XML 20 R11.htm IDEA: XBRL DOCUMENT v3.23.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 14, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Operating activities          
Net income (loss)       $ 8,346,820 $ 9,207,884
Change in assets and liabilities:          
Accrued liabilities       2,066,159 572,554
Net cash used in operating activities       (761,098) (595,321)
Investing activities          
Net cash provided by investing activities       275,333,780
Financing activities          
Net cash used in financing activities       (274,754,319) (17,579)
Net Change in Cash       (181,637) (612,900)
Cash – Beginning of period   $ 224,489 $ 406,126 406,126 1,019,026
Cash – End of period       224,489 406,126
Successor [Member]          
Operating activities          
Net income (loss) $ 2,758,000        
Adjustments to reconcile net income (loss) to net cash used in operating activities          
Depreciation and amortization 4,000        
Amortization of intangible assets 116,000        
Amortization of right of use asset 8,000        
Deferred income taxes (1,560,000)        
Stock-based compensation expense 2,000        
Gain on earnout payment liability        
(Gain) loss on foreign currency transactions 3,000        
Gain on change in fair value of derivative liability (1,686,000)        
Change in assets and liabilities:          
Accounts receivable and other receivables (335,000)        
Prepaid expenses and other current assets (100,000)        
Other assets (37,000)        
Accounts payable 135,000        
Accrued liabilities (3,888,000)        
Income tax liabilities        
Operating lease liabilities (7,000)        
Deferred revenue 156,000        
Net cash used in operating activities (4,431,000)        
Investing activities          
Purchases of property and equipment (23,000)        
Investment in capitalized software        
Cash acquired in connection with Business Combination 10,003,000        
Net cash provided by investing activities 9,980,000        
Financing activities          
Net equity investment from parent        
Taxes paid related to stock based compensation        
Repayment of CXApp acquisition liability        
Repayment of related party promissory note (328,000)        
Net cash used in financing activities (328,000)        
Effect of exchange rate changes on cash and cash equivalents        
Net Change in Cash 5,221,000        
Cash – Beginning of period 1,503,000        
Cash – End of period 6,724,000 1,503,000      
Supplemental disclosures of cash flow information          
Cash paid for taxes        
Cash paid for interest        
Supplemental schedule of noncash investing and financing activities          
Parent’s net equity issued for CX App earnout        
Noncash distribution        
Class A Common Stock and Class C Common Stock issued in connection with Business Combination 69,928,000        
Financing of Director and Officer Insurance (see Note 9) 537,000        
Predecessor [Member]          
Operating activities          
Net income (loss)   (4,380,000) (1,671,000)    
Adjustments to reconcile net income (loss) to net cash used in operating activities          
Depreciation and amortization   228,000 145,000    
Amortization of intangible assets   806,000 975,000    
Amortization of right of use asset   40,000 56,000    
Deferred income taxes   (2,000)    
Stock-based compensation expense   158,000 647,000    
Gain on earnout payment liability   (2,827,000)    
(Gain) loss on foreign currency transactions   (32,000) (266,000)    
Gain on change in fair value of derivative liability      
Change in assets and liabilities:          
Accounts receivable and other receivables   (857,000) (304,000)    
Prepaid expenses and other current assets   (20,000) (521,000)    
Other assets   42,000    
Accounts payable   (796,000) (94,000)    
Accrued liabilities   (787,000) 100,000    
Income tax liabilities   6,000    
Operating lease liabilities   (38,000) (56,000)    
Deferred revenue   534,000 (370,000)    
Net cash used in operating activities   (5,144,000) (4,140,000)    
Investing activities          
Purchases of property and equipment   (9,000) (12,000)    
Investment in capitalized software   (45,000) (39,000)    
Cash acquired in connection with Business Combination      
Net cash provided by investing activities   (54,000) (51,000)    
Financing activities          
Net equity investment from parent   9,089,000 6,444,000    
Taxes paid related to stock based compensation   (104,000)    
Repayment of CXApp acquisition liability   (197,000) (1,787,000)    
Repayment of related party promissory note      
Net cash used in financing activities   8,892,000 4,553,000    
Effect of exchange rate changes on cash and cash equivalents   1,000 4,000    
Net Change in Cash   3,695,000 366,000    
Cash – Beginning of period $ 10,003,000 6,308,000 5,028,000 5,028,000  
Cash – End of period   10,003,000 5,394,000 $ 6,308,000 $ 5,028,000
Supplemental disclosures of cash flow information          
Cash paid for taxes      
Cash paid for interest      
Supplemental schedule of noncash investing and financing activities          
Parent’s net equity issued for CX App earnout   3,697,000    
Noncash distribution   409,000    
Class A Common Stock and Class C Common Stock issued in connection with Business Combination      
Financing of Director and Officer Insurance (see Note 9)