Company: APCXW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003561
Chunk: 6

Company: AppTech Payments Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 certain short-term and long-term liabilities of Alliance Partners. The primary reason for the Purchase
was to acquire Alliance Partners’ intellectual property, personnel, and software platform, which is now AppTech’s platform “FinZeo”.

The Company closed the Purchase on October
26, 2023.

On October 31, 2023, the Company issued 1 million
shares of its common stock to an entity owned by the seller. In exchange for the shares, the seller waived, cancelled, and forgave the
long-term debt of Alliance Partners.

The remaining outstanding payable related to
the original purchase price as of March 31, 2025 is $1,200
thousand and the payable is secured by substantially all the Company’s assets.

Management’s Plan to Address Going
Concern Considerations

The Company has experienced recurring operating
losses, primarily due to limited revenues. The Company's current financial conditions and recurring losses raise substantial doubt about
its ability to continue as a going concern.

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.

     9 

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 March 31, 2025 and March 31, 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