Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1895

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9C
Chunk 1895
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 the specific
impact on the Company’s financial position, results of operations and/or ability to consummate an initial Business Combination
are not yet determinable. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Going Concern Consideration 

At December 31, 2024 and 2023, the Company had
$120 and $8,167 in operating cash and a working capital deficit of $4,765,415 and $737,336, respectively, excluding Accrued interest
receivable as it is not available for working capital purposes. The Company has incurred and expects to continue to incur significant
costs in pursuit of its financing and acquisition plans. 

In connection with the Company’s assessment
of going concern considerations in accordance with Financial Accounting Standard Board’s Account Standards Update (“ASU”)
2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The Company has until
December 9, 2025 (48 months from the closing of the IPO), if we further extend the period by up to twelve additional one-month periods,
to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time.
If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company.
Management has determined that the mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution
as well as insufficient cash flows raises substantial doubt about the Company’s ability to continue as a going concern. The financial
statements do not include any adjustment that might result from the outcome of this uncertainty. 

F-13

NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES 

Basis of Presentation 

The accompanying
financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”)
and pursuant to the rules and regulations of the SEC.

Emerging Growth Company 

The Company
is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business
Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404