Apple iSports Group, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Apple iSports Group, Inc. has filed its 2023 10-K annual report detailing its business operations and financial information.</b>

AI Summary

Apple iSports Group, Inc. (AAPI) filed a Annual Report (10-K) with the SEC on April 22, 2024. Apple iSports Group, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 100 Spectrum Center Drive, Suite 900, Irvine, CA 920618. The company was formerly known as PREVENTION INSURANCE COM and PREVENTION INSURANCE COM INC. Key dates include a name change to Apple iSports Group, Inc. on April 8, 2022. The filing covers operations in both Australia and the United States.

Why It Matters

For investors and stakeholders tracking Apple iSports Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Apple iSports Group's financial performance and business activities for the fiscal year 2023, crucial for investors assessing the company's current standing. The report details the company's operational segments in Australia and the United States, offering insights into its geographical market presence and potential for growth or challenges in these regions.

Risk Assessment

Risk Level: low — Apple iSports Group, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and business disclosures without immediate red flags.

Analyst Insight

Review the full 10-K filing to understand the company's financial health, operational segments, and any disclosed risks or strategic initiatives for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-22 — Filing Date (As of date)
• 000-32389 — SEC File Number (SEC file number)
• 880126444 — IRS Number (IRS number)

Key Players & Entities

• Apple iSports Group, Inc. (company) — Filer name
• PREVENTION INSURANCE COM (company) — Former company name
• PREVENTION INSURANCE COM INC (company) — Former company name
• NV (company) — State of incorporation
• Irvine (company) — Business address city
• Australia (company) — Geographic segment
• United States (company) — Geographic segment
• ABA Investment Group Pty Ltd (company) — Related entity

FAQ

Industry Context

Apple iSports Group, Inc. operates within the insurance agents, brokers, and services industry (SIC code 6411).

Regulatory Implications

The filing is a standard 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and other key financial metrics.
2. Review the business description section to understand the company's operational segments and strategies in Australia and the United States.
3. Examine any disclosed risk factors or management's discussion and analysis for potential challenges and opportunities.

Key Dates

• 2024-04-22: 10-K Filing — Filing of the annual report for fiscal year 2023.
• 2022-04-08: Name Change — Company changed name to Apple iSports Group, Inc.

Year-Over-Year Comparison

This is the initial 10-K filing for Apple iSports Group, Inc. under its current name, following previous filings under former names.

Key Financial Figures

• $0.0001 — ection 12(g) of the Act: Common Stock, $0.0001 par value per share (Title of class)
• $1,400,000 — pany and (ii) we received approximately $1,400,000 in private placement funding and receiv
• $2,700,000 — loans from related parties in excess of $2,700,000; From December 2021 to October 2022, w

Filing Documents

• aapi_10k.htm (10-K) — 866KB
• appi_ex21.htm (EX-21.1) — 1KB
• aapi_ex311.htm (EX-31.1) — 25KB
• aapi_ex321.htm (EX-32.1) — 5KB
• aapi_10kimg24.jpg (GRAPHIC) — 47KB
• aapi_10kimg27.jpg (GRAPHIC) — 14KB
• aapi_10kimg26.jpg (GRAPHIC) — 5KB
• aapi_10kimg25.jpg (GRAPHIC) — 38KB
• aapi_10kimg19.jpg (GRAPHIC) — 15KB
• aapi_10kimg20.jpg (GRAPHIC) — 27KB
• aapi_10kimg21.jpg (GRAPHIC) — 26KB
• aapi_10kimg22.jpg (GRAPHIC) — 42KB
• aapi_10kimg23.jpg (GRAPHIC) — 41KB
• 0001477932-24-002287.txt (&nbsp;) — 3814KB
• aapi-20231231.xsd (EX-101.SCH) — 25KB
• aapi-20231231_lab.xml (EX-101.LAB) — 156KB
• aapi-20231231_cal.xml (EX-101.CAL) — 32KB
• aapi-20231231_pre.xml (EX-101.PRE) — 141KB
• aapi-20231231_def.xml (EX-101.DEF) — 63KB
• aapi_10k_htm.xml (XML) — 365KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6 [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements

Financial Statements F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 38 PART III Item 10. Directors, Executive Officers, and Corporate Governance 39 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accountant Fees and Services 43 Item 15. Exhibits, Financial Statement Schedules 44

SIGNATURES

SIGNATURES 46 CERTIFICATIONS 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements made in this Annual Report on Form 10-K are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the Registrant to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Registrant's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Registrant. Although the Registrant believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Registrant or any other person that the objectives and plans of the Registrant will be achieved. The forward-looking statements are not meant to predict or guarantee actual results, performance, events, or circumstances and may not be realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and

Business

Item 1. Business. Background Prevention Insurance.Com (the "Company") was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com. On August 31, 2023, the Company amended its Articles of Incorporation with the Nevada Secretary of State to effect the name change of the Company to Apple iSports Group, Inc. 4 Table of Contents DESCRIPTION OF OUR BUSINESS Our corporate structure is depicted below: Industry Terms . Pari-mutuel Betting - All the bets/money placed on an event are aggregated into a single pool of money, the "take-out" (by the totalizator operator) is subtracted and dividends (distribution to bettors) are calculated by dividing the pool between winning bets based on their odds. The returns are subject to the calculation of dividends after the conclusion of the race. Before the market closes, approximate dividends can be displayed, but the final dividend can change after wagers are placed. Typically, pari-mutuel betting is used in thoroughbred horse racing, greyhound racing, and harness racing, among others races and other events. Tote Derivative - Bets are paid out at a price declared by one or more pari-mutuel (totalizator) providers. Typically, this type of betting is seen in exotic bets (trifectas, quinellas, daily doubles, etc.) in racing. Fixed Odds Betting – The oddsmakers set odds for bettors to wager on. Once bettors place their wagers, they're locked into the odds that they've chosen. So, when bettors place their bets, they know their return in the event of a winning bet. This type of betting is the most common type seen in sporting events. Advanced Deposit Wagering (ADW) – the type of account where the bettor (customer) must fund before placing a wager. Apple iSports Business History On May 29, 2019, Apple iSports, Inc. ("AiS") was incorporated in Delaware. On November 9, 2021, AiS incorpo

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View this 10-K filing on SEC EDGAR