AppTech Payments Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AppTech Payments Corp. has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

AppTech Payments Corp. (APCXW) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. AppTech Payments Corp. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. AppTech Payments Corp. was formerly known as AppTech Corp., Natural Nutrition Inc., and CSI Business Finance, Inc. The company's business address is 5876 Owens Avenue, Suite 100, Carlsbad, CA 92008.

Why It Matters

For investors and stakeholders tracking AppTech Payments Corp., this filing contains several important signals. This filing provides investors with the latest financial data for AppTech Payments Corp., crucial for understanding its current performance and future prospects. The 10-Q report is a standard quarterly filing that offers a comprehensive overview of the company's financial health, including revenues, expenses, and balance sheet information.

Risk Assessment

Risk Level: low — AppTech Payments Corp. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or opportunities.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess AppTech Payments Corp.'s operational performance and financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 2023-03-31 — Prior Year Period End Date (Comparison period)

Key Players & Entities

• AppTech Payments Corp. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 7372 (other) — Standard Industrial Classification
• CA (location) — State of incorporation
• 1231 (date) — Fiscal year end
• 5876 Owens Avenue, Suite 100, Carlsbad, CA 92008 (address) — Business address

FAQ

Industry Context

AppTech Payments Corp. operates within the prepackaged software industry, as indicated by its SIC code 7372.

Regulatory Implications

The filing is a Form 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics for Q1 2024.
2. Review any disclosed risk factors or legal proceedings that may impact the company.
3. Compare the current quarter's performance to the same period in the previous year, if comparative data is available.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share APCX Nasdaq Capit
• $18.0 million — ng an aggregate offering price of up to $18.0 million through "at-the-market" offerings (ATM)
• $75,000 — e paid. According to the revised terms, $75,000 is due on or before January 31, 2024; $
• $300,000 — 0 is due on or before January 31, 2024; $300,000 on or before February 29, 2024; and $37
• $375,000 — 000 on or before February 29, 2024; and $375,000 on or before May 31, 2024. On March 1,
• $150,000 — payment made on March 8, 2024, and the $150,000 due by June 21, 2024. Further payments
• $250,000 — may exceed federally insured limits of $250,000 per institution that pays Federal Depos

Filing Documents

• apptech_i10q-033124.htm (10-Q) — 588KB
• apptech_ex3101.htm (EX-31.1) — 14KB
• apptech_ex3102.htm (EX-31.2) — 13KB
• apptech_ex3201.htm (EX-32.1) — 4KB
• apptech_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-003412.txt (&nbsp;) — 3820KB
• apcx-20240331.xsd (EX-101.SCH) — 30KB
• apcx-20240331_cal.xml (EX-101.CAL) — 42KB
• apcx-20240331_def.xml (EX-101.DEF) — 171KB
• apcx-20240331_lab.xml (EX-101.LAB) — 300KB
• apcx-20240331_pre.xml (EX-101.PRE) — 260KB
• apptech_i10q-033124_htm.xml (XML) — 398KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30 Part II Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 33 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND PROJECTIONS Various statements in this Quarterly on Form 10-Q of AppTech Payments Corp. (we, our, AppTech or the Company) are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are subject to risks and uncertainties and are based on information currently available to our management. Words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "contemplates," "predict," "project," "target," "likely," "potential," "continue," "ongoing," "will," "would," "should," "could," or the negative of these terms and similar expressions or words, identify forward-looking statements. The events and circumstances reflected in our forward-looking statements may not occur and actual results could differ materially from those projected in our forward-looking statements. Meaningful factors that could cause actual results to differ include: delays and uncertainty associated with the boarding of clients onto our platform; substantial investment and costs associated with new potential revenue streams and their corresponding contractual obligations; a slowdown or reduction in our sales due to a reduction in end user demand, unanticipated competition, regulatory issues, or other unexpected circumstances; uncertainty regarding adverse macroeconomic conditions, including inflation, a recession, changes to fiscal and monetary policy, tighter credit, higher interest rates, consumer confidence and spending, and high unemployment; dependence on third-parties needed to facilitate our aut

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements APPTECH PAYMENTS CORP. CONSOLIDATED FINANCIAL STATEMENTS INDEX TO UNAUDITED FINANCIAL STATEMENTS (The financial statements have been condensed for presentation purposes) Pages Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 8 Notes to the Consolidated Financial Statements 9 4 APPTECH PAYMENTS CORP. CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (UNAUDITED) (in thousands, except shares and per share data) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 1,553 $ 1,281 Accounts receivable 22 30 Prepaid expenses 185 205 Total current assets 1,760 1,516 Note receivable 26 26 Right of use asset 66 66 Security deposit 9 9 Intangible assets, net of accumulated amortization 4,173 4,428 Goodwill 1,161 1,161 Capitalized software development, net of accumulated amortization 1,055 1,147 TOTAL ASSETS $ 8,250 $ 8,353 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,865 $ 1,680 Accounts payable - related party 102 119 Accrued liabilities 1,868 1,958 Notes payable 1 1 Deferred revenue 182 244 Right of use liability 87 78 Total current liabilities 4,105 4,080 Long-term liabilities Right of use liability, net of current portion – 14 Notes payable, net of current portion 63 65 Total long-term liabilities 63 79 TOTAL LIABILITIES 4,168 4,159 Commitments and contingencies (Note 7) – – Stockholders' equity Series A preferred stock; $ 0.001 par value; 10,526 shares authorized; 14 shares issued and outstanding at March 31, 2024 and Dec

View Full Filing

View this 10-Q filing on SEC EDGAR