10-K Filing

Volato Group, Inc. CIK: 1853070 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001140361-23-008650`
Period End Date	20221231
Filing Date	20230227
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	brhc10047981_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 34 Cash Flow Statement 50 Stockholders Equity 25

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.34M	USD	Point-in-time
Cash	`Cash`	$2.58M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$993.61K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$467.02K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$591.16K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$741.54K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$894.33K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.61M	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
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$285.58M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Assets	`Assets`	$287.39M	USD	Point-in-time
Total Assets	`Assets`	$284.79M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Assets	`Assets`	$284.53M	USD	Point-in-time
Total Assets	`Assets`	$285.09M	USD	Point-in-time
Total Assets	`Assets`	$284.66M	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`	$159.62K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$905.68K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$905.68K	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`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$905.68K	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 $10.31 at December 31, 2022 and $10.20 at December 31, 2021	`TemporaryEquityCarryingAmountAttributableToParent`	$284.45M	USD	Point-in-time
Class A common stock subject to possible redemption; $0.0001 par value; 27,600,000 shares at redemption value of $10.31 at December 31, 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`	$2.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.01M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.01M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$2.04M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-6.71M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$284.53M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$285.09M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$284.79M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$284.66M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$287.39M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Formation and operating expenses	`OperatingExpenses`	$362.60K	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$383.08K	USD	3 Qtrs
Formation and operating expenses	`OperatingExpenses`	$493.68K	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$993.10K	USD	2 Qtrs
Formation and operating expenses	`OperatingExpenses`	$1.36M	USD	3 Qtrs
Formation and operating expenses	`OperatingExpenses`	$499.43K	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$1.74M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-1.36M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$993.10K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-493.68K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$499.43K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.74M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-383.08K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-362.60K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$4.06M	USD	Annual
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$1.18K	USD	3 Qtrs
Stock split	`StockholdersEquityNoteStockSplitConversionRatio1`	1.20	pure	Point-in-time
Other income	`NonoperatingIncomeExpense`	$1.18K	USD	3 Qtrs
Other income	`NonoperatingIncomeExpense`	$4.06M	USD	Annual
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$394.23K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-126.28K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-198.96K	USD	3 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.32M	USD	Annual
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-381.89K	USD	3 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-593.19K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$773.26K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-466.91K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-375.43K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-381.89K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$247.62K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-156.14K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-623.05K	USD	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-466.91K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-375.43K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-381.89K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$247.62K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-156.14K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-623.05K	USD	2 Qtrs
Income earned on Trust assets	`InvestmentIncomeInterest`	$4.06M	USD	Annual
Income earned on Trust assets	`InvestmentIncomeInterest`	$1.18K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-99.28K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-526.59K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$993.61K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-252.06K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-402.45K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$746.05K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$159.62K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.22M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.24M	USD	Annual
Funds deposited into Trust Account	`PaymentsToAcquireMarketableSecurities`	$281.52M	USD	3 Qtrs
Funds deposited into Trust Account	`PaymentsToAcquireMarketableSecurities`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-281.52M	USD	3 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from sale of units	`ProceedsFromIssuanceInitialPublicOffering`	$276.00M	USD	3 Qtrs
Proceeds from sale of units	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Proceeds from sale of warrants	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Proceeds from sale of warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$15.23M	USD	3 Qtrs
Offering costs	`PaymentsOfStockIssuanceCosts`	$5.93M	USD	3 Qtrs
Offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Proceeds from sponsor note	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from sponsor note	`ProceedsFromRelatedPartyDebt`	$110.00K	USD	3 Qtrs
Repayment of sponsor note	`RepaymentsOfRelatedPartyDebt`	$110.00K	USD	3 Qtrs
Repayment of sponsor note	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$285.32M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.58M	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.24M	USD	Annual
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Deferred underwriting fee incurred (written off)	`DeferredUnderwritingFeeWrittenOffIncurred`	$9.66M	USD	3 Qtrs
Deferred underwriting fee incurred (written off)	`DeferredUnderwritingFeeWrittenOffIncurred`	$-9.66M	USD	Annual
Re-measurement of Class A ordinary shares subject to possible redemption	`TemporaryEquityIssuePeriodIncreaseOrDecrease`	$2.93M	USD	Annual
Re-measurement of Class A ordinary shares subject to possible redemption	`TemporaryEquityIssuePeriodIncreaseOrDecrease`	$-11.30M	USD	3 Qtrs
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	-	USD	Annual
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$281.52M	USD	3 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Stock split	`StockholdersEquityNoteStockSplitConversionRatio1`	1.20	pure	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-7.01M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.04M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.71M	USD	Point-in-time
Issuance of Class B common stock to Sponsors	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	3 Qtrs
Private placement warrants proceeds in excess of fair value	`PrivatePlacementWarrantsProceedsInExcessOfFairValue`	$5.41M	USD	3 Qtrs
Re-measurement of Class A ordinary shares subject to possible redemption	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$11.30M	USD	3 Qtrs
Re-measurement of Class A ordinary shares subject to possible redemption	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$2.93M	USD	Annual
Gain on deferred underwriting commission	`GainLossOnSettlementsOfDeferredUnderwritingCommission`	$9.66M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-466.91K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-375.43K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-381.89K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$247.62K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-156.14K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-623.05K	USD	2 Qtrs
Ending balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-7.01M	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.04M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.71M	USD	Point-in-time

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