Equity Method Investments

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

3.EQUITY METHOD INVESTMENTS

The Company’s investments in affiliates accounted for using the equity method include an approximately 13% ownership interest in Canada Jetlines Operations Ltd. (“Jetlines”) as of June 30, 2023.

Investment in Canada Jetlines Operations Ltd.:

On June 28, 2021, the Company completed the spin-out pursuant to the Arrangement under which the Company transferred 75% of shares of Jetlines to Global shareholders. Global retained 25% of the shares issued and outstanding of Jetlines and accounts for the investment in accordance with the equity method. As of June 30, 2023, the Company holds approximately 13% ownership in Jetlines. Jetlines did not generate net income during the year ended on December 31, 2022 and the six months period ended on June 30, 2023.