Company: AAPI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008337
Chunk: 39

Company: Apple iSports Group, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 historical rates, and income and expense items are translated at the average exchange rate during the period The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholder’s deficit section of the balance sheets.

 F-6Table of Contents

 Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized as part of operating expenses in the condensed consolidated statement of comprehensive loss. Exchange rates used for the translations are as follows: AUD to U.S. $ Period End  Average  December 31, 2024  0.6219   0.6597 September 30, 2025  0.6609   0.6543 September 30, 2024  0.6919   0.6585  Fair Values of Financial Instruments The Company adopted Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements,” which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement, and enhances disclosure requirements for fair value measures. Current assets and current liabilities qualify as financial instruments and management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest rates currently available. The three levels are defined as follows:  ·Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.    ·Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments.    ·Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. As of the balance sheet date, the estimated fair values of accounts payable, accrued expenses, loan payable – related parties, and due to related party approximated their fair values due to the short-term nature of these instruments. The fair value of the Company’s recently issued notes receivable approximates its carrying value due to the recency of its issuance relative to September 30, 2025, which was otherwise issued at market terms that the Company believes would be currently available for similar loan issuances. Determining which category an