Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1984

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1984
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 or to monies held in the Trust Account.

Liquidity and Capital Resources 

As of December 31, 2024 and 2023, the Company
had $120 and $8,167 in cash and a working capital deficit of $4,765,415 and $737,336, respectively, excluding accrued interest receivable
as it is not available for working capital purposes. 

The Company’s liquidity needs up to December
31, 2024, had been satisfied through a payment from the Sponsor of $25,000 (Note 5) for the Founder Shares and the remaining net proceeds
from our Initial Public Offering, the Private Placement Warrants and the Promissory Notes (as defined below), to cover certain offering
expenses. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or
an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company
Working Capital Loans, as defined below (Note 6). 

On February 28, 2023, the Company issued an unsecured
promissory 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