Company: AAPI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001477932-25-005799
Chunk: 55

Company: Apple iSports Group, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 8
Chunk 55
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 liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each reporting period. Related Party Transactions The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. See Note 5 below for details of related party transactions in the period presented. Cash and Cash Equivalents The Company maintains cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. Australian bank accounts are insured with deposit protection up to 250,000 AUD by the Financial Claims Scheme per holder. U.S. bank accounts are insured with deposit protection up to $250,000 by the Federal Deposit Insurance Corporation per bank. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.  Deposits In April 2024, the Company entered into a term sheet agreement for the proposed purchase of a customer database and web domain from an Australian proprietary limited company. The completion of the proposed purchase of these certain assets is subject to, among other things, the completion of due diligence, the negotiation of definitive agreements (including an asset purchase agreement), the satisfaction of the conditions negotiated therein, approval of the transaction by the board and stockholders of both companies, as well as regulatory approvals and other customary conditions. There can be no assurance that the definitive agreements will be entered into or that the proposed purchase of these certain assets will be consummated on the terms or timeframe currently contemplated or at all. As of June 30, 2025, the Company has not yet executed the definitive agreements. Concurrent with the term sheet, the Company paid a deposit of 60,000 AUD (U.S. $37,410), which is included in deposits on the consolidated balance sheet as of June 30, 2025. In November 2024, the Company entered into a Letter of Intent for the purchase of broadband infrastructure and private 5G LTE networks. The completion of the proposed purchase of these assets is subject to, among other things, the completion of due diligence, negotiation of the Purchase Price, and a definitive agreement. As of June 30, 2025, the Company has not yet executed the definitive agreements. Concurrent with the Letter of Intent, the Company paid a deposit of $50,000. On May 14, 2025, we entered into a final letter of intent, for which we paid a total of $149,900, which is included in deposits on the consolidated