Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 14, 2022

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _______________
Commission File Number 001-36404
INPIXON
(Exact name of registrant as specified in its charter)
Nevada 88-0434915
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2479 E. Bayshore Road
Suite 195
Palo Alto, CA 94303
(Address of principal executive offices)
(Zip Code)
(408) 702-2167
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on
which each is registered
Common Stock, par value $0.001 INPX The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, Par Value $0.001
3,238,893
(Class)
Outstanding at November 9, 2022


Table of Contents

INPIXON
TABLE OF CONTENTS
Page No.
Special Note Regarding Forward-Looking Statements and Other Information Contained in this Report
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021
Notes to Unaudited Condensed Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures

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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 profitability;
our limited operating history with recent acquisitions;
the possibility that the Business Combination (as defined in "Recent Events - Proposed Spin-Off of our Enterprise Apps Business" section under Part I, Item 2 of this Form 10-Q) of our enterprise apps business will not be consummated within the anticipated time period or at all;
the possibility that anticipated tax treatment and benefits of the Business Combination may not be achieved;
risks related to our recent acquisitions;
our ability to successfully integrate companies or technologies we acquire;
emerging competition and rapidly advancing technology in our industry that may outpace our technology;
customer demand for the products and services we develop;
the impact of competitive or alternative products, technologies and pricing;
our ability to manufacture any products we develop;
general economic conditions and events and the impact they may have on us and our potential customers, including, but not limited to supply chain challenges, increased costs for materials and labor and other impacts resulting from COVID-19 and the Russia/Ukraine conflict;
our ability to obtain adequate financing in the future;
our ability to consummate strategic transactions which may include acquisitions, mergers, dispositions or investments;
our ability to maintain compliance with the continued listing requirements of the Nasdaq Stock Market LLC;
lawsuits and other claims by third parties or investigations by various regulatory agencies that we are and may be become subject to and are required to report, including but not limited to, the U.S. Securities and Exchange Commission;
our success at managing the risks involved in the foregoing items; and
other factors discussed in this Form 10-Q.

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We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Form 10-Q, particularly in the “Risk Factors” section, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or collaborations or strategic partnerships we may enter into.

You should read this Form 10-Q and the documents that we have filed as exhibits to this Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Unless otherwise stated or the context otherwise requires, the terms “Inpixon” “we,” “us,” “our” and the “Company” refer collectively to Inpixon and, where appropriate, its subsidiaries.
Unless indicated otherwise in this Form 10-Q, all references to “$” refer to United States dollars, the lawful currency of the United States of America. References to “CAD” refer to Canadian dollars, the lawful currency of Canada. References to “INR” refer to Indian rupees, the lawful currency of India. References to “EUR” refer to euros, the single currency of Participating Member States of the European Union. References to “GBP” refer to the British pound, the lawful currency of the United Kingdom.
Note Regarding Reverse Stock Split
The Company effected a reverse stock split of its authorized and issued and outstanding common stock, par value $0.001, at a ratio of 1-for-75, effective as of October 7, 2022 (the "Reverse Stock Split"). We have reflected the Reverse Stock Split retroactively herein, unless otherwise indicated.


PART I — FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information which are the accounting principles that are generally accepted in the United States of America and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

The results for the period ended September 30, 2022 are not necessarily indicative of the results of operations for the full year. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in our audited consolidated financial statements for the fiscal years ended December 31, 2021 and 2020 included in the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2022.
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except number of shares and par value data)
As of September 30,
2022
As of December 31,
2021
(Unaudited) (Audited)
Assets
Current Assets
Cash and cash equivalents $ 63,153  $ 52,480 
Accounts receivable, net of allowances of $268 and $272, respectively
2,879  3,218 
Other receivables 137  321 
Inventory 2,702  1,976 
Short-term investments   43,125 
Note receivable 150  
Prepaid expenses and other current assets 3,258  4,842 
Total Current Assets 72,279  105,962 
Property and equipment, net 1,307  1,442 
Operating lease right-of-use asset, net 1,323  1,736 
Software development costs, net 1,684  1,792 
Investments in equity securities 1,124  1,838 
Long-term investments 2,500  2,500 
Intangible assets, net 28,174  33,478 
Goodwill   7,672 
Other assets 204  253 
Total Assets $ 108,595  $ 156,673 
The accompanying notes are an integral part of these financial statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(In thousands, except number of shares and par value data)

As of September 30,
2022
As of December 31,
2021
(Unaudited) (Audited)
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable $ 2,559  $ 2,414 
Accrued liabilities 4,370  10,665 
Operating lease obligation, current 514  643 
Deferred revenue 3,730  4,805 
Short-term debt 6,179  3,490 
Acquisition liability 3,376  5,114 
Total Current Liabilities 20,728  27,131 
Long Term Liabilities
Operating lease obligation, noncurrent 852  1,108 
Other liabilities, noncurrent 28  28 
Acquisition liability, noncurrent   220 
Total Liabilities 21,608  28,487 
Commitments and Contingencies    
Mezzanine Equity
Series 7 Convertible Preferred Stock - 58,750 shares authorized; zero and 49,250 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively.
  44,695 
Series 8 Convertible Preferred Stock- 53,197.7234 shares authorized; 53,197.7234 and zero issued and outstanding as of September 30, 2022 and December 31, 2021, respectively. (Liquidation preference of $53,198)
53,198   
Stockholders’ Equity
Preferred Stock -$0.001 par value; 5,000,000 shares authorized
Series 4 Convertible Preferred Stock - 10,415 shares authorized; 1 issued and 1 outstanding as of September 30, 2022 and December 31, 2021
   
Series 5 Convertible Preferred Stock - 12,000 shares authorized; 126 issued and 126 outstanding as of September 30, 2022 and December 31, 2021
   
Common Stock - $0.001 par value; 26,666,667 shares authorized; 2,250,597 and 1,730,141 issued and 2,250,596 and 1,730,140 outstanding as of September 30, 2022 and December 31, 2021, respectively.
2  2 
Additional paid-in capital 331,487  332,761 
Treasury stock, at cost, 1 share
(695) (695)
Accumulated other comprehensive income 1,496  44 
Accumulated deficit (299,123) (250,309)
Stockholders’ Equity Attributable to Inpixon 33,167  81,803 
Non-controlling Interest 622  1,688 
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(In thousands, except number of shares and par value data)

Total Stockholders’ Equity 33,789  83,491 
Total Liabilities, Mezzanine Equity and Stockholders’ Equity $ 108,595  $ 156,673 
The accompanying notes are an integral part of these financial statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021
(Unaudited)
Revenues $ 4,177  $ 4,450  $ 14,133  $ 10,857 
Cost of Revenues 1,255  1,186  4,037  2,966 
Gross Profit 2,922  3,264  10,096  7,891 
Operating Expenses
Research and development 4,644  3,254  13,642  9,185
Sales and marketing 2,157  2,407  6,757  6,119
General and administrative 5,146  8,571  18,148  26,570
Acquisition-related costs 2  93  270  1,098
Impairment of goodwill     7,570   
Amortization of intangibles 1,366  1,395  4,056  3,088
Total Operating Expenses 13,315  15,720  50,443  46,060 
Loss from Operations $ (10,393) (12,456) (40,347) $ (38,169)
Other Income (Expense)
Interest income (expense), net (240) (15) (62) 1,191 
Loss on exchange of debt for equity       (30)
Recovery of valuation allowance on related party loan - held for sale       7,345 
Other (expense)/income, net (1,506) (47) (2,277) 464 
Gain on related party loan - held for sale       49,817 
Unrealized gain/(loss) on equity securities (5,854) (22,285) (7,110) (51,250)
Total Other Income (Expense) (7,600) (22,347) (9,449) 7,537 
Net Loss, before tax (17,993) (34,803) (49,796) (30,632)
Income tax benefit/(provision)   854  (84) (1,350)
Net Loss $ (17,993) (33,949) (49,880) $ (31,982)
Net Loss Attributable to Non-controlling Interest (402) (309) (1,206) (544)
Net Loss Attributable to Stockholders of Inpixon (17,591) (33,640) (48,674) (31,438)
Accretion of Series 7 Preferred Stock   (2,962) (4,555) (2,962)
Accretion of Series 8 Preferred Stock (6,305)   (13,089)  
Deemed dividend for the modification related to Series 8 Preferred Stock     (2,627)  
Deemed contribution for the modification related to Warrants issued in connection with Series 8 Preferred Stock     1,469   
Amortization premium- modification related to Series 8 Preferred Stock 1,265    2,626   
Net Loss Attributable to Common Stockholders $ (22,631) $ (36,602) $ (64,850) $ (34,400)
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Net Loss Per Share - Basic and Diluted $ (10.21) $ (22.31) $ (31.08) $ (23.95)
Weighted Average Shares Outstanding
Basic and Diluted 2,216,544  1,640,971  2,086,633  1,436,093 
The accompanying notes are an integral part of these financial statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021
(Unaudited)
Net Loss $ (17,993) $ (33,949) $ (49,880) $ (31,982)
Unrealized foreign exchange (loss) income from cumulative translation adjustments 898  (404) 1,452  (1,012)
Comprehensive Loss $ (17,095) $ (34,353) $ (48,428) $ (32,994)
The accompanying notes are an integral part of these financial statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands, except per share data)

Series 7 Preferred Stock Series 8 Preferred Stock Series 4 Convertible Preferred Stock Series 5 Convertible Preferred Stock Common Stock Additional Paid-In Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Non-Controlling Interest Total Stockholders’ (Deficit) Equity
Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount
Balance - January 1, 2022 49,250  $ 44,695    $   1  $   126  $   1,730,140  $ 2  $ 332,761  (1) $ (695) $ 44  $ (250,309) $ 1,688  $ 83,491 
Common shares issued for extinguishment of debt —  —  —  —  —  —  —  —  57,472  —  1,500  —  —  —  —  —  $ 1,500 
Stock options and restricted stock awards granted to employees for services —  —  —  —  —  —  —  —  —  —  1,533  —  —  —  —  —  $ 1,533 
Series 7 Preferred redeemed for cash (49,250) (49,250) —  —  —  —  —  —  —  —  —  1 —  —  —  —  —  $ — 
Series 8 Preferred stock issued for cash —  —  53,197.7234  41,577  —  —  —  —  —  —  5,329  —  —  —  —  —  $ 5,329 
Accretion Discount- Series 7 Preferred Shares —  4,555  —  —  —  —  —  —  —  —  (4,555) —  —  —  —  —  $ (4,555)
Accretion Discount- Series 8 Preferred Shares —  —  —  548  —  —  —  —  —  —  (548) —  —  —  —  —  $ (548)
Deemed dividend for the modification related to Series 8 Preferred Stock —  —  —  2,627  —  —  —  —  —  —  (2,627) —  —  —  —  —  $ (2,627)
Deemed contribution for the modification related to Warrants issued in connection with Series 8 Preferred Stock —  —  —  (1,469) —  —  —  —  —  —  1,469  —  —  —  —  —  $ 1,469 
Amortization Premium- modification related to Series 8 Preferred Stock —  —  —  (110) —  —  —  —  —  —  110  —  —  —  —  —  $ 110 
Restricted stock grants withheld for taxes —  —  —  —  —  —  —  —  (12,802) —  (336) —  —  —  —  —  $ (336)
Common shares issued for CXApp earnout —  —  —  —  —  —  —  —  144,986  —  3,697  —  —  —  —  —  $ 3,697 
Common shares issued for exchange of warrants —  —  —  —  —  —  —  —  184,153  —  —  —  —  —  —  —  $ — 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  (102) (15) 15  $ (102)
Net loss —  —  —  —  —  —  —  —  —  —  —  —  —  —  (11,211) (346) $ (11,557)
Balance - March 31, 2022     53,197.7234  43,173  1    126    2,103,949  2  338,333  (1) (695) (58) (261,535) 1,357  $ 77,404 
Stock options and restricted stock awards granted to employees for services —  —  —  —  —  —  —  —  —  —  741  —  —  —  —  —  $ 741 
Common shares issued for extinguishment of debt —  —  —  —  —  —  —  —  35,062  —  500  —  —  —  —  —  $ 500 
Accretion Discount- Series 8 Preferred Shares —  —  —  6,236  —  —  —  —  —  —  (6,236) —  —  —  —  —  $ (6,236)
Amortization Premium- modification related to Series 8 Preferred Stock —  —  —  (1,251) —  —  —  —  —  —  1,251  —  —  —  —  —  $ 1,251 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  656  (56) 57  $ 657 
Net loss —  —  —  —  —  —  —  —  —  —  —  —  —  —  (19,872) (458) $ (20,330)
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Balance - June 30, 2022     53,197.7234  48,158  1    126    2,139,011  2  334,589  (1) (695) 598  (281,463) 956  $ 53,987 
Stock options granted to employees and consultants for services —  —  —  —  —  —  —  —  —  —  688  —  —  —  —  —  688 
Common shares issued for extinguishment of debt —  —  —  —  —  —  —  —  111,585  —  1,250  —  —  —  —  —  1,250 
Accrete discount - preferred series 8 shares —  —  —  6,305  —  —  —  —  —  —  (6,305) —  —  —  —  —  (6,305)
Amortization Premium- modification related to Series 8 Preferred Stock —  —  —  (1,265) —  —  —  —  —  —  1,265  —  —  —  —  —  1,265 
Cumulative translation adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  898  (69) 68  897 
Net loss —  —  —  —  —  —  —  —  —  —  —  —  —  —  (17,591) (402) (17,993)
Balance - September 30, 2022     53,197.7234  53,198  1    126    2,250,596  $ 2  $ 331,487  (1) $ (695) $ 1,496  $ (299,123) $ 622  $ 33,789 
The accompanying notes are an integral part of these financial statements
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INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands, except per share data)

Series 7 Preferred Stock Series 4 Convertible Preferred Stock Series 5 Convertible Preferred Stock Common Stock