Originally Posted by Flugkapitan

Thanks for the link. FYI...here is the official SEC link https://www.sec.gov/cgi-bin/browse-e...&hidefilings=0

I think posting the link was invaluable as I have seen little if any communication about these issues. I am curious how ZW incurred a net loss of -$19.2M (largely driven by a operating loss of -$20.6M) in 2019 before corona. ZW had an operating loss of -$24.5M also in 2018. The economy was doing great in those years. If they can't operate at an operating profit in good years, how are they going to function in 2020-2021? In addition, the payroll expenses for 2019 were over $126M. The PPP and PSP Agreement (Cares Act, SBA) is only contributing around $60M in 2020 so far. How is ZW going to cover the shortfall?

There are some other major areas of concern. I think this says it all:

"We cannot be certain that Air Wisconsin’s operations will generate sufficient cash flow to make its required payments under its debt and other contractual arrangements. Air Wisconsin currently does not have sufficient liquidity to repay all of its outstanding debt in full if such debt were accelerated. If Air Wisconsin is unable to pay its debts as they come due, or is unable to obtain waivers for such payments, its secured lenders could foreclose on any of Air Wisconsin’s assets securing such debt. Additionally, a failure to pay Air Wisconsin’s aircraft, engine and other property leases, debt or other fixed cost obligations, or a breach of its other contractual obligations, could result in a variety of further adverse consequences, including the exercise of remedies by its creditors and lessors, such as acceleration. In such a situation, Air Wisconsin may not be able to cure its breach, fulfill its contractual obligations, make required lease payments or otherwise cover its fixed costs, which could have a material adverse effect on our business, results of operations and financial condition." --page 16

One positive in the 10-K--they said the IAD base is suppose to be operational again in August 2020. I also thought it was interesting they managed to get an effective tax rate of 1-3% depending on the year. I wish I had a 1-3% effective tax rate...