10-Q Filing

Volato Group, Inc. CIK: 1853070 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001140361-23-023726`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	brhc20052527_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 14 Cash Flow Statement 30 Stockholders Equity 12

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.34M	USD	Point-in-time
Cash	`Cash`	$1.19M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$467.02K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$407.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.59M	USD	Point-in-time
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$288.25M	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
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$285.58M	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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Assets	`Assets`	$289.84M	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`	$132.42K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$79.39K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.17M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$455.83K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$588.25K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.25M	USD	Point-in-time
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	`DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent`	$229.58K	USD	Point-in-time
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	`DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent`	$317.43K	USD	Point-in-time
Total Liabilities	`Liabilities`	$905.68K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.48M	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 $10.39 and $10.31 at March 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$286.80M	USD	Point-in-time
Class A common stock subject to possible redemption; $0.0001 par value; 27,600,000 shares at redemption value of $10.39 and $10.31 at March 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$284.45M	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
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.04M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.56M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.56M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-6.71M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.04M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$287.39M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$289.84M	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
Formation and operating expenses	`OperatingExpenses`	$493.68K	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$524.10K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-493.68K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-524.10K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$26.77K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$3.03M	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$26.77K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$3.03M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.50M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-466.91K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$625.58K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-466.91K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.88M	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-466.91K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	$26.77K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	$3.03M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-59.37K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-99.28K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$713.42K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-87.84K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-53.03K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$32.84K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-517.75K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-361.56K	USD	1 Quarter
Withdrawal for taxes	`ProceedsFromWithdrawalForTaxes`	$361.47K	USD	1 Quarter
Withdrawal for taxes	`ProceedsFromWithdrawalForTaxes`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$361.47K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-361.56K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-156.29K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.22M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.19M	USD	Point-in-time
Cash at beginning 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`	$2.22M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.19M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityIssuePeriodIncreaseOrDecrease`	-	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityIssuePeriodIncreaseOrDecrease`	$2.35M	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.56M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.71M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.04M	USD	Point-in-time
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	-	USD	1 Quarter
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$2.35M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-466.91K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.56M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.71M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.04M	USD	Point-in-time

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