Company: CXAI
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001829126-25-002438
Chunk: 1448

Company: CXApp Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 12
Chunk 1448
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 expenses related to restricted stock units recorded in the financial statements is summarized below:

    Schedule of non-cash stock-based compensation expenses related to restricted stock units

    Successor

    Year ended December 31, 2024

    Period from March 15, 2023, to December 31, 2023

    Research and development
     
    $
    605

    $
    -

    Sales and marketing

    310

    -

    General and administrative

    1,363

    686

    Total non-cash stock compensation
     
    $
    2,278

    $
    686

As of December 31, 2024, and December 31, 2023, the Company has approximately $1,016 thousand and $1,796 thousands of unrecognized restricted stock unit compensation to be expensed over a weighted average period of 0.91 year and 1.42 years, respectively.

    F-32

NOTE 12 – Convertible Debt

On May 22, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”), pursuant to which the Lender desires to purchase up to $10,000,000 shares of the Company’s Common Stock and the Company issued an unsecured convertible Pre-Paid Purchase #1 to Streeterville Capital, LLC (“Lender”). The SPA required 40,000 common shares of the Company’s Class A Common Stock to be issued as of closing date (May 22, 2024). The Company recorded a liability of $130,400 on May 22, 2024, for the shares to be issued within contract to issue common stock. The Company issued the Class A Common Stock on October 10, 2024, and recorded a gain of $68 thousand on settlement of the contract to issue common stock.

The convertible Pre-Paid Purchase #1 has the original principal amount of $2,625 thousand and Lender gave consideration of $2,480 thousand, reflecting original issue discount of $125 thousand and Lender’s transaction cost of $20 thousand. On June 3, 2024, the Company received the net proceeds from the Lender.

The convertible Pre-Paid Purchase #1 accrues interest on the outstanding balance at 5% per annum. The Lender may redeem all or any part of the outstanding balance of the convertible Pre-Paid Purchase #1, at any time following earlier of six months from the purchase price date and the effectiveness of