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Apple iSports Group Inc Com Par $0.001 (AAPI0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of $2,821,336 for the year. The company reported no revenues for 2024, with total operating expenses amounting to $3,419,426. These expenses included corporate expenses, consulting and professional fees, and selling, general, and administrative expenses.
The company has a working capital deficit of $6,539,584 as of December 31, 2024, compared to $5,307,174 as of December 31, 2023. The increase in the deficit is primarily attributed to an increase in accounts payable and accrued expenses.
Apple iSports Group Inc Com Par $0.001 has been developing a digital sports betting and gaming platform. The company is licensed in North Dakota as an Advance Deposit Wagering provider, pending completion of the Thoroughbred Racing Protective Bureau examination, allowing it to provide pari-mutuel betting on racing in North Dakota and up to 20 additional states.
The company has received approximately $2,744,900 in private placement funding and loans from related parties totaling more than $3,597,442 since its inception through December 31, 2024. The company aims to raise additional capital to support its business operations and growth initiatives.
The filing also highlights the company's dependence on additional financing to continue operations and achieve positive cash flow. The company acknowledges substantial doubt about its ability to continue as a going concern without securing further financing.
Apple iSports Group Inc Com Par $0.001 is focused on expanding its market presence in the U.S. and Australia, with plans to develop an iGaming platform for the tribal casino market. The company is also exploring opportunities to generate revenue from the deployment of technology to Tribal Casinos and gaming operators.
The filing outlines various risks associated with the company's business, including competition in the gaming and sports betting industry, regulatory compliance challenges, and the need for additional capital to support growth initiatives.
The company has identified material weaknesses in its internal controls over financial reporting, primarily due to a lack of resources and personnel with SEC financial reporting experience. Management plans to address these weaknesses by hiring additional personnel and expanding the board of directors.
Apple iSports Group Inc Com Par $0.001 does not anticipate paying cash dividends on its common stock in the foreseeable future, focusing instead on reinvesting in its business operations and growth strategies.
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 annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.