Company: AAPI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001477932-25-002341
Chunk: 170

Company: Apple iSports Group, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1A
Chunk 170
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 the Company or its subsidiaries may be named a party to claims and/or legal proceedings. Neither the Company nor its subsidiaries have been named in and are not aware of any matters which management believes will result, either individually or in the aggregate, in a material adverse effect to its financial condition or results of operations. As of December 31, 2024, the Company leased short term office spaces (12 months or less), and as an accounting policy election, the Company has excluded all short term leases from presentation on the balance sheet.

NOTE 9. STOCK PLAN On November 1, 2024, the Board of Directors of the Company approved the creation of the 2024 Stock Incentive Plan (“2024 Stock Plan”). The maximum number of common stock authorized and available for issuance under the 2024 Stock Plan is 15,000,000 shares of common stock. It also approved the stock option grant of a total of 10,275,000, under the 2024 Stock Plan, to the employees, officers, directors and consultants of the company. The options have an exercise price of $0.25 per share, which was based on the subscription price of the Company’s current private placement offering. Formal agreement between the Company and each grantee have not been approved by the Board nor executed by the parties.

 F-16Table of Contents

NOTE 10. SEGMENT REPORTING Operating segments are defined as components of an enterprise with separate financial information, which are evaluated regularly by the chief operating decision maker (“CODM”) and are used in resource allocation and performance assessments. The Company’s Chief Executive Officer is the Company’s CODM. The Company is organized and operates as one operating and reportable segment that is developing a digital sports betting and gaming platform. The Company’s CODM reviews financial information and operational forecasts presented on a consolidated basis for the purpose of making operating decisions and assessing financial performance. The Company’s CODM assesses performance for the Company’s single reportable segment based on the Company’s net income (loss) as reported on the consolidated statement of comprehensive income (loss).

NOTE 11. SUBSEQUENT EVENTS On January 9, 2025, 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