10-K Filing

FLYEXCLUSIVE INC. CIK: 1843973 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001193125-22-106732`
Period End Date	20211231
Filing Date	20220415
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	d326889d10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 25 Income Statement 12 Cash Flow Statement 28 Stockholders Equity 10

Balance Sheet 25 line items

Line Item	Tag	Value	Unit	Period
Current asset - cash	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$463.96K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$783.18K	USD	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$180.00K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.01M	USD	Point-in-time
Total Assets	`Assets`	$225.97M	USD	Point-in-time
Accrued offering costs and expenses	`AccruedOfferingCostsCurrent`	$285.18K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$71.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$357.12K	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$7.38M	USD	Point-in-time
Deferred underwriting discount	`DeferredUnderwritingDiscountNonCurrent`	$7.88M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.62M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption, 22,500,000 shares at redemption value	`CommonStocksSubjectToPossibleRedemption`	$225.01M	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`	$-14.65M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.97M	USD	Point-in-time

Income Statement 12 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$1.00M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.00M	USD	Annual
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-3.30M	USD	Annual
Change in fair value of over-allotment liability	`FairValueAdjustmentsOfOverAllotmentLiability`	$228.56K	USD	Annual
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Annual
Trust interest income	`InterestIncomeOther`	$8.59K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$3.15M	USD	Annual
Net income	`NetIncomeLoss`	$2.15M	USD	Annual
Basic and diluted net income per common stock	`EarningsPerShareBasicAndDiluted`	$0.11	USD	Annual
Basic and diluted weighted average shares outstanding, non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRedemption`	5.62M	shares	Annual
Basic and diluted net income per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	$0.11	USD	Annual

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.15M	USD	Annual
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-3.30M	USD	Annual
Change in fair value of over-allotment liability	`FairValueAdjustmentsOfOverAllotmentLiability`	$228.56K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$208.25K	USD	Annual
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Annual
Trust interest income	`InvestmentIncomeInterest`	$8.59K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$643.96K	USD	Annual
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$71.94K	USD	Annual
Accrued offering costs and expenses	`IncreaseDecreaseInAccruedLiabilities`	$376.55K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-988.66K	USD	Annual
Marketable securities held in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$225.00M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-225.00M	USD	Annual
Proceeds from Initial Public Offering, net of underwriters' fees	`ProceedsFromIssuanceInitialPublicOffering`	$220.50M	USD	Annual
Proceeds from private placement	`ProceedsFromDerivativeInstrumentFinancingActivities`	$6.50M	USD	Annual
Repayment of promissory note to related party	`RepaymentsOfRelatedPartyDebt`	$66.37K	USD	Annual
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$625.76K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$226.31M	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$319.22K	USD	Annual
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	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	Annual
Deferred underwriting commissions charged to additional paid in capital	`DeferredUnderwritingCommissionChargedToAdditionalPaidInCapital`	$7.88M	USD	Annual
Deferred offering costs paid by Sponsor loan	`DeferredOfferingCostsPaidBySponsorLoan`	$66.37K	USD	Annual
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.62M	USD	Annual
Initial classification of warrant liability	`LiabilitiesAssumed1`	$10.69M	USD	Annual

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Class of Warrant or Right, Outstanding	`ClassOfWarrantOrRightOutstanding`	843,750.00	shares	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Class B common stock issued to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	Annual
Proceeds received in excess of fair value of private placement warrants	`AdjustmentsToAdditionalPaidInCapitalMarkToMarket`	$2.58M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$208.25K	USD	Annual
Net income	`NetIncomeLoss`	$2.15M	USD	Annual
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.62M	USD	Annual
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time

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