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AppTech Payments Corp. (APCX-2.61%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $43,000 from $140,000 in the same quarter the previous year. The decrease is attributed to lower merchant processing revenue and licensing fees.
Cost of revenue for the quarter was $24,000, representing 56% of revenue, compared to 31% in the same quarter of the previous year. This change is due to a decrease in residual payouts.
The company reported a net loss of $2,025,000 for the quarter, compared to a net loss of $2,891,000 in the previous year. The decrease in loss is attributed to lower general and administrative expenses.
General and administrative expenses decreased to $1,867,000 from $2,227,000, primarily due to lower stock-based compensation.
Research and development expenses were $2,000, down from $751,000, due to the reclassification of expenses as capitalized software development costs.
Interest expense for the quarter increased to $18,000 from $4,000, due to interest on a new convertible note issued in July 2024.
Cash used in operating activities was $4,968,000, while cash used in investing activities was $567,000. Cash provided by financing activities was $4,358,000.
AppTech had a working capital of negative $4.8 million as of September 30, 2024. The company is actively pursuing additional funding options to address its going concern considerations.
The filing also details various financial agreements, including a private placement offering of a convertible debenture and warrants.
AppTech is addressing compliance issues with Nasdaq (NDAQ+0.48%) regarding the minimum bid price and stockholders' equity requirements.
The company continues to focus on expanding its Fintech platform, FinZeo, to meet the evolving needs of its clients.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AppTech Payments Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.