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Concentrations of Credit Risk | 9 Months Ended
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Jun. 30, 2021
Risks And Uncertainties [Abstract] |
Concentrations of Credit Risk |
4. | Concentrations of Credit Risk
Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are primarily held by financial institutions in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions. As of June 30, 2021, the Company had $3.4 million in restricted cash. We have an agreement with a financial institution for a letter of credit facility and to issue letters of credit for particular airport authorities, worker's compensation insurance, property and casualty insurance and other business needs as required in certain lease agreements. Pursuant to the terms of this agreement, $3.4 million of outstanding letters of credit are required to be collateralized by amounts on deposit. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. At June 30, 2021, the Company had capacity purchase agreements with American and United and a flight services agreement with DHL. Substantially all of the Company's condensed consolidated revenue for the nine months ended June 30, 2021 and 2020 was derived from these agreements. Substantially all of the Company’s accounts receivable at June 30, 2021 and September 30, 2020 was derived from these agreements. American accounted for approximately 45% and 60% of the Company's total revenue for the three months ended June 30, 2021 and 2020, respectively, and 46 % and 53% of the Company’s total revenue for the nine months ended June 30, 2021 and 2020, respectively. United accounted for approximately 51% and 40% of the Company's total revenue for the three months ended June 30, 2021 and 2020, respectively, and 52% and 47% of the Company’s total revenue for the nine months ended June 30, 2021 and 2020, respectively. A termination of either the American or the United capacity purchase agreements would have a material adverse effect on the Company's business prospects, financial condition, results of operations, and cash flows. Amounts billed by the Company under the capacity purchase agreements and flight services agreement are subject to the Company's interpretation of the applicable agreement and are subject to audit by the Company's major partners. Periodically, the Company's major partners dispute amounts billed and pay amounts less than the amount billed. Ultimate collection of the remaining amounts not only depends upon the Company prevailing under the applicable audit, but also upon the financial well-being of the major partner. As such, the Company periodically reviews amounts due based on historical collection trends, the financial condition of major partners and current external market factors and records a reserve for amounts estimated to be uncollectible. The allowance for doubtful accounts was $1.4 million and $0.8 million at June 30, 2021 and September 30, 2020, respectively. If the Company's ability to collect these receivables and the financial viability of its major partners is materially different than estimated, the Company's estimate of the allowance could be materially impacted.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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