Jet.AI (JTAI) - 2022 Q1 - Quarterly Report

Part I. Financial Information Financial Statements Oxbridge Acquisition Corp. reported a net income of $3,364,702, primarily from a non-cash gain on derivative warrant liabilities, with $116,725,000 in its trust account Condensed Balance Sheet Highlights (Unaudited) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Assets | | | | Cash | $554,375 | $614,395 | | Cash held in Trust Account | $116,725,000 | $116,725,000 | | Total Assets | $117,328,026 | $117,339,476 | | Liabilities & Equity | | | | Derivative liabilities | $3,648,660 | $7,069,300 | | Total liabilities | $7,736,148 | $11,112,300 | | Class A ordinary shares subject to possible redemption | $104,591,877 | $101,227,175 | | Total shareholders' equity | $5,000,001 | $5,000,001 | Condensed Statement of Operations for the Three Months Ended March 31, 2022 (Unaudited) | Account | Amount | | :--- | :--- | | General and administrative expenses | $(56,158) | | Change in fair value of derivative warrant liabilities | $3,420,640 | | Net income | $3,364,702 | | Basic and diluted net earnings per ordinary share | $0.232 | Condensed Statement of Cash Flows for the Three Months Ended March 31, 2022 (Unaudited) | Account | Amount | | :--- | :--- | | Net income | $3,364,702 | | Change in fair value of warrant liabilities | $(3,420,640) | | Net cash used in operating activities | $(60,020) | | Cash – Beginning of period | $614,395 | | Cash – Ending of period | $554,375 | Notes to Condensed Financial Statements Notes detail the company's SPAC formation, IPO, and key accounting policies for derivative warrant liabilities and redeemable Class A shares - The company was incorporated on April 12, 2021, to effect a business combination, with all activity through March 31, 2022, related to its formation and IPO[21][22] - On August 16, 2021, the company completed its IPO of 11,500,000 units (including full over-allotment) at $10.00 per unit, placing $116,725,000 into a trust account[23][25] - The company must complete a business combination by November 16, 2022, extendable to May 16, 2023, or face public share redemption and liquidation[30][32] - The company's 17,260,000 outstanding warrants (11,500,000 public, 5,760,000 private) are derivative liabilities, with fair value changes recognized in the statement of operations[54][93] - As of March 31, 2022, 10,304,618 Class A ordinary shares are subject to possible redemption and classified as temporary equity[55] Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's pre-business combination SPAC status, reporting a $3,364,702 net income and sufficient liquidity - The company is a Cayman Islands exempted company formed on April 12, 2021, to pursue a business combination[114] - For the three months ended March 31, 2022, net income was approximately $3,364,702, primarily from a $3,420,640 non-cash gain on warrant liabilities revaluation[126] - As of March 31, 2022, the company held approximately $554,000 in cash and $540,000 in working capital for liquidity[121] - The company pays its Sponsor $10,000 per month for administrative services, with $30,000 recognized for the quarter[128] - A deferred underwriting commission of $4,025,000 is payable from the Trust Account to underwriters only upon initial Business Combination completion[130] Quantitative and Qualitative Disclosures Regarding Market Risk As a smaller reporting company, the company is not required to provide disclosures regarding market risk - As a smaller reporting company under Rule 12b-2 of the Exchange Act, the company is exempt from quantitative and qualitative market risk disclosures[140] Controls and Procedures Management concluded the company's disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded the company's disclosure controls and procedures were effective[142] - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2022[143] Part II. Other Information Legal Proceedings The company reports no legal proceedings - No legal proceedings are reported[146] Risk Factors As a smaller reporting company, the company is not required to provide risk factor information - The company, as a smaller reporting company, is not required to provide the information for this item[147] Unregistered Sales of Equity Securities and Use of Proceeds The company reports no unregistered sales of equity securities or use of proceeds from registered securities for the period - None reported[148] Defaults Upon Senior Securities The company reports no defaults upon senior securities - None reported[149] Mine Safety Disclosures This item is not applicable to the company - Not applicable[150] Other Information The company reports no other information - None reported[151] Exhibits This section lists exhibits filed with the Quarterly Report, including governance documents, IPO-related agreements, and officer certifications - Exhibits filed include governance documents, IPO and warrant agreements, and certifications by Principal Executive and Financial Officers[153] Signatures Signatures The report was duly signed on behalf of the registrant by its Chief Financial Officer, Wrendon Timothy, on May 12, 2022 - The report was signed on May 12, 2022, by Wrendon Timothy, the Chief Financial Officer[156]