Company: AAPI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001477932-25-004015
Chunk: 13

Company: Apple iSports Group, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 $4,999  $4,999      Three Months Ended     March 31,     2025  2024 Related party interest expenses:                     Cres Discretionary Trust No. 2 (a) $6,704  $16,498 Apple iSports Investment Group Pty (b)  1,196   1,284 ABA Investment Group Pty Ltd (c)  2,068   2,219 Total related party interest expenses   $9,967  $20,001  a) On May 30, 2019, the Company entered into a loan agreement with Cres Discretionary Trust No.2 (the “Lender”). The Company’s director is the sole officer and controlling stockholder of the Lender. The Lender also is the Company’s majority shareholder. The loan is unsecured, has a 3% annualized interest rate, and is payable on demand by the Lender. On January 9, 2025, the Company and Cres Pty Ltd at Cres Discretionary Trust No 2 (“Cres”) entered into a loan conversion agreement by which the Company converted and discharged certain outstanding loans to the Company in exchange for certain shares of the Company’s common stock. The loan converted by Cres was $2,807,760 resulting in the issuance of 11,231,040 shares of common stock to Cres. Of the total $2,807,760 converted, $124,790 represents accrued interest on the Loan through the Effective Date, with the remaining amount $2,682,970 representing the principal amount of the Loan as of the Effective Date. b) On April 8, 2022, the Company’s wholly-owned subsidiary, AIS Australia entered into a loan agreement with Apple iSports Investment Group Pty Ltd (the “Subsidiary Lender”). The Subsidiary Lender is 100% owned by the director of the Company. The loan is unsecured, has a 3% annualized interest rate, and is payable on demand by the Subsidiary Lender.  c) On April 8, 2022, the Company’s wholly owned subsidiary, AIS Australia entered into a loan agreement with ABA Investment Group Ltd (the “Subsidiary Lender 2”). The Subsidiary Lender 2 is 100% owned by the director of the Company. The loan is un