Company: APCXW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002130
Chunk: 246

Company: AppTech Payments Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 246
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 on debt extinguishment.

Results of Operations

This section includes a summary of our historical
results of operations, followed by detailed comparisons of our results for the years ended December 31, 2024 and 2023, respectively.
We have derived this data from our annual consolidated financial statements included elsewhere in this report.

 13 

The following table presents our historical results
of operations for the periods indicated:

    Years ended December 31  
    Change 
  
    ($ in thousands) 
    2024  
    2023  
    Amount  
    % 

    Revenue 
    $276  
    $504  
    $(228) 
     (45%)
  
    Cost of revenue 
     52  
     187  
     (135) 
     (72%)
  
    Gross profit 
     224  
     317  
     (93) 
     (29%)

    Operating expenses 

    General and administrative 
     7,794  
     9,873  
     (2,079)  
     (21%)
  
    Research and development 
     1,977  
     3,498  
     (1,521) 
     (43%)
  
    Impairment of Intangible assets 
     –  
     6,131  
     (6,131) 
     (100%)
  
    Total operating expenses 
     9,771  
     19,502  
     (9,731) 
     (50%)

    Loss from operations 
     (9,547) 
     (19,185) 
     9,638  
     (50%)

    Other income (expenses) 

    Interest expense, net 
     (646) 
     (52) 
     (594) 
     NM 
  
    Change in fair value of derivative liability 
     –  
     27  
     (27) 
     (100%)
  
    Other income  
     1,260  
     698  
     562  
     81% 
  
    Total other income 
     614  
     673  
     (59) 
     9% 

    Loss before income taxes 
     (8,933)