XML 168 R27.htm IDEA: XBRL DOCUMENT v3.24.1

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

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

X

- Definition

Tabular disclosure of the estimated useful lives of property and equipment by category.

+ References

No definition available.

+ Details

Name:	soar_PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock
Namespace Prefix:	soar_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Summary Of Subsidiary Ownership Interest

+ References

No definition available.

+ Details

Name:	soar_SummaryOfSubsidiaryOwnershipInterestTableTextBlock
Namespace Prefix:	soar_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration