10-Q Filing

Jet.AI Inc. CIK: 1861622 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-022855`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 17 Cash Flow Statement 12 Stockholders Equity 11

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$614.39K	USD	Point-in-time
Temporary equity, par value	`TemporaryEquityParOrStatedValuePerShare`	$10.15	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$418.97K	USD	Point-in-time
Temporary equity, par value	`TemporaryEquityParOrStatedValuePerShare`	$10.15	USD	Point-in-time
Prepaid expenses and other receivables	`PrepaidExpenseAndOtherAssetsCurrent`	$62.28K	USD	Point-in-time
Prepaid expenses and other receivables	`PrepaidExpenseAndOtherAssetsCurrent`	$81.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Total current assets	`AssetsCurrent`	$614.48K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$481.25K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash held in Trust Account	`CashHeldInTrustAccount`	$116.72M	USD	Point-in-time
Cash held in Trust Account	`CashHeldInTrustAccount`	$116.72M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$117.34M	USD	Point-in-time
Total Assets	`Assets`	$117.21M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$18.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$18.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$14.14K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.14K	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$4.03M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$4.03M	USD	Point-in-time
Derivative liabilities	`DerivativeWarrantLiabilities`	$4.08M	USD	Point-in-time
Derivative liabilities	`DerivativeWarrantLiabilities`	$7.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.11M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares; 10,255,209 and 9,973,121 shares subject to possible redemption at $10.15 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$104.09M	USD	Point-in-time
Class A ordinary shares; 10,255,209 and 9,973,121 shares subject to possible redemption at $10.15 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$101.23M	USD	Point-in-time
Preference shares, $0.0001 par value; 4,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	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`	$8.54M	USD	Point-in-time
Additional paid-in capital, net of offering costs	`AdditionalPaidInCapital`	$5.68M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-678.67K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.54M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$117.21M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$117.34M	USD	Point-in-time

Income Statement 17 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$73.81K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$129.97K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-73.81K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-129.97K	USD	2 Qtrs
Change in fair value of warrant liabilities	`GainLossOnDerivativeWarrantLiabilityRevaluation`	$428.07K	USD	1 Quarter
Change in fair value of warrant liabilities	`GainLossOnDerivativeWarrantLiabilityRevaluation`	$-2.99M	USD	2 Qtrs
Interest earned	`OtherOperatingIncome`	$377.00	USD	1 Quarter
Interest earned	`OtherOperatingIncome`	$598.00	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.86M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
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	2 Qtrs
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	1 Quarter
Basic and diluted net (loss) / earnings per ordinary share	`EarningPerShareBasicAndDiluted`	$0.20	USD	2 Qtrs
Basic and diluted net (loss) / earnings per ordinary share	`EarningPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter

Cash Flow Statement 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.86M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$2.99M	USD	2 Qtrs
Prepaid expenses and other receivables	`IncreaseDecreaseInPrepaidExpensesOther`	$62.20K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-3.86K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-195.43K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-195.43K	USD	2 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$418.97K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$418.97K	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance - March 31, 2022	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance - March 31, 2022	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance - March 31, 2022	`StockholdersEquity`	$5.00M	USD	Point-in-time
Change in Class A Ordinary shares subject to possible redemption	`ChangeInClassOrdinarySharesSubjectToPossibleRedemption`	$501.50K	USD	1 Quarter
Change in Class A Ordinary shares subject to possible redemption	`ChangeInClassOrdinarySharesSubjectToPossibleRedemption`	$-3.36M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.86M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Balance - June 30, 2022	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance - June 30, 2022	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance - June 30, 2022	`StockholdersEquity`	$5.00M	USD	Point-in-time

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