XML 110 R7.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income (loss) $ 5,173 $ (40,645)  
Net income (loss) from continuing operations 854 (21,184)  
Net income (loss) from discontinued operations, net of taxes 4,319 (19,461)  
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Loss on amendment to agreement 6,116 0  
Depreciation and amortization expense 297 341  
Non-monetary exchange 238 0  
Stock compensation expense 605 211  
Loss (gain) from sale of property and equipment 6 (2)  
Loss on extinguishment of debt 0 2,804  
Loss on impairment of intangible assets 0 130  
Loss from sale of consolidated entity 35 0  
Gain on settlement of liabilities (10,049)  
Amortization right-of-use asset 39 34  
Amortization of debt discount 283 301  
Change in fair value forward purchase agreement 0 2,983 $ 13,400
Change in fair value of convertible notes 1,488 0  
Gain on aviation asset option (324) 0  
Changes in assets and liabilities:      
Accounts receivable (199) 0  
Contract assets, net (636) 0  
Prepaid and other current assets 459 751  
Deposits 8,237 4,325  
Account payable and accrued liabilities (110) 2,845  
Operating lease liability 0 (34)  
Customers’ deposits and deferred revenue 38 9,137  
Net cash provided by operating activities from continuing operations 8,287 2,642  
Net cash used in operating activities from discontinued operations (4,795) (19,561)  
Net cash provided by (used in) operating activities 3,492 (16,919)  
Investing activities:      
Payoff of liability issued for flyExclusive investment (7,796)  
Cash payment for property and equipment (211) (145)  
Proceeds from the sale of property and equipment 30 33  
Interests on Note receivable (99) 0  
Cash used in investing activities - discontinued operations 0 (3)  
Net cash used in investing activities (8,076) (115)  
Financing activities:      
Principal payment on lease obligations (39) 0  
Repayments of lines of credit 0 (1,000)  
Proceeds from issuance of term loan 0 4,000  
Proceeds from issuance of convertible notes, net 6,048 4,050  
Proceeds from issuance of shares under at-the-market sales plan 463  
Costs of share issuance (66) 0  
Repayment on loans (1,124) (2,928)  
Proceeds from exercise of stock options 0 94  
Cash provided by financing activities - discontinued operations 0 95  
Net cash provided by financing activities 5,282 4,311  
Net increase (decrease) in cash 698 (12,723)  
Cash and restricted cash, beginning of period 4,000 16,723  
Cash and restricted cash, end of period 4,698 4,000 $ 16,723
Supplemental disclosure of cash flow information:      
Cash paid for interest 989 5,640  
Cash paid for income taxes 497 0  
Non-Cash Investing and Financing Activities:      
Note receivable from sale of GC Aviation, Inc. 1,800 0  
Non-cash interest 3,981 0  
Credit facility for the aircraft deposits (28,500) 0  
In-kind dividend payable 1,637 0  
Issuance of shares for convertible notes 7,356 0  
Investment in M2i - share exchange (2,065) 0  
Investment in flyExclusive (1,780) 0  
Liability issued for flyExclusive investment 7,796 0  
Financing for aircraft purchase 55,861 0  
Settlement on liability for aircraft purchase (55,950) 0  
Financed deposits on aircraft 28,500 0  
Issuance of shares in exchange for debt reduction 523 0  
Proceeds from settlement of net payable 100  
Initial recognition of right-of-use asset 0 201  
M2I      
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Loss on investments 869 0  
flyExclusive      
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Loss on investments $ 41 $ 0