10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-150496`
Period End Date	20230331
Filing Date	20230522
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	d409881d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 16 Cash Flow Statement 34 Stockholders Equity 13

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$87.85K	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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$193.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$191.67K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$140.42K	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
Total current assets	`AssetsCurrent`	$279.52K	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
Total current assets	`AssetsCurrent`	$334.06K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$230.68M	USD	Point-in-time
Total Assets	`Assets`	$228.53M	USD	Point-in-time
Total Assets	`Assets`	$231.01M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.83M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.41M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.10M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$600.70K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$221.94K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$191.94K	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$1.40M	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$1.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.55M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.28M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.07M	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`	$14.51M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.49M	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 $10.18 and $10.10 as of March 31, 2023 and December 31, 2022, respectively	`CommonStocksSubjectToPossibleRedemption`	$229.13M	USD	Point-in-time
Temporary equityClass A common stock subject to possible redemption, 22,500,000 shares at approximately $10.18 and $10.10 as of March 31, 2023 and December 31, 2022, respectively	`CommonStocksSubjectToPossibleRedemption`	$227.26M	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`	$-13.61M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-13.61M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-13.23M	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 Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$231.01M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$228.53M	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$641.45K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$372.28K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-641.45K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-372.28K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-213.00K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-4.64M	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$22.66K	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$2.42M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$4.66M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$2.63M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.99M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.29M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$498.10K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.29M	USD	1 Quarter

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Trust interest income	`InvestmentIncomeInterest`	$22.66K	USD	1 Quarter
Trust interest income	`InvestmentIncomeInterest`	$2.42M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-213.00K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-4.64M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$89.25K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-51.25K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-119.65K	USD	1 Quarter
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$30.00K	USD	1 Quarter
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$30.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$416.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-65.19K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$498.10K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-198.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-144.21K	USD	1 Quarter
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	-	USD	1 Quarter
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	$250.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$250.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-198.56K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$105.80K	USD	1 Quarter
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`	$120.66K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$193.65K	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`	$120.66K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$193.65K	USD	Point-in-time
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$22.66K	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$1.87M	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-13.61M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$22.66K	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$1.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-13.61M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time

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