I have recently discovered this pre-IPO company named JetToken. The company already has several million dollars in investment. A brief description, taken from their crowdfunding page: “Jet Token aims to revolutionize the private jet industry in a period of record demand, empowering travelers to conveniently look, book and fly any aircraft right from the palm of their hands.” Here is why I am suspicious of the company: The company seems awfully pushy with it's offering. The company has not negotiated any terms of the IPO with Nasdaq, excluding the ticker symbol (PJ). Nor has JetToken had any successful sales with customers (Its revenue is $4k*). There are no demonstrations on how the service will work, other than vague models, yet the company states that it is 'the future'. Blockchain and private jets makes no sense. How exactly does blockchain fix logistical problems with air traffic? How is this supposed to run an airline more efficiently than Delta or Southwest?? This seems purely like a charade of bread and circuses for lunatic growth investors. Dismal financials. JetToken owns 3.2M in assets (As of 2020), despite raising 3.1M in total (As of 2022). Judging by how assets increased from $153K in 2019 to $3.2M in 2020, it would be reasonable to assume this company has several times more assets, especially considering how costly jets are. The HondaJet (which they explicitly state they are utilizing) costs $5.4 million to own, and within the range of 500K to maintain (per year). This all adds up to huge interest and maintenance expenses. It isn't a stretch saying this company is hemorrhaging money. Too Many Assets. The company has too many assets, which normally would be OK, but startups cannot do this, due to how expensive this is. The airline business model isn't compatible with crypto/blockchain, because airlines require a lot of assets. The only reason why Microsoft/Apple/Google were successful, was because they were, and are very asset light, allowing lots of flexibility. The Lean Startup explains this in much more detail. *There is a more recent statement, as of June 2021, although I don't believe it is very reliable, since it's unaudited. Sources: SEC Filing (FY 2020 & 2019) Newer (unaudited) Filing More Filings Official Crowdfunding Site Costs to Own a HondaJet