Company: AAPI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008337
Chunk: 59

Company: Apple iSports Group, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 59
---
, 2025, and 2024, the company had a total of $0 and $600 related to forgiveness of debt. This was related 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 ($658,533) during the three months ended September 30, 2024.

During the three months ended September 30, 2025, and 2024, we had a net loss of $4,513,412 and $748,760, respectively, for the reasons discussed above.

Liquidity and Capital Resources

As of September 30, 2025, the Company had a working capital deficit of $6,073,549 compared with a working capital deficit of $6,124,806 as of December 31, 2024. The decrease in working capital deficit is primarily a result of a decrease in related party loans for the Nine Months Ended September 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 Nine Months Ended September 30, 2025, and 2024:

  September 30,  September 30,   2025  2024 Net Cash Used in Operating Activities $(3,935,587 ) $(1,909,836 )Net Cash Used in Investing Activities  (600 )  (80,000 )Net Cash Provided by Financing Activities  3,903,199   1,944,271 Effect of changes in exchange rate on cash and cash equivalents  125   51,758 Net Change in Cash $(32,863 ) $6,193 

 8Table of Contents

Operating Activities

During the Nine Months Ended September 30, 2025, the Company incurred a net loss of $8,251,741 which after adjusting for decrease in goods and services tax receivable of $41,416, foreign exchange gain of $141,394, accrued payroll of $92,095, and prepaid and other assets of $4,060 offset by an increase in accounts payable and accrued expenses of $320,493, accounts payable and accrued expenses to