Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 318

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 318
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    Effect
    of foreign exchange rate changes on cash 
     (10) 
     — 
  
    Net
    increase (decrease) in cash and cash equivalents 
    $4,100  
    $(110)

     As of December 31,

    As of December
    31,

    2024

    2023

    Cash
    and cash equivalents
     
    $
    4,105

    $
    5

    Working
    capital deficit
     
    $
    (8,840
    )
     
    $
    (13,028
    )

Operating
Activities for the year ended December 31, 2024

Net
cash used in operating activities during the year ended December 31, 2024 was approximately $22.3 million. The cash flows
related to the year ended December 31, 2024 consisted of the following (in thousands):

    Net loss 
    $(35,603)
  
    Non-cash income and expenses 
     5,765 
  
    Net
    change in operating assets and liabilities 
     7,531 
  
    Net
    cash used in operating activities 
    $(22,307)

The
non-cash income and expense of approximately $5.8 million consisted primarily of the following (in thousands):

    Depreciation and amortization 
    $113 
  
    Amortization of intangible assets 
     622 
  
    Amortization of right-of-use-asset 
     237 
  
    Non-cash interest expense, net 
     417 
  
    Stock-based compensation 
     4,121 
  
    Impairment of intangible assets 
     2,507 
  
    Loss on conversion of note receivable to equity investment 
     2,630 
  
    Unrealized loss on equity investment 
     628 
  
    Change in fair value of convertible notes payable 
     (12,882)
  
    Inducement loss on debt conversions 
     6,732 
  
    Change in fair value of warrant liability 
     281 
  
    Other 
     359 
  
    Total non-cash expenses 
    $5,765 

50

The
net cash used in the change in operating assets and liabilities aggregated approximately $7.5 million and consisted primarily of
the following (in thousands):

    Increase