Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 56

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 56
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30. The Company is planning on filing its tax return by the deadline on May 15, 2025. Significant components of the Company’s net deferred income tax assets as of December 31, 2024 and 2023 consist of net operating loss carry forwards. The net operating loss carry forwards for U.S. federal tax and Australian tax purposes are available for carryforward indefinitely for use in offsetting taxable income. The U.S. federal net operating loss carry forward offset is limited to up to 80% of the taxable income. The State of Delaware net operating loss carry forwards are available for carry forward for 20 years for use in offsetting taxable income. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carry-forward period. As of December 31, 2024 and 2023, the Company had total net operating loss carryforwards of approximately $3,270,140 and $2,495,974, respectively, which consists of U.S. federal and State of Delaware net operating loss carryforwards of $1,111,279 and $678,660 and Australian net operating losses of $2,156,491 and $1,817,314. The income tax (benefit) provision consists of the following:   December 31, 2024  December 31, 2023 Current $-  $- Deferred        United States – Federal & State  (434,995 )  (315,184 )Australia  (339,177 )  (654,274 )Change in valuation allowance  774,172   969,458 Income tax expense (benefit) $-  $- 

 F-14Table of Contents

The reconciliation of the statutory federal, state, and foreign rate to the Company’s effective income tax rate is as follows:   December 31, 2024  December 31, 2023 U.S. federal income tax benefit      Federal statutory rate  25%  25%State tax, net of federal tax effect  6.9%  6.9%Foreign tax, net of federal tax effect  19.8%  19.8%Change valuation allowance  (51.7 )%  (51.7 )%Net  0.0%  0.0% The primary