Form 8-K - Current report

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 13, 2024

 

Jet.AI Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware		001-40725		93-2971741
(State or other jurisdiction		(Commission		(I.R.S. Employer
of incorporation or organization)		File Number)		Identification No.)

 

10845 Griffith Peak Dr.

Suite 200

Las Vegas, NV 89135

(Address of principal executive offices)

 

(Registrant’s telephone number, including area code) [phone]

 

None

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 250.13e-4 (c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:		Trading Symbol		Name of each exchange on which registered:
Common Stock, par value $0.0001 per share		JTAI		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 14, 2024, Jet.AI Inc. (the “Company”) issued a press release announcing results for its third quarter ended September 30, 2024, and other recent operational highlights. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 8.01 Other Events.

 

On November 13, 2024, the Company issued a press release that its Board of Directors authorized and approved a share repurchase program (the “Share Repurchase Program”). A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

 

Under the program the Company may repurchase up to $2 million in value of the Company’s outstanding shares of common stock from time to time through December 31, 2025. The Company may buy back its common stock from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, and federal and state laws governing such transactions, through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, purchases through 10b-18 trading plans, or by any combination of such methods. The repurchase program does not oblige the Company to acquire any specific number of shares and may be modified, discontinued, or suspended at any time.

 

The information in Items 2.02 and 8.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Forward-Looking Statements

 

This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Company and the Share Repurchase Program. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023, as updated by the Company’s subsequent reports and filings with the Securities and Exchange Commission. All information in this Current Report on Form 8-K is as of the date of the filing hereof, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release regarding earnings results, dated November 14, 2024
99.2		Press Release regarding Share Repurchase Program, dated November 13, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	JET.AI INC.
	By:	/s/ George Murnane
		George Murnane
		Interim Chief Financial Officer
November 19, 2024

 

 

 

Exhibit 99.1

 

 

Jet.AI Reports Third Quarter 2024 Financial Results

 

LAS VEGAS, November 14, 2024 (GLOBE NEWSWIRE) — Jet.AI (the “Company”) (Nasdaq: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced financial results for the third quarter ended September 30, 2024.

 

Third Quarter 2024 and Recent Operational Highlights

 

	●	Authorized $2 million share repurchase program and withdrawal of S-1 registration statement
	●	Announced reverse stock split
	●	Participated in Corporate Jet Investor Miami 2024
	●	Announced new features and advancements to CharterGPT and Reroute AI
	●	Participated in the 2024 NBAA Business Aviation Convention & Exhibition
	●	Opened new JetLeg.AI app to Beta Testers
	●	Announced updates around proprietary software solutions
	●	Entered into warrant amendments after successful warrant exchange offer and consent solicitation
	●	Launched DynoFlight 2.0 platform, an advanced AI web-based solution for aviation carbon management
	●	Completed exchange offer and consent solicitation relating to its outstanding warrants

 

Management Commentary

 

Jet.AI Chairman and CEO Mike Winston commented, “We’re seeing strength across our business, with improvements in our key financial metrics both year-over-year and quarter-over-quarter. To make our earnings more predictable, we entered an agreement with Textron Aviation to purchase three Cessna Citation CJ4 jets, which will be delivered in stages—one each in the first, second, and fourth quarters of 2026. This order complements a proposed fleet deal with Bombardier for Challenger 3500 jets, which would be expected a year later in the first, second and third quarters of 2027, respectively. Our plan is to pre-sell shares in fleet aircraft to customers before delivery, maintaining a ‘capital-light’ model in private aviation by reducing upfront costs.”

 

“We’ve authorized a share buyback, completed a reverse split and pulled a Form S-1 due to its heavy warrant structure. On a related note, we also filed an S-3 as a continuation of our previously disclosed transaction with Ionic Ventures LLC. The Company now expects to regain compliance with NASDAQ’s listing standards by the November 26th deadline.”

 

Winston also spoke about advancing CharterGPT, the company’s AI-based booking technology. “Over the next few quarters, we aim to develop CharterGPT into an ‘AI agent’ that can handle both the customer-facing and backend aspects of the booking process independently, returning results without extensive human oversight. Expanding sales by hiring more charter brokers isn’t particularly interesting to us, but expanding sales by using AI brokers with only the most crucial moments of human involvement is very interesting. Testing this approach is relatively low-cost and may reveal a product market fit for AI-driven sales.”

 

 

 

Third Quarter 2024 Financial Results

 

Revenues were $3.9 million, an increase of $0.5 million compared to the same period last year and $0.8 million compared to the prior quarter. The primary reason for the increase was due to additional service revenue arising from the Company entering into an agreement to manage a second customer aircraft in the second quarter of 2024.

 

Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $2.4 million, an increase of $0.5 million compared to the same period last year.

 

Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircrafts, totaled $960,000 compared to $775,000 in the same period last year.

 

Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $547,000 compared to $732,000 in the same period last year.

 

Cost of revenues totaled $3.9 million compared to $3.2 million in the same period last year. The increase is primarily due to an increase in Cirrus charter flight activity, costs related to the operation of aircraft and payments to Cirrus for their management.

 

Gross loss totaled approximately $14,000 compared to a gross profit of $170,000 in the same period last year and gross loss of $417,000 in the prior quarter. The result was largely driven by reduced flights performed for the Company’s jet card customers without a corresponding reduction in fixed costs.

 

Operating expenses totaled $2.9 million compared to $4.4 million in the same period last year. The decrease was primarily due to the improvement in general and administrative, sales & marketing, and research & development expenses.

 

Operating loss decreased to approximately $2.9 million compared to $4.3 million in the same period last year and $3.2 million in the prior quarter. The improvement was primarily due to the aforementioned reasons above.

 

As of September 30, 2024, the Company had cash and cash equivalents of approximately $312,000 compared to $528,000 as of June 30, 2024, and $2.5 million of cash and cash equivalents as of today, November 14^th, 2024.

 

About Jet.AI

 

Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet cards, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA.

 

 

 

Forward-Looking Statements

 

This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.

 

Jet.AI Investor Relations:

 

Gateway Group, Inc.

949-574-3860

[e-mail]

 

 

 

JET.AI, INC.

(FORMERLY JET TOKEN, INC.)

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

		September 30,				December 31,
		2024				2023
		(Unaudited)				(Audited)
Assets
Current assets:
Cash and cash equivalents		$	311,883			$	2,100,543
Accounts receivable			167,701				96,539
Other current assets			78,403				190,071
Prepaid offering costs			628,006				800,000
Total current assets			1,185,993				3,187,153
Property and equipment, net			5,692				7,604
Intangible assets, net			86,745				73,831
Right-of-use lease asset			1,180,824				1,572,489
Investment in joint venture			100,000				100,000
Deposits and other assets			798,111				798,111
Total assets		$	3,357,365			$	5,739,188
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable		$	1,828,259			$	1,656,965
Accrued liabilities			3,050,068				2,417,115
Deferred revenue			1,206,869				1,779,794
Operating lease liability			521,625				510,034
Note payable, net			-				321,843
Notes payable - related party, net			-				266,146
Total current liabilities			6,606,821				6,951,897
Lease liability, net of current portion			628,649				1,021,330
Redeemable preferred stock			1,150,012				1,702,000
Total liabilities			8,385,482				9,675,227
Commitments and contingencies (Note 2 and 5)			-				-
Stockholders’ 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, 200 and 0 issued and outstanding			-				-
Common stock, 200,000,000 shares authorized, par value $0.0001,148,836 and 43,353 issued and outstanding			14				4
Subscription receivable			(6,724	)			(6,724	)
Additional paid-in capital			44,122,723				35,343,069
Accumulated deficit			(49,144,130	)			(39,272,388	)
Total stockholders’ deficit			(5,028,117	)			(3,936,039	)
Total liabilities and stockholders’ deficit		$	3,357,365			$	5,739,188

 

 

 

JET.AI, INC.

(FORMERLY JET TOKEN, INC.)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Revenues		$	3,917,393			$	3,367,189			$	10,849,875			$	8,035,505
Cost of revenues			3,931,279				3,196,748				11,405,113				8,140,905
Gross (loss) profit			(13,886	)			170,441				(555,238	)			(105,400	)
Operating Expenses:
General and administrative (including stock-based compensation of $1,313,358, $2,669,071, $3,714,404, and $5,424,158, respectively)			2,746,783				4,231,142				7,956,830				8,834,864
Sales and marketing			83,310				156,991				632,380				380,699
Research and development			37,959				48,823				107,901				113,778
Total operating expenses			2,868,052				4,436,956				8,697,111				9,329,341
Operating loss			(2,881,938	)			(4,266,515	)			(9,252,349	)			(9,434,741	)
Other expense (income):
Interest expense			-				24,095				79,314				24,095
Other income			(56	)			(51	)			(176	)			(51	)
Total other expense (income)			(56	)			24,044				79,138				24,044
Loss before provision for income taxes			(2,881,882	)			(4,290,559	)			(9,331,487	)			(9,458,785	)
Provision for income taxes			-				-				-				-
Net Loss		$	(2,881,882	)		$	(4,290,559	)		$	(9,331,487	)		$	(9,458,785	)
Deemed dividend from warrant exchange offer			(540,255	)			-				(540,255	)			-
Cumulative preferred stock dividends			(18,708	)			-				(78,163	)			-
Net Loss to common stockholders		$	(3,440,845	)		$	(4,290,559	)		$	(9,949,905	)		$	(9,458,785	)
Weighted average shares outstanding - basic and diluted			78,523				31,192				71,791				23,800
Net loss per share - basic and diluted		$	(43.82	)		$	(137.55	)		$	(138.60	)		$	(397.43	)

 

 

 

JET.AI, INC.

(FORMERLY JET TOKEN, INC.)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

		Nine Months Ended
		September 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(9,331,487	)		$	(9,458,785
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization and depreciation			1,920				101,439
Amortization of debt discount			80,761				20,833
Stock-based compensation			3,714,404				5,424,158
Non-cash operating lease costs			391,665				380,416
Changes in operating assets and liabilities:
Accounts receivable			(71,162	)			17,977
Other current assets			111,668				(24,019
Accounts payable			410,766				790,530
Accrued liabilities			804,947				(126,103
Deferred revenue			(572,925	)			498,765
Operating lease liability			(381,090	)			(369,841
Net cash used in operating activities			(4,840,533	)			(2,744,630
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			-				(4,339
Purchase of intangible assets			(12,922	)			(30,056
Investment in joint venture			-				(100,000
Deposits and other assets			-				(35,135
Net cash used in investing activities			(12,922	)			(169,530
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds - notes payable, net of discount			-				275,000
Proceeds - related party notes payable, net of discount			-				225,000
Repayments - notes payable			(371,250	)			-
Repayments - related party notes payable			(297,500	)			-
Offering costs			(236,233	)			(437,665
Exercise of warrants			742,474				-
Proceeds from sale of Series B Preferred Stock			1,500,025				-
Proceeds from sale of Common Stock			1,727,279				1,607,450
Proceeds from business combination			-				620,893
Net cash provided by financing activities			3,064,795				2,290,678
Decrease in cash and cash equivalents			(1,788,660	)			(623,482
Cash and cash equivalents, beginning of period			2,100,543				1,527,391
Cash and cash equivalents, end of period		$	311,883			$	903,909
Supplemental disclosures of cash flow information:
Cash paid for interest		$	79,314			$	-
Cash paid for income taxes		$	-			$	-
Non cash financing activities:
Subscription receivable from sale of Common Stock		$	-			$	6,724
Issuance of Common Stock for settlement of accounts payable		$	239,472			$	-
Issuance of Common Stock from warrant exchange		$	540,255			$	-
Series A Preferred Stock conversion		$	551,988			$	-
Increase in accounts payable due to Business Combination		$	-			$	1,047,438
Increase in redeemable preferred stock due to Business Combination		$	-			$	1,702,000
Increase in prepaid offering costs and accounts payable		$	-			$	800,000
Decrease in prepaid offering costs and accrued liabilities from issuance of common stock		$	172,200			$	-

 

 

 

Exhibit 99.2

 

 

Jet.AI’s Board of Directors Authorizes $2 Million Share Repurchase Program and Withdrawal of S-1 Registration Statement

 

LAS VEGAS, November 13, 2024 (GLOBE NEWSWIRE) — Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced today that its board of directors has approved a share repurchase program authorizing the Company to repurchase up to $2 million of its common stock through December 31^st, 2025.

 

Under the stock repurchase program, the Company may buy back its common stock from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, and federal and state laws governing such transactions, through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, purchases through 10b5-1 trading plans, or by any combination of such methods. The repurchase program does not oblige the Company to acquire any specific number of shares and may be modified, discontinued, or suspended at any time.

 

In connection with this, Jet.AI has decided to withdraw a S-1 registration statement (SEC File No. 333-281911) for a prospective offering that the Company was previously pursuing. After careful consideration, the Company determined that the offering terms contemplated within that S-1 were no longer in the best interests of the Company and its stockholders, and are not aligned with the Company’s current strategic objectives and growth plans. Jet.AI expects to return to compliance with the NASDAQ’s listing rule related to stockholders’ equity in the absence of the offering contemplated by theS-1 ,and further expects to file a moot notice with Nasdaq in advance of the November 26^th deadline the exchange imposed on the Company to regain compliance.

 

“This share repurchase program allows the company to buy shares when we view them as undervalued – particularly in periods of market dislocation,” said Jet.AI Chairman and CEO Mike Winston. “Additionally, because we recently succeeded in exchanging our publicly held warrants for stock to simplify the capital structure - we’re glad to pull this previously contemplated warrant heavy transaction, which is no longer necessary given the company’s position.”

 

About Jet.AI

 

Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of standalone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup^® champions. The Company was founded in 2018 and is based in Las Vegas, Nevada and San Francisco, California.

 

 

 

Forward-Looking Statements

 

This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K, , and subsequent reports filed by the Company with the Securities and Exchange Commission, as such factors may be further updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

 

New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated.

 

Readers are cautioned not to put undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.

 

Contacts:

 

Gateway Group, Inc.

949-574-3860

[e-mail]

 

 

Cover	Nov. 13, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 13, 2024
Entity File Number	001-40725
Entity Registrant Name	Jet.AI Inc.
Entity Central Index Key	0001861622
Entity Tax Identification Number	93-2971741
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	10845 Griffith Peak Dr.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89135
City Area Code	(702)
Local Phone Number	747-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	JTAI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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