Company: XTIA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112615
Chunk: 25

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 periods indicated (in thousands):

  Short-Term Debt  Maturity  September 30, 2025   December 31, 2024   Promissory Note - May 1, 20241  5/1/2025  $—   $1,442   Promissory Note - May 24, 20241  5/24/2025   —    1,426   Unamortized Discounts      —    (211)  Total Short-Term Debt     $—   $2,657                   Long-Term Debt               SBA loan2  6/3/2050  $—   $65   Total Long-Term Debt     $—   $65  

1Promissory note paid in full during the first quarter of 2025.

2SBA loan paid in full during the third quarter of 2025.

Streeterville Debt Exchanges and Repayment

During the first quarter of 2025, the Company
issued an aggregate of 240,229 shares of common stock (the “Exchange Shares”) to Streeterville Capital, LLC (“Streeterville”),
the holder of that certain outstanding secured promissory note of the Company issued on May 1, 2024 (the “Original Note”),
at a price between $2.48 and $4.21 per share, in each case equal to the Minimum Price as defined in Nasdaq Listing Rule 5635(d) in accordance
with the terms and conditions of certain exchange agreements, pursuant to which the Company and Streeterville agreed to (i) partition
new secured promissory notes in the form of the Original Note in the aggregate original principal amount of $750,000 and then cause the
outstanding balance of the Original Note to be reduced by an aggregate of $750,000; and (ii) exchange the partitioned notes for the delivery
of the Exchange Shares.

On March 31, 2025, using the net proceeds from
the March Offering (see “March 2025 Public Offering” disclosure in Note 9), the Company repaid the remaining obligation
of approximately $2.7 million (which included principal, accrued interest and monitoring fees, and a 15% prepayment penalty) in respect
of the two secured promissory notes issued by the Company to