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Document and Entity Information - USD ($) | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 | Apr. 13, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | AEROCENTURY CORP | ||
Entity Central Index Key | 0001036848 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 001-13387 | ||
Entity Public Float | $ 2,910,200 | ||
Entity Common Stock, Shares Outstanding | 1,545,884 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Aerocentury Corp.
Aerocentury Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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The increased costs could materially and adversely impact the financial health of affected air carriers, which in turn could have a negative impact on the Companys business opportunities, and if the Companys lessees are significantly affected, could have a direct impact on the Companys financial results.
Even with U.S. dollar-denominated lease payment provisions, the Company could still be negatively affected by a devaluation of a foreign lessees local currency relative to the U.S. dollar, which would make it more difficult for the lessee to meet its U.S. dollar-denominated payments and increase the risk of default of that lessee, particularly if its revenue is primarily derived in its local currency.
The Company recorded impairment charges as recently as the fourth quarter of 2020 and may be required to record asset impairment charges in the future as a result of the Auction Sale of the Drake Collateral, the impact of COVID-19 on the aviation industry, prolonged weak economic environment, challenging market conditions in the airline industry, events related to particular lessees, assets or asset types or other factors affecting the value of aircraft or engines.
Furthermore, the Company often incurs maintenance or repair expenses not covered by lessees in foreign countries, which expenses could increase if such countries are affected by such a trade war.
These trade wars could generally increase the cost of aircraft, aircraft and engine components and other goods regularly imported by the Companys customers, thereby increasing costs of operations for its air carrier customers that are located in the affected countries.
With few exceptions, all claims...Read more
Declines in the value of...Read more
In addition to matters discussed...Read more
The Company has no control...Read more
As discussed below, the decrease...Read more
Although the Company cannot predict...Read more
In addition, any Reorganization Plan...Read more
If the Company is unable...Read more
As discussed below, recoveries in...Read more
On the date that the...Read more
The timing and amount of...Read more
The Company is currently developing...Read more
Additionally, even if lessees are...Read more
The Chapter 11 Case may...Read more
Such an attack could temporarily...Read more
As required by Company Guide,...Read more
For example, negative events or...Read more
The Company and Drake have...Read more
Any such challenge could result...Read more
Furthermore, for the duration of...Read more
The Company may elect to...Read more
Such litigation could result in...Read more
Furthermore, instability arising from new...Read more
Moreover, any failure by the...Read more
Holders of common stock may...Read more
Sales of a substantial number...Read more
Factors that May Affect Future...Read more
Although the Company cannot predict...Read more
Furthermore, the occurrence of unexpected...Read more
A loss of key personnel...Read more
Consequently, the Company?s stock price...Read more
(ii) Expenses Total expenses decreased...Read more
Results of Operations (i) Revenues...Read more
(C) Payments for finance lease...Read more
Although management plans include securing...Read more
Operating lease revenue decreased by...Read more
The Company?s ability to continue...Read more
Under the Company?s triple-net lease...Read more
Plan Assumptions May Prove Inaccurate....Read more
The Bankruptcy Code provides that...Read more
If the Company is unable...Read more
Because of the international nature...Read more
Consequently, there can be no...Read more
If repossession due to lessee...Read more
The failure of any such...Read more
There can be no assurance,...Read more
The Company has in place...Read more
(i) Operating activities The Company?s...Read more
The consummation of a sale...Read more
During the periods covered by...Read more
In the event that actual...Read more
A customer?s insolvency or bankruptcy...Read more
Whether actual future results and...Read more
A change in the desirability...Read more
During 2020, the Company recorded...Read more
The Stalking Horse Agreement covers...Read more
Immediately prior to the filing,...Read more
Furthermore, if older, expiring leases...Read more
Any such limitation could negatively...Read more
(c) Paycheck Protection Program Loan...Read more
There can be no assurance...Read more
Such repayments were funded by...Read more
The excess proceeds from the...Read more
As part of the bankruptcy...Read more
If international conflicts erupt into...Read more
The effective tax rate for...Read more
Foreign lessees may also face...Read more
Any lease revenue received that...Read more
This reduced market value could...Read more
There can be no assurance,...Read more
Because the Company has a...Read more
Losing open-sky flight rights could...Read more
The letter had no immediate...Read more
The CARES Act also accelerated...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Aerocentury Corp provided additional information to their SEC Filing as exhibits
Ticker: ACY
CIK: 1036848
Form Type: 10-K Annual Report
Accession Number: 0001654954-21-004244
Submitted to the SEC: Thu Apr 15 2021 4:06:10 PM EST
Accepted by the SEC: Thu Apr 15 2021
Period: Thursday, December 31, 2020
Industry: Equipment Rental And Leasing