Company: APCXW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001683168-25-008326
Chunk: 23

Company: AppTech Payments Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 compensation, rent, utilities, and other operating costs.

Research and development. Includes the
internal and outsourced services costs incurred to maintain and further develop the FinZeo platform, and the development of additional
technology needed to pursue new product offerings.

Other income (expenses). Consists of interest
on outstanding indebtedness, and the gain/loss on debt extinguishment.

 20 

Results of Operations

This section includes a summary of our historical
results of operations, followed by detailed comparisons of our results for the three and nine months ended September 30, 2025 and 2024,
respectively.

Revenue

Revenue was approximately $227 thousand for the
three months ended September 30, 2025, compared to $43 thousand for the three months ended September 30, 2024, representing an increase
of 428%. For the nine months ended September 30, 2025 and 2024, revenue was approximately $735 thousand and $224 thousand representing
an increase of 228%. The increase was principally driven by an increase of our ISO and lending revenue.

Cost of Revenue

Cost of revenue was approximately $100 thousand
for the three months ended September 30, 2025, compared to $24 thousand for the three months ended September 30, 2024, representing an
increase of $76. For the nine months ended September 30, 2025 and 2024, cost of revenue was approximately $335 thousand and $49 thousand,
representing an increase of $286 thousand. The increase was driven by the revenue share with our ISO partners.

General and Administrative Expenses

General and administrative expenses were approximately
$1,373 thousand for the three months ended September 30, 2025, compared to $1,867 thousand for the three months ended September 30, 2024,
representing a decrease of $494 thousand. The reduction was mainly driven by lower salaries and professional services.

General and administrative expenses were approximately
$4,493 thousand and $6,669 thousand for the nine months ended September 30, 2025 and 2024, respectively, representing a decrease
of 33%. The decrease was driven by lower professional fees, salaries, and stock-based compensation.

Research and Development Expenses

Research and development expenses were approximately
$325 thousand for the three months ended September 30, 2025, compared to $2 thousand for the three months ended September 30, 2024, representing
an increase of $323