Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 314

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 314
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    Inventory 
     2,214  
     —  
     2,214 
  
    Accrued expenses and
    other current liabilities 
     —  
     6,703  
     (6,703)
  
    Accrued interest 
     —  
     522  
     (522)
  
    Customer deposits 
     —  
     1,350  
     (1,350)
  
    Operating lease obligation 
     —  
     119  
     (119)
  
    Deferred revenue 
     —  
     532  
     (532)
  
    Notes
    and other receivables / short-term debt 
     538  
     2,657  
     (2,119)
  
    Total 
    $8,581  
    $17,421  
    $(8,840)

Contractual
Obligations and Commitments

Contractual obligations are
cash that we are obligated to pay as part of certain contracts that we have entered during our course of business. Our contractual obligations
consist of operating lease liabilities and acquisition liabilities that are included in our consolidated balance sheet and vendor commitments
associated with agreements that are legally binding. As of December 31, 2024, the total obligation for operating leases is approximately
$0.4 million, of which approximately $0.1 million is expected to be paid in the next twelve months.

On March 31, 2025, the Company repaid in full the promissory notes
that were issued to Streeterville Capital, LLC on May 1, 2024 and May 24, 2024. As of the date of this filing, we owed $65,000 under a
secured promissory note with the SBA which is due in 2050. See Note 9 of the Notes to Consolidated Financial Statements included
elsewhere in this report.

Customer
Deposits 

As of December 31, 2024, we received conditional pre-orders under a
combination of non-binding aircraft purchase agreements, reservation deposit agreements, options and letters of intent for aircraft which
generated approximately $1.4 million of cash from customer deposits. These funds from customer reservation deposits will not be recorded
as revenue until the orders for our TriFan 600 airplane are delivered, which may not be for many years or at all if