Company: AAPI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001477932-25-005799
Chunk: 37

Company: Apple iSports Group, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 37
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502,552, and selling, general, and administrative expenses of $60,214. During the six months ended June 30, 2024, operating expenses consisted of corporate expenses of $280,609, consulting and professional fees of $1,106,821, and selling, general, and administrative expenses of $411,032. The 113% increase in operating expenses during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, is primarily due to an increase in Consulting and professional fees. This is attributed to an increase of $2,566,695 from the stock options which were granted during the six months. See Note 9 of the unaudited financial statements included herein for additional detail on the stock incentive plan. This was offset by a decrease in marketing-related expenses during the six months ended June 30, 2025, until the Company moves closer to the Go Live date.

Other Income (Expenses)

During the six months ended June 30, 2025, and 2024, we had $17,874 and $44,736, respectively, in interest expense attributable to related party debt, net of interest income. The significant decrease in interest expense is attributable to the conversion of the related party Cres loan on January 9, 2025, which resulted in a reduction of in interest expense for the six months ended June 30, 2025.

During the six months ended June 30, 2025, and 2024, the company had $107,926 and $351, respectively, in Foreign exchange gain (loss). This was attributable to international exposure to exchange rate fluctuations resulting in fluctuations that impact our results of operations

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During the six months ended June 30, 2025 and 2024, the company had a total of $0 and $659,133 related to forgiveness of debt. This was related to the Company’s rescission of the third-party intellectual property and reversal of 1,000,000 AUD of accounts payable and recognized forgiveness of debt income of 1,000,000 AUD($659,133) during the six months ended June 30, 2024.

During the six months ended June 30, 2025, and 2024, we had a net loss of $3,738,329 and $1,183,714, respectively, for the reasons discussed above.

For the Three Months Ended June 30,