Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 161

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 161
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 INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

The table
below provides a summary of changes in the estimated fair value of the Company’s Level 3 assets and liabilities:

    Notes  
    Warrant  
    Convertible
    notes,  
    Loan conversion 

    Receivable  
    Liability  
    at
    fair value  
    derivatives 
  
    Balance at January 1, 2024 
    $—  
    $497  
    $16,804  
    $333 
  
    Acquired 
     3,264  
     920  
     —  
     — 
  
    Change in fair value 
     —  
     281  
     (12,882) 
     — 
  
    Exchanged / Conversion
    to Equity 
     (968) 
     (1,698) 
     (3,922) 
     (333)
  
    Loss from note conversion
    to equity investment 
     (2,630) 
     —  
     —  
     — 
  
    Accrued interest 
     221  
     —  
     —  
     — 
  
    Debt
    discount recognition 
     113  
     —  
     —  
     — 
  
    Balance
    at December 31, 2024 
    $—  
    $—  
    $—  
    $— 

Note 17-
Foreign Operations

Prior
to the XTI Merger, the Company’s operations were located primarily in the United States. After the XTI Merger, the Company’s
operations are located primarily in the United States, Germany, and the United Kingdom. Revenues by geographic area are attributed by
country of domicile of our subsidiaries. The financial data by geographic area are as follows (in thousands):

    United  
       
    United  

    States  
    Germany  
    Kingdom  
    Eliminations  
    Total 
  
    For the Year Ended
    December 31, 2024: 

    Revenues
    by geographic area 
    $1,066  
    $2,553