Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 348

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 348
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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 which carries over.

For
the years ended December 31, 2024 and 2023, the Company incurred merger related transaction costs of approximately $6.5 million and $1.8
million, respectively.

F-20

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

Note
6 - Proforma Financial Information

Inpixon
Financial Information

The
following unaudited 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