Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 394

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 394
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1)% 
     (0.8)%
  
    Change
    in valuation allowance 
     (16.6)% 
     (7.0)%
  
    Effective
    Rate 
     (0.0)% 
     0.0%

F-42

XTI
AEROSPACE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

As
of December 31, 2024 and 2023, the Company’s deferred tax assets and liabilities consisted of the effects of temporary differences
attributable to the following (in thousands):

    As
    of December 31, 

    2024  
    2023 
  
    Deferred Tax Asset 

    Loss carryovers 
    $59,366  
    $3,867 
  
    Stock based compensation 
     4,103  
     2,443 
  
    Research credits 
     —  
     — 
  
    Accrued expenses 
     791  
     1,348 
  
    Reserves 
     —  
     — 
  
    Intangibles 
     181  
     — 
  
    Fixed assets 
     —  
     — 
  
    Unrealized gain 
     144  
     — 
  
    Section 174 capital research 
     3,955  
     866 
  
    Other 
     702  

    Total Deferred Tax Asset 
     69,242  
     8,524 
  
    Less:
    valuation allowance 
     (69,017) 
     (8,524)
  
    Deferred
    Tax Asset, Net of Valuation Allowance 
    $225  
    $— 

    As
    of December 31, 

    2024  
    2023 
  
    Deferred Tax Liabilities 

    Intangible assets 
    $—  
    $— 
  
    Fixed assets 
     (7) 
     — 
  
    Other 
     (218) 
     — 
  
    Capitalized
    research 
     —  
     — 
  
    Total
    deferred tax liabilities 
     (225) 
     — 
  
    Net