Company: APCXW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006148
Chunk: 7

Company: AppTech Payments Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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In late 2024, we reorganized senior leadership and
initiated actions to reduce indebtedness to improve the current financial condition of the Company. In addition, we are actively pursuing
additional funding options and are confident that our revenue streams will begin generating cash, although no assurances can be made.

Management continues to maintain adequate working
capital and adhere to prudent financial forecasting.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of
the Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, the accompanying financial
statements reflect all adjustments, consisting of normal, recurring adjustments, considered necessary for a fair presentation of the
results for the interim periods ended June 30, 2025 and June 30, 2024. Although management believes that the disclosures in
these unaudited financial statements are adequate to make the information presented not misleading, certain information and footnote
disclosures normally included in unaudited condensed consolidated financial statements that have been prepared in accordance with U.S.
GAAP have been omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements
should be read in conjunction with the Company’s financial statements and notes related thereto and included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025. The interim results for the six
months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for
any future interim periods.

Basis of Consolidation

The consolidated unaudited financial statements include
the accounts of AppTech, and wholly owned subsidiaries of which the Company is the primary beneficiary. All significant inter-company
accounts and transactions are eliminated in consolidation.

Use of Estimates

The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.

Concentration of Credit Risk

Cash and cash equivalents are maintained at financial
institutions and, at times