Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 145

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1A
Chunk 145
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 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 forgiveness of debt.

During the years that ended December 31, 2024 and 2023, we had $2,821,336 and $3,678,323, respectively in losses from operations for the reasons discussed above. 

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Liquidity and Capital Resources

As of December 31, 2024, the Company had a working capital deficit of $6,539,584 compared with a working capital deficit of $5,307,174 as of December 31, 2023. The increase in the working capital deficit is primarily a result of an increase in accounts payable and accrued expenses during the years ended December 31, 2024. The Company received funds from private placements (See Net Cash Provided By Financing