Company: AAPI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001477932-25-005799
Chunk: 13

Company: Apple iSports Group, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this accounting standard on its condensed consolidated financial statements. In March 2024, the FASB Issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which clarifies the accounting for profit interest. This update did not have a material impact on the Corporation’s consolidated financial statements and related disclosures. In March 2024, the FASB Issued ASU No. 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements, which removes various references to the Concepts Statements from the FASB Accounting Standards Codification. This update did not have a material impact on the Corporation’s consolidated financial statements and related disclosures. In March 2025, the FASB issued ASU No. 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122, which amends an SEC paragraph noted in Codification pursuant to the issuance of SEC Staff accounting Bulletin No. 112 which removes text of SAB Topic 5FF, Accounting for Obligations To Safeguard Crypto-Assets an Entity Holds for Its Platform Users. This update did not have a material impact on the Corporation’s consolidated financial statements and related disclosures. 

NOTE 4. CONVERTIBLE NOTES RECEIVABLE On March 6, 2024, the Company entered into a Convertible Promissory Note Purchase Agreement with SeaPort Inc., whereby the Company agreed to loan a maximum of $1,000,000 to SeaPort, Inc. The note is convertible into common shares of Seaport, Inc. at a conversion price equal to the pre-money investment (as defined in the agreement) divided by the aggregate number of fully diluted shares