Company: AAPI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008337
Chunk: 71

Company: Apple iSports Group, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 71
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 2024, we had $13,031 and $20,756, respectively, in interest expense attributable to related party debt, net of interest income. The significant decrease in interest expense is attributable to the conversion of the related party Cres loan on January 9, 2025, which resulted in a reduction of interest expense for the three months.

During the three months ended September 30, 2025, and 2024, the company had $33,468 and $3,475, respectively, in Foreign exchange gain (loss). This was attributable to international exposure to exchange rate fluctuations resulting in fluctuations that impact our results of operations

During the three months ended September 30, 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