$APCX
AppTech Payments Corp.

2024 Q3 Form 10-Q Financial Statement

#000168316824005596 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $43.00K $76.00K
YoY Change -69.29% -43.28%
Cost Of Revenue $24.00K $14.00K
YoY Change -45.45% -77.42%
Gross Profit $19.00K $62.00K
YoY Change -80.21% -13.89%
Gross Profit Margin 44.19% 81.58%
Selling, General & Admin $1.867M $2.320M
YoY Change -16.28% -17.61%
% of Gross Profit 9826.32% 3741.94%
Research & Development $2.000K $633.0K
YoY Change -99.73% 27.11%
% of Gross Profit 10.53% 1020.97%
Depreciation & Amortization $346.0K $346.0K
YoY Change 188.33% 18.09%
% of Gross Profit 1821.05% 558.06%
Operating Expenses $1.869M $2.953M
YoY Change -37.24% -68.73%
Operating Profit -$1.850M -$2.891M
YoY Change -35.81% -69.16%
Interest Expense -$169.0K -$32.00K
YoY Change -1166.67%
% of Operating Profit
Other Income/Expense, Net -$175.0K -$31.00K
YoY Change 1844.44% -110.69%
Pretax Income -$2.025M -$2.922M
YoY Change -29.96% -67.83%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.025M -$2.922M
YoY Change -29.96% -67.83%
Net Earnings / Revenue -4709.3% -3844.74%
Basic Earnings Per Share -$0.08 -$0.12
Diluted Earnings Per Share -$0.08 -$0.12
COMMON SHARES
Basic Shares Outstanding 25.11M shares 24.68M shares
Diluted Shares Outstanding 25.89M shares 24.77M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0K $16.00K
YoY Change -58.4% -97.86%
Cash & Equivalents $104.0K $16.00K
Short-Term Investments
Other Short-Term Assets $196.0K $297.0K
YoY Change -38.75% -10.81%
Inventory
Prepaid Expenses $196.0K $297.0K
Receivables $12.00K $15.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $312.0K $328.0K
YoY Change -62.32% -78.48%
LONG-TERM ASSETS
Property, Plant & Equipment $29.00K $48.00K
YoY Change -63.75% -50.52%
Goodwill $1.161M $1.161M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.00K $19.00K
YoY Change 90.0% 111.11%
Total Long-Term Assets $6.302M $6.136M
YoY Change 290.22% 259.67%
TOTAL ASSETS
Total Short-Term Assets $312.0K $328.0K
Total Long-Term Assets $6.302M $6.136M
Total Assets $6.614M $6.464M
YoY Change 170.73% 100.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.484M $2.480M
YoY Change 350.0% 418.83%
Accrued Expenses $1.691M $1.675M
YoY Change 397.35% 189.79%
Deferred Revenue
YoY Change
Short-Term Debt $1.000K $191.0K
YoY Change 19000.0%
Long-Term Debt Due $687.0K
YoY Change
Total Short-Term Liabilities $5.153M $4.661M
YoY Change 237.24% 205.64%
LONG-TERM LIABILITIES
Long-Term Debt $62.00K $63.00K
YoY Change -11.43% -5.97%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $62.00K $63.00K
YoY Change -37.37% -46.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.153M $4.661M
Total Long-Term Liabilities $62.00K $63.00K
Total Liabilities $5.215M $4.724M
YoY Change 220.53% 187.52%
SHAREHOLDERS EQUITY
Retained Earnings -$167.7M -$165.7M
YoY Change 7.28% 7.97%
Common Stock $27.00K $25.00K
YoY Change 42.11% 31.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.399M $1.740M
YoY Change
Total Liabilities & Shareholders Equity $6.614M $6.464M
YoY Change 170.73% 100.12%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.025M -$2.922M
YoY Change -29.96% -67.83%
Depreciation, Depletion And Amortization $346.0K $346.0K
YoY Change 188.33% 18.09%
Cash From Operating Activities -$1.067M -$1.737M
YoY Change -5.58% -26.58%
INVESTING ACTIVITIES
Capital Expenditures $557.0K
YoY Change 1014.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K
YoY Change
Cash From Investing Activities -$567.0K
YoY Change 1034.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.722M 200.0K
YoY Change 153.24% -171.68%
NET CHANGE
Cash From Operating Activities -1.067M -1.737M
Cash From Investing Activities -567.0K
Cash From Financing Activities 1.722M 200.0K
Net Change In Cash 88.00K -1.537M
YoY Change -117.6% -41.89%
FREE CASH FLOW
Cash From Operating Activities -$1.067M -$1.737M
Capital Expenditures $557.0K
Free Cash Flow -$1.624M
YoY Change 37.63%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
6131000 usd
apcx Gain On Settlement Of Derivative Liabilities
GainOnSettlementOfDerivativeLiabilities
0 usd
apcx Gain On Settlement Of Derivative Liabilities
GainOnSettlementOfDerivativeLiabilities
-250000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
17000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
4000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
693000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
586000 usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
0 usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-27000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-16000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
391000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
102000 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-454000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
781000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
129000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-283000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1447000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-94000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
390000 usd
apcx Increase Decrease Right Of Use Asset And Liability
IncreaseDecreaseRightOfUseAssetAndLiability
-10000 usd
apcx Increase Decrease Right Of Use Asset And Liability
IncreaseDecreaseRightOfUseAssetAndLiability
-4000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3901000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5416000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
200000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
-0 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
88000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2438000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4490000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1020000 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
-0 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
679000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2636000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2703000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1265000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-2713000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1281000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3462000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
749000 usd
us-gaap Interest Paid Net
InterestPaidNet
2000 usd
us-gaap Interest Paid Net
InterestPaidNet
1429000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
apcx Issuance Of Stock For Prepaid Services
IssuanceOfStockForPrepaidServices
111000 usd
apcx Issuance Of Stock For Prepaid Services
IssuanceOfStockForPrepaidServices
234000 usd
apcx Common Stock Issued With Note Payable
CommonStockIssuedWithNotePayable
27000 usd
apcx Cancellation Of Stock Repurchase Liability
CancellationOfStockRepurchaseLiability
0 usd
apcx Cancellation Of Stock Repurchase Liability
CancellationOfStockRepurchaseLiability
430000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zsuFctJqfb3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_86B_zi1VvZ1GavUc">Use of Estimates</span></span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company makes critical estimates and assumptions in valuing: stock-based awards, intangible assets and the related goodwill impairment test. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zsj5d3z4KHJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_86E_zd3abOQtxfbj">Prior Period Reclassifications</span></span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, the Company reclassified ‘Accounts Payable - Related Party’ from ‘Accounts Payable’ within the consolidated balance sheet. As a result, ‘Accounts Payable - Related Party’ is presented separately as of June 30, 2024 and December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zXnn0uXeUvGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_86D_zhqRD8ohn2Ph">Concentration of Credit Risk</span></span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits of $250,000 per institution that pays Federal Deposit Insurance Corporation insurance premiums. The Company has never experienced any losses related to these balances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts receivable from merchant services are paid by the financial institutions on a monthly basis. As of June 30, 2024, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zIiUaLoPrdM9" title="Concentration risk, percentage">81</span>% of the accounts receivable balance was generated from three customers. As of December 31, 2023, the same three customers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_z973j5hbNoJ5" title="Concentration risk, percentage">96</span>% of total accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2024, <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zuaPp2w9FCh8">82</span>% of the revenue was generated from three customers. For the six months ended June 30, 2023, the same three customers represented <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomersMember_zlPdjxHOTVP3">86</span>% of total revenues. The loss of the customer would have a significant impact on the Company’s financials.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10702946 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6705196 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10702946 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6705196 shares
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1675000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1958000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
66000 usd
CY2023 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
0 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
37000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
36000 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
105263158 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
105263158 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24864922 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22251742 shares
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
325000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1518500 shares
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
865000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001683168-24-005596-index-headers.html Edgar Link pending
0001683168-24-005596-index.html Edgar Link pending
0001683168-24-005596.txt Edgar Link pending
0001683168-24-005596-xbrl.zip Edgar Link pending
apcx-20240630.xsd Edgar Link pending
apptech_ex3101.htm Edgar Link pending
apptech_ex3102.htm Edgar Link pending
apptech_ex3201.htm Edgar Link pending
apptech_ex3202.htm Edgar Link pending
apptech_i10q-063024.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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R1.htm Edgar Link pending
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apcx-20240630_cal.xml Edgar Link unprocessable
apcx-20240630_def.xml Edgar Link unprocessable
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apptech_i10q-063024_htm.xml Edgar Link completed
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