Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 167

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1B
Chunk 167
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 airline network servicing U.S. cities across the Mid-Atlantic, Gulf South, Midwest, Rocky Mountains, West Coast, New England and Hawaii. Total consideration is comprised of $81.25 million of equity consideration, through the issuance of 2,321,423 shares of the Company’s common stock on close of the Southern Acquisition and $699 thousand of payments made by the Company to settle debt obligations of Southern, which were not assumed as part of the acquisition. As the transaction 

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closed prior to the Company’s listing on the NYSE on July 27, 2023, the fair value of the common stock issued to Southern stockholders was based on the opening trading price of the Company’s common stock on July 27, 2023 of $35.00 per share.Subsequent to the issuance of shares of the Company’s common stock as purchase consideration, the Company repurchased 57,666 shares from employees for $1.3 million in satisfaction of employee tax withholdings related to such issuance.The results of operations of Southern are included in the Company’s consolidated financial statements from the date of acquisition, July 27, 2023, through December 31, 2024.The purchase consideration was preliminarily allocated and adjusted as follows (in thousands): 

        Preliminary Balance

        Measurement Period Adjustments

        Adjusted Balance

        Cash
         
        $
        1,377

        $
        1,377

        Accounts receivable, net

        4,155

        396

        4,551

        Prepaid expenses and other current assets

        4,326

        4,326

        Property and equipment, net

        37,372

        (264
        )

        37,108

        Operating lease right-of-use assets

        13,214

        13,214

        Finance lease right-of-use assets

        303

        303

        Acquisition-related intangibles

        28,150

        (1,100
        )

        27,050

        Other assets

        3,604

        3,604

        Total assets
         
        $
        92,501

        $
        (968
        )
         
        $
        91,533

        Accounts payable

        5,649

        5,649

        Accrued expenses and other current liabilities

        10,405

        10,