Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | You should read this prospectus and any prospectus supplement or amendment carefully before you invest in our securities. Our shares of common stock are traded on the OTCQB Marketplace (“OTCQB”) under the symbol “JETMF” and on the NEO Exchange (“NEO”) under the symbol “JET.” The closing price of our common stock on the OTCQB on June 24, 2024 was $0.50. Our shares of Class B Non-Voting Common Stock are traded on the NEO Exchange under the symbol “JET.B.” The closing price of our Class B Non-Voting Common Stock on the NEO on June 24, 2024 was $0.63. |
Entity Registrant Name | Global Crossing Airlines Group Inc. |
Entity Central Index Key | 0001846084 |
Entity Incorporation State Country Code | DE |
Entity Tax Identification Number | 86-2226137 |
Entity Primary SIC Number | 4522 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Address Address Line1 | 4200 NW 36th Street |
Entity Address, Address Line Two | Building 5A |
Entity Address, Address Line Three | Miami International Airport |
Entity Address City Or Town | Miami |
Entity Address State Or Province | FL |
Entity Address Postal Zip Code | 33166 |
City Area Code | 786 |
Local Phone Number | 751-8503 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address Address Line1 | 4200 NW 36th Street |
Entity Address, Address Line Two | Building 5A |
Entity Address, Address Line Three | Miami International Airport |
Entity Address City Or Town | Miami |
Entity Address State Or Province | FL |
Entity Address Postal Zip Code | 33166 |
City Area Code | 786 |
Local Phone Number | 751-8503 |
Contact Personnel Name | Ryan Goepel |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | |||
Cash and cash equivalents | $ 8,300,000 | $ 11,595,706 | $ 1,875,673 |
Restricted cash | 3,764,000 | 6,079,531 | 3,585,261 |
Accounts receivable, net of allowance of $454 and $95 as March 31, 2024 and December 31, 2023, respectively. | 5,574,000 | 10,180,000 | 2,664,174 |
Prepaid expenses and other current assets | 3,177,000 | 2,551,612 | 2,193,449 |
Current assets held for sale | 181,000 | 184,155 | 1,405,741 |
Total Current Assets | 20,996,000 | 30,591,743 | 11,724,298 |
Property and equipment, net | 6,776,000 | 5,524,990 | 2,441,288 |
Finance leases, net | 20,878,000 | 4,108,277 | 2,710,899 |
Operating lease right-of-use assets | 86,429,000 | 76,880,000 | 27,952,609 |
Deposits | 12,959,000 | 12,506,275 | 5,702,089 |
Other assets | 2,425,000 | 1,716,558 | 632,790 |
Total Assets | 150,463,000 | 131,328,347 | 51,163,973 |
Current liabilities | |||
Accounts payable | 11,999,000 | 7,481,071 | 4,997,080 |
Accrued liabilities | 17,648,000 | 17,465,320 | 9,458,629 |
Deferred revenue | 3,814,000 | 9,895,583 | 3,200,664 |
Customer deposits | 4,266,000 | 3,935,496 | 1,617,337 |
Current portion of notes payable | 0 | 0 | 1,810,468 |
Current portion of long-term operating leases | 12,311,000 | 13,650,119 | 6,445,915 |
Current portion of finance leases | 2,160,000 | 599,228 | 335,527 |
Total current liabilities | 52,198,000 | 53,026,000 | 27,865,620 |
Other liabilities | |||
Note payable | 29,331,000 | 29,174,794 | 5,081,294 |
Long-term operating leases | 75,677,000 | 65,158,453 | 23,189,835 |
Long-term financial leases | 18,592,000 | 3,292,000 | |
Other liabilities | 568,000 | 544,000 | 2,282,892 |
Total other liabilities | 124,168,000 | 98,168,671 | 30,554,021 |
Total Liabilities | 176,366,000 | 151,195,488 | 58,419,641 |
Commitments and Contingencies (Note 7) | |||
Equity (Deficit) | |||
$.001 par value; 200,000,000 authorized; 59,667,950 and 58,925,871 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 60,000 | 58,891 | 53,440 |
Additional paid-in capital | 39,285,000 | 38,943,133 | 30,774,197 |
Retained deficit | (65,473,000) | (59,093,845) | (38,083,304) |
Total Company's stockholders' deficit | (26,128,000) | (20,091,821) | (7,255,667) |
Noncontrolling interest | 225,000 | 224,680 | 0 |
Total stockholders' equity (deficit) | (25,903,000) | (19,867,141) | (7,255,667) |
Total Liabilities and Equity (Deficit) | $ 150,463,000 | 131,328,347 | $ 51,163,973 |
Previously Reported | |||
Current Assets | |||
Accounts receivable, net of allowance of $454 and $95 as March 31, 2024 and December 31, 2023, respectively. | 10,180,739 | ||
Operating lease right-of-use assets | 76,880,504 | ||
Current liabilities | |||
Total current liabilities | 53,026,817 | ||
Other liabilities | |||
Long-term financial leases | 3,293,006 | ||
Other liabilities | $ 3,835,424 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | |||
Accounts receivable, net of allowance | $ 454,000 | $ 94,755 | $ 104,406 |
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 | 59,667,950 | 58,925,871 | 53,440,482 |
Common stock shares outstanding | 59,667,950 | 58,925,871 | 53,440,482 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 53,835,000 | $ 32,151,000 | $ 160,121,525 | $ 97,110,205 |
Operating Expenses | ||||
Salaries, Wages, & Benefits | 16,775,000 | 11,168,000 | 54,056,847 | 30,629,414 |
Aircraft Fuel | 8,199,000 | 7,949,000 | 29,475,548 | 23,035,395 |
Maintenance, materials and repairs | 2,933,000 | 1,559,000 | 8,602,949 | 4,377,378 |
Depreciation and amortization | 1,166,000 | 443,000 | 2,292,797 | 609,489 |
Contracted ground and aviation services | 6,903,000 | 4,853,000 | 20,506,701 | 15,607,926 |
Travel | 4,282,000 | 2,254,000 | 8,334,474 | 5,024,758 |
Insurance | 1,633,000 | 949,000 | 5,009,477 | 3,580,377 |
Aircraft Rent | 12,761,000 | 5,644,000 | 33,631,717 | 15,614,081 |
Other | 3,802,000 | 2,862,000 | 14,078,145 | 9,867,929 |
Total Operating Expenses | 58,454,000 | 37,681,000 | 175,988,655 | 108,346,747 |
Operating Loss | (4,619,000) | (5,530,000) | (15,867,130) | (11,236,542) |
Non-Operating Expenses | ||||
Foreign Exchange (gain) or loss | 1,000 | (96,415) | ||
Interest Expense | 1,760,000 | 542,000 | 4,916,281 | 1,621,932 |
Other non-operating expenses | 3,058,938 | |||
Total Non-Operating Expenses | 1,760,000 | 542,000 | 4,916,281 | 4,584,455 |
Loss before income taxes | (6,379,000) | (6,072,000) | (20,783,411) | (15,820,997) |
Income tax expense | 2,450 | 0 | ||
Net Loss | (6,379,000) | (6,072,000) | (20,785,861) | (15,820,997) |
Net Income attributable to Noncontrolling Interest | 224,680 | |||
Net Loss attributable to the Company | $ (6,379,000) | $ (6,072,000) | $ (21,010,541) | $ (15,820,997) |
Loss per share: | ||||
Basic | $ (0.11) | $ (0.11) | $ (0.37) | $ (0.3) |
Diluted | $ (0.11) | $ (0.11) | $ (0.37) | $ (0.3) |
Weighted average number of shares outstanding | 59,234,601 | 54,490,925 | 56,763,879 | 52,074,647 |
Fully diluted shares outstanding | 59,234,601 | 54,490,925 | 56,763,879 | 52,074,647 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid in Capital | Retained Deficit | Total | Noncontrolling Interest |
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 | |||||
Warrants issued | 2,130,642 | 2,130,642 | ||||
Share based compensation on stock options or RSUs | 1,342,985 | $ 538 | 1,342,447 | |||
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 | |||||
Income/(Loss) for the period | (15,820,997) | (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 | |||||
Issuance of shares - options exercised | $ 67,000 | $ 0 | 67,000 | |||
Issuance of shares - options exercised, shares | 150,000 | 150,000 | ||||
Issuance of shares - warrants exercised | $ 1,136,000 | $ 2,000 | 1,134,000 | |||
Issuance of shares - warrants exercised, shares | 2,499,453 | |||||
Share based compensation on stock options or RSUs | 500,000 | $ 0 | 500,000 | |||
Issuance of shares - share based compensation on RSUs, shares | 208,416 | |||||
Income/(Loss) for the period | (6,072,000) | (6,072,000) | ||||
Ending balance at Mar. 31, 2023 | (11,625,000) | $ 55,000 | 32,475,000 | (44,155,000) | ||
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 | |||||
Issuance of shares - warrants and options exercised | 1,425,220 | $ 2,877 | 1,422,343 | 1,425,220 | ||
Issuance of shares - warrants and options exercised, shares | 2,877,083 | |||||
Warrants issued | 3,837,562 | 3,837,562 | 3,837,562 | |||
Share based compensation on stock options or RSUs | 2,384,899 | $ 1,769 | 2,383,130 | 2,384,899 | ||
Issuance of shares - share based compensation on RSUs, shares | 1,803,992 | |||||
Issuance of shares - ESPP | 526,706 | $ 805 | 525,901 | 526,706 | ||
Issuance of shares - ESPP, shares | 804,314 | |||||
Income/(Loss) for the period | (20,785,861) | (21,010,541) | (21,010,541) | $ 224,680 | ||
Ending balance at Dec. 31, 2023 | (19,867,141) | $ 58,891 | 38,943,133 | (59,093,845) | (20,091,821) | 224,680 |
Ending balance, shares at Dec. 31, 2023 | 58,925,871 | |||||
Share based compensation on stock options or RSUs | 343,000 | $ 1,000 | 342,000 | 343,000 | ||
Issuance of shares - share based compensation on RSUs, shares | 742,079 | |||||
Income/(Loss) for the period | (6,379,000) | (6,379,000) | (6,379,000) | |||
Ending balance at Mar. 31, 2024 | $ (25,903,000) | $ 60,000 | $ 39,285,000 | $ (65,473,000) | $ (26,128,000) | $ 225,000 |
Ending balance, shares at Mar. 31, 2024 | 59,667,950 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (6,379,000) | $ (6,072,000) | $ (20,785,861) | $ (15,820,997) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation expense | 1,166,000 | 443,000 | 2,292,797 | 609,489 |
Bad debt expense (recovery) | 359,000 | (18,000) | ||
Bad debt expense | 5,915 | 219,759 | ||
Loss on sale of property | 136,000 | 135,772 | ||
Gain on sale of spare parts | (56,000) | 22,619 | (191,530) | |
Loss on deferred costs | 2,809,031 | |||
Foreign Exchange (gain) or loss | 1,000 | (96,415) | ||
Gain on disposal of flight equipment | (455,700) | |||
Amortization of debt issue costs | 157,000 | 250,000 | 901,956 | 630,290 |
Amortization of operating lease right of use assets | 2,704,000 | 1,847,000 | 8,172,685 | 4,797,056 |
Share-based payments | 343,000 | 501,000 | 2,465,039 | 1,386,533 |
Interest on finance leases | 309,000 | 93,000 | 435,266 | 102,561 |
Changes in assets and liabilities | ||||
Accounts receivable | 4,248,000 | (1,255,000) | (7,746,494) | (1,946,757) |
Assets held for sale | 3,000 | 256,000 | 1,665,740 | (340,561) |
Prepaid expenses and other current assets | (626,000) | (121,000) | (321,844) | (1,262,183) |
Accounts payable | 4,518,000 | 359,000 | 2,364,759 | 2,938,216 |
Accrued liabilities and other liabilities | (5,569,000) | 4,803,000 | 17,153,154 | 6,353,307 |
Operating lease obligations | (3,073,000) | (2,018,000) | (7,927,758) | (3,482,839) |
Other liabilities | (294,000) | 155,000 | 242,240 | (306,008) |
Net cash used in operating activities | (2,134,000) | (696,000) | (1,379,715) | (3,601,048) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Deposits, deferred costs and other assets | (1,529,000) | (824,000) | (9,143,650) | (3,247,035) |
Purchases of property and equipment | (1,717,000) | (307,000) | (4,042,292) | (1,911,669) |
Net cash used in investing activities | (3,246,000) | (1,131,000) | (13,185,942) | (5,158,704) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Principal payments on finance leases | (231,000) | (111,000) | (479,923) | (501,169) |
Proceeds on issuance of shares | 1,204,000 | 1,871,784 | 802,325 | |
Proceeds from note payable | 2,500,000 | 35,289,725 | 5,925,529 | |
Repayment of note payable | (9,901,626) | |||
Net cash (used in) provided by financing activities | (231,000) | 3,592,000 | 26,779,960 | 6,226,685 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (5,611,000) | 1,766,000 | 12,214,303 | (2,533,067) |
Cash, cash equivalents and restricted cash - beginning of the period | 17,675,237 | 5,460,934 | 5,460,934 | 7,994,001 |
Cash, cash equivalents and restricted cash - end of the period | 12,064,000 | 7,227,000 | 17,675,237 | 5,460,934 |
Non-cash transactions | ||||
Right-of-use (ROU) assets acquired through operating leases | 12,252,000 | 16,209,000 | 57,100,580 | 10,081,357 |
Equipment acquired through finance leases | 17,100,000 | 1,215,000 | 1,915,366 | (2,840,936) |
Note Payable reductions through accounts receivable from sale of Assets held for sale | 145,089 | |||
Discount on proceeds from note payable due to professional fees | 35,900 | |||
Acquisition of Intangible Asset | 428,400 | |||
Airframe Parts acquired through financing | 1,065,180 | |||
Warrants issued for debt (debt discount) | 3,837,565 | 2,130,642 | ||
Cash paid for | ||||
Interest | $ 2,588,000 | $ 291,000 | $ 753,414 | $ 622,439 |
Nature of Operations and Going
Nature of Operations and Going Concern | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Going Concern | 1. NATURE OF OPERATIONS AND GOING CONCERN Global Crossing Airlines Inc. (the “Company” or “GlobalX”) 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, 2023 and 2022, the Company had a working capital deficits of $ 22,435,074 and $ 16,141,322 , respectively, and retained deficits of $ 59,093,845 and $ 38,083,304 , 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 financing 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. BASIS OF PRESENTATION AN D SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidation The consolidated financial statements include the accounts of the Company, and the following subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. Certain reclassification and format changes have been made to prior year amounts to conform to the 2023 presentation. 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 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. As of December 31, 2023, Top Flight figures did not materially impact the consolidated financial statements of the Company. 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, 2023 and 2022, restricted cash of $ 6,079,531 and $ 3,585,261 , respectively, were being held by a financial institution as security for future flights. As of December 31, 2023, the Company also had $ 360,000 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. During the years ended December 31, 2023 and 2022, the Company recorded $ 5,915 and $ 219,759 , respectively, 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 net realizable value estimated at December 31, 2023. 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 net realizable value. 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, 2023, the Company did not identify items that were obsolete and recorded a $ 0 allowance for obsolete items on the Consolidated Balance Sheet. Intangible Assets The Company entered in an agreement on September 21, 2023 to invest $ 453,600 in the purchase 54,000 carbon offsets from Karbon-X to be paid monthly over 36 months from October 1, 2023 to September 1, 2026. Carbon offsetting involves compensating for carbon emissions by investing in projects that reduce or remove an equivalent amount of greenhouse gases from the atmosphere. This initiative aligns with the Company's goal to balance its carbon footprint and contribute to environmental sustainability through supporting various projects such as renewable energy initiatives and afforestation programs. As of December 31, 2023, the Company recorded $ 453,600 of intangible asset cost and accumulated amortization of $ 37,800 , which is reflected in the “Deposits and Other Assets” of the Company’s consolidated balance sheet. The expected annual amortization for the carbon offsets intangibles is $ 151,200 for 2024 and 2025 and $ 113,400 in 2026. The carbon offsets intangibles was initially measured at cost and will be carried at cost less any accumulated amortization. In the events or changes suggesting unrecoverable carrying values, the Company will assess Carbon-Offsets carrying amount value using the impairment model in accordance with ASC 360. The impairment test involves a comparison of the carrying amount of the asset to its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. If the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired, and an impairment loss needs to be recognized. In addition, Carbon offsets will be derecognized upon sale, transfer, or retirement. In the instance where carbon offsets are utilized to offset the company's emissions, they will be retired accordingly. Lessor Maintenance Deposits GlobalX’s aircraft lease agreements provide that GlobalX 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 GlobalX 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, 2023 and 2022, Lessor Maintenance Deposits totaled $ 908,358 and $ 889,919 , respectively, and are included in Prepaid expenses and other current assets and Deferred Costs and other assets in the Consolidated Balance Sheets. 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, 2023, the Company incurred amortization expense of $ 789,494 with respect to heavy maintenance costs and had $ 1,740,537 in deferred maintenance costs as of December 31, 2023. During the year ended December 31, 2022, the Company incurred amortization expense of $ 218,688 with respect to heavy maintenance costs and had $ 1,022,492 in deferred maintenance costs as of December 31, 2022. of provision for allowance for credit losses. In addition, as of December 31, 2023 and 2022, the Company presented $ 94,755 and $ 104,406 , respectively, as allowance for credit losses net in Accounts Receivable on the Consolidated Balance Sheets. Property & Equipment Property and equipment are recorded at cost 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 1 - 10 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 5 - 30 years (or life of lease, if shorter) Rotable Parts Average remaining life of aircraft fleet, currently estimated to be 47 months 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. The components of property and equipment, net are as follows: December 31, 2023 2022 Rotable Parts $ 3,068,695 $ 1,018,642 Computer Hardware and Software 1,477,466 878,282 Leasehold improvements, Aircraft, other 971,760 168,588 Office and Ground Equipment 634,198 585,534 Less: accumulated depreciation 627,129 209,758 Total Property and equipment, net $ 5,524,990 $ 2,441,288 During the years ended December 31, 2023 and 2022, depreciation of property and equipment was $ 935,970 and $ 283,325 , respectively. 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, 2023 and 2022. 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. 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 separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table above. 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. 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. The Company also generates other operating revenue from chargebacks related to charter costs including but not limited to fuel, airport fees, navigation fees, and ground handling. Furthermore, the Company also earns other operating revenue from cancellation of flights from customers. 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. Other operating revenue is typically recognized over time as the services aforementioned are provided to customers. Related to the cancellation fees, these are earned from customers and recognized in the period for which the operations were scheduled. 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. 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. |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Going Concern | 1. BASIS OF PRESENTATION AND GOING CONCERN Global Crossing Airlines Group, Inc. (the “Company” or “GlobalX”) 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 “GlobalX 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., UrbanX Air Mobility, Inc. ("UrbanX") 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 year ended December 31, 2023, which includes additional disclosures and a summary of our significant accounting policies. 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 March 31, 2024, the Company had a working capital deficit of $ 30.7 million and a retained deficit of $ 65.5 million. 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. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 3. EQUITY 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 GlobalX shareholders. At that time, GlobalX 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, 2023 and 2022, the Company holds approximately 10 % and 13 % ownership in Jetlines, respectively. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS Recently Issued Accounting Standards In March 2024, the FASB issued ASU 2024-04 - Codification Improvements - Amendments to Remove References to the Concepts Statements. This update contains amendments to the Codification that remove reference to various FASB Concepts Statement. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2024. Management expects no significant impact after adoption of the new standard. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 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 GlobalX shareholders. At that time, GlobalX retained 25 % of the shares issued and outstanding of Jetlines and accounts for the investment in accordance with the equity method. As of March 31, 2024 and 2023, the Company holds approximately 7 % and 13 % ownership in Jetlines, respectively. 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 net income is adjusted in the consolidated statement of operations to exclude the noncontrolling interests' proportionate share of results. The proportionate share of equity attributable to noncontrolling interests is presented as equity within our consolidated balance sheet. Top Flight figures did not materially impact the consolidated financial statements of the Company. |
Deferred Financing Fees and Deb
Deferred Financing Fees and Debt Issuance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Debt Issuance Costs, Net [Abstract] | |
Deferred Financing Fees and Debt Issuance Costs | 4. DEFERRED FINANCING FEES AND DEBT ISSUANCE COSTS In relation to the Company’s Subscription Agreement pursuant to which the Company sold $ 6.0 million of its note (Note 12) the Company capitalized $ 2,205,113 of debt issuance costs. These costs are initially capitalized on the consolidated balance sheet as debt issuance costs and amortized to interest expense using the effective interest method. In addition, the Company paid the $ 6.0 million of Note Payable plus accrued interest due for Subscription Agreement. As a result, the Company expensed the full outstanding amount capitalized as debt issuance costs of $ 945,217 during the year ended December 31, 2023. On the new $ 35.0 million Subscription Agreement, the Company also capitalized $ 6,755,770 of debt issuance costs. These costs are also initially capitalized on the consolidated balance sheet as debt issuance costs and amortized to interest expense using the effective interest method. The Company amortized $ 246,563 of the related debt issuance costs during the year ended December 31, 2023. In connection with the GEM Global Yield LLC agreement (Note 8) 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. 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, 2023 | |
Asset Acquisition [Abstract] | |
Asset Acquisition | 5. ASSET ACQUISITION On March 22, 2021 , the Company executed an agreement to purchase certain assets from Kizoto, LLC. Under the agreement, Global’s newly formed subsidiary, GlobalX Travel Technologies, Inc. (“GlobalX Travel”) would purchase all of the assets used in or relating to the business operation described as “Flugy” and GlobalX 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 GlobalX 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, GlobalX 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, GlobalX Travel shall pay Kizoto a fee for each passenger seat sold by GlobalX 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, 2023 | |
Leases [Abstract] | |
Leases | 6. LEASES As of December 31, 2023, and 2022, the Company operated 14 and 8 leased aircraft, respectively, which are accounted for under operating lease agreements with ranging terms of 10 months to 10 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 June 21, 2022, the Company entered into a lease agreement for one 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 one 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 one 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 one 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 entered into a lease agreement for one A320 passenger aircraft. The four-year lease term commenced on November 13, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 48 months, plus supplemental rent for maintenance of the aircraft. On September 8, 2023, the Company entered into a lease agreement for one 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. On November 17, 2023, the Company signed a lease agreement for one A321 passenger aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2025 and will run through 24 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. On November 20, 2023, the Company signed a lease agreement for one A320 passenger 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 88 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 22, 2023, the Company signed a lease agreement for one 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 120 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. 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. On December 21, 2022, and October 10, 2023, the Company signed extensions for two aircraft extending their lease terms for an additional 60 and 15 months from original ending date of June 1, 2023 , and October 1, 2023 , to May 31, 2028 , and December 31, 2024 , respectively. Terms of extensions 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, 2023, the Company signed a lease agreement to convert one of its lease passenger aircraft with lease term ending on November 1, 2024, into an Aircraft Freighter at lessor's expense. The new lease is contingent on a successful conversion from induction date of November 1, 2024, 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, 2023, we had 37 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, 2023 2022 Finance lease cost Amortization of leased assets $ 529,533 $ 130,037 Interest of lease liabilities 435,266 102,561 Operating lease cost Operating lease cost (1) 8,172,685 4,797,056 Total lease cost $ 9,137,484 $ 5,029,654 (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: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 6.14 years 4.52 years Finance leases 5.22 years 5.72 years Weighted-average discount rate Operating leases 13.03 % 10.53 % Finance leases 12.53 % 11.65 % The table below presents cash and non-cash activities associated with our leases: For The Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,927,758 $ 3,482,839 Financing cash flows from finance leases 479,923 501,169 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 2024 $ 1,042,413 $ 22,836,536 2025 1,042,413 19,644,557 2026 1,042,413 17,933,734 2027 932,797 16,016,344 2028 663,872 11,312,134 2029 and thereafter 541,624 26,863,248 Total minimum lease payments 5,265,532 114,606,553 Less amount representing interest 1,373,298 35,797,981 Present value of minimum lease payments 3,892,234 78,808,572 Less current portion 599,228 13,650,119 Long-term portion $ 3,293,006 $ 65,158,453 We also lease office space and office equipment for our headquarters, airport facilities, and certain airport gate facilities and maintenance facilities on a month-to-month basis. Amounts for leases that are on a month-to-month basis are not included as an obligation in the table above. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 6. WARRANTS Following is a summary of the warrant activity during the three months ended March 31, 2024 and 2023: Number of Share Weighted 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 Outstanding January 1, 2024 22,518,894 $ 1.35 Issued — — Exercised — — Expired ( 4,838,707 ) 1.24 Outstanding March 31, 2024 17,680,187 $ 1.21 As of March 31, 2024, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 7,537,313 USD$ 1.50 2.33 April 29, 2026 10,142,874 USD$ 1.00 6.50 Jun 30, 2030 17,680,187 As of March 31, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,649,238 USD$ 1.00 0.07 April 26, 2023 109,200 USD$ 0.62 0.07 April 26, 2023 4,838,707 USD$ 1.24 0.99 Mar 28, 2024 7,537,313 USD$ 1.50 3.08 April 29, 2026 17,134,458 |
Note Payable
Note Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Note Payable | 4. NOTE PAYABLE 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 March 31, 2024, the Company received $ 2.5 million from the loan. 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. 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. 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 with no principal payments due until maturity date; • 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 million for the fiscal year ended December 31, 2023, (ii) $ 15 million for the fiscal year ended December 31, 2024 and (iii) $ 25 million for the fiscal year ended December 31, 2025; o minimum liquidity of $ 5 million 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 December 21, 2023, the Company and the senior secured notes due 2029 purchasers amended the original placement of $ 35 million senior secured notes due 2029 for the sale of an additional $ 5 million senior secured notes due 2029 to original purchasers and the total warrants increased by 142,874 warrants with an exercise price of US$ 1.00 per warrant. The net proceeds from the sale of the additional notes will be used to repurchase $ 4.3 million principal amount of senior secure notes due 2029 from an original purchaser plus payment of accrued interest due of $ 251 thousand, with the balance expected to be used for general corporate purposes, including the transaction expenses and deposits to expand its current fleet of aircraft. No other substantial modification to the terms of the original $ 35 million senior secure notes due 2029 was made in the issuance of the additional notes. Notes Payable is comprised of the following: For the Period Ended For the Year Ended Subscription Agreement $ 35,684 $ 35,684 Less unamortized debt issuance costs, noncurrent 6,353 6,509 Total carrying amount 29,331 29,175 Less current maturities — — Total long-term Note Payable $ 29,331 $ 29,175 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 purchase price of the shares to be sold is set at (i) 90 % of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i) 1000 % of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90 % of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. On July 8, 2020 the TSX Venture Exchange provided approval for the Facility. On March 4, 2024, Global Crossing Airlines and GEM decided to extend the length of the GEM Facility by 12 months with a new expiration date of March 4, 2025. | 12. NOTE PAYABLE 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 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 December 31, 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. 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 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 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 ; with no principal payments due until maturity date; • 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: 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; • 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 December 21, 2023, the Company, and the senior secure notes due 2029 purchasers amended the original placement of $ 35 million senior secure notes due 2029 for the sale of an additional $ 5 M senior secure notes due 2029 to original purchasers and the total warrants increased by 142,874 warrants with an exercise price of US$ 1.00 per warrant. The net proceeds from the sale of the additional notes will be used to repurchase $ 4.3 M principal amount of senior secure notes due 2029 from an original purchaser plus payment of accrued interest due of $ 251 thousand, with the balance expected to be used for general corporate purposes, including the transaction expenses and deposits to expand its current fleet of aircraft. No other substantial modification to the terms of the original $ 35 million senior secure notes due 2029 was made in the issuance of the additional notes. Notes Payable is comprised of the following: For the Year Ended For the Year Ended Subscription Agreement $ 35,684,000 $ 6,000,000 GEM — 1,476,600 Airframe — 990,000 Less unamortized debt issuance costs, noncurrent 6,509,206 1,574,838 Total carrying amount 29,174,794 6,891,762 Less current maturities — 1,810,468 Total long-term Note Payable $ 29,174,794 $ 5,081,294 |
Share Based Payments
Share Based Payments | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Payments | 7. SHARE-BASED PAYMENTS The maximum number of voting shares is the number of common stock of the Company 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, employees and consultants as compensation for services, pursuant to its Amended Stock Option Plan (the “Stock Option Plan”). The maximum price shall not be less than the closing price of the Company’s shares on the last trading day preceding the date on which the grant of options is approved by the Board of Directors. Options have a maximum expiry period of ten years from the grant date. Vesting conditions are determined by the Board of Directors in its discretion with certain restrictions in accordance with the Stock Option Plan. The following is a summary of stock option activities for the three months ended March 31, 2024 and 2023: Number of stock Weighted average Weighted average 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 Outstanding January 1, 2024 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited ( 157,334 ) 0.37 0.24 Outstanding March 31, 2024 313,334 $ 0.25 $ 0.01 As of March 31, 2024, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 313,334 313,334 $ 0.25 1.23 June 23, 2025 313,334 313,334 As of March 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 2.23 June 23, 2025 50,000 50,000 $ 0.62 2.48 September 23, 2025 470,668 470,668 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 three months ended March 31, 2024 and 2023. 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 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 months ended March 31, 2024 and 2023: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Vested ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 $ 1.10 Outstanding January 1, 2024 5,056,268 $ 0.98 Granted 2,573,333 0.52 Vested ( 814,142 ) 1.01 Forfeited ( 850,437 ) 1.11 Outstanding March 31, 2024 5,965,022 $ 0.76 During the three months ended March 31, 2024 and 2023, the Company recognized total share-based payments expense with respect to stock options, RSUs and employees' stock purchase plan of $ 343 and $ 501 , respectively. The remaining compensation that has not been recognized as of March 31, 2024 and 2023 with regards to RSUs and the weighted average period they will be recognized are $ 3.5 million and 2.25 years and $ 3.3 million and 2.12 years, respectively. As of March 31, 2024, all compensation expense with respect to stock options has been recognized. Employee Stock Purchase Plan In September 2021, the Board adopted the GlobalX 2021 Employee Stock Purchase Plan (“ESPP”). There are 2 offering periods that the employees make contributions to the plan. The first offering period starts from June 16 th to November 15 th and the second offering period starts from November 16 th to May 15 th of each year. Eligible employees may purchase maximum of $ 10 of the Company's common stock per offering through payroll deductions at a price equal to 85 % of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee's payroll deductions under the ESPP are limited to 15 % of the employee's compensation and an employee may not purchase more than $ 25 of stock during any calendar year in which the employee’s option to purchase stock under the ESPP is outstanding at any time. During the three months ended March 31, 2024 and 2023, the Company did no t issue common shares under the ESPP. As of March 31, 2024 and 2023, total recognized equity-based compensation costs related to ESPP were $ 0 . ESPP payroll contributions accrued at March 31, 2024 and March 31, 2023 totaled $ 235 and $ 162 , respectively, and are included within accrued expenses in the consolidated balance sheets. Employee payroll contributions used to purchase shares under the ESPP will be reclassified to stockholders' equity at the end of the offering period. |
Capital Commitments
Capital Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Commitments | 8. 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 purchase price of the shares to be sold is set at (i) 90 % of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i) 1000 % of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90 % of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement . 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 12, 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 judgment 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 attorney's fees and $ 4,884.86 in costs. In 2022, interest and attorney's fees were recorded in current liabilities on the consolidated balance sheet and other expenses non-operating on the consolidated statement of operation. On March 29, 2023 Global Crossing Airlines and GEM entered into a final settlement which included a payment plan for the $ 2,000,000 CAD over nine months plus the extension of the agreement for 12 months. Consequently, GlobalX has adjusted the current liabilities to reverse the previously accrued interest and attorney’s fees no longer due. Upon final payment GEM agrees to file a satisfaction of judgment in County of New York, effectively settling this issue. GlobalX made payments due per final settlement and the Company had no outstanding balance as of December 31, 2023. On March 4, 2024, Global Crossing Airlines and GEM decided to extend the length of the Facility by 12 months and the new expiration date is March 4, 2025. |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | INCOME TAXES The Company’s expected effective tax rate for the three months periods ended March 31, 2024, and 2023 was 0 %. The effective tax rate varies from the statutory rate due to the change in the valuation allowance. | 9. INCOME TAXES The Company’s effective tax rate for the years ended December 31, 2023 and 2022 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, 2023 For the Year Ended December 31, 2022 Federal: Current $ — $ — Deferred ( 4,214,775 ) ( 3,318,558 ) State: Current 30,781 — Deferred ( 690,243 ) ( 561,962 ) Change in valuation allowance 4,876,687 3,880,520 Total income tax provision $ 2,450 $ — The income tax provision differs from that computed at the federal statutory corporate tax rate as follows: 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 $ 12,089,733 $ 7,851,883 Share based compensation 471,754 347,507 Disallowed interest 1,572,921 398,118 Allowance for doubtful accounts 23,206 25,627 Lease accounting 304,670 413,142 Unrealized Loss 14,017 14,164 Depreciation ( 938,364 ) ( 389,191 ) Total deferred tax assets (liabilities) $ 13,537,937 $ 8,661,250 Less valuation allowance ( 13,537,937 ) ( 8,661,250 ) Net deferred tax assets (liabilities) $ — $ — As of December 31, 2023 and 2022, the Company has net operating losses available for deduction against future taxable income of $ 49 million and $ 32 million, respectively. The net operating losses do not expire and may be carried forward indefinitely. The amount of state NOLs available equals the amount of federal NOLs. 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, 2023. Accordingly, a valuation allowance of $ 13.5 million has been recorded to offset these deferred tax assets. The change in valuation allowance for the year ended December 31, 2023 from 2022 was an increase of $ 4.9 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 the State of Florida, California, Georgia, Indiana, Kentucky, New Jersey, New York, Texas, Virginia, North Carolina, Pennsylvania, and Tennessee. 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 2020, 2021 and 2022 tax returns remain open to examination. 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 3.17 % — Change in valuation allowance ( 23.35 )% ( 20.98 )% Permanent difference ( 0.73 )% ( 0.02 )% Other ( 0.24 )% — Total - 0.15 % 0.00 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 10. 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, 2023 and 2022, the Company's assets and liabilities carrying values approximate to their fair values. |
Warrant
Warrant | 12 Months Ended |
Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrant | 11. WARRANT On August 2, 2023, the Company issued 10,000,000 warrants with $ 1.00 exercise price in connection with the financing arrangement entered into with Secured Notes. The warrants allow the holder to purchase common stock at an exercise price equal to $ 1.00 per share at any time on or after their issuance date and on or prior to June 30, 2030. At time of issuance, the Company determined that the warrants had a fair value of $ 4,300,000 and required classification as equity. On December 21, 2023, the total warrants increased by 142,874 warrants with an exercise price of US$ 1.00 per warrant in connection with Secured Notes amendment as described on footnote 12. The additional warrants had an estimated fair value of approximately $ 8,047 and they were classified as equity in the consolidated balance sheets as of December 31, 2023. The fair value of the warrant was measured using the Monte Carlo pricing model. Significant inputs into the model as of August 2, 2023 are as follows: Monte Carlo Assumptions August 2, 2023 Exercise price $ 1.00 Warrant expiration date June 30, 2030 Stock price $ 0.85 Interest rate (annual) (1) 4.21 % Volatility (annual) (2) 50.0 % Remaining term (years) 6.91 Annualized dividend yield (3) 0 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 one Airbus A321 converted freighter. The ten-year lease term commenced on January 23, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 120 months, plus supplemental rent for maintenance of the aircraft. On June 21, 2022, the Company entered into a lease agreement for one A321F cargo aircraft. The eight-year lease term commenced on August 1, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 94 months, plus supplemental rent for maintenance of the aircraft. On July 29, 2022, the Company signed a lease agreement for one 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 one 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 one 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 entered into a lease agreement for one A320 passenger aircraft. The four-year lease term commenced on November 13, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 48 months, plus supplemental rent for maintenance of the aircraft. On August 8, 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 one 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 96 months, plus supplemental rent for maintenance of the aircraft. On November 17, 2023, the Company signed a lease agreement for one A321 passenger aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2025 and will run through 24 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. On November 20, 2023, the Company entered into a lease agreement for one A320 passenger aircraft. The seven-year lease term commenced on February 9, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 86 months, plus supplemental rent for maintenance of the aircraft. On December 22, 2023, the Company entered into a lease agreement for one A321F cargo aircraft. The ten-year lease commenced on March 8, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 120 months, plus supplemental rent for maintenance of the aircraft. On January 19, 2024, the Company signed a lease agreement for one A320 passenger 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. 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. On December 21, 2022, and October 10, 2023, the Company signed extensions for two aircraft extending their lease terms for an additional 60 and 15 months from original ending date of June 1, 2023 , and October 1, 2023 , to May 31, 2028 , and December 31, 2024 , respectively. In addition, on March 27, 2024 an additional extension was signed to extend aircraft lease term for an additional 74 months from previous extended ending date of December 31, 2024 to February 28, 2031 . Terms of extensions 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 March 31, 2024, the Company signed a lease agreement to convert one of its lease passenger aircraft with lease term ending on November 1, 2024, into an Aircraft Freighter at lessor's expense. The new lease is contingent on a successful conversion from induction date of November 1, 2024, 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. The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded in thousands on the Company's condensed consolidated balance sheets as of March 31, 2024. 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 2024 $ 3,707 $ 17,247 2025 5,122 22,365 2026 5,122 20,694 2027 5,013 18,776 2028 4,384 14,072 2029 and thereafter 8,486 41,053 Total minimum lease payments 31,834 134,207 Less amount representing interest 11,082 46,219 Present value of minimum lease payments 20,752 87,988 Less current portion 2,160 12,311 Long-term portion $ 18,592 $ 75,677 The table below presents information for lease costs related to the Company's finance and operating leases in thousands: For The Three Months Ended March 31, 2024 2023 Finance lease cost Amortization of leased assets $ 330 $ 114 Interest of lease liabilities 309 93 Operating lease cost Operating lease cost (1) 2,704 3,217 Total lease cost 3,343 3,424 (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: March 31, 2024 March 31, 2023 Weighted-average remaining lease term Operating leases 6.69 years 6.30 years Finance leases 6.60 years 5.95 years Weighted-average discount rate Operating leases 13.41 % 11.63 % Finance leases 14.61 % 12.14 % The table below presents cash and non-cash activities associated with our leases: Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,073 $ 2,018 Financing cash flows from finance leases 231 111 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's 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 is currently in the discovery phase. 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. | 7. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to management and development services, lease arrangements, and financing arrangements. On January 13, 2023 , 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 $ 3,636,783 of the total premium amount of $ 4,064,691 at a rate of 5.45 % interest. The down payment of $ 430,358 was paid at time of signing. 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 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 is currently in the discovery phase 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 As of March 31, 2024 and December 31, 2023, the Company had 41,162,429 and 40,420,350 common shares, 5,537,313 and 5,537,313 Class A Non-Voting Common Shares, and 12,968,208 and 12,968,208 Class B Non-Voting Shares outstanding, respectively. | 13. 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, 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. As of December 31, 2023, the Company had 40,420,350 common shares, 5,537,313 Class A common shares, and 12,968,208 Class B non-voting shares outstanding. Share issuance During the year ended December 31, 2023: • The Company issued 2,727,083 common stock shares for net proceeds of $ 1,358,113 pursuant to the exercise of 2,727,083 common stock purchase warrants. • The Company issued 1,803,992 common stock shares pursuant to 1,723,650 RSUs. • The Company issued 150,000 common stock shares for net proceeds of $ 68,182 pursuant to the exercise of stock options. • The Company issued 804,314 common stock shares for net proceeds of $ 446,564 pursuant to the Employees Stock Purchase plan. 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 537,954 common shares units pursuant to 537,954 RSUs. • The Company issued 83,333 common shares for net proceeds of $ 20,833 pursuant to the exercise of stock options. • The Company issued 460,809 shares for net proceeds of $ 246,945 pursuant to the Employees Stock Purchase plan. Share purchase warrants The following is a summary of share purchase warrants activities during the years ended December 31, 2023 and 2022: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding January 1, 2022 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 Issued 10,142,874 1.00 Exercised ( 2,727,083 ) - 0.48 Expired ( 4,530,808 ) 0.99 Outstanding December 31, 2023 22,518,894 $ 1.35 As of December 31, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.24 Mar 28, 2024 7,537,313 USD$ 1.50 2.33 April 29, 2026 10,142,874 USD$ 1.00 6.50 Jun 30, 2030 22,518,894 As of December 31, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 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 Mar 28, 2024 7,537,313 USD$ 1.50 3.33 April 29, 2026 19,633,911 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 9,400,000 . 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, 2023 and 2022: As of December 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.48 June 23, 2025 50,000 50,000 $ 0.62 1.73 September 23, 2025 470,668 470,668 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, 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 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. Number of stock Weighted average Weighted average Outstanding January 1, 2022 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 Granted Exercised ( 150,000 ) 0.48 0.16 Forfeited ( 200,000 ) 0.25 0.57 Outstanding December 31, 2023 470,668 $ 0.25 $ 0.54 a) 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. b) 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, 2023 and 2022: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2022 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 Granted 4,351,944 0.91 Issuance of common stock ( 1,741,152 ) 0.87 Forfeited ( 860,361 ) 0.88 Outstanding December 31, 2023 5,056,268 $ 0.98 During the years ended December 31, 2023 and 2022, the Company recognized total share-based payments expense with respect to stock options, RSUs and employees' stock purchase plan of $ 2,465,039 and $ 1,386,533 , respectively. The remaining compensation that has not been recognized as of December 31, 2023 and 2022 with regards to RSUs and the weighted average period they will be recognized are $ 3,188,418 and 2.02 years and $ 2,308,928 and 1.90 years, respectively. As of December 31, 2022, all compensation expense with respect to stock options has been recognized. Employee Stock Purchase Plan In September 2021, the Board adopted the GlobalX 2021 Employee Stock Purchase Plan (“ESPP”). There are 2 offering periods that the employees make contributions to the plan. The first offering period starts from June 16 th to November 15 th and the second offering period starts from November 16 th to May 15 th of each year. Eligible employees may purchase maximum of $ 10,000 of the Company's common stock per offering through payroll deductions at a price equal to 85 % of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee's payroll deductions under the ESPP are limited to 15 % of the employee's compensation and an employee may not purchase more than $ 25,000 of stock during any calendar year in which the employee’s option to purchase stock under the ESPP is outstanding at any time. During 2023 and 2022, the Company issued 804,314 and 460,809 common shares issued under the ESPP, respectively. As of December 31, 2023 and 2022, total recognized equity-based compensation costs related to ESPP were approximately $ 80,141 and $ 43,579 , respectively. ESPP payroll contributions accrued at December 31, 2023 and December 31, 2022 totaled $ 56,846 and $ 38,940 , respectively, and are included within accrued expenses in the consolidated balance sheets. Employee payroll contributions used to purchase shares under the ESPP will be reclassified to stockholders' equity at the end of the offering period. |
Loss Per Share
Loss Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Loss Per Share | 10. 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 for the three months ended March 31, 2024 and 2023 in thousands, except share and per share amounts: Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 6,379 ) $ ( 6,072 ) Denominator: Weighted average common shares outstanding - Basic 59,234,601 54,490,925 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 59,234,601 54,490,925 Basic loss per share $ ( 0.11 ) $ ( 0.11 ) Diluted loss per share (1) $ ( 0.11 ) $ ( 0.11 ) (1) There were 17,680,187 warrants, 313,334 options, and 5,965,022 RSUs outstanding at March 31, 2024 and there were 17,134,458 warrants, 470,668 options, and 4,463,757 RSUs outstanding at March 31, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the years ended March 31, 2024 and 2023 as inclusion would have an anti-dilutive effect. | 14. 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) $ ( 21,010,541 ) $ ( 15,820,997 ) Denominator: Weighted average common shares outstanding - Basic 56,763,879 52,074,647 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 56,763,879 52,074,647 Basic loss per share $ ( 0.37 ) $ ( 0.30 ) Diluted loss per share (1) $ ( 0.37 ) $ ( 0.30 ) (1) There were 22,518,894 warrants, 470,668 options, and 5,056,270 RSUs outstanding at December 31, 2023 and there were 19,633,911 warrants, 820,668 options, and 3,293,337 RSUs outstanding at December 31, 2022. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the years ended December 31, 2023 and 2022 as inclusion would have an anti-dilutive effect. |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 11. RELATED PARTY TRANSACTIONS Related parties and related party transactions impacting the consolidated financial statements not disclosed elsewhere in these consolidated financial statements are summarized below and include transactions with the following individuals or entities. As mentioned in footnote 3, on June 28, 2021, the Company completed the spin-out of Jetlines to GlobalX. GlobalX continues to provide back-office support including sharing the costs of the Company’s aircraft fleet management software (TRAX). As of March 31, 2024 and 2023, amounts due to related parties include the following: 1. GlobalX earned $ 0 and $ 0 during the 3 months ended on March 31, 2024 and it was owed $ 0 and $ 0 , respectively, in relation to flights flown and shared TRAX services with Jetlines, respectively. GlobalX earned $ 0 and $ 0.1 million during the 3 months ended on March 31, 2023 and it was owed $ 0 and $ 0.1 million, respectively, in relation to flights flown and shared TRAX services with Jetlines, respectively; 2. Jetlines earned approximately $ 1.2 million and $ 0 during 3 months ended on March 31, 2024 and 2023, respectively, and it was owed $ 0.4 million and $ 0 , respectively, in relation to flights flown by Jetlines for GlobalX; As described in footnote 4 above, on August 2, 2023, the Company issued Secured Notes of $ 35.5 million with entity of which its executive was elected Board of Directors' member of the Company during the last annual shareholders meeting in December 2023. | 15. 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 GlobalX shareholders. GlobalX 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, 2023, Global Crossing Airlines holds approximately 10 % of Jetlines outstanding shares. Currently, GlobalX 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, 2023 and 2022, amounts due to related parties include the following: 1. GlobalX earned $ 180,838 and $ 30,625 in 2023 in relation to flights flown and shared TRAX services with Jetlines, respectively. GlobalX earned $ 0 and $ 33,246 in 2022 in relation to flights flown and shared TRAX services with Jetlines, respectively. 2. Jetlines earned $ 862,552 in 2023 and was owed $ 113,012 and $ 0 , respectively, in relation to flights flown by Jetlines for GlobalX 3. GlobalX paid $ 78,450 and $ 0 , respectively, in relation to marketing services to S Revista, S Communications and LM & Associates Consulting whose Principal is a former employee while employed by the Company. As described on footnote 12, on March 17, 2022 and August 2, 2023, the Company entered into Subscription Agreement of $ 6 million and Secure Notes of $ 35.5 million, respectively, with entities of which its former executive or executives were elected Board of Directors' members of the Company during the last annual shareholders meeting in December 2023. 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 GlobalX until his term expired in December 2022. During the year ending December 31, 2020, GlobalX made advanced payments totaling $ 250,000 for one passenger aircraft security deposit to deliver 200 hours of ACMI services per month. Total deposits and prepaid expense related to Smartlynx totaled $ 250,000 as of December 31, 2023 and 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. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | ||
Accrued Liabilities | 12. ACCRUED LIABILITIES Accrued liabilities consisted of the following as of March 31, 2024 and December 31, 2023, in thousands. March 31, 2024 December 31, 2023 Salaries, wages and benefits $ 3,111 $ 2,899 Passenger Taxes 4,651 2,317 Aircraft fuel 1,500 1,435 Contracted ground and aviation services 1,603 2,200 Maintenance 451 1,081 Aircraft Rent 2,683 3,384 Other 3,649 4,149 Accrued liabilities $ 17,648 $ 17,465 | 16. ACCRUED LIABILITIES Accrued liabilities consisted of the following as of December 31, 2023: December 31, 2023 December 31, 2022 Salaries, wages and benefits $ 2,899,068 $ 1,796,443 Passenger Taxes 2,316,881 1,647,319 Aircraft fuel 1,434,563 1,595,324 Contracted ground and aviation services 2,199,770 1,154,409 Maintenance 1,081,416 1,115,293 Aircraft Rent 3,383,587 986,762 Other 4,150,035 1,163,079 Accrued liabilities $ 17,465,320 $ 9,458,629 |
Revenue Contract Liability
Revenue Contract Liability | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 and year ended, March 31, 2024 and December 31, 2023, respectively, were as follows in thousands: March 31, 2024 December 31, 2023 Beginning Balance $ 9,896 $ 3,201 Revenue Recognized ( 12,003 ) ( 3,201 ) Amounts Collected or invoiced 5,921 9,896 Ending Balance $ 3,814 $ 9,896 The Company has 2 customers that accounted for approximately 26 % and 14 % of the revenue for the 3 months period ended on March 31, 2024 and approximately 0 % and 8 % of the revenue for the 3 months period ended on March 31, 2023. The Company expects to maintain these relationships with those customers. | 17. 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, 2023 and 2022 were as follows: For the Year Ended For the Year Ended Beginning Balance $ 3,200,664 $ 1,995,090 Revenue Recognized ( 3,200,664 ) ( 1,995,090 ) Amounts Collected or invoiced 9,895,583 3,200,664 Ending Balance $ 9,895,583 $ 3,200,664 |
Risk Management and Financial I
Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Risk Management and Financial Instruments | 18. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS On February 5, 2024, GlobalX announced that as agreed by the Board of Directors and Edward J. Wegel, the Company’s Chief Executive Officer, Mr. Wegel has resigned his duties, rights, and obligations as an officer and Chairman and CEO of the Company, effective February 5, 2024. The terms of a severance arrangement between the Company, if any, have not been determined. The Company was going to file an amendment to Form 8-K if any such severance agreement is entered into. Mr. Wegel will remain a director of the Company. Ryan Goepel has been appointed President of the Company, effective as of February 5, 2024 and Chris Jamroz has been appointed as Executive Chairman of the Board, effective as of February 5, 2024. On February 19, 2024, GlobalX Technologies share capital increased from 1,000 to 1,110 shares. The 110 additional shares issued resulted in a decrease of GlobalX ownership of GlobalX Technologies, Inc. from 80 % to 72 %. On March 4, 2024, Global Crossing Airlines and GEM decided to extend the length of the GEM Facility described on footnote 8 by 12 months with a new expiration date of March 4, 2025. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company, and the following subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. Certain reclassification and format changes have been made to prior year amounts to conform to the 2023 presentation. 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 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. As of December 31, 2023, Top Flight figures did not materially impact the consolidated financial statements of the Company. |
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, 2023 and 2022, restricted cash of $ 6,079,531 and $ 3,585,261 , respectively, were being held by a financial institution as security for future flights. As of December 31, 2023, the Company also had $ 360,000 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. During the years ended December 31, 2023 and 2022, the Company recorded $ 5,915 and $ 219,759 , respectively, 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 net realizable value estimated at December 31, 2023. 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 net realizable value. 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, 2023, the Company did not identify items that were obsolete and recorded a $ 0 allowance for obsolete items on the Consolidated Balance Sheet. Intangible Assets The Company entered in an agreement on September 21, 2023 to invest $ 453,600 in the purchase 54,000 carbon offsets from Karbon-X to be paid monthly over 36 months from October 1, 2023 to September 1, 2026. Carbon offsetting involves compensating for carbon emissions by investing in projects that reduce or remove an equivalent amount of greenhouse gases from the atmosphere. This initiative aligns with the Company's goal to balance its carbon footprint and contribute to environmental sustainability through supporting various projects such as renewable energy initiatives and afforestation programs. As of December 31, 2023, the Company recorded $ 453,600 of intangible asset cost and accumulated amortization of $ 37,800 , which is reflected in the “Deposits and Other Assets” of the Company’s consolidated balance sheet. The expected annual amortization for the carbon offsets intangibles is $ 151,200 for 2024 and 2025 and $ 113,400 in 2026. The carbon offsets intangibles was initially measured at cost and will be carried at cost less any accumulated amortization. In the events or changes suggesting unrecoverable carrying values, the Company will assess Carbon-Offsets carrying amount value using the impairment model in accordance with ASC 360. The impairment test involves a comparison of the carrying amount of the asset to its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. If the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired, and an impairment loss needs to be recognized. In addition, Carbon offsets will be derecognized upon sale, transfer, or retirement. In the instance where carbon offsets are utilized to offset the company's emissions, they will be retired accordingly. Lessor Maintenance Deposits GlobalX’s aircraft lease agreements provide that GlobalX 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 GlobalX 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, 2023 and 2022, Lessor Maintenance Deposits totaled $ 908,358 and $ 889,919 , respectively, and are included in Prepaid expenses and other current assets and Deferred Costs and other assets in the Consolidated Balance Sheets. 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, 2023, the Company incurred amortization expense of $ 789,494 with respect to heavy maintenance costs and had $ 1,740,537 in deferred maintenance costs as of December 31, 2023. During the year ended December 31, 2022, the Company incurred amortization expense of $ 218,688 with respect to heavy maintenance costs and had $ 1,022,492 in deferred maintenance costs as of December 31, 2022. |
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 net realizable value estimated at December 31, 2023. 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 net realizable value. 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, 2023, the Company did not identify items that were obsolete and recorded a $ 0 allowance for obsolete items on the Consolidated Balance Sheet. |
Intangible Assets | Intangible Assets The Company entered in an agreement on September 21, 2023 to invest $ 453,600 in the purchase 54,000 carbon offsets from Karbon-X to be paid monthly over 36 months from October 1, 2023 to September 1, 2026. Carbon offsetting involves compensating for carbon emissions by investing in projects that reduce or remove an equivalent amount of greenhouse gases from the atmosphere. This initiative aligns with the Company's goal to balance its carbon footprint and contribute to environmental sustainability through supporting various projects such as renewable energy initiatives and afforestation programs. As of December 31, 2023, the Company recorded $ 453,600 of intangible asset cost and accumulated amortization of $ 37,800 , which is reflected in the “Deposits and Other Assets” of the Company’s consolidated balance sheet. The expected annual amortization for the carbon offsets intangibles is $ 151,200 for 2024 and 2025 and $ 113,400 in 2026. The carbon offsets intangibles was initially measured at cost and will be carried at cost less any accumulated amortization. In the events or changes suggesting unrecoverable carrying values, the Company will assess Carbon-Offsets carrying amount value using the impairment model in accordance with ASC 360. The impairment test involves a comparison of the carrying amount of the asset to its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. If the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired, and an impairment loss needs to be recognized. In addition, Carbon offsets will be derecognized upon sale, transfer, or retirement. In the instance where carbon offsets are utilized to offset the company's emissions, they will be retired accordingly. |
Lessor Maintenance Deposits | Lessor Maintenance Deposits GlobalX’s aircraft lease agreements provide that GlobalX 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 GlobalX 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, 2023 and 2022, Lessor Maintenance Deposits totaled $ 908,358 and $ 889,919 , respectively, and are included in Prepaid expenses and other current assets and Deferred Costs and other assets in the Consolidated Balance Sheets. |
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, 2023, the Company incurred amortization expense of $ 789,494 with respect to heavy maintenance costs and had $ 1,740,537 in deferred maintenance costs as of December 31, 2023. During the year ended December 31, 2022, the Company incurred amortization expense of $ 218,688 with respect to heavy maintenance costs and had $ 1,022,492 in deferred maintenance costs as of December 31, 2022. |
Property & Equipment | Property & Equipment Property and equipment are recorded at cost 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 1 - 10 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 5 - 30 years (or life of lease, if shorter) Rotable Parts Average remaining life of aircraft fleet, currently estimated to be 47 months 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. The components of property and equipment, net are as follows: December 31, 2023 2022 Rotable Parts $ 3,068,695 $ 1,018,642 Computer Hardware and Software 1,477,466 878,282 Leasehold improvements, Aircraft, other 971,760 168,588 Office and Ground Equipment 634,198 585,534 Less: accumulated depreciation 627,129 209,758 Total Property and equipment, net $ 5,524,990 $ 2,441,288 During the years ended December 31, 2023 and 2022, depreciation of property and equipment was $ 935,970 and $ 283,325 , respectively. |
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, 2023 and 2022. |
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. 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 separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table above. 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. 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. The Company also generates other operating revenue from chargebacks related to charter costs including but not limited to fuel, airport fees, navigation fees, and ground handling. Furthermore, the Company also earns other operating revenue from cancellation of flights from customers. 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. Other operating revenue is typically recognized over time as the services aforementioned are provided to customers. Related to the cancellation fees, these are earned from customers and recognized in the period for which the operations were scheduled. |
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 separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table above. 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. 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. The Company also generates other operating revenue from chargebacks related to charter costs including but not limited to fuel, airport fees, navigation fees, and ground handling. Furthermore, the Company also earns other operating revenue from cancellation of flights from customers. 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. Other operating revenue is typically recognized over time as the services aforementioned are provided to customers. Related to the cancellation fees, these are earned from customers and recognized in the period for which the operations were scheduled. |
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. The Company also generates other operating revenue from chargebacks related to charter costs including but not limited to fuel, airport fees, navigation fees, and ground handling. Furthermore, the Company also earns other operating revenue from cancellation of flights from customers. 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. Other operating revenue is typically recognized over time as the services aforementioned are provided to customers. Related to the cancellation fees, these are earned from customers and recognized in the period for which the operations were scheduled. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Details of Company's Subsidiaries | 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 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 1 - 10 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 5 - 30 years (or life of lease, if shorter) Rotable Parts Average remaining life of aircraft fleet, currently estimated to be 47 months |
Components of Property and Equipment, net | The components of property and equipment, net are as follows: December 31, 2023 2022 Rotable Parts $ 3,068,695 $ 1,018,642 Computer Hardware and Software 1,477,466 878,282 Leasehold improvements, Aircraft, other 971,760 168,588 Office and Ground Equipment 634,198 585,534 Less: accumulated depreciation 627,129 209,758 Total Property and equipment, net $ 5,524,990 $ 2,441,288 |
Leases (Tables)
Leases (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 in thousands: For The Three Months Ended March 31, 2024 2023 Finance lease cost Amortization of leased assets $ 330 $ 114 Interest of lease liabilities 309 93 Operating lease cost Operating lease cost (1) 2,704 3,217 Total lease cost 3,343 3,424 (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, 2023 2022 Finance lease cost Amortization of leased assets $ 529,533 $ 130,037 Interest of lease liabilities 435,266 102,561 Operating lease cost Operating lease cost (1) 8,172,685 4,797,056 Total lease cost $ 9,137,484 $ 5,029,654 (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: March 31, 2024 March 31, 2023 Weighted-average remaining lease term Operating leases 6.69 years 6.30 years Finance leases 6.60 years 5.95 years Weighted-average discount rate Operating leases 13.41 % 11.63 % Finance leases 14.61 % 12.14 % | The table below presents lease terms and discount rates related to the Company's finance and operating leases: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 6.14 years 4.52 years Finance leases 5.22 years 5.72 years Weighted-average discount rate Operating leases 13.03 % 10.53 % Finance leases 12.53 % 11.65 % |
Schedule of Cash and Non-cash Activities Associated with Leases | The table below presents cash and non-cash activities associated with our leases: Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,073 $ 2,018 Financing cash flows from finance leases 231 111 | The table below presents cash and non-cash activities associated with our leases: For The Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,927,758 $ 3,482,839 Financing cash flows from finance leases 479,923 501,169 |
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 in thousands on the Company's condensed consolidated balance sheets as of March 31, 2024. 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 2024 $ 3,707 $ 17,247 2025 5,122 22,365 2026 5,122 20,694 2027 5,013 18,776 2028 4,384 14,072 2029 and thereafter 8,486 41,053 Total minimum lease payments 31,834 134,207 Less amount representing interest 11,082 46,219 Present value of minimum lease payments 20,752 87,988 Less current portion 2,160 12,311 Long-term portion $ 18,592 $ 75,677 | 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 2024 $ 1,042,413 $ 22,836,536 2025 1,042,413 19,644,557 2026 1,042,413 17,933,734 2027 932,797 16,016,344 2028 663,872 11,312,134 2029 and thereafter 541,624 26,863,248 Total minimum lease payments 5,265,532 114,606,553 Less amount representing interest 1,373,298 35,797,981 Present value of minimum lease payments 3,892,234 78,808,572 Less current portion 599,228 13,650,119 Long-term portion $ 3,293,006 $ 65,158,453 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Summary of Warrant Activity | Following is a summary of the warrant activity during the three months ended March 31, 2024 and 2023: Number of Share Weighted 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 Outstanding January 1, 2024 22,518,894 $ 1.35 Issued — — Exercised — — Expired ( 4,838,707 ) 1.24 Outstanding March 31, 2024 17,680,187 $ 1.21 | The following is a summary of share purchase warrants activities during the years ended December 31, 2023 and 2022: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding January 1, 2022 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 Issued 10,142,874 1.00 Exercised ( 2,727,083 ) - 0.48 Expired ( 4,530,808 ) 0.99 Outstanding December 31, 2023 22,518,894 $ 1.35 |
Schedule of Share Purchase Warrants Outstanding and Exercisable | As of March 31, 2024, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 7,537,313 USD$ 1.50 2.33 April 29, 2026 10,142,874 USD$ 1.00 6.50 Jun 30, 2030 17,680,187 As of March 31, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,649,238 USD$ 1.00 0.07 April 26, 2023 109,200 USD$ 0.62 0.07 April 26, 2023 4,838,707 USD$ 1.24 0.99 Mar 28, 2024 7,537,313 USD$ 1.50 3.08 April 29, 2026 17,134,458 | As of December 31, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.24 Mar 28, 2024 7,537,313 USD$ 1.50 2.33 April 29, 2026 10,142,874 USD$ 1.00 6.50 Jun 30, 2030 22,518,894 As of December 31, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 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 Mar 28, 2024 7,537,313 USD$ 1.50 3.33 April 29, 2026 19,633,911 |
Warrant (Tables)
Warrant (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Summary of Fair Value of Warrant | The fair value of the warrant was measured using the Monte Carlo pricing model. Significant inputs into the model as of August 2, 2023 are as follows: Monte Carlo Assumptions August 2, 2023 Exercise price $ 1.00 Warrant expiration date June 30, 2030 Stock price $ 0.85 Interest rate (annual) (1) 4.21 % Volatility (annual) (2) 50.0 % Remaining term (years) 6.91 Annualized dividend yield (3) 0 % |
Share Based Payments (Tables)
Share Based Payments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Summary of Stock Option Activities | The following is a summary of stock option activities for the three months ended March 31, 2024 and 2023: Number of stock Weighted average Weighted average 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 Outstanding January 1, 2024 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited ( 157,334 ) 0.37 0.24 Outstanding March 31, 2024 313,334 $ 0.25 $ 0.01 | The following is a summary of stock option activities for the years ended December 31, 2023 and 2022: As of December 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.48 June 23, 2025 50,000 50,000 $ 0.62 1.73 September 23, 2025 470,668 470,668 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, 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 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. |
Summary of Stock Options Outstanding and Exercisable | As of March 31, 2024, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 313,334 313,334 $ 0.25 1.23 June 23, 2025 313,334 313,334 As of March 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 2.23 June 23, 2025 50,000 50,000 $ 0.62 2.48 September 23, 2025 470,668 470,668 | As of December 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.48 June 23, 2025 50,000 50,000 $ 0.62 1.73 September 23, 2025 470,668 470,668 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 months ended March 31, 2024 and 2023: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Vested ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 $ 1.10 Outstanding January 1, 2024 5,056,268 $ 0.98 Granted 2,573,333 0.52 Vested ( 814,142 ) 1.01 Forfeited ( 850,437 ) 1.11 Outstanding March 31, 2024 5,965,022 $ 0.76 | The following is a summary of RSU activities for the years ended December 31, 2023 and 2022: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2022 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 Granted 4,351,944 0.91 Issuance of common stock ( 1,741,152 ) 0.87 Forfeited ( 860,361 ) 0.88 Outstanding December 31, 2023 5,056,268 $ 0.98 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 in thousands on the Company's condensed consolidated balance sheets as of March 31, 2024. 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 2024 $ 3,707 $ 17,247 2025 5,122 22,365 2026 5,122 20,694 2027 5,013 18,776 2028 4,384 14,072 2029 and thereafter 8,486 41,053 Total minimum lease payments 31,834 134,207 Less amount representing interest 11,082 46,219 Present value of minimum lease payments 20,752 87,988 Less current portion 2,160 12,311 Long-term portion $ 18,592 $ 75,677 | 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 2024 $ 1,042,413 $ 22,836,536 2025 1,042,413 19,644,557 2026 1,042,413 17,933,734 2027 932,797 16,016,344 2028 663,872 11,312,134 2029 and thereafter 541,624 26,863,248 Total minimum lease payments 5,265,532 114,606,553 Less amount representing interest 1,373,298 35,797,981 Present value of minimum lease payments 3,892,234 78,808,572 Less current portion 599,228 13,650,119 Long-term portion $ 3,293,006 $ 65,158,453 |
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 in thousands: For The Three Months Ended March 31, 2024 2023 Finance lease cost Amortization of leased assets $ 330 $ 114 Interest of lease liabilities 309 93 Operating lease cost Operating lease cost (1) 2,704 3,217 Total lease cost 3,343 3,424 (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, 2023 2022 Finance lease cost Amortization of leased assets $ 529,533 $ 130,037 Interest of lease liabilities 435,266 102,561 Operating lease cost Operating lease cost (1) 8,172,685 4,797,056 Total lease cost $ 9,137,484 $ 5,029,654 (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: March 31, 2024 March 31, 2023 Weighted-average remaining lease term Operating leases 6.69 years 6.30 years Finance leases 6.60 years 5.95 years Weighted-average discount rate Operating leases 13.41 % 11.63 % Finance leases 14.61 % 12.14 % | The table below presents lease terms and discount rates related to the Company's finance and operating leases: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 6.14 years 4.52 years Finance leases 5.22 years 5.72 years Weighted-average discount rate Operating leases 13.03 % 10.53 % Finance leases 12.53 % 11.65 % |
Schedule of Cash and Non-cash Activities Associated with Leases | The table below presents cash and non-cash activities associated with our leases: Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,073 $ 2,018 Financing cash flows from finance leases 231 111 | The table below presents cash and non-cash activities associated with our leases: For The Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,927,758 $ 3,482,839 Financing cash flows from finance leases 479,923 501,169 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 For the Year Ended December 31, 2022 Federal: Current $ — $ — Deferred ( 4,214,775 ) ( 3,318,558 ) State: Current 30,781 — Deferred ( 690,243 ) ( 561,962 ) Change in valuation allowance 4,876,687 3,880,520 Total income tax provision $ 2,450 $ — |
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: 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 $ 12,089,733 $ 7,851,883 Share based compensation 471,754 347,507 Disallowed interest 1,572,921 398,118 Allowance for doubtful accounts 23,206 25,627 Lease accounting 304,670 413,142 Unrealized Loss 14,017 14,164 Depreciation ( 938,364 ) ( 389,191 ) Total deferred tax assets (liabilities) $ 13,537,937 $ 8,661,250 Less valuation allowance ( 13,537,937 ) ( 8,661,250 ) Net deferred tax assets (liabilities) $ — $ — As of December 31, 2023 and 2022, the Company has net operating losses available for deduction against future taxable income of $ 49 million and $ 32 million, respectively. The net operating losses do not expire and may be carried forward indefinitely. The amount of state NOLs available equals the amount of federal NOLs. 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, 2023. Accordingly, a valuation allowance of $ 13.5 million has been recorded to offset these deferred tax assets. The change in valuation allowance for the year ended December 31, 2023 from 2022 was an increase of $ 4.9 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 the State of Florida, California, Georgia, Indiana, Kentucky, New Jersey, New York, Texas, Virginia, North Carolina, Pennsylvania, and Tennessee. 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 2020, 2021 and 2022 tax returns remain open to examination. |
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 $ 12,089,733 $ 7,851,883 Share based compensation 471,754 347,507 Disallowed interest 1,572,921 398,118 Allowance for doubtful accounts 23,206 25,627 Lease accounting 304,670 413,142 Unrealized Loss 14,017 14,164 Depreciation ( 938,364 ) ( 389,191 ) Total deferred tax assets (liabilities) $ 13,537,937 $ 8,661,250 Less valuation allowance ( 13,537,937 ) ( 8,661,250 ) Net deferred tax assets (liabilities) $ — $ — |
Note Payable (Tables)
Note Payable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Summary of Note Payable | Notes Payable is comprised of the following: For the Period Ended For the Year Ended Subscription Agreement $ 35,684 $ 35,684 Less unamortized debt issuance costs, noncurrent 6,353 6,509 Total carrying amount 29,331 29,175 Less current maturities — — Total long-term Note Payable $ 29,331 $ 29,175 | Notes Payable is comprised of the following: For the Year Ended For the Year Ended Subscription Agreement $ 35,684,000 $ 6,000,000 GEM — 1,476,600 Airframe — 990,000 Less unamortized debt issuance costs, noncurrent 6,509,206 1,574,838 Total carrying amount 29,174,794 6,891,762 Less current maturities — 1,810,468 Total long-term Note Payable $ 29,174,794 $ 5,081,294 |
Share Capital and Additional _2
Share Capital and Additional Paid in Capital Authorized (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share Capital And Additional Paid In Capital Authorized [Abstract] | ||
Summary of Warrant Activity | Following is a summary of the warrant activity during the three months ended March 31, 2024 and 2023: Number of Share Weighted 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 Outstanding January 1, 2024 22,518,894 $ 1.35 Issued — — Exercised — — Expired ( 4,838,707 ) 1.24 Outstanding March 31, 2024 17,680,187 $ 1.21 | The following is a summary of share purchase warrants activities during the years ended December 31, 2023 and 2022: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding January 1, 2022 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 Issued 10,142,874 1.00 Exercised ( 2,727,083 ) - 0.48 Expired ( 4,530,808 ) 0.99 Outstanding December 31, 2023 22,518,894 $ 1.35 |
Schedule of Purchase Warrants Outstanding and Exercisable | As of March 31, 2024, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 7,537,313 USD$ 1.50 2.33 April 29, 2026 10,142,874 USD$ 1.00 6.50 Jun 30, 2030 17,680,187 As of March 31, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,649,238 USD$ 1.00 0.07 April 26, 2023 109,200 USD$ 0.62 0.07 April 26, 2023 4,838,707 USD$ 1.24 0.99 Mar 28, 2024 7,537,313 USD$ 1.50 3.08 April 29, 2026 17,134,458 | As of December 31, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.24 Mar 28, 2024 7,537,313 USD$ 1.50 2.33 April 29, 2026 10,142,874 USD$ 1.00 6.50 Jun 30, 2030 22,518,894 As of December 31, 2022, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 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 Mar 28, 2024 7,537,313 USD$ 1.50 3.33 April 29, 2026 19,633,911 |
Summary of Stock Option Activities | The following is a summary of stock option activities for the three months ended March 31, 2024 and 2023: Number of stock Weighted average Weighted average 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 Outstanding January 1, 2024 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited ( 157,334 ) 0.37 0.24 Outstanding March 31, 2024 313,334 $ 0.25 $ 0.01 | The following is a summary of stock option activities for the years ended December 31, 2023 and 2022: As of December 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.48 June 23, 2025 50,000 50,000 $ 0.62 1.73 September 23, 2025 470,668 470,668 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, 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 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. |
Summary of Stock Options Outstanding and Exercisable | As of March 31, 2024, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 313,334 313,334 $ 0.25 1.23 June 23, 2025 313,334 313,334 As of March 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 2.23 June 23, 2025 50,000 50,000 $ 0.62 2.48 September 23, 2025 470,668 470,668 | As of December 31, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.48 June 23, 2025 50,000 50,000 $ 0.62 1.73 September 23, 2025 470,668 470,668 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 months ended March 31, 2024 and 2023: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Vested ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 $ 1.10 Outstanding January 1, 2024 5,056,268 $ 0.98 Granted 2,573,333 0.52 Vested ( 814,142 ) 1.01 Forfeited ( 850,437 ) 1.11 Outstanding March 31, 2024 5,965,022 $ 0.76 | The following is a summary of RSU activities for the years ended December 31, 2023 and 2022: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2022 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 Granted 4,351,944 0.91 Issuance of common stock ( 1,741,152 ) 0.87 Forfeited ( 860,361 ) 0.88 Outstanding December 31, 2023 5,056,268 $ 0.98 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 March 31, 2024 and 2023 in thousands, except share and per share amounts: Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 6,379 ) $ ( 6,072 ) Denominator: Weighted average common shares outstanding - Basic 59,234,601 54,490,925 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 59,234,601 54,490,925 Basic loss per share $ ( 0.11 ) $ ( 0.11 ) Diluted loss per share (1) $ ( 0.11 ) $ ( 0.11 ) (1) There were 17,680,187 warrants, 313,334 options, and 5,965,022 RSUs outstanding at March 31, 2024 and there were 17,134,458 warrants, 470,668 options, and 4,463,757 RSUs outstanding at March 31, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the years ended March 31, 2024 and 2023 as inclusion would have an anti-dilutive effect. | The following table shows the computation of basic and diluted earnings per share: December 31, December 31, Numerator: Net income (loss) $ ( 21,010,541 ) $ ( 15,820,997 ) Denominator: Weighted average common shares outstanding - Basic 56,763,879 52,074,647 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 56,763,879 52,074,647 Basic loss per share $ ( 0.37 ) $ ( 0.30 ) Diluted loss per share (1) $ ( 0.37 ) $ ( 0.30 ) (1) There were 22,518,894 warrants, 470,668 options, and 5,056,270 RSUs outstanding at December 31, 2023 and there were 19,633,911 warrants, 820,668 options, and 3,293,337 RSUs outstanding at December 31, 2022. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the years ended December 31, 2023 and 2022 as inclusion would have an anti-dilutive effect. |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | ||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following as of March 31, 2024 and December 31, 2023, in thousands. March 31, 2024 December 31, 2023 Salaries, wages and benefits $ 3,111 $ 2,899 Passenger Taxes 4,651 2,317 Aircraft fuel 1,500 1,435 Contracted ground and aviation services 1,603 2,200 Maintenance 451 1,081 Aircraft Rent 2,683 3,384 Other 3,649 4,149 Accrued liabilities $ 17,648 $ 17,465 | Accrued liabilities consisted of the following as of December 31, 2023: December 31, 2023 December 31, 2022 Salaries, wages and benefits $ 2,899,068 $ 1,796,443 Passenger Taxes 2,316,881 1,647,319 Aircraft fuel 1,434,563 1,595,324 Contracted ground and aviation services 2,199,770 1,154,409 Maintenance 1,081,416 1,115,293 Aircraft Rent 3,383,587 986,762 Other 4,150,035 1,163,079 Accrued liabilities $ 17,465,320 $ 9,458,629 |
Revenue Contract Liability (Tab
Revenue Contract Liability (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 and year ended, March 31, 2024 and December 31, 2023, respectively, were as follows in thousands: March 31, 2024 December 31, 2023 Beginning Balance $ 9,896 $ 3,201 Revenue Recognized ( 12,003 ) ( 3,201 ) Amounts Collected or invoiced 5,921 9,896 Ending Balance $ 3,814 $ 9,896 | Significant changes in our Deferred Revenue liability balances during the year ended December 31, 2023 and 2022 were as follows: For the Year Ended For the Year Ended Beginning Balance $ 3,200,664 $ 1,995,090 Revenue Recognized ( 3,200,664 ) ( 1,995,090 ) Amounts Collected or invoiced 9,895,583 3,200,664 Ending Balance $ 9,895,583 $ 3,200,664 |
Nature of Operations and Goin_2
Nature of Operations and Going Concern - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Working capital deficit | $ 30,700,000 | $ 22,435,074 | $ 16,141,322 |
Retained deficit | $ 65,473,000 | $ 59,093,845 | $ 38,083,304 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) | Sep. 21, 2023 USD ($) CarbonOffsets | Sep. 18, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 6,079,531 | $ 3,585,261 | |||
Deposits held for an Airport Security Bond | 360,000 | ||||
Provision for allowance for credit losses | 5,915 | 219,759 | |||
Accounts receivable, net of allowance | 94,755 | 104,406 | $ 454,000 | ||
Allowance for obsolete items | 0 | ||||
Number of carbon offsets | CarbonOffsets | 54,000 | ||||
Useful life | 36 months | ||||
Intangible asset cost | 453,600 | $ 453,600 | |||
Accumulated amortization | 37,800 | ||||
Amortization expense | 789,494 | 218,688 | |||
Deferred maintenance costs | 1,740,537 | 1,022,492 | |||
Property and equipment depreciation | 935,970 | 283,325 | |||
Impairment losses | $ 0 | 0 | |||
Percentage of deposit by charter customers upon signing contract | 10% | ||||
Expected annual amortization for carbon offsets intangibles, 2024 | $ 151,200 | ||||
Expected annual amortization for carbon offsets intangibles, 2025 | 151,200 | ||||
Expected annual amortization for carbon offsets intangibles, 2026 | 113,400 | ||||
Charter Air Solutions, LLC (Top Flight) | |||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||||
Percentage of share acquired | 80% | ||||
Prepaid Expenses and Other Current Assets [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||||
Lessor maintenance deposits | $ 908,358 | ||||
Deferred Costs and Other Assets [Member] | |||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||||
Lessor maintenance deposits | $ 889,919 |
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, 2023 | |
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% |
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% |
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% |
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 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% |
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% |
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% |
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, 2023 |
Leasehold Improvements, Aircraft, other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Leasehold Improvements, Aircraft, other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 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 | 5 years |
Property and Equipment under Finance Leases | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Rotable Parts | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 47 months |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Components of Property and Equipment, net (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | $ 627,129 | $ 209,758 | |
Total Property and equipment, net | $ 6,776,000 | 5,524,990 | 2,441,288 |
Rotable Parts | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,068,695 | 1,018,642 | |
Computer Hardware and Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,477,466 | 878,282 | |
Leasehold Improvements, Aircraft, other | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 971,760 | 168,588 | |
Office and Ground Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 634,198 | $ 585,534 |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Working capital deficit | $ 30,700,000 | $ 22,435,074 | $ 16,141,322 |
Retained Earnings (Accumulated Deficit) | $ (65,473,000) | $ (59,093,845) | $ (38,083,304) |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
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 | Accounting Standards Update 2024-04 [Member] |
Equity Investments - Additional
Equity Investments - Additional Information (Details) | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 03, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | 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 | 7% | 10% | 13% | 13% | ||
GlobalX Ground Team, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment ownership percentage | 50% |
Investments - Additional Inform
Investments - Additional Information (Details) | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 18, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 28, 2021 |
Canada Jetlines Operations Ltd. | ||||||
Schedule of Investments [Line Items] | ||||||
Percentage of shares transferred | 75% | |||||
Percentage of shares retained | 25% | |||||
Equity method investment ownership percentage | 7% | 10% | 13% | 13% | ||
Charter Air Solutions, LLC (Top Flight) | ||||||
Schedule of Investments [Line Items] | ||||||
Percentage of share acquired | 80% |
Debt - Additional Information (
Debt - Additional Information (Details) | Aug. 02, 2023 USD ($) $ / shares shares | Jan. 27, 2023 USD ($) | Mar. 17, 2022 USD ($) $ / shares shares | Mar. 17, 2022 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 21, 2023 USD ($) $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 $ / shares |
Debt Instrument [Line Items] | ||||||||||
Loan | $ 5,000,000 | $ 2,500,000 | $ 2,500,000 | |||||||
Term of facility | 6 months | |||||||||
Interest rate of loan | 20% | |||||||||
Number of common stock purchase warrant into which each warrant or right may be converted | shares | 1 | 1 | ||||||||
Warrant principal conversion amount | $ 1.24 | $ 1.24 | ||||||||
Warrant exercise price | $ / shares | $ 1 | $ 1.24 | $ 1.24 | $ 1.21 | $ 1.35 | $ 1 | $ 1.29 | $ 1.18 | $ 1.05 | |
Class of warrant exercise period | 24 months | |||||||||
Warrant measurement input, price per share | $ / shares | 0.85 | |||||||||
Current portion of notes payable | $ 0 | $ 0 | $ 1,810,468 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | $ 1.24 | $ 1.24 | $ 1.21 | $ 1.35 | 1 | $ 1.29 | $ 1.18 | $ 1.05 | |
Debt costs and discounts | $ 945,000 | $ 945,000 | ||||||||
Tranche One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loan | $ 2,500,000 | |||||||||
Stock Price | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrant measurement input, price per share | $ / shares | 1.04 | |||||||||
Exercise Price | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.24 | |||||||||
Expected Term | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants, measurement input, term | 2 years | |||||||||
Expected Dividend | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants, expected dividend | $ 0 | |||||||||
Warrants, measurement input | 0 | |||||||||
Interest Rate (Annual) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants, measurement input | 0.0421 | 0.006 | ||||||||
Volatility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants, measurement input | 0.50 | 1.43 | ||||||||
Warrant | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | $ 2,200,000 | $ 2,200,000 | ||||||||
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% | 10% | ||||||||
Senior Secure Notes Due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loan | $ 35,000,000 | |||||||||
Warrant exercise price | $ / shares | $ 1 | |||||||||
Debt instrument term | 6 years | |||||||||
Principal amount | $ 35,500,000 | $ 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 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||||||||
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 | ||||||||||
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 | |||||||||
Debt issuance costs | 6,755,770 | $ 2,205,113 | $ 2,205,113 | $ 945,217 | ||||||
Principal amount | $ 35,000,000 | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of warrant exercise | $ 6,000,000 |
Deferred Financing Fees and D_2
Deferred Financing Fees and Debt Issuance Costs - Additional Information (Details) | 12 Months Ended | ||||||||
Dec. 21, 2023 $ / shares shares | Aug. 02, 2023 USD ($) $ / shares shares | Mar. 17, 2022 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2024 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2021 $ / shares | |
Deferred financing fees [Line Items] | |||||||||
Warrants issued | shares | 142,874 | 10,000,000 | 10,142,874 | 10,142,874 | 4,838,707 | ||||
Warrant exercise price | $ / shares | $ 1 | $ 1 | $ 1.24 | $ 1.35 | $ 1.18 | $ 1.21 | $ 1.29 | $ 1.05 | |
Number of Share Purchase Warrants, Issued | shares | 142,874 | 10,000,000 | 10,142,874 | 10,142,874 | 4,838,707 | ||||
Subscription Agreement | |||||||||
Deferred financing fees [Line Items] | |||||||||
Deferred financing costs | $ 6,755,770 | $ 2,205,113 | $ 945,217 | ||||||
Proceeds from issuance of securities | 6,000,000 | ||||||||
Notes payable and accrued interest | $ 6,000,000 | ||||||||
Principal amount | $ 35,000,000 | ||||||||
Amortized debt issuance costs | 246,563 | ||||||||
GEM Global Yield LLC [Member] | |||||||||
Deferred financing fees [Line Items] | |||||||||
Note issued | $ 1,418,880 | $ 2,000,000 | |||||||
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 | ||||||||
Number of Share Purchase Warrants, Issued | shares | 2,106,290 | 2,106,290 |
Asset Acquisition - Additional
Asset Acquisition - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Mar. 22, 2021 | Dec. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2022 | |
Asset Acquisition [Line Items] | ||||
Other noncurrent assets total acquisition cost | $ 1,716,558 | $ 2,425,000 | $ 632,790 | |
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 | ||||||||||||||||||||
Mar. 27, 2024 | Nov. 20, 2023 Aircraft | Oct. 10, 2023 Aircraft | Oct. 09, 2023 | Sep. 08, 2023 Aircraft | Aug. 08, 2023 Aircraft | Jun. 16, 2023 Aircraft | Jun. 01, 2023 | May 22, 2023 | Jan. 27, 2023 Aircraft | Dec. 21, 2022 Aircraft | Dec. 20, 2022 | Dec. 14, 2022 Aircraft | Jun. 21, 2022 Aircraft | Oct. 14, 2021 Aircraft | Dec. 31, 2023 Lease Equipment Aircraft | Mar. 31, 2024 Lease | Dec. 22, 2023 Aircraft | Nov. 17, 2023 Aircraft | Dec. 31, 2022 Aircraft | Jul. 29, 2022 Aircraft | |
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 14 | 8 | |||||||||||||||||||
Lease description | Company operated 14 and 8 leased aircraft, respectively, which are accounted for under operating lease agreements with ranging terms of 10 months to 10 years. Leases with an initial term of 12 months or less will be recognized | ||||||||||||||||||||
Lease agreements ending date | Feb. 28, 2031 | Dec. 31, 2024 | Oct. 01, 2023 | May 31, 2028 | Jun. 01, 2023 | ||||||||||||||||
Number of aircraft lease extended | 2 | 2 | |||||||||||||||||||
Extended lease term | 74 months | 15 months | 60 months | ||||||||||||||||||
Number of aircraft lease converted | Lease | 1 | 1 | |||||||||||||||||||
Aircraft Lease Agreement One | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | ||||||||||||||||||||
Lease term | 8 years | 8 years | |||||||||||||||||||
Lease term commenced | Jun. 01, 2023 | Aug. 01, 2023 | |||||||||||||||||||
Number of months fixed monthly rent to be paid | 94 months | ||||||||||||||||||||
Aircraft Lease Agreement Two | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | ||||||||||||||||||||
Lease term | 72 months | ||||||||||||||||||||
Aircraft Lease Agreement Three | |||||||||||||||||||||
Lessee, Lease, Description [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 Four | |||||||||||||||||||||
Lessee, Lease, Description [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 Five | |||||||||||||||||||||
Lessee, Lease, Description [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 Six | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | ||||||||||||||||||||
Lease term | 4 years | ||||||||||||||||||||
Lease term commenced | Nov. 13, 2023 | ||||||||||||||||||||
Number of months fixed monthly rent to be paid | 48 months | ||||||||||||||||||||
Aircraft Lease Agreement Seven | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | 1 | |||||||||||||||||||
Lease term | 8 years | ||||||||||||||||||||
Lease term commenced | Oct. 06, 2023 | ||||||||||||||||||||
Number of months fixed monthly rent to be paid | 72 months | ||||||||||||||||||||
Lease expiration period | 2028-02 | ||||||||||||||||||||
Aircraft Lease Agreement Eight | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | 1 | |||||||||||||||||||
Lease term | 24 months | ||||||||||||||||||||
Lease term commenced | Oct. 06, 2023 | ||||||||||||||||||||
Number of months fixed monthly rent to be paid | 96 months | ||||||||||||||||||||
Aircraft Lease Agreement Nine | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | 1 | |||||||||||||||||||
Lease term | 88 months | 24 months | |||||||||||||||||||
Aircraft Lease Agreement Ten | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of aircraft leased | 1 | 1 | |||||||||||||||||||
Lease term | 7 years | 120 months | |||||||||||||||||||
Lease term commenced | Feb. 09, 2024 | ||||||||||||||||||||
Number of months fixed monthly rent to be paid | 86 months | ||||||||||||||||||||
Previously Reported | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Lease agreements ending date | May 31, 2028 | Oct. 01, 2023 | |||||||||||||||||||
Previously Reported | Aircraft Lease Agreement One | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of months fixed monthly rent to be paid | 96 months | ||||||||||||||||||||
Minimum | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Lease term | 10 months | ||||||||||||||||||||
Maximum | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Lease term | 10 years | ||||||||||||||||||||
Aircraft Support Equipment | |||||||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||||||
Number of equipment | Equipment | 37 | ||||||||||||||||||||
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 term commenced | Jan. 23, 2023 | ||||||||||||||||||||
Number of months fixed monthly rent to be paid | 120 months | ||||||||||||||||||||
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 | 12 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |||||
Finance lease cost | ||||||||
Amortization of leased assets | $ 330,000 | $ 114,000 | $ 529,533 | $ 130,037 | ||||
Interest of lease liabilities | 309,000 | 93,000 | 435,266 | 102,561 | ||||
Operating lease cost | ||||||||
Operating lease cost | 2,704,000 | [1] | 3,217,000 | [1] | 8,172,685 | [2] | 4,797,056 | [2] |
Total lease cost | $ 3,343,000 | $ 3,424,000 | $ 9,137,484 | $ 5,029,654 | ||||
[1] Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. (1) 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) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease term | ||||
Operating leases | 6 years 8 months 8 days | 6 years 1 month 20 days | 6 years 3 months 18 days | 4 years 6 months 7 days |
Finance leases | 6 years 7 months 6 days | 5 years 2 months 19 days | 5 years 11 months 12 days | 5 years 8 months 19 days |
Weighted-average discount rate | ||||
Operating leases | 13.41% | 13.03% | 11.63% | 10.53% |
Finance leases | 14.61% | 12.53% | 12.14% | 11.65% |
Leases - Schedule of Cash and N
Leases - Schedule of Cash and Non-cash Activities Associated with Leases (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 3,073,000 | $ 2,018,000 | $ 7,927,758 | $ 3,482,839 |
Financing cash flows from finance leases | $ 231,000 | $ 111,000 | $ 479,923 | $ 501,169 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Leases | |||
2024 | $ 5,122,000 | $ 1,042,413 | |
2025 | 5,122,000 | 1,042,413 | |
2026 | 5,013,000 | 1,042,413 | |
2027 | 4,384,000 | 932,797 | |
2028 | 663,872 | ||
2029 and thereafter | 541,624 | ||
Total minimum lease payments | 31,834,000 | 5,265,532 | |
Less amount representing interest | 11,082,000 | 1,373,298 | |
Present value of minimum lease payments | 20,752,000 | 3,892,234 | |
Less current portion | 2,160,000 | 599,228 | $ 335,527 |
Long-term portion | 18,592,000 | $ 3,292,000 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Financial Leases And Other Liabilities | ||
Operating Leases | |||
2024 | 22,365,000 | $ 22,836,536 | |
2025 | 20,694,000 | 19,644,557 | |
2026 | 18,776,000 | 17,933,734 | |
2027 | 14,072,000 | 16,016,344 | |
2028 | 11,312,134 | ||
2029 and thereafter | 26,863,248 | ||
Total minimum lease payments | 134,207,000 | 114,606,553 | |
Less amount representing interest | 46,219,000 | 35,797,981 | |
Present value of minimum lease payments | 87,988,000 | 78,808,572 | |
Current portion of long-term operating leases | 12,311,000 | 13,650,119 | 6,445,915 |
Long-term portion | $ 75,677,000 | 65,158,453 | $ 23,189,835 |
Previously Reported | |||
Finance Leases | |||
Long-term portion | $ 3,293,006 |
Warrants - Summary of Warrant A
Warrants - Summary of Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 21, 2023 | Aug. 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right [Line Items] | ||||||
Number of Share Purchase Warrants Outstanding, Beginning balance | 22,518,894 | 19,633,911 | 19,633,911 | 17,631,350 | ||
Number of Share Purchase Warrants, Issued | 142,874 | 10,000,000 | 10,142,874 | 4,838,707 | ||
Number of Share Purchase Warrants, Exercised | (2,499,453) | (2,727,083) | (1,110,510) | |||
Number of Share Purchase Warrants, Expired | (4,838,707) | 4,530,808 | 1,725,636 | |||
Number of Share Purchase Warrants Outstanding, Ending balance | 17,680,187 | 17,134,458 | 22,518,894 | 19,633,911 | ||
Weighted Average Exercise Price Outstanding, Beginning balance | $ 1.35 | $ 1.18 | $ 1.18 | $ 1.05 | ||
Weighted Average Exercise Price, Issued | 1 | 1.24 | ||||
Weighted Average Exercise Price, Exercised | 0.43 | 0.48 | 0.48 | |||
Weighted Average Exercise Price, Expired | 1.24 | 0.99 | 0.48 | |||
Weighted Average Exercise Price Outstanding, Ending balance | $ 1 | $ 1 | $ 1.21 | $ 1.29 | $ 1.35 | $ 1.18 |
Warrants - Schedule of Share Pu
Warrants - Schedule of Share Purchase Warrants Outstanding and Exercisable (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Aug. 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 21, 2023 | Mar. 17, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 17,680,187 | 17,134,458 | 22,518,894 | 19,633,911 | 17,631,350 | |||
Exercise Price | $ 1 | $ 1.21 | $ 1.29 | $ 1.35 | $ 1.18 | $ 1 | $ 1.24 | $ 1.05 |
Remaining life (years) | 6 years 10 months 28 days | |||||||
Expiry Date | Jun. 30, 2030 | |||||||
Exercise Price One | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 7,537,313 | 4,649,238 | 4,838,707 | 4,882,838 | ||||
Exercise Price | $ 1.5 | $ 1 | $ 1.24 | $ 1 | ||||
Remaining life (years) | 2 years 3 months 29 days | 25 days | 2 months 26 days | 3 months 25 days | ||||
Expiry Date | Apr. 29, 2026 | Apr. 26, 2023 | Mar. 28, 2024 | Apr. 26, 2023 | ||||
Exercise Price Two | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 10,142,874 | 109,200 | 7,537,313 | 192,500 | ||||
Exercise Price | $ 1 | $ 0.62 | $ 1.5 | $ 0.62 | ||||
Remaining life (years) | 6 years 6 months | 25 days | 2 years 3 months 29 days | 3 months 25 days | ||||
Expiry Date | Jun. 30, 2030 | Apr. 26, 2023 | Apr. 29, 2026 | Apr. 26, 2023 | ||||
Exercise Price Three | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 4,838,707 | 10,142,874 | 2,182,553 | |||||
Exercise Price | $ 1.24 | $ 1 | $ 0.39 | |||||
Remaining life (years) | 11 months 26 days | 6 years 6 months | 4 months 2 days | |||||
Expiry Date | Mar. 28, 2024 | Jun. 30, 2030 | Apr. 26, 2023 | |||||
Exercise Price Four | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 7,537,313 | 4,838,707 | ||||||
Exercise Price | $ 1.5 | $ 1.24 | ||||||
Remaining life (years) | 3 years 29 days | 1 year 2 months 26 days | ||||||
Expiry Date | Apr. 29, 2026 | Mar. 28, 2024 |
Warrant - Additional Informatio
Warrant - Additional Information (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 21, 2023 | Aug. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 17, 2022 | Dec. 31, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | ||||||||
Number of Share Purchase Warrants, Issued | 142,874 | 10,000,000 | 10,142,874 | 4,838,707 | ||||
Warrant exercise price | $ 1 | $ 1 | $ 1.35 | $ 1.18 | $ 1.21 | $ 1.29 | $ 1.24 | $ 1.05 |
Fair value | $ 4,300,000 | |||||||
Estimated fair value additional warrants issued | $ 8,047 |
Warrant - Summary of Fair Value
Warrant - Summary of Fair Value of Warrant (Details) | Aug. 02, 2023 $ / shares | Mar. 31, 2024 $ / shares | Dec. 31, 2023 $ / shares | Dec. 21, 2023 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Mar. 17, 2022 $ / shares | Dec. 31, 2021 $ / shares |
Class of Warrant or Right [Line Items] | ||||||||
Exercise Price | $ 1 | $ 1.21 | $ 1.35 | $ 1 | $ 1.29 | $ 1.18 | $ 1.24 | $ 1.05 |
Warrant expiration date | Jun. 30, 2030 | |||||||
Stock price | $ 0.85 | |||||||
Remaining term (years) | 6 years 10 months 28 days | |||||||
Interest Rate (Annual) | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 0.0421 | 0.006 | ||||||
Volatility | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 0.50 | 1.43 | ||||||
Annualized Dividend Yield | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 0 |
Note Payable - Summary of Note
Note Payable - Summary of Note Payable (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Less unamortized debt issuance costs, noncurrent | $ 6,353,000 | $ 6,509,206 | $ 1,574,838 |
Total carrying amount | 29,331,000 | 29,174,794 | 6,891,762 |
Less current maturities | 0 | 0 | 1,810,468 |
Total long-term Note Payable | 29,331,000 | 29,174,794 | 5,081,294 |
Subscription Agreement | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 35,684,000 | $ 35,684,000 | 6,000,000 |
GEM | |||
Debt Instrument [Line Items] | |||
Notes payable | 1,476,600 | ||
Total long-term Note Payable | 5,081,294 | ||
Airframe | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 990,000 |
Note Payable - Additional Infor
Note Payable - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 21, 2023 USD ($) $ / shares shares | Aug. 02, 2023 USD ($) $ / shares shares | Jan. 27, 2023 USD ($) | Mar. 17, 2022 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2024 CAD ($) shares | Dec. 31, 2023 CAD ($) shares | Mar. 31, 2023 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 28, 2021 $ / shares shares | Jul. 10, 2020 $ / shares 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 | $ / shares | $ 1 | $ 1 | $ 1.24 | $ 1.21 | $ 1.35 | $ 1.29 | $ 1.18 | $ 1.05 | |||||
Warrant measurement input, price per share | $ / shares | $ 0.85 | ||||||||||||
Loan | $ 5,000,000 | $ 2,500,000 | $ 2,500,000 | ||||||||||
Term of facility | 6 months | ||||||||||||
Interest rate of loan | 20% | ||||||||||||
Debt costs and discounts | $ 945,000 | ||||||||||||
Warrants issued | shares | 17,680,187 | 22,518,894 | 17,680,187 | 22,518,894 | 17,134,458 | 19,633,911 | 17,631,350 | ||||||
Tranche One | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loan | $ 2,500,000 | ||||||||||||
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. | ||||||||||||
GEM Global Yield LLC SCS | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant exercise price | (per share) | $ 0.39 | $ 0.5 | |||||||||||
Debt issuance costs | $ 2,809,031 | ||||||||||||
Warrants, measurement input, term | 1 year 10 months 6 days | 2 years 9 months 25 days | |||||||||||
Capital commitments, closing of transaction 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 purchase price of the shares to be sold is set at (i) 90% of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i)1000% of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90% of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. 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 purchase price of the shares to be sold is set at (i) 90% of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i)1000% of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90% of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. On July 8, 2020 the TSX Venture Exchange provided approval for the Facility. | |||||||||||
Capital commitments, initial | $ 100 | $ 100 | |||||||||||
Common stock purchase price based on average daily closing price percentage | 90% | 90% | 90% | 90% | |||||||||
Drawn down request maximum percentage of average daily trading volume | 1,000% | 1,000% | 1,000% | 1,000% | |||||||||
Drawn down request closing price percentage on trading day prior to issue | 90% | 90% | 90% | 90% | |||||||||
Warrants issued | shares | 2,182,553 | 2,106,290 | |||||||||||
GEM Global Yield LLC SCS | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Capital commitments | $ 100 | $ 100 | |||||||||||
Airframe | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes payable | $ 990,000 | ||||||||||||
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] | |||||||||||||
Line of Credit Periodic payment | $ 35,000,000 | ||||||||||||
Warrant exercise price | $ / shares | $ 1 | ||||||||||||
Debt instrument term | 6 years | ||||||||||||
Loan | $ 35,000,000 | ||||||||||||
Principal amount | $ 35,000,000 | $ 35,500,000 | |||||||||||
Debt instrument maturity date | Jun. 30, 2029 | ||||||||||||
Principal payments | $ 0 | ||||||||||||
Interest rate | 15% | ||||||||||||
Debt Instrument Upfront Fee Payment Percentage | 2% | ||||||||||||
Issuance of Warrants | $ 10,000,000 | ||||||||||||
Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty Three | 5,000,000 | ||||||||||||
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 Five | 25,000,000 | ||||||||||||
Minimum Liquidity Of Measured At Each Quarter End | $ 5,000,000 | ||||||||||||
Notes amount partially pay-off | 4,300,000 | ||||||||||||
Total principal balance | 35,000,000 | $ 35,000,000 | |||||||||||
Additional notes issued amount | 5,000,000 | ||||||||||||
Amount of accrued interest paid | $ 251,000 | ||||||||||||
Warrants issued | shares | 142,874 | ||||||||||||
Senior Secure Notes Due 2029 | Class A | |||||||||||||
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 | ||||||||||||
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% | ||||||||||||
Warrant | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | $ 2,200,000 | ||||||||||||
Warrant | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | $ 3,800,000 | ||||||||||||
Stock Price | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.04 | ||||||||||||
Stock Price | GEM Global Yield LLC SCS | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 2.03 | 0.94 | |||||||||||
Stock Price | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant measurement input, price per share | $ / shares | $ 0.85 | ||||||||||||
Exercise Price | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1.24 | ||||||||||||
Exercise Price | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant measurement input, price per share | $ / shares | $ 1 | ||||||||||||
Expected Term | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input, term | 2 years | 2 years | |||||||||||
Expected Term | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input, term | 6 years 10 months 28 days | ||||||||||||
Expected Dividend | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, expected dividend | $ 0 | ||||||||||||
Warrants, measurement input | 0 | ||||||||||||
Expected Dividend | GEM Global Yield LLC SCS | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 0 | 0 | |||||||||||
Expected Dividend | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, expected dividend | $ 0 | ||||||||||||
Risk Free Interest Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 0.0421 | 0.006 | 0.006 | ||||||||||
Risk Free Interest Rate | GEM Global Yield LLC SCS | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 0.22 | 0.18 | |||||||||||
Risk Free Interest Rate | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 0.0421 | ||||||||||||
Volatility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 0.50 | 1.43 | 1.43 | ||||||||||
Volatility | GEM Global Yield LLC SCS | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 74.7 | 70 | |||||||||||
Volatility | Senior Secure Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants, measurement input | 0.50 |
Share Based Payments - Addition
Share Based Payments - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) OfferingPeriod | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Maximum number of Voting Shares issuable pursuant to share-based payment arrangements | shares | 9,400,000 | 9,400,000 | |||
Stock options granted | shares | 0 | 0 | 0 | 0 | |
Share-based payments expense | $ 343,000 | $ 501,000 | $ 2,465,039 | $ 1,386,533 | |
Employee stock | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Accrued payroll contribution | 235,000 | 162,000 | 56,846 | 38,940 | |
Equity-based compensation costs | $ 0 | $ 0 | $ 80,141 | $ 43,579 | |
Issuance of shares - private placement, shares | shares | 0 | 0 | 804,314 | 460,809 | |
Number of offering periods | OfferingPeriod | 2 | ||||
Purchase price of common stock | 85% | ||||
Percentage of employee's compensation for payroll deduction | 15% | 15% | |||
Employee stock | Maximum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Purchase price of common stock per offering | $ 10,000 | ||||
Purchase price of common stock | $ 25,000 | ||||
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 | $ 3,500,000 | $ 3,300,000 | $ 3,188,418 | $ 2,308,928 | |
Share based compensation not yet recognized, weighted average period | 2 years 3 months | 2 years 1 month 13 days | 2 years 7 days | 1 year 10 months 24 days |
Share Based Payments - Summary
Share Based Payments - Summary of Stock Option Activities (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of stock options outstanding, Beginning balance | shares | 470,668 | 820,668 | 820,668 | |
Number of stock options, Granted | shares | 0 | 0 | 0 | 0 |
Number of stock options, Exercised | shares | (150,000) | |||
Number of stock options, Forfeited | shares | (157,334) | (200,000) | ||
Number of stock options outstanding, Ending balance | shares | 313,334 | 470,668 | 470,668 | 820,668 |
Weighted average exercise price outstanding, Beginning balance | $ 0.25 | $ 0.25 | $ 0.25 | |
Weighted average exercise price, Exercised | 0.48 | |||
Weighted average exercise price, Forfeited | 0.37 | 0.25 | ||
Weighted average exercise price outstanding, Ending balance | 0.25 | 0.25 | 0.25 | $ 0.25 |
Weighted average grant date fair value outstanding, Beginning balance | 0.54 | $ 0.34 | 0.34 | |
Weighted average grant date fair value, Exercised | $ | 0.16 | |||
Weighted average grant date fair value, Forfeited | 0.24 | $ 0.57 | ||
Weighted average grant date fair value outstanding, Ending balance | $ 0.01 | $ 0.54 | $ 0.54 | $ 0.34 |
Share Based Payments - Summar_2
Share Based Payments - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 313,334 | 470,668 | 470,668 | 820,668 |
Stock options, Exercisable | 313,334 | 470,668 | 470,668 | 820,668 |
Exercise Price One | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 313,334 | 420,668 | 420,668 | 150,000 |
Stock options, Exercisable | 313,334 | 420,668 | 420,668 | 150,000 |
Stock options outstanding, Exercise Price | $ 0.25 | $ 0.25 | ||
Stock options exercisable, Exercise Price | $ 0.25 | $ 0.47 | ||
Stock options outstanding, Remaining life (years) | 1 year 2 months 23 days | 2 years 2 months 23 days | ||
Stock options exercisable, Remaining life (years) | 1 year 5 months 23 days | 5 months 26 days | ||
Expiry Date | Jun. 23, 2025 | Jun. 23, 2025 | Jun. 23, 2025 | Jun. 29, 2023 |
Exercise Price Two | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | 50,000 | 100,000 | |
Stock options, Exercisable | 50,000 | 50,000 | 100,000 | |
Stock options outstanding, Exercise Price | $ 0.62 | |||
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.25 | ||
Stock options outstanding, Remaining life (years) | 2 years 5 months 23 days | |||
Stock options exercisable, Remaining life (years) | 1 year 8 months 23 days | 7 months 2 days | ||
Expiry Date | Sep. 23, 2025 | Sep. 23, 2025 | Mar. 08, 2023 | |
Exercise Price Three | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 100,000 | |||
Stock options, Exercisable | 100,000 | |||
Stock options exercisable, Exercise Price | $ 0.25 | |||
Stock options exercisable, Remaining life (years) | 1 month 9 days | |||
Expiry Date | Feb. 09, 2023 |
Share Based Payments - Summar_3
Share Based Payments - Summary of RSU Activities (Details) - RSUs - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of RSUs Outstanding, Beginning balance | 5,056,268 | 3,305,837 | 3,305,837 | 2,067,500 |
Number of RSUs, Granted | 2,573,333 | 1,687,777 | 4,351,944 | 2,731,180 |
Number of RSU, Vested | (814,142) | (400,542) | (1,741,152) | (651,336) |
Number of RSUs, Forfeited | (850,437) | (129,315) | (860,361) | (841,507) |
Number of RSUs Outstanding, Ending balance | 5,965,022 | 4,463,757 | 5,056,268 | 3,305,837 |
Weighted average grant date fair value per RSU Outstanding, Beginning balance | $ 0.98 | $ 1.14 | $ 1.14 | $ 1.16 |
Weighted average grant date fair value per RSU, Granted | 0.52 | 0.97 | 0.91 | 0.8 |
Weighted average grant date fair value per RSU, Vested | 1.01 | 1.04 | 0.87 | 0.88 |
Weighted average grant date fair value per RSU, Forfeited | 1.11 | 0.96 | 0.88 | 1.24 |
Weighted average grant date fair value per RSU Outstanding, Ending balance | $ 0.76 | $ 1.1 | $ 0.98 | $ 1.14 |
Capital Commitments - Additiona
Capital Commitments - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 18, 2023 USD ($) | Jun. 28, 2021 USD ($) $ / shares shares | May 04, 2021 USD ($) | May 04, 2021 CAD ($) | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CAD ($) | Mar. 31, 2024 CAD ($) shares | Dec. 31, 2023 CAD ($) shares | Dec. 21, 2023 $ / shares | Aug. 02, 2023 $ / shares | Mar. 31, 2023 $ / shares shares | Mar. 29, 2023 CAD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Mar. 17, 2022 $ / shares | Dec. 31, 2021 $ / shares shares | Jul. 10, 2020 USD ($) shares | Jul. 10, 2020 $ / shares | |
Other Commitments [Line Items] | ||||||||||||||||||
Warrants issued | shares | 17,680,187 | 22,518,894 | 17,680,187 | 22,518,894 | 17,134,458 | 19,633,911 | 17,631,350 | |||||||||||
Exercise Price | $ / shares | $ 1.21 | $ 1.35 | $ 1 | $ 1 | $ 1.29 | $ 1.18 | $ 1.24 | $ 1.05 | ||||||||||
Current portion of notes payable | $ 0 | $ 0 | $ 1,810,468 | |||||||||||||||
Interest Rate (Annual) | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 0.006 | 0.006 | 0.0421 | |||||||||||||||
Expected Dividend | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 0 | |||||||||||||||||
Volatility | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 1.43 | 1.43 | 0.50 | |||||||||||||||
GEM Global Yield LLC SCS | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Capital commitments, initial | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Common stock purchase price based on average daily closing price percentage | 90% | 90% | 90% | 90% | ||||||||||||||
Drawn down request maximum percentage of average daily trading volume | 1,000% | 1,000% | 1,000% | 1,000% | ||||||||||||||
Drawn down request closing price percentage on trading day prior to issue | 90% | 90% | 90% | 90% | ||||||||||||||
Capital commitments, closing of transaction term | 36 months | 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 purchase price of the shares to be sold is set at (i) 90% of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i)1000% of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90% of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. 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 purchase price of the shares to be sold is set at (i) 90% of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i)1000% of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90% of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. 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 purchase price of the shares to be sold is set at (i) 90% of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i)1000% of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90% of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. On July 8, 2020 the TSX Venture Exchange provided approval for the Facility. | |||||||||||||||
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 | |||||||||||||||||
Current portion of notes payable | $ 2,000,000 | |||||||||||||||||
GEM Global Yield LLC SCS | Interest Rate (Annual) | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 0.22 | 0.18 | ||||||||||||||||
GEM Global Yield LLC SCS | Expected Dividend | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 0 | 0 | ||||||||||||||||
GEM Global Yield LLC SCS | Stock Price | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 2.03 | 0.94 | ||||||||||||||||
GEM Global Yield LLC SCS | Volatility | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Warrants, measurement input | 74.7 | 70 | ||||||||||||||||
GEM Global Yield LLC SCS | Maximum | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Capital commitments | $ 100,000,000 | $ 100,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | ||||
Effective tax rate | 0% | 0% | (0.15%) | 0% |
Net operating loss carryforwards | $ 49,000,000 | $ 32,000,000 | ||
Valuation allowance offset to deferred tax assets | 13,537,937 | 8,661,250 | ||
Change in valuation allowance | $ 4,876,687 | $ 3,880,520 | ||
U.S. Federal | ||||
Income Tax Contingency [Line Items] | ||||
Tax returns remain open to examination | 2020 2021 2022 | |||
State | ||||
Income Tax Contingency [Line Items] | ||||
Tax returns remain open to examination | 2020 2021 2022 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes from Continuing Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal: | ||
Deferred | $ (4,214,775) | $ (3,318,558) |
State: | ||
Current | 30,781 | |
Deferred | (690,243) | (561,962) |
Change in valuation allowance | 4,876,687 | 3,880,520 |
Total income tax provision | $ 2,450 | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision Computed at Federal Statutory Corporate Tax Rate (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Expected provision at Federal statutory tax rate | 21% | 21% | ||
State tax expense, net of Federal benefit | 3.17% | |||
Change in valuation allowance | (23.35%) | (20.98%) | ||
Permanent difference | (0.73%) | (0.02%) | ||
Other | (0.24%) | |||
Total | 0% | 0% | (0.15%) | 0% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss | $ 12,089,733 | $ 7,851,883 |
Share based compensation | 471,754 | 347,507 |
Disallowed interest | 1,572,921 | 398,118 |
Allowance for doubtful accounts | 23,206 | 25,627 |
Lease accounting | 304,670 | 413,142 |
Unrealized Loss | 14,017 | 14,164 |
Depreciation | (938,364) | (389,191) |
Total deferred tax assets (liabilities) | 13,537,937 | 8,661,250 |
Less valuation allowance | (13,537,937) | (8,661,250) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Dec. 22, 2023 Aircraft | Nov. 20, 2023 Aircraft | Sep. 08, 2023 Aircraft | Aug. 08, 2023 Aircraft | Jun. 16, 2023 Aircraft | Jun. 01, 2023 | May 22, 2023 | Jan. 27, 2023 Aircraft | Jan. 13, 2023 USD ($) | Dec. 14, 2022 Aircraft | Jun. 21, 2022 Aircraft | Jan. 06, 2022 USD ($) | Oct. 14, 2021 Aircraft | Jan. 19, 2024 Aircraft | Dec. 31, 2023 Aircraft | Nov. 17, 2023 Aircraft | Dec. 31, 2022 Aircraft | Jul. 29, 2022 Aircraft |
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 14 | 8 | ||||||||||||||||
Date of premium finance agreement | 2023 | 2022 | ||||||||||||||||
Term of insurance policy | 12-month | 12-month | ||||||||||||||||
Financed amount of premium | $ | $ 3,636,783 | $ 2,465,110 | ||||||||||||||||
Total premium amount | $ | $ 4,064,691 | $ 3,103,325 | ||||||||||||||||
Rate of interest | 5.45% | 2.38% | ||||||||||||||||
Down payment | $ | $ 430,358 | $ 640,665 | ||||||||||||||||
Aircraft Lease Agreement One | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||
Lease term | 8 years | 8 years | ||||||||||||||||
Lease term commenced | Jun. 01, 2023 | Aug. 01, 2023 | ||||||||||||||||
Number of months fixed monthly rent to be paid | 94 months | |||||||||||||||||
Aircraft Lease Agreement Two | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||
Lease term | 72 months | |||||||||||||||||
Aircraft Lease Agreement Three | ||||||||||||||||||
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 Four | ||||||||||||||||||
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 Five | ||||||||||||||||||
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 Six | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||
Lease term | 4 years | |||||||||||||||||
Lease term commenced | Nov. 13, 2023 | |||||||||||||||||
Number of months fixed monthly rent to be paid | 48 months | |||||||||||||||||
Aircraft Lease Agreement Seven | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | 1 | ||||||||||||||||
Lease term | 8 years | |||||||||||||||||
Lease term commenced | Oct. 06, 2023 | |||||||||||||||||
Lease expiration period | 2028-02 | |||||||||||||||||
Number of months fixed monthly rent to be paid | 72 months | |||||||||||||||||
Aircraft Lease Agreement Eight | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | 1 | ||||||||||||||||
Lease term | 24 months | |||||||||||||||||
Lease term commenced | Oct. 06, 2023 | |||||||||||||||||
Number of months fixed monthly rent to be paid | 96 months | |||||||||||||||||
Aircraft Lease Agreement Nine | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | 1 | ||||||||||||||||
Lease term | 88 months | 24 months | ||||||||||||||||
Aircraft Lease Agreement Ten | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | 1 | ||||||||||||||||
Lease term | 120 months | 7 years | ||||||||||||||||
Lease term commenced | Feb. 09, 2024 | |||||||||||||||||
Number of months fixed monthly rent to be paid | 86 months | |||||||||||||||||
Aircraft Lease Agreement Eleven | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||
Lease term | 10 years | |||||||||||||||||
Lease term commenced | Mar. 08, 2024 | |||||||||||||||||
Number of months fixed monthly rent to be paid | 120 months | |||||||||||||||||
Aircraft Lease Agreement Twelve | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||
Lease term | 96 months | |||||||||||||||||
Minimum | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Lease term | 10 months | |||||||||||||||||
Maximum | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Lease term | 10 years | |||||||||||||||||
Airbus A321 Converted Freighter | ||||||||||||||||||
Other Commitments [Line Items] | ||||||||||||||||||
Number of aircraft leased | 1 | |||||||||||||||||
Lease term | 10 years | |||||||||||||||||
Lease term commenced | Jan. 23, 2023 | |||||||||||||||||
Lease expiration period | 2032-12 | |||||||||||||||||
Number of months fixed monthly rent to be paid | 120 months |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Leases | |||
Remainder of 2024 | $ 3,707,000 | ||
2025 | 5,122,000 | $ 1,042,413 | |
2026 | 5,122,000 | 1,042,413 | |
2027 | 5,013,000 | 1,042,413 | |
2028 | 4,384,000 | 932,797 | |
2029 and thereafter | 8,486,000 | ||
Total minimum lease payments | 31,834,000 | 5,265,532 | |
Less amount representing interest | 11,082,000 | 1,373,298 | |
Present value of minimum lease payments | 20,752,000 | 3,892,234 | |
Less current portion | 2,160,000 | 599,228 | $ 335,527 |
Long-term portion | 18,592,000 | 3,292,000 | |
Operating Leases | |||
Remainder of 2024 | 17,247,000 | ||
2025 | 22,365,000 | 22,836,536 | |
2026 | 20,694,000 | 19,644,557 | |
2027 | 18,776,000 | 17,933,734 | |
2028 | 14,072,000 | 16,016,344 | |
2029 and thereafter | 41,053,000 | ||
Total minimum lease payments | 134,207,000 | 114,606,553 | |
Less amount representing interest | 46,219,000 | 35,797,981 | |
Present value of minimum lease payments | 87,988,000 | 78,808,572 | |
Less current portion | 12,311,000 | 13,650,119 | 6,445,915 |
Long-term portion | $ 75,677,000 | $ 65,158,453 | $ 23,189,835 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Lease Costs Related to Finance and Operating Leases (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |||||
Finance lease cost | ||||||||
Amortization of leased assets | $ 330,000 | $ 114,000 | $ 529,533 | $ 130,037 | ||||
Interest of lease liabilities | 309,000 | 93,000 | 435,266 | 102,561 | ||||
Operating lease cost | ||||||||
Operating lease cost | 2,704,000 | [1] | 3,217,000 | [1] | 8,172,685 | [2] | 4,797,056 | [2] |
Total lease cost | $ 3,343,000 | $ 3,424,000 | $ 9,137,484 | $ 5,029,654 | ||||
[1] Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. (1) 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) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease term | ||||
Operating leases | 6 years 8 months 8 days | 6 years 1 month 20 days | 6 years 3 months 18 days | 4 years 6 months 7 days |
Finance leases | 6 years 7 months 6 days | 5 years 2 months 19 days | 5 years 11 months 12 days | 5 years 8 months 19 days |
Weighted-average discount rate | ||||
Operating leases | 13.41% | 13.03% | 11.63% | 10.53% |
Finance leases | 14.61% | 12.53% | 12.14% | 11.65% |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Cash and Non-cash Activities Associated with Leases (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 3,073,000 | $ 2,018,000 | $ 7,927,758 | $ 3,482,839 |
Financing cash flows from finance leases | $ 231,000 | $ 111,000 | $ 479,923 | $ 501,169 |
Share Capital and Additional _3
Share Capital and Additional Paid in Capital Authorized - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) OfferingPeriod | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Common stock shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Voting common shares outstanding | 41,162,429 | 40,420,350 | 32,668,320 | ||
Proceeds on issuance of shares | $ | $ 1,204,000 | $ 1,871,784 | $ 802,325 | ||
Purchase warrant excercised | 2,499,453 | 2,727,083 | 1,110,510 | ||
Stock options granted | 0 | 0 | 0 | 0 | |
Maximum number of Voting Shares issuable pursuant to share-based payment arrangements | 9,400,000 | 9,400,000 | |||
Share-based payments expense | $ | $ 343,000 | $ 501,000 | $ 2,465,039 | $ 1,386,533 | |
Common Stock | Purchase Warrants | |||||
Shares issued during period | 2,727,083 | 1,110,510 | |||
Proceeds on issuance of shares | $ | $ 1,358,113 | $ 534,632 | |||
Purchase warrant excercised | 2,727,083 | 1,110,510 | |||
Class A | |||||
Non-voting shares outstanding | 5,537,313 | 5,537,313 | 5,537,313 | ||
Class B | |||||
Non-voting shares outstanding | 12,968,208 | 12,968,208 | 15,234,849 | ||
Employee Stock Purchase Plan | |||||
Shares issued during period | 0 | 0 | 804,314 | 460,809 | |
Proceeds on issuance of shares | $ | $ 446,564 | $ 246,945 | |||
Number of offering periods | OfferingPeriod | 2 | ||||
Purchase price of common stock, percent | 85% | ||||
Percentage of employee's compensation for payroll deduction | 15% | 15% | |||
Equity-based compensation costs | $ | $ 0 | $ 0 | 80,141 | 43,579 | |
Accrued payroll contribution | $ | $ 235,000 | $ 162,000 | $ 56,846 | $ 38,940 | |
Employee Stock Purchase Plan | Maximum [Member] | |||||
Purchase price of common stock per offering | $ | $ 10,000 | ||||
Purchase price of common stock | $ | $ 25,000 | ||||
RSUs | |||||
Issuance of common stock | 814,142 | 400,542 | 1,741,152 | 651,336 | |
RSUs | Common Stock | |||||
Shares issued during period | 1,803,992 | 537,954 | |||
Issuance of common stock | 1,723,650 | 537,954 | |||
Stock Options | |||||
Share based compensation not yet recognized | $ | $ 3,500,000 | $ 3,300,000 | $ 3,188,418 | $ 2,308,928 | |
Share based compensation not yet recognized, weighted average period | 2 years 3 months | 2 years 1 month 13 days | 2 years 7 days | 1 year 10 months 24 days | |
Options expiry period | 10 years | 10 years | |||
Stock Options | Common Stock | |||||
Shares issued during period | 150,000 | 83,333 | |||
Proceeds on issuance of shares | $ | $ 68,182 | $ 20,833 |
Share Capital and Additional _4
Share Capital and Additional Paid in Capital Authorized - Summary of Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 21, 2023 | Aug. 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | ||||||
Number of Share Purchase Warrants Outstanding, Beginning balance | 22,518,894 | 19,633,911 | 19,633,911 | 17,631,350 | ||
Number of Share Purchase Warrants, Issued | 142,874 | 10,000,000 | 10,142,874 | 4,838,707 | ||
Number of Share Purchase Warrants, Exercised | (2,499,453) | (2,727,083) | (1,110,510) | |||
Number of Share Purchase Warrants, Expired | 4,838,707 | (4,530,808) | (1,725,636) | |||
Number of Share Purchase Warrants Outstanding, Ending balance | 17,680,187 | 17,134,458 | 22,518,894 | 19,633,911 | ||
Weighted Average Exercise Price Outstanding, Beginning balance | $ 1.35 | $ 1.18 | $ 1.18 | $ 1.05 | ||
Weighted Average Exercise Price, Issued | 1 | 1.24 | ||||
Weighted Average Exercise Price, Exercised | 0.43 | 0.48 | 0.48 | |||
Weighted Average Exercise Price, Expired | 1.24 | 0.99 | 0.48 | |||
Weighted Average Exercise Price Outstanding, Ending balance | $ 1 | $ 1 | $ 1.21 | $ 1.29 | $ 1.35 | $ 1.18 |
Share Capital and Additional _5
Share Capital and Additional Paid in Capital Authorized - Schedule of Share Purchase Warrants Outstanding and Exercisable (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Aug. 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 21, 2023 | Mar. 17, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 17,680,187 | 17,134,458 | 22,518,894 | 19,633,911 | 17,631,350 | |||
Exercise Price | $ 1 | $ 1.21 | $ 1.29 | $ 1.35 | $ 1.18 | $ 1 | $ 1.24 | $ 1.05 |
Remaining life (years) | 6 years 10 months 28 days | |||||||
Expiry Date | Jun. 30, 2030 | |||||||
Exercise Price One | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 7,537,313 | 4,649,238 | 4,838,707 | 4,882,838 | ||||
Exercise Price | $ 1.5 | $ 1 | $ 1.24 | $ 1 | ||||
Remaining life (years) | 2 years 3 months 29 days | 25 days | 2 months 26 days | 3 months 25 days | ||||
Expiry Date | Apr. 29, 2026 | Apr. 26, 2023 | Mar. 28, 2024 | Apr. 26, 2023 | ||||
Exercise Price Two | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 10,142,874 | 109,200 | 7,537,313 | 192,500 | ||||
Exercise Price | $ 1 | $ 0.62 | $ 1.5 | $ 0.62 | ||||
Remaining life (years) | 6 years 6 months | 25 days | 2 years 3 months 29 days | 3 months 25 days | ||||
Expiry Date | Jun. 30, 2030 | Apr. 26, 2023 | Apr. 29, 2026 | Apr. 26, 2023 | ||||
Exercise Price Three | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 4,838,707 | 10,142,874 | 2,182,553 | |||||
Exercise Price | $ 1.24 | $ 1 | $ 0.39 | |||||
Remaining life (years) | 11 months 26 days | 6 years 6 months | 4 months 2 days | |||||
Expiry Date | Mar. 28, 2024 | Jun. 30, 2030 | Apr. 26, 2023 | |||||
Exercise Price Four | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 7,537,313 | 4,838,707 | ||||||
Exercise Price | $ 1.5 | $ 1.24 | ||||||
Remaining life (years) | 3 years 29 days | 1 year 2 months 26 days | ||||||
Expiry Date | Apr. 29, 2026 | Mar. 28, 2024 | ||||||
Exercise Price Five | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Outstanding | 7,537,313 | |||||||
Exercise Price | $ 1.5 | |||||||
Remaining life (years) | 3 years 3 months 29 days | |||||||
Expiry Date | 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 | 12 Months Ended | ||
Mar. 31, 2024 $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Number of stock options outstanding, Beginning balance | shares | 470,668 | 820,668 | 820,668 | |
Number of stock options, Granted | shares | 0 | 0 | 0 | 0 |
Number of stock options, Exercised | shares | (150,000) | |||
Number of stock options, Forfeited | shares | (157,334) | (200,000) | ||
Number of stock options outstanding, Ending balance | shares | 313,334 | 470,668 | 470,668 | 820,668 |
Weighted average exercise price outstanding, Beginning balance | $ 0.25 | $ 0.25 | $ 0.25 | |
Weighted average exercise price, Exercised | 0.48 | |||
Weighted average exercise price, Forfeited | 0.37 | 0.25 | ||
Weighted average exercise price outstanding, Ending balance | 0.25 | 0.25 | 0.25 | $ 0.25 |
Weighted average grant date fair value outstanding, Beginning balance | 0.54 | $ 0.34 | 0.34 | |
Weighted average grant date fair value, Exercised | $ | 0.16 | |||
Weighted average grant date fair value, Forfeited | 0.24 | $ 0.57 | ||
Weighted average grant date fair value outstanding, Ending balance | $ 0.01 | $ 0.54 | $ 0.54 | $ 0.34 |
Previously Reported | ||||
Number of stock options outstanding, Beginning balance | shares | 470,668 | 820,668 | 820,668 | 920,668 |
Number of stock options, Exercised | shares | (150,000) | (83,333) | ||
Number of stock options, Forfeited | shares | (200,000) | (16,667) | ||
Number of stock options outstanding, Ending balance | shares | 470,668 | 820,668 | ||
Weighted average exercise price outstanding, Beginning balance | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 |
Weighted average exercise price, Exercised | 0.48 | 0.25 | ||
Weighted average exercise price, Forfeited | 0.25 | 0.25 | ||
Weighted average exercise price outstanding, Ending balance | 0.25 | 0.25 | ||
Weighted average grant date fair value outstanding, Beginning balance | $ 0.54 | $ 0.48 | $ 0.48 | $ 0.49 |
Weighted average grant date fair value, Exercised | $ | 0.16 | 0.57 | ||
Weighted average grant date fair value, Forfeited | $ 0.57 | $ 0.57 | ||
Weighted average grant date fair value outstanding, Ending balance | $ 0.54 | $ 0.48 |
Share Capital and Additional _7
Share Capital and Additional Paid in Capital Authorized - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 313,334 | 470,668 | 470,668 | 820,668 |
Stock options, Exercisable | 313,334 | 470,668 | 470,668 | 820,668 |
Exercise Price One | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 313,334 | 420,668 | 420,668 | 150,000 |
Stock options, Exercisable | 313,334 | 420,668 | 420,668 | 150,000 |
Stock options outstanding, Exercise Price | $ 0.25 | $ 0.25 | ||
Stock options exercisable, Exercise Price | $ 0.25 | $ 0.47 | ||
Stock options outstanding, Remaining life (years) | 1 year 2 months 23 days | 2 years 2 months 23 days | ||
Stock options exercisable, Remaining life (years) | 1 year 5 months 23 days | 5 months 26 days | ||
Expiry Date | Jun. 23, 2025 | Jun. 23, 2025 | Jun. 23, 2025 | Jun. 29, 2023 |
Exercise Price Two | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 50,000 | 50,000 | 100,000 | |
Stock options, Exercisable | 50,000 | 50,000 | 100,000 | |
Stock options outstanding, Exercise Price | $ 0.62 | |||
Stock options exercisable, Exercise Price | $ 0.62 | $ 0.25 | ||
Stock options outstanding, Remaining life (years) | 2 years 5 months 23 days | |||
Stock options exercisable, Remaining life (years) | 1 year 8 months 23 days | 7 months 2 days | ||
Expiry Date | Sep. 23, 2025 | Sep. 23, 2025 | Mar. 08, 2023 | |
Exercise Price Three | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options, Outstanding | 100,000 | |||
Stock options, Exercisable | 100,000 | |||
Stock options exercisable, Exercise Price | $ 0.25 | |||
Stock options exercisable, Remaining life (years) | 1 month 9 days | |||
Expiry Date | Feb. 09, 2023 | |||
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 exercisable, Exercise Price | $ 0.25 | |||
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 exercisable, Exercise Price | $ 0.62 | |||
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of RSUs Outstanding, Beginning balance | 5,056,268 | 3,305,837 | 3,305,837 | 2,067,500 |
Number of RSUs, Granted | 2,573,333 | 1,687,777 | 4,351,944 | 2,731,180 |
Number of RSU, Vested | (814,142) | (400,542) | (1,741,152) | (651,336) |
Number of RSUs, Forfeited | (850,437) | (129,315) | (860,361) | (841,507) |
Number of RSUs Outstanding, Ending balance | 5,965,022 | 4,463,757 | 5,056,268 | 3,305,837 |
Weighted average grant date fair value per RSU Outstanding, Beginning balance | $ 0.98 | $ 1.14 | $ 1.14 | $ 1.16 |
Weighted average grant date fair value per RSU, Granted | 0.52 | 0.97 | 0.91 | 0.8 |
Weighted average grant date fair value per RSU, Issuance of common stock | 1.01 | 1.04 | 0.87 | 0.88 |
Weighted average grant date fair value per RSU, Forfeited | 1.11 | 0.96 | 0.88 | 1.24 |
Weighted average grant date fair value per RSU Outstanding, Ending balance | $ 0.76 | $ 1.1 | $ 0.98 | $ 1.14 |
Loss Per Share - Schedule of Co
Loss Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||||
Net income (loss) | $ (6,379,000) | $ (6,072,000) | $ (21,010,541) | $ (15,820,997) |
Denominator: | ||||
Weighted average common shares outstanding - Basic | 59,234,601 | 54,490,925 | 56,763,879 | 52,074,647 |
Dilutive effect of stock options, RSUs and warrants | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - Diluted | 59,234,601 | 54,490,925 | 56,763,879 | 52,074,647 |
Basic loss per share | $ (0.11) | $ (0.11) | $ (0.37) | $ (0.3) |
Diluted loss per share | $ (0.11) | $ (0.11) | $ (0.37) | $ (0.3) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculation of diluted EPS | 17,680,187 | 17,134,458 | 22,518,894 | 19,633,911 |
Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculation of diluted EPS | 313,334 | 470,668 | 470,668 | 820,668 |
RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculation of diluted EPS | 5,965,022 | 4,463,757 | 5,056,270 | 3,293,337 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 12 Months Ended | |||||||||||
Mar. 17, 2022 | Dec. 31, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 21, 2023 | Aug. 17, 2023 | Aug. 14, 2023 | Aug. 02, 2023 | Jul. 03, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 28, 2021 | |
Senior Secure Notes Due 2029 | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Principal amount | $ 35,000,000 | $ 35,500,000 | ||||||||||
Subscription Agreement | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Proceeds from issuance of securities | $ 6,000,000 | |||||||||||
Canada Jetlines Operations Ltd. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percentage of shares transferred | 75% | |||||||||||
Percentage of shares retained | 25% | |||||||||||
Equity method investment ownership percentage | 7% | 10% | 13% | 13% | ||||||||
Other Liabilities | $ 400,000 | $ 113,012 | $ 0 | $ 0 | ||||||||
GlobalX Ground Team, LLC | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity method investment ownership percentage | 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] | ||||||||||||
Advance payments to affiliate | $ 250,000 | |||||||||||
GlobalX | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Other Liabilities | 0 | 30,625 | 100,000 | 33,246 | ||||||||
Smartlynx Airlines Malta Limited | Other Assets | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Advanced payments | 250,000 | 250,000 | ||||||||||
Flights flown by global | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Other Liabilities | 0 | 180,838 | 0 | 0 | ||||||||
Flights flown by global | Canada Jetlines Operations Ltd. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Other Liabilities | $ 1,200,000 | 862,552 | $ 0 | |||||||||
S Revista, S Communications and LM & Associates | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Other Liabilities | $ 78,450 | $ 0 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Salaries, wages and benefits | $ 3,111,000 | $ 2,899,068 | $ 1,796,443 |
Passenger Taxes | 4,651,000 | 2,316,881 | 1,647,319 |
Aircraft fuel | 1,500,000 | 1,434,563 | 1,595,324 |
Contracted ground and aviation services | 1,603,000 | 2,199,770 | 1,154,409 |
Maintenance | 451,000 | 1,081,416 | 1,115,293 |
Aircraft Rent | 2,683,000 | 3,383,587 | 986,762 |
Other | 3,649,000 | 4,149,000 | 1,163,079 |
Accrued liabilities | $ 17,648,000 | 17,465,320 | $ 9,458,629 |
Previously Reported | |||
Other | $ 4,150,035 |
Revenue Contract Liability - Su
Revenue Contract Liability - Summary of Significant Changes in Deferred Revenue Liability Balances (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |||
Beginning balance | $ 9,895,583 | $ 3,200,664 | $ 1,995,090 |
Revenue Recognized | (12,003,000) | (3,200,664) | (1,995,090) |
Amounts Collected or invoiced | 5,921,000 | 9,895,583 | 3,200,664 |
Ending Balance | $ 3,814,000 | $ 9,895,583 | $ 3,200,664 |
Revenue Contract Liability - Ad
Revenue Contract Liability - Additional Information (Details) - Revenue [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Customer One [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 26% | 0% |
Customer Two [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk percentage | 14% | 8% |
Supplemental Disclosures With R
Supplemental Disclosures With Respect To Cash Flows - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Right-of-use (ROU) assets acquired through operating leases | $ 12,252,000 | $ 16,209,000 | $ 57,100,580 | $ 10,081,357 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Feb. 19, 2024 | Feb. 18, 2024 | Jan. 27, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||||||
Shares outstanding | 59,667,950 | 58,925,871 | 53,440,482 | ||||
Loan | $ 5,000,000 | $ 2,500,000 | $ 2,500,000 | ||||
Term of facility | 6 months | ||||||
Interest rate of loan | 20% | ||||||
Proceeds on issuance of shares | $ 1,204,000 | $ 1,871,784 | $ 802,325 | ||||
Purchase warrant excercised | 2,499,453 | 2,727,083 | 1,110,510 | ||||
RSUs | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock | 814,142 | 400,542 | 1,741,152 | 651,336 | |||
Tranche One | |||||||
Subsequent Event [Line Items] | |||||||
Loan | $ 2,500,000 | ||||||
Common Stock | RSUs | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued during period | 1,803,992 | 537,954 | |||||
Issuance of common stock | 1,723,650 | 537,954 | |||||
Common Stock | Stock Options | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued during period | 150,000 | 83,333 | |||||
Proceeds on issuance of shares | $ 68,182 | $ 20,833 | |||||
Purchase Warrants | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued during period | 2,727,083 | 1,110,510 | |||||
Proceeds on issuance of shares | $ 1,358,113 | $ 534,632 | |||||
Purchase warrant excercised | 2,727,083 | 1,110,510 | |||||
Subsequent Event | Globalx Technologies Inc | |||||||
Subsequent Event [Line Items] | |||||||
Shares outstanding | 1,110 | 1,000 | |||||
Additional shares issued | 110 | ||||||
Percentage of ownership interest in subsidiary by parent | 72% | 80% |