Where we are, we became a public company in August of last year with $40 million in available liquidity. Today, we have $37 million in available liquidity, and we're excited about the future. We had a stock and two publicly traded warrants at the time we merged into a SPAC and listed on the Nasdaq. We've since completed an exchange offer to simplify our structure. Now we have one stock, one company, which is JTAI, Jet.AI. Again, where we are, we operate five aircraft, Citation CJ4, three HondaJets, and a King Air C90. We're based in Las Vegas, which is a top five destination for private travel. Our business also includes three pieces of software, CharterGPT, Reroute, DynaFlight, and most recently, a fourth, which is in beta called JetLeg.AI, which is a consumer version of Reroute, which we'll talk about in just a minute.
Reroute AI and DynaFlight are pre-revenue, but we anticipate revenue generation from them in 4Q. CharterGPT, which is our revenue-generating software product, allows users to book private jets via iPhone or Android in natural language, always with a human in the loop. Over time, the role of the human will decrease as GPT's capabilities expand, eventually automating more of the process from communication to consumer preference learning to actual outreach to operators. Now I think we could talk a bit about where we're headed and how we plan to get there. Looking ahead, we have ongoing discussions about expanding our fleet with Bombardier aircraft. Specifically, we've entered into an LOI and then negotiated a purchase agreement for the Challenger 3500 aircraft totaling around $300 million, including options, or about $65 million firm. That'd be like $65 and about $230.
You can think of it as three firm aircraft with seven options. We've signed a term sheet to finance the progress payments related to the two-year pre-delivery period when you make one of these fleet orders. Again, you've got to make those progress payments as you go, but then you have to also make a down payment. Aside from our $37 million of available liquidity, we have an additional Ionic Ventures pref deal for $16.5 million. We can use that Ionic facility for the down payment required to kick off the deal. We're also considering some debt financing as an alternative, which could expedite the process and potentially be more accretive. The rationale behind the fleet deal is clear. We don't want to own the planes, but we do want to sell them to others.
Our model focuses on customers owning the aircraft while we manage operations. By selling planes to groups of four to 16 customers, we can capture about a 10% margin on sale, another 10% from the per-hour flight charges, and then $2 for every dollar of overhead. The economics improve as the fleet grows, especially if customers are regionally concentrated, which is a discipline we've learned from the HondaJet program that we run now, where you kind of try to pick the geographic location of your customers and match them in some respect to the range properties of the aircraft, how far it can go. In particular, we like the fractional model because collecting $2 for every $1 of overhead gives the operator enough cash to fly the first plane basically empty half the time and still break even.
That means that as you add aircraft and gain scale, more cash becomes available to drop to the bottom line. The largest players in the space, like Flexjet and NetJets, allocate about 80% of their fleet to the super midsize category and above and use smaller aircraft really to welcome new customers. We already have light and super light jets and have already proven our ability to execute on a $25 million fleet deal with HondaJet. A move to a larger cabin aircraft and an order size of about $65 million, again, about $300 million with options, is a rational step in our view. You know, it's maybe a good moment to pause and say that we have watched many of our competitors give in to the temptation to scale very quickly because when you have more aircraft, you tend to fly them with empty legs less of the time.
You have fewer empty legs. At the same time, you can get over your skis rather quickly because other elements of the business don't evolve properly. Now you have all these customers and all these airplanes and you're just not ready for it. You know, or worse yet, you've decided to own airplanes instead of make sure the customer's on those airplanes. We have gone very slowly and very judiciously. You know, for example, others have had HondaJet fleets of 20 and 30 planes. We have three. We've actually announced the disposition of one of those aircraft because we got a bid where our view was that the net present value of the expected future cash flows from that sale of that aircraft exceeded what we could do as an operator. We are not in love with our machinery.
I mean, we do, we think jets are cool. Ultimately, our objective is to husband our capital, look for higher rates of incremental return on capital, and to make thoughtful decisions about plan and then relationship to scale also. I think, you know, now's probably a good time to move on to the software side. On the software side, we've significantly strengthened CharterGPT, DynaFlight, and Reroute, transforming them into robust enterprise-class products. While we started with kind of a scrappy startup mentality, you know, get the products launched, get them into people's hands, you know, get product market fit, and, you know, get some revenue out of them, which has been, you know, a difficulty with DynaFlight and Reroute initially because there were more nuances than we accounted for. It's been very successful with CharterGPT.
By the way, it's easy to mistake calling CharterGPT for ChatGPT. So if I've done that, please forgive me. The products are now much more advanced, feature-rich, although we've tried to keep in the spirit of innovation. Our focus now is on expanding CharterGPT's functionality, or one of our focus is on the software side. Currently, it enables natural language search when booking an aircraft with a human stepping in to complete the process. However, the back end still relies heavily on human input rather than AI. Our next step is to automate some of the charter brokers' work, specifically outreach and things like communication. This would evolve AI from just offering suggestions or predictions to actively engaging with operators of aircraft through direct communication. When you hear in the media, "Oh, the next direction of AI is acting as an agent," right?
Giving an AI agency, that's what I'm talking about. We also see room for improvement in contract reconciliation between our contracts and operator agreements. Because on an agency basis, each time you go out to charter an airplane, you have a contract that you face your customer with, but then of course you face the operator of the aircraft, and those rules don't always agree. The reconciliation of those rules takes time, takes human beings, and AI is really well-equipped to handle it, so it's a place to pick up some productivity. The future could involve AI-powered travel agents communicating with each other, right? Expedia, for example, has a GPT that you can talk to. But as far as we're aware, that GPT doesn't talk to any other GPTs.
You can imagine a world in which people talk to travel agents, but we become a central point of access because we have a very well-trained AI that deals with private aviation, which is a complex, exception-heavy edge case in a box. I mean, there are so many edges in booking private aviation in general, that a global AI model that deals with travel is poorly equipped. We think we have value to add in that area, notwithstanding our ability to deliver actual aircraft that we control. Regarding Reroute, it's designed to help operators monetize empty legs by adjusting pricing and offering high-margin, cost-saving opportunities to customers. Reroute, by way of introduction for those of you that may not be aware, is an empty leg tool.
We've reached out to around 300 operators, and the feedback has been overwhelmingly positive. The next generation of Reroute will include a trip sheet feature, which operators need most, along with a pricing tool that manages fees and bookings without requiring operators to switch back to their internal systems. This streamlines the process, allowing operators to maximize their savings efficiently. What does that really mean? Well, what that means is that we showed Reroute opportunities, which is, "Here's an empty leg from point to point. It doesn't fit what your customer wants. Change it just a little bit," right? "Change it just a little bit." You've generally already been paid for half the trip because charters have a return-to-base mentality. You know, when you charter a plane one way, you pay for the way there and the way back.
The operator, if they can sell the way back, pockets the difference. They pocket the money. It's a big margin opportunity. It's very rare that people want to pay a lot of money to fit someone else's schedule. It's all sort of inadvertent, right? It's luck of the draw. With Reroute, you can take that dead inventory and recycle it by changing it a little bit to a way that really does fit what people want or are willing to pay for, which is lucrative for the operator and perspectively there are a lot of cost savings for the traveler. What we've experienced in taking Reroute to market and looking for a product market fit is that operators say, "Wow, we love this. This is incredible, but I don't know how to price your Reroute.
I don't know how to do it." What they wind up doing is going back to other software that they use to price charter. They price the charter normally, and then they offer us the flight at no savings. There's no point to it. We've built this trip sheet functionality and this pricing functionality that replicates what they've already got, except has the business logic to deal with the fact that they've already been paid for a lot of the trip. That's good for them. They like that. They've told us that they wanted it because presently they're stumped, right? They know that there's extra money. They'd love to be paid twice, right? They just can't quite get it to go, and they've got other things to do.
I think as we enhance that product market fit, we're gonna get a pretty sticky product going. We should start to see that really maybe couple more weeks of development cycle, that product will be out. I saw a version of it actually last week on Friday. We may be able to get it into people's hands inside the quarter, but if not, then certainly into the fourth quarter. It is effectively a brand-new source of spontaneous inventory in private aviation. A brand-new source in private aviation, which is, you know, hard to find. What else can I say? Let's touch on JetLeg and DynaFlight for a minute. JetLeg, it's a new product. It's in beta right now.
You can go try it if you like. The press release is right there. You can follow the link and sign up. It's again the cousin of Reroute. JetLeg is an app that allows consumers to request reroutes, making us into a broker who could represent more demand to operators each day. It effectively feeds the Reroute system, you could think of it. Right now, Reroute is kind of like a broker's broker, right? Someone comes to us with a demand, either a broker or an individual, and then we turn around to the operator of the aircraft because our software has all of the empty legs in the country that it's reconstituting it to fit the request that's been made. In this instance of an individual coming to us through the Reroute website, that's fine.
We're just, you know, like a broker to an operator. In the case of a broker coming to us, we're like a broker's broker. It's a little more difficult, but it could certainly be done when there's lots of margin on the table as there are generally in reroutes. JetLeg is interesting because it's an additional source of consumer revenue, and I think a lot of people who, when they book air travel, they kind of look for the app, if that makes sense. If you hold on one moment. Actually I'm joined now by our actual George Murnane, whose Zoom account this is.
Thank you very much.
I'm toward the end of my prepared remarks, but I'll say that we're excited about JetLeg.AI as an incremental source of demand for the Reroute AI. I mean, who among us wouldn't like to have a private jet on the cheap, where everyone wins and makes money? In the fourth quarter, we plan to make a sales push behind DynaFlight, primarily in Europe with the help of Flexjet, where we've recently done our integration and plan to continue to push for integrations with similar so-called FOSS software. You know, as a new company, channel sales strategies are great for things like this, and I think that's where we're gonna be spending our time.
We found that in the United States, there really isn't a lot of a push in private aviation behind offsets, but there's a lot in Europe, and we do think that's coming toward the U.S., particularly from a regulatory framework. We see that in commercial aviation, the international rules. 2027, there have to be a certain number of offsets made. It's coming. We're early with that product. The good news is it doesn't cost us too terribly much, and it's built. We like that optionality. That ends really my prepared remarks beyond to say that we've filed an S-3 and an S-1, and I can't comment on those, but I can direct your attention there.
Again, that's me, Mike Winston, and thank you to our 30,000 shareholders for making the company possible. We hope this update on where we are, you know, where we're headed, and how we plan to get there has been helpful. At this point, you know, I'll hand it over to George if you have anything. Go for it.
No.
Kinda set, I set him up there. That's tough to follow that.
Yeah, thanks.
Yeah.
Come in at the very end.
Yeah, yeah.
No, but you know, in all honesty, we're very excited about the prospects for the company, particularly in the fourth quarter and the first quarter of next year. It's exciting times here. Just stay tuned.
Yeah. If you have any follow-up questions or if anything, you know, wasn't clear, it's just jet.ai@gateway-grp.com. Let me see if I can post this. I don't know. That's jet.ai@gateway-grp.com. I mean, you can also just email mike@jet.ai or george@jet.ai. It doesn't have to be so formal. Let me just see if I can put that in the chat. I appreciate it, everybody. Take care.