Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 317

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 8
Chunk 317
---
 8,511

        $
        11,051

Note 5. Property, Plant and Equipment, NetProperty and equipment, net, consists of the following (in thousands): 

        December 31,2024

        December 31,2023

        Aircraft, equipment and rotable spares
         
        $
        40,290

        $
        39,196

        Equipment purchase deposits

        2,000

        5,000

        Leasehold improvements

        2,301

        2,479

        Office, vehicles and ground equipment

        1,158

        1,179

        Internal-use software

        2,729

        508

        Property and equipment, gross

        48,478

        48,362

        Accumulated depreciation

        (6,265
        )

        (2,371
        )

        Property and equipment, net
         
        $
        42,213

        $
        45,991

       The Company recorded depreciation expense of $4.7 million and $1.8 million for the years ended December 31, 2024 and 2023, respectively. Depreciation expense is recognized as a component of Depreciation and Amortization expense in the accompanying Consolidated Statement of Operations. For the years ended December 31, 2024 and 2023, the Company recorded gains on disposal of property and equipment of $743 thousand and $0, respectively. For the gains recorded during the year ended December 31, 2024, $379 thousand was the result of sale-leaseback transactions (see Note 9, Leases).

Note 6. Intangible Assets, NetIntangibles assets, net, consists of the following (in thousands): 

        December 31,2024

        December 31,2023

        EAS contracts
         
        $
        25,770

        $
        25,770

        Tradenames and trademarks

        8,340

        8,340

        Software

        3,122

        3,122

        Other intangibles

        225

        242

        Intangible assets, gross

        37,457

        37,474

        Accumulated amortization

        (14,339
        )

        (10,811
        )

        Intangible assets