Mobile Infrastructure (BEEP) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
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	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	NYSE
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		30,900,000

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments in real estate
Land and improvements	$ 160,235	$ 161,291
Buildings and improvements	259,378	260,966
Construction in progress	482	273
Intangible assets	10,173	10,187
Real Estate Investment Property, at Cost	430,268	432,717
Accumulated depreciation and amortization	(31,909)	(29,838)
Total investments in real estate, net	398,359	402,879
Cash	9,149	11,134
Restricted Cash	4,795	5,577
Accounts receivable, net	3,190	2,269
Note receivable	3,120	0
Other assets	1,454	1,378
Total assets	420,067	423,237
Liabilities
Notes payable, net	133,681	134,380
Revolving credit facility, net	58,450	58,523
Accrued preferred distributions	10,280	10,464
Earn-out Liability	1,125	1,779
Total liabilities	216,964	220,282
Mobile Infrastructure Corporation Stockholders’ Equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 28,637,379 and 27,858,539 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	2	2
Warrants issued and outstanding – 2,553,192 warrants as of March 31, 2024 and December 31, 2023	3,319	3,319
Additional paid-in capital	240,994	240,357
Accumulated deficit	(136,389)	(134,291)
Total Mobile Infrastructure Corporation Stockholders’ Equity	107,926	109,387
Non-controlling interest	95,177	93,568
Total equity	203,103	202,955
Total liabilities and equity	420,067	423,237
Series A Preferred Stock [Member]
Mobile Infrastructure Corporation Stockholders’ Equity
Preferred stock Series A, $0.0001 par value, 50,000 shares authorized, 2,483 and 2,812 shares issued and outstanding, with a stated liquidation value of $2,483,100 and $2,812,000 as of March 31, 2024 and December 31, 2023, respectively	0	0
Series1 Preferred Stock [Member]
Mobile Infrastructure Corporation Stockholders’ Equity
Preferred stock Series A, $0.0001 par value, 50,000 shares authorized, 2,483 and 2,812 shares issued and outstanding, with a stated liquidation value of $2,483,100 and $2,812,000 as of March 31, 2024 and December 31, 2023, respectively	0	0
Series 2 Preferred Stock [Member]
Mobile Infrastructure Corporation Stockholders’ Equity
Preferred stock Series A, $0.0001 par value, 50,000 shares authorized, 2,483 and 2,812 shares issued and outstanding, with a stated liquidation value of $2,483,100 and $2,812,000 as of March 31, 2024 and December 31, 2023, respectively	0	0
Nonrelated Party [Member]
Liabilities
Accounts Payable and Accrued Liabilities	12,970	14,666
Related Party [Member]
Liabilities
Accounts Payable and Accrued Liabilities	$ 458	$ 470

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	28,637,379	27,858,539
Common stock, shares outstanding (in shares)	28,637,379	27,858,539
Warrant issued (in shares)	2,553,192	2,553,192
Warrant outstanding (in shares)	2,553,192	2,553,192
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)	2,483	2,812
Preferred stock, shares outstanding (in shares)	2,483	2,812
Preferred stock, liquidation preference	$ 2,483,100	$ 2,812,000
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)	34,470	36,677
Preferred stock, liquidation preference	$ 34,470,140	$ 36,677,000
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	60,000
Preferred stock, shares issued (in shares)	46,000	46,000
Preferred stock, liquidation preference	$ 0	$ 0
Preferred stock, shares converted (in shares)	46,000	46,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Managed property revenue	$ 5,501	$ 0
Total revenues	8,827	7,103
Operating expenses
Property taxes	1,904	1,756
Property operating expense	1,521	518
Depreciation and amortization	2,093	2,126
General and administrative	3,017	2,620
Professional fees	689	469
Organizational, offering and other costs	0	33
Impairment	157	0
Total expenses	9,381	7,522
Other
Interest expense	(2,979)	(3,599)
(Loss) Gain on sale of real estate	(42)	660
Other (expense) income, net	(68)	15
Change in fair value of Earn-out liability	654	0
Total other income (expense)	(2,435)	(2,924)
Net loss	(2,989)	(3,343)
Net loss attributable to non-controlling interest	(891)	(1,795)
Net loss attributable to Mobile Infrastructure Corporation’s stockholders	(2,098)	(1,548)
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders	$ (2,626)	$ (2,298)
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)	$ (0.09)	$ (0.18)
Weighted average common shares outstanding, basic and diluted (in shares)	28,237,352	13,089,848
Series A Preferred Stock [Member]
Other
Preferred stock distributions declared	$ (37)	$ (54)
Series1 Preferred Stock [Member]
Other
Preferred stock distributions declared	(491)	(696)
Base Rent Income [Member]
Revenues
Rental income	1,643	2,080
Percentage Rent Income [Member]
Revenues
Rental income	$ 1,683	$ 5,023

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	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]	Series1 Preferred Stock Converted to Common Stock [Member] Preferred Stock [Member]	Series1 Preferred Stock Converted to Common Stock [Member] Common Stock [Member]	Series1 Preferred Stock Converted to Common Stock [Member] Warrants [Member]	Series1 Preferred Stock Converted to Common Stock [Member] Additional Paid-in Capital [Member]	Series1 Preferred Stock Converted to Common Stock [Member] Retained Earnings [Member]	Series1 Preferred Stock Converted to Common Stock [Member] Noncontrolling Interest [Member]	Series1 Preferred Stock Converted to Common Stock [Member]	Series A Preferred Stock Converted to Common Stock [Member] Preferred Stock [Member]	Series A Preferred Stock Converted to Common Stock [Member] Common Stock [Member]	Series A Preferred Stock Converted to Common Stock [Member] Warrants [Member]	Series A Preferred Stock Converted to Common Stock [Member] Additional Paid-in Capital [Member]	Series A Preferred Stock Converted to Common Stock [Member] Retained Earnings [Member]	Series A Preferred Stock Converted to Common Stock [Member] Noncontrolling Interest [Member]	Series A Preferred Stock Converted to Common 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, 2022	5,327,473	42,673	13,089,848																																		42,673	7,762,375
Balance at Dec. 31, 2022				$ 3,319	$ 193,176	$ (109,168)	$ 99,681	$ 187,008																															$ 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												$ (54)			$ (54)				$ (696)			$ (696)
Net income (loss)																																									(1,548)	(1,795)	(3,343)
Balance (in shares) at Mar. 31, 2023																																					42,673	13,089,848
Balance at Mar. 31, 2023																																							3,319	192,426	(110,716)	99,064	184,093
Balance (in shares) at Dec. 31, 2023																																					39,489	27,858,539
Balance at Dec. 31, 2023																																					$ 0	$ 2	3,319	240,357	(134,291)	93,568	202,955
Equity based payments																																					0	0	0	454	0	2,546	3,000
Distributions to non-controlling interest holders																																					0	0	0	0	0	(46)	(46)
Distributions									$ 0	$ 0	$ 0	$ (37)	$ 0	$ 0	$ (37)	$ 0	$ 0	$ 0	$ (491)	$ 0	$ 0	$ (491)
Conversions, Shares (in shares)																							(2,207)	679,468						(329)	99,372
Conversions																							$ 0	$ 0	$ 0	$ 617	$ 0	$ 0	$ 617	$ 0	$ 0	$ 0	$ 94	$ 0	$ 0	$ 94
Net income (loss)																																					$ 0	$ 0	0	0	(2,098)	(891)	(2,989)
Balance (in shares) at Mar. 31, 2024																																					36,953	28,637,379
Balance at Mar. 31, 2024																																					$ 0	$ 2	$ 3,319	$ 240,994	$ (136,389)	$ 95,177	$ 203,103

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ 14.38	$ 18.75
Series1 Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ 13.75	$ 17.5

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (2,989)	$ (3,343)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization expense	2,093	2,126
Amortization of loan costs	184	390
Loss on interest rate cap	(55)	0
Loss (gain) on sale of real estate	42	(660)
Equity based payment	1,799	1,397
Impairment	157	0
Change in fair value of Earn-out liability	(654)	0
Other	3	0
Changes in operating assets and liabilities
Due to/from related parties	(12)	156
Accounts payable and accrued expenses	(973)	(728)
Other assets	(31)	204
Deferred offering costs	0	(1,919)
Accounts receivable	(921)	(686)
Net cash (used in) operating activities	(1,357)	(3,063)
Cash flows from investing activities:
Capital expenditures	(254)	(224)
Capitalized technology	0	(23)
(Payments) proceeds on sale of investment in real estate	(155)
Proceeds on sale of investment in real estate		1,475
Net cash (used in) provided by investing activities	(409)	1,228
Cash flows from financing activities:
Payments on notes payable	(6,251)	(1,763)
Proceeds from notes payable	5,900	0
Distributions to non-controlling interest holders	(46)	(306)
Loan fees	(604)	0
Net cash (used in) financing activities	(1,001)	(2,069)
Net change in cash and cash equivalents and restricted cash	(2,767)	(3,904)
Cash and cash equivalents and restricted cash, beginning of period	16,711	10,974
Cash and cash equivalents and restricted cash, end of period	13,944	7,070
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	11,134	5,758
Restricted cash at beginning of period	5,577	5,216
Cash and cash equivalents and restricted cash, beginning of period	16,711	10,974
Cash and cash equivalents at end of period	9,149	3,119
Restricted cash at end of period	4,795	3,951
Cash and cash equivalents and restricted cash, end of period	13,944	7,070
Supplemental disclosures of cash flow information:
Interest paid	2,331	2,774
Non-cash investing and financing activities:
Dividends declared not yet paid	528	750
Distributions paid in common stock	711	0
Right of use asset and lease liability	332	0
Note receivable related to disposition of property	$ 3,120	$ 0
Equity shares issued in exchange for accrued compensation (in shares)	1,201	0
Accrued capital expenditures	$ 210	$ 309

Note A - Organization and Busin

Note A - Organization and Business Operations	3 Months Ended
	Mar. 31, 2024
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. We focus on acquiring, owning and leasing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. We target both parking garage and surface lot properties primarily in the top 50 March 31, 2024, 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 the Board consisting of eight seven one seven ● The management of the Company is led by Legacy MIC’s Chief Executive Officer, Manuel Chavez, III, and President 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 recast in all comparative periods up to the Closing Date, to reflect the equivalent number of shares of our 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	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note B Summary of Significant Accounting Policies Basis of Accounting Our consolidated financial statements are prepared on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“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 March 31, 2024 not may December 31, 2024. no three March 31, 2024 10 December 31, 2023 March 22, 2024. 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 going concern basis assumes that we will be able to meet our obligations and continue our operations one one We have incurred net losses since our inception and anticipate net losses for the near future. twelve We are currently analyzing financial and strategic alternatives in order to satisfy these debt maturities. While there can be no June 2025 March 1, 2024 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 issuance, equity compensation, asset impairment, and purchase price allocations to record investments in real estate, as applicable. Concentration Our operators may may three March 31, 2024 2023, In addition, we had concentrations in Cincinnati (18.7% and 19.4%), Detroit (10.4% and 10.3%), and Chicago (9.2% and 9.1%) based on gross book value of real estate as of March 31, 2024 December 31, 2023, We had concentrations of our outstanding accounts receivable balance with SP+ of 34.9% and 60.1% as of March 31, 2024 December 31, 2023, first 2024, Revenue Recognition During the first 2024, 26 606, Taxes assessed by a governmental authority that are collected from a customer are excluded from revenue. Allowance for Doubtful Accounts Accounts receivable is primarily comprised of amounts owed to us for services provided under our managed property contracts and a note receivable related to a property sale. Amounts are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. We apply judgment in assessing the ultimate realization of our receivables and we estimate an allowance for doubtful accounts based on various factors, such as the aging of our receivables, historical experience, and the financial condition of our obligors. Allowance for doubtful accounts was immaterial as of March 31, 2024 December 31, 2023. 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 we believed that as a REIT it was more likely than not not three March 31, 2024 three March 31, 2024. three March 31, 2024 may not Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not Recently Issued Accounting Standards The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Planned Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2023 07—Segment 280 The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. December 31, 2024 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2023 09—Income 740 The amendments require additional categories within the tax rate reconciliation and provide additional information on reconciling items that are 5% December 31, 2024 We are currently evaluating the impact the adoption of this standard will have on our disclosures. ASU 2024 01—Stock 718 The amendment clarifies how an entity determines whether a profits interest or similar award is ( 1 718 2 not December 31, 2024 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Note C - Reverse Recapitalizati

Note C - Reverse Recapitalization	3 Months Ended
	Mar. 31, 2024
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 year ended December 31, 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 (11,685 ) Impact to Additional-Paid in Capital 53,723 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 $ 38,866 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 M. 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 - Managed Property Reven

Note D - Managed Property Revenues	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note D – Managed Property Revenues Contracts with customers At our parking facilities, we have a performance obligation to provide access to our property and space for the parker's vehicle. As compensation for that service, we are entitled to fees that will vary based on the level of usage. Substantially all of our managed property revenues come from the following two not not not one Transient Parkers Transient Parkers include customers who arrive at our parking facilities and have the right to park in any open spot not Contract Parkers Contract parkers include customers who pay, generally in advance, to have the right to access the facility for a set period. The access will generally be for a calendar month and may no Disaggregation of revenue We disaggregate revenue from contracts with customers by Transient Parkers and Contract Parkers. We have concluded that such disaggregation of revenue best depicts the overall economic nature and timing of our revenue and cash flows affected by the economic factors of the respective contractual arrangement. Disaggregated revenue for the three March 31, 2024 For the Three Months Ended March 31, 2024 Transient Parkers $ 3,266 Contract Parkers 2,172 Ancillary Revenue (1) 63 Total Managed Property Revenue $ 5,501 ( 1 Ancillary revenue includes contracted revenue for other uses outside of parking, such as billboard revenue, and is recognized over time. Contract balances The timing of revenue recognition, billings and cash collections results in accounts receivable and contract liabilities. Accounts receivable represent amounts where we have an unconditional right to the consideration and therefore only the passage of time is required for us to receive consideration due from the customer. Receivables may March 31, 2024, It is our standard procedure to bill Contract Parkers fifteen The following table provides information about changes to deferred revenue during the three March 31, 2024 ( For the Three Months Ended March 31, 2024 Balance, beginning of period $ - Additional deferred revenue 242 Recognition of revenue from deferred revenue - Balance, end of period $ 242

Note E - Acquisitions and Dispo

Note E - Acquisitions and Dispositions of Investments in Real Estate	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Note E Acquisitions and Dispositions of Investments in Real Estate 2024 In February 2024, 24 2023 In February 2023,

Note F - Intangible Assets

Note F - Intangible Assets	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note F - Intangible Assets A schedule of our intangible assets and related accumulated amortization as of March 31, 2024 December 31, 2023 As of March 31, 2024 As of December 31, 2023 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,429 $ 1,909 $ 2,443 $ 1,845 Lease commissions 182 141 182 136 Indefinite lived contract 3,160 - 3,160 — Acquired technology 4,402 1,129 4,402 1,009 Total intangible assets $ 10,173 $ 3,179 $ 10,187 $ 2,990 Amortization of the in-place lease value, lease commissions and acquired technology are included in Depreciation and Amortization in our Consolidated Statements of Operations. Amortization expense associated with intangible assets totaled a three March 31, 2024 2023. Estimated future amortization of intangible assets as of March 31, 2024 five In-place lease value Lease commissions Acquired technology 2024 (Remainder) $ 218 $ 17 $ 362 2025 182 13 480 2026 106 7 480 2027 14 4 451 2028 - - 433 Thereafter - - 1,067 $ 520 $ 41 $ 3,273

Note G - Notes Payable and Revo

Note G - Notes Payable and Revolving Credit Facility	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	Note G Notes Payable and Revolving Credit Facility As of March 31, 2024 Loan Original Debt Amount Monthly Payment Balance as of 3/31/24 Lender Interest Rate Loan Maturity Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,375 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC 25,900 130 24,499 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC 3,650 20 2,822 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC 5,250 29 4,182 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC 4,400 23 3,493 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC 5,300 30 4,303 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC 13,150 73 10,709 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC 31,500 194 26,616 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) 1,380 8 1,232 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) 4,132 24 3,688 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) 3,999 23 3,569 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) 286 2 255 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) 2,142 12 1,912 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) 762 4 680 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 2,057 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 10,969 Key Bank ** 5.02 % 8/1/2027 MVP Memphis Poplar 1,800 14 1,800 KeyBank 7.94 % 3/1/2029 MVP St. Louis 4,100 31 4,100 KeyBank 7.94 % 3/1/2029 Less unamortized loan issuance costs (772 ) $ 133,681 ( 1 We issued a promissory note to KeyBank for $12.7 million secured by the pool of properties. ( 2 We issued a promissory note to Cantor Commercial Real Estate Lending, L.P. for $16.25 million secured by the pool of properties. * 2 ** 10 I/O - Interest Only In February 2024 , 2013 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. As of March 31, 2024 two of restricted cash as of March 31, 2024 two As of March 31, 2024 2024 (remainder) 9,749 2025 29,166 2026 22,785 2027 67,151 2028 95 Thereafter 5,507 Total $ 134,453 Revolving Credit Facility In March 2022, April 1, 2023 ( November 2022, April 1, 2024, March 31, 2023. second In March 2024, June 2025 one October 2024. SOFR March 2024, April 1 July 1, 2024. As of March 31, 2024,

Note H - Equity

Note H - Equity	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	Note H - Equity Prior to the Merger, Legacy MIC had two two 1 2 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 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% In March 2020, March 31, 2024 December 31, 2023, Subject to our redemption rights, each share of Series A Preferred Stock is convertible into common stock at the election of the holder thereof by delivery of a written notice. Each share of Series A Preferred Stock will convert into a number of shares of common stock determined by dividing the sum of (i) 100% $1,000, not 20 During the first 2024 , Series 1 The terms of the Series 1 1 1 1 On March 24, 2020, 1 1 March 31, 2024 December 31, 2023, 1 Subject to our redemption rights, each share of Series 1 1 100% 1 $1,000, not 20 During the first 2024 , 1 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 March 31, 2024, six first The Common Units not March 31, 2024

Note I - Stock-Based Compensati

Note I - Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note I — Stock-Based Compensation 2024 In January 2024, ● 0.3 million LTIP units to Mr. Chavez in lieu of his salary for 2021 2023 2023 2024 four twelve ● 0.4 million LTIP units and 0.2 million restricted stock units awarded at a grant date fair value of $3.84 to our executives representing the long term incentive awards for 2023 2024. three ● 0.1 million LTIP Units and 0.1 million restricted stock units with a grant date fair value of $6.11 to our executives using the Monte Carlo method. These awards will vest based upon the performance of our stock versus the Russell 2000 three ● 0.2 million restricted stock units awarded to the independent directors as consideration for service in 2023 2024. twelve one The following table sets forth a roll forward of all incentive equity awards for the three March 31, 2024: As of March 31, 2024 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Unvested - January 1, 2024 2,825,122 $ 8.22 Granted 1,381,833 4.06 Vested (355,196 ) 4.76 Forfeited — — Unvested - March 31, 2024 3,851,759 $ 7.05 We recognized $1.8 million and $1.7 million of equity-based compensation expense for the three March 31, 2024 2023, not

Note J - Earnings Per Share

Note J - Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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 our common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. We include the effect of participating securities in basic and diluted earnings per share computations using the two two three March 31, 2024 2023 three March 31, 2024 2023. The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net loss attributable to common stockholders for the three March 31, 2024 2023 For the three months ended March 31, 2024 March 31, 2023 Numerator: Net loss attributable to MIC $ (2,626 ) $ (2,298 ) Net loss attributable to participating securities — — Net loss attributable to MIC common stock $ (2,626 ) $ (2,298 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 28,237,352 13,089,848 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.09 ) $ (0.18 )

Note K - Right of Use Asset and

Note K - Right of Use Asset and Lease Liability	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Right of Use Asset and Lease Liability [Text Block]	Note K – Right of Use Asset and Lease Liability We are the lessee in a ground lease for additional space at one January 1, 2024. fourteen first 2016 02, Leases (Topic 842 March 31, 2024 three March 31, 2024. not As of March 31, 2024, As of March 31, 2024 2024 (remainder) 30 2025 40 2026 40 2027 40 2028 40 Thereafter 366 Total lease payments 556 Less amount representing interest (227) Total $ 329

Note L - Variable Interest Enti

Note L - Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	Note L – Variable Interest Entities We, through a wholly owned subsidiary of the Operating Company, own 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 we conclude that we are 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, we consolidate our investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets of approximately $12.0 and $13.0 million (substantially all real estate investments) and liabilities of approximately $6.1 and $6.6 million (substantially all mortgage debt) as of March 31, 2024 December 31, 2023,

Note M - Fair Value

Note M - Fair Value	3 Months Ended
	Mar. 31, 2024
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 Our financial instruments include cash and cash equivalents, restricted cash, accounts receivable, notes receivable and accounts payable. Due to their short maturities or recent nature, the carrying amounts of these assets and liabilities approximate fair value. The estimated fair value of our debt (including notes payable and the Revolving Credit Facility) was derived using Level 2 March 31, 2024 December 31, 2023, 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 three March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Earn-out Shares - - 1,125 - - 1,779 Interest Rate Cap - - - - 54 - Nonrecurring Impaired real estate assets - - 450 - - 50,536 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 $0.7 million during the three March 31, 2024, three March 31, 2024 Level 3 Liability Balance as of January 1, 2024 $ (1,779) Change in fair value recognized in earnings 654 Balance as of March 31, 2024 $ (1,125) 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 March 31, 2024,

Note N - Commitments and Contin

Note N - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note N Commitments and Contingencies The nature of our business exposes our properties, the Company, the Operating Company and our 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, we are not In March 2023, September 6, 2023, three September 30, 2023. In January 2023, 43rd December 2022 first 2023, February 2024 one April 15, 2024, In September 2023, one

Note O - Related Party Transact

Note O - Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note O — Related Party Transactions and Arrangements Three of our assets, 1W7 222W7 six five 2021 March 31, 2024 December 31, 2023, In May 2022, not 21,000 531,000 120 no March 31, 2024, not In connection with our recapitalization transaction in August 2021, August 2021 three We have agreed to pay for certain tax return preparation services of Color Up and certain member entities of Color Up as well as certain legal services in connection with the Registration Rights Agreement. We have incurred approximately $0.1 million related to these services which is reflected in General and Administrative and Other Income (Expense) on the Consolidated Statements of Operations for the three March 31, 2024. License Agreement On August 25, 2021, Tax Matters Agreement On August 25, 2021, 1 tenth 2 tenth 20%

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. During the fiscal quarter ended March 31, 2024, no 16a 1 10b5 1 10b5 1 408.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Accounting Our consolidated financial statements are prepared on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“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 March 31, 2024 not may December 31, 2024. no three March 31, 2024 10 December 31, 2023 March 22, 2024.
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 going concern basis assumes that we will be able to meet our obligations and continue our operations one one We have incurred net losses since our inception and anticipate net losses for the near future. twelve We are currently analyzing financial and strategic alternatives in order to satisfy these debt maturities. While there can be no June 2025 March 1, 2024
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 issuance, equity compensation, asset impairment, and purchase price allocations to record investments in real estate, as applicable.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Our operators may may three March 31, 2024 2023, In addition, we had concentrations in Cincinnati (18.7% and 19.4%), Detroit (10.4% and 10.3%), and Chicago (9.2% and 9.1%) based on gross book value of real estate as of March 31, 2024 December 31, 2023, We had concentrations of our outstanding accounts receivable balance with SP+ of 34.9% and 60.1% as of March 31, 2024 December 31, 2023, first 2024,
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition During the first 2024, 26 606, Taxes assessed by a governmental authority that are collected from a customer are excluded from revenue.
Allowance For Doubtful Accounts [Policy Text Block]	Allowance for Doubtful Accounts Accounts receivable is primarily comprised of amounts owed to us for services provided under our managed property contracts and a note receivable related to a property sale. Amounts are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. We apply judgment in assessing the ultimate realization of our receivables and we estimate an allowance for doubtful accounts based on various factors, such as the aging of our receivables, historical experience, and the financial condition of our obligors. Allowance for doubtful accounts was immaterial as of March 31, 2024 December 31, 2023.
Income Tax, Policy [Policy Text Block]	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 we believed that as a REIT it was more likely than not not three March 31, 2024 three March 31, 2024. three March 31, 2024 may not
Segment Reporting, Policy [Policy Text Block]	Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Planned Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2023 07—Segment 280 The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. December 31, 2024 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2023 09—Income 740 The amendments require additional categories within the tax rate reconciliation and provide additional information on reconciling items that are 5% December 31, 2024 We are currently evaluating the impact the adoption of this standard will have on our disclosures. ASU 2024 01—Stock 718 The amendment clarifies how an entity determines whether a profits interest or similar award is ( 1 718 2 not December 31, 2024 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Note C - Reverse Recapitaliza_2

Note C - Reverse Recapitalization (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [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 (11,685 ) Impact to Additional-Paid in Capital 53,723 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 $ 38,866

Note D - Managed Property Rev_2

Note D - Managed Property Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	For the Three Months Ended March 31, 2024 Transient Parkers $ 3,266 Contract Parkers 2,172 Ancillary Revenue (1) 63 Total Managed Property Revenue $ 5,501
Changes to Deferred Revenue [Table Text Block]	For the Three Months Ended March 31, 2024 Balance, beginning of period $ - Additional deferred revenue 242 Recognition of revenue from deferred revenue - Balance, end of period $ 242

Note F - Intangible Assets (Tab

Note F - Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Finite and Indefinite Intangible Assets [Table Text Block]	As of March 31, 2024 As of December 31, 2023 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,429 $ 1,909 $ 2,443 $ 1,845 Lease commissions 182 141 182 136 Indefinite lived contract 3,160 - 3,160 — Acquired technology 4,402 1,129 4,402 1,009 Total intangible assets $ 10,173 $ 3,179 $ 10,187 $ 2,990
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	In-place lease value Lease commissions Acquired technology 2024 (Remainder) $ 218 $ 17 $ 362 2025 182 13 480 2026 106 7 480 2027 14 4 451 2028 - - 433 Thereafter - - 1,067 $ 520 $ 41 $ 3,273

Note G - Notes Payable and Re_2

Note G - Notes Payable and Revolving Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Debt [Table Text Block]	Loan Original Debt Amount Monthly Payment Balance as of 3/31/24 Lender Interest Rate Loan Maturity Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,375 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC 25,900 130 24,499 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC 3,650 20 2,822 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC 5,250 29 4,182 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC 4,400 23 3,493 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC 5,300 30 4,303 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC 13,150 73 10,709 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC 31,500 194 26,616 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) 1,380 8 1,232 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) 4,132 24 3,688 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) 3,999 23 3,569 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) 286 2 255 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) 2,142 12 1,912 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) 762 4 680 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 2,057 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 10,969 Key Bank ** 5.02 % 8/1/2027 MVP Memphis Poplar 1,800 14 1,800 KeyBank 7.94 % 3/1/2029 MVP St. Louis 4,100 31 4,100 KeyBank 7.94 % 3/1/2029 Less unamortized loan issuance costs (772 ) $ 133,681
Schedule of Maturities of Long-Term Debt [Table Text Block]	2024 (remainder) 9,749 2025 29,166 2026 22,785 2027 67,151 2028 95 Thereafter 5,507 Total $ 134,453

Note I - Stock-Based Compensa_2

Note I - Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Activity [Table Text Block]	As of March 31, 2024 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Unvested - January 1, 2024 2,825,122 $ 8.22 Granted 1,381,833 4.06 Vested (355,196 ) 4.76 Forfeited — — Unvested - March 31, 2024 3,851,759 $ 7.05

Note J - Earnings Per Share (Ta

Note J - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended March 31, 2024 March 31, 2023 Numerator: Net loss attributable to MIC $ (2,626 ) $ (2,298 ) Net loss attributable to participating securities — — Net loss attributable to MIC common stock $ (2,626 ) $ (2,298 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 28,237,352 13,089,848 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.09 ) $ (0.18 )

Note K - Right of Use Asset a_2

Note K - Right of Use Asset and Lease Liability (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	As of March 31, 2024 2024 (remainder) 30 2025 40 2026 40 2027 40 2028 40 Thereafter 366 Total lease payments 556 Less amount representing interest (227) Total $ 329

Note M - Fair Value (Tables)

Note M - Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Earn-out Shares - - 1,125 - - 1,779 Interest Rate Cap - - - - 54 - Nonrecurring Impaired real estate assets - - 450 - - 50,536
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Level 3 Liability Balance as of January 1, 2024 $ (1,779) Change in fair value recognized in earnings 654 Balance as of March 31, 2024 $ (1,125)

Note A - Organization and Bus_2

Note A - Organization and Business Operations (Details Textual) $ / shares in Units, $ in Millions	Aug. 25, 2023 $ / shares shares	Mar. 31, 2024 ft² $ / shares	Dec. 31, 2023 $ / shares	Aug. 29, 2023 $ / shares shares	Aug. 24, 2023 $ / shares	Jun. 15, 2023 USD ($) $ / shares shares	Aug. 25, 2021 $ / shares shares
Number of Parking Facilities		42
Number of Parking Spaces		15,400
Area of Real Estate Property (Square Foot) | ft²		5,200,000
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
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	67.20%
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	26.40%
OP Units [Member] | Color Up, LLC [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	6.40%
Retail Site [Member]
Area of Real Estate Property (Square Foot) | ft²		200

Note B - Summary of Significa_2

Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt, Current	$ 90,600
Long-Term Line of Credit	58,450		$ 58,523
Notes Payable	$ 133,681		$ 134,380
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member]
Concentration Risk, Percentage	58.80%	60.90%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Cincinnati [Member]
Concentration Risk, Percentage	18.70%		19.40%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Detroit [Member]
Concentration Risk, Percentage	10.40%		10.30%
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Chicago [Member]
Concentration Risk, Percentage	9.20%		9.10%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member]
Concentration Risk, Percentage	34.90%		60.10%
Notes Payable, Other Payables [Member]
Notes Payable	$ 31,900
Revolving Credit Facility [Member]
Long-Term Line of Credit	$ 58,700

Note C - Reverse Recapitaliza_3

Note C - Reverse Recapitalization (Details Textual)	Aug. 29, 2023 $ / shares shares	Aug. 25, 2023 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Jun. 15, 2023 shares	Mar. 31, 2023 USD ($)	Aug. 25, 2021 $ / shares shares
Common Stock, Shares, Outstanding (in shares)		13,089,848	28,637,379	27,858,539
Dividends Payable | $			$ 528,000			$ 750,000
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
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
Series A Preferred Stock [Member]
Preferred Stock, Shares Outstanding (in shares)		2,862	2,483	2,812
Dividends Payable | $			$ 700,000	$ 800,000
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) - Merger With FWAC [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Less: Fair value of Earn-Out shares issued	$ (5,844)
Less: Equity-allocated offering costs	(11,685)
Impact to Additional-Paid in Capital	53,723
Net cash proceeds	38,866
Earnout Shares [Member]
Liabilities recognized	5,844
Liabilities recognized	(5,844)
Series1 Preferred Stock [Member]
Fair value of Series 2 Preferred Stock	66,700
Common stock issued in exchange for FWAC Class A and B	66,700
Common Stock [Member]
Fair value of Series 2 Preferred Stock	4,552
Common stock issued in exchange for FWAC Class A and B	4,552
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 - Managed Property Rev_3

Note D - Managed Property Revenues (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss	$ 3,190	$ 2,269
Managed Property [Member]
Accounts Receivable, after Allowance for Credit Loss	$ 1,000

Note D - Managed Property Rev_4

Note D - Managed Property Revenues - Disaggregated Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Total Managed Property Revenue		$ 5,501	$ 0
Transient Parkers [Member]
Transient Parkers		3,266
Contract Parkers [Member]
Transient Parkers		2,172
Ancillary [Member]
Transient Parkers	[1]	$ 63
[1]Ancillary revenue includes contracted revenue for other uses outside of parking, such as billboard revenue, and is recognized over time.

Note D - Managed Property Rev_5

Note D - Managed Property Revenues - Changes to Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance, beginning of period
Additional deferred revenue	242
Recognition of revenue from deferred revenue
Balance, end of period	$ 242

Note E - Acquisitions and Dis_2

Note E - Acquisitions and Dispositions of Investments in Real Estate (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 28, 2023	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Disposal Group, Including Discontinued Operation, Consideration			$ 3,120	$ 0
Gains (Losses) on Sales of Other Real Estate			$ (42)	660
Proceeds from Sale, Real Estate, Other, Held-for-Investment				$ 1,475
Cincinnati Race Street [Member]
Gains (Losses) on Sales of Other Real Estate		$ (100)
Parking Lot in Wildwood, NJ [Member]
Gains (Losses) on Sales of Other Real Estate	$ 700
Proceeds from Sale, Real Estate, Other, Held-for-Investment	1,500
Proceeds from Sale of Other Real Estate Held-for-investment, Net	$ 300
Cincinnati Race Street [Member]
Disposal Group, Including Discontinued Operation, Consideration		$ 3,150
Financing Receivables, Interest Rate, Stated Percentage		8%
Receivable with Imputed Interest, Face Amount		$ 3,120
Financing Receivables, Term (Month)		24 months

Note F - Intangible Assets (Det

Note F - Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortization of Intangible Assets	$ 0.2	$ 0.2

Note F - Intangible Assets - Sc

Note F - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-lived intangible assets, accumulated amortization	$ 3,179	$ 2,990
Total intangible assets	10,173	10,187
Contract [Member]
Indefinite lived contract	3,160	3,160
Leases, Acquired-in-Place [Member]
Finite-lived intangible assets	2,429	2,443
Finite-lived intangible assets, accumulated amortization	1,909	1,845
Lease Commissions [Member]
Finite-lived intangible assets	182	182
Finite-lived intangible assets, accumulated amortization	141	136
Technology-Based Intangible Assets [Member]
Finite-lived intangible assets	4,402	4,402
Finite-lived intangible assets, accumulated amortization	$ 1,129	$ 1,009

Note F - Intangible Assets - _2

Note F - Intangible Assets - Schedule of Future Amortization and Accretion of Acquired Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases, Acquired-in-Place [Member]
2024 (Remainder)	$ 218
2025	182
2026	106
2027	14
2028	0
Thereafter	0
Finite-Lived Intangible Assets, Net	520
Lease Commissions [Member]
2024 (Remainder)	17
2025	13
2026	7
2027	4
2028	0
Thereafter	0
Finite-Lived Intangible Assets, Net	41
Technology-Based Intangible Assets [Member]
2024 (Remainder)	362
2025	480
2026	480
2027	451
2028	433
Thereafter	1,067
Finite-Lived Intangible Assets, Net	$ 3,273

Note G - Notes Payable and Re_3

Note G - Notes Payable and Revolving Credit Facility (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 25, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 01, 2024	Feb. 28, 2024	Dec. 31, 2023	Mar. 29, 2022	May 06, 2017	May 01, 2017
Restricted Cash		$ 4,795	$ 4,795			$ 5,577
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
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 to MVP St. Louis and MVP Memphis Poplar [Member]
Debt Instrument, Face Amount					$ 5,900
Debt Instrument, Interest Rate, Stated Percentage					7.94%
Debt Instruments Failing to Meet Covenants [Member]
Long-Term Debt, Gross		$ 38,000	38,000
Restricted Cash		$ 1,000	$ 1,000
Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage				3.50%
Credit Agreement [Member] | KeyBanc Capital Markets [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.50%	8.50%
Line of Credit Facility, Maximum Borrowing Capacity	$ 58,700						$ 75,000
Extinguishment of Debt, Amount	15,000
Debt Instrument, Covenant, Minimum Unencumbered Cash	$ 7,000
Deferred Debt Issuance Cost, Writeoff			$ 300

Note G - Notes Payable and Re_4

Note G - Notes Payable and Revolving Credit Facility - Principal Balances on Notes Payable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt balance, net	$ 134,453
Notes Payable [Member]
Less unamortized loan issuance costs	(772)
Notes Payable and Paycheck Protection Program Loan [Member]
Debt balance, net	133,681
Mabley Place Garage LLC [Member] | Notes Payable [Member]
Original debt amount	9,000
Monthly payment	44
Debt balance	$ 7,375
Interest rate	4.25%
The 322 Streeter Holdco LLC [Member] | Notes Payable [Member]
Original debt amount	$ 25,900
Monthly payment	130
Debt balance	$ 24,499
Interest rate	3.50%
MVP Houston Saks Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 3,650
Monthly payment	20
Debt balance	$ 2,822
Interest rate	4.25%
Minneapolis City Parking LLC [Member] | Notes Payable [Member]
Original debt amount	$ 5,250
Monthly payment	29
Debt balance	$ 4,182
Interest rate	4.50%
MVP Bridgeport Fairfield Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 4,400
Monthly payment	23
Debt balance	$ 3,493
Interest rate	4%
West 9th Properties II LLC [Member] | Notes Payable [Member]
Original debt amount	$ 5,300
Monthly payment	30
Debt balance	$ 4,303
Interest rate	4.50%
MVP Fort Worth Taylor LLC [Member] | Notes Payable [Member]
Original debt amount	$ 13,150
Monthly payment	73
Debt balance	$ 10,709
Interest rate	4.50%
MVP Detroit Center Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 31,500
Monthly payment	194
Debt balance	$ 26,616
Interest rate	5.52%
MVP St Louis Washington LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,380	[1]
Monthly payment	8	[1]
Debt balance	$ 1,232	[1]
Interest rate	4.90%	[1],[2]
St Paul Holiday Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 4,132	[1]
Monthly payment	24	[1]
Debt balance	$ 3,688	[1]
Interest rate	4.90%	[1],[2]
Cleveland Lincoln Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 3,999	[1]
Monthly payment	23	[1]
Debt balance	$ 3,569	[1]
Interest rate	4.90%	[1],[2]
MVP Denver Sherman LLC [Member] | Notes Payable [Member]
Original debt amount	$ 286	[1]
Monthly payment	2	[1]
Debt balance	$ 255	[1]
Interest rate	4.90%	[1],[2]
MVP Milwaukee Arena Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 2,142	[1]
Monthly payment	12	[1]
Debt balance	$ 1,912	[1]
Interest rate	4.90%	[1],[2]
MVP Denver 1935 Sherman LLC [Member] | Notes Payable [Member]
Original debt amount	$ 762	[1]
Monthly payment	4	[1]
Debt balance	$ 680	[1]
Interest rate	4.90%	[1],[2]
MVP Louisville Broadway Station LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,682	[3]
Debt balance	$ 1,682	[3]
Interest rate	5.03%	[3],[4]
MVP Whitefront Garage LLC [Member] | Notes Payable [Member]
Original debt amount	$ 6,454	[3]
Debt balance	$ 6,454	[3]
Interest rate	5.03%	[3],[4]
MVP Houston Preston Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,627	[3]
Debt balance	$ 1,627	[3]
Interest rate	5.03%	[3],[4]
MVP Houston San Jacinto Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,820	[3]
Debt balance	$ 1,820	[3]
Interest rate	5.03%	[3],[4]
St Louis Broadway LLC [Member] | Notes Payable [Member]
Original debt amount	$ 1,671	[3]
Debt balance	$ 1,671	[3]
Interest rate	5.03%	[3],[4]
St Louis Seventh Cerre LLC [Member] | Notes Payable [Member]
Original debt amount	$ 2,057	[3]
Debt balance	$ 2,057	[3]
Interest rate	5.03%	[3],[4]
MVP Indianapolis Meridian Lot LLC [Member] | Notes Payable [Member]
Original debt amount	$ 938	[3]
Debt balance	$ 938	[3]
Interest rate	5.03%	[3],[4]
St Louis Cardinal Lot DST LLC [Member] | Notes Payable [Member]
Original debt amount	$ 6,000
Debt balance	$ 6,000
Interest rate	5.25%	[4]
MVP Preferred Parking LLC [Member] | Notes Payable [Member]
Original debt amount	$ 11,330
Monthly payment	66
Debt balance	$ 10,969
Interest rate	5.02%	[4]
MVP Memphis Poplar [Member] | Notes Payable [Member]
Original debt amount	$ 1,800
Monthly payment	14
Debt balance	$ 1,800
Interest rate	7.94%
MVP St Louis [Member] | Notes Payable [Member]
Original debt amount	$ 4,100
Monthly payment	31
Debt balance	$ 4,100
Interest rate	7.94%
[1]We issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.[2]2 Year Interest Only[3]We issued a promissory note to Cantor Commercial Real Estate Lending, L.P. for $16.25 million secured by the pool of properties.[4]10 Year Interest Only

Note G - Notes Payable and Re_5

Note G - Notes Payable and Revolving Credit Facility - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024 (remainder)	$ 9,749
2025	29,166
2026	22,785
2027	67,151
2028	95
Thereafter	5,507
Total	$ 134,453

Note H - Equity (Details Textua

Note H - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Aug. 29, 2023	Nov. 02, 2021	Mar. 31, 2018	Mar. 31, 2024	Dec. 31, 2023	Aug. 25, 2023	Aug. 24, 2023	Mar. 31, 2023	Aug. 25, 2021
Common Stock, Shares Authorized (in shares)				500,000,000	500,000,000		500,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)				$ 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				$ 528				$ 750
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member]
Limited Partnership Purchase Agreement, Consideration Transferred		$ 20,000
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
Series A Preferred Stock Converted to Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)				300
Conversion of Stock, Shares Issued (in shares)				100,000
Series1 Preferred Stock Converted to Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)				2,200
Conversion of Stock, Shares Issued (in shares)				680,000
Series 1 Convertible Redeemable Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)							97,000
Dividends Payable				$ 9,500	$ 9,700
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
Preferred Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.0001	$ 0.0001
Dividends Payable						$ 4,600
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)				50,000	50,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.0001	$ 0.0001
Dividends Payable				$ 700	$ 800
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)				42,600,000
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)		425,532				638,298
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share)						$ 7.83

Note I - Stock-Based Compensa_3

Note I - Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Expense		$ 1.8	$ 1.7
LTIP Units [Member]
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)		$ 7.05		$ 8.22
LTIP Units [Member] | Mr. Chavez [Member]
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)	$ 3.84
LTIP Units [Member] | Mr. Chavez [Member] | Salary for 2021 and 2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.3
LTIP Units [Member] | Mr. Chavez [Member] | Salary for 2024 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.2
LTIP Units [Member] | Executives [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.4
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)	$ 3.84
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
LTIP Units [Member] | Executives [Member] | Monte Carlo Method [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.1
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)	$ 6.11
Restricted Stock Units (RSUs) [Member] | Executives [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.2
Restricted Stock Units (RSUs) [Member] | Executives [Member] | Monte Carlo Method [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.1
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0.2
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)	$ 3.84
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	12 months
Performance Units [Member] | Vesting Subject to Market Condition [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 5.6
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 6 months
Performance Units [Member] | Unlikely to Achieve Performance Target [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 11.6

Note I - Stock-based Compensa_4

Note I - Stock-based Compensation - Share-based Activity (Details) - LTIP Units [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Balance, number (in shares) | shares	2,825,122
Balance, weighted average grant fv per share (in dollars per share) | $ / shares	$ 8.22
Granted, number (in shares) | shares	1,381,833
Granted, weighted average grant fv per share (in dollars per share) | $ / shares	$ 4.06
Vested, number (in shares) | shares	(355,196)
Vested, weighted average grant fv per share (in dollars per share) | $ / shares	$ 4.76
Forfeited, number (in shares) | shares	0
Forfeited, weighted average grant fv per share (in dollars per share) | $ / shares	$ 0
Balance, number (in shares) | shares	3,851,759
Balance, weighted average grant fv per share (in dollars per share) | $ / shares	$ 7.05

Note J - Earnings Per Share (De

Note J - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	3.9	3.9

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
	Mar. 31, 2024	Mar. 31, 2023
Net loss attributable to MIC	$ (2,626)	$ (2,298)
Net loss attributable to participating securities	$ 0	$ 0
Basic and dilutive weighted average shares of Common Stock outstanding (in shares)	28,237,352	13,089,848
Basic and dilutive (in dollars per share)	$ (0.09)	$ (0.18)

Note K - Right of Use Asset a_3

Note K - Right of Use Asset and Lease Liability (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Lease, Right-of-Use Asset	$ 332,000	$ 0
Operating Lease, Liability	$ 329,000
January 1, 2024 Location [Member]
Lessor, Operating Lease, Term of Contract (Year)	14 years
Base Rent, Yearly	$ 40,457
Incremental Borrowing Rate	8.42%
Operating Lease, Right-of-Use Asset	$ 300,000
Operating Lease, Liability	300,000
Operating Lease, Cost	$ 9,000
January 1, 2024 Location [Member] | Minimum [Member]
Percentage of Annual Increase in Base Rent	3.50%

Note K - Right of Use Asset a_4

Note K - Right of Use Asset and Lease Liability - Future Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024 (remainder)	$ 30
2025	40
2026	40
2027	40
2028	40
Thereafter	366
Total lease payments	556
Less amount representing interest	(227)
Total	$ 329

Note L - Variable Interest En_2

Note L - Variable Interest Entities (Details Textual) $ in Thousands, ft² in Millions	9 Months Ended
	Dec. 31, 2023 USD ($) a	Mar. 31, 2024 USD ($) ft²
Area of Real Estate Property (Square Foot) | ft²		5.2
Number of Parking Spaces		15,400
Assets	$ 423,237	$ 420,067
Liabilities	$ 220,282	216,964
Cardinal Lot [Member]
Area of Real Estate Property (Square Foot) | a	2.56
Number of Parking Spaces	376
MVP St. Louise [Member]
Assets	$ 13,000	12,000
Liabilities	$ 6,600	$ 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
	Aug. 25, 2023 $ / shares shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (654)	$ 0
Impairment of Real Estate		157	$ 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		700
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		$ 185,300		$ 182,900

Note M - Fair Value - Fair Valu

Note M - Fair Value - Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1 [Member]
Business Combination, Contingent Consideration, Liability	$ 0	$ 0
Interest Rate Cap	0	0
Impaired real estate assets	0	0
Fair Value, Inputs, Level 2 [Member]
Business Combination, Contingent Consideration, Liability	0	0
Interest Rate Cap	0	54
Impaired real estate assets	0	0
Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability	1,125	1,779
Interest Rate Cap	0	0
Impaired real estate assets	$ 450	$ 50,536

Note M - Fair Value - Changes i

Note M - Fair Value - Changes in Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance	$ (1,779)
Change in fair value recognized in earnings	654
Balance	$ (1,125)

Note N - Commitments and Cont_2

Note N - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 18, 2023	Mar. 31, 2023	Jan. 31, 2023
Cash	$ 9,149	$ 11,134
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 ($)		3 Months Ended	12 Months Ended
	Aug. 25, 2021	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss		$ 3,190,000	$ 2,269,000
Park Place Parking [Member]
Accounts Receivable, after Allowance for Credit Loss		400,000	100,000
Color Up and Certain Member Entities of Color Up [Member]
Accounts Payable and Accrued Liabilities			500,000
Color Up and Certain Member Entities of Color Up [Member] | Tax Return Preparation Services [Member]
Related Party Transaction, Amounts of Transaction		$ 200,000	$ 100,000
Affiliate of Bombe Asset Management LLC [Member]
License Fee, Monthly	$ 5,000