Apple iSports Group Restates Financials
Ticker: AAPI · Form: 8-K · Filed: Jan 7, 2025 · CIK: 1134982
Sentiment: bearish
Topics: restatement, financial-reporting, non-reliance
TL;DR
Apple iSports Group's old financials are trash, don't trust 'em.
AI Summary
Apple iSports Group, Inc. announced on December 27, 2024, that previously issued financial statements should not be relied upon. This follows a determination that certain financial reporting matters require restatement, impacting periods prior to December 27, 2024. The company is working to address these issues and will file amended financial statements.
Why It Matters
Investors should be aware that past financial reports from Apple iSports Group are no longer considered reliable, potentially impacting investment decisions based on historical performance.
Risk Assessment
Risk Level: high — Non-reliance on previously issued financial statements indicates significant accounting or reporting issues that could lead to material restatements and investor uncertainty.
Key Players & Entities
- Apple iSports Group, Inc. (company) — Registrant
- December 27, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- 000-32389 (commission_file_number) — SEC File Number
- 88-0126444 (irs_number) — IRS Employer Identification No.
FAQ
What is the primary reason for this 8-K filing?
The primary reason is to announce that previously issued financial statements should not be relied upon due to accounting or reporting matters requiring restatement.
What is the exact date of the earliest event reported?
The date of the earliest event reported is December 27, 2024.
Which company is filing this report?
Apple iSports Group, Inc. is filing this report.
In which state is Apple iSports Group, Inc. incorporated?
Apple iSports Group, Inc. is incorporated in Nevada.
What is the SEC file number for Apple iSports Group, Inc.?
The SEC file number for Apple iSports Group, Inc. is 000-32389.
Filing Stats: 593 words · 2 min read · ~2 pages · Grade level 12.2 · Accepted 2025-01-07 17:04:43
Key Financial Figures
- $1.25 — private placement previously issued at $1.25 per share for a total of 80,000 shares
- $0.25 — e-pricing dropped the purchase price to $0.25 per share which resulted in the issuanc
- $80,000 — ncreased the net loss for the period by $80,000. On December 27, in connection with the
- $280,609 — e expenses were incorrectly recorded as $280,609 when the actual amount was $360,609 and
- $360,609 — as $280,609 when the actual amount was $360,609 and as of June 30, 2024 for the three m
- $141,617 — e expenses were incorrectly recorded as $141,617 when the actual amount was $221,617. M
- $221,617 — as $141,617 when the actual amount was $221,617. Management has thoroughly discussed w
Filing Documents
- aapi_8k.htm (8-K) — 22KB
- 0001477932-25-000093.txt ( ) — 137KB
- aapi-20241227.xsd (EX-101.SCH) — 6KB
- aapi-20241227_lab.xml (EX-101.LAB) — 13KB
- aapi-20241227_cal.xml (EX-101.CAL) — 1KB
- aapi-20241227_pre.xml (EX-101.PRE) — 8KB
- aapi-20241227_def.xml (EX-101.DEF) — 2KB
- aapi_8k_htm.xml (XML) — 4KB
02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. The Company has previously filed its Form 10-Q for the quarterly periods ended June 30, 2024 ("Previously Issued Financial Statements") During the quarter ended June 30, 2024, the Company re-priced a private placement previously issued at $1.25 per share for a total of 80,000 shares of common stock which were not properly accounted for in the Previously Issued Financial Statements. The re-pricing dropped the purchase price to $0.25 per share which resulted in the issuance of 320,000 additional shares of common stock and increased the net loss for the period by $80,000. On December 27, in connection with the Company's review and filing of its September 30, 2024 financial statements with our current independent auditor, the Company's management concluded that the Company's Previously Issued Financial Statements should be restated and no longer relied upon due to the Company not appropriately accounting for the total number of common shares outstanding and the amount of corporate expenses. As of June 30, 2024, the issued and outstanding shares of common stock were incorrectly reflected as 207,964,211 shares when the actual number of outstanding shares was 208,484,211. In addition, as of June 30, 2024 for the six months ended, corporate expenses were incorrectly recorded as $280,609 when the actual amount was $360,609 and as of June 30, 2024 for the three months ended, corporate expenses were incorrectly recorded as $141,617 when the actual amount was $221,617. Management has thoroughly discussed with the Company's current independent auditor the matters disclosed in the filing pursuant to this Item 4.02(a). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Apple iSports Group, Inc. (Registrant)