FOXO Technologies Inc. (FOXO) has reported its financial performance and business developments for the year ended December 31, 2023. The company did not generate cash flows from investing activities during the year, contrasting with the previous year's investment of $1,870 in internal use software development. Financing activities provided a net cash inflow of $1,168, a significant decrease from the $24,289 in the prior year. This included funds from private placements and related parties' promissory notes/payables, offset by deferred offering costs. The company's contractual obligations included license agreements and Senior PIK Notes, with a principal balance of $4,203 in default. FOXO's critical accounting policies involved equity-based compensation, with awards measured at fair value. The company elected the fair value option for its...Show More

FOXO Technologies Inc. (FOXO) has reported its financial performance and business developments for the year ended December 31, 2023. The company did not generate cash flows from investing activities during the year, contrasting with the previous year's investment of $1,870 in internal use software development. Financing activities provided a net cash inflow of $1,168, a significant decrease from the $24,289 in the prior year. This included funds from private placements and related parties' promissory notes/payables, offset by deferred offering costs. The company's contractual obligations included license agreements and Senior PIK Notes, with a principal balance of $4,203 in default. FOXO's critical accounting policies involved equity-based compensation, with awards measured at fair value. The company elected the fair value option for its convertible debentures to better reflect the associated liability. Management assessed the company's ability to continue as a going concern, acknowledging the need for additional capital and revenue generation to alleviate substantial doubt about its viability. FOXO's future plans involve adopting new accounting standards effective January 1, 2025, and managing risks that could impact operations, such as economic volatility and geopolitical instability.