10-K/A Filing

Jet.AI Inc. CIK: 1861622 FY 2021

Filing Information

Form Type	10-K/A
Accession Number	`0001493152-23-005691`
Period End Date	20211231
Filing Date	20230221
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	form10-ka_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 33 Income Statement 10 Cash Flow Statement 21 Stockholders Equity 17

Balance Sheet 33 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$614.39K	USD	Point-in-time
Accrued income	`InterestReceivableCurrent`	$81.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$614.48K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash held in Trust Account	`CashHeldInTrustAccount`	$116.72M	USD	Point-in-time
Total Assets	`Assets`	$117.34M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$18.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$18.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.00K	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$4.03M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeWarrantLiabilities`	$7.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.11M	USD	Point-in-time
Class A ordinary shares; 11,500,000 shares subject to possible redemption at (at redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$116.72M	USD	Point-in-time
Class A ordinary shares; 11,500,000 shares subject to possible redemption at (at redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$116.72M	USD	Point-in-time
Class A ordinary shares; 11,500,000 shares subject to possible redemption at (at redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$116.72M	USD	Point-in-time
Preference shares, $0.0001 par value; 4,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock	`CommonStockValue`	-	USD	Point-in-time
Common stock	`CommonStockValue`	-	USD	Point-in-time
Common stock	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital, net of offering costs	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital, net of offering costs	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital, net of offering costs	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-7.00M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-10.50M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-6.95M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-7.00M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-6.94M	USD	Point-in-time
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$117.34M	USD	Point-in-time

Income Statement 10 line items

Line Item	Tag	Value	Unit	Period
Formation and administrative expenses	`GeneralAndAdministrativeExpense`	$85.52K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-85.52K	USD	3 Qtrs
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$-3.46M	USD	3 Qtrs
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$-3.46M	USD	2 Qtrs
Interest earned	`OtherOperatingIncome`	$443.00	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.54M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.54M	USD	2 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	3 Qtrs
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	3 Qtrs
Basic and diluted net loss per ordinary share	`EarningsPerShareBasic`	$-0.24	USD	3 Qtrs

Cash Flow Statement 21 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.54M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.54M	USD	2 Qtrs
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$-3.46M	USD	3 Qtrs
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$-3.46M	USD	2 Qtrs
Accrued income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	$81.00	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$45.83K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedTaxesPayable`	$18.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-21.32K	USD	3 Qtrs
Investment in Trust Account	`PaymentsToAcquireInvestments`	$116.72M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.72M	USD	3 Qtrs
Proceeds from issuance of Class B ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from issuance of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$5.76M	USD	3 Qtrs
Proceeds from issuance of units (net of offering costs)	`ProceedsFromIssuanceInitialPublicOffering`	$111.58M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.36M	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$614.39K	USD	3 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Deferred underwriting commissions in connection with the initial public offering	`DeferredUnderwritingCommissionsInConnectionWithInitialPublicOffering`	$4.03M	USD	3 Qtrs
Derivative warrant liabilities issued in connection with the initial public offering	`DerivativeWarrantLiabilitiesIssuedInConnectionWithInitialPublicOffering`	$3.61M	USD	3 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance April 12, 2021 (inception)	`StockholdersEquity`	-	USD	Point-in-time
Balance April 12, 2021 (inception)	`StockholdersEquity`	$-7.00M	USD	Point-in-time
Balance April 12, 2021 (inception)	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Balance April 12, 2021 (inception)	`StockholdersEquity`	$-6.94M	USD	Point-in-time
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	3 Qtrs
Issuance of Class A ordinary shares (net of offering costs)	`StockIssuedDuringPeriodValueNewIssues`	$103.99M	USD	3 Qtrs
Issuance of private placement warrants	`IssuanceOfPrivatePlacementWarrants`	$5.76M	USD	3 Qtrs
Class A Ordinary shares reclassified to Commitments subject to possible redemption	`ClassOrdinarySharesSubjectToPossibleRedemption`	$-101.23M	USD	3 Qtrs
Class A Ordinary shares subject to possible redemption, shares	`ClassOrdinarySharesSubjectToPossibleRedemptionShares`	-11.50M	shares	3 Qtrs
Class A Ordinary shares subject to possible redemption, shares	`ClassOrdinarySharesSubjectToPossibleRedemptionShares`	-11.50M	shares	2 Qtrs
Accretion for Class A Ordinary Shares to redemption amount	`AccretionForClassOrdinarySharesToRedemptionAmount`	$-15.50M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.54M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.54M	USD	2 Qtrs
Balance - December 31, 2021	`StockholdersEquity`	-	USD	Point-in-time
Balance - December 31, 2021	`StockholdersEquity`	$-7.00M	USD	Point-in-time
Balance - December 31, 2021	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Balance - December 31, 2021	`StockholdersEquity`	$-6.94M	USD	Point-in-time

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