Company: APCXW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006148
Chunk: 22

Company: AppTech Payments Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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results of operations, followed by detailed comparisons of our results for the three and six months ended June 30, 2025 and 2024,
respectively.

 21 

Revenue

Revenue was approximately $291 thousand for the
three months ended June 30, 2025, compared to $76 thousand for the three months ended June 30, 2024, representing an increase of 283%.
For the six months ended June 30, 2025 and 2024, revenue was approximately $508 thousand and $181 thousand representing an increase
of 181%. The increase was principally driven by an increase of our ISO and lending revenue.

Cost of Revenue

Cost of revenue was approximately $107 thousand
for the three months ended June 30, 2025, compared to $14 thousand for the three months ended June 30, 2024, representing an increase
of $93. For the six months ended June 30, 2025 and 2024, cost of revenue was approximately $235 thousand and $25 thousand, representing
an increase of $210 thousand. The increase was driven by the revenue share with our ISO partners.

General and Administrative Expenses

General and administrative expenses were approximately
$1,155 thousand for the three months ended June 30, 2025, compared to $2,320 thousand for the three months ended June 30, 2024, representing
a decrease of $1,165 thousand. The reduction was mainly driven by lower salaries and professional services.

General and administrative expenses were approximately
$3,120 thousand and $4,803 thousand for the six months ended June 30, 2025 and 2024, respectively, representing a decrease of 35%.
The decrease was driven by lower professional fees, salaries, and stock based compensation.

Research and Development Expenses

Research and development expenses were approximately
$910 thousand for the three months ended June 30, 2025, compared to $633 thousand for the three months ended June 30, 2024, representing
an increase of $277 thousand. The increase was due to higher third-party development costs related to maintaining and enhancing the FinZeo
platform.

Research and development expenses were approximately
$1,690 thousand and $1,276 thousand for the six months ended June 30, 2025 and 2024, respectively. The increase was driven by higher
third-party costs related to maintaining and enhancing the platform.

Interest income (expense)

Interest