Company: APCXW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006148
Chunk: 46

Company: AppTech Payments Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 8
Chunk 46
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Expenses

Cost of Revenue. Includes costs directly attributable
to processing and other services the Company provides. These also include related costs such as residual payments to our business development
partners, which are based on a percentage of the net revenue generated from client referrals.

General and administrative. Include salaries,
professional services, software costs, regulatory expenses, stock-based compensation, rent, utilities, and other operating costs.

Research and development. Includes the internal
and outsourced services costs incurred to maintain and further develop the FinZeo platform, and the development of additional technology
needed to pursue new product offerings.

Other income (expenses). Consists of interest
on outstanding indebtedness, and the gain/loss 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 three and six months ended June 30, 2025 and 2024,
respectively.

 21 

Revenue

Revenue was approximately $291 thousand for the
three months ended June 30, 2025, compared to $76 thousand for the three months ended June 30, 2024, representing an increase of 283%.
For the six months ended June 30, 2025 and 2024, revenue was approximately $508 thousand and $181 thousand representing an increase
of 181%. The increase was principally driven by an increase of our ISO and lending revenue.

Cost of Revenue

Cost of revenue was approximately $107 thousand
for the three months ended June 30, 2025, compared to $14 thousand for the three months ended June 30, 2024, representing an increase
of $93. For the six months ended June 30, 2025 and 2024, cost of revenue was approximately $235 thousand and $25 thousand, representing
an increase of $210 thousand. The increase was driven by the revenue share with our ISO partners.

General and Administrative Expenses

General and administrative expenses were approximately
$1,155 thousand for the three 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