$JTAI
Jet.AI Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223029620 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $3.367M $2.793M $0.00
YoY Change
Cost Of Revenue $3.197M $2.994M
YoY Change -70.69%
Gross Profit $170.4K -$200.8K
YoY Change -83.02%
Gross Profit Margin 5.06% -7.19%
Selling, General & Admin $4.388M $2.219M $73.81K
YoY Change 2239.84% 2906.71%
% of Gross Profit 2574.58%
Research & Development $48.82K $28.64K
YoY Change 4.09%
% of Gross Profit 28.65%
Depreciation & Amortization $34.25K $33.59K
YoY Change
% of Gross Profit 20.09%
Operating Expenses $4.437M $2.248M $73.81K
YoY Change 2265.87% 2945.5% 2083.73%
Operating Profit -$4.267M -$105.9K -$73.81K
YoY Change 2175.03% 43.49%
Interest Expense $24.10K -$427.7K
YoY Change -97.51%
% of Operating Profit
Other Income/Expense, Net -$24.04K $0.00
YoY Change
Pretax Income -$4.291M -$2.449M -$501.5K
YoY Change -650.25% 388.28% 14737.28%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.291M $232.3K -$501.5K
YoY Change -650.25% -146.33% 14737.31%
Net Earnings / Revenue -127.42% 8.32%
Basic Earnings Per Share -$0.61 $0.06 -$0.04
Diluted Earnings Per Share -$0.61 $0.06 -$34.61K
COMMON SHARES
Basic Shares Outstanding 8.715M shares 4.177M shares 14.49M shares
Diluted Shares Outstanding 7.018M shares 4.177M shares 14.49M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $903.9K $13.15M $419.0K
YoY Change 224.02% 3037.54%
Cash & Equivalents $903.9K $19.88K $419.0K
Short-Term Investments $13.13M
Other Short-Term Assets $157.9K $186.0K $62.28K
YoY Change 849.07% 198.64% 7685.0%
Inventory
Prepaid Expenses
Receivables $206.0K
Other Receivables $0.00
Total Short-Term Assets $2.068M $824.2K $481.2K
YoY Change 599.5% 71.27% 60056.0%
LONG-TERM ASSETS
Property, Plant & Equipment $8.241K $1.838M
YoY Change
Goodwill
YoY Change
Intangibles $85.54K
YoY Change
Long-Term Investments $208.4K $158.4K
YoY Change
Other Assets $689.8K $689.8K $116.7M
YoY Change -99.41% -99.41% 58780.65%
Total Long-Term Assets $2.693M $12.36M $116.7M
YoY Change -97.7% -89.41% 58780.65%
TOTAL ASSETS
Total Short-Term Assets $2.068M $824.2K $481.2K
Total Long-Term Assets $2.693M $12.36M $116.7M
Total Assets $4.761M $13.18M $117.2M
YoY Change -95.95% -88.75% 58785.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.881M $497.7K
YoY Change
Accrued Expenses $825.6K $410.8K $14.14K
YoY Change 5576.08% 2804.59%
Deferred Revenue
YoY Change
Short-Term Debt $520.8K $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.166M $2.863M $14.14K
YoY Change 42290.33% 20143.42% -92.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.702M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.150M $1.278M $8.102M
YoY Change -84.92% -84.22%
Total Long-Term Liabilities $2.852M $1.278M $8.102M
YoY Change -62.61% -84.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.166M $2.863M $14.14K
Total Long-Term Liabilities $2.852M $1.278M $8.102M
Total Liabilities $9.018M $5.587M $8.116M
YoY Change 18.0% -31.16% 4474.38%
SHAREHOLDERS EQUITY
Retained Earnings -$36.11M -$5.530M -$678.7K
YoY Change -35828.54% 714.9%
Common Stock $916.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.257M -$5.530M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $4.761M $13.18M $117.2M
YoY Change -95.95% -88.75% 58785.78%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$4.291M $232.3K -$501.5K
YoY Change -650.25% -146.33% 14737.31%
Depreciation, Depletion And Amortization $34.25K $33.59K
YoY Change
Cash From Operating Activities -$825.4K -$727.2K -$135.4K
YoY Change 489.61% 437.02% -33.1%
INVESTING ACTIVITIES
Capital Expenditures $12.89K $12.88K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$35.00K -$15.14K
YoY Change
Cash From Investing Activities -$47.88K -$28.02K
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 1.139M 1.152M
YoY Change
NET CHANGE
Cash From Operating Activities -825.4K -727.2K -135.4K
Cash From Investing Activities -47.88K -28.02K
Cash From Financing Activities 1.139M 1.152M
Net Change In Cash 265.7K -755.2K -135.4K
YoY Change -289.78% 457.71%
FREE CASH FLOW
Cash From Operating Activities -$825.4K -$727.2K -$135.4K
Capital Expenditures $12.89K $12.88K
Free Cash Flow -$838.3K -$740.1K
YoY Change

Facts In Submission

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dei Entity Registrant Name
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Jet.AI Inc.
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EntityIncorporationStateCountryCode
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JTAI Accretion For Class Ordinary Shares To Redemption Amount
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JTAI Business Combination Description
BusinessCombinationDescription
The Company would have had to 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 would have only completed a Business Combination if the post-transaction company owned or acquired 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”).
CY2023Q2 JTAI Business Combination Condition Minimum Tangible Assets
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JTAI Redemption Of Public Shares Percentage
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Cash
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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zNwpxIZpj80k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_z7zhXDiVoGGd">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_z5q4nf86TJee" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zfAqNL1QunT1">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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_90A_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20230630_zBqCtZPifEc7" 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
JTAI 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.
JTAI Public Warrant Price Per Share
PublicWarrantPricePerShare
0.01
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
18.00
CY2022Q4 JTAI Payments To Related Party Omitted Fees
PaymentsToRelatedPartyOmittedFees
20000 usd
CY2022Q4 JTAI Payments To Related Party Omitted Fees
PaymentsToRelatedPartyOmittedFees
20000 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
1500000 shares
JTAI Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.35
us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
3500000 usd
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.
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

Files In Submission

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0001493152-23-029620-index-headers.html Edgar Link pending
0001493152-23-029620-index.html Edgar Link pending
0001493152-23-029620.txt Edgar Link pending
0001493152-23-029620-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
jtai-20230630.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
jtai-20230630_cal.xml Edgar Link unprocessable
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form10-q_htm.xml Edgar Link completed
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