Company: APCXW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003561
Chunk: 5

Company: AppTech Payments Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 services 
    $–  
    $48 

See accompanying notes to the consolidated financial
statements.

 8 

APPTECH PAYMENTS CORP. 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except per share data)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

AppTech Payments Corp.
(“AppTech” or the “Company”), a Delaware corporation, is a Fintech Company headquartered in Carlsbad,
California. AppTech utilizes innovative payment processing and digital banking technologies to complement its core merchant services
capabilities. The Company’s proprietary software will provide progressive and adaptable products that will be available
through a suite of synergistic offerings directly to merchants, banking institutions, and business enterprises.

AppTech has a highly secure digital payments platform
that we acquired and are further developing digital banking products to power commerce experiences for clients and their customers. Based
upon industry standards for payment and banking protocols, we will offer standalone products and fully integrated solutions that deliver
innovative payments, banking, and financial services experiences. Our processing technologies can be taken off-the-shelf
or tapped into via our RESTful APIs to build fully branded and customizable experiences while supporting tokenized, multi-channel, and
multi-method transactions.

The
Company successfully completed its uplisting onto the Nasdaq Capital Market (“NASDAQ”) on January 7, 2022. AppTech
trades under the symbol “APCX” and its warrants trade under the symbol “APCXW”. See Note 9 - subsequent
events.

In June 2023, the Company entered into licensing
agreements with InstaCash and PayToMe.co. The licensing arrangement with InstaCash was terminated in December 2024.

The
shares related to the 7.5% preferred share equity stake in PayToMe.co have not been issued as of the date of this filing. Additionally,
PayToMe.co is a related party to AppTech. A senior member of the Company sits on PayToMe.co's board of directors and AppTech's former
Chief Financial Officer is married to its founder and Chief Executive Officer.

Purchase of Alliance Partners, LLC

On October 13, 2023, the Company entered into
a purchase agreement to acquire 100% of Alliance Partners, LLC, a Nevada based software development limited liability company (“Alliance
Partners”). As consideration for the purchase, the Company agreed to pay the seller total consideration of
$2 million in cash and assume