Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 637

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 637
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 responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial
reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by,
or under the supervision of, our principal executive and principal financial officers and effected by our Board of Directors, management
and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures
that:

●pertain
                                            to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
                                            transactions and dispositions of the assets of our Company;

●provide
                                            reasonable assurance that transactions are recorded as necessary to permit preparation of
                                            financial statements in accordance with GAAP, and that our receipts and expenditures are
                                            being made only in accordance with authorizations of our management and directors; and

●provide
                                            reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
                                            use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent or detect errors or misstatements in our financial statements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of our internal
control over financial reporting at December 31, 2024. In making these assessments, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on our assessments
and those criteria, management determined that our internal control over financial reporting was not effective, due to the material weakness
described elsewhere in this Annual Report.

53

Notwithstanding these material weaknesses, management
has concluded that our audited financial statements included in this Annual Report are fairly stated in all material respects in accordance
with GAAP for each of the periods presented therein.

This Report does not include an attestation report
of internal controls from our independent registered public accounting firm due to our status as an emerging growth company under the
JOBS Act.

Remediation Plan 

The Chief Executive Officer and Chief Financial
Officer performed additional post-closing review procedures including reviewing historical filings and consulting