10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-150462`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	d161838d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 14 Cash Flow Statement 25 Stockholders Equity 13

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$120.66K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$463.96K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$455.26K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$575.92K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$783.18K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$180.00K	USD	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$69.04K	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.03M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.01M	USD	Point-in-time
Total Assets	`Assets`	$225.68M	USD	Point-in-time
Total Assets	`Assets`	$225.97M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$220.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$285.18K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$71.94K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$101.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$357.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$321.93K	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$7.38M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.74M	USD	Point-in-time
Deferred underwriting discount	`DeferredUnderwritingDiscountNonCurrent`	$7.88M	USD	Point-in-time
Deferred underwriting discount	`DeferredUnderwritingDiscountNonCurrent`	$7.88M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.62M	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.94M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Temporary equity Class A common stock subject to possible redemption, 22,500,000 shares at redemption value as of March 31, 2022 and December 31, 2021	`CommonStocksSubjectToPossibleRedemption`	$225.01M	USD	Point-in-time
Temporary equity Class A common stock subject to possible redemption, 22,500,000 shares at redemption value as of March 31, 2022 and December 31, 2021	`CommonStocksSubjectToPossibleRedemption`	$225.03M	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
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.65M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.68M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.97M	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$372.28K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$776.00	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-372.28K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-776.00	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-4.64M	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$22.66K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$4.66M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Basic and diluted net income (loss) per share	`EarningsPerShareBasicAndDiluted`	$0.15	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	1 Quarter
Basic and diluted net income (loss) per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	-	USD	1 Quarter
Basic and diluted net income (loss) per share	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedNonRedemption`	$0.15	USD	1 Quarter

Cash Flow Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Formation costs paid by Sponsor in exchange for issuance of Class B common stock	`FormationCostsPaidBySponsorInExchangeForIssuanceOfClassBCommonStock`	$776.00	USD	1 Quarter
Trust interest income	`InvestmentIncomeInterest`	$22.66K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-4.64M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$89.25K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-119.65K	USD	1 Quarter
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$30.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-65.19K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-198.56K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-198.56K	USD	1 Quarter
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.66K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.66K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Deferred offering costs paid by Sponsor in exchange for issuance of Class B common stock	`DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBCommonStock`	$24.22K	USD	1 Quarter
Deferred offering costs paid by Sponsor loan	`DeferredOfferingCostsPaidBySponsorLoan`	$35.00K	USD	1 Quarter
Deferred offering costs in accrued offering costs and expenses	`DeferredOfferingCostsInAccruedOfferingCostsAndExpenses`	$153.70K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$22.66K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.30M	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
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$22.66K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.30M	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.