CXApp (CXAI)2025-04-07 20:56Financial Results - The company announced its financial results for Q4 2024 and the fiscal year ended December 31, 2024 during a conference call on April 3, 2025[6]. - The earnings press release and presentation are attached as exhibits to the current report, providing detailed financial results[16]. Restatement and Accounting Deficiencies - The company identified technical accounting deficiencies in previously issued financial statements for the quarters ended June 30, 2024, and September 30, 2024, leading to a restatement of those financials[7]. - The restatement does not reflect changes in business performance, revenue recognition, or operational execution, indicating core financial results remain unchanged[7]. - A deficiency was identified in the accounting for a convertible debt instrument, which was not in accordance with ASC 815, necessitating a revision of its accounting treatment[9]. - The restated financial statements did not impact the company's liquidity, cash flows, or operating expenses for the affected periods[13]. - The company plans to provide further specifics on deficiencies in internal control over financial reporting and its remediation plan in the upcoming Restatement Filing[14]. Internal Control and Compliance - The company has acknowledged a material weakness in its internal control over financial reporting[12]. - The company is classified as an emerging growth company under the Securities Act[3]. Legal and Financial Adjustments - The company recorded an accrual for legal expenses that was subsequently adjusted to reflect the actual amount due, indicating a prior understatement[8].