Thu, Aug 15, 8:08 PM (152 days ago)
Jet.AI Inc. filed Amendment No. 2 to its Form 10-K for the fiscal year ending December 31, 2023. The amendment primarily updates the report of independent auditors due to the suspension of the previous auditor, BF Borgers CPA PC, and includes a re-audit by Hacker Johnson & Smith PA for the 2022 financial statements. For FY 2023, Jet.AI reported revenues of $12,215, down from $21,863 in 2022, with a net loss of $12,616 (EPS of -$2.00) compared to a loss of $7,738 in the prior year. Operating expenses rose to $12,332, primarily driven by increased general and administrative costs. The company’s total assets increased to $5,739, while liabilities surged to $9,675, leading to a stockholders' deficit of $3,936. Jet.AI’s financial condition raises concerns about its ability to continue as a going concern, necessitating future capital raises to support operations. The company is also exposed to risks related to the aviation industry and economic conditions. Despite these challenges, management plans to fund operations through various financing arrangements. The amendment does not alter prior financial statements or operational strategies significantly.