Company: AAPI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001477932-25-005799
Chunk: 40

Company: Apple iSports Group, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 40
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,684, foreign exchange gain of $351, accounts payable and accrued expenses of $254,475, increase in accrued interest of $39,364, in accrued interest receivable of $171, prepaid and other assets of $2,600, deposits of $39,548, and forgiveness of debt of $659,133 resulted in net cash of $1,603,880 being used in operating activities during the period. The primary cause for the year-over-year change in operating activities was related to the increase in expenses related to stock-based compensation for the company’s stock incentive plan. Additionally, there was an increase in liabilities related to common stock that were subscribed but not issued during the six months. This was offset by forgiveness of debt for intellectual property from the prior year.

Investing Activities

During the six months ended June 30, 2025, the Company had a receivable of $600 for proceeds owed by a related party. By comparison, during the six months ended June 30, 2024, the Company loaned $80,000 to SeaPort, Inc.

Financing Activities

During the six months ended June 30, 2025, the Company incurred $3,693,310 from financing activities by way of an increase of $52,035 from payments to related parties’ loans payable, offset by $900,146 of proceeds from related parties loans payable and $2,845,199 from stock issuances. By comparison, during the six months ended June 30, 2024, the Company received $1,707,137 from financing activities by way of $551,152 of proceeds and $138,915 of payments in loans from related parties, and $1,294,900 from stock issuances. The year-over-year changes were primarily related to the issuance of shares of common stock.

The Company is dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. No assurances can be given that the Company will be successful in locating or negotiating with any target company or that the related parties will continue to fund the Company’s working capital needs. As a result, there is substantial doubt about the Company’s ability to continue as a going concern.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are likely to have a current or future effect on