Company: AAPI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008337
Chunk: 47

Company: Apple iSports Group, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 loss forward for U.S. federal tax and Australian tax purposes is 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’s net operating loss carryforwards 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. There is no income tax benefit for the losses for the Nine Months Ended September 30, 2025 and 2024, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits. 

NOTE 7. STOCKHOLDERS’ DEFICIT The Company’s Articles of Incorporation, as amended, have authorized 500,000,000 shares of common stock of the Company, par value $0.0001, and 50,000,000 shares of preferred stock, $0.0001 par value. All of the shares of preferred stock are “blank check” meaning the Board of Directors, and not the shareholders, can authorize the rights, privileges and preferences of any shares of preferred stock issued in the future.  Preferred Stock As of September 30, 2025, and December 31, 2024, the Company was authorized to issue 50,000,000 shares of preferred stock with a par value of $0.0001. No shares of preferred stock were issued or outstanding during the Nine Months Ended September 30, 2025, and the year ended December 31, 2024. Common Stock and Warrants As of September 30, 2025, and December 31, 2024, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001. On August 4, 2025, the Company entered into a common stock purchase agreement with an investor (the “Common Stock Purchase Agreement”). Pursuant to the Common Stock Purchase Agreement, the Company shall issue and sell to the investor, and the investor shall purchase up to a maximum of $25,000,000 of the Company’s common stock, $0.0001 par value per share. In addition, the Company delivered warrants to the investor to purchase up to 7,692,492