2024 Q2 Form 10-Q Financial Statement

#000095017024060529 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $32.37M $30.62M $5.507M
YoY Change 422.45% 456.09% 14.25%
Cost Of Revenue $27.73M $28.49M $6.650M
YoY Change 293.37% 328.41% 25.0%
Gross Profit $4.637M $2.135M -$1.143M
YoY Change -642.97% -286.79% 128.6%
Gross Profit Margin 14.33% 6.97% -20.76%
Selling, General & Admin $22.17M $27.62M $9.835M
YoY Change 97.58% 180.81% 1.08%
% of Gross Profit 478.2% 1293.58%
Research & Development $5.658M $7.009M $812.0K
YoY Change 593.38% 763.18% 9.73%
% of Gross Profit 122.02% 328.29%
Depreciation & Amortization $2.062M $1.978M $258.0K
YoY Change 690.04% 666.67% -0.77%
% of Gross Profit 44.47% 92.65%
Operating Expenses $22.17M $27.62M $10.91M
YoY Change 97.58% 153.26% 1.63%
Operating Profit -$25.26M -$34.47M -$12.05M
YoY Change 92.01% 186.11% 7.28%
Interest Expense $1.911M $1.671M -$8.267M
YoY Change 264.0% -120.21% 540.85%
% of Operating Profit
Other Income/Expense, Net -$1.761M -$2.541M -$258.0K
YoY Change -94.39% 884.88% 115.0%
Pretax Income -$27.02M -$37.00M -$20.57M
YoY Change -39.31% 79.85% 93.17%
Income Tax -$35.00K -$46.00K $0.00
% Of Pretax Income
Net Earnings -$26.98M -$36.97M -$20.57M
YoY Change -39.39% 79.68% 93.17%
Net Earnings / Revenue -83.37% -120.71% -373.58%
Basic Earnings Per Share -$0.33 -$0.48 -$1.46
Diluted Earnings Per Share -$0.33 -$0.48 -$0.46
COMMON SHARES
Basic Shares Outstanding 83.04M 80.77M 14.10M
Diluted Shares Outstanding 81.89M 77.31M 14.10M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.460M $1.278M $241.0K
YoY Change -35.65% 430.29%
Cash & Equivalents $1.460M $1.278M $1.148M
Short-Term Investments
Other Short-Term Assets $9.928M $10.73M $7.641M
YoY Change 28.38% 40.36%
Inventory
Prepaid Expenses
Receivables $4.487M $4.710M $220.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.88M $16.71M $8.102M
YoY Change 57.66% 106.28%
LONG-TERM ASSETS
Property, Plant & Equipment $47.04M $46.71M $1.450M
YoY Change 6610.56% 3121.1%
Goodwill
YoY Change
Intangibles $24.89M $25.78M
YoY Change 836.42%
Long-Term Investments
YoY Change
Other Assets $5.331M $5.262M $907.0K
YoY Change 487.76% 480.15%
Total Long-Term Assets $89.67M $92.07M $5.242M
YoY Change 1803.06% 1656.45%
TOTAL ASSETS
Total Short-Term Assets $15.88M $16.71M $8.102M
Total Long-Term Assets $89.67M $92.07M $5.242M
Total Assets $105.5M $108.8M $13.34M
YoY Change 614.07% 715.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.98M $20.58M $15.25M
YoY Change 98.25% 34.94%
Accrued Expenses $300.0K $300.0K $14.54M
YoY Change -98.04% -97.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.922M $5.080M $17.56M
YoY Change -93.99% -71.07%
Total Short-Term Liabilities $186.8M $165.5M $69.41M
YoY Change 41.8% 138.4%
LONG-TERM LIABILITIES
Long-Term Debt $18.35M $19.99M $43.93M
YoY Change 83.44% -54.51%
Other Long-Term Liabilities $22.49M $22.54M $10.86M
YoY Change 21.26% 107.6%
Total Long-Term Liabilities $40.84M $42.52M $54.79M
YoY Change 120.18% -22.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $186.8M $165.5M $69.41M
Total Long-Term Liabilities $40.84M $42.52M $54.79M
Total Liabilities $233.6M $215.1M $124.2M
YoY Change 45.61% 73.19%
SHAREHOLDERS EQUITY
Retained Earnings -$666.5M -$639.5M
YoY Change 59.85%
Common Stock $538.4M $533.2M
YoY Change 318.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$128.1M -$106.3M -$241.5M
YoY Change
Total Liabilities & Shareholders Equity $105.5M $108.8M $13.34M
YoY Change 614.07% 715.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$26.98M -$36.97M -$20.57M
YoY Change -39.39% 79.68% 93.17%
Depreciation, Depletion And Amortization $2.062M $1.978M $258.0K
YoY Change 690.04% 666.67% -0.77%
Cash From Operating Activities -$5.622M -$12.81M -$9.021M
YoY Change -51.53% 42.0% 53.42%
INVESTING ACTIVITIES
Capital Expenditures $1.878M $715.0K $132.0K
YoY Change 1004.71% 441.67% 120.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.878M -$743.0K -$132.0K
YoY Change 1004.71% 462.88% 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 7.583M 13.11M 9.389M
YoY Change -45.05% 39.66% 64.72%
NET CHANGE
Cash From Operating Activities -5.622M -12.81M -9.021M
Cash From Investing Activities -1.878M -743.0K -132.0K
Cash From Financing Activities 7.583M 13.11M 9.389M
Net Change In Cash 83.00K -440.0K 236.0K
YoY Change -95.91% -286.44% -198.33%
FREE CASH FLOW
Cash From Operating Activities -$5.622M -$12.81M -$9.021M
Capital Expenditures $1.878M $715.0K $132.0K
Free Cash Flow -$7.500M -$13.53M -$9.153M
YoY Change -36.28% 47.77% 54.09%

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CY2023Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-743000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-132000
CY2023Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
20000
CY2024Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
776000
CY2023Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
250000
CY2024Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
3811000
CY2024Q1 us-gaap Proceeds From Repayments Of Accounts Receivable Securitization
ProceedsFromRepaymentsOfAccountsReceivableSecuritization
138000
CY2024Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
9995000
CY2023Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
9159000
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
55000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13113000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9389000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-440000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
236000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2431000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
912000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1991000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1148000
CY2018Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
1900000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48362000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3383000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2371000
CY2024Q1 srfm Outstanding Property Tax Liability Including Penalties And Interests
OutstandingPropertyTaxLiabilityIncludingPenaltiesAndInterests
2000000
CY2024Q1 srfm Amount Of Property Tax Interest And Penalties Related To Tax Lien
AmountOfPropertyTaxInterestAndPenaltiesRelatedToTaxLien
1200000
CY2024Q1 srfm Principal Amount Outstanding On Future Equity With Token Allocation Note
PrincipalAmountOutstandingOnFutureEquityWithTokenAllocationNote
500000
CY2024Q1 srfm Past Due Rental And Maintenance Payments Under Aircraft Leases
PastDueRentalAndMaintenancePaymentsUnderAircraftLeases
5000000
CY2023 srfm Past Due Rental And Maintenance Payments Under Aircraft Leases
PastDueRentalAndMaintenancePaymentsUnderAircraftLeases
5000000
CY2024Q1 srfm Repayment Of Past Due Rental And Maintenance At Contingent Capital Contribution
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1000000
CY2024Q1 srfm Current Liability As Potentially Triggered By Capital Contributions
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CY2024Q1 srfm Payments Made Under Payment Plan
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CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2024Q1 srfm Maximum Unsettled Amount Receivable
MaximumUnsettledAmountReceivable
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CY2024Q1 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:6pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 stock-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>
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1300000
CY2024Q1 us-gaap Prepaid Insurance
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1638000
CY2023Q4 us-gaap Prepaid Insurance
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2306000
CY2024Q1 srfm Prepaid Software
PrepaidSoftware
2518000
CY2023Q4 srfm Prepaid Software
PrepaidSoftware
2647000
CY2024Q1 us-gaap Prepaid Advertising
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2513000
CY2023Q4 us-gaap Prepaid Advertising
PrepaidAdvertising
2406000
CY2024Q1 srfm Enginereserve
Enginereserve
1583000
CY2023Q4 srfm Enginereserve
Enginereserve
1150000
CY2024Q1 srfm Vendor Operator Prepayments
VendorOperatorPrepayments
601000
CY2023Q4 srfm Vendor Operator Prepayments
VendorOperatorPrepayments
634000
CY2024Q1 srfm Prepaid Fuel
PrepaidFuel
282000
CY2023Q4 srfm Prepaid Fuel
PrepaidFuel
301000
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1590000
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1607000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10725000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11051000
CY2024Q1 us-gaap Property Plant And Equipment Gross
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50089000
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
37474000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
37474000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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-11697000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25777000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
26663000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
886000
CY2023Q1 us-gaap Amortization Of Intangible Assets
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149000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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2659000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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3051000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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2915000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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2764000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2577000
CY2024Q1 srfm Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
11811000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25777000
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EmployeeRelatedLiabilitiesCurrent
38950000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26751000
CY2024Q1 us-gaap Accrued Professional Fees Current
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CY2023Q4 us-gaap Accrued Professional Fees Current
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CY2024Q1 us-gaap Taxes Payable Current
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CY2023Q4 us-gaap Taxes Payable Current
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CY2024Q1 us-gaap Secured Long Term Debt
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CY2023Q4 us-gaap Secured Long Term Debt
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CY2024Q1 srfm Software Payable
SoftwarePayable
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CY2023Q4 srfm Software Payable
SoftwarePayable
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CY2024Q1 srfm Aircraft Contract Termination Payable
AircraftContractTerminationPayable
958000
CY2023Q4 srfm Aircraft Contract Termination Payable
AircraftContractTerminationPayable
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CY2024Q1 srfm Accrued Monarch Legal Settlement
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CY2024Q1 us-gaap Debt Instrument Covenant Description
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The Company is subject to customary affirmative covenants and negative covenants with respect to the Convertible Note Purchase Agreement. These covenants are in the form of minimum liquidity requirements the Company must maintain. The Company has received a waiver from PFG regarding the maintenance of minimum cash requirement of $10 million. The waiver effectively waives the requirement through the maturity date of December 31, 2024. As of March 31, 2024, the Company was in compliance with all other covenants under the Convertible Note Purchase Agreement.
CY2023 srfm Principal Amount Outstanding On Future Equity With Token Allocation Note
PrincipalAmountOutstandingOnFutureEquityWithTokenAllocationNote
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CY2023Q4 srfm Accrued Monarch Legal Settlement
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CY2024Q1 us-gaap Accrued Insurance Current
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CY2023Q4 us-gaap Accrued Insurance Current
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CY2024Q1 srfm Accrued Maintenance Costs
AccruedMaintenanceCosts
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CY2023Q4 srfm Accrued Maintenance Costs
AccruedMaintenanceCosts
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CY2024Q1 us-gaap Interest And Dividends Payable Current
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CY2023Q4 us-gaap Interest And Dividends Payable Current
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CY2024Q1 srfm Statutory Penalties
StatutoryPenalties
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CY2023Q4 srfm Statutory Penalties
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CY2024Q1 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
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CY2024Q1 srfm Maximum Unsettled Amount Receivable
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CY2024Q1 us-gaap Secured Long Term Debt
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CY2023Q4 us-gaap Secured Long Term Debt
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CY2024Q1 us-gaap Long Term Debt
LongTermDebt
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CY2023Q4 us-gaap Long Term Debt
LongTermDebt
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CY2024Q1 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
19985000
CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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4446000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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2612000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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2819000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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685000
CY2024Q1 srfm Long Term Debt Maturities Repayments Of Principal After Year Four
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CY2024Q1 us-gaap Long Term Debt
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CY2024Q1 us-gaap Convertible Debt Fair Value Disclosures
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CY2023Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
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CY2024Q1 srfm Principal Amount Outstanding On Future Equity With Token Allocation Note
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CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2023Q4 us-gaap Long Term Debt Fair Value
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CY2024Q1 srfm Proposed Civil Penalty
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300000
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CY2024Q1 srfm Legal Charges Related To Violation
LegalChargesRelatedToViolation
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CY2024Q1 srfm Accrued Expense Related To Violation
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500000
CY2018Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
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7600000
CY2023Q4 srfm Outstanding Federal Excise Tax Liability Including Accrued Penalties And Interest
OutstandingFederalExciseTaxLiabilityIncludingAccruedPenaltiesAndInterest
7600000
CY2024Q1 srfm Outstanding Property Tax Liability Including Penalties And Interests
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CY2023Q4 srfm Outstanding Property Tax Liability Including Penalties And Interests
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1900000
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2024Q1 srfm Contract With Customer Liability Revenue Deferred
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CY2023Q1 srfm Contract With Customer Liability Revenue Deferred
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CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2024Q1 us-gaap Contract With Customer Liability
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CY2023Q1 us-gaap Contract With Customer Liability
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 srfm Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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166000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y2M26D
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-20600000
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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18610000
CY2024Q1 us-gaap Interest Paid Capitalized
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CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2024Q1 srfm Capitalized Interest On Convertible Notes
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34000
CY2024Q1 srfm Right Of Use Asset Obtained In Exchange For Operating Lease Liability Net
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1160000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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95000
CY2024Q1 srfm Overhaul Accrual In Accrued Expenses And Other Current Liabilities
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98000
CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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77309329
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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14100926
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14100926
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.46
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.46
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8996117
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19997608
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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srfm-20240331_htm.xml Edgar Link completed