10-Q Filing

Jet.AI Inc. CIK: 1861622 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-029620`
Period End Date	20230630
Filing Date	20230821
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 42 Cash Flow Statement 30 Stockholders Equity 20

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Temporary equity possible redemption	`TemporaryEquitySharesAuthorized`	1.19M	shares	Point-in-time
Temporary equity possible redemption	`TemporaryEquitySharesAuthorized`	1.19M	shares	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.00M	shares	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$18.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$19.88K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$211.72K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accrued interest, prepaid expenses and other receivables	`AccruedInterestPrepaidExpensesAndOtherReceivables`	$3.59K	USD	Point-in-time
Accrued interest, prepaid expenses and other receivables	`AccruedInterestPrepaidExpensesAndOtherReceivables`	$36.50K	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecurities`	$12.83M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecurities`	$13.13M	USD	Point-in-time
Total Assets	`Assets`	$13.05M	USD	Point-in-time
Total Assets	`Assets`	$13.18M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$410.82K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$97.98K	USD	Point-in-time
Promissory note payable	`LongTermNotesPayable`	$575.00K	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`	$369.90K	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$575.74K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.07M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares; 1,186,952 shares subject to possible redemption (at redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$13.13M	USD	Point-in-time
Class A ordinary shares; 1,186,952 shares subject to possible redemption (at redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$12.83M	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
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-5.53M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-4.86M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-4.86M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-7.63M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-5.53M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-5.61M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-7.13M	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`	$13.18M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$469.57K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$129.97K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$73.81K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$105.92K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-105.92K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-469.57K	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	`ChangeInFairValueOfWarrantLiabilities`	$-205.84K	USD	2 Qtrs
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$2.99M	USD	2 Qtrs
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$-428.07K	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangeInFairValueOfWarrantLiabilities`	$183.28K	USD	1 Quarter
Other interest income	`InterestIncomeOther`	$377.00	USD	1 Quarter
Other interest income	`InterestIncomeOther`	$598.00	USD	2 Qtrs
Other interest income	`InterestIncomeOther`	$1.66K	USD	2 Qtrs
Other interest income	`InterestIncomeOther`	$312.00	USD	1 Quarter
Income earned on marketable securities held in trust account	`OtherOperatingIncome`	$290.83K	USD	2 Qtrs
Income earned on marketable securities held in trust account	`OtherOperatingIncome`	$154.65K	USD	1 Quarter
Income earned on marketable securities held in trust account	`OtherOperatingIncome`	-	USD	2 Qtrs
Income earned on marketable securities held in trust account	`OtherOperatingIncome`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-382.92K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$2.86M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$232.33K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-615.25K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income (loss)	`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
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.18M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.18M	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
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.18M	shares	2 Qtrs
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.18M	shares	1 Quarter
Basic net earnings (loss) per ordinary share	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Basic net earnings (loss) per ordinary share	`EarningsPerShareBasic`	$-0.09	USD	2 Qtrs
Basic net earnings (loss) per ordinary share	`EarningsPerShareBasic`	$0.20	USD	2 Qtrs
Basic net earnings (loss) per ordinary share	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted net earnings (loss) per ordinary share	`EarningsPerShareDiluted`	$-0.09	USD	2 Qtrs
Diluted net earnings (loss) per ordinary share	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted net earnings (loss) per ordinary share	`EarningsPerShareDiluted`	$0.20	USD	2 Qtrs
Diluted net earnings (loss) per ordinary share	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-382.92K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$2.86M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$232.33K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-615.25K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$205.84K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-2.99M	USD	2 Qtrs
Income earned on marketable securities held in Trust Account	`IncomeEarnedOnMarketableSecuritiesHeldInTrustAccount`	$290.83K	USD	2 Qtrs
Income earned on marketable securities held in Trust Account	`IncomeEarnedOnMarketableSecuritiesHeldInTrustAccount`	-	USD	2 Qtrs
Accrued interest, prepaid expenses and other receivables	`IncreaseDecreaseInAccruedInterestPrepaidExpensesOther`	$62.20K	USD	2 Qtrs
Accrued interest, prepaid expenses and other receivables	`IncreaseDecreaseInAccruedInterestPrepaidExpensesOther`	$32.91K	USD	2 Qtrs
Due to affiliates	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$3.86K	USD	2 Qtrs
Due to affiliates	`IncreaseDecreaseInDueFromAffiliatesCurrent`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.86K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedTaxesPayable`	$312.84K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-195.43K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-191.84K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-195.43K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-191.84K	USD	2 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$211.72K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$418.97K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.88K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$211.72K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$418.97K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.88K	USD	Point-in-time
Cash Ending of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$614.39K	USD	Point-in-time
Accretion for Class A ordinary shares to redemption amount	`AccretionForClassOrdinarySharesToRedemptionAmount`	-	USD	2 Qtrs
Accretion for Class A ordinary shares to redemption amount	`AccretionForClassOrdinarySharesToRedemptionAmount`	$290.83K	USD	2 Qtrs

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.13M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-382.92K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$2.86M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$232.33K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-615.25K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.36M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-501.50K	USD	1 Quarter
Accretion for Class A Ordinary Shares to redemption amount	`ClassOrdinarySharesSubjectToPossibleRedemption`	$-136.18K	USD	1 Quarter
Change in Class A Ordinary shares subject to possible redemption	`StockIssuedDuringPeriodValueOther`	$-154.65K	USD	1 Quarter
Balance	`StockholdersEquity`	$-10.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.13M	USD	Point-in-time

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