Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 146

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1B
Chunk 146
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 Payments of debt issuance costs

    (1,488
    )

    —

    Payments of borrowings from related parties

    —

    (114
    )

    Payment of finance lease obligations

    (234
    )

    (113
    )

    Proceeds from the issuance of Class B-6a redeemable convertible preferred shares

    —

    3,000

    Proceeds from sale of Common Stock

    —

    25,000

    Common Stock repurchases for employee tax withholding

    —

    (1,273
    )

    Common Stock issued for contract termination

    —

    3,175

    Proceeds from the exercise of Common Stock warrants

    —

    128

    Proceeds from exercise of stock options

    20

    191

    Net cash provided by financing activities
     
    $
    77,175

    $
    72,990

    Increase in cash, cash equivalents and restricted cash

    19,244

    1,519

    Cash, cash equivalents and restricted cash at beginning of period

    2,431

    912

    Cash, cash equivalents and restricted cash at end of period
     
    $
    21,675

    $
    2,431

The accompanying notes are an integral part of these consolidated financial statements.

75

Surf Air Mobility Inc.

Notes to Consolidated Financial Statements

Note 1. Description of Business OrganizationSurf Air Mobility Inc. (the “Company”), a Delaware corporation, is a regional air mobility platform that aims to transform regional flying.  The Company is currently comprised of its Air Mobility business, and has a goal of further developing and enhancing its service and technology offerings through its Air Technology business.Surf Air Global Limited (“Surf Air”) is a British Virgin Islands holding company and was formed on August 15, 2016. Surf Air is a technology-enabled regional air travel network, offering daily scheduled flights and on-demand charter flights. Its customers consist of regional business and leisure travelers. Headquartered in Hawthorne, California, Surf Air commenced flight operations in June 2013.Internal ReorganizationOn July 21, 2023, SAGL Merger Sub Inc., a wholly-owned subsidiary of the Company, was merged with and into Surf Air, after which Surf Air became a wholly-owned subsidiary of the Company (the “Internal Reorganization”).Pursuant to the Internal Reorganization, all ordinary shares of Surf Air outstanding