AAPIHIGH SIGNALOPERATIONAL10-K

Apple iSports (AAPI) has fundamentally pivoted away from its Australian and Tribal-lands sports betting strategy toward a broader digital sports betting and gaming platform, while operating losses roughly doubled and stockholders' equity remains deeply negative.

The removal of all references to Australian licensing, North Dakota ADW approval, and the Americrew broadband partnership signals a complete abandonment of the company's previously disclosed go-to-market strategy, replaced by vague aspirational language about "convergence between technology, gaming, media, and entertainment." For investors, this represents a material strategic reset with no disclosed revenue path, no regulatory approvals cited, and no completed product — the platform is explicitly described as not yet complete. The share count increase to 219,784,477 (from 219,715,851) suggests continued dilution, consistent with a cash-burning development-stage company with no visible path to profitability.

Comparing 2026-04-10 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

Operating losses deteriorated substantially year-over-year, with operating income moving from -$3.4M to -$6.6M, signaling meaningfully higher cash burn despite a modest 26.4% reduction in SG&A expense to $533K — suggesting the cost containment measures are insufficient to offset broader operational losses. Operating cash outflow improved modestly to -$1.7M from -$2.4M, and interest expense declined by roughly half to $47K, offering marginal positives. However, stockholders' equity remains deeply negative at -$4.1M, and the overall picture is one of a pre-revenue company burning through capital while simultaneously dismantling its existing strategic framework — a combination that presents material risk to investors.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-92.8%
-$3.4M→-$6.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Interest Expense
P&L
-48.6%
$92K→$47K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
+36.2%
-$6.4M→-$4.1M

Equity base grew 36.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+29.4%
-$2.4M→-$1.7M

Operating cash flow grew 29.4% — strong conversion of earnings to cash, healthy business fundamentals.

SG&A Expense
P&L
-26.4%
$724K→$533K

SG&A reduced 26.4% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-04-10
PRIOR — 2025-04-01
ADDED
employer incorporation or formation) Identification No.) 100 Spectrum Center Dr.
As of April 10, 2026, there were 219,784,477 shares of Common Stock, $0.0001 par value per share, outstanding.
AiS has been engaged in the development of a digital sports betting and gaming platform.
Our platform, when complete, will provide users with sports content, racing, and sports betting, and sport streaming solutions.
We aim to create excitement and engagement and deliver the best experiences that enhance sports fandom.
Apple iSports is at the forefront of the convergence between technology, gaming, media, and entertainment, particularly as the boundaries between sports, wagering, and entertainment continue to blur.
Through our strategic business acquisitions and partnerships, we aim to address the critical infrastructure and connectivity gaps in today s rapidly evolving digital landscape.
As demand for high-speed access to content via broadband, cellular, and satellite networks continues to surge, our mission is to enhance and expand the underlying systems that power next-generation media consumption.
This investment in infrastructure not only ensures seamless streaming and interactive experiences for fans but also empowers athletes and content creators with the tools and platforms to reach broader audiences and unlock new monetization opportunities, such as iGaming opportunities and other forms of engagement.
AiS is seeking an Online Bookmaking License in Australia through the Northern Territory Racing Commission, which will enable racing and sports betting throughout the country, one of the most mature legal betting markets in the world.
REMOVED
employer incorporation or formation) Identification No.) 100 Spectrum Center Dr .
As of April 1, 2025, there were 219,715,851 shares of Common Stock, $0.0001 par value per share, outstanding.
AiS has been engaged in developing a fixed odds and live streaming sports betting application targeting the Australian online sports betting market.
Our formal licensing application with NTRWC is contingent upon board approval for funding Australian betting operations.
In the USA, AiS has been engaged in developing a multi-tenancy Class II, Class III and sports betting platform targeting Tribal lands - supported by provisioning broadband private LTE networks through a strategic partnership with Americrew.
In addition, we have been approved by the North Dakota Racing Commission in the State of North Dakota as an (ADW) provider, which, subject to the approval of the Thoroughbred Racing Protective Bureau (discussed below), will allow us to provide pari-mutuel betting on horse racing in North Dakota and in 20 additional U.S.
As of the date of this filing, we do not have an online sports betting license in any state in the U.S.
(initially in North Dakota and such other states where we intend to become licensed, as well as deploying gaming solutions in Tribal Lands).
From December 2021 to October 2022, we developed our Go-to Market outline and marketing strategy, including identifying preferred suppliers for each product and initiating relationships with key suppliers and consultants; In June 2022, we submitted our application to the North Dakota Racing Commission for an (ADW) license, subject to the approval of the Thoroughbred Racing Protective Bureau.
Completion of the TRPB examination is required to receive a state-issued ADW; This will be concluded subsequent to closing the capital raising.
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