Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 687

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 687
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issory note (the “First Promissory Note”) in the amount of $875,000. The proceeds of the First Promissory Note were drawn
in a single instance and will be used to economically facility the Company’s ability to effect the extension of the termination
date. The First Promissory Note is payable in full on the earlier of (a) the Company’s consummation of a Business Combination or
(b) December 31, 2023. 

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 the amount of $750,000. The proceeds of the Second Promissory Note were drawn in a single instance and will be used
to economically facility the Company’s ability to effect the extension of the termination date. The Second Promissory Note is payable
in full on the earlier of (a) the Company’s consummation of a Business Combination or (b) December 31, 2023. 

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 Note payable is considered paid in full, and the Company no longer has access to draw funds.

F-12

On September 8, 2023, in connection with the
Sponsor Alliance, the Company issued an unsecured promissory note (the “Working Capital Promissory Note”) in the amount of
up to $500,000, which amount was later amended to $2,000,000. The note is non-interest bearing and is convertible at the option of the
holder into one or more private placement warrants. The proceeds of the Promissory Note will be used to finance operating costs in connection
with a Business Combination. The Working Capital Promissory Note is payable in full upon the Company’s consummation of a Business
Combination. Management determined that there was an embedded conversion feature related to the note that would require bifurcation and
be classified as a liability. However, as of December 31, 2024, the amount was determined to be de minimis. As of December 31, 2024,
and December 31