10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-284643`
Period End Date	20220930
Filing Date	20221114
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	d230073d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 37 Cash Flow Statement 61 Stockholders Equity 39

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$54.89K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$463.96K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$327.86K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$382.75K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$783.18K	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
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$180.00K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$226.35M	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$225.01M	USD	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
Total Assets	`Assets`	$226.73M	USD	Point-in-time
Total Assets	`Assets`	$225.97M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$285.18K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.33M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$211.49K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$71.94K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$161.94K	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$400.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$357.12K	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$1.48M	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`	$15.62M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.45M	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 equityClass A common stock subject to possible redemption, 22,500,000 shares at redemption value as of September 30, 2022 and December 31, 2021	`CommonStocksSubjectToPossibleRedemption`	$225.01M	USD	Point-in-time
Temporary equityClass A common stock subject to possible redemption, 22,500,000 shares at redemption value as of September 30, 2022 and December 31, 2021	`CommonStocksSubjectToPossibleRedemption`	$225.80M	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`	$-10.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.65M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.52M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	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`	$-13.87M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$24.22K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-17.38M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$226.73M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.97M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$347.41K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$2.38M	USD	3 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$1.33M	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$471.90K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.38M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-471.90K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-347.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.33M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.90M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-248.48K	USD	1 Quarter
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`	$391.11K	USD	3 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$549.00	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Trust interest income	`InterestIncomeOther`	$1.02M	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$3.84K	USD	3 Qtrs
Trust interest income	`InterestIncomeOther`	$2.90K	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$1.34M	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$3.26M	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$7.25M	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$3.79M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$1.26M	USD	1 Quarter
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.45M	USD	1 Quarter
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.79M	USD	3 Qtrs
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-66.69K	USD	1 Quarter
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.87M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$211.49K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$202.81K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.79M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$4.66M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-269.49K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.29M	USD	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.79M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$4.66M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income	`NetIncomeLoss`	$-269.49K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Trust interest income	`InvestmentIncomeInterest`	$1.34M	USD	3 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$3.84K	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.90M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-248.48K	USD	1 Quarter
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
Stock-based compensation	`ShareBasedCompensation`	$267.75K	USD	3 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	3 Qtrs
Warrant issuance costs	`WarrantIssuanceCosts`	$549.00	USD	1 Quarter
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$760.24K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-316.10K	USD	3 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$41.94K	USD	3 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$90.00K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.04M	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$219.17K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$211.49K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-664.33K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-852.03K	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$225.00M	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-225.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	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
Proceeds from issuance of promissory note to related party	`ProceedsFromIssuanceOfPromissoryNoteToRelatedParty`	$-66.37K	USD	3 Qtrs
Proceeds from issuance of promissory note to related party	`ProceedsFromIssuanceOfPromissoryNoteToRelatedParty`	$400.00K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$625.76K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$400.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$226.31M	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-264.33K	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$455.84K	USD	3 Qtrs
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.89K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$455.84K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.89K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$455.84K	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`	$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
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$2.90K	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`	$786.85K	USD	3 Qtrs
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`	$22.66K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$762.79K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.36M	USD	3 Qtrs
Reclassification of prepaid expenses from non-current to current	`ReclassificationOfPrepaidExpensesFromNonCurrentToCurrent`	$180.00K	USD	3 Qtrs
Initial classification of warrant liability	`LiabilitiesAssumed1`	$10.69M	USD	3 Qtrs

Stockholders Equity 39 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-10.52M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	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`	$-13.87M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-17.38M	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`	$89.25K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$29.75K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$2.90K	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`	$786.85K	USD	3 Qtrs
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`	$22.66K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$762.79K	USD	1 Quarter
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.36M	USD	3 Qtrs
Other offering expenses	`OtherOfferingExpenses`	$-17.69K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.79M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.66M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-658.87K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-776.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-269.49K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-10.52M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	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`	$-13.87M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.22K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-17.38M	USD	Point-in-time

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