Company: CXAI
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001829126-25-002438
Chunk: 1116

Company: CXApp Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 8
Chunk 1116
---
     
    $
    (4,338
    )
  
    Property, plant & equipment

    (2
    )

    (13
    )
  
    Other

    -

    Capitalized research

    -

    Total deferred tax liabilities

    (3,510
    )

    (4,351
    )

    Net Deferred Tax Asset (Liability)
     
    $
    -

    $
    (637
    )

    F-35

The income tax provision consists of the following for the years ended December 31, 2024, and 2023:

    Schedule of income tax provision

    Year ended December 31, 2024

    Period fromMarch 15, 2023 to December 31,2023

    Period fromJanuary 1, 2023 toMarch 14,2023

    Foreign

    Current
     
    $
    -

    $
    -

    $
    -

    Deferred

    -

    -

    4,054

    Federal

    Current

    -

    (7
    )

    -

    Deferred

    (5,824
    )

    (2,154
    )

    (637
    )

    State and Local

    Current

    2

    19

    -

    Deferred

    (164
    )

    (506
    )

    (273
    )

    (5,986
    )

    (2,648
    )

    3,144

    Change in valuation allowance

    5,350

    (924
    )

    (3,144
    )
  
    Income tax expense/(benefit)
     
    $
    (637
    )
     
    $
    (3,572
    )
     
    $
    -

As of December
31, 2024, the Company has U.S. federal and state net operating loss carryover of approximately $7,494
thousand and $4,424
thousand respectively and Canada net operating loss carryover of approximately $11,353
thousand. The federal NOLs generated through 2017 which if unutilized will expire by the year 2037 and the federal NOLs generated
after 2017 will be carried forward indefinitely whereas the state NOLs if unutilized will expire based on the state statutes.

The Canada NOLs which if able
to be utilized will be carried forward through 2042. The Income