Company: APXIF
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026339
Chunk: 568

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: F-4/A
Chunk 568
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 and was accounted for as a capital reorganization of Heritas Argentina in the financial statememts of Omnigenics. Accordingly, no adjustments were made to the carrying amounts of assets and liabilities. The financial statements reflect the historical carrying values of Heritas Argentina’s assets and liabilities for the fiscal year ended June 30, 2023, and the combined carrying values for the fiscal year ended June 30, 2024. However, the issued share capital at June 30, 2024 reflects that of OmnigenicsAI as of the reorganization date. These combined financial statements include certain operating expenses of the Group that were incurred by Heritas Ltd. on behalf of the Group. These expenses, amounting to US$407,735 (this excludes stock based compensation — see note 13) and US$465,546 for the years ended June 30, 2024 and 2023, respectively, were recognized as a capital contribution in Share Premium. See Note 20 Related Parties for further information. Going concern As of June 30, 2024 and 2023, the Group had a negative working capital amounting to US$1,255,369 and US$1,058.292, and a shareholders´ deficit of US$2,845,653 as of June 30, 2024. Additionally, the Group reported recurring operating losses amounting to US$3,979,735 and US$1,426,250, and negative operating cash flows amounting to US$1,885,895 and US$1,306,705 for the years ended June 30, 2024 and 2023, respectively. These conditions raise substantial doubt about the Group’s ability to continue as a going concern. The accompanying combined financial statements do not include any adjustments that might result from the outcome of this uncertainty. Currently, the Group lacks sufficient financial resources to meet its obligations, distribute dividends to its shareholders, or fully implement its business plan. Without securing additional capital, the Group will not be able to sustain its operations. Management has plans to address the Group’s financial situation as follows: In the near term, management plans to focus on raising the capital necessary to fully execute the Group’s business plan. Management believes that certain shareholders and/or investors will continue to provide the funding required to meet the Group’s financial obligations. However, there is no assurance that these investors and shareholders will continue to provide such capital or that Group’s future operations will generate profitability. The uncertainty surrounding the ability to secure