Company: APCXW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001683168-25-008326
Chunk: 49

Company: AppTech Payments Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 8
Chunk 49
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735 thousand and $224 thousand representing
an increase of 228%. The increase was principally driven by an increase of our ISO and lending revenue.

Cost of Revenue

Cost of revenue was approximately $100 thousand
for the three months ended September 30, 2025, compared to $24 thousand for the three months ended September 30, 2024, representing an
increase of $76. For the nine months ended September 30, 2025 and 2024, cost of revenue was approximately $335 thousand and $49 thousand,
representing an increase of $286 thousand. The increase was driven by the revenue share with our ISO partners.

General and Administrative Expenses

General and administrative expenses were approximately
$1,373 thousand for the three months ended September 30, 2025, compared to $1,867 thousand for the three months ended September 30, 2024,
representing a decrease of $494 thousand. The reduction was mainly driven by lower salaries and professional services.

General and administrative expenses were approximately
$4,493 thousand and $6,669 thousand for the nine months ended September 30, 2025 and 2024, respectively, representing a decrease
of 33%. The decrease was driven by lower professional fees, salaries, and stock-based compensation.

Research and Development Expenses

Research and development expenses were approximately
$325 thousand for the three months ended September 30, 2025, compared to $2 thousand for the three months ended September 30, 2024, representing
an increase of $323 thousand. The increase was due to higher third-party development costs related to maintaining and enhancing the FinZeo
platform.

Research and development expenses were approximately
$2,015 thousand and $1,278 thousand for the nine months ended September 30, 2025 and 2024, respectively. The increase was driven
by higher third-party costs related to maintaining and enhancing the platform.

Interest Income (Expense)

Interest expense was approximately $17 thousand
for the three months ended September 30, 2025, compared to an expense of $18 thousand for the three months ended September 30, 2024, representing
an increase of $1 thousand. For the nine months ended September 30, 2025 and 2024, interest expense decreased to $24 thousand from $53
thousand. The change was due to the interest related to the assigned agreement with our banking partners.

Gain on Debt Extinguishment 

Gain on debt