XML 203 R34.htm IDEA: XBRL DOCUMENT
v3.25.4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Accounting Policies [Abstract] |  |
SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS | Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years: SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS
Classification |  | Life
Machinery and equipment |  | 3-7 years
Automobiles |  | 5 years
Computer and office equipment |  | 5 years
Website development costs |  | 3 years
| Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years: SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS
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 fair value instruments as of September 30, 2025 and December 31, 2024, in thousands: SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS
|  | Fair Value Measurements as of September 30, 2025 |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third Tranche Note |  | $ | — |  |  | $ | — |  |  | $ | 3,066 |  |  | $ | 3,066 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in M2i |  | $ | — |  |  | $ | 1,910 |  |  | $ | — |  |  | $ | 1,910 |
|  | Fair Value Measurements as of December 31, 2024 |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
2024 Convertible Note |  | $ | — |  |  | $ | — |  |  | $ | 4,050 |  |  | $ | 4,050 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 4,050 |  |  | $ | 4,050 |
| The following table presents balances of the fair value instruments as of December 31, 2024, in thousands: SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | Fair Value Measurements as of December 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 Convertible Notes |  |  | — |  |  |  | — |  |  |  | 4,050 |  |  |  | 4,050 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 4,050 |  |  | $ | 4,050 |
SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION | The following table presents changes of all convertible notes issued under the Securities Purchase Agreement (see Note 10) with significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025, in thousands: SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT
|  | 2024 Convertible Note |
Balance at December 31, 2024 |  | $ | 4,050 |
Change in fair value |  |  | 849 |
Balance at March 31, 2025 |  |  | 4,899 |
Change in fair value |  |  | (99 | )
Conversions |  |  | (4,676 | )
Additions |  |  | 1,350 |
Balance at June 30, 2025 |  |  | 1,474 |
Change in fair value |  |  | 384 |
Conversions |  |  | (1,492 | )
Additions |  |  | 2,700 |
Balance at September 30, 2025 |  | $ | 3,066 |
| The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2024 and 2023, in thousand: SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION
|  | Forward Purchase Agreement |
Balance at December 31, 2022 |  | $ | — |
Cash funded |  |  | 18,911 |
Proceeds |  |  | (2,525 | )
Change in fair value |  |  | (13,403 | )
Balance December 31, 2023 |  | $ | 2,983 |
Cash funded |  |  | — |
Proceeds |  |  | — |
Change in fair value |  |  | (2,983 | )
Balance December 31, 2024 |  | $ | — |
SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES | The Company measured the Third Tranche Note using a Monte Carlo simulation valuation model using the following assumptions: SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES
|  | Three and Nine months ended September 30, 2025 |
Volume Weighted average stock price (“VWAP”) |  | $ | 1.80 |
Simulation Period |  |  | 0.81 year |
Expected Volatility |  |  | 115.1 | %
Credit risk-adjusted rate |  |  | 18.6 | %
Risk-free Rate |  |  | 3.7 | %
| The Company measured the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES
|  | 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 FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION | The following table represents the change of the Investment in M2i (Level 2) for the three and nine months ended September 30, 2025, in thousands: FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION
|  | Investment in M2i |
Balance at June 30, 2025 |  | $ | — |
Additions |  |  | 1,950 |
Change in fair value |  |  | (40 | )
Balance at September 30, 2025 |  | $ | 1,910 |
| The following table presents changes of the Convertible Notes with significant unobservable inputs (Level 3) for the year ended December 31, 2024, in thousand: SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION
|  | Convertible Notes |
Balance at December 31, 2023 |  | $ | — |
Fair value at issuance |  |  | 4,050 |
Change in fair value |  |  | — |
Balance at December 31, 2024 |  | $ | 4,050 |
SCHEDULE OF DISAGGREGATION OF REVENUE | The Company generated revenue during the three and nine months ended September 30, 2025 and 2024, broken down as follows, in thousands: SCHEDULE OF DISAGGREGATION OF REVENUE
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Aircraft sales |  | $ | — |  |  | $ | 38,150 |  |  | $ | 49,600 |  |  | $ | 38,150 |
Subscription |  |  | 381 |  |  |  | 316 |  |  |  | 1,119 |  |  |  | 545 |
Total |  | $ | 381 |  |  | $ | 38,466 |  |  | $ | 50,719 |  |  | $ | 38,695 |
| The Company has generated revenue during the year ended December 31, 2024 and December 31, 2023, broken down as follows, in thousands: SCHEDULE OF DISAGGREGATION OF REVENUE
|  | 2024 |  |  | 2023 |
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Aircraft sales |  | $ | 38,150 |  |  | $ | 21,443 |
Managed Aircraft |  |  | 7,224 |  |  |  | 14,107 |
Subscription |  |  | 914 |  |  |  | 23 |
Total |  | $ | 46,288 |  |  | $ | 35,573 |
SCHEDULE OF CHANGES IN DEFERRED REVENUE | The following table provides a rollforward of deferred revenue for the nine months ended September 30, 2025: SCHEDULE OF CHANGES IN DEFERRED REVENUE
|  | Amount |
Balance as of December 31, 2024 |  | $ | 696 |
Revenue recognized |  |  | (1,119 | )
Revenue deferred |  |  | 2,195 |
Balance as of September 30, 2025 |  | $ | 1,772 |
SCHEDULE OF RELATED AMORTIZATION EXPENSES | The following tables present the asset balances and related amortization expense for the contract assets: SCHEDULE OF RELATED AMORTIZATION EXPENSES
|  | Contract assets |  |  | Amount Capitalized |  |  | Amortization |  |  | Contract assets |
|  | As of and for the nine months ended September 30, 2025 |
|  | Beginning Balance |  |  | Amount Capitalized |  |  | Amortization |  |  | Ending Balance |
Contract assets |  | $ | — |  |  | $ | 579 |  |  | $ | (129 | ) |  | $ | 450 |
SUMMARY OF SUBSIDIARY OWNERSHIP INTEREST |  | The Company’s consolidated subsidiaries were as follows: SUMMARY OF SUBSIDIARY OWNERSHIP INTEREST
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 | %

X
- Definition Property Plant And Equipment Useful Lives [Table Text Block] + References No definition available. + Details
Name: | SOAR_PropertyPlantAndEquipmentUsefulLivesTableTextBlock
Namespace Prefix: | SOAR_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Subsidiary Ownership Interest [Table Text Block] + 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 cost capitalized in obtaining or fulfilling contract with customer. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 340 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479483/340-40-50-3 + Details
Name: | us-gaap_CapitalizedContractCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration