Feb 3, 2021
<section> <div> <div> <p><span>STAMFORD, Conn.</span>, <span>Feb. 3, 2021</span> /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of <span>$11,529,000</span> for fiscal year 2020, compared with <span>$15,046,000</span>, for fiscal year 2019, a decrease of <span>$3,517,000</span> or 23%.</p> <p>The Company had a net loss of <span>$12,304,000</span>, or <span>$1.60</span> per diluted share, for the year ended <span>October 31, 2020</span> after an impairment charge of <span>$9,874,000</span> taken during the second quarter, ended <span>April 30, 2020</span>, or <span>$2,430,000</span> before the impairment charge, as compared to a net loss for fiscal year 2019 of <span>$3,837,000</span>, or <span>$0.50</span> per diluted share. </p> <p>Given the impact of the current COVID-19 environment on customers, during fiscal year 2020 the Company wrote off <span>$6,134,000</span> in capitalized software, which was included in the <span>$9,874,000</span> impairment charge above. In addition, due to the FAA mandated use of ADS-B feeds system-wide as of <span>January 2020</span> and the commercial availability of ADS-B feeds, PASSUR also wrote off its entire investment of <span>$3,565,000</span> in the PASSUR network and <span>$175,000</span> of related lease assets, which had previously incorporated and integrated ADS-B feeds, where available, with data generated by the PASSUR network and had become redundant. Such write-off was also included in the impairment charge above.</p> <p><span>Brian Cook</span>, PASSUR's President and CEO, stated "We are proud to announce that the Company's income from operations for the third quarter of fiscal year 2020, ended <span>July 31, 2020</span>, was positive for the first time in six quarters, on revenue of <span>$2.2 million</span>. For the quarter ended <span>October 31, 2020</span>, the Company also had a positive operating income on revenue of <span>$1.9 million</span>. In addition, for the quarter ended <span>October 31, 2020</span>, the Company had a positive net income. All of the previous eight fiscal quarters had net losses."</p> <p>Cook became PASSUR's CEO in <span>February 2020</span> and President in <span>June 2020</span>. He has been a PASSUR Director since <span>November 2018</span>, and had previously served as Vice President and General Manager Travel and Transportation at DXC Technologies and at Hewlett Packard, which was merged into DXC.</p> <p>In <span>July 2020</span> PASSUR received a grant of <span>$3.0 million</span> from the CARES Act Payroll Support Program for Air Carriers and Contractors, paid in installments in July, August, and <span>September 2020</span>, which is being used for the continuation of payment of employee wages, salaries, and benefits for certain eligible employees. Visit our website to view the full 10-K. </p> <p><b><u>Major Achievements</u></b></p> <p>While the pandemic created economic challenges in 2020, PASSUR was resilient and made several key advancements. Last year, we transitioned from hardware-driven tools to data-driven decision support solutions with integrated value-adds. This included the expansion of our solutions platform (ARiVA<sup>TM</sup>) powered by global data from our new partnerships with: </p> <ul> <li>Flight Radar 24 </li> <li>Aireon </li> <li>OAG </li> </ul> <p>Additionally, in 2020, we retained major airport customers, added several new airport and business aviation customers, implemented ARiVA <sup>WORKFLOW</sup> at AeroMexico, and expanded the IATA Operations Coordination platform.</p> <p><b><u>The ARiVA™ Platform</u></b></p> <p><a href="about:blank" rel="nofollow" target="_blank">ARiVA</a> is a technology and professional services platform powered by fused global data, predictive analytics, and workflow optimization. Our significant expansion of the ARiVA Platform enables key aviation stakeholders to track all operations on a single screen, reduce training and implementation costs, customize data to fit their needs, and scale based on user roles. Additionally, satellite ADS-B surveillance is available to track flights in remote areas and over water, in compliance with ICAO Global Aeronautical Distress and Safety System (GADDS) specifications. ARiVA increases safety, reduces operational costs, and improves customer loyalty and retention.</p> <p><b><u>About PASSUR® Aerospace, Inc.</u></b></p> <p>PASSUR Aerospace, Inc. (OTC: PSSR), a <span>New York</span> corporation founded in 1967, is the operations platform of choice for aviation experts, offering a unique combination of global data, decision support, and subject matter expertise solutions to improve operational efficiencies. Our platform and people help deliver actionable-data and user-friendly tools to corporate and operations leadership looking for creative ways to minimize and eliminate bottleneck capacity constraints, react to irregular operations (IROPS), restart operations after an interruption in service, and enhance the efficiency of the daily schedule. Our collaborative framework uniquely enhances data sharing, communications, and decision-making within and between stakeholders in an operations ecosystem. PASSUR provides its solutions to the largest airlines and airports globally including <span>the United States</span>, <span>Canada</span>, and <span>Latin America</span>.</p> <p>Visit PASSUR Aerospace's website at <a href="about:blank" rel="nofollow" target="_blank">www.passur.com</a> for updated products, solutions, and news. </p> <div> <div> <div> <table border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td><p><span>Forward Looking Statements <br>This press release contains ":forward-looking statements: within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's future plans, objectives, and expected performance. Forward-looking statements are subject to risks, uncertainties and assumptions, and are identified by words such as "will", "expects", "estimates", "projects", "anticipates", "believes", "intends", "plans", "may", "pending", "continues", "should", "could" and other similar words. All statements other than statements of historical fact are considered to be forward-looking statements and such forward-looking statements, including statements of management's expectations and beliefs, are based on preliminary information and assumptions and expectations of future events. The Company cannot and does not guarantee that such information, assumptions, and expectations are accurate or will be realized. These forward-looking statements are not guarantees of future performance or results, and should be evaluated in light of important risk factors, assumptions, and uncertainties that could cause the Company's results to differ in material respects, including, without limitation, those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Additional uncertainties include, without limitation, uncertainties relating to the ability of the Company to sell its existing product and professional service lines, plus new products and professional services, as well as the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, and economic conditions, including, without limitation, the severity and duration of the continuing COVID-19 pandemic and its adverse impact on the U.S. and world aviation and travel industries. Further information regarding some of the factors that could affect the Company's results and cause those results to vary materially from those currently anticipated is contained on Forms 10-K - including under the heading entitled "Risk Factors", 10-Q, and other reports filed with the Securities and Exchange Commission. In addition, undue reliance should not be placed on the Company's forward-looking statements. Any forward-looking statement made by the Company in this press release speaks only as of the date on which we made it and reflect management's analysis, judgments, belief, or expectation only as of such date. Except as required by law, the Company disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events, or other developments.</span></p> </td> </tr> </tbody> </table> </div> </div> </div> <div> <div> <div> <table border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td colspan="4"><p><span><b>PASSUR Aerospace, Inc. and Subsidiary</b></span></p> <p><span><b>Consolidated Balance Sheets</b></span></p> <p><span><b>October 31, 2020 and 2019</b></span></p> </td> </tr> <tr> <td colspan="4"><br></td> </tr> <tr> <td><br></td> <td><p><span><b>2020</b></span></p> </td> <td><br></td> <td><p><span><b>2019</b></span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span><b>Assets</b></span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Current assets:</span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Cash</span></p> </td> <td><p><span>$ 2,748,066</span></p> </td> <td><br></td> <td><p><span>$ 145,151</span></p> </td> </tr> <tr> <td><p><span>Accounts receivable, net </span></p> </td> <td><p><span>662,081</span></p> </td> <td><br></td> <td><p><span>1,141,282</span></p> </td> </tr> <tr> <td><p><span>Prepaid expenses and other current assets </span></p> </td> <td><p><span>162,843</span></p> </td> <td><br></td> <td><p><span>249,118</span></p> </td> </tr> <tr> <td><p><span>Total current assets </span></p> </td> <td><p><span>3,572,990</span></p> </td> <td><br></td> <td><p><span>1,535,551</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>PASSUR Network, net</span></p> </td> <td><p><span>-</span></p> </td> <td><br></td> <td><p><span>3,948,542</span></p> </td> </tr> <tr> <td><p><span>Capitalized software development costs, net </span></p> </td> <td><p><span>1,223,399</span></p> </td> <td><br></td> <td><p><span>8,319,134</span></p> </td> </tr> <tr> <td><p><span>Property and equipment, net </span></p> </td> <td><p><span>257,561</span></p> </td> <td><br></td> <td><p><span>552,150</span></p> </td> </tr> <tr> <td><p><span>Operating lease right-of-use assets</span></p> </td> <td><p><span>232,721</span></p> </td> <td><br></td> <td><p><span>-</span></p> </td> </tr> <tr> <td><p><span>Other assets</span></p> </td> <td><p><span>53,031</span></p> </td> <td><br></td> <td><p><span>91,883</span></p> </td> </tr> <tr> <td><p><span><b>Total assets </b></span></p> </td> <td><p><span>$ 5,339,702</span></p> </td> <td><br></td> <td><p><span>$ 14,447,260</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span><b>Liabilities and stockholders' equity</b></span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Current liabilities:</span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Accounts payable </span></p> </td> <td><p><span>$ 1,486,808</span></p> </td> <td><br></td> <td><p><span>$ 1,531,112</span></p> </td> </tr> <tr> <td><p><span>Accrued liabilities - Stimulus funding</span></p> </td> <td><p><span>1,933,955</span></p> </td> <td><br></td> <td><p><span>-</span></p> </td> </tr> <tr> <td><p><span>Accrued expenses and other current liabilities</span></p> </td> <td><p><span>721,058</span></p> </td> <td><br></td> <td><p><span>789,370</span></p> </td> </tr> <tr> <td><p><span>Operating lease liabilities, current portion</span></p> </td> <td><p><span>168,923</span></p> </td> <td><br></td> <td><p><span>-</span></p> </td> </tr> <tr> <td><p><span>Deferred revenue, current portion</span></p> </td> <td><p><span>1,173,573</span></p> </td> <td><br></td> <td><p><span>2,863,273</span></p> </td> </tr> <tr> <td><p><span>Total current liabilities </span></p> </td> <td><p><span>5,484,317</span></p> </td> <td><br></td> <td><p><span>5,183,755</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Deferred revenue, long term portion</span></p> </td> <td><p><span>249,727</span></p> </td> <td><br></td> <td><p><span>377,760</span></p> </td> </tr> <tr> <td><p><span>Note payable - related party</span></p> </td> <td><p><span>10,691,625</span></p> </td> <td><br></td> <td><p><span>8,350,058</span></p> </td> </tr> <tr> <td><p><span>Operating lease liabilities, non-current </span></p> </td> <td><p><span>271,946</span></p> </td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Other liabilities</span></p> </td> <td><p><span>-</span></p> </td> <td><br></td> <td><p><span>79,958</span></p> </td> </tr> <tr> <td><p><span><b>Total liabilities </b></span></p> </td> <td><p><span>16,697,615</span></p> </td> <td><br></td> <td><p><span>13,991,531</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span><b>Commitments and contingencies</b></span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Stockholders' equity:</span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td nowrap><p><span>Preferred shares - authorized 5,000,000 shares, par value $0.01 per share;</span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>none issued or outstanding</span></p> </td> <td><p><span>-</span></p> </td> <td><br></td> <td><p><span>-</span></p> </td> </tr> <tr> <td nowrap><p><span>Common shares - authorized 20,000,000 shares, respectively, par value $0.01</span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td nowrap><p><span>per share; issued 8,496,526 at October 31, 2020 and 8,480,526 at October 31, 2019, respectively</span></p> </td> <td><p><span>84,964</span></p> </td> <td><br></td> <td><p><span>84,804</span></p> </td> </tr> <tr> <td><p><span>Additional paid-in capital </span></p> </td> <td><p><span>18,448,202</span></p> </td> <td><br></td> <td><p><span>17,958,165</span></p> </td> </tr> <tr> <td><p><span>Accumulated deficit </span></p> </td> <td><p><span>(27,957,401)</span></p> </td> <td><br></td> <td><p><span>(15,653,562)</span></p> </td> </tr> <tr> <td><br></td> <td><p><span>(9,424,235)</span></p> </td> <td><br></td> <td><p><span>2,389,407</span></p> </td> </tr> <tr> <td nowrap><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td nowrap><p><span>Treasury stock, at cost, 784,435 shares at October 31, 2020 and 2019, respectively</span></p> </td> <td><p><span>(1,933,678)</span></p> </td> <td><br></td> <td><p><span>(1,933,678)</span></p> </td> </tr> <tr> <td><p><span>Total stockholders' equity </span></p> </td> <td><p><span>(11,357,913)</span></p> </td> <td><br></td> <td><p><span>455,729</span></p> </td> </tr> <tr> <td><p><span><b>Total liabilities and stockholders' equity</b></span></p> </td> <td><p><span>$ 5,339,702</span></p> </td> <td><br></td> <td><p><span>$ 14,447,260</span></p> </td> </tr> </tbody> </table> </div> </div> </div> <div> <div> <div> <table border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td colspan="4"><p><span><b>PASSUR Aerospace, Inc. and Subsidiary</b></span></p> <p><span><b>Consolidated Statements of Operations</b></span></p> <p><span><b>Years Ended October 31, 2020 and 2019</b></span></p> </td> </tr> <tr> <td colspan="4"><br></td> </tr> <tr> <td><br></td> <td><p><span><b>2020</b></span></p> </td> <td><br></td> <td><p><span><b>2019</b></span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span><b>Revenues</b></span></p> </td> <td><p><span><b>$ 11,528,813</b></span></p> </td> <td><br></td> <td><p><span>$ 15,046,149</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span><b>Cost of expenses:</b></span></p> </td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Cost of revenues</span></p> </td> <td><p><span><b>6,187,442</b></span></p> </td> <td><br></td> <td><p><span>8,368,025</span></p> </td> </tr> <tr> <td><p><span>Research and development expenses</span></p> </td> <td><p><span><b>338,001</b></span></p> </td> <td><br></td> <td><p><span>556,261</span></p> </td> </tr> <tr> <td><p><span>Selling, general, and administrative expenses</span></p> </td> <td><p><span><b>6,466,682</b></span></p> </td> <td><br></td> <td><p><span>9,253,583</span></p> </td> </tr> <tr> <td><p><span>Impairment charges</span></p> </td> <td><p><span><b>9,874,281</b></span></p> </td> <td><br></td> <td><p><span>-</span></p> </td> </tr> <tr> <td><br></td> <td><p><span><b>22,866,406</b></span></p> </td> <td><br></td> <td><p><span>18,177,869</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span><b>Loss from operations</b></span></p> </td> <td><p><span><b>$ (11,337,593)</b></span></p> </td> <td><br></td> <td><p><span>$ (3,131,720)</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Interest expense - related party</span></p> </td> <td><p><span><b>906,567</b></span></p> </td> <td><br></td> <td><p><span><b>715,933</b></span></p> </td> </tr> <tr> <td><p><span>Other loss</span></p> </td> <td><p><span><b>22,761</b></span></p> </td> <td><br></td> <td><p><span><b>-</b></span></p> </td> </tr> <tr> <td><p><span>Loss before income taxes</span></p> </td> <td><p><span><b>(12,266,921)</b></span></p> </td> <td><br></td> <td><p><span>(3,847,653)</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Provision/(Benefit) for income taxes </span></p> </td> <td><p><span><b>36,918</b></span></p> </td> <td><br></td> <td><p><span><b>(10,320)</b></span></p> </td> </tr> <tr> <td><p><span><b>Net loss</b></span></p> </td> <td><p><span><b>$ (12,303,839)</b></span></p> </td> <td><br></td> <td><p><span>$ (3,837,333)</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Net loss per common share - basic</span></p> </td> <td><p><span><b>$ (1.60)</b></span></p> </td> <td><br></td> <td><p><span>$ (0.50)</span></p> </td> </tr> <tr> <td><p><span>Net loss per common share - diluted</span></p> </td> <td><p><span><b>$ (1.60)</b></span></p> </td> <td><br></td> <td><p><span>$ (0.50)</span></p> </td> </tr> <tr> <td><br></td> <td><br></td> <td><br></td> <td><br></td> </tr> <tr> <td><p><span>Weighted average number of common shares outstanding - basic</span></p> </td> <td><p><span><b>7,710,561</b></span></p> </td> <td><br></td> <td><p><span>7,696,091</span></p> </td> </tr> <tr> <td><p><span>Weighted average number of common shares outstanding - diluted</span></p> </td> <td><p><span><b>7,710,561</b></span></p> </td> <td><br></td> <td><p><span>7,696,091</span></p> </td> </tr> <tr> <td nowrap><br></td> <td nowrap><br></td> <td nowrap><br></td> <td nowrap><br></td> </tr> </tbody> </table> </div> </div> </div> <div> <div> <div> <table border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td><p><span>Contact: </span></p> </td> <td><p><span>Media: </span></p> </td> <td><p><span>Investor Relations:</span></p> </td> </tr> <tr> <td><br></td> <td><p><span>Evee Burgard </span></p> </td> <td><p><span>Sean Doherty</span></p> </td> </tr> <tr> <td><br></td> <td><p><span>VP Marketing </span></p> </td> <td><p><span>Executive VP Finance and Administration</span></p> </td> </tr> <tr> <td><br></td> <td><p><span>(310) 995-0313 </span></p> </td> <td><p><span>(226) 338-0969</span></p> </td> </tr> <tr> <td><br></td> <td><p><span><a href="https://order.ereleases.com/cdn-cgi/l/email-protection#f3c1cac3c5c5c4b3969e929a9fc78381dd909c9e" rel="nofollow" target="_blank"><span data-cfemail="64565d54525253240109050d085014164a070b09">[email protected]</span></a> </span></p> </td> <td><p><span><a href="about:blank" rel="nofollow" target="_blank"><span data-cfemail="cfbcaba0a7aabdbbb68fbfaebcbcbabde1aca0a2">[email protected]</span></a> </span></p> </td> </tr> </tbody> </table> </div> </div> </div> <p>SOURCE PASSUR</p> <img alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=PH68353&Transmission_Id=202102030843PR_NEWS_USPR_____PH68353&DateId=20210203"><h4> Related Links</h4><p> <a title="Link to http://www.passur.com" href="http://www.passur.com/" data-include="" rel="nofollow" target="_blank">http://www.passur.com</a><br></p> </div> </div> </section>
STAMFORD, Conn., Feb. 3, 2021 /PRNewswire/ -- PASSUR® Aerospace, Inc. (OTC: PSSR), a global leader in digital operational excellence, announced revenues of $11,529,000 for fiscal year 2020, compared with $15,046,000, for fiscal year 2019, a decrease of $3,517,000 or 23%.
The Company had a net loss of $12,304,000, or $1.60 per diluted share, for the year ended October 31, 2020 after an impairment charge of $9,874,000 taken during the second quarter, ended April 30, 2020, or $2,430,000 before the impairment charge, as compared to a net loss for fiscal year 2019 of $3,837,000, or $0.50 per diluted share.
Given the impact of the current COVID-19 environment on customers, during fiscal year 2020 the Company wrote off $6,134,000 in capitalized software, which was included in the $9,874,000 impairment charge above. In addition, due to the FAA mandated use of ADS-B feeds system-wide as of January 2020 and the commercial availability of ADS-B feeds, PASSUR also wrote off its entire investment of $3,565,000 in the PASSUR network and $175,000 of related lease assets, which had previously incorporated and integrated ADS-B feeds, where available, with data generated by the PASSUR network and had become redundant. Such write-off was also included in the impairment charge above.
Brian Cook, PASSUR's President and CEO, stated "We are proud to announce that the Company's income from operations for the third quarter of fiscal year 2020, ended July 31, 2020, was positive for the first time in six quarters, on revenue of $2.2 million. For the quarter ended October 31, 2020, the Company also had a positive operating income on revenue of $1.9 million. In addition, for the quarter ended October 31, 2020, the Company had a positive net income. All of the previous eight fiscal quarters had net losses."
Cook became PASSUR's CEO in February 2020 and President in June 2020. He has been a PASSUR Director since November 2018, and had previously served as Vice President and General Manager Travel and Transportation at DXC Technologies and at Hewlett Packard, which was merged into DXC.
In July 2020 PASSUR received a grant of $3.0 million from the CARES Act Payroll Support Program for Air Carriers and Contractors, paid in installments in July, August, and September 2020, which is being used for the continuation of payment of employee wages, salaries, and benefits for certain eligible employees. Visit our website to view the full 10-K.
Major Achievements
While the pandemic created economic challenges in 2020, PASSUR was resilient and made several key advancements. Last year, we transitioned from hardware-driven tools to data-driven decision support solutions with integrated value-adds. This included the expansion of our solutions platform (ARiVATM) powered by global data from our new partnerships with:
Additionally, in 2020, we retained major airport customers, added several new airport and business aviation customers, implemented ARiVA WORKFLOW at AeroMexico, and expanded the IATA Operations Coordination platform.
The ARiVA™ Platform
ARiVA is a technology and professional services platform powered by fused global data, predictive analytics, and workflow optimization. Our significant expansion of the ARiVA Platform enables key aviation stakeholders to track all operations on a single screen, reduce training and implementation costs, customize data to fit their needs, and scale based on user roles. Additionally, satellite ADS-B surveillance is available to track flights in remote areas and over water, in compliance with ICAO Global Aeronautical Distress and Safety System (GADDS) specifications. ARiVA increases safety, reduces operational costs, and improves customer loyalty and retention.
About PASSUR® Aerospace, Inc.
PASSUR Aerospace, Inc. (OTC: PSSR), a New York corporation founded in 1967, is the operations platform of choice for aviation experts, offering a unique combination of global data, decision support, and subject matter expertise solutions to improve operational efficiencies. Our platform and people help deliver actionable-data and user-friendly tools to corporate and operations leadership looking for creative ways to minimize and eliminate bottleneck capacity constraints, react to irregular operations (IROPS), restart operations after an interruption in service, and enhance the efficiency of the daily schedule. Our collaborative framework uniquely enhances data sharing, communications, and decision-making within and between stakeholders in an operations ecosystem. PASSUR provides its solutions to the largest airlines and airports globally including the United States, Canada, and Latin America.
Visit PASSUR Aerospace's website at www.passur.com for updated products, solutions, and news.
Forward Looking Statements
This press release contains ":forward-looking statements: within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's future plans, objectives, and expected performance. Forward-looking statements are subject to risks, uncertainties and assumptions, and are identified by words such as "will", "expects", "estimates", "projects", "anticipates", "believes", "intends", "plans", "may", "pending", "continues", "should", "could" and other similar words. All statements other than statements of historical fact are considered to be forward-looking statements and such forward-looking statements, including statements of management's expectations and beliefs, are based on preliminary information and assumptions and expectations of future events. The Company cannot and does not guarantee that such information, assumptions, and expectations are accurate or will be realized. These forward-looking statements are not guarantees of future performance or results, and should be evaluated in light of important risk factors, assumptions, and uncertainties that could cause the Company's results to differ in material respects, including, without limitation, those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Additional uncertainties include, without limitation, uncertainties relating to the ability of the Company to sell its existing product and professional service lines, plus new products and professional services, as well as the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, and economic conditions, including, without limitation, the severity and duration of the continuing COVID-19 pandemic and its adverse impact on the U.S. and world aviation and travel industries. Further information regarding some of the factors that could affect the Company's results and cause those results to vary materially from those currently anticipated is contained on Forms 10-K - including under the heading entitled "Risk Factors", 10-Q, and other reports filed with the Securities and Exchange Commission. In addition, undue reliance should not be placed on the Company's forward-looking statements. Any forward-looking statement made by the Company in this press release speaks only as of the date on which we made it and reflect management's analysis, judgments, belief, or expectation only as of such date. Except as required by law, the Company disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events, or other developments.
PASSUR Aerospace, Inc. and Subsidiary
Consolidated Balance Sheets
October 31, 2020 and 2019
2020
2019
Assets
Current assets:
Cash
$ 2,748,066
$ 145,151
Accounts receivable, net
662,081
1,141,282
Prepaid expenses and other current assets
162,843
249,118
Total current assets
3,572,990
1,535,551
PASSUR Network, net
-
3,948,542
Capitalized software development costs, net
1,223,399
8,319,134
Property and equipment, net
257,561
552,150
Operating lease right-of-use assets
232,721
-
Other assets
53,031
91,883
Total assets
$ 5,339,702
$ 14,447,260
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 1,486,808
$ 1,531,112
Accrued liabilities - Stimulus funding
1,933,955
-
Accrued expenses and other current liabilities
721,058
789,370
Operating lease liabilities, current portion
168,923
-
Deferred revenue, current portion
1,173,573
2,863,273
Total current liabilities
5,484,317
5,183,755
Deferred revenue, long term portion
249,727
377,760
Note payable - related party
10,691,625
8,350,058
Operating lease liabilities, non-current
271,946
Other liabilities
-
79,958
Total liabilities
16,697,615
13,991,531
Commitments and contingencies
Stockholders' equity:
Preferred shares - authorized 5,000,000 shares, par value $0.01 per share;
none issued or outstanding
-
-
Common shares - authorized 20,000,000 shares, respectively, par value $0.01
per share; issued 8,496,526 at October 31, 2020 and 8,480,526 at October 31, 2019, respectively
84,964
84,804
Additional paid-in capital
18,448,202
17,958,165
Accumulated deficit
(27,957,401)
(15,653,562)
(9,424,235)
2,389,407
Treasury stock, at cost, 784,435 shares at October 31, 2020 and 2019, respectively
(1,933,678)
(1,933,678)
Total stockholders' equity
(11,357,913)
455,729
Total liabilities and stockholders' equity
$ 5,339,702
$ 14,447,260
PASSUR Aerospace, Inc. and Subsidiary
Consolidated Statements of Operations
Years Ended October 31, 2020 and 2019
2020
2019
Revenues
$ 11,528,813
$ 15,046,149
Cost of expenses:
Cost of revenues
6,187,442
8,368,025
Research and development expenses
338,001
556,261
Selling, general, and administrative expenses
6,466,682
9,253,583
Impairment charges
9,874,281
-
22,866,406
18,177,869
Loss from operations
$ (11,337,593)
$ (3,131,720)
Interest expense - related party
906,567
715,933
Other loss
22,761
-
Loss before income taxes
(12,266,921)
(3,847,653)
Provision/(Benefit) for income taxes
36,918
(10,320)
Net loss
$ (12,303,839)
$ (3,837,333)
Net loss per common share - basic
$ (1.60)
$ (0.50)
Net loss per common share - diluted
$ (1.60)
$ (0.50)
Weighted average number of common shares outstanding - basic
7,710,561
7,696,091
Weighted average number of common shares outstanding - diluted
7,710,561
7,696,091
Contact:
Media:
Investor Relations:
Evee Burgard
Sean Doherty
VP Marketing
Executive VP Finance and Administration
(310) 995-0313
(226) 338-0969
SOURCE PASSUR
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