10-Q Filing

Volato Group, Inc. CIK: 1853070 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001140361-23-039580`
Period End Date	20230630
Filing Date	20230814
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	brhc20056750_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 30 Cash Flow Statement 47 Stockholders Equity 22

Balance Sheet 47 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.34M	USD	Point-in-time
Cash	`Cash`	$2.03M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$467.02K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$263.27K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.29M	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
Investments held in Trust	`AssetsHeldInTrustNoncurrent`	$68.62M	USD	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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Assets	`Assets`	$70.91M	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`	$357.33K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$132.42K	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$2.21M	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	-	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$2.20M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.85M	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`	$4.42M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent`	$317.43K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent`	$59.64K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.48M	USD	Point-in-time
Total Liabilities	`Liabilities`	$905.68K	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; 6,443,098 and 27,600,000 shares at redemption value of $10.72 and $10.31 at June 30, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$68.22M	USD	Point-in-time
Class A common stock subject to possible redemption; $0.0001 par value; 6,443,098 and 27,600,000 shares at redemption value of $10.72 and $10.31 at June 30, 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
(Accumulated Deficit) Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-1.79M	USD	Point-in-time
(Accumulated Deficit) Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.04M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$2.04M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$1.56M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Total Stockholders' (Deficit) Equity	`StockholdersEquity`	$-1.79M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$287.39M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' (Deficit) Equity	`LiabilitiesAndStockholdersEquity`	$70.91M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Formation and operating expenses	`OperatingExpenses`	$619.52K	USD	1 Quarter
Formation and operating expenses	`OperatingExpenses`	$1.28M	USD	2 Qtrs
Formation and operating expenses	`OperatingExpenses`	$1.22M	USD	2 Qtrs
Formation and operating expenses	`OperatingExpenses`	$698.93K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-698.93K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.28M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.22M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-619.52K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$5.51M	USD	2 Qtrs
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$399.91K	USD	2 Qtrs
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$373.15K	USD	1 Quarter
Interest income - investments held in Trust Account	`InvestmentIncomeInterest`	$2.48M	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$5.51M	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$373.15K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$399.91K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$2.48M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.29M	USD	2 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-246.37K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-875.20K	USD	2 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.78M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$29.86K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.14M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$29.86K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$513.16K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.27M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-905.06K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.15M	USD	2 Qtrs

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.27M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-905.06K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.15M	USD	2 Qtrs
Income earned on Trust assets	`InvestmentIncomeInterest`	$5.51M	USD	2 Qtrs
Income earned on Trust assets	`InvestmentIncomeInterest`	$399.91K	USD	2 Qtrs
Income earned on Trust assets	`InvestmentIncomeInterest`	$373.15K	USD	1 Quarter
Income earned on Trust assets	`InvestmentIncomeInterest`	$2.48M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-203.75K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-534.07K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.25M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	2 Qtrs
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$115.71K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$55.95K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$224.91K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-714.95K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-794.37K	USD	2 Qtrs
Deposit into Trust Account for extension	`PaymentsToAcquireMarketableSecurities`	$480.00K	USD	1 Quarter
Deposit into Trust Account for extension	`PaymentsToAcquireMarketableSecurities`	$480.00K	USD	2 Qtrs
Deposit into Trust Account for extension	`PaymentsToAcquireMarketableSecurities`	-	USD	2 Qtrs
Withdrawal from Trust Account for Redemption	`ProceedsFromCashWithdrawalFromTrustAccount`	$221.00M	USD	2 Qtrs
Withdrawal from Trust Account for Redemption	`ProceedsFromCashWithdrawalFromTrustAccount`	-	USD	2 Qtrs
Withdrawal from Trust Account for tax	`ProceedsFromWithdrawalForTaxes`	$1.96M	USD	2 Qtrs
Withdrawal from Trust Account for tax	`ProceedsFromWithdrawalForTaxes`	-	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$222.48M	USD	2 Qtrs
Repayment of Class A common stock subject to possible redemption	`PaymentsForRedemptionOfTemporaryEquity`	$221.00M	USD	2 Qtrs
Repayment of Class A common stock subject to possible redemption	`PaymentsForRedemptionOfTemporaryEquity`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-221.00M	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$687.10K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-714.95K	USD	2 Qtrs
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.03M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.86M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.03M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.86M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Excise tax on redemption of Class A common stock subject to possible redemption	`ExciseTaxOnRedemptionOfClassACommonStockSubjectToPossibleRedemption`	$2.21M	USD	2 Qtrs
Excise tax on redemption of Class A common stock subject to possible redemption	`ExciseTaxOnRedemptionOfClassACommonStockSubjectToPossibleRedemption`	-	USD	2 Qtrs
Remeasurement of Class A Common Stock Subject to Possible Redemption	`TemporaryEquityIssuePeriodIncreaseOrDecrease`	$141.60K	USD	2 Qtrs
Remeasurement of Class A Common Stock Subject to Possible Redemption	`TemporaryEquityIssuePeriodIncreaseOrDecrease`	$4.76M	USD	2 Qtrs

Stockholders Equity 22 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`	$2.04M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.56M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-1.79M	USD	Point-in-time
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$2.41M	USD	1 Quarter
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$2.35M	USD	1 Quarter
Remeasurement of Class A Common Stock to redemption value	`ReMeasurementOfClassAOrdinarySharesSubjectToPossibleRedemption`	$141.60K	USD	1 Quarter
Net income (Loss)	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Net income (Loss)	`NetIncomeLoss`	$1.27M	USD	1 Quarter
Net income (Loss)	`NetIncomeLoss`	$-628.83K	USD	1 Quarter
Net income (Loss)	`NetIncomeLoss`	$-905.06K	USD	2 Qtrs
Net income (Loss)	`NetIncomeLoss`	$-276.23K	USD	1 Quarter
Net income (Loss)	`NetIncomeLoss`	$3.15M	USD	2 Qtrs
Excise tax on Class A Common Stock redemptions	`ExciseTaxonCommonStockRedemptions`	$2.21M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-7.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.04M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.56M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.87M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-1.79M	USD	Point-in-time

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