Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 36

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 36
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400) being used in operating activities during the period. By comparison, during the year ended December 31, 2023, the Company incurred a net loss of $3,678,323 which after adjusting for increases in goods and services tax receivable of $(46,384), foreign exchange loss of 14,467, accounts payable and accrued expenses of $2,108,523 accrued interest of $60,111 and accrued payroll of $75,085 resulted in net cash of $(1,466,521) being used in operating activities during the period. The year over year increase to Net cash used for operating activities is primarily driven by the increase in consulting and professional fees and related party expenses to help further the development of the app as we grow closer to launch. In addition, the company saw significant changes resulting from the forgiveness of debt for $659K from the recission of intellectual property in April 2024 as well as $88K in deposits for the purchase of a customer database, web domain, and the intent for the purchase of broadband infrastructure and private 5G LTE networks, which were cost that the company had not incurred during prior year. 

Investing Activities

During the years ended December 31, 2024, the Company loaned $80,000 to SeaPort, Inc., an unaffiliated third party. By comparison, in the years ended 2023, the Company had no cash flows from investing activities.

Financing Activities

During the year ended December 31, 2024, the Company received $2,508,689 from financing activities by way of $1,163,789 of net proceeds from related party loans and $1,344,900 of proceeds from common stock issuances. By comparison, during the year ended December 31, 2023, the Company received $1,468,921 from financing activities by way of $1,368,621 in loans from related parties, $100,000 from stock issuances, and $300 in advances from related parties. The significant year over year increase in finance activities is primarily due to the issuance of 5,379,600 shares of common stock resulting in $1,344,362 proceeds from common stock issuance for the year compared to prior year.

The Company is dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources