false 0001128281 0001128281 2024-07-08 2024-07-08
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 8, 2024
 
SAKER AVIATION SERVICES, INC.
(Exact name of registrant as specified in its charter)
 
Nevada
000-52593
87-0617649
(State of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
20 South Street, Pier 6 East River, New York, NY 10004
(Address of principal executive offices) (Zip Code)
 
(Registrant’s telephone number, including area code): (212) 776-4046
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
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.  ☐
 
 
 
 
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
Saker Aviation Services, Inc. (the “Company”) and Empire Aviation, LLC (“Empire”) were parties to a Management Agreement (the “Management Agreement”) that was terminated on April 30, 2023. Empire notified the Company that it believed additional fees (“Management Fees”) were due pursuant to the terms of the Management Agreement. The Company disputed that any additional Management Fees were owed to Empire.
 
On March 14, 2024, the Company and Empire participated in an arbitration of this dispute. On July 8, 2024, the Company was notified of the arbitrator's decision. The arbitrator found in favor of Empire in the amount of $1.4 million (the “Judgement Amount”), such amount representing approximately $1,036,000 in unpaid Management Fees due under the Management Agreement plus accrued interest of approximately $363,000. The Judgement Amount is immediately payable and accrues per diem interest of $511.08 for each day until it is paid in full. The Company does not plan to appeal the judgement and plans to pay the Judgment Amount to Empire.
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: July 12, 2024
  
SAKER AVIATION SERVICES, INC.
  
       
       
 
By:
 /s/ Samuel Goldstein  
   
Samuel Goldstein
  
   
President and Chief Executive Officer
  
 
 
v3.24.2
Document And Entity Information
Jul. 08, 2024
Document Information [Line Items]  
Entity, Registrant Name SAKER AVIATION SERVICES, INC.
Document, Type 8-K
Document, Period End Date Jul. 08, 2024
Entity, Incorporation, State or Country Code NV
Entity, File Number 000-52593
Entity, Tax Identification Number 87-0617649
Entity, Address, Address Line One 20 South Street, Pier 6 East River
Entity, Address, City or Town New York
Entity, Address, State or Province NY
Entity, Address, Postal Zip Code 10004
City Area Code 212
Local Phone Number 776-4046
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001128281
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