10-K Filing

Jet.AI Inc. CIK: 1861622 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-005793`
Period End Date	20221231
Filing Date	20230222
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 18 Cash Flow Statement 49 Stockholders Equity 14

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$211.72K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$614.39K	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
Accrued interest, prepaid expenses and other receivables	`AccruedInterestPrepaidExpensesAndOtherReceivables`	$81.00	USD	Point-in-time
Accrued interest, prepaid expenses and other receivables	`AccruedInterestPrepaidExpensesAndOtherReceivables`	$3.59K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$614.48K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$215.31K	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecurities`	$116.72M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecurities`	$12.83M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$117.34M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$18.00	USD	Point-in-time
Total Assets	`Assets`	$13.05M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$3.86K	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$18.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$97.98K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.84K	USD	Point-in-time
Promissory note payable	`LongTermNotesPayable`	-	USD	Point-in-time
Promissory note payable	`LongTermNotesPayable`	$575.00K	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 warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$7.07M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$369.90K	USD	Point-in-time
Total liabilities	`Liabilities`	$11.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.07M	USD	Point-in-time
Class A ordinary shares; 1,186,952 (2021:11,500,000) shares subject to possible redemption (at redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$12.83M	USD	Point-in-time
Class A ordinary shares; 1,186,952 (2021:11,500,000) shares subject to possible redemption (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
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`	-	USD	Point-in-time
Additional paid-in capital, net of offering costs	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-4.86M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-10.50M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-4.86M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$13.05M	USD	Point-in-time
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$117.34M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$85.52K	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$487.07K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-85.52K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-487.07K	USD	Annual
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$6.70M	USD	Annual
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$-3.46M	USD	3 Qtrs
Other interest income	`InterestIncomeOther`	$443.00	USD	3 Qtrs
Other interest income	`InterestIncomeOther`	$4.07K	USD	Annual
Interest earned on marketable securities held in trust account	`OtherOperatingIncome`	$959.59K	USD	Annual
Interest earned on marketable securities held in trust account	`OtherOperatingIncome`	-	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.54M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$7.18M	USD	Annual
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.13M	shares	Annual
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	14.49M	shares	3 Qtrs
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.13M	shares	Annual
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.49M	shares	3 Qtrs
Basic and diluted net earnings (loss) per ordinary share	`EarningsPerShareBasic`	$-0.24	USD	3 Qtrs
Basic and diluted net earnings (loss) per ordinary share	`EarningsPerShareBasic`	$0.55	USD	Annual

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Redemption of Class A Ordinary Shares	`RedemptionOfOrdinarySharesFromFinancingActivities`	10.31M	shares	Annual
Net income (loss)	`NetIncomeLoss`	$-3.54M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$7.18M	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.70M	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$3.46M	USD	3 Qtrs
Income earned on marketable securities held in Trust Account	`IncomeEarnedOnMarketableSecuritiesHeldInTrustAccount`	-	USD	3 Qtrs
Income earned on marketable securities held in Trust Account	`IncomeEarnedOnMarketableSecuritiesHeldInTrustAccount`	$959.59K	USD	Annual
Accrued interest receivable	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	$81.00	USD	3 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	-	USD	Annual
Prepaid expenses and other receivables	`IncreaseDecreaseInPrepaidExpensesOther`	$3.51K	USD	Annual
Prepaid expenses and other receivables	`IncreaseDecreaseInPrepaidExpensesOther`	-	USD	3 Qtrs
Due to affiliates	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$-3.86K	USD	Annual
Due to affiliates	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$-45.83K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedTaxesPayable`	$18.00K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedTaxesPayable`	$79.98K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-21.32K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-402.68K	USD	Annual
Proceeds from liquidation of marketable securities held in Trust Account	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	3 Qtrs
Proceeds from liquidation of marketable securities held in Trust Account	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$105.42M	USD	Annual
Investment in Trust Account	`PaymentsToAcquireInvestments`	$116.72M	USD	3 Qtrs
Investment in Trust Account	`PaymentsToAcquireInvestments`	$575.00K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.72M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$104.85M	USD	Annual
Redemption of 10,313,048 Class A Ordinary Shares	`RedemptionOfOrdinaryValueFromFinancingActivities`	$105.42M	USD	Annual
Redemption of 10,313,048 Class A Ordinary Shares	`RedemptionOfOrdinaryValueFromFinancingActivities`	-	USD	3 Qtrs
Proceeds from issuance of promissory note	`ProceedsFromNotesPayable`	-	USD	3 Qtrs
Proceeds from issuance of promissory note	`ProceedsFromNotesPayable`	$575.00K	USD	Annual
Proceeds from issuance of Class B ordinary shares	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of Class B ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from issuance of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Proceeds from issuance of private placement warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$5.76M	USD	3 Qtrs
Proceeds from issuance of units (net of offering costs)	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Proceeds from issuance of units (net of offering costs)	`ProceedsFromIssuanceInitialPublicOffering`	$111.58M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-104.85M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.36M	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-402.68K	USD	Annual
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$614.39K	USD	3 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$211.72K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$211.72K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	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	3 Qtrs
Deferred underwriting commissions in connection with the initial public offering	`DeferredUnderwritingCommissionsInConnectionWithInitialPublicOffering`	-	USD	Annual
Derivative warrant liabilities issued in connection with the initial public offering	`DerivativeWarrantLiabilitiesIssuedInConnectionWithInitialPublicOffering`	$3.61M	USD	3 Qtrs
Derivative warrant liabilities issued in connection with the initial public offering	`DerivativeWarrantLiabilitiesIssuedInConnectionWithInitialPublicOffering`	-	USD	Annual
Accretion for Class A ordinary shares to redemption amount	`AccretionForClassOrdinarySharesToRedemptionAmount`	$1.53M	USD	Annual
Accretion for Class A ordinary shares to redemption amount	`AccretionForClassOrdinarySharesToRedemptionAmount`	$15.50M	USD	3 Qtrs

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance, value	`StockholdersEquity`	-	USD	Point-in-time
Balance, value	`StockholdersEquity`	$-4.86M	USD	Point-in-time
Balance, value	`StockholdersEquity`	$-10.50M	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	`ClassOrdinarySharesReclassifiedToCommitmentsSubjectToPossibleRedemption`	$-101.23M	USD	3 Qtrs
Accretion for Class A Ordinary Shares to redemption amount	`ClassOrdinarySharesSubjectToPossibleRedemption`	$-15.50M	USD	3 Qtrs
Accretion for Class A Ordinary Shares to redemption amount	`ClassOrdinarySharesSubjectToPossibleRedemption`	$-1.53M	USD	Annual
Net income	`NetIncomeLoss`	$-3.54M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.18M	USD	Annual
Balance, value	`StockholdersEquity`	-	USD	Point-in-time
Balance, value	`StockholdersEquity`	$-4.86M	USD	Point-in-time
Balance, value	`StockholdersEquity`	$-10.50M	USD	Point-in-time

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