10-Q Filing

Jet.AI Inc. CIK: 1861622 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-028279`
Period End Date	20210930
Filing Date	20211115
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 25 Income Statement 17 Cash Flow Statement 22 Stockholders Equity 13

Balance Sheet 25 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$656.56K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Accrued interest	`InterestReceivableCurrent`	$109.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$400.00	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
Total current assets	`AssetsCurrent`	$657.07K	USD	Point-in-time
Cash held in Trust Account	`CashHeldInTrustAccount`	$116.72M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$18.00	USD	Point-in-time
Total Assets	`Assets`	$117.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$45.83K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$11.20K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.03K	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$4.03M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeWarrantLiabilities`	$3.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.60M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preference shares, $0.0001 par value; 4,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital, net of offering costs	`AdditionalPaidInCapital`	$4.94M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$56.87K	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$21.62K	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$117.38M	USD	Point-in-time

Income Statement 17 line items

Line Item	Tag	Value	Unit	Period
Formation and administrative expenses	`GeneralAndAdministrativeExpense`	$35.87K	USD	2 Qtrs
Formation and administrative expenses	`GeneralAndAdministrativeExpense`	$32.50K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-32.50K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-35.87K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$197.00	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$197.00	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.25K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-3.38K	USD	1 Quarter
Net income	`NetIncomeLoss`	$56.87K	USD	2 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	2 Qtrs
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	2 Qtrs
Basic and diluted net earnings per ordinary share	`EarningsPerShareBasicAndDiluted`	$0.00	USD	1 Quarter
Basic and diluted net earnings per ordinary share	`EarningsPerShareBasicAndDiluted`	$0.00	USD	2 Qtrs

Cash Flow Statement 22 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$60.25K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-3.38K	USD	1 Quarter
Net income	`NetIncomeLoss`	$56.87K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	2 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$109.00	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$400.00	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$45.83K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedTaxesPayable`	$11.20K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.85K	USD	2 Qtrs
Investment in Trust Account	`InvestmentInTrustAccount`	$-116.72M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.72M	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares	`ProceedsFromIssuanceOfClassBOrdinaryShares`	$25.00K	USD	2 Qtrs
Proceeds from issuance of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacementWarrants`	$5.76M	USD	2 Qtrs
Proceeds from issuance of units (net of offering costs)	`ProceedsFromIssuanceOfUnitsNetOfOfferingCosts`	$111.58M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.36M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$656.56K	USD	2 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$656.56K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$656.56K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Deferred underwriting commissions in connection with the initial public offering	`DeferredUnderwritingCommissionsInConnectionWithInitialPublicOffering`	$4.03M	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance - June 30, 2021 (unaudited)	`StockholdersEquity`	-	USD	Point-in-time
Balance - June 30, 2021 (unaudited)	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance - June 30, 2021 (unaudited)	`StockholdersEquity`	$21.62K	USD	Point-in-time
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Issuance of Class A ordinary shares (net of offering costs)	`IssuanceOfClassOrdinarySharesNetOfOfferingCosts`	$103.94M	USD	1 Quarter
Issuance of private placement warrants	`IssuanceOfPrivatePlacementWarrants`	$5.76M	USD	1 Quarter
Class A Ordinary shares subject to possible redemption	`ClassOrdinarySharesSubjectToPossibleRedemption`	$-104.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$60.25K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.38K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$56.87K	USD	2 Qtrs
Balance - September 30, 2021 (unaudited)	`StockholdersEquity`	-	USD	Point-in-time
Balance - September 30, 2021 (unaudited)	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance - September 30, 2021 (unaudited)	`StockholdersEquity`	$21.62K	USD	Point-in-time

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