AppSoft Technologies, Inc. reported a net loss of $60,846 for the fiscal year ending December 31, 2024, compared to a net loss of $58,342 in the previous year. The company did not generate any revenue during both fiscal years, reflecting ongoing challenges in its operations. Total operating expenses increased to $60,847 in 2024 from $58,342 in 2023, primarily due to professional fees and costs associated with its esports platform. The company’s total liabilities rose to $478,736 in 2024 from $420,382 in 2023, largely driven by the principal and interest due under a related party promissory note.
In terms of strategic developments, AppSoft has shifted its focus towards its Gamerfy platform, which aims to identify and commercialize new game titles from independent developers. The company has paused its app sales and marketing efforts due to financial constraints but plans to resume these activities when resources allow. The esports segment, which includes the Esportsreporter.com platform, has also been put on hold as the company reevaluates its market position and potential for future growth.
Operationally, AppSoft has maintained a minimal workforce, with only one full-time employee as of the report date. The company has engaged eight independent developers to assist with app development. Despite the lack of new app titles in recent years, the company continues to explore opportunities in the gaming and esports markets, which are characterized by rapid technological changes and evolving consumer preferences. The company’s total assets were reported at $101 as of December 31, 2024, a slight increase from $8 in the previous year.
Looking ahead, AppSoft Technologies acknowledges the need for additional capital to fund its operations and development initiatives. The company has relied on loans from related parties to support its minimal operations and is actively seeking new sources of financing. However, there is substantial doubt about its ability to continue as a going concern without securing adequate funding. Management has outlined plans to engage with potential investors and monitor working capital requirements closely, but the uncertainty surrounding future capital availability poses significant risks to the company's operational viability.
About Appsoft Technologies, Inc.
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