20% spread. the 50k shares that have been on the ask the past week @ .098 has been taken off
another good reason to be in this stock for this next year is that the. MLB all star weekend is in New york city and the Superbowl is also in New york city this upcoming year. both should help increase revenue and income. from the heliport for tourism
i still believe in the company but I'm just not seeing the stock react anymore we have been stuck in this trading range for to long. i will be resigning as a moderator lol. gl everyone
thx i asked cause you follow a lot of Micro cap stocks that are legit companies. SKAS is defiantly a long term play. but imo with the Aviation Outlook this year. It is one of the very few long term penny plays that you can be confident in