Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2023 | |
Document Information [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Global Crossing Airlines Group Inc. |
Entity Central Index Key | 0001846084 |
Entity Incorporation State Country Code | DE |
Entity Tax Identification Number | 86-2226137 |
Entity Primary SIC Number | 4522 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Address Address Line1 | 4200 NW 36th Street |
Entity Address, Address Line Two | Building 5A |
Entity Address, Address Line Three | Miami International Airport |
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 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address Address Line1 | 4200 NW 36th Street |
Entity Address, Address Line Two | Building 5A |
Entity Address, Address Line Three | Miami International Airport |
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 |
Contact Personnel Name | Ryan Goepel |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Current Assets | |||
Cash and cash equivalents | $ 13,038,883 | $ 1,875,673 | $ 5,241,716 |
Restricted cash | 4,260,512 | 3,585,261 | 2,752,285 |
Accounts receivable, net of allowance | 7,448,582 | 2,664,174 | 745,646 |
Prepaid expenses and other current assets | 3,410,379 | 2,193,449 | 931,266 |
Current assets held for sale | 453,225 | 1,405,741 | 0 |
Total Current Assets | 28,611,581 | 11,724,298 | 9,670,913 |
Property and equipment, net | 4,019,775 | 2,441,288 | 618,883 |
Finance leases, net | 4,023,475 | 2,710,899 | 0 |
Operating lease right-of-use assets | 59,573,956 | 27,952,609 | 22,668,308 |
Deposits and other assets | 11,508,169 | 6,334,878 | |
Deferred costs and other assets | 6,334,878 | 6,115,562 | |
Total Assets | 107,736,956 | 51,163,973 | 39,073,666 |
Current liabilities | |||
Accounts payable | 8,690,966 | 4,997,080 | 2,058,864 |
Accrued liabilities | 13,624,205 | 9,458,629 | 4,219,491 |
Deferred revenue | 4,372,808 | 3,200,664 | 1,995,090 |
Customer deposits | 4,896,921 | 1,617,337 | 1,264,502 |
Current portion of notes payable | 397,168 | 1,810,468 | 1,573,000 |
Current portion of long-term operating leases | 10,072,203 | 6,445,915 | 3,393,497 |
Current portion of finance leases | 556,850 | 335,527 | 0 |
Total current liabilities | 42,611,121 | 27,865,621 | 14,702,002 |
Other liabilities | |||
Note payable | 28,809,229 | 5,081,294 | 0 |
Long-term operating leases | 51,425,511 | 23,189,835 | 20,042,343 |
Financial leases and other liabilities | 2,282,892 | 83,491 | |
Other liabilities | 3,482,699 | 2,282,892 | |
Total other liabilities | 83,717,439 | 30,554,020 | 20,125,834 |
Total Liabilities | 58,419,641 | 34,827,836 | |
Commitments and Contingencies | |||
Equity (Deficit) | |||
Common stock - $.001 par value; 200,000,000 authorized; 57,837,685 and 53,440,482 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 57,838 | 53,440 | 51,237 |
Additional paid-in capital | 37,871,262 | 30,774,197 | 26,456,900 |
Retained deficit | (56,509,675) | (38,038,304) | (22,262,307) |
Total Company's stockholders' deficit | (18,580,575) | (7,255,667) | |
Noncontrolling interest | (11,029) | ||
Total stockholders' equity (Deficit) | (18,591,604) | (7,255,667) | 4,245,830 |
Total Liabilities and Equity (Deficit) | $ 107,736,956 | 51,163,973 | 39,073,666 |
Scenario Previously Reported [Member] | |||
Equity (Deficit) | |||
Retained deficit | (38,083,304) | (22,262,307) | |
Related Party [Member] | |||
Current liabilities | |||
Due from related parties | $ 0 | $ 197,558 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock shares issued | 57,837,685 | 53,440,482 | 51,237,876 |
Common stock shares outstanding | 57,837,685 | 53,440,482 | 51,237,876 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||||
Operating Revenue | $ 42,576,899 | $ 30,790,240 | $ 106,202,529 | $ 64,612,231 | $ 97,110,205 | $ 14,292,472 |
Operating Expenses | ||||||
Salaries, Wages, & Benefits | 15,040,396 | 7,712,688 | 38,263,674 | 20,829,632 | 30,629,414 | 9,784,450 |
Aircraft Fuel | 5,742,979 | 7,764,761 | 19,779,420 | 15,402,450 | 23,035,395 | 3,142,720 |
Maintenance, materials and repairs | 2,982,627 | 1,218,221 | 6,308,208 | 3,373,396 | 4,377,378 | 832,609 |
Depreciation and amortization | 565,571 | 193,620 | 1,451,726 | 296,830 | 609,489 | 34,289 |
Contracted ground and aviation services | 4,695,291 | 4,631,741 | 14,749,228 | 10,674,340 | 15,607,926 | 3,336,782 |
Travel | 1,554,446 | 1,078,854 | 5,155,258 | 3,204,172 | 5,024,758 | 961,258 |
Insurance | 1,218,818 | 947,342 | 3,588,934 | 2,713,791 | 3,580,377 | 1,713,756 |
Aircraft Rent | 9,400,014 | 3,957,508 | 21,874,401 | 11,151,412 | 15,614,081 | 4,149,871 |
Other | 3,706,751 | 2,489,530 | 9,668,124 | 7,464,756 | 9,867,929 | 7,497,021 |
Total Operating Expenses | 44,906,893 | 29,994,265 | 120,838,973 | 75,110,779 | 108,346,747 | 31,452,756 |
Operating Income/(Loss) | (2,329,994) | 795,975 | (14,636,444) | (10,498,548) | (11,236,542) | (17,160,284) |
Non-Operating Expenses (Income) | ||||||
Interest Expense (Income) | 2,564,680 | 632,344 | 3,800,956 | 882,975 | 1,621,932 | 31,043 |
Unrealized Loss (Gain) on Financial Instruments | (96,415) | 154,120 | ||||
Loss (Gain) on Warrant Valuation | 2,650,772 | |||||
Other non operating | 3,058,938 | |||||
Total Non-Operating Expenses | 2,564,680 | 632,344 | 3,800,956 | 882,975 | 4,584,455 | 2,835,935 |
Loss from continuing operations | (15,820,997) | (19,996,219) | ||||
Income from Discontinued Operations | 177,706 | |||||
Income (Loss) before income taxes | (4,894,674) | 163,631 | (18,437,400) | (11,381,523) | (15,820,997) | (19,818,513) |
Income tax expense | 0 | |||||
Net Income (Loss) | (4,894,674) | 163,631 | (18,437,400) | (11,381,523) | (15,820,997) | (19,996,219) |
Net Loss attributable to Noncontrolling Interest | (11,029) | (11,029) | ||||
Net Income (Loss) attributable to the Company | $ (4,883,645) | $ 163,631 | $ (18,426,371) | $ (11,381,523) | $ (15,820,997) | $ (19,818,513) |
Loss per share: | ||||||
Basic | $ (0.08) | $ 0 | $ (0.33) | $ (0.22) | $ (0.3) | $ (0.43) |
Diluted | $ (0.08) | $ 0 | $ (0.33) | $ (0.22) | $ (0.3) | $ (0.43) |
Weighted average number of shares outstanding | 57,497,385 | 52,569,481 | 56,292,992 | 51,776,833 | 52,074,647 | 46,185,089 |
Fully diluted shares outstanding | 57,497,385 | 76,507,900 | 56,292,992 | 51,776,833 | 52,074,647 | 46,185,089 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Total | Common Stock | Common Stock Subscribed | Additional Paid in Capital | Retained Deficit | Total | Noncontrolling Interest |
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 | 14,569,688 | $ 15,601 | (212,073) | 14,766,160 | |||
Issuance of shares - private placement, shares | 15,601,830 | ||||||
Issuance of shares - warrants and options exercised | $ 4,462,484 | $ 6,458 | $ (240,196) | 4,696,222 | |||
Issuance of shares - warrants and options exercised, shares | 6,457,986 | ||||||
Issuance of shares - options exercised, shares | 441,332 | ||||||
Issuance of shares - RSUs | $ 240 | (240) | |||||
Issuance of shares - RSUs, shares | 240,000 | ||||||
Share based compensation on stock options or RSUs | $ 1,254,413 | 1,254,413 | |||||
GEM warrant reclassification | 3,475,379 | 3,475,379 | |||||
Loss for the period | (19,818,513) | ||||||
Income (Loss) for the period | (19,996,219) | ||||||
Ending balance at Dec. 31, 2021 | 4,245,830 | $ 51,237 | 26,456,900 | (22,262,307) | |||
Ending 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 | ||||||
Loss for the period | (11,381,523) | ||||||
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 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 | $ 663,742 | $ 1,398 | 662,344 | ||||
Issuance of shares - warrants and options exercised, shares | 1,397,402 | ||||||
Issuance of shares - options exercised, shares | 83,333 | ||||||
Warrants issued | $ 2,130,642 | 2,130,642 | |||||
Issuance of shares - share based compensation on RSUs | 1,342,984 | $ 538 | 1,342,446 | ||||
Issuance of shares - share based compensation on RSUs, shares | 537,954 | ||||||
Issuance of shares - ESPP | 182,131 | $ 267 | 181,864 | ||||
Issuance of shares - ESPP, shares | 267,250 | ||||||
Loss for the period | (15,820,997) | (15,820,997) | |||||
Income (Loss) for the period | (15,820,997) | ||||||
Ending balance at Dec. 31, 2022 | (7,255,667) | $ 53,440 | 30,774,197 | (38,083,304) | $ (7,255,667) | ||
Ending balance, shares at Dec. 31, 2022 | 53,440,482 | ||||||
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 | ||||||
Issuance of shares - options exercised, shares | 33,333 | ||||||
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 | |||||
Loss for the period | 163,631 | ||||||
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 | ||||||
Beginning balance at Dec. 31, 2022 | (7,255,667) | $ 53,440 | 30,774,197 | (38,083,304) | (7,255,667) | ||
Beginning balance, shares at Dec. 31, 2022 | 53,440,482 | ||||||
Issuance of shares - options exercised | $ 67,256 | $ 150 | 67,106 | 67,256 | |||
Issuance of shares - options exercised, shares | 150,000 | 150,000 | |||||
Issuance of shares - warrants exercised | $ 1,136,301 | $ 2,499 | 1,133,802 | 1,136,301 | |||
Issuance of shares - warrants exercised, shares | 2,499,453 | ||||||
Issuance of shares - share based compensation on RSUs | 500,629 | $ 208 | 500,421 | 500,629 | |||
Issuance of shares - share based compensation on RSUs, shares | 208,416 | ||||||
Income (Loss) for the period | (6,071,704) | (6,071,704) | (6,071,704) | ||||
Ending balance at Mar. 31, 2023 | (11,623,185) | $ 56,297 | 32,475,526 | (44,155,008) | (11,623,185) | ||
Ending balance, shares at Mar. 31, 2023 | 56,298,351 | ||||||
Beginning balance at Dec. 31, 2022 | (7,255,667) | $ 53,440 | 30,774,197 | (38,083,304) | (7,255,667) | ||
Beginning balance, shares at Dec. 31, 2022 | 53,440,482 | ||||||
Loss for the period | (18,426,371) | ||||||
Income (Loss) for the period | (18,437,400) | ||||||
Ending balance at Sep. 30, 2023 | (18,591,604) | $ 57,838 | 37,871,262 | (56,509,675) | (18,580,575) | $ (11,029) | |
Ending balance, shares at Sep. 30, 2023 | 57,837,685 | ||||||
Beginning balance at Mar. 31, 2023 | (11,623,185) | $ 56,297 | 32,475,526 | (44,155,008) | (11,623,185) | ||
Beginning balance, shares at Mar. 31, 2023 | 56,298,351 | ||||||
Issuance of shares - warrants exercised | 221,662 | $ 228 | 221,434 | 221,662 | |||
Issuance of shares - warrants exercised, shares | 227,630 | ||||||
Issuance of shares - share based compensation on RSUs | 578,062 | $ 482 | 577,580 | 578,062 | |||
Issuance of shares - share based compensation on RSUs, shares | 481,593 | ||||||
Issuance of shares - ESPP | 198,981 | $ 301 | 198,680 | 198,981 | |||
Issuance of shares - ESPP, shares | 300,121 | ||||||
Income (Loss) for the period | (7,471,022) | (7,471,022) | (7,471,022) | ||||
Ending balance at Jun. 30, 2023 | (18,095,502) | $ 57,308 | 33,473,220 | (51,626,030) | (18,095,502) | ||
Ending balance, shares at Jun. 30, 2023 | 57,307,695 | ||||||
Warrants issued | 3,829,515 | 3,829,515 | 3,829,515 | ||||
Issuance of shares - share based compensation on RSUs | 569,057 | $ 530 | 568,527 | 569,057 | |||
Issuance of shares - share based compensation on RSUs, shares | 529,990 | ||||||
Loss for the period | (4,883,645) | ||||||
Income (Loss) for the period | (4,894,674) | (4,883,645) | (4,883,645) | (11,029) | |||
Ending balance at Sep. 30, 2023 | $ (18,591,604) | $ 57,838 | $ 37,871,262 | $ (56,509,675) | $ (18,580,575) | $ (11,029) | |
Ending balance, shares at Sep. 30, 2023 | 57,837,685 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (18,437,400) | $ (11,381,523) | $ (15,820,997) | $ (19,996,219) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 1,451,726 | 296,830 | 609,489 | 34,289 |
Bad debt expense | 5,915 | 94,893 | 219,759 | |
Loss on warrant revaluation | 2,650,772 | |||
Gain on sale and disposal of spare parts | (183,938) | (191,530) | ||
Loss on deferred costs | 2,809,031 | |||
Interest of finance leases | 309,337 | 30,405 | 102,561 | |
Amortization of debt issue costs | 1,164,472 | 389,301 | 630,290 | |
Amortization of operating lease right of use assets | 5,933,502 | 3,381,624 | 4,797,056 | 1,154,477 |
Share-based payments | 1,677,594 | 795,334 | 1,386,533 | 1,254,413 |
Foreign exchange (gain) loss | 1,200 | 3,753 | (96,415) | 154,120 |
Loss on sale of property | 135,772 | |||
Changes in assets and liabilities | ||||
Accounts receivable | (4,886,060) | (803,231) | (1,946,757) | (745,646) |
Assets held for sale | 952,516 | (340,561) | ||
Prepaid expenses and other current assets | (1,180,611) | (1,321,588) | (1,262,183) | (486,670) |
Deposits and other assets | (3,247,035) | (2,684,307) | ||
Accounts payable | 3,610,551 | 3,095,518 | 2,938,216 | 2,072,374 |
Accrued liabilities and other liabilities | 8,586,891 | 6,248,347 | 6,353,307 | 5,929,292 |
Operating lease obligations | (6,181,225) | (2,559,147) | (3,482,839) | (386,945) |
Other liabilities | 283,622 | (306,008) | 74,086 | |
Net cash used in operating activities - continuing operations | (6,848,083) | (10,975,964) | ||
Net cash provided by operating activities - discontinuing operations | 177,706 | |||
Net cash used in operating activities | (6,756,136) | (1,759,889) | (6,848,083) | (10,798,258) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of property and equipment | (2,082,226) | (1,124,712) | (1,911,669) | (652,750) |
Deposits, deferred costs and other assets | (5,697,724) | (3,350,867) | ||
Net cash used in investing activities | (7,779,950) | (4,475,579) | (1,911,669) | (652,750) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Payments to related party | (197,558) | |||
Principal payments on finance leases | (343,374) | (321,140) | (501,169) | |
Other liabilities | (104,437) | |||
Proceeds on issuance of shares | 1,594,353 | 644,251 | 802,325 | 19,032,172 |
Repayment of notes payables | (6,986,079) | |||
Proceeds from senior secured notes | 32,109,647 | 5,925,529 | 5,925,529 | |
Net cash provided by financing activities - continuing operations | 6,226,685 | 18,927,735 | ||
Net cash provided by financing activities - discontinued operations | (31,416) | |||
Net cash provided by financing activities | 26,374,547 | 6,051,082 | 6,226,685 | 18,896,319 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 11,838,461 | (184,386) | (2,533,067) | 7,445,311 |
Cash, cash equivalents and restricted cash - beginning of the period | 5,460,934 | 7,994,001 | 7,994,001 | 548,690 |
Cash, cash equivalents and restricted cash - end of the period | 17,299,395 | 7,809,615 | 5,460,934 | 7,994,001 |
Non-cash transactions | ||||
Right-of-use (ROU) assets acquired through operating leases | 37,554,848 | 5,390,848 | 10,081,357 | 21,302,542 |
Warrants issued with debt | 3,829,517 | 2,130,642 | ||
Equipment acquired through finance leases | 1,680,470 | 2,815,432 | (2,840,936) | |
Airframe Parts acquired through financing | 1,065,180 | |||
Warrants issued for debt (debt discount) | 2,130,642 | |||
Note Payable reductions through accounts receivable from sale of Assets held for sale | 145,089 | |||
Cash paid for | ||||
Interest | $ 928,205 | 285,684 | 622,439 | 31,558 |
Scenario Previously Reported [Member] | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Cash, cash equivalents and restricted cash - beginning of the period | $ 7,994,001 | $ 7,994,001 | ||
Cash, cash equivalents and restricted cash - end of the period | $ 7,994,001 |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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 Group Inc. (the “Company” or “Global”) principal business activity is providing passenger and cargo aircraft to customers through aircraft operating service agreements including, crew, maintenance, insurance (“ACMI”) and charter services “Charter” serving the United States, Caribbean, Latin American and European markets. The condensed consolidated financial statements include the accounts of the Company, and its subsidiaries, Global Crossing Airlines, Inc. and Global Crossing Airlines Operations, LLC (collectively “Global USA”), Global Crossing Airlines Holdings, Inc, GlobalX Travel Technologies, Inc. (“Technologies”), GlobalX Air Tours, LLC (“GlobalX Tours”), LatinX Air S.A.S., GlobalX Colombia S.A.S. and Charter Air Solutions, LLC ("Top Flight"). 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 years ended December 31, 2022 and 2021 and Form 10-K/A Amendment No.1 for the year ended December 31, 2022, which includes additional disclosures and a summary of our significant accounting policies. The December 31, 2022, 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 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, 2023, the Company had a working capital deficit of $ 13,999,540 and a retained deficit of $ 56,509,675 . 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 financing 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. | 1. NATURE OF OPERATIONS AND GOING CONCERN Global Crossing Airlines Inc. (the “Company” or “Global”) was incorporated under the laws of British Columbia and continued as a Federal corporation pursuant to the Canada Business Corporations Act effective February 28, 2017. During the year ended December 31, 2020, the Company completed a business acquisition pursuant to which it acquired all of the issued and outstanding shares of Global Crossing Airlines, Inc. (“Global USA”), a Delaware corporation. For financial reporting purposes, the Company is considered a continuation of Global USA, the legal subsidiary, except with regard to authorized and issued common stock which is that of the Company, the legal parent. On December 22, 2020, the Company changed its jurisdiction of incorporation from the province of British Columbia, Canada to the State of Delaware. The U.S. Domestication was required for the Company to complete its charter licensing process and will also reflect the Company’s U.S.-business and operations. The Company’s 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 Company’s shares trade on the NEO Exchange (the “Exchange” or “NEO”) under the symbol “JET” and the OTCQB under the symbol “JETMF.” The 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 December 31, 2022 and 2021, the Company had a working capital deficits of $ 16,141,320 and $ 5,113,865 , respectively, and retained deficits of $ 38,038,304 and $ 22,262,307 , respectively. 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 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. During the year ended December 31, 2020, the World Health Organization declared a global pandemic related to the virus known as COVID-19. The airline industry has been impacted significantly as many local and regional governments have issued public health orders and travel restrictions in response to COVID-19. An extended disruption may affect the Company’s ability to generate revenue and obtain additional financing. The impact of these factors on the Company is not yet determinable; however, the Company’s financial position, results of operations and cash flows in future periods may be materially affected. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidation The consolidated financial statements include the accounts of the Company, and its subsidiaries, Global Crossing Airlines, Inc. and Global Crossing Airlines Operations, 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, LatinX Air S.A.S., GlobalX Colombia S.A.S and Capitol Airlines, LLC. All intercompany transactions and balances have been eliminated on consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the 2022 presentation. Details of the Company’s subsidiaries are as follows: Subsidiaries Name Place of incorporation Interest% Principal activity Global Crossing Airlines Holdings, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Group, Inc. Holding company Global Crossing Airlines, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Holdings Inc. US 121 Charter company GlobalX Travel Technologies, Inc. Delaware, United States 80 % ownership by Global Crossing Airline Holdings, Inc. Acquire and develop travel technology UrbanX Air Mobility, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Holdings Inc. Air Charter operator Global Crossing Airlines Operations, LLC Florida, United States 100 % ownership by Global Crossing Airlines Inc. Operating Company LatinX Air S.A.S Ecuador 100 % ownership by Global Crossing Airlines Inc Air Charter operator GlobalX Colombia S.A.S. Colombia 100 % ownership by Global Crossing Airlines Inc Air Charter operator GlobalX Air Tours, LLC Florida, United States 100 % ownership by Global Crossing Inc. Air charter service Charter Air Solutions, LLC Montana, United States 80 % ownership by the Global Crossing Airlines Holdings Inc. Charter Broker On May 19, 2021, the Company entered into an arrangement agreement (“the Arrangement”) to complete a spin-out of the shares of its wholly owned subsidiary, Canada Jetlines Operations Ltd. (“Jetlines”). 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. To complete the spin-off, Global distributed one share of Jetlines for every two shares of Global held as of the record date. As of the closing of the Arrangement there were a total of 33,403,145 Jetlines shares issued and outstanding (including the 8,350,786 shares that have been retained by Global representing 25 % of the issued and outstanding Jetlines shares). Jetlines and Global will operate as separate companies with different boards and management teams. In accordance with U.S. GAAP, the financial position, results of operations, and cash flows of Jetlines are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. Prior years’ balance sheets have been adjusted to reflect the effect of the spin-off. With the exception of Note 4, the notes to the consolidated financial statements reflect the continuing operations of Global. See Note 3 - Discontinued Operations below for additional information regarding discontinued operations. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances at several financial institutions; at times, such balances may be in excess of insurance limits. The Company has not experienced any losses on these balances. Restricted Cash As of December 31, 2022 and 2021, restricted cash of $ 3,585,260 and $ 2,752,285 , respectively, were being held by a financial institution as security for future flights. As December 31, 2022, the Company also had $ 300,000 deposits held for an Airport Security Bond which is required by U.S. Customs and Border Protection and U.S. Department of Transportation. Accounts Receivable Accounts Receivable are recorded at the amount due from customers and do not bear interest. The Company determines its allowances for credit losses by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. As of December 31, 2022 and 2021, the Company recorded $ 104,406 as Allowance for bad debt presented as Accounts Receivable on the Consolidated Balance Sheets. During the years ended December 31, 2022 and 2021, the Company wrote off $ 115,353 and $ 0 from Accounts Receivable. Assets held for sale Assets held for sale consist of the purchased airframe parts from used Airbus 320 bearing manufacturer's serial number 2090 as completed on sales agreement entered on March 2, 2022. Assets held for sale are valued at the lower of the carrying amount or the estimated market value less selling costs. They were recorded at average cost and are expensed when sold, used or consumed. An allowance for obsolescence on aircraft airframe parts is recorded when impaired to reduce the carrying costs to lower of cost or market. The Company monitors resale values for its assets held for sale on a recurrent basis using various qualitative and quantitative matters including analysis of current sales, estimates obtained from outside vendors, physical counts, internal discussions, among others. As of December 31, 2022, the Company did not identify items that were obsolete and recorded a $ 0 allowance for obsolete items on the Consolidated Balance Sheet. Lessor Maintenance Deposits GlobalX’s aircraft lease agreements provide that Global pay maintenance reserves monthly to aircraft lessors to be held as collateral in advance of major maintenance activities required to be performed by Global. Maintenance reserve payments are either fixed, or variable based on actual flight hours or cycles. These lease agreements provide that maintenance reserves are reimbursable to Global upon completion of the maintenance event in an amount equal to the lesser of (1) the amount of the maintenance reserve held by the lessor associated with the specific maintenance event or (2) the qualifying costs related to the specific maintenance event. Maintenance reserve payments that are expected to be recoverable via reimbursable expenses will be reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. As of December 31, 2022 and 2021, Lessor Maintenance Deposits totaled $ 889,919 and $ 82,776 , respectively, and are included in Prepaid expenses and other current assets and Deferred Costs and other assets in the consolidated balance sheet. During the years ended December 31, 2022 and 2021, the Company did no t make or expense any maintenance reserve payments as none were due. Heavy Maintenance The Company accounts for heavy maintenance costs for airframes and engines using the deferral method. Under this method, expense recognition of scheduled heavy maintenance events is deferred and amortized over the estimated period until the next scheduled heavy maintenance event is required. During the year ended December 31, 2022, the Company incurred in amortization expense of $ 218,687 with respect to heavy maintenance costs and had $ 576,523 in deferred maintenance costs as of December 31, 2022. During the year ended December 31, 2021, the Company did no t incur amortization expense with respect to heavy maintenance costs and had no deferred maintenance costs of the year then ended. Property & Equipment Property and equipment are recorded at cost or fair value at the Acquisition Date and depreciated on a straight-line basis to an estimated residual value over their estimated useful lives or lease term, whichever is shorter, as follows: Leasehold Improvements, Aircraft, other 3 - 25 years (or life of lease, if shorter) Office and Ground Equipment 5 years Computer Hardware and Software 3 - 5 years Property and Equipment under Finance Leases 3 - 30 years (or life of lease, if shorter) Rotable Parts Average remaining life of aircraft fleet, currently estimated to be 10 months to 5 years Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. Equity 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. Evaluation of Long-Lived Assets Long-lived assets are evaluated whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. Such indicators include significant technological changes, adverse changes in market conditions and/or poor operating results. The carrying value of a long-lived asset group is considered impaired when the projected undiscounted future cash flows are less than its carrying value. The amount of impairment loss recognized is the difference between the estimated fair value and the carrying value of the asset or asset group. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third- party independent appraisals, as considered necessary. No impairment losses were recognized during the years ended December 31, 2022 and 2021. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest. Estimating fair value for granted stock options and compensatory warrants requires determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the option or warrant, volatility, dividend yield, and rate of forfeitures and making assumptions about them. Estimating fair value for granted restricted share units requires estimating the number of awards likely to vest on grant and at each reporting date up to the vesting date. The estimated forfeiture rate is adjusted for actual forfeitures in the period. Grants of share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service. Stock-based compensation expenses are included in the consolidated statement of operations. Income taxes The estimation of income taxes includes evaluating the recoverability of deferred tax assets and liabilities based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets and liabilities will not be realized. The ultimate realization of deferred tax assets and liabilities is dependent upon the generation of future taxable income. To the extent that management’s assessment of the Company’s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets or liabilities, and deferred income tax provisions or recoveries could be affected. Leases Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. The Company's leases generally do not provide a readily determinable implicit rate; therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term. Operating Lease Right-of-Use Asset and Liabilities For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets. Finance Leases Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented on separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table below. Leased Aircraft Return Costs The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred, and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed as a component of Aircraft Rent expense on the Consolidated Statements of Operations. In addition, the Company leases office space under a month-to-month agreement. For leases with terms greater than 12 months, including renewal options when appropriate, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. Customer Deposits Customer Deposits represent money we receive from our customers as a security deposit for their contract. The money will either be returned to the customer at the end of the contract or used for payment of any unpaid invoices/debts the customer has during the contract term . Deferred Revenue Deferred Revenue represents revenue prepayments. Customers pay in advance of their flights and the funds are held as Deferred Revenue until the flight takes place. Charter customers typically pay a 10 % deposit upon signing a contract and the remainder 30 days before the flight. If the contract is signed less than 30 days from the date of the flight, the entire amount is collected upon signing. ACMI customers typically pay 2 weeks in advance. Revenue Recognition The Company generates operating revenues by providing passenger aircraft outsourcing services to customers on a Charter and ACMI basis, in exchange for guaranteed minimum revenues at predetermined levels of operation for defined periods of time. Our performance obligations under Charter contracts involve the provision of passenger aircraft charter services to customers, including various US Government agencies, brokers, freight forwarders, direct shippers, airlines, college sports teams and fans, and private charter customers. Our obligations are for one or more flights based on a specific origin and destination. The Company typically bears all direct operating costs for charters, which include fuel, insurance, landing and navigation fees, and most other operational fees and costs. The time interval between when an aircraft departs the terminal until it arrives at the destination terminal is measured in hours and called “Block Hours.” Revenue from Charter contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer. Payment terms and conditions vary by charter contract, although the vast majority of contracts require payment in advance of the services being provided. Since advance payments are typically made shortly before the services are performed, such payments are not considered significant financing components. Our performance obligations under ACMI contracts involve outsourced passenger aircraft operating services, including the provision of an aircraft, crew, maintenance and insurance. ACMI contracts generally provide for the transfer of the benefits from these performance obligations on a combined basis through the operation of the aircraft over time. Customers assume fuel, demand and price risk. Generally, customers are also responsible for landing, navigation and most other operational fees and costs. When we act as an agent for costs reimbursed by customers, such reimbursed amounts are recorded as Operating Revenue, net of the related costs, when the costs are incurred. When we are responsible for any of these costs, such reimbursed amounts are recorded as Operating Revenue and the costs are recorded as Operating Expenses as incurred. Revenue from ACMI contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer during a given month. The Company commenced flight operations during August 2021 upon receipt of the final DOT and FAA approvals. Recently Adopted Accounting Standards In June 2018, the FASB issued ASU 2018-07 Improvements to Non-employee Share-based Payment Accounting. ASU 2018-07 expands the scope of ASC 718, Compensation - Stock Compensation, to share-based payments granted to non- employees for goods and services. Additionally, in November 2019, the FASB issued ASU 2019-08, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), which requires entities to measure and classify share based payments to a customer, in accordance with the guidance in ASC 718. The new guidance did not impact how we account for Share based payments. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The update eliminates, clarifies, and modifies certain guidance related to the accounting for income taxes. The amended guidance did not have a material impact on our consolidated financial statements and related disclosures. 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. Recently Issued 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. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. DISCONTINUED OPERATIONS As discussed in Note 2. Basis of Presentation above, on June 28, 2021, the Company completed the spin-off of Jetlines, its wholly owned subsidiary, and the requirements for the presentation of Jetlines as a discontinued operation were met on that date. Accordingly, Jetlines’ historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations. The Company did not allocate any general corporate overhead or interest expense to discontinued operations. As described in Note 2, Global retained 25 % of the shares issued and outstanding of Jetlines. The Company’s investment in Jetlines was recorded in accordance with the guidance of ASC 845-10, Nonmonetary Transactions, and ASC 505-60, Spinoffs and Reverse Spinoffs. Accordingly, the net liabilities transferred were derecognized at the carrying value and the Company recorded the gain on discontinued operations. The following is a summary of Jetlines’ assets and liabilities as of June 28, 2021: As of June 28, 2021 Cash and cash equivalents $ 4,897 Other current assets 2,135 Prepaid expenses 26,055 Accounts payable and accrued liabilities ( 303,581 ) Long-term loan payable ( 32,336 ) Net liabilities transferred $ ( 302,830 ) The results of discontinued operations and gain from discontinued operations are as follows: Year ended December 31, 2021 General and administrative $ 4,788 Professional fees 101,108 Regulatory costs 3,147 Travel, meals, and entertainment 16,081 Net loss for period ( 125,124 ) Gain on disposal of liabilities 302,830 Income from discontinued operations $ 177,706 The investment in Jetlines shall be adjusted each period for the Company’s share of the investee’s income or loss and dividend paid, if any, in accordance with the guidance of ASC 323, Investments—Equity Method and Joint Ventures. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 4. EQUITY INVESTMENTS 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 13 % interest in Canada Jetlines Operations Ltd. (“Jetlines”) as of December 31, 2022. 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 December 31, 2022 and 2021, there was $ 0 and $ 197,558 , respectively, due to GlobalX Ground and $ 28,681 and $ 20,478 losses recorded with respect to the equity investment in GlobalX Ground during the years then ended. Investment in Canada Jetlines Operations Ltd.: As described in Note 2, 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. At that time, Global retained 25 % of the shares issued and outstanding of Jetlines and accounts for the investment in accordance with the equity method. As of December 31, 2022, the Company holds approximately 13 % ownership in Jetlines. During the years ended December 31, 2022 and 2021, Jetlines did not generate revenue or incur any material expenses. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2023 | |
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 adoption of ASU 2016-13 had no impact on our consolidated financial statements. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investements | 3. INVESTMENTS 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. As of September 30, 2023, the Company holds approximately 12 % ownership in Jetlines. Jetlines did not generate net income during the year ended on December 31, 2022 and the nine months period ended on September 30, 2023. Investment in Top Flight: On September 18, 2023, the Company acquired 80 % of Charter Air Solutions, LLC ("Top Flight"). Top Flight was established on February 8, 2023 and had no significant transactions from the date of formation to the acquisition date. The balance sheet and operating activity of Top Flight are included in the Company's consolidated financial statements and we adjust the net income in our consolidated statement of operations to exclude the noncontrolling interests' proportionate share of results. We present the proportionate share of equity attributable to noncontrolling interests as equity within our consolidated balance sheet. Top Flight had approximately $ 24 thousand and $ 78 thousand in revenue and expenses, respectively, during the period from inception to September 30, 2023. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT On August 2, 2023, the Company closed the placement of $ 35 million senior secure notes due 2029. The proceeds from these notes were used to pay-off the pre-existing Loan and Subscription Agreement. The terms of the senior secure notes include: • a term of 6 years and maturity date of June 30, 2029 ; • the notes bear interest at a fixed rate of 15 % per annum and include an upfront fee of 2 % of the principal payment; • the Company is permitted to prepay all (but not less than all) of the notes beginning on July 1, 2025 subject to a redemption premium of (i) 7.5 % of the principal to be redeemed on or prior to August 2, 2026, (ii) 5.0 % of the principal to be redeemed after August 2, 2026 or on or prior to August 2, 2027, (iii) 2.5 % of the principal to be redeemed after August 2, 2027 or on or prior to August 2, 2028, (iv) 0 % of the principal to be redeemed after August 2, 2028; • the investors will be issued 10 million warrants, each exercisable into one share of Class A common stock at an exercise price of $ 1.00 per share, with such warrants expiring on June 30, 2030 ; • each of the Company's material subsidiaries will guarantee the notes; • the notes and the related guarantees will be secured by a lien on substantially all of the property and assets of the Company and the guarantors of the notes. • financial covenants requirements as follows: o minimum adjusted EBITDA of (i) $ 5,000,000 for the fiscal year ended December 31, 2023, (ii) $ 15,000,000 for the fiscal year ended December 31, 2024 and (iii) $ 25,000,000 for the fiscal year ended December 31, 2025; o minimum liquidity of $ 5,000,000 measured at each quarter end; • collateral substantially of all the Company's assets. 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 $ 3.8 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 Monte Carlo option pricing model to value the warrants at issuance. The inputs selected are: underlying stock price at date of issuance of $ 0.85 per share, exercise price of $ 1.0 per share, expected term of 6.91 years, dividends of $ 0 , a risk free rate of 4.21 %, and volatility of 50 %. 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. On January 27, 2023, the Company announced an up to $ 5.0 million loan (the "Loan") with a key investor to provide working capital and additional liquidity to support GlobalX’s rapidly growing operations. The net proceeds of the Loan will be used to further the business objectives of the Company and to secure additional aircraft for charter operations. As of September 30, 2023, the Company received $ 2.5 million from the loan and this balance was paid off in connection with the new $ 35.0 million secured notes closed on August 2, 2023. The terms of the promissory note (the "Note") issued in connection with Loan include: • a maturity date of 6 months from the date of issuance (the “Maturity Date”) and the principal amount of the Note, together with any accrued and unpaid interest, will be payable on the Maturity Date; • the Note bears interest at the rate of 20 % per annum, accruing monthly and payable on the Maturity Date; • the principal amount of the Note will be advanced in two tranches of $ 2.5 million each. The first tranche was advanced within one business day and the second tranche will be advanced after the Company delivers a draw down notice, but subject to the lender receiving internal approval for the second tranche; and • the Note is unsecured, is not convertible and provides for no warrants. On March 17, 2022, the Company entered into agreements (each a “Subscription Agreement”) pursuant to which the Company sold $ 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 $ 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. This loan was paid off in connection with the new $ 35.0 million secured notes closed on August 2, 2023 and the outstanding balance related to debt costs and discounts of approximately $ 945 thousand was written off. 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 $ 2.1 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. As of September 30, 2023, Current Portion of Notes Payable includes the outstanding balance of $ 397,168 ($ 550,000 CAD), in connection with the payment plan agreed by Global Crossing Airlines and GEM for the $ 2,000,000 CAD final settlement. |
Deferred Financing Fees
Deferred Financing Fees | 12 Months Ended |
Dec. 31, 2022 | |
Debt Issuance Costs, Net [Abstract] | |
Deferred Financing Fees | 5. DEFERRED FINANCING FEES In connection with the GEM Global Yield LLC agreement (Note 10) the Company issued a note for $ 2,000,000 CAD ($ 1,418,880 USD) and issued 2,106,290 warrants exercisable at a price of CAD $ 0.50 per share until May 4, 2023. The initial fair value of the warrants was recorded as a prepaid financing fee in the amount of $ 1,390,151 . These costs are initially capitalized on the consolidated balance sheet as deferred finance costs and will be subsequently reclassified to common stock and additional paid-in capital upon on a pro-rata basis as the Company draws down on the facility. As described in Note 10, on June 28, 2021, adjustments were made to the warrants issued resulting in a change in warrants issued and their exercise price. During 2022, the Company expensed the full outstanding amount capitalized as deferred financing costs of $ 2,809,031 . |
Asset Acquisition
Asset Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Asset Acquisition [Abstract] | |
Asset Acquisition | 6. ASSET ACQUISITION On March 22, 2021 , the Company executed an agreement to purchase certain assets from Kizoto, LLC. Under the agreement, GlobalX’s newly formed subsidiary, GlobalX Travel Technologies, Inc. (“Travel”) would purchase all of the assets used in or relating to the business operation described as “Flugy” and Global committed to finance Travel to facilitate the transaction. The assets acquired include all of Kizoto's right, title and interest in Flugy including, but not limited to, all software source code for the Flugy platform, website and mobile applications and related intellectual and intangible property. In assessing the assets transferred under the agreement, the Company determined that the Flugy assets do not constitute a business as defined in Subtopic 805-10. Accordingly, the transaction was accounted for as an asset purchase. Consideration for the Flugy asset purchase included $ 50,000 paid to Kizoto, LLC and 20 % of the shares issued and outstanding of Travel. The Company recorded the Flugy platform and the related intangible assets acquired as other noncurrent assets at the total acquisition cost of $ 50,000 . After the closing date, each party shall be entitled to receive a distribution of the net profits according to their respective percentage of ownership. In connection with the agreement, Travel shall pay Kizoto an initial monthly fee of $ 5,000 to cover ongoing management and development services. This rate increased to $ 10,000 once the first flight was flown. The monthly management fees will be expensed as incurred as these payments are composed of mostly management and administrative fees. Services provided by Kizoto which further develop and improve the software will be capitalized and amortized over the estimated useful life. Once the Flugy platform is placed in service, Travel shall pay Kizoto a fee for each passenger seat sold by Travel or sold by a third party which uses the Flugy platform or technology. The per-seat fees are considered transaction costs incurred in the generation of revenue from passenger seat reservations. The costs will be recorded as a reduction of the related revenues generated. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 7. LEASES As of December 31, 2022 and 2021, the Company operated 8 and 6 leased aircraft, respectively, which are accounted for under operating lease agreements with ranging terms of 10 months to 5 years . Leases with an initial term of 12 months or less will be recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. These leases primarily relate to the Company’s lease agreements for the month-to-month agreement for office space and leases for office equipment. For operating leases with terms greater than 12 months, including renewal options when appropriate, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. In addition, the aircraft lease requires the Company to make maintenance reserve payments to cover the cost of major scheduled maintenance for the aircraft. These payments are generally variable as they are based on utilization of the aircraft, including the number of flight hours flown and/or flight departures, and are not included as minimal rental obligations. On October 14, 2021 the Company signed a lease for one Airbus A321 converted freighter. The term of the lease is 10 years commenced upon aircraft delivery in January 2023 and runs through December 2032 . In addition to basic rent due, the Company will pay the lessors supplemental rent for maintenance of the aircraft and equipment. On October 12, 2022 the Company entered into a lease agreement for an aircraft and paid commitment fees to the lessor. The lease commenced upon aircraft delivery in June, 2022 and runs through June, 2026 . In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of aircraft equipment. On October 12, 2022 the Company entered into a lease agreement for an aircraft and paid commitment fees to the lessor. The lease commenced upon aircraft delivery on December 10, 2022 and runs through October 13, 2023 . In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of aircraft equipment. The Company reviewed the operating leases for extension options that may be reasonably certain to be exercised and then would become part of the right-of-use assets and lease liabilities. At December 21, 2012, the Company signed an extension for one aircraft extending lease term for an additional 60 months from original ending date of June 1, 2023 to May 31, 2028 . Terms of extension were agreed solely to grant the Company the right to use the asset for the related additional time including no changes in payment rent. As such, extension was accounted as a modification of lease in accordance with ASC 842 rather than as a new contract and the Company remeasured at modification date the following: Right-of-use asset, lease liability, discount rate, lease term and classification. In addition, as of December 31, 2022, the Company signed a lease agreement to convert one of its lease passenger aircraft with lease term ending in November 15, 2023, into an Aircraft Freighter at lessor's expense. The new lease is contingent on a successful conversion from induction date of November 15, 2023, and can take up to a year. Among terms agreed includes commitment fees paid to lessor and also no basic and supplemental rent shall be payable while the Aircraft undergoes conversion during the period commencing on the conversion induction date and ending on the conversion redelivery date. The Company expects to record a new lease on the acceptance of redelivery date, which is the date the lessee will have access to the leased asset. For the year ended December 31, 2022, we had 21 aircraft support equipment capitalized within our Consolidated Balance Sheet with useful lives between 5 and 30 years. All aircraft support equipment were financed through finance leases with terms between 5 and 7 years. Related right-of-use assets and lease liabilities are recorded at the present value of fixed lease payments over the lease term. Amortization of the equipment under finance leases is on a straight-line basis over the lease term and is included in Depreciation and amortization in our Consolidated Statement of Operations. Residual values for equipment are estimated to be from 0 % to 77 %. 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 presents lease costs related to the Company’s finance and operating leases: For the Year Ended December 31, 2022 2021 Finance lease cost Amortization of leased assets $ 130,037 $ — Interest of lease liabilities 102,561 — Operating lease cost — — Operating lease cost (1) 9,146,119 4,543,803 Total lease cost $ 9,378,717 $ 4,543,803 (1) Expenses are classified within Aircraft Rent on the Company's consolidated statements of operations. The Company uses the rate stated in the lease to discount lease payments to present value. In the event the leases do not provide a readily determinable implicit or stated rate, the Company estimates the incremental borrowing rate to discount lease payments based on information available initially at adoption and at lease commencement going forward, taking into consideration recent debt issuance as well as publicly available data for instruments with similar characteristics. The table below presents lease terms and discount rates related to the Company's finance and operating leases: For the Year Ended December 31, 2022 2021 Weighted-average remaining lease term Operating leases 4.52 years 5.76 years Finance leases 5.72 years — Weighted-average discount rate Operating leases 10.53 % 10.07 % Finance leases 11.66 % — % The table below presents cash and non-cash activities associated with our leases: For the Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,482,839 $ 386,945 Financing cash flows from finance leases 501,169 — Future minimum lease payments under finance and operating lease liabilities with initial terms in excess of one year are as follows: Finance Leases Operating Leases Remainder of 2023 $ 597,152 $ 9,181,250 2024 597,152 8,057,500 2025 597,152 7,955,000 2026 597,152 6,822,100 2027 457,485 4,010,000 2028 and thereafter 465,491 801,173 Total minimum lease payments 3,311,582 36,827,023 Less amount representing interest 869,254 7,191,273 Present value of minimum lease payments 2,442,328 29,635,750 Less current portion 335,527 6,445,915 Long-term portion $ 2,106,800 $ 23,189,835 |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 6. WARRANTS Following is a summary of the warrant activity during the three and nine months periods ended September 30, 2023 and 2022: Number of Weighted 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 Outstanding, January 1, 2023 19,633,911 $ 1.18 Issued — — Exercised ( 2,499,453 ) 0.43 Expired — — Outstanding, March 31, 2023 17,134,458 1.29 Issued — — Exercised ( 227,630 ) 0.97 Expired ( 4,530,808 ) 0.99 Outstanding, June 30, 2023 12,376,020 1.40 Issued 10,000,000 1.00 Exercised — — Expired — — Outstanding, September 30, 2023 22,376,020 $ 1.22 As of September 30, 2022, the following common stock 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 As of September 30, 2023, the following common stock share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.75 March 28, 2024 7,537,313 USD$ 1.50 2.83 April 29, 2026 10,000,000 USD$ 1.00 6.75 June 30, 2030 22,376,020 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | 13. NOTE PAYABLE Notes Payable is comprised of the following: Debenture $ 4,425,162 GEM 1,476,600 Airframe 990,000 Total Note Payable 6,891,762 Less current maturities 1,810,468 Total long-term Note Payable $ 5,081,294 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. On March 2, 2022, GA Telesis LLC (GAT) and Global entered into an Airframe Sale and Purchase Agreement for one used Airbus 320 airframe bearing manufacturer's serial number 2090. The Company completed the sale for an aggregate principal amount of $ 990,000 and bears interest at 6.5 %, payable in monthly installments of principal and interest. During the year ended December 31, 2022, the Company made scheduled principal payments of $ 120,478 on its outstanding debt obligation. At December 31, 2022, note payable principal payments for the next five years and thereafter are as follows: 2023 $ 2,132,732 2024 4,759,030 2025 — 2026 — 2027 — 2028 and thereafter — Total minimum lease payments 6,891,762 |
Share Based Payments
Share Based Payments | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Payments | 7. SHARE-BASED PAYMENTS The maximum number of shares of common stock ("Voting Shares") issuable pursuant to share-based payment arrangements, including stock options, restricted share units and performance share units, is 9,400,000 . Stock options The Company grants stock options to directors, officers, union 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 and nine months periods ended September 30, 2023 and 2022: Number of stock Weighted average Weighted average 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 Outstanding January 1, 2023 820,668 $ 0.25 $ 0.34 Granted — — — Exercised ( 150,000 ) 0.48 0.16 Forfeited ( 200,000 ) 0.25 0.57 Outstanding, March 31, 2023 470,668 0.25 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding, June 30, 2023 470,668 0.25 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding, September 30, 2023 470,668 $ 0.25 $ 0.54 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 $ 0.48 1.00 June 29, 2023 670,668 670,668 $ 0.25 2.98 June 23, 2025 50,000 33,333 $ 0.62 3.24 September 23, 2025 870,668 854,001 As of September 30, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.98 June 23, 2025 50,000 50,000 $ 0.62 2.24 September 23, 2025 470,668 470,668 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, 2023 and 2022. 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 NEO exchange 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 counterpart 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 period ended September 30, 2023 and 2022: Number of RSUs Weighted average grant date fair value per RSU 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 Outstanding, January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Issuance of common stock ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 1.10 Granted 1,155,000 0.97 Issuance of common stock ( 467,500 ) 0.91 Forfeited ( 378,334 ) 1.01 Outstanding June 30, 2023 4,772,923 1.01 Granted 798,500 0.87 Issuance of common stock ( 324,157 ) 0.87 Forfeited ( 173,334 ) 0.74 Outstanding September 30, 2023 5,073,932 $ 1.02 During the three and nine months ended September 30, 2023, the Company recognized share-based payments expense with respect of stock options and RSUs of $ 569,057 and $ 1,677,594 , respectively. 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. The remaining compensation that has not been recognized as of September 30, 2023 with regards to RSUs and the weighted average period they will be recognized are $ 3,396,927 and 2.06 years. |
Capital Commitments
Capital Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Commitments | 9. CAPITAL COMMITMENTS GEM Global Yield LLC SCS The Company entered into an agreement with GEM Global Yield LLC SCS ("GEM"), the private alternative investment group to provide the Company with up to CND $ 100 million over a 36-month term following the closing of the Transaction (the “Facility”). The initial CAD $ 100 Million is in the form of a capital commitment that allows the Company to draw down funds during the 36-month term by issuing shares to GEM (or such persons as it may direct) and subject to share lending arrangement(s) being in place. The Company controls the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. On July 8, 2020 the TSX Venture Exchange provided approval for the Facility. The Company entered into a promissory note to pay GEM Yield Bahamas Limited a fee equal to two percent ( 2 %) of the aggregate purchase price, being $ 2,000,000 CAD ($ 1,418,880 USD). The fee is payable, whether or not any draw down notices have been delivered, as follows: the first 25% of the fee shall be paid within 12 months from the date of the agreement; an additional 25% of the fee shall be paid within 18 months from the date of the agreement and the rest of 50% of the fee shall be paid within 24 months from the date of this agreement. The note bears interest at 5 percent above the base rate of Barclays Bank PLC as per the promissory note. The note was recorded as a deferred finance cost on the consolidated balance sheet. In addition, on July 10, 2020, pursuant to the terms of the Facility, the Company issued 2,106,290 warrants to GEM exercisable at a price of CAD $ 0.50 per share until May 4, 2023. The initial fair value of the warrants was recorded as prepaid financing fee in the amount of $ 1,390,151 . The warrants’ fair value was calculated using the Monte Carlo pricing model, assuming an expected life of 2.82 years, a risk-free interest rate of 0.18 %, an expected dividend rate of 0.00 %, stock price of $ 0.94 and an expected annual volatility coefficient of 70 %. On June 28, 2021, GEM and the Company agreed to adjust the terms of the warrants. Under the adjustment agreement, the exercise price of the warrants was changed from CAD $ 0.50 per share to USD $ 0.39 per share. In addition, the number warrants granted was adjusted due to the Arrangement Agreement (Note 1) under which the Company transferred 75 % of the shares of Jetlines to shareholders of the Company. Accordingly, the number of warrants was adjusted from 2,106,290 to 2,182,553 . The warrants were remeasured at the adjustment date using the Monte Carlo pricing model, assuming an expected life of 1.85 years, a risk-free interest rate of 0.22 %, an expected dividend rate of 0.00 %, stock price of $ 2.03 and an expected annual volatility coefficient of 74.7 %. The revaluation of the warrants resulted in a fair value at June 28, 2021 of $ 3,475,379 , producing a gain of $ 2,650,772 . The warrants were initially classified as derivative liabilities due to denomination of the exercise price in a foreign currency (CAD). As described in Note 13, the change in currency denomination to USD resulted in reclassification of the warrants to equity. The warrants fair value of the warrant liability was eliminated on the adjustment date and included in additional paid in capital on the consolidated statement of changes in shareholders’ equity. On October 1, 2021, GEM has filed initial pleadings in the Supreme Court of the State of New York, County of New York, claiming the Company breached the share subscription agreement between the parties by failing to pay a $ 500,000 fee due on May 4, 2021 GEM is requesting repayment in full of the CAD $ 2,000,000 promissory note issued by the Company to GEM plus accrued interest and costs and expenses related to collection. As of December 31, 2022, the note payable to GEM is recorded in current liabilities on the consolidated balance sheet and the Company expensed the full outstanding amount capitalized as deferred financing costs of $ 2,809,031 . On January 18, 2023 the Court granted summary judgement in favor of GEM. GEM subsequently filed a motion seeking $ 2,000,000 CAD, plus interest totaling $ 218,493.87 , with an additional $ 506.02 accruing each day after January 30, 2023 until entry of Judgment. GEM also seeks $ 112,584.50 in attorneys fees and $ 4,884.86 in costs. In 2022, interest and attorneys fees were recorded in current liabilities on the consolidated balance sheet and other expenses non operating on the consolidated statement of operation. GlobalX has contested these costs and awaits final Judgement to be filed. GlobalX is evaluating its options which do include filing an appeal. |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | 8. INCOME TAXES The Company’s expected effective tax rate for the three and nine months periods ended September 30, 2023, and 2022 was 0 %. The effective tax rate varies from the statutory rate due to the change in the valuation allowance. | 10. INCOME TAXES The Company’s effective tax rate for the years ended December 31, 2022 and 2021 was 0 %. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible items. The following table summarizes the significant components of the provision for income taxes from continuing operations: For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Federal: Current $ — $ — Deferred ( 3,318,558 ) ( 3,462,982 ) State: Current — — Deferred ( 561,962 ) ( 580,759 ) Change in valuation allowance 3,880,520 4,043,741 Total income tax provision $ — $ — The income tax provision differs from that computed at the federal statutory corporate tax rate as follows: For the Year Ended For the Year Ended Expected provision at Federal statutory tax rate 21.00 % 21.00 % State tax expense, net of Federal benefit — — Change in valuation allowance ( 20.98 )% ( 18.12 )% Permanent difference ( 0.02 )% ( 2.88 )% 0.00 % 0.00 % The following table summarizes the significant components of the Company’s deferred taxes: For the Year Ended For the Year Ended Deferred tax assets (liabilities): Net operating loss $ 7,851,883 $ 4,342,045 Share based compensation 347,507 166,191 Disallowed interest 398,118 — Allowance for doubtful accounts 25,627 — Lease accounting 413,142 188,213 Accrued compensation — 46,592 Unrealized Loss 14,164 37,793 Depreciation ( 389,191 ) ( 104 ) Total deferred tax assets (liabilities) $ 8,661,250 $ 4,780,730 Less valuation allowance ( 8,661,250 ) ( 4,780,730 ) Net deferred tax assets (liabilities) $ — $ — As of December 31, 2021, the Company has net operating losses available for deduction against future taxable income of $ 17.7 million and $ 2.7 million respectively. The net operating losses do not expire and may be carried forward indefinitely. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during periods in which the temporary differences become deductible. Management considers the scheduled reversal of the liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. It was concluded on a more-likely-than-not basis that the Company’s deferred tax assets were not realizable as of December 31, 2021. Accordingly, a valuation allowance of $ 4.8 million has been recorded to offset these deferred tax assets. The change in in valuation allowance for the year ended December 31, 2021 from 2020 was an increase of $ 4.0 million. The Company recognizes the consolidated financial statement effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. If applicable, the Company reports both accrued interest and penalties related to unrecognized tax benefits as a component of Income Tax Expense in the Consolidated Statements of Operations. The Company files income tax returns in the United States and the State of Florida. In the normal course of business, the Company is subject to potential income tax examination by the federal and state tax authorities in these jurisdictions for tax years that are open under local statute. For U.S. federal and state income tax purposes, the Company’s 2019 and 2020 tax returns remain open to examination |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 11. FAIR VALUE MEASUREMENTS Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Under GAAP, there are three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices for identical assets or liabilities in active markets. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2022 and 2021, the Company's assets and liabilities carrying values approximate to their fair values |
Warrant Liability
Warrant Liability | 12 Months Ended |
Dec. 31, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrant Liability | 12. WARRANT LIABILITY On July 10, 2020, the Company issued 2,106,290 warrants in connection with the financing arrangement entered into with GEM Global Yield LLC. The warrants allow the holder to purchase common stock at an exercise price equal to CAD $ 0.50 ($ 0.39 USD) per share at any time on or after their issuance date and on or prior to the close of business 3 years after the issuance date (the “Termination Date”). At time of issuance, the Company determined that the warrants required classification as a liability pursuant to ASC 815 due to the exercise price of the warrants which was denominated in a foreign currency. As such, the warrants were re-measured at each reporting period with changes being recorded as a component of other income in the statement of operations. As described in Note 10, on June 28, 2021, adjustments were made to the warrants, changing the strike price from CAD to USD. The Company applied the guidance under ASC 480 and determined that the outstanding warrants represent freestanding financial interests classifiable as equity. Accordingly, the fair value of the warrants as of June 28, 2021 was reclassified to additional paid in capital. As described above , the Company’s warrant liability was re-measured to fair value on June 28, 2021 and reclassified to additional paid-in capital. As such, the Company had no warrant liabilities as of December 31, 2021. The fair value of the warrant liabilities was measured using the Monte Carlo pricing model. Significant inputs into the model as of June 28, 2021 and December 31, 2020 are as follows: Monte Carlo Assumptions June 28, 2021 Exercise price $ 0.39 Warrant expiration date May 4, 2023 Stock price $ 2.03 Interest rate (annual) (1) 0.22 % Volatility (annual) (2) 74.7 % Remaining term (years) 1.85 Annualized dividend yield (3) 0 % The warrant liabilities are considered Level 3 liabilities on the fair value hierarchy as the determination of fair value includes various assumptions about of future activities and the Company’s stock prices and historical volatility of Guideline Public Companies as inputs. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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 October 14, 2021, the Company entered into a lease agreement for an A321F cargo aircraft. The ten year lease term commenced on January 24, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 72 months , plus supplemental rent for maintenance of the aircraft. On March 8, 2022, the Company signed a lease agreement for a fourth A321F cargo aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2024 and will run through 96 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. On March 22, 2022, the Company signed a lease agreement for a fifth A321F cargo aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2024 and will run through 72 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. On June 21, 2022, the Company entered into a lease agreement for a second A321F cargo aircraft. The eight year lease term commenced on June 1, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 96 months , plus supplemental rent for maintenance of the aircraft. On July 29, 2022, the Company signed a lease agreement for a sixth A321F cargo aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2024 and will run through 72 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. On December 14, 2022, the Company entered into a lease agreement for an A319 passenger aircraft. The two year lease term commenced on August 18, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 24 months , plus supplemental rent for maintenance of the aircraft. On January 27, 2023, the Company entered into a lease agreement for an A320 passenger aircraft. The six year lease term commenced on April 21, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 72 months , plus supplemental rent for maintenance of the aircraft. On May 22, 2023, the Company entered into a lease agreement for a commercial property warehouse. The five-year lease term commenced on June 1, 2023 . Under the agreement, the Company will pay the lessor variable monthly rents increasing once every year for 62 months , plus estimated expenses for insurance, utilities, taxes, management fees and other operating expenses. On June 16, 2023, the Company signed a lease agreement for an A320 passenger aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in November 2023 and will run through 48 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of aircraft equipment. On July 27, 2023, the Company signed a lease agreement for an A320 passenger aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be between in 2024 and will run through the next heavy maintenance visit reached (estimated to be in February 2028) from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of aircraft equipment. On September 8, 2023, the Company entered into a lease agreement for a third A321F cargo aircraft. The eight-year lease term commenced on October 6, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 72 months , plus supplemental rent for maintenance of the aircraft. During the nine months ended September 30, 2023, the Company entered into seven finance lease agreements for equipment to support the Company's technical operations. Payments under these finance lease agreements are fixed for terms of 5 years . 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, 2023. 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 2023 $ 245,658 $ 4,433,809 2024 982,634 16,931,294 2025 982,634 16,344,557 2026 982,634 14,530,834 2027 865,635 11,727,844 2028 and thereafter 1,086,778 25,014,492 Total minimum lease payments 5,145,973 88,982,830 Less amount representing interest 1,359,298 27,485,116 Present value of minimum lease payments 3,786,675 61,497,714 Less current portion 556,850 10,072,203 Long-term portion $ 3,229,825 $ 51,425,511 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, 2023 2022 2023 2022 Finance lease cost Amortization of leased assets $ 149,239 $ 45,931 $ 367,894 $ 45,931 Interest of lease liabilities 116,352 30,405 309,337 30,405 Operating lease cost Operating lease cost (1) 2,286,554 2,181,983 5,933,502 5,396,050 Total lease cost $ 2,552,145 $ 2,258,319 $ 6,610,733 $ 5,472,386 (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, 2023 September 30, 2022 Weighted-average remaining lease term Operating leases 6.19 years 4.4 years Finance leases 5.41 years 5.97 years Weighted-average discount rate Operating leases 12.24 % 10.65 % Finance leases 12.30 % 11.67 % The table below presents cash and non-cash activities associated with our leases: Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,181,225 $ 2,559,147 Financing cash flows from finance leases 343,374 — 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. On August 11, 2023 Global Crossing Airlines in combination with Top Flight Charters and its minority interest member filed a lawsuit in the United States District Court Southern District of Florida against Shorts Travel Management, Inc (Shorts) and STM Charters, Inc seeking to have an old non-solicit agreement signed by Top Flight' minority interest member to be declared invalid, that Shorts alleged trade secrets do not exist and sought damages arising from the Shorts defamation per se based on numerous false statements made by Shorts in the marketplace. On October 4, 2023 Shorts responded in court by denying the claims made and countersued all parties for breach of contract and theft of trade secrets. This case will now enter a phase of discovery as we await the courts to schedule the next steps. | 8. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to management and development services (Note 6), lease arrangements (Note 7), and financing arrangements (Note 9). On January 6, 2022 , the Company entered into a premium finance agreement with a financial institution to finance a 12-month hull insurance policy for its aircraft. The Company financed $ 2,465,110 of the total premium amount of $ 3,103,325 at a rate of 2.38 % interest. The down payment of $ 640,665 and the first monthly installment was paid at time of signing. On January 23, 2021 , the Company entered into a premium finance agreement with a financial institution to finance a 12-month hull insurance policy for its aircraft. The Company financed $ 1,345,836 of the total premium amount of $ 1,738,386 at a rate of 3.71 % interest. The down payment of $ 395,000 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. |
Share Capital and Additional Pa
Share Capital and Additional Paid in Capital Authorized | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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, 2023 and December 31, 2022, the Company had 39,327,664 and 32,668,320 common shares, 5,537,313 and 5,537,313 Class A Non-Voting Common Shares, and 12,972,708 and 15,234,849 Class B Non-Voting Shares outstanding, respectively. | 14. SHARE CAPITAL AND ADDITIONAL PAID-IN CAPITAL AUTHORIZED The Company has authorized share capital of 200,000,000 shares of common stock, par value $ 0.001 per share. On July 12, 2021 the Company completed a share capital reorganization creating a new class of shares, Class B non-voting shares. As of December 31, 2021, the Company had 26,044,933 common shares, 5,537,313 Class A common shares, and 19,655,630 Class B non-voting shares outstanding. As of December 31, 2022, the Company had 32,668,320 common shares, 5,537,313 Class A common shares, and 15,234,849 Class B non-voting shares outstanding. Share issuances During the year ended December 31, 2022: • The Company issued 1,110,510 common shares units for net proceeds of $ 534,632 pursuant to the exercise of 1,110,510 share purchase warrants. • The Company issued 547,954 common shares units pursuant to 547,954 RSUs. • Company issued 83,333 common shares for net proceeds of $ 20,833 pursuant to the exercise of stock options. • The Company issues 460,809 shares for net proceeds of $ 246,945 pursuant to Employees Stock Purchase plan. During the year ended December 31, 2021: • The Company issued 8,064,517 common shares units for net proceeds of $ 4,569,689 pursuant to a private placement. • The Company issued 2,000,000 common shares units and 5,537,313 Class A common shares unit for net proceeds of $ 9,999,999 pursuant to a private placement. • The Company issued 5,524,878 shares for net proceeds of $ 4,090,155 pursuant to the exercise of 5,524,878 share purchase warrants issued to Global USA shareholders. • The Company issues 541,776 shares for net proceeds of $ 274,496 pursuant to the exercise of 541,776 share purchase warrants. • The Company issued 240,000 shares pursuant to 240,000 RSUs. • Company issued 391,332 common shares for net proceeds of $ 97,833 pursuant to the exercise of stock options. Share purchase warrants The following is a summary of share purchase warrants activities during the years ended December 31, 2022 and 2021: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding, January 1, 2021 7,507,005 0.49 Issued 16,140,999 1.22 Exercised ( 6,016,654 ) 0.49 Expired — Outstanding December 31, 2021 17,631,350 1.05 Issued 4,838,707 $ 1.24 Exercised ( 1,110,510 ) $ 0.48 Expired ( 1,725,636 ) $ 0.48 Outstanding December 31, 2022 19,633,911 $ 1.18 As of December 31, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date — USD$ 0.48 0.00 September 3, 2022 4,882,838 USD$ 1.00 0.32 April 26, 2023 192,500 USD$ 0.62 0.32 April 26, 2023 2,182,553 USD$ 0.39 0.34 April 26, 2023 4,838,707 USD$ 1.24 1.24 May 04, 2023 7,537,313 USD$ 1.50 3.33 April 29, 2026 19,633,911 As of December 31, 2021, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 2,824,806 USD$ 0.48 0.48 June 23, 2022 4,882,838 USD$ 1.00 1.32 April 26, 2023 203,840 USD$ 0.62 1.32 April 26, 2023 2,182,553 USD$ 0.39 1.34 May 4, 2023 7,537,313 USD$ 1.50 4.33 April 29, 2026 17,631,350 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 years ended December 31, 2022 and 2021: Number of stock Weighted average Weighted average Outstanding, January 1, 2021 1,387,000 $ 0.25 $ 0.21 Granted — — — Exercised ( 441,332 ) 0.25 0.19 Forfeited ( 25,000 ) 0.25 0.16 Outstanding December 31, 2021 920,668 0.25 0.49 Granted — — — Exercised ( 83,333 ) 0.25 0.57 Forfeited ( 16,667 ) 0.25 0.57 Outstanding December 31, 2022 820,668 0.25 0.48 As of December 31, 2021, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 1.49 June 29, 2023 720,668 333,331 0.25 3.48 June 23, 2025 50,000 33,333 0.62 3.73 September 23, 2025 920,668 516,664 As of December 31, 2022, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 0.49 June 29, 2023 100,000 100,000 0.25 0.59 March 8, 2023 100,000 100,000 0.25 0.11 February 9, 2023 420,668 420,668 0.25 2.48 June 23, 2025 50,000 50,000 0.62 2.73 September 23, 2025 820,668 820,668 The Company recognizes share-based payments expense for all stock options granted using the fair value based method of accounting. 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 years ended December 31, 2022 and 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 NEO 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 years ended December 31, 2022 and 2021: Number of RSUs Weighted average grant date fair value per RSU Outstanding, January 1, 2021 685,000 0.67 Granted 1,817,500 1.77 Issuance of common stock ( 240,000 ) 1.51 Forfeited ( 195,000 ) 0.96 Outstanding December 31, 2021 2,067,500 1.16 Granted 2,731,180 0.80 Issuance of common stock ( 651,336 ) 0.88 Forfeited ( 841,507 ) 1.24 Outstanding December 31, 2022 3,305,837 1.14 During the years ended December 31, 2022 and 2021, the Company recognized share-based payments expense with respect to stock options and RSUs of $ 1,386,533 and $ 1,254,413 , respectively. The remaining compensation that has not been recognized as of December 31, 2022 and 2021 with regards to RSUs and the weighted average period they will be recognized are $ 2,308,928 and 1.90 years and $ 2,497,445 and 1.85 years, respectively. As of December 31, 2022, all compensation expense with respect to stock options has been recognized. |
Loss Per Share
Loss Per Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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 months ended September 30, 2023 and 2022: Three Months Ended Three Months Ended Numerator: Net income (loss) attributable to the Company $ ( 4,883,645 ) $ 163,631 Denominator: Weighted average common shares outstanding - Basic 57,497,385 52,569,481 Dilutive effect of stock options and warrants — 23,938,419 Weighted average common shares outstanding - Diluted 57,497,385 76,507,900 Basic loss per share $ ( 0.08 ) $ 0.00 Diluted loss per share $ ( 0.08 ) $ 0.00 The following table shows the computation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022: Nine Months Ended Nine Months Ended Numerator: Net income (loss) attributable to the Company $ ( 18,426,371 ) $ ( 11,381,523 ) Denominator: Weighted average common shares outstanding - Basic 56,292,992 51,776,833 Dilutive effect of stock options and warrants — — Weighted average common shares outstanding - Diluted 56,292,992 51,776,833 Basic loss per share $ ( 0.33 ) $ ( 0.22 ) Diluted loss per share $ ( 0.33 ) $ ( 0.22 ) There were 22,376,020 warrants, 470,668 options, and 5,073,932 RSUs outstanding at September 30, 2023 and 19,645,521 warrants, 870,668 options and 3,422,500 RSUs outstanding at September 30, 2022 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 three and nine months ended September 30, 2023 and 2022, as inclusion would have an anti-dilutive effect. | 15. LOSS PER SHARE Basic earnings per share, which excludes dilution, is computed by dividing Net Income available 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: December 31, December 31, Numerator: Net income (loss) $ ( 15,820,997 ) $ ( 19,818,513 ) Denominator: Weighted average common shares outstanding - Basic 52,074,647 46,185,089 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 52,074,647 46,185,089 Basic loss per share $ ( 0.30 ) $ ( 0.43 ) Diluted loss per share $ ( 0.30 ) $ ( 0.43 ) (5) There were 19,633,911 warrants, 820,668 options, and 3,293,337 RSUs outstanding at December 31, 2022 and There were 17,631,350 warrants, 920,668 options, and 2,067,500 RSUs outstanding at December 31, 2021. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the years ended December 31, 2022 and 2021 as inclusion would have an anti-dilutive effect. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 11. RELATED PARTY TRANSACTIONS On June 28, 2021, the Company completed the spin-out pursuant to the Arrangement under which the Company transferred 75 % of shares of its wholly owned subsidiary, Canada Jetlines Operations Ltd. ("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. As of September 30, 2023, Global Crossing Airlines hold approximately 12 % of the outstanding at September 30, 2023. 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, 2023 and December 31, 2022, amounts with related parties include the following: a) Global earned and was owed $ 63,872 and $ 110,177 , respectively, in relation to shared TRAX services with Canada Jetlines LLC. b) Global earned and was owed $ 123,000 and $ 3,500 , respectively, in relation to flights flown by Global for Canada Jetlines LLC. On July 3, 2023, the Company voluntarily dissolved GlobalX Ground Team LLC. The Company had a 50 % interest in GlobalX Ground Team LLC and the dissolution had no impact in the Company's financial statements. On August 14, 2023, the Company voluntarily dissolved GlobalX 321 Aircraft Acquisition Corp., The Company had a 100 % interest in GlobalX 321 Aircraft Acquisition Corp and the dissolution had no impact in the Company's financial statements. On August 17, 2023, the Company voluntarily dissolved GlobalX 320 Aircraft Acquisition Corp., The Company had a 100 % interest in GlobalX 320 Aircraft Acquisition Corp. and the dissolution had no impact in the Company's financial statements. Smartlynx Airlines Malta Limited is an entity whose Chief Executive Officer was a Board Member of Global until his term expired in December 2022. 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 term lease of an A321F aircraft. Total deposits and prepaid expense related to Smartlynx totaled $ 250,000 as of September 30, 2023 and December 31, 2022 and it is included in other assets on the consolidated balance sheets. The amounts due to related parties are unsecured, non-interest bearing and have no stated terms of repayment. | 16. RELATED PARTY TRANSACTIONS On May 19, 2021, the Company entered into an arrangement agreement to complete a spin-out of the shares of its wholly owned subsidiary, Canada Jetlines Operations Ltd. (“Jetlines”). 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. As of December 31, 2022, Global Crossing Airlines hold 9,135,100 common and variable voting shares of Canada Jetlines Operations Ltd. which equals to 13 % of the 71,168,145 shares outstanding at December 31, 2022. Currently, Global continues to provide back-office support including sharing the costs of the Company’s aircraft fleet management software (TRAX). 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 December 31, 2022, amounts due to related parties include the following: a. Global earned and was owed $ 110,177 in relation to shared TRAX services with Canada Jetlines Operations Ltd. 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 term lease of an A321F aircraft. Total deposits and prepaid expense related to Smartlynx totaled $ 250,000 as of December 31, 2022 and 2021 and it is included in other assets on the consolidated balance sheets. |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | ||
Accrued Liabilities | 12. ACCRUED LIABILITIES Accrued liabilities consisted of the following as of September 30, 2023 and December 31, 2022 Nine Months December 31, Salaries, Wages, & Benefits 3,091,990 1,796,443 Passenger Taxes 1,629,227 1,647,319 Aircraft Fuel 937,676 1,595,324 Contracted ground and aviation services 2,050,322 1,154,409 Maintenance 1,289,111 1,115,293 Aircraft Rent 2,898,440 986,762 Other 1,727,439 1,163,079 Accrued liabilities 13,624,205 9,458,629 | 17. ACCRUED LIABILITIES Accrued liabilities consisted of the following as of December 31: December 31, 2022 December 31, 2021 Salaries, wages and benefits $ 1,796,443 $ 998,301 Passenger Taxes 1,647,319 517,021 Aircraft fuel 1,595,324 623,806 Contracted ground and aviation services 1,154,409 555,561 Maintenance 1,115,293 8,717 Aircraft Rent 986,762 715,488 Other 1,163,079 800,597 Accrued liabilities $ 9,458,629 $ 4,219,491 |
Revenue Contract Liability
Revenue Contract Liability | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Revenue Contract Liability | 13. REVENUE CONTRACT LIABILITY Deferred revenue for customer contracts represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of Deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our Deferred Revenue liability balances during the period ended September 30, 2023 were as follows: Deferred Revenue Balance as of December 31, 2022 $ 3,200,664 Revenue Recognized ( 3,191,044 ) Amounts Collected or invoiced 4,363,188 Balance as of September 30, 2023 $ 4,372,808 | 18. REVENUE CONTRACT LIABILITY Deferred revenue for customer contracts represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of Deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our Deferred Revenue liability balances during the year ended December 31, 2022 were as follows: Deferred Balance as of December 31, 2021 $ 1,995,090 Revenue Recognized ( 1,995,090 ) Amounts Collected or invoiced 3,200,664 Balance as of December 31, 2022 $ 3,200,664 |
Supplemental Disclosures With R
Supplemental Disclosures With Respect To Cash Flows | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosures With Respect To Cash Flows | 19. SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS Non-cash transactions affecting cash flows from investing or financing activities during the year ended December 31, 2022 are summarized below: a. The Company recorded the acquisition of right of use assets through operating lease agreements for the amount of $ 10,081,357 (Note 7) and the related operating lease obligations. b. The Company recorded the acquisition of assets through finance lease agreements for the amount of $ 2,840,936 (Note 7) and the related finance lease obligations. c. The Company recorded the acquisition of an airframe parts through a sales agreement for the amount of $ 1,546,143 (Note 2). d. The Company recorded debt issue costs of $ 2,132,000 to Equity related to Warrants issued as included in debenture subscription agreement (Note 12). Non-cash transactions affecting cash flows from investing or financing activities during the year ended December 31, 2021 are summarized below: a. The Company received approximately $ 452,000 from investors in December 2021 and applied those funds for the issuance of shares. b. The Company recorded the acquisition of right of use assets through operating lease agreements in amount of $ 21,302,542 (Note 7) and the related operating lease obligations. |
Risk Management and Financial I
Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Risk Management and Financial Instruments | 20. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS The Company’s financial instruments are exposed to certain financial risks as detailed below. Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company is subject to credit risk on its cash and cash equivalents. The Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions. As a result, the Company does not believe it is exposed to significant credit risk. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 14. SUBSEQUENT EVENTS On October 3, 2023 Global Crossing Airlines Group, Inc. and Canada Jetlines Operations, Ltd. executed an agreement, according to which Global Crossing Airlines Group, Inc. will receive from Canada Jetlines Operations, Ltd. 2,000,000 restricted shares units of Canada Jetlines Operations, Ltd. vesting on October 3, 2023 in exchange to services provided by the Company to Canada Jetlines Operations, Ltd. under an existing contract. | 21. SUBSEQUENT EVENTS On January 30, 2023, Global Crossing Airlines Group announced a up to US$ 5.0 million loan with a key investor to provide working capital and additional liquidity to support GlobalX’s rapidly growing operations. The Loan is a six-month facility that will be funded in two tranches of $ 2.5 million each. The first tranche was advanced within one business day and the second tranche will be advanced after the Company delivers a draw down notice, but subject to the lender receiving internal approval for the second tranche. The Loan is unsecured, not convertible, no warrants and will bear interest at the rate of 20 % per annum, accruing monthly and payable upon maturity. The net proceeds of the Loan will be used to further the business objectives of the Company and to secure additional passenger and freighter Aircraft for charter operations that are expected to be delivered in Q1 2023. On February 6, 2023, Global Crossing Airlines Group announced that it has received approval from the US FAA for cargo operations and will commence revenue cargo flights with the A321 Passenger to Freighter (P2F) aircraft (“A321F”). Global Crossing Airlines Group received its first A321F aircraft in January 2023 and is expecting the second A321F to arrive by mid-March, On February 22, 2023, Global Crossing Airlines Group announced the successful completion of the rigorous International Air Transport Association (IATA) International Operational Safety Audit (IOSA) and has been added to the IOSA Registry. The IATA Operational Safety Audit (IOSA) program is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline. The certification is valid for two years, when it must be renewed. During the first two months of 2023, the Company issued 279,900 common shares units for net proceeds of $ 248,246 pursuant to the exercise of 279,900 share purchase warrants. The Company also issued 166,752 common shares units pursuant to 166,752 RSUs and issued 150,000 common shares for net proceeds of $ 70,500 pursuant to the exercise of stock options. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company, and its subsidiaries, Global Crossing Airlines, Inc. and Global Crossing Airlines Operations, 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, LatinX Air S.A.S., GlobalX Colombia S.A.S and Capitol Airlines, LLC. All intercompany transactions and balances have been eliminated on consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the 2022 presentation. Details of the Company’s subsidiaries are as follows: Subsidiaries Name Place of incorporation Interest% Principal activity Global Crossing Airlines Holdings, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Group, Inc. Holding company Global Crossing Airlines, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Holdings Inc. US 121 Charter company GlobalX Travel Technologies, Inc. Delaware, United States 80 % ownership by Global Crossing Airline Holdings, Inc. Acquire and develop travel technology UrbanX Air Mobility, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Holdings Inc. Air Charter operator Global Crossing Airlines Operations, LLC Florida, United States 100 % ownership by Global Crossing Airlines Inc. Operating Company LatinX Air S.A.S Ecuador 100 % ownership by Global Crossing Airlines Inc Air Charter operator GlobalX Colombia S.A.S. Colombia 100 % ownership by Global Crossing Airlines Inc Air Charter operator GlobalX Air Tours, LLC Florida, United States 100 % ownership by Global Crossing Inc. Air charter service Charter Air Solutions, LLC Montana, United States 80 % ownership by the Global Crossing Airlines Holdings Inc. Charter Broker On May 19, 2021, the Company entered into an arrangement agreement (“the Arrangement”) to complete a spin-out of the shares of its wholly owned subsidiary, Canada Jetlines Operations Ltd. (“Jetlines”). 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. To complete the spin-off, Global distributed one share of Jetlines for every two shares of Global held as of the record date. As of the closing of the Arrangement there were a total of 33,403,145 Jetlines shares issued and outstanding (including the 8,350,786 shares that have been retained by Global representing 25 % of the issued and outstanding Jetlines shares). Jetlines and Global will operate as separate companies with different boards and management teams. In accordance with U.S. GAAP, the financial position, results of operations, and cash flows of Jetlines are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. Prior years’ balance sheets have been adjusted to reflect the effect of the spin-off. With the exception of Note 4, the notes to the consolidated financial statements reflect the continuing operations of Global. See Note 3 - Discontinued Operations below for additional information regarding discontinued operations. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Equivalents | Cash and Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances at several financial institutions; at times, such balances may be in excess of insurance limits. The Company has not experienced any losses on these balances. |
Restricted Cash | Restricted Cash As of December 31, 2022 and 2021, restricted cash of $ 3,585,260 and $ 2,752,285 , respectively, were being held by a financial institution as security for future flights. As December 31, 2022, the Company also had $ 300,000 deposits held for an Airport Security Bond which is required by U.S. Customs and Border Protection and U.S. Department of Transportation. |
Accounts Receivable | Accounts Receivable Accounts Receivable are recorded at the amount due from customers and do not bear interest. The Company determines its allowances for credit losses by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. As of December 31, 2022 and 2021, the Company recorded $ 104,406 as Allowance for bad debt presented as Accounts Receivable on the Consolidated Balance Sheets. During the years ended December 31, 2022 and 2021, the Company wrote off $ 115,353 and $ 0 from Accounts Receivable. |
Assets held for sale | Assets held for sale Assets held for sale consist of the purchased airframe parts from used Airbus 320 bearing manufacturer's serial number 2090 as completed on sales agreement entered on March 2, 2022. Assets held for sale are valued at the lower of the carrying amount or the estimated market value less selling costs. They were recorded at average cost and are expensed when sold, used or consumed. An allowance for obsolescence on aircraft airframe parts is recorded when impaired to reduce the carrying costs to lower of cost or market. The Company monitors resale values for its assets held for sale on a recurrent basis using various qualitative and quantitative matters including analysis of current sales, estimates obtained from outside vendors, physical counts, internal discussions, among others. As of December 31, 2022, the Company did not identify items that were obsolete and recorded a $ 0 allowance for obsolete items on the Consolidated Balance Sheet. |
Lessor Maintenance Deposits | Lessor Maintenance Deposits GlobalX’s aircraft lease agreements provide that Global pay maintenance reserves monthly to aircraft lessors to be held as collateral in advance of major maintenance activities required to be performed by Global. Maintenance reserve payments are either fixed, or variable based on actual flight hours or cycles. These lease agreements provide that maintenance reserves are reimbursable to Global upon completion of the maintenance event in an amount equal to the lesser of (1) the amount of the maintenance reserve held by the lessor associated with the specific maintenance event or (2) the qualifying costs related to the specific maintenance event. Maintenance reserve payments that are expected to be recoverable via reimbursable expenses will be reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. As of December 31, 2022 and 2021, Lessor Maintenance Deposits totaled $ 889,919 and $ 82,776 , respectively, and are included in Prepaid expenses and other current assets and Deferred Costs and other assets in the consolidated balance sheet. During the years ended December 31, 2022 and 2021, the Company did no t make or expense any maintenance reserve payments as none were due. |
Heavy Maintenance | Heavy Maintenance The Company accounts for heavy maintenance costs for airframes and engines using the deferral method. Under this method, expense recognition of scheduled heavy maintenance events is deferred and amortized over the estimated period until the next scheduled heavy maintenance event is required. During the year ended December 31, 2022, the Company incurred in amortization expense of $ 218,687 with respect to heavy maintenance costs and had $ 576,523 in deferred maintenance costs as of December 31, 2022. During the year ended December 31, 2021, the Company did no t incur amortization expense with respect to heavy maintenance costs and had no deferred maintenance costs of the year then ended. |
Property & Equipment | Property & Equipment Property and equipment are recorded at cost or fair value at the Acquisition Date and depreciated on a straight-line basis to an estimated residual value over their estimated useful lives or lease term, whichever is shorter, as follows: Leasehold Improvements, Aircraft, other 3 - 25 years (or life of lease, if shorter) Office and Ground Equipment 5 years Computer Hardware and Software 3 - 5 years Property and Equipment under Finance Leases 3 - 30 years (or life of lease, if shorter) Rotable Parts Average remaining life of aircraft fleet, currently estimated to be 10 months to 5 years Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. |
Equity Investments | Equity 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. |
Evaluation of Long-Lived Assets | Evaluation of Long-Lived Assets Long-lived assets are evaluated whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. Such indicators include significant technological changes, adverse changes in market conditions and/or poor operating results. The carrying value of a long-lived asset group is considered impaired when the projected undiscounted future cash flows are less than its carrying value. The amount of impairment loss recognized is the difference between the estimated fair value and the carrying value of the asset or asset group. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third- party independent appraisals, as considered necessary. No impairment losses were recognized during the years ended December 31, 2022 and 2021. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest. Estimating fair value for granted stock options and compensatory warrants requires determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the option or warrant, volatility, dividend yield, and rate of forfeitures and making assumptions about them. Estimating fair value for granted restricted share units requires estimating the number of awards likely to vest on grant and at each reporting date up to the vesting date. The estimated forfeiture rate is adjusted for actual forfeitures in the period. Grants of share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service. Stock-based compensation expenses are included in the consolidated statement of operations. |
Income taxes | Income taxes The estimation of income taxes includes evaluating the recoverability of deferred tax assets and liabilities based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets and liabilities will not be realized. The ultimate realization of deferred tax assets and liabilities is dependent upon the generation of future taxable income. To the extent that management’s assessment of the Company’s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets or liabilities, and deferred income tax provisions or recoveries could be affected. |
Leases | Leases Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. The Company's leases generally do not provide a readily determinable implicit rate; therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term. Operating Lease Right-of-Use Asset and Liabilities For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets. Finance Leases Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented on separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table below. Leased Aircraft Return Costs The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred, and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed as a component of Aircraft Rent expense on the Consolidated Statements of Operations. In addition, the Company leases office space under a month-to-month agreement. For leases with terms greater than 12 months, including renewal options when appropriate, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. |
Customer Deposits | Customer Deposits Customer Deposits represent money we receive from our customers as a security deposit for their contract. The money will either be returned to the customer at the end of the contract or used for payment of any unpaid invoices/debts the customer has during the contract term |
Deferred Revenue | Deferred Revenue Deferred Revenue represents revenue prepayments. Customers pay in advance of their flights and the funds are held as Deferred Revenue until the flight takes place. Charter customers typically pay a 10 % deposit upon signing a contract and the remainder 30 days before the flight. If the contract is signed less than 30 days from the date of the flight, the entire amount is collected upon signing. ACMI customers typically pay 2 weeks in advance. |
Revenue Recognition | Revenue Recognition The Company generates operating revenues by providing passenger aircraft outsourcing services to customers on a Charter and ACMI basis, in exchange for guaranteed minimum revenues at predetermined levels of operation for defined periods of time. Our performance obligations under Charter contracts involve the provision of passenger aircraft charter services to customers, including various US Government agencies, brokers, freight forwarders, direct shippers, airlines, college sports teams and fans, and private charter customers. Our obligations are for one or more flights based on a specific origin and destination. The Company typically bears all direct operating costs for charters, which include fuel, insurance, landing and navigation fees, and most other operational fees and costs. The time interval between when an aircraft departs the terminal until it arrives at the destination terminal is measured in hours and called “Block Hours.” Revenue from Charter contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer. Payment terms and conditions vary by charter contract, although the vast majority of contracts require payment in advance of the services being provided. Since advance payments are typically made shortly before the services are performed, such payments are not considered significant financing components. Our performance obligations under ACMI contracts involve outsourced passenger aircraft operating services, including the provision of an aircraft, crew, maintenance and insurance. ACMI contracts generally provide for the transfer of the benefits from these performance obligations on a combined basis through the operation of the aircraft over time. Customers assume fuel, demand and price risk. Generally, customers are also responsible for landing, navigation and most other operational fees and costs. When we act as an agent for costs reimbursed by customers, such reimbursed amounts are recorded as Operating Revenue, net of the related costs, when the costs are incurred. When we are responsible for any of these costs, such reimbursed amounts are recorded as Operating Revenue and the costs are recorded as Operating Expenses as incurred. Revenue from ACMI contracts is typically recognized over time as the services are performed based on Block Hours operated on behalf of a customer during a given month. The Company commenced flight operations during August 2021 upon receipt of the final DOT and FAA approvals. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In June 2018, the FASB issued ASU 2018-07 Improvements to Non-employee Share-based Payment Accounting. ASU 2018-07 expands the scope of ASC 718, Compensation - Stock Compensation, to share-based payments granted to non- employees for goods and services. Additionally, in November 2019, the FASB issued ASU 2019-08, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), which requires entities to measure and classify share based payments to a customer, in accordance with the guidance in ASC 718. The new guidance did not impact how we account for Share based payments. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The update eliminates, clarifies, and modifies certain guidance related to the accounting for income taxes. The amended guidance did not have a material impact on our consolidated financial statements and related disclosures. 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. Recently Issued 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. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Details of Company's Subsidiaries | Details of the Company’s subsidiaries are as follows: Subsidiaries Name Place of incorporation Interest% Principal activity Global Crossing Airlines Holdings, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Group, Inc. Holding company Global Crossing Airlines, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Holdings Inc. US 121 Charter company GlobalX Travel Technologies, Inc. Delaware, United States 80 % ownership by Global Crossing Airline Holdings, Inc. Acquire and develop travel technology UrbanX Air Mobility, Inc. Delaware, United States 100 % ownership by Global Crossing Airlines Holdings Inc. Air Charter operator Global Crossing Airlines Operations, LLC Florida, United States 100 % ownership by Global Crossing Airlines Inc. Operating Company LatinX Air S.A.S Ecuador 100 % ownership by Global Crossing Airlines Inc Air Charter operator GlobalX Colombia S.A.S. Colombia 100 % ownership by Global Crossing Airlines Inc Air Charter operator GlobalX Air Tours, LLC Florida, United States 100 % ownership by Global Crossing Inc. Air charter service Charter Air Solutions, LLC Montana, United States 80 % ownership by the Global Crossing Airlines Holdings Inc. Charter Broker |
Schedule of Property And Equipment Depreciated On A Straight-line Basis To An Estimated Residual Value | Property and equipment are recorded at cost or fair value at the Acquisition Date and depreciated on a straight-line basis to an estimated residual value over their estimated useful lives or lease term, whichever is shorter, as follows: Leasehold Improvements, Aircraft, other 3 - 25 years (or life of lease, if shorter) Office and Ground Equipment 5 years Computer Hardware and Software 3 - 5 years Property and Equipment under Finance Leases 3 - 30 years (or life of lease, if shorter) Rotable Parts Average remaining life of aircraft fleet, currently estimated to be 10 months to 5 years |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Assets and Liabilities and Gain from Discontinued Operations | The following is a summary of Jetlines’ assets and liabilities as of June 28, 2021: As of June 28, 2021 Cash and cash equivalents $ 4,897 Other current assets 2,135 Prepaid expenses 26,055 Accounts payable and accrued liabilities ( 303,581 ) Long-term loan payable ( 32,336 ) Net liabilities transferred $ ( 302,830 ) The results of discontinued operations and gain from discontinued operations are as follows: Year ended December 31, 2021 General and administrative $ 4,788 Professional fees 101,108 Regulatory costs 3,147 Travel, meals, and entertainment 16,081 Net loss for period ( 125,124 ) Gain on disposal of liabilities 302,830 Income from discontinued operations $ 177,706 |
Leases (Tables)
Leases (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
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, 2023 2022 2023 2022 Finance lease cost Amortization of leased assets $ 149,239 $ 45,931 $ 367,894 $ 45,931 Interest of lease liabilities 116,352 30,405 309,337 30,405 Operating lease cost Operating lease cost (1) 2,286,554 2,181,983 5,933,502 5,396,050 Total lease cost $ 2,552,145 $ 2,258,319 $ 6,610,733 $ 5,472,386 (1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. | The following table presents lease costs related to the Company’s finance and operating leases: For the Year Ended December 31, 2022 2021 Finance lease cost Amortization of leased assets $ 130,037 $ — Interest of lease liabilities 102,561 — Operating lease cost — — Operating lease cost (1) 9,146,119 4,543,803 Total lease cost $ 9,378,717 $ 4,543,803 (1) Expenses are classified within Aircraft Rent on the Company's 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, 2023 September 30, 2022 Weighted-average remaining lease term Operating leases 6.19 years 4.4 years Finance leases 5.41 years 5.97 years Weighted-average discount rate Operating leases 12.24 % 10.65 % Finance leases 12.30 % 11.67 % | The table below presents lease terms and discount rates related to the Company's finance and operating leases: For the Year Ended December 31, 2022 2021 Weighted-average remaining lease term Operating leases 4.52 years 5.76 years Finance leases 5.72 years — Weighted-average discount rate Operating leases 10.53 % 10.07 % Finance leases 11.66 % — % |
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, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,181,225 $ 2,559,147 Financing cash flows from finance leases 343,374 — | The table below presents cash and non-cash activities associated with our leases: For the Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,482,839 $ 386,945 Financing cash flows from finance leases 501,169 — |
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, 2023. 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 2023 $ 245,658 $ 4,433,809 2024 982,634 16,931,294 2025 982,634 16,344,557 2026 982,634 14,530,834 2027 865,635 11,727,844 2028 and thereafter 1,086,778 25,014,492 Total minimum lease payments 5,145,973 88,982,830 Less amount representing interest 1,359,298 27,485,116 Present value of minimum lease payments 3,786,675 61,497,714 Less current portion 556,850 10,072,203 Long-term portion $ 3,229,825 $ 51,425,511 | Future minimum lease payments under finance and operating lease liabilities with initial terms in excess of one year are as follows: Finance Leases Operating Leases Remainder of 2023 $ 597,152 $ 9,181,250 2024 597,152 8,057,500 2025 597,152 7,955,000 2026 597,152 6,822,100 2027 457,485 4,010,000 2028 and thereafter 465,491 801,173 Total minimum lease payments 3,311,582 36,827,023 Less amount representing interest 869,254 7,191,273 Present value of minimum lease payments 2,442,328 29,635,750 Less current portion 335,527 6,445,915 Long-term portion $ 2,106,800 $ 23,189,835 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Summary of Warrant Activity | Following is a summary of the warrant activity during the three and nine months periods ended September 30, 2023 and 2022: Number of Weighted 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 Outstanding, January 1, 2023 19,633,911 $ 1.18 Issued — — Exercised ( 2,499,453 ) 0.43 Expired — — Outstanding, March 31, 2023 17,134,458 1.29 Issued — — Exercised ( 227,630 ) 0.97 Expired ( 4,530,808 ) 0.99 Outstanding, June 30, 2023 12,376,020 1.40 Issued 10,000,000 1.00 Exercised — — Expired — — Outstanding, September 30, 2023 22,376,020 $ 1.22 | The following is a summary of share purchase warrants activities during the years ended December 31, 2022 and 2021: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding, January 1, 2021 7,507,005 0.49 Issued 16,140,999 1.22 Exercised ( 6,016,654 ) 0.49 Expired — Outstanding December 31, 2021 17,631,350 1.05 Issued 4,838,707 $ 1.24 Exercised ( 1,110,510 ) $ 0.48 Expired ( 1,725,636 ) $ 0.48 Outstanding December 31, 2022 19,633,911 $ 1.18 |
Schedule of Common Stock Share Purchase Warrants Outstanding and Exercisable | As of September 30, 2022, the following common stock 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 As of September 30, 2023, the following common stock share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.75 March 28, 2024 7,537,313 USD$ 1.50 2.83 April 29, 2026 10,000,000 USD$ 1.00 6.75 June 30, 2030 22,376,020 | As of December 31, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date — USD$ 0.48 0.00 September 3, 2022 4,882,838 USD$ 1.00 0.32 April 26, 2023 192,500 USD$ 0.62 0.32 April 26, 2023 2,182,553 USD$ 0.39 0.34 April 26, 2023 4,838,707 USD$ 1.24 1.24 May 04, 2023 7,537,313 USD$ 1.50 3.33 April 29, 2026 19,633,911 As of December 31, 2021, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 2,824,806 USD$ 0.48 0.48 June 23, 2022 4,882,838 USD$ 1.00 1.32 April 26, 2023 203,840 USD$ 0.62 1.32 April 26, 2023 2,182,553 USD$ 0.39 1.34 May 4, 2023 7,537,313 USD$ 1.50 4.33 April 29, 2026 17,631,350 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Summary of Fair Value of Warrant Liabilities | The fair value of the warrant liabilities was measured using the Monte Carlo pricing model. Significant inputs into the model as of June 28, 2021 and December 31, 2020 are as follows: Monte Carlo Assumptions June 28, 2021 Exercise price $ 0.39 Warrant expiration date May 4, 2023 Stock price $ 2.03 Interest rate (annual) (1) 0.22 % Volatility (annual) (2) 74.7 % Remaining term (years) 1.85 Annualized dividend yield (3) 0 % |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Note Payable | Notes Payable is comprised of the following: Debenture $ 4,425,162 GEM 1,476,600 Airframe 990,000 Total Note Payable 6,891,762 Less current maturities 1,810,468 Total long-term Note Payable $ 5,081,294 |
Schedule of Note Payable Principal Payments | At December 31, 2022, note payable principal payments for the next five years and thereafter are as follows: 2023 $ 2,132,732 2024 4,759,030 2025 — 2026 — 2027 — 2028 and thereafter — Total minimum lease payments 6,891,762 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Summary of Stock Option Activities | The following is a summary of stock option activities for the three and nine months periods ended September 30, 2023 and 2022: Number of stock Weighted average Weighted average 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 Outstanding January 1, 2023 820,668 $ 0.25 $ 0.34 Granted — — — Exercised ( 150,000 ) 0.48 0.16 Forfeited ( 200,000 ) 0.25 0.57 Outstanding, March 31, 2023 470,668 0.25 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding, June 30, 2023 470,668 0.25 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding, September 30, 2023 470,668 $ 0.25 $ 0.54 | The following is a summary of stock option activities for the years ended December 31, 2022 and 2021: Number of stock Weighted average Weighted average Outstanding, January 1, 2021 1,387,000 $ 0.25 $ 0.21 Granted — — — Exercised ( 441,332 ) 0.25 0.19 Forfeited ( 25,000 ) 0.25 0.16 Outstanding December 31, 2021 920,668 0.25 0.49 Granted — — — Exercised ( 83,333 ) 0.25 0.57 Forfeited ( 16,667 ) 0.25 0.57 Outstanding December 31, 2022 820,668 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 $ 0.48 1.00 June 29, 2023 670,668 670,668 $ 0.25 2.98 June 23, 2025 50,000 33,333 $ 0.62 3.24 September 23, 2025 870,668 854,001 As of September 30, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.98 June 23, 2025 50,000 50,000 $ 0.62 2.24 September 23, 2025 470,668 470,668 | As of December 31, 2021, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 1.49 June 29, 2023 720,668 333,331 0.25 3.48 June 23, 2025 50,000 33,333 0.62 3.73 September 23, 2025 920,668 516,664 As of December 31, 2022, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 0.49 June 29, 2023 100,000 100,000 0.25 0.59 March 8, 2023 100,000 100,000 0.25 0.11 February 9, 2023 420,668 420,668 0.25 2.48 June 23, 2025 50,000 50,000 0.62 2.73 September 23, 2025 820,668 820,668 |
Summary of RSU Activities | The following is a summary of RSU activities for the three and nine months period ended September 30, 2023 and 2022: Number of RSUs Weighted average grant date fair value per RSU 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 Outstanding, January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Issuance of common stock ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 1.10 Granted 1,155,000 0.97 Issuance of common stock ( 467,500 ) 0.91 Forfeited ( 378,334 ) 1.01 Outstanding June 30, 2023 4,772,923 1.01 Granted 798,500 0.87 Issuance of common stock ( 324,157 ) 0.87 Forfeited ( 173,334 ) 0.74 Outstanding September 30, 2023 5,073,932 $ 1.02 | The following is a summary of RSU activities for the years ended December 31, 2022 and 2021: Number of RSUs Weighted average grant date fair value per RSU Outstanding, January 1, 2021 685,000 0.67 Granted 1,817,500 1.77 Issuance of common stock ( 240,000 ) 1.51 Forfeited ( 195,000 ) 0.96 Outstanding December 31, 2021 2,067,500 1.16 Granted 2,731,180 0.80 Issuance of common stock ( 651,336 ) 0.88 Forfeited ( 841,507 ) 1.24 Outstanding December 31, 2022 3,305,837 1.14 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes from Continuing Operations | The following table summarizes the significant components of the provision for income taxes from continuing operations: For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Federal: Current $ — $ — Deferred ( 3,318,558 ) ( 3,462,982 ) State: Current — — Deferred ( 561,962 ) ( 580,759 ) Change in valuation allowance 3,880,520 4,043,741 Total income tax provision $ — $ — |
Schedule of Income Tax Provision Computed at Federal Statutory Corporate Tax Rate | The income tax provision differs from that computed at the federal statutory corporate tax rate as follows: For the Year Ended For the Year Ended Expected provision at Federal statutory tax rate 21.00 % 21.00 % State tax expense, net of Federal benefit — — Change in valuation allowance ( 20.98 )% ( 18.12 )% Permanent difference ( 0.02 )% ( 2.88 )% 0.00 % 0.00 % |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the significant components of the Company’s deferred taxes: For the Year Ended For the Year Ended Deferred tax assets (liabilities): Net operating loss $ 7,851,883 $ 4,342,045 Share based compensation 347,507 166,191 Disallowed interest 398,118 — Allowance for doubtful accounts 25,627 — Lease accounting 413,142 188,213 Accrued compensation — 46,592 Unrealized Loss 14,164 37,793 Depreciation ( 389,191 ) ( 104 ) Total deferred tax assets (liabilities) $ 8,661,250 $ 4,780,730 Less valuation allowance ( 8,661,250 ) ( 4,780,730 ) Net deferred tax assets (liabilities) $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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, 2023. 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 2023 $ 245,658 $ 4,433,809 2024 982,634 16,931,294 2025 982,634 16,344,557 2026 982,634 14,530,834 2027 865,635 11,727,844 2028 and thereafter 1,086,778 25,014,492 Total minimum lease payments 5,145,973 88,982,830 Less amount representing interest 1,359,298 27,485,116 Present value of minimum lease payments 3,786,675 61,497,714 Less current portion 556,850 10,072,203 Long-term portion $ 3,229,825 $ 51,425,511 | Future minimum lease payments under finance and operating lease liabilities with initial terms in excess of one year are as follows: Finance Leases Operating Leases Remainder of 2023 $ 597,152 $ 9,181,250 2024 597,152 8,057,500 2025 597,152 7,955,000 2026 597,152 6,822,100 2027 457,485 4,010,000 2028 and thereafter 465,491 801,173 Total minimum lease payments 3,311,582 36,827,023 Less amount representing interest 869,254 7,191,273 Present value of minimum lease payments 2,442,328 29,635,750 Less current portion 335,527 6,445,915 Long-term portion $ 2,106,800 $ 23,189,835 |
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, 2023 2022 2023 2022 Finance lease cost Amortization of leased assets $ 149,239 $ 45,931 $ 367,894 $ 45,931 Interest of lease liabilities 116,352 30,405 309,337 30,405 Operating lease cost Operating lease cost (1) 2,286,554 2,181,983 5,933,502 5,396,050 Total lease cost $ 2,552,145 $ 2,258,319 $ 6,610,733 $ 5,472,386 (1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. | The following table presents lease costs related to the Company’s finance and operating leases: For the Year Ended December 31, 2022 2021 Finance lease cost Amortization of leased assets $ 130,037 $ — Interest of lease liabilities 102,561 — Operating lease cost — — Operating lease cost (1) 9,146,119 4,543,803 Total lease cost $ 9,378,717 $ 4,543,803 (1) Expenses are classified within Aircraft Rent on the Company's 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, 2023 September 30, 2022 Weighted-average remaining lease term Operating leases 6.19 years 4.4 years Finance leases 5.41 years 5.97 years Weighted-average discount rate Operating leases 12.24 % 10.65 % Finance leases 12.30 % 11.67 % | The table below presents lease terms and discount rates related to the Company's finance and operating leases: For the Year Ended December 31, 2022 2021 Weighted-average remaining lease term Operating leases 4.52 years 5.76 years Finance leases 5.72 years — Weighted-average discount rate Operating leases 10.53 % 10.07 % Finance leases 11.66 % — % |
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, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,181,225 $ 2,559,147 Financing cash flows from finance leases 343,374 — | The table below presents cash and non-cash activities associated with our leases: For the Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,482,839 $ 386,945 Financing cash flows from finance leases 501,169 — |
Share Capital and Additional _2
Share Capital and Additional Paid in Capital Authorized (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share Capital And Additional Paid In Capital Authorized [Abstract] | ||
Summary of Warrant Activity | Following is a summary of the warrant activity during the three and nine months periods ended September 30, 2023 and 2022: Number of Weighted 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 Outstanding, January 1, 2023 19,633,911 $ 1.18 Issued — — Exercised ( 2,499,453 ) 0.43 Expired — — Outstanding, March 31, 2023 17,134,458 1.29 Issued — — Exercised ( 227,630 ) 0.97 Expired ( 4,530,808 ) 0.99 Outstanding, June 30, 2023 12,376,020 1.40 Issued 10,000,000 1.00 Exercised — — Expired — — Outstanding, September 30, 2023 22,376,020 $ 1.22 | The following is a summary of share purchase warrants activities during the years ended December 31, 2022 and 2021: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding, January 1, 2021 7,507,005 0.49 Issued 16,140,999 1.22 Exercised ( 6,016,654 ) 0.49 Expired — Outstanding December 31, 2021 17,631,350 1.05 Issued 4,838,707 $ 1.24 Exercised ( 1,110,510 ) $ 0.48 Expired ( 1,725,636 ) $ 0.48 Outstanding December 31, 2022 19,633,911 $ 1.18 |
Schedule of Purchase Warrants Outstanding and Exercisable | As of September 30, 2022, the following common stock 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 As of September 30, 2023, the following common stock share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.75 March 28, 2024 7,537,313 USD$ 1.50 2.83 April 29, 2026 10,000,000 USD$ 1.00 6.75 June 30, 2030 22,376,020 | As of December 31, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date — USD$ 0.48 0.00 September 3, 2022 4,882,838 USD$ 1.00 0.32 April 26, 2023 192,500 USD$ 0.62 0.32 April 26, 2023 2,182,553 USD$ 0.39 0.34 April 26, 2023 4,838,707 USD$ 1.24 1.24 May 04, 2023 7,537,313 USD$ 1.50 3.33 April 29, 2026 19,633,911 As of December 31, 2021, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 2,824,806 USD$ 0.48 0.48 June 23, 2022 4,882,838 USD$ 1.00 1.32 April 26, 2023 203,840 USD$ 0.62 1.32 April 26, 2023 2,182,553 USD$ 0.39 1.34 May 4, 2023 7,537,313 USD$ 1.50 4.33 April 29, 2026 17,631,350 |
Summary of Stock Option Activities | The following is a summary of stock option activities for the three and nine months periods ended September 30, 2023 and 2022: Number of stock Weighted average Weighted average 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 Outstanding January 1, 2023 820,668 $ 0.25 $ 0.34 Granted — — — Exercised ( 150,000 ) 0.48 0.16 Forfeited ( 200,000 ) 0.25 0.57 Outstanding, March 31, 2023 470,668 0.25 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding, June 30, 2023 470,668 0.25 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding, September 30, 2023 470,668 $ 0.25 $ 0.54 | The following is a summary of stock option activities for the years ended December 31, 2022 and 2021: Number of stock Weighted average Weighted average Outstanding, January 1, 2021 1,387,000 $ 0.25 $ 0.21 Granted — — — Exercised ( 441,332 ) 0.25 0.19 Forfeited ( 25,000 ) 0.25 0.16 Outstanding December 31, 2021 920,668 0.25 0.49 Granted — — — Exercised ( 83,333 ) 0.25 0.57 Forfeited ( 16,667 ) 0.25 0.57 Outstanding December 31, 2022 820,668 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 $ 0.48 1.00 June 29, 2023 670,668 670,668 $ 0.25 2.98 June 23, 2025 50,000 33,333 $ 0.62 3.24 September 23, 2025 870,668 854,001 As of September 30, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.98 June 23, 2025 50,000 50,000 $ 0.62 2.24 September 23, 2025 470,668 470,668 | As of December 31, 2021, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 1.49 June 29, 2023 720,668 333,331 0.25 3.48 June 23, 2025 50,000 33,333 0.62 3.73 September 23, 2025 920,668 516,664 As of December 31, 2022, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 150,000 150,000 0.47 0.49 June 29, 2023 100,000 100,000 0.25 0.59 March 8, 2023 100,000 100,000 0.25 0.11 February 9, 2023 420,668 420,668 0.25 2.48 June 23, 2025 50,000 50,000 0.62 2.73 September 23, 2025 820,668 820,668 |
Summary of RSU Activities | The following is a summary of RSU activities for the three and nine months period ended September 30, 2023 and 2022: Number of RSUs Weighted average grant date fair value per RSU 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 Outstanding, January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Issuance of common stock ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 1.10 Granted 1,155,000 0.97 Issuance of common stock ( 467,500 ) 0.91 Forfeited ( 378,334 ) 1.01 Outstanding June 30, 2023 4,772,923 1.01 Granted 798,500 0.87 Issuance of common stock ( 324,157 ) 0.87 Forfeited ( 173,334 ) 0.74 Outstanding September 30, 2023 5,073,932 $ 1.02 | The following is a summary of RSU activities for the years ended December 31, 2022 and 2021: Number of RSUs Weighted average grant date fair value per RSU Outstanding, January 1, 2021 685,000 0.67 Granted 1,817,500 1.77 Issuance of common stock ( 240,000 ) 1.51 Forfeited ( 195,000 ) 0.96 Outstanding December 31, 2021 2,067,500 1.16 Granted 2,731,180 0.80 Issuance of common stock ( 651,336 ) 0.88 Forfeited ( 841,507 ) 1.24 Outstanding December 31, 2022 3,305,837 1.14 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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 months ended September 30, 2023 and 2022: Three Months Ended Three Months Ended Numerator: Net income (loss) attributable to the Company $ ( 4,883,645 ) $ 163,631 Denominator: Weighted average common shares outstanding - Basic 57,497,385 52,569,481 Dilutive effect of stock options and warrants — 23,938,419 Weighted average common shares outstanding - Diluted 57,497,385 76,507,900 Basic loss per share $ ( 0.08 ) $ 0.00 Diluted loss per share $ ( 0.08 ) $ 0.00 The following table shows the computation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022: Nine Months Ended Nine Months Ended Numerator: Net income (loss) attributable to the Company $ ( 18,426,371 ) $ ( 11,381,523 ) Denominator: Weighted average common shares outstanding - Basic 56,292,992 51,776,833 Dilutive effect of stock options and warrants — — Weighted average common shares outstanding - Diluted 56,292,992 51,776,833 Basic loss per share $ ( 0.33 ) $ ( 0.22 ) Diluted loss per share $ ( 0.33 ) $ ( 0.22 ) | The following table shows the computation of basic and diluted earnings per share: December 31, December 31, Numerator: Net income (loss) $ ( 15,820,997 ) $ ( 19,818,513 ) Denominator: Weighted average common shares outstanding - Basic 52,074,647 46,185,089 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 52,074,647 46,185,089 Basic loss per share $ ( 0.30 ) $ ( 0.43 ) Diluted loss per share $ ( 0.30 ) $ ( 0.43 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | ||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following as of September 30, 2023 and December 31, 2022 Nine Months December 31, Salaries, Wages, & Benefits 3,091,990 1,796,443 Passenger Taxes 1,629,227 1,647,319 Aircraft Fuel 937,676 1,595,324 Contracted ground and aviation services 2,050,322 1,154,409 Maintenance 1,289,111 1,115,293 Aircraft Rent 2,898,440 986,762 Other 1,727,439 1,163,079 Accrued liabilities 13,624,205 9,458,629 | Accrued liabilities consisted of the following as of December 31: December 31, 2022 December 31, 2021 Salaries, wages and benefits $ 1,796,443 $ 998,301 Passenger Taxes 1,647,319 517,021 Aircraft fuel 1,595,324 623,806 Contracted ground and aviation services 1,154,409 555,561 Maintenance 1,115,293 8,717 Aircraft Rent 986,762 715,488 Other 1,163,079 800,597 Accrued liabilities $ 9,458,629 $ 4,219,491 |
Revenue Contract Liability (Tab
Revenue Contract Liability (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Summary of Significant Changes in Deferred Revenue Liability Balances | Significant changes in our Deferred Revenue liability balances during the period ended September 30, 2023 were as follows: Deferred Revenue Balance as of December 31, 2022 $ 3,200,664 Revenue Recognized ( 3,191,044 ) Amounts Collected or invoiced 4,363,188 Balance as of September 30, 2023 $ 4,372,808 | Significant changes in our Deferred Revenue liability balances during the year ended December 31, 2022 were as follows: Deferred Balance as of December 31, 2021 $ 1,995,090 Revenue Recognized ( 1,995,090 ) Amounts Collected or invoiced 3,200,664 Balance as of December 31, 2022 $ 3,200,664 |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Nature Of Operations [Line Items] | |||
Working capital deficit | $ 13,999,540 | $ 16,141,320 | $ 5,113,865 |
Retained deficit | $ 56,509,675 | 38,038,304 | 22,262,307 |
Scenario Previously Reported [Member] | |||
Nature Of Operations [Line Items] | |||
Retained deficit | $ 38,083,304 | $ 22,262,307 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Inormation (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 28, 2021 shares | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 3,585,260 | $ 2,752,285 | |
Deposits held for an Airport Security Bond | 300,000 | ||
Allowance for bad debt | 104,406 | 104,406 | |
Accounts receivable write-off | 115,353 | 0 | |
Allowance for obsolete items | 0 | ||
Maintenance reserve payments | 0 | 0 | |
Maintenance reserve due | 0 | 0 | |
Amortization expense | 218,687 | 0 | |
Deferred maintenance costs | 576,523 | 0 | |
Impairment losses | $ 0 | 0 | |
Percentage of deposit by charter customers upon signing contract | 10% | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Lessor maintenance deposits | $ 889,919 | ||
Deferred Costs and Other Assets [Member] | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Lessor maintenance deposits | $ 82,776 | ||
Canada Jetlines Operations Ltd [Member] | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Percentage of shares transferred | 75% | ||
Conversion description | one share of Jetlines for every two shares | ||
Conversion ratio | 2 | ||
Shares issued and outstanding | shares | 33,403,145 | ||
Shares retained | shares | 8,350,786 | ||
Percentage of shares retained | 25% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Details of Company's Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Global Crossing Airlines Holdings, Inc. | Delaware, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
Global Crossing Airlines, Inc. | Delaware, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
GlobalX Travel Technologies, Inc. | Delaware, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 80% |
UrbanX Air Mobility, Inc. | Delaware, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
Global Crossing Airlines Operations, LLC | Florida, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
LatinX Air S.A.S. | Ecuador | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
GlobalX Colombia S.A.S | Colombia | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
GlobalX Air Tours, LLC | Florida, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 100% |
Charter Air Solutions, LLC | Montana, United States | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Percentage of ownership interest in subsidiary by parent | 80% |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property And Equipment Depreciated On A Straight-line Basis To An Estimated Residual Value (Details) | Dec. 31, 2022 |
Leasehold Improvements, Aircraft, other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements, Aircraft, other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Office and Ground Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Hardware and Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Hardware and Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Property and Equipment under Finance Leases | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Property and Equipment under Finance Leases | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Rotable Parts | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Rotable Parts | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting standards update, adopted | us-gaap:AccountingStandardsUpdate201613Member |
Discontinued Operations - Addit
Discontinued Operations - Additional Informations (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Canada Jetlines Operations Ltd. | Spinoff | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Percentage of shares retained | 25% |
Discontinued Operations - Summa
Discontinued Operations - Summary of Assets and Liabilities from Discontinued Operations (Details) - Canada Jetlines Operations Ltd. - Spinoff | Jun. 28, 2021 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash and cash equivalents | $ 4,897 |
Other current assets | 2,135 |
Prepaid expenses | 26,055 |
Accounts payable and accrued liabilities | (303,581) |
Long-term loan payable | (32,336) |
Net liabilities transferred | $ (302,830) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Gain from Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Income from discontinued operations | $ 177,706 |
Canada Jetlines Operations Ltd. | Spinoff | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
General and administrative | 4,788 |
Professional fees | 101,108 |
Regulatory costs | 3,147 |
Travel, meals, and entertainment | 16,081 |
Net loss for period | (125,124) |
Gain on disposal of liabilities | 302,830 |
Income from discontinued operations | $ 177,706 |
Equity Investments - Additional
Equity Investments - Additional Information (Details 1) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Jul. 03, 2023 | Jun. 28, 2021 | |
Canada Jetlines Operations Ltd. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of shares transferred | 75% | ||||
Percentage of shares retained | 25% | ||||
Equity method investment ownership percentage | 13% | 12% | 13% | ||
GlobalX Ground Team, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Due to investee | $ 0 | $ 197,558 | |||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party | ||||
Losses on equity investment | $ (28,681) | $ (20,478) | |||
Equity method investment ownership percentage | 50% | 50% |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 18, 2023 | Jun. 28, 2021 | |
Schedule of Investments [Line Items] | |||||||||
Expenses | $ 44,906,893 | $ 29,994,265 | $ 120,838,973 | $ 75,110,779 | $ 108,346,747 | $ 31,452,756 | |||
Canada Jetlines Operations Ltd. | |||||||||
Schedule of Investments [Line Items] | |||||||||
Percentage of shares transferred | 75% | ||||||||
Percentage of shares retained | 25% | ||||||||
Equity method investment ownership percentage | 12% | 12% | 12% | 13% | 13% | ||||
Charter Air Solutions, LLC (Top Flight) | |||||||||
Schedule of Investments [Line Items] | |||||||||
Percentage of share acquired | 80% | ||||||||
Revenues | $ 24,000 | ||||||||
Expenses | $ 78,000 |
Debt - Additional Information (
Debt - Additional Information (Details) | Aug. 02, 2023 USD ($) $ / shares shares | Jan. 30, 2023 USD ($) | Jan. 27, 2023 USD ($) | Mar. 17, 2022 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2023 CAD ($) | Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Dec. 31, 2021 USD ($) $ / shares | Jun. 28, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 10, 2020 $ / shares | Jul. 10, 2020 $ / shares |
Debt Instrument [Line Items] | |||||||||||||||||
Loan | $ 5,000,000 | $ 5,000,000 | $ 2,500,000 | ||||||||||||||
Term of facility | 6 months | 6 months | |||||||||||||||
Interest rate of loan | 20% | 20% | |||||||||||||||
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 | (per share) | $ 1.24 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.18 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.05 | $ 0.39 | $ 0.49 | $ 0.5 | $ 0.39 | ||||
Class of warrant exercise period | 24 months | ||||||||||||||||
Debt instrument term | 24 months | ||||||||||||||||
Warrant measurement input, price per share | $ / shares | 2.03 | ||||||||||||||||
Current portion of notes payable | $ 397,168 | $ 550,000 | $ 1,810,468 | $ 1,573,000 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share) | $ 1.24 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.18 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.05 | $ 0.39 | $ 0.49 | $ 0.5 | $ 0.39 | ||||
debt costs and discounts | $ 945,000 | ||||||||||||||||
GEM | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Current portion of notes payable | $ 2,000,000 | ||||||||||||||||
Tranche One | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loan | $ 2,500,000 | $ 2,500,000 | |||||||||||||||
Tranche Two | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loan | $ 2,500,000 | $ 2,500,000 | |||||||||||||||
Stock Price | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.04 | 1.04 | |||||||||||||||
Exercise Price | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.24 | $ 1.24 | |||||||||||||||
Expected Term | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, measurement input, term | 2 years | 2 years | 2 years | ||||||||||||||
Expected Dividend | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, expected dividend | $ 0 | $ 0 | |||||||||||||||
Warrants, measurement input | 0 | ||||||||||||||||
Interest Rate (Annual) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, measurement input | (0.006) | (0.006) | (0.006) | 0.0022 | |||||||||||||
Volatility (Annual) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, measurement input | 1.43 | 1.43 | 1.43 | 0.747 | |||||||||||||
Warrant | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt issuance costs | $ 2,100,000 | ||||||||||||||||
Debentures | |||||||||||||||||
Debt Instrument [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% | ||||||||||||||||
Senior Secure Notes Due 2029 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument term | 6 years | ||||||||||||||||
Principal amount | $ 35,000,000 | ||||||||||||||||
Debt instrument maturity date | Jun. 30, 2029 | ||||||||||||||||
Debt instrument interest at fixed rate | 15% | ||||||||||||||||
Upfront fees payment percentage | 2% | ||||||||||||||||
Issuance of Warrants | $ 10,000,000 | ||||||||||||||||
Line of Credit Facility, Periodic Payment | 35,000,000 | ||||||||||||||||
Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty Five | 25,000,000 | ||||||||||||||||
Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty four | 15,000,000 | ||||||||||||||||
Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty Three | 5,000,000 | ||||||||||||||||
Minimum Liquidity Of Measured At Each Quarter End | $ 5,000,000 | ||||||||||||||||
Senior Secure Notes Due 2029 | Class A common stock | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of common stock purchase warrant into which each warrant or right may be converted | shares | 1 | ||||||||||||||||
Warrant exercise price | $ / shares | $ 1 | ||||||||||||||||
Warrant Expiration Date | Jun. 30, 2030 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||||||||||||
Senior Secure Notes Due 2029 | Redeemed on or Prior to August 2, 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 7.50% | ||||||||||||||||
Senior Secure Notes Due 2029 | Redeemed after August 2, 2026 or on or Prior to August 2, 2027 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 5% | ||||||||||||||||
Senior Secure Notes Due 2029 | Redeemed After August 2, 2027 or on or Prior to August 2, 2028 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 2.50% | ||||||||||||||||
Senior Secure Notes Due 2029 | Redeemed After August 2, 2028 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 0% | ||||||||||||||||
Senior Secure Notes Due 2029 | Stock Price | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrant measurement input, price per share | $ / shares | $ 0.85 | ||||||||||||||||
Senior Secure Notes Due 2029 | Exercise Price | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1 | ||||||||||||||||
Senior Secure Notes Due 2029 | Expected Term | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, measurement input, term | 6 years 10 months 28 days | ||||||||||||||||
Senior Secure Notes Due 2029 | Expected Dividend | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, expected dividend | $ 0 | ||||||||||||||||
Senior Secure Notes Due 2029 | Interest Rate (Annual) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, measurement input | 0.0421 | ||||||||||||||||
Senior Secure Notes Due 2029 | Volatility (Annual) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants, measurement input | 0.50 | ||||||||||||||||
Senior Secure Notes Due 2029 | Warrant | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt issuance costs | $ 3,800,000 | ||||||||||||||||
Subscription Agreement | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds from issuance of securities | $ 6,000,000 | ||||||||||||||||
Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds from issuance of warrant exercise | $ 6,000,000 |
Deferred Financing Fees - Addit
Deferred Financing Fees - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 10, 2020 $ / shares shares | Sep. 30, 2023 $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 17, 2022 $ / shares | Jun. 28, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 10, 2020 $ / shares | |
Deferred financing fees [Line Items] | |||||||||||||||
Warrants issued | shares | 2,106,290 | 10,000,000 | 4,838,707 | 4,838,707 | 4,838,707 | 16,140,999 | |||||||||
Warrant exercise price | (per share) | $ 0.5 | $ 1.22 | $ 1.09 | $ 1.18 | $ 1.05 | $ 1.4 | $ 1.29 | $ 1.27 | $ 1.32 | $ 1.24 | $ 0.39 | $ 0.49 | $ 0.39 | ||
GEM Global Yield LLC [Member] | |||||||||||||||
Deferred financing fees [Line Items] | |||||||||||||||
Note issued | $ 2,000,000 | $ 1,418,880 | |||||||||||||
Warrants issued | shares | 2,106,290 | 2,106,290 | |||||||||||||
Warrant exercise price | $ / shares | $ 0.5 | ||||||||||||||
Prepaid financing fee | $ | $ 1,390,151 | ||||||||||||||
Deferred financing costs | $ | $ 2,809,031 |
Asset Acquisition - Additional
Asset Acquisition - Additional Information (Details) - USD ($) | 12 Months Ended | |
Mar. 22, 2021 | Dec. 31, 2022 | |
Kizoto, LLC | ||
Asset Acquisition [Line Items] | ||
Consideration paid for purchase of assets | $ 50,000 | |
Asset purchase agreement date of execution | Mar. 22, 2021 | |
Other noncurrent assets total acquisition cost | 50,000 | |
Asset purchase initial fee to Management and development services | 5,000 | |
Increase in asset purchase initial fee to management and development services | $ 10,000 | |
GlobalX Travel Technologies, Inc. | ||
Asset Acquisition [Line Items] | ||
Percentage of shares issued | 20% | |
Percentage of shares outstanding | 20% |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended | ||||||||
Oct. 12, 2022 Aircraft | Oct. 14, 2021 Aircraft | Dec. 21, 2012 Aircraft | Dec. 20, 2012 | Dec. 31, 2022 Equipment Lease Aircraft | Sep. 30, 2023 | Jan. 24, 2023 | Mar. 08, 2022 Aircraft | Dec. 31, 2021 Aircraft | |
Lessee, Lease, Description [Line Items] | |||||||||
Number of aircraft leased | 8 | 6 | |||||||
Lease description | Company operated 8 and 6 leased aircraft, respectively, which are accounted for under operating lease agreements with ranging terms of 10 months to 5 years. Leases with an initial term of 12 months or less will be recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. These leases primarily relate to the Company’s lease agreements for the month-to-month agreement for office space and leases for office equipment. For operating leases with terms greater than 12 months, including renewal options when appropriate, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. | ||||||||
Lease agreements ending date | May 31, 2028 | Jun. 01, 2023 | |||||||
Number of aircraft lease extended | 1 | ||||||||
Extended lease term | 60 months | ||||||||
Number of aircraft lease converted | Lease | 1 | ||||||||
Aircraft Lease Agreement One | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Number of aircraft leased | 1 | 1 | |||||||
Lease term | 10 years | ||||||||
Lease expiration period | 2026-06 | ||||||||
Aircraft Lease Agreement Two | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Number of aircraft leased | 1 | 1 | |||||||
Lease term | 96 months | ||||||||
Lease agreements ending date | Oct. 13, 2023 | ||||||||
Minimum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease term | 10 months | ||||||||
Maximum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease term | 5 years | ||||||||
Finance lease agreement terms | 5 years | ||||||||
Aircraft Support Equipment | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Number of equipment | Equipment | 21 | ||||||||
Aircraft Support Equipment | Minimum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Aircraft support equipment useful life | 5 years | ||||||||
Finance lease agreement terms | 5 years | ||||||||
Percentage of residual values for equipment | 0% | ||||||||
Aircraft Support Equipment | Maximum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Aircraft support equipment useful life | 30 years | ||||||||
Finance lease agreement terms | 7 years | ||||||||
Percentage of residual values for equipment | 77% | ||||||||
Airbus A321 Converted Freighter | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Number of aircraft leased | 1 | ||||||||
Lease term | 10 years | ||||||||
Lease expiration period | 2032-12 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs Related to Finance and Operating Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |||||||
Finance lease cost | ||||||||||||
Amortization of leased assets | $ 149,239 | $ 45,931 | $ 367,894 | $ 45,931 | $ 130,037 | |||||||
Interest of lease liabilities | 116,352 | 30,405 | 309,337 | 30,405 | 102,561 | |||||||
Operating lease cost | ||||||||||||
Operating lease cost | 2,286,554 | [1] | 2,181,983 | [1] | 5,933,502 | [1] | 5,396,050 | [1] | 9,146,119 | [2] | $ 4,543,803 | [2] |
Total lease cost | $ 2,552,145 | $ 2,258,319 | $ 6,610,733 | $ 5,472,386 | $ 9,378,717 | $ 4,543,803 | ||||||
[1] Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. Expenses are classified within Aircraft Rent on the Company's consolidated statements of operations. |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Terms and Discount Rates Related to Finance and Operating Leases (Details) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term | ||||
Operating leases | 6 years 2 months 8 days | 4 years 6 months 7 days | 4 years 4 months 24 days | 5 years 9 months 3 days |
Finance leases | 5 years 4 months 28 days | 5 years 8 months 19 days | 5 years 11 months 19 days | |
Weighted-average discount rate | ||||
Operating leases | 12.24% | 10.53% | 10.65% | 10.07% |
Finance leases | 12.30% | 11.66% | 11.67% |
Leases - Schedule of Cash and N
Leases - Schedule of Cash and Non-cash Activities Associated with Leases (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 6,181,225 | $ 2,559,147 | $ 3,482,839 | $ 386,945 |
Financing cash flows from finance leases | $ 343,374 | $ 321,140 | $ 501,169 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Leases | |||
Remainder of 2023 | $ 982,634 | $ 597,152 | |
2024 | 982,634 | 597,152 | |
2025 | 982,634 | 597,152 | |
2026 | 865,635 | 597,152 | |
2027 | 457,485 | ||
2028 and thereafter | 465,491 | ||
Total minimum lease payments | 5,145,973 | 3,311,582 | |
Less amount representing interest | 1,359,298 | 869,254 | |
Present value of minimum lease payments | 3,786,675 | 2,442,328 | |
Less current portion | 556,850 | 335,527 | $ 0 |
Long-term portion | 3,229,825 | 2,106,800 | |
Operating Leases | |||
Remainder of 2023 | 16,931,294 | 9,181,250 | |
2024 | 16,344,557 | 8,057,500 | |
2025 | 14,530,834 | 7,955,000 | |
2026 | 11,727,844 | 6,822,100 | |
2027 | 4,010,000 | ||
2028 and thereafter | 801,173 | ||
Total minimum lease payments | 88,982,830 | 36,827,023 | |
Less amount representing interest | 27,485,116 | 7,191,273 | |
Present value of minimum lease payments | 61,497,714 | 29,635,750 | |
Less current portion | 10,072,203 | 6,445,915 | 3,393,497 |
Long-term portion | $ 51,425,511 | $ 23,189,835 | $ 20,042,343 |
Warrants - Summary of Warrant A
Warrants - Summary of Warrant Activity (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Jul. 10, 2020 $ / shares shares | Jul. 10, 2020 $ / shares shares | Sep. 30, 2023 $ / shares shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Class Of Warrant Or Right [Line Items] | ||||||||||
Number of Share Purchase Warrants Outstanding, Beginning balance | 12,376,020 | 17,134,458 | 19,633,911 | 21,330,626 | 22,449,357 | 17,631,350 | 17,631,350 | 7,507,005 | ||
Number of Share Purchase Warrants, Issued | 2,106,290 | 2,106,290 | 10,000,000 | 4,838,707 | 4,838,707 | 16,140,999 | ||||
Number of Share Purchase Warrants, Exercised | (227,630) | (2,499,453) | (1,078,470) | (20,700) | (1,110,510) | (6,016,654) | ||||
Number of Share Purchase Warrants, Expired | (4,530,808) | (1,685,375) | (40,261) | (1,725,636) | ||||||
Number of Share Purchase Warrants Outstanding, Ending balance | 22,376,020 | 12,376,020 | 17,134,458 | 19,645,251 | 21,330,626 | 22,449,357 | 19,633,911 | 17,631,350 | ||
Weighted Average Exercise Price Outstanding, Beginning balance | $ / shares | $ 1.4 | $ 1.29 | $ 1.18 | $ 1.32 | $ 1.09 | $ 1.05 | $ 1.05 | $ 0.49 | ||
Weighted Average Exercise Price, Issued | $ / shares | 1 | 1.24 | 1.24 | 1.22 | ||||||
Weighted Average Exercise Price, Exercised | $ / shares | 0.97 | 0.43 | 0.48 | 0.49 | 0.48 | 0.49 | ||||
Weighted Average Exercise Price, Expired | $ / shares | 0.99 | 0.48 | 0.48 | 0.48 | ||||||
Weighted Average Exercise Price Outstanding, Ending balance | (per share) | $ 0.5 | $ 0.39 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.18 | $ 1.05 |
Warrants - Schedule of Common S
Warrants - Schedule of Common Stock Share Purchase Warrants Outstanding and Exercisable (Details) | 9 Months Ended | 12 Months Ended | |||||||||||
Jun. 28, 2021 $ / shares | Sep. 30, 2023 $ / shares shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Mar. 17, 2022 $ / shares | Dec. 31, 2020 $ / shares shares | Jul. 10, 2020 $ / shares | Jul. 10, 2020 $ / shares | |
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 22,376,020 | 19,645,251 | 19,633,911 | 17,631,350 | 12,376,020 | 17,134,458 | 21,330,626 | 22,449,357 | 7,507,005 | ||||
Exercise Price | (per share) | $ 0.39 | $ 1.22 | $ 1.27 | $ 1.18 | $ 1.05 | $ 1.4 | $ 1.29 | $ 1.32 | $ 1.09 | $ 1.24 | $ 0.49 | $ 0.5 | $ 0.39 |
Remaining life (years) | 1 year 10 months 6 days | ||||||||||||
Warrant expiration date | May 04, 2023 | ||||||||||||
Exercise Price One | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 4,838,707 | 2,824,806 | |||||||||||
Exercise Price | $ / shares | $ 1.24 | $ 0.48 | $ 0.48 | ||||||||||
Remaining life (years) | 9 months | 0 years | 5 months 23 days | ||||||||||
Warrant expiration date | Mar. 28, 2024 | Sep. 03, 2022 | Jun. 23, 2022 | ||||||||||
Exercise Price Two | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 7,537,313 | 203,840 | 4,882,838 | 4,882,838 | |||||||||
Exercise Price | $ / shares | $ 1.5 | $ 0.62 | $ 1 | $ 1 | |||||||||
Remaining life (years) | 2 years 9 months 29 days | 6 months 25 days | 3 months 25 days | 1 year 3 months 25 days | |||||||||
Warrant expiration date | Apr. 29, 2026 | Apr. 26, 2023 | Apr. 26, 2023 | Apr. 26, 2023 | |||||||||
Exercise Price Three | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 10,000,000 | 4,882,838 | 192,500 | 203,840 | |||||||||
Exercise Price | $ / shares | $ 1 | $ 1 | $ 0.62 | $ 0.62 | |||||||||
Remaining life (years) | 6 years 9 months | 6 months 25 days | 3 months 25 days | 1 year 3 months 25 days | |||||||||
Warrant expiration date | Jun. 30, 2030 | Apr. 26, 2023 | Apr. 26, 2023 | Apr. 26, 2023 | |||||||||
Exercise Price Four | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 2,182,553 | 2,182,553 | 2,182,553 | ||||||||||
Exercise Price | $ / shares | $ 0.39 | $ 0.39 | $ 0.39 | ||||||||||
Remaining life (years) | 7 months 2 days | 4 months 2 days | 1 year 4 months 2 days | ||||||||||
Warrant expiration date | May 04, 2023 | Apr. 26, 2023 | May 04, 2023 | ||||||||||
Exercise Price Five | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 4,838,707 | 4,838,707 | 7,537,313 | ||||||||||
Exercise Price | $ / shares | $ 1.24 | $ 1.24 | $ 1.5 | ||||||||||
Remaining life (years) | 1 year 5 months 26 days | 1 year 2 months 26 days | 4 years 3 months 29 days | ||||||||||
Warrant expiration date | Mar. 28, 2024 | May 04, 2023 | Apr. 29, 2026 | ||||||||||
Exercise Price Six | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Outstanding | 7,537,313 | 7,537,313 | |||||||||||
Exercise Price | $ / shares | $ 1.5 | $ 1.5 | |||||||||||
Remaining life (years) | 3 years 6 months 29 days | 3 years 3 months 29 days | |||||||||||
Warrant expiration date | Apr. 29, 2026 | Apr. 29, 2026 |
Warrant Liability - Additional
Warrant Liability - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Jul. 10, 2020 $ / shares shares | Sep. 30, 2023 $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 17, 2022 $ / shares | Jun. 28, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 10, 2020 $ / shares | |
Warrants and Rights Note Disclosure [Abstract] | |||||||||||||
Number of Share Purchase Warrants, Issued | 2,106,290 | 10,000,000 | 4,838,707 | 4,838,707 | 16,140,999 | ||||||||
Warrant exercise price | (per share) | $ 0.5 | $ 1.22 | $ 1.09 | $ 1.18 | $ 1.05 | $ 1.4 | $ 1.29 | $ 1.27 | $ 1.32 | $ 1.24 | $ 0.39 | $ 0.49 | $ 0.39 |
Warrant Liability - Summary of
Warrant Liability - Summary of Fair Value of Warrant Liabilities (Details) | Jun. 28, 2021 $ / shares | Sep. 30, 2023 $ / shares | Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Mar. 17, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 10, 2020 $ / shares | Jul. 10, 2020 $ / shares |
Class of Warrant or Right [Line Items] | |||||||||||||
Exercise Price | (per share) | $ 0.39 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.18 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.24 | $ 1.05 | $ 0.49 | $ 0.5 | $ 0.39 |
Warrant expiration date | May 04, 2023 | ||||||||||||
Stock price | $ 2.03 | ||||||||||||
Remaining term (years) | 1 year 10 months 6 days | ||||||||||||
Interest Rate (Annual) | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Warrants, measurement input | 0.0022 | (0.006) | (0.006) | ||||||||||
Volatility (Annual) | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Warrants, measurement input | 0.747 | 1.43 | 1.43 | ||||||||||
Annualized Dividend Yield | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Warrants, measurement input | 0 |
Notes Payable - Summary of Note
Notes Payable - Summary of Note Payable (Details) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||
Total Note Payable | $ 6,891,762 | |||
Less current maturities | $ 397,168 | $ 550,000 | 1,810,468 | $ 1,573,000 |
Total long-term Note Payable | $ 28,809,229 | 5,081,294 | $ 0 | |
Debentures | ||||
Debt Instrument [Line Items] | ||||
Total Note Payable | 4,425,162 | |||
GEM | ||||
Debt Instrument [Line Items] | ||||
Total Note Payable | 1,476,600 | |||
Airframe | ||||
Debt Instrument [Line Items] | ||||
Total Note Payable | $ 990,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) | 12 Months Ended | ||||||||||||
Mar. 17, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | Jun. 28, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 10, 2020 $ / shares | Jul. 10, 2020 $ / shares | |
Debt Instrument [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 | ||||||||||||
Class of warrant exercise period | 24 months | ||||||||||||
Warrant exercise price | (per share) | $ 1.24 | $ 1.18 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.05 | $ 0.39 | $ 0.49 | $ 0.5 | $ 0.39 |
Debt instrument term | 24 months | ||||||||||||
Warrant measurement input, price per share | $ / shares | $ 2.03 | ||||||||||||
Principal amount | $ 6,891,762 | ||||||||||||
Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from issuance of warrant exercise | $ 6,000,000 | ||||||||||||
Subscription Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from issuance of securities | $ 6,000,000 | ||||||||||||
Debt Instrument, Description | 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. | ||||||||||||
Airframe | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 990,000 | ||||||||||||
Interest rate | 6.50% | ||||||||||||
Scheduled principal payments of outstanding debt obligation | $ 120,478 | ||||||||||||
Debentures | |||||||||||||
Debt Instrument [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% | ||||||||||||
Warrant | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | $ 2,100,000 | ||||||||||||
Warrant | Scenario Previously Reported [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | $ 2,200,000 | ||||||||||||
Stock Price | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.04 | 1.04 | |||||||||||
Exercise Price | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.24 | $ 1.24 | |||||||||||
Expected Term | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input, term | 2 years | 2 years | |||||||||||
Expected Dividend | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, expected dividend | $ 0 | $ 0 | |||||||||||
Warrants, measurement input | 0 | ||||||||||||
Interest Rate (Annual) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | (0.006) | (0.006) | 0.0022 | ||||||||||
Volatility (Annual) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 1.43 | 1.43 | 0.747 |
Note Payable - Schedule of Note
Note Payable - Schedule of Note Payable Principal Payments (Details) | Dec. 31, 2022 USD ($) |
Long-Term Debt, Fiscal Year Maturity [Abstract] | |
2023 | $ 2,132,732 |
2024 | 4,759,030 |
Total minimum lease payments | $ 6,891,762 |
Share Based Payments - Addition
Share Based Payments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | 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 | 9,400,000 | 9,400,000 | 5,460,000 | |||
Stock options granted | 0 | 0 | 0 | 0 | 0 | 0 |
Share-based payments expense | $ 569,057 | $ 69,724 | $ 1,677,594 | $ 795,334 | $ 1,386,533 | $ 1,254,413 |
RSUs | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Share-based payments expense | $ 1,386,533 | 1,254,413 | ||||
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 | $ 3,396,927 | $ 3,396,927 | $ 2,308,928 | $ 2,497,445 | ||
Share based compensation not yet recognized, weighted average period | 2 years 21 days | 1 year 10 months 24 days | 1 year 10 months 6 days |
Share Based Payments - Summary
Share Based Payments - Summary of Stock Option Activities (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 $ / shares shares | Sep. 30, 2023 $ / shares shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |||||||||
Number of stock options outstanding, Beginning balance | shares | 470,668 | 820,668 | 870,668 | 904,001 | 920,668 | 820,668 | 920,668 | 920,668 | 1,387,000 |
Number of stock options, Granted | shares | 0 | 0 | 0 | 0 | 0 | 0 | |||
Number of stock options, Exercised | shares | (150,000) | (33,333) | (83,333) | (441,332) | |||||
Number of stock options, Forfeited | shares | (200,000) | (16,667) | (16,667) | (25,000) | |||||
Number of stock options outstanding, Ending balance | shares | 470,668 | 470,668 | 870,668 | 870,668 | 904,001 | 470,668 | 870,668 | 820,668 | 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 | $ 0.25 |
Weighted average exercise price, Exercised | 0.48 | 0.25 | 0.25 | 0.25 | |||||
Weighted average exercise price, Forfeited | 0.25 | 0.25 | 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 | 0.25 |
Weighted average grant date fair value outstanding, Beginning balance | 0.54 | $ 0.34 | 0.48 | $ 0.48 | 0.49 | 0.34 | 0.49 | $ 0.49 | $ 0.21 |
Weighted average grant date fair value, Exercised | $ | 0.16 | 0.57 | 0.57 | 0.19 | |||||
Weighted average grant date fair value, Forfeited | $ 0.57 | 0.57 | $ 0.57 | $ 0.16 | |||||
Weighted average grant date fair value outstanding, Ending balance | $ 0.54 | $ 0.54 | $ 0.48 | $ 0.48 | $ 0.48 | $ 0.54 | $ 0.48 | $ 0.34 | $ 0.49 |
Share Based Payments - Summar_2
Share Based Payments - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 470,668 | 870,668 | 820,668 | 920,668 |
Stock options, Exercisable | 470,668 | 854,001 | 820,668 | 516,664 |
Exercise Price One | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 420,668 | 150,000 | 150,000 | 150,000 |
Stock options, Exercisable | 420,668 | 150,000 | 150,000 | 150,000 |
Stock options outstanding, Exercise Price | $ 0.25 | $ 0.48 | $ 0.47 | $ 0.47 |
Stock options exercisable, Exercise Price | $ 0.25 | $ 0.48 | $ 0.47 | $ 0.47 |
Stock options outstanding, Remaining life (years) | 1 year 11 months 23 days | 1 year | 5 months 26 days | 1 year 5 months 26 days |
Stock options exercisable, Remaining life (years) | 1 year 11 months 23 days | 1 year | 5 months 26 days | 1 year 5 months 26 days |
Expiry Date | Jun. 23, 2025 | Jun. 29, 2023 | Jun. 29, 2023 | Jun. 29, 2023 |
Exercise Price Two | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | 670,668 | 100,000 | 720,668 |
Stock options, Exercisable | 50,000 | 670,668 | 100,000 | 333,331 |
Stock options outstanding, Exercise Price | $ 0.62 | $ 0.25 | $ 0.25 | $ 0.25 |
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.25 | $ 0.25 | $ 0.25 |
Stock options outstanding, Remaining life (years) | 2 years 2 months 26 days | 2 years 11 months 23 days | 7 months 2 days | 3 years 5 months 23 days |
Stock options exercisable, Remaining life (years) | 2 years 2 months 26 days | 2 years 11 months 23 days | 7 months 2 days | 3 years 5 months 23 days |
Expiry Date | Sep. 23, 2025 | Jun. 23, 2025 | Mar. 08, 2023 | Jun. 23, 2025 |
Exercise Price Three | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | 100,000 | 50,000 | |
Stock options, Exercisable | 33,333 | 100,000 | 33,333 | |
Stock options outstanding, Exercise Price | $ 0.62 | $ 0.25 | $ 0.62 | |
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.25 | $ 0.62 | |
Stock options outstanding, Remaining life (years) | 3 years 2 months 26 days | 1 month 9 days | 3 years 8 months 23 days | |
Stock options exercisable, Remaining life (years) | 3 years 2 months 26 days | 1 month 9 days | 3 years 8 months 23 days | |
Expiry Date | Sep. 23, 2025 | Feb. 09, 2023 | Sep. 23, 2025 |
Share Based Payments - Summar_3
Share Based Payments - Summary of RSU Activities (Details) - RSUs - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Number of RSUs Outstanding, Beginning balance | 4,772,923 | 4,463,757 | 3,305,837 | 2,172,500 | 2,287,500 | 2,067,500 | 2,067,500 | 685,000 |
Number of RSUs, Granted | 798,500 | 1,155,000 | 1,687,777 | 1,570,000 | 620,000 | 2,731,180 | 1,817,500 | |
Number of RSUs, Issuance of common stock | (324,157) | (467,500) | (400,542) | (10,000) | (651,336) | (240,000) | ||
Number of RSUs, Forfeited | (173,334) | (378,334) | (129,315) | (310,000) | (115,000) | (400,000) | (841,507) | (195,000) |
Number of RSUs Outstanding, Ending balance | 5,073,932 | 4,772,923 | 4,463,757 | 3,422,500 | 2,172,500 | 2,287,500 | 3,305,837 | 2,067,500 |
Weighted average grant date fair value per RSU Outstanding, Beginning balance | $ 1.01 | $ 1.1 | $ 1.14 | $ 1.47 | $ 1.02 | $ 1.16 | $ 1.16 | $ 0.67 |
Weighted average grant date fair value per RSU, Granted | 0.87 | 0.97 | 0.97 | 0.63 | 1.37 | 0.8 | 1.77 | |
Weighted average grant date fair value per RSU, Issuance of common stock | 0.87 | 0.91 | 1.04 | 0.69 | 0.88 | 1.51 | ||
Weighted average grant date fair value per RSU, Forfeited | 0.74 | 1.01 | 0.96 | 0.75 | 1.79 | 1.48 | 1.24 | 0.96 |
Weighted average grant date fair value per RSU Outstanding, Ending balance | $ 1.02 | $ 1.01 | $ 1.1 | $ 1.16 | $ 1.47 | $ 1.02 | $ 1.14 | $ 1.16 |
Capital Commitments - Additiona
Capital Commitments - Additional Information (Details) | 12 Months Ended | ||||||||||||||||||
Jan. 18, 2023 USD ($) | Jan. 18, 2023 CAD ($) | Jun. 28, 2021 USD ($) $ / shares shares | May 04, 2021 USD ($) | May 04, 2021 CAD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CAD ($) | Sep. 30, 2023 $ / shares shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | Dec. 31, 2022 CAD ($) shares | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Mar. 17, 2022 $ / shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Jul. 10, 2020 $ / shares | Jul. 10, 2020 USD ($) $ / shares shares | |
Other Commitments [Line Items] | |||||||||||||||||||
Warrants issued | shares | 19,633,911 | 22,376,020 | 12,376,020 | 17,134,458 | 19,633,911 | 19,645,251 | 21,330,626 | 22,449,357 | 17,631,350 | 7,507,005 | |||||||||
Exercise Price | (per share) | $ 0.39 | $ 1.18 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.24 | $ 1.05 | $ 0.49 | $ 0.5 | $ 0.39 | ||||||
Interest Rate (Annual) | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 0.0022 | (0.006) | (0.006) | (0.006) | |||||||||||||||
Expected Dividend | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 0 | ||||||||||||||||||
Volatility (Annual) | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 0.747 | 1.43 | 1.43 | 1.43 | |||||||||||||||
GEM Global Yield LLC SCS [Member] | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Capital commitments | $ 100,000,000 | ||||||||||||||||||
Capital commitments, initial | $ 100,000,000 | ||||||||||||||||||
Capital commitments, closing of transaction term | 36 months | 36 months | |||||||||||||||||
Draw down funds, issuing shares, term | 36 months | 36 months | |||||||||||||||||
Capital commitments, description | The initial CAD $100 Million is in the form of a capital commitment that allows the Company to draw down funds during the 36-month term by issuing shares to GEM (or such persons as it may direct) and subject to share lending arrangement(s) being in place. The Company controls the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. On July 8, 2020 the TSX Venture Exchange provided approval for the Facility. | The initial CAD $100 Million is in the form of a capital commitment that allows the Company to draw down funds during the 36-month term by issuing shares to GEM (or such persons as it may direct) and subject to share lending arrangement(s) being in place. The Company controls the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. On July 8, 2020 the TSX Venture Exchange provided approval for the Facility. | |||||||||||||||||
Minimum drawdown obligation | $ 0 | ||||||||||||||||||
Capital commitments, percentage of fee equal | 2% | 2% | |||||||||||||||||
Capital commitments, fee payable, description | The fee is payable, whether or not any draw down notices have been delivered, as follows: the first 25% of the fee shall be paid within 12 months from the date of the agreement; an additional 25% of the fee shall be paid within 18 months from the date of the agreement and the rest of 50% of the fee shall be paid within 24 months from the date of this agreement. | The fee is payable, whether or not any draw down notices have been delivered, as follows: the first 25% of the fee shall be paid within 12 months from the date of the agreement; an additional 25% of the fee shall be paid within 18 months from the date of the agreement and the rest of 50% of the fee shall be paid within 24 months from the date of this agreement. | |||||||||||||||||
Capital commitments, aggregate purchase price | $ 1,418,880 | $ 2,000,000 | |||||||||||||||||
Capital commitments, percentage of base rate | 5% | 5% | |||||||||||||||||
Warrants issued | shares | 2,182,553 | 2,106,290 | |||||||||||||||||
Exercise Price | (per share) | $ 0.39 | $ 0.5 | |||||||||||||||||
Prepaid financing fee | $ 1,390,151 | ||||||||||||||||||
Warrants, measurement input, term | 1 year 10 months 6 days | 2 years 9 months 25 days | |||||||||||||||||
Percentage of transfer of shares | 75% | ||||||||||||||||||
Fair value adjustment of warrants | $ 3,475,379 | ||||||||||||||||||
Gain on revaluation of warrants | $ 2,650,772 | ||||||||||||||||||
Sought value | $ 500,000 | $ 2,000,000 | |||||||||||||||||
Deferred financing costs | $ 2,809,031 | ||||||||||||||||||
Motion amount filed | $ 2,000,000 | ||||||||||||||||||
Motion amount filed with interest | $ 218,493.87 | ||||||||||||||||||
Additional motion amount filed | 506.02 | ||||||||||||||||||
Attorney's fees | 112,584.5 | ||||||||||||||||||
Attorney fee in costs | $ 4,884.86 | ||||||||||||||||||
GEM Global Yield LLC SCS [Member] | Interest Rate (Annual) | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 0.22 | 0.18 | |||||||||||||||||
GEM Global Yield LLC SCS [Member] | Expected Dividend | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 0 | 0 | |||||||||||||||||
GEM Global Yield LLC SCS [Member] | Stock Price | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 2.03 | 0.94 | |||||||||||||||||
GEM Global Yield LLC SCS [Member] | Volatility (Annual) | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Warrants, measurement input | 74.7 | 70 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||||
Effective tax rate | 0% | 0% | 0% | 0% | 0% | 0% | |
Net operating loss carryforwards | $ 17,700,000 | $ 2,700,000 | |||||
Valuation allowance offset to deferred tax assets | 8,661,250 | 4,780,730 | |||||
Change in valuation allowance | $ 3,880,520 | $ 4,043,741 | $ 4,000,000 | ||||
U.S. Federal | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax returns remain open to examination | 2019 2020 | ||||||
State | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax returns remain open to examination | 2019 2020 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes from Continuing Operations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal: | |||
Deferred | $ (3,318,558) | $ (3,462,982) | |
State: | |||
Deferred | (561,962) | (580,759) | |
Change in valuation allowance | $ 3,880,520 | 4,043,741 | $ 4,000,000 |
Total income tax provision | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision Computed at Federal Statutory Corporate Tax Rate (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||||
Expected provision at Federal statutory tax rate | 21% | 21% | ||||
Change in valuation allowance | (20.98%) | (18.12%) | ||||
Permanent difference | (0.02%) | (2.88%) | ||||
Effective Income Tax Rate | 0% | 0% | 0% | 0% | 0% | 0% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss | $ 7,851,883 | $ 4,342,045 |
Share based compensation | 347,507 | 166,191 |
Disallowed interest | 398,118 | |
Allowance for doubtful accounts | 25,627 | |
Lease accounting | 413,142 | 188,213 |
Accrued compensation | 46,592 | |
Unrealized Loss | 14,164 | 37,793 |
Depreciation | (389,191) | (104) |
Total deferred tax assets (liabilities) | 8,661,250 | 4,780,730 |
Less valuation allowance | (8,661,250) | (4,780,730) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Oct. 06, 2023 | Sep. 08, 2023 Aircraft | Aug. 18, 2023 | Jun. 01, 2023 | May 22, 2023 | Apr. 21, 2023 | Jan. 27, 2023 Aircraft | Jan. 24, 2023 | Dec. 14, 2022 Aircraft | Oct. 12, 2022 Aircraft | Jun. 21, 2022 Aircraft | Jan. 06, 2022 USD ($) | Oct. 14, 2021 Aircraft | Jan. 23, 2021 USD ($) | Dec. 21, 2012 | Dec. 20, 2012 | Sep. 30, 2023 Aircraft | Jul. 27, 2023 Aircraft | Jun. 16, 2023 Aircraft | Dec. 31, 2022 Aircraft | Jul. 29, 2022 Aircraft | Mar. 22, 2022 Aircraft | Mar. 08, 2022 Aircraft | Dec. 31, 2021 Aircraft |
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 8 | 6 | ||||||||||||||||||||||
Date of premium finance agreement | 2022 | 2021 | ||||||||||||||||||||||
Lease agreements ending date | May 31, 2028 | Jun. 01, 2023 | ||||||||||||||||||||||
Extended lease term | 60 months | |||||||||||||||||||||||
Number of finance lease agreements | 7 | |||||||||||||||||||||||
Term of insurance policy | 12-month | 12-month | ||||||||||||||||||||||
Financed amount of premium | $ | $ 2,465,110 | $ 1,345,836 | ||||||||||||||||||||||
Total premium amount | $ | $ 3,103,325 | $ 1,738,386 | ||||||||||||||||||||||
Rate of interest | 2.38% | 3.71% | ||||||||||||||||||||||
Down payment | $ | $ 640,665 | $ 395,000 | ||||||||||||||||||||||
Aircraft Lease Agreement One | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | 1 | ||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||
Lease term commenced | Jan. 24, 2023 | |||||||||||||||||||||||
Number of months fixed monthly rent to be paid | 72 months | |||||||||||||||||||||||
Lease expiration period | 2026-06 | |||||||||||||||||||||||
Aircraft Lease Agreement Two | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | 1 | ||||||||||||||||||||||
Lease agreements ending date | Oct. 13, 2023 | |||||||||||||||||||||||
Lease term | 96 months | |||||||||||||||||||||||
Aircraft Lease Agreement Three | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 72 months | |||||||||||||||||||||||
Aircraft Lease Agreement Four | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 8 years | |||||||||||||||||||||||
Lease term commenced | Jun. 01, 2023 | |||||||||||||||||||||||
Number of months fixed monthly rent to be paid | 96 months | |||||||||||||||||||||||
Aircraft Lease Agreement Five | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 72 months | |||||||||||||||||||||||
Aircraft Lease Agreement Six | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 2 years | |||||||||||||||||||||||
Lease term commenced | Aug. 18, 2023 | |||||||||||||||||||||||
Number of months fixed monthly rent to be paid | 24 months | |||||||||||||||||||||||
Aircraft Lease Agreement Seven | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 6 years | |||||||||||||||||||||||
Lease term commenced | Apr. 21, 2023 | |||||||||||||||||||||||
Number of months fixed monthly rent to be paid | 72 months | |||||||||||||||||||||||
Aircraft Lease Agreement Eight | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Lease term | 5 years | |||||||||||||||||||||||
Lease term commenced | Jun. 01, 2023 | |||||||||||||||||||||||
Number of months fixed monthly rent to be paid | 62 months | |||||||||||||||||||||||
Aircraft Lease Agreement Nine | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 48 months | |||||||||||||||||||||||
Aircraft Lease Agreement Ten | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Aircraft Lease Agreement Eleven | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||||||||
Lease term | 8 years | |||||||||||||||||||||||
Lease term commenced | Oct. 06, 2023 | |||||||||||||||||||||||
Number of months fixed monthly rent to be paid | 72 months | |||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Lease term | 10 months | |||||||||||||||||||||||
Maximum | ||||||||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||||||||
Finance lease agreement terms | 5 years | |||||||||||||||||||||||
Lease term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Leases | |||
Remainder of 2023 | $ 245,658 | ||
2024 | 982,634 | $ 597,152 | |
2025 | 982,634 | 597,152 | |
2026 | 982,634 | 597,152 | |
2027 | 865,635 | 597,152 | |
2028 and thereafter | 1,086,778 | ||
Total minimum lease payments | 5,145,973 | 3,311,582 | |
Less amount representing interest | 1,359,298 | 869,254 | |
Present value of minimum lease payments | 3,786,675 | 2,442,328 | |
Less current portion | 556,850 | 335,527 | $ 0 |
Long-term portion | 3,229,825 | 2,106,800 | |
Operating Leases | |||
Remainder of 2023 | 4,433,809 | ||
2024 | 16,931,294 | 9,181,250 | |
2025 | 16,344,557 | 8,057,500 | |
2026 | 14,530,834 | 7,955,000 | |
2027 | 11,727,844 | 6,822,100 | |
2028 and thereafter | 25,014,492 | ||
Total minimum lease payments | 88,982,830 | 36,827,023 | |
Less amount representing interest | 27,485,116 | 7,191,273 | |
Present value of minimum lease payments | 61,497,714 | 29,635,750 | |
Less current portion | 10,072,203 | 6,445,915 | 3,393,497 |
Long-term portion | $ 51,425,511 | $ 23,189,835 | $ 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 | 12 Months Ended | |||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |||||||
Finance lease cost | ||||||||||||
Amortization of leased assets | $ 149,239 | $ 45,931 | $ 367,894 | $ 45,931 | $ 130,037 | |||||||
Interest of lease liabilities | 116,352 | 30,405 | 309,337 | 30,405 | 102,561 | |||||||
Operating lease cost | ||||||||||||
Operating lease cost | 2,286,554 | [1] | 2,181,983 | [1] | 5,933,502 | [1] | 5,396,050 | [1] | 9,146,119 | [2] | $ 4,543,803 | [2] |
Total lease cost | $ 2,552,145 | $ 2,258,319 | $ 6,610,733 | $ 5,472,386 | $ 9,378,717 | $ 4,543,803 | ||||||
[1] Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. Expenses are classified within Aircraft Rent on the Company's 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, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term | ||||
Operating leases | 6 years 2 months 8 days | 4 years 6 months 7 days | 4 years 4 months 24 days | 5 years 9 months 3 days |
Finance leases | 5 years 4 months 28 days | 5 years 8 months 19 days | 5 years 11 months 19 days | |
Weighted-average discount rate | ||||
Operating leases | 12.24% | 10.53% | 10.65% | 10.07% |
Finance leases | 12.30% | 11.66% | 11.67% |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Cash and Non-cash Activities Associated with Leases (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 6,181,225 | $ 2,559,147 | $ 3,482,839 | $ 386,945 |
Financing cash flows from finance leases | $ 343,374 | $ 321,140 | $ 501,169 |
Share Capital and Additional _3
Share Capital and Additional Paid in Capital Authorized - Additional Information (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Voting common shares outstanding | 39,327,664 | 39,327,664 | 32,668,320 | 26,044,933 | |||||||
Proceeds on issuance of shares | $ 1,594,353 | $ 644,251 | $ 802,325 | $ 19,032,172 | |||||||
Purchase warrant excercised | 227,630 | 2,499,453 | 1,078,470 | 20,700 | 1,110,510 | 6,016,654 | |||||
Stock options granted | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Maximum number of Voting Shares issuable pursuant to share-based payment arrangements | 9,400,000 | 9,400,000 | 5,460,000 | ||||||||
Share-based payments expense | $ 569,057 | $ 69,724 | $ 1,677,594 | $ 795,334 | $ 1,386,533 | $ 1,254,413 | |||||
Purchase Warrants | |||||||||||
Shares issued during period | 541,776 | ||||||||||
Proceeds on issuance of shares | $ 274,496 | ||||||||||
Purchase warrant excercised | 541,776 | ||||||||||
Global USA Shareholders Purchase Warrant | |||||||||||
Shares issued during period | 5,524,878 | ||||||||||
Proceeds on issuance of shares | $ 4,090,155 | ||||||||||
Purchase warrant excercised | 5,524,878 | ||||||||||
Common Stock | |||||||||||
Shares issued during period | 15,601,830 | ||||||||||
Common Stock | Purchase Warrants | |||||||||||
Shares issued during period | 279,900 | 1,110,510 | |||||||||
Proceeds on issuance of shares | $ 248,246 | $ 534,632 | |||||||||
Purchase warrant excercised | 1,110,510 | ||||||||||
Class A | |||||||||||
Non-voting shares outstanding | 5,537,313 | 5,537,313 | 5,537,313 | 5,537,313 | |||||||
Class B | |||||||||||
Non-voting shares outstanding | 12,972,708 | 12,972,708 | 15,234,849 | 19,655,630 | |||||||
Employee Stock Purchase Plan | |||||||||||
Shares issued during period | 460,809 | ||||||||||
Proceeds on issuance of shares | $ 246,945 | ||||||||||
Private Placement One | Common Stock | |||||||||||
Shares issued during period | 8,064,517 | ||||||||||
Proceeds on issuance of shares | $ 4,569,689 | ||||||||||
Private Placement Two | Common Stock | |||||||||||
Shares issued during period | 2,000,000 | ||||||||||
Private Placement Two | Class A | Common Stock | |||||||||||
Shares issued during period | 5,537,313 | ||||||||||
Proceeds on issuance of shares | $ 9,999,999 | ||||||||||
RSUs | |||||||||||
Shares issued during period | 240,000 | ||||||||||
Issuance of common stock | 324,157 | 467,500 | 400,542 | 10,000 | 651,336 | 240,000 | |||||
Share-based payments expense | $ 1,386,533 | $ 1,254,413 | |||||||||
RSUs | Common Stock | |||||||||||
Shares issued during period | 166,752 | 547,954 | |||||||||
Issuance of common stock | 166,752 | 547,954 | |||||||||
Stock Options | |||||||||||
Proceeds on issuance of shares | 97,833 | ||||||||||
Share based compensation not yet recognized | $ 3,396,927 | $ 3,396,927 | $ 2,308,928 | $ 2,497,445 | |||||||
Share based compensation not yet recognized, weighted average period | 2 years 21 days | 1 year 10 months 24 days | 1 year 10 months 6 days | ||||||||
Options expiry period | 10 years | 10 years | |||||||||
Stock Options | Common Stock | |||||||||||
Shares issued during period | 150,000 | 83,333 | 391,332 | ||||||||
Proceeds on issuance of shares | $ 70,500 | $ 20,833 |
Share Capital and Additional _4
Share Capital and Additional Paid in Capital Authorized - Summary of Warrant Activity (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Jul. 10, 2020 $ / shares shares | Jul. 10, 2020 $ / shares shares | Sep. 30, 2023 $ / shares shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Warrants and Rights Note Disclosure [Abstract] | ||||||||||
Number of Share Purchase Warrants Outstanding, Beginning balance | 12,376,020 | 17,134,458 | 19,633,911 | 21,330,626 | 22,449,357 | 17,631,350 | 17,631,350 | 7,507,005 | ||
Number of Share Purchase Warrants, Issued | 2,106,290 | 2,106,290 | 10,000,000 | 4,838,707 | 4,838,707 | 16,140,999 | ||||
Number of Share Purchase Warrants, Exercised | (227,630) | (2,499,453) | (1,078,470) | (20,700) | (1,110,510) | (6,016,654) | ||||
Number of Share Purchase Warrants, Expired | (4,530,808) | (1,685,375) | (40,261) | (1,725,636) | ||||||
Number of Share Purchase Warrants Outstanding, Ending balance | 22,376,020 | 12,376,020 | 17,134,458 | 19,645,251 | 21,330,626 | 22,449,357 | 19,633,911 | 17,631,350 | ||
Weighted Average Exercise Price Outstanding, Beginning balance | $ / shares | $ 1.4 | $ 1.29 | $ 1.18 | $ 1.32 | $ 1.09 | $ 1.05 | $ 1.05 | $ 0.49 | ||
Weighted Average Exercise Price, Issued | $ / shares | 1 | 1.24 | 1.24 | 1.22 | ||||||
Weighted Average Exercise Price, Exercised | $ / shares | 0.97 | 0.43 | 0.48 | 0.49 | 0.48 | 0.49 | ||||
Weighted Average Exercise Price, Expired | $ / shares | 0.99 | 0.48 | 0.48 | 0.48 | ||||||
Weighted Average Exercise Price Outstanding, Ending balance | (per share) | $ 0.5 | $ 0.39 | $ 1.22 | $ 1.4 | $ 1.29 | $ 1.27 | $ 1.32 | $ 1.09 | $ 1.18 | $ 1.05 |
Share Capital and Additional _5
Share Capital and Additional Paid in Capital Authorized - Schedule of Purchase Warrants Outstanding and Exercisable (Details) | 9 Months Ended | 12 Months Ended | |||||||||||
Jun. 28, 2021 $ / shares | Sep. 30, 2023 $ / shares shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Mar. 17, 2022 $ / shares | Dec. 31, 2020 $ / shares shares | Jul. 10, 2020 $ / shares | Jul. 10, 2020 $ / shares | |
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 22,376,020 | 19,645,251 | 19,633,911 | 17,631,350 | 12,376,020 | 17,134,458 | 21,330,626 | 22,449,357 | 7,507,005 | ||||
Exercise Price | (per share) | $ 0.39 | $ 1.22 | $ 1.27 | $ 1.18 | $ 1.05 | $ 1.4 | $ 1.29 | $ 1.32 | $ 1.09 | $ 1.24 | $ 0.49 | $ 0.5 | $ 0.39 |
Remaining life (years) | 1 year 10 months 6 days | ||||||||||||
Warrant expiration date | May 04, 2023 | ||||||||||||
Exercise Price One | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 4,838,707 | 2,824,806 | |||||||||||
Exercise Price | $ / shares | $ 1.24 | $ 0.48 | $ 0.48 | ||||||||||
Remaining life (years) | 9 months | 0 years | 5 months 23 days | ||||||||||
Warrant expiration date | Mar. 28, 2024 | Sep. 03, 2022 | Jun. 23, 2022 | ||||||||||
Exercise Price Two | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 7,537,313 | 203,840 | 4,882,838 | 4,882,838 | |||||||||
Exercise Price | $ / shares | $ 1.5 | $ 0.62 | $ 1 | $ 1 | |||||||||
Remaining life (years) | 2 years 9 months 29 days | 6 months 25 days | 3 months 25 days | 1 year 3 months 25 days | |||||||||
Warrant expiration date | Apr. 29, 2026 | Apr. 26, 2023 | Apr. 26, 2023 | Apr. 26, 2023 | |||||||||
Exercise Price Three | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 10,000,000 | 4,882,838 | 192,500 | 203,840 | |||||||||
Exercise Price | $ / shares | $ 1 | $ 1 | $ 0.62 | $ 0.62 | |||||||||
Remaining life (years) | 6 years 9 months | 6 months 25 days | 3 months 25 days | 1 year 3 months 25 days | |||||||||
Warrant expiration date | Jun. 30, 2030 | Apr. 26, 2023 | Apr. 26, 2023 | Apr. 26, 2023 | |||||||||
Exercise Price Four | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 2,182,553 | 2,182,553 | 2,182,553 | ||||||||||
Exercise Price | $ / shares | $ 0.39 | $ 0.39 | $ 0.39 | ||||||||||
Remaining life (years) | 7 months 2 days | 4 months 2 days | 1 year 4 months 2 days | ||||||||||
Warrant expiration date | May 04, 2023 | Apr. 26, 2023 | May 04, 2023 | ||||||||||
Exercise Price Five | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 4,838,707 | 4,838,707 | 7,537,313 | ||||||||||
Exercise Price | $ / shares | $ 1.24 | $ 1.24 | $ 1.5 | ||||||||||
Remaining life (years) | 1 year 5 months 26 days | 1 year 2 months 26 days | 4 years 3 months 29 days | ||||||||||
Warrant expiration date | Mar. 28, 2024 | May 04, 2023 | Apr. 29, 2026 | ||||||||||
Exercise Price Six | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Outstanding | 7,537,313 | 7,537,313 | |||||||||||
Exercise Price | $ / shares | $ 1.5 | $ 1.5 | |||||||||||
Remaining life (years) | 3 years 6 months 29 days | 3 years 3 months 29 days | |||||||||||
Warrant expiration date | Apr. 29, 2026 | Apr. 29, 2026 |
Share Capital and Additional _6
Share Capital and Additional Paid in Capital Authorized - Summary of Stock Option Activities (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 $ / shares shares | Sep. 30, 2023 $ / shares shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Number of stock options outstanding, Beginning balance | shares | 470,668 | 820,668 | 870,668 | 904,001 | 920,668 | 820,668 | 920,668 | 920,668 | 1,387,000 |
Number of stock options, Granted | shares | 0 | 0 | 0 | 0 | 0 | 0 | |||
Number of stock options, Exercised | shares | (150,000) | (33,333) | (83,333) | (441,332) | |||||
Number of stock options, Forfeited | shares | (200,000) | (16,667) | (16,667) | (25,000) | |||||
Number of stock options outstanding, Ending balance | shares | 470,668 | 470,668 | 870,668 | 870,668 | 904,001 | 470,668 | 870,668 | 820,668 | 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 | $ 0.25 |
Weighted average exercise price, Exercised | 0.48 | 0.25 | 0.25 | 0.25 | |||||
Weighted average exercise price, Forfeited | 0.25 | 0.25 | 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 | 0.25 |
Weighted average grant date fair value outstanding, Beginning balance | 0.54 | $ 0.34 | 0.48 | $ 0.48 | 0.49 | 0.34 | 0.49 | $ 0.49 | $ 0.21 |
Weighted average grant date fair value, Exercised | $ | 0.16 | 0.57 | 0.57 | 0.19 | |||||
Weighted average grant date fair value, Forfeited | $ 0.57 | 0.57 | $ 0.57 | $ 0.16 | |||||
Weighted average grant date fair value outstanding, Ending balance | $ 0.54 | 0.54 | $ 0.48 | $ 0.48 | $ 0.48 | 0.54 | $ 0.48 | 0.34 | $ 0.49 |
Scenario Previously Reported [Member] | |||||||||
Weighted average grant date fair value outstanding, Beginning balance | $ 0.48 | $ 0.48 | |||||||
Weighted average grant date fair value outstanding, Ending balance | $ 0.48 |
Share Capital and Additional _7
Share Capital and Additional Paid in Capital Authorized - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 470,668 | 870,668 | 820,668 | 920,668 |
Stock options, Exercisable | 470,668 | 854,001 | 820,668 | 516,664 |
Exercise Price One | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 420,668 | 150,000 | 150,000 | 150,000 |
Stock options, Exercisable | 420,668 | 150,000 | 150,000 | 150,000 |
Stock options outstanding, Exercise Price | $ 0.25 | $ 0.48 | $ 0.47 | $ 0.47 |
Stock options exercisable, Exercise Price | $ 0.25 | $ 0.48 | $ 0.47 | $ 0.47 |
Stock options outstanding, Remaining life (years) | 1 year 11 months 23 days | 1 year | 5 months 26 days | 1 year 5 months 26 days |
Stock options exercisable, Remaining life (years) | 1 year 11 months 23 days | 1 year | 5 months 26 days | 1 year 5 months 26 days |
Expiry Date | Jun. 23, 2025 | Jun. 29, 2023 | Jun. 29, 2023 | Jun. 29, 2023 |
Exercise Price Two | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | 670,668 | 100,000 | 720,668 |
Stock options, Exercisable | 50,000 | 670,668 | 100,000 | 333,331 |
Stock options outstanding, Exercise Price | $ 0.62 | $ 0.25 | $ 0.25 | $ 0.25 |
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.25 | $ 0.25 | $ 0.25 |
Stock options outstanding, Remaining life (years) | 2 years 2 months 26 days | 2 years 11 months 23 days | 7 months 2 days | 3 years 5 months 23 days |
Stock options exercisable, Remaining life (years) | 2 years 2 months 26 days | 2 years 11 months 23 days | 7 months 2 days | 3 years 5 months 23 days |
Expiry Date | Sep. 23, 2025 | Jun. 23, 2025 | Mar. 08, 2023 | Jun. 23, 2025 |
Exercise Price Three | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | 100,000 | 50,000 | |
Stock options, Exercisable | 33,333 | 100,000 | 33,333 | |
Stock options outstanding, Exercise Price | $ 0.62 | $ 0.25 | $ 0.62 | |
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.25 | $ 0.62 | |
Stock options outstanding, Remaining life (years) | 3 years 2 months 26 days | 1 month 9 days | 3 years 8 months 23 days | |
Stock options exercisable, Remaining life (years) | 3 years 2 months 26 days | 1 month 9 days | 3 years 8 months 23 days | |
Expiry Date | Sep. 23, 2025 | Feb. 09, 2023 | Sep. 23, 2025 | |
Exercise Price Four | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 420,668 | |||
Stock options, Exercisable | 420,668 | |||
Stock options outstanding, Exercise Price | $ 0.25 | |||
Stock options exercisable, Exercise Price | $ 0.25 | |||
Stock options outstanding, Remaining life (years) | 2 years 5 months 23 days | |||
Stock options exercisable, Remaining life (years) | 2 years 5 months 23 days | |||
Expiry Date | Jun. 23, 2025 | |||
Exercise Price Five | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | |||
Stock options, Exercisable | 50,000 | |||
Stock options outstanding, Exercise Price | $ 0.62 | |||
Stock options exercisable, Exercise Price | $ 0.62 | |||
Stock options outstanding, Remaining life (years) | 2 years 8 months 23 days | |||
Stock options exercisable, Remaining life (years) | 2 years 8 months 23 days | |||
Expiry Date | Sep. 23, 2025 |
Share Capital and Additional _8
Share Capital and Additional Paid in Capital Authorized - Summary of RSU Activities (Details) - RSUs - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Number of RSUs Outstanding, Beginning balance | 4,772,923 | 4,463,757 | 3,305,837 | 2,172,500 | 2,287,500 | 2,067,500 | 2,067,500 | 685,000 |
Number of RSUs, Granted | 798,500 | 1,155,000 | 1,687,777 | 1,570,000 | 620,000 | 2,731,180 | 1,817,500 | |
Number of RSUs, Issuance of common stock | (324,157) | (467,500) | (400,542) | (10,000) | (651,336) | (240,000) | ||
Number of RSUs, Forfeited | (173,334) | (378,334) | (129,315) | (310,000) | (115,000) | (400,000) | (841,507) | (195,000) |
Number of RSUs Outstanding, Ending balance | 5,073,932 | 4,772,923 | 4,463,757 | 3,422,500 | 2,172,500 | 2,287,500 | 3,305,837 | 2,067,500 |
Weighted average grant date fair value per RSU Outstanding, Beginning balance | $ 1.01 | $ 1.1 | $ 1.14 | $ 1.47 | $ 1.02 | $ 1.16 | $ 1.16 | $ 0.67 |
Weighted average grant date fair value per RSU, Granted | 0.87 | 0.97 | 0.97 | 0.63 | 1.37 | 0.8 | 1.77 | |
Weighted average grant date fair value per RSU, Issuance of common stock | 0.87 | 0.91 | 1.04 | 0.69 | 0.88 | 1.51 | ||
Weighted average grant date fair value per RSU, Forfeited | 0.74 | 1.01 | 0.96 | 0.75 | 1.79 | 1.48 | 1.24 | 0.96 |
Weighted average grant date fair value per RSU Outstanding, Ending balance | $ 1.02 | $ 1.01 | $ 1.1 | $ 1.16 | $ 1.47 | $ 1.02 | $ 1.14 | $ 1.16 |
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 | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||||
Loss for the period | $ (4,883,645) | $ 163,631 | $ (18,426,371) | $ (11,381,523) | $ (15,820,997) | $ (19,818,513) |
Denominator: | ||||||
Weighted average common shares outstanding - Basic | 57,497,385 | 52,569,481 | 56,292,992 | 51,776,833 | 52,074,647 | 46,185,089 |
Dilutive effect of stock options, RSUs and warrants | 0 | 23,938,419 | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - Diluted | 57,497,385 | 76,507,900 | 56,292,992 | 51,776,833 | 52,074,647 | 46,185,089 |
Basic loss per share | $ (0.08) | $ 0 | $ (0.33) | $ (0.22) | $ (0.3) | $ (0.43) |
Diluted loss per share | $ (0.08) | $ 0 | $ (0.33) | $ (0.22) | $ (0.3) | $ (0.43) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warrant | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculation of diluted EPS | 22,376,020 | 19,645,521 | 19,633,911 | 17,631,350 |
Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculation of diluted EPS | 470,668 | 870,668 | 820,668 | 920,668 |
RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculation of diluted EPS | 5,073,932 | 3,422,500 | 3,293,337 | 2,067,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 12 Months Ended | |||||||
Dec. 31, 2020 USD ($) Deposits | Sep. 30, 2023 USD ($) | Aug. 17, 2023 | Aug. 14, 2023 | Jul. 03, 2023 | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Jun. 28, 2021 | |
Related Party Transaction [Line Items] | ||||||||
Common and variable voting shares outstanding | shares | 71,168,145 | |||||||
Number of security deposits | Deposits | 2 | |||||||
Canada Jetlines Operations Ltd. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of shares transferred | 75% | |||||||
Percentage of shares retained | 25% | |||||||
Equity method investment ownership percentage | 12% | 13% | 13% | |||||
Common and variable voting shares outstanding | shares | 9,135,100 | |||||||
GlobalX Ground Team, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment ownership percentage | 50% | 50% | ||||||
GlobalX 321 Aircraft Acquisition Corp | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment ownership percentage | 100% | |||||||
GlobalX 320 Aircraft Acquisition Corp | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment ownership percentage | 100% | |||||||
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] | ||||||||
Other Liabilities | $ 63,872 | $ 110,177 | ||||||
Other Liability, Related Party, Type [Extensible Enumeration] | Related Party [Member] | |||||||
Advance payments to affiliate | $ 500,000 | |||||||
Smartlynx Airlines Malta Limited | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party costs | $ 350,000 | |||||||
Cost of Revenue, Related Party, Type [Extensible Enumeration] | Related Party [Member] | |||||||
Smartlynx Airlines Malta Limited | Other Assets | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advanced payments | 250,000 | $ 250,000 | $ 250,000 | |||||
Flights flown by global | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other Liabilities | $ 123,000 | $ 3,500 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Salaries, Wages, & Benefits | $ 3,091,990 | $ 1,796,443 | $ 998,301 |
Passenger Taxes | 1,629,227 | 1,647,319 | 517,021 |
Aircraft Fuel | 937,676 | 1,595,324 | 623,806 |
Contracted ground and aviation services | 2,050,322 | 1,154,409 | 555,561 |
Maintenance | 1,289,111 | 1,115,293 | 8,717 |
Aircraft Rent | 2,898,440 | 986,762 | 715,488 |
Other | 1,727,439 | 1,163,079 | 800,597 |
Accrued liabilities | $ 13,624,205 | $ 9,458,629 | $ 4,219,491 |
Revenue Contract Liability - Su
Revenue Contract Liability - Summary of Significant Changes in Deferred Revenue Liability Balances (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Beginning balance | $ 3,200,664 | $ 1,995,090 |
Revenue Recognized | (3,191,044) | (1,995,090) |
Amounts Collected or invoiced | 4,363,188 | 3,200,664 |
Ending Balance | $ 4,372,808 | $ 3,200,664 |
Supplemental Disclosures With_2
Supplemental Disclosures With Respect To Cash Flows - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Right-of-use (ROU) assets acquired through operating leases | $ 37,554,848 | $ 5,390,848 | $ 10,081,357 | $ 21,302,542 |
Assets acquired through finance leases | $ 1,680,470 | $ 2,815,432 | (2,840,936) | |
Acquisition of airframe parts through sales agreement | 1,546,143 | |||
Debt issuance costs to equity related to warrants issued included in debenture subscription agreement | $ 2,132,000 | |||
Received from investors | $ 452,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Oct. 03, 2023 | Jan. 30, 2023 | Jan. 27, 2023 | Feb. 28, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||||||||||||
Loan | $ 5,000,000 | $ 5,000,000 | $ 2,500,000 | $ 2,500,000 | ||||||||||
Term of facility | 6 months | 6 months | ||||||||||||
Interest rate of loan | 20% | 20% | ||||||||||||
Proceeds on issuance of shares | $ 1,594,353 | $ 644,251 | $ 802,325 | $ 19,032,172 | ||||||||||
Purchase warrant excercised | 227,630 | 2,499,453 | 1,078,470 | 20,700 | 1,110,510 | 6,016,654 | ||||||||
RSUs | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued during period | 240,000 | |||||||||||||
Issuance of common stock | 324,157 | 467,500 | 400,542 | 10,000 | 651,336 | 240,000 | ||||||||
Stock Options | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Proceeds on issuance of shares | $ 97,833 | |||||||||||||
Tranche One | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Loan | $ 2,500,000 | $ 2,500,000 | ||||||||||||
Tranche Two | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Loan | $ 2,500,000 | $ 2,500,000 | ||||||||||||
Common Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued during period | 15,601,830 | |||||||||||||
Common Stock | RSUs | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued during period | 166,752 | 547,954 | ||||||||||||
Issuance of common stock | 166,752 | 547,954 | ||||||||||||
Common Stock | Stock Options | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued during period | 150,000 | 83,333 | 391,332 | |||||||||||
Proceeds on issuance of shares | $ 70,500 | $ 20,833 | ||||||||||||
Canada Jetlines Operations Ltd. | RSUs | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares received in exchange to services provided | 2,000,000 | |||||||||||||
Purchase Warrants | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued during period | 541,776 | |||||||||||||
Proceeds on issuance of shares | $ 274,496 | |||||||||||||
Purchase warrant excercised | 541,776 | |||||||||||||
Purchase Warrants | Common Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued during period | 279,900 | 1,110,510 | ||||||||||||
Proceeds on issuance of shares | $ 248,246 | $ 534,632 | ||||||||||||
Purchase warrant excercised | 1,110,510 | |||||||||||||
Subsequent Event | Purchase Warrants | Common Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Purchase warrant excercised | 279,900 |