Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 846

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 846
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 The operating expenses were primarily due to fees
for professionals such as the auditors, legal counsel and consultants, and insurance expenses.

For the year ended December 31, 2023, we had
a net income of $4,256,395 which consists of operating costs of $1,744,855, offset by interest income of $4,024,613 from investments
in our Trust Account, $1,625,000 of one time advisory fee income, $878,886 of gain on settlement of trade payables, $117,373 of gain
on settlement of debt, $562,277 of unrealized loss on fair value changes of warrants and $82,345 of interest expense. The operating expenses
were primarily due to fees for professionals such as the auditors, legal counsel and consultants, and insurance expenses.

Factors That May Adversely Affect our Results of Operations

Our results of operations and our ability to
complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility
in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the
financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions,
declines in consumer confidence and spending, public health considerations and geopolitical instability, such as the military conflicts
in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude
or the extent to which they may negatively impact our business and our ability to complete an initial business combination.

Liquidity and Capital Resources and Going Concern 

As of December 31, 2024, the Company had approximately
$120 in its operating bank account and a working capital deficit of $4,765,415, 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 APx Sponsor of $25,000 for the founder shares to cover certain offering expenses.
In addition, in order to finance transaction costs in connection with an initial business combination, the Company issued the Amended
and Restated Note to Templar Sponsor in February 2024 i.e. an unsecured promissory note (the “Working Capital Promissory Note”)
in the amount of up to $2,000,000, as defined in Note 6