Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 57

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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,
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 interested 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. On March 21, 2025, the Note was amended for the principal amount of up to $712,038.

As of March 31, 2025,
$1,158,037 has been drawn under the Bioceres Notes.

Based
on the availability under the Amended and Restated Note and the Bioceres Notes, management believes that the Company will 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 and structuring, negotiating
and consummating the Proposed Business Combination.

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.

Other Contractual Obligations

Administrative Services Agreement

Commencing on the date
of the prospectus and until completion of the Company’s initial business combination or liquidation, the Company may reimburse an
affiliate