$JETMF
Global Crossing Airlines Group Inc.

2023 Q4 Form 10-K Financial Statement

#000095017024028009 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2021 Q4
Revenue $53.92M $160.1M $11.17M
YoY Change 65.91% 64.89%
Cost Of Revenue $11.99M $38.08M $3.980M
YoY Change 38.83% 38.91%
Gross Profit $41.93M $122.0M $7.190M
YoY Change 75.72% 75.1%
Gross Profit Margin 77.76% 76.22% 64.37%
Selling, General & Admin $37.91M $121.5M $4.100M
YoY Change 73.23% 72.5% -477.96%
% of Gross Profit 90.41% 99.59% 57.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $841.1K $2.293M $14.52K
YoY Change 169.0% 276.18% 36200.0%
% of Gross Profit 2.01% 1.88% 0.2%
Operating Expenses $43.16M $176.0M $11.42M
YoY Change 75.45% 62.43% 952.36%
Operating Profit -$1.231M -$15.87M -$4.230M
YoY Change 66.76% 41.21%
Interest Expense -$1.115M $4.916M -$250.0K
YoY Change 73.58% 203.11% -1224.61%
% of Operating Profit
Other Income/Expense, Net $0.00 -$4.916M
YoY Change -100.0% 7.24%
Pretax Income -$2.346M -$20.78M -$4.480M
YoY Change -47.16% 31.37% 279.59%
Income Tax $2.450K $2.450K
% Of Pretax Income
Net Earnings -$2.584M -$21.01M -$4.480M
YoY Change -41.79% 32.8% 279.59%
Net Earnings / Revenue -4.79% -13.12% -40.11%
Basic Earnings Per Share -$0.37
Diluted Earnings Per Share -$0.04 -$0.37 -$82.93K
COMMON SHARES
Basic Shares Outstanding 56.76M
Diluted Shares Outstanding 56.76M

Balance Sheet

Concept 2023 Q4 2023 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.60M $11.60M $5.240M
YoY Change 518.22% 518.22% 900.59%
Cash & Equivalents $11.60M $11.60M $5.242M
Short-Term Investments
Other Short-Term Assets $8.815M $8.815M $3.600M
YoY Change 22.7% 22.7% 830.67%
Inventory
Prepaid Expenses
Receivables $10.18M $10.18M $745.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.59M $30.59M $9.588M
YoY Change 160.93% 160.93% 953.05%
LONG-TERM ASSETS
Property, Plant & Equipment $5.525M $86.51M $618.9K
YoY Change 126.31% 161.33% -75.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.717M $14.22M $6.200M
YoY Change -72.9% 124.52% 65.77%
Total Long-Term Assets $100.7M $100.7M $29.49M
YoY Change 155.42% 155.42% 370.96%
TOTAL ASSETS
Total Short-Term Assets $30.59M $30.59M $9.588M
Total Long-Term Assets $100.7M $100.7M $29.49M
Total Assets $131.3M $131.3M $39.07M
YoY Change 156.68% 156.68% 444.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.481M $7.481M $3.574M
YoY Change 49.71% 49.71% 191.33%
Accrued Expenses $17.47M $31.12M $2.704M
YoY Change 84.65% 95.64% 346.67%
Deferred Revenue $9.896M $1.995M
YoY Change 209.17%
Short-Term Debt $0.00 $0.00 $1.570M
YoY Change -100.0% -100.0% 299.8%
Long-Term Debt Due $599.2K $599.2K
YoY Change 78.59% 78.59%
Total Short-Term Liabilities $53.03M $53.03M $14.70M
YoY Change 90.29% 90.29% 313.38%
LONG-TERM LIABILITIES
Long-Term Debt $29.17M $29.17M
YoY Change 474.16% 474.16%
Other Long-Term Liabilities $3.835M $68.99M $83.49K
YoY Change 68.01% 170.85% -96.03%
Total Long-Term Liabilities $98.17M $98.17M $20.13M
YoY Change 221.3% 221.3% 507.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.03M $53.03M $14.70M
Total Long-Term Liabilities $98.17M $98.17M $20.13M
Total Liabilities $151.2M $151.4M $34.83M
YoY Change 158.81% 159.19% 407.04%
SHAREHOLDERS EQUITY
Retained Earnings -$59.09M -$22.26M
YoY Change 55.17%
Common Stock $58.89K $51.24K
YoY Change 10.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.09M -$20.09M $4.246M
YoY Change
Total Liabilities & Shareholders Equity $131.3M $131.3M $39.07M
YoY Change 156.68% 156.68% 444.87%

Cashflow Statement

Concept 2023 Q4 2023 2021 Q4
OPERATING ACTIVITIES
Net Income -$2.584M -$21.01M -$4.480M
YoY Change -41.79% 32.8% 279.59%
Depreciation, Depletion And Amortization $841.1K $2.293M $14.52K
YoY Change 169.0% 276.18% 36200.0%
Cash From Operating Activities $5.376M -$1.380M $368.2K
YoY Change -205.66% -79.85% -159.33%
INVESTING ACTIVITIES
Capital Expenditures $1.960M $4.042M -$144.0K
YoY Change 149.07% 111.45%
Acquisitions
YoY Change
Other Investing Activities -$3.446M -$9.144M -$1.285M
YoY Change 289.48%
Cash From Investing Activities -$5.406M -$13.19M -$1.439M
YoY Change -310.85% 589.76% 336.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.872M
YoY Change 133.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 405.4K 26.78M 171.1K
YoY Change 130.86% 330.08% -86.46%
NET CHANGE
Cash From Operating Activities 5.376M -1.380M 368.2K
Cash From Investing Activities -5.406M -13.19M -1.439M
Cash From Financing Activities 405.4K 26.78M 171.1K
Net Change In Cash 375.8K 12.21M -899.9K
YoY Change -116.0% -582.19% -387.07%
FREE CASH FLOW
Cash From Operating Activities $5.376M -$1.380M $368.2K
Capital Expenditures $1.960M $4.042M -$144.0K
Free Cash Flow $3.416M -$5.422M $512.2K
YoY Change -158.15% -38.1%

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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5158704
CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
479923
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
501169
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1871784
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
802325
CY2023 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
35289725
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
5925529
CY2023 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
9901626
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26779960
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6226685
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
12214303
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2533067
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5460934
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7994001
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17675237
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5460934
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
57100580
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10081357
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1915366
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2840936
CY2023 us-gaap Notes Reduction
NotesReduction
145089
CY2023 jetmf Discount On Proceeds From Note Payable Due To Professional Fees
DiscountOnProceedsFromNotePayableDueToProfessionalFees
35900
CY2023 jetmf Acquisition Of Intangible Asset
AcquisitionOfIntangibleAsset
428400
CY2022 jetmf Airframe Parts Acquired Through Financing
AirframePartsAcquiredThroughFinancing
1065180
CY2023 jetmf Warrants Issued For Debt Discount
WarrantsIssuedForDebtDiscount
3837565
CY2022 jetmf Warrants Issued For Debt Discount
WarrantsIssuedForDebtDiscount
2130642
CY2023 us-gaap Interest Paid Net
InterestPaidNet
753414
CY2022 us-gaap Interest Paid Net
InterestPaidNet
622439
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4245830
CY2022 jetmf Stock Issued During Period Value Warrants And Stock Options Exercised
StockIssuedDuringPeriodValueWarrantsAndStockOptionsExercised
663742
CY2022 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
2130642
CY2022 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1342985
CY2022 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
182131
CY2022 us-gaap Profit Loss
ProfitLoss
-15820997
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-7255667
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-7255667
CY2023 jetmf Stock Issued During Period Value Warrants And Stock Options Exercised
StockIssuedDuringPeriodValueWarrantsAndStockOptionsExercised
1425220
CY2023 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
3837562
CY2023 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
2384899
CY2023 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
526706
CY2023 us-gaap Profit Loss
ProfitLoss
-20785861
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-19867141
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. NATURE OF OPERATIONS AND GOING CONCERN</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Global Crossing Airlines Inc. (the “Company” or “GlobalX”) was incorporated under the laws of British Columbia and continued as a Federal corporation pursuant to the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Canada Business Corporations Act </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">effective February 28, 2017. During the year ended December 31, 2020, the Company completed a business acquisition pursuant to which it acquired all of the issued and outstanding shares of Global Crossing Airlines, Inc. (“Global USA”), a Delaware corporation. For financial reporting purposes, the Company is considered a continuation of Global USA, the legal subsidiary, except with regard to authorized and issued common stock which is that of the Company, the legal parent. On December 22, 2020, the Company changed its jurisdiction of incorporation from the province of British Columbia, Canada to the State of Delaware. The U.S. Domestication was required for the Company to complete its charter licensing process and will also reflect the Company’s U.S.-business and operations. The Company’s principal business activity is providing passenger aircraft to customers through aircraft operating service agreements including, crew, maintenance, insurance (“ACMI”) and charter services “Charter” serving the US, Caribbean and Latin American markets. The Company’s shares trade on the NEO Exchange (the “Exchange” or “NEO”) under the symbol “JET” and the OTCQB under the symbol “JETMF.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of December 31, 2023 and 2022, the Company had a working capital deficits of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">22,435,074</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16,141,322</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively, and retained deficits of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">59,093,845</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">38,083,304</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively. The Company began flight operations in August 2021. Without ongoing income generation or additional financing, the Company will be unable to fund general and administrative expenses and working capital requirements for the next 12 months. These material uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The Company is evaluating financing its future requirements through a combination of debt, equity and/or other facilities. There is no assurance that the Company will be able to obtain such financing or obtain them on favorable terms. The consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption deemed to be inappropriate. These adjustments could be material.</span></p>
CY2023 jetmf Working Capital Deficit
WorkingCapitalDeficit
22435074
CY2022 jetmf Working Capital Deficit
WorkingCapitalDeficit
16141322
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-59093845
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38083304
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
6079531
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
3585261
CY2023Q4 us-gaap Deposits
Deposits
360000
CY2023 jetmf Bad Debt Expense
BadDebtExpense
5915
CY2022 jetmf Bad Debt Expense
BadDebtExpense
219759
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
94755
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
104406
CY2023Q4 jetmf Allowance For Obsolete Assets Held For Sale
AllowanceForObsoleteAssetsHeldForSale
0
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
453600
CY2023Q3 jetmf Number Of Carbon Offsets
NumberOfCarbonOffsets
54000
CY2023Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P36M
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
453600
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
37800
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
151200
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
151200
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
113400
CY2023 jetmf Amortization Expense Related To Heavy Maintenance
AmortizationExpenseRelatedToHeavyMaintenance
789494
CY2023Q4 jetmf Deferred Maintenance Costs
DeferredMaintenanceCosts
1740537
CY2022 jetmf Amortization Expense Related To Heavy Maintenance
AmortizationExpenseRelatedToHeavyMaintenance
218688
CY2022Q4 jetmf Deferred Maintenance Costs
DeferredMaintenanceCosts
1022492
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
627129
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
209758
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5524990
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2441288
CY2023 jetmf Property Plant And Equipment Depreciation
PropertyPlantAndEquipmentDepreciation
935970
CY2022 jetmf Property Plant And Equipment Depreciation
PropertyPlantAndEquipmentDepreciation
283325
CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2023 jetmf Percentage Of Deposit By Charter Customers Upon Signing Contract
PercentageOfDepositByCharterCustomersUponSigningContract
0.10
CY2022Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-06-01
CY2022Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-10-01
CY2023Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2028-05-31
CY2023 jetmf Deferred Financing Fees And Debt Issuance Costs Textblock
DeferredFinancingFeesAndDebtIssuanceCostsTextblock
<span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">DEFERRED FINANCING FEES AND DEBT ISSUANCE COSTS</span><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In relation to the Company’s Subscription Agreement pursuant to which the Company sold $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of its note (Note 12) the Company capitalized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,205,113</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of debt issuance costs. These costs are initially capitalized on the consolidated balance sheet as debt issuance costs and amortized to interest expense using the effective interest method. In addition, the Company paid the $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of Note Payable plus accrued interest due for Subscription Agreement. As a result, the Company expensed the full outstanding amount capitalized as debt issuance costs of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">945,217</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> during the year ended December 31, 2023.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On the new $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">35.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million Subscription Agreement, the Company also capitalized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6,755,770</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of debt issuance costs. These costs are also initially capitalized on the consolidated balance sheet as debt issuance costs and amortized to interest expense using the effective interest method. The Company amortized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">246,563</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the related debt issuance costs during the year ended December 31, 2023.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In connection with the GEM Global Yield LLC agreement (Note 8) the Company issued a note for $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,000,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> CAD ($</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,418,880</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> USD) and issued </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,106,290</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> warrants exercisable at a price of CAD $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share until May 4, 2023. The initial fair value of the warrants was recorded as a prepaid financing fee in the amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,390,151</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. These costs are initially capitalized on the consolidated balance sheet as deferred finance costs and will be subsequently reclassified to common stock and additional paid-in capital upon on a pro-rata basis as the Company draws down on the facility. On June 28, 2021, adjustments were made to the warrants issued resulting in a change in warrants issued and their exercise price. During 2022, the Company expensed the full outstanding amount capitalized as deferred financing costs of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,809,031</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Company operated 14 and 8 leased aircraft, respectively, which are accounted for under operating lease agreements with ranging terms of 10 months to 10 years. Leases with an initial term of 12 months or less will be recognized
CY2023Q4 jetmf Number Of Aircraft Leased
NumberOfAircraftLeased
14
CY2022Q4 jetmf Number Of Aircraft Leased
NumberOfAircraftLeased
8
CY2022Q4 jetmf Number Of Aircraft Lease Extended
NumberOfAircraftLeaseExtended
2
CY2023Q4 jetmf Number Of Aircraft Lease Extended
NumberOfAircraftLeaseExtended
2
CY2022Q4 jetmf Lessee Operating Lease Extended Lease Term
LesseeOperatingLeaseExtendedLeaseTerm
P60M
CY2023Q4 jetmf Lessee Operating Lease Extended Lease Term
LesseeOperatingLeaseExtendedLeaseTerm
P15M
CY2023Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2024-12-31
CY2023Q4 jetmf Number Of Aircraft Lease Converted
NumberOfAircraftLeaseConverted
1
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
529533
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
130037
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
435266
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
102561
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
8172685
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
4797056
CY2023 us-gaap Lease Cost
LeaseCost
9137484
CY2022 us-gaap Lease Cost
LeaseCost
5029654
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M20D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M7D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M19D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M19D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1303
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1053
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1253
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0012
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
7927758
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
3482839
CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
479923
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
501169
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1042413
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
22836536
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1042413
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
19644557
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1042413
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
17933734
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
932797
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
16016344
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
663872
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