Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 111

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 111
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 on the statements of operations. The fair value of the warrants
was estimated using a Binomial Lattice simulation model-based approach (see Note 11).

Class A Ordinary Shares Subject to Possible Redemption 

The Company accounts for its ordinary shares
subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.”
Ordinary shares subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally
redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder
or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary
equity. At all other times, ordinary shares are classified as shareholder’s 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 shareholder’s equity section of the Company’s balance sheet.

51

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 common 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. As a result, diluted net income per share is the same as basic
net income per share for the year ended December 31, 2024. Accretion associated with the redeemable Class A ordinary shares is excluded
from earnings per share as the redemption value approximates fair value.

Recent Accounting Standards 

In August 2020, the FASB issued ASU 2020-06,
“Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -