Company: CXAI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003841
Chunk: 21

Company: CXApp Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group); and (f) a current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company tests its long-lived assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

Based on its assessments, the Company recorded no impairment charges on long-lived assets for the three months ended March 31, 2025 and March 31, 2024.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09,
“Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).” ASU 2023-09 requires entities
to provide additional information in their tax rate reconciliation and additional disclosures about income taxes paid by jurisdiction.
ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024 with early adoption permitted. The guidance
should be applied prospectively, but entities have the option to apply it retrospectively for each period presented. We are currently
evaluating the impact of adopting this standard on our consolidated financial statements.

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In March 2024, the FASB issued ASU 2024-02
“Codification Improvements—Amendments to Remove References to the Concept Statements,” which amends the Codification
to remove references to various FASB Concepts Statements and impacts a variety of Topics in the Codification. The amendments apply to
all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous
and are not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant
accounting changes for most entities. ASU 2024-02 is effective for the Company for fiscal years beginning after December 15, 2024
and interim periods within those fiscal years. Entities may apply the guidance either retrospectively to the beginning of the earliest
comparative period presented or prospectively to all new or modified transactions recognized on or after the date of adoption. We adopted
this guidance as of January 1, 2025, on a prospective basis and the adoption did