Company: APCXW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006148
Chunk: 57

Company: AppTech Payments Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 57
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 months ended June 30, 2025, compared to $2,320 thousand for the three months ended June 30, 2024, representing
a decrease of $1,165 thousand. The reduction was mainly driven by lower salaries and professional services.

General and administrative expenses were approximately
$3,120 thousand and $4,803 thousand for the six months ended June 30, 2025 and 2024, respectively, representing a decrease of 35%.
The decrease was driven by lower professional fees, salaries, and stock based compensation.

Research and Development Expenses

Research and development expenses were approximately
$910 thousand for the three months ended June 30, 2025, compared to $633 thousand for the three months ended June 30, 2024, representing
an increase of $277 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
$1,690 thousand and $1,276 thousand for the six months ended June 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 income was approximately $26 thousand
for the three months ended June 30, 2025, compared to an expense of $32 thousand for the three months ended June 30, 2024, representing
an increase of $58 thousand. For the six months ended June 30, 2025 and 2024, interest expense decreased from $35 thousand to $7 thousand.
The change was due to the interest related to the assigned agreement with our banking partners.

Gain on debt extinguishment 

Gain on debt extinguishment was approximately
$13 thousand for the three months ended June 30, 2025, compared to $0 for the three months ended June 30, 2024, representing an increase
of $13 thousand. The increase was driven by reconciling journal entries and accrued expenses write-offs. The balance remained unchanged
as of June 30, 2025.

 22 

Other income (expenses)

Other
expense was $5 thousand for the three months ended June 30, 2025, compared to income of $1 thousand for the three months ended June 30,
2024. The decrease of $6 thousand was primarily driven by the interest expense related to the note assumption recorded in April 2025.
For the six months ended