Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 191

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1B
Chunk 191
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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. Redeemable Convertible Preferred Shares and Convertible Preferred SharesRedeemable Convertible Preferred SharesOn June 2, 2023, the Company received $3.0 million cash from an existing investor in connection with the issuance of 5,665,722 shares of Class B-6a redeemable convertible preferred shares.In connection with the Internal Reorganization, on July 21, 2023, 234,856,003 redeemable convertible preferred shares were cancelled and re-issued into 1,497,797 shares of the Company's common stock.Class B-6s Convertible Preferred SharesOn June