Skip to main content
Midas Edge

FLYEXCLUSIVE INC

For the period ended Dec 31, 2023. Filed May 1, 2024.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed May 1, 2024

FLYX$1.16-0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated Balance Sheets

(in thousands, except share amounts)December 31,2023December 31,2022
ASSETS
Current assets
Cash and cash equivalents$11,626$23,179
Accounts receivable, net84914,088
Other receivables4,4604,925
Due from related parties, current portion1,9112,996
Notes receivable, current portion301261
Parts and supplies inventory5,1425,872
Investments in securities71,23069,448
Prepaid engine overhauls, current portion14,5225,127
Prepaid expenses and other current assets6,7525,865
Total current assets116,793131,761
Notes receivable, non-current portion, net21,1774,856
Due from related parties, non-current—2,629
Property and equipment, net253,976252,693
Operating lease right-of-use assets84,64951,051
Intangible assets, net2,2342,432
Prepaid engine overhauls, non-current portion41,53148,310
Other non-current assets670484
Total assets$521,030$494,216

Consolidated Balance Sheets (continued)

(in thousands, except share amounts)December 31,2023December 31,2022
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) / MEMBERS' EQUITY
Current liabilities
Accounts payable$30,172$21,756
Excise tax payable1,032—
Long-term notes payable, current portion26,47123,581
Due to related parties—72
Deferred revenue, current portion83,91458,023
Operating lease liabilities, current portion17,9079,782
Other current liabilities28,70521,777
Short-term notes payable14,3963,704
Short-term notes payable - related party18,939—
Total current liabilities221,536138,695
Long-term notes payable, non-current portion166,818222,320
Operating lease liabilities, non-current portion68,10040,731
Deferred revenue, non-current portion10,0262,579
Derivative liability—971
Warrant liabilities2,508—
Other non-current liabilities16,71241,503
Total liabilities$485,700$446,799
Commitments and contingencies (Note 22)
Temporary equity
Redeemable noncontrolling interest(35,525)—
Stockholders' / members' equity
LGM Enterprises, LLC members' deficit—(4,641)
Accumulated other comprehensive loss(69)(476)
Class A common stock(1); par value $0.0001; 200,000,000 and zero shares authorized; 16,647,529 and zero shares issued and outstanding, respectively2—
Class B common stock(1); par value $0.0001; 100,000,000 and zero shares authorized; 59,930,000 and zero shares issued and outstanding, respectively6—
Additional paid-in capital126,978—
Accumulated deficit(80,456)—
Total flyExclusive stockholders’ equity46,461(5,117)
Noncontrolling interests24,39452,534
Total stockholders’ equity70,85547,417
Total liabilities, temporary equity and stockholders' / members' equity$521,030$494,216

(1) Equity interests issued and outstanding for periods prior to the date of the Merger have not been retroactively restated to give effect to the reverse recapitalization. Prior to the closing of the Merger (as defined in Note 3, "Merger"), the legal structure of LGM was a limited liability company with ownership interests consisting of members' units. Application of an exchange ratio of members' units for shares of common stock for periods prior to the Merger would not be representative of the capital structure of the Company after the Merger. See Note 3, "Merger," for further discussion.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.