Company: AAPI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008337
Chunk: 72

Company: Apple iSports Group, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 72
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Effect of changes in exchange rate on cash and cash equivalents  125   51,758 Net Change in Cash $(32,863 ) $6,193 

 8Table of Contents

Operating Activities

During the Nine Months Ended September 30, 2025, the Company incurred a net loss of $8,251,741 which after adjusting for decrease in goods and services tax receivable of $41,416, foreign exchange gain of $141,394, accrued payroll of $92,095, and prepaid and other assets of $4,060 offset by an increase in accounts payable and accrued expenses of $320,493, accounts payable and accrued expenses to related parties $264,111, accrued interest to related party of $33,385, accrued interest income of $2,992, and an increase in Deposits of $149,900 stock based compensation of $1,807,148, and issuance cost of $2,240,042 resulted in net cash of $3,935,587 being used in operating activities during the period. By comparison, during the Nine Months Ended September 30, 2024, the Company incurred a net loss of $2,012,474 which after adjusting for decreases in goods and services tax receivable of $22,369, accrued payroll of $236,924, foreign exchange gain of $3,124, accounts payable and accrued expenses of $415,675, and non cash expenses from stock issuance modification of $80,000 increase in accrued interest of $1,990, in accrued interest to related party of $60,701, prepaid and other assets of $16,120, deposits of $39,512, and forgiveness of debt of $658,533 resulted in net cash of $1,909,836 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 nine months. This was offset by forgiveness of debt for intellectual property from the prior year.

Investing Activities

During the Nine Months Ended September 30, 2025, the Company had a receivable of $600 for proceeds owed by a related party. By comparison, during the Nine Months Ended September 30, 2024, the Company loaned $80,000 to SeaPort, Inc.

Financing Activities