Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 167

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1A
Chunk 167
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 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 components of the Company’s December 31, 2024 and 2023 deferred tax assets and related valuation allowances are as follows:   December 31, 2024  December 31, 2023 Net operating loss – United States $450,090  $659,338 Net operating loss - Australia  793,506   1,014,065 Valuation allowance  (1,243,596 )  (1,673,403 )Deferred tax assets $-  $-  In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets