Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1985

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1985
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 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, 2023, a principal balance of $1,731,460 and $520,600 was outstanding under the Working Capital Promissory Note. The
amount outstanding as of December 31, 2023, includes $20,600 of advances received from the Sponsor Alliance to cover expenses until the
amendment to the working capital promissory note was finalized (See Note 6). Because the conversion feature of the note is capped at
$1,500,000, this amount of the principal balance as of December 31, 2024 is presented as Convertible note payable, with the remaining non-convertible
portion of $231,460 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 December 31, 2024, the principal balance outstanding is $446,000.

On November 7,