DEPOSITS

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deposits consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Deposits on aircraft	$	36,020	$	40,300
Other deposits	99		516
Total deposits	36,119		40,816
Less current portion	(36,020)		(25,125)
Total deposits, non-current	$	99	$	15,691

Below is a breakdown of the deposits on aircraft, in thousands:


	September 30, 2024		December 31, 2023
Gulfstream aircraft deposits	$	36,020	$	39,000
Honda aircraft deposits	—		1,300
Total deposits on aircraft	36,020		$	40,300
Less current portion	(36,020)		(25,050)
Total deposits on aircraft non-current	$	—	$	15,250

Gulfstream Aerospace, LP

In 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G280 aircraft for total consideration of $79.0 million. The first Gulfstream G280 was delivered in the third quarter of 2024 with the remaining three Gulfstream G280s expected to be delivered throughout fiscal year 2025.

The Company has funded an aggregate amount of $48.0 million and $39.0 million towards the acquisition price of the four Gulfstream G280 aircraft in accordance with the scheduled payment terms of the agreements as of September 30, 2024, and December 31, 2023, respectively.

During the nine months ended September 30, 2024, the Company funded an additional amount of $9.0 million, which was funded through the SAC Leasing G280 line of credit. During the nine months ended September 30, 2023, the Company funded $18.0 million pursuant to the terms of the executed purchase agreements, of which $15.0 million was funded through the SAC Leasing G280 line of credit and $3.0 million was paid directly by the Company. In the third quarter of 2024, in connection with the delivery of the Gulfstream G280, $9.0 million in deposits were paid to SAC Leasing G280 and $3.0 million in deposits were paid to the Company. Deposits for the remaining three Gulfstream G280’s is $36.0 million as of September 31, 2024.

HondaJet

In 2022, the Company entered into aircraft purchase agreements with Honda Aircraft Company LLC (“Honda Aircraft”), under which it paid $1.3 million of deposits for aircraft not yet delivered at December 31, 2023.

In May 2023, the Company and Honda Aircraft entered into a HondaJet Fleet Purchase Agreement (the “Honda FPA”) for the acquisition of twenty-three (23) HondaJet HA-420 Aircraft for a total aggregate purchase price of $161.1 million for delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025. The Company took delivery of two aircraft related to this agreement. On September 10, 2024 the Company received notice from Honda Aircraft that the Honda FPA was terminated. Pursuant to the terms of the agreement, Honda Aircraft will retain the deposits that have previously been paid by the Company and the Company has to enter into individual purchase agreements for each aircraft for which a deposit had previously been paid. During the three and nine months ended September 30, 2024 the Company wrote-off the remaining deposit balance of $1.0 million and is recorded in selling, general, and administrative expenses.