Mobile Infrastructure (BEEP) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Entity Central Index Key	0001847874
Entity Registrant Name	Mobile Infrastructure Corp
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40415
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	98-1583957
Entity Address, Address Line One	30 W. 4th Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	834-5110
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	BEEP
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,000,000

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments in real estate
Land and improvements	$ 161,362	$ 166,225
Buildings and improvements	260,281	272,605
Construction in progress	1,189	1,206
Intangible assets	10,028	10,106
Real Estate Investment Property, at Cost	432,860	450,142
Accumulated depreciation and amortization	(27,752)	(31,052)
Total investments in real estate, net	405,108	419,090
Fixed assets, net	193	210
Assets held for sale	0	696
Cash	13,736	5,758
Cash – restricted	4,934	5,216
Prepaid expenses	1,057	953
Deferred offering costs	0	2,086
Other assets	286	99
Total assets	427,488	436,113
Liabilities
Notes payable, net	135,127	146,948
Revolving credit facility, net	58,383	72,731
Accounts payable and accrued expenses	12,961	16,351
Accrued preferred distributions - Series A and Series 1	10,694	8,504
Earnout Liability	1,216	0
Indemnification and legal liability	691	2,596
Liabilities held for sale	0	968
Security deposits	164	161
Deferred revenue	238	376
Total liabilities	219,944	249,105
Mobile Infrastructure Corporation Stockholders’ Equity
Common stock, $0.0001 par value, 500,000,000 and 98,999,000 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 14,989,848 shares issued and 13,089,848 shares outstanding as of September 30, 2023 and December 31, 2022	0	0
Warrants issued and outstanding – 2,553,192 warrants as of September 30, 2023 and December 31, 2022	3,319	3,319
Additional paid-in capital	240,289	193,176
Accumulated deficit	(130,268)	(109,168)
Total Mobile Infrastructure Corporation Stockholders’ Equity	113,340	87,327
Non-controlling interest	94,204	99,681
Total equity	207,544	187,008
Total liabilities and equity	427,488	436,113
Series A Preferred Stock [Member]
Mobile Infrastructure Corporation Stockholders’ Equity
Preferred stock	0	0
Series1 Preferred Stock [Member]
Mobile Infrastructure Corporation Stockholders’ Equity
Preferred stock	0	0
Series 2 Preferred Stock [Member]
Mobile Infrastructure Corporation Stockholders’ Equity
Preferred stock	0	0
Nonrelated Party [Member]
Investments in real estate
Accounts receivable, net	2,174	1,849
Related Party [Member]
Investments in real estate
Accounts receivable, net	0	156
Liabilities
Accounts payable and accrued expenses	$ 470	$ 470

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	98,999,000
Common stock, shares issued (in shares)	14,989,848	14,989,848
Common stock, shares outstanding (in shares)	13,089,848	13,089,848
Warrant issued (in shares)	2,533,192	2,533,192
Warrant outstanding (in shares)	2,533,192	2,533,192
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	2,862	2,862
Preferred stock, shares outstanding (in shares)	2,862	2,862
Preferred stock, liquidation preference	$ 2,862,000	$ 2,862,000
Series1 Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	97,000	97,000
Preferred stock, shares issued (in shares)	39,811	39,811
Preferred stock, shares outstanding (in shares)	39,811	39,811
Preferred stock, liquidation preference	$ 39,811,000	$ 39,811,000
Series 2 Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	60,000	0
Preferred stock, shares issued (in shares)	46,000	0
Preferred stock, shares outstanding (in shares)	46,000	0
Preferred stock, liquidation preference	$ 46,000,000	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Management income	$ 0	$ 0	$ 0	$ 313
Total revenues	8,063	8,351	22,380	22,022
Expenses
Property taxes	1,802	1,806	5,300	5,486
Property operating expense	390	484	1,441	1,972
Interest expense	3,618	3,675	10,893	9,477
Depreciation and amortization	2,132	2,094	6,389	6,082
General and administrative	4,154	2,499	9,218	5,834
Professional fees	326	478	1,121	1,761
Organizational, offering and other costs	1,231	1,971	1,348	4,692
Impairment of real estate assets	8,700	0	8,700	0
Total expenses	38,454	13,007	60,511	35,304
Other income (expense)
(Loss) gain on sale of real estate	0	(52)	660	(52)
PPP loan forgiveness	0	0	0	328
Other income	1,121	16	1,152	46
Change in fair value of Earn-out liability	4,628	0	4,628	0
Total other income (expense)	5,749	(36)	6,440	322
Net loss	(24,642)	(4,692)	(31,691)	(12,960)
Net loss attributable to non-controlling interest	(6,807)	(2,501)	(10,591)	(7,280)
Net loss attributable to Mobile Infrastructure Corporation’s stockholders	(17,835)	(2,191)	(21,100)	(5,680)
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders	$ (23,125)	$ (2,941)	$ (27,890)	$ (7,930)
Basic and diluted loss per weighted average common share:
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share)	$ (1.77)	$ (0.22)	$ (2.13)	$ (0.61)
Weighted average common shares outstanding, basic and diluted (in shares)	13,089,848	13,089,848	13,089,848	13,089,848
Series 2 Preferred Stock [Member]
Expenses
Preferred Series 2 - issuance expense	$ 16,101	$ 0	$ 16,101	$ 0
Other income (expense)
Preferred stock distributions declared	(4,600)	0	(4,600)	0
Series A Preferred Stock [Member]
Other income (expense)
Preferred stock distributions declared	(48)	(54)	(156)	(162)
Series1 Preferred Stock [Member]
Other income (expense)
Preferred stock distributions declared	(642)	(696)	(2,034)	(2,088)
Base Rent Income [Member]
Revenues
Rental income	2,009	2,293	6,040	6,466
Percentage Rent Income [Member]
Revenues
Rental income	$ 6,054	$ 6,058	$ 16,340	$ 15,243

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Preferred Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Warrants [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Series A Preferred Stock [Member] Preferred Stock [Member]	Series A Preferred Stock [Member] Common Stock [Member]	Series A Preferred Stock [Member] Warrants [Member]	Series A Preferred Stock [Member] Additional Paid-in Capital [Member]	Series A Preferred Stock [Member] Retained Earnings [Member]	Series A Preferred Stock [Member] Noncontrolling Interest [Member]	Series A Preferred Stock [Member]	Series1 Preferred Stock [Member] Preferred Stock [Member]	Series1 Preferred Stock [Member] Common Stock [Member]	Series1 Preferred Stock [Member] Warrants [Member]	Series1 Preferred Stock [Member] Additional Paid-in Capital [Member]	Series1 Preferred Stock [Member] Retained Earnings [Member]	Series1 Preferred Stock [Member] Noncontrolling Interest [Member]	Series1 Preferred Stock [Member]	Series 2 Preferred Stock [Member] Preferred Stock [Member]	Series 2 Preferred Stock [Member] Common Stock [Member]	Series 2 Preferred Stock [Member] Warrants [Member]	Series 2 Preferred Stock [Member] Additional Paid-in Capital [Member]	Series 2 Preferred Stock [Member] Retained Earnings [Member]	Series 2 Preferred Stock [Member] Noncontrolling Interest [Member]	Series 2 Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Warrants [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2021	0	5,327,473	42,673	13,089,848																											42,673	7,762,375
Balance at Dec. 31, 2021			$ 0	$ 0	$ 3,319	$ 196,176	$ (101,049)	$ 107,378	$ 205,824																						$ 0	$ 0	$ 3,319	$ 196,176	$ (101,049)	$ 107,378	$ 205,824
Distributions										$ 0	$ 0	$ 0	$ (54)	$ 0	$ 0	$ (54)	$ 0	$ 0	$ 0	$ (696)	$ 0	$ 0	$ (696)
Net income (loss)																															$ 0	$ 0	0	0	(1,929)	(1,622)	(3,551)
Balance (in shares) at Mar. 31, 2022																															42,673	13,089,848
Balance at Mar. 31, 2022																															$ 0	$ 0	3,319	195,426	(102,978)	105,756	201,523
Equity based payments																															0	0	0	0	0	391	391
Distributions										0	0	0	(54)	0	0	(54)	0	0	0	(696)	0	0	(696)
Net income (loss)																															$ 0	$ 0	0	0	(1,379)	(3,513)	(4,892)
Balance (in shares) at Jun. 30, 2022																															42,673	13,089,848
Balance at Jun. 30, 2022																															$ 0	$ 0	3,319	194,676	(104,357)	102,634	196,273
Equity based payments																															0	0	0	0	0	1,068	1,068
Distributions										0	0	0	(54)	0	0	(54)	0	0	0	(696)	0	0	(696)
Net income (loss)																															$ 0	$ 0	0	0	(2,513)	(2,149)	(4,662)
Balance (in shares) at Sep. 30, 2022																															42,673	13,089,848
Balance at Sep. 30, 2022																															$ 0	$ 0	3,319	193,926	(106,870)	101,553	191,928
Balance (in shares) at Dec. 31, 2022																															42,673	13,089,848
Balance at Dec. 31, 2022																															$ 0	$ 0	3,319	193,176	(109,168)	99,681	187,008
Equity based payments																															0	0	0	0	0	1,484	1,484
Distributions to non-controlling interest holders																															0	0	0	0	0	(306)	(306)
Distributions										0	0	0	(54)	0	0	(54)	0	0	0	(696)	0	0	(696)
Net income (loss)																															$ 0	$ 0	0	0	(1,548)	(1,795)	(3,343)
Balance (in shares) at Mar. 31, 2023																															42,673	13,089,848
Balance at Mar. 31, 2023																															$ 0	$ 0	3,319	192,426	(110,716)	99,064	184,093
Equity based payments																															0	0	0	0	0	1,214	1,214
Distributions to non-controlling interest holders																															0	0	0	0	0	(19)	(19)
Distributions										0	0	0	(54)	0	0	(54)	0	0	0	(696)	0	0	(696)
Net income (loss)																															$ 0	$ 0	0	0	(1,717)	(1,989)	(3,706)
Balance (in shares) at Jun. 30, 2023																															42,673	13,089,848
Balance at Jun. 30, 2023																															$ 0	$ 0	3,319	191,676	(112,433)	98,270	180,832
Equity based payments																															0	0	0	0	0	2,789	2,789
Distributions to non-controlling interest holders																															0	0	0	0	0	(48)	(48)
Distributions										$ 0	$ 0	$ 0	$ (48)	$ 0	$ 0	$ (48)	$ 0	$ 0	$ 0	$ (642)	$ 0	$ 0	$ (642)	$ 0	$ 0	$ 0	$ (4,600)	$ 0	$ 0	$ (4,600)
Net income (loss)																															$ 0	$ 0	0	0	(17,835)	(6,807)	(24,642)
Reverse Recapitalization, net of issuance costs (in shares)																															46,000	0
Reverse Recapitalization, net of issuance costs																															$ 0	$ 0	0	53,903	0	0	53,903
Balance (in shares) at Sep. 30, 2023																															88,673	13,089,848
Balance at Sep. 30, 2023																															$ 0	$ 0	$ 3,319	$ 240,289	$ (130,268)	$ 94,204	$ 207,544

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ 16.77	$ 18.75	$ 18.75	$ 18.75	$ 18.75	$ 18.75
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	(16.77)	(18.75)	(18.75)	(18.75)	(18.75)	(18.75)
Series1 Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	16.13	17.5	17.5	17.5	17.5	17.5
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	(16.13)	$ (17.5)	$ (17.5)	$ (17.5)	$ (17.5)	$ (17.5)
Series 2 Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	0.1
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ (0.1)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net Loss	$ (31,691)	$ (12,960)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	6,389	6,082
Amortization of loan costs	1,050	1,337
Loss on extinguishment of debt	0	(328)
Gain on settlement of indemnification liability	(1,155)	0
Loss on interest rate cap	49	0
(Gain) loss on sale of real estate	(660)	52
Equity based payment	5,355	1,459
Impairment of real estate assets	8,700	0
Issuance of Preferred Series 2 Stock	16,101	0
Change in fair value of Earn-out liability	(4,628)	0
Changes in operating assets and liabilities
Due to/from related parties	156	(156)
Accounts payable	3,194	5,261
Indemnification liability	(750)	(95)
Security deposits	3	(8)
Other assets	(48)	44
Deferred offering costs	(3,022)	0
Deferred revenue	(137)	217
Accounts receivable	(325)	1,538
Prepaid expenses	(104)	(332)
Other	0	(146)
Net cash provided by (used in) operating activities	(1,418)	1,965
Cash flows from investing activities:
Capital expenditures	(1,624)	(2,154)
Capitalized technology	(23)	(143)
Purchase of investment in real estate	0	(17,513)
Proceeds from sale of investment in real estate	1,475	650
Net cash (used in) investing activities	(172)	(19,160)
Cash flows from financing activities:
Proceeds from line of credit	0	73,700
Payments on notes payable	(13,291)	(58,189)
Payments on line of credit	(15,000)	0
Proceeds from reverse recap, net of payment of equity issuance costs	39,046	0
Payment of transaction costs for reverse recapitalization	(891)	0
Payment on interest rate cap	(205)	0
Distributions to non-controlling interest holders	(373)	0
Loan fees	0	(2,429)
Net cash provided by financing activities	9,286	13,082
Net change in cash and cash equivalents and restricted cash	7,696	(4,113)
Cash and cash equivalents and restricted cash, beginning of period	10,974	16,696
Cash and cash equivalents and restricted cash, end of period	18,670	12,583
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	5,758	11,805
Restricted cash at beginning of period	5,216	4,891
Cash and cash equivalents and restricted cash, beginning of period	10,974	16,696
Cash and cash equivalents at end of period	13,736	5,862
Restricted cash at end of period	4,934	6,721
Cash and cash equivalents and restricted cash, end of period	18,670	12,583
Supplemental disclosures of cash flow information:
Interest Paid	9,215	7,258
Non-cash investing and financing activities:
Dividends declared not yet paid	2,190	2,250
Series 2 Preferred Stock dividend paid-kind	4,600	0
Accrued capital expenditures	502	0
SBA CARES Act Paycheck Protection Program [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	0	(328)
Notes Payable, Other Payables [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	$ 105	$ 0

Note A - Organization and Busin

Note A - Organization and Business Operations	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note A Organization and Business Operations Mobile Infrastructure Corporation (formerly known as Fifth Wall Acquisition Corp. III or “FWAC”) is a Maryland corporation. The Company focuses on acquiring, owning and leasing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. The Company targets both parking garage and surface lot properties primarily in the top 50 September 30, 2023, 21 FWAC was a blank check, Cayman Islands exempted company, incorporated on February 19, 2021 one On August 25, 2023 ( 10 10 10 In connection with the Merger, Mobile Infra Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), converted from a Maryland limited partnership to a Delaware limited liability company, Mobile Infra Operating Company, LLC (following the conversion, the “Operating Company”). In connection with the conversion, each outstanding unit of partnership interest of the Operating Partnership was converted automatically, on a one one one one two “HS3” HS3 The Company is publicly traded on the NYSE American under the ticker “BEEP.” As a result of the Merger: ● each then issued and outstanding Class A Share and Class B Share of FWAC was converted, on a one ● each then issued and outstanding share of Legacy MIC common stock was converted into 1.5 shares of the Company's common stock; ● each share of Legacy MIC Series 1 Convertible Redeemable Preferred Stock (“Legacy MIC Series 1 1 1 ● the outstanding common stock warrant of Legacy MIC to purchase 1,702,128 shares of Legacy MIC common stock at an exercise price of $11.75 per share became a warrant to purchase 2,553,192 shares of common stock of the Company at an exercise price of $7.83 per share. Additionally, on June 15, 2023, HS3, 2 2 December 31, 2023, 2 Accounting Treatment of the Merger and Retroactive Equity Application Legacy MIC determined that it was the accounting acquirer in the Merger based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805, ● the business affairs of the Company are controlled by a board of directors consisting of eight seven one ● the management of the Company is led by Legacy MIC’s Chief Executive Officer, Manuel Chavez, III, and Chief Financial Officer, Stephanie Hogue; and ● Legacy MIC was significantly larger than FWAC in terms of revenue, total assets (excluding cash) and employees. Under this method of accounting, FWAC was treated as the acquired company for financial reporting purposes. Accordingly, the Merger was treated as the equivalent of Legacy MIC issuing stock for the net assets of FWAC, accompanied by a recapitalization. The net assets of FWAC were stated at historical cost, with no In accordance with guidance applicable to these circumstances, the equity structure has been retroactively restated in all comparative periods up to the Closing Date, to reflect the equivalent number of shares of the Company’s common stock based on the exchange ratio of 1.5 established in the Merger.

Note B - Summary of Significant

Note B - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note B Summary of Significant Accounting Policies Basis of Accounting The consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with U.S. GAAP for interim financial information as contained in the Financial Accounting Standards Board ("FASB") ASC, and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements do not three nine September 30, 2023 not may December 31, 2023. no nine September 30, 2023 2022 10 March 22, 2023. Going Concern The accompanying consolidated financial statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses since its inception and anticipates net losses in the near future, and the Company has approximately $64.1 million of debt which will mature within one not In response, the Company is currently pursuing extensions and amendments on the maturing debt. However, our plan is subject to market conditions and not not The consolidated financial statements do not Consolidation The consolidated financial statements include the accounts of the Company, the Operating Company (previously, the Operating Partnership), each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Noncontrolling interests on our Consolidated Balance Sheets represent the portion of equity that we do not Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding stock-based compensation, equity valuations, asset impairment and purchase price allocations to record investments in real estate, as applicable. Concentration The Company had sixteen and fifteen parking tenant-operators during the nine September 30, 2023 2022 , respectively. One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 61.6% and 60.5 % of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2023 2022 , respectively. Premier Parking Service, LLC represented 11.9% and 12.6% of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2023 2022 , respectively. In addition, the Company had concentration s in Cincinnati (19.4% and 19.2 September 30, 2023 December 31, 2022. As of September 30, 2023 December 31, 2022, 64.1% and 59.2% o Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent third may The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third The value of lease intangibles is amortized to depreciation and amortization expense in our Consolidated Statements of Operations over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of any lease intangible is recognized over the shortened lease term. Impairment of Long-Lived Assets On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first first second third third See Note M for additional discussion regarding impairment of long-lived assets. Immaterial Correction During the year ended December 31, 2022, first second 2022. As of September 30, 2022 As reported Adjustments As Corrected (in thousands) Consolidated Balance Sheet: Buildings and improvements $ 271,964 $ (156 ) $ 271,808 Fixed assets, net 207 - 207 Cash 5,862 - 5,862 Cash – restricted 6,721 - 6,721 Prepaid expenses 1,021 (13 ) 1,008 Accounts receivable 2,578 (85 ) 2,493 Due from related parties - 156 156 Other assets 64 - 64 Notes payable, net 148,278 - 148,278 Revolving Credit Facility, net 72,648 195 72,843 Accounts payable and accrued liabilities 21,604 (119 ) 21,485 Security Deposit 97 61 158 Deferred revenue 372 - 372 Accumulated deficit (106,692 ) (40 ) (106,732 ) Non-controlling interest 101,609 (56 ) 101,553 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As reported Adjustments As Corrected As reported Adjustments As Corrected (in thousands, except per share data) (in thousands, except per share data) Consolidated Statement of Operations: Base rent income $ 2,173 $ 120 $ 2,293 $ 6,346 $ 120 $ 6,466 Management agreement - - - 427 (114 ) 313 Percentage rent 6,245 (187 ) 6,058 15,430 (187 ) 15,243 Property taxes 1,912 (106 ) 1,806 5,592 (106 ) 5,486 Property operating expense 501 (17 ) 484 2,069 (97 ) 1,972 General and administrative 2,455 44 2,499 5,843 (9 ) 5,834 Professional fees 525 (47 ) 478 2,087 (326 ) 1,761 Organizational, offering and other costs 2,168 (197 ) 1,971 4,693 - 4,693 Depreciation and amortization 2,137 (43 ) 2,094 6,125 (43 ) 6,082 Interest expense (3,387 ) (288 ) (3,675 ) (9,094 ) (383 ) (9,477 ) Other income 123 (107 ) 16 153 (107 ) 46 Net loss (4,596 ) (96 ) (4,692 ) (12,871 ) (89 ) (12,960 ) Net income attributable to non-controlling interest (2,445 ) (56 ) (2,501 ) (7,228 ) (52 ) (7,280 ) Net loss attributable to Mobile Infrastructure Corporation’s common stockholders (2,901 ) (40 ) (2,941 ) (7,893 ) (37 ) (7,930 ) Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted $ (0.22 ) $ - $ (0.22 ) $ (0.60 ) $ (0.01 ) $ (0.61 ) Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not Equity Compensation Equity compensation is based on the grant date fair value of the equity awards and is recognized as general and administrative expense in our Consolidated Statement of Operations over the requisite service or performance period. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various service, market, or performance conditions.

Note C - Reverse Recapitalizati

Note C - Reverse Recapitalization	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note C Reverse Recapitalization As described in Note A, the Merger closed on August 25, 2023. ● holders of an aggregate of 27,080,715 FWAC Class A Shares, representing 95.3% of FWAC’s Class A Shares, exercised their right to redeem their shares for cash for an aggregate redemption amount of $279,018,123; ● Fifth Wall Acquisition Sponsor III LLC, a Cayman Islands limited liability company (the “Sponsor”), forfeited 4,855,000 FWAC Class B Shares held by the Sponsor immediately prior to the Closing for no ● 46,000 shares of Series 2 $46,000,000; ● each then issued and outstanding Class A Share and Class B Share of FWAC was converted, on a one ● each then issued and outstanding share of Legacy MIC common stock was converted into 1.5 shares of the Company’s common stock; ● each share of Legacy MIC Series 1 1 ● the outstanding common stock warrant of Legacy MIC to purchase shares of Legacy MIC common stock at an exercise price of $11.75 per share became a warrant to purchase 2,553,192 shares of common stock of the Company at an exercise price of $7.83 per share; and ● in connection with the conversion of the Operating Partnership into the Operating Company, each outstanding unit of partnership interest of the Operating Partnership converted automatically, on a one one Following the completion of the Merger, the Company had the following outstanding securities: ● 13,089,848 shares of the Company’s common stock; ● 39,811 shares of Series 1 ● 2,862 shares of Series A Preferred Stock; ● 46,000 shares of Series 2 ● a warrant to purchase 2,553,192 shares of the Company’s common stock at an exercise price of $7.83 per share. Following the completion of the Merger and after giving effect to the cashless conversion of 638,298 Class A Units into 156,138 Common Units by HS3 August 29, 2023, ● 27,041,813 Common Units outstanding, 13,089,848 of which are owned by the Company, representing approximately 48.4% of the outstanding Common Units; ● 2,250,000 Performance Units; and ● 660,329 LTIP Units. The following table reconciles the elements of the Merger to the consolidated statements of cash flows and the consolidated statement of changes in stockholder's equity/(deficit) for the nine September 30, 2023 Fair value of Series 2 Preferred Stock $ 66,700 Common stock issued in exchange for FWAC Class A and B 4,552 Less: Fair value of Earn-Out Shares issued (5,844) Less: Equity-allocated offering costs (11,505) Impact to Addition-Paid in Capital 53,903 Less: Non-cash Preferred Series 2 issuance expense (16,101) Earn-Out liability recognized 5,844 Less: Series 2 Preferred Stock dividend paid-in-kind recognized (4,600) Net cash proceeds $ 39,046 1,900,000 FWAC Class B Shares that converted to the Company’s common stock are subject to an earn-out structure (the “Earn-Out Shares”) under terms outlined in the Second Amended and Restated Sponsor Agreement. The Earn-Out Shares vest if certain milestones related to share price are achieved as further described in Footnote H. Because the shares have voting rights but have contingent vesting conditions, we have included the shares as issued but not As part of accounting for the reverse recapitalization, we evaluated the Series 2 820 480. 2 2

Note D - Acquisitions and Dispo

Note D - Acquisitions and Dispositions of Investments in Real Estate	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Asset Acquisition [Text Block]	Note D Acquisitions and Dispositions of Investments in Real Estate 2023 On February 28, 2023, 2022 In June 2022, 555

Note E - Intangible Assets

Note E - Intangible Assets	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note E - Intangible Assets A schedule of the Company’s intangible assets and related accumulated amortization as of September 30, 2023 December 31, 2022 As of September 30, 2023 As of December 31, 2022 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,444 $ 1,767 $ 2,564 $ 1,621 Lease commissions 182 128 165 106 Indefinite lived contract 3,160 - 3,160 — Acquired technology 4,242 897 4,217 561 Total intangible assets $ 10,028 $ 2,792 $ 10,106 $ 2,288 Amortization of the in-place lease value, lease commissions and acquired technology are included in depreciation and amortization in the accompanying Consolidated Statements of Operations. Amortization expense associated with intangible assets totaled a three September 30, 2023 2022 approximately $0.6 million for both the nine months ended September 30, 2023 2022 A schedule of future amortization of acquired intangible assets for the nine September 30, 2023 In-place lease value Lease commissions Acquired technology 2023 (Remainder) $ 78 $ 6 $ 113 2024 291 24 448 2025 179 12 448 2026 101 7 448 2027 28 4 420 Thereafter - - 1,468 $ 677 $ 53 $ 3,345

Note F - Notes Payable

Note F - Notes Payable	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	Note F Notes Payable As of September 30, 2023 Loan Original Debt Amount Monthly Payment Balance as of 9/30/23 Lender Interest Rate Loan Maturity MVP Memphis Poplar (3) $ 1,800 I/O $ 1,800 LoanCore 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700 I/O $ 3,700 LoanCore 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,481 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 24,844 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,879 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,262 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,565 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,382 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 10,904 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 26,961 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,249 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,739 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,619 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 259 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,938 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 689 KeyBank * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682 I/O $ 1,682 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454 I/O $ 6,454 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627 I/O $ 1,627 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820 I/O $ 1,820 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671 I/O $ 1,671 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057 I/O $ 2,058 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938 I/O $ 938 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC $ 6,000 I/O $ 6,000 Cantor Commercial Real Estate ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330 $ 66 $ 11,087 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (481) $ 135,127 ( 1 The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties. ( 2 The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. for $16.25 million secured by the pool of properties. ( 3 The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 * 2 ** 10 I/O - Interest Only On September 6, 2023, five August 25, 2023 five Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. A s September 30, 2023 owers for two , failed to meet certain loan covenants tely $0.5 million September 30, 2023 two As of September 30, 2023 2023 (remainder) $ 736 2024 16,013 2025 29,091 2026 22,707 2027 67,061 Thereafter — Total $ 135,608

Note G - Revolving Credit Facil

Note G - Revolving Credit Facility and Interest Rate Cap	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	Note F Notes Payable As of September 30, 2023 Loan Original Debt Amount Monthly Payment Balance as of 9/30/23 Lender Interest Rate Loan Maturity MVP Memphis Poplar (3) $ 1,800 I/O $ 1,800 LoanCore 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700 I/O $ 3,700 LoanCore 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,481 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 24,844 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,879 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,262 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,565 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,382 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 10,904 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 26,961 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,249 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,739 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,619 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 259 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,938 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 689 KeyBank * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682 I/O $ 1,682 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454 I/O $ 6,454 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627 I/O $ 1,627 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820 I/O $ 1,820 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671 I/O $ 1,671 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057 I/O $ 2,058 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938 I/O $ 938 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC $ 6,000 I/O $ 6,000 Cantor Commercial Real Estate ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330 $ 66 $ 11,087 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (481) $ 135,127 ( 1 The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties. ( 2 The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. for $16.25 million secured by the pool of properties. ( 3 The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 * 2 ** 10 I/O - Interest Only On September 6, 2023, five August 25, 2023 five Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. A s September 30, 2023 owers for two , failed to meet certain loan covenants tely $0.5 million September 30, 2023 two As of September 30, 2023 2023 (remainder) $ 736 2024 16,013 2025 29,091 2026 22,707 2027 67,061 Thereafter — Total $ 135,608
Line of Credit [Member]
Notes to Financial Statements
Debt Disclosure [Text Block]	Note G - Revolving Credit Facility and Interest Rate Cap On March 29, 2022, April 1, 2023 ( not not During 2022, On November 17, 2022, April 1, 2024, March 31, 2023. second As of September 30, 2023, In August 2023, April 1, 2024. not September 30, 2023

Note H - Equity

Note H - Equity	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Equity [Text Block]	Note H - Equity Prior to the Merger, Legacy MIC had two two 1 2 By virtue of the consummation of the Merger, the Sponsor owns 1,900,000 Earnout Shares subject to vesting restrictions and forfeiture under the terms of the Sponsor Agreement, as follows: (a) 950,000 Earnout Shares will vest at such time as the aggregate volume-weighted average price per share of our common stock for any 5 not December 31, 2026) 5 not December 31, 2028). The following summarizes the terms of the Company’s preferred stock and warrants. As described in Note A above, each issued and outstanding share of Legacy MIC Series 1 one 1 one 1 Series A Convertible Redeemable Preferred Stock The terms of the Series A Preferred Stock provide that the holders of the Series A Preferred Stock are entitled to receive, when and as authorized by the Board of Directors and declared by us out of legally available funds, cumulative cash dividends on each share at an annual rate of 7.50% of the stated value pari passu with the dividend preference of the Series 1 5.75% On March 24, 2020, September 30, 2023 December 31, 2022, Series 1 The terms of the Series 1 1 1 1 On March 24, 2020, 1 1 1 September 30, 2023 December 31, 2022, 1 Series 2 On June 15, 2023, 2 On the earlier of (a) a change of control of MIC and (b) December 31, 2023, 2 2 first 2 one December 31, 2023. 2 2 2 2 Warrants In accordance with its warrant agreement between Legacy MIC and Color Up, dated August 25, 2021 ( one As of the Closing Date, FWAC, Legacy MIC, and Color Up entered into a Warrant Assumption and Amendment Agreement (the “Warrant Assumption and Amendment Agreement”) to the Warrant Agreement, whereby the Company assumed the Common Stock Warrants remaining outstanding and unexpired at that time, and such Common Stock Warrants became the common stock warrants of the Company. Subsequent to the Closing date, on August 29, 2023, not The Common Stock Warrants expire on August 25, 2026 Securities Purchase Agreement On November 2, 2021, HS3, HS3 HS3 HS3 may 4 2 August 29, 2023, HS3 Convertible Noncontrolling Interests As of September 30, 2023, six first The Common Units outstanding as of September 30, 2023

Note I - Equity Compensation

Note I - Equity Compensation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note I — Equity Compensation On February 28, 2023, 2022 three 2022 three December 31, 2022. In connection with Closing, 255,320 and 153,192 LTIP Units granted on August 23, 2022 not one September 9, 2023, in the accompanying Consolidated Statements of Operations. For the three nine September 30, 2023, three nine September 30, 2022. September 30, 2023 2022 not The following table sets forth a roll forward of all incentive equity awards for the nine September 30, 2023: As of September 30, 2023 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Unvested - January 1, 2023 2,673,041 8.44 Granted 237,294 9.13 Vested (48,633 ) 9.27 Forfeited (135,319 ) 10.00 Unvested - September 30, 2023 2,726,383 $ 8.40

Note J - Earnings Per Share

Note J - Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note J - Earnings Per Share Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. The Company includes the effect of participating securities in basic and diluted earnings per share computations using the two two three nine September 30, 2023 2022 three nine September 30, 2023 2022. The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three nine September 30, 2023 2022 For the three months ended For the nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator: Net loss attributable to MIC $ (23,125 ) $ (2,941 ) $ (27,890 ) $ (7,930 ) Net loss attributable to participating securities — — — — Net loss attributable to MIC common stock $ (23,125 ) $ (2,941 ) $ (27,890 ) $ (7,930 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 13,089,848 13,089,848 13,089,848 13,089,848 Basic and diluted loss per weighted average common share: Basic and dilutive $ (1.77 ) $ (0.22 ) $ (2.13 ) $ (0.61 )

Note K - Variable Interest Enti

Note K - Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	Note K – Variable Interest Entities The Company, through a wholly owned subsidiary of the Operating Company, owns a 51.0% beneficial interest in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). MVP St. Louis is the owner of a 2.56-acre, 376-vehicle commercial parking lot, known as the Cardinal Lot. MVP St. Louis is considered VIE and the Company concludes that it is the primary beneficiary since the power to direct the activities that most significantly impact the economic performance of MVP St. Louis was held by MVP Parking DST, LLC (the “Manager”) and certain subsidiaries of the Manager, which is controlled by Mr. Chavez. As a result, the Company consolidates its investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets of approximately $12.0 million (substantially all real estate investments) and liabilities of approximately $6.1 million (substantially all mortgage debt) as of September 30, 2023.

Note L - Income Taxes

Note L - Income Taxes	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note L - Income Taxes Legacy MIC previously elected to be taxed as a REIT for federal income tax purposes and operated in a manner that allowed Legacy MIC to qualify as a REIT through December 31, 2019. 19 not not December 31, 2020. not 2020 A full valuation allowance for deferred tax assets was historically provided each year since the Company believed that as a REIT it was more likely than not not nine September 30, 2023 three September 30, 2023. nine September 30, 2023 may not

Note M - Fair Value

Note M - Fair Value	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note M Fair Value A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Level 2 not Level 3 In certain cases, the inputs used to measure fair value may The Company's financial instruments include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. The estimated fair value of the Company’s debt (including notes payable and the Revolving Credit Facility) was derived using Level 2 September 30, 2023 December 31, 2022, Recurring and Nonrecurring Fair Value Measurements Our Earn-out Shares and interest rate cap are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the nine September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Earn-out Shares liability - - (1,216) - - - Interest Rate Cap - 156 - - - - Nonrecurring Impaired real estate assets - - 50,777 - - - Earn-Out Shares The terms of the Earn-Out Shares allow an additional 1,900,000 shares to vest if certain milestones are achieved: ● 950,000 shares vest if the aggregate volume-weighted average price for any 5 December 31, 2026 ● 950,000 shares vest if the aggregate volume-weighted average price for any 5 December 31, 2028 We estimate the fair value of each tranche of shares separately using a Monte Carlo simulation. These estimates require us to make various assumptions about the risk-free rate, expected volatility for each tranche of the Earn-Out Shares, and other items that are unobservable and are considered Level 3 We recognized a gain of approximately $4.6 million during the three nine September 30, 2023 nine September 30, 2023 ( Level 3 Liability Balance as of January 1, 2023 $ — Impact of the Merger (initial valuation) (5,844) Change in fair value recognized in earnings 4,628 Balance as of September 30, 2023 $ (1,216) Interest Rate Cap Our interest rate cap is measured at fair value on a recurring basis. The valuation is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate cap is determined using the market standard methodology of valuing the expected discounted future fixed cash receipts. The variable cash or receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We evaluated the need for credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, but believe these impacts are not 2 Impairment Our real estate assets are measured and recognized at fair value on a nonrecurring basis when we determine an impairment has occurred. To estimate fair value we may third may 3 three nine September 30, 2023,

Note N - Commitments and Contin

Note N - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note N Commitments and Contingencies The nature of the Company’s business exposes our properties, the Company, the Operating Company and its other subsidiaries to the risk of claims and litigation in the normal course of business. Other than as noted below, or routine litigation arising out of the ordinary course of business, the Company is not On March 6, 2023, 1:23 00599 September 6, 2023, September 18, 2023, On August 25, 2021, April 3, 2023, not In January 2023, 43rd December 2022 first 2023, In September 2023, one

Note O - Related Party Transact

Note O - Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note O — Related Party Transactions and Arrangements Two of the Company’s assets, 1W7 222W7, five four 2021 September 30, 2023 2022, September 30, 2023 In connection with the Company's recapitalization transaction in August 2021, August 2021 three Additionally, in connection with the Company's recapitalization transaction in August 2021, December 31, 2022. March 2023. The Company has agreed to pay for certain tax return preparation services of Color Up and certain member entities of Color Up. The Company has incurred approximately $0.1 million related to these services which is reflected in general and administrative expenses in the consolidated statements of income for the nine September 30, 2023. License Agreement On August 25, 2021, Tax Matters Agreement On August 25, 2021, 1 tenth 2 tenth 20%

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting The consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with U.S. GAAP for interim financial information as contained in the Financial Accounting Standards Board ("FASB") ASC, and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements do not three nine September 30, 2023 not may December 31, 2023. no nine September 30, 2023 2022 10 March 22, 2023.
Going Concern, Policy [Policy Text Block]	Going Concern The accompanying consolidated financial statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses since its inception and anticipates net losses in the near future, and the Company has approximately $64.1 million of debt which will mature within one not In response, the Company is currently pursuing extensions and amendments on the maturing debt. However, our plan is subject to market conditions and not not The consolidated financial statements do not
Consolidation, Policy [Policy Text Block]	Consolidation The consolidated financial statements include the accounts of the Company, the Operating Company (previously, the Operating Partnership), each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Noncontrolling interests on our Consolidated Balance Sheets represent the portion of equity that we do not
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding stock-based compensation, equity valuations, asset impairment and purchase price allocations to record investments in real estate, as applicable.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration The Company had sixteen and fifteen parking tenant-operators during the nine September 30, 2023 2022 , respectively. One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 61.6% and 60.5 % of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2023 2022 , respectively. Premier Parking Service, LLC represented 11.9% and 12.6% of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2023 2022 , respectively. In addition, the Company had concentration s in Cincinnati (19.4% and 19.2 September 30, 2023 December 31, 2022. As of September 30, 2023 December 31, 2022, 64.1% and 59.2% o
Business Combinations Policy [Policy Text Block]	Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent third may The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third The value of lease intangibles is amortized to depreciation and amortization expense in our Consolidated Statements of Operations over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of any lease intangible is recognized over the shortened lease term.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first first second third third See Note M for additional discussion regarding impairment of long-lived assets.
Reclassification, Comparability Adjustment [Policy Text Block]	Immaterial Correction During the year ended December 31, 2022, first second 2022. As of September 30, 2022 As reported Adjustments As Corrected (in thousands) Consolidated Balance Sheet: Buildings and improvements $ 271,964 $ (156 ) $ 271,808 Fixed assets, net 207 - 207 Cash 5,862 - 5,862 Cash – restricted 6,721 - 6,721 Prepaid expenses 1,021 (13 ) 1,008 Accounts receivable 2,578 (85 ) 2,493 Due from related parties - 156 156 Other assets 64 - 64 Notes payable, net 148,278 - 148,278 Revolving Credit Facility, net 72,648 195 72,843 Accounts payable and accrued liabilities 21,604 (119 ) 21,485 Security Deposit 97 61 158 Deferred revenue 372 - 372 Accumulated deficit (106,692 ) (40 ) (106,732 ) Non-controlling interest 101,609 (56 ) 101,553 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As reported Adjustments As Corrected As reported Adjustments As Corrected (in thousands, except per share data) (in thousands, except per share data) Consolidated Statement of Operations: Base rent income $ 2,173 $ 120 $ 2,293 $ 6,346 $ 120 $ 6,466 Management agreement - - - 427 (114 ) 313 Percentage rent 6,245 (187 ) 6,058 15,430 (187 ) 15,243 Property taxes 1,912 (106 ) 1,806 5,592 (106 ) 5,486 Property operating expense 501 (17 ) 484 2,069 (97 ) 1,972 General and administrative 2,455 44 2,499 5,843 (9 ) 5,834 Professional fees 525 (47 ) 478 2,087 (326 ) 1,761 Organizational, offering and other costs 2,168 (197 ) 1,971 4,693 - 4,693 Depreciation and amortization 2,137 (43 ) 2,094 6,125 (43 ) 6,082 Interest expense (3,387 ) (288 ) (3,675 ) (9,094 ) (383 ) (9,477 ) Other income 123 (107 ) 16 153 (107 ) 46 Net loss (4,596 ) (96 ) (4,692 ) (12,871 ) (89 ) (12,960 ) Net income attributable to non-controlling interest (2,445 ) (56 ) (2,501 ) (7,228 ) (52 ) (7,280 ) Net loss attributable to Mobile Infrastructure Corporation’s common stockholders (2,901 ) (40 ) (2,941 ) (7,893 ) (37 ) (7,930 ) Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted $ (0.22 ) $ - $ (0.22 ) $ (0.60 ) $ (0.01 ) $ (0.61 )
Segment Reporting, Policy [Policy Text Block]	Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not
Share-Based Payment Arrangement [Policy Text Block]	Equity Compensation Equity compensation is based on the grant date fair value of the equity awards and is recognized as general and administrative expense in our Consolidated Statement of Operations over the requisite service or performance period. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various service, market, or performance conditions.

Note B - Summary of Significa_2

Note B - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As of September 30, 2022 As reported Adjustments As Corrected (in thousands) Consolidated Balance Sheet: Buildings and improvements $ 271,964 $ (156 ) $ 271,808 Fixed assets, net 207 - 207 Cash 5,862 - 5,862 Cash – restricted 6,721 - 6,721 Prepaid expenses 1,021 (13 ) 1,008 Accounts receivable 2,578 (85 ) 2,493 Due from related parties - 156 156 Other assets 64 - 64 Notes payable, net 148,278 - 148,278 Revolving Credit Facility, net 72,648 195 72,843 Accounts payable and accrued liabilities 21,604 (119 ) 21,485 Security Deposit 97 61 158 Deferred revenue 372 - 372 Accumulated deficit (106,692 ) (40 ) (106,732 ) Non-controlling interest 101,609 (56 ) 101,553 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As reported Adjustments As Corrected As reported Adjustments As Corrected (in thousands, except per share data) (in thousands, except per share data) Consolidated Statement of Operations: Base rent income $ 2,173 $ 120 $ 2,293 $ 6,346 $ 120 $ 6,466 Management agreement - - - 427 (114 ) 313 Percentage rent 6,245 (187 ) 6,058 15,430 (187 ) 15,243 Property taxes 1,912 (106 ) 1,806 5,592 (106 ) 5,486 Property operating expense 501 (17 ) 484 2,069 (97 ) 1,972 General and administrative 2,455 44 2,499 5,843 (9 ) 5,834 Professional fees 525 (47 ) 478 2,087 (326 ) 1,761 Organizational, offering and other costs 2,168 (197 ) 1,971 4,693 - 4,693 Depreciation and amortization 2,137 (43 ) 2,094 6,125 (43 ) 6,082 Interest expense (3,387 ) (288 ) (3,675 ) (9,094 ) (383 ) (9,477 ) Other income 123 (107 ) 16 153 (107 ) 46 Net loss (4,596 ) (96 ) (4,692 ) (12,871 ) (89 ) (12,960 ) Net income attributable to non-controlling interest (2,445 ) (56 ) (2,501 ) (7,228 ) (52 ) (7,280 ) Net loss attributable to Mobile Infrastructure Corporation’s common stockholders (2,901 ) (40 ) (2,941 ) (7,893 ) (37 ) (7,930 ) Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted $ (0.22 ) $ - $ (0.22 ) $ (0.60 ) $ (0.01 ) $ (0.61 )

Note C - Reverse Recapitaliza_2

Note C - Reverse Recapitalization (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Fair value of Series 2 Preferred Stock $ 66,700 Common stock issued in exchange for FWAC Class A and B 4,552 Less: Fair value of Earn-Out Shares issued (5,844) Less: Equity-allocated offering costs (11,505) Impact to Addition-Paid in Capital 53,903 Less: Non-cash Preferred Series 2 issuance expense (16,101) Earn-Out liability recognized 5,844 Less: Series 2 Preferred Stock dividend paid-in-kind recognized (4,600) Net cash proceeds $ 39,046

Note E - Intangible Assets (Tab

Note E - Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Finite and Indefinite Intangible Assets [Table Text Block]	As of September 30, 2023 As of December 31, 2022 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,444 $ 1,767 $ 2,564 $ 1,621 Lease commissions 182 128 165 106 Indefinite lived contract 3,160 - 3,160 — Acquired technology 4,242 897 4,217 561 Total intangible assets $ 10,028 $ 2,792 $ 10,106 $ 2,288
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	In-place lease value Lease commissions Acquired technology 2023 (Remainder) $ 78 $ 6 $ 113 2024 291 24 448 2025 179 12 448 2026 101 7 448 2027 28 4 420 Thereafter - - 1,468 $ 677 $ 53 $ 3,345

Note F - Notes Payable (Tables)

Note F - Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Debt [Table Text Block]	Loan Original Debt Amount Monthly Payment Balance as of 9/30/23 Lender Interest Rate Loan Maturity MVP Memphis Poplar (3) $ 1,800 I/O $ 1,800 LoanCore 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700 I/O $ 3,700 LoanCore 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,481 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 24,844 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,879 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,262 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,565 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,382 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 10,904 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 26,961 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,249 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,739 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,619 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 259 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,938 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 689 KeyBank * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682 I/O $ 1,682 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454 I/O $ 6,454 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627 I/O $ 1,627 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820 I/O $ 1,820 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671 I/O $ 1,671 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057 I/O $ 2,058 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938 I/O $ 938 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC $ 6,000 I/O $ 6,000 Cantor Commercial Real Estate ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330 $ 66 $ 11,087 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (481) $ 135,127
Schedule of Maturities of Long-Term Debt [Table Text Block]	2023 (remainder) $ 736 2024 16,013 2025 29,091 2026 22,707 2027 67,061 Thereafter — Total $ 135,608

Note I - Equity Compensation (T

Note I - Equity Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Activity [Table Text Block]	As of September 30, 2023 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Unvested - January 1, 2023 2,673,041 8.44 Granted 237,294 9.13 Vested (48,633 ) 9.27 Forfeited (135,319 ) 10.00 Unvested - September 30, 2023 2,726,383 $ 8.40

Note J - Earnings Per Share (Ta

Note J - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended For the nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator: Net loss attributable to MIC $ (23,125 ) $ (2,941 ) $ (27,890 ) $ (7,930 ) Net loss attributable to participating securities — — — — Net loss attributable to MIC common stock $ (23,125 ) $ (2,941 ) $ (27,890 ) $ (7,930 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 13,089,848 13,089,848 13,089,848 13,089,848 Basic and diluted loss per weighted average common share: Basic and dilutive $ (1.77 ) $ (0.22 ) $ (2.13 ) $ (0.61 )

Note M - Fair Value (Tables)

Note M - Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Earn-out Shares liability - - (1,216) - - - Interest Rate Cap - 156 - - - - Nonrecurring Impaired real estate assets - - 50,777 - - -
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Level 3 Liability Balance as of January 1, 2023 $ — Impact of the Merger (initial valuation) (5,844) Change in fair value recognized in earnings 4,628 Balance as of September 30, 2023 $ (1,216)

Note A - Organization and Bus_2

Note A - Organization and Business Operations (Details Textual)		9 Months Ended
	Aug. 25, 2023 $ / shares shares	Sep. 30, 2023 ft² $ / shares	Aug. 29, 2023 $ / shares shares	Aug. 24, 2023 $ / shares	Jun. 15, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	Aug. 25, 2021 $ / shares shares
Number of Parking Facilities		43
Number of Parking Spaces		15,676
Area of Real Estate Property (Square Foot) | ft²		5,400,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares				$ 0.0001
Series 2 Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.0001				$ 0.0001
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 1,000
Preferred Stock, Convertible, Shares Issuable, Including Accrued Dividends (in shares)	13,787,464				13,787,462
Preferred Stock, Convertible, Shares Issuable, Accrued Dividends (in shares)					1,253,404
Color Up to Purchase Common Stock Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,553,192		2,553,192				1,702,128
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 7.83		$ 7.83				$ 11.75
Series 2 Preferred Stock to be Converted into Common Shares [Member] | Scenario, Plan [Member]
Preferred Stock, Shares Subscribed but Unissued (in shares)					46,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares					$ 0.0001
Shares Issued, Price Per Share (in dollars per share) | $ / shares					$ 1,000
Preferred Stock, Value, Subscriptions | $					$ 46,000,000
Merger With FWAC [Member] | Conversion of FWAC Class A Share into New MIC Common Stock [Member]
Business Acquisition, Conversion of Stock, Conversion Ratio	1
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares)	1
Merger With FWAC [Member] | Conversion of Common Stock into New MIC Common Stock [Member]
Business Acquisition, Conversion of Stock, Conversion Ratio	1.5
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares)	1
Merger With FWAC [Member] | Conversion of Preferred Stock into New MIC Series 1 and Series A Preferred Stock [Member]
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares)	1
OP Units [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		51.80%
OP Units [Member] | Mobile Infra Operating Partnership, L.P [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		38.80%
OP Units [Member] | Color Up, LLC [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		9.40%
Retail Site [Member]
Area of Real Estate Property (Square Foot) | ft²		200

Note B - Summary of Significa_3

Note B - Summary of Significant Accounting Policies (Details Textual) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022	Dec. 31, 2022
Debt, Current	$ 64.1
Number of Parking Tenants or Operators	16	15
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member]
Concentration Risk, Percentage	61.60%	60.50%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, Premier Parking Service, LLC [Member]
Concentration Risk, Percentage	11.90%	12.60%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Cincinnati [Member]
Concentration Risk, Percentage	19.40%		19.20%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Detroit [Member]
Concentration Risk, Percentage	10.30%		12.50%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Chicago [Member]
Concentration Risk, Percentage	9.10%		8.70%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Houston [Member]
Concentration Risk, Percentage	8.10%		7.80%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member]
Concentration Risk, Percentage	64.10%		59.20%

Note B - Summary of Significa_4

Note B - Summary of Significant Accounting Policies - Summary of Error Correction (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Buildings and improvements	$ 260,281	$ 271,808	$ 260,281	$ 271,808	$ 272,605
Fixed assets, net	193	207	193	207	210
Cash	13,736	5,862	13,736	5,862	5,758
Cash – restricted	4,934	6,721	4,934	6,721	5,216
Prepaid expenses	1,057	1,008	1,057	1,008	953
Other assets	286	64	286	64	99
Notes payable, net	135,127	148,278	135,127	148,278	146,948
Long-Term Line of Credit, Total	58,383	72,843	58,383	72,843	72,731
Accounts payable and accrued expenses	12,961	21,485	12,961	21,485	16,351
Security deposits	164	158	164	158	161
Deferred revenue	238	372	238	372	376
Accumulated deficit	(130,268)	(106,732)	(130,268)	(106,732)	(109,168)
Non-controlling interest	94,204	101,553	94,204	101,553	99,681
Management income	0	0	0	313
Property taxes	1,802	1,806	5,300	5,486
Property operating expense	390	484	1,441	1,972
General and administrative	4,154	2,499	9,218	5,834
Professional fees	326	478	1,121	1,761
Organizational, offering and other costs		1,971		4,693
Depreciation and amortization	2,132	2,094	6,389	6,082
Interest expense	(3,618)	(3,675)	(10,893)	(9,477)
Other income	1,121	16	1,152	46
Net loss	(24,642)	(4,692)	(31,691)	(12,960)
Net loss attributable to non-controlling interest	(6,807)	(2,501)	(10,591)	(7,280)
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders	$ (23,125)	$ (2,941)	$ (27,890)	$ (7,930)
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share)	$ (1.77)	$ (0.22)	$ (2.13)	$ (0.61)
Nonrelated Party [Member]
Accounts receivable, net	$ 2,174	$ 2,493	$ 2,174	$ 2,493	1,849
Related Party [Member]
Accounts receivable, net	0	156	0	156	156
Accounts payable and accrued expenses	470		470		$ 470
Base Rent Income [Member]
Rental income	2,009	2,293	6,040	6,466
Percentage Rent Income [Member]
Rental income	$ 6,054	6,058	$ 16,340	15,243
Previously Reported [Member]
Buildings and improvements		271,964		271,964
Fixed assets, net		207		207
Cash		5,862		5,862
Cash – restricted		6,721		6,721
Prepaid expenses		1,021		1,021
Other assets		64		64
Notes payable, net		148,278		148,278
Long-Term Line of Credit, Total		72,648		72,648
Accounts payable and accrued expenses		21,604		21,604
Security deposits		97		97
Deferred revenue		372		372
Accumulated deficit		(106,692)		(106,692)
Non-controlling interest		101,609		101,609
Management income		0		427
Property taxes		1,912		5,592
Property operating expense		501		2,069
General and administrative		2,455		5,843
Professional fees		525		2,087
Organizational, offering and other costs		2,168		4,693
Depreciation and amortization		2,137		6,125
Interest expense		(3,387)		(9,094)
Other income		123		153
Net loss		(4,596)		(12,871)
Net loss attributable to non-controlling interest		(2,445)		(7,228)
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders		$ (2,901)		$ (7,893)
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share)		$ (0.22)		$ (0.6)
Previously Reported [Member] | Nonrelated Party [Member]
Accounts receivable, net		$ 2,578		$ 2,578
Previously Reported [Member] | Related Party [Member]
Accounts receivable, net		0		0
Previously Reported [Member] | Base Rent Income [Member]
Rental income		2,173		6,346
Previously Reported [Member] | Percentage Rent Income [Member]
Rental income		6,245		15,430
Revision of Prior Period, Adjustment [Member]
Buildings and improvements		(156)		(156)
Fixed assets, net		0		0
Cash		0		0
Cash – restricted		0		0
Prepaid expenses		(13)		(13)
Other assets		0		0
Notes payable, net		0		0
Long-Term Line of Credit, Total		195		195
Accounts payable and accrued expenses		(119)		(119)
Security deposits		61		61
Deferred revenue		0		0
Accumulated deficit		(40)		(40)
Non-controlling interest		(56)		(56)
Management income		0		(114)
Property taxes		(106)		(106)
Property operating expense		(17)		(97)
General and administrative		44		(9)
Professional fees		(47)		(326)
Organizational, offering and other costs		(197)		0
Depreciation and amortization		(43)		(43)
Interest expense		(288)		(383)
Other income		(107)		(107)
Net loss		(96)		(89)
Net loss attributable to non-controlling interest		(56)		(52)
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders		$ (40)		$ (37)
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share)		$ 0		$ (0.01)
Revision of Prior Period, Adjustment [Member] | Nonrelated Party [Member]
Accounts receivable, net		$ (85)		$ (85)
Revision of Prior Period, Adjustment [Member] | Related Party [Member]
Accounts receivable, net		156		156
Revision of Prior Period, Adjustment [Member] | Base Rent Income [Member]
Rental income		120		120
Revision of Prior Period, Adjustment [Member] | Percentage Rent Income [Member]
Rental income		$ (187)		$ (187)

Note C - Reverse Recapitaliza_3

Note C - Reverse Recapitalization (Details Textual)	Aug. 29, 2023 $ / shares shares	Aug. 25, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Jun. 15, 2023 shares	Dec. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($)	Aug. 25, 2021 $ / shares shares
Common Stock, Shares, Outstanding (in shares)		13,089,848	13,089,848		13,089,848
Dividends Payable | $			$ 2,190,000			$ 2,250,000
Color Up to Purchase Common Stock Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 7.83	$ 7.83					$ 11.75
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,553,192	2,553,192					1,702,128
Merger With FWAC [Member] | Earnout Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		1,900,000
Business Combination, Contingent Consideration, Liability | $		$ 5,800,000
Deferred Offering Costs | $		$ 900,000
Merger With FWAC [Member] | Conversion of FWAC Class A Share into New MIC Common Stock [Member]
Business Acquisition, Conversion of Stock, Conversion Ratio		1
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares)		1
Merger With FWAC [Member] | Conversion of Common Stock into New MIC Common Stock [Member]
Business Acquisition, Conversion of Stock, Conversion Ratio		1.5
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares)		1
Merger With FWAC [Member] | Conversion of Preferred Stock into New MIC Series 1 and Series A Preferred Stock [Member]
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares)		1
Series 2 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		46,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 1,000
Stock Issued During Period, Value, New Issues | $		$ 46,000,000
Preferred Stock, Shares Outstanding (in shares)		46,000	46,000	46,000	0
Preferred Stock, Fair Value, Including Dividends | $		$ 66,700,000
Preferred Stock, Fair Value Per Share (in dollars per share) | $ / shares		$ 4.84
Preferred Stock, Convertible, Shares Issuable, Including Accrued Dividends (in shares)		13,787,464		13,787,462
Dividends Payable | $		$ 4,600,000
Proceeds from Issuance of Preferred Stock and Preference Stock | $		$ 46,000,000
Series1 Preferred Stock [Member]
Preferred Stock, Shares Outstanding (in shares)		39,811	39,811		39,811
Series A Preferred Stock [Member]
Preferred Stock, Shares Outstanding (in shares)		2,862	2,862		2,862
Dividends Payable | $			$ 800,000		$ 600,000
OP Units [Member]
Partners' Capital Account, Units, Contributed (in shares)	156,138
Partners' Capital Account, Units, Converted (in shares)	638,298
Limited Partners' Capital Account, Units Outstanding (in shares)	13,089,848
OP Units [Member] | Operating Partnership [Member]
Percentage of Outstanding Shares	48.40%
Limited Partners' Capital Account, Units Outstanding (in shares)	27,041,813
OP Units [Member] | HS3 [Member]
Partners' Capital Account, Units, Contributed (in shares)	638,298
Partners' Capital Account, Units, Converted (in shares)	156,138
Performance Units [Member] | Operating Partnership [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares)	2,250,000
LTIP Units [Member] | Operating Partnership [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares)	660,329
FWAC [Member] | Common Class A [Member]
Stock Redeemed or Called During Period, Shares (in shares)		27,080,715
Percentage of Outstanding Shares		95.30%
Stock Redeemed or Called During Period, Value | $		$ 279,018,123
FWAC [Member] | Common Class B [Member]
Stock Repurchased and Retired During Period, Shares (in shares)		4,855,000

Note C - Reverse Recapitaliza_4

Note C - Reverse Recapitalization - Elements of the Merger (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 25, 2023	Sep. 30, 2023
Common stock issued in exchange for FWAC Class A and B		$ 53,903
Merger With FWAC [Member]
Common stock issued in exchange for FWAC Class A and B	$ 4,552
Less: Fair value of Earn-Out Shares issued	(5,844)
Less: Equity-allocated offering costs	(11,505)
Impact to Addition-Paid in Capital	53,903
Net cash proceeds	39,046
Merger With FWAC [Member] | Earnout Shares [Member]
Liabilities recognized	5,844
Liabilities recognized	(5,844)
Merger With FWAC [Member] | Series 2 Preferred Stock [Member]
Less: Non-cash Preferred Series 2 issuance expense	(16,101)
Liabilities recognized	4,600
Liabilities recognized	$ (4,600)

Note D - Acquisitions and Dis_2

Note D - Acquisitions and Dispositions of Investments in Real Estate (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Proceeds from Sale, Real Estate, Other, Held-for-Investment					$ 1,475	$ 650
Gains (Losses) on Sales of Other Real Estate			$ 0	$ (52)	$ 660	$ (52)
Parking Lot in Wildwood, NJ [Member]
Proceeds from Sale, Real Estate, Other, Held-for-Investment	$ 1,500
Gains (Losses) on Sales of Other Real Estate	700
Proceeds from Sale of Other Real Estate Held-for-investment, Net	$ 300
Two22 Sheridan Bricktown Garage [Member]
Proceeds from Sale, Real Estate, Other, Held-for-Investment		$ 17,500

Note E - Intangible Assets (Det

Note E - Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization of Intangible Assets	$ 0.2	$ 0.2	$ 0.6	$ 0.6

Note E - Intangible Assets - Sc

Note E - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets, accumulated amortization	$ 2,792	$ 2,288
Total intangible assets	10,028	10,106
Contract [Member]
Indefinite lived contract	3,160	3,160
Leases, Acquired-in-Place [Member]
Finite-lived intangible assets	2,444	2,564
Finite-lived intangible assets, accumulated amortization	1,767	1,621
Lease Commissions [Member]
Finite-lived intangible assets	182	165
Finite-lived intangible assets, accumulated amortization	128	106
Technology-Based Intangible Assets [Member]
Finite-lived intangible assets	4,242	4,217
Finite-lived intangible assets, accumulated amortization	$ 897	$ 561

Note E - Intangible Assets - _2

Note E - Intangible Assets - Schedule of Future Amortization and Accretion of Acquired Intangible Assets (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases, Acquired-in-Place [Member]
2023 (Remainder)	$ 78
2024	291
2025	179
2026	101
2027	28
Thereafter	0
Finite-Lived Intangible Assets, Net	677
Lease Commissions [Member]
2023 (Remainder)	6
2024	24
2025	12
2026	7
2027	4
Thereafter	0
Finite-Lived Intangible Assets, Net	53
Technology-Based Intangible Assets [Member]
2023 (Remainder)	113
2024	448
2025	448
2026	448
2027	420
Thereafter	1,468
Finite-Lived Intangible Assets, Net	$ 3,345

Note F - Notes Payable (Details

Note F - Notes Payable (Details Textual) - USD ($) $ in Thousands	Sep. 06, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	May 06, 2017	May 01, 2017
Restricted Cash and Cash Equivalents		$ 4,934	$ 5,216	$ 6,721	$ 4,891
Vestin Realty Mortgage II, Inc [Member]
Repayments of Debt	$ 9,900
Promissory Note to KeyBank [Member]
Debt Instrument, Face Amount							$ 12,700
Promissory Note to Cantor Commercial Real Estate Lending, LP [Member]
Debt Instrument, Face Amount						$ 16,250
Loan Covenant Not Being Met [Member]
Loans and Leases Receivable, Net Amount		38,500
Restricted Cash and Cash Equivalents		$ 500

Note F - Notes Payable and Payc

Note F - Notes Payable and Paycheck Protection Program Loan - Principal Balances on Notes Payable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Debt balance, net	$ 135,608
Notes Payable [Member]
Less unamortized loan issuance costs	(481)
Notes Payable and Paycheck Protection Program Loan [Member]
Debt balance, net	135,127
MVP Memphis Poplar [Member] | Notes Payable [Member]
Original debt amount	1,800	[1]
Debt balance	$ 1,800	[1]
Interest rate	5.38%	[1]
MVP St Louis [Member] | Notes Payable [Member]
Original debt amount	$ 3,700	[1]
Debt balance	$ 3,700	[1]
Interest rate	5.38%	[1]
Mabley Place Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 9,000
Debt balance	$ 7,481
Interest rate	4.25%
Monthly payment	$ 44
The 322 Streeter Holdco LLC [Member] | Notes Payable [Member]
Original debt amount	25,900
Debt balance	$ 24,844
Interest rate	3.50%	[2]
MVP Houston Saks Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 3,650
Debt balance	$ 2,879
Interest rate	4.25%
Monthly payment	$ 20
Minneapolis City Parking LLC [Member] | Notes Payable [Member]
Original debt amount	5,250
Debt balance	$ 4,262
Interest rate	4.50%
Monthly payment	$ 29
MVP Bridgeport Fairfield Garage LLC [Member] | Notes Payable [Member]
Original debt amount	4,400
Debt balance	$ 3,565
Interest rate	4%
Monthly payment	$ 23
West 9th Properties II LLC [Member] | Notes Payable [Member]
Original debt amount	5,300
Debt balance	$ 4,382
Interest rate	4.50%
Monthly payment	$ 30
MVP Fort Worth Taylor LLC [Member] | Notes Payable [Member]
Original debt amount	13,150
Debt balance	$ 10,904
Interest rate	4.50%
Monthly payment	$ 73
MVP Detroit Center Garage LLC [Member] | Notes Payable [Member]
Original debt amount	31,500
Debt balance	$ 26,961
Interest rate	5.52%
Monthly payment	$ 194
MVP St Louis Washington LLC [Member] | Notes Payable [Member]
Original debt amount	1,380	[3]
Debt balance	$ 1,249	[3]
Interest rate	4.90%	[2],[3]
Monthly payment	$ 8	[3]
St Paul Holiday Garage LLC [Member] | Notes Payable [Member]
Original debt amount	4,132	[3]
Debt balance	$ 3,739	[3]
Interest rate	4.90%	[2],[3]
Monthly payment	$ 24	[3]
Cleveland Lincoln Garage LLC [Member] | Notes Payable [Member]
Original debt amount	3,999	[3]
Debt balance	$ 3,619	[3]
Interest rate	4.90%	[2],[3]
Monthly payment	$ 23	[3]
MVP Denver Sherman LLC [Member] | Notes Payable [Member]
Original debt amount	286	[3]
Debt balance	$ 259	[3]
Interest rate	4.90%	[2],[3]
Monthly payment	$ 2	[3]
MVP Milwaukee Arena Lot LLC [Member] | Notes Payable [Member]
Original debt amount	2,142	[3]
Debt balance	$ 1,938	[3]
Interest rate	4.90%	[2],[3]
Monthly payment	$ 12	[3]
MVP Denver 1935 Sherman LLC [Member] | Notes Payable [Member]
Original debt amount	762	[3]
Debt balance	$ 689	[3]
Interest rate	4.90%	[2],[3]
Monthly payment	$ 4	[3]
MVP Louisville Broadway Station LLC [Member] | Notes Payable [Member]
Original debt amount	1,682	[4]
Debt balance	$ 1,682	[4]
Interest rate	5.03%	[4],[5]
MVP Whitefront Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 6,454	[4]
Debt balance	$ 6,454	[4]
Interest rate	5.03%	[4],[5]
MVP Houston Preston Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,627	[4]
Debt balance	$ 1,627	[4]
Interest rate	5.03%	[4],[5]
MVP Houston San Jacinto Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,820	[4]
Debt balance	$ 1,820	[4]
Interest rate	5.03%	[4],[5]
St Louis Broadway LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,671	[4]
Debt balance	$ 1,671	[4]
Interest rate	5.03%	[4],[5]
St Louis Seventh Cerre LLC [Member] | Notes Payable [Member]
Original debt amount	$ 2,057	[4]
Debt balance	$ 2,058	[4]
Interest rate	5.03%	[4],[5]
MVP Indianapolis Meridian Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 938	[4]
Debt balance	$ 938	[4]
Interest rate	5.03%	[4],[5]
St Louis Cardinal Lot DST LLC [Member] | Notes Payable [Member]
Original debt amount	$ 6,000	[6]
Debt balance	$ 6,000	[6]
Interest rate	5.25%	[5],[6]
MVP Preferred Parking LLC [Member] | Notes Payable [Member]
Original debt amount	$ 11,330
Debt balance	$ 11,087
Interest rate	5.02%	[5]
Monthly payment	$ 66
[1]On February 8, 2019, subsidiaries of the Company, consisting of MVP PF St. Louis 2013, LLC (“MVP St. Louis 2013”), and MVP PF Memphis Poplar 2013, LLC (“MVP Memphis Poplar”), LLC entered into a loan agreement, dated as of February 8, 2019, with LoanCore Capital Credit REIT LLC (“LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan MVP St. Louis 2013 and MVP Memphis Poplar $5.5 million to repay and discharge the outstanding KeyBank loan agreement. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 and MVP Memphis Poplar.[2]2 Year Interest Only[3]The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.[4]The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties.[5]10 Year Interest Only[6]Pursuant to the Closing of the Transaction, the Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. See Note I for further information.

Note F - Notes Payable - Future

Note F - Notes Payable - Future Principal Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (remainder)	$ 736
2024	16,013
2025	29,091
2026	22,707
2027	67,061
Thereafter	0
Total	$ 135,608

Note G - Revolving Credit Fac_2

Note G - Revolving Credit Facility and Interest Rate Cap (Details Textual) - USD ($) $ in Thousands	Aug. 25, 2023	Mar. 29, 2022	Sep. 30, 2023	Aug. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Long-Term Line of Credit, Total			$ 58,383		$ 72,731	$ 72,843
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Liability				$ 200
Derivative, Notional Amount				$ 58,700
Derivative, Fixed Interest Rate				4.90%
Credit Agreement [Member] | KeyBanc Capital Markets [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 58,700	$ 75,000
Debt Instrument, Covenant, Maximum Leverage Ratio		65%
Long-Term Line of Credit, Total					$ 73,700
Extinguishment of Debt, Amount	15,000
Debt Instrument, Covenant, Minimum Unencumbered Cash	7,000
Deferred Debt Issuance Cost, Writeoff	$ 100
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			$ 300
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		3%
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.75%
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2%

Note H - Equity (Details Textua

Note H - Equity (Details Textual) - USD ($)						9 Months Ended	42 Months Ended
	Aug. 29, 2023	Aug. 25, 2023	Jun. 15, 2023	Nov. 02, 2021	Mar. 31, 2018	Sep. 30, 2023	Sep. 30, 2023	Aug. 24, 2023	Dec. 31, 2022	Sep. 30, 2022	Aug. 25, 2021
Common Stock, Shares Authorized (in shares)						500,000,000	500,000,000	500,000,000	98,999,000
Common Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)								100,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)								$ 0.0001
Dividends Payable						$ 2,190,000	$ 2,190,000			$ 2,250,000
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member]
Limited Partnership Purchase Agreement, Consideration Transferred				$ 20,000,000
Color Up to Purchase Common Stock Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,553,192	2,553,192									1,702,128
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 7.83	$ 7.83									$ 11.75
Class of Warrant or Right, Maximum Aggregate Cash Purchase Price Allowed											$ 20,000,000
Series 2 Preferred Stock to be Converted into Common Shares [Member] | Scenario, Plan [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.0001
Preferred Stock, Dividend Rate, Percentage			10%
Preferred Stock, Shares Subscribed but Unissued (in shares)			46,000
Shares Issued, Price Per Share (in dollars per share)			$ 1,000
Preferred Stock, Value, Subscriptions			$ 46,000,000
Conversion of Stock, Shares Issued (in shares)			12,534,058
Merger With FWAC [Member] | Earnout Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		1,900,000
Merger With FWAC [Member] | Earn-out Shares for December 31, 2026 Threshhold [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		950,000
Business Combination, Contingent Consideration Arrangements, Share Price Threshold (in dollars per share)		$ 13
Merger With FWAC [Member] | Earnout Shares for December 31, 2028 Threshold [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		950,000
Business Combination, Contingent Consideration Arrangements, Share Price Threshold (in dollars per share)		$ 16
Series 1 Convertible Redeemable Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)								97,000
Preferred Stock, Distributions Declared, Value						16,300,000	16,300,000
Dividends, Preferred Stock							6,400,000
Dividends Payable						$ 9,900,000	$ 9,900,000		$ 7,900,000
Series 1 Convertible Redeemable Preferred Stock [Member] | Maximum [Member]
Preferred Stock, Dividend Rate, Percentage						7%
Series 1 Convertible Redeemable Preferred Stock [Member] | Minimum [Member]
Preferred Stock, Dividend Rate, Percentage						5.50%
Series A Convertible Redeemable Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)								50,000
Preferred Stock, Dividend Rate, Percentage					7.50%
Series 2 Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)						60,000	60,000	60,000	0
Preferred Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.0001	$ 0.0001		$ 0.0001
Preferred Stock, Dividend Rate, Percentage			10%
Dividends Payable		$ 4,600,000
Shares Issued, Price Per Share (in dollars per share)		$ 1,000
Preferred Stock, Liquidation Preference Per Share (in dollars per share)			$ 1,000
Preferred Stock, Convertible, Conversion Price (in dollars per share)			$ 3.67
Preferred Stock, Shares Outstanding (in shares)		46,000	46,000			46,000	46,000		0
Preferred Stock, Convertible, Shares Issuable, Including Accrued Dividends (in shares)		13,787,464	13,787,462
Preferred Stock, Convertible, Shares Issuable (in shares)			12,534,058
Preferred Stock, Convertible, Shares Issuable, Accrued Dividends (in shares)			1,253,404
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)						50,000	50,000		50,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.0001	$ 0.0001		$ 0.0001
Preferred Stock, Distributions Declared, Value						$ 1,400,000	$ 1,400,000
Dividends, Preferred Stock							600,000
Dividends Payable						$ 800,000	$ 800,000		$ 600,000
Preferred Stock, Shares Outstanding (in shares)		2,862				2,862	2,862		2,862
OP Units [Member]
Partners' Capital Account, Units, Contributed (in shares)	156,138
Partners' Capital Account, Units, Converted (in shares)	638,298
Share Price (in dollars per share)	$ 10.37
Equity Units, Outstanding, Total (in shares)						27,000,000
OP Units [Member] | Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member]
Limited Partners' Capital Account, Units Issued (in shares)				1,702,128
Limited Partners, Option to Purchase Units (in shares)				425,532
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share)				$ 11.75
Class A Units [Member] | Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member]
Limited Partners' Capital Account, Units Issued (in shares)		638,298		425,532
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share)		$ 7.83

Note I - Equity Compensation (D

Note I - Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended
	Sep. 09, 2023	Feb. 28, 2023	Aug. 23, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-Based Payment Arrangement, Expense				$ 1.4	$ 1.1	$ 4	$ 1.5
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 16.3		$ 16.3
LTIP Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)						48,633
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share)		$ 13.48		$ 8.4		$ 8.4		$ 8.44
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)						$ 9.13
Share-Based Payment Arrangement, Expense				$ 1.4
LTIP Units [Member] | Mr. Chavez [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)		81,301	255,320
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		13,550
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 10
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures (in shares)	116,170
LTIP Units [Member] | Ms. Hogue [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)		50,813	153,192
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		10,163
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 10
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures (in shares)	19,149
LTIP Units [Member] | Non-management Members of the Board of Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)		26,082
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 14.76
LTIP Units and Performance Units [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 11.6		$ 11.6

Note I - Equity Compensation -

Note I - Equity Compensation - Share-based Activity (Details) - LTIP Units [Member] - $ / shares		9 Months Ended
	Feb. 28, 2023	Sep. 30, 2023
Balance, number (in shares)		2,673,041
Balance, weighted average grant fv per share (in dollars per share)		$ 8.44
Grant, number (in shares)		237,294
Granted, weighted average grant fv per share (in dollars per share)		$ 9.13
Vested, number (in shares)		(48,633)
Vested, weighted average grant fv per share (in dollars per share)		$ 9.27
Forfeited, number (in shares)		(135,319)
Forfeited, weighted average grant fv per share (in dollars per share)		$ 10
Balance, number (in shares)		2,726,383
Balance, weighted average grant fv per share (in dollars per share)	$ 13.48	$ 8.4

Note J - Earnings Per Share (De

Note J - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2.7	2.7	2.7	2.7

Note J - Earnings Per Share - S

Note J - Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net loss attributable to MIC	$ (23,125)	$ (2,941)	$ (27,890)	$ (7,930)
Net loss attributable to participating securities	$ 0	$ 0	$ 0	$ 0
Basic and dilutive weighted average shares of Common Stock outstanding (in shares)	13,089,848	13,089,848	13,089,848	13,089,848
Basic and dilutive (in dollars per share)	$ (1.77)	$ (0.22)	$ (2.13)	$ (0.61)

Note K - Variable Interest En_2

Note K - Variable Interest Entities (Details Textual) $ in Thousands, ft² in Millions	6 Months Ended
	Sep. 30, 2023 USD ($) ft² a	Dec. 31, 2022 USD ($)
Area of Real Estate Property (Square Foot) | ft²	5.4
Number of Parking Spaces	15,676
Assets	$ 427,488	$ 436,113
Liabilities	$ 219,944	$ 249,105
Cardinal Lot [Member]
Area of Real Estate Property (Square Foot) | a	2.56
Number of Parking Spaces	376
MVP St. Louise [Member]
Assets	$ 12,000
Liabilities	$ 6,100
MVP St. Louise [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	51%

Note M - Fair Value (Details Te

Note M - Fair Value (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 25, 2023 $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (4,628)	$ 0	$ (4,628)	$ 0
Impairment of Real Estate		8,700	$ 0	8,700	$ 0
Merger With FWAC [Member] | Earnout Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	1,900,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		4,600		4,600
Merger With FWAC [Member] | Earnout Shares [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	30
Merger With FWAC [Member] | Earnout Shares [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	45
Merger With FWAC [Member] | Earn-out Shares for December 31, 2026 Threshhold [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	950,000
Business Combination, Contingent Consideration Arrangements, Share Price Threshold (in dollars per share) | $ / shares	$ 13
Merger With FWAC [Member] | Earnout Shares for December 31, 2028 Threshold [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	950,000
Business Combination, Contingent Consideration Arrangements, Share Price Threshold (in dollars per share) | $ / shares	$ 16
Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Fair Value Disclosure		$ 180,900		$ 180,900		$ 207,400

Note M - Fair Value - Fair Valu

Note M - Fair Value - Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Earn-out Shares liability	$ 0	$ 0
Interest Rate Cap	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Earn-out Shares liability	0	0
Interest Rate Cap	156	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Earn-out Shares liability	(1,216)	0
Interest Rate Cap	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Impaired real estate assets	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Impaired real estate assets	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Impaired real estate assets	$ 50,777	$ 0

Note M - Fair Value - Changes i

Note M - Fair Value - Changes in Fair Value (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance	$ 0
Impact of the Merger (initial valuation)	(5,844)
Change in fair value recognized in earnings	4,628
Balance	$ (1,216)

Note N - Commitments and Cont_2

Note N - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 18, 2023	Mar. 31, 2023	Jan. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Cash	$ 13,736				$ 5,758	$ 5,862
Asset Pledged as Collateral [Member] | Appeals Bond [Member]
Cash			$ 700
Complaint Against Legacy MIC Seeking Advancement of Indemnification Expenses [Member] | Pending Litigation [Member]
Loss Contingency, Estimate of Possible Loss		$ 1,200
Alleged Commission for Proposed Sale of Fort Worth Taylor Parking Facility [Member] | Pending Litigation [Member]
Loss Contingency, Estimate of Possible Loss				$ 700
Arbitration With One Vendor Regarding Disputes Over Amounts Payable [Member] | Pending Litigation [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,800

Note O - Related Party Transa_2

Note O - Related Party Transactions and Arrangements (Details Textual) - USD ($)		9 Months Ended
	Aug. 25, 2021	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accounts Payable and Accrued Liabilities		$ 12,961,000	$ 16,351,000	$ 21,485,000
Park Place Parking [Member]
Accounts Receivable, after Allowance for Credit Loss		200,000		$ 200,000
Color Up and Certain Member Entities of Color Up [Member]
Accounts Receivable, after Allowance for Credit Loss			$ 156,000
Accounts Payable and Accrued Liabilities		469,231
Color Up and Certain Member Entities of Color Up [Member] | Tax Return Preparation Services [Member]
Related Party Transaction, Amounts of Transaction		$ 100,000
Affiliate of Bombe Asset Management LLC [Member]
License Fee, Monthly	$ 5,000