Company: XTIA
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001213900-25-045396
Chunk: 21

Company: XTI Aerospace, Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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     1,202 
  
    Warrant assets 
     448 
  
    Tradename & trademarks 
     913 
  
    Proprietary technology 
     2,934 
  
    Customer relationships 
     702 
  
    In process research and development 
     243 
  
    Goodwill 
     12,398 

     34,718 
  
    Liabilities assumed 

    Accounts payable 
     2,675 
  
    Accrued liabilities 
     4,282 
  
    Operating lease obligation 
     299 
  
    Deferred revenue 
     824 
  
    Short-term debt 
     114 
  
    Warrant liability 
     919 
  
    Total liabilities assumed 
     9,113 

    Estimated fair value of assets acquired 
    $25,605 

The assets were valued using a combination of
a multi-period excess earnings methodologies, a relief from royalty approach, a discounted cash flow approach and present value of cash
flows approach. The goodwill represents the excess fair value after the allocation of intangibles. As a nontaxable transaction, the historical
tax bases of the acquired assets, liabilities and tax attributes have carried over. Although no new tax goodwill has been created in the
transaction, the Company has approximately $5.8 million of tax deductible goodwill that arose in previous transactions that carries over.

17

XTI AEROSPACE, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 6 - Proforma Financial Information

The following unaudited proforma financial information
presents the consolidated results of operations of the Company and Legacy Inpixon for the three months ended March 31, 2024, as if the
acquisition had occurred as of the beginning of the first period presented (January 1, 2024) instead of on March 12, 2024. The proforma
information does not necessarily reflect the results of operations that would have occurred had the entities been a single company during
those periods.

The proforma financial information for the Company
and Legacy Inpixon is as follows (in thousands):

    For the
Three Months Ended  March 31, 2024 
  
    Revenues 
    $727 
  
    Net loss attributable to common stockholders 
    $    (16,530)
  
    Net loss per basic and diluted share