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Apple iSports Group Inc Com Par $0.001 (AAPI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the nine months ended September 30, 2024, and 2023, showing no revenues for both periods. Operating expenses increased to $2,602,391 from $2,229,819, primarily due to a rise in consulting and professional fees.
Net loss for the nine months ended September 30, 2024, was $2,012,474, compared to $2,269,015 in the previous year. The decrease in net loss was attributed to debt forgiveness of $658,533 related to the rescission of third-party intellectual property.
Cash used in operating activities was $1,909,836, while cash used in investing activities was $80,000, primarily due to a loan to SeaPort, Inc. Cash provided by financing activities was $1,944,271, mainly from proceeds from common stock issuances and related party loans.
Apple iSports Group Inc Com Par $0.001 reported a working capital deficit of $6,124,806 as of September 30, 2024, up from $5,307,174 at the end of 2023. The increase was due to higher accounts payable and accrued expenses.
The company is developing a digital sports betting and gaming platform, licensed in Australia and North Dakota, with plans to expand to additional U.S. states. The platform aims to offer sports content, betting, and fantasy sports.
Apple iSports Group Inc Com Par $0.001 faces substantial doubt about its ability to continue as a going concern due to its lack of revenue and significant working capital deficit. The company plans to seek additional financing to fund operations.
The filing also details the issuance of common stock and related party transactions, including loans from entities controlled by company directors. The company has implemented remediation steps to improve its disclosure controls and internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Apple iSports Group Inc Com Par $0.001 quarterly 10-Q report dated December 27, 2024. To report an error, please email earnings@qz.com.