Company: AAPI
Filing Date: 2025-01-15
Form Type: 8-K
Source: 0001477932-25-000269
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Company: Apple iSports Group, Inc.
Filing Date: 2025-01-15
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry Into Material Definitive Agreement.

On January 9, 2025 (“ Effective Date”), Apple iSports Group, Inc. (the “ Company”) and Cres Pty Ltd atf Cres Discretionary Trust No 2., an Australian trust (“ Cres Pty Ltd”) and the Company’s largest shareholder, entered into a Loan Conversion Agreement pursuant to which Cres converted and discharged certain outstanding loans to the Company in exchange for certain shares of the Company’s common stock. The amounts of the loan converted by Cres Pty Ltd and the shares of common stock issued to Cres Pty Ltd are as follows:

  Amount Discharged by      Amount of Common Stock Issued to  
  Cres Pty Ltd              Cres Pty Ltd in Exchange          
  $2,807,760                11,231,040 shares                 

The discharge of the amount set forth above, which includes any accrued and unpaid interest, is effective as of the Effective Date. In addition, as of the Effective Date, Cres Pty Ltd shall be deemed the owner of the common stock of the Company set forth above. Cres Pty Ltd forever waived and discharged any and all claims, demands and actions with respect to the amount set forth above.

Immediately prior to the transaction, Cres Pty Ltd owned 79,177,501 shares of common stock of the Company or 38% of the total issued and outstanding shares of common stock. Immediately after the transaction, Cres Pty Ltd owned 90,408,541 shares of common stock of the Company or 41% of the total issued and outstanding shares of common stock. There were no shares of preferred stock issued and outstanding prior to or after the transaction.

The Loan Conversion Agreement is attached hereto as Exhibit 10.3. The descriptions of the Loan Conversion Agreement are not complete, and are qualified in their entirety by reference to the respective agreement which is filed as an exhibit hereto and incorporated herein.

After giving effect to the above described transaction, a total of 219,715,851 shares of the Company’s common stock and no shares of preferred stock are issued outstanding. Immediately prior to the transaction there were 208,484,811shares of common stock and no shares of preferred stock issued and outstanding.

The following table gives effect to the transaction and lists, as of the date of this report, the number of shares of the Company’s common stock that are beneficially owned by Cres Pty Ltd and related parties. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power