AppTech Payments Corp. Files Q2 2024 10-Q

TL;DR

AppTech Payments Corp. filed its Q2 2024 10-Q, check financials.

AI Summary

AppTech Payments Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors with a crucial update on AppTech Payments Corp.'s financial health and operational progress during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's current financial health and future prospects.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 2024-06-30 — End of Fiscal Period (The 10-Q covers financial data up to this date.)
• 2023-12-31 — Previous Year End (Comparative data may be presented against this date.)

Key Players & Entities

• AppTech Payments Corp. (company) — Filer of the 10-Q
• 0001070050 (company) — Central Index Key for AppTech Payments Corp.
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Filing date
• Carlsbad, CA (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share APCX Nasdaq Capit
• $4.15 — of common stock at an exercise price of $4.15 APCXW Nasdaq Capital Market Securit
• $10 — 958 Notes payable, net of discount of $10 and $0, respectively 191 1 Deferred
• $0 — tes payable, net of discount of $10 and $0, respectively 191 1 Deferred revenu
• $18.0 million — ng an aggregate offering price of up to $18.0 million through "at-the-market" (ATM) offerings
• $250,000 — may exceed federally insured limits of $250,000 per institution that pays Federal Depos

Filing Documents

• apptech_i10q-063024.htm (10-Q) — 671KB
• 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
• 0001683168-24-005596.txt ( ) — 4131KB
• apcx-20240630.xsd (EX-101.SCH) — 32KB
• apcx-20240630_cal.xml (EX-101.CAL) — 43KB
• apcx-20240630_def.xml (EX-101.DEF) — 188KB
• apcx-20240630_lab.xml (EX-101.LAB) — 308KB
• apcx-20240630_pre.xml (EX-101.PRE) — 277KB
• apptech_i10q-063024_htm.xml (XML) — 434KB

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 29 Part II Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

Signatures

Signatures 35 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) Page Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 8 Notes to the Consolidated Financial Statements 9 4 APPTECH PAYMENTS CORP. CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (UNAUDITED) (in thousands, except shares and per share data) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 16 $ 1,281 Accounts receivable 15 30 Prepaid expenses 297 205 Total current assets 328 1,516 Note receivable 26 26 Right of use asset 48 66 Security deposit 19 9 Intangible assets, net of accumulated amortization 3,919 4,428 Goodwill 1,161 1,161 Capitalized software development, net of accumulated amortization 963 1,147 TOTAL ASSETS $ 6,464 $ 8,353 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,480 $ 1,680 Accounts payable - related party 102 119 Accrued liabilities 1,675 1,958 Notes payable, net of discount of $10 and $0, respectively 191 1 Deferred revenue 150 244 Right of use liability 63 78 Total current liabilities 4,661 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 4,724 4,159 Commitments and contingencies (Note 7) – – Stockholders' equity Preferred stock: 100,000 shares authorized at June 30, 2024 and December 31, 202

View Full Filing

View this 10-Q filing on SEC EDGAR