Company: CXAI
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001829126-25-002438
Chunk: 1279

Company: CXApp Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 10
Chunk 1279
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    Assets acquired:

    Cash and cash equivalents
     
    $
    10,003

    Accounts receivable

    2,226

    Notes and other receivables

    209

    Prepaid assets and other current assets

    408

    Operating lease right of use asset

    557

    3 years

    Property and equipment, net

    133

    3 years

    Other assets

    42

    Developed technology

    8,697

    10 years

    Patents

    2,703

    10 years

    Customer relationships

    5,604

    5 years

    Trade names and trademarks

    3,294

    7 years

    Total assets acquired
     
    $
    33,876

    Liabilities assumed:

    Accounts payable
     
    $
    443

    Accrued liabilities

    969

    Deferred revenues

    2,534

    Operating lease obligation, current

    194

    Operating lease obligation, noncurrent

    384

    Deferred tax liability

    4,217

    Total liabilities assumed

    8,741

    Goodwill
     
    $
    44,793

The value of the intangible assets were calculated by a third party valuation firm based on projections and financial data provided by management of the Company. Goodwill represents the excess fair value after allocation to the intangible assets. The calculated goodwill is not deductible for tax purposes.

Total acquisition-related costs for the Business Combination were approximately $3,543 thousand. Of the total acquisition-related costs, approximately $3,000 thousand were incurred by KINS prior to the close of the Business Combination. These costs are included in the opening retained earnings of the Company on March 15, 2023. The remaining $543 thousands of acquisition-related costs were recorded as expense in the successor period and are included in acquisition related costs on the statements of operations for the period from March 15, 2023 to December 31, 2023 (Successor).

    F-21

Measurement Period

The purchase price allocations for the acquisitions described above are based on initial estimates and provisional amounts. In accordance with ASC 805-1025-13, if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the acquirer shall report in its financial statements’ provisional amounts