10-Q Filing

FLYEXCLUSIVE INC. CIK: 1843973 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-279916`
Period End Date	20230930
Filing Date	20231117
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	d547203d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 36 Cash Flow Statement 56 Stockholders Equity 34

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$454.78K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$87.85K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$191.67K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$65.50K	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`	$279.52K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$520.28K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$228.25M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$45.16M	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
Total Assets	`Assets`	$45.68M	USD	Point-in-time
Total Assets	`Assets`	$228.53M	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
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`	$576.27K	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`	$191.94K	USD	Point-in-time
Due to related party	`OtherLiabilitiesCurrent`	$281.94K	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$2.81M	USD	Point-in-time
Promissory noterelated party	`NotesPayableCurrent`	$1.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.35M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.02M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$2.28M	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`	$18.56M	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 $10.53 and $10.10 as of September 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 $10.53 and $10.10 as of September 30, 2023 and December 31, 2022, respectively	`CommonStocksSubjectToPossibleRedemption`	$44.56M	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`	$-17.44M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-17.44M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-18.03M	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 stockholders' deficit	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.52M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$45.68M	USD	Point-in-time
Total Liabilities, Temporary Equity and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$228.53M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$2.21M	USD	3 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$1.33M	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$558.48K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$2.38M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.21M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.33M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-558.48K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.38M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-248.48K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-262.70K	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-1.58M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.90M	USD	3 Qtrs
Trust interest income	`InterestIncomeOther`	$1.02M	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$578.46K	USD	1 Quarter
Trust interest income	`InterestIncomeOther`	$4.96M	USD	3 Qtrs
Trust interest income	`InterestIncomeOther`	$1.34M	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$2.16M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$5.22M	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$1.26M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$7.25M	USD	3 Qtrs
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-66.69K	USD	1 Quarter
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.01M	USD	3 Qtrs
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.87M	USD	3 Qtrs
Income (Loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$110.98K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.01M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$202.81K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$211.49K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.00M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.66M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-269.49K	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`	$1.50M	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.00M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.66M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-269.49K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-980.09K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.50M	USD	1 Quarter
Trust interest income	`InvestmentIncomeInterest`	$4.96M	USD	3 Qtrs
Trust interest income	`InvestmentIncomeInterest`	$1.34M	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-248.48K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-262.70K	USD	3 Qtrs
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-1.58M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-5.90M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$267.75K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-316.10K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-126.16K	USD	3 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$90.00K	USD	3 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedParties`	$90.00K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$713.49K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.04M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-24.43K	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`	$-2.32M	USD	3 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	3 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$640.00K	USD	3 Qtrs
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromSaleOfRestrictedInvestments`	-	USD	3 Qtrs
Cash withdrawn from Trust Account in connection with redemption	`ProceedsFromSaleOfRestrictedInvestments`	$187.03M	USD	3 Qtrs
Cash withdrawn from Trust Account to pay franchise and income taxes	`WithdrawalFromTrustAccountToPayFranchiseAndIncomeTaxes`	-	USD	3 Qtrs
Cash withdrawn from Trust Account to pay franchise and income taxes	`WithdrawalFromTrustAccountToPayFranchiseAndIncomeTaxes`	$-1.67M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$188.06M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	$400.00K	USD	3 Qtrs
Proceeds from issuance of promissory note to related party	`Proceedsfromissuanceofpromissorynotetorelatedparty`	$1.66M	USD	3 Qtrs
Redemption of common stock	`PaymentsForRepurchaseOfRedeemableNoncontrollingInterest`	$187.03M	USD	3 Qtrs
Redemption of common stock	`PaymentsForRepurchaseOfRedeemableNoncontrollingInterest`	-	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-185.37M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$400.00K	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-264.33K	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$366.92K	USD	3 Qtrs
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`	$54.89K	USD	Point-in-time
Cash Beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$454.78K	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`	$54.89K	USD	Point-in-time
Cash End of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$454.78K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.03M	USD	3 Qtrs
Excise tax payable attributable to redemption of common stock	`ExciseTaxAccruedDuringThePeriodForTheRedemptionOfCommonStock`	-	USD	3 Qtrs
Excise tax payable attributable to redemption of common stock	`ExciseTaxAccruedDuringThePeriodForTheRedemptionOfCommonStock`	$1.87M	USD	3 Qtrs
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$4.34M	USD	3 Qtrs
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$786.85K	USD	3 Qtrs

Stockholders Equity 34 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-17.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-18.03M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-13.61M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-10.52M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-9.57M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$89.25K	USD	1 Quarter
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`	$1.41K	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$896.33K	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`	$22.66K	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$762.79K	USD	1 Quarter
Remeasurement of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$1.87M	USD	1 Quarter
Excise tax payable attributable to redemption of common stock	`ExciseTaxAttributableToTheRedemptionOfCommonStock`	$-1.87M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.00M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$635.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.66M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-269.49K	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`	$1.50M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-13.23M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-17.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-18.03M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-13.61M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-14.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-10.52M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-9.57M	USD	Point-in-time

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