Appsoft Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Appsoft Technologies, Inc. has filed its 2023 10-K report detailing financial statements and corporate structure.</b>

AI Summary

Appsoft Technologies, Inc. (ASFT) filed a Annual Report (10-K) with the SEC on April 11, 2024. Appsoft Technologies, Inc. filed its annual report for the fiscal year ending December 31, 2023. The company is incorporated in Nevada and operates in the prepackaged software industry (SIC 7372). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Retained Earnings, Additional Paid-In Capital, Preferred Stock, and Common Stock are detailed for these periods. The report references various preferred stock series, including Series A Preferred Stock and Series ACumulative Convertible Preferred Stock.

Why It Matters

For investors and stakeholders tracking Appsoft Technologies, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Appsoft Technologies' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of equity accounts and preferred stock series offers insight into the company's capital structure and potential shareholder rights, which can impact investment decisions.

Risk Assessment

Risk Level: low — Appsoft Technologies, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and equity structure within the 10-K to understand Appsoft Technologies' financial position and capital composition.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-11 — Filing Date (Date of submission)
• 4504103 — Value (Associated with a financial figure)
• 1936000 — Value (Associated with financial figures across multiple years)

Key Players & Entities

• Appsoft Technologies, Inc. (company) — Filer name
• 7372 (industry) — Standard Industrial Classification
• NV (location) — State of Incorporation
• NY (location) — State of Business Address
• 5162247717 (phone) — Business Phone
• BryanSecuritiesGlassMember (entity) — Associated entity
• VentureoLLCMember (entity) — Associated entity
• SeriesAPreferredStockMember (security) — Preferred stock type

FAQ

Industry Context

Appsoft Technologies operates within the Services-Prepackaged Software industry, a sector characterized by the development and distribution of software products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the consolidated balance sheets for the fiscal years ended December 31, 2023, and 2022.
2. Review the statements of stockholders' equity for the periods presented to understand changes in capital accounts.
3. Examine any notes to the financial statements for further details on accounting policies and significant transactions.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-11: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, following previous filings which would include quarterly reports and potentially prior annual reports.

Key Financial Figures

• $0.001 — Exchange Act: common stock, par value $0.001 per share (Title of Class) Indicate
• $1.72 billion — sports market is projected to grow from $1.72 billion in 2023 to $6.75 billion by 2030, exhib
• $6.75 billion — d to grow from $1.72 billion in 2023 to $6.75 billion by 2030, exhibiting a compound annual g
• $345 million — ttle arena video game, has awarded over $345 million of prize money across 1879 tournaments

Filing Documents

• asft_10k.htm (10-K) — 572KB
• asft_ex311.htm (EX-31.1) — 10KB
• asft_ex312.htm (EX-31.2) — 10KB
• asft_ex321.htm (EX-32.1) — 3KB
• 0001477932-24-001977.txt (&nbsp;) — 2119KB
• asft-20231231.xsd (EX-101.SCH) — 22KB
• asft-20231231_lab.xml (EX-101.LAB) — 129KB
• asft-20231231_cal.xml (EX-101.CAL) — 22KB
• asft-20231231_pre.xml (EX-101.PRE) — 103KB
• asft-20231231_def.xml (EX-101.DEF) — 43KB
• asft_10k_htm.xml (XML) — 138KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 10 ITEM 1C CYBERSECURITY ITEM 2.

PROPERTIES

PROPERTIES 10 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 10 ITEM 4. MINE SAFETY DISCLOSURES 10 PART II 11 ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES 11 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 11 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 11 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 17 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 17 ITEM 9B. OTHER INFORMATION 18 PART III 19 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 19 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 21 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. 22 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 22 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 23 PART IV 24 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 24

SIGNATURES

SIGNATURES 28 2 Table of Contents CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS Throughout this Annual Report, we make "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "plan," "continue," "believe," "expect," "anticipate," "target," "should," "could," "potential," "opportunity," "goal," or similar terminology. The forward-looking statements contained in this Annual Report are generally located in the material set forth under the headings "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" but may be found in other locations as well. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things: our ability to access additional financing; our ability to launch and enhance games that attract and retain a significant number of paying players; expectations of growth in total consumer spending on gaming and esports; our reliance on third-party platforms and our ability to track data on those platforms; our ability to adapt to, and offer games that keep pace with, changing technology and evolving industry standards; competition; our ability to attract skilled employees with creative and technical backgrounds; our dependence on independent game developers and esports content creators; protection of our proprietary information and intellectual property; security and integrity of our games a

BUSINESS

ITEM 1. BUSINESS General AppSoft Technologies, Inc. ("we," "us" or the "Company") develops, publishes and markets mobile software applications for smartphones and tablet devices ("Apps") and owns and operates Esportsreporter.com, a news channel for esports enthusiasts. Esports, short for "electronic sports," is a general label that comprises competitive electronic games that gamers play against each other. We have discontinued publishing Apps for the last year for lack of the financial resources required to promote our products. When we recommence publishing Apps, we expect to generate revenue from downloads of our paid Apps and from advertisements published on our ad supported titles. We own a portfolio comprising over 200 Apps titles including games designed to appeal to a broad spectrum of consumers. Consumers download our Apps through the Apple App Store, a direct-to-consumer digital storefront. During the first quarter of 2022, we launched a video game incubator, Gamerfy.com, through which we intend to identify, develop and commercialize new games conceived by third-party developers. We may purchase App titles directly from developers or enter into agreements with third-party developers to sell us titles under development or to create new Apps for us. Over the last several years, we have not developed, acquired or released any new App titles because of our lack of financial resources. During 2023, we focused our development efforts on our esports segments, which include an e-gaming platform and a digital publication titled "Esportsreporter," a news channel covering esports and professional gaming. We have generated only minimal revenue from our esports platform, all of which has been derived from paid advertising. Over the last decade, mobile devices, including smartphone and tablets, have proliferated extensively around the world across a wide range of demographic groups. The mobile Apps industry has experienced corresponding growth in the number of

View Full Filing

View this 10-K filing on SEC EDGAR