XML 218 R49.htm IDEA: XBRL DOCUMENT
v3.25.4

REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024 | Nov. 30, 2024
SCHEDULE OF REVOLVING LOAN AND PROMISSORY NOTE WITH RELATED PARTY | Revolving loan and promissory note with a related party consisted of the following at December 31, 2024 and December 31, 2023, in thousand: SCHEDULE OF REVOLVING LOAN AND PROMISSORY NOTE WITH RELATED PARTY
|  | December 31, 2024 |  |  | December 31, 2023 |
Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 |  |  | — |  |  |  | 1,000 |
Total notes from related party - current |  | $ | — |  |  | $ | 1,000 |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The net deferred tax assets and liabilities consist of the following amounts at December 31, 2024 and 2023, in thousands: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|  | 2024 |  |  | 2023 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for doubtful Accounts |  | $ | — |  |  | $ | 1 |
Temporary differences |  |  |  |  |  |  |  |
Permanent differences |  |  |  |  |  |  |  |
Investment in Plane Cos LLC |  |  | — |  |  |  | 44 |
Loss carryforwards |  |  | 18,398 |  |  |  | 11,521 |
Intangible |  |  | 530 |  |  |  | 626 |
Interest expense limitations |  |  | 2,484 |  |  |  | 659 |
Other |  |  | 47 |  |  |  | 15 |
Total deferred tax assets |  |  | 21,459 |  |  |  | 12,866 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Property and equipment depreciation |  |  | (25 | ) |  |  | (74 | )
Valuation allowance |  |  | (21,738 | ) |  |  | (13,096 | )
Total deferred tax liabilities |  |  | (21,763 | ) |  |  | (13,170 | )
Net deferred tax assets (liabilities) |  |  | (305 | ) |  |  | (305 | )
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | A reconciliation from the statutory federal income tax rate to the effective income tax rate is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION
|  | 2024 |  |  | 2023 |
Expected federal income taxes at statutory rate |  |  | 21.00 | % |  |  | 21.00 | %
State and local income taxes |  |  | 4.54 | % |  |  | 4.54 | %
Temporary differences |  |  |  |  |  |  |  |
Permanent differences |  |  | (3.76 | )% |  |  | (6.79 | )%
Change in valuation allowance |  |  | (21.35 | )% |  |  | (18.18 | )%
Other |  |  | 0.82 | % |  |  | (0.69 | )%
Effective income tax rate |  |  | 1.25 | % |  |  | (0.12 | )%
M2i Global Inc [Member] |  |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |  | The Company had deferred income tax assets as of the fiscal years ended November 30, 2024, and 2023, as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|  | 2024 |  |  | 2023 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 1,270,500 |  |  | $ | 444,000 |
Temporary differences |  |  | - |  |  |  | - |
Permanent differences |  |  | - |  |  |  | (1,000 | )
Valuation allowance |  |  | (1,270,500 | ) |  |  | (443,000 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION |  | SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION
|  | 2024 |  |  | 2023 |
Federal tax statutory rate |  |  | 21 | % |  |  | 21 | %
Temporary differences |  |  | 0 | % |  |  | 0 | %
Permanent differences |  |  | 0 | % |  |  | 0 | %
Valuation Allowance |  |  | -21 | % |  |  | -21 | %
Effective income tax rate |  |  | 0 | % |  |  | 0 | %

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ConsolidatedEntitiesAxis=SOAR_M2iGlobalIncMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |