SURF AIR MOBILITY INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
SRFM$0.74+5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2024 and 2023
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(76,173) | $(139,702) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 6,161 | 1,875 |
| Loss on extinguishment of debt | — | 326 |
| Gain on sale of property and equipment | (187) | — |
| Non-cash operating lease expense | 4,184 | 757 |
| Stock-based compensation expense | 14,643 | 35,388 |
| Changes in fair value of financial instruments carried at fair value, net | 1,918 | 49,426 |
| Amortization of debt discounts and debt issuance costs | 137 | 48 |
| Deferred income taxes | (95) | (3,571) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 605 | 399 |
| Prepaid expenses and other current assets | 1,308 | (6,315) |
| Other assets | 610 | (671) |
| Accounts payable | 13,575 | 1,488 |
| Due to a related party | 2,548 | (525) |
| Accrued expenses and other current liabilities | 8,442 | 14,972 |
| Deferred revenue | (4,311) | 1,634 |
| Operating lease liabilities | (4,086) | (571) |
| Other liabilities | (21) | (33) |
| Cash flows used in operating activities | $(30,742) | $(45,075) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (2,673) | (11,653) |
| Net cash received from Southern Acquisition | — | 678 |
| Internal-use software development costs | (1,792) | (148) |
| Net cash used in investing activities | $(4,465) | $(11,123) |
| Cash flows from financing activities: | ||
| Payments of borrowings on convertible notes | — | (40) |
| Principal payments on long-term debt | (2,331) | (586) |
| Proceeds from borrowings of SAFE notes | — | 3,716 |
| Proceeds from advances under Share Purchase Agreement | 3,894 | 4,500 |
| Proceeds from collateralized borrowings, net of repayment | 2,847 | (33) |
| Proceeds from borrowings on convertible notes | — | 8,000 |
| Proceeds from borrowings from related parties | 29,662 | 16,477 |
| Payments of borrowings from related parties | — | (114) |
| Proceeds from the issuance of Class B-6a redeemable convertible preferred shares | — | 3,000 |
| Proceeds from sale of common stock | — | 25,000 |
| Common stock repurchases for employee tax withholding | — | (1,273) |
| Common stock issued for contract termination | — | 3,175 |
| Proceeds from the exercise of ordinary warrants | — | 128 |
| Proceeds from exercise of stock options | 1 | 191 |
| Payment of finance lease obligations | (175) | (30) |
| Net cash provided by financing activities | $33,898 | $62,111 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (1,309) | 5,913 |
| Cash, cash equivalents and restricted cash at beginning of period | 2,431 | 912 |
| Cash, cash equivalents and restricted cash at end of period | $1,122 | $6,825 |
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