CXApp Inc. Files Q1 2024 10-Q

TL;DR

CXApp Inc. 10-Q filed for Q1 2024. Financials and operations details inside.

AI Summary

CXApp Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly KINS Technology Group, Inc., is incorporated in Delaware and operates in the pre-packaged software sector. Its principal executive offices are located at Four Palo Alto Square, Suite 200, Palo Alto, CA.

Why It Matters

This filing provides investors with the latest financial performance and operational details for CXApp Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• CXApp Inc. (company) — Filer of the 10-Q
• KINS Technology Group, Inc. (company) — Former name of CXApp Inc.
• 20240331 (date) — End of the reporting period
• 20240531 (date) — Filing date
• Four Palo Alto Square, Suite 200, Palo Alto, CA (location) — Business address

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share CXAI The Nasdaq
• $10,000 — uity line financing agreement for up to $10,000 thousand, with an initial draw of $2,50
• $2,500 thousand — 0,000 thousand, with an initial draw of $2,500 thousand in the second quarter of 2024. The Comp
• $3,000 — 2024. The Company also managed to raise $3,000 thousand, in December 2023, under a pro
• $4,916 thousand — y had cash equivalents of approximately $4,916 thousand of certificates of deposit held by a nu
• $250 thousand — it held by a number of banks limited to $250 thousand per bank with a duration of 90 days or

Filing Documents

• cxappinc_10q.htm (10-Q) — 974KB
• cxappinc_ex31-1.htm (EX-31.1) — 9KB
• cxappinc_ex31-2.htm (EX-31.2) — 9KB
• cxappinc_ex32-1.htm (EX-32.1) — 4KB
• cxappinc_ex32-2.htm (EX-32.2) — 5KB
• 0001829126-24-003901.txt ( ) — 6015KB
• cxai-20240331.xsd (EX-101.SCH) — 52KB
• cxai-20240331_cal.xml (EX-101.CAL) — 63KB
• cxai-20240331_def.xml (EX-101.DEF) — 295KB
• cxai-20240331_lab.xml (EX-101.LAB) — 325KB
• cxai-20240331_pre.xml (EX-101.PRE) — 328KB
• cxappinc_10q_htm.xml (XML) — 985KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1. Interim Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive (Loss) for the three months ended March 31, 2024 (unaudited) (Successor) and Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the period from March 15, 2023 to March 31, 2023 (unaudited) (Successor), and the period from January 1, 2023 to March 14, 2023 (Predecessor) 2 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 (unaudited) (Successor) and Condensed Consolidated Statements of Stockholders' Equity for the period from March 15, 2023 to March 31, 2023 (unaudited) (Successor), and the period from January 1, 2023 to March 14, 2023 (Predecessor) 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) (Successor) and Condensed Consolidated 1, 2023 to March 14, 2023 (Predecessor) 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Interim Financial Statements

Item 1: Interim Financial Statements CXAPP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) Successor March 31, 2024 December 31, 2023 (unaudited) Assets Current Assets Cash and cash equivalents $ 5,603 $ 6,275 Accounts receivable, net of allowance for credit losses of $ 2 as of March 31, 2024 and December 31, 2023 1,370 1,956 Unbilled and other receivables 156 211 Prepaid expenses and other current assets 676 587 Total current assets 7,805 9,029 Property and equipment, net 110 115 Intangible assets, net 17,453 18,136 Operating lease right-of-use asset, net 374 486 Goodwill 8,737 8,737 Other assets 78 78 Total Assets $ 34,557 $ 36,581 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 1,019 $ 975 Accrued liabilities 1,675 1,452 Deferred revenue 3,632 2,878 Warrant liability 3,155 1,683 Operating lease obligation, current 231 275 Note payable 3,373 3,053 Total current liabilities 13,085 10,316 Operating lease obligation, noncurrent 160 230 Deferred tax liability 429 637 Other noncurrent liabilities 2 - Total Liabilities $ 13,676 $ 11,183 Commitments and Contingencies Stockholders' Equity Class A Common Stock, $ 0.0001 par value; 200,000,000 shares authorized; 15,254,389 shares issued and outstanding as of March 31, 2024 and December 31, 2023 2 2 Additional paid-in capital 83,881 83,282 Accumulated deficit ( 62,971 ) ( 57,801 ) Accumulated other comprehensive loss ( 31 ) ( 85 ) Total Stockholders' Equity $ 20,881 $ 25,398 Total Liabilities and Stockholders' Equity $ 34,557 $ 36,581 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 1 CXAPP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPR

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