Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 337

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 8
Chunk 337
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 of additional OICs.During 2018, the Company defaulted on its property tax obligations in various California counties in relation to fixed assets, plane usage and aircraft leases. The Company’s total outstanding property tax liability including penalties and interest is $1.6 million and $1.9 million as of December 31, 2024 and December 31, 2023, respectively. 

Note 16. Disaggregated RevenueThe disaggregated revenue for the years ended December 31, 2024 and 2023 were as follows (in thousands): 

        Year Ended December 31,

        2024

        2023

        Scheduled
         
        $
        90,735

        $
        39,397

        On-Demand
         
        $
        28,690

        21,108

        Total revenue
         
        $
        119,425

        $
        60,505

103

The long-term performance obligations for contractually committed revenues, all of which is related to on-demand revenue, is recorded in Other long-term liabilities as of December 31, 2024, and December 31, 2023 in the amount of $0 and $2.7 million, respectively. 

        Year Ended December 31,

        2024

        2023

        Deferred revenue, beginning of period
         
        $
        21,725

        $
        9,568

        Acquired deferred revenue

        —

        7,329

        Revenue deferred

        62,546

        45,712

        Revenue recognized

        (66,878
        )

        (40,884
        )

        Deferred revenue, end of period
         
        $
        17,393

        $
        21,725

      Deferred revenue principally represents tickets sold for future travel on the Company’s flights. The balance fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one to two years. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12-24 months. For 2024, $15.5 million of revenue was recognized in passenger revenue that was included in our deferred revenue liability at December 31, 2023. For 2023, $7.6 million of revenue was recognized in passenger revenue that was included in our deferred revenue liability at December 31, 2022.

Note 17.