Core Insights - Jet.AI has introduced a new AI-powered tool called Reroute AI, which helps Jet Card customers find alternative flight options at lower costs by cross-referencing their requests with available empty legs from various operators [1][6][7] Company Overview - Jet.AI operates in two segments: Software and Aviation. The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which enhance the private jet booking experience and provide tools for charter providers [3] - The Aviation segment encompasses jet aircraft fractions, jet card services, on-fleet charter, management, and buyer's brokerage [3] - The company was founded in 2018 and is headquartered in Las Vegas, NV, and San Francisco, CA [3] Product and Service Details - Reroute AI identifies opportunities for rerouting empty legs, suggests pricing to operators, and facilitates smooth bookings for customers [7] - The CharterGPT app utilizes natural language processing and machine learning to improve the booking process for private jets [3] Market Position - Jet.AI is positioned as an innovative player in the private aviation and AI sectors, with a partnership with the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions [3]

Core Insights - Jet.AI Inc. has introduced a new source of private jet inventory for Jet Card holders through its proprietary AI tool, Reroute AI, which cross-references customer trip requests with available empty legs from operators to offer cost-effective alternatives [1][2]. Company Overview - Jet.AI operates in two segments: Software and Aviation. The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which enhance the private jet booking experience and provide tools for charter providers [4]. - The Aviation segment encompasses jet aircraft fractions, jet card services, on-fleet charter, management, and buyer's brokerage [4]. - The company was founded in 2018 and is headquartered in Las Vegas, NV, and San Francisco, CA [4]. Product Features - Reroute AI identifies opportunities for rerouting flights, suggests pricing to operators, and facilitates smooth booking processes for customers [3]. - The CharterGPT app utilizes natural language processing and machine learning to improve the booking experience for private jet customers [4]. Strategic Partnerships - Jet.AI is an official partner of the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions, indicating its engagement in high-profile partnerships [4].

Core Viewpoint - Jet.AI Inc. has announced a non-binding, non-recourse debt financing arrangement for the purchase of Bombardier Challenger 3500 aircraft valued at approximately US$280 million, which is expected to enhance the company's fleet expansion plans [1][2]. Group 1: Company Developments - The company has successfully placed a $25 million order with HondaJet, and the new $280 million order with Bombardier represents a significant scale increase in its fleet [2]. - Deliveries of the Bombardier aircraft are anticipated to commence in 2026, allowing time for pre-sales and operational preparations [2]. - Jet.AI had previously executed a non-binding letter of intent in December 2022 to acquire five Challenger 3500 jets, with the order upsized for delivery over three years starting in early 2026 [3]. Group 2: Business Segments - Jet.AI operates in two segments: Software and Aviation. The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which enhance the private jet booking experience and provide tools for charter providers [5]. - The Aviation segment encompasses jet aircraft fractions, jet card services, on-fleet charter management, and buyer's brokerage [5]. - The company is an official partner of the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions, indicating its engagement in high-profile partnerships [5].

LAS VEGAS, June 04, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence ("AI") company, announced the arrangement of non-binding, non-recourse, debt financing related to the proposed purchase of Bombardier Challenger 3500 aircraft valued at approximately US$280 million based on today's list prices. The debt financing arrangement, in conjunction with the previously announced Ionic Ventures LLC financing, positions the Com ...

Core Viewpoint - Jet.AI Inc. has corrected its previous press release regarding its financial results for Q1 2024, specifically clarifying the details of a $16.5 million convertible preferred investment from Ionic Ventures LLC, with $1.5 million received to date [1][2]. Company Overview - Jet.AI operates in two segments: Software and Aviation. The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which utilize natural language processing and machine learning to enhance the private jet booking experience [3]. - The Aviation segment encompasses jet aircraft share ownership, jet card services, on-fleet charter, management, and buyer's brokerage [3]. - The company was founded in 2018 and is headquartered in Las Vegas, NV, and San Francisco, CA [3]. - Jet.AI is an official partner of the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions [3].

Increase in total revenues of 105% year-over-year 17% point increase in net margin, adjusted for stock option expense Cash and cash equivalents of $2.1 million as of April 1st, unchanged from December 31st, 2023 LAS VEGAS, May 15, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (the "Company") (Nasdaq: JTAI), an innovative private aviation and artificial intelligence ("AI") company, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 and Recent Operational Highlights Releas ...

PART I FINANCIAL INFORMATION [Item 1. FINANCIAL STATEMENTS](index=4&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents Jet.AI Inc.'s unaudited consolidated financial statements for Q1 2024 and 2023, covering balance sheets, operations, equity, and cash flows, with notes on organization and accounting policies [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Consolidated Balance Sheet Highlights (March 31, 2024 vs. December 31, 2023) | Metric | March 31, 2024 ($) | December 31, 2023 ($) | | :----------------------- | :------------- | :---------------- | | Cash and cash equivalents | $595,555 | $2,100,543 | | Total current assets | $3,163,199 | $3,187,153 | | Total assets | $5,564,738 | $5,739,188 | | Total current liabilities | $5,739,594 | $6,951,897 | | Total liabilities | $8,333,009 | $9,675,227 | | Total stockholders' deficit | $(2,768,271) | $(3,936,039) | [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Consolidated Statements of Operations Highlights (Three Months Ended March 31) | Metric | 2024 ($) | 2023 ($) | | :-------------------------- | :----------- | :----------- | | Revenues | $3,848,598 | $1,875,508 | | Cost of revenues | $3,972,954 | $1,950,526 | | Gross loss | $(124,356) | $(75,018) | | Total operating expenses | $3,025,440 | $2,644,504 | | Operating loss | $(3,149,796) | $(2,719,522) | | Net Loss | $(3,229,049) | $(2,719,522) | | Net Loss to common stockholders | $(3,258,777) | $(2,719,522) | | Net loss per share - basic and diluted | $(0.28) | $(0.70) | [Consolidated Statements of Stockholders' (Deficit) Equity](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20%28DEFICIT%29%20EQUITY) - Stock-based compensation recognized was **$1,199,318** for the three months ended March 31, 2024, compared to **$1,407,044** for the same period in 2023[13](index=13&type=chunk) - The Company sold 150 shares of Series B Convertible Preferred Units and 250,000 shares of common stock, generating **$1,500,025** in additional paid-in capital during Q1 2024[13](index=13&type=chunk) - Issuance of Common Stock upon exercise of warrants contributed **$742,474** to additional paid-in capital in Q1 2024[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Consolidated Statements of Cash Flows Highlights (Three Months Ended March 31) | Cash Flow Activity | 2024 ($) | 2023 ($) | | :-------------------------------- | :------------- | :------------- | | Net cash used in operating activities | $(2,520,790) | $(1,192,047) | | Net cash used in investing activities | $(12,922) | $(93,633) | | Net cash provided by financing activities | $1,028,724 | $1,151,726 | | Decrease in cash and cash equivalents | $(1,504,988) | $(133,954) | | Cash and cash equivalents, end of period | $595,555 | $1,393,437 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1 – Organization and Nature of Operations](index=8&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%20AND%20NATURE%20OF%20OPERATIONS) Jet.AI Inc. was formed via a reverse recapitalization on August 10, 2023, and operates in fractional/whole aircraft sales, jet cards, a booking platform, direct chartering, brokerage, and aircraft management services - Business Combination was consummated on August 10, 2023, with Oxbridge Acquisition Corp. changing its name to Jet.AI, Inc. and Jet Token Inc. becoming a wholly-owned subsidiary[18](index=18&type=chunk) - The Company's principal activities include: (i) sale of fractional and whole interests in aircraft, (ii) sale of jet cards, (iii) operation of a proprietary booking platform (App), (iv) direct chartering of its HondaJet aircraft by Cirrus, (v) aircraft brokerage, and (vi) service revenue from monthly management and hourly operation of customer aircraft[22](index=22&type=chunk) [Note 2 – Summary of Significant Accounting Policies](index=9&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note details significant accounting policies, covering going concern status, reverse recapitalization, revenue recognition across diverse services, and policies for cash, assets, leases, and stock-based compensation - The Company has incurred losses from operations since inception, raising concern about its ability to continue as a going concern. Management plans to fund operations through capital from operations, drawdowns under the GEM share purchase agreement, and proceeds from warrant exercises[23](index=23&type=chunk)[24](index=24&type=chunk) - The Business Combination was accounted for as a reverse recapitalization, with Jet Token treated as the accounting acquirer[26](index=26&type=chunk) Revenue Components by Subcategory (Three Months Ended March 31) | Revenue Subcategory | 2024 ($) | 2023 ($) | | :-------------------------- | :----------- | :----------- | | Software App and Cirrus Charter | $2,371,091 | $994,253 | | Jet Card and Fractional Programs | $677,320 | $547,545 | | Management and Other Services | $800,187 | $333,710 | | **Total Revenues** | **$3,848,598** | **$1,875,508** | - Cost of sales includes expenses for chartering third-party aircraft, aircraft lease expenses, pilot training and wages, aircraft fuel, aircraft maintenance, and other aircraft operating expenses[59](index=59&type=chunk)[60](index=60&type=chunk) - Stock-based compensation expense recognized for the three months ended March 31, 2024, and 2023 was **$1,199,318** and **$1,407,044**, respectively[63](index=63&type=chunk)[111](index=111&type=chunk) [Note 3 – Other Assets](index=16&type=section&id=NOTE%203%20%E2%80%93%20OTHER%20ASSETS) This note provides a breakdown of other assets, primarily consisting of deposits and a lease maintenance reserve Other Assets Breakdown (March 31, 2024 vs. December 31, 2023) | Asset Type | March 31, 2024 ($) | December 31, 2023 ($) | | :-------------------- | :------------- | :---------------- | | Deposits | $108,361 | $108,361 | | Lease Maintenance Reserve | $689,750 | $689,750 | | **Total Other Assets** | **$798,111** | **$798,111** | [Note 4 – Notes Payable](index=16&type=section&id=NOTE%204%20%E2%80%93%20NOTES%20PAYABLE) The company entered into a Bridge Agreement in September 2023 for **$625,000** in senior secured promissory notes, including related party participation, which matured on March 11, 2024, and were fully repaid during Q1 2024 - On September 11, 2023, the Company entered into a Bridge Agreement for **$625,000** in senior secured promissory notes, with **$281,250** from related parties[72](index=72&type=chunk) - The notes bore interest at **5%** per annum and matured on March 11, 2024. Interest expense for Q1 2024 was **$79,314**[73](index=73&type=chunk) - These notes and accrued interest were fully repaid during the three months ended March 31, 2024[74](index=74&type=chunk) [Note 5 – Commitments and Contingencies](index=17&type=section&id=NOTE%205%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) This note details the company's operating lease for an aircraft, including liquidity and maintenance reserve requirements, and outlines significant agreements such as the GEM Share Purchase Agreement, Forward Purchase Agreement, and settlement agreements with Maxim Group LLC and the Sponsor - The Company has an operating lease for an aircraft expiring November 2026, requiring a **$500,000** liquidity reserve (restricted cash) and a **$690,000** maintenance reserve[75](index=75&type=chunk)[76](index=76&type=chunk) Operating Lease Liabilities (March 31, 2024 vs. December 31, 2023) | Metric | March 31, 2024 ($) | December 31, 2023 ($) | | :-------------------------- | :------------- | :---------------- | | Operating lease right-of-use asset (net) | $1,442,884 | $1,572,489 | | Lease liability, current portion | $513,869 | $510,034 | | Lease liability, long-term | $891,415 | $1,021,330 | | **Total operating lease liabilities** | **$1,405,284** | **$1,531,364** | - Under the GEM Share Purchase Agreement, the Company can issue and sell up to **$40,000,000** of common stock to GEM over 36 months. A commitment fee of **$800,000** is payable to GEM[80](index=80&type=chunk)[82](index=82&type=chunk) - The Forward Purchase Agreement with Meteora Capital was amended to increase additional shares purchased, provide **$550,000** in 'Future Shortfall' payments, and extend the 'Valuation Date' to the two-year anniversary of the Business Combination closing[91](index=91&type=chunk) - The Company issued **270,000** shares of Common Stock and **1,127** Series A Preferred Shares (valued at **$1,127,000**) to Maxim Group LLC to settle payment obligations[94](index=94&type=chunk) - The Company issued **575** Series A-1 Preferred Shares to the Sponsor to settle a **$575,000** promissory note[95](index=95&type=chunk) [Note 6 – Stockholders' Equity](index=21&type=section&id=NOTE%206%20%E2%80%93%20STOCKHOLDERS%27%20EQUITY) This note details the company's authorized and outstanding common and preferred stock, the impact of the Business Combination on equity, and the various equity incentive plans, highlighting the recent Series B Convertible Preferred Stock Securities Purchase Agreement with Ionic Ventures, LLC for **$1.5 million** - As of March 31, 2024, the Company had **55,000,000** shares of common stock and **4,000,000** shares of preferred stock authorized. There were **1,702** Series A/A-1 and **1,500** Series B convertible preferred shares outstanding[97](index=97&type=chunk) - The Business Combination resulted in the issuance of **4,523,167** shares of Common Stock and **7,196,375** Merger Consideration Warrants to historical Jet Token stockholders[98](index=98&type=chunk) - On March 28, 2024, the Company sold **150** shares of Series B convertible preferred stock, a warrant to purchase up to **1,500** shares of Series B preferred stock, and **250,000** shares of common stock to Ionic Ventures, LLC for gross proceeds of **$1,500,025**[100](index=100&type=chunk) - Series B Preferred Stock is convertible into common stock, subject to beneficial ownership limitations (**4.99%** or **9.99%** upon notice) and Nasdaq Stock Market Rules approval[101](index=101&type=chunk) - As of March 31, 2024, total outstanding warrants exercisable for common stock amounted to **25,221,406**, with exercise prices ranging from **$5.81** to **$15.00**[113](index=113&type=chunk) [Note 7 – Related Party Transactions](index=24&type=section&id=NOTE%207%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) This note cross-references discussions of related party transactions detailed in other notes, specifically regarding the Bridge Agreement and agreements with Maxim Group LLC - Related party transactions are discussed in Note 4 (Bridge Agreement) and Note 5 (Maxim Settlement Agreement and Placement Agent Agreement)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) [Note 8 – Fair Value of Financial Instruments](index=24&type=section&id=NOTE%208%20%E2%80%93%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS) The carrying amounts of the company's financial instruments, including cash, receivables, and payables, are considered to approximate their fair value due to their short-term nature - The carrying amount of financial instruments (cash, accounts receivable, accounts payable, notes payable) approximates fair value due to their short-term nature[117](index=117&type=chunk) [Note 9 – Deferred Revenue](index=24&type=section&id=NOTE%209%20%E2%80%93%20DEFERRED%20REVENUE) This note outlines the changes in deferred revenue for the three months ended March 31, 2024, showing the balance at the beginning and end of the period, new deferrals, and recognized revenue Changes in Deferred Revenue (Three Months Ended March 31, 2024) | Metric | Amount ($) | | :---------------------------------------------------- | :----------- | | Deferred revenue as of December 31, 2023 | $1,779,794 | | Amounts deferred during the period | $2,324,663 | | Revenue recognized from deferred revenue beginning balance | $(841,375) | | Revenue from current period sales | $(1,867,797) | | **Deferred revenue as of March 31, 2024** | **$1,395,285** | [Note 10 – Subsequent Events](index=24&type=section&id=NOTE%2010%20%E2%80%93%20SUBSEQUENT%20EVENTS) The company received gross proceeds of **$1,500,025** from Ionic on April 2, 2024, as part of the Securities Purchase Agreement, with no other events requiring recognition or disclosure through May 15, 2024 - On April 2, 2024, the Company received gross proceeds of **$1,500,025** from Ionic pursuant to the Securities Purchase Agreement[119](index=119&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of Jet.AI's Q1 2024 financial condition and operational results, including business overview, business combination impact, revenue/expense analysis, liquidity, capital resources, accounting estimates, and market trends [Overview](index=25&type=section&id=Overview) Jet.AI, founded in 2018, operates in private aviation services, including aircraft sales, jet cards, a booking platform, and aircraft management, launching new B2B SaaS products Reroute AI and DynoFlight after its August 2023 business combination - Jet.AI's core business involves fractional/whole aircraft sales, jet cards, a proprietary booking platform, direct chartering, aircraft brokerage, and aircraft management[123](index=123&type=chunk) - The Business Combination on August 10, 2023, resulted in Oxbridge Acquisition Corp. being renamed Jet.AI, Inc., with Jet Token Inc. becoming a wholly-owned subsidiary[124](index=124&type=chunk) - Beginning December 2023, the Company launched new B2B SaaS products: Reroute AI (for recycling aircraft into new charter bookings) and DynoFlight (for estimating emissions and purchasing carbon removal credits)[124](index=124&type=chunk)[125](index=125&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) For Q1 2024, revenues significantly increased to **$3.8 million** from **$1.9 million** in Q1 2023, primarily driven by growth in Software App and Management and Other Services, but rising costs led to an increased gross loss of **$124,356** and an operating loss of **$3.1 million** Revenue Performance (Three Months Ended March 31) | Metric | 2024 ($) | 2023 ($) | Change ($) | Change (%) | | :-------------------------- | :----------- | :----------- | :----------- | :--------- | | Revenues | $3,848,598 | $1,875,508 | $1,973,090 | 105.2% | | Cost of revenues | $3,972,954 | $1,950,526 | $2,022,428 | 103.7% | | Gross loss | $(124,356) | $(75,018) | $(49,338) | 65.8% | | Total operating expenses | $3,025,440 | $2,644,504 | $380,936 | 14.4% | | Operating loss | $(3,149,796) | $(2,719,522) | $(430,274) | 15.8% | | Net Loss | $(3,229,049) | $(2,719,522) | $(509,527) | 18.7% | Revenue Components by Subcategory (Three Months Ended March 31) | Revenue Subcategory | 2024 ($) | 2023 ($) | Change ($) | Change (%) | | :-------------------------- | :----------- | :----------- | :----------- | :--------- | | Software App and Cirrus Charter | $2,371,091 | $994,253 | $1,376,838 | 138.5% | | Jet Card and Fractional Programs | $677,320 | $547,545 | $129,775 | 23.7% | | Management and Other Services | $800,187 | $333,710 | $466,477 | 139.8% | - The increase in Software App and Cirrus Charter revenue was primarily due to increased utilization of the Company's Citation CJ4 aircraft and increased bookings through the CharterGPT app[137](index=137&type=chunk) - Cost of revenues increased by **$2.0 million**, largely due to increased subcharter costs (**$1.6 million** increase), higher aircraft operating costs, and increased aircraft lease payments[142](index=142&type=chunk)[143](index=143&type=chunk) - Sales and marketing expenses increased by **$326,433** to **$446,600** in Q1 2024, driven by increased software marketing for CharterGPT and DynoFlight[147](index=147&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, Jet.AI had **$595,555** in cash and equivalents, with current liabilities exceeding current assets by **$4.0 million**, and plans to rely on the GEM Share Purchase Agreement and Ionic Warrant exercises for funding while preparing to reduce cash burn if external financing is insufficient - As of March 31, 2024, cash and equivalents were **$595,555**, including **$500,000** of restricted cash[150](index=150&type=chunk) - Current liabilities exceeded current assets by approximately **$4.0 million** as of March 31, 2024[150](index=150&type=chunk) - During Q1 2024, the Company raised **$1,110,000** from common stock issuance under the Share Purchase Agreement and **$742,000** from warrant exercises, totaling **$1,852,000**[151](index=151&type=chunk) - The Company fully repaid approximately **$683,000** under the Bridge Agreement in March 2024[151](index=151&type=chunk) - The Company expects to continue incurring operating losses for at least the next 12 months and intends to rely on funds from the GEM Share Purchase Agreement and Ionic Warrant exercises for funding[152](index=152&type=chunk) - In the absence of external financing, the Company is prepared to cut cash utilization by ceasing marketing, suspending software development, streamlining operations, and servicing only existing customers[152](index=152&type=chunk) Cash Flow Summary (Three Months Ended March 31) | Cash Flow Activity | 2024 ($) | 2023 ($) | | :-------------------------------- | :------------- | :------------- | | Net cash used in operating activities | $(2,520,790) | $(1,192,047) | | Net cash used in investing activities | $(12,922) | $(93,633) | | Net cash provided by financing activities | $1,028,724 | $1,151,726 | | Decrease in cash and cash equivalents | $(1,504,988) | $(133,954) | [Critical Accounting Estimates](index=36&type=section&id=Critical%20Accounting%20Estimates) This section highlights critical accounting estimates, including the company's going concern assessment due to historical losses, the accounting for the Business Combination as a reverse recapitalization, and the five-step model used for revenue recognition across its diverse service offerings - The Company's limited operating history and incurred losses raise concerns about its ability to continue as a going concern[185](index=185&type=chunk) - The Business Combination was accounted for as a reverse recapitalization, with Jet Token identified as the accounting acquirer[187](index=187&type=chunk)[188](index=188&type=chunk) - Revenue recognition follows ASC 606's five-step model, applied to fractional/whole aircraft sales, jet card programs, ad hoc charter through the app, and aircraft management[190](index=190&type=chunk)[192](index=192&type=chunk) [Trend Information](index=40&type=section&id=Trend%20Information) The company's business and operations are sensitive to general business and economic conditions, including factors like changes in the airline industry, fuel costs, demand for private jet travel, and regulatory changes related to carbon emissions - The Company's business is sensitive to general business and economic conditions, including changes in the airline industry, fuel and operating costs, demand for private jet travel, and regulations on carbon emissions[209](index=209&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a 'smaller reporting company,' Jet.AI Inc. is not required to provide the quantitative and qualitative disclosures about market risk - The Company is a 'smaller reporting company' and is not required to provide quantitative and qualitative disclosures about market risk[210](index=210&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) The Interim Chief Executive Officer and Interim Chief Financial Officer evaluated the effectiveness of the company's disclosure controls and procedures as of March 31, 2024, concluding they were effective, with no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were evaluated as effective as of March 31, 2024[212](index=212&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2024[213](index=213&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS.) There are no legal proceedings to report for the company - No legal proceedings were reported[215](index=215&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20RISK%20FACTORS.) As of the date of this report, there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[216](index=216&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS.) During Q1 2024, the company sold **1,500,000** shares of common stock to GEM under the Share Purchase Agreement, relying on the Section 4(a)(2) exemption from registration requirements, with all other unregistered sales previously reported - In Q1 2024, the Company sold **1,500,000** shares of common stock to GEM under the Share Purchase Agreement, utilizing the Section 4(a)(2) exemption[217](index=217&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20EXHIBITS.) This section lists all exhibits filed as part of, or incorporated by reference into, this Quarterly Report, including corporate governance documents, warrant agreements, and various financing and settlement agreements - Key exhibits include Certificate of Incorporation, Certificates of Designation for Preferred Stock, Bylaws, Warrant Agreements (JTAIW, JTAIZ, GEM, Ionic), and various agreements such as the Securities Purchase Agreement with Ionic Ventures and the Placement Agency Agreement[224](index=224&type=chunk) [Signature](index=43&type=section&id=Signature) The report was duly signed on May 15, 2024, by George Murnane, Interim Chief Financial Officer of Jet.AI Inc. - The report was signed by George Murnane, Interim Chief Financial Officer, on May 15, 2024[227](index=227&type=chunk)

LAS VEGAS, May 08, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ:JTAI), an innovative private aviation and artificial intelligence ("AI") company, today announced it has officially launched its national jet card program. The program offers all categories of private jet for service within the continental U.S., guaranteed rates, guaranteed availability, and a 48-hour call out. Program highlights include an optional escrow, and only 44 peak days (below the industry average of 47). "B ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or Jet.AI Inc. (Exact Name of Registrant As Specified In Its Charter) Delaware 93-2971741 State or other jurisdiction of incorporation or organization (I.R.S. Employer Identification No.) 10845 Griffith Peak Dr. Suite 200 Las Vegas, NV 89135 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF TH ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-40725 Jet.AI Inc. (Exact Name of Registrant As Specified In Its Charter) 10845 Griffith Peak Dr. Suite 200 Las Vegas ...