Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 31

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 the First Promissory Note in immediately available funds and deliver to the Payee, as interest-in-kind,
875,000 of newly issued warrants. The terms of the warrants are identical to the Private Placement Warrants the Company issued in connection
with the Initial Public Offering. The Payee shall be entitled to certain registration rights with respect to the warrants and the shares
issuable upon exercise of the warrants.

 21

On May 26, 2023,
the Company issued a second unsecured promissory note (the “Second Promissory Note” and, together with the First Promissory
Note, the “Promissory Notes”) in an amount of $750,000 in order to economically facilitate the ability to effect the extension
of the termination date, from June 9, 2023 to September 9, 2023 (the “Second Extension”). The Second Promissory
Note is payable in full on the earlier of (a) consummation of an initial business combination or (b) December 31, 2023
(the “Second Due Date”). On the Second Due Date, the Company shall pay to the Payee under the Second Promissory Note the outstanding
principal amount of the Second Promissory Note in immediately available funds and deliver to the Payee, as interest-in-kind, 750,000 of
newly issued warrants. The terms of the warrants are identical to the Private Placement Warrants the Company issued in connection with
the Initial Public Offering. The Payee shall be entitled to certain registration rights with respect to the warrants and the shares issuable
upon exercise of the warrants.

On August 18, 2023,
the Company paid in full the outstanding balance of $1,625,000 drawn on the First Promissory and Second Promissory Notes, in connection
the Company incurred a gain on settlement of debt of $117,373. The Promissory Note payable is considered paid in full, and the Company
no longer has access to draw funds. The Payee forfeited all newly issued private placement warrants, and there was no debt discount outstanding
as of March 31, 2025 and December 31, 2024.

On September 8,
2023, in connection with the Sponsor Alliance Transaction, the Company issued an unsecured promissory note (the “Working Capital
Promissory Note”) in the amount of up to $500,000. The note is non-interest bearing and is