FOXO TECHNOLOGIES INC. Files Q1 2024 10-Q Report

TL;DR

FOXO Tech filed its Q1 2024 10-Q. Check financials.

AI Summary

FOXO TECHNOLOGIES INC. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The company, formerly known as Delwinds Insurance Acquisition Corp., is incorporated in Delaware and headquartered in Minneapolis, MN. This filing details the company's financial performance and operational status for the first quarter of 2024.

Why It Matters

This 10-Q filing provides investors and stakeholders with a crucial update on FOXO Technologies' financial health and operational progress during the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, FOXO Technologies is subject to standard market and regulatory risks, with specific risks detailed within the full 10-Q document.

Key Players & Entities

• FOXO TECHNOLOGIES INC. (company) — Registrant
• Delwinds Insurance Acquisition Corp. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• 001-39783 (other) — Commission File Number
• 729 N. Washington Ave., Suite 600 Minneapolis, MN 55401 (location) — Principal executive offices address

FAQ

Key Financial Figures

• $0.0001 — tered: Class A Common Stock, par value $0.0001 FOXO NYSE American Indicate by check

Filing Documents

• ea0208609-10q_foxotech.htm (10-Q) — 584KB
• ea020860901ex4-1_foxo.htm (EX-4.1) — 29KB
• ea020860901ex10-1_foxo.htm (EX-10.1) — 34KB
• ea020860901ex31-1_foxo.htm (EX-31.1) — 11KB
• ea020860901ex31-2_foxo.htm (EX-31.2) — 11KB
• ea020860901ex32-1_foxo.htm (EX-32.1) — 5KB
• 0001213900-24-057245.txt ( ) — 4343KB
• foxo-20240331.xsd (EX-101.SCH) — 48KB
• foxo-20240331_cal.xml (EX-101.CAL) — 27KB
• foxo-20240331_def.xml (EX-101.DEF) — 239KB
• foxo-20240331_lab.xml (EX-101.LAB) — 382KB
• foxo-20240331_pre.xml (EX-101.PRE) — 233KB
• ea0208609-10q_foxotech_htm.xml (XML) — 341KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION: Item 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated 2 Unaudited Condensed Consolidated 3 Unaudited Condensed Consolidated 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

- OTHER INFORMATION

PART II - OTHER INFORMATION: Item 5. Other Information 35 Item 6. Exhibits 35

SIGNATURES

SIGNATURES 36 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS REPORT This Quarterly Report on Form 10-Q, or this Report, and the documents incorporated herein by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which include, without limitation, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, potential benefits and the commercial attractiveness to its customers of our products and services, the potential success of our marketing and expansion strategies, realization of the potential benefits of the Business Combination (including with respect to stockholder value and other aspects of our business identified in this Report), as well as other reports that we file from time to time with the Securities and Exchange Commission. Any statements about our business, financial results, financial condition and operations contained in this Report that are not statements of historical fact may be deemed to be forward-looking and are subject to risks, uncertainties and other factors. Without limiting the foregoing, the words "believes," "anticipates," "expects," "intends," "plans," "projects," or similar expressions are intended to identify forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future. Our actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the risk facto

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FOXO technologies inc. and subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) March 31, December 31, 2024 2023 Assets (Unaudited) Current assets Cash and cash equivalents $ 3 $ 38 Prepaid expenses 155 86 Other current assets 104 109 Total current assets 262 233 Intangible assets, net 2,621 378 Other assets 111 114 Total assets $ 2,994 $ 725 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 4,988 $ 4,556 Related parties payables and promissory notes 3,120 1,591 Notes payable 386 - Senior PIK Notes 4,461 4,203 Accrued severance 1,815 1,696 Accrued settlement 2,260 2,260 Accrued and other liabilities 42 30 Total current liabilities 17,072 14,336 Warrant liabilities - 8 Related party payables 500 - Other liabilities 359 481 Total liabilities 17,931 14,825 Commitments and contingencies (Note 11) Stockholders' deficit Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized, none issued or outstanding as of March 31, 2024 and December 31, 2023 - - Class A Common Stock, $ 0.0001 par value, 500,000,000 shares authorized, 9,959,594 and 7,646,032 shares issued and outstanding, respectively, as of March 31, 2024 and December 31, 2023 1 1 Additional paid-in capital 164,282 162,959 Accumulated deficit ( 179,220 ) ( 177,060 ) Total stockholders' deficit ( 14,937 ) ( 14,100 ) Total liabilities and stockholders' deficit $ 2,994 $ 725 See accompanying Notes to Unaudited Condensed Consolidated Financial Statement 1 Foxo Technologies INc. and subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Total revenue $ 7 $ 13 Operating expenses: Research and development 165 309 Management contingent share plan 33 764 Selling, general

financial statements

financial statements. COMPREHENSIVE LOSS During the t

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