Apple iSports Group Reports No Revenue for Fiscal Year 2024, Improves Net Loss

Apple iSports Group, Inc. reported no revenues for the fiscal year ending December 31, 2024, maintaining the same status as the previous year. The company recorded total operating expenses of $3,419,426, a decrease of 6% from $3,603,110 in 2023. The reduction in expenses was primarily attributed to a decrease in corporate costs and marketing-related expenses, despite an increase in consulting and professional fees associated with the ongoing development of its digital sports betting platform. The net loss for the year was $2,821,336, compared to a loss of $3,678,323 in 2023, reflecting a significant improvement in operational efficiency.

The company’s working capital deficit increased to $6,539,584 as of December 31, 2024, from $5,307,174 in the prior year, largely due to rising accounts payable and accrued expenses. Apple iSports Group has been actively seeking funding to support its operations, having raised approximately $2,744,900 through private placements and loans from related parties totaling over $3,597,442 since its inception. The company’s cash position improved slightly, ending the year with $42,167 in cash and cash equivalents, compared to $673 at the end of 2023.

Strategically, Apple iSports Group has focused on developing a digital sports betting and gaming platform, which is expected to enhance user engagement and sports fandom. The company is licensed in North Dakota as an Advance Deposit Wagering (ADW) provider, with plans to expand into additional states. The company has also initiated brand awareness campaigns in Australia and is in the process of establishing separate websites for its U.S. and Australian markets. As of December 31, 2024, the company had 608 holders of common stock and had not issued any preferred stock.

In terms of operational developments, Apple iSports Group has made significant strides in its organizational structure, including the approval of a 2024 Stock Incentive Plan that allows for the issuance of up to 20 million shares of common stock and 15,275,000 stock options to employees and consultants. The company has also appointed new board members to enhance its governance structure. However, the company continues to face challenges, including a substantial accumulated deficit of $13,258,949 and ongoing reliance on related party financing to meet its operational needs.

Looking ahead, Apple iSports Group anticipates requiring $5.5 million in funding over the next 12 months to fully implement its business plan, which includes the completion of its sportsbook and app development, marketing efforts, and potential acquisitions. The company acknowledges the uncertainty surrounding its ability to secure the necessary capital and the potential impact on its operations if it fails to do so. The management remains focused on developing additional sources of funding and achieving profitable operations as it moves forward.