Company: AAPI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001477932-25-004015
Chunk: 64

Company: Apple iSports Group, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part II, Item 8
Chunk 64
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817, foreign exchange gain of 1,097, decrease in accounts payable and accrued expenses of $137,129, increase in accrued interest of $19,316, increase in accrued payroll of $17,310,and increase in prepaid and other assets of $2,600 resulted in net cash of $(857,453) being used in operating activities during the period. The primary cause for the year over year change in operating activities was related to the increase in expenses related to stock based compensation for the company’s stock incentive plan. Additionally, there was an increase in liabilities related to common shares that were subscribed but not issued during the quarter. In addition, this was offset by forgiveness of debt for intellectual property from the prior year.

Investing Activities

During the quarter ended March 31, 2025, the Company had a receivable of $600 for proceeds owed by related party. By comparison, during the quarter ended March 31, 2024, the Company loaned $50,000 to SeaPort, Inc.

Financing Activities

During the quarter ended March 31, 2025, the Company incurred $588,008 from financing activities by way of a decrease of $48,675 from payments to related parties loans payable, offset by $358,179 of proceeds from related parties loan payable and $278,504 from stock issuances. By comparison, during the quarter ended March 31, 2024, the Company received $929,145 from financing activities by way of $281,545 in loans from related parties, and $647,600 from stock issuances. The year over year changes were primarily related to the conversion of the companies Cres loan to shares of common stock.

The Company is dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. No assurances can be given that the Company will be successful in locating or negotiating with any target company or that the related parties will continue to fund the Company’s working capital needs. As a result, there is substantial doubt about the Company’s ability to continue as a going concern.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is