Company: AAPI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001477932-25-005799
Chunk: 27

Company: Apple iSports Group, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 to the Company’s rescission of the third-party intellectual property and reversal of 1,000,000 AUD of accounts payable and recognized forgiveness of debt income of 1,000,000 AUD($659,133) during the three months ended June 30, 2024.

During the three months ended June 30, 2025, and 2024, we had a net loss of $546,597 and $435,449, respectively, for the reasons discussed above.

Liquidity and Capital Resources

As of June 30, 2025, the Company had a working capital deficit of $5,073,858 compared with a working capital deficit of $6,539,584 as of December 31, 2024. The decrease in working capital deficit is primarily a result of a decrease in related party loans for the six months ended June 30, 2025, due to the conversion of certain outstanding related party loans.

The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months. The following is a summary of the Company’s cash flows provided by (used in) operating, investing, and financing activities for the six months ended June 30, 2025, and 2024:

  June 30,   June 30,    2025  2024 Net Cash Used in Operating Activities $(3,666,671 ) $(1,603,880 )Net Cash Used in Investing Activities  (600 )  (80,000 )Net Cash Provided by Financing Activities  3,693,310   1,707,137 Effect of changes in exchange rate on cash and cash equivalents  493   17,920 Net Change in Cash $26,532  $41,177 

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Operating Activities

During the six months ended June 30, 2025, the Company incurred a net loss of $3,738,329 which after adjusting for decrease in goods and services tax receivable of $42,669, foreign exchange gain of $107,926, accrued payroll of $105,934, and prepaid and other assets of $8,060 offset by an increase in accounts payable and accrued expenses of $259,559, accounts payable and accrued expenses to related parties $107,682, accrued interest to related party of $19,431, accrued interest income of $1,984, and an increase in