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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

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, in thousands:


	September 30, 2024		December 31, 2023
Machine and equipment	$	194	$	191
Automobiles	102		102
Website development costs	290		290
Computer and office equipment	9		11
Software development costs	580		437
	1,175		1,031
Less accumulated depreciation	(379)		(185)
	$	796	$	846

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

The following table presents changes of the Forward Purchase Agreement for the nine months ended September 30, 2024, in thousands:


	Forward Purchase Agreement
Balance December 31, 2023	$	2,982


Change in fair value	(2,982)

Balance September 30, 2024	$	—

Schedule of Disaggregation of Revenue

The Company generated revenue during the three and nine months ended September 30, 2024 and 2023, broken down as follows, in thousands:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Aircraft sales	$	38,150	$	—	$	38,150	$	5,710
Aircraft management revenue	1,803		3,646		6,171		10,215
Subscription	316		8		545		8
Total	$	40,269	$	3,654	$	44,866	$	15,933

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details