Surf Air Mobility Q3 2024: Debt & Depreciation Details
Ticker: SRFM · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1936224
Sentiment: neutral
Topics: debt, financials, 10-Q, notes-payable
TL;DR
Surf Air Mobility's Q3 2024 10-Q shows debt due in 2027 and depreciation expenses.
AI Summary
Surf Air Mobility Inc. reported its Q3 2024 results, ending September 30, 2024. The company's financial statements indicate various debt instruments and notes payable, including term notes to related parties and a note payable to Clarus Capital with an interest rate of 8.66% due in installments between April and September 2027. The filing also references depreciation and amortization expenses.
Why It Matters
This filing provides insight into Surf Air Mobility's financial structure, specifically its debt obligations and operational costs, which are crucial for understanding its financial health and future investment potential.
Risk Assessment
Risk Level: medium — The filing details significant debt obligations and financial commitments, which can pose risks to a company's financial stability.
Key Numbers
- 8.66% — Interest Rate (Interest rate on a specific note payable to Clarus Capital.)
- 2027 — Debt Maturity (Key maturity year for notes payable, including those to Clarus Capital.)
Key Players & Entities
- Surf Air Mobility Inc. (company) — Filer of the 10-Q report
- Clarus Capital (company) — Lender for a note payable
- 8.66% (dollar_amount) — Interest rate on a note payable
- September 30, 2024 (date) — End of the reporting period for Q3 2024
- April 2027 (date) — Maturity date for a portion of a note payable
- September 2027 (date) — Maturity date for a portion of a note payable
FAQ
What is the total amount of 'Term Notes Payable to Related Parties' as of September 30, 2024?
The filing does not explicitly state the total dollar amount for 'Term Notes Payable to Related Parties' in the provided snippet, but it is listed as a financial item.
What is the specific due date for the note payable to Clarus Capital?
The note payable to Clarus Capital is due in installments in April, June, and September of 2027.
What is the interest rate on the note payable to Clarus Capital?
The interest rate on the note payable to Clarus Capital is 8.66%.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Are there any significant depreciation and amortization expenses mentioned?
Yes, 'DepreciationAndAmortizationExpenseMember' is listed as a financial item for the period of July 1, 2024, to September 30, 2024.
Filing Stats: 4,460 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-14 16:28:01
Key Financial Figures
- $0.0001 — nge on which registered Common stock, $0.0001 par value per share SRFM New York S
Filing Documents
- srfm-20240930.htm (10-Q) — 2963KB
- srfm-ex10_3.htm (EX-10.3) — 627KB
- srfm-ex10_4.htm (EX-10.4) — 260KB
- srfm-ex10_5.htm (EX-10.5) — 153KB
- srfm-ex10_6.htm (EX-10.6) — 370KB
- srfm-ex10_7.htm (EX-10.7) — 28KB
- srfm-ex31_1.htm (EX-31.1) — 13KB
- srfm-ex31_2.htm (EX-31.2) — 13KB
- srfm-ex32_1.htm (EX-32.1) — 7KB
- 0000950170-24-127106.txt ( ) — 15759KB
- srfm-20240930.xsd (EX-101.SCH) — 2567KB
- srfm-20240930_htm.xml (XML) — 2370KB
Financial Statements
Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets 1 Unaudited Condensed Consolidated Statements of Operations 2 Unaudited Condensed Consolidated Statement of Changes in Redeemable Convertible Preferred Shares and Shareholders' Deficit 3 Unaudited Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 45 PART II. OTHER INFORMATION 48 Item 1.
Legal Proceedings
Legal Proceedings 48 Item 1A.
Risk Factors
Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 52
—FINANCIA L INFORMATION
PART I—FINANCIA L INFORMATION
Financi al Statements
Item 1. Financi al Statements. Surf Air Mobility Inc. Unaudited Condensed Con solidated Balance Sheets September 30, 2024 and December 31, 2023 (in thousands, except share and per share data) (Unaudited) September 30, 2024 December 31, 2023 Assets: Current assets: Cash $ 506 $ 1,720 Accounts receivable, net 4,360 4,965 Prepaid expenses and other current assets 9,310 11,051 Total current assets 14,176 17,736 Restricted cash 616 711 Property and equipment, net 44,005 45,991 Intangible assets, net 24,004 26,663 Operating lease right-of-use assets 8,767 12,818 Finance lease right-of-use assets 1,194 1,343 Other assets 5,117 5,727 Total assets $ 97,879 $ 110,989 Liabilities and Shareholders' Deficit: Current liabilities: Accounts payable $ 26,791 $ 18,854 Accrued expenses and other current liabilities 72,863 59,582 Deferred revenue 14,685 19,011 Current maturities of long-term debt 4,822 5,177 Operating lease liabilities, current 3,707 4,104 Finance lease liabilities, current 259 215 SAFE notes at fair value, current 22 25 Convertible notes at fair value, current — 7,715 Due to related parties, current 9,953 25,431 Total current liabilities 133,102 140,114 Long-term debt, net of current maturities 17,707 20,617 Convertible notes at fair value, non-current 8,036 — Operating lease liabilities, long term 3,215 5,507 Finance lease liabilities, long term 1,013 1,137 Due to related parties, long term 48,997 1,673 Other long-term liabilities 21,419 19,426 Total liabilities $ 233,489 $ 188,474 Commitments and contingencies (Note 12) Shareholders' deficit: Common stock, $ 0.0001 par value; 800,000,000 shares authorized as of both September 30, 2024 and December 31, 2023; 13,489,712 shares issued and outstanding as of September 30, 2024 and 10,878,633 shares issued and out