Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 105

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 105
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 the occurrence
of certain of which automatically triggers the unpaid principal balance of the First Bioceres Note as well as all accrued interest and
all other sums payable with regard to the First Bioceres Note becoming immediately due and payable.

On November 7, 2024, the Company issued the unsecured
Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Company shall repay all interested accrued and the principal
balance on the date on which the Company consummates its initial business combination.

Fifth Extension

On December 4, 2024, the Company held the December
2024 EGM, and the shareholders approved an amendment to its Articles and to the Trust Agreement to extend the time to complete the initial
business combination from December 9, 2024 to December 9, 2025 (i.e., for up to a period ending 48 months after the consummation of the
IPO). No further extension payments are required in connection with the Fifth Extension.

48

Results of Operations 

Our entire activity since inception up to December
31, 2024 was in preparation for our formation and the IPO, and since the closing of the IPO, the search for a target and consummating
an initial business combination. We will not be generating any operating revenues until the closing and completion of our initial business
combination.

For the year ended December 31, 2024, we had a net loss of $119,057
which consists of operating costs of $2,612,483, offset by interest income of $3,056,533 from investments in our Trust Account, $527,250
of unrealized loss on fair value changes of warrants and $35,857 of interest expense. The operating expenses were primarily due to fees
for professionals such as the auditors, legal counsel and consultants, and insurance expenses.

For the year ended December 31, 2023, we had
a net income of $4,256,395 which consists of operating costs of $1,744,855, offset by interest income of $4,024,613 from investments
in our Trust Account, $1,625,000 of one time advisory fee income, $878,886 of gain on settlement of trade payables, $117,373 of gain
on settlement of debt, $562,277 of unrealized loss on fair value changes of warrants and $82,345 of interest expense. The operating expenses
were primarily due