$SRFM
SURF AIR MOBILITY INC.

2023 Q3 Form 10-Q Financial Statement

#000095017023045087 Filed on August 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023 Q1
Revenue $21.97M $6.195M $5.507M
YoY Change 332.25% 38.34% 14.25%
Cost Of Revenue $17.85M $7.049M $6.650M
YoY Change 19.7% 25.0%
Gross Profit $4.115M -$854.0K -$1.143M
YoY Change -39.48% 128.6%
Gross Profit Margin 18.73% -13.79% -20.76%
Selling, General & Admin $60.15M $11.22M $9.835M
YoY Change 569.27% 5.77% 1.08%
% of Gross Profit 1461.65%
Research & Development $2.877M $816.0K $812.0K
YoY Change 14.13% 9.73%
% of Gross Profit 69.91%
Depreciation & Amortization $1.355M $261.0K $258.0K
YoY Change -49.32% -0.77%
% of Gross Profit 32.93%
Operating Expenses $60.15M $11.22M $10.91M
YoY Change 569.27% 5.77% 1.63%
Operating Profit -$63.02M -$13.15M -$12.05M
YoY Change 467.42% 0.76% 7.28%
Interest Expense $935.0K $525.0K -$8.267M
YoY Change 23275.0% 218.18% 540.85%
% of Operating Profit
Other Income/Expense, Net -$15.16M -$31.37M -$258.0K
YoY Change 51.07% 450.47% 115.0%
Pretax Income -$78.18M -$44.52M -$20.57M
YoY Change 269.82% 137.4% 93.17%
Income Tax -$3.600M $0.00 $0.00
% Of Pretax Income
Net Earnings -$74.61M -$44.52M -$20.57M
YoY Change 252.93% 137.4% 93.17%
Net Earnings / Revenue -339.64% -718.64% -373.58%
Basic Earnings Per Share -$1.36 -$3.14 -$1.46
Diluted Earnings Per Share -$1.36 -$3.14 -$0.46
COMMON SHARES
Basic Shares Outstanding 69.88M 14.17M 14.10M
Diluted Shares Outstanding 54.70M 14.17M 14.10M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.916M $2.269M $241.0K
YoY Change -61.17%
Cash & Equivalents $5.916M $2.269M $1.148M
Short-Term Investments
Other Short-Term Assets $18.20M $7.733M $7.641M
YoY Change -5.44%
Inventory
Prepaid Expenses
Receivables $3.916M $67.00K $220.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.03M $10.07M $8.102M
YoY Change -28.22%
LONG-TERM ASSETS
Property, Plant & Equipment $49.22M $701.0K $1.450M
YoY Change -48.91%
Goodwill $58.16M
YoY Change
Intangibles $34.57M $2.658M
YoY Change
Long-Term Investments
YoY Change
Other Assets $909.0K $907.0K $907.0K
YoY Change -68.42%
Total Long-Term Assets $157.4M $4.712M $5.242M
YoY Change -20.07%
TOTAL ASSETS
Total Short-Term Assets $28.03M $10.07M $8.102M
Total Long-Term Assets $157.4M $4.712M $5.242M
Total Assets $185.5M $14.78M $13.34M
YoY Change -25.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.00M $13.11M $15.25M
YoY Change 26.87%
Accrued Expenses $50.69M $15.30M $14.54M
YoY Change 60.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.942M $81.95M $17.56M
YoY Change 497.3%
Total Short-Term Liabilities $104.5M $131.8M $69.41M
YoY Change 234.45%
LONG-TERM LIABILITIES
Long-Term Debt $23.57M $10.00M $43.93M
YoY Change -56.77%
Other Long-Term Liabilities $12.38M $18.55M $10.86M
YoY Change 132.73%
Total Long-Term Liabilities $35.95M $18.55M $54.79M
YoY Change -40.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.5M $131.8M $69.41M
Total Long-Term Liabilities $35.95M $18.55M $54.79M
Total Liabilities $157.2M $160.4M $124.2M
YoY Change 127.58%
SHAREHOLDERS EQUITY
Retained Earnings -$491.5M -$416.9M
YoY Change
Common Stock $519.8M $128.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.30M -$279.3M -$241.5M
YoY Change
Total Liabilities & Shareholders Equity $185.5M $14.78M $13.34M
YoY Change -25.81%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$74.61M -$44.52M -$20.57M
YoY Change 252.93% 137.4% 93.17%
Depreciation, Depletion And Amortization $1.355M $261.0K $258.0K
YoY Change -49.32% -0.77%
Cash From Operating Activities -$24.46M -$11.60M -$9.021M
YoY Change -24.93% 53.42%
INVESTING ACTIVITIES
Capital Expenditures $11.50M $170.0K $132.0K
YoY Change 2733.33% 120.0%
Acquisitions
YoY Change
Other Investing Activities $678.0K
YoY Change
Cash From Investing Activities -$10.82M -$170.0K -$132.0K
YoY Change 2733.33% 120.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.92M 13.80M 9.389M
YoY Change -33.11% 64.72%
NET CHANGE
Cash From Operating Activities -24.46M -11.60M -9.021M
Cash From Investing Activities -10.82M -170.0K -132.0K
Cash From Financing Activities 38.92M 13.80M 9.389M
Net Change In Cash 3.643M 2.030M 236.0K
YoY Change -60.77% -198.33%
FREE CASH FLOW
Cash From Operating Activities -$24.46M -$11.60M -$9.021M
Capital Expenditures $11.50M $170.0K $132.0K
Free Cash Flow -$35.96M -$11.77M -$9.153M
YoY Change -23.86% 54.09%

Facts In Submission

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Surf Air Mobility, Inc.
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:6.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expense during the reporting period.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:2.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">On an ongoing basis, the Company evaluates its estimates using historical experience and other factors including the current economic and regulatory environment as well as management’s judgment. Items subject to such estimates and assumptions include: revenue recognition and related allowances, valuation allowance on deferred tax assets, certain accrued liabilities, useful lives and recoverability of long-lived assets, fair value of assets acquired and liabilities assumed in acquisitions, legal contingencies, assumptions underlying convertible notes and convertible securities carried at fair value and share-based compensation. These estimates may change as new events occur and additional information is obtained and such changes are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements.</span></p>
CY2022Q4 us-gaap Long Term Debt Fair Value
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company is subject to income tax examinations by the U.S. federal and state tax authorities. There were no ongoing income tax examinations as of June 30, 2023.
CY2023Q2 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
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us-gaap Income Tax Examination Year Under Examination
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2011
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CY2023Q2 us-gaap Convertible Debt Fair Value Disclosures
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CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14168091
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13427098
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13427098
us-gaap Weighted Average Number Of Shares Outstanding Basic
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14138856
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14138856
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12759876
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12759876
CY2023Q2 us-gaap Earnings Per Share Basic
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CY2022Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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17933781
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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19263641
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17933781

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