Company: AAPI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001477932-25-004015
Chunk: 52

Company: Apple iSports Group, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part II, Item 8
Chunk 52
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 will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this accounting standard on its condensed consolidated financial statements.

NOTE 4. CONVERTIBLE NOTES RECEIVABLE On March 6, 2024, the Company entered into a Convertible Promissory Note Purchase Agreement with SeaPort Inc., whereas the Company agreed to loan a maximum of $1,000,000 to SeaPort, Inc. The note is convertible into common shares of Seaport, Inc. at a conversion price equal to the pre-money investment (as defined in the agreement) divided by the aggregate number of fully diluted shares of Seaport Inc.’s common stock as of the conversion date. As of March 31, 2025, the Company had loaned $80,000 to SeaPort, Inc. with an annual interest rate of 5% per year. The loan is structured with several maturity dates of March 6, 2027, April 29, 2027, and May 28, 2027. During the three months ended March 31, 2025, the Company recorded $986 in interest income related to the loan respectively. As of March 31, 2025, the Company has accrued $3,984 of interest income related to the loan. 

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NOTE 5. RELATED PARTIES Related Party Payables Related Party Note March31, 2025  December 31, 2024 Cres Discretionary Trust No. 2 (a) $679,569  $3,064,914 Apple iSports Investment Group Pty (b)  162,399   161,975 ABA Investment Group Pty Ltd (c)  280,765   280,033 Utti Oco Pty Ltd (d)  68,970   68,970 Mt. Wills Gold Mines Pty Ltd (e)  21,550   21,550 Total loan payable    1,213,253   3,597,442            Cres Discretionary Trust No. 2 (a)  5,790   125,222 Apple iSports Investment Group Pty (b)  13,599   12,379