mesa-10q_20220630.htm
false Q3 0000810332 --09-30 P9Y P30D P5Y P9Y 2025-10-30 0 0 2027-12-31 0 0 P1Y P1Y P1Y P1Y P1Y P1Y 0000810332 2021-10-01 2022-06-30 xbrli:shares 0000810332 2022-08-03 iso4217:USD 0000810332 2022-06-30 0000810332 2021-09-30 iso4217:USD xbrli:shares 0000810332 mesa:ContractRevenueMember 2022-04-01 2022-06-30 0000810332 mesa:ContractRevenueMember 2021-04-01 2021-06-30 0000810332 mesa:ContractRevenueMember 2021-10-01 2022-06-30 0000810332 mesa:ContractRevenueMember 2020-10-01 2021-06-30 0000810332 mesa:PassThroughAndOtherRevenueMember 2022-04-01 2022-06-30 0000810332 mesa:PassThroughAndOtherRevenueMember 2021-04-01 2021-06-30 0000810332 mesa:PassThroughAndOtherRevenueMember 2021-10-01 2022-06-30 0000810332 mesa:PassThroughAndOtherRevenueMember 2020-10-01 2021-06-30 0000810332 2022-04-01 2022-06-30 0000810332 2021-04-01 2021-06-30 0000810332 2020-10-01 2021-06-30 0000810332 us-gaap:CommonStockMember 2020-09-30 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-09-30 0000810332 us-gaap:RetainedEarningsMember 2020-09-30 0000810332 2020-09-30 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-10-01 2020-12-31 0000810332 2020-10-01 2020-12-31 0000810332 us-gaap:CommonStockMember 2020-10-01 2020-12-31 0000810332 us-gaap:WarrantMember 2020-10-01 2020-12-31 0000810332 us-gaap:RetainedEarningsMember 2020-10-01 2020-12-31 0000810332 us-gaap:CommonStockMember 2020-12-31 0000810332 us-gaap:WarrantMember 2020-12-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-12-31 0000810332 us-gaap:RetainedEarningsMember 2020-12-31 0000810332 2020-12-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0000810332 2021-01-01 2021-03-31 0000810332 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0000810332 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0000810332 us-gaap:CommonStockMember 2021-03-31 0000810332 us-gaap:WarrantMember 2021-03-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-03-31 0000810332 us-gaap:RetainedEarningsMember 2021-03-31 0000810332 2021-03-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0000810332 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0000810332 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0000810332 us-gaap:CommonStockMember 2021-06-30 0000810332 us-gaap:WarrantMember 2021-06-30 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-06-30 0000810332 us-gaap:RetainedEarningsMember 2021-06-30 0000810332 2021-06-30 0000810332 us-gaap:CommonStockMember 2021-09-30 0000810332 us-gaap:WarrantMember 2021-09-30 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-09-30 0000810332 us-gaap:RetainedEarningsMember 2021-09-30 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-10-01 2021-12-31 0000810332 2021-10-01 2021-12-31 0000810332 us-gaap:CommonStockMember 2021-10-01 2021-12-31 0000810332 us-gaap:RetainedEarningsMember 2021-10-01 2021-12-31 0000810332 us-gaap:CommonStockMember 2021-12-31 0000810332 us-gaap:WarrantMember 2021-12-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-12-31 0000810332 us-gaap:RetainedEarningsMember 2021-12-31 0000810332 2021-12-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0000810332 2022-01-01 2022-03-31 0000810332 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0000810332 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0000810332 us-gaap:CommonStockMember 2022-03-31 0000810332 us-gaap:WarrantMember 2022-03-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-03-31 0000810332 us-gaap:RetainedEarningsMember 2022-03-31 0000810332 2022-03-31 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0000810332 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0000810332 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0000810332 us-gaap:CommonStockMember 2022-06-30 0000810332 us-gaap:WarrantMember 2022-06-30 0000810332 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-06-30 0000810332 us-gaap:RetainedEarningsMember 2022-06-30 mesa:Air-craft 0000810332 mesa:CRJ700AircraftMember 2021-10-01 2022-06-30 mesa:State mesa:City mesa:Daily_Departure mesa:Employee 0000810332 mesa:CRJ900AircraftMember mesa:AmericanCapacityPurchaseAgreementMember 2021-10-01 2022-06-30 0000810332 mesa:AmericanCapacityPurchaseAgreementMember 2021-10-01 2022-06-30 0000810332 mesa:E175AircraftMember mesa:UnitedCapacityPurchaseAgreementMember 2021-10-01 2022-06-30 0000810332 mesa:E175LLAircraftMember mesa:UnitedCapacityPurchaseAgreementMember 2021-10-01 2022-06-30 0000810332 mesa:E175AircraftMember mesa:UnitedCapacityPurchaseAgreementMember mesa:UnitedAirlinesIncMember 2021-10-01 2022-06-30 0000810332 mesa:E175AircraftMember mesa:UnitedCapacityPurchaseAgreementMember mesa:UnitedAirlinesIncMember srt:MinimumMember 2021-10-01 2022-06-30 0000810332 mesa:E175AircraftMember mesa:UnitedCapacityPurchaseAgreementMember mesa:UnitedAirlinesIncMember srt:MaximumMember 2021-10-01 2022-06-30 0000810332 mesa:CRJ700AircraftMember mesa:UnitedCapacityPurchaseAgreementMember mesa:UnitedAirlinesIncMember 2021-10-01 2022-06-30 0000810332 mesa:E175LLAircraftMember mesa:UnitedAirlinesIncMember mesa:UnitedCapacityPurchaseAgreementMember 2021-10-01 2022-06-30 0000810332 mesa:Boeing737400FMember mesa:FlightServicesAgreementMember 2019-12-20 2019-12-20 0000810332 mesa:Boeing737400FMember mesa:FlightServicesAgreementMember 2021-10-01 2022-06-30 0000810332 2022-07-01 2022-06-30 0000810332 2022-10-01 2022-06-30 0000810332 2023-10-01 2022-06-30 0000810332 2024-10-01 2022-06-30 0000810332 2025-10-01 2022-06-30 0000810332 2026-10-01 2022-06-30 0000810332 mesa:ContractRevenueMember 2022-04-01 2022-06-30 0000810332 mesa:ContractRevenueMember 2021-04-01 2021-06-30 0000810332 mesa:ContractRevenueMember 2021-10-01 2022-06-30 0000810332 mesa:ContractRevenueMember 2020-10-01 2021-06-30 0000810332 srt:CRJ700Member 2021-10-01 2022-06-30 0000810332 srt:CRJ700Member 2022-06-30 0000810332 mesa:GoJetAgreementsMember 2022-04-01 2022-06-30 0000810332 mesa:GoJetAgreementsMember 2021-04-01 2021-06-30 0000810332 mesa:GoJetAgreementsMember 2021-10-01 2022-06-30 0000810332 mesa:GoJetAgreementsMember 2020-10-01 2021-06-30 xbrli:pure 0000810332 mesa:AircraftMember 2021-10-01 2022-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:AmericanAirlinesIncMember 2022-04-01 2022-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:AmericanAirlinesIncMember 2021-04-01 2021-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:AmericanAirlinesIncMember 2021-10-01 2022-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:AmericanAirlinesIncMember 2020-10-01 2021-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:UnitedAirlinesIncMember 2022-04-01 2022-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:UnitedAirlinesIncMember 2021-04-01 2021-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:UnitedAirlinesIncMember 2021-10-01 2022-06-30 0000810332 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember mesa:UnitedAirlinesIncMember 2020-10-01 2021-06-30 0000810332 mesa:ImpairmentChargesMember 2021-10-01 2022-06-30 0000810332 mesa:AircraftAndOtherFlightEquipmentMember 2022-06-30 0000810332 mesa:AircraftAndOtherFlightEquipmentMember 2021-09-30 0000810332 us-gaap:OtherMachineryAndEquipmentMember 2022-06-30 0000810332 us-gaap:OtherMachineryAndEquipmentMember 2021-09-30 0000810332 us-gaap:LeaseholdImprovementsMember 2022-06-30 0000810332 us-gaap:LeaseholdImprovementsMember 2021-09-30 0000810332 us-gaap:VehiclesMember 2022-06-30 0000810332 us-gaap:VehiclesMember 2021-09-30 0000810332 us-gaap:BuildingMember 2022-06-30 0000810332 us-gaap:BuildingMember 2021-09-30 0000810332 us-gaap:FurnitureAndFixturesMember 2022-06-30 0000810332 us-gaap:FurnitureAndFixturesMember 2021-09-30 0000810332 2021-02-28 0000810332 us-gaap:CommonClassAMember mesa:ArcherAviationIncMember 2021-09-01 2021-09-30 0000810332 mesa:HeartAerospaceIncorporatedMember mesa:ForwardPurchaseContractMember us-gaap:PreferredStockMember 2021-07-01 2021-07-31 0000810332 2022-02-28 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentySevenMember 2022-06-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentySevenMember 2021-09-30 0000810332 mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2022-06-30 0000810332 mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2021-09-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2022-06-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2021-09-30 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeAndTwoThousandTwentyFourMember 2022-06-30 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeAndTwoThousandTwentyFourMember 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember 2021-09-30 0000810332 us-gaap:RevolvingCreditFacilityMember 2022-06-30 0000810332 us-gaap:RevolvingCreditFacilityMember 2021-09-30 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember 2022-06-30 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentySevenMember 2022-06-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentySevenMember 2021-10-01 2022-06-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentySevenMember 2020-10-01 2021-09-30 0000810332 mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2020-10-01 2021-09-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2021-10-01 2022-06-30 0000810332 mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2020-10-01 2021-09-30 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeMember 2021-10-01 2022-06-30 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeMember 2020-10-01 2021-09-30 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyFourMember 2021-10-01 2022-06-30 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyFourMember 2020-10-01 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember 2020-10-01 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember 2020-10-01 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember 2020-10-01 2021-09-30 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember 2020-10-01 2021-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentySevenMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentySevenMember 2020-10-01 2021-09-30 0000810332 srt:CRJ900Member mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentySevenMember 2015-09-30 0000810332 srt:CRJ900Member mesa:SeniorNotesDueTwoThousandTwentySevenMember 2015-09-30 0000810332 srt:CRJ900Member mesa:SeniorNotesDueTwoThousandTwentySevenMember 2021-10-01 2022-06-30 0000810332 srt:CRJ900Member mesa:SeniorNotesDueTwoThousandTwentySevenMember us-gaap:LondonInterbankOfferedRateLIBORMember 2014-10-01 2015-09-30 0000810332 srt:CRJ900Member mesa:SubordinatedNotesDueTwoThousandTwentySevenMember 2015-09-30 0000810332 mesa:TenE175AircraftMember mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember 2016-09-30 0000810332 mesa:TenE175AircraftMember mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember srt:MinimumMember 2022-06-30 0000810332 mesa:TenE175AircraftMember mesa:NotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember srt:MaximumMember 2022-06-30 0000810332 mesa:EightE175AircraftMember mesa:SeniorAndSubordinatedNotesPayableToSecuredPartiesCollateralizedByUnderlyingAircraftDueTwoThousandTwentyEightMember srt:MinimumMember 2016-09-30 0000810332 mesa:EightE175AircraftMember mesa:SeniorNotesDueTwoThousandTwentyEightMember srt:MinimumMember 2016-09-30 0000810332 mesa:EightE175AircraftMember mesa:SeniorNotesDueTwoThousandTwentyEightMember 2021-10-01 2022-06-30 0000810332 mesa:EightE175AircraftMember mesa:SeniorNotesDueTwoThousandTwentyEightMember srt:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2015-10-01 2016-09-30 0000810332 mesa:EightE175AircraftMember mesa:SeniorNotesDueTwoThousandTwentyEightMember srt:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2015-10-01 2016-09-30 0000810332 mesa:EightE175AircraftMember mesa:SubordinatedNotesDueTwoThousandTwentyEightMember 2022-06-30 mesa:Engine 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeAndTwoThousandTwentyFourMember 2018-02-01 2018-02-28 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeAndTwoThousandTwentyFourMember 2018-02-28 0000810332 mesa:OtherObligationsDueToFinancialInstitutionsCollateralizedByUnderlyingEquipmentDueTwoThousandTwentyThreeAndTwoThousandTwentyFourMember us-gaap:SubsequentEventMember 2022-07-01 2022-07-31 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember us-gaap:FlightEquipmentMember 2019-01-31 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember us-gaap:FlightEquipmentMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentyFourMember us-gaap:FlightEquipmentMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-01-31 mesa:Airfleet 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember mesa:CRJ700AircraftMember 2019-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember mesa:CRJ700AircraftMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByUnderlyingAircraftDueTwoThousandTwentyThreeMember us-gaap:LondonInterbankOfferedRateLIBORMember mesa:CRJ700AircraftMember 2019-06-01 2019-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember us-gaap:FlightEquipmentMember 2019-09-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember us-gaap:FlightEquipmentMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionDueTwoThousandTwentyThreeMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:FlightEquipmentMember 2021-10-01 2022-06-30 0000810332 us-gaap:RevolvingCreditFacilityMember mesa:WorkingCapitalDrawLoanMember 2019-09-30 0000810332 us-gaap:RevolvingCreditFacilityMember mesa:WorkingCapitalDrawLoanMember 2019-09-01 2019-09-30 0000810332 us-gaap:RevolvingCreditFacilityMember mesa:WorkingCapitalDrawLoanMember 2021-10-01 2022-06-30 0000810332 us-gaap:RevolvingCreditFacilityMember mesa:WorkingCapitalDrawLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-01 2019-09-30 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember mesa:LoanAgreementMember 2020-10-31 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember mesa:LoanAgreementMember 2020-10-30 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember mesa:LoanAgreementMember 2020-11-13 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember mesa:LoanAgreementMember 2020-11-14 0000810332 mesa:NotesPayableToUSTreasuryDueTwoThousandTwentyFiveMember mesa:LoanAgreementMember 2021-10-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentySevenMember 2021-12-31 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentySevenMember us-gaap:LondonInterbankOfferedRateLIBORMember 2022-06-01 2022-06-30 0000810332 mesa:NotesPayableToFinancialInstitutionCollateralizedByTheUnderlyingEquipmentDueTwoThousandTwentySevenMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-12-01 2021-12-31 0000810332 us-gaap:AirTransportationEquipmentMember mesa:PledgedAsCollateralMember 2022-06-30 0000810332 mesa:EquipmentNotesMember 2022-06-30 0000810332 mesa:WorkingCapitalDrawLoanMember us-gaap:RevolvingCreditFacilityMember 2019-09-25 0000810332 mesa:WorkingCapitalDrawLoanMember us-gaap:RevolvingCreditFacilityMember 2019-09-25 2019-09-25 0000810332 mesa:WorkingCapitalDrawLoanMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-25 2019-09-25 0000810332 mesa:WorkingCapitalDrawLoanMember us-gaap:RevolvingCreditFacilityMember 2022-06-30 0000810332 mesa:SecuredTermLoanFacilityMember mesa:LoanAgreementMember 2020-10-30 0000810332 mesa:SecuredTermLoanFacilityMember mesa:LoanAgreementMember mesa:TreasuryLoanMember 2020-12-31 0000810332 mesa:SecuredTermLoanFacilityMember mesa:LoanAgreementMember mesa:TreasuryLoanMember 2022-06-30 0000810332 mesa:SecuredTermLoanFacilityMember mesa:LoanAgreementMember mesa:TreasuryLoanMember 2020-10-30 2020-10-30 0000810332 mesa:SecuredTermLoanFacilityMember mesa:LoanAgreementMember 2021-10-01 2022-06-30 0000810332 srt:MaximumMember mesa:TreasuryLoanMember 2020-10-30 2020-10-30 0000810332 srt:MinimumMember mesa:TreasuryLoanMember 2020-10-30 2020-10-30 0000810332 mesa:LoanAgreementMember 2020-10-30 0000810332 srt:MaximumMember mesa:TreasuryLoanMember 2022-04-01 2022-04-30 0000810332 mesa:LoanAgreementMember mesa:SpareEngineFacilityMember 2021-12-31 0000810332 mesa:LoanAgreementMember mesa:SpareEngineFacilityMember 2021-12-01 2021-12-31 0000810332 mesa:LoanAgreementMember mesa:SpareEngineFacilityMember 2021-10-01 2022-06-30 0000810332 mesa:LoanAgreementMember mesa:SpareEngineFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-12-01 2021-12-31 0000810332 us-gaap:WarrantMember 2021-10-01 2022-06-30 0000810332 us-gaap:RestrictedStockMember 2021-10-01 2022-06-30 0000810332 2020-04-09 0000810332 us-gaap:DomesticCountryMember mesa:PeriodOneMember 2021-09-30 0000810332 us-gaap:StateAndLocalJurisdictionMember mesa:PeriodTwoMember 2021-09-30 0000810332 us-gaap:DomesticCountryMember srt:MinimumMember 2020-10-01 2021-09-30 0000810332 us-gaap:DomesticCountryMember srt:MaximumMember 2020-10-01 2021-09-30 0000810332 us-gaap:StateAndLocalJurisdictionMember srt:MinimumMember 2020-10-01 2021-09-30 0000810332 us-gaap:StateAndLocalJurisdictionMember srt:MaximumMember 2020-10-01 2021-09-30 0000810332 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2021-10-01 2022-06-30 0000810332 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2021-10-01 2022-06-30 0000810332 srt:DirectorMember 2021-10-01 2022-06-30 0000810332 us-gaap:RestrictedStockMember 2021-09-30 0000810332 us-gaap:RestrictedStockMember 2021-10-01 2022-06-30 0000810332 us-gaap:RestrictedStockMember 2022-06-30 0000810332 us-gaap:CommonStockMember 2021-10-01 2022-06-30 0000810332 srt:MinimumMember us-gaap:EmployeeStockMember 2021-10-01 2022-06-30 0000810332 srt:MaximumMember us-gaap:EmployeeStockMember 2021-10-01 2022-06-30 0000810332 us-gaap:EmployeeStockMember 2021-10-01 2022-06-30 0000810332 us-gaap:EmployeeStockMember 2019-04-09 2022-06-30 0000810332 mesa:CF348C5OrCF348E5EngineMember mesa:LetterAgreementNumberThirteenDashThreeMember 2021-10-01 2022-06-30 0000810332 mesa:CF348C5OrCF348E5EngineMember mesa:LetterAgreementNumberThirteenDashThreeMember 2022-06-30 0000810332 mesa:CF348C5OrCF348E5EngineMember mesa:LetterAgreementNumberThirteenDashThreeMember srt:ScenarioForecastMember 2022-10-01 2022-12-31 mesa:Lawsuit 0000810332 us-gaap:IPOMember 2021-10-01 2022-06-30 0000810332 mesa:SuperiorCourtOfTheStateOfArizonaMember us-gaap:IPOMember 2021-10-01 2022-06-30 0000810332 mesa:USDistrictCourtOfArizonaMember us-gaap:IPOMember 2021-10-01 2022-06-30 0000810332 us-gaap:IPOMember 2022-03-02 0000810332 mesa:ArcherAviationIncMember mesa:EVTOLAircraftMember mesa:ForwardPurchaseContractMember 2021-02-28 0000810332 mesa:HeartAerospaceIncorporatedMember mesa:ForwardPurchaseContractMember srt:MaximumMember 2021-07-31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number 001-38626

 

MESA AIR GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Nevada

 

85-0302351

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

410 North 44th Street, Suite 700

Phoenix, Arizona 85008

 

85008

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: (602) 685-4000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, no par value

 

MESA

 

Nasdaq Global Select Market

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

 

As of August 3, 2022, the registrant had 36,295,201 shares of common stock, no par value per share, issued and outstanding.

 

 

 


 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

2

 

 

Condensed Consolidated Balance Sheets

2

 

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

3

 

 

Condensed Consolidated Statements of Stockholders' Equity

4

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

26

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

37

 

 

Item 4. Controls and Procedures

38

 

 

PART II – OTHER INFORMATION

40

 

 

Item 1. Legal Proceedings

40

 

 

Item 1A. Risk Factors

40

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

41

 

 

Item 3. Defaults Upon Senior Securities

42

 

 

Item 4. Mine Safety Disclosures

42

 

 

Item 5. Other Information

42

 

 

Item 6. Exhibits

42

 

 

SIGNATURES

44

 

 


 

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "will," "would," “should,” "could," "can," "may," and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2021 filed with the Securities and Exchange Commission on December 10, 2021. Unless otherwise stated, references to particular years, quarters, months, or periods refer to our fiscal years ended September 30 and the associated quarters, months, and periods of those fiscal years. Each of the terms "the Company," "Mesa Airlines," "Mesa," "we," "us" and "our" as used herein refers collectively to Mesa Air Group, Inc. and its wholly owned subsidiaries, unless otherwise stated. We do not assume any obligation to revise or update any forward-looking statements.

The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include:

 

public health epidemics or pandemics such as COVID-19;

 

the severity, magnitude, and duration of the COVID-19 pandemic, including impacts of the pandemic and of business’ and governments’ responses to the pandemic on our operations and personnel, and on demand for air travel;

 

the supply and retention of qualified airline pilots and mechanics and associated costs;

 

ability to secure adequate pilot training equipment and resources to meet increased demand;

 

the volatility of pilot and mechanic attrition;

 

dependence on, and changes to, or non-renewal of, our capacity purchase and flight services agreements;

 

failure to meet certain operational performance targets in our capacity purchase and flight services agreements, which could result in termination of those agreements;

 

increases in our labor costs;

 

reduced utilization - the percentage derived from dividing (i) the number of block hours actually flown during a given month by (ii) the maximum number of block hours that could be flown during such month under our capacity purchase agreements;

 

the direct operation of regional jets by our major partners;

 

the financial strength of our major partners and their ability to successfully manage their businesses through the unprecedented decline in air travel attributable to the COVID-19 pandemic or any other public health epidemic;

 

limitations on our ability to expand regional flying within the flight systems of our major partners and those of other major airlines;

 

our significant amount of debt and other contractual obligations;

 

our compliance with ongoing financial covenants under our credit facilities; and

 

our ability to keep costs low and execute our growth strategies.

Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports we have filed with the SEC may be further amplified by the global impact of the COVID-19 pandemic.  While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law.

 

1


Part I – Financial Information

Item 1. Financial Statements

MESA AIR GROUP, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts) (Unaudited)

 

 

 

June 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

54,448

 

 

$

120,517

 

Restricted cash

 

 

3,348

 

 

 

3,350

 

Receivables, net

 

 

4,050

 

 

 

3,167

 

Expendable parts and supplies, net

 

 

26,341

 

 

 

24,467

 

Prepaid expenses and other current assets

 

 

7,234

 

 

 

6,885

 

Total current assets

 

 

95,421

 

 

 

158,386

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,072,826

 

 

 

1,151,891

 

Intangible assets, net

 

 

6,026

 

 

 

6,792

 

Lease and equipment deposits

 

 

6,972

 

 

 

6,808

 

Operating lease right-of-use assets

 

 

65,878

 

 

 

93,100

 

Deferred heavy maintenance, net

 

 

6,848

 

 

 

3,499

 

Assets held for sale

 

 

36,528

 

 

 

 

Other assets

 

 

29,686

 

 

 

36,121

 

Total assets

 

$

1,320,185

 

 

$

1,456,597

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt and finance leases

 

$

112,776

 

 

$

111,710

 

Current portion of deferred revenue

 

 

726

 

 

 

6,298

 

Current maturities of operating leases

 

 

16,854

 

 

 

32,652

 

Accounts payable

 

 

66,811

 

 

 

61,476

 

Accrued compensation

 

 

10,781

 

 

 

12,399

 

Other accrued expenses

 

 

32,322

 

 

 

33,657

 

Total current liabilities

 

 

240,270

 

 

 

258,192

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Long-term debt and finance leases, excluding current portion

 

 

523,231

 

 

 

539,700

 

Noncurrent operating lease liabilities

 

 

20,585

 

 

 

33,991

 

Deferred credits

 

 

3,295

 

 

 

3,934

 

Deferred income taxes

 

 

50,803

 

 

 

69,940

 

Deferred revenue, net of current portion

 

 

21,994

 

 

 

28,202

 

Other noncurrent liabilities

 

 

36,971

 

 

 

34,591

 

Total noncurrent liabilities

 

 

656,879

 

 

 

710,358

 

Total liabilities

 

 

897,149

 

 

 

968,550

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock of no par value, 5,000,000 shares authorized;

   no shares issued and outstanding

 

 

 

 

 

 

Common stock of no par value and additional paid-in capital,

   125,000,000 shares authorized; 36,292,401 (2022) and 35,958,759

   (2021) shares issued and outstanding, 4,899,497 (2022) and

   4,899,497 (2021) warrants issued and outstanding

 

 

258,403

 

 

 

256,372

 

Retained earnings

 

 

164,633

 

 

 

231,675

 

Total stockholders' equity

 

 

423,036

 

 

 

488,047

 

Total liabilities and stockholders' equity

 

$

1,320,185

 

 

$

1,456,597

 

 

See accompanying notes to these condensed consolidated financial statements.

 

2


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share amounts) (Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract revenue

 

$

118,899

 

 

$

109,654

 

 

$

367,781

 

 

$

318,524

 

Pass-through and other revenue

 

 

15,498

 

 

 

15,503

 

 

 

37,586

 

 

 

54,284

 

Total operating revenues

 

 

134,397

 

 

 

125,157

 

 

 

405,367

 

 

 

372,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flight operations

 

 

43,254

 

 

 

41,314

 

 

 

133,262

 

 

 

115,681

 

Maintenance

 

 

49,694

 

 

 

51,986

 

 

 

156,032

 

 

 

156,623

 

Aircraft rent

 

 

9,299

 

 

 

9,648

 

 

 

28,319

 

 

 

29,688

 

General and administrative

 

 

11,112

 

 

 

12,087

 

 

 

31,550

 

 

 

36,324

 

Depreciation and amortization

 

 

20,103

 

 

 

20,933

 

 

 

61,878

 

 

 

62,108

 

Lease termination

 

 

 

 

 

 

 

 

 

 

 

4,508

 

Impairment of assets held for sale

 

 

 

 

 

 

 

 

39,475

 

 

 

 

Other operating expenses

 

 

722

 

 

 

916

 

 

 

3,379

 

 

 

3,148

 

Government grant recognition

 

 

 

 

 

(26,101

)

 

 

 

 

 

(93,379

)

Total operating expenses

 

 

134,184

 

 

 

110,783

 

 

 

453,895

 

 

 

314,701

 

Operating income (loss)

 

 

213

 

 

 

14,374

 

 

 

(48,528

)

 

 

58,107

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(8,716

)

 

 

(8,627

)

 

 

(24,766

)

 

 

(26,464

)

Interest income

 

 

24

 

 

 

82

 

 

 

117

 

 

 

287

 

Loss on investments, net

 

 

(3,926

)

 

 

 

 

 

(12,649

)

 

 

 

Other income (expense), net

 

 

(73

)

 

 

(28

)

 

 

(203

)

 

 

389

 

Total other expense, net

 

 

(12,691

)

 

 

(8,573

)

 

 

(37,501

)

 

 

(25,788

)

Income (loss) before taxes

 

 

(12,478

)

 

 

5,801

 

 

 

(86,029

)

 

 

32,319

 

Income tax expense (benefit)

 

 

(2,493

)

 

 

1,525

 

 

 

(18,987

)

 

 

8,236

 

Net income (loss) and comprehensive income (loss)

 

$

(9,985

)

 

$

4,276

 

 

$

(67,042

)

 

$

24,083

 

Net income (loss) per share attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.28

)

 

$

0.12

 

 

$

(1.86

)

 

$

0.68

 

Diluted

 

$

(0.28

)

 

$

0.11

 

 

$

(1.86

)

 

$

0.62

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,183

 

 

 

35,769

 

 

 

36,064

 

 

 

35,642

 

Diluted

 

 

36,183

 

 

 

39,513

 

 

 

36,064

 

 

 

38,811

 

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

3


 

MESA AIR GROUP, INC.

Condensed Consolidated Statements of Stockholders' Equity

(In thousands, except share amounts) (Unaudited)

 

 

 

Nine Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Number of

 

 

Paid-In

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Warrants

 

 

Capital

 

 

Earnings

 

 

Total

 

Balance at September 30, 2020

 

 

35,526,918

 

 

 

 

 

$

242,772

 

 

$

215,087

 

 

$

457,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

850

 

 

 

 

 

 

850

 

Repurchased shares

 

 

(2,256

)

 

 

 

 

 

(19

)

 

 

 

 

 

(19

)

Restricted shares issued

 

 

7,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of warrants, net of issuance costs

 

 

 

 

 

4,899,497

 

 

 

11,489

 

 

 

 

 

 

11,489

 

Net income

 

 

 

 

 

 

 

 

 

 

 

14,118

 

 

 

14,118

 

Balance at December 31, 2020

 

 

35,532,162

 

 

 

4,899,497

 

 

$

255,092

 

 

$

229,205

 

 

$

484,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

808

 

 

 

 

 

 

808

 

Repurchased shares

 

 

(14,680

)

 

 

 

 

 

(157

)

 

 

 

 

 

(157

)

Restricted shares issued

 

 

124,609

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share purchases

 

 

58,070

 

 

 

 

 

 

207

 

 

 

 

 

 

207

 

Net income

 

 

 

 

 

 

 

 

 

 

 

5,689

 

 

 

5,689

 

Balance at March 31, 2021

 

 

35,700,161

 

 

 

4,899,497

 

 

$

255,950

 

 

$

234,894

 

 

$

490,844

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

756

 

 

 

 

 

 

756

 

Repurchased shares

 

 

(122,960

)

 

 

 

 

 

(1,209

)

 

 

 

 

 

(1,209

)

Restricted shares issued

 

 

313,828

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4,276

 

 

 

4,276

 

Balance at June 30, 2021

 

 

35,891,029

 

 

 

4,899,497

 

 

$

255,497

 

 

$

239,170

 

 

$

494,667

 

 

 

4


 

MESA AIR GROUP, INC.

Condensed Consolidated Statements of Stockholders' Equity

(In thousands, except share amounts) (Unaudited)

 

 

 

Nine Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Number of

 

 

Paid-In

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Warrants

 

 

Capital

 

 

Earnings

 

 

Total

 

Balance at September 30, 2021

 

 

35,958,759

 

 

 

4,899,497

 

 

$

256,372

 

 

$

231,675

 

 

$

488,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

716

 

 

 

 

 

 

716

 

Repurchased shares

 

 

(2,275

)

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Restricted shares issued

 

 

7,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(14,274

)

 

 

(14,274

)

Balance at December 31, 2021

 

 

35,963,984

 

 

 

4,899,497

 

 

$

257,073

 

 

$

217,401

 

 

$

474,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

671

 

 

 

 

 

 

671

 

Repurchased shares

 

 

(13,421

)

 

 

 

 

 

(60

)