10-Q Filing

Jet.AI Inc. CIK: 1861622 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-031974`
Period End Date	20220930
Filing Date	20221114
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 35 Cash Flow Statement 47 Stockholders Equity 28

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Temporary equity, shares authorized	`TemporaryEquitySharesAuthorized`	10.33M	shares	Point-in-time
Temporary equity, shares authorized	`TemporaryEquitySharesAuthorized`	9.97M	shares	Point-in-time
Temporary equity, par value	`TemporaryEquityParOrStatedValuePerShare`	$10.15	USD	Point-in-time
Temporary equity, par value	`TemporaryEquityParOrStatedValuePerShare`	$10.15	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$614.39K	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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$278.97K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Prepaid expenses and other receivables	`PrepaidExpenseAndOtherAssetsCurrent`	$81.00	USD	Point-in-time
Prepaid expenses and other receivables	`PrepaidExpenseAndOtherAssetsCurrent`	$16.64K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$295.61K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$614.48K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$117.22M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$116.72M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$117.51M	USD	Point-in-time
Total Assets	`Assets`	$117.34M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$14.54K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$18.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.00K	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	`DerivativeLiabilitiesNoncurrent`	$7.07M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$3.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.64M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares; 10,332,033 (2021: 9,973,121) shares subject to possible redemption at $10.15 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$104.87M	USD	Point-in-time
Class A ordinary shares; 10,332,033 (2021: 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`	$4.90M	USD	Point-in-time
Retained Earnings/(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$101.08K	USD	Point-in-time
Retained Earnings/(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-3.54M	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`	$5.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$21.62K	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`	$117.51M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$117.34M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$317.51K	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$187.54K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$35.87K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$32.50K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-187.54K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-317.51K	USD	3 Qtrs
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`	$-473.66K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-3.47M	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	2 Qtrs
Interest earned on marketable securities held in trust account	`OtherOperatingIncome`	$494.23K	USD	3 Qtrs
Interest earned on marketable securities held in trust account	`OtherOperatingIncome`	$197.00	USD	1 Quarter
Interest earned on marketable securities held in trust account	`OtherOperatingIncome`	$197.00	USD	2 Qtrs
Interest earned on marketable securities held in trust account	`OtherOperatingIncome`	$493.63K	USD	1 Quarter
Net income	`NetIncomeLoss`	$779.75K	USD	1 Quarter
Net income	`NetIncomeLoss`	$56.87K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.64M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$60.25K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-3.38K	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	3 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	2 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	3 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 earnings per ordinary share	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic and diluted net earnings per ordinary share	`EarningsPerShareBasic`	$0.25	USD	3 Qtrs
Basic and diluted net earnings per ordinary share	`EarningsPerShareBasic`	$0.00	USD	1 Quarter
Basic and diluted net earnings per ordinary share	`EarningsPerShareBasic`	$0.00	USD	2 Qtrs

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$779.75K	USD	1 Quarter
Net income	`NetIncomeLoss`	$56.87K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.64M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$60.25K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-3.38K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-473.66K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-3.47M	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-92.55K	USD	2 Qtrs
Income earned on marketable securities held in Trust Account	`IncomeEarnedOnMarketableSecuritiesHeldInTrustAccount`	$492.13K	USD	3 Qtrs
Income earned on marketable securities held in Trust Account	`IncomeEarnedOnMarketableSecuritiesHeldInTrustAccount`	-	USD	2 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	3 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$109.00	USD	2 Qtrs
Prepaid expenses and other receivables	`IncreaseDecreaseInPrepaidExpensesOther`	$16.56K	USD	3 Qtrs
Prepaid expenses and other receivables	`IncreaseDecreaseInPrepaidExpensesOther`	$400.00	USD	2 Qtrs
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	-	USD	3 Qtrs
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$45.83K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-3.46K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$11.20K	USD	2 Qtrs
Net (cash used)/ provided by in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.85K	USD	2 Qtrs
Net (cash used)/ provided by in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-335.42K	USD	3 Qtrs
Investment in Trust Account	`PaymentsToAcquireInvestments`	$116.72M	USD	2 Qtrs
Investment in Trust Account	`PaymentsToAcquireInvestments`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.72M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from issuance of Class B ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from issuance of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	3 Qtrs
Proceeds from issuance of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$5.76M	USD	2 Qtrs
Proceeds from issuance of units (net of offering costs)	`ProceedsFromIssuanceOfUnitsNetOfOfferingCosts`	-	USD	3 Qtrs
Proceeds from issuance of units (net of offering costs)	`ProceedsFromIssuanceOfUnitsNetOfOfferingCosts`	$111.58M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.36M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-335.42K	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$656.56K	USD	2 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$656.56K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$278.97K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$656.56K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$278.97K	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
Deferred underwriting commissions in connection with the initial public offering	`DeferredUnderwritingCommissionsInConnectionWithInitialPublicOffering`	-	USD	3 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$21.62K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$779.75K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$56.87K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.64M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$60.25K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.38K	USD	1 Quarter
Issuance of Class A ordinary shares (net of offering costs)	`StockIssuedDuringPeriodValueNewIssues`	$103.94M	USD	1 Quarter
Issuance of private placement warrants	`IssuanceOfPrivatePlacementWarrants`	$5.76M	USD	1 Quarter
Change in Class A Ordinary shares subject to possible redemption	`ChangeInClassOrdinarySharesSubjectToPossibleRedemption`	$-3.36M	USD	1 Quarter
Change in Class A Ordinary shares subject to possible redemption	`ChangeInClassOrdinarySharesSubjectToPossibleRedemption`	$-779.75K	USD	1 Quarter
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`	$-104.78M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	-	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$21.62K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.00M	USD	Point-in-time

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