XTI Aerospace Files 10-Q for Q1 2024
Ticker: XTIA · Form: 10-Q · Filed: May 20, 2024 · CIK: 1529113
Sentiment: neutral
Topics: 10-Q, financials, corporate-filing
TL;DR
XTI Aerospace filed its Q1 2024 10-Q. Check financials.
AI Summary
XTI Aerospace, Inc. filed a 10-Q for the period ending March 31, 2024. The company, formerly known as Inpixon and Sysorex Global Holdings Corp., is incorporated in Nevada and operates in computer programming services. Their business address is in Englewood, Colorado.
Why It Matters
This filing provides a quarterly update on XTI Aerospace's financial performance and operational status, which is crucial for investors to assess the company's trajectory.
Risk Assessment
Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.
Key Players & Entities
- XTI Aerospace, Inc. (company) — Filer
- Inpixon (company) — Former Company Name
- Sysorex Global Holdings Corp. (company) — Former Company Name
- 20240331 (date) — Reporting Period End Date
- 20240520 (date) — Filing Date
- 800-680-7412 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending March 31, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on May 20, 2024.
What are some of the former names of XTI Aerospace, Inc.?
XTI Aerospace, Inc. was formerly known as Inpixon and Sysorex Global Holdings Corp.
In which state is XTI Aerospace, Inc. incorporated?
XTI Aerospace, Inc. is incorporated in Nevada (NV).
What is the business address of XTI Aerospace, Inc.?
The business address of XTI Aerospace, Inc. is 8123 INTERPORT BLVD, SUITE C, ENGLEWOOD, CO 80112.
Filing Stats: 4,725 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-05-20 17:12:37
Key Financial Figures
- $0.001 — is registered Common Stock, par value $0.001 XTIA The Nasdaq Stock Market LLC Indi
Filing Documents
- inpx-20240331.htm (10-Q) — 1709KB
- xti10q-2024q1xex311sp.htm (EX-31.1) — 9KB
- xti10q-2024q1xex312bm.htm (EX-31.2) — 9KB
- xti10q-2024q1xex321.htm (EX-32.1) — 4KB
- 0001628280-24-024396.txt ( ) — 10322KB
- inpx-20240331.xsd (EX-101.SCH) — 90KB
- inpx-20240331_cal.xml (EX-101.CAL) — 102KB
- inpx-20240331_def.xml (EX-101.DEF) — 491KB
- inpx-20240331_lab.xml (EX-101.LAB) — 924KB
- inpx-20240331_pre.xml (EX-101.PRE) — 707KB
- inpx-20240331_htm.xml (XML) — 1422KB
- FINANCIAL INFORMATION iv
PART I - FINANCIAL INFORMATION iv
Financial Statements iv
Item 1. Financial Statements iv Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations 42
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42
Quantitative and Qualitative Disclosures About Market Risk 55
Item 3. Quantitative and Qualitative Disclosures About Market Risk 55
Controls and Procedures 55
Item 4. Controls and Procedures 55
- OTHER INFORMATION 56
PART II - OTHER INFORMATION 56
Legal Proceedings 56
Item 1. Legal Proceedings 56
Risk Factors 56
Item 1A. Risk Factors 56
Unregistered Sales of Equity Securities and Use of Proceeds 57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57
Defaults Upon Senior Securities 58
Item 3. Defaults Upon Senior Securities 58
Mine Safety Disclosures 58
Item 4. Mine Safety Disclosures 58
Other Information 58
Item 5. Other Information 58
Exhibits 58
Item 6. Exhibits 58 Signatures 59 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS REPORT This Quarterly Report on Form 10-Q (this "Form 10-Q") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions 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"). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may" or other similar expressions in this Form 10-Q. In particular, these include statements relating to future actions; prospective products, applications, customers and technologies; future performance or results of anticipated products; anticipated expenses; and projected financial results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: our history of losses; our ability to achieve or maintain profitability in the future; the anticipated benefits of the Inpixon Inc. and XTI Aircraft Company merger ("XTI Merger"); the risk that we have a limited operating history, have not yet manufactured any non-prototype aircraft or delivered any aircraft to a customer, and we and our current and future collaborators may be unable to successfully develop and market
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
: FINANCIAL STATEMENTS
ITEM 1: FINANCIAL STATEMENTS iv Table of Contents XTI AEROSPACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except number of shares and par value data) As of March 31, 2024 As of December 31, 2023 (Unaudited) (Unaudited) Assets Current Assets Cash and cash equivalents $ 1,801 $ 5 Accounts receivable, net of allowance for credit losses of $ 27 and $ 0 , respectively 797 — Other receivables 642 101 Inventory 2,875 — Notes receivable 3,264 — Warrant asset 448 — Prepaid expenses and other current assets 1,722 125 Total Current Assets 11,549 231 Property and equipment, net 250 12 Operating lease right-of-use asset, net 653 — Intangible assets, net 5,018 266 Goodwill 12,398 — Other assets 914 — Total Assets $ 30,782 $ 509 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements 1 Table of Contents XTI AEROSPACE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (In thousands, except number of shares and par value data) As of March 31, 2024 As of December 31, 2023 (Unaudited) (Unaudited) Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 6,948 $ 2,495 Related party payables 100 540 Accrued expenses and other current liabilities 4,905 1,127 Accrued interest 422 560 Customer deposits 1,350 1,350 Warrant liability 1,019 497 Operating lease obligation, current 259 — Deferred revenue 807 — Short-term debt 838 6,690 Total Current Liabilities 16,648 13,259 Long Term Liabilities Long-term debt 65 18,546 Operating lease obligation, noncurrent 404 — Other liabilities, noncurrent — 333 Total Liabilities 17,117 32,138 Commitments and Contingencies (Note 23) Stockholders' Equity (Deficit) Preferred Stock -$ 0.001 par value; 5,000,000 shares authorized Series 4 Convertible Preferred Stock - 10,415 shares authorized; 1 issued and outstanding as of March 31, 2024 and December 31, 2023 — — Series 5 C