SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Fixed Assets

Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:

Classification	Life
Machinery and equipment	3-7 years
Automobiles	5 years
Computer and office equipment	5 years
Website development costs	3 years

Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands:

	March 31, 2024		December 31, 2023
Machine and equipment	$	191	$	191
Automobiles	102		102
Website development costs	290		290
Computer and office equipment	9		11
Software development costs	493		437
	1,085		1,031
Less accumulated depreciation	(248)		(185)
	$	837	$	846

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands:

	Fair Value Measurements as of March 31, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Forward Purchase Agreement	$	—	$	—	$	2,755	$	2,755
Total	$	—	$	—	$	2,755	$	2,755

Schedule of Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands:

	Forward Purchase Agreement
Balance December 31, 2023	$	2,982
Change in fair value	(227)
Balance March 31, 2024	$	2,755

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions:

	Three months ended March 31, 2024
Volume Weighted average stock price ("VWAP")	$3.54
Initial Price	$10.81
Expected Volatility	91.0%
Term	1.68
Risk-free Rate	4.7%

Schedule of Disaggregation of Revenue

The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands:

Aircraft sales	$	—
Charter flight revenue	11,516
Aircraft Management revenue	1,695
Total	$	13,211

The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands:

Aircraft sales	$	5,710
Charter flight revenue	6,684
Aircraft management revenue	3,271
Total	$	15,665