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AppTech Payments Corp. Warrant (APCXW0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details about the company's financial performance, highlighting a decrease in revenue to $276,000 from $504,000 in the previous year. This decline is attributed to the cancellation of a licensing arrangement and a reduction in legacy processing revenue.
Cost of revenue decreased to $52,000 from $187,000, reflecting lower transaction volumes. Gross profit for the year was $224,000, down from $317,000 in the prior year.
Operating expenses totaled $9,771,000, a decrease from $19,502,000 in 2023. This reduction was due to lower salaries following a restructuring plan and a decrease in stock-based compensation.
The company reported a net loss of $8,933,000, compared to a net loss of $18,512,000 in 2023. The improvement in net loss is primarily due to reduced operating expenses.
AppTech's management is actively pursuing additional funding options and is confident that revenue streams will begin generating cash in the following year. The company has implemented expense reduction strategies to enhance financial stability.
The filing also details the company's acquisition of Alliance Partners, LLC, and the integration of its FinZeo platform, which is expected to support future growth in digital payments and banking solutions.
AppTech's liquidity sources during the year included cash and cash equivalents, proceeds from public offerings, and a direct investment. As of December 31, 2024, the company had $868,000 in cash and cash equivalents.
The company acknowledges its dependence on positive operating results and potential financing to meet future obligations. Management has identified a material weakness in internal control over financial reporting due to insufficient formal financial reporting policies and procedures.
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. Warrant annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.