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| | | | F-1 | | |
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For the Years Ended September 30,
|
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| | |
2021
|
| |
2020
|
| |
2019
|
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Seats flown – all flights
|
| | |
|
27,665
|
| | | |
|
17,346
|
| | | |
|
32,845
|
| |
| | |
For the Years Ended September 30,
|
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| | |
2021
|
| |
2020
|
| |
2019
|
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| | | | | | | | |
% of Revenue
|
| | | | | | | |
% of Revenue
|
| | | | | | | |
% of Revenue
|
| |||||||||
| | |
($ in thousands, except for share and per share amounts)
|
| |||||||||||||||||||||||||||||||||
Revenue
|
| | | $ | 50,526 | | | | | | 100% | | | | | $ | 23,434 | | | | | | 100% | | | | | $ | 31,196 | | | | | | 100% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 39,721 | | | | | | 79% | | | | | | 21,107 | | | | | | 90% | | | | | | 26,497 | | | | | | 85% | | |
Software development
|
| | | | 1,514 | | | | | | 3% | | | | | | 861 | | | | | | 4% | | | | | | 751 | | | | | | 2% | | |
General and administrative
|
| | | | 29,922 | | | | | | 59% | | | | | | 9,292 | | | | | | 40% | | | | | | 10,476 | | | | | | 34% | | |
Selling and marketing
|
| | | | 3,462 | | | | | | 7% | | | | | | 2,533 | | | | | | 11% | | | | | | 5,013 | | | | | | 16% | | |
Total operating expenses
|
| | | | 74,619 | | | | | | 148% | | | | | | 33,793 | | | | | | 144% | | | | | | 42,737 | | | | | | 137% | | |
Loss from operations
|
| | | | (24,093) | | | | | | | | | | | | (10,359) | | | | | | | | | | | | (11,541) | | | | | | | | |
Other non-operating (expense) income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | (18,331) | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Recapitalization costs attributable to warrant liabilities
|
| | | | (1,731) | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Interest income, net
|
| | | | 460 | | | | | | | | | | | | 199 | | | | | | | | | | | | 703 | | | | | | | | |
Total other non-operating (expense) income
|
| | | | (19,602) | | | | | | | | | | | | 199 | | | | | | | | | | | | 703 | | | | | | | | |
Loss before income taxes
|
| | | | (43,695) | | | | | | | | | | | | (10,160) | | | | | | | | | | | | (10,838) | | | | | | | | |
Income tax benefit
|
| | | | (3,643) | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Net loss
|
| | | $ | (40,052) | | | | | | | | | | | $ | (10,160) | | | | | | | | | | | $ | (10,838) | | | | | | | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 42,883,615 | | | | | | | | | | | | 25,210,559 | | | | | | | | | | | | 25,135,632 | | | | | | | | |
Net loss per share, basic and diluted
|
| | | $ | (0.93) | | | | | | | | | | | $ | (0.40) | | | | | | | | | | | $ | (0.43) | | | | | | | | |
| | |
For the Years Ended September 30,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | |||
Product Line(1): | | | | | | | | | | | | | | | | | | | |
Short Distance
|
| | | $ | 22,253 | | | | | $ | 9,466 | | | | | $ | 26,040 | | |
MediMobility Organ Transport and Jet
|
| | | | 26,346 | | | | | | 13,476 | | | | | | 5,071 | | |
Other
|
| | | | 1,927 | | | | | | 492 | | | | | | 85 | | |
Total Revenue
|
| | | $ | 50,526 | | | | | $ | 23,434 | | | | | $ | 31,196 | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||
| | |
September 30,
2021 |
| |
June 30,
2021 |
| |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Product Line: | | | | | | | | | | | | | | | | | | | | | | | | | |
Short Distance
|
| | | $ | 13,353 | | | | | $ | 5,721 | | | | | $ | 1,049 | | | | | $ | 2,130 | | |
MediMobility Organ Transport and Jet
|
| | | | 6,593 | | | | | | 6,500 | | | | | | 7,729 | | | | | | 5,524 | | |
Other
|
| | | | 370 | | | | | | 730 | | | | | | 495 | | | | | | 332 | | |
Total Revenue
|
| | | $ | 20,316 | | | | | $ | 12,951 | | | | | $ | 9,273 | | | | | $ | 7,986 | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||
| | |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Product Line: | | | | | | | | | | | | | | | | | | | | | | | | | |
Short Distance
|
| | | $ | 3,699 | | | | | $ | 629 | | | | | $ | 1,787 | | | | | $ | 3,351 | | |
MediMobility Organ Transport and Jet
|
| | | | 4,387 | | | | | | 2,636 | | | | | | 4,588 | | | | | | 1,865 | | |
Other
|
| | | | 233 | | | | | | 173 | | | | | | 79 | | | | | | 7 | | |
Total Revenue
|
| | | $ | 8,319 | | | | | $ | 3,438 | | | | | $ | 6,454 | | | | | $ | 5,223 | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||
| | |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Product Line: | | | | | | | | | | | | | | | | | | | | | | | | | |
Short Distance
|
| | | $ | 14,916 | | | | | $ | 6,610 | | | | | $ | 1,785 | | | | | $ | 2,729 | | |
MediMobility Organ Transport and Jet
|
| | | | 895 | | | | | | 848 | | | | | | 2,209 | | | | | | 1,119 | | |
Other
|
| | | | 10 | | | | | | 48 | | | | | | 14 | | | | | | 13 | | |
Total Revenue
|
| | | $ | 15,821 | | | | | $ | 7,506 | | | | | $ | 4,008 | | | | | $ | 3,861 | | |
| | |
For the Years Ended September 30,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net cash used in operating activities
|
| | | $ | (15,615) | | | | | $ | (10,818) | | | | | $ | (10,302) | | |
Net cash used in investing activities
|
| | | | (321,338) | | | | | | (377) | | | | | | (1,054) | | |
Net cash provided by financing activities
|
| | | | 332,259 | | | | | | 1,180 | | | | | | 116 | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | $ | (4,694) | | | | | $ | (10,015) | | | | | $ | (11,240) | | |
Name
|
| |
Age
|
| |
Title
|
|
Robert S. Wiesenthal | | |
55
|
| | Chief Executive Officer and Director | |
Melissa M. Tomkiel | | |
41
|
| | President and General Counsel | |
William A. Heyburn | | |
33
|
| | Chief Financial Officer and Head of Corporate Development | |
Brandon Keene | | |
36
|
| | Chief Technology Officer | |
Amir M. Cohen | | |
45
|
| | Chief Accounting Officer | |
Eric Affeldt | | |
64
|
| | Chairman of the Board | |
Jane Garvey | | |
77
|
| | Director | |
Kenneth Lerer | | |
69
|
| | Director | |
Reginald Love | | |
39
|
| | Director | |
Susan Lyne | | |
71
|
| | Director | |
Edward Philip | | |
56
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Stock
Awards(1) |
| |
Option
Awards |
| |
All Other
Compensation(2) |
| |
Total
Compensation |
| ||||||||||||||||||
Robert S. Wiesenthal
Chief Executive Officer |
| | | | 2021 | | | | | $ | 390,683 | | | | | $ | 2,739,047 | | | | | $ | — | | | | | $ | 41,584 | | | | | $ | 3,171,314 | | |
| | | 2020 | | | | | $ | 350,000 | | | | | $ | — | | | | | $ | 202,021 | | | | | $ | 3,137 | | | | | $ | 555,158 | | | ||
Melissa M. Tomkiel
President and General Counsel |
| | | | 2021 | | | | | $ | 312,500 | | | | | $ | 3,334,938 | | | | | $ | — | | | | | $ | 140 | | | | | $ | 3,647,578 | | |
| | | 2020 | | | | | $ | 275,000 | | | | | $ | — | | | | | $ | 86,107 | | | | | $ | — | | | | | $ | 361,107 | | | ||
William A. Heyburn
Chief Financial Officer and Head of Corporate Development |
| | | | 2021 | | | | | $ | 243,811 | | | | | $ | 3,053,805 | | | | | $ | — | | | | | $ | 1,038 | | | | | $ | 3,298,654 | | |
| | | 2020 | | | | | $ | 200,000 | | | | | $ | — | | | | | $ | 57,756 | | | | | $ | 60 | | | | | $ | 257,816 | | |
Name and Principal Position
|
| |
2020 Salary
|
| |
2021 Salary
|
| ||||||
Robert S. Wiesenthal
|
| | | $ | 350,000 | | | | | $ | 500,000 | | |
Chief Executive Officer
|
| | | | | | | | | | | | |
Melissa M. Tomkiel
|
| | | $ | 275,000 | | | | | $ | 425,000 | | |
President and General Counsel
|
| | | | | | | | | | | | |
William A. Heyburn
|
| | | $ | 200,000 | | | | | $ | 375,000 | | |
Chief Financial Officer and Head of Corporate Development
|
| | | | | | | | | | | | |
| | |
Option Awards(1)
|
| |
Stock Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (# Exercisable) |
| |
Option Exercise
Price ($) |
| |
Option
Expiration Date |
| |
Number of
Unearned Shares, Units or Rights That Have Not Vested (#) |
| |
Market Value
of Unearned Shares, Units or Rights That Have Not Vested ($)(4) |
| |||||||||||||||
Robert S. Wiesenthal
|
| | 8/13/2021(2) | | | | | | | | | | | | | | | | | | | | | | | 295,871 | | | | | | 3,077,058 | | |
| | | 12/14/2020(3) | | | | | | | | | | | | | | | | | | | | | | | 64,428 | | | | | | 670,051 | | |
| | | 11/16/2018 | | | | | 2,428,700 | | | | | | 0.18 | | | | | | 11/16/2028 | | | | | | | | | | | | | | |
| | | 9/1/2015 | | | | | 282,470 | | | | | | 0.18 | | | | | | 9/1/2025 | | | | | | | | | | | | | | |
| | | 4/10/2015 | | | | | 2,475,225 | | | | | | 0.18 | | | | | | 4/10/2025 | | | | | | | | | | | | | | |
Melissa M. Tomkiel
|
| | 8/13/2021(2) | | | | | | | | | | | | | | | | | | | | | | | 157,583 | | | | | | 1,638,863 | | |
| | | 12/14/2020(3) | | | | | | | | | | | | | | | | | | | | | | | 221,925 | | | | | | 2,308,020 | | |
| | | 7/28/2020 | | | | | 617,962 | | | | | | 0.18 | | | | | | 7/28/2030 | | | | | | | | | | | | | | |
| | | 7/11/2019 | | | | | 40,040 | | | | | | 0.18 | | | | | | 7/11/2029 | | | | | | | | | | | | | | |
| | | 11/16/2018 | | | | | 116,481 | | | | | | 0.18 | | | | | | 11/16/2028 | | | | | | | | | | | | | | |
| | | 6/27/2017 | | | | | 186,361 | | | | | | 0.18 | | | | | | 6/27/2027 | | | | | | | | | | | | | | |
| | | 4/10/2015 | | | | | 285,837 | | | | | | 0.18 | | | | | | 4/10/2025 | | | | | | | | | | | | | | |
William A. Heyburn
|
| | 8/13/2021(2) | | | | | | | | | | | | | | | | | | | | | | | 122,851 | | | | | | 1,277,650 | | |
| | | 12/14/2020(3) | | | | | | | | | | | | | | | | | | | | | | | 218,402 | | | | | | 2,271,381 | | |
| | | 7/28/2020 | | | | | 441,397 | | | | | | 0.18 | | | | | | 7/28/2030 | | | | | | | | | | | | | | |
| | | 7/11/2019 | | | | | 182,002 | | | | | | 0.18 | | | | | | 7/11/2029 | | | | | | | | | | | | | | |
| | | 11/16/2018 | | | | | 13,688 | | | | | | 0.18 | | | | | | 11/16/2028 | | | | | | | | | | | | | | |
Name
|
| |
Fees Paid in
Cash |
| |
Stock Awards(1)
|
| |
All Other
Compensation(2) |
| |
Total
|
| ||||||||||||
Eric Affeldt
|
| | | $ | 25,000(5)(6) | | | | | $ | 323,708(7) | | | | | $ | — | | | | | $ | 348,708 | | |
Jane Garvey
|
| | | $ | — | | | | | $ | 393,070(8) | | | | | $ | — | | | | | $ | 393,070 | | |
Kenneth Lerer
|
| | | $ | 12,500(9) | | | | | $ | 833,308(10) | | | | | $ | 16,631 | | | | | $ | 862,439 | | |
Susan Lyne
|
| | | $ | 6,250(11) | | | | | $ | 369,954(12) | | | | | $ | — | | | | | $ | 376,204 | | |
Edward Philip
|
| | | $ | — | | | | | $ | 393,070(13) | | | | | $ | — | | | | | $ | 393,070 | | |
David Zaslav(3)
|
| | | $ | 12,500(14) | | | | | $ | 323,708(15) | | | | | $ | 2,895 | | | | | $ | 339,103 | | |
Reginald Love(4)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Name and Principal Position
|
| |
Salary
|
| |
RSUs (#)
|
| ||||||
Robert S. Wiesenthal
|
| | | $ | 600,000 | | | | | | 268,728 | | |
Chief Executive Officer
|
| | | | | | | | | | | | |
Melissa M. Tomkiel
|
| | | $ | 500,000 | | | | | | 134,364 | | |
President and General Counsel
|
| | | | | | | | | | | | |
William A. Heyburn
|
| | | $ | 450,000 | | | | | | 106,371 | | |
Chief Financial Officer and Head of Corporate Development
|
| | | | | | | | | | | | |
Name of Beneficial Owners(1)
|
| |
Number of Shares of
Class A Common Stock Beneficially Owned(2) |
| |
Percentage of
Outstanding Class A Common Stock |
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
Steele ExpCo Holdings, LLC(3)
|
| | | | 12,423,000 | | | | | | 16.5% | | |
Robert S. Wiesenthal(4)
|
| | | | 10,072,014 | | | | | | 13.3% | | |
HG Vora Capital Management, LLC(5)
|
| | | | 7,876,453 | | | | | | 11.1% | | |
Ark Investment Management, LLC(6)
|
| | | | 7,021,803 | | | | | | 9.9% | | |
Colony Capital, Inc.(7)
|
| | | | 5,153,835 | | | | | | 7.3% | | |
Executive Officers and Directors: | | | | | | | | | | | | | |
Eric Affeldt(8)
|
| | | | 974,897 | | | | | | 1.4% | | |
Jane Garvey(9)
|
| | | | 16,883 | | | | | | *% | | |
Kenneth Lerer(10).
|
| | | | 1,244,996 | | | | | | 1.8% | | |
Susan Lyne(11)
|
| | | | 14,471 | | | | | | *% | | |
Reginald Love(12)
|
| | | | 3,482 | | | | | | *% | | |
Edward Philip(13)
|
| | | | 66,883 | | | | | | *% | | |
Robert S. Wiesenthal(4)
|
| | | | 10,072,011 | | | | | | 13.3% | | |
William A. Heyburn(14)
|
| | | | 810,169 | | | | | | 1.1% | | |
Melissa M. Tomkiel(15)
|
| | | | 1,368,596 | | | | | | 1.9% | | |
All directors and executive officers as a group
(11 individuals)(16) |
| | | | 15,086,647 | | | | | | 19.2% | | |
| | |
Securities Beneficially
Owned Prior to this Offering |
| |
Securities to be Sold in
this Offering(1) |
| |
Securities Beneficially Owned After this Offering
|
| |||||||||||||||||||||||||||||||||||||||
Selling Securityholder
|
| |
Shares of
Class A Common |