Company: APCXW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002130
Chunk: 945

Company: AppTech Payments Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 945
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, accumulated amortization is
approximately $368
thousand and $232
thousand, respectively.

As of December 31, 2024 and 2023, we have gross value
of acquired technology of $4,400
thousand. As of December 31, 2024 and 2023, accumulated amortization is approximately $1,029
thousand and $147
thousand, respectively.

    Schedule of capitalized development cost 

    Intellectual
Property 
    December 31, 2024  
    December 31, 2023 
  
    Beginning balance 
    $4,428  
    $311 
  
    Acquisition of intangible assets 
     –  
     4,400 
  
    Amortization expenses 
     (1,018) 
     (283)
  
    Ending balance 
    $3,410  
    $4,428 

Capitalized Software Development Cost 

The Company capitalizes certain costs related to the
development of its digital payment and banking platform.

As of December 31, 2024 and 2023, we have gross
value of capitalized software development cost at $2,647 thousand and $1,566 thousand and accumulated amortization is approximately $824
thousand and $419 thousand, respectively.

In
2020, the Company entered into a strategic partnership with NEC PAYMENTS B.S.C., which subsequently became Infinios Financial
Services B.S.C. (“Infinios”). In 2023, the Company determined that there was an impairment of capitalized software and
prepaid license fees due to terminating its partnership with Infinios and canceling the platform being developed.

    Schedule of capitalized development cost 

    Capitalized Software Development Cost 
    December 31, 2024  
    December 31, 2023 
  
    Beginning balance 
    $1,147  
    $4,921 
  
    Additions 
     1,081  
     – 
  
    Impairment 
     –  
     (3,072)
  
    Amortization expenses 
     (405) 
     (702)
  
    Ending balance 
    $1,823  
    $1,147 

Goodwill

On October 26, 2023, the Company completed the acquisition
of Alliance Partners. The difference between the fair value of the purchase price and the net assets acquired is recorded as