Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 241

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 2
Chunk 241
---
 year ended December 31, 2024, the Company incurred a net loss of $2,821,336, which after adjusting for increased goods and services tax receivable of $8,853, along with increases in accounts payable and accrued expenses of $393,447, accounts payable and accrued expenses to related parties $458,525, accrued payroll of $304,187, accrued interest to related party of $87,629, accrued interest income of $2,998, prepaid and other assets of $4,844, and deposits of $87,629 along with foreign exchange loss of $30,621, forgiveness of debt of $659,663 resulted in net cash of $(2,356,400) being used in operating activities during the period. By comparison, during the year ended December 31, 2023, the Company incurred a net loss of $3,678,323 which after adjusting for increases in goods and services tax receivable of $(46,384), foreign exchange loss of 14,467, accounts payable and accrued expenses of $2,108,523 accrued interest of $60,111 and accrued payroll of $75,085 resulted in net cash of $(1,466,521) being used in operating activities during the period. The year over year increase to Net cash used for operating activities is primarily driven by the increase in consulting and professional fees and related party expenses to help further the development of the app as we grow closer to launch. In addition, the company saw significant changes resulting from the forgiveness of debt for $659K from the recission of intellectual property in April 2024 as well as $88K in deposits for the purchase of a customer database, web domain, and the intent for the purchase of broadband infrastructure and private 5G LTE networks, which were cost that the company had not incurred during prior year. 

Investing Activities

During the years ended December 31, 2024, the Company loaned $80,000 to SeaPort, Inc., an unaffiliated third party. By comparison, in the years ended 2023, the Company had no cash flows from investing activities.

Financing Activities

During the year ended December 31, 2024, the Company received $2,508,689 from financing activities by way of $1,163,789 of net proceeds from related party loans and $1,344,900 of proceeds from common stock issuances. By comparison, during the year ended December 31, 2023, the