Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 618

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 618
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 the March
31, 2025 expiration, the Inpixon GmbH office personnel moved to a new location in Berlin. The lease rate at the new location is $3,897 (€3,742)
per month. The new lease expires on March 31, 2026.

On January 1, 2024, the Company entered into
a lease agreement for its new corporate office location in Englewood, Colorado. This lease expires on January 31, 2028 and the current
lease rate is $10,630 per month as of the date of this filing.

The
Company has no other operating or financing leases with terms greater than 12 months.

Right-of-use assets are summarized below (in thousands):

    As
    of December 31, 2024  
    As
    of December 31, 2023 
  
    Englewood,
    CO Office 
    $394  
    $    — 
  
    Berlin, Germany Office 
     91  
     — 
  
    Frankfurt, Germany Office 
     87  
     — 
  
    Less
    accumulated amortization 
     (232) 
     — 
  
    Right-of-use
    asset, net 
    $340  
    $— 

Lease
expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum
lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses,
inclusive of short-term and variable lease expenses, recognized in our consolidated statements of operations for the years ended December
31, 2024 and 2023 was $0.4 million and $0.0 million, respectively.

During
the years ended December 31, 2024 and 2023, the Company recorded $0.3 million and $0.0 million, respectively, as rent expense
to the right-of-use assets.

F-45

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

During
the years ended December 31, 2024 and 2023, the Company recorded short-term lease expenses of $0.04 million and $0.00 million, respectively.
During the years ended December