Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 645

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 8
Chunk 645
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 reporting of each segment's profit or loss during the period beginning the year ended December 31, 2024, and for the interim periods beginning January 1, 2025. The Company adopted this guidance retrospectively on December 31, 2024. Refer to Note 11, segment reporting for the inclusion of the new required disclosure. Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements.

 F-12Table of Contents

NOTE 4. CONVERTIBLE NOTES RECEIVABLE On March 6, 2024, the Company entered into a Convertible Promissory Note Purchase Agreement with SeaPort Inc., where the Company agreed to loan a maximum of $1,000,000 to SeaPort, Inc. The note is convertible into common shares of Seaport, Inc. at a conversion price equal to the pre-money investment (as defined in the agreement) divided by the aggregate number of fully diluted shares of Seaport Inc.’s common stock as of the conversion date. As of December 31, 2024, the Company had loaned $80,000 to SeaPort, Inc., with an annual interest rate of 5% per year. The loan is structured with several maturity dates of March 6, 2027, April 29, 2027, and May 28, 2027. During the year ended December 31, 2024, the Company recorded $2,998 in interest income related to the loan. As of December 31, 2024, the Company has accrued $2,998 of interest income related to the loan.

NOTE 5. RELATED PARTIES Related Party Payables Related Party Note December 31, 2024  December 31, 2023