Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 574

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 574
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      —    16,804   Convertible Note - 20171      —    1,987   Convertible Note - 20221      —    600   Convertible Note - 20231      —    300   Unamortized Discounts      —    (1,210)  Total Long-Term Debt     $65   $18,546  

1principal
balance was either converted to equity immediately prior to the XTI Merger closing time or subsequently repaid

2promissory
note repaid in full on March 31, 2025

Interest
expense on outstanding debt totaled approximately $0.3 million and $0.6 million for the years ended December 31, 2024 and 2023, respectively.

Promissory
Note – 2023

On
July 24, 2023, the Company and Legacy XTI entered into a Senior Promissory Note which had an outstanding principal balance of approximately
$3.1 million as of December 31, 2023. During the period from January 1, 2024 to March 12, 2024, Legacy Inpixon provided an additional
$1.0 million in funding to Legacy XTI. As a result of the XTI Merger, Legacy XTI became a wholly-owned subsidiary of the Company
and the outstanding subsidiary debt balance, related parent note receivable balance and accrued interest were eliminated upon the consolidation
of the Company’s December 31, 2024 balance sheet.

Promissory
Note - 2023 - related party

On
January 5, 2023, the Company entered into a promissory note agreement with a member of the Company’s board of directors. The note
had a principal amount of approximately $0.1 million and accrued interest at a rate of 5% per annum. The note’s outstanding
principal and accrued interest balances were repaid in full during the second quarter of 2024.

F-24

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

Convertible
Note - 2021 - related party

On October 1,