AppSoft Technologies Reports No Revenue and Increased Losses in Latest Financial Filing

AppSoft Technologies, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue for both the three and six months ended June 30, 2025, mirroring the same period in the previous year. However, total expenses surged to $30.4 million for the three months and $56.0 million for the six months, compared to $13.7 million and $28.7 million, respectively, in the prior year. This resulted in a net loss of $30.4 million for the quarter and $56.0 million for the half-year, marking an increase in losses from $13.7 million and $28.7 million in the same periods of 2024.

The increase in expenses was primarily driven by higher costs in several categories, including selling, general, and administrative expenses, which rose to $6.0 million for the six months compared to $4.6 million in the previous year. Additionally, outside services expenses jumped to $17.9 million from $0.3 million, and professional fees increased to $26.4 million from $19.8 million. The company attributed these changes to its ongoing efforts to develop its eSports platform and mobile applications, although it has paused operations due to financial constraints.

Operationally, AppSoft Technologies has faced challenges in scaling its business. The company currently has one full-time employee and relies on independent contractors to manage costs. As of June 30, 2025, the company reported a working capital deficit of $38,782, slightly worse than the $36,092 deficit reported at the end of 2024. The company has also been actively borrowing to fund its operations, with $53.3 million raised through financing activities in the first half of 2025, compared to $24.7 million in the same period of 2024.

Looking ahead, AppSoft Technologies has expressed concerns regarding its ability to continue as a going concern, given its accumulated deficit of $1.07 million and ongoing cash flow challenges. The company is exploring options for additional equity funding and is focused on maintaining a manageable level of corporate overhead. However, it acknowledges that its future operations depend heavily on securing significant additional financing, which may not be available on favorable terms. The company’s management has indicated that without adequate funding, it may be unable to develop or enhance its services, potentially leading to further operational limitations.