Recent Operational Highlights Announced strategic shift into AI data center investment and signed a letter of intent for a 50-megawatt data center project on a proposed gigawatt campusEntered into a definitive agreement with flyExclusive to divest the Company’s jet card and fractional aviation business in a spin-merge transaction expected to close in the second quarter of 2025Launched "Ava”, an agentic AI model for private jet booking at +1-888-492-4538Commenced pre-sales for fractional ownership interests in its upcoming Cessna Citation CJ4 Gen2 aircraftRegained compliance with Nasdaq stockholders’ equity requirement and minimum bid price requirementAnnounced a fleet purchase agreement with Textron Aviation Inc.for the purchase of three Cessna Citation CJ4 Gen 2 aircraftAuthorized a $2 million share repurchase program and withdrawal of the Company’s registration statement on Form S-1 (SEC File No.333-281911) for a prospective offering that the Company was previously pursuingCompleted reverse stock split at a ratio of 1-for-225Announced new features and advancements to CharterGPT and Reroute AI Management Commentary Founder and Executive Chairman Mike Winston said, "2024 - and the first stretch of 2025 - was about laying the foundation for something new.
CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $5,872,627 $2,100,543 Accounts receivable 132,230 96,539 Other current assets 357,751 190,071 Prepaid offering costs - 800,000 Total current assets 6,362,608 3,187,153 Property and equipment, net 5,055 7,604 Intangible assets, net 86,745 73,831 Right-of-use lease asset 1,048,354 1,572,489 Investment in joint venture 100,000 100,000 Deposit on aircraft 2,400,000 - Deposits and other assets 794,561 798,111 Total assets $10,797,323 $5,739,188 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable $280,450 $1,656,965 Accrued liabilities 1,663,338 2,417,115 Deferred revenue 1,319,746 1,779,794 Operating lease liability 525,547 510,034 Note payable, net - 321,843 Notes payable - related party, net - 266,146 Total current liabilities 3,789,081 6,951,897 Lease liability, net of current portion 495,782 1,021,330 Redeemable preferred stock - 1,702,000 Total liabilities 4,284,863 9,675,227 Commitments and contingencies (Notes 2, 5, and 11) - - Stockholders’ Equity (Deficit) Preferred Stock, 4,000,000 shares authorized, par value $0.0001, 0 issued and outstanding - - Series B Convertible Preferred Stock, 5,000 shares authorized,par value $0.0001,150 and 0 issued and outstanding - - Common stock, 200,000,000 shares authorized, par value $0.0001,1,629,861 and 43,353 issued and outstanding 162 4 Subscription receivable (6,724) (6,724)Additional paid-in capital 59,065,100 35,343,069 Accumulated deficit (52,546,078) (39,272,388)Total stockholders’ equity (deficit) 6,512,460 (3,936,039)Total liabilities and stockholders’ equity (deficit) $10,797,323 $5,739,188 JET.AI, INC.
Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other relevant materials in connection with the proposed transaction without charge, once available, at the SEC’s website at by directing a request to: Jet.AI Inc., 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: John Yi, email: Jet.AI@gateway-grp.com or Telephone: (949) 574-3860.
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