10-Q Filing

Volato Group, Inc. CIK: 1853070 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001140361-22-040770`
Period End Date	20220930
Filing Date	20221110
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	brhc10043352_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 32 Cash Flow Statement 44 Stockholders Equity 29

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$2.58M	USD	Point-in-time
Cash	`Cash`	$1.52M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$182.31K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$993.61K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.70M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$282.68M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$281.52M	USD	Point-in-time
Total Assets	`Assets`	$285.09M	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
Total Assets	`Assets`	$284.38M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	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`	$231.55K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$159.62K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$231.55K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$159.62K	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`	$9.89M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.82M	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; $0.0001 par value; 27,600,000 shares at redemption value of $10.24 at September 30, 2022 and $10.20 at December 31, 2021	`TemporaryEquityCarryingAmountAttributableToParent`	$282.19M	USD	Point-in-time
Class A common stock subject to possible redemption; $0.0001 par value; 27,600,000 shares at redemption value of $10.24 at September 30, 2022 and $10.20 at December 31, 2021	`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`	$-6.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.70M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$24.28K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.70M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$24.10K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$284.38M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$285.09M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Formation and operating expenses	`OperatingExpenses`	$489.43K	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$-897.00	USD	2 Qtrs
Formation and operating expenses	`OperatingExpenses`	$1.76M	USD	3 Qtrs
Formation and operating expenses	`OperatingExpenses`	$-117.00	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-489.43K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.76M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-897.00	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-117.00	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$1.16M	USD	3 Qtrs
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$756.82K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$1.16M	USD	3 Qtrs
Other income	`NonoperatingIncomeExpense`	$756.82K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	-	USD	2 Qtrs
Income (Loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-897.00	USD	2 Qtrs
Income (Loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-117.00	USD	1 Quarter
Income (Loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-607.80K	USD	3 Qtrs
Income (Loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$267.39K	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$176.47K	USD	3 Qtrs
Income tax	`IncomeTaxExpenseBenefit`	$146.61K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$120.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-897.00	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-117.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-64.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-784.27K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-276.23K	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$120.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-897.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-117.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-64.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-784.27K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	$1.16M	USD	3 Qtrs
Income earned on Trust assets	`InvestmentIncomeInterest`	$756.82K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	-	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	-	USD	2 Qtrs
Formation and organization costs paid by related party	`FormationAndOrganizationCostsPaidByRelatedParty`	-	USD	3 Qtrs
Formation and organization costs paid by related party	`FormationAndOrganizationCostsPaidByRelatedParty`	$716.00	USD	2 Qtrs
Deferred offering costs	`IncreaseDecreaseInDeferredOfferingCosts`	$146.47K	USD	2 Qtrs
Deferred offering costs	`IncreaseDecreaseInDeferredOfferingCosts`	-	USD	3 Qtrs
Accrued formation and offering costs	`IncreaseDecreaseInAccruedFormationAndOfferingCosts`	-	USD	3 Qtrs
Accrued formation and offering costs	`IncreaseDecreaseInAccruedFormationAndOfferingCosts`	$35.72K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-811.29K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$71.93K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.06M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-110.93K	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from sponsor note	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Proceeds from sponsor note	`ProceedsFromRelatedPartyDebt`	$110.00K	USD	2 Qtrs
Net cash provided by activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash provided by activities	`NetCashProvidedByUsedInFinancingActivities`	$135.00K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.06M	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$24.07K	USD	2 Qtrs
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.52M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.07K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.52M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.07K	USD	Point-in-time
Remeasurement of Class A common stock to redemption value	`RemeasurementOfClassACommonStockToRedemptionValueFromNoncashTransactions`	$671.95K	USD	3 Qtrs
Remeasurement of Class A common stock to redemption value	`RemeasurementOfClassACommonStockToRedemptionValueFromNoncashTransactions`	-	USD	2 Qtrs
Deferred offering costs included in accrued offering cost	`DeferredOfferingCostsIncludedInAccruedOfferingCost`	-	USD	3 Qtrs
Deferred offering costs included in accrued offering cost	`DeferredOfferingCostsIncludedInAccruedOfferingCost`	$340.87K	USD	2 Qtrs

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.28K	USD	Point-in-time
Stock split	`StockholdersEquityNoteStockSplitConversionRatio1`	1.20	pure	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-7.70M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.10K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	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`	$530.36K	USD	1 Quarter
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`	$671.95K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$120.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-897.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-117.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-64.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-716.00	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-784.27K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.28K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.70M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.10K	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time

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