10-Q Filing

Volato Group, Inc. CIK: 1853070 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001140361-22-029109`
Period End Date	20220630
Filing Date	20220810
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	brhc10039976_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 23 Cash Flow Statement 32 Stockholders Equity 21

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$2.58M	USD	Point-in-time
Cash	`Cash`	$1.86M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$459.54K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$993.61K	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`	$2.32M	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
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$281.92M	USD	Point-in-time
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$281.52M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Assets	`Assets`	$284.25M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	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
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`	$215.57K	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`	$215.57K	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`	$9.82M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.88M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	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`	$281.66M	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`	$-6.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.29M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$24.28K	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$284.25M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$285.09M	USD	Point-in-time

Income Statement 23 line items

Line Item	Tag	Value	Unit	Period
Formation and operating expenses	`OperatingExpenses`	$-64.00	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$1.28M	USD	2 Qtrs
Formation and operating expenses	`OperatingExpenses`	$619.52K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$64.00	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.28M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-619.52K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$373.15K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$399.91K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$399.91K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$373.15K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-875.20K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-64.00	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-246.37K	USD	1 Quarter
Income Tax Expense (Benefit)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Expense (Benefit)	`IncomeTaxExpenseBenefit`	$29.86K	USD	1 Quarter
Income Tax Expense (Benefit)	`IncomeTaxExpenseBenefit`	$29.86K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-64.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-905.06K	USD	2 Qtrs

Cash Flow Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-64.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-905.06K	USD	2 Qtrs
Income earned on Trust assets	`InvestmentIncomeInterest`	$373.15K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	-	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	$399.91K	USD	2 Qtrs
Formation and organization costs paid by related party	`FormationAndOrganizationCostsPaidByRelatedParty`	$780.00	USD	1 Quarter
Formation and organization costs paid by related party	`FormationAndOrganizationCostsPaidByRelatedParty`	-	USD	2 Qtrs
Changes in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-534.07K	USD	2 Qtrs
Changes in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Changes in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$55.95K	USD	2 Qtrs
Changes in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-714.95K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-714.95K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	-	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	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`	$1.86M	USD	Point-in-time
Cash at end 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`	$1.86M	USD	Point-in-time
Remeasurement of Class A common stock to redemption value	`RemeasurementOfClassACommonStockToRedemptionValueFromNoncashTransactions`	$141.60K	USD	2 Qtrs
Remeasurement of Class A common stock to redemption value	`RemeasurementOfClassACommonStockToRedemptionValueFromNoncashTransactions`	-	USD	1 Quarter
Class B common stock in exchange for stock subscription receivable	`CommonStockInExchangeForStockSubscriptionReceivable`	-	USD	2 Qtrs
Class B common stock in exchange for stock subscription receivable	`CommonStockInExchangeForStockSubscriptionReceivable`	$25.00K	USD	1 Quarter
Deferred offering costs included in accrued offering cost	`DeferredOfferingCostsIncludedInAccruedOfferingCost`	$328.51K	USD	1 Quarter
Deferred offering costs included in accrued offering cost	`DeferredOfferingCostsIncludedInAccruedOfferingCost`	-	USD	2 Qtrs

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.28K	USD	Point-in-time
Stock split	`StockholdersEquityNoteStockSplitConversionRatio1`	1.20	pure	Point-in-time
Issuance of Class B common stock to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	Point-in-time
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$141.60K	USD	1 Quarter
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$141.60K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-64.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-905.06K	USD	2 Qtrs
Ending balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.28K	USD	Point-in-time

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