Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | Global Crossing Airlines Group Inc |
Entity Central Index Key | 0001846084 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity File Number | 000-56409 |
Entity Incorporation State Country Code | DE |
Entity Tax Identification Number | 85-0655281 |
Entity Address Address Line1 | 4200 NW 36th Street, |
Entity Address, Address Line Two | Building 5A |
Entity Address, Address Line Three | Miami International AirportMiami |
Entity Address City Or Town | Miami |
Entity Address State Or Province | FL |
Entity Address Postal Zip Code | 33166 |
City Area Code | 786 |
Local Phone Number | 751-8503 |
Document Quarterly Report | true |
Document Transition Report | false |
Undesignated Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 31,660,576 |
Class A Nonvoting Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 5,537,313 |
Class B Nonvoting Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 15,376,049 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 2,875,901 | $ 5,241,716 |
Restricted cash | 4,933,714 | 2,752,285 |
Accounts receivable, net of allowance | 1,453,984 | 745,646 |
Prepaid expenses and other current assets | 2,170,078 | 848,490 |
Total Current Assets | 11,433,677 | 9,588,137 |
Property and equipment, net | 1,669,749 | 618,883 |
Finance leases, net | 2,741,063 | |
Operating lease right-of-use assets | 24,677,532 | 22,668,308 |
Deferred costs and other assets | 9,400,590 | 6,198,338 |
Total Assets | 49,922,611 | 39,073,666 |
Current liabilities | ||
Accounts payable | 6,673,457 | 3,574,186 |
Accrued liabilities | 5,173,713 | 2,704,169 |
Deferred revenue | 4,782,831 | 1,995,090 |
Customer deposits | 2,284,000 | 1,264,502 |
Due from related parties | 197,558 | |
Current portion of notes payable | 1,573,000 | 1,573,000 |
Current portion of operating leases | 6,165,322 | 3,393,497 |
Current portion of finance leases | 317,423 | |
Total current liabilities | 26,969,746 | 14,702,002 |
Other liabilities | ||
Note payable | 4,184,188 | |
Long-term operating leases | 20,102,218 | 20,042,343 |
Long-term financial leases | 2,148,431 | |
Other liabilities | 83,498 | 83,491 |
Total other liabilities | 26,518,335 | 20,125,834 |
Commitments and Contingencies | ||
Equity (Deficit) | ||
Common stock - $.001 par value; 200,000,000 authorized; 52,573,938 and 51,237,876 issued and outstanding as of September 30, 2022 and December 31, 2021 | 52,574 | 51,237 |
Additional paid-in capital | 30,025,791 | 26,456,900 |
Retained deficit | (33,643,835) | (22,262,307) |
Total stockholders' equity (Deficit) | (3,565,470) | 4,245,830 |
Total Liabilities and Equity (Deficit) | $ 49,922,611 | $ 39,073,666 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 200,000,000 | 200,000,000 |
Common stock shares issued | 52,573,938 | 51,237,876 |
Common stock shares outstanding | 52,573,938 | 51,237,876 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Operating Revenue | $ 30,790,240 | $ 3,123,946 | $ 64,612,231 | $ 3,123,946 |
Operating Expenses | ||||
Salaries, Wages, & Benefits | 7,712,688 | 2,558,017 | 20,829,632 | 5,048,218 |
Aircraft Fuel | 7,764,761 | 834,313 | 15,402,450 | 998,331 |
Maintenance, materials and repairs | 1,218,221 | 232,400 | 3,373,396 | 454,635 |
Depreciation and amortization | 193,620 | 7,100 | 296,830 | 15,484 |
Contracted ground and aviation services | 4,631,741 | 623,637 | 10,674,340 | 806,033 |
Travel | 1,078,854 | 327,997 | 3,204,172 | 391,320 |
Insurance | 947,342 | 481,678 | 2,713,791 | 1,424,400 |
Aircraft Rent | 3,957,508 | 1,083,260 | 11,151,412 | 1,914,041 |
Other | 2,489,530 | 2,232,978 | 7,464,756 | 5,000,740 |
Total Operating Expenses | 29,994,265 | 8,381,380 | 75,110,779 | 16,053,202 |
Operating Income/(Loss) | 795,975 | (5,257,434) | (10,498,548) | (12,929,256) |
Non-Operating Expenses (Income) | ||||
Loss (Gain) on Warrant Valuation | 2,650,772 | |||
Unrealized Loss (Gain) on Financial Instruments | 82,529 | (15) | (73,037) | |
Equity method investment activity | (20,478) | (20,478) | ||
Interest Expense (Income) | 632,344 | (56,065) | 882,990 | 27,081 |
Total Non-Operating Expenses | 632,344 | 5,986 | 882,975 | 2,584,338 |
Loss from continuing operations | 163,631 | (5,263,420) | (11,381,523) | (15,513,594) |
Income from Discontinued Operations | 177,706 | |||
Loss before income taxes | 163,631 | (5,263,420) | (11,381,523) | (15,335,888) |
Net Income (Loss) | 163,631 | (5,263,420) | (11,381,523) | (15,335,888) |
Other comprensive loss | ||||
Foregin currency translation adjustments | (164,738) | (164,738) | ||
Comprehensive loss | $ 163,631 | $ (5,428,158) | $ (11,381,523) | $ (15,500,626) |
Loss per share: | ||||
Basic | $ 0 | $ (0.10) | $ (0.22) | $ (0.35) |
Diluted | $ 0 | $ (0.10) | $ (0.22) | $ (0.35) |
Weighted average number of shares outstanding | 52,569,481 | 50,431,295 | 51,776,833 | 43,572,925 |
Fully diluted shares outstanding | 76,507,900 | 50,431,295 | 51,776,833 | 43,572,925 |
STATEMENTS OF CONDENSED STOCKHO
STATEMENTS OF CONDENSED STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Total | Common Stock | Common Stock Subscribed | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Retained Deficit |
Beginning balance at Dec. 31, 2020 | $ 302,379 | $ 28,938 | $ 452,269 | $ 2,264,966 | $ (2,443,794) | |
Beginning balance, shares at Dec. 31, 2020 | 28,938,060 | |||||
Issuance of shares - private placement | 4,569,689 | $ 8,064 | (212,073) | 4,773,698 | ||
Issuance of shares - private placement, shares | 8,064,517 | |||||
Issuance of shares - warrants and options exercised | 418,810 | $ 1,051 | (100,000) | 517,759 | ||
Issuance of shares - warrants and options exercised, shares | 1,050,740 | |||||
Issuance of shares - RSUs | $ 40 | (40) | ||||
Issuance of shares - RSUs, shares | 40,000 | |||||
Share based compensation on stock options or RSUs | 120,411 | 120,411 | ||||
Income (Loss) for the period | (5,974,924) | (5,974,924) | ||||
Ending balance at Mar. 31, 2021 | (563,635) | $ 38,093 | 140,196 | 7,676,794 | (8,418,718) | |
Ending balance, shares at Mar. 31, 2021 | 38,093,317 | |||||
Beginning balance at Dec. 31, 2020 | 302,379 | $ 28,938 | 452,269 | 2,264,966 | (2,443,794) | |
Beginning balance, shares at Dec. 31, 2020 | 28,938,060 | |||||
Income (Loss) for the period | (15,335,888) | |||||
Ending balance at Sep. 30, 2021 | 7,592,363 | $ 50,462 | 25,486,321 | $ (164,738) | (17,779,682) | |
Ending balance, shares at Sep. 30, 2021 | 50,462,767 | |||||
Beginning balance at Mar. 31, 2021 | (563,635) | $ 38,093 | 140,196 | 7,676,794 | (8,418,718) | |
Beginning balance, shares at Mar. 31, 2021 | 38,093,317 | |||||
Issuance of shares - private placement | 9,999,999 | $ 7,537 | 9,992,462 | |||
Issuance of shares - private placement, shares | 7,537,313 | |||||
Issuance of shares - warrants and options exercised | 3,671,345 | $ 4,474 | $ (140,196) | 3,807,067 | ||
Issuance of shares - warrants and options exercised, shares | 4,474,138 | |||||
Share based compensation on stock options or RSUs | 164,574 | 164,574 | ||||
GEM warrants write-off | 3,475,379 | 3,475,379 | ||||
Income (Loss) for the period | (4,097,544) | (4,097,544) | ||||
Ending balance at Jun. 30, 2021 | 12,650,118 | $ 50,104 | 25,116,276 | (12,516,262) | ||
Ending balance, shares at Jun. 30, 2021 | 50,104,768 | |||||
Issuance of shares - warrants and options exercised | 89,500 | $ 358 | 89,142 | |||
Issuance of shares - warrants and options exercised, shares | 357,999 | |||||
Share based compensation on stock options or RSUs | 280,903 | 280,903 | ||||
Income (Loss) for the period | (5,263,420) | (5,263,420) | ||||
Other comprehensive income | (164,738) | (164,738) | ||||
Ending balance at Sep. 30, 2021 | 7,592,363 | $ 50,462 | 25,486,321 | $ (164,738) | (17,779,682) | |
Ending balance, shares at Sep. 30, 2021 | 50,462,767 | |||||
Beginning balance at Dec. 31, 2021 | 4,245,830 | $ 51,237 | 26,456,900 | (22,262,307) | ||
Beginning balance, shares at Dec. 31, 2021 | 51,237,876 | |||||
Issuance of shares - warrants and options exercised | 9,930 | $ 21 | 9,909 | |||
Issuance of shares - warrants and options exercised, shares | 20,700 | |||||
Warrants issued | 2,130,642 | 2,130,642 | ||||
Share based compensation on stock options or RSUs | 382,612 | 382,612 | ||||
Income (Loss) for the period | (4,779,502) | (4,779,502) | ||||
Ending balance at Mar. 31, 2022 | 1,989,512 | $ 51,258 | 28,980,063 | (27,041,809) | ||
Ending balance, shares at Mar. 31, 2022 | 51,258,576 | |||||
Beginning balance at Dec. 31, 2021 | 4,245,830 | $ 51,237 | 26,456,900 | (22,262,307) | ||
Beginning balance, shares at Dec. 31, 2021 | 51,237,876 | |||||
Income (Loss) for the period | (11,381,523) | |||||
Ending balance at Sep. 30, 2022 | (3,565,470) | $ 52,574 | 30,025,791 | (33,643,835) | ||
Ending balance, shares at Sep. 30, 2022 | 52,573,938 | |||||
Beginning balance at Mar. 31, 2022 | 1,989,512 | $ 51,258 | 28,980,063 | (27,041,809) | ||
Beginning balance, shares at Mar. 31, 2022 | 51,258,576 | |||||
Issuance of shares - warrants and options exercised | 634,312 | $ 1,306 | 633,006 | |||
Issuance of shares - warrants and options exercised, shares | 1,305,362 | |||||
Share based compensation on stock options or RSUs | 343,007 | 343,007 | ||||
Income (Loss) for the period | (6,765,657) | (6,765,657) | ||||
Ending balance at Jun. 30, 2022 | (3,798,826) | $ 52,564 | 29,956,076 | (33,807,466) | ||
Ending balance, shares at Jun. 30, 2022 | 52,563,938 | |||||
Issuance of shares - warrants and options exercised | 10 | $ 10 | ||||
Issuance of shares - warrants and options exercised, shares | 10,000 | |||||
Share based compensation on stock options or RSUs | 69,715 | 69,715 | ||||
Income (Loss) for the period | 163,631 | 163,631 | ||||
Ending balance at Sep. 30, 2022 | $ (3,565,470) | $ 52,574 | $ 30,025,791 | $ (33,643,835) | ||
Ending balance, shares at Sep. 30, 2022 | 52,573,938 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss from continuing operations | $ (11,381,523) | $ (15,513,594) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 296,830 | 15,484 |
Bad debt expense | 94,893 | |
Loss on warrant revaluation | 2,650,772 | |
Amortization of debt issue costs | 389,301 | |
Amortization of operating lease right of use assets | 3,381,624 | 817,900 |
Share-based payments | 795,334 | 565,888 |
Foreign exchange (gain) loss | 3,753 | (73,037) |
Changes in assets and liabilities | ||
Accounts receivable | (803,231) | (55,706) |
Prepaid expenses and other current assets | (1,321,588) | (377,087) |
Accounts payable | 3,095,518 | 2,409,236 |
Accrued liabilities and other liabilities | 6,248,347 | (1,324,177) |
Operating lease obligations | (2,559,147) | 389,985 |
Net cash used in operating activities - continuing operations | (1,759,889) | (8,625,952) |
Net cash provided by operating activities - discontinued operations | 177,706 | |
Net cash used in operating activities | (1,759,889) | (8,448,246) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (1,124,712) | (506,016) |
Deferred costs and other assets | (3,350,867) | (1,394,700) |
Net cash used in investing activities | (4,475,579) | (1,900,716) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments to related party | (197,558) | (196,792) |
Principal repayments on finance leases | (321,140) | |
Deferred finance fee | 226,006 | |
Other liabilities | 31,221 | |
Proceeds on issuance of shares | 644,251 | 18,878,080 |
Common stock subscribed | (218,238) | |
Note payable | 5,925,529 | |
Net cash provided by financing activities - continuing operations | 6,051,082 | 18,720,277 |
Net cash provided by financing activities - discontinued operations | (31,416) | |
Net cash provided by financing activities | 6,051,082 | 18,688,861 |
Net increase (decrease) in cash | (184,386) | 8,339,899 |
Cash, cash equivalents and restricted cash - beginning of the period | 7,994,001 | 548,690 |
Cash, cash equivalents and restricted cash - end of the period | 7,809,615 | 8,888,589 |
Non-cash transactions | ||
Right-of-use (ROU) assets acquired through operating leases | 5,390,848 | |
Fixed assets acquired through finance leases | 2,815,432 | |
Warrants issued for debt (debt discount) | 2,130,642 | |
Cash paid for | ||
Interest | $ 285,684 | $ 27,306 |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Going Concern | 1. BASIS OF PRESENTATION AND GOING CONCERN Global Crossing Airlines Inc. (the “Company” or “Global”) principal business activity is providing passenger aircraft to customers through aircraft operating service agreements including, crew, maintenance, insurance (“ACMI”) and charter services “Charter” serving the US, Caribbean and Latin American markets The condensed consolidated financial statements include the accounts of the Company, and its subsidiaries, Global Crossing Airlines, Inc. and Global Crossing Airlines, LLC (collectively “Global USA”), GlobalX A320 Aircraft Acquisitions Corp. (“Acquisition A320”), GlobalX A321 Aircraft Acquisition Corp. (“Acquisition A321”), GlobalX Travel Technologies, Inc. (“Technologies”), GlobalX Air Tours, LLC (“GlobalX Tours”) and Capitol Airlines, LLC. All intercompany transactions and balances have been eliminated on consolidation. The accompanying unaudited condensed consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10-Q, and consequently exclude certain disclosures normally included in audited consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP). The Financial Statements should be read in conjunction with the audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which includes additional disclosures and a summary of our significant accounting policies. The December 31, 2021, balance sheet data was derived from that Annual Report and may not include disclosures required for presentation in conformity with U.S. GAAP. In our opinion, these Financial Statements include all adjustments, consisting of normal recurring items, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows Our quarterly results are subject to seasonal and other fluctuations, including fluctuations resulting from the global COVID-19 pandemic and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of September 30, 2022 , the Company had a working capital deficit of $ 15,536,069 and a retained deficit of $ 33,643,835 . The Company began flight operations in August 2021. Without ongoing income generation or additional financing, the Company will be unable to fund general and administrative expenses and working capital requirements for the next 12 months. These material uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The Company is evaluating financing its future requirements through a combination of debt, equity and/or other facilities. There is no assurance that the Company will be able to obtain such financings or obtain them on favorable terms. The condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption deemed to be inappropriate. These adjustments could be material. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments . The update requires the use of an “expected loss” model on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. ASU 2016-13 was initially effective for non- public companies for fiscal years and interim periods beginning after December 15, 2021, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , which delayed the effective date for certain entities, such as the Company, to apply ASU 2016-13 until fiscal years and interim periods beginning after December 15, 2022. The Company evaluated the impact of ASU 2016-13 and determined the adoption of Topic 326 will not have a material impact on our consolidated financial statements. In May 2021, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2021-04—Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU are effective for public and nonpublic entities for fiscal years beginning after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2021. Early adoption was permitted, including adoption in an interim period. The adoption of this pronouncement had no impact on our accompanying consolidated financial statements. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 3. EQUITY METHOD INVESTMENTS Investments in partnerships and less-than-majority owned subsidiaries in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. The equity method investments are included in the accompanying Balance Sheets with Deferred Costs and Other Assets. The Company’s share of earnings or losses from these investments is shown in the accompanying Consolidated Statements of Operations in Other Expense. Equity method investments are initially recognized at cost. The carrying amount of the equity investment is adjusted at each reporting period by the percentage of any change in its equity corresponding to the Company’s percentage interest in these equity affiliates. The carrying costs of these investments are also increased or decreased to reflect additional contributions or withdrawals of capital. Any difference in the book equity and the Company’s pro-rata share of the net assets of the investment will be reported as gain or loss at the time of the liquidation of the investment. It is the Company’s policy to record losses in excess of the investment if the Company is committed to provide financial support to the investee. The Company’s investments in affiliates accounted for using the equity method include a 50 % interest in GlobalX Ground Team, LLC (“GlobalX Ground”) and a 25 % interest in Canada Jetlines Operations Ltd. (“Jetlines”). Investment in GlobalX Ground Team, LLC: On September 9, 2020, the Company entered into a joint venture agreement with KD Holdings, LLC (“KD Holdings”) for the purpose of providing ground handling services. Under the terms of the agreement, KD Holdings will run the day-to-day operations of the ground handling division and supply the ground equipment and Global will provide assistance and guidance to the operations. The Company accounts for the joint venture in accordance with the equity method. As of December 31, 2021, the Company elected to write down GlobalX’s investment in the joint venture to zero. Going forward GlobalX has elected to self-perform all ground handling activities at Miami International Airport. As of September 30, 2022 and December 31, 2021, there was $ 28,681 and $ 197,558 , respectively due to GlobalX Ground. Investment in Canada Jetlines Operations Ltd.: On June 28, 2021, the Company completed the spin-out pursuant to the Arrangement under which the Company transferred 75 % of shares of Jetlines to Global shareholders. Global retained 25 % of the shares issued and outstanding of Jetlines and accounts for the investment in accordance with the equity method. During the three and nine months ended September 30, 2022 Jetlines did not generate revenue. |
Debentures
Debentures | 9 Months Ended |
Sep. 30, 2022 | |
Debentures [Abstract] | |
Debentures | 4. DEBENTURES On March 17, 2022, the Company entered into agreements (each a “Subscription Agreement”) pursuant to which the Company sold US$ 6.0 million of its securities (the “Financing”). The securities sold in the Financing consisted of (1) non-convertible debentures (each, a “Debenture”) and (2) one common stock purchase warrant (each, a “Warrant”) for every US$ 1.24 of principal of the Debentures purchased for gross proceeds of up to US $ 6.0 million. Each Warrant is exercisable into one share of common stock (each, a “Warrant Share”) at an exercise price of US$ 1.24 per Warrant Share with an exercise period of 24 months from the date of closing. The terms of the Debentures include: • a maturity date of 24 months from the date of issuance (the “Maturity Date”) and the principal amount of the Debentures, together with any accrued and unpaid interest, will be payable on the Maturity Date; • the Debentures bear interest (the “Interest”) at the rate of 15 % per annum, which Interest will be payable in cash quarterly in arrears; • the Company has the option to prepay the principal amount of the Debentures on 30 business days’ notice, provided that if repaid in the first year, the Company must provide a payment such that the holders of the Debentures receive at least 10 % premium on the principal amount, after deducting any prior Interest payments from such premium; and • it is intended that repayment by the Company of amounts owing under the Debentures will be secured by a secured lien on the tangible fixed assets of the Company The Company determined that the terms of the Warrants issued in the financing require the Warrants to be classified as equity. Accordingly, upon issuance, the Company recorded debt issuance costs of $ 2.2 million related to the Warrants along with a corresponding credit to additional paid in capital. As the Warrants are classified as equity warrants the Company will not remeasure the Warrants each accounting period. Since the Warrants may purchase a fixed number of shares for a fixed price, the Company chose to use the Black-Scholes option pricing model to value the warrants at issuance. The inputs selected are: underlying stock price at date of issuance of $ 1.04 per share, exercise price of $ 1.24 per share, expected term of 2 years , dividends of $ 0 , a risk free rate of - 0.6 %, and volatility of 143 %. The debt issuance costs resulting from the warrants along with other direct costs of the Financing will be amortized to interest expense using the effective interest method. |
Share Capital and Additional Pa
Share Capital and Additional Paid in Capital Authorized | 9 Months Ended |
Sep. 30, 2022 | |
Share Capital And Additional Paid In Capital Authorized [Abstract] | |
Share Capital and Additional Paid in Capital Authorized | 5. SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL AUTHORIZED On July 12, 2021, the Company completed a share capital reorganization creating a new class of shares, Class B Non-Voting Common Stock. As of September 30, 2022 and 2021, the Company had 31,660,576 and 24,978,768 common shares, 5,537,313 and 5,537,313 Class A Non-Voting Common Shares, and 15,376,049 and 19,946,686 Class B Non-Voting Shares outstanding, respectively. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 6. WARRANTS Following is a summary of the warrant activity during the three months ended September 30, 2022 and 2021: Number of Weighted Outstanding, January 1, 2021 7,507,005 0.49 Issued 8,414,517 0.99 Exercised ( 1,050,740 ) 0.49 Expired - Outstanding March 31, 2021 14,870,782 0.76 Issued 7,726,482 1.47 Exercised ( 4,424,138 ) 0.49 Expired - Outstanding June 30, 2021 18,173,126 1.03 Issued - - Exercised - - Expired - Outstanding September 30, 2021 18,173,126 1.03 Outstanding, January 1, 2022 17,631,350 1.05 Issued 4,838,707 1.24 Exercised ( 20,700 ) 0.49 Expired - Outstanding, March 31, 2022 22,449,357 1.09 Issued - - Exercised ( 1,078,470 ) 0.48 Expired ( 40,261 ) 0.48 Outstanding, June 30, 2022 21,330,626 1.32 Issued - - Exercised - - Expired ( 1,685,375 ) 0.48 Outstanding, September 30, 2022 19,645,251 1.27 As of September 30, 2021, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 3,338,806 USD$ 0.48 0.93 September 3, 2022 4,910,614 USD$ 1.00 1.57 April 26, 2023 203,840 USD$ 0.62 1.57 April 26, 2023 2,182,553 USD$ 0.39 1.59 May 04, 2023 7,537,313 USD$ 1.50 4.58 April 29, 2026 18,173,126 As of September 30, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 203,840 USD$ 0.62 0.57 April 26, 2023 4,882,838 USD$ 1.00 0.57 April 26, 2023 2,182,553 USD$ 0.39 0.59 May 4, 2023 4,838,707 USD$ 1.24 1.49 March 28, 2024 7,537,313 USD$ 1.50 3.58 April 29, 2026 19,645,251 |
Share Based Payments
Share Based Payments | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Payments | 7. SHARE-BASED PAYMENTS The maximum number of Voting Shares issuable pursuant to share-based payment arrangements, including stock options, restricted share units and performance share units, is 5,460,000 . Stock options The Company grants stock options to directors, officers, employees and consultants as compensation for services, pursuant to its Amended Stock Option Plan (the “Stock Option Plan”). The maximum price shall not be less than the closing price of the Company’s shares on the last trading day preceding the date on which the grant of options is approved by the Board of Directors. Options have a maximum expiry period of ten years from the grant date. Vesting conditions are determined by the Board of Directors in its discretion with certain restrictions in accordance with the Stock Option Plan. The following is a summary of stock option activities for the three months ended September 30, 2022 and 2021: Number of stock Weighted average Weighted average Outstanding, January 1, 2021 1,387,000 $ 0.25 $ 0.21 Granted — — — Exercised — — — Forfeited — — — Outstanding March 31, 2021 1,387,000 0.25 0.21 Granted — — — Exercised — — — Forfeited — — — Outstanding June 30, 2021 1,387,000 0.25 0.21 Granted — — — Exercised ( 407,999 ) 0.25 0.16 Forfeited ( 25,000 ) 0.25 0.16 Outstanding September 30, 2021 954,001 0.25 0.49 Outstanding January 1, 2022 920,668 0.25 0.49 Granted — — — Exercised — — — Forfeited ( 16,667 ) 0.25 0.57 Outstanding, March 31, 2022 904,001 0.25 0.48 Granted — — — Exercised ( 33,333 ) 0.25 0.57 Forfeited — — — Outstanding, June 30, 2022 870,668 0.25 0.48 Granted — — — Exercised — — — Forfeited — — — Outstanding, September 30, 2022 870,668 0.25 0.48 As of September 30, 2022, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 0.75 June 29, 2023 670,668 670,668 0.25 2.73 June 23, 2025 50,000 33,333 0.62 2.98 September 23, 2025 870,668 854,001 As of September 30, 2021, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 75,000 0.47 1.75 June 29, 2023 754,001 412,328 0.25 3.73 June 23, 2025 50,000 16,666 0.62 3.98 September 23, 2025 954,001 503,994 The Company recognizes share-based payments expense for all stock options granted based on the grant date fair value with the expense recognized ratably over the service period. The fair value of stock options is determined by the Black-Scholes Option Pricing Model with assumptions for risk-free interest rates, dividend yields, volatility factors of the expected market price of the Company’s shares, forfeiture rate, and expected life of the options. There were no stock options granted during the three and nine months ended September 30, 2022 and the year ended December 31, 2021. Restricted share units The Company grants restricted share units (“RSUs”) to directors, officers, employees and consultants as compensation for services, pursuant to its Amended RSU Plan (the “RSU Plan”). One restricted share unit has the same value as a Voting Share. The number of RSUs awarded and underlying vesting conditions are determined by the Board of Directors in its discretion. At the election of the Board of Directors, upon each vesting date, participants receive (a) the issuance of Voting Shares from treasury equal to the number of RSUs vesting, or (b) a cash payment equal to the number of vested RSUs multiplied by the fair market value of a Voting Share, calculated as the closing price of the Voting Shares on the TSXV for the trading day immediately preceding such payment date; or (c) a combination of (a) and (b). On the grant date of RSUs, the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The Company has a present obligation to settle in cash if the choice of settlement in shares has no commercial substance, or the Company has a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterparty asks for cash settlement. If no such obligation exists, RSUs are accounted for as equity settled share-based payments and are valued using the share price on grant date. Upon settlement: a. If the Company elects to settle in cash, the cash payment is accounted for as the repurchase of an equity interest (i.e. as a deduction from equity), except as noted in (c) below. b. If the Company elects to settle by issuing shares, the value of RSUs initially recognized in reserves is reclassified to capital, except as noted in (c) below. c. If the Company elects the settlement alternative with the higher fair value, As of the date of settlement, the Company recognizes an additional expense for the excess value given (i.e. the difference between the cash paid and the fair value of shares that would otherwise have been issued, or the difference between the fair value of the shares and the amount of cash that would otherwise have been paid, whichever is applicable). The following is a summary of RSU activities for the three and nine months ended September 30, 2022 and 2021: Number of RSUs Weighted average grant date fair value per RSU Outstanding, January 1, 2021 685,000 0.67 Granted 352,500 1.48 Issuance of common stock ( 40,000 ) 0.69 Forfeited ( 10,000 ) 1.48 Outstanding March 31, 2021 987,500 0.67 Granted 790,000 1.99 Issuance of common stock — — Forfeited — — Outstanding June 30, 2021 1,777,500 1.41 Granted — — Issuance of common stock — — Forfeited ( 100,000 ) 0.79 Outstanding September 30, 2021 1,677,500 1.45 Outstanding, January 1, 2022 2,067,500 $ 1.16 Granted 620,000 1.37 Issuance of common stock — — Forfeited ( 400,000 ) 1.48 Outstanding March 31, 2022 2,287,500 1.02 Granted — — Issuance of common stock — — Forfeited ( 115,000 ) 1.79 Outstanding June 30, 2022 2,172,500 1.47 Granted 1,570,000 0.63 Issuance of common stock ( 10,000 ) 0.69 Forfeited ( 310,000 ) 0.75 Outstanding September 30, 2022 3,422,500 1.16 During the three and nine months ended September 30, 2022 , the Company recognized share-based payments expense with respect to stock options and RSUs of $ 69,724 and $ 795,334 , respectively. During the three and nine months ended September 30,2021, the Company recognized share-based payments expense with respect to stock options and RSUs of $ 280,903 and $ 565,888 , respectively. The remaining compensation that has not been recognized as of September 30, 2022 with regards to RSUs and the weighted average period they will be recognized are $ 1,615,975 and 1.71 years. As of September 30, 2022, all compensation expense with respect to stock options has been recognized. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES The Company’s expected effective tax rate for the three months ended September 30, 2022 , and 2021 was 0 %. The effective tax rate varies from the statutory rate due to the change in the valuation allowance. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to management and development services, lease arrangements and financing arrangements. On February 18, 2022, the Company entered into a lease agreement for an aircraft. The four year lease term commenced on June 15, 2022 . Under the agreement, the Company will pay the lessor a fixed hourly rent for each flight hour operated during the first 12 months and a fixed monthly rent for the remaining 36 months , plus supplemental rent for maintenance of the aircraft. The Company amended one of its existing passengers aircraft lease agreements to extend from a 24 months lease term ending on April 13, 2023 to end on November 15, 2023 . In addition to this amendment, the Company entered into a definitive agreement to convert the aircraft and lease for a period of 8 years. The lease term is expected to commence after a 12 months conversion period and the Company will pay the lessor a fixed rent for month plus supplemental rent for maintenance of the aircraft. During the three months ended on September 30, 2022, the Company entered into various finance lease agreements for 18 equipment in use by the Company's technical operations. Payments under these finance lease agreements are fixed for terms of 5 and 7 years . Some of our finance leases include optional renewal periods. Generally, we do not consider any additional renewal periods to be reasonably certain of being exercised, as the initial lease term of the related lease is for all or most of the useful life of the equipment and thus renewal periods are not included in the lease term, nor any related payments are reflected in the finance lease assets and finance lease liabilities. The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of September 30, 2022. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown. Finance Leases Operating Leases Remainder of 2022 $ 145,654 $ 2,100,000 2023 582,617 8,376,250 2024 582,617 6,712,500 2025 582,617 6,670,000 2026 582,617 5,632,100 2027 and thereafer 912,247 3,188,164 Total minimum lease payments 3,388,369 32,679,014 Less amount representing interest 922,515 6,411,474 Present value of minimum lease payments 2,465,854 26,267,540 Less current portion 317,423 6,165,322 Long-term portion 2,148,431 20,102,218 The table below presents information for lease costs related to the Company's finance and operating leases: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost Amortization of leased assets $ 45,931 $ - $ 45,931 $ - Interest of lease liabilities 30,405 — 30,405 — Operating lease cost Operating lease cost (1) 2,181,983 310,620 5,396,050 876,482 Total lease cost 2,258,319 310,620 5,472,386 876,482 (1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. The Company utilizes the rate implicit in the lease whenever it is easily determined. For leases where the implicit rate is not readily available, we utilize our incremental borrowing rate as the discount rate. The table below presents lease terms and discount rates related to the Company's finance and operating leases: September 30, 2022 September 30, 2021 Weighted-average remaining lease term Operating leases 4.4 years 4.06 years Finance leases 5.97 years — Weighted-average discount rate Operating leases 10.65 % 10.21 % Finance leases 11.67 % — The table below presents cash and non-cash activities associated with our leases: Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,559,147 $ - Financing cash flows from finance leases 321,140 — On August 22, 2022 , the Company entered into a premium finance agreement with a financial institution to finance a 12-month hull insurance policy for its aircrafts. The Company financed $ 187,196 of the total premium amount of $ 219,713 at a rate of 5.05 % interest. The down payment of $ 33,169 and the first monthly installment was paid at time of signing. The Company is subject to various legal proceedings in the normal course of business and records legal costs as incurred. Management believes these proceedings will not have a materially adverse effect on the Company. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 10. LOSS PER SHARE Basic earnings per share, which excludes dilution, is computed by dividing Net Income or loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of incremental shares from the assumed issuance of shares relating to share-based awards is calculated by applying the treasury stock method. The following table shows the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021: Nine Months Ended Nine Months Ended Numerator: Net loss $ ( 11,381,523 ) $ ( 15,335,888 ) Denominator: Weighted average common shares outstanding - Basic 51,776,833 43,572,925 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 51,776,833 43,572,925 Basic loss per share $ ( 0.22 ) $ ( 0.35 ) Diluted loss per share $ ( 0.22 ) $ ( 0.35 ) Three Months Ended Three Months Ended Numerator: Net income (loss) $ 163,631 $ ( 5,263,420 ) Denominator: Weighted average common shares outstanding - Basic 52,569,481 50,431,295 Dilutive effect of stock options, RSUs and warrants 23,938,419 — Weighted average common shares outstanding - Diluted 76,507,900 50,431,295 Basic loss per share $ 0.00 $ ( 0.10 ) Diluted loss per share $ 0.00 $ ( 0.10 ) There were 19,645,521 warrants, 870,668 options, and 3,422,500 RSUs outstanding at September 30, 2022 and 18,173,126 warrants, 954,001 options and 1,677,500 RSUs outstanding at September 30, 2021 that were excluded from the calculation of diluted EPS. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the nine months ended September 30, 2022 and for the three and nine months ended September 30, 2021, as inclusion would have an anti-dilutive effect. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. RELATED PARTY TRANSACTIONS Related parties and related party transactions impacting the consolidated financial statements not disclosed elsewhere in these consolidated financial statements are summarized below and include transactions with the following individuals or entities: As of September 30, 2022, amounts due to related parties include the following: a. GlobalX Ground was owed $ 28,681 in relation to ground services provided at Miami-Dade Airport. Other Related Party Transactions and Balances The amounts due to related parties are unsecured, non-interest bearing and have no stated terms of repayment. Smartlynx Airlines Malta Limited is an entity whose Chief Executive Officer is a Board Member of Global. During the year ending December 31, 2020, Global made advanced payments totaling $ 500,000 to Smartlynx. $ 350,000 of those payments related to two security deposits. One is a $ 250,000 security deposit for one passenger aircraft to deliver 200 hours of ACMI services per month and the second is a $ 100,000 security deposit for a long long-term lease of an A321F aircraft. Total deposits and prepaid expense related to Smartlynx totaled $ 500,000 as of September 30, 2022 and December 31, 2021, are included in other assets on the consolidated balance sheets. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS None |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments . The update requires the use of an “expected loss” model on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. ASU 2016-13 was initially effective for non- public companies for fiscal years and interim periods beginning after December 15, 2021, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , which delayed the effective date for certain entities, such as the Company, to apply ASU 2016-13 until fiscal years and interim periods beginning after December 15, 2022. The Company evaluated the impact of ASU 2016-13 and determined the adoption of Topic 326 will not have a material impact on our consolidated financial statements. In May 2021, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2021-04—Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU are effective for public and nonpublic entities for fiscal years beginning after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2021. Early adoption was permitted, including adoption in an interim period. The adoption of this pronouncement had no impact on our accompanying consolidated financial statements. |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Summary of Warrant Activity | Following is a summary of the warrant activity during the three months ended September 30, 2022 and 2021: Number of Weighted Outstanding, January 1, 2021 7,507,005 0.49 Issued 8,414,517 0.99 Exercised ( 1,050,740 ) 0.49 Expired - Outstanding March 31, 2021 14,870,782 0.76 Issued 7,726,482 1.47 Exercised ( 4,424,138 ) 0.49 Expired - Outstanding June 30, 2021 18,173,126 1.03 Issued - - Exercised - - Expired - Outstanding September 30, 2021 18,173,126 1.03 Outstanding, January 1, 2022 17,631,350 1.05 Issued 4,838,707 1.24 Exercised ( 20,700 ) 0.49 Expired - Outstanding, March 31, 2022 22,449,357 1.09 Issued - - Exercised ( 1,078,470 ) 0.48 Expired ( 40,261 ) 0.48 Outstanding, June 30, 2022 21,330,626 1.32 Issued - - Exercised - - Expired ( 1,685,375 ) 0.48 Outstanding, September 30, 2022 19,645,251 1.27 |
Schedule of Purchase Warrants Outstanding and Exercisable | As of September 30, 2021, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 3,338,806 USD$ 0.48 0.93 September 3, 2022 4,910,614 USD$ 1.00 1.57 April 26, 2023 203,840 USD$ 0.62 1.57 April 26, 2023 2,182,553 USD$ 0.39 1.59 May 04, 2023 7,537,313 USD$ 1.50 4.58 April 29, 2026 18,173,126 As of September 30, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 203,840 USD$ 0.62 0.57 April 26, 2023 4,882,838 USD$ 1.00 0.57 April 26, 2023 2,182,553 USD$ 0.39 0.59 May 4, 2023 4,838,707 USD$ 1.24 1.49 March 28, 2024 7,537,313 USD$ 1.50 3.58 April 29, 2026 19,645,251 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activities | The following is a summary of stock option activities for the three months ended September 30, 2022 and 2021: Number of stock Weighted average Weighted average Outstanding, January 1, 2021 1,387,000 $ 0.25 $ 0.21 Granted — — — Exercised — — — Forfeited — — — Outstanding March 31, 2021 1,387,000 0.25 0.21 Granted — — — Exercised — — — Forfeited — — — Outstanding June 30, 2021 1,387,000 0.25 0.21 Granted — — — Exercised ( 407,999 ) 0.25 0.16 Forfeited ( 25,000 ) 0.25 0.16 Outstanding September 30, 2021 954,001 0.25 0.49 Outstanding January 1, 2022 920,668 0.25 0.49 Granted — — — Exercised — — — Forfeited ( 16,667 ) 0.25 0.57 Outstanding, March 31, 2022 904,001 0.25 0.48 Granted — — — Exercised ( 33,333 ) 0.25 0.57 Forfeited — — — Outstanding, June 30, 2022 870,668 0.25 0.48 Granted — — — Exercised — — — Forfeited — — — Outstanding, September 30, 2022 870,668 0.25 0.48 |
Summary of Stock Options Outstanding and Exercisable | As of September 30, 2022, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 0.75 June 29, 2023 670,668 670,668 0.25 2.73 June 23, 2025 50,000 33,333 0.62 2.98 September 23, 2025 870,668 854,001 As of September 30, 2021, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 75,000 0.47 1.75 June 29, 2023 754,001 412,328 0.25 3.73 June 23, 2025 50,000 16,666 0.62 3.98 September 23, 2025 954,001 503,994 |
Summary of RSU Activities | The following is a summary of RSU activities for the three and nine months ended September 30, 2022 and 2021: Number of RSUs Weighted average grant date fair value per RSU Outstanding, January 1, 2021 685,000 0.67 Granted 352,500 1.48 Issuance of common stock ( 40,000 ) 0.69 Forfeited ( 10,000 ) 1.48 Outstanding March 31, 2021 987,500 0.67 Granted 790,000 1.99 Issuance of common stock — — Forfeited — — Outstanding June 30, 2021 1,777,500 1.41 Granted — — Issuance of common stock — — Forfeited ( 100,000 ) 0.79 Outstanding September 30, 2021 1,677,500 1.45 Outstanding, January 1, 2022 2,067,500 $ 1.16 Granted 620,000 1.37 Issuance of common stock — — Forfeited ( 400,000 ) 1.48 Outstanding March 31, 2022 2,287,500 1.02 Granted — — Issuance of common stock — — Forfeited ( 115,000 ) 1.79 Outstanding June 30, 2022 2,172,500 1.47 Granted 1,570,000 0.63 Issuance of common stock ( 10,000 ) 0.69 Forfeited ( 310,000 ) 0.75 Outstanding September 30, 2022 3,422,500 1.16 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities | The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of September 30, 2022. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown. Finance Leases Operating Leases Remainder of 2022 $ 145,654 $ 2,100,000 2023 582,617 8,376,250 2024 582,617 6,712,500 2025 582,617 6,670,000 2026 582,617 5,632,100 2027 and thereafer 912,247 3,188,164 Total minimum lease payments 3,388,369 32,679,014 Less amount representing interest 922,515 6,411,474 Present value of minimum lease payments 2,465,854 26,267,540 Less current portion 317,423 6,165,322 Long-term portion 2,148,431 20,102,218 |
Schedule of Lease Costs Related to Finance and Operating Leases | The table below presents information for lease costs related to the Company's finance and operating leases: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost Amortization of leased assets $ 45,931 $ - $ 45,931 $ - Interest of lease liabilities 30,405 — 30,405 — Operating lease cost Operating lease cost (1) 2,181,983 310,620 5,396,050 876,482 Total lease cost 2,258,319 310,620 5,472,386 876,482 (1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. |
Schedule of Lease Terms and Discount Rates Related to Finance and Operating Leases | The table below presents lease terms and discount rates related to the Company's finance and operating leases: September 30, 2022 September 30, 2021 Weighted-average remaining lease term Operating leases 4.4 years 4.06 years Finance leases 5.97 years — Weighted-average discount rate Operating leases 10.65 % 10.21 % Finance leases 11.67 % — |
Schedule of Cash and Non-cash Activities Associated with Leases | The table below presents cash and non-cash activities associated with our leases: Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,559,147 $ - Financing cash flows from finance leases 321,140 — |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021: Nine Months Ended Nine Months Ended Numerator: Net loss $ ( 11,381,523 ) $ ( 15,335,888 ) Denominator: Weighted average common shares outstanding - Basic 51,776,833 43,572,925 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 51,776,833 43,572,925 Basic loss per share $ ( 0.22 ) $ ( 0.35 ) Diluted loss per share $ ( 0.22 ) $ ( 0.35 ) Three Months Ended Three Months Ended Numerator: Net income (loss) $ 163,631 $ ( 5,263,420 ) Denominator: Weighted average common shares outstanding - Basic 52,569,481 50,431,295 Dilutive effect of stock options, RSUs and warrants 23,938,419 — Weighted average common shares outstanding - Diluted 76,507,900 50,431,295 Basic loss per share $ 0.00 $ ( 0.10 ) Diluted loss per share $ 0.00 $ ( 0.10 ) |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 15,536,069 | |
Retained deficit | $ (33,643,835) | $ (22,262,307) |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Details) | Sep. 30, 2022 |
Global X Ground Team L L C [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment ownership percentage | 50% |
Canada Jetlines Operations Ltd [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment ownership percentage | 25% |
Equity Method Investments - A_2
Equity Method Investments - Additional Information (Details1) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 28, 2021 |
GlobalX Ground Team, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Due to investee | $ 28,681 | $ 197,558 | |
Canada Jetlines Operations Ltd. | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of shares transferred | 75% | ||
Percentage of shares retained | 25% |
Debentures - Additional Informa
Debentures - Additional Information (Details) | Mar. 17, 2022 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | Sep. 30, 2021 $ / shares | Jun. 30, 2021 $ / shares | Mar. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares |
Debenture [Line Items] | |||||||||
Number of common stock purchase warrant into which each warrant or right may be converted | shares | 1 | ||||||||
Warrant principal conversion amount | $ 1.24 | ||||||||
Warrant exercise price | $ / shares | $ 1.24 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.05 | $ 1.03 | $ 1.03 | $ 0.76 | $ 0.49 |
Class of warrant exercise period | 24 months | ||||||||
Stock Price | |||||||||
Debenture [Line Items] | |||||||||
Warrant measurement input, price per share | $ / shares | 1.04 | ||||||||
Exercise Price | |||||||||
Debenture [Line Items] | |||||||||
Warrant measurement input, price per share | $ / shares | $ 1.24 | ||||||||
Expected Term | |||||||||
Debenture [Line Items] | |||||||||
Warrants, measurement input, term | 2 years | ||||||||
Expected Dividend | |||||||||
Debenture [Line Items] | |||||||||
Warrants, expected dividend | $ 0 | ||||||||
Risk Free Interest Rate | |||||||||
Debenture [Line Items] | |||||||||
Warrants, measurement input | (0.006) | ||||||||
Volatility | |||||||||
Debenture [Line Items] | |||||||||
Warrants, measurement input | 1.43 | ||||||||
Warrant | |||||||||
Debenture [Line Items] | |||||||||
Debt issuance costs | $ 2,200,000 | ||||||||
Debentures | |||||||||
Debenture [Line Items] | |||||||||
Debt instrument term | 24 months | ||||||||
Debt instrument interest rate | 15% | ||||||||
Prepayment period for principal amount of debentures | 30 days | ||||||||
Minimum percentage premium on principal amount | 10% | ||||||||
Subscription Agreement | |||||||||
Debenture [Line Items] | |||||||||
Proceeds from issuance of securities | $ 6,000,000 | ||||||||
Maximum | |||||||||
Debenture [Line Items] | |||||||||
Proceeds from issuance of warrant exercise | $ 6,000,000 |
Share Capital and Additional _2
Share Capital and Additional Paid in Capital Authorized - Additional Information (Details) - shares | Sep. 30, 2022 | Sep. 30, 2021 |
Voting common shares outstanding | 31,660,576 | 24,978,768 |
Class A | ||
Non-voting shares outstanding | 5,537,313 | 5,537,313 |
Class B | ||
Non-voting shares outstanding | 15,376,049 | 19,946,686 |
Warrants - Summary of Warrant A
Warrants - Summary of Warrant Activity (Details) - $ / shares | 3 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Class Of Warrant Or Right [Line Items] | |||||
Number of Share Purchase Warrants Outstanding, Beginning balance | 21,330,626 | 22,449,357 | 17,631,350 | 14,870,782 | 7,507,005 |
Number of Share Purchase Warrants, Issued | 4,838,707 | 7,726,482 | 8,414,517 | ||
Number of Share Purchase Warrants, Exercised | 1,078,470 | (20,700) | (4,424,138) | (1,050,740) | |
Number of Share Purchase Warrants, Expired | (1,685,375) | (40,261) | |||
Number of Share Purchase Warrants Outstanding, Ending balance | 19,645,251 | 21,330,626 | 22,449,357 | 18,173,126 | 14,870,782 |
Weighted Average Exercise Price Outstanding, Beginning balance | $ 1.32 | $ 1.09 | $ 1.05 | $ 0.76 | $ 0.49 |
Weighted Average Exercise Price, Issued | 1.24 | 1.47 | 0.99 | ||
Weighted Average Exercise Price, Exercised | 0.48 | 0.49 | 0.49 | 0.49 | |
Weighted Average Exercise Price, Expired | 0.48 | 0.48 | |||
Weighted Average Exercise Price Outstanding, Ending balance | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.03 | $ 0.76 |
Warrants - Schedule of Share Pu
Warrants - Schedule of Share Purchase Warrants Outstanding and Exercisable (Details) - $ / shares | 9 Months Ended | ||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 17, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||||||||
Outstanding | 19,645,251 | 18,173,126 | 21,330,626 | 22,449,357 | 17,631,350 | 18,173,126 | 14,870,782 | 7,507,005 | |
Exercise Price | $ 1.27 | $ 1.03 | $ 1.32 | $ 1.09 | $ 1.24 | $ 1.05 | $ 1.03 | $ 0.76 | $ 0.49 |
Exercise Price One | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Outstanding | 203,840 | 3,338,806 | |||||||
Exercise Price | $ 0.62 | $ 0.48 | |||||||
Remaining life (years) | 6 months 25 days | 11 months 4 days | |||||||
Expiry Date | Apr. 26, 2023 | Sep. 03, 2022 | |||||||
Exercise Price Two | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Outstanding | 4,882,838 | 4,910,614 | |||||||
Exercise Price | $ 1 | $ 1 | |||||||
Remaining life (years) | 6 months 25 days | 1 year 6 months 25 days | |||||||
Expiry Date | Apr. 26, 2023 | Apr. 26, 2023 | |||||||
Exercise Price Three | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Outstanding | 2,182,553 | 203,840 | |||||||
Exercise Price | $ 0.39 | $ 0.62 | |||||||
Remaining life (years) | 7 months 2 days | 1 year 6 months 25 days | |||||||
Expiry Date | May 04, 2023 | Apr. 26, 2023 | |||||||
Exercise Price Four | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Outstanding | 4,838,707 | 2,182,553 | |||||||
Exercise Price | $ 1.24 | $ 0.39 | |||||||
Remaining life (years) | 1 year 5 months 26 days | 1 year 7 months 2 days | |||||||
Expiry Date | Mar. 28, 2024 | May 04, 2023 | |||||||
Exercise Price Five | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Outstanding | 7,537,313 | 7,537,313 | |||||||
Exercise Price | $ 1.50 | $ 1.50 | |||||||
Remaining life (years) | 3 years 6 months 29 days | 4 years 6 months 29 days | |||||||
Expiry Date | Apr. 29, 2026 | Apr. 29, 2026 |
Share Based Payments - Addition
Share Based Payments - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Maximum number of Voting Shares issuable pursuant to share-based payment arrangements | 5,460,000 | 5,460,000 | 5,460,000 | |||||
Stock options granted | 0 | 0 | 0 | 0 | 0 | |||
Share-based payments expense | $ 69,724 | $ 280,903 | $ 795,334 | $ 565,888 | ||||
Stock Options | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Options expiry period | 10 years | 10 years | ||||||
Share based compensation not yet recognized | $ 1,615,975 | $ 1,615,975 | $ 1,615,975 | |||||
Share based compensation not yet recognized, weighted average period | 1 year 8 months 15 days | 1 year 8 months 15 days |
Share Based Payments - Summary
Share Based Payments - Summary of Stock Option Activities (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2021 $ / shares shares | Mar. 31, 2021 $ / shares shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | ||||||||
Number of stock options outstanding, Beginning balance | shares | 870,668 | 904,001 | 920,668 | 1,387,000 | 1,387,000 | 1,387,000 | 904,001 | 1,387,000 |
Number of stock options, Granted | shares | 0 | 0 | 0 | 0 | 0 | |||
Number of stock options, Exercised | shares | 33,333 | 407,999 | ||||||
Number of stock options, Forfeited | shares | (16,667) | (25,000) | ||||||
Number of stock options outstanding, Ending balance | shares | 870,668 | 870,668 | 904,001 | 954,001 | 1,387,000 | 1,387,000 | 870,668 | 920,668 |
Weighted average exercise price outstanding, Beginning balance | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 |
Weighted average exercise price, Granted | 0 | 0 | ||||||
Weighted average exercise price, Exercised | 0.25 | 0.25 | ||||||
Weighted average exercise price, Forfeited | 0.25 | 0.25 | ||||||
Weighted average exercise price outstanding, Ending balance | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
Weighted average grant date fair value outstanding, Beginning balance | 0.48 | $ 0.48 | 0.49 | $ 0.21 | 0.21 | 0.21 | 0.48 | 0.21 |
Weighted average grant date fair value, Granted | 0 | 0 | ||||||
Weighted average grant date fair value, Exercised | $ | 0.57 | 0.16 | ||||||
Weighted average grant date fair value, Forfeited | 0.57 | $ 0.16 | ||||||
Weighted average grant date fair value outstanding, Ending balance | $ 0.48 | $ 0.48 | $ 0.48 | $ 0.49 | $ 0.21 | $ 0.21 | $ 0.48 | $ 0.49 |
Share Based Payments - Summar_2
Share Based Payments - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock options, Outstanding | 870,668 | 954,001 |
Stock options, Exercisable | 854,001 | 503,994 |
Exercise Price One | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock options, Outstanding | 150,000 | 150,000 |
Stock options, Exercisable | 150,000 | 75,000 |
Stock options outstanding, Exercise Price | $ 0.47 | $ 0.47 |
Stock options exercisable, Exercise Price | $ 0.47 | $ 0.47 |
Stock options outstanding, Remaining life (years) | 9 months | 1 year 9 months |
Stock options exercisable, Remaining life (years) | 9 months | 1 year 9 months |
Expiry Date | Jun. 29, 2023 | Jun. 29, 2023 |
Exercise Price Two | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock options, Outstanding | 670,668 | 754,001 |
Stock options, Exercisable | 670,668 | 412,328 |
Stock options outstanding, Exercise Price | $ 0.25 | $ 0.25 |
Stock options exercisable, Exercise Price | $ 0.25 | $ 0.25 |
Stock options outstanding, Remaining life (years) | 2 years 8 months 23 days | 3 years 8 months 23 days |
Stock options exercisable, Remaining life (years) | 2 years 8 months 23 days | 3 years 8 months 23 days |
Expiry Date | Jun. 23, 2025 | Jun. 23, 2025 |
Exercise Price Three | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock options, Outstanding | 50,000 | 50,000 |
Stock options, Exercisable | 33,333 | 16,666 |
Stock options outstanding, Exercise Price | $ 0.62 | $ 0.62 |
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.62 |
Stock options outstanding, Remaining life (years) | 2 years 11 months 23 days | 3 years 11 months 23 days |
Stock options exercisable, Remaining life (years) | 2 years 11 months 23 days | 3 years 11 months 23 days |
Expiry Date | Sep. 23, 2025 | Sep. 23, 2025 |
Share Based Payments - Summar_3
Share Based Payments - Summary of RSU Activities (Details) - RSUs - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of RSUs Outstanding, Beginning balance | 2,172,500 | 2,287,500 | 2,067,500 | 1,777,500 | 987,500 | 685,000 | 2,067,500 |
Number of RSUs, Granted | 1,570,000 | 620,000 | 790,000 | 352,500 | |||
Number of RSUs, Issuance of common stock | (40,000) | (10,000) | |||||
Number of RSUs, Forfeited | (310,000) | (115,000) | (400,000) | (100,000) | (10,000) | ||
Number of RSUs Outstanding, Ending balance | 3,422,500 | 2,172,500 | 2,287,500 | 1,677,500 | 1,777,500 | 987,500 | 3,422,500 |
Weighted average grant date fair value per RSU Outstanding, Beginning balance | $ 1.47 | $ 1.02 | $ 1.16 | $ 1.41 | $ 0.67 | $ 0.67 | $ 1.16 |
Weighted average grant date fair value per RSU, Granted | 0.63 | 1.37 | 1.99 | 1.48 | |||
Weighted average grant date fair value per RSU, Issuance of common stock | 0.69 | 0.69 | |||||
Weighted average grant date fair value per RSU, Forfeited | 0.75 | 1.79 | 1.48 | 0.79 | 1.48 | ||
Weighted average grant date fair value per RSU Outstanding, Ending balance | $ 1.16 | $ 1.47 | $ 1.02 | $ 1.45 | $ 1.41 | $ 0.67 | $ 1.16 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 0% | 0% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Aug. 22, 2022 USD ($) | Jun. 15, 2022 | Feb. 18, 2022 | Sep. 30, 2022 Equipment | Sep. 30, 2022 | |
Other Commitments [Line Items] | |||||
Date of premium finance agreement | 2022 | ||||
Number of equipment | Equipment | 18 | ||||
Term of insurance policy | 12-month | ||||
Financed amount of premium | $ 187,196 | ||||
Total premium amount | $ 219,713 | ||||
Rate of interest | 5.05% | ||||
Down payment | $ 33,169 | ||||
Lease term | 4 years | ||||
lease term commenced | Jun. 15, 2022 | ||||
Number of months fixed hourly rent to be paid | 12 months | ||||
Number of months fixed monthly rent to be paid | 36 months | ||||
Minimum | |||||
Other Commitments [Line Items] | |||||
Finance lease agreement terms | 5 years | 5 years | |||
Maximum | |||||
Other Commitments [Line Items] | |||||
Finance lease agreement terms | 7 years | 7 years | |||
Passenger Aircraft | |||||
Other Commitments [Line Items] | |||||
Lease agreements ending date | Apr. 13, 2023 | Nov. 15, 2023 | |||
Extended lease term | 8 years | ||||
Lease term | 24 months |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Finance Leases | ||
Remainder of 2022 | $ 145,654 | |
2023 | 582,617 | |
2024 | 582,617 | |
2025 | 582,617 | |
2026 | 582,617 | |
2027 and thereafer | 912,247 | |
Total minimum lease payments | 3,388,369 | |
Less amount representing interest | 922,515 | |
Present value of minimum lease payments | 2,465,854 | |
Less current portion | 317,423 | |
Long-term portion | 2,148,431 | |
Operating Leases | ||
Remainder of 2022 | 2,100,000 | |
2023 | 8,376,250 | |
2024 | 6,712,500 | |
2025 | 6,670,000 | |
2026 | 5,632,100 | |
2027 and thereafer | 3,188,164 | |
Total minimum lease payments | 32,679,014 | |
Less amount representing interest | 6,411,474 | |
Present value of minimum lease payments | 26,267,540 | |
Less current portion | 6,165,322 | $ 3,393,497 |
Long-term portion | $ 20,102,218 | $ 20,042,343 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Lease Costs Related to Finance and Operating Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Finance lease cost | |||||
Amortization of leased assets | $ 45,931 | $ 45,931 | |||
Interest of lease liabilities | 30,405 | 30,405 | |||
Operating lease cost | |||||
Operating lease cost | [1] | 2,181,983 | $ 310,620 | 5,396,050 | $ 876,482 |
Total lease cost | $ 2,258,319 | $ 310,620 | $ 5,472,386 | $ 876,482 | |
[1] Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Lease Terms and Discount Rates Related to Finance and Operating Leases (Details) | Sep. 30, 2022 | Sep. 30, 2021 |
Weighted-average remaining lease term | ||
Operating leases | 4 years 4 months 24 days | 4 years 21 days |
Finance leases | 5 years 11 months 19 days | |
Weighted-average discount rate | ||
Operating leases | 10.65% | 10.21% |
Finance leases | 11.67% |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Cash and Non-cash Activities Associated with Leases (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 2,559,147 |
Financing cash flows from finance leases | $ 321,140 |
Loss Per Share - Schedule of Co
Loss Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||||
Net income (loss) | $ 163,631 | $ (6,765,657) | $ (4,779,502) | $ (5,263,420) | $ (4,097,544) | $ (5,974,924) | $ (11,381,523) | $ (15,335,888) |
Denominator: | ||||||||
Weighted average common shares outstanding - Basic | 52,569,481 | 50,431,295 | 51,776,833 | 43,572,925 | ||||
Dilutive effect of stock options, RSUs and warrants | 23,938,419 | 0 | 0 | 0 | ||||
Weighted average common shares outstanding - Diluted | 76,507,900 | 50,431,295 | 51,776,833 | 43,572,925 | ||||
Basic loss per share | $ 0 | $ (0.10) | $ (0.22) | $ (0.35) | ||||
Diluted loss per share | $ 0 | $ (0.10) | $ (0.22) | $ (0.35) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Warrant | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares excluded from calculation of diluted EPS | 18,173,126 | 19,645,521 | |
Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares excluded from calculation of diluted EPS | 870,668 | 954,001 | |
RSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares excluded from calculation of diluted EPS | 1,677,500 | 3,422,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2020 USD ($) Deposits | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||
Number of security deposits | Deposits | 2 | |||
One Passenger Aircraft | ||||
Related Party Transaction [Line Items] | ||||
Security deposit | $ 250,000 | |||
A321F Aircraft | ||||
Related Party Transaction [Line Items] | ||||
Security deposit | 100,000 | |||
GlobalX | ||||
Related Party Transaction [Line Items] | ||||
Amount due to affiliate | $ 28,681 | |||
Advance payments to affiliate | $ 500,000 | |||
Smartlynx Airlines Malta Limited | ||||
Related Party Transaction [Line Items] | ||||
Related party payments | $ 350,000 | |||
Smartlynx Airlines Malta Limited | Other Assets | ||||
Related Party Transaction [Line Items] | ||||
Total deposits and prepaid expense | $ 500,000 | $ 500,000 |