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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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