Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 92

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 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 March 31, 2025, the amount was determined to be de minimis. As of March 31,
2025, and December 31, 2024, a principal balance of $1,743,499 and $1,731,460 was outstanding under the Working Capital Promissory Note.
Because the conversion feature of the note is capped at $1,500,000, this amount of the principal balance as of March 31, 2025 is 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