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Personal Airline, Incorporated

Operating

Personal Airline Exchange, Inc.

Transportation · Santa Monica, CA · Founded 2022

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Air charter meets AI for custom travel

Valuation cap ⓘ
$12.0M
As of Apr 2024 · from Reg CF Offering (2024) · a SAFE/note conversion ceiling, not a priced valuation
Total raised
$1,261,484
Crowd $176K · Private $1.1M · 5 rounds since 2017
Latest share price
$1.00
Reg CF · Common Stock · Jun 2019 offering price

Financials

FY2015–FY2024 (no data for FY2019) · from SEC filings · hover any figure for its source
$0
−$7K
2016
$5K
−$18K
2017
$0
−$25K
2018
2019no data
$0
−$12K
2020
$4K
−$1.0M
2021
$4K
−$420K
2022
$151K
−$533K
2023
$129K
−$282K
2024
RevenueNet income — beside revenue when positive, below the line when a loss

Chart shows the most recent 8 fiscal years; 1 earlier year is in the table below.

Metric
FY2015 unaudited*
FY2016 unaudited*
FY2017 unaudited
FY2018 unaudited
FY2020 reviewed*
FY2021 reviewed
FY2022 reviewed
FY2023
FY2024
Income statement
Revenue
$0
$0
$5,125
$0
$0
$3,940
$4,100
$151,000
$128,910
Cost of goods sold
$0
$0
$3,910
$0
$0
$25,418
$12,000
$165,000
$92,325
Gross margin
—
—
24%
—
—
-545%
-193%
-9%
28%
Net income
-$6,994
-$6,994
-$18,346
-$25,198
-$12,230
-$1,034,134
-$420,090
-$533,321
-$282,191
Taxes paid
$0
$0
$0
$0
$0
$0
$0
$0
$0
Balance sheet
Cash
$670
$424
$11,283
$77
$1,126
$676,990
$664,910
$131,589
$30,997
Accounts receivable
$0
-$40
$0
$0
$1,085,000
$0
$0
$0
$0
Total assets
$670
$384
$11,242
$77
$1,221,376
$990,954
$664,910
$131,589
$30,997
Short-term debt
$2,709
$2,710
$18,670
$0
$20,870
$1,145,841
$9,100
$19,000
$26,000
Long-term debt
$0
$5,000
$5,000
$0
$1,165,000
$75,000
$1,165,000
$1,292,000
$1,377,152
Total liabilities
$2,709
$7,710
$23,670
$0
$1,185,870
$1,220,841
$1,174,100
$1,311,000
$1,403,152
Other
Headcount
—
6
6
6
—
3
3
3
3

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$3.6M
pre-money
$3.6M
pre-money
$25.0M
Valuation cap
$12.0M
Valuation cap
Reg CF · Common · Oct 2017
Reg CF · Common · Jun 2019
Reg CF · Note · Jul 2022
Reg CF · Note · Jan 2024

Blue bars are the pre-money valuation the company stated for a priced round. Dashed amber bars are a SAFE or convertible note's valuation cap — the most it converts at, not what the company is worth, so don't compare them with the other bars.

Share price over rounds

$1.00$0.50$1.00
Oct 2017Jun 2019
Round offering price or verified disclosed saleDisclosed sale, unverified or year-only

Disclosed sales come from the issuer's own filings (prior-offering lines, audited-statement notes) and are amount ÷ securities sold. A down round is a firm point more than 25 % below the previous firm point of the same share class on a comparable basis; the comparison ignores unverified and year-only lines.

Fundraising history

Reg CF · Convertible Note · Jan 2024Closedvia WeFunder
Raised $4K / $618KValuation cap $12M
Reg CF · Convertible Note · Jul 2022Closedvia WeFunder
Raised $123.8K / $535KInvestors 62Valuation cap $25M
Rule 506(b) · Convertible Note · Dec 2020Closed
Raised $1.1MInvestors 10
Reg CF · Common Stock · Jun 2019Closedvia StartEngine
Raised $18.7K / $107KInvestors 29Post-money $3.6M
Reg CF · Common Stock · Oct 2017Closedvia StartEngine
Raised $30.1K / $107KInvestors 43Post-money $3.7M

Team

9 people
Bruce Sawhill, PhDFounder
Founder & Chief Scientist

Chief Scientist of Personal Airline Exchange, Inc., June 2014 to Present. Co-Founder of DayJet, an air taxi service that allowed purchase of individual seats for charter. Created proprietary algorithms to manage floating fleet of jets. Inventor on multiple patents on aircraft trajectory and logistics. Ph.D in Theoretical Particle Physics from Stanford.

Mike AzzarelloFounder
Founder & CEO, Director

Founder, CEO and Director of Personal Airline Exchange, Inc., June 2014 to Present. Founded JetLimo, successful charter sales through website. Built SuiteShare and SuiteDeal Apps for JetSuite, booking 2-5 flights per day. Sales Management at Sun and Oracle. COO for a Southern California Oracle development firm.

Becca Bennett
Communications Director

Communications Director at Telescope Magazine. Broad experience in media communications across multiple industries.

Jim Miller III, PhD
Adviser & Investor

An expert on various public policy issues, specifically regulated air travel. Previous positions include Board of Governors of US Postal Service. Chairman of Federal Trade Commission and Director of OMB during Ronald Reagan Presidency. Ph.D in Economics.

Lynsey Martin
Customer Service

Event sales specialist with focus on large commercial events. As a Project Manager, Lynsey understands the importance of addressing customer requests quickly and efficiently. Lynsey was part of the customer support team for JetLimo.

Fred Reid
Adviser

Former CEO Lufthansa Airlines, Founder & CEO Virgin America, CEO Flexjet. Currently an active Board member and officer on several aviation related ventures. Expertise in operations, branding and strategy.

George Lebeau
Director

Director at The Personal Airline Exchange Inc. since 2014. Business Manager for Segel Group Limited May 2009 - Present. SGL is an investment firm in Southern California with a diverse portfolio across multiple industries.

Ray Gedert
Director

Director at The Personal Airline Exchange Inc. since 2014. President of Money Mailer of South Bay, June 2013 - Present. Ray is an early investor in PAX. His career has covered technology at Dell and HP.

Cory Combs
Board Member

Names and titles as disclosed on StartEngine, SEC Form C. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Not requiredFiled Form C-TR (terminated reporting)

Filed 4 of 9 annual reports (FY2017–FY2025)

62 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

SEC filings

View all 15 filings on EDGAR
  • Form C-ARApr 24, 20240001718275-24-000002
    EDGAR
  • Form CDec 21, 20230001670254-23-001185
    EDGAR
  • Form C-ARMar 7, 20230001718275-23-000001
    EDGAR
  • Form CJul 15, 20220001670254-22-000741
    EDGAR
  • Form DMar 26, 20210001718275-21-000003
    EDGAR
  • Form C-TRApr 29, 20200001665160-20-000498
    EDGAR
  • Form C-UNov 20, 20190001665160-19-001135
    EDGAR
  • Form C/ASep 9, 20190001665160-19-000920
    EDGAR
Source: ManualCIK 0001718275DEShare price $1.00

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.