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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly
period ended June 30, 2023
or
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________________
to ________________________
Commission file number: 000-27569
AppTech Payments Corp.
(Exact name of registrant as specified in
its charter)
Delaware |
7389 |
65-0847995 |
(State or other jurisdiction of
incorporation or organization) |
(Primary Standard Industrial
Classification Code Number)
|
(I.R.S. Employer
Identification Number) |
5876 Owens Ave. Suite 100
Carlsbad, California 92008
(Address of Principal Executive Offices & Zip
Code)
(760) 707-5959
(Registrant’s telephone number, including
area code)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
|
|
Common Stock, $0.001 par value per share |
APCX |
Nasdaq Capital Market |
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $4.15 |
APCXW |
Nasdaq Capital Market |
Securities registered pursuant to Section
12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of
“large accelerated filer,” “ accelerated filer” “smaller reporting company,” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
o |
Accelerated filer |
o |
|
|
|
|
Non-accelerated Filer |
x |
Smaller reporting company |
x |
|
|
|
|
|
|
Emerging growth company |
o |
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o
No x
As of
August 14, 2023, the registrant had 18,523,675 shares of common stock (par value $0.001 per share) issued and
outstanding.
AppTech Payments Corp.
Form 10-Q
Table of Contents
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:
| · | uncertainty associated with anticipated launch of our text payment platform and other potential advanced payment solutions we intend
to launch in the future; |
| | |
| · | substantial investment and costs associated with new potential revenue streams and their corresponding contractual obligations; |
| | |
| · | dependence on third-party channel and referral partners, who comprise a portion of our sales force, for gaining new clients; |
| | |
| · | 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 our ability to achieve profitability and positive cash flow through the commercialization of the products we
offer or intend to offer in the future; |
| | |
| · | our current dependence on third-party payment processors to facilitate our merchant services capabilities; |
| | |
| · | delay in or failure to obtain regulatory approval of our text payment system or any future products in additional countries; |
| | |
| · | uncertainty associated with our ability to achieve profitability through the HotHand patents; |
All written and oral forward-looking statements
attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained
or referred to in this section. We caution investors not to rely too heavily on the forward-looking statements we make or that are made
on our behalf. We undertake no obligation and specifically decline any obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Please see, however, any further disclosures we make on related subjects
in any annual, quarterly or current reports that we may file with the Securities and Exchange Commission (SEC).
We encourage you to read the discussion and analysis of our financial
condition and our financial statements contained in this Quarterly Report on Form 10-Q. There can be no assurance that we will in fact
achieve the actual results or developments we anticipate or, even if we do substantially realize them, that they will have the expected
consequences to, or effects on, us. Therefore, we can give no assurances that we will achieve the outcomes stated in those forward-looking
statements and estimates.
Unless the context otherwise requires, throughout this Quarterly
Report on Form 10-Q, the words “AppTech” “we,” “us,” the “registrant” or the “Company”
refer to AppTech Payments Corp.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
APPTECH PAYMENTS CORP.
CONSOLIDATED FINANCIAL STATEMENTS
INDEX TO UNAUDITED FINANCIAL STATEMENTS
(The financial statements have been condensed
for presentation purposes)
APPTECH PAYMENTS CORP.
CONSOLIDATED BALANCE SHEETS AS OF
JUNE 30, 2023 AND DECEMBER 31, 2022
(UNAUDITED)
(in thousands, except shares and per share data)
| |
June 30, 2023 | | |
December 31, 2022 | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalent | |
$ | 749 | | |
$ | 3,462 | |
Accounts receivable | |
| 442 | | |
| 51 | |
Prepaid expenses | |
| 333 | | |
| 183 | |
Prepaid license fees - current | |
| – | | |
| 729 | |
Total current assets | |
| 1,524 | | |
| 4,425 | |
| |
| | | |
| | |
Prepaid license fees - long term | |
| – | | |
| 2,700 | |
Intangible assets | |
| 243 | | |
| 311 | |
Note receivable | |
| 26 | | |
| 26 | |
Right of use asset | |
| 97 | | |
| 127 | |
Security deposit | |
| 9 | | |
| 9 | |
Capitalized software development and license (net of accumulated amortization) | |
| 1,331 | | |
| 4,921 | |
TOTAL ASSETS | |
$ | 3,230 | | |
$ | 12,519 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 478 | | |
$ | 347 | |
Accrued liabilities | |
| 578 | | |
| 1,870 | |
Right of use liability | |
| 78 | | |
| 64 | |
Stock repurchase liability | |
| – | | |
| 430 | |
Convertible notes payable, net of $0 and $4 thousand debt discount | |
| – | | |
| 676 | |
Notes payable | |
| 1 | | |
| 1,021 | |
Notes payable related parties | |
| – | | |
| 88 | |
Deferred revenue | |
| 390 | | |
| – | |
Derivative liabilities | |
| – | | |
| 433 | |
Total current liabilities | |
| 1,525 | | |
| 4,929 | |
| |
| | | |
| | |
Long-term liabilities | |
| | | |
| | |
Right of use liability | |
| 51 | | |
| 99 | |
Notes payable, net of current portion | |
| 67 | | |
| 67 | |
Total long-term liabilities | |
| 118 | | |
| 166 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 1,643 | | |
| 5,095 | |
| |
| | | |
| | |
Commitments and contingencies (Note 8) | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Series A preferred stock; $0.001 par value; 10,526 shares authorized; 14 shares
issued and outstanding on June 30, 2023 and December 31, 2022 | |
| – | | |
| – | |
Common stock, $0.001 par value; 105,263,158 shares authorized;
18,581,447 and 16,697,280 issued and outstanding at June 30, 2023 and December 31, 2022, respectively | |
| 19 | | |
| 17 | |
Additional paid-in capital | |
| 155,039 | | |
| 147,881 | |
Accumulated deficit | |
| (153,471 | ) | |
| (140,474 | ) |
Total stockholders’ equity | |
| 1,587 | | |
| 7,424 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 3,230 | | |
$ | 12,519 | |
See accompanying notes to the financial statements.
APPTECH PAYMENTS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2023 AND 2022
(UNAUDITED)
(in thousands, except shares and per share
data)
| |
|
|
|
|
|
| | |
|
|
|
|
|
| |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 134 | | |
$ | 123 | | |
$ | 223 | | |
$ | 227 | |
Cost of revenues | |
| 62 | | |
| 62 | | |
| 115 | | |
| 113 | |
Gross profit | |
| 72 | | |
| 61 | | |
| 108 | | |
| 114 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative, including stock based compensation of $811 thousand and $137 thousand for the three months ended, $1,043 thousand and $943 thousand for the six months ended June 30, 2023 and 2022, respectively | |
| 2,816 | | |
| 1,320 | | |
| 4,887 | | |
| 4,101 | |
Research and development, including stock based compensation of $2
thousand and $1,958
thousand for the three months ended, $630
thousand and $3,660
thousand for the six months ended June 30, 2023 and 2022, respectively | |
| 498 | | |
| 2,884 | | |
| 2,023 | | |
| 4,936 | |
Impairment of Intangible assets | |
| 6,131 | | |
| – | | |
| 6,131 | | |
| – | |
Excess fair value of equity issuance over assets received | |
| – | | |
| 72 | | |
| – | | |
| 904 | |
Total operating expenses | |
| 9,445 | | |
| 4,276 | | |
| 13,041 | | |
| 9,941 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (9,373 | ) | |
| (4,215 | ) | |
| (12,933 | ) | |
| (9,827 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income (expense) | |
| 3 | | |
| (41 | ) | |
| (43 | ) | |
| (96 | ) |
Change in fair value of derivative liability | |
| – | | |
| 37 | | |
| 27 | | |
| 173 | |
Other income (expenses) | |
| 287 | | |
| 92 | | |
| 715 | | |
| 168 | |
Total other income (expenses) | |
| 290 | | |
| 88 | | |
| 699 | | |
| 245 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (9,083 | ) | |
$ | (4,127 | ) | |
$ | (12,234 | ) | |
$ | (9,582 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to AppTech common shareholder | |
| (9,083 | ) | |
| (4,127 | ) | |
| (12,234 | ) | |
| (9,582 | ) |
Deemed dividend related to warrant resets | |
| – | | |
| – | | |
| (763 | ) | |
| – | |
Net loss | |
$ | (9,083 | ) | |
$ | (4,127 | ) | |
$ | (12,997 | ) | |
$ | (9,582 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per common share | |
$ | (0.49 | ) | |
$ | (0.25 | ) | |
$ | (0.71 | ) | |
$ | (0.60 | ) |
Weighted-average number of shares used basic and diluted per share amounts | |
| 18,468,741 | | |
| 16,246,260 | | |
| 18,200,197 | | |
| 15,857,753 | |
See accompanying notes to the financial statements.
APPTECH PAYMENTS CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2023 AND 2022
(UNAUDITED)
(in thousands, except shares and per share data)
| |
|
|
|
|
|
| | |
|
|
|
|
|
| | |
| | |
| | |
| |
| |
Series A Preferred | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance December 31, 2021 | |
| 14 | | |
$ | – | | |
| 11,944,600 | | |
$ | 12 | | |
$ | 124,225 | | |
$ | (124,193 | ) | |
$ | 44 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (5,455 | ) | |
| (5,455 | ) |
Common stock issued for forbearance | |
| – | | |
| – | | |
| 2,104 | | |
| – | | |
| 3 | | |
| – | | |
| 3 | |
Stock based compensation | |
| – | | |
| – | | |
| 310,223 | | |
| – | | |
| 2,732 | | |
| – | | |
| 2,732 | |
Common stock cancelled | |
| – | | |
| – | | |
| (126,315 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Net proceeds from sale of public offering | |
| – | | |
| – | | |
| 3,614,458 | | |
| 4 | | |
| 13,391 | | |
| – | | |
| 13,395 | |
Balance March 31, 2022 | |
| 14 | | |
$ | – | | |
| 15,745,070 | | |
$ | 16 | | |
$ | 140,351 | | |
$ | (129,263 | ) | |
$ | 10,719 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (4,127 | ) | |
| (4,127 | ) |
Stock based compensation | |
| – | | |
| – | | |
| 140,681 | | |
| – | | |
| 2,120 | | |
| – | | |
| 2,120 | |
Patent acquisition | |
| – | | |
| – | | |
| 225,000 | | |
| – | | |
| 407 | | |
| – | | |
| 407 | |
Anti-dilution provision | |
| – | | |
| – | | |
| 451,957 | | |
| – | | |
| 2,123 | | |
| – | | |
| 2,123 | |
Balance June 30, 2022 | |
| 14 | | |
$ | – | | |
| 16,562,708 | | |
$ | 16 | | |
$ | 145,001 | | |
$ | (133,775 | ) | |
$ | 11,242 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2022 | |
| 14 | | |
$ | – | | |
| 16,697,280 | | |
$ | 17 | | |
$ | 147,881 | | |
$ | (140,474 | ) | |
$ | 7,424 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (3,151 | ) | |
| (3,151 | ) |
Stock based compensation | |
| – | | |
| – | | |
| 28,750 | | |
| – | | |
| 860 | | |
| – | | |
| 860 | |
Issuance of shares for prepaid services | |
| – | | |
| – | | |
| 150,000 | | |
| – | | |
| 234 | | |
| – | | |
| 234 | |
Retained earnings change due to warrants' repricing | |
| – | | |
| – | | |
| – | | |
| – | | |
| 763 | | |
| (763 | ) | |
| – | |
Net proceeds from sale of offering shares | |
| – | | |
| – | | |
| 1,666,667 | | |
| 2 | | |
| 4,488 | | |
| – | | |
| 4,490 | |
Balance March 31, 2023 | |
| 14 | | |
$ | – | | |
| 18,542,697 | | |
$ | 19 | | |
$ | 154,226 | | |
$ | (144,388 | ) | |
$ | 9,857 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (9,083 | ) | |
| (9,083 | ) |
Stock based compensation | |
| – | | |
| – | | |
| 38,750 | | |
| – | | |
| 813 | | |
| – | | |
| 813 | |
Balance June 30, 2023 | |
| 14 | | |
$ | – | | |
| 18,581,447 | | |
$ | 19 | | |
$ | 155,039 | | |
$ | (153,471 | ) | |
$ | 1,587 | |
See accompanying notes to
the financial statements.
APPTECH PAYMENTS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND
2022
(UNAUDITED)
(in thousands, except per share data)
| |
June 30, 2023 | | |
June 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (12,234 | ) | |
$ | (9,582 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock based compensation | |
| 1,673 | | |
| 4,603 | |
Common stock issued for forbearance | |
| – | | |
| 3 | |
Cancellation of stock repurchase liabilities | |
| (430 | ) | |
| – | |
Stock issued for excess fair value of equity over assets received | |
| – | | |
| 904 | |
Amortization of debt discount | |
| 4 | | |
| 32 | |
Amortization of intangible assets and software | |
| 586 | | |
| – | |
Impairment of intangible assets and software | |
| 6,131 | | |
| – | |
Gain on settlement of convertible note, warrants, and derivative liabilities | |
| (250 | ) | |
| – | |
Change in fair value of derivative liabilities | |
| (27 | ) | |
| (173 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (391 | ) | |
| (10 | ) |
Prepaid expenses | |
| 454 | | |
| (29 | ) |
Accounts payable | |
| 129 | | |
| (861 | ) |
Accrued liabilities | |
| (1,447 | ) | |
| (266 | ) |
Deferred revenue | |
| 390 | | |
| – | |
Right of use asset and liability, net | |
| (4 | ) | |
| 1 | |
Net cash used in operating activities | |
| (5,416 | ) | |
| (5,378 | ) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Capitalized prepaid software development and license | |
| – | | |
| (185 | ) |
Net cash used in investing activities | |
| – | | |
| (185 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Payments on loans payable - related parties | |
| (88 | ) | |
| – | |
Repayments on notes payable | |
| (1,020 | ) | |
| (50 | ) |
Repayment of convertible note payable | |
| (679 | ) | |
| – | |
Net proceeds from offering | |
| 4,490 | | |
| 13,395 | |
Net cash provided by financing activities | |
| 2,703 | | |
| 13,345 | |
Changes in cash, cash equivalents, and restricted cash | |
| (2,713 | ) | |
| 7,782 | |
Cash, cash equivalents, beginning of period | |
| 3,462 | | |
| 8 | |
Cash, cash equivalents, end of period | |
$ | 749 | | |
$ | 7,790 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 1,429 | | |
$ | – | |
| |
| | | |
| | |
Non-cash investing and financing transactions | |
| | | |
| | |
Issuance stock for acquisition of intangible assets | |
$ | – | | |
$ | 407 | |
Cancellation of stock repurchase liabilities | |
$ | 430 | | |
$ | – | |
Issuance of stock for prepaid services | |
$ | 234 | | |
$ | 250 | |
See accompanying notes to the financial statements.
APPTECH PAYMENTS CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
(In thousands, except per share data)
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS
AppTech Payments Corp. ("AppTech"
or the "Company), a Delaware corporation, is a Fintech Company headquartered in Carlsbad, California. AppTech utilizes innovative
payment processing and digital banking technologies to complement its core merchant services capabilities. The Company’s patented
and proprietary software will provide progressive and adaptable products that are available through a suite of synergistic offerings directly
to merchants, banking institutions, and business enterprises.
AppTech is developing an embedded, highly secure digital
payments and banking platform that powers commerce experiences for clients and their customers. Based upon industry standards for payment
and banking protocols, we will offer standalone products and fully integrated solutions that deliver innovative, unparalleled payments,
banking, and financial services experiences. Our processing technologies can be taken off-the-shelf or tapped into via our RESTful APIs
to build fully branded and customizable experiences while supporting tokenized, multi-channel, and multi-method transactions.
In 2017, the Company acquired assets from GlobalTel
Media, Inc. The assets included patented, enterprise-grade software for advanced text messaging, four patents in text technology, and
additional intellectual property for mobile payments.
In 2020, AppTech entered into a strategic partnership
with Infinios (formerly “NEC Payments”), to extend its product offering to include flexible, scalable, and secure payment
acceptance and issuer payment processing that supports the digitization of business and consumer financial services and the migration
of cash and other legacy payment types to contactless card and real time payment transactions. This partnership has since been terminated.
In 2021, the Company announced its intent to launch
an innovative and patented mobile text payment solution in addition to a suite of digital banking and payment acceptance products designed
in the Business-to-Business (“B2B”) and Business-to-Consumer (“B2C”) payment and software space.
On December 23, 2021, AppTech re-domiciled to Delaware
and changed its name from “AppTech Corp.” to “AppTech Payments Corp.” AppTech stock trades under the symbol “APCX”
and its warrants trade under the symbol “APCXW,” on the Nasdaq Capital Market ("NASDAQ").
The Company successfully completed its
capital raise and uplisting onto NASDAQ (herein referred to as its “Offering”) on January 7, 2022. As part of the
Offering, the Company executed a 9.5
to 1 reverse split of its common stock. All information has been adjusted to reflect the reverse split. In addition, the
Offering sold 3,614,458
units of our common stock (a unit consisting of one
share of common stock and a warrant to purchase one share of common stock) at $4.15
per unit. In addition, 542,168
warrants were granted by EF Hutton and the Offering warrants of 3,614,458,
all having a five-year expiration and an exercise price of $5.19. The Offering provided net proceeds of approximately $13.4
million. The exercise price of the warrants were repriced to a floor of $4.15 after the February 2023 Offering (discussed below).
In April 2022, the Company acquired HotHand
Inc. (“HotHand”), a patent-holding company. These patents are focused on the delivery, purchase, or request of any
products or services within specific geolocation and time parameters, provided by a consumer’s cell phone anywhere in the
United States, and protect all mobile phone advertising, including in a store’s mobile application.
In September 2022, the Company expanded its
operations to Austin, Texas by establishing AppTech Holdings LLC. The goal of this expansion is primarily to pursue licensing revenue.
In February 2023, the Company completed an underwritten
public offering of its common stock and warrants, raising gross proceeds of approximately $5.0 million. As of August 14, 2023,
approximately $70.0 million remains available under the shelf registration statement Form S-3 (File No. 333-265526) previously filed
and declared effective by the Securities and Exchange Commission (SEC) on July 15, 2022. SEC regulations limit the amount of funds we
can raise during any 12-month period pursuant to our effective shelf registration statement on Form S-3. We are currently limited by the
Baby Shelf Rule as of the filing of this Quarterly Report, until such time as our public float exceeds $75 million. However, factors such
as stock price, volatility, trading volume, market conditions, demand and regulatory requirements may adversely affect the Company’s
ability to raise capital in an efficient manner.
In June 2023, the Company entered into licensing
agreements with InstaCash and PayToMe.co.
Management's Plan
The Company continues to have yearly losses from its
limited revenues from operations. Management believes the present cash flows will not enable it to meet its commitments for twelve months
from the date of filing. However, Management has an open S-3 filed with the SEC and it intends to obtain the necessary funding for the
Company to meet its obligations for the twelve-month period from the date the financial statements are issued.
The Company anticipates raising additional capital in the third quarter of 2023 to further fund operations.
Based on the Company’s current operating plan, working capital levels, financial projections, and planned capital raise in the
third quarter, Management anticipates that the Company will be able to meet its financial obligations for the next twelve months.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying consolidated unaudited financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”).
In the opinion of the Company’s management, the accompanying financial statements reflect all adjustments, consisting of normal,
recurring adjustments, considered necessary for a fair presentation of the results for the interim periods ended June 30, 2023 and
June 30, 2022. Although management believes that the disclosures in these unaudited financial statements are adequate to make the
information presented not misleading, certain information and footnote disclosures normally included in financial statements that have
been prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC.
The accompanying consolidated unaudited
financial statements should be read in conjunction with the Company’s financial statements and notes related thereto included
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 20, 2023.
The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be
expected for the year ended December 31, 2023 or for any future interim periods.
Basis of Consolidation
The consolidated financial statements include the
accounts of AppTech Payments Corp., and wholly owned subsidiary of which the Company is the primary beneficiary. All significant inter-company
accounts and transactions are eliminated in consolidation.
Use of Estimates
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. Significant estimates include the estimated liabilities related
to various vendors in which communications have ceased, contingent liabilities, valuation of the derivative liabilities, and realization
of tax deferred tax assets. Actual results could differ from those estimates.
Concentration
of Credit Risk
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 (“FDIC”) insurance premiums. The Company has never experienced any losses related to these balances.
The accounts receivable from merchant
services are paid by the financial institutions on a monthly basis. The Company currently uses six financial institutions to service
their merchants for which represented 100% of accounts receivable as of June 30, 2023 and 2022. The loss of one of these financial
institutions would not have a significant impact on the Company’s operations as there are additional financial institutions
available to the Company. There is no merchant (customer) representing a significant amount of total revenue for the three and six
months ended June 30, 2023 and for the year ended 2022.
Software Development Costs
The Company capitalizes certain costs related
to the development of its digital banking platform. Costs incurred during the development phase are capitalized only when we believe it
is probable the development will result in new or additional functionality. The types of costs capitalized during the development phase
include employee compensation and consulting fees for third party developers working on these projects. Costs related to the preliminary
project planning phase and post implementation phase are expensed as incurred. The digital banking platform is amortized on a straight
line basis over the estimated useful life of the asset.
Revenue Recognition
The Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) No. 2014-09, codified as Accounting Standards Codification (“ASC”)
606 Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising
from contracts with customers.
The Company provides merchant processing solutions
for credit cards and electronic payments. In all cases, the Company acts as an agent between the merchant which generates the credit card
and electronic payments, and the bank, which processes such payments. The Company’s revenue is generated on services priced as a
percentage of transaction value or a specified fee transaction, depending on the card or transaction type. Revenue is recorded as services
are performed, which is typically when the bank processes the merchant’s credit card and electronic payments.
Consideration paid to customers are recorded
as a reduction to revenues.
Licensing Revenue
The Company is actively pursuing strategic partnership
agreements that licenses its portfolio of patents in return for a fee. The licensing fee is deferred and recognized evenly on a monthly
basis over the term of the service period or contract.
Fair Value Measurements
The Company follows FASB ASC 820, Fair Value
Measurements and Disclosures (“ASC 820”) to measure and disclose the fair value of its financial instruments. ASC 820 establishes
a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements and establishes a fair value hierarchy
which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value
hierarchy defined by ASC 820 are described below:
Level 1 | Quoted market prices available in active markets for identical
assets or liabilities as of the reporting date. |
| |
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1,
which are either directly or indirectly observable as of the reporting date. |
| |
Level 3 | Pricing inputs that are generally unobservable inputs and not corroborated by
market data. |
Financial assets are considered Level 3 when
their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant
model assumption or input is unobservable.
The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.
If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization
is based on the lowest level input that is significant to the fair value measurement of the instrument.
The carrying amounts reported in the Company’s
financial statements for cash, accounts payable and accrued expenses approximate their fair value because of the immediate or short-term
maturity of these financial instruments.
Transactions involving related parties cannot
be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-marketing dealings may not exist.
Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated
on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
The liabilities that are measured and recognized at fair value as of June 30, 2023 is zero.
The following table presents liabilities that
are measured and recognized at fair value as of December 31, 2022 on recurring basis (in thousands):
Fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Carrying
Value |
|
Derivative liabilities |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
433 |
|
|
$ |
433 |
|
See Note 6 for discussion of valuation and
roll forward related to derivative liabilities.
Intangible Assets and Patents
Our intangible assets only consist of patents.
We amortize the patents on a straight-line basis from 3 years to 15 years, which approximates the way the economic benefits of the intangible
asset will be consumed.
Research and Development
In accordance with ASC 730, Research and Development
(“R&D”) costs are expensed when incurred. R&D costs include costs of acquiring patents and other unproven technologies,
contractor fees and other costs associated with the development of the SMS short code texting platform, contract and other outside services.
Total R&D costs for the six months ended June 30, 2023 and 2022 was approximately $2.0 million and $4.9 million, respectively.
Per Share Information
Basic net income (loss) per common share is
computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted net
income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the year, increased by the potentially dilutive common shares that were outstanding during the year. Dilutive securities include
stock options, warrants granted, convertible debt and convertible preferred stock.
The number of common stock equivalents not included
in diluted income per share was 7,357,993 and 6,176,102 for the six months ended June 30, 2023 and 2022, respectively. The weighted
average number of common stock equivalents is not included in diluted income (loss) per share, because the effects are anti-dilutive.
Schedule of anti-dilutive
shares | |
| | | |
| | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Series A preferred stock | |
| 1,149 | | |
| 1,149 | |
Convertible debt | |
| – | | |
| 174,060 | |
Warrants | |
| 5,823,036 | | |
| 4,275,464 | |
Options | |
| 881,012 | | |
| 1,061,132 | |
Restricted stock units | |
| 652,796 | | |
| 664,297 | |
Total | |
| 7,357,993 | | |
| 6,176,102 | |
Derivative Liability
The Company issued debts that consist of the
issuance of convertible notes with variable conversion provisions. In addition, the Company issued warrants with variable anti-dilution
provisions. The conversion terms of the convertible notes and warrants are variable based on certain factors, such as the future price
of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the Company’s
common stock. The number of shares of common stock issuable upon conversion of the promissory note is indeterminate. Pursuant to ASC 815-15
Embedded Derivatives, the fair values of the variable conversion option and warrants and shares to be issued were recorded as derivative
liabilities on the issuance date and at each reporting period.
Stock Based Compensation
The Company recognizes as compensation expense
all share-based payment awards made to employees, directors, and consultants including grants of stock, stock options and warrants, based
on estimated fair values. Fair value is generally determined based on the closing price of the Company’s common stock on the date
of grant and is recognized over the service period. The Company has several consulting agreements that have share based payment awards
based on performance. These agreements typically require the Company to issue common stock to the consultants on a monthly basis. The
Company records the fair market value of the common stock issuable at each month end when the performance is complete based upon the closing
market price of the Company’s common stock.
New Accounting Pronouncements
The FASB issues ASUs to amend the authoritative
literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to
date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not
expected to have a significant impact on the Company.
NOTE 3 – INTANGIBLE ASSETS
Capitalized
Development Cost and Prepaid Licenses
The Company capitalizes certain costs
related to the development of its digital payment and banking platform. Costs incurred during the development phase are capitalized
only when we believe it is probable the development will result in new or additional functionality. The types of costs capitalized
during the development phase include employee compensation and consulting fees for third party developers working on these projects.
Costs related to the preliminary project planning phase and post implementation phase are expensed as incurred. The capitalized
development costs are amortized on a straight line basis over the estimated useful life of the asset. The Company has capitalized
approximately $5.2 million of
software development costs as of December 31, 2022 and will amortize over five years beginning October 1, 2022. The Company
recorded the amortization expenses of $0.8 million and $–
during the six months ended June 30, 2023 and June 30, 2022, respectively.
During the six months ended June 30, 2023,
the Company wrote-off approximately $6.1
million of its capitalized, included in Capitalized software development and license in the accompanying balance sheet. See Note 8
- Commitments and Contingencies.
Patents
In April 2022, the Company fully executed a
Definitive Agreement to acquire HotHand Inc. (“HotHand”), a patent-holding company. HotHand did not have any operations, so
the transaction was an asset acquisition of its portfolio of thirteen patents including USPTO 7,693,752; USPTO 8,554,632; USPTO 8,799,102;
USPTO 9,436,956; USPTO 10,102,556; USPTO 10,127,592; USPTO 10,600,094; USPTO 10,621,639; USPTO 10,846,726; USPTO 10,846,727; USPTO 10,909,593;
USPTO 11,107,140; USPTO 11,345,715. These patents are focused on the delivery, purchase, or request of any products or services within
specific geolocation and time parameters, provided by a consumer’s cell phone anywhere in the United States. Additionally, HotHand’s
family of patents includes a patent that protects advertising on a store’s mobile application when the cell phone is in the store
and the ads shown are being triggered by geolocation tagging.
AppTech is currently integrating the HotHand
Intellectual Property (“IP”) into an elite digital platform. In addition to offering an embedded, highly secure, and patent-backed
product, AppTech will offer licensing agreements for its IP.
HotHand was acquired for 225,000 shares of common
stock and was allocated to the patents as an intangible asset based on the fair market value of the common stock on the date of acquisition
(April 18, 2022). The Company amortizes the asset over three years. Further, the purchase agreement outlines revenue milestones that
may trigger four payments of $500 thousand payable to HotHand's former owners. The Company did not meet these revenue milestones
as of June 30, 2023.
Schedule of patent activity | |
| | |
| |
June 30, 2023 | |
Balance as of December 31, 2021 | |
$ |
– | |
Acquisition of patents | |
| 407 | |
Amortization of patents | |
| (96 | ) |
Balance as of December 31, 2022 | |
| 311 | |
Acquisition of patents | |
| – | |
Amortization of patents | |
| (68 | ) |
Balance as of June 30, 2023 | |
$ | 243 | |
NOTE 4 – ACCRUED LIABILITIES
Accrued liabilities as of June 30, 2023
and December 31, 2022 consist of the following (in thousands):
Schedule of accrued liabilities | |
| | | |
| | |
| |
June 30, 2023 | | |
December 31,
2022 | |
| |
| | |
| |
Accrued interest – third parties | |
$ | – | | |
$ | 1,436 | |
Accrued payroll | |
| 429 | | |
| 311 | |
Accrued residuals | |
| 36 | | |
| 31 | |
Anti-dilution provision | |
| 72 | | |
| 72 | |
Other | |
| 41 | | |
| 20 | |
Total accrued liabilities | |
$ | 578 | | |
$ | 1,870 | |
Accrued Residuals
The Company pays commissions to independent agents
("Channel Partners") which refer merchant accounts. The amounts payable to Channel Partners is based upon a percentage of the
amounts processed on a monthly basis by these merchant accounts.
Anti-dilution Provision
The agreement between the Company and Infinios,
formerly NEC Payments B.S.C., has an anti-dilution provision. To remain in compliance, the Company accrued 73,848 shares of its common
stock at $17.46 per share for a total value of $1.3 million as of December 31, 2021. Further, in connection with the capital raise
discussed in Note 1, the Company issued an additional 378,109 shares of its common stock at $2.20 per share for a value of $832 thousand
or a total value of $2.1 million. The 451,957 total shares were issued in May 2022. The anti-dilution provision expired in January
2023.
Further, in
connection with the shares to be issued as part of the HotHand acquisition, and to be in compliance with its anti-dilution provision with
Infiinios, the Company accrued an additional 39,706 shares of its common stock at $1.81 per share for a total of $72 thousand. The shares
have not been issued to Infinios as of June 30, 2023.
NOTE 5 – NOTES PAYABLE AND CONVERTIBLE
NOTES PAYABLE
The Company funded operations through cash
flows generated from operations and the issuance of loans and notes payable. The following is a summary of loans and notes payable outstanding
as of June 30, 2023 and December 31, 2022. Related parties noted below are either members of management, board of directors,
significant shareholders or individuals in which have significant influence over the Company.
Convertible
Notes Payable
In 2020,
the Company entered into a Securities Purchase Agreement with an investor pursuant to which the Company agreed to sell to the investor
a $300 thousand convertible note bearing interest at 12% per annum (the “Note”). The Note matured in 365 days from the date
of issuance. Upon maturity of the convertible note, interest rate was increased to 24%. The Note was convertible at the option of the
holder at any time into shares of the Company’s common stock at $9.50 for the one hundred and eighty (180) days immediately following
the issue date and thereafter shall equal the lower of: 1) the lowest closing price of the common stock during the preceding twenty-five
(25) trading day, ending on the last complete trading day prior to the issue date of the Note. 2) seventy-five (75) percent of the lowest
trading price for the common stock during the twenty-five (25) consecutive trading days preceding the conversion date with a minimum trading
volume of one thousand (1,000) shares.
In the
event of a default of the Note, the Holder, in its sole discretion may elect to use a conversion price equal to the lower of: 1) the lowest
trading price of the common stock on the trading day immediately preceding the issue date or 2) seventy-five (75) percent of either the
lowest trading price or the closing bid price, whichever is lower during any trading day in which the event of default has not been cured.
The
embedded conversion feature of this Note was deemed to require bifurcation and liability classification, at fair value. Pursuant to
the Securities Purchase Agreement, the Company also sold warrants to the investors to purchase up to an aggregate of 21,052 shares
of common stock exercisable at $14.25 and expire in five (5) years. The fair value of the derivative liability and warrants as of
the date of issuance was in excess of the Note (see Note 6 for valuation) resulting in full discount of the Note. The conversion
feature and warrants have various reset provisions for which lower the exercise price and share and warrants issuable. As of
June 30, 2023 and December 31, 2022, the convertible note payable balance was $0 thousand
and $280 thousand,
and has accrued interest of $0 thousand
and $119 thousand,
respectively. In April 2023, the Company settled the lawsuit with the note holder against the Company. The Company paid off the
note and accrued interest in its entirety. See Note 8 - Commitments and Contingencies.
See Note 6 - Derivative
Liabilities.
In 2014, the Company issued $400
thousand in convertible notes payable. On March 30, 2022, the Company entered into forbearance agreements in exchange for not
enforcing the terms of the original agreements. In November 2022, the parties agreed to extend the terms of the forbearance
agreements for an additional six months. As of December 31, 2022, the balance of the convertible note was $400 thousand, the
accrued interest related to the convertible notes was $278 thousand. In February 2023, the Company paid off the note and accrued
interest in its entirety.
Notes Payable
In 2020,
the Company entered into a 30-year unsecured note payable with U.S. Small Business Administration for $68 thousand in proceeds.
The notes payable incurred a $100 fee upon issuance and incurs interest at 3.75% per annum. All payments of principal and interest are
deferred for thirty months from the date of the note. As of June 30, 2023 and December 31, 2022 the balance of the note payable
was $68 thousand and $68 thousand, and accrued interest was $0 thousand and $6 thousand,
respectively.
A significant shareholder funded the Company’s
operations through notes payable primarily in 2009 and 2010. On May 2, 2021, the Company entered into a debt reduction and confirmation
agreement with the significant shareholder that is no longer a related party. The Company entered into a forbearance agreement in exchange
for not enforcing the terms of the agreement. In November 2022, the parties agreed to extend the terms of the forbearance agreement for
an additional six months. As of December 31, 2022, the balance of the notes payable was $597 thousand, and the accrued interest related
to the notes was $83 thousand. In February 2023, the Company paid off the note and accrued
interest in its entirety.
The Company entered into several notes payable
with third parties. The Company entered into forbearance agreements in exchange for not enforcing the terms of the agreement. The interest
rate on the note payable is 0% to 18% per annum. The expiration date of the agreement ranged from September 27, 2022 to October 4, 2022.
In November 2022, the parties agreed to extend the terms of the forbearance agreement for an additional six months. As of December 31,
2022, the balance of the notes payable was $423 thousand, and the accrued interest related to the notes payable was $538 thousand.
In February 2023, the Company paid off the notes and accrued interest in its entirety.
Note Payable - Related Party
As of December 31, 2022, the balance of
the related party notes payable was $88 thousand, with an interest rate of 12% per annum and the accrued interest to the related
party notes payable was $68 thousand. In February 2023, the Company paid off the note and accrued interest in its entirety.
NOTE 6 – DERIVATIVE
LIABILITIES
The Company issued debts that consist of the
issuance of convertible notes with variable conversion provisions. In addition, the Company issued warrants with variable conversion
provisions. The conversion terms of the convertible notes and warrants are variable based on certain factors, such as the future
price of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the
Company’s common stock. The number of shares of common stock issuable upon conversion of the promissory note is indeterminate.
Pursuant to ASC 815-15, the fair values of the variable conversion option and warrants were recorded as derivative liabilities on
the issuance date and revalued for the six months ended June 30, 2023 and December 31, 2022. There was no material change upon
revaluing derivative liability prior to extinguishment.
At the end of June 30, 2023, the derivative
liabilities were zero as the Company settled the convertible note and also extinguished its warrants related to its derivative liability
as a result of the settlement. See Note 8.
Based on the convertible notes described in Note
5, the derivative liability day one loss was $390
thousand and the change in fair value for the six months ended June 30, 2023 and December 31, 2022 is $27
thousand and $166
thousand, respectively. The fair value of applicable derivative liabilities on notes, warrants and change in fair value of
derivative liability are as follows for the six months ended June 30, 2023 (in thousands).
Schedule of derivative liabilities | |
| | | |
| | | |
| | |
| |
Derivative Liability Convertible Notes | | |
Derivative Liability Warrants | | |
Total | |
Balance as of December 31, 2022 | |
$ | 266 | | |
$ | 167 | | |
$ | 433 | |
Change in fair value | |
| 1 | | |
| (28 | ) | |
| (27 | ) |
Extinguishment of the derivative liability | |
| (267 | ) | |
| (139 | ) | |
| (406 | ) |
Balance as of June 30, 2023 | |
$ | – | | |
$ | – | | |
$ | – | |
During the six months ended June 30, 2023, the fair value of the derivative liability convertible notes is estimated using a Monte Carlo pricing model
with the following assumptions:
Assumptions
for derivatives
Market value of common stock | |
$ | 1.49 | |
Expected volatility | |
| 52.60% | |
Expected term (in years) | |
| 0.25 | |
Risk-free interest rate | |
| 4.42% | |
During the six months ended June 30, 2023, the fair value of the
derivative liability – warrants is estimated using a Monte Carlo pricing model with the following assumptions:
Market value of common stock | |
$ | 1.49 | |
Expected volatility | |
| 71.10% | |
Expected term (in years) | |
| 2.64 | |
Risk-free interest rate | |
| 4.28% | |
NOTE 7 – RIGHT OF USE ASSET
Lease Agreement
In January 2020, the Company entered into a
lease agreement commencing February 8, 2020 for its current facility which expires in 2025. The term of the lease is for five years. At
inception of the lease, the Company recorded a right of use asset and liability. The Company used an effective borrowing rate of 12% within
the calculation. The following are the expected lease payments as of June 30, 2023, including the total amount of related imputed
interest (in thousands):
Years ending December 31:
Schedule of future minimum lease payments | |
| | |
2023 | |
$ | 44 | |
2024 | |
| 90 | |
2025 | |
| 8 | |
Operating Lease Total | |
| 142 | |
Less: Imputed interest | |
| (13 | ) |
Total | |
$ | 129 | |
The rent expense was $36
thousand and $31 thousand for the six months ended June 30, 2023 and 2022, respectively.
In September 2022, the Company opened a new
office in Austin’s emerging tech hub to expand operations and foster growth. The total amount payable for one year lease under the
lease agreement is $11 thousand.
NOTE 8 – COMMITMENTS AND CONTINGENCIES
Litigation
Convertible Note and Warrant Lawsuit
On July 14, 2021, EMA Financial LLC, a Delaware
limited liability company (“EMAF”), filed a complaint in the United States District Court for the Southern District of New
York against the Company. In its complaint, EMAF alleged that AppTech breached the terms of a convertible note and a related warrant agreement
purchased by EMAF pursuant to a securities purchase agreement between the parties.
On September 2, 2021, EMAF filed a motion for
summary judgment. AppTech filed a motion to dismiss EMAF’s complaint in its entirety. On September 13, 2022, the court denied AppTech’s
motion to dismiss, and granted EMAF’s motion for summary judgment in part and denied in part. In particular, the court granted EMAF’s
motion for summary judgment for its claim of breach of contract but denied its request for damages.
On December 8, 2022, the United States District
Court for the Southern District of New York entered an order denying AppTech’s motion to dismiss and granted EMAF’s motion
for summary judgment and awarded damages to EMAF for $1.2 million. On December 15, 2022, AppTech appealed the judgment to the United States
Court of Appeals for the Second Circuit. In January 2023, the Company secured a cash backed bond for $1.3 million for the appeal.
On, or about, April 23, 2023, EMAF and AppTech
entered into a settlement and release agreement providing for, among other things, a settlement amount of $880,000 and mutually releasing
all claims arising from the Agreements. On, or about, April 24, 2024, AppTech and EMAF each filed a Stipulation withdrawing the Appeal,
which was then closed on April 25, 2023. On April 25, 2023, EMAF filed Satisfaction of Judgements with the Court and all outstanding
judgments entered against AppTech were deemed satisfied as of that date. On, or about, April 26, 2023 AppTech and EMAF each filed a Stipulation
withdrawing the Cross-Appeal, which was then closed on April 27, 2023. The related convertible note, warrants, and derivative liabilities were extinguished resulting in a gain of $250
thousand during the six months ended June 30, 2023.
NCR Lawsuit
On November 30, 2022, AppTech filed a complaint
against NCR Payment Solutions, LLC in the United States District Court for the Southern District of California alleging Breach of Contract,
Breach of Implied Covenant of Good Faith and Fair Dealing, Specific Performance and Accounting. The case is currently stayed in the Southern
District of California as the parties take jurisdictional discovery. NCR has filed a motion to dismiss, motion to transfer venue and motion
to compel arbitration. The court set a briefing schedule and our opposition to those motions were due in March 2023. There was a hearing
in early April and the Company is awaiting a decision from the court.
Significant Contracts
See Note 1 for information on the capital raises
completed in January 2022 and February 2023.
Infinios Financial Services (formerly NEC
Payments B.S.C.)
On October 1, 2020, the Company entered into
a strategic partnership with Infinios Financial Services BSC (formally NEC Payments B.S.C) (“Infinios”) through a series of
agreements, which included the following: (a) Subscription License and Services Agreement; (b) Digital Banking Platform Operating Agreement;
(c) Subscription License Order Form; and (d) Registration Rights Agreement (collectively, the “Agreements”).
On February 11, 2021, the Company entered into
an amended and restated Subscription License and Services Agreement, Digital Banking Platform Operating Agreement and Subscription License
Order Form with Infinios (collectively, the “Restated Agreements”). The gross total fees due under the Restated Agreements
are $2.2 million excluding pass-through costs associated with infrastructure hosting fees.
On February 19, 2021, the Company paid to
Infinios the $100
thousand engagement fee. On February 28, 2021, the Company paid the initial fee of $708
thousand to Infinios prior to the Funding Date, as defined
by the Digital Banking Platform Operating Agreement. On March 25, 2021, the Company issued 1,895,948
shares of common stock to an Infinios affiliate on a fully diluted basis with piggyback rights. These shares were valued at $67.5
million based upon the closing market price on the effective date of the transaction calculated at the closing market
price of the Company’s common stock. The issuance was recorded as a $3.8 million asset and $63.8 million expense in excess
fair value of equity issuance over assets received. The capitalized asset was classified as capitalized prepaid software development
of $2.8
million and capitalized licensing of $1.0
million. The estimated amortization is a 5-year life.
Pursuant to the Restated Agreements, the
annual maintenance subscription fee of $113 thousand is due annually beginning in the month of the platform launch. In addition, the
infrastructure support fee of $72 thousand is due annually with monthly payments beginning in February 2022 and ending in 2026. On
May 4, 2023, the Company notified Infinios of its intent to terminate its relationship. The termination terms, which were not agreed
upon as of the date of the Company’s 8-K dated May 4, 2023, continue to be negotiated between the Company and Infinios. Good
faith negotiations are ongoing, and the Company intends to explore all potential avenues for resolution.
Infinios turned off all
its services in June 2023, and the Company wrote-off the $6.1 million net capitalized asset as it was deemed to be impaired. Note
3 Intangible Assets – Capitalized Development Cost and Prepaid Licenses.
InstaCash and PayToMe.co
In June 2023, the Company entered into a licensing
agreements with InstaCash and PayToMe.co.
NOTE 9 – STOCKHOLDERS’ DEFICIT
Common Stock
During the six months ended June 30, 2023
and 2022, the Company issued 160,000 and 345,742, respectively, shares of common stock to several consultants in connection with business
development and professional services. The Company valued the common stock issuances at $382 thousand and $566 thousand, respectively,
based upon the closing market price of the Company’s common stock on the date of the agreement.
During the six months ended June 30, 2023
and 2022, the Company granted 57,500 and 105,414 shares of common stock to the board of directors valued at $84 thousand and $152 thousand,
respectively. The shares vest quarterly over the period of approximately one year.
As of June 30, 2023, the Company reserved 10,800 shares of common stock for HotHand's shareholders in relation to incomplete HotHand shareholder
contact information and or unexecuted APCX shareholder issuance agreements. These said shares will remain in escrow until each party is
identified and new issuance agreement is fully executed.
See Note
8 – Significant Contracts for additional common stock issuance.
Stock Options
During the six months ended June 30, 2023,
no options were granted during the six months ended
June 30, 2023.
The following table summarizes option activity:
Schedule of option activity | |
| | | |
| | | |
| | |
| |
Number of shares | | |
Weighted Average exercise price | | |
Weighted Average remaining years | |
| |
| | |
| | |
| |
Outstanding December 31, 2022 | |
| 1,089,868 | | |
$ | 7.00 | | |
| 1.91 | |
Issued | |
| – | | |
$ | – | | |
| | |
Exercised | |
| – | | |
$ | – | | |
| | |
Cancelled | |
| (175,658 | ) | |
$ | 7.96 | | |
| | |
Outstanding as of June 30,
2023 | |
| 914,210 | | |
$ | 0.92 | | |
| 1.73 | |
Outstanding as of June 30, 2023, vested | |
| 881,012 | | |
$ | 0.93 | | |
| 1.72 | |
The Company recorded $1.4 million expenses for the six months ended June 30, 2023, including expenses from repricing of the options at $711
thousand. The remaining expense outstanding through June 30, 2023 is $44 thousand
which is expected to be expensed over the next one year in general and administrative expense.
On December 7, 2021, the board authorized
the Company’s Equity Incentive Plan in order to facilitate the grant of equity incentives to employees (including our named
executive officers), directors, independent contractors, merchants, referral partners, channel partners and employees of our company
to enable our company to attract, retain and motivate employees, directors, merchants, referral partners and channel partners, which
is essential to our long-term success. The shareholders approved an additional 700,000 shares for the Company's Equity Incentive plan
in May 2023. A total of 1,752,632
shares of common stock were authorized under the Equity Incentive Plan, for which as of June 30, 2023 a total of 907,982
are available for issuance.
In May 2023, the shareholders approved the Company's proposed resolution to re-price its options. The options were repriced to $0.7152
and $1.4304 for employees and non-employees respectively. The Company recorded the modification expense of $711 thousand during six
months ended June 30, 2023.
Warrants
In 2020, the Company entered into a security
purchase agreement with an investor pursuant to which the Company agreed to sell the investor a $300 thousand convertible note bearing
interest at 12% per annum. The Company also sold warrants to the investors to purchase up to an aggregate of 21,052 shares of common
stock, with an exercise term of five (5) years, at a per share price of $14.25 which may be exercised by cashless exercise. The number
of warrants adjusted in the period ending March 31, 2022 due to a reset event on January 7, 2022 changed the exercise price from $9.50
to $2.52 and increased the number of warrants from 31,578 to 119,095. The warrants were deemed a derivative liability and recorded as
a debt discount at their date of issuance. At the end of June 30, 2023, the derivative liabilities is zero as the Company settled the convertible note
and also extinguished its warrants related to its derivative liability as a result of the settlement.
On February 2, 2023, the Company announced the
closing of its previously announced $5.0 million registered direct offering (the “Registered Direct Offering”) with
a single institutional investor to sell 1,666,667 shares of its common stock (the “Shares”) and warrants to purchase up to
1,666,667 shares (the “Warrants”) in a concurrent private placement (the “Private Placement”). The combined purchase
price for one Share and one Warrant was $3.00. Each of the Warrants has an exercise price of $4.64 per share of common stock and
are exercisable on and after August 1, 2023. The Warrants expire five years from the date on which they become exercisable. The
aggregate gross proceeds from the Registered Direct Offering and the concurrent Private Placement were approximately $5.0 million
before deducting placement agent fees and other estimated offering expenses.
The offering that was completed in February 2023,
caused a reset to the exercise price of existing warrants from $5.19 to $4.15. In total, 4,156,626 warrants were reset and $763 thousand
was recorded as a result of the reset.
In April 2023, AppTech and EMAF each filed a Stipulation withdrawing the Cross-Appeal, which was then closed in 2023. The related
convertible note, warrants, and derivative liabilities were extinguished.
In total, the Company has 5,823,036
warrants outstanding as of June 30, 2023.
See Note 1 for information on warrants issued during the Offering and
note 6 for additional information on the derivative liability.
NOTE
10 – SUBSEQUENT EVENTS
Management has evaluated subsequent events pursuant to the requirements
of ASC Topic 855 and has determined that no material subsequent events exist other than those disclosed below.
On July 25, 2023, the Company issued 578,000 and 97,500 of options
to purchase common stock to employees and consultants, respectively. The Company valued the options issuances at $682 thousand and $115
thousand, respectively, based on the fair value and Black-Scholes calculation of the Company’s common stock on the date of issuance.
The options vest over the period of the consulting service.
On July 2023, the Company issued 78,226 of options to purchase common
stock to consultants. The Company valued the options issuances based on the fair value and Black-Scholes calculation of the Company’s
common stock on the date of issuance. The options vested immediately and were expensed on the statements of operations.
In July 2023, the Company issued 170,000 shares of common stock to
consultants. The Company valued the common stock issuances based on the the Company’s common stock on the date of issuance. The
common stock will vest over the period of the consulting service.
On July 27, 2023, Gary Wachs' employment
with and service as Chief Financial Officer and Treasurer of AppTech Payments Corp. (the “Company”) was terminated. Mr.
Wachs resigned as a member of the Company’s Board of Directors, effective immediately. The resignation of Mr. Wachs
was not due to a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On August 10, 2023, the Company entered into an amended agreement
with InstaCash to expand its mobile-to-mobile payment system to Brazil and Mexico.
Item 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations
The following discussion and analysis of
our financial condition and results of operations should be read in conjunction with our financial statements and related notes included
elsewhere in this quarterly report. This discussion contains forward-looking statements, such as statements regarding the anticipated
development and expansion of our business, our intent, belief or current expectations, primarily with respect to the future operating
performance of our company and the products and services we expect to offer and other statements contained herein regarding matters that
are not historical facts. Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also
forward-looking statements which involve risks, uncertainties, and assumptions. Because forward-looking statements are inherently subject
to risks and uncertainties, our actual results may differ materially from the results discussed in the forward-looking statements.
Business Overview
The financial services industry is going through
a period of intensive change driven by the advancement of technology and the rapid rise of contactless transactions due to societal changes,
in part, as a response to COVID-19. End-users expect ease of use and an enhanced user experience in all of their daily financial interactions.
In this rapidly evolving digital marketplace, businesses face broad and ever-changing requirements to meet consumer expectations and
achieve the operational efficiencies necessary to maintain a competitive edge.
To survive and succeed in this environment, businesses
must adopt new technologies in order to engage, communicate, process payments, and manage payouts with their customers. They need a supplier
who will widely support innovation and adaptation as the industry evolves. AppTech believes that its technologies will greatly increase
the adoption of digital payments and banking solutions in sectors that must adapt and migrate to new, secure digital Fintech technologies.
By embracing advancements in the payment and banking industries, AppTech is well-positioned to meet the growing needs of existing and
prospective clients and it intends for its current and future products to be at the forefront of solving these accelerated market needs.
AppTech’s innovative Fintech platform,
“Commerse™” officially launched in October 2022. The platform will deliver best-in-class financial technologies and
capabilities through an ever-evolving modular cloud/edge-based architecture. The Commerse™ platform houses a large array of financial
products and services that can be implemented off-the-shelf or customized via modern APIs. Within its Commerse™ platform, AppTech
offers three primary products: Payments-as-a-Service (“PaaS”), Banking-as-a-Service(“BaaS”), and Commerce-as-a-Service
(“CXS”).
Commerse™ provides PaaS via integrated
solutions for frictionless digital and mobile payment acceptance. These solutions provide advanced payment processing solutions for credit
cards, ACH, and gift/loyalty cards by catering to the unique needs of each merchant. PaaS will also solve for multi-use case, multi-channel,
API-driven, account-based issuer processing for cards, digital tokens, and payment transfer transactions.
AppTech is positioned to further accelerate digital
transformation through BaaS, layered with financial management tools that empower financial institutions to provide businesses, professionals,
and individuals with the ability to better manage their finances anywhere, anytime at a fraction of the cost of traditional banking and
financial services. BaaS creates an ecosystem of immersive and scalable digital financial management services backed by Mastercard &
Visa processing certifications.
Commerse™ has a flexible architecture to
allow for rich, personalized payment and banking experiences. This CXS, customized product, packages together elements of AppTech’s
intellectual property, BaaS, PaaS, and other related technologies to create seamless interactions throughout the customer journey.
The platform also incorporates AppTech’s
core, patented text payment and geolocation-triggered ecommerce and/or advertising via cell phone capabilities delivering experiences
that focus on frictionless use cases and end-user's desire for payment transaction simplicity, control, and comfort. AppTech believes
that these features will be particularly beneficial to the unbanked and under-banked in developing or emerging markets—where access
to the internet on a mobile device and modern banking institutions may not be readily available—specifically by extending merchants’
marketplace capabilities via new channels to request and receive frictionless, digital payments and engaging end-users by utilizing a
familiar, convenient, and widely adopted technology.
AppTech’s innovative Commerse™ product
delivers scalable solutions for automated and embedded, customizable business and consumer commerce experiences. These experiences propel
business growth, create value and drive operational efficiencies for businesses while providing economic convenience for end users.
AppTech was reincorporated in Delaware on
December 23, 2021. During this time, the business name was changed to AppTech Payments Corp. AppTech’s executive offices are
located at 5876 Owens Avenue, Suite 100, Carlsbad, California 92008. The Company’s phone number is (760) 707-5959. The
Company’s website address is www.apptechcorp.com. AppTech does not incorporate the information on or accessible through our
website into this Form 10-Q. The Company has included our website address in this Form 10-Q solely as an inactive textual
reference.
Financial Operations Overview
The following discussion sets forth certain
components of our statements of operations as well as factors that impact those items (in thousands, except per share data).
Revenues
Our Revenues. We derive our revenue
by providing financial processing services to businesses.
Expenses
Cost of Revenue. Cost of revenue includes
costs directly attributable to processing and other services the company provides. These also include related costs such as residual payments
to our business development partners, which are based on a percentage of the net revenue generated from client referrals.
General and Administrative. General
and administrative expenses include professional services, rent, utilities, and other operating costs.
Research and Development. Research and
development costs include costs of acquiring patents and other unproven technologies, contractor fees and other costs associated with
the development of the SMS short code texting platform, contract and outside services.
Interest Expense, net. Our interest
expense consists of interest on our outstanding indebtedness and amortization of debt issuance costs.
Results of Operations
This section includes a summary of our historical
results of operations, followed by detailed comparisons of our results for the three and six months ended June 30, 2023 and 2022,
respectively.
Revenue
Revenue was approximately $134 thousand and $123 thousand for the three months ended June 30, 2023 and 2022, representing an increase
of 9%. The increase was principally driven by higher transaction volume and more merchant accounts.
Revenue was approximately $223
thousand and $227 thousand for the six months ended June 30, 2023 and 2022, representing a decrease of 2%. The decrease was principally
driven by lower transaction volume and fewer merchant accounts.
Cost of Revenue
Cost of revenue was approximately $62 thousand
and $62 thousand for the three months ended June 30, 2023 and 2022, respectively.
Cost of revenue was approximately $115 thousand
and $113 thousand for the six months ended June 30, 2023 and 2022, representing an increase of 2%, driven primarily by an increase
in residual payouts.
General and Administrative Expenses
General and administrative expenses were
approximately $2.8 million and $1.3 million for the three months ended June 30, 2023 and 2022, respectively, representing an
increase of 113%. The increase was primarily driven by the modification of option awards resulting in additional stock based
compensation of $711 thousand.
General and administrative expenses were approximately $4.9 million and $4.1 million for the six
months ended June 30, 2023 and 2022, respectively, representing an increase of 19%. The increase was primarily driven by the
modification of option awards resulting in additional stock based
compensation of $711 thousand in 2023.
Research and Development Expenses
Research and development expenses were approximately
$0.5 million and $2.9 million for the three months ended June 30, 2023 and 2022. The 2022 balance included the onboarding of engineers,
developers, and the hardware and software needed to develop the software.
Research and development expenses were approximately
$2.0 million and $4.9 million for the six months ended June 30, 2023 and 2022. The 2022 balance included the onboarding of engineers,
developers, and the hardware and software needed to develop the software.
Impairment of Intangible Assets
Impairment of intangible assets were
approximately $6.1 million and $0 for the three and six months ended June 30, 2023 and 2022. On May 4, 2023, the Company notified
Infinios of its intent to terminate its relationship. Infinios turned off all its services in June 2023 and the Company wrote-off
the $6.1 million capitalized asset as it was deemed to be impaired. See Note 3 Intangible .Assets - Capitalized Development Cost and
Prepaid Licenses. See Note 8 - Commitments and Contingencies.
Excess Fair Value of Equity Issuance Over
Assets Received
Excess fair value of equity issuance over assets
received expenses was $0 thousand and $72 thousand for the three months ended June 30, 2023 and 2022. The
excess fair value over assets occurring was due to the timing of the share issuance to Infinios. The difference between the value of the
newly issued shares and the value of the services performed was expensed as excess fair value of equity issuance over assets received.
See Note 4 for additional information related to the Anti-dilution provision.
Excess fair value of equity issuance over assets
received expenses was $0 thousand and $904 thousand for the six months ended June 30, 2023 and 2022. The
excess fair value over assets occurring was due to the timing of the share issuance to Infinios. The difference between the value of the
newly issued shares and the value of the services performed was expensed as excess fair value of equity issuance over assets received.
See Note 4 for additional information related to the Anti-dilution provision.
Interest Expense, net
Interest income, net was approximately $3 thousand
for the three months ended June 30, 2023, compared to interest expense, net at $41 thousand for the three months ended June 30,
2023 and June 30, 2022. The decrease was primarily due to the Company's repayment of forbearance loan and interest in February 2023.
Interest expenses, net was approximately $43
thousand and $96 thousand for the six months ended June 30, 2023 and 2022. The decrease was primarily due to the Company's repayment
of forbearance loan and interest in February 2023.
Change in Fair Value of Derivative Liability
Change in fair value of derivative liability was approximately $0 thousand
and $37 thousand for the three months ended June 30, 2023 and 2022. The decrease was primarily due to the Company's repayment of derivative
liabilities in April 2023.
Change in fair value of derivative liability
was approximately $27 thousand and $173 thousand for the six months ended June 30, 2023 and 2022. The increase was primarily due to the
Company's repayment of derivative liabilities in April 2023.
Liquidity and Capital Resources
The Company successfully completed its capital
raise and uplisting onto NASDAQ (herein referred to its “Offering”) on January 7, 2022. As part of the Offering, the Company
executed a 9.5 to 1 reverse split of its common stock. In addition, the Offering sold 3,614,458 units of our common stock (a unit consisted
of one share of common stock and a warrant to purchase one share of common stock) at $4.15 per unit. In addition, 542,168 warrants were
granted. The Offering provided net proceeds of approximately $13.4 million.
On February 2, 2023, the Company announced
the closing of its previously announced $5.0 million registered direct offering (the “Registered Direct Offering”)
with a single institutional investor to sell 1,666,667 shares of its common stock (the “Shares”) and warrants to
purchase up to 1,666,667 shares (the “Warrants”) in a concurrent private placement (the “Private
Placement”). The combined purchase price for one Share and one Warrant was $3.00. Each of the Warrants has an exercise
price of $4.64 per share of common stock and are exercisable on and after August 1, 2023. The Warrants expire five years from
the date on which they become exercisable. The aggregate gross proceeds from the Registered Direct Offering and the concurrent
Private Placement were approximately $5.0 million before deducting placement agent fees and other estimated offering expenses.
Along with the offering that was completed in February 2023, the reset price (essentially the fair value of the share sold with the
Warrant) was determined by iterating the valuation of the Warrant until the stock price converged to yield a unit price of $4.15.
The Company used a portion of the proceeds to fulfill its obligations and paid all of its Loan Forbearance Agreements related to the
notes payable in full. See note 5 for the agreements that have been paid off.
As of June 30, 2023, we had cash and cash equivalents of approximately $0.7 million, working capital deficit of approximately $1.0
thousand, and stockholders’ equity of approximately $1.6 million.
Management's Plan
The Company continues to have yearly losses from its
limited revenues from operations. Management believes the present cash flows will not enable it to meet its commitments for twelve months
from the date of filing. The Company maintains an effective registration statement on Form S-3 with the Securities and Exchange Commission
that would allow the Company to raise additional capital in an amount up to $70.0 million. SEC regulations limit the amount of funds
we can raise during any 12-month period pursuant to our effective shelf registration statement on Form S-3. We are currently limited by
the Baby Shelf Rule as of the filing of this Quarterly Report, until such time as our public float exceeds $75 million. However, factors
such as stock price, volatility, trading volume, market conditions, demand and regulatory requirements may adversely affect the Company’s
ability to raise capital in an efficient manner.
Cash Flows
Net cash used in or provided by, operating,
investing and financing activities were as follows (in thousands):
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Net cash used in operating activities | |
$ | (5,416 | ) | |
$ | (5,378 | ) |
Net cash from (used) in investing activities | |
| – | | |
| (185 | ) |
Net cash provided by financing activities | |
| 2,703 | | |
| 13,345 | |
Operating Activities
Net cash used in operating activities during
the six months ended June 30, 2023 was approximately $5.4 million, which is comprised of (i) our net loss of $12.2 million,
adjusted for non-cash expenses totaling $7.7 million (which includes adjustments for equity-based compensation, depreciation and
amortization, impairment of capitalized software), and (ii) increased by changes in operating assets and liabilities of
approximately $0.9 million.
Net cash used in operating activities during
the six months ended June 30, 2022 was approximately $5.4 million, which is comprised of (i) our net loss of $9.6 million, adjusted
for non-cash expenses totaling $5.4 million (which includes adjustments for equity-based compensation, depreciation and amortization),
and (ii) changes in operating assets and liabilities using approximately $1.2 million.
Investing Activities
Net cash from by investing activities during
the six months ended June 30, 2023, was $0.
Net cash used by investing activities during the
six months ended June 30, 2022 was approximately $0.2 million and was primarily due to the purchase of software.
Financing Activities
Net cash provided by financing activities during
the six months ended June 30, 2023 was approximately $2.7 million, which principally consists of net proceeds of $4.5 million through
the issuance of common shares and warrants in our public offering, offset by repayments of the Loan forbearance Agreements in full.
Net cash provided by financing activities during
the three months ended June 30, 2022 was approximately $13.3 million, which principally consists of net proceeds of $13.4 million
through the sale of repurchase options.
Critical Accounting Policies
Our discussion and analysis of our financial
condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. The preparation
of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses. On an ongoing basis, we evaluate our estimates including those related to revenue recognition, goodwill and intangible assets,
derivative financial instruments, and equity-based compensation. We base our estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions
or conditions.
Critical accounting policies are those that
we consider the most critical to understanding our financial condition and results of operations. The accounting policies we believe to
be most critical to understanding our financial condition and results of operations are discussed below. As of June 30, 2023, there
have been no significant changes to our critical accounting estimates, except as described in Note 2 to our financial statements.
Software Development Costs
The Company capitalizes software development
costs in developing internal use software when capitalizing requirements have been met. Costs prior to meeting the capitalization requirements
are expensed as incurred. Equity and options granted are capitalized as part of the software development costs.
Recent Accounting Pronouncements
As of June 30, 2023, there have been no
significant changes to our recently issued accounting pronouncements, except as described in Note 2 to our consolidated financial statements.
Off-Balance Sheet Arrangements
We do not have any relationships with unconsolidated
entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, that would have
been established to facilitate off-balance sheet arrangements (as that term is defined in Item 303(a)(4)(ii) of Regulation S-K) or other
contractually narrow or limited purposes. As such, we are not exposed to any financing, liquidity, market or credit risk that could arise
if we had engaged in those types of relationships. We enter into guarantees in the ordinary course of business related to the guarantee
of our own performance.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk.
Because we are allowed to comply with the disclosure
obligations applicable to a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, with respect to this
Annual Report on Form 10-K, we are not required to provide the information required by this item.
Item 4. Control and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer,
we evaluated the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rule
13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer
and the Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2023. due to the
material weaknesses in our internal control over financial reporting as described below.
A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the Company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis.
The Company did not properly identify a triggering event under Accounting Standards Codification Topic 360 Property, Plant and Equipment
and other applicable accounting guidance, which indicated that the Company’s capitalized software costs and prepaid licensing fees
could be impaired. Further, the Company did not identify the contract termination and impairment as a significant disclosure item during
the financial reporting process. The impairment of its capitalized software costs and prepaid licensing fees was approximately $6.1 million
due to the termination of the Infinios contract. See Note 3 Intangible Assets - Capitalized Development Cost and Prepaid Licenses; and,
Note 8 - Commitments and Contingencies.
Policies and procedures should be implemented to ensure that any significant events requiring disclosure are identified, accounted for,
disclosed and reviewed by the management.
Changes in Internal Control over Financial
Reporting
Other than the material weaknesses noted above, there have not been any changes in our internal control over financial reporting
during the six months ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
Limitations on the Effectiveness of Controls
Control systems, no matter how well conceived
and operated, are designed to provide a reasonable, but not an absolute, level of assurance that the objectives of the control system
are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls
must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Because of the inherent limitations
in any control system, misstatements due to error or fraud may occur and not be detected.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
On July 14, 2021, EMA Financial LLC, a Delaware
limited liability company (“EMAF”), filed a complaint in the United States District Court for the Southern District of New
York against the Company. In its complaint, EMAF alleged that AppTech breached the terms of a convertible note and a related warrant agreement
purchased by EMAF pursuant to a securities purchase agreement between the parties.
On September 2, 2021, EMAF filed a motion for summary
judgment. AppTech filed a motion to dismiss EMAF’s complaint in its entirety. On September 13, 2022, the court denied AppTech’s
motion to dismiss, and granted EMAF’s motion for summary judgment in part and denied in part. In particular, the court granted EMAF’s
motion for summary judgment for its claim of breach of contract but denied its request for damages.
On December 8, 2022, the United States District Court
for the Southern District of New York entered an order denying AppTech’s motion to dismiss and granted EMAF’s motion for summary
judgment and awarded damages to EMAF for $1.2 million. On December 15, 2022, AppTech appealed the judgment to the United States Court
of Appeals for the Second Circuit. In January 2023, the Company secured a cash backed bond for $1.3 million for the appeal which is recorded
as Restricted cash in the accompanying consolidated balance sheet.
On, or about, April 23, 2023, EMAF and AppTech entered
into a settlement and release agreement providing for, among other things, a settlement amount of $880,000 and mutually releasing all
claims arising from the Agreements. On, or about, April 24, 2024, AppTech and EMAF each filed a Stipulation withdrawing the Appeal, which
was then closed on April 25, 2023. On April 25, 2023, EMAF filed Satisfaction of Judgements with the Court and all outstanding judgments
entered against AppTech are deemed satisfied as of that date. On, or about, April 26, 2023 AppTech and EMAF each filed a Stipulation withdrawing
the Cross-Appeal, which was then closed on April 27, 2023.
Item 1A. Risk Factors.
As a smaller reporting company, as defined
in Rule 12b-2 of the Exchange Act, we are not required to provide the information required by this item.
Item 2. Unregistered Sales
of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not Applicable.
Item 5. Other Information.
None.
Item 6. Exhibits.
EXHIBIT
INDEX
* Incorporated by reference to the 8-K Exhibit 10.1, filed with the SEC on June 21, 2023
Signatures
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
AppTech Payments Corp. |
|
|
|
Date: August 14, 2023 |
By: |
/s/ Luke D’Angelo |
|
|
Luke D’Angelo |
|
|
Chief Executive Officer |
|
|
|
Date: August 14, 2023 |
By: |
/s/ Meilin Yu |
|
|
Meilin Yu |
|
|
Chief Financial Officer and Treasurer |
Exhibit 31.1
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Luke D’Angelo, certify that:
|
1. |
I
have reviewed this report on Form 10-Q of AppTech Payments
Corp.; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date:
August 14, 2023 |
/s/ Luke D’Angelo |
|
Luke D’Angelo |
|
Chief Executive Officer, Chairman and Director |
Exhibit 31.2
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Meilin Yu, certify that:
|
1. |
I have reviewed this report on Form 10-Q of AppTech Payments Corp.; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date:
August 14, 2023 |
/s/
Meilin Yu |
|
Meilin Yu |
|
Chief
Financial Officer and Treasurer |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of
AppTech Payments Corp. on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and Exchange Commission on
the date hereof (the “Report”), I, Luke D’Angelo, Chairman of the Board and Chief Executive Officer, certify,
pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my
knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
Date:
August 14, 2023 |
/s/ Luke D’Angelo |
|
Luke D’Angelo |
|
Chief Executive Officer, Chairman and Director |
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of AppTech Payments Corp. on
Form 10-Q for the period ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the
“Report”), I, Meilin Yu, Chief Financial Officer of AppTech Payments Corp., certify, pursuant to 18 U.S.C. §1350,
as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
Date:
August 14, 2023 |
/s/ Meilin Yu |
|
Meilin Yu |
|
Chief
Financial Officer and Treasurer |
v3.23.2
Cover - shares
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Jun. 30, 2023 |
Aug. 14, 2023 |
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--12-31
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Entity File Number |
000-27569
|
|
Entity Registrant Name |
AppTech Payments Corp.
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|
Entity Central Index Key |
0001070050
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Entity Tax Identification Number |
65-0847995
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Entity Incorporation, State or Country Code |
DE
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Carlsbad
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CA
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707-5959
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v3.23.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalent |
$ 749
|
$ 3,462
|
Accounts receivable |
442
|
51
|
Prepaid expenses |
333
|
183
|
Prepaid license fees - current |
0
|
729
|
Total current assets |
1,524
|
4,425
|
Prepaid license fees - long term |
|
2,700
|
Intangible assets |
243
|
311
|
Note receivable |
26
|
26
|
Right of use asset |
97
|
127
|
Security deposit |
9
|
9
|
Capitalized software development and license (net of accumulated amortization) |
1,331
|
4,921
|
TOTAL ASSETS |
3,230
|
12,519
|
Current liabilities |
|
|
Accounts payable |
478
|
347
|
Accrued liabilities |
578
|
1,870
|
Right of use liability |
78
|
64
|
Stock repurchase liability |
0
|
430
|
Convertible notes payable, net of $0 and $4 thousand debt discount |
0
|
676
|
Notes payable |
1
|
1,021
|
Notes payable related parties |
0
|
88
|
Deferred revenue |
390
|
0
|
Derivative liabilities |
0
|
433
|
Total current liabilities |
1,525
|
4,929
|
Long-term liabilities |
|
|
Right of use liability |
51
|
99
|
Notes payable, net of current portion |
67
|
67
|
Total long-term liabilities |
118
|
166
|
TOTAL LIABILITIES |
1,643
|
5,095
|
Commitments and contingencies (Note 8) |
|
|
Stockholders’ Equity |
|
|
Series A preferred stock; $0.001 par value; 10,526 shares authorized; 14 shares issued and outstanding on June 30, 2023 and December 31, 2022 |
0
|
0
|
Common stock, $0.001 par value; 105,263,158 shares authorized; 18,581,447 and 16,697,280 issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
19
|
17
|
Additional paid-in capital |
155,039
|
147,881
|
Accumulated deficit |
(153,471)
|
(140,474)
|
Total stockholders’ equity |
1,587
|
7,424
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 3,230
|
$ 12,519
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v3.23.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Debt Discount |
$ 0
|
$ 4
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Preferred Stock, Shares Authorized |
10,526
|
10,526
|
Preferred Stock, Shares Issued |
14
|
14
|
Preferred Stock, Shares Outstanding |
14
|
14
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
105,263,158
|
105,263,158
|
Common Stock, Shares, Issued |
18,581,447
|
16,697,280
|
Common Stock, Shares, Outstanding |
18,581,447
|
16,697,280
|
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v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 134
|
$ 123
|
$ 223
|
$ 227
|
Cost of revenues |
62
|
62
|
115
|
113
|
Gross profit |
72
|
61
|
108
|
114
|
Operating expenses: |
|
|
|
|
General and administrative, including stock based compensation of $811 thousand and $137 thousand for the three months ended, $1,043 thousand and $943 thousand for the six months ended June 30, 2023 and 2022, respectively |
2,816
|
1,320
|
4,887
|
4,101
|
Research and development, including stock based compensation of $2 thousand and $1,958 thousand for the three months ended, $630 thousand and $3,660 thousand for the six months ended June 30, 2023 and 2022, respectively |
498
|
2,884
|
2,023
|
4,936
|
Impairment of Intangible assets |
6,131
|
0
|
6,131
|
0
|
Excess fair value of equity issuance over assets received |
0
|
72
|
0
|
904
|
Total operating expenses |
9,445
|
4,276
|
13,041
|
9,941
|
Loss from operations |
(9,373)
|
(4,215)
|
(12,933)
|
(9,827)
|
Other income (expenses) |
|
|
|
|
Interest income (expense) |
3
|
(41)
|
(43)
|
(96)
|
Change in fair value of derivative liability |
0
|
37
|
27
|
173
|
Other income (expenses) |
287
|
92
|
715
|
168
|
Total other income (expenses) |
290
|
88
|
699
|
245
|
Loss before provision for income taxes |
(9,083)
|
(4,127)
|
(12,234)
|
(9,582)
|
Provision for income taxes |
0
|
0
|
0
|
0
|
Net loss attributable to AppTech common shareholder |
(9,083)
|
(4,127)
|
(12,234)
|
(9,582)
|
Deemed dividend related to warrant resets |
0
|
0
|
(763)
|
0
|
Net loss |
$ (9,083)
|
$ (4,127)
|
$ (12,997)
|
$ (9,582)
|
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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Payment Arrangement, Noncash Expense |
|
|
$ 1,673
|
$ 4,603
|
Earnings Per Share, Basic |
$ (0.49)
|
$ (0.25)
|
$ (0)
|
$ (0.60)
|
Earnings Per Share, Diluted |
$ (0.49)
|
$ (0.25)
|
$ (0)
|
$ (0.60)
|
Weighted Average Number of Shares Outstanding, Basic |
18,468,741
|
16,246,260
|
18,200,197
|
15,857,753
|
Weighted Average Number of Shares Outstanding, Diluted |
18,468,741
|
16,246,260
|
18,200,197
|
15,857,753
|
General and Administrative Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 811
|
$ 137
|
$ 1,043
|
$ 943
|
Research and Development Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
$ 2
|
$ 1,958
|
$ 630
|
$ 3,660
|
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- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Series A Preferred Stocks [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 12
|
$ 124,225
|
$ (124,193)
|
$ 44
|
Beginning balance at Dec. 31, 2021 |
14
|
11,944,600
|
|
|
|
Net loss |
|
|
|
(5,455)
|
(5,455)
|
Common stock issued for forbearance |
|
|
3
|
|
3
|
Common stock issued for forbearance |
|
2,104
|
|
|
|
Stock based compensation |
|
|
2,732
|
|
2,732
|
Stock based compensation |
|
310,223
|
|
|
|
Common stock cancelled |
0
|
$ 0
|
0
|
0
|
0
|
Common stock cancelled |
|
(126,315)
|
|
|
|
Net proceeds from sale of offering shares |
|
$ 4
|
13,391
|
|
13,395
|
Net proceeds from sale of offering shares |
|
3,614,458
|
|
|
|
Ending balance, value at Mar. 31, 2022 |
$ 0
|
$ 16
|
140,351
|
(129,263)
|
10,719
|
Beginning balance at Mar. 31, 2022 |
14
|
15,745,070
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 12
|
124,225
|
(124,193)
|
44
|
Beginning balance at Dec. 31, 2021 |
14
|
11,944,600
|
|
|
|
Net loss |
|
|
|
|
(9,582)
|
Ending balance, value at Jun. 30, 2022 |
$ 0
|
$ 16
|
145,001
|
(133,775)
|
11,242
|
Beginning balance at Jun. 30, 2022 |
14
|
16,562,708
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 0
|
$ 16
|
140,351
|
(129,263)
|
10,719
|
Beginning balance at Mar. 31, 2022 |
14
|
15,745,070
|
|
|
|
Net loss |
|
|
|
(4,127)
|
(4,127)
|
Stock based compensation |
|
|
2,120
|
|
2,120
|
Stock based compensation |
|
140,681
|
|
|
|
Patent acquisition |
|
|
407
|
|
407
|
[custom:PatentAcquisitionShares] |
|
225,000
|
|
|
|
Anti-dilution provision |
|
|
2,123
|
|
$ 2,123
|
[custom:AntidilutionProvisionShares] |
|
|
|
|
451,957
|
Ending balance, value at Jun. 30, 2022 |
$ 0
|
$ 16
|
145,001
|
(133,775)
|
$ 11,242
|
Beginning balance at Jun. 30, 2022 |
14
|
16,562,708
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 17
|
147,881
|
(140,474)
|
7,424
|
Beginning balance at Dec. 31, 2022 |
14
|
16,697,280
|
|
|
|
Net loss |
|
|
|
(3,151)
|
(3,151)
|
Stock based compensation |
|
|
860
|
|
860
|
Stock based compensation |
|
28,750
|
|
|
|
Issuance of shares for prepaid services |
|
|
234
|
|
234
|
Issuance of shares for prepaid services |
|
150,000
|
|
|
|
Retained earnings change due to warrants' repricing |
0
|
$ 0
|
763
|
(763)
|
0
|
Net proceeds from sale of offering shares |
|
$ 2
|
4,488
|
|
4,490
|
Net proceeds from sale of offering shares |
|
1,666,667
|
|
|
|
Ending balance, value at Mar. 31, 2023 |
$ 0
|
$ 19
|
154,226
|
(144,388)
|
9,857
|
Beginning balance at Mar. 31, 2023 |
14
|
18,542,697
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 17
|
147,881
|
(140,474)
|
7,424
|
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14
|
16,697,280
|
|
|
|
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|
|
|
|
(12,234)
|
Ending balance, value at Jun. 30, 2023 |
$ 0
|
$ 19
|
155,039
|
(153,471)
|
1,587
|
Beginning balance at Jun. 30, 2023 |
14
|
18,581,447
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 0
|
$ 19
|
154,226
|
(144,388)
|
9,857
|
Beginning balance at Mar. 31, 2023 |
14
|
18,542,697
|
|
|
|
Net loss |
|
|
|
(9,083)
|
(9,083)
|
Stock based compensation |
|
|
813
|
|
813
|
Stock based compensation |
|
38,750
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 0
|
$ 19
|
$ 155,039
|
$ (153,471)
|
$ 1,587
|
Beginning balance at Jun. 30, 2023 |
14
|
18,581,447
|
|
|
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v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
$ (9,083)
|
$ (3,151)
|
$ (4,127)
|
$ (5,455)
|
$ (12,234)
|
$ (9,582)
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
1,673
|
4,603
|
|
Common stock issued for forbearance |
|
|
|
|
0
|
3
|
|
Cancellation of stock repurchase liabilities |
|
|
|
|
(430)
|
0
|
|
Stock issued for excess fair value of equity over assets received |
|
|
|
|
0
|
904
|
|
Amortization of debt discount |
|
|
|
|
4
|
32
|
|
Amortization of intangible assets and software |
|
|
|
|
586
|
0
|
|
Impairment of intangible assets and software |
6,131
|
|
0
|
|
6,131
|
0
|
|
Gain on settlement of convertible note, warrants, and derivative liabilities |
|
|
|
|
(250)
|
0
|
|
Change in fair value of derivative liabilities |
|
|
|
|
(27)
|
(173)
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
(391)
|
(10)
|
|
Prepaid expenses |
|
|
|
|
454
|
(29)
|
|
Accounts payable |
|
|
|
|
129
|
(861)
|
|
Accrued liabilities |
|
|
|
|
(1,447)
|
(266)
|
|
Deferred revenue |
|
|
|
|
390
|
0
|
|
Right of use asset and liability, net |
|
|
|
|
(4)
|
1
|
|
Net cash used in operating activities |
|
|
|
|
(5,416)
|
(5,378)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Capitalized prepaid software development and license |
|
|
|
|
0
|
(185)
|
|
Net cash used in investing activities |
|
|
|
|
0
|
(185)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Payments on loans payable - related parties |
|
|
|
|
(88)
|
0
|
|
Repayments on notes payable |
|
|
|
|
(1,020)
|
(50)
|
|
Repayment of convertible note payable |
|
|
|
|
(679)
|
0
|
|
Net proceeds from offering |
|
|
|
|
4,490
|
13,395
|
|
Net cash provided by financing activities |
|
|
|
|
2,703
|
13,345
|
|
Changes in cash, cash equivalents, and restricted cash |
|
|
|
|
(2,713)
|
7,782
|
|
Cash, cash equivalents, beginning of period |
|
$ 3,462
|
|
$ 8
|
3,462
|
8
|
$ 8
|
Cash, cash equivalents, end of period |
$ 749
|
|
$ 7,790
|
|
749
|
7,790
|
$ 3,462
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
Cash paid for interest |
|
|
|
|
1,429
|
0
|
|
Non-cash investing and financing transactions |
|
|
|
|
|
|
|
Issuance stock for acquisition of intangible assets |
|
|
|
|
0
|
407
|
|
Cancellation of stock repurchase liabilities |
|
|
|
|
430
|
(0)
|
|
Issuance of stock for prepaid services |
|
|
|
|
$ 234
|
$ 250
|
|
X |
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS
AppTech Payments Corp. ("AppTech"
or the "Company), a Delaware corporation, is a Fintech Company headquartered in Carlsbad, California. AppTech utilizes innovative
payment processing and digital banking technologies to complement its core merchant services capabilities. The Company’s patented
and proprietary software will provide progressive and adaptable products that are available through a suite of synergistic offerings directly
to merchants, banking institutions, and business enterprises.
AppTech is developing an embedded, highly secure digital
payments and banking platform that powers commerce experiences for clients and their customers. Based upon industry standards for payment
and banking protocols, we will offer standalone products and fully integrated solutions that deliver innovative, unparalleled payments,
banking, and financial services experiences. Our processing technologies can be taken off-the-shelf or tapped into via our RESTful APIs
to build fully branded and customizable experiences while supporting tokenized, multi-channel, and multi-method transactions.
In 2017, the Company acquired assets from GlobalTel
Media, Inc. The assets included patented, enterprise-grade software for advanced text messaging, four patents in text technology, and
additional intellectual property for mobile payments.
In 2020, AppTech entered into a strategic partnership
with Infinios (formerly “NEC Payments”), to extend its product offering to include flexible, scalable, and secure payment
acceptance and issuer payment processing that supports the digitization of business and consumer financial services and the migration
of cash and other legacy payment types to contactless card and real time payment transactions. This partnership has since been terminated.
In 2021, the Company announced its intent to launch
an innovative and patented mobile text payment solution in addition to a suite of digital banking and payment acceptance products designed
in the Business-to-Business (“B2B”) and Business-to-Consumer (“B2C”) payment and software space.
On December 23, 2021, AppTech re-domiciled to Delaware
and changed its name from “AppTech Corp.” to “AppTech Payments Corp.” AppTech stock trades under the symbol “APCX”
and its warrants trade under the symbol “APCXW,” on the Nasdaq Capital Market ("NASDAQ").
The Company successfully completed its
capital raise and uplisting onto NASDAQ (herein referred to as its “Offering”) on January 7, 2022. As part of the
Offering, the Company executed a 9.5
to 1 reverse split of its common stock. All information has been adjusted to reflect the reverse split. In addition, the
Offering sold 3,614,458
units of our common stock (a unit consisting of one
share of common stock and a warrant to purchase one share of common stock) at $4.15
per unit. In addition, 542,168
warrants were granted by EF Hutton and the Offering warrants of 3,614,458,
all having a five-year expiration and an exercise price of $5.19. The Offering provided net proceeds of approximately $13.4
million. The exercise price of the warrants were repriced to a floor of $4.15 after the February 2023 Offering (discussed below).
In April 2022, the Company acquired HotHand
Inc. (“HotHand”), a patent-holding company. These patents are focused on the delivery, purchase, or request of any
products or services within specific geolocation and time parameters, provided by a consumer’s cell phone anywhere in the
United States, and protect all mobile phone advertising, including in a store’s mobile application.
In September 2022, the Company expanded its
operations to Austin, Texas by establishing AppTech Holdings LLC. The goal of this expansion is primarily to pursue licensing revenue.
In February 2023, the Company completed an underwritten
public offering of its common stock and warrants, raising gross proceeds of approximately $5.0 million. As of August 14, 2023,
approximately $70.0 million remains available under the shelf registration statement Form S-3 (File No. 333-265526) previously filed
and declared effective by the Securities and Exchange Commission (SEC) on July 15, 2022. SEC regulations limit the amount of funds we
can raise during any 12-month period pursuant to our effective shelf registration statement on Form S-3. We are currently limited by the
Baby Shelf Rule as of the filing of this Quarterly Report, until such time as our public float exceeds $75 million. However, factors such
as stock price, volatility, trading volume, market conditions, demand and regulatory requirements may adversely affect the Company’s
ability to raise capital in an efficient manner.
In June 2023, the Company entered into licensing
agreements with InstaCash and PayToMe.co.
Management's Plan
The Company continues to have yearly losses from its
limited revenues from operations. Management believes the present cash flows will not enable it to meet its commitments for twelve months
from the date of filing. However, Management has an open S-3 filed with the SEC and it intends to obtain the necessary funding for the
Company to meet its obligations for the twelve-month period from the date the financial statements are issued.
The Company anticipates raising additional capital in the third quarter of 2023 to further fund operations.
Based on the Company’s current operating plan, working capital levels, financial projections, and planned capital raise in the
third quarter, Management anticipates that the Company will be able to meet its financial obligations for the next twelve months.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying consolidated unaudited financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”).
In the opinion of the Company’s management, the accompanying financial statements reflect all adjustments, consisting of normal,
recurring adjustments, considered necessary for a fair presentation of the results for the interim periods ended June 30, 2023 and
June 30, 2022. Although management believes that the disclosures in these unaudited financial statements are adequate to make the
information presented not misleading, certain information and footnote disclosures normally included in financial statements that have
been prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC.
The accompanying consolidated unaudited
financial statements should be read in conjunction with the Company’s financial statements and notes related thereto included
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 20, 2023.
The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be
expected for the year ended December 31, 2023 or for any future interim periods.
Basis of Consolidation
The consolidated financial statements include the
accounts of AppTech Payments Corp., and wholly owned subsidiary of which the Company is the primary beneficiary. All significant inter-company
accounts and transactions are eliminated in consolidation.
Use of Estimates
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. Significant estimates include the estimated liabilities related
to various vendors in which communications have ceased, contingent liabilities, valuation of the derivative liabilities, and realization
of tax deferred tax assets. Actual results could differ from those estimates.
Concentration
of Credit Risk
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 (“FDIC”) insurance premiums. The Company has never experienced any losses related to these balances.
The accounts receivable from merchant
services are paid by the financial institutions on a monthly basis. The Company currently uses six financial institutions to service
their merchants for which represented 100% of accounts receivable as of June 30, 2023 and 2022. The loss of one of these financial
institutions would not have a significant impact on the Company’s operations as there are additional financial institutions
available to the Company. There is no merchant (customer) representing a significant amount of total revenue for the three and six
months ended June 30, 2023 and for the year ended 2022.
Software Development Costs
The Company capitalizes certain costs related
to the development of its digital banking platform. Costs incurred during the development phase are capitalized only when we believe it
is probable the development will result in new or additional functionality. The types of costs capitalized during the development phase
include employee compensation and consulting fees for third party developers working on these projects. Costs related to the preliminary
project planning phase and post implementation phase are expensed as incurred. The digital banking platform is amortized on a straight
line basis over the estimated useful life of the asset.
Revenue Recognition
The Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) No. 2014-09, codified as Accounting Standards Codification (“ASC”)
606 Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising
from contracts with customers.
The Company provides merchant processing solutions
for credit cards and electronic payments. In all cases, the Company acts as an agent between the merchant which generates the credit card
and electronic payments, and the bank, which processes such payments. The Company’s revenue is generated on services priced as a
percentage of transaction value or a specified fee transaction, depending on the card or transaction type. Revenue is recorded as services
are performed, which is typically when the bank processes the merchant’s credit card and electronic payments.
Consideration paid to customers are recorded
as a reduction to revenues.
Licensing Revenue
The Company is actively pursuing strategic partnership
agreements that licenses its portfolio of patents in return for a fee. The licensing fee is deferred and recognized evenly on a monthly
basis over the term of the service period or contract.
Fair Value Measurements
The Company follows FASB ASC 820, Fair Value
Measurements and Disclosures (“ASC 820”) to measure and disclose the fair value of its financial instruments. ASC 820 establishes
a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements and establishes a fair value hierarchy
which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value
hierarchy defined by ASC 820 are described below:
Level 1 | Quoted market prices available in active markets for identical
assets or liabilities as of the reporting date. |
| |
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1,
which are either directly or indirectly observable as of the reporting date. |
| |
Level 3 | Pricing inputs that are generally unobservable inputs and not corroborated by
market data. |
Financial assets are considered Level 3 when
their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant
model assumption or input is unobservable.
The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.
If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization
is based on the lowest level input that is significant to the fair value measurement of the instrument.
The carrying amounts reported in the Company’s
financial statements for cash, accounts payable and accrued expenses approximate their fair value because of the immediate or short-term
maturity of these financial instruments.
Transactions involving related parties cannot
be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-marketing dealings may not exist.
Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated
on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
The liabilities that are measured and recognized at fair value as of June 30, 2023 is zero.
The following table presents liabilities that
are measured and recognized at fair value as of December 31, 2022 on recurring basis (in thousands):
Fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Carrying
Value |
|
Derivative liabilities |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
433 |
|
|
$ |
433 |
|
See Note 6 for discussion of valuation and
roll forward related to derivative liabilities.
Intangible Assets and Patents
Our intangible assets only consist of patents.
We amortize the patents on a straight-line basis from 3 years to 15 years, which approximates the way the economic benefits of the intangible
asset will be consumed.
Research and Development
In accordance with ASC 730, Research and Development
(“R&D”) costs are expensed when incurred. R&D costs include costs of acquiring patents and other unproven technologies,
contractor fees and other costs associated with the development of the SMS short code texting platform, contract and other outside services.
Total R&D costs for the six months ended June 30, 2023 and 2022 was approximately $2.0 million and $4.9 million, respectively.
Per Share Information
Basic net income (loss) per common share is
computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted net
income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the year, increased by the potentially dilutive common shares that were outstanding during the year. Dilutive securities include
stock options, warrants granted, convertible debt and convertible preferred stock.
The number of common stock equivalents not included
in diluted income per share was 7,357,993 and 6,176,102 for the six months ended June 30, 2023 and 2022, respectively. The weighted
average number of common stock equivalents is not included in diluted income (loss) per share, because the effects are anti-dilutive.
Schedule of anti-dilutive
shares | |
| | | |
| | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Series A preferred stock | |
| 1,149 | | |
| 1,149 | |
Convertible debt | |
| – | | |
| 174,060 | |
Warrants | |
| 5,823,036 | | |
| 4,275,464 | |
Options | |
| 881,012 | | |
| 1,061,132 | |
Restricted stock units | |
| 652,796 | | |
| 664,297 | |
Total | |
| 7,357,993 | | |
| 6,176,102 | |
Derivative Liability
The Company issued debts that consist of the
issuance of convertible notes with variable conversion provisions. In addition, the Company issued warrants with variable anti-dilution
provisions. The conversion terms of the convertible notes and warrants are variable based on certain factors, such as the future price
of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the Company’s
common stock. The number of shares of common stock issuable upon conversion of the promissory note is indeterminate. Pursuant to ASC 815-15
Embedded Derivatives, the fair values of the variable conversion option and warrants and shares to be issued were recorded as derivative
liabilities on the issuance date and at each reporting period.
Stock Based Compensation
The Company recognizes as compensation expense
all share-based payment awards made to employees, directors, and consultants including grants of stock, stock options and warrants, based
on estimated fair values. Fair value is generally determined based on the closing price of the Company’s common stock on the date
of grant and is recognized over the service period. The Company has several consulting agreements that have share based payment awards
based on performance. These agreements typically require the Company to issue common stock to the consultants on a monthly basis. The
Company records the fair market value of the common stock issuable at each month end when the performance is complete based upon the closing
market price of the Company’s common stock.
New Accounting Pronouncements
The FASB issues ASUs to amend the authoritative
literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to
date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not
expected to have a significant impact on the Company.
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v3.23.2
INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE 3 – INTANGIBLE ASSETS
Capitalized
Development Cost and Prepaid Licenses
The Company capitalizes certain costs
related to the development of its digital payment and banking platform. Costs incurred during the development phase are capitalized
only when we believe it is probable the development will result in new or additional functionality. The types of costs capitalized
during the development phase include employee compensation and consulting fees for third party developers working on these projects.
Costs related to the preliminary project planning phase and post implementation phase are expensed as incurred. The capitalized
development costs are amortized on a straight line basis over the estimated useful life of the asset. The Company has capitalized
approximately $5.2 million of
software development costs as of December 31, 2022 and will amortize over five years beginning October 1, 2022. The Company
recorded the amortization expenses of $0.8 million and $–
during the six months ended June 30, 2023 and June 30, 2022, respectively.
During the six months ended June 30, 2023,
the Company wrote-off approximately $6.1
million of its capitalized, included in Capitalized software development and license in the accompanying balance sheet. See Note 8
- Commitments and Contingencies.
Patents
In April 2022, the Company fully executed a
Definitive Agreement to acquire HotHand Inc. (“HotHand”), a patent-holding company. HotHand did not have any operations, so
the transaction was an asset acquisition of its portfolio of thirteen patents including USPTO 7,693,752; USPTO 8,554,632; USPTO 8,799,102;
USPTO 9,436,956; USPTO 10,102,556; USPTO 10,127,592; USPTO 10,600,094; USPTO 10,621,639; USPTO 10,846,726; USPTO 10,846,727; USPTO 10,909,593;
USPTO 11,107,140; USPTO 11,345,715. These patents are focused on the delivery, purchase, or request of any products or services within
specific geolocation and time parameters, provided by a consumer’s cell phone anywhere in the United States. Additionally, HotHand’s
family of patents includes a patent that protects advertising on a store’s mobile application when the cell phone is in the store
and the ads shown are being triggered by geolocation tagging.
AppTech is currently integrating the HotHand
Intellectual Property (“IP”) into an elite digital platform. In addition to offering an embedded, highly secure, and patent-backed
product, AppTech will offer licensing agreements for its IP.
HotHand was acquired for 225,000 shares of common
stock and was allocated to the patents as an intangible asset based on the fair market value of the common stock on the date of acquisition
(April 18, 2022). The Company amortizes the asset over three years. Further, the purchase agreement outlines revenue milestones that
may trigger four payments of $500 thousand payable to HotHand's former owners. The Company did not meet these revenue milestones
as of June 30, 2023.
Schedule of patent activity | |
| | |
| |
June 30, 2023 | |
Balance as of December 31, 2021 | |
$ |
– | |
Acquisition of patents | |
| 407 | |
Amortization of patents | |
| (96 | ) |
Balance as of December 31, 2022 | |
| 311 | |
Acquisition of patents | |
| – | |
Amortization of patents | |
| (68 | ) |
Balance as of June 30, 2023 | |
$ | 243 | |
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v3.23.2
ACCRUED LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
ACCRUED LIABILITIES |
NOTE 4 – ACCRUED LIABILITIES
Accrued liabilities as of June 30, 2023
and December 31, 2022 consist of the following (in thousands):
Schedule of accrued liabilities | |
| | | |
| | |
| |
June 30, 2023 | | |
December 31,
2022 | |
| |
| | |
| |
Accrued interest – third parties | |
$ | – | | |
$ | 1,436 | |
Accrued payroll | |
| 429 | | |
| 311 | |
Accrued residuals | |
| 36 | | |
| 31 | |
Anti-dilution provision | |
| 72 | | |
| 72 | |
Other | |
| 41 | | |
| 20 | |
Total accrued liabilities | |
$ | 578 | | |
$ | 1,870 | |
Accrued Residuals
The Company pays commissions to independent agents
("Channel Partners") which refer merchant accounts. The amounts payable to Channel Partners is based upon a percentage of the
amounts processed on a monthly basis by these merchant accounts.
Anti-dilution Provision
The agreement between the Company and Infinios,
formerly NEC Payments B.S.C., has an anti-dilution provision. To remain in compliance, the Company accrued 73,848 shares of its common
stock at $17.46 per share for a total value of $1.3 million as of December 31, 2021. Further, in connection with the capital raise
discussed in Note 1, the Company issued an additional 378,109 shares of its common stock at $2.20 per share for a value of $832 thousand
or a total value of $2.1 million. The 451,957 total shares were issued in May 2022. The anti-dilution provision expired in January
2023.
Further, in
connection with the shares to be issued as part of the HotHand acquisition, and to be in compliance with its anti-dilution provision with
Infiinios, the Company accrued an additional 39,706 shares of its common stock at $1.81 per share for a total of $72 thousand. The shares
have not been issued to Infinios as of June 30, 2023.
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v3.23.2
NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE |
NOTE 5 – NOTES PAYABLE AND CONVERTIBLE
NOTES PAYABLE
The Company funded operations through cash
flows generated from operations and the issuance of loans and notes payable. The following is a summary of loans and notes payable outstanding
as of June 30, 2023 and December 31, 2022. Related parties noted below are either members of management, board of directors,
significant shareholders or individuals in which have significant influence over the Company.
Convertible
Notes Payable
In 2020,
the Company entered into a Securities Purchase Agreement with an investor pursuant to which the Company agreed to sell to the investor
a $300 thousand convertible note bearing interest at 12% per annum (the “Note”). The Note matured in 365 days from the date
of issuance. Upon maturity of the convertible note, interest rate was increased to 24%. The Note was convertible at the option of the
holder at any time into shares of the Company’s common stock at $9.50 for the one hundred and eighty (180) days immediately following
the issue date and thereafter shall equal the lower of: 1) the lowest closing price of the common stock during the preceding twenty-five
(25) trading day, ending on the last complete trading day prior to the issue date of the Note. 2) seventy-five (75) percent of the lowest
trading price for the common stock during the twenty-five (25) consecutive trading days preceding the conversion date with a minimum trading
volume of one thousand (1,000) shares.
In the
event of a default of the Note, the Holder, in its sole discretion may elect to use a conversion price equal to the lower of: 1) the lowest
trading price of the common stock on the trading day immediately preceding the issue date or 2) seventy-five (75) percent of either the
lowest trading price or the closing bid price, whichever is lower during any trading day in which the event of default has not been cured.
The
embedded conversion feature of this Note was deemed to require bifurcation and liability classification, at fair value. Pursuant to
the Securities Purchase Agreement, the Company also sold warrants to the investors to purchase up to an aggregate of 21,052 shares
of common stock exercisable at $14.25 and expire in five (5) years. The fair value of the derivative liability and warrants as of
the date of issuance was in excess of the Note (see Note 6 for valuation) resulting in full discount of the Note. The conversion
feature and warrants have various reset provisions for which lower the exercise price and share and warrants issuable. As of
June 30, 2023 and December 31, 2022, the convertible note payable balance was $0 thousand
and $280 thousand,
and has accrued interest of $0 thousand
and $119 thousand,
respectively. In April 2023, the Company settled the lawsuit with the note holder against the Company. The Company paid off the
note and accrued interest in its entirety. See Note 8 - Commitments and Contingencies.
See Note 6 - Derivative
Liabilities.
In 2014, the Company issued $400
thousand in convertible notes payable. On March 30, 2022, the Company entered into forbearance agreements in exchange for not
enforcing the terms of the original agreements. In November 2022, the parties agreed to extend the terms of the forbearance
agreements for an additional six months. As of December 31, 2022, the balance of the convertible note was $400 thousand, the
accrued interest related to the convertible notes was $278 thousand. In February 2023, the Company paid off the note and accrued
interest in its entirety.
Notes Payable
In 2020,
the Company entered into a 30-year unsecured note payable with U.S. Small Business Administration for $68 thousand in proceeds.
The notes payable incurred a $100 fee upon issuance and incurs interest at 3.75% per annum. All payments of principal and interest are
deferred for thirty months from the date of the note. As of June 30, 2023 and December 31, 2022 the balance of the note payable
was $68 thousand and $68 thousand, and accrued interest was $0 thousand and $6 thousand,
respectively.
A significant shareholder funded the Company’s
operations through notes payable primarily in 2009 and 2010. On May 2, 2021, the Company entered into a debt reduction and confirmation
agreement with the significant shareholder that is no longer a related party. The Company entered into a forbearance agreement in exchange
for not enforcing the terms of the agreement. In November 2022, the parties agreed to extend the terms of the forbearance agreement for
an additional six months. As of December 31, 2022, the balance of the notes payable was $597 thousand, and the accrued interest related
to the notes was $83 thousand. In February 2023, the Company paid off the note and accrued
interest in its entirety.
The Company entered into several notes payable
with third parties. The Company entered into forbearance agreements in exchange for not enforcing the terms of the agreement. The interest
rate on the note payable is 0% to 18% per annum. The expiration date of the agreement ranged from September 27, 2022 to October 4, 2022.
In November 2022, the parties agreed to extend the terms of the forbearance agreement for an additional six months. As of December 31,
2022, the balance of the notes payable was $423 thousand, and the accrued interest related to the notes payable was $538 thousand.
In February 2023, the Company paid off the notes and accrued interest in its entirety.
Note Payable - Related Party
As of December 31, 2022, the balance of
the related party notes payable was $88 thousand, with an interest rate of 12% per annum and the accrued interest to the related
party notes payable was $68 thousand. In February 2023, the Company paid off the note and accrued interest in its entirety.
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v3.23.2
DERIVATIVE LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Liabilities |
|
DERIVATIVE LIABILITIES |
NOTE 6 – DERIVATIVE
LIABILITIES
The Company issued debts that consist of the
issuance of convertible notes with variable conversion provisions. In addition, the Company issued warrants with variable conversion
provisions. The conversion terms of the convertible notes and warrants are variable based on certain factors, such as the future
price of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the
Company’s common stock. The number of shares of common stock issuable upon conversion of the promissory note is indeterminate.
Pursuant to ASC 815-15, the fair values of the variable conversion option and warrants were recorded as derivative liabilities on
the issuance date and revalued for the six months ended June 30, 2023 and December 31, 2022. There was no material change upon
revaluing derivative liability prior to extinguishment.
At the end of June 30, 2023, the derivative
liabilities were zero as the Company settled the convertible note and also extinguished its warrants related to its derivative liability
as a result of the settlement. See Note 8.
Based on the convertible notes described in Note
5, the derivative liability day one loss was $390
thousand and the change in fair value for the six months ended June 30, 2023 and December 31, 2022 is $27
thousand and $166
thousand, respectively. The fair value of applicable derivative liabilities on notes, warrants and change in fair value of
derivative liability are as follows for the six months ended June 30, 2023 (in thousands).
Schedule of derivative liabilities | |
| | | |
| | | |
| | |
| |
Derivative Liability Convertible Notes | | |
Derivative Liability Warrants | | |
Total | |
Balance as of December 31, 2022 | |
$ | 266 | | |
$ | 167 | | |
$ | 433 | |
Change in fair value | |
| 1 | | |
| (28 | ) | |
| (27 | ) |
Extinguishment of the derivative liability | |
| (267 | ) | |
| (139 | ) | |
| (406 | ) |
Balance as of June 30, 2023 | |
$ | – | | |
$ | – | | |
$ | – | |
During the six months ended June 30, 2023, the fair value of the derivative liability convertible notes is estimated using a Monte Carlo pricing model
with the following assumptions:
Assumptions
for derivatives
Market value of common stock | |
$ | 1.49 | |
Expected volatility | |
| 52.60% | |
Expected term (in years) | |
| 0.25 | |
Risk-free interest rate | |
| 4.42% | |
During the six months ended June 30, 2023, the fair value of the
derivative liability – warrants is estimated using a Monte Carlo pricing model with the following assumptions:
Market value of common stock | |
$ | 1.49 | |
Expected volatility | |
| 71.10% | |
Expected term (in years) | |
| 2.64 | |
Risk-free interest rate | |
| 4.28% | |
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v3.23.2
RIGHT OF USE ASSET
|
6 Months Ended |
Jun. 30, 2023 |
Right Of Use Asset |
|
RIGHT OF USE ASSET |
NOTE 7 – RIGHT OF USE ASSET
Lease Agreement
In January 2020, the Company entered into a
lease agreement commencing February 8, 2020 for its current facility which expires in 2025. The term of the lease is for five years. At
inception of the lease, the Company recorded a right of use asset and liability. The Company used an effective borrowing rate of 12% within
the calculation. The following are the expected lease payments as of June 30, 2023, including the total amount of related imputed
interest (in thousands):
Years ending December 31:
Schedule of future minimum lease payments | |
| | |
2023 | |
$ | 44 | |
2024 | |
| 90 | |
2025 | |
| 8 | |
Operating Lease Total | |
| 142 | |
Less: Imputed interest | |
| (13 | ) |
Total | |
$ | 129 | |
The rent expense was $36
thousand and $31 thousand for the six months ended June 30, 2023 and 2022, respectively.
In September 2022, the Company opened a new
office in Austin’s emerging tech hub to expand operations and foster growth. The total amount payable for one year lease under the
lease agreement is $11 thousand.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 8 – COMMITMENTS AND CONTINGENCIES
Litigation
Convertible Note and Warrant Lawsuit
On July 14, 2021, EMA Financial LLC, a Delaware
limited liability company (“EMAF”), filed a complaint in the United States District Court for the Southern District of New
York against the Company. In its complaint, EMAF alleged that AppTech breached the terms of a convertible note and a related warrant agreement
purchased by EMAF pursuant to a securities purchase agreement between the parties.
On September 2, 2021, EMAF filed a motion for
summary judgment. AppTech filed a motion to dismiss EMAF’s complaint in its entirety. On September 13, 2022, the court denied AppTech’s
motion to dismiss, and granted EMAF’s motion for summary judgment in part and denied in part. In particular, the court granted EMAF’s
motion for summary judgment for its claim of breach of contract but denied its request for damages.
On December 8, 2022, the United States District
Court for the Southern District of New York entered an order denying AppTech’s motion to dismiss and granted EMAF’s motion
for summary judgment and awarded damages to EMAF for $1.2 million. On December 15, 2022, AppTech appealed the judgment to the United States
Court of Appeals for the Second Circuit. In January 2023, the Company secured a cash backed bond for $1.3 million for the appeal.
On, or about, April 23, 2023, EMAF and AppTech
entered into a settlement and release agreement providing for, among other things, a settlement amount of $880,000 and mutually releasing
all claims arising from the Agreements. On, or about, April 24, 2024, AppTech and EMAF each filed a Stipulation withdrawing the Appeal,
which was then closed on April 25, 2023. On April 25, 2023, EMAF filed Satisfaction of Judgements with the Court and all outstanding
judgments entered against AppTech were deemed satisfied as of that date. On, or about, April 26, 2023 AppTech and EMAF each filed a Stipulation
withdrawing the Cross-Appeal, which was then closed on April 27, 2023. The related convertible note, warrants, and derivative liabilities were extinguished resulting in a gain of $250
thousand during the six months ended June 30, 2023.
NCR Lawsuit
On November 30, 2022, AppTech filed a complaint
against NCR Payment Solutions, LLC in the United States District Court for the Southern District of California alleging Breach of Contract,
Breach of Implied Covenant of Good Faith and Fair Dealing, Specific Performance and Accounting. The case is currently stayed in the Southern
District of California as the parties take jurisdictional discovery. NCR has filed a motion to dismiss, motion to transfer venue and motion
to compel arbitration. The court set a briefing schedule and our opposition to those motions were due in March 2023. There was a hearing
in early April and the Company is awaiting a decision from the court.
Significant Contracts
See Note 1 for information on the capital raises
completed in January 2022 and February 2023.
Infinios Financial Services (formerly NEC
Payments B.S.C.)
On October 1, 2020, the Company entered into
a strategic partnership with Infinios Financial Services BSC (formally NEC Payments B.S.C) (“Infinios”) through a series of
agreements, which included the following: (a) Subscription License and Services Agreement; (b) Digital Banking Platform Operating Agreement;
(c) Subscription License Order Form; and (d) Registration Rights Agreement (collectively, the “Agreements”).
On February 11, 2021, the Company entered into
an amended and restated Subscription License and Services Agreement, Digital Banking Platform Operating Agreement and Subscription License
Order Form with Infinios (collectively, the “Restated Agreements”). The gross total fees due under the Restated Agreements
are $2.2 million excluding pass-through costs associated with infrastructure hosting fees.
On February 19, 2021, the Company paid to
Infinios the $100
thousand engagement fee. On February 28, 2021, the Company paid the initial fee of $708
thousand to Infinios prior to the Funding Date, as defined
by the Digital Banking Platform Operating Agreement. On March 25, 2021, the Company issued 1,895,948
shares of common stock to an Infinios affiliate on a fully diluted basis with piggyback rights. These shares were valued at $67.5
million based upon the closing market price on the effective date of the transaction calculated at the closing market
price of the Company’s common stock. The issuance was recorded as a $3.8 million asset and $63.8 million expense in excess
fair value of equity issuance over assets received. The capitalized asset was classified as capitalized prepaid software development
of $2.8
million and capitalized licensing of $1.0
million. The estimated amortization is a 5-year life.
Pursuant to the Restated Agreements, the
annual maintenance subscription fee of $113 thousand is due annually beginning in the month of the platform launch. In addition, the
infrastructure support fee of $72 thousand is due annually with monthly payments beginning in February 2022 and ending in 2026. On
May 4, 2023, the Company notified Infinios of its intent to terminate its relationship. The termination terms, which were not agreed
upon as of the date of the Company’s 8-K dated May 4, 2023, continue to be negotiated between the Company and Infinios. Good
faith negotiations are ongoing, and the Company intends to explore all potential avenues for resolution.
Infinios turned off all
its services in June 2023, and the Company wrote-off the $6.1 million net capitalized asset as it was deemed to be impaired. Note
3 Intangible Assets – Capitalized Development Cost and Prepaid Licenses.
InstaCash and PayToMe.co
In June 2023, the Company entered into a licensing
agreements with InstaCash and PayToMe.co.
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v3.23.2
STOCKHOLDERS’ DEFICIT
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE 9 – STOCKHOLDERS’ DEFICIT
Common Stock
During the six months ended June 30, 2023
and 2022, the Company issued 160,000 and 345,742, respectively, shares of common stock to several consultants in connection with business
development and professional services. The Company valued the common stock issuances at $382 thousand and $566 thousand, respectively,
based upon the closing market price of the Company’s common stock on the date of the agreement.
During the six months ended June 30, 2023
and 2022, the Company granted 57,500 and 105,414 shares of common stock to the board of directors valued at $84 thousand and $152 thousand,
respectively. The shares vest quarterly over the period of approximately one year.
As of June 30, 2023, the Company reserved 10,800 shares of common stock for HotHand's shareholders in relation to incomplete HotHand shareholder
contact information and or unexecuted APCX shareholder issuance agreements. These said shares will remain in escrow until each party is
identified and new issuance agreement is fully executed.
See Note
8 – Significant Contracts for additional common stock issuance.
Stock Options
During the six months ended June 30, 2023,
no options were granted during the six months ended
June 30, 2023.
The following table summarizes option activity:
Schedule of option activity | |
| | | |
| | | |
| | |
| |
Number of shares | | |
Weighted Average exercise price | | |
Weighted Average remaining years | |
| |
| | |
| | |
| |
Outstanding December 31, 2022 | |
| 1,089,868 | | |
$ | 7.00 | | |
| 1.91 | |
Issued | |
| – | | |
$ | – | | |
| | |
Exercised | |
| – | | |
$ | – | | |
| | |
Cancelled | |
| (175,658 | ) | |
$ | 7.96 | | |
| | |
Outstanding as of June 30,
2023 | |
| 914,210 | | |
$ | 0.92 | | |
| 1.73 | |
Outstanding as of June 30, 2023, vested | |
| 881,012 | | |
$ | 0.93 | | |
| 1.72 | |
The Company recorded $1.4 million expenses for the six months ended June 30, 2023, including expenses from repricing of the options at $711
thousand. The remaining expense outstanding through June 30, 2023 is $44 thousand
which is expected to be expensed over the next one year in general and administrative expense.
On December 7, 2021, the board authorized
the Company’s Equity Incentive Plan in order to facilitate the grant of equity incentives to employees (including our named
executive officers), directors, independent contractors, merchants, referral partners, channel partners and employees of our company
to enable our company to attract, retain and motivate employees, directors, merchants, referral partners and channel partners, which
is essential to our long-term success. The shareholders approved an additional 700,000 shares for the Company's Equity Incentive plan
in May 2023. A total of 1,752,632
shares of common stock were authorized under the Equity Incentive Plan, for which as of June 30, 2023 a total of 907,982
are available for issuance.
In May 2023, the shareholders approved the Company's proposed resolution to re-price its options. The options were repriced to $0.7152
and $1.4304 for employees and non-employees respectively. The Company recorded the modification expense of $711 thousand during six
months ended June 30, 2023.
Warrants
In 2020, the Company entered into a security
purchase agreement with an investor pursuant to which the Company agreed to sell the investor a $300 thousand convertible note bearing
interest at 12% per annum. The Company also sold warrants to the investors to purchase up to an aggregate of 21,052 shares of common
stock, with an exercise term of five (5) years, at a per share price of $14.25 which may be exercised by cashless exercise. The number
of warrants adjusted in the period ending March 31, 2022 due to a reset event on January 7, 2022 changed the exercise price from $9.50
to $2.52 and increased the number of warrants from 31,578 to 119,095. The warrants were deemed a derivative liability and recorded as
a debt discount at their date of issuance. At the end of June 30, 2023, the derivative liabilities is zero as the Company settled the convertible note
and also extinguished its warrants related to its derivative liability as a result of the settlement.
On February 2, 2023, the Company announced the
closing of its previously announced $5.0 million registered direct offering (the “Registered Direct Offering”) with
a single institutional investor to sell 1,666,667 shares of its common stock (the “Shares”) and warrants to purchase up to
1,666,667 shares (the “Warrants”) in a concurrent private placement (the “Private Placement”). The combined purchase
price for one Share and one Warrant was $3.00. Each of the Warrants has an exercise price of $4.64 per share of common stock and
are exercisable on and after August 1, 2023. The Warrants expire five years from the date on which they become exercisable. The
aggregate gross proceeds from the Registered Direct Offering and the concurrent Private Placement were approximately $5.0 million
before deducting placement agent fees and other estimated offering expenses.
The offering that was completed in February 2023,
caused a reset to the exercise price of existing warrants from $5.19 to $4.15. In total, 4,156,626 warrants were reset and $763 thousand
was recorded as a result of the reset.
In April 2023, AppTech and EMAF each filed a Stipulation withdrawing the Cross-Appeal, which was then closed in 2023. The related
convertible note, warrants, and derivative liabilities were extinguished.
In total, the Company has 5,823,036
warrants outstanding as of June 30, 2023.
See Note 1 for information on warrants issued during the Offering and
note 6 for additional information on the derivative liability.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10 – SUBSEQUENT EVENTS
Management has evaluated subsequent events pursuant to the requirements
of ASC Topic 855 and has determined that no material subsequent events exist other than those disclosed below.
On July 25, 2023, the Company issued 578,000 and 97,500 of options
to purchase common stock to employees and consultants, respectively. The Company valued the options issuances at $682 thousand and $115
thousand, respectively, based on the fair value and Black-Scholes calculation of the Company’s common stock on the date of issuance.
The options vest over the period of the consulting service.
On July 2023, the Company issued 78,226 of options to purchase common
stock to consultants. The Company valued the options issuances based on the fair value and Black-Scholes calculation of the Company’s
common stock on the date of issuance. The options vested immediately and were expensed on the statements of operations.
In July 2023, the Company issued 170,000 shares of common stock to
consultants. The Company valued the common stock issuances based on the the Company’s common stock on the date of issuance. The
common stock will vest over the period of the consulting service.
On July 27, 2023, Gary Wachs' employment
with and service as Chief Financial Officer and Treasurer of AppTech Payments Corp. (the “Company”) was terminated. Mr.
Wachs resigned as a member of the Company’s Board of Directors, effective immediately. The resignation of Mr. Wachs
was not due to a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On August 10, 2023, the Company entered into an amended agreement
with InstaCash to expand its mobile-to-mobile payment system to Brazil and Mexico.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying consolidated unaudited financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”).
In the opinion of the Company’s management, the accompanying financial statements reflect all adjustments, consisting of normal,
recurring adjustments, considered necessary for a fair presentation of the results for the interim periods ended June 30, 2023 and
June 30, 2022. Although management believes that the disclosures in these unaudited financial statements are adequate to make the
information presented not misleading, certain information and footnote disclosures normally included in financial statements that have
been prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC.
The accompanying consolidated unaudited
financial statements should be read in conjunction with the Company’s financial statements and notes related thereto included
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 20, 2023.
The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be
expected for the year ended December 31, 2023 or for any future interim periods.
|
Basis of Consolidation |
Basis of Consolidation
The consolidated financial statements include the
accounts of AppTech Payments Corp., and wholly owned subsidiary of which the Company is the primary beneficiary. All significant inter-company
accounts and transactions are eliminated in consolidation.
|
Use of Estimates |
Use of Estimates
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. Significant estimates include the estimated liabilities related
to various vendors in which communications have ceased, contingent liabilities, valuation of the derivative liabilities, and realization
of tax deferred tax assets. Actual results could differ from those estimates.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
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 (“FDIC”) insurance premiums. The Company has never experienced any losses related to these balances.
The accounts receivable from merchant
services are paid by the financial institutions on a monthly basis. The Company currently uses six financial institutions to service
their merchants for which represented 100% of accounts receivable as of June 30, 2023 and 2022. The loss of one of these financial
institutions would not have a significant impact on the Company’s operations as there are additional financial institutions
available to the Company. There is no merchant (customer) representing a significant amount of total revenue for the three and six
months ended June 30, 2023 and for the year ended 2022.
|
Software Development Costs |
Software Development Costs
The Company capitalizes certain costs related
to the development of its digital banking platform. Costs incurred during the development phase are capitalized only when we believe it
is probable the development will result in new or additional functionality. The types of costs capitalized during the development phase
include employee compensation and consulting fees for third party developers working on these projects. Costs related to the preliminary
project planning phase and post implementation phase are expensed as incurred. The digital banking platform is amortized on a straight
line basis over the estimated useful life of the asset.
|
Revenue Recognition |
Revenue Recognition
The Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) No. 2014-09, codified as Accounting Standards Codification (“ASC”)
606 Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising
from contracts with customers.
The Company provides merchant processing solutions
for credit cards and electronic payments. In all cases, the Company acts as an agent between the merchant which generates the credit card
and electronic payments, and the bank, which processes such payments. The Company’s revenue is generated on services priced as a
percentage of transaction value or a specified fee transaction, depending on the card or transaction type. Revenue is recorded as services
are performed, which is typically when the bank processes the merchant’s credit card and electronic payments.
Consideration paid to customers are recorded
as a reduction to revenues.
|
Licensing Revenue |
Licensing Revenue
The Company is actively pursuing strategic partnership
agreements that licenses its portfolio of patents in return for a fee. The licensing fee is deferred and recognized evenly on a monthly
basis over the term of the service period or contract.
|
Fair Value Measurements |
Fair Value Measurements
The Company follows FASB ASC 820, Fair Value
Measurements and Disclosures (“ASC 820”) to measure and disclose the fair value of its financial instruments. ASC 820 establishes
a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements and establishes a fair value hierarchy
which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value
hierarchy defined by ASC 820 are described below:
Level 1 | Quoted market prices available in active markets for identical
assets or liabilities as of the reporting date. |
| |
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1,
which are either directly or indirectly observable as of the reporting date. |
| |
Level 3 | Pricing inputs that are generally unobservable inputs and not corroborated by
market data. |
Financial assets are considered Level 3 when
their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant
model assumption or input is unobservable.
The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.
If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization
is based on the lowest level input that is significant to the fair value measurement of the instrument.
The carrying amounts reported in the Company’s
financial statements for cash, accounts payable and accrued expenses approximate their fair value because of the immediate or short-term
maturity of these financial instruments.
Transactions involving related parties cannot
be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-marketing dealings may not exist.
Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated
on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
The liabilities that are measured and recognized at fair value as of June 30, 2023 is zero.
The following table presents liabilities that
are measured and recognized at fair value as of December 31, 2022 on recurring basis (in thousands):
Fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Carrying
Value |
|
Derivative liabilities |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
433 |
|
|
$ |
433 |
|
See Note 6 for discussion of valuation and
roll forward related to derivative liabilities.
|
Intangible Assets and Patents |
Intangible Assets and Patents
Our intangible assets only consist of patents.
We amortize the patents on a straight-line basis from 3 years to 15 years, which approximates the way the economic benefits of the intangible
asset will be consumed.
|
Research and Development |
Research and Development
In accordance with ASC 730, Research and Development
(“R&D”) costs are expensed when incurred. R&D costs include costs of acquiring patents and other unproven technologies,
contractor fees and other costs associated with the development of the SMS short code texting platform, contract and other outside services.
Total R&D costs for the six months ended June 30, 2023 and 2022 was approximately $2.0 million and $4.9 million, respectively.
|
Per Share Information |
Per Share Information
Basic net income (loss) per common share is
computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted net
income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the year, increased by the potentially dilutive common shares that were outstanding during the year. Dilutive securities include
stock options, warrants granted, convertible debt and convertible preferred stock.
The number of common stock equivalents not included
in diluted income per share was 7,357,993 and 6,176,102 for the six months ended June 30, 2023 and 2022, respectively. The weighted
average number of common stock equivalents is not included in diluted income (loss) per share, because the effects are anti-dilutive.
Schedule of anti-dilutive
shares | |
| | | |
| | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Series A preferred stock | |
| 1,149 | | |
| 1,149 | |
Convertible debt | |
| – | | |
| 174,060 | |
Warrants | |
| 5,823,036 | | |
| 4,275,464 | |
Options | |
| 881,012 | | |
| 1,061,132 | |
Restricted stock units | |
| 652,796 | | |
| 664,297 | |
Total | |
| 7,357,993 | | |
| 6,176,102 | |
|
Derivative Liability |
Derivative Liability
The Company issued debts that consist of the
issuance of convertible notes with variable conversion provisions. In addition, the Company issued warrants with variable anti-dilution
provisions. The conversion terms of the convertible notes and warrants are variable based on certain factors, such as the future price
of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the Company’s
common stock. The number of shares of common stock issuable upon conversion of the promissory note is indeterminate. Pursuant to ASC 815-15
Embedded Derivatives, the fair values of the variable conversion option and warrants and shares to be issued were recorded as derivative
liabilities on the issuance date and at each reporting period.
|
Stock Based Compensation |
Stock Based Compensation
The Company recognizes as compensation expense
all share-based payment awards made to employees, directors, and consultants including grants of stock, stock options and warrants, based
on estimated fair values. Fair value is generally determined based on the closing price of the Company’s common stock on the date
of grant and is recognized over the service period. The Company has several consulting agreements that have share based payment awards
based on performance. These agreements typically require the Company to issue common stock to the consultants on a monthly basis. The
Company records the fair market value of the common stock issuable at each month end when the performance is complete based upon the closing
market price of the Company’s common stock.
|
New Accounting Pronouncements |
New Accounting Pronouncements
The FASB issues ASUs to amend the authoritative
literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to
date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not
expected to have a significant impact on the Company.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Fair value measurements |
Fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Carrying
Value |
|
Derivative liabilities |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
433 |
|
|
$ |
433 |
|
|
Schedule of anti-dilutive shares |
Schedule of anti-dilutive
shares | |
| | | |
| | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Series A preferred stock | |
| 1,149 | | |
| 1,149 | |
Convertible debt | |
| – | | |
| 174,060 | |
Warrants | |
| 5,823,036 | | |
| 4,275,464 | |
Options | |
| 881,012 | | |
| 1,061,132 | |
Restricted stock units | |
| 652,796 | | |
| 664,297 | |
Total | |
| 7,357,993 | | |
| 6,176,102 | |
|
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v3.23.2
ACCRUED LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
Schedule of accrued liabilities |
Schedule of accrued liabilities | |
| | | |
| | |
| |
June 30, 2023 | | |
December 31,
2022 | |
| |
| | |
| |
Accrued interest – third parties | |
$ | – | | |
$ | 1,436 | |
Accrued payroll | |
| 429 | | |
| 311 | |
Accrued residuals | |
| 36 | | |
| 31 | |
Anti-dilution provision | |
| 72 | | |
| 72 | |
Other | |
| 41 | | |
| 20 | |
Total accrued liabilities | |
$ | 578 | | |
$ | 1,870 | |
|
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v3.23.2
DERIVATIVE LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Liabilities |
|
Schedule of derivative liabilities |
Schedule of derivative liabilities | |
| | | |
| | | |
| | |
| |
Derivative Liability Convertible Notes | | |
Derivative Liability Warrants | | |
Total | |
Balance as of December 31, 2022 | |
$ | 266 | | |
$ | 167 | | |
$ | 433 | |
Change in fair value | |
| 1 | | |
| (28 | ) | |
| (27 | ) |
Extinguishment of the derivative liability | |
| (267 | ) | |
| (139 | ) | |
| (406 | ) |
Balance as of June 30, 2023 | |
$ | – | | |
$ | – | | |
$ | – | |
|
Assumptions for derivatives |
Assumptions
for derivatives
Market value of common stock | |
$ | 1.49 | |
Expected volatility | |
| 52.60% | |
Expected term (in years) | |
| 0.25 | |
Risk-free interest rate | |
| 4.42% | |
During the six months ended June 30, 2023, the fair value of the
derivative liability – warrants is estimated using a Monte Carlo pricing model with the following assumptions:
Market value of common stock | |
$ | 1.49 | |
Expected volatility | |
| 71.10% | |
Expected term (in years) | |
| 2.64 | |
Risk-free interest rate | |
| 4.28% | |
|
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v3.23.2
RIGHT OF USE ASSET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Right Of Use Asset |
|
RIGHT OF USE ASSET |
Schedule of future minimum lease payments | |
| | |
2023 | |
$ | 44 | |
2024 | |
| 90 | |
2025 | |
| 8 | |
Operating Lease Total | |
| 142 | |
Less: Imputed interest | |
| (13 | ) |
Total | |
$ | 129 | |
|
X |
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v3.23.2
STOCKHOLDERS’ DEFICIT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of option activity |
Schedule of option activity | |
| | | |
| | | |
| | |
| |
Number of shares | | |
Weighted Average exercise price | | |
Weighted Average remaining years | |
| |
| | |
| | |
| |
Outstanding December 31, 2022 | |
| 1,089,868 | | |
$ | 7.00 | | |
| 1.91 | |
Issued | |
| – | | |
$ | – | | |
| | |
Exercised | |
| – | | |
$ | – | | |
| | |
Cancelled | |
| (175,658 | ) | |
$ | 7.96 | | |
| | |
Outstanding as of June 30,
2023 | |
| 914,210 | | |
$ | 0.92 | | |
| 1.73 | |
Outstanding as of June 30, 2023, vested | |
| 881,012 | | |
$ | 0.93 | | |
| 1.72 | |
|
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v3.23.2
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - Derivative Liabilities [Member]
|
Dec. 31, 2022
USD ($)
|
Platform Operator, Crypto-Asset [Line Items] |
|
Financial Liabilities Fair Value Disclosure |
$ 433
|
Fair Value, Inputs, Level 1 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Financial Liabilities Fair Value Disclosure |
0
|
Fair Value, Inputs, Level 2 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Financial Liabilities Fair Value Disclosure |
0
|
Fair Value, Inputs, Level 3 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Financial Liabilities Fair Value Disclosure |
$ 433
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
|
Jan. 07, 2022 |
Dec. 13, 2021 |
Feb. 28, 2023 |
Aug. 10, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Reverse split |
|
9.5
to 1
|
|
|
Sale of stock units |
|
$ 4.15
|
|
|
Amount remaining for shelf registration |
|
|
|
$ 70,000,000
|
Offering [Member] | Units [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
3,614,458
|
|
|
|
Unit description |
one
share of common stock and a warrant to purchase one share of common stock
|
|
|
|
Proceeds from Issuance or Sale of Equity |
$ 13,400,000
|
|
|
|
Offering [Member] | Warrants [Member] | E F Hutton [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
542,168
|
|
|
|
Offering [Member] | Offering Warrants [Member] | E F Hutton [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
3,614,458
|
|
|
|
Underwritten Public Offering [Member] | Units [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Proceeds from Issuance or Sale of Equity |
|
|
$ 5,000,000
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Antidilutive Shares) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
7,357,993
|
6,176,102
|
Series A Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,149
|
1,149
|
Convertible Debt [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
174,060
|
Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
5,823,036
|
4,275,464
|
Options [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
881,012
|
1,061,132
|
Restricted Stock Units [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
652,796
|
664,297
|
X |
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INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
|
Apr. 18, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Capitalized Computer Software, Gross |
|
|
|
$ 5,200,000
|
Amortization expenses |
|
$ 800,000
|
$ 0
|
|
Hot Hand [Member] |
|
|
|
|
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|
|
|
|
Stock Issued During Period, Shares, Acquisitions |
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|
|
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Infinios Project [Member] |
|
|
|
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Finite-Lived Intangible Assets [Line Items] |
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|
|
|
Asset Impairment Charges |
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$ 6,100,000
|
|
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Assumptions for derivatives (Details)
|
6 Months Ended |
Jun. 30, 2023 |
Measurement Input, Share Price [Member] | Convertible Notes [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
1.49
|
Measurement Input, Share Price [Member] | Warrants [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
1.49
|
Measurement Input, Price Volatility [Member] | Convertible Notes [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
52.60%
|
Measurement Input, Price Volatility [Member] | Warrants [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
71.10%
|
Measurement Input, Expected Term [Member] | Convertible Notes [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
0.25
|
Measurement Input, Expected Term [Member] | Warrants [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
2.64
|
Measurement Input, Risk Free Interest Rate [Member] | Convertible Notes [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
4.42%
|
Measurement Input, Risk Free Interest Rate [Member] | Warrants [Member] |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Derivatives, Determination of Fair Value |
4.28%
|
X |
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
Apr. 23, 2023 |
Feb. 28, 2021 |
Feb. 19, 2021 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] |
|
|
|
|
|
|
|
Litigation Settlement, Amount Awarded to Other Party |
$ 880,000
|
|
|
|
|
|
|
[custom:GainOnSettlementOfLitigationRelatedToConvertibleNoteAndWarrants] |
|
|
|
|
|
$ 250,000
|
|
Stock issued new, value |
|
|
|
$ 4,490,000
|
$ 13,395,000
|
|
|
Capitalized software |
|
|
|
|
|
|
$ 5,200,000
|
Infinios Financial Services [Member] |
|
|
|
|
|
|
|
Cash and Cash Equivalents [Line Items] |
|
|
|
|
|
|
|
Payment of engagement fee |
|
|
$ 100,000
|
|
|
|
|
Payment of initial funding fee |
|
$ 708,000
|
|
|
|
|
|
Stock issued new, shares |
|
1,895,948
|
|
|
|
|
|
Stock issued new, value |
|
$ 67,500,000
|
|
|
|
|
|
Capitalized software |
|
2,800,000
|
|
|
|
|
|
Capitalized licensing fees |
|
$ 1,000,000
|
|
|
|
|
|
Cash Backed Bond [Member] |
|
|
|
|
|
|
|
Cash and Cash Equivalents [Line Items] |
|
|
|
|
|
|
|
Restricted Cash |
|
|
|
|
|
$ 1,300,000
|
|
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v3.23.2
STOCKHOLDERS EQUITY (DEFICIT) (Details - Option activity) - $ / shares shares in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Options outstanding |
914,210
|
1,089,868
|
Weighted average exercise price |
$ 0.92
|
$ 7.00
|
Weighted average remaining years |
1 year 8 months 23 days
|
1 year 10 months 28 days
|
Options Issued |
0
|
|
Options Issued, Price per share |
$ 0
|
|
Options Exercised |
0
|
|
Options Exercised, price per share |
$ 0
|
|
Options Cancelled |
(175,658)
|
|
Options Cancelled, price per share |
$ 7.96
|
|
Options Vested |
881,012
|
|
Options Vested, price per share |
$ 0.93
|
|
Weighted average remaining years, vested |
1 year 8 months 19 days
|
|
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v3.23.2
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
3 Months Ended |
5 Months Ended |
6 Months Ended |
|
Mar. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 07, 2021 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Stock issued for services, value |
$ 234,000
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
$ 1,400,000
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount |
|
$ 44,000
|
44,000
|
|
|
Share-based compensation modification expense |
|
|
$ 711
|
|
|
Class of Warrant or Right, Outstanding |
|
5,823,036
|
5,823,036
|
|
|
Registered Direct Offering [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
1,666,667
|
|
|
|
Warrants issued, shares |
|
1,666,667
|
|
|
|
Proceeds from Issuance or Sale of Equity |
|
$ 5,000,000
|
|
|
|
Equity Incentive Plan [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance |
|
|
|
|
1,752,632
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant |
|
907,982
|
907,982
|
|
|
Several Consultants [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Stock issued for services, shares |
|
|
160,000
|
345,742
|
|
Stock issued for services, value |
|
|
$ 382,000
|
$ 566,000
|
|
Board Of Directors [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Stock issued for services, shares |
|
|
57,500
|
105,414
|
|
Stock issued for services, value |
|
|
$ 84,000
|
$ 152,000
|
|
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AppTech Payments (NASDAQ:APCX)
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De May 2024 a Jun 2024
AppTech Payments (NASDAQ:APCX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024