Wed, May 22, 8:20 PM (412 days ago)
Apple iSports Group Inc. (formerly Prevention Insurance.Com) filed an amended quarterly report (10-Q/A) for the period ending June 30, 2023, restating certain financials due to errors in accounting for research and development intellectual property rights and misreporting the number of outstanding shares. The restatement resulted in significant adjustments to accounts payable, accumulated deficit, and stockholders' equity. For the quarter, the company reported no revenue and an operating loss of $1,688,426, primarily due to increased R&D expenses and higher operating costs. Cash flow from operations was negative at $665,307, while financing activities provided $625,742, mainly from related party loans and stock issuance. The company’s current liabilities significantly increased to $3,243,010, reflecting higher accounts payable and related party loans. The restatement and ongoing financial challenges raise substantial doubt about the company's ability to continue as a going concern. Management plans to seek additional capital but provides no assurance of success. Future operations will be impacted by the need for continued financing and the resolution of internal control weaknesses.