Fri, May 16, 8:15 PM (31 days ago)
**Apex 11 Inc. (APXN) - Financial Summary for Fiscal Year Ended December 31, 2024** **Company Overview:** Apex 11 Inc. (APXN) is a Delaware-incorporated company established in 2013, currently in the developmental stage with no operational activities. The company aims to acquire assets or shares of an entity actively engaged in business, seeking to generate revenues in exchange for its securities. APXN has not restricted its search to any specific business, industry, or geographical location. **Financial Performance:** - **Revenue:** $0 for the years ended December 31, 2024, and 2023. - **Net Income:** Negative net income of $27,165,000 for 2024 and $33,224,000 for 2023. - **Operating Expenses:** General and administrative expenses decreased to $27,165,000 in 2024 from $33,224,000 in 2023 due to reduced public reporting company-related expenses. - **Earnings Per Share:** Basic and diluted loss per common share was $0.00 for both years. - **Cash Flow:** Negative cash flow from operating activities for both years, primarily due to net losses. Positive cash flow from financing activities due to related party loans and cash deposited in the trust account. **Financial Condition:** - **Liquidity:** The company has no cash and an accumulated deficit of $260,896,000 as of December 31, 2024. - **Capital Resources:** APXN will need additional equity and/or debt financing to continue operations during the next 12 months. - **Going Concern:** The company's operating losses raise substantial doubt about its ability to continue as a going concern. **Market Position and Outlook:** - **Market Position:** APXN is a smaller reporting company and an emerging growth company, with one shareholder of record as of December 31, 2024. - **Future Outlook:** The company plans to seek acquisitions or mergers to generate revenues and establish a stable source of income. However, the success of this strategy is uncertain, and the company faces significant risks and challenges. - **Risk Factors:** APXN's business plan involves complex and risky tasks, including identifying suitable merger opportunities, raising additional capital, and establishing a stable source of revenues. The company's ability to execute its business plan is uncertain, and its future success is dependent on various factors beyond its control. **Strategic Overview:** - **Business Strategy:** APXN intends to acquire assets or shares of an entity actively engaged in business, seeking to generate revenues in exchange for its securities. The company will not restrict its search to any specific business, industry, or geographical location. - **Growth Strategy:** The company plans to grow through acquisitions or mergers, seeking to establish a stable source of revenues and expand its business operations. **Risk Factors:** - **Operational Risks:** APXN's business plan involves complex and risky tasks, including identifying suitable merger opportunities, raising additional capital, and establishing a stable source of revenues. - **Financial Risks:** The company has no operational history, no revenues, and an accumulated deficit, raising substantial doubt about its ability to continue as a going concern. - **Market Risks:** APXN's future success is dependent on various factors beyond its control, including general economic conditions, technological advances, and competition. **Management and Governance:** - **Board of Directors:** The company's board of directors is composed of two members, Anthony J. Iarocci and Michael J. Schnaus, who also serve as the company's executive officers. - **Executive Compensation:** The company has not paid any executive compensation in the form of base salary, incentive cash bonuses, or long-term equity compensation during the years ended December 31, 2024, and 2023. - **Internal Controls:** The company's management has concluded that its disclosure controls and internal control over financial reporting were not effective as of December 31, 2024. The company plans to initiate measures to remediate the identified material weaknesses and enhance its internal controls once it has the financial resources to do so.