Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 19

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 presented
as Convertible note payable, with the remaining non-convertible portion of $243,499 presented as Notes payable.

On August 26, 2024, the Company issued an unsecured
promissory note (the “Bioceres Note”) in the principal amount of $446,000 to Bioceres LLC (“Bioceres”), an indirect
shareholder of OmnigenicsAI Corp, the counterparty to the Company’s previously announced business combination. The Bioceres Note
bears interest at 20% per annum. The Company shall repay all interest accrued and the principal balance on the date on which the Company
consummates its initial business combination. As of March 31, 2025, the principal balance outstanding is $446,000.

On November 7, 2024, the Company issued the unsecured
Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Second Bioceres Note bears interest at 20% per annum. The Company
shall repay all interest accrued and the principal balance on the date on which the Company consummates its initial business combination.
The note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance
of the note as well as all accrued interest and all other sums payable with regard to the note becoming immediately due and payable. The
note was amended and restated as of March 21, 2025, to include a principal amount of up to $712,038. As of March 31, 2025, the principal
balance outstanding is $712,037.

Based on the foregoing, management believes that
the Company will not have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation
of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing
accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective
target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating
and consummating the Business Combination.

Risks and Uncertainties

The
military conflict that commenced in February 2022 by the Russian Federation in Ukraine and the surrounding region, and Hamas’ and
Iran’s Fall 2023 attack on Israel and the ensuing war, have created and are expected to create further global economic consequences,
including but not limited to the