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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Revenues [1] $ 5,507,000 $ 365,000
Cost of Revenue [Abstract]    
Flight operations 5,009,000 3,733,000
Maintenance 4,197,000 3,515,000
Total cost of revenues 9,206,000 7,248,000
Gross loss (3,699,000) (6,883,000)
Selling, general and administrative expense [2] 11,610,000 33,229,000
Operating loss (15,309,000) (40,112,000)
Interest expense [3] (5,923,000) (5,665,000)
Other income 1,159,000 1,092,000
Loss before income taxes (20,073,000) (44,685,000)
Income tax expense (14,000) 0
Net loss (20,087,000) (44,685,000)
Series A Preferred Stock – adjustment for deemed dividend upon Closing 0 (48,300,000)
Series A Preferred Stock – adjustment to eliminate 50% multiplier 0 156,362,000
Series A Preferred Stock – adjustment to maximum redemptions value (6,189,000) (4,274,000)
Net income (loss) attributable to Common stockholders – basic (26,276,000) 59,103,000
Net income (loss) attributable to Common stockholders – diluted $ (26,276,000) $ 59,103,000
(Loss) earnings per share—basic (in dollars per share) $ (0.55) $ 1.36
(Loss) earnings per share—diluted (in dollars per share) $ (0.55) $ 0.79
Weighted average Common Stock outstanding – basic (in shares) 47,602,241 43,488,468
Weighted average Common Stock outstanding – diluted (in shares) 47,602,241 74,986,752
[1] Includes related party revenues of $0.1 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Includes related party cost of revenues of $1.0 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.
[3] Includes related party interest expense of $0.3 million for the three months ended March 31, 2024 and 2023.

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