Fri, Sep 27, 8:02 PM (84 days ago)
For Q1 2024, APX Acquisition Corp. I reported a net loss of $2,249,261, significantly higher than the $192,362 loss in Q1 2023. This loss was driven by increased operating costs of $1,305,094 and a $1,757,500 unrealized loss from warrant liabilities. Interest income from investments in the Trust Account fell to $813,333 compared to $1,455,804 in the prior year. As of March 31, 2024, the company held $568 in cash and reported a working capital deficit of $2,417,430, indicating liquidity challenges. The Trust Account contained $63,598,462, down from $62,406,649 at year-end 2023. The company continues to seek a business combination, with a deadline extended to December 9, 2024. Risks include economic volatility from geopolitical conflicts and market conditions, which may hinder future operations. Internal control weaknesses were identified, particularly in accounting for warrant liabilities and related party transactions. Overall, the financial health reflects ongoing operational losses and liquidity constraints, necessitating careful management of resources as it seeks to complete a business combination.