Company: CXAI
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001829126-25-002438
Chunk: 410

Company: CXApp Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 2
Chunk 410
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    Revenue recognized at a point in time(3)

    142

    -

    -

    Total
     
    $
    7,142

    $
    5,746

    $
    1,620

    (1)
    
     Professional services are also contracted on the fixed fee and time and materials basis. Fixed fees are paid monthly, in phases, or upon acceptance of deliverables. The Company has generally elected the practical expedient to recognize revenue for the right to invoice because the Company’s right to consideration corresponds directly with the value to the customer of the performance completed to date. 
  
    (2)
    
     Software As a Service Subscription Revenue’s performance obligation is satisfied evenly over the service period using a time-based measure because the Company is providing continuous access to its service and service is recognized over time. 
  
    (3)
    
     Hardware revenue is recognized at a point in time when the control over the goods transfers to the customer - upon delivery to the customers. 

    F-24

NOTE 5 – Property and Equipment, net

Property and equipment consisted of the following (in thousands):

    Schedule of property and equipment

    December 31,2024

    December 31,2023

    Computer and office equipment
     
    $
    177

    $
    179

    Furniture and fixtures

    11

    12

    Leasehold improvements

    4

    6

    Software

    -

    1

    Total

    192

    198

    Less: accumulated depreciation and amortization

    (128
    )

    (83
    )
  
    Total Property and Equipment, Net
     
    $
    64

    $
    115

Depreciation and amortization expense was approximately $79 thousand, $75 thousand, and $19 thousand for the year ended December 31, 2024 (Successor), for the period from March 15, 2023, to December 31, 2023 (Successor), and for the period from January 1, 2023 to March 14, 2023 (Predecessor), respectively.

NOTE 6 – Goodwill and Intangible Assets, net

The Company reviews goodwill for impairment on a reporting unit basis annually on November 30 (beginning with fiscal year 2024) and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amount of goodwill