Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 342

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 8
Chunk 342
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 date and 25% will vest upon each anniversary over the ensuing three-year period.As of December 31, 2024, unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $2.3 million with a weighted-average remaining vesting period of approximately 2.15 years.The following table provides supplemental data on stock options for the years ended December 31, 2024 and 2023 (in $ thousands, except for weighted average figures): 

        For The Year Ended December 31,

        2024

        2023

        Weighted average grant date fair value per option granted
         
        $
        1

        $
        8

        Fair value of options vested
         
        $
        3,815

        $
        2,907

        Cash from participants to exercise stock options
         
        $
        20

        $
        191

        Intrinsic value of options exercised
         
        $
        5

        $
        41

      The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2024 and 2023 were as follows: 

        For The Year Ended December 31,

        2024

        2023

        Risk-free interest rate
         
        3.97-4.25%

        3.55%-3.74%

        Expected term (in years)
         
        3.5 - 5.8

        5.80

        Dividend yield

        —

        —

        Expected volatility
         
        55.69% - 59.07%

        61%-155%

      WarrantsDuring the year ended December 31, 2024, the Company issued 5,461,502 warrants for purchase of the Company’s common stock to non-employee consultants, of which most awards were granted fully vested in partial satisfaction of the term notes with LamVen (see Note 21, Related Party Balances and Transactions). Remaining awards will vest 25% on the grant date and 25% upon each anniversary over the ensuing three-year period or only upon the achievement of certain market-based metrics.A summary of warrant activity for the year ended December 31, 2024 is set forth below: 

106

        Number of Warrants Outstanding

        Weighted Average Contractual Term (in years)

        Aggregate Intrinsic Value (in thousands)