$JTAI
Jet.AI Inc.

2023 Q1 Form 10-Q Financial Statement

#000149315223016694 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $1.951M
YoY Change
Gross Profit -$75.02K
YoY Change
Gross Profit Margin
Selling, General & Admin $363.7K $56.16K
YoY Change 547.52%
% of Gross Profit
Research & Development $36.32K
YoY Change
% of Gross Profit
Depreciation & Amortization $33.60K
YoY Change
% of Gross Profit
Operating Expenses $363.7K $56.16K
YoY Change 547.52%
Operating Profit -$363.7K -$56.16K
YoY Change 547.56%
Interest Expense -$251.6K $3.421M
YoY Change -107.35%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$615.3K $3.365M
YoY Change -118.29%
Income Tax
% Of Pretax Income
Net Earnings -$615.2K $3.365M
YoY Change -118.29%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 $0.23
Diluted Earnings Per Share -$0.15 $232.2K
COMMON SHARES
Basic Shares Outstanding 4.177M shares 14.49M shares
Diluted Shares Outstanding 4.177M shares 14.49M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.04M $554.4K
YoY Change 2251.67%
Cash & Equivalents $66.39K $554.4K
Short-Term Investments $12.97M
Other Short-Term Assets $13.00M $48.65K
YoY Change 26612.72%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.06M $603.0K
YoY Change 2066.08%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.7M
YoY Change
Total Long-Term Assets -$3.00 $116.7M
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $13.06M $603.0K
Total Long-Term Assets -$3.00 $116.7M
Total Assets $13.06M $117.3M
YoY Change -88.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $340.2K $27.74K
YoY Change 1126.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $340.2K $62.49K
YoY Change 444.34%
LONG-TERM LIABILITIES
Long-Term Debt $575.0K $0.00
YoY Change
Other Long-Term Liabilities $4.784M $7.674M
YoY Change -37.66%
Total Long-Term Liabilities $5.359M $7.674M
YoY Change -30.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.2K $62.49K
Total Long-Term Liabilities $5.359M $7.674M
Total Liabilities $5.699M $7.736M
YoY Change -26.33%
SHAREHOLDERS EQUITY
Retained Earnings -$5.608M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.608M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $13.06M $117.3M
YoY Change -88.87%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$615.2K $3.365M
YoY Change -118.29%
Depreciation, Depletion And Amortization $33.60K
YoY Change
Cash From Operating Activities -$145.3K -$60.02K
YoY Change 142.13%
INVESTING ACTIVITIES
Capital Expenditures $4.339K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$93.63K
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 $1.152M
YoY Change
NET CHANGE
Cash From Operating Activities -$145.3K -60.02K
Cash From Investing Activities -$93.63K
Cash From Financing Activities $1.152M
Net Change In Cash -$145.3K -60.02K
YoY Change 142.13%
FREE CASH FLOW
Cash From Operating Activities -$145.3K -$60.02K
Capital Expenditures $4.339K
Free Cash Flow -$149.7K
YoY Change

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CY2023Q1 OXACU Business Combination Description
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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”).
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zPakwMgYdp46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_za70bKeqH5Ti">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 Corporation coverage of $<span id="xdx_904_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20230331_zynIh6Sc8Ftc" 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 0; text-align: justify"> </p>
CY2023Q1 us-gaap Use Of Estimates
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<p id="xdx_846_eus-gaap--UseOfEstimates_zyvW9ZBTw0Hk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zlGfsS6uUsI8">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material estimate that is particularly susceptible to significant change in the near-term relate to the fair value of the derivative warrant liabilities. Although considerable variability is likely to be inherent in this estimate, management believes that the amounts provided are reasonable. This estimate is continually reviewed and adjusted if necessary. Such adjustment is reflected in current operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q1 OXACU Warrant Description
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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.
CY2023Q1 OXACU Public Warrant Price Per Share
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CY2023Q1 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.
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

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