10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-252797`
Period End Date	20210630
Filing Date	20210820
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	d154068d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 26 Income Statement 22 Cash Flow Statement 33 Stockholders Equity 14

Balance Sheet 26 line items

Line Item	Tag	Value	Unit	Period
Current asset - cash	`CashAndCashEquivalentsAtCarryingValue`	$912.30K	USD	Point-in-time
Current asset - cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$476.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.39M	USD	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$406.85K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.00M	USD	Point-in-time
Total Assets	`Assets`	$226.80M	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accrued offering costs and expenses	`AccruedOfferingCostsCurrent`	$460.63K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$11.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$472.56K	USD	Point-in-time
Warrant liability	`WarrantLiability`	$10.83M	USD	Point-in-time
Deferred underwriting discount	`DeferredUnderwritingDiscountNonCurrent`	$7.88M	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.18M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption, 20,263,651 shares at redemption value	`CommonStocksSubjectToPossibleRedemption`	$202.62M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-659.64K	USD	Point-in-time
Total stockholder's equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholder's equity	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total stockholder's equity	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Stockholder's Equity	`LiabilitiesAndStockholdersEquity`	$226.80M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$124.49K	USD	2 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$123.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-123.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-124.49K	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$145.53K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$145.53K	USD	2 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	2 Qtrs
Trust interest income	`InterestIncomeOther`	$944.00	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$944.00	USD	2 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-535.15K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-535.15K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-659.64K	USD	2 Qtrs
Basic and diluted net loss per common stock	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted net loss per common stock	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Basic and diluted weighted average shares outstanding, non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRedemption`	6.95M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding, non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRedemption`	7.27M	shares	1 Quarter
Basic and diluted net loss per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	$-0.09	USD	2 Qtrs
Basic and diluted net loss per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	$-0.09	USD	1 Quarter

Cash Flow Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-659.64K	USD	2 Qtrs
Formation costs paid by Sponsor in exchange for issuance of Class B common stock	`FormationCostsPaidBySponsorInExchangeForIssuanceOfClassBCommonStock`	$776.00	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$145.53K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$145.53K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$29.75K	USD	2 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	2 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$944.00	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$883.00K	USD	2 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$11.94K	USD	2 Qtrs
Accrued offering costs and expenses	`IncreaseDecreaseInAccruedLiabilities`	$551.22K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-413.81K	USD	2 Qtrs
Marketable securities held in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$225.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-225.00M	USD	2 Qtrs
Proceeds from Initial Public Offering, net of underwriters' fees	`ProceedsFromIssuanceInitialPublicOffering`	$220.50M	USD	2 Qtrs
Proceeds from private placement	`ProceedsFromDerivativeInstrumentFinancingActivities`	$6.50M	USD	2 Qtrs
Repayment of promissory note to related party	`RepaymentsOfRelatedPartyDebt`	$66.37K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$607.51K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$226.33M	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$912.30K	USD	2 Qtrs
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$912.30K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$912.30K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Deferred offering costs paid by Sponsor in exchange for issuance of Class B common stock	`DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBCommonStock`	$24.22K	USD	2 Qtrs
Deferred underwriting commissions charged to additional paid in capital	`DeferredUnderwritingCommissionChargedToAdditionalPaidInCapital`	$7.88M	USD	2 Qtrs
Deferred offering costs paid by Sponsor loan	`DeferredOfferingCostsPaidBySponsorLoan`	$66.37K	USD	2 Qtrs
Initial value of Class A common stock subject to possible redemption	`InitialClassificationOfCommonStockSubjectToPossibleRedemption`	$202.88M	USD	Point-in-time
Change in value of Class A common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToPossibleRedemption`	$-263.75K	USD	2 Qtrs
Initial classification of warrant liability	`LiabilitiesAssumed1`	$10.69M	USD	2 Qtrs

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Class of Warrant or Right, Outstanding	`ClassOfWarrantOrRightOutstanding`	22.50M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Class B common stock issued to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Sale of 22,500,000 Units, net of underwriting discount, offering expenses, and warrant liability	`StockIssuedDuringPeriodValueNewIssues`	$208.22M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$29.75K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-659.64K	USD	2 Qtrs
Class A common stock subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$-202.62M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.22K	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.