10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-217073`
Period End Date	20230630
Filing Date	20230821
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	d492076d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 34 Cash Flow Statement 54 Stockholders Equity 25

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$644.74K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$87.85K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$191.67K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$118.90K	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
Total current assets	`AssetsCurrent`	$763.64K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$279.52K	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
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$44.10M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$228.25M	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Assets	`Assets`	$44.87M	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Assets	`Assets`	$228.53M	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
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.12M	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`	$465.30K	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$1.87M	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	-	USD	Point-in-time
Due to related party	`OtherLiabilitiesCurrent`	$251.94K	USD	Point-in-time
Due to related party	`OtherLiabilitiesCurrent`	$191.94K	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$2.05M	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`	$7.76M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.28M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$3.60M	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`	$19.23M	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.51M	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, 4,231,829 and 22,500,000 shares at approximately $10.32 and $10.10 as of June 30, 2023 and December 31, 2022, respectively	`CommonStocksSubjectToPossibleRedemption`	$227.26M	USD	Point-in-time
Temporary equityClass A common stock subject to possible redemption, 4,231,829 and 22,500,000 shares at approximately $10.32 and $10.10 as of June 30, 2023 and December 31, 2022, respectively	`CommonStocksSubjectToPossibleRedemption`	$43.66M	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`	$-18.03M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-18.03M	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`	$-13.61M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$228.53M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$44.87M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$1.01M	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$1.05M	USD	2 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$676.18K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$1.65M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-676.18K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.65M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.01M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.05M	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-1.02M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$1.31M	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$1.53M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.66M	USD	2 Qtrs
Trust interest income	`InterestIncomeOther`	$326.50K	USD	2 Qtrs
Trust interest income	`InterestIncomeOther`	$4.38M	USD	2 Qtrs
Trust interest income	`InterestIncomeOther`	$1.96M	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$303.84K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$5.98M	USD	2 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$434.21K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$1.32M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$3.07M	USD	2 Qtrs
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.93M	USD	2 Qtrs
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-578.59K	USD	1 Quarter
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.41M	USD	2 Qtrs
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$643.77K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.68K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.68K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$899.60K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$401.50K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-980.09K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$515.25K	USD	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-980.09K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$515.25K	USD	2 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$326.50K	USD	2 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$4.38M	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-1.02M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$1.31M	USD	2 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$1.53M	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`	-	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-179.18K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-72.77K	USD	2 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$60.00K	USD	2 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$60.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$708.37K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.22K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-135.41K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$8.68K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.85M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-633.00K	USD	2 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$160.00K	USD	2 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	2 Qtrs
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromSaleOfRestrictedInvestments`	$187.03M	USD	2 Qtrs
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromSaleOfRestrictedInvestments`	-	USD	2 Qtrs
Cash withdrawn from Trust Account to pay franchise and income taxes	`WithdrawalFromTrustAccountToPayFranchiseAndIncomeTaxes`	$-1.67M	USD	2 Qtrs
Cash withdrawn from Trust Account to pay franchise and income taxes	`WithdrawalFromTrustAccountToPayFranchiseAndIncomeTaxes`	-	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$188.54M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	$400.00K	USD	2 Qtrs
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	$900.00K	USD	2 Qtrs
Redemption of common stock	`PaymentsForRepurchaseOfRedeemableNoncontrollingInterest`	-	USD	2 Qtrs
Redemption of common stock	`PaymentsForRepurchaseOfRedeemableNoncontrollingInterest`	$187.03M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-186.13M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$400.00K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$556.89K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-233.00K	USD	2 Qtrs
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.22K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$87.85K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$644.74K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.22K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$87.85K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$319.22K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$644.74K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.03M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Excise tax payable attributable to redemption of common stock	`ExciseTaxAccruedDuringThePeriodForTheRedemptionOfCommonStock`	$1.87M	USD	2 Qtrs
Excise tax payable attributable to redemption of common stock	`ExciseTaxAccruedDuringThePeriodForTheRedemptionOfCommonStock`	-	USD	2 Qtrs
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$3.44M	USD	2 Qtrs
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$24.07K	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-18.03M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-13.61M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
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`	$1.57M	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$1.87M	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$1.41K	USD	1 Quarter
Excise tax payable attributable to redemption of common stock	`ExciseTaxAttributableToTheRedemptionOfCommonStock`	$-1.87M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-980.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$515.25K	USD	2 Qtrs
Ending balance	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-18.03M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-13.61M	USD	Point-in-time

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