Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 193

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1B
Chunk 193
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 forgiveness of debt.

During the years that ended December 31, 2024 and 2023, we had $2,821,336 and $3,678,323, respectively in losses from operations for the reasons discussed above. 

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Liquidity and Capital Resources

As of December 31, 2024, the Company had a working capital deficit of $6,539,584 compared with a working capital deficit of $5,307,174 as of December 31, 2023. The increase in the working capital deficit is primarily a result of an increase in accounts payable and accrued expenses during the years ended December 31, 2024. The Company received funds from private placements (See Net Cash Provided By Financing Activities below) during the year ended December 31 2024, which enabled the reduction of these expenses. 

The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months. The following is a summary of the Company’s cash flows provided by (used in) operating, investing, and financing activities for the years ended December 31, 2024 and 2023:

  December 31,   December 31,    2024  2023 Net Cash Used in Operating Activities $(2,356,400 ) $(1,466,251 )Net Cash Used in Investing Activities  (80,000 )  - Net Cash Provided by Financing Activities  2,508,689   1,468,921 Effect of changes in exchange rate on cash and cash equivalents  (30,795 )  (21,584 )Net Change in Cash $41,494  $(19,184 )

Operating Activities

During the year ended December 31, 2024, the Company incurred a net loss of $2,821,336, which after adjusting for increased goods and services tax receivable of $8,853, along with increases in accounts payable and accrued expenses of $393,447, accounts payable and accrued expenses to related parties $458,525, accrued payroll of $304,187, accrued interest to related party of $87,629, accrued interest income of $2,998, prepaid and other assets of $4,844, and deposits of $87,629 along with foreign exchange loss of $30,621, forgiveness of debt of $659,663 resulted in net cash of $(2,356