Apple iSports Group Reports $2M Net Loss, No Revenue for Nine Months Ending September 30, 2024

Apple iSports Group, Inc. has reported its financial results for the nine months ending September 30, 2024, revealing a net loss of $2,012,474, a decrease from the $2,269,015 loss recorded in the same period of the previous year. The company reported no revenues for both the current and prior nine-month periods. Operating expenses increased by 16.71% to $2,602,391, primarily driven by a significant rise in consulting and professional fees associated with the ongoing development of its digital sports betting and gaming platform.

The company's total assets surged to $192.8 million as of September 30, 2024, compared to $69.4 million at the end of 2023. This increase was largely attributed to the addition of convertible notes receivable and a rise in cash and cash equivalents, which reached $6,866. However, total liabilities also rose to $6.2 million, leading to a stockholders' deficit of $6,001,303, up from $5,307,174 at the end of 2023. The working capital deficit expanded to $6,124,806, reflecting increased accounts payable and accrued expenses.

Strategically, Apple iSports Group has made significant strides in its operational development. The company is focused on launching a digital sports betting platform, with licenses obtained in Australia and North Dakota. The company has engaged in various partnerships and agreements, including a licensing deal with Seaport, Inc. to enhance its gaming platform. Additionally, the company has initiated user acceptance testing for its platform and plans to launch its "Casino in a Box" offering in early 2025.

As of September 30, 2024, the company had 208,484,211 shares of common stock outstanding, an increase from 202,784,211 shares at the end of 2023. The company has also been active in raising capital, securing approximately $3.06 million in private placements and loans from related parties exceeding $2.72 million. Despite these efforts, the company continues to face substantial doubt regarding its ability to continue as a going concern, as it has not yet established a sustainable source of revenue.

Looking ahead, Apple iSports Group aims to secure additional financing to support the continued development of its platform and achieve profitable operations. The company is actively pursuing market access licenses in various U.S. states and plans to enhance its product offerings to capture a larger share of the sports betting market. However, the company acknowledges the inherent risks and uncertainties associated with its business model and market conditions, which could impact its future performance.