Company: AAPI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001477932-25-004015
Chunk: 63

Company: Apple iSports Group, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part II, Item 8
Chunk 63
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 resulted in a decrease in interest expense for the quarter.

During the quarters ended March 31, 2025, and 2024, we had net loss of $3,191,732 and $748,265, respectively, for the reasons discussed above.

Liquidity and Capital Resources

As of March 31, 2025, the Company had a working capital deficit of $4,090,772 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 three months ended March 31, 2025.

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 quarters ended March 31, 2025 and 2024:

  March 31,   March 31,    2025  2024 Net Cash Used in Operating Activities $(477,365) $(857,453 )Net Cash Used in Investing Activities  (600 )  (50,000 )Net Cash Provided by Financing Activities  588,008  929,145 Effect of changes in exchange rate on cash and cash equivalents  (6,481 )  (15,313 )Net Change in Cash $103,562  $6,379 

 7Table of Contents

Operating Activities

During the quarter ended March 31, 2025, the Company incurred a net loss of $3,191,732 which after adjusting for decrease in goods and services tax receivable of $46,039, foreign exchange gain of $13,878, increase in accounts payable and accrued expenses of $130,009, accounts payable and accrued expenses to related parties $66,485, accrued payroll of $93,316 accrued interest to related party of $9,158, accrued interest income of $986, prepaid and other assets of $4,161 along with stock based compensation expense of $2,566,695 resulted in net cash of $477,365 being used in operating activities during the period.  By comparison, during the quarter ended March 31, 2024, the Company incurred a net loss of $748,265 which after adjusting for increases in goods and services tax receivable of $4,