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BUSINESS COMBINATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
SCHEDULE OF RECONCILES THE ELEMENTS OF THE BUSINESS COMBINATION | The following table reconciles the elements of the business combination to the consolidated statement of cash flows and the consolidated statement of changes in equity: SCHEDULE OF RECONCILES THE ELEMENTS OF THE BUSINESS COMBINATION
(In thousands) |  | Year Ended December 31, 2023 |
Cash - PACI trust and cash (net of redemptions) |  | $ | 19,081 |
Gross Proceeds |  | $ | 19,081 |
Less Transaction related expenses and other costs |  |  | (6,898 | )
Less Net liabilities assumed from PACI |  |  | (1,722 | )
Net proceeds from the business combination |  | $ | 10,461 |
SCHEDULE OF NUMBER OF SHARES OF COMMON STOCK OUTSTANDING | The number of shares of Common Stock outstanding immediately following the closing was as follows: SCHEDULE OF NUMBER OF SHARES OF COMMON STOCK OUTSTANDING
|  | Class A Common Stock |
PACI public shareholders |  |  | 70,696 |
PACI’s sponsors |  |  | 275,343 |
Company’s employees |  |  | 378 |
Legacy Volato shareholders (1) |  |  | 297,397 |
Legacy Volato Series Preferred investors |  |  | 477,924 |
Total shares of Common Stock immediately after closing |  |  | 1,121,738 |
(1) |  | The number of Legacy Volato shares was determined from the shares of Legacy Volato shares outstanding immediately prior to the closing converted at the exchange ratio of approximately 1.01508.

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