Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 167

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 2
Chunk 167
---
 classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s
ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the
occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

Net Income Per Ordinary Share

We comply with accounting
and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” We have two classes of shares, which are referred
to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of
shares. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding
for the respective period.

The calculation of diluted
net income does not consider the effect of the warrants underlying the Units sold in the IPO (including the consummation of the Over-allotment)
and the Private Placement Warrants to purchase an aggregate of 17,575,000 Class A ordinary shares in the calculation of diluted income
per share, because their inclusion would be anti-dilutive under the treasury stock method. Accretion associated with the redeemable Class A
ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

 40

Off-Balance Sheet Arrangements

As of March 31, 2025
we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments
or contractual obligations.

Recent Accounting Pronouncements

In December 2023, the
FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 is intended
to enhance the decision usefulness of income tax disclosures and requires the disclosure of various disaggregated information, including
an entity’s effective tax rate reconciliation as well as additional information on taxes paid. This ASU is effective on a prospective
basis for annual periods beginning after December 15, 2024, with early adoption allowed. The Company is currently assessing the impact,
if any, ASU 2023-09 would have on its disclosures.

In
November 2023, the FASB issued