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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (FY) (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | 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. | ​ | ​ | 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 March 31, 2024 and December 31, 2023, in thousands:
| ​ | ​ | March 31, 2024 | ​ | ​ | December 31, 2023
Machine and equipment | ​ | ​ | $191 | ​ | ​ | $191
Automobiles | ​ | ​ | 102 | ​ | ​ | 102
Website development costs | ​ | ​ | 290 | ​ | ​ | 290
Computer and office equipment | ​ | ​ | 9 | ​ | ​ | 11
Software development costs | ​ | ​ | 493 | ​ | ​ | 437
| ​ | ​ | 1,085 | ​ | ​ | 1,031
Less accumulated depreciation | ​ | ​ | (248) | ​ | ​ | (185)
| ​ | ​ | $837 | ​ | ​ | $846
| 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 March 31, 2024, in thousands:
| ​ | ​ | Fair Value Measurements as of March 31, 2024
| ​ | ​ | 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 | ​ | ​ | $— | ​ | ​ | $— | ​ | ​ | $2,755 | ​ | ​ | $2,755
Total | ​ | ​ | $— | ​ | ​ | $— | ​ | ​ | $2,755 | ​ | ​ | $2,755
| 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 three months ended March 31, 2024, in thousands:
| ​ | ​ | Forward Purchase Agreement
Balance December 31, 2023 | ​ | ​ | $2,982
Change in fair value | ​ | ​ | (227)
Balance March 31, 2024 | ​ | ​ | $2,755
| 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:
| ​ | ​ | Three months ended March 31, 2024
Volume Weighted average stock price (“VWAP”) | ​ | ​ | $3.54
Initial Price | ​ | ​ | $10.81
Expected Volatility | ​ | ​ | 91.0%
Term | ​ | ​ | 1.68
Risk-free Rate | ​ | ​ | 4.7%
| 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 generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands:
Aircraft sales | ​ | ​ | $—
Charter flight revenue | ​ | ​ | 11,516
Aircraft Management revenue | ​ | ​ | 1,695
Total | ​ | ​ | $13,211
The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands:
Aircraft sales | ​ | ​ | $5,710
Charter flight revenue | ​ | ​ | 6,684
Aircraft management revenue | ​ | ​ | 3,271
Total | ​ | ​ | $15,665
| 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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