The Mite was produced into the early 1950s and established some of the design concepts still used by Mooney today. Al Mooney had been developing the designs for a four-seater plane for some time while the Mite was in production. In early 1953, the company moved to Kerrville, Texas, and when it became clear that the Mite was nearing the end of its production, the development of the new plane was accelerated. The first M20 flight took place on September 3, 1953. Charles Yankey had been the primary financial backer since he helped Al establish the company in 1948, and when he visited Kerrville for a ride in the new airplane, he was pleased with the project and began to develop the financial plans necessary to put the plane into production. Later that year, before Yankey transferred the funds from Wichita to Kerrville, he suffered a severe stroke, and he died in December 1953. None of Yankey's heirs had any interest in the aviation business, and although he had left his company stock to the two Mooney brothers, that stock had little value without further investment. The company was on the point of declaring bankruptcy when two investors, Hal Rachal and Norm Hoffman of Midland, Texas, decided to step in and save the company. The M20 was certified in September 1955. Shortly thereafter, Albert Mooney left the company and went to work for the Lockheed Aircraft Corporation in Marietta, Georgia. His brother Art joined him there, and both remained with Lockheed until retirement. During 1955, Mooney sold 10 of the M20 airplanes. Due to start-up costs, they lost US$3000 on each airplane. Production increased, and they delivered 51 airplanes in 1956 and 105 airplanes in 1957. The M20 gained attention because it was able to achieve speeds of up to with a Lycoming O-320 engine. The combination of speed and efficiency was noteworthy. In 1958 the M20A joined the lineup with a larger Lycoming O-360-A1A engine, and by 1959 this was the only model offered, with a total sales that year of 231 units. This was the first year the company made a profit. The M20A continued production into 1960 when 166 were delivered. These were the last of the Mooneys to have wooden structures in the wings and tail. 1960s Since Al Mooney's departure, John W. Taylor had been the chief engineer. In January 1960, the Mooney company convinced