Company: AAPI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001477932-25-005799
Chunk: 60

Company: Apple iSports Group, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 8
Chunk 60
---
  2024 Related party interest expenses:                           Cres Discretionary Trust No. 2(a)  6,520   17,646   13,156   34,148 Apple iSports Investment Group Pty(b)  1,235   1,284   2,455   2,568 ABA Investment Group Pty Ltd(c)  2,134   2,220   4,245   4,440 Total related party interest expenses   9,889   21,150   19,857   41,156   a) On May 30, 2019, the Company entered into a loan agreement with Cres Discretionary Trust No.2 (the “Lender”). The Company’s director is the sole officer and controlling stockholder of the Lender. The Lender is also the Company’s majority shareholder. The loan is unsecured, has a 3% annual interest rate, and is payable on demand by the Lender. On January 9, 2025, the Company and Cres Pty Ltd at Cres Discretionary Trust No 2 (“Cres”) entered into a loan conversion agreement by which the Company converted and discharged certain outstanding loans to the Company in exchange for certain shares of the Company’s common stock. The loan converted by Cres was $2,807,760, resulting in the issuance of 11,231,040 shares of common stock to Cres. Of the total $2,807,760 converted, $124,790 represents accrued interest on the Loan through the Effective Date, with the remaining amount $2,682,970, representing the principal amount of the Loan as of the Effective Date. b) On April 8, 2022, the Company’s wholly-owned subsidiary, AIS Australia, entered into a loan agreement with Apple iSports Investment Group Pty Ltd (the “Subsidiary Lender”). The Subsidiary Lender is 100% owned by the director of the Company. The loan is unsecured, has a 3% annual interest rate, and is payable on demand by the Subsidiary Lender.  c) On April 8, 2022, the Company’s wholly owned subsidiary, AIS Australia, entered into a loan agreement with ABA Investment Group Ltd (the “Subsidiary Lender 2”). Subsidiary Lender 2 is 100% owned by the director