Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

PREMIER AIR CHARTER HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Nevada	000-56312	99-0385465
(State or other<br> jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer<br> Identification Number)
2006 Palomar Airport Road, Suite 210, Carlsbad, CA		92011
(Address of principal executive offices)		(Zip Code)
(858) 239-0788
---
(Registrant’s Telephone Number)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such filings). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At May 15, 2026, there were 280,848,293 shares of

the registrant’s $0.001 par value common stock issued and outstanding.

TABLE OF CONTENTS

		Page No.
	PART I - FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults Upon Senior Securities	25
Item 4.	Mine Safety Disclosures	25
Item 5.	Other Information	25
Item 6.	Exhibits	26
	Signatures	28

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Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements.” When contained in this Report, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements due to numerous factors discussed from time to time in this Report, including the risks described under Item 2 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report and in other documents which we file with the Securities and Exchange Commission (“SEC”). These forward-looking statements are based on information available as of the date and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in this Report, including the risks described under Item 2 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report and in other documents which we file with the Securities and Exchange Commission (“SEC”). In addition, such statements could be affected by risks and uncertainties related to:

·	the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities;
·	cessation of related party financial support;
·	inability to secure third-party debt or equity financing on acceptable terms or at all;
·	Aircraft downtime, maintenance delays, or loss of key charter contracts;
·	Adverse regulatory changes in FAA oversight or private aviation;
·	Default under aircraft leases or financing agreements
·	the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities;
·	our results of operations and financial condition;
·	costs related to being a public company;
·	limited liquidity and trading of our securities;
·	that the price of our securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industry in which we operate, variations in operating performance across competitors, changes in laws and regulations affecting our business and any changes in our capital structure;
·	the risk of downturns in the aviation industry, including due to increases in fuel costs in light of the war in Ukraine, the Israel and Hamas conflict in Gaza and other global political and economic issues;
·	a changing regulatory landscape in the highly competitive aviation industry;
·	risks associated with the overall economy, including recent and expected future increases in interest rates and the potential for recession; and
·	other risks and uncertainties set forth in our filings entitled “Risk Factors” including in our Annual Report on Form 10-K.

Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward- looking. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Investors should not place undue reliance on these statements.

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PART I - FINANCIAL INFORMATION

ITEM 1.	UNAUDITED FINANCIAL STATEMENTS

PREMIER AIR CHARTER HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

			December 31, 2025<br><br>(audited)
Assets
Cash	288,412		$	213,175
Accounts receivable, net allowance of 1,801,299 and 1,568,030, respectively	3,467,396			2,902,173
Other receivables	226,062			226,062
Due from related parties, current portion	181,163			60,479
Prepaid expenses and other current assets	325,883			325,883
Total current assets	4,488,916			3,727,772
Property and equipment, net	8,589,690			8,412,922
Right of use assets - operating	11,456,797			9,449,375
Right of use assets - financing	11,195,314			11,356,858
Investment - related party	58,851			46,240
Maintenance reserves	2,988,566			3,058,945
Total assets	38,778,134		$	36,052,112
Liabilities and Stockholder's Equity (Deficit)
Accounts payable and accrued expenses	6,356,275		$	4,838,507
Deferred revenue	296,776			733,785
Due to related parties	3,871,977			2,701,004
Right of use liabilities - operating	2,431,222			1,974,051
Right of use liabilities - financing	1,872,283			1,895,018
Long-term debt, current portion	3,849,230			4,036,728
Long-term debt, related parties, current portion	154,127			154,127
Total current liabilities	18,831,890			16,333,220
Right of use liabilities - operating, net of current portion	8,944,330			7,475,324
Right of use liabilities - financing, net of current portion	7,857,496			7,943,661
Long-term debt, net of current portion	–			–
Long-term debt, related parties, net of current portion	331,593			331,593
Total liabilities	35,965,309			32,083,798
Commitments and contingencies (Note 8)	–			–
Stockholders' Equity
Series A Preferred stock: par value 0.001; 155,000 shares authorized; 145,410 issued and outstanding at March 31, 2026 and December 31, 2025	9,351,465			9,351,465
Common stock: par value 0.001; 5,000,000,000 shares authorized; 280,848,293 and 280,848,293 issued and outstanding, respectively	280,848			280,848
Additional paid-in capital	82,417			81,500
Accumulated deficit	(6,901,905	)		(5,745,499	)
Stockholders' equity	2,812,825			3,968,314
Total liabilities and total stockholders' equity	38,778,134		$	36,052,112

All values are in US Dollars.

The accompanying notes are an integral part of these financial statements.

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PREMIER AIR CHARTER HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31
	2026<br><br>(unaudited)			2025<br><br>(audited)
Revenue	$	7,203,459		$	5,875,523
Cost of sales		6,666,359			5,728,935
Gross profit		537,100			146,588
Operating expenses
Payroll and related expenses		407,683			368,745
Selling, general and administrative		869,880			633,521
Total operating expenses		1,277,563			1,002,266
Loss from operations		(740,463	)		(855,678	)
Other (income) expense, net
Interest expense		435,178			306,521
Other		(19,235	)		61,406
Other expense (income), net		415,943			367,927
Net loss	$	(1,156,406	)	$	(1,223,605	)
Net loss per basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average number of common shares outstanding, basic and diluted		280,848,293			247,199,325

The accompanying notes are an integral part of these financial statements.

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PREMIER AIR CHARTER HOLDINGS INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY(DEFICIT)

	Preferred Stock				Common Stock
	Shares		Amount		Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total Stockholder's Equity<br> (Deficit)
Balance, December 31, 2024		–	$	–		237,871,049	$	237,871	$	40,000	$	(1,837,901	)	$	(1,560,030	)
Acquisition of Premier Air Charter<br> Inc.		–		–		41,977,244		41,977		–		(41,977	)		–
Net loss		–		–		–		–		–		(1,223,605	)		(1,223,605	)
Balance, March 31, 2025		145,410	$	9,351,465		279,848,293	$	279,848	$	40,000	$	(3,103,483	)	$	2,783,635
	Preferred Stock				Common Stock
	Shares		Amount		Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total Stockholder's Equity<br> (Deficit)
Balance, December 31, 2025		145,410	$	9,351,465		280,848,293	$	280,848	$	81,500	$	(5,745,499	)	$	3,968,314
Stock-based compensation		–		–		–		–		917		–			917
Net loss		–		–		–		–		–		(1,156,406	)		(1,156,406	)
Balance, March 31, 2026		145,410	$	9,351,465		280,848,293	$	280,848	$	82,417	$	(6,901,905	)	$	2,812,825

The accompanying notes are an integral part of these financial statements.

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PREMIER AIR CHARTER HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2026<br><br>(unaudited)			2025<br><br>(unaudited)
Cash flows from operating activities
Net loss	$	(1,156,406	)	$	(1,223,605	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Provision for bad debt expense		233,270			–
Depreciation and amortization		576,342			263,853
(Income) loss on investment in related party		(12,611	)		65,857
Stock based compensation		917			–
Changes in operating assets and liabilities:
Accounts receivable		(798,493	)		(48,342	)
Other receivables		–			13,737
Due from/to related parties		1,050,289			1,221,750
Accounts payable and accrued expenses		1,517,768			519,631
Deferred revenue		(437,009	)		181,988
Right of use assets/liabilities - operating		(81,245	)		–
Net cash provided by operating activities		892,822			994,869
Cash flows from investing activities
Acquisition of property and equipment		(367,274	)		(691,055	)
Capitalized of engine reserves		(153,913	)		(280,552	)
Net cash used in investing activities		(521,187	)		(971,607	)
Cash flows from financing activities
Payments on financing lease obligations		(108,900	)		(101,900	)
Repayments of long-term debt		(187,498	)		–
Net cash provided by (used in) financing activities		(296,398	)		(101,900	)
Net change in cash		75,237			(78,638	)
Cash at beginning of period		213,175			225,228
Cash at end of the period	$	288,412		$	146,590
Supplemental disclosure of cash flow information
Non-cash investing and financing activities:
Right of use assets and liabilities - operating	$	2,489,173		$	–
Cash paid during the year for:
Interest	$	435,178		$	306,521
Income taxes	$	–		$	–

The accompanying notes are an integral part of these financial statements.

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PREMIER AIR CHARTER HOLDINGS INC.

(FORMERLY ALTAIR INTERNATIONAL CORP.)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organizationand Business

Formation and Business of the Company

Altair International Corp., formerly Premier Air Charter,

LLC, (“Premier”) was acquired by Tipp Aviation, LLC (“Tipp Aviation” or “Tipp”) on July 1, 2019 (acquisition date). Premier was a 100% owned subsidiary of Tipp Aviation. Tipp Aviation is a subsidiary of Tipp Investments, LLC.

Premier is a San Diego-based jet charter company that provides private charter flights, aircraft management services, and aircraft maintenance. The Premier has its registered office address at 2006 Palomar Airport Road, Suite 210, Carlsbad, CA 92011, which is also the principal place of business.

On February 16, 2024, Premier converted to a C-Corporation

whereby the 300,000 membership units outstanding at Premier Air Charter, LLC were exchanged for 10,000 shares of the Company’s no par value common stock.

On May 30, 2025, Altair International Corp. changed its name to Premier Air Charter Holdings Inc. and a change in its trading symbol to “PREM”.

Going Concern and Liquidity

The Company’s financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, the realization of assets, and liquidation of liabilities in the normal course of business. During the most recent calendar year and for the three months ended March 31, 2026, the Company has incurred a net loss.

There can be no assurance that the Company will be successful in obtaining additional funding, or that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding will be sufficient to continue operations in future years. In addition, support of the Company’s operations is dependent on receiving support from related parties which primarily consists of financial support for revenue and operating expenses. If the Company cannot collect all receivables owed or secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with supplies, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations, and prospects. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and disruptions to, and volatility in, financial markets in the United States and worldwide resulting from ongoing global issues. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

2. Summaryof Significant Accounting Policies

Basis of Presentation

The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three months ended March 31, 2026, and not necessarily indicative of the results to be expected for the full year ending December 31, 2026. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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Use of Estimates

The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses and the disclosure in the Company’s financial statements and accompanying notes. The Company based its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

Assets and liabilities that are subject to judgment and use of estimates include the determination of an allowance for doubtful accounts, deferred revenue, determination of the incremental borrowing rate used and the classification of right of use leases, recoverability of long-lived assets, including engine reserves and estimates used in the Company’s going concern analysis.

Concentration of Credit Risk

Accounts receivable are spread over many customers. Credit quality is monitored on an ongoing basis, and reserves for estimated credit losses are recorded as needed. There was one customer that accounted for 44% and 9% of revenue for the three months ended March 31, 2026 and 2025, respectively. There were two customers that accounted for 93% and 97% of accounts receivable as of March 31, 2026 and December 31, 2025, respectively.

Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following:

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets are subject to fair value measurements on a recurring basis. As of March 31, 2026 and December 31, 2025, The Company’s investment – related party is considered a level 2 item as the fair market value is based upon the common stock of Dalrada Financial Corporation.

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Revenues

The Company’s disaggregated revenues comprised of the following for the three months ended March 31:

Schedule of disaggregated revenues
	March 31,		March 31,
	2026		2025
Charter sales	$	6,965,996	$	5,801,367
Management fees		22,058		12,750
Maintenance revenues		173,808		59,552
Other revenues		41,597		1,854
Total:	$	7,203,459	$	5,875,523

Net Income Per Share

Net income per share is computed by dividing net income by the weighted average shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share”. Basic earnings per share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares outstanding during the year. Diluted earnings per share calculations are determined by dividing net income by the weighted average number of shares and dilutive share equivalents outstanding. The Company has potentially dilutive shares related to convertible preferred shares outstanding for the periods presented within these financial statements.

Operating Segments and Related Disclosures

We manage our company as one reportable operating segment, The segment information aligns with how the Company’s Chief Operating Decision Maker (“CODM”) reviews and manages our business. The Company’s CODM is the Company’s Chief Executive Officer. Financial information and annual operating plans and forecasts are prepared and reviewed by the CODM at a consolidated level. The CODM assesses performance for the company and decides how to better allocate resources based on consolidated net loss that is reported on the Consolidated Statements of Operations. Our objective in making resource allocation decisions is to optimize the consolidated financial results. The accounting policies of our operations segment are the same as those described in the summary of significant accounting policies herein. The CODM primarily uses net loss, which is located on the condensed statement of operations, as the key measure of segment performance. This metric is used to assess the Company’s overall profitability and to make decisions regarding resource allocation.

Recent Accounting Pronouncements

The FASB issues ASUs to amend the authoritative literature in ASC. There have been several ASUs issued to date, that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

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In November 2024, the FASB issued the ASC 2024-03, IncomeStatement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as disclosures about selling expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact this new guidance will have on its financial statements and disclosures.

3. FinancialStatement Elements

Property and Equipment

Property and equipment, net, as of March 31, 2026 and December 31, 2025 consists of the following:

Schedule of property and equipment net
	March 31,			December 31,
	2026			2025
Aircraft and improvements	$	9,623,270		$	9,255,997
Equipment		126,872			126,872
Building Signage		12,885			12,885
Vehicles		3,000			3,000
Furniture		11,239			11,239
Total:		9,777,266			9,409,993
Less accumulated depreciation		(1,187,576	)		(997,071	)
Total property and equipment	$	8,589,690		$	8,412,922

Depreciation related to property and equipment was

$190,506 and $102,309 for the three months ended, 2026 and 2025, respectively.

Aircraft Engine Long Term Service Contracts

The Company is a party to long-term service contracts to perform engine replacement and major maintenance. These contracts extend the useful life of an engine by providing major maintenance and/or replacement engines to mitigate risk of lost charter revenue due to aircraft downtime. Under these arrangements, the Company makes periodic payments in advance of services being performed or replacement parts being provided. These payments are generally based on contractual minimum usage requirements as well as variable usage in excess of such minimum thresholds. Payments made for such contracts for aircraft operated under operating leases are expensed as incurred. In the case of long-term service contracts for aircraft owned or financed, the Company evaluates the economic substance of these arrangements and accounts for the related payments based on their underlying nature as follows:

·	Reserve balances – Amounts funded under these programs represent prepaid maintenance funding and are recorded as an asset on the balance sheet. These balances are amortized over the remaining term of the respective agreements based on estimated level-rate engine hours over the contractual term of the maintenance arrangements. The amortization reflects the pattern of consumption of the underlying economic benefit and is periodically adjusted based on updated estimates of future aircraft utilization.
·	Minimum usage component – Payments associated with contractual minimum usage requirements are considered part of the overall reserve funding structure. Increases in reserve balances resulting from such minimum funding are included within the engine reserve asset and are amortized over the remaining contractual term based on estimated level-rate engine hours over the term of the maintenance arrangements. This amortization reflects the pattern of consumption of the underlying economic benefit and is periodically adjusted based on updated estimates of future aircraft utilization.
·	Incremental usage component – Payments associated with usage in excess of contractual minimum thresholds represent variable, usage-based consumption of engine life and are expensed as incurred.

Reserve balances – Amounts funded under these programs represent prepaid maintenance funding and are recorded as an asset on the balance sheet. These balances are amortized over the remaining term of the respective agreements based on estimated level-rate engine hours over the contractual term of the maintenance arrangements. The amortization reflects the pattern of consumption of the underlying economic benefit and is periodically adjusted based on updated estimates of future aircraft utilization.

Minimum usage component – Payments associated with contractual minimum usage requirements are considered part of the overall reserve funding structure. Increases in reserve balances resulting from such minimum funding are included within the engine reserve asset and are amortized over the remaining contractual term based on estimated level-rate engine hours over the term of the maintenance arrangements. This amortization reflects the pattern of consumption of the underlying economic benefit and is periodically adjusted based on updated estimates of future aircraft utilization.

Incremental usage component – Payments associated with usage in excess of contractual minimum thresholds represent variable, usage-based consumption of engine life and are expensed as incurred.

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When major maintenance or replacement events occur under these programs, the Company evaluates the nature of the costs incurred. To the extent such costs represent a significant restoration or extension of engine life and are not otherwise satisfied through previously funded reserves, such amounts may be capitalized and amortized over the expected period of benefit.

Investment - Related Party

The Company holds 420,366 shares of Dalrada Financial

Corporation (“DFC”) Convertible Series “G” preferred stock (“Series G”). The stated amount of the investment was $420,366. The Series G are convertible at a fixed rate conversion price of $0.30 per common share, for a total of 1,401,220 common shares of DFC. The ownership in DFC is less than 20%. The Company accounts for the investment at fair market value.

During the three months ended March 31, 2026 and 2025,

the Company recorded a gain (loss) of $12,611 and ($65,857), respectively. The Company bases the fair market value of the investment on the closing stock price of DFC’s common stock which is considered a similar investment.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2026 and December 31, 2025 consist of the following:

Schedule of accounts payable and accrued expenses
	March 31,<br> <br>2026		December 31,<br> <br>2025
Accounts payable	$	5,962,710	$	4,256,149
Payroll liabilities		263,243		441,772
Credit cards payable		130,322		140,586
Total:	$	6,356,275	$	4,838,507

Deferred revenue is recorded when payments are received

in advance of the Company performing its service obligations and are recognized over the service period. Deferred revenue primarily relates to prepayments of chartered flights as customers pay upfront for flights. Deferred revenue as of March 31, 2026 and December 31, 2025 was $296,776 and $733,785, respectively. All deferred revenue as of December 31, 2025 was recognized as of March 31, 2026 and all deferred revenue as of March 31, 2026, is expected to be recorded as revenue in calendar 2026.

4. Aircraft Lease Agreements

The Company entered into aircraft lease and management agreements with Paradigm Jet Management (“Paradigm”), pursuant to which the Company provided aircraft access and related services.

General Description

Under the terms of the agreements, the Company made aircraft available to Paradigm for charter operations. The Company retained operational control of the aircraft and was responsible for providing flight services, maintenance coordination, and related support. The agreements included provisions for minimum guaranteed usage as well as variable usage based on actual flight hours.

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Payment Terms

The agreements generally provided for:

·	A minimum guaranteed number of flight hours, typically 50 hours per month per aircraft;
·	An hourly rate of approximately $7,000 per flight hour; and
·	Additional charges for certain operating costs, maintenance-related items, and other reimbursable expenses.

The Customer was obligated to pay for the minimum guaranteed usage regardless of actual flight activity.

Revenue Recognition

Revenue under these agreements is recognized in accordance with ASC 842. Fixed minimum payments are recognized on a straight-line basis over the lease term, reflecting the Company’s right to consideration as the lessee uses the underlying asset. Variable payments based on usage, such as flight hours, are recognized as lease revenue in the period in which the underlying usage occurs.

Accounts Receivable and Contractual Amounts

As of March 31, 2026, the Company has recognized amounts due under these agreements, including amounts associated with minimum guaranteed usage that had not yet been invoiced. Certain amounts remain outstanding and are subject to ongoing collection efforts, including potential legal proceedings.

5. Rightof Use Assets and Liabilities

Right of Use - Operating

The Company has a month-to-month lease for its office,

ramp and hanger space in Carlsbad, California. The Company entered into a lease amendment on February 14, 2023, increasing the monthly rent to $7,108. The Company entered into another lease amendment on February 1, 2024 which increased the monthly rent to $9,438. Effective September 1, 2024, the Company entered into a revised lease agreement for a period of 60 months expiring on August 31, 2029. Under the terms of the agreement, the Company’s initial monthly payment is $28,371 increasing by a minimum of 3% per annum each subsequent year. On September 1, 2024, the Company recorded a right of use asset and liability – operating of $1,317,020. The Company used an imputed interest rate of 12.9%.

As discussed in Note 7, in May 2024, the Company and Demeter signed an Aircraft Asset Rights Transfer Agreement which included leases on four aircraft. At the time of assignment, the Company recorded right of use assets and liabilities – operating of $4,558,913 and $4,558,193, and right of use assets and liabilities – financing of $12,433,818 and $10,520,064, respectively. The Company accounted for the assets and liabilities assumed at their carrying value due to both entities being under common control. The operating leases are payable in monthly payments ranging from $25,000 to approximately $32,000 through December 2029 and contained an initial imputed interest rates ranging from 7.75% to 12.90% and are secured by the equipment being leased.

On December 15, 2025, the Company entered into a lease agreement for a 2004 Cessna 750. The lease agreement is for 60 months and includes monthly payments of $56,509. During the term of the lease, the Company is responsible for any and all maintenance required to keep the Cessna 750 in regulatory compliance and airworthy in accordance with manufacturer and/or FAA regulations. On January 1, 2026, the Company recorded a right of use asset and liability – operating of $2,489,173. The Company used an imputed interest rate of 12.9%.

For the three months ended March 31, 2026 and 2025,

the Company recorded total operating lease expense of approximately $249,012 and $111,000, respectively. As of March 31, 2026, the weighted average remaining lease term and the weighted average discount rate for the operating leases was 4.1 years and 10.7%, respectively.

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Right of Use - Financing

The financing leases are payable in monthly payments ranging from $14,698 to $53,077 through dates ranging from July 2024 to October 2028, contain original imputed interest rates ranging from 3.85% to 7.75%, and are secured by the equipment being leased. Additionally, the leases have balloon payments due at the end of the leases totaling $8,894,298.

For the three months ended March 31, 2026 and 2025,

the Company recorded total financing lease expense of approximately $174,746 and $71,000, respectively. As of March 31, 2026, the weighted average remaining lease term and the weighted average discount rate for the financing leases was 2.5 years and 6.5%, respectively.

6. NotesPayable

As part of the transfer from Demeter as noted in Note 7, the Company assumed a loan with a third party of $1,050,259. The loan incurs interest at 12.0% per annum and requires monthly payments of $20,154 and a balloon payment of $1,040,169 in July 2024. The loan was secured by the aircraft. In July 2024, the aircraft securing the loan was sold and a portion of the sales proceeds were used to satisfy the loan in full.

In September 2024, in connection with the purchase

of an aircraft, the Company entered into a loan with a third party for $3.8 million. The loan incurs interest at 12.9% per annum and requires 24 monthly payments of $48,377 and a balloon payment of $3,595,153 on September 2, 2026. The loan is secured by the aircraft and guaranteed by the Company’s shareholder. The outstanding loan balance at March 31, 2026 and December 31, 2025 was $3,642,317 and $3,769,402, respectively.

In April 2025, the Company received a loan of $107,000 from a third party to be used in operations. The monthly loan payments of $10,118 commenced on May 3, 2025 and will continue until May 3, 2026. The loan incurs interest at a rate of 24.00% per annum. The outstanding balance at March 31, 2026 and December 31, 2025, was $0, and $29,178, respectively.

In September 2025, the Company received a loan of $482,500 from a third party to be used in operations. The loan requires weekly payments of $15,796 commencing in September 2025 and will continue until paid off which is expected to be in July 2026. The loan incurs an effective interest rate of 90.67% per annum. The loan is guaranteed by the primary shareholder of the Company. The outstanding loan balance at March 31, 2026 and December 31, 2025 was $206,913 and $337,860, respectively.

In September 2025, the Company converted amounts due of $662,488 to a lessor previously recorded as accounts payable to a loan payable. The loan requires weekly payments of $42,638 commencing in September 2025 and will continue until paid off which is expected to be in December 2025. The loan incurs an effective interest rate of 18.00% per annum. Under a default, the lessor has the right to terminate the leasing arrangements. The outstanding loan balance at March 31, 2026 and December 31, 2025 was $0 and $0, respectively.

All remaining debt balances are due within the year end December 31, 2026.

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7. RelatedParty Transactions

The tables below summarize the Company’s transactions and balances with its related parties as of March 31, 2026 and for the three months ended March 31, 2026 and 2025:

For the Three Months Ended March 31, 2026

Schedule of related parties transactions
Entity Name	Nature of Transactions	Transaction<br> Amount, Net During the Period Ended <br> March 31, 2026			Outstanding<br> Balance as of March 31, 2026			Affiliation, Terms and Conditions
Due from Related Parties
Demeter Harvest	Charter Sales	$	(500	)	$	–		Refer to (a)
Demeter N207JB	Charter Sales		22,448			–		Refer to (a)
Demeter N265AV	Charter Sales		(20,750	)		(2,152	)	Refer to (a)
Demeter N555DH	Charter Sales		(3,493	)		–		Refer to (a)
Demeter N713FL	Charter Sales		(2,000	)		–		Refer to (a)
Demeter N813MS	Charter Sales		(39,067	)		–		Refer to (a)
Tipp Investments	Charter Sales		188,250			183,315		Refer to (a)
					$	181,163
Due to Related Parties
Afinida - Note	Promissory note payable		–		$	485,720		Refer to (b)
Afinida - Marketing	Marketing	$	11,095			5,510		Refer to (c)
Innoworks	Payroll Advances Accounts Payable		1,107,266			3,766,467		Refer to (b)
Tipp Investments	Marketing		40,000			100,000		Refer to (c)
					$	4,357,697
Others
Dalrada Financial Corp.	Investment	$	12,611		$	58,851		Refer to Note 3

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For the Three Months Ended March 31, 2025

Entity Name	Nature of Transactions	Transaction<br> Amount, Net During the Quarter ended<br><br> <br>March 31, 2025			Outstanding<br> Balance as of<br><br> <br>March 31, 2025			Affiliation, Terms and Conditions
Due from Related Parties
Demeter Harvest	Charter Sales	$	–		$	5,144		Refer to (a)
Demeter N207JB	Charter Sales		–			4,125		Refer to (a)
Demeter N614AF	Charter Sales		–			39,067		Refer to (a)
Demeter N265AV	Charter Sales		–			20,750		Refer to (a)
Demeter N555DH	Charter Sales		–			3,493		Refer to (a)
Demeter N713FL	Charter Sales		–			2,000		Refer to (a)
Dalrada Energy Services	Charter Sales		–			(3,789	)	Refer to (a)
					$	70,790
Due to Related Parties
Afinida - Note	Promissory note payable	$	–		$	485,720		Refer to (b)
Prime Capital Inc - Note	Promissory note payable		–			366,549		Refer to (b)
Innoworks - Note	Promissory note payable		–			6,419,269		Refer to (b)
Innoworks - Advances	Accounts payable - Payroll		1,115,942			1,115,942		Refer to (b)
Afinida - Marketing	Marketing		50,834			5,877		Refer to (c)
CSL Staffing	Staffing services		9,048			9,048		Refer to (c)
Tipp Investments	Marketing		20,000			–		Refer to (c)
					$	8,402,405
Others
Dalrada Financial Corp.	Investment	$	(65,857	)	$	19,617

(a) Revenues and pass-through costs

Pass-through costs

Per the terms of management agreements between the Company and aircraft owners, certain aircraft expenses are the responsibility of the owners. However, the Company will pay for these costs on behalf of the owners and then invoice for the recovery of these amounts, which the Company refers to as “pass-through” costs. The Company has an aircraft management agreement for aircraft usage from Demeter Harvest Corp. (“Demeter”), an affiliated company owned by Sandra DiCicco Bonar, the majority owner of Tipp.

Maintenance revenue

The Company began performing in-house maintenance on aircrafts in 2022. In prior years, aircrafts were sent to third party mechanics for service.

Management fees

Per the terms of the management agreements between the Company and aircraft owners, a management fee is invoiced to owners on a monthly basis for the management of the aircraft, which primarily consists of handling administrative tasks in order to manage the rental of the planes. For the year ended December 31, 2025 and 2024, the Company has a management agreement with one affiliated company, Demeter.

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Charter sales

These entities are either 100% or majority owned by Sandra DiCicco Bonar or controlled by a direct family member of Sandra DiCicco Bonar. The Company does not have stated payment terms as it applies to related party sales.

(b) Debt and advances

Afinida, Inc.

Afinida Inc. (“Afinida”) is a payroll processing company that is a subsidiary of Trucept, Inc.; Sandra DiCicco Bonar’s family member is the Chairman of the Board at Trucept, Inc. From the period July 1, 2019 through January 30, 2022, Afinida paid certain payroll costs (salaries and wages) for the Company. It was verbally agreed that the Company would pay Afinida for these amounts in the future, but formal terms were not documented until June 2022, when a formal Promissory Note was put in place. The Promissory Note converted outstanding payroll services invoices due to Afinida as of December 31, 2021 in the amount of $1,674,032 into a note, payable over 36 months with a simple interest of 5%, and with the first payment due on July 1, 2022. On March 19, 2025, the Company entered into an amended and rested note with Afinida for $501,483 which represented the amounts due to Afinida at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $15,715 will commence on October 1, 2025 for period of 36 months. The amended note incurs an annual interest rate of 8%.

Innoworks Employment Services

Innoworks Employment Services (“Innoworks”)

is a professional employer organization (“PEO”) in which a family member of Sandra DiCicco Bonar exercises significant influence over the operations. From the period February 1, 2022 through December 31, 2023, Innoworks paid certain payroll costs (salaries and wages) for the Company. It was verbally agreed that the Company would pay Innoworks for these amounts in the future. As of December 31, 2023, no written agreement existed. However, in February 2024, a formal Promissory Note was put in place. The Promissory Note converted all outstanding payroll services invoice due to Innoworks as of December 31, 2023 in the amount of $2,756,327 into a note, payable over 96 months, with a simple interest of 5%, and with the first payment due on March 1, 2024.

The Company entered into a note payable with Innoworks

for $1,629,954 on August 1, 2024 for unpaid accounts from January 1, 2024 to June 30, 2024. The note is payable in monthly installments of $23,042 over a period of eight years and incurs interest at 8% per annum. First payment was to be made on December 1, 2024. No payments were made on this loan.

On March 19, 2025, the Company entered into an amended and rested note with Innoworks for $6,419,269 which represented the amounts due to Innoworks at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $55,680 will commence on October 1, 2025 for period of 120 months. The amended note incurs an annual interest rate of 8%.

On August 5, 2025, related party notes payable and

amounts due to Innoworks of $6,419,269 was converted into 100,000 shares of Series A Preferred Stock (“Series A”). The note is convertible in to shares of common stock at $0.04 per share which represented the fair market value of the common stock on that date. On October 21, 2025, the conversion price of the Series A was modified to $0.25 per share. There was no impact on the financial statements due to the modification

On August 13, 2025, the Company entered into a note payable with Innoworks for $2,565,646, which represented amounts due to Innoworks through June 30, 2025. Under the terms of the note, monthly principal and interest payments of $39,989 will commence on December 1, 2025 for period of 84 months. The note incurs an annual interest rate of 8%.

On November 11, 2025, related party notes payable

and amounts due to Innoworks of $2,565,646 was converted into 39,970 shares of Series A. The note is convertible into shares of common stock at $0.25 per share which was determined to be in excess of the Company’s common stock on that date.

During the year ended December 31, 2025 and 2024,

additional advances from Innoworks for payroll related items were $5,224,847 and $3,770,465, respectively, and had an outstanding balance of $2,659,201 as of December 31, 2025. See above for 2025 and 2024 amounts converted into a promissory note.

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Prime Capital

Prime Capital (“Prime”), which has a family

member of the Company employed at Prime, has an agreement with Tipp to collect funds for and disperse such funds on behalf of Tipp; as such, it is a related party. From the period January 1, 2021 through December 31, 2021, Prime provided $153,514 to Premier to help finance operations. As of December 31, 2021, Prime had advanced a total of $817,209 to Premier. It was verbally agreed that the Company would pay Prime for these amounts in the future, but formal terms were not documented until July 2022, when a formal Promissory Note was put in place. The Promissory Note in the amount of $817,209 represents the amount due to Prime as of December 31, 2021, payable over 42 months, with a simple interest of 5%, and with the first payment due on August 1, 2022. On March 19, 2025, the Company entered into an amended and rested note with Prime for $386,821 which represented the amounts due to Prime at December 31, 2024. Under the terms of the amended note, monthly principal and interest payments of $17,495 will commence on October 1, 2025 for period of 24 months. The amended note incurs an annual interest rate of 8%.

On November 11, 2025, related party notes payable

and amounts due to Prime of $366,549 was converted into 5,710 shares of Series A. The note is convertible into shares of common stock at $0.25 per share which was determined to be in excess of the Company’s common stock on that date.

Tipp Investments, LLC

The Company acquired a $3,000,000 line of credit with

Tipp Investments, LLC on August 1, 2024, with annual interest of 12% and a maturity date of December 31, 2025. As of December 31, 2025, there have been no draws on the line of credit.

(c) Marketing and other

The Company paid Trucept, Inc. to perform marketing research, launch social media campaigns and improve website performance. Sandra DiCicco Bonar’s family member is the Chairman of the Board at Trucept, Inc.

From time to time the Company utilizes related entities to provide catering, repair work and placement agent services.

(d) Note from receivable from Demeter and assettransfer

On January 9, 2023, the Company signed a Promissory

Note agreement with Demeter. The Promissory Note converted outstanding net amounts due from Demeter as of December 31, 2021 in the amount of $2,164,913 into a note receivable, payable over 46 months, with a simple interest of 5%, and with the first payment of $49,417 to be received on February 1, 2023. As of December 31, 2023, the remaining balance of the note receivable is $2,027,453. See below for exchange of this note receivable for aircraft and right-of-use assets and lease liabilities during the year ended December 31, 2024.

On October 23, 2023, the Company signed a Promissory

Note agreement with Demeter. The Promissory Note converted outstanding net amounts due from Demeter as of December 31, 2022 in the amount of $2,724,415 into a note receivable, payable over 72 months, with a simple interest of 5%, and with the first payment to be received on October 31, 2024. As of December 31, 2023, the remaining balance of the note receivable is $2,590,932. See below for exchange of this note receivable for aircraft and right-of-use assets and lease liabilities during the year ended December 31, 2024.

The Company leased aircraft owned by Demeter on an hourly basis; per the terms of the management agreement, the Company paid the aircraft owner a rate per hour that the plane is used in charter sales. Amounts due to Demeter for these lease payments was included in the exchange below.

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In May 2024, Demeter signed an Aircraft Asset Rights

Transfer Agreement to include Right of Usage of aircraft tail numbers: N614AF, N207JB, N236CA, and N555DH. This agreement transferred the Right to Use (includes all Demeter revenue share) and the Net Book Value of the assets and liabilities to the Company. The net assets include various right-of-use assets and lease liabilities, improvements made to the right-of-use assets, deposits on engine reserves, and other deposits. The Company received assets totaling $21,639,368, assumed liabilities of $16,129,236 and relieved $6,403,529 in amounts due from Demeter resulting in a difference of $893,397 which was recorded as a reduction of capital. On the date of transfer, the Company recorded assets consisting of $2,320,690 in property and equipment, $2,325,946 in maintenance reserves, $16,992,731 in right of use assets and total liabilities of $16,129,236 related to right of use liabilities and assumed notes payable, The Company accounted for the assets and liabilities assumed at their carrying value due to both entities being under common control.

8. Commitmentsand Contingencies

Indemnification

Under the Company’s amended and restated Certificate of Incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no claims to date, and the Company has a director and officer insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Legal Proceedings

From time to time, the Company may be involved in legal proceedings arising in the ordinary course of our business. Except as set forth below, the Company is not currently a party, and Company property is not subject to, any other material pending legal proceedings, other than ordinary routine litigation incidental to the business.

On May 31, 2024, Demeter Harvest Corp. (“Demeter”) and Premier filed a Petition and Demand against Empyreal Jet, Inc. in the district court located in Harris County, Texas (Cause No. 2024-34231/Court: 281 claiming Breach of Contract, Promissory Estoppel seeking damages over $200,000 but no more than $1,000,000.

On March 11, 2025, a former employee filed a General Civil Complaint for Damages against Premier and Innoworks Employment Services, Inc. in the Superior Court of the State of California for the County of San Diego, Central Division claiming retaliation and wrongful employment termination seeking general and special damages each in the amount of $35,000 as well as punitive and exemplary damages, reasonable attorney fees, interest and such other relief.

On December 17, 2024, the Company received a notice of investigation from the Federal Aviation Administration’s San Diego Flight Standards Office (“FSDO”). The investigation was the result of a safety complaint from a former employee. The investigation was a series of inquiries related to compliance with regulations related to corrective maintenance actions, to which the Company has responded to all requests. Premier has since implemented new policies and procedures to ensure such errors do not happen again. These new policies and procedures were provided to the FDSO January 2025. The Company has been working with the FSDO and is still awaiting the results of the investigation, which may include penalties against the Company. At the time of this filing, such amounts, if any, are not estimable.

Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors.

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9. Stockholders’Equity

On August 5, 2025, the Company authorized the issuance

of 100,000 shares of Series A. The Series A has a stated value of $64.19 per share and is convertible into common stock at $0.04 per share. The Series A holders vote on an as converted basis. On October 21, 2025, the Company filed an amended Certificate of Designation with the Nevada Secretary of State to amend the conversion price of the Series A Preferred Stock from $0.04 per share to $0.25 per share.

During the year ended December 31, 2025, the Company issued 1.0 million

shares of common stock for legal and business advisory services. The shares vested upon issuance which the fair market value of $42,500 was based upon the closing market price of the Company’s common stock. During the year ended December 31, 2025, the entire value of $42,500 was recorded within selling, general and administrative expenses.

See Note 7 for discussion of related party notes converted into Series A.

10. Stock-Based Compensation

On February 19, 2026, the Company issued 150,000

options to new members of the Board of Directors. The options vest over a 12-month period and hold an exercise price of $0.06 per share. The options expire in five years after issuance. The fair value of the options granted were $0.06 per share, or $8,250 which was calculated using the Black-Scholes model.

The options were valued using the Black-Scholes options pricing model with the following assumptions:

Option valuation assumptions used
Market value of common stock on issuance date	$ 8,250
Exercise price	$ 0.063
Expected volatility	149.20%
Expected term (in years)	5.0
Risk-free interest rate	3.65%
Expected dividend yields	0.0

11. SubsequentEvents

On April 8, 2026, the Company executed a commercial loan in the amount of $710,000. The term of the loan is over 49 weeks, an origination fee of $28,663 and total interest expense of $269,800. $252,747 of the loan proceeds were used to pay off a prior loan.

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| --- | | ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | --- | --- |

Premier Air Charter Holdings Inc. ("Premier Holdings" or together with its subsidiaries, the “Company”), a Nevada corporation was incorporated in Nevada on December 12, 2012. The Company primarily operates through its wholly owned subsidiary, Premier Air Charter, Inc., a California corporation (“Premier”). Premier Holdings together with its subsidiary, is referred to in this Form 10-K annual report (“Form 10-K”) as the Company. The terms “we”, “us” and “our” are also used in the Form 10-K to refer to the Company.

On March 11, 2025, Premier Holdings acquired Premier. As a result of this acquisition, Premier Holdings’ business is comprised solely of the business of Premier. This Merger was accounted for as a reverse recapitalization. Under this method of accounting, Premier Holdings is treated as the acquired company for financial statement reporting purposes.

In addition, these financial statements capture the capital structure of Premier Holdings and reflect only the 237,871,049 common shares issued to the former Premier shareholder as being outstanding from the inception of Premier. The 41,977,244 common shares retained by the historical Premier Holdings shareholders will be reflected as being issued on March 5, 2025, the closing date of the acquisition. As of the date of this filing, there are 280,848,293 shares of Premier Holdings common stock issued and outstanding. Any reference to the “Company” within these financial statements is a reference to Premier.

Results of operations for the three months endedMarch 31, 2026 and 2025

Revenues

Revenues for the three months ended March 31, 2026 as compared to March 31, 2025 totaled $7,203,459 and $5,875,523, respectively. Charter Sales increased by $1,164,629, or 20.1%, and was driven by new aircraft put into service during the fiscal year ended December 31, 2025. Maintenance Revenue increased by $114,256, or 191.9%.

Cost of Sales

Cost of Sales for the three months ended March 31, 2026 as compared to March 31, 2025 totaled $6,666,359 and $5,728,935, respectively, an increase of $937,424. The increase in cost of revenues was primarily the result of a rise in fuel prices due to geo political circumstances including the war in Iran. Additionally, there was an increase in expenses related to Engine Reserves in the amount of $540,972.

Operating Expenses

Operating Expenses for the three months ended March 31, 2026 as compared to March 31, 2025 totaled $1,277,563 and $1,002,266, respectively, an increase of $275,297. This increase is primarily due the additional payroll, insurance and taxes required to support additional aircraft flight activity..

Loss from Operations

Loss from Operations for the three months ended March 31, 2026 was ($740,463) compared to ($855,678) for the three months ended March 31, 2025. The loss from operations for the three months ending March 31, 2026 decreased by $115,215, or 13.5%, and was primarily driven by an increase in Charter Sales and Maintenance Revenue.

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Other Income (Expense)

Other (Income) Expense for the three months ended March 31, 2026 as compared to March 31, 2025 totaled $415,943 and $367,927, respectively, an increase of $48,016. This Other Expense decrease is primarily attributable interest expense related to aircraft leases and additional debt.

Net Income (Loss)

Net Loss for the three months ended March 31, 2026 was ($1,156,406) compared to ($1,223,605) for the three months ended March 31, 2025. The Net Loss for the three months ending March 31, 2026 decreased by $67,199, or 5.5%, and was a primarily a result of an increase in Charter Sales.

Cash Flows

	Three Months Ended
	March 31,
	2026			2025
Net cash provided by operating activities	$	892,822		$	994,869
Net cash used in investing activities		(521,187	)		(971,607	)
Net cash used financing activities		(296,398	)		(101,900	)
Net change in cash during the period	$	75,237		$	(78,638	)

Cash flow from Operating Activities

During the three months ended March 31, 2026, the Company incurred a Net Loss of ($1,156,406) compared to ($1,223,605) for the first three months ending March 31, 2025. This decrease in cash provided was primarily driven by an increase in accounts receivable.

Cash flow from Investing Activities

During the three months ended March 31, 2026, the Company used $521,187 of cash investing in aircraft and supporting engine maintenance contracts, compared to cash used of $971,607 for the three months ended March 31, 2025.

Cash flow from Financing Activities

During the three months ended March 31, 2026, the Company used $296,398 in cash to pay down long-term debt and aircraft financing lease obligations compared to cash used of $101,900 for the three months ended March 31, 2025.

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Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Liquidity and Capital Resources

At March 31, 2026, the Company had current assets of $4,488,916 and current liabilities of $18,831,890 compared with current assets of $3,727,772 and current liabilities of $16,333,220 at December 31, 2025. The continuation of the Company as a going concern is dependent upon generating additional charter revenue growth by improving current aircraft fleet charter operations, and obtaining cost effective financing to invest in additional charter aircraft, , as well as continued financial support from related parties.

Future Financings

We will continue to rely on related parties, equity sales of our common shares or debt financing arrangements in order to continue to fund our business operations. Issuance of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities. ****

Going Concern and Liquidity

Premier Air Charter Holdings Inc. incurred net losses of $1,156,406 and $1,223,605 during the three months ended March 31, 2026 and 2025, respectively. Although these losses were primarily the result of investments in aircraft and supporting operational infrastructure, these losses and limited working capital raise substantial doubt about our ability to continue as a going concern.

We will be required to raise substantial capital to fund our capital expenditures, working capital, and other cash requirements. We will continue to rely on related parties and seek other financing to complete our business plans. The successful outcome of future financing activities cannot be determined at this time and there are no assurances that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operational results.

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In addition to our current deficit, we may incur additional losses during the foreseeable future, until we are able to successfully execute our business plan. There is no assurance that we will be able to obtain additional financing through private placements and/or public offerings necessary to support our working capital requirements. To the extent that funds generated from any private placements and/or public offerings are insufficient, we will have to raise additional working capital through other sources, such as bank loans and/or financings. No assurance can be given that additional financing will be available, or if available, will be on acceptable terms.

We are also incurring increased costs as a publicly traded company. As a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002, as well as new rules subsequently implemented by the Securities and Exchange Commission, have required changes in corporate governance practices of public companies. These new rules and regulations have increased our legal and financial compliance costs and have made some activities more time-consuming and costly. We cannot predict or estimate the amount of additional costs we may incur as a result of being a public company or the timing of such costs.

Critical Accounting Policies

Refer to our Premier Holdings audited financial statements for the years ended December 31, 2025, and 2024 financial statements for a full discussion of our critical accounting policies.

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4.	Controls and Procedures

Evaluation of Disclosure Controlsand Procedures

As of the end of the period covered by this Quarterly Report, our Chief Executive Officer and Principal Financial Officer performed an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on the evaluation, the Chief Executive Officer and Principal Financial Officer concluded that, as of March 31, 2026, the Company’s disclosure controls and procedures are not effective to ensure that the information required to be disclosed by the Company in the report that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as that term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the nine months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS

Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors.

ITEM 1A.	RISK FACTORS

Risk factors describing the major risks to our business can be found under Item 1A, “Risk Factors”, in our Annual Report on Form 10-K for the year ended December 31, 2025. There has been no material change in our risk factors from those previously discussed in the Annual Report on Form 10-K.

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 3.	Defaults Upon Senior Securities

None.

ITEM 4.	MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.	OTHER INFORMATION

During the quarter ended March 31, 2026, no director or officer of the Company adopted or terminated, modified a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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| --- | | ITEM 6. | EXHIBITS | | --- | --- | | Exhibit No. | Description | Incorporation by Reference | | --- | --- | --- | | 2.1 | Agreement and Plan of Merger among Altair International Corp., Premier Air Charter, Inc., Premier Air Charter Merger Sub, Inc. and TIPP Aviation, LLC dated February 16, 2024 | Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on February 21, 2024 | | 2.2 | Agreement and Plan of Merger among Altair International Corp., Premier Air Charter, Inc., Premier Air Charter Merger Sub, Inc. and TIPP Aviation, LLC dated March 5, 2025 | Incorporated by reference to Exhibit 2.2 filed on Form 8-K with the Securities and Exchange Commission on March 11, 2025 | | 3.1 | Articles of Incorporation dated December 20, 2012 | Incorporated by reference to Exhibit 3.1 filed on Form S-1 with the Securities and Exchange Commission on July 29, 2013 | | 3.2 | Certificate of Amendment dated August 24, 2018 | Incorporated by reference to Exhibit 3.2 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 3.3 | Certificate of Amendment dated October 1, 2021 | Incorporated by reference to Exhibit 3.3 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 3.4 | Certificate of Amendment dated January 11, 2023 | Incorporated by reference to Exhibit 3.4 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 3.5 | Bylaws | Incorporated by reference to Exhibit 3.2 filed on Form S-1 with the Securities and Exchange Commission on July 29, 2013 | | 3.6 | Certificate of Designation of Series A Preferred Stock of Premier Air Charter Holdings Inc. dated August 6, 2025 | Incorporated by reference to Exhibit 3.1 filed on Form 8-K with the Securities and Exchange Commission on August 8, 2025 | | 3.7 | Amended Certificate of Designation of Series A Preferred Stock filed October 21, 2025 | Incorporated by reference to Exhibit 3.2 filed on Form 8-K with the Securities and Exchange Commission on October 22, 2025 | | 3.8 | Certificate of Amendment to Designations of Preferences and Rights of Series A Preferred Stock, filed November 7, 2025 | Incorporated by reference to Exhibit 3.1 filed on Form 8-K with the Securities and Exchange Commission on November 13, 2025 | | 4.1 | Description of the Registrant’s Securities | Incorporated by reference to Exhibit 4.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 10.1 | Amended and Restated Promissory Note payable to Innoworks Employment Services, Inc. dated March 19, 2025 | Incorporated by reference to Exhibit 10.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 10.2 | Amended and Restated Promissory Note payable to Primer Capital HR dated March 19, 2025 | Incorporated by reference to Exhibit 10.2 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 10.3 | Amended and Restated Promissory Installment Note payable to Afinida Inc. dated March 19, 2025 | Incorporated by reference to Exhibit 10.3 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 10.4 | Conversion Agreement, dated as of August 5, 2025, by and between Premier Air Charter Holdings Inc. and Innoworks Employment Services, Inc. | Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on August 8, 2025 | | 10.5 | Letter Agreement, dated October 21, 2025 | Incorporated by reference to Exhibit 10.2 filed on Form 8-K with the Securities and Exchange Commission on October 22, 2025 | | 10.6 | Conversion Agreement dated November 11, 2025, by and between the Company and Innoworks Employment Services, Inc. | Incorporated by reference to Exhibit 10.1 filed on Form 8-K with the Securities and Exchange Commission on November 13, 2025 | | 10.7 | Conversion Agreement dated November 11, 2025, by and between the Company and Prime Loan | Incorporated by reference to Exhibit 10.2 filed on Form 8-K with the Securities and Exchange Commission on November 13, 2025 |

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| --- | | Exhibit No. | Description | Incorporation by Reference | | --- | --- | --- | | 10.8 | Form of Independent Director Engagement Agreement | Incorporated by reference to Exhibit 10. filed on Form 8-K with the Securities and Exchange Commission on February 25, 2026 | | 10.9 | Form of Nonstatutory Stock Option Agreement | Incorporated by reference to Exhibit 10.2 filed on Form 8-K with the Securities and Exchange Commission on February 25, 2026 | | 14.1 | Code of Ethics | Incorporated by reference to Exhibit 14.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 16.1 | Letter from Macias Gino & O’Connell LLC | Incorporated by reference to Exhibit 16.1 filed on Form 8-K with the Securities and Exchange Commission on June 27, 2025 | | 19 | Insider Trading Policy | Incorporated by reference to Exhibit 19 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 21.1 | List of Subsidiaries | Incorporated by reference to Exhibit 21.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 31.1* | Certification of Chief Executive Officer and Principal Financial/Accounting Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act | | | 32.1* | Certification of Chief Executive Officer and Principal Financial/Accounting Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | 97.1 | Policy for Recovery of Erroneously Awarded Compensation adopted March 27, 2025 | Incorporated by reference to Exhibit 97.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 99.1 | Policy on Granting Equity Awards | Incorporated by reference to Exhibit 99.1 filed on Form 10-K with the Securities and Exchange Commission on April 7, 2025 | | 101.INS | Inline XBRL Instances Document | | | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | | 104 | Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101). | |

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PREMIER AIR CHARTER HOLDINGS INC.
Dated: May 15, 2026
	/s/ Sandra DiCicco Bonar<br><br> <br>Sandra DiCicco Bonar<br><br> <br>Chief Executive Officer<br><br> <br>(Principal Executive Officer and Principal Financial/Accounting Officer)
	/s/ Ross David Gourdie
	Ross David Gourdie
	President, Treasurer and Director
	(Principal Accounting Officer)

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EXHIBIT 31.1

CERTIFICATION PURSUANT TO

18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sandra DiCicco Bonar, certify that:

1.	I have reviewed<br> this Annual Report on Form 10-Q of Premier Air Charter Holdings Inc. (the<br> “Company”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented ire this report;
---	---
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
---	---
a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c.	Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d.	Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
---	---
5.	I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
---	---
a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and
---	---
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
---	---
Date: May 15, 2026	/s/ Sandra DiCicco Bonar
---	---
	Sandra DiCicco Bonar
	Chief Executive Officer and Principal Financial/Accounting Officer

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Premier Air Charter Holdings Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sandra DiCicco Bonar, Chief Executive Officer and Principal Financial/Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: May 15, 2026	/s/ Sandra DiCicco Bonar
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	Sandra DiCicco Bonar
	Chief Executive Officer and Principal Financial/Accounting Officer