Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 569

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 569
---
ited proforma financial information presents the consolidated results of operations of the Company and Legacy Inpixon
for the years ended December 31, 2024 and 2023, as if the acquisition had occurred as of the beginning of the first period presented
(January 1, 2023) 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 Years Ended
    December 31, 

    2024  
    2023 
  
    Revenues 
    $3,709  
    $4,562 
  
    Net loss attributable
    to common stockholders 
    $(50,849) 
    $(40,335)
  
    Net
    loss per basic and diluted share 
    $(219.29) 
    $(1,016.57)
  
    Weighted average common shares outstanding: 

    Basic and Diluted 
     231,880  
     39,678 

Note 7
- Goodwill and Intangible Assets

Goodwill

In
connection with the XTI and Inpixon Merger, the excess of the purchase price over the estimated fair value of the net assets assumed
of $12.4 million was recognized as goodwill.

The
following table summarizes the changes in the carrying amount of Goodwill for the year ended December 31, 2024 (in thousands):

    Amount 
  
    Beginning balance - January 1, 2024 
    $—  
  
    Goodwill
    recognized in connection with XTI Merger - Note 5 
     12,398 
  
    Foreign
    currency translation adjustment 
     (326)
  
    Ending
    balance – December 31, 2024 
    $12,072 

The
Company tests goodwill for impairment at the reporting unit level annually, on October 1, or more frequently if a change in circumstances
or the occurrence of events indicates that potential impairment exists. In accordance with ASC 350, the Company performed a qualitative
assessment as of December 31, 2024, to determine if there were any indicators of goodwill impairment that would require a quantitative
analysis to be performed. Due to the qualitative analysis, the Company determined that