$JTAI
Jet.AI Inc.

2022 Q2 Form 10-Q Financial Statement

#000149315222022855 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $73.81K $56.16K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $73.81K $56.16K $49.64K
YoY Change 2083.73%
Operating Profit -$73.81K -$56.16K
YoY Change
Interest Expense -$427.7K $3.421M -$3.549M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$501.5K $3.365M -$3.599M
YoY Change 14737.28%
Income Tax
% Of Pretax Income
Net Earnings -$501.5K $3.365M -$3.599M
YoY Change 14737.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 $0.23
Diluted Earnings Per Share -$34.61K $232.2K -$248.4K
COMMON SHARES
Basic Shares Outstanding 14.49M shares 14.49M shares
Diluted Shares Outstanding 14.49M shares 14.49M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $419.0K $554.4K $614.4K
YoY Change
Cash & Equivalents $419.0K $554.4K $614.4K
Short-Term Investments $116.7M
Other Short-Term Assets $62.28K $48.65K $80.00
YoY Change 7685.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $481.2K $603.0K $614.5K
YoY Change 60056.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.7M $116.7M $116.7M
YoY Change 58780.65%
Total Long-Term Assets $116.7M $116.7M $116.7M
YoY Change 58780.65%
TOTAL ASSETS
Total Short-Term Assets $481.2K $603.0K $614.5K
Total Long-Term Assets $116.7M $116.7M $116.7M
Total Assets $117.2M $117.3M $117.3M
YoY Change 58785.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $14.14K $27.74K $18.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.14K $62.49K $18.00K
YoY Change -92.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.102M $7.674M $11.09M
YoY Change
Total Long-Term Liabilities $8.102M $7.674M $11.09M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.14K $62.49K $18.00K
Total Long-Term Liabilities $8.102M $7.674M $11.09M
Total Liabilities $8.116M $7.736M $11.11M
YoY Change 4474.38%
SHAREHOLDERS EQUITY
Retained Earnings -$678.7K -$3.542M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.000M $5.000M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $117.2M $117.3M $117.3M
YoY Change 58785.78%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$501.5K $3.365M -$3.599M
YoY Change 14737.31%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$135.4K -$60.02K -$42.17K
YoY Change -33.1%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -135.4K -60.02K -42.17K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -135.4K -60.02K -42.17K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$135.4K -$60.02K -$42.17K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001861622
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-40725
dei Entity Registrant Name
EntityRegistrantName
OXBRIDGE ACQUISITION CORP.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
E9
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1615951
dei Entity Address Address Line1
EntityAddressAddressLine1
Suite 201
dei Entity Address Address Line2
EntityAddressAddressLine2
42 Edward Street
dei Entity Address Address Line3
EntityAddressAddressLine3
George Town
dei Entity Address City Or Town
EntityAddressCityOrTown
Grand Cayman
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
KY1-9006
dei Entity Address Country
EntityAddressCountry
KY
dei City Area Code
CityAreaCode
(345)
dei Local Phone Number
LocalPhoneNumber
749-7570
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
true
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
418967 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
614395 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
62281 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
81 usd
CY2022Q2 us-gaap Assets Current
AssetsCurrent
481248 usd
CY2021Q4 us-gaap Assets Current
AssetsCurrent
614476 usd
CY2022Q2 OXAC Cash Held In Trust Account
CashHeldInTrustAccount
116725000 usd
CY2021Q4 OXAC Cash Held In Trust Account
CashHeldInTrustAccount
116725000 usd
CY2022Q2 us-gaap Assets
Assets
117206248 usd
CY2021Q4 us-gaap Assets
Assets
117339476 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14144 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
18000 usd
CY2022Q2 us-gaap Liabilities Current
LiabilitiesCurrent
14144 usd
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
18000 usd
CY2022Q2 OXAC Deferred Underwriting Commissions
DeferredUnderwritingCommissions
4025000 usd
CY2021Q4 OXAC Deferred Underwriting Commissions
DeferredUnderwritingCommissions
4025000 usd
CY2022Q2 OXAC Derivative Warrant Liabilities
DerivativeWarrantLiabilities
4076727 usd
CY2021Q4 OXAC Derivative Warrant Liabilities
DerivativeWarrantLiabilities
7069300 usd
CY2022Q2 us-gaap Liabilities
Liabilities
8115871 usd
CY2021Q4 us-gaap Liabilities
Liabilities
11112300 usd
CY2022Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10.15
CY2021Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10.15
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
104090376 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
101227175 usd
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5678249 usd
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
8541422 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-678672 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3541873 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
5000001 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
5000001 usd
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
117206248 usd
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
117339476 usd
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
73811 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
129970 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-73811 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-129970 usd
CY2022Q2 OXAC Gain Loss On Derivative Warrant Liability Revaluation
GainLossOnDerivativeWarrantLiabilityRevaluation
428067 usd
OXAC Gain Loss On Derivative Warrant Liability Revaluation
GainLossOnDerivativeWarrantLiabilityRevaluation
-2992573 usd
CY2022Q2 us-gaap Other Operating Income
OtherOperatingIncome
377 usd
us-gaap Other Operating Income
OtherOperatingIncome
598 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-501501 usd
us-gaap Net Income Loss
NetIncomeLoss
2863201 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14490000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14490000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14490000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14490000 shares
CY2022Q2 OXAC Earning Per Share Basic And Diluted
EarningPerShareBasicAndDiluted
-0.035
OXAC Earning Per Share Basic And Diluted
EarningPerShareBasicAndDiluted
0.198
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
5000001 usd
CY2022Q1 OXAC Change In Class Ordinary Shares Subject To Possible Redemption
ChangeInClassOrdinarySharesSubjectToPossibleRedemption
-3364702 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
3364702 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
5000001 usd
CY2022Q2 OXAC Change In Class Ordinary Shares Subject To Possible Redemption
ChangeInClassOrdinarySharesSubjectToPossibleRedemption
501501 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-501501 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-501501 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
5000001 usd
us-gaap Net Income Loss
NetIncomeLoss
2863201 usd
OXAC Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
2992573 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
62200 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3856 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-195428 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-195428 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
614395 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
418967 usd
OXAC Business Combination Description
BusinessCombinationDescription
The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
CY2021Q3 us-gaap Share Price
SharePrice
10.15
CY2021Q3 OXAC Business Combination Condition Minimum Tangible Assets
BusinessCombinationConditionMinimumTangibleAssets
5000001 usd
OXAC Interest On Dissolution Expenses
InterestOnDissolutionExpenses
100000 usd
CY2022Q2 us-gaap Share Price
SharePrice
10.15
CY2022Q2 us-gaap Cash
Cash
419000 usd
CY2022Q2 OXAC Working Capital Deficit
WorkingCapitalDeficit
467000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zEJkg3sqefI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zSnuELZ8vpWb">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
419000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zl2eM0RyjOG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zRSly2p174fi">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which exceeds the Federal Depository Insurance Company coverage of $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_c20220630_zpBkatzP1OCh" title="Federal depository insurance coverage amount">250,000</span>. The Company has not experienced losses on these accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
4076727 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
7069301 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
1500000 shares
OXAC Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.35
us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
3500000 usd
OXAC Warrant Description
WarrantDescription
The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the IPO. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
OXAC Public Warrant Price Per Share
PublicWarrantPricePerShare
0.01
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
18.00
us-gaap Derivative Liability Measurement Difference Description
DerivativeLiabilityMeasurementDifferenceDescription
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private Placement Warrants, so long as they are held by the Initial Shareholders or their permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
oxac-20220630_cal.xml Edgar Link unprocessable
0001493152-22-022855-index-headers.html Edgar Link pending
0001493152-22-022855-index.html Edgar Link pending
0001493152-22-022855.txt Edgar Link pending
0001493152-22-022855-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
form10-q_htm.xml Edgar Link completed
oxac-20220630.xsd Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
oxac-20220630_def.xml Edgar Link unprocessable
oxac-20220630_lab.xml Edgar Link unprocessable
oxac-20220630_pre.xml Edgar Link unprocessable