Company: XTIA
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001213900-25-045396
Chunk: 217

Company: XTI Aerospace, Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 2
Chunk 217
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     8,581  
     3,946 

    Current Liabilities 

    Accounts payable and related party payables 
     3,866  
     5,538  
     (1,672)
  
    Accrued expenses and other current liabilities 
     1,616  
     6,703  
     (5,087)
  
    Accrued interest 
     342  
     522  
     (180)
  
    Customer deposits 
     1,350  
     1,350  
     — 
  
    Warrant liability 
     4,442  
     —  
     4,442 
  
    Operating lease obligation, current 
     91  
     119  
     (28)
  
    Deferred revenue 
     808  
     532  
     276 
  
    Short-term debt 
     —  
     2,657  
     (2,657)

    Total Current Liabilities 
     12,515  
     17,421  
     (4,906)

    Net Working Capital (Deficit) 
    $12  
    $(8,840) 
    $8,852 

Balance Sheet Improvement

During the three months ended
March 31, 2025, we raised approximately $23.3 million in net proceeds through (i) our now expired ATM with Maxim and (ii) public offerings
of our securities placed and underwritten by ThinkEquity LLC. The proceeds from these capital raises allowed us to significantly reduce
debt and other obligations, while progressing the development of the TriFan 600 airplane. The following summarizes the improvements to
our balance sheet from December 31, 2024 to March 31, 2025:

●Cash and cash equivalents increased by approximately $3.9 million.

    ●
    Net working capital increased by approximately $8.9 million.

    ●
    We repaid in full the outstanding secured promissory notes issued to Streeterville, which resulted in the release of Streeterville’s security interest in the assets of XTI Aircraft Company. As of March 31, 2025, we had less than $0.1 million of interest-bearing debt outstanding, which matures in 2050. 

    ●
    We redeemed the remaining outstanding shares of Series 9 Preferred Stock,