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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2025
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:
ClassificationLife
Machinery and equipment
3-7 years
Automobiles5 years
Computer and office equipment5 years
Website development costs3 years
Property and equipment, net consist of the following at March 31, 2025 and December 31, 2024, in thousands:
 March 31,
2025
December 31,
2024
Machine and equipment$186 $188 
Automobiles39 72 
Website development costs290 290 
Computer and office equipment
Software development costs579 579 
 1,099 1,134 
Less accumulated depreciation(520)(454)
Property and equipment, net $579 $680 
Schedule of Fair Value Assets Measured on Recurring Basis
The following table presents balances of the fair value instruments as of March 31, 2025 and December 31, 2024, in thousands:

Fair Value Measurements as of March 31, 2025
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable Inputs (Level 2)
Significant Unobservable
Inputs (Level 3)
Total
2024 Convertible Note$— $— $4,899 $4,899 
Total$— $— $4,899 $4,899 
Fair Value Measurements as of December 31, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable Inputs (Level 2)
Significant Unobservable
Inputs (Level 3)
Total
2024 Convertible Note$— $— $4,050 $4,050 
Total$— $— $4,050 $4,050 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents changes of the 2024 Convertible note with significant unobservable inputs (Level 3) for the three months ended March 31, 2025, in thousands:

2024 Convertible Notes
Balance at December 31, 2024$4,050 
Change in fair value 849 
Balance at March 31, 2025 $4,899 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The Company measured the 2024 Convertible note using a Monte Carlo simulation valuation model using the following assumptions:

Three months ended March 31, 2025
Volume Weighted average stock price ("VWAP")$1.69 
Simulation Period0.68 years
Expected Volatility128.5 %
Credit risk-adjusted rate18.2 %
Risk-free Rate4.2 %
Schedule of Disaggregation of Revenue
The Company has generated revenue during the three months ended March 31, 2025 and 2024, broken down as follows, in thousands:
Three Months Ended March 31,
20252024
Aircraft sales$25,100 $— 
Subscription383 48 
Total$25,483 $48 
Schedule of Changes in Deferred Revenue
The following tables provide a rollforward of deferred revenue for the three months ended March 31, 2025:

Amount
Balance as of December 31, 2024$696 
Revenue recognized (383)
Revenue deferred 389 
Balance as of March 31, 2025 $702