XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

Concentrations of Credit Risk | 3 Months Ended
--- | ---
Dec. 31, 2024
Risks and Uncertainties [Abstract] |
Concentrations of Credit Risk | 5. 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 December 31, 2024, the Company had $3.0 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, $3.0 million, $3.0 million and $3.1 million of outstanding letters of credit are required to be collateralized by amounts on deposit as of December 31, 2024 and September 30, 2024 and 2023, respectively, which are classified as restricted cash. 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. Substantially all of the Company's consolidated revenue for the three months ended December 31, 2024 and fiscal year ended September 30, 2024 was derived from the United CPA. Fiscal years ended September 30, 2023 and 2022 also generated substantial revenue from the American CPA. 34.4%, 35.8%, and 48.7% of the Company's receivables at the end of December 31, 2024, September 30, 2024 and 2023, respectively, was also derived from the United CPA. Amounts billed by the Company under the United CPA are subject to the Company's interpretation of the applicable agreement and are subject to audit by United. Periodically, United disputes 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 United. As such, the Company reviews amounts due based on historical collection trends, the financial condition of United, and current external market factors and records a reserve for amounts estimated to be uncollectible. The allowance for doubtful accounts was no t material at December 31, 2024 and September 30, 2024 and 2023, respectively. If the Company's ability to collect these receivables and the financial viability of our major partners is materially different than estimated, the Company's estimate of the allowance could be materially impacted. American did no t account for any of the Company's total revenue for the three months ended December 31, 2024 and 2023. American accounted for 0%, 23%, and 45% of the Company's total revenue for fiscal years ended September 30, 2024, 2023, and 2022, respectively. United accounted for approximately 98% and 96% of the Company's total revenue for the three months ended December 31, 2024 and 2023, respectively, and 97%, 73%, and 48% for the fiscal years ended September 30, 2024, 2023, and 2022, respectively. A termination of the United CPA would have a material adverse effect on the Company's business prospects, financial condition, results of operations, and cash flows. Significant vendors are those which represent more than 10% of the Company's total purchases during the year. The Company had two vendors, AAR and Standard Aero Holdings, Inc. ("Standard Aero") which individually represented more than 10% of the Company's purchases during the three months ended December 31, 2024. AAR and Standard Aero accounted for approximately 18% and 13% of the Company's purchases during the year, respectively. A change to the operations of the Company's significant vendors could have a material adverse effect on the Company's financial condition, results of operations, and cash flows.

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
Name: | us-gaap_ConcentrationRiskDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RisksAndUncertaintiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration