Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 347

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 8
Chunk 347
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 subsidized EAS revenue awards from the Department of Transportation.On-Demand- revenue from on-demand flights created for customers on an ad-hoc, by request basis. The accounting policies of the Air Mobility segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the Air Mobility segment and decides how to allocate resources based on net loss as reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.In addition to consolidated financial metrics used in assessing the Air Mobility segment, the CODM also regularly reviews additional significant expense categories, which comprise cost of revenue, exclusive of depreciation and amortization within the Company’s Consolidated Statements of Operations. Such cost categories are determined to be those most relevant in providing flight services, and are aligned with cost designations measured by other carriers. All other financial statement metrics are reviewed and/or considered on a consolidated basis: 

        Year Ended December 31,

        2024

        2023

        Revenue
         
        $
        119,425

        $
        60,505

        Operating Expenses:

        Aircraft expenses
         
        $
        76,164

        $
        45,657

        Pilot expenses

        18,390

        7,532

        Other (1)

        15,380

        8,729

        Cost of revenue, exclusive of depreciation and amortization

        109,934

        61,918

        Technology and development

        24,041

        20,850

        Sales and marketing

        7,514

        10,028

        General and administrative

        29,851

        100,669

        Depreciation and amortization

        8,341

        3,762

        Impairment of goodwill

        -

        60,045

        Total operating expenses

        179,681

        257,272

        Operating loss
         
        $
        (60,256
        )
         
        $
        (196,767
        )

        Other income (expense):

        Changes in fair value of financial instruments carried at fair value, net
         
        $
        (11,732
        )
         
        $
        (50,230
        )

        Interest expense

        (8,617
        )

        (2,969
        )

        Gain (loss)