Company: CXAI
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001829126-25-002438
Chunk: 529

Company: CXApp Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 3
Chunk 529
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 quantitative test, we calculate the estimated fair value using a weighting of the income and market approaches.

2024 Impairment Assessment

For the year ended December 31, 2024, we completed our annual goodwill impairment evaluation as of November 30, 2024. No impairment loss was recognized for the year ended December 31, 2024. The value of goodwill as of December 31, 2024, remains consistent with the post-impairment balance reported as of December 31, 2023.

2023 Impairment Assessment

For the period from March 15, 2023, to December 31, 2023 (Successor), the Company recognized a goodwill impairment loss of $36,056 thousand. This impairment resulted from declines in market capitalization, revised cash flow projections, and adverse changes in market conditions impacting the recoverability of goodwill. For the period January 1, 2023, to March 14, 2023 (Predecessor), the Company recognized a goodwill impairment loss of $0 thousand.

Goodwill consisted of the following (in thousands):

    Schedule of goodwill

    Acquisition
     
    Amount

    Balance as of March 15, 2023
     
    $
    -

    Acquisition of Legacy CXApp

    44,122

    Measurement Period Adjustments

    671

    Impairment

    (36,056
    )
  
    Balance as of December 31, 2023
     
    $
    8,737

    F-25

Intangible assets consisted of the following (in thousands):

    Schedule of intangible assets

    December 31, 2024

    December 31, 2023

    Weighted Average Remaining Useful Life (Years)

    Gross Amount

    Accumulated Amortization

    Net Carrying Amount

    Gross Amount

    Accumulated Amortization
     
    Net Carrying Amount

    Trade Name/Trademarks
     
    5.17

    $
    3,294

    $
    (843
    )
     
    $
    2,451

    $
    3,294

    $
    (373)
     
    $
    2,921

    Customer Relationships
     
    3.17

    5,604

    (2,008
    )

    3,596

    5,604

    (887)