10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-221266`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	d373771d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 35 Cash Flow Statement 57 Stockholders Equity 28

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$86.22K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	USD	Point-in-time
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
Prepaid expenses	`PrepaidExpenseCurrent`	$464.78K	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 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
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$551.00K	USD	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
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.01M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.34M	USD	Point-in-time
Total Assets	`Assets`	$225.89M	USD	Point-in-time
Total Assets	`Assets`	$225.97M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$282.96K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$285.18K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$8.68K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$131.94K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$71.94K	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$400.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$357.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$823.58K	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$1.73M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$7.38M	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`	$10.43M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.62M	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 June 30, 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 June 30, 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`	$-14.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.57M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.89M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.97M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$676.18K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$1.05M	USD	2 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$124.49K	USD	2 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$123.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-124.49K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-123.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.05M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-676.18K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$145.53K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$145.53K	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-1.02M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.66M	USD	2 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	2 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$326.50K	USD	2 Qtrs
Trust interest income	`InterestIncomeOther`	$944.00	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$303.84K	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$944.00	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-535.15K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$1.32M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-535.15K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$5.98M	USD	2 Qtrs
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.93M	USD	2 Qtrs
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$643.77K	USD	1 Quarter
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-659.64K	USD	2 Qtrs
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-658.87K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.68K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.68K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-659.64K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-659.64K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Formation costs paid by Sponsor in exchange for issuance of Class B common stock	`FormationCostsPaidBySponsorInExchangeForIssuanceOfClassBCommonStock`	$776.00	USD	2 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$326.50K	USD	2 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$944.00	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
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-1.02M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.66M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$178.50K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$29.75K	USD	2 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	2 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$390.56K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-179.18K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$883.00K	USD	2 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$60.00K	USD	2 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$11.94K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.22K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$551.22K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$8.68K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-633.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-413.81K	USD	2 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	2 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$225.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	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
Proceeds from issuance of promissory note to related party	`ProceedsFromIssuanceOfPromissoryNoteToRelatedParty`	$-66.37K	USD	2 Qtrs
Proceeds from issuance of promissory note to related party	`ProceedsFromIssuanceOfPromissoryNoteToRelatedParty`	$400.00K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$607.51K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$400.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$226.33M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-233.00K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$912.30K	USD	2 Qtrs
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$912.30K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.22K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$912.30K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.22K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	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
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$1.41K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.36M	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$24.07K	USD	2 Qtrs
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.36M	USD	2 Qtrs
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$22.66K	USD	1 Quarter
Initial classification of warrant liability	`LiabilitiesAssumed1`	$10.69M	USD	2 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Class B common stock issued to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Proceeds received in excess of fair value of private placement warrants	`AdjustmentsToAdditionalPaidInCapitalMarkToMarket`	$2.58M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$29.75K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$1.41K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.36M	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$24.07K	USD	2 Qtrs
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.36M	USD	2 Qtrs
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$22.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-659.64K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-14.65M	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.