10-Q
Quarterly report
UnverifiedStarfighters Space reported a six-month net loss of $15,727,338, including a $5,150,000 full impairment of Aerovision aircraft deposits, and disclosed substantial doubt about its ability to continue as a going concern.
Filed Aug 19, 2026 · 16:15 ET
Summary
This summary has not passed every source check. Confirm figures against the original document.
- Net loss for the six months ended June 30, 2026 was $15,727,338 compared to $4,587,534 for the same period in 2025, and the three-month net loss was $11,458,207.
- The Company fully impaired $5,150,000 of deposits paid to Aerovision LLC for F-4 Phantom II aircraft after Aerovision stopped communicating, and on August 10, 2026 filed suit against Hunter Daniels d/b/a Aerovision, Hunter Daniels, and Mark Daniels.
- On May 27, 2026 the Company completed a PIPE placement of 5,223,879 shares of common stock at $3.35 per share for gross proceeds of $17,499,995, paying $1,267,000 in cash issuance costs.
- The Company disclosed substantial doubt about its ability to continue as a going concern and stated cash on hand will not be adequate to satisfy obligations over the next 12 months.
- Former CEO Rick Svetkoff resigned February 19, 2026, made unauthorized withdrawals and transfers totaling $1,921,159, and on April 9, 2026 sued the Company and board members seeking damages alleged to exceed $26,000,000.
- Management concluded disclosure controls were not effective and identified material weaknesses including insufficient segregation of duties and lack of controls over banking authorities.
Key facts
- Six-month net loss
- $15,727,338
From the filing for Six-month net loss
“During the six months ended June 30, 2026, we incurred a net loss of $15,727,338 compared to net loss of $4,587,534 for the six months ended June 30, 2025.”
- PIPE financing
- 5,223,879 Common Shares at a price of $ 3.35 per share
From the filing for PIPE financing
“On May 27, 2026, the Company issued 5,223,879 Common Shares at a price of $ 3.35 per share, in relation to a Private Investment in Public Equity ("PIPE") financing for gross proceeds of $ 17,499,995 .”
- Cash position
- $1,452,854
From the filing for Cash position
“Cash $ 1,452,854”
- Going concern
- substantial doubt
From the filing for Going concern
“These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date of the unaudited condensed consolidated interim financial statements being issued.”
- Misappropriation of assets
- $1,921,159
From the filing for Misappropriation of assets
“Such amounts total to $ 1,921,159 . As of June 30, 2026, $ 1,526,126 has been applied to related party notes payable previously owed to Rick Svetkoff and RLB Aviation, Inc.”
- Svetkoff litigation damages sought
- $26 million
From the filing for Svetkoff litigation damages sought
“The complaint alleges that the defendants breached fiduciary duty, deceptive business practices, and improper control and alteration of corporate records and is seeking $ 26 million in damages.”
- Shares outstanding
- 54,996,019 shares
From the filing for Shares outstanding
“54,996,019 shares of common stock outstanding as of August 14, 2026.”
Why it mattersThe full write-off of $5,150,000 in Aerovision deposits removes the planned F-4 Phantom II fleet acquisition, and the going concern warning plus former-CEO litigation and frozen bank accounts affect the Company's funding for its STARLAUNCH air-launch program.
- Filed
- Aug 19, 2026
- Accepted
- 2026-08-19 20:15Z
- Period
- Jun 30, 2026
- Accession no.
- 0001062993-26-004518
- Size
- 6.8 MB
- Index
- Filing index