10-Q Filing

Volato Group, Inc. CIK: 1853070 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001140361-22-018923`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	brhc10037327_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 39 Income Statement 11 Cash Flow Statement 27 Stockholders Equity 13

Balance Sheet 39 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$2.58M	USD	Point-in-time
Cash	`Cash`	$2.22M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$732.41K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$993.61K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.95M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.57M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$281.52M	USD	Point-in-time
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$281.55M	USD	Point-in-time
Total Assets	`Assets`	$285.09M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Assets	`Assets`	$284.50M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$192.47K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$159.62K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$159.62K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$192.47K	USD	Point-in-time
Deferred underwriting commission	`DeferredUnderwritingCommissionsNonCurrent`	$9.66M	USD	Point-in-time
Deferred underwriting commission	`DeferredUnderwritingCommissionsNonCurrent`	$9.66M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.85M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.82M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption; 27,600,000 shares at redemption value ($10.20 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$281.52M	USD	Point-in-time
Class A common stock subject to possible redemption; 27,600,000 shares at redemption value ($10.20 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$281.52M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.87M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.25M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$24.28K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$284.50M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$285.09M	USD	Point-in-time

Income Statement 11 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`OperatingExpenses`	$655.59K	USD	1 Quarter
Formation and operating costs	`OperatingExpenses`	$716.00	USD	Point-in-time
Operating loss	`OperatingIncomeLoss`	$-716.00	USD	Point-in-time
Operating loss	`OperatingIncomeLoss`	$-655.59K	USD	1 Quarter
Interest income - investments held in the Trust Account	`InvestmentIncomeInterest`	$26.77K	USD	1 Quarter
Interest income - investments held in the Trust Account	`InvestmentIncomeInterest`	-	USD	Point-in-time
Other income	`NonoperatingIncomeExpense`	$26.77K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	-	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-716.00	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter

Cash Flow Statement 27 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-716.00	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	$26.77K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	-	USD	Point-in-time
Formation and organization costs paid by related party	`FormationAndOrganizationCostsPaidByRelatedParty`	$716.00	USD	Point-in-time
Formation and organization costs paid by related party	`FormationAndOrganizationCostsPaidByRelatedParty`	-	USD	1 Quarter
Changes in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	Point-in-time
Changes in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-261.19K	USD	1 Quarter
Changes in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	Point-in-time
Changes in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$32.84K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-361.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	-	USD	Point-in-time
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-361.56K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	-	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.22M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.22M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Class B common stock in exchange for stock subscription receivable	`CommonStockInExchangeForStockSubscriptionReceivable`	-	USD	1 Quarter
Class B common stock in exchange for stock subscription receivable	`CommonStockInExchangeForStockSubscriptionReceivable`	$25.00K	USD	Point-in-time
Deferred offering costs included in accrued offering cost	`DeferredOfferingCostsIncludedInAccruedOfferingCost`	$194.40K	USD	Point-in-time
Deferred offering costs included in accrued offering cost	`DeferredOfferingCostsIncludedInAccruedOfferingCost`	-	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.28K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Stock split	`StockholdersEquityNoteStockSplitConversionRatio1`	1.20	pure	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Issuance of Class B common stock to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-716.00	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.28K	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.