Company: APCXW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001683168-25-008326
Chunk: 48

Company: AppTech Payments Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 8
Chunk 48
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 5550(a)(2). Consequently, the Company was delisted and transitioned to trading on the OTCQB market. Management remains
committed to enhancing shareholder value and intends to pursue an uplisting to a national exchange before the end of the fiscal year.

On September 3, 2025, AppTech entered into a letter
of intent with Infinitus Pay (“IP”) to acquire 100% of their equity in return for a total package consisting of up to $3,000
thousand, up to 5,000 thousand shares of our common stock, and up to 4,000 thousand warrants The purpose of the acquisition was to enhance
AppTech’s product offerings while acquiring IP’s platform and book of business. The acquisition was completed on October 31,
2025. The purchase price accounting has not been completed, however, it is anticipated to be completed prior to the end of
the allowable measurement period.

Financial Operations Overview

The following discussion sets forth certain components
of our statements of operations as well as factors that impact those items (in thousands, except per share data).

Revenues

Our Revenues. We derive our revenue by
providing financial processing services to businesses.

Expenses

Cost of Revenue. Includes costs directly
attributable to processing and other services the Company provides. These also include related costs such as residual payments to our
business development partners, which are based on a percentage of the net revenue generated from client referrals.

General and administrative. Include salaries,
professional services, software costs, regulatory expenses, stock-based 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 $