10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-336976`
Period End Date	20210930
Filing Date	20211122
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	d248002d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 27 Income Statement 23 Cash Flow Statement 33 Stockholders Equity 22

Balance Sheet 27 line items

Line Item	Tag	Value	Unit	Period
Current asset - cash	`CashAndCashEquivalentsAtCarryingValue`	$455.84K	USD	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Current asset - cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$466.82K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$922.66K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$293.42K	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.00M	USD	Point-in-time
Total Assets	`Assets`	$226.22M	USD	Point-in-time
Accrued offering costs and expenses	`AccruedOfferingCostsCurrent`	$127.81K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$41.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$169.74K	USD	Point-in-time
Warrant liability	`WarrantLiability`	$7.04M	USD	Point-in-time
Deferred underwriting discount	`DeferredUnderwritingDiscountNonCurrent`	$7.88M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.08M	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption, 22,500,000 shares at redemption value	`CommonStocksSubjectToPossibleRedemption`	$225.00M	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`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.87M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-13.87M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$226.22M	USD	Point-in-time

Income Statement 23 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$347.41K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$471.90K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-347.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-471.90K	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-3.65M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-3.79M	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$549.00	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	3 Qtrs
Trust interest income	`InterestIncomeOther`	$2.90K	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$3.84K	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$3.26M	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$3.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.79M	USD	3 Qtrs
Basic and diluted net income per common stock	`EarningsPerShareBasicAndDiluted`	$0.16	USD	3 Qtrs
Basic and diluted net income per common stock	`EarningsPerShareBasicAndDiluted`	$0.12	USD	1 Quarter
Basic and diluted weighted average shares outstanding, non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRedemption`	5.62M	shares	1 Quarter
Basic and diluted weighted average shares outstanding, non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRedemption`	5.62M	shares	3 Qtrs
Basic and diluted net income per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	$0.12	USD	1 Quarter
Basic and diluted net income per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	$0.16	USD	3 Qtrs

Cash Flow Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.79M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-3.65M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-3.79M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$119.00K	USD	3 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$549.00	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	3 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$3.84K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$760.24K	USD	3 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$41.94K	USD	3 Qtrs
Accrued offering costs and expenses	`IncreaseDecreaseInAccruedLiabilities`	$219.17K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-852.03K	USD	3 Qtrs
Marketable securities held in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$225.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-225.00M	USD	3 Qtrs
Proceeds from Initial Public Offering, net of underwriters' fees	`ProceedsFromIssuanceInitialPublicOffering`	$220.50M	USD	3 Qtrs
Proceeds from private placement	`ProceedsFromDerivativeInstrumentFinancingActivities`	$6.50M	USD	3 Qtrs
Repayment of promissory note to related party	`RepaymentsOfRelatedPartyDebt`	$66.37K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$625.76K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$226.31M	USD	3 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$455.84K	USD	3 Qtrs
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$455.84K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$455.84K	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`	$25.00K	USD	3 Qtrs
Deferred underwriting commissions charged to additional paid in capital	`DeferredUnderwritingCommissionChargedToAdditionalPaidInCapital`	$7.88M	USD	3 Qtrs
Deferred offering costs paid by Sponsor loan	`DeferredOfferingCostsPaidBySponsorLoan`	$66.37K	USD	3 Qtrs
Initial value of Class A common stock subject to possible redemption	`InitialClassificationOfCommonStockSubjectToPossibleRedemptions`	$225.00M	USD	3 Qtrs
Change in value of Class A common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToPossibleRedemption`	$3.84K	USD	3 Qtrs
Initial classification of warrant liability	`LiabilitiesAssumed1`	$10.69M	USD	3 Qtrs

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Class of Warrant or Right, Outstanding	`ClassOfWarrantOrRightOutstanding`	843,750.00	shares	Point-in-time
Class of Warrant or Right, Outstanding	`ClassOfWarrantOrRightOutstanding`	22.50M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-13.87M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.22K	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
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$2.79M	USD	3 Qtrs
Class A common stock subject to possible redemption, as restated	`StockRedeemedOrCalledDuringPeriodValue`	$-225.00M	USD	1 Quarter
Change to Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$2.90K	USD	1 Quarter
Change to Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$944.00	USD	1 Quarter
Other offering expenses	`OtherOfferingExpenses`	$-18.24K	USD	1 Quarter
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-13.87M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.22K	USD	Point-in-time

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