UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-13387 (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-13387 AeroCentury Corp. (Exact Name of Registrant as Specified in Its Charter) Delaware 94-3263974 (State or O ...

Financial Performance - The company reported a net loss of $16.7 million for 2019, resulting in a basic and diluted loss per share of $(10.78), compared to a net loss of $8.1 million and $(5.58) per share in 2018[55]. - Revenues and other income increased by 61% to $43.6 million in 2019 from $27.1 million in 2018, driven by increased maintenance reserves revenue and a gain on sale of assets[74]. - Operating lease revenue decreased by 7% to $25.6 million in 2019 from $27.6 million in 2018, primarily due to early lease terminations and asset sales[75]. - Maintenance reserves revenue recorded in 2019 was $17.0 million, a significant increase from $1.6 million in 2018, due to lease terminations[76]. - Total expenses increased by 79% to $64.8 million in 2019 from $36.2 million in 2018, mainly due to higher asset impairment losses and bad debt expense[79]. - Impairment charges totaled $31.0 million in 2019, compared to $3.0 million in 2018, reflecting a significant increase in asset write-downs[80]. - Bad debt expense of $2.9 million was recorded in 2019, while no bad debt expense was recorded in 2018[81]. - Interest expense increased by 19% to $11.3 million in 2019 from $9.5 million in 2018, attributed to higher average interest rates[82]. Asset Management - The total number of aircraft held for lease decreased from 18 in 2018 to 11 in 2019, with a net book value of approximately $108 million, representing a 41% decrease from $184 million in 2018[53][68]. - The company held six aircraft subject to finance leases and seven aircraft for sale as of December 31, 2019[53]. - The weighted average fleet age increased to 11.8 years in 2019 from 11.1 years in 2018, with a weighted average remaining lease term of 41 months[68]. - The company did not purchase any aircraft in 2019 and sold one aircraft that had been held for lease, along with other reclassifications[53][69]. - The Company received net cash of $16.8 million from asset sales in 2019, compared to $16.6 million in 2018[114]. Financial Condition and Debt - The company experienced a Borrowing Base Deficit of $29.8 million as of December 31, 2019, due to impairment losses and bad debt allowances[59][60]. - The Company had a $29.8 million Borrowing Base Deficit under its MUFG Credit Facility at December 31, 2019[100]. - The Company borrowed $6.0 million under the MUFG Credit Facility in 2019, down from $21.0 million in 2018, and repaid $44.3 million of total outstanding debt in 2019[115]. - The Company is negotiating to convert the MUFG Credit Facility into the MUFG Term Loan, which may impact its future financing capabilities[85]. - The Company's financial condition is dependent on its ability to execute a Recapitalization Plan to refinance MUFG Indebtedness and obtain new capital[120]. - An event of default occurred under the Nord Term Loans due to nonpayment of lease payments, impacting the Company's financial stability[121]. Customer and Revenue Sources - Approximately 30% of the company's operating lease revenue for 2019 was derived from customers in the United States, with significant contributions from Spain, Slovenia, and Croatia[70]. - The company's five largest customers accounted for approximately 86% of monthly operating lease revenue for the year ended December 31, 2019[147]. Risks and Challenges - The ongoing COVID-19 pandemic has caused a dramatic decrease in passenger loads and airline ticket bookings, leading to significant cash flow issues for airlines[122]. - The company faces risks from noncompliance with MUFG Indebtedness, which could lead to default and foreclosure on its assets[125]. - The company faces risks from lessee defaults, particularly in low-growth areas, which could lead to total loss of receivables and additional costs for repossession[145]. - International leasing exposes the company to economic instability and currency conversion risks, potentially affecting lease payments[168][169]. - The company may enter into deferral agreements for overdue lessee obligations, which could materially affect financial results and reduce borrowing capacity under the MUFG Credit Facility[146]. - Interest rate fluctuations could materially increase the company's interest payment obligations under MUFG Indebtedness, adversely affecting liquidity and financial condition[158]. - The company’s ability to re-lease or sell aircraft after lease expiration is dependent on market conditions, which could adversely affect financial performance[153]. - The company recorded impairment losses totaling $22.3 million related to four aircraft due to a customer's bankruptcy, impacting the borrowing base and compliance with MUFG Credit Facility covenants[147]. Operational and Regulatory Considerations - The company is responsible for all expenses incurred by JMC post-merger, which could lead to increased costs and financial fluctuations[150]. - The company may incur additional costs due to government regulations affecting aircraft safety and operational requirements[182]. - The Company faces potential compliance costs due to increasingly stringent environmental regulations, which may not have a material adverse effect on its financial position currently, but future regulations could pose risks[187]. - Cybersecurity risks include potential interruptions in email communications and loss of proprietary information, although the Company believes it has sufficient measures in place to mitigate these risks[188]. Market and Competitive Landscape - Competition in the aircraft leasing industry is intense, with competitors having greater financial resources and market penetration, which could pressure lease rates and revenues[162][163]. - The company intends to focus solely on regional aircraft, which may limit diversification and increase exposure to market-specific risks[175]. - The company’s lease rates are fixed at origination, meaning significant interest rate increases could lead to decreased net income if revenue growth does not keep pace[159]. - The company's aircraft portfolio is concentrated on a limited number of aircraft types, which increases risks related to valuation and future rental revenues[160]. - The company faces risks from regional air carriers that rely on major carriers for revenue, which could impact demand for its aircraft[166].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-13387 AeroCentury Corp. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-13387 AeroCentury Corp. (Exact Name of Registrant as Specified in Its Charter) Delaware 94-3263974 (State o ...

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Delaware 94-3263974 (Address of Principal Executive Offices) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 1440 Chapin Avenue, Suite 310 Burlingame, California 94010 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-13387 AeroCentury Corp. (Exact name of Registrant as Specified in Its Charter) Delaware 94-3263974 (State or Ot ...