v3.23.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Revenues $ 53,619,117 [1] $ 32,452,593 [1] $ 65,599,770 $ 45,275,556
Cost of Revenue [Abstract]        
Flight operations 9,673,769 7,120,107 19,706,152 16,635,021
Maintenance 5,534,423 5,498,105 13,260,850 11,932,078
Total cost of revenues 15,208,192 12,618,212 32,967,002 28,567,099
Gross income 38,410,925 19,834,381 32,632,768 16,708,457
Selling, general and administrative expense [2] 15,826,474 18,058,418 64,242,773 28,635,304
Operating income (loss) 22,584,451 1,775,963 (31,610,005) (11,926,847)
Interest expense (5,970,547) [3] (6,984,901) [3] (17,175,959) (12,993,129)
Other income (expense) 559,992 (441,788) 2,253,320 (166,634)
Income (loss) before income taxes 17,173,896 (5,650,726) (46,532,644) (25,086,610)
Income tax benefit 314,080 0 314,080 0
Net loss 17,487,976 (5,650,726) (46,218,564) (25,086,610)
Series A Preferred Stock – adjustment for deemed dividend upon Closing 0 0 (48,300,000) 0
Series A Preferred Stock – adjustment to eliminate 50% multiplier 0 0 156,362,598 0
Series A Preferred Stock – adjustment to maximum redemption value (6,048,025) 0 (16,128,047) 0
Legacy Bridger Series A Preferred Shares – adjustment for redemption, extinguishment, accrued interest, and change in fair value 0 0 0 (85,663,336)
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value 0 (5,643,337) 0 (196,884,119)
Net income (loss) attributable to Common stockholders – basic 11,439,951 (11,294,063) 45,715,987 (307,634,065)
Net income (loss) attributable to Common stockholders – diluted $ 11,439,951 $ (11,294,063) $ 45,715,987 $ (307,634,065)
Net income (loss) per common stock – basic (in dollars per share) $ 0.25 $ (0.29) $ 1.02 $ (7.93)
Net income (loss) per common stock – diluted (in dollars per share) $ 0.15 $ (0.29) $ 0.59 $ (7.93)
Weighted average Common Stock outstanding – basic (in shares) 45,905,962 38,770,646 44,936,629 38,770,646
Weighted average Common Stock outstanding – diluted (in shares) 78,895,759 38,770,646 77,903,350 38,770,646
[1] Includes related party revenues of approximately $68,000 and $501,000 for the three and nine months ended September 30, 2023, respectively.
[2] Includes related party lease expense of approximately $139,000 for the three and nine months ended September 30, 2023, respectively.
[3] Includes related party interest for the 2022 taxable industrial revenue bond of approximately $293,000 and $856,000 for the three and nine months ended September 30, 2023, respectively, and $95,000 for three and nine months ended September 30, 2022, respectively.

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