Sky Harbour Group Corp-A 2025年季度报告

PART I. FINANCIAL INFORMATIONItem 1.Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of Proceeds Item 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits 6 1.Organization and Business Operations develops, leases and manages general aviation hangars for business aircraft across the United States. Sky Harbour Group Corporation and itsconsolidated subsidiaries are collectively referred to as the “Company.” The Company is organized as an umbrella partnership-C corporation, or “Up-C”, structure in which substantially all of the operating March 31, 2025, SHG owned approximately44.6% of the Sky Common Unitsand the prior holders of SkyCommon Units (the “LLCInterests”) owned approximately55.4% of the Sky Common Units and control the Company through their ownership of the Company's ClassB Common Stock, $0.0001par value (“Class B Common Stock”).2.Basis of Presentation and Summary of Significant Accounting PoliciesBasis of Presentation Statements should be read in conjunction with the audited consolidated financial statements and the notes contained in the Company’s AnnualReport on Form10-K for the year endedDecember 31, 2024,which includes additional disclosures and a summary of the Company'ssignificant accounting policies. In the Company’s opinion, these Financial Statements include all adjustments, consisting of normal recurringitems, considered necessary by management to fairly state the Company’s results of operation, financial position, and cash flows.Certain historical amounts have been reclassified to conform to the current year’s presentation. Amounts previously presented as rental Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptionsthat affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financialstatements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include assumptions used withinimpairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining the fairvalue of financial instruments such as warrants, estimates and assumptions related to right-of-use assets and operating lease liabilities, and The Company’s operations have been limited to-date. For most of its history, the Company has beenengaged in securing access to landthrough ground leases and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain the Company’s financial obligations, including increasing construction costs due to inflation and increased borrowing costs to the extent thatthe Company incurs additional indebtedness.Liquidity and Capital Resources over the affairs and decision-making of Sky. The interests in Skynotowned by the Company are presented as non-controlling interests. Sky’sownership percentage in each of its consolidated subsidiaries is100%, unless otherwise disclosed.Cost of Construction Cost of construction on the accompanying consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costsnecessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specificcapital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, andnet of interest income earned on bond proceeds, is also capitalized until the capital project is completed. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. accounting policy election tonotrecognize leases with an initial term of12months or less on theCompany’s consolidated balance sheets andwill result in recognizing those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. When management determines that it is reasonably certain that the Company will exercise its options to renew the leases, the renewal terms areincluded in the lease term and the resulting ROU asset and lease liability balances.The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy tonotseparatelease and non-lease components for all underlying asset classes. The Company hasnotelected to capitalize any interest cost that is implicitwithin its operating leases int