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v3.23.3

Discontinued Operations (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2023 | Dec. 31, 2022
Discontinued Operations [Abstract] |  |
Summary of Certain Selected Components of Discontinued Operations | accumulated other comprehensive income that was recognized as a result of those distributed assets and liabilities included in the foreign operations of CXApp.
|  | Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
Revenues |  | $ | 2,149 |  |  | $ | 1,620 |  |  | $ | 4,731 |
Cost of Revenues |  |  | 540 |  |  |  | 483 |  |  |  | 1,129 |
Gross Profit |  |  | 1,609 |  |  |  | 1,137 |  |  |  | 3,602 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 2,430 |  |  |  | 1,514 |  |  |  | 4,421 |
Sales and marketing |  |  | 1,570 |  |  |  | 988 |  |  |  | 2,676 |
General and administrative |  |  | 2,497 |  |  |  | 1,644 |  |  |  | 3,914 |
Earnout compensation benefit |  |  | — |  |  |  | — |  |  |  | (2,827 | )
Acquisition related costs |  |  | 10 |  |  |  | — |  |  |  | 16 |
Transaction costs |  |  | — |  |  |  | 1,043 |  |  |  | — |
Impairment of goodwill |  |  | 5,540 |  |  |  | — |  |  |  | 5,540 |
Amortization of intangibles |  |  | 973 |  |  |  | 805 |  |  |  | 1,948 |
Total Operating Expenses |  |  | 13,020 |  |  |  | 5,994 |  |  |  | 15,688 |
Loss from Operations |  |  | (11,411 | ) |  |  | (4,857 | ) |  |  | (12,086 | )
Interest (expense)/income, net |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
Other income/(expense) |  |  | — |  |  |  | — |  |  |  | — |
Total Other Income (Expense) |  |  | 8 |  |  |  | 1 |  |  |  | 9 |
Loss from discontinued operations, before tax |  |  | (11,403 | ) |  |  | (4,856 | ) |  |  | (12,077 | )
Income tax provision |  |  | 38 |  |  |  | — |  |  |  | (62 | )
Loss from discontinued operations, net of tax |  | $ | (11,365 | ) |  | $ | (4,856 | ) |  | $ | (12,139 | )
| The following table summarizes certain selected components of income from discontinued operations:
|  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
Revenues |  | $ | 8,470 |  |  | $ | 6,368 |
Cost of Revenues |  |  | 2,064 |  |  |  | 1,646 |
Gross Profit |  |  | 6,406 |  |  |  | 4,722 |
Operating Expenses |  |  |  |  |  |  |  |
Research and development |  |  | 9,323 |  |  |  | 6,704 |
Sales and marketing |  |  | 4,996 |  |  |  | 4,763 |
General and administrative |  |  | 10,540 |  |  |  | 20,607 |
Acquisition related costs |  |  | 16 |  |  |  | 628 |
Impairment of goodwill and intangibles |  |  | 5,540 |  |  |  | 11,896 |
Amortization of intangibles |  |  | 3,885 |  |  |  | 3,046 |
Total Operating Expenses |  |  | 34,300 |  |  |  | 47,644 |
Loss from Operations |  |  | (27,894 | ) |  |  | (42,922 | )
Other Income (Expense) |  |  |  |  |  |  |  |
Interest (expense)/income, net |  |  | 4 |  |  |  | 1 |
Other income/(expense) |  |  | (1 | ) |  |  | — |
Total Other Income (Expense) |  |  | 3 |  |  |  | 1 |
Loss from discontinued operations, before tax |  |  | (27,891 | ) |  |  | (42,921 | )
Income tax (expense)/benefit |  |  | (184 | ) |  |  | 5,201 |
Loss from discontinued operations, net of tax |  | $ | (28,075 | ) |  | $ | (37,720 | )
|  | As of December 31,
|  | 2022 |  | 2021
Current Assets of Discontinued Operations |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,000 |  |  | 10,000
Accounts receivable |  |  | 1,338 |  |  | 1,764
Notes and other receivables |  |  | 273 |  |  | 106
Inventory |  |  | — |  |  | 11
Prepaid expenses and other current assets |  |  | 650 |  |  | 889
Current Assets of Discontinued Operations |  | $ | 12,261 |  | $ | 12,770
Long Term Assets of Discontinued Operations |  |  |  |  |  |
Property and equipment, net |  | $ | 202 |  | $ | 231
Operating Lease Right-of-Use Asset, net |  |  | 681 |  |  | 723
Software development costs, net |  |  | 487 |  |  | 648
Intangible assets, net |  |  | 19,289 |  |  | 23,468
Goodwill |  |  | — |  |  | 5,545
Other Assets |  |  | 52 |  |  | 76
Long Term Assets of Discontinued Operations |  | $ | 20,711 |  | $ | 30,691
Current Liabilities of Discontinued Operations |  |  |  |  |  |
Accounts payable |  | $ | 1,054 |  | $ | 661
Accrued liabilities |  |  | 1,736 |  |  | 7,882
Operating lease obligation, current |  |  | 266 |  |  | 213
Deferred revenue |  |  | 2,162 |  |  | 3,145
Current Liabilities of Discontinued Operations |  | $ | 5,218 |  | $ | 11,901
Long Term Liabilities of Discontinued Operations |  |  |  |  |  |
Operating lease obligation, noncurrent |  | $ | 444 |  | $ | 531
Other Liabilities, noncurrent |  |  | 28 |  |  | 28
Long Term Liabilities of Discontinued Operations |  | $ | 472 |  | $ | 559
Schedule of Summarizes Certain Assets and Liabilities of Discontinued Operations | The following table summarizes certain assets and liabilities of discontinued operations:
|  | As of December 31, 2022
Current Assets of Discontinued Operations |  |  |
Cash and cash equivalents |  | $ | 10,000
Accounts receivable |  |  | 1,338
Prepaid expenses and other current assets |  |  | 923
Current Assets of Discontinued Operations |  | $ | 12,261
Long Term Assets of Discontinued Operations |  |  |
Property and equipment, net |  | $ | 202
Operating Lease Right-of-Use Asset, net |  |  | 681
Software development costs, net |  |  | 487
Intangible assets, net |  |  | 19,289
Other Assets |  |  | 52
Long Term Assets of Discontinued Operations |  | $ | 20,711
Current Liabilities of Discontinued Operations |  |  |
Accounts payable |  | $ | 1,054
Accrued liabilities |  |  | 1,736
Operating lease obligation, current |  |  | 266
Deferred revenue |  |  | 2,162
Current Liabilities of Discontinued Operations |  | $ | 5,218
Long Term Liabilities of Discontinued Operations |  |  |
Operating lease obligation, noncurrent |  | $ | 444
Other Liabilities, noncurrent |  |  | 28
Long Term Liabilities of Discontinued Operations |  | $ | 472
|  | Fair Value Allocation
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 109
Accounts receivable |  |  | 110
Prepaid expenses and other current assets |  |  | 135
Inventory |  |  | 844
Right of use asset |  |  | 312
Property, plant, and equipment |  |  | 30
Other assets |  |  | 113
Tradename & trademarks |  |  | 168
Proprietary technology |  |  | 507
Customer relationships |  |  | 197
Goodwill |  |  | 482
Total assets acquired |  | $ | 3,007
Liabilities assumed: |  |  |
Accounts payable |  |  | 2
Accrued liabilities |  |  | 413
Lease liabilities – current |  |  | 54
Lease liabilities – noncurrent |  |  | 231
Payable to new parent |  |  | 391
Deferred revenue |  |  | 784
Total liabilities assumed |  |  | 1,875
Estimated fair value of net assets acquired: |  | $ | 1,132

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