Total operating expenses for the Quarter were $9.23 million as compared to $8.15 million in the previous quarter, an increase of 13%. Increases were primarily driven by increased flying activity.
Total Assets increased to $27,860,429 at the end of the current quarter from $27,289,573 as at December 31, 2022. The minor increase in total assets is primarily attributable to an increase in current assets that was partially offset by a decrease in Right-of-use assets due to depreciation.
Total liabilities increased to $33,753,436 at the end of the current quarter from $28,948,171 as at December 31, 2022. The increase was made up of the liabilities associated with an increase in deferred revenue and an increase in accounts payable and accrued liabilities, explained by the timing of payments and invoices received at the end of the period.
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