Company: APCXW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003561
Chunk: 19

Company: AppTech Payments Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 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.

Results of Operations

This section includes a summary of our historical
results of operations, followed by detailed comparisons of our results for the three months ended March 31, 2025 and 2024, respectively.

Revenue

Revenue was approximately $217 thousand for the
three months ended March 31, 2025, compared to $105 thousand for the three months ended March 31, 2024, representing an increase
of 107%. The increase was principally driven by an increase of our ISO and lending revenue.

Cost of Revenue

Cost of revenue was approximately $128 thousand
for the three months ended March 31, 2025, compared to $11 thousand for the three months ended March 31, 2024, representing
an increase of $117 thousand. The increase was principally driven by the revenue share with our ISO partners.

General and Administrative Expenses

General and administrative expenses were approximately
$1,965 thousand for the three months ended March 31, 2025, compared to $2,481 thousand for the three months ended March 31,
2024, representing a decrease of $516. The reduction was mainly driven by lower salaries and professional services.

 18 

Research and Development Expenses

Research
and development expenses were approximately $780 thousand for the three months ended March 31, 2025, compared to $644 thousand for
the three months ended March 31, 2024, representing an increase of $136 thousand. The increase was primarily due to higher third-party
development costs related to maintaining and enhancing the FinZeo platform.

Interest Expense, net

Interest
expense, net was approximately $33 thousand for the three months ended March 31, 2025, compared to $3 thousand for the three months
ended March 31, 2024, representing an increase of $30 thousand. The increase was due to interest owed to one of our banking partners.

Gain on debt extinguishment 

Gain on debt extinguishment was approximately
$13 thousand for the three