Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 173

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 173
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    the Years Ended December 31, 

    2024  
    2023 
  
    Foreign 

    Current 
    $—  
    $— 
  
    Deferred 
     (1,088) 
     — 
  
    U.S. federal 

    Current 
     —  
     — 
  
    Deferred 
     (4,023) 
     (1,647)
  
    State and local 

    Current 
     16  
     — 
  
    Deferred 
     (1,061) 
     (345)

     (6,156) 
     (1,992)
  
    Change
    in valuation allowance 
     6,172  
     1,992 
  
    Income
    Tax Provision (Benefit) 
    $16  
    $— 

The
reconciliation between the U.S. statutory federal income tax rate and the Company’s effective rate for the years ended December
31, 2024 and 2023 is as follows:

    For
    the Years Ended
    December 31, 

    2024  
    2023 
  
    U.S. federal
    statutory rate 
     21.0% 
     21.0%
  
    State income taxes, net
    of federal benefit 
     2.2% 
     4.4%
  
    162(m) compensation limit 
     (7.1)% 
     (0.2)%
  
    Transaction costs 
     (2.1)% 
     —%
  
    Convertible notes / warrant
    inducement expense 
     (3.8)% 
     (6.7)%
  
    Convertible notes –
    fair value adjustment 
     7.3% 
     (9.7)%
  
    Foreign income tax rate
    difference 
     0.8% 
     —%
  
    Other permanent items 
     (1.8)% 
     (1.0)%
  
    Provision to return adjustment 
     0.1% 
     —%
  
    Rate change 
     0.1% 
     —%
  
    Other 
     (0.1)% 
     (0.8)%
  
    Change
    in valuation allowance 
     (16