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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Summary Of Subsidiary Ownership Interest | The Company’s consolidated subsidiaries were as follows:
Name of Consolidated Subsidiaries or Entities |  | State or Other Jurisdiction of Incorporation or Organization |  | Attributable Interest
Volato, Inc. (Legacy Volato) |  | Georgia |  | 100 | %
Gulf Coast Aviation, Inc., renamed Volato Aircraft Management Service |  | Texas |  | 100 | %
G C Aviation, Inc. |  | Texas |  | 100 | %
Fly Vaunt, LLC |  | Georgia |  | 100 | %
Fly Dreams, LLC (until March 3, 2023) |  | Georgia |  | 100 | %
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 at December 31, 2023 and 2022, in thousand:
| December 31, 2023 |  | December 31, 2022
Machine and equipment | $ | 191 |  |  | $ | 173 |
Automobiles | 102 |  |  | 63 |
Website development costs | 290 |  |  | 49 |
Computer and office equipment | 11 |  |  | 8 |
Software development costs | 437 |  |  | 114 |
| 1,031 |  |  | 407 |
Less accumulated depreciation | (185) |  |  | (59) |
| $ | 846 |  |  | $ | 348 |
Schedule of Fair Value Assets Measured on Recurring Basis | The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand:
| Fair Value Measurements as of December 31, 2023 Using
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total
Forward Purchase Agreement | $ | — |  | $ | — | $ | 2,982 | $ | 2,982
Total | $ | — |  | $ | — |  | $ | 2,982 | $ | 2,982
Schedule of Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand:
| Forward Purchase Agreement
Balance December 31, 2022 | $ | — |
Cash funded | 18,911
Proceeds | (2,525) |
Change in fair value | (13,403) |
Balance December 31, 2023 | $ | 2,983 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions:
| For the Year Ended December 31, 2023
Volume Weighted average stock price ("VWAP") | $3.82
Initial Price | $10.81
Expected Volatility | 87.0%
Term | 1.92
Risk-free Rate | 4.2%
Schedule of Disaggregation of Revenue | The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands:
Aircraft sales | $ | 21,443
Charter flight revenue | $ | 37,787
Aircraft Management revenue | $ | 14,108
Total | $ | 73,338
The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands:
Aircraft sales | $ | 67,695 |
Charter flight revenue | $ | 14,417 |
Aircraft management revenue | $ | 14,594 |
Total | $ | 96,706 |

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