Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 192

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1B
Chunk 192
---
 offices at offices at Level 1, Paspalis Centrepoint, 48-50 Smith Street Mall, Darwin NT 0800 Australia and Lonsdale Street, Level 7, Melbourne, Australia 3000. In addition, as mentioned, we have two websites (which do not form a part of this filings): www.appleisports.com in the U.S. and www.appleisports.com.au in Australia.

Our corporate structure is depicted below:

Results of Operations (Audited) for the Fiscal Year Ended December 31, 2024 Compared to the Fiscal Year Ended December 31, 2023.

Results of Operations

During the fiscal years ended December 31, 2024 and 2023, the Company had no revenues. During the same periods, the Company had total operating expenses of $3,419,426 and $3,603,110, respectively. During the year ended December 31, 2024, operating expenses consisted of corporate expenses of $458,366, consulting and professional fees of $2,237,043, and selling, general, and administrative expenses of $724,017. During the year ended December 31, 2023, operating expenses consisted of corporate costs of $548,582, consulting and professional fees of $1,580,451, selling, general and administrative expenses of $810,066, and research and development fees of $664,011. The 6% decrease in operating expenses for the current year over the prior year is driven by increases in consulting and professional fees related to the continued development of the Company’s digital platform. This was offset by the reversal of research and development costs during 2024, as well as decreases in corporate expenses, and a decrease in marketing-related costs.

During the years ended December 31, 2024, and 2023, we had $92,194 and $60,746, respectively, in interest expense attributable to related party debt. The increase in interest expense, net for the current year over the prior year, was due to the increased principal balance on the related party debt.

During the year ended December 31, 2024, we had $659,663 related to debt forgiveness. This was related to the Company rescinding a third-party intellectual property acquisition and reversal of AUD $1,000,000 of accounts payable and recognized forgiveness of debt income of AUD $1,000,000 ($659,663). During the year December 31, 2023, the company had no