Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 213

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1B
Chunk 213
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 March 31, 2022, the Company entered into a loan agreement with Utti Pty Ltd (“Utti”). Utti is owned by a director of the Company. The loan is unsecured, bears interest at a rate of 3%, and is payable upon demand.  e) On March 31, 2022, the Company entered into a loan agreement with Mt. Wills Gold Mines Pty Ltd (“Mt. Wills”). The Company’s director also is a director and shareholder of Mt. Wills. The loan is unsecured, bears interest at a rate of 3%, and is payable upon demand.  f) A director of the Company has advanced cash to the Company. The advances were unsecured and interest-free.

 F-13Table of Contents

NOTE 6. INCOME TAXES The Company utilized the asset and liability method of accounting for income taxes in accordance with FASB ASC 740-10. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. a. United States (U.S.) The Company is subject to U.S. tax laws at a tax rate of 21%. No provision for US federal income taxes has been made as the Company had no taxable income for the years ended December 31, 2024, and 2023. The Company is subject to the State of Delaware tax laws at a tax rate of 8.7%. b. Australia (AU) Apple iSports Pty Ltd, a wholly owned subsidiary of the Company, was incorporated in Australia in November 2021 and may be subject to a corporate income tax on its activities conducted in Australia and income arising in or from Australia. No provision for income tax has been made as the subsidiary had no taxable income for the years ended December 31, 2024, and 2023. The applicable statutory tax rate is 25%. The Company’s income tax returns are subject to the various tax authorities’ examinations. The federal, state, and local authorities of the U.S. may examine the Company’s tax returns filed in the U.S. for three years from the date of filing. The Company’s U.S. income tax returns since 2019 are currently subject to examination. The Australian Taxation Office may examine the Company’s income tax returns filed in Australia for 4 years from the date of filing. The Company’s Australian subsidiary’s tax year end is currently June