flyExclusive(FLYX) - 2021 Q4 - Annual Report

Financial Performance - As of December 31, 2021, the company reported a net income of $2,146,285, primarily from changes in the fair value of warrants and interest earned on marketable securities[192]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[191]. - As of December 31, 2021, the company had approximately $0.3 million in its operating bank account and working capital of approximately $0.4 million[193]. - The company has incurred formation and operating costs of $1,001,433 and warrant issuance costs of $391,110[192]. Capital Raising - The company completed its initial public offering (IPO) on May 28, 2021, raising gross proceeds of $225 million from the sale of 22,500,000 units at $10.00 per unit[189]. - The company also raised an additional $6.5 million through the sale of 4,333,333 private placement warrants at $1.50 each[189]. - The company may need to raise additional capital to meet its working capital needs and complete a business combination[197]. Financial Position - The company has no off-balance sheet arrangements or contractual obligations as of December 31, 2021[205]. - The company plans to use funds not held in the trust account for identifying and evaluating prospective acquisition candidates and related expenses[195]. Stock Valuation - The company recognizes changes in the redemption value of its Class A common stock immediately as they occur, affecting its carrying value[201].