10-K Filing

FLYEXCLUSIVE INC. CIK: 1843973 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001193125-23-099499`
Period End Date	20221231
Filing Date	20230413
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	d483704d10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 21 Cash Flow Statement 57 Stockholders Equity 13

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$319.22K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$87.85K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$463.96K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$191.67K	USD	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$279.52K	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 shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	-	USD	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
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	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
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$228.25M	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$228.53M	USD	Point-in-time
Total Assets	`Assets`	$225.97M	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$285.18K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.41M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$600.70K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$71.94K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$191.94K	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$1.15M	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$357.12K	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$7.38M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.28M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNonCurrent`	$7.88M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNonCurrent`	$7.88M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.62M	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.51M	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 approximately $10.10 and $10.00 as of December 31, 2022 and December 31, 2021, respectively	`CommonStocksSubjectToPossibleRedemption`	$227.26M	USD	Point-in-time
Temporary equityClass A common stock subject to possible redemption, 22,500,000 shares at approximately $10.10 and $10.00 as of December 31, 2022 and December 31, 2021, respectively	`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
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`	$-13.23M	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 stockholders' deficit	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$225.97M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$228.53M	USD	Point-in-time

Income Statement 21 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$1.00M	USD	Annual
Formation and operating costs	`FormationAndOperatingCosts`	$4.08M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.00M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.08M	USD	Annual
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.10M	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
Change in fair value of over-allotment liability	`FairValueAdjustmentsOfOverAllotmentLiability`	-	USD	Annual
Warrant issuance costs	`WarrantIssuanceCosts`	-	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
Trust interest income	`InterestIncomeOther`	$3.25M	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$3.15M	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$8.35M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.15M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.27M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$600.70K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income	`NetIncomeLoss`	$3.67M	USD	Annual
Net income	`NetIncomeLoss`	$2.15M	USD	Annual

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.67M	USD	Annual
Net income	`NetIncomeLoss`	$2.15M	USD	Annual
Trust interest income	`InvestmentIncomeInterest`	$8.59K	USD	Annual
Trust interest income	`InvestmentIncomeInterest`	$3.25M	USD	Annual
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.10M	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
Change in fair value of over-allotment liability	`FairValueAdjustmentsOfOverAllotmentLiability`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$208.25K	USD	Annual
Warrant issuance costs	`WarrantIssuanceCosts`	-	USD	Annual
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Point-in-time
Warrant issuance costs	`WarrantIssuanceCosts`	$391.11K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-452.29K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$643.96K	USD	Annual
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$120.00K	USD	Annual
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$71.94K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$376.55K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.12M	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$600.70K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-988.66K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.38M	USD	Annual
Marketable securities held in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$225.00M	USD	Annual
Marketable securities held in Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-225.00M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Proceeds from Initial Public Offering, net of underwriters' fees	`ProceedsFromIssuanceInitialPublicOffering`	$220.50M	USD	Annual
Proceeds from Initial Public Offering, net of underwriters' fees	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Proceeds from private placement	`ProceedsFromDerivativeInstrumentFinancingActivities`	-	USD	Annual
Proceeds from private placement	`ProceedsFromDerivativeInstrumentFinancingActivities`	$6.50M	USD	Annual
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	$1.15M	USD	Annual
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	-	USD	Annual
Repayment of promissory note to related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayment of promissory note to related party	`RepaymentsOfRelatedPartyDebt`	$66.37K	USD	Annual
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$625.76K	USD	Annual
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$226.31M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.15M	USD	Annual
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$319.22K	USD	Annual
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-231.37K	USD	Annual
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$87.85K	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`	$87.85K	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`	-	USD	Annual
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`	-	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
Deferred offering costs paid by Sponsor loan	`DeferredOfferingCostsPaidBySponsorLoan`	-	USD	Annual
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$2.25M	USD	Annual
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.62M	USD	Annual
Initial classification of warrant liability	`LiabilitiesAssumed1`	-	USD	Annual
Initial classification of warrant liability	`LiabilitiesAssumed1`	$10.69M	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-13.23M	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
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$2.25M	USD	Annual
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$19.62M	USD	Annual
Net income	`NetIncomeLoss`	$3.67M	USD	Annual
Net income	`NetIncomeLoss`	$2.15M	USD	Annual
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time

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