RELATED PARTIES |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTIES | RELATED PARTIES Liotta Family Office, LLC Liotta Family Office, LLC (“LFO”) is owned 20% by the Company’s Chief Executive Officer (“CEO”), 60% owned by the father of the Company’s Chief Executive Officer, and 20% by the brother of the CEO. LFO currently owns 74,372 Shares of the Company’s issued and outstanding common stock which represents 1.6% of the Company’s issued and outstanding Common Stock as of June 30, 2025. During the year ended December 31, 2023, LFO entered into an unsecured promissory note for a total amount of $1.0 million (Note 9). The Company incurred approximately $23 thousand of interest during the six months ended June 30, 2024. In April 2024, the promissory note and interest was paid in full. Plane Co’s The Company facilitated the formation of limited liability companies (“Plane Co’s”), which are then funded by third party members prior to the sale and delivery of an aircraft purchased from Honda Aircraft that entered into the Company’s fractional program. In October 2024, as part of the agreement with flyExclusive, Volato sold all of its interest in the Plane Co’s to flyExclusive. The aggregate amount of revenue included in loss from discontinued operations generated from Plane Co’s totaled zero and $1.1 million for the three months ended June 30, 2025 and 2024, respectively. The aggregate amount of revenue included in loss from discontinued operations generated from Plane Co’s totaled zero and $2.3 million for the six months ended June 30, 2025 and 2024, respectively. Expenses charged to the Company by Plane Co’s and included in loss from discontinued operations, totaled zero and $1.0 million for the three months ended June 30, 2025 and 2024, respectively. Expenses charged to the Company by Plane Co’s and included in loss from discontinued operations, totaled zero and $2.2 million for the six months ended June 30, 2025 and 2024, respectively. Balance due to Plane Co’s amounted to zero and $4 thousand as of June 30, 2025 and December 31, 2024, respectively.
|