Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | APPLE iSPORTS GROUP, INC. | |
Entity Central Index Key | 0001134982 | |
Document Type | 10-K | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Well Known Seasoned Issuer | No | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Dec. 31, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Entity Ex Transition Period | true | |
Entity Common Stock Shares Outstanding | 202,784,211 | |
Entity Public Float | $ 71,993,262 | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Fin Stmt Error Correction Flag | false | |
Entity File Number | 000-32389 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 88-0126444 | |
Entity Address Address Line 1 | 552 Lonsdale Street | |
Entity Address Address Line 2 | Level 7 | |
Entity Address City Or Town | Melbourne | |
Entity Address Country | AU | |
Entity Address Postal Zip Code | 3000 | |
City Area Code | 61 | |
Local Phone Number | 3 8393 1459 | |
Security 12g Title | Common Stock, $0.0001 par value per share | |
Entity Interactive Data Current | Yes | |
Auditor Firm Id | 536 | |
Auditor Name | Morison Cogen LLP | |
Auditor Location | Blue Bell, Pennsylvania |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 673 | $ 19,857 |
Goods and service tax receivable | 61,798 | 14,120 |
Marketable security | 100 | 100 |
Prepaid and other assets | 6,812 | 6,766 |
Total current assets | 69,383 | 40,843 |
Total assets | 69,383 | 40,843 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,464,558 | 319,537 |
Due to related party | 4,999 | 4,699 |
Loans payable - related parties | 2,720,549 | 1,310,873 |
Accrued interest - related parties | 77,964 | 16,248 |
Accrued payroll | 108,487 | 31,249 |
Total current liabilities | 5,376,557 | 1,682,606 |
Total liabilities | 5,376,557 | 1,682,606 |
Stockholders' deficit: | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 202,784,211 and 7,642,211 issued and outstanding as of December 31, 2023 and 2022 | 20,278 | 764 |
Additional paid-in capital | 5,223,245 | 5,142,759 |
Treasury stock, 1 share, at cost | (52,954) | (52,954) |
Accumulated other comprehensive income | (60,130) | 26,958 |
Accumulated deficit | (10,437,613) | (6,759,290) |
Total stockholders' deficit | (5,307,174) | (1,641,763) |
Total Liabilities and Stockholders' Deficit | $ 69,383 | $ 40,843 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 202,784,211 | 7,642,211 |
Common stock, shares outstanding | 202,784,211 | 7,642,211 |
Treasury stock, shares | 1 | 1 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Net revenues | $ 0 | $ 0 |
Operating expenses: | ||
Corporate expense | 548,582 | 480,664 |
Consulting and professional fees | 1,580,451 | 628,316 |
Selling, general and administrative | 810,066 | 438,821 |
Research and development | 664,011 | 0 |
Total operating expenses | 3,603,110 | 1,547,801 |
Loss from operations | (3,603,110) | (1,547,801) |
Other expenses: | ||
Interest expense | 60,746 | 15,812 |
Foreign exchange loss | 14,467 | 6,464 |
Total other expenses | 75,213 | 22,276 |
Operating loss before income taxes | (3,678,323) | (1,570,077) |
Provision for income taxes | 0 | 0 |
Net loss | (3,678,323) | (1,570,077) |
Foreign currency translation adjustment | (87,088) | 24,967 |
Comprehensive loss | $ (3,765,411) | $ (1,545,110) |
Net loss per share - basic and diluted | $ (0.02) | $ (0.20) |
Weighted number of shares outstanding | ||
Basic and Diluted | 202,746,293 | 7,642,211 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Treasury Stock |
Balance, shares at Dec. 31, 2021 | 7,642,211 | |||||
Balance, amount at Dec. 31, 2021 | $ (158,654) | $ 764 | $ 5,080,759 | $ 1,991 | $ (5,189,213) | $ (52,954) |
Issuance of subsidiary common stock | 62,000 | 62,000 | ||||
Other comprehensive income | 24,967 | 24,967 | ||||
Net loss | (1,570,077) | (1,570,077) | ||||
Balance, shares at Dec. 31, 2022 | 7,642,211 | |||||
Balance, amount at Dec. 31, 2022 | (1,641,763) | $ 764 | 5,142,759 | 26,958 | (6,759,290) | (52,954) |
Other comprehensive income | (87,088) | (87,088) | ||||
Net loss | (3,678,323) | (3,678,323) | ||||
Shares issued with merger, shares | 195,062,000 | |||||
Shares issued with merger, amount | $ 19,506 | (19,506) | ||||
Issuance of common stock, shares | 80,000 | |||||
Issuance of common stock, amount | 100,000 | $ 8 | 99,992 | |||
Balance, shares at Dec. 31, 2023 | 202,784,211 | |||||
Balance, amount at Dec. 31, 2023 | $ (5,307,174) | $ 20,278 | $ 5,223,245 | $ (60,130) | $ (10,437,613) | $ (52,954) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (3,678,323) | $ (1,570,077) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Foreign exchange loss | 14,467 | 0 |
Change in operating assets and liabilities: | ||
Good and services tax receivable | (46,384) | (11,326) |
Accounts payable and accrued expenses | 2,108,523 | 262,046 |
Accrued interest - related party | 60,111 | 16,218 |
Accrued payroll | 75,085 | 31,249 |
Prepaid and other assets | 0 | (6,766) |
Net cash used in operating activities | (1,466,521) | (1,278,656) |
Cash flows from financing activities | ||
Advances to related party | 300 | 1,991 |
Proceeds from loan payable from related party | 1,368,621 | 1,195,890 |
Proceeds from issuance of common stock | 100,000 | 62,000 |
Net cash provided by financing activities | 1,468,921 | 1,259,881 |
Effect of changes in exchange rates on cash and cash equivalents | (21,584) | 24,967 |
Net increase (decrease) in cash and cash equivalents | (19,184) | 6,193 |
Cash and cash equivalents, beginning of year | 19,857 | 13,664 |
Cash and cash equivalents, end of year | 673 | 19,857 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income tax | $ 0 | $ 0 |
COMPANY HISTORY AND NATURE OF B
COMPANY HISTORY AND NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
COMPANY HISTORY AND NATURE OF BUSINESS | |
COMPANY HISTORY AND NATURE OF BUSINESS | NOTE 1. COMPANY HISTORY AND NATURE OF BUSINESS Apple iSports Group, Inc. (the “Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.com and effective August 31, 2023 changed its name to Apple iSports Group, Inc. Effective March 23, 2023 the Company closed a share exchange pursuant to a Stock Exchange Agreement (the “Stock Exchange Agreement”), with Apple iSports, Inc. (“AiS”), a Delaware corporation and the stockholders of AiS. Pursuant to the Stock Exchange Agreement, the Company issued to the AiS stockholders 195,062,000 shares of its common stock, par value $0.0001 per share in exchange for all of the issued and outstanding capital stock (195,062,000 shares of common stock) of AiS. In connection with this transaction, the Company elected to change its fiscal year end from April 30 to December 31. For financial reporting purpose, the transaction is considered a combination of businesses under common control, as the Company and AiS were commonly controlled, and thus the Company retroactively combined the results of operations and related assets and liabilities of the Company and AiS for all periods presented. AiS, formed on May 29, 2019 in the State of Delaware, and has been engaged in the development of an online sports engagement portal that will include, racing and sports betting, fantasy sports and sports content. On November 9, 2021, AiS incorporated Apple iSports Pty Ltd (“AIS Australia”) as a wholly owned subsidiary. Paramount Capital Inc, formed on September 19, 2019, in the State of Wyoming with the plan of being a banking arm of the Company. It is a wholly owned subsidiary and since inception it has had limited operating activity. The Company consolidated the total assets and liabilities of AiS after taking into account intercompany eliminations and audit adjustments for the year 2022. Since the consolidation was done retrospectively, the Company adjusted the beginning balance of the following accounts to include AiS’s balances as of January 1st, 2022. January 1, 2022 Prior to Acquisition Effect of Acquisition After Acquisition Common shares outstanding 7,642,211 — 7,642,211 Par value $ 764 $ — $ 764 Additional paid-in capital 5,050,769 29,990 5,080,759 Treasury stock (52,954 ) — (52,954 ) Accumulated other comprehensive income — 1,991 1,991 Accumulated deficit (5,180,435 ) (8,779 ) (5,189,213 ) Stockholders’ deficit $ (181,856 ) $ 23,202 $ (158,654 ) The following table includes the financial information as originally reported and the net effect of the AiS acquisition after elimination of intercompany transactions. December 31, 2022 Prior to Acquisition Effect of Acquisition After Acquisition Total Assets $ 3,096 $ 37,747 $ 40,843 Total Liabilities $ 115,744 $ 1,566,863 $ 1,682,607 Net Loss $ 50,118 $ 1,519,958 $ 1,570,077 Basic and diluted loss per share $ (0.01 ) $ — $ (0.20 ) Basic and diluted shares outstanding 7,642,211 — 7,642,211 The following table includes a reconciliation of the financial information for the year ended December 31, 2023 as being reported, the net effect of the Ais acquisition after elimination of intercompany transactions, and the financial information that would have been, had the Company not acquired AiS: December 31, 2023 Prior to Acquisition Effect of Acquisition After Acquisition Total Assets $ 92 $ 69,921 $ 69,383 Total Liabilities $ 186,644 $ 5,189,913 $ 5,376,557 Net Loss $ 99,604 $ 3,578,719 $ 3,678,323 Basic and diluted loss per share $ (0.01 ) $ (0.01 ) $ (0.02 ) Basic and diluted shares outstanding 7,722,211 195,062,000 202,784,211 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2023 | |
GOING CONCERN | |
GOING CONCERN | NOTE 2. GOING CONCERN The Company’s consolidated financial statements are prepared on a going concern basis of accounting, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover its operating costs and allow it to continue as a going concern. For the year ended December 31, 2023, the Company reported a net loss of $3,678,323, negative working capital of $5,307,174 and an accumulated deficit of $10,437,613. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of debt and, or, equity to fund the continued development of its multi-faceted sport betting platform and ultimately achieve profitable operations. The Company’s plan is to obtain such resources by relying upon continued advances from significant stockholders sufficient to meet its minimal operating expenses and seeking third-party equity and/or debt financing. However, the Company cannot provide any assurances that it will be successful in accomplishing any of its plans. These consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFCANT ACCOUNTIN
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated statements of comprehensive loss. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). These consolidated financial statements incorporate the financial statements of the Company and its wholly owned subsidiaries, AiS, AIS Australia and Paramount Capital Inc. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional financing needed to execute its business plan. The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has elected to comply with certain reduced public company reporting requirements. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Intellectual property rights The Company depends in part upon proprietary technology and is actively looking to increase and enhance their proprietary technology through the acquisition of 3 rd Foreign Currency Transactions and Translation The Company’s functional currency is the United States Dollar (“US $”). The Company’s wholly owned subsidiary, AIS Australia’s functional currency in which it operates is Australian Dollars (“AUD”). For the purpose of presenting these consolidated financial statements the reporting currency is U.S. $. AIS Australia’s assets and liabilities are expressed in U.S. $ at the exchange rate on the balance sheet date, stockholders’ equity accounts are translated at historical rates, income and expense items are translated at the average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ deficit section of the balance sheets. Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized as part of operating expenses in the consolidated statements of comprehensive loss. Exchange rates used for the translations are as follows: AUD to U.S. $ Period End Average December 31, 2023 0.6812 0.6640 December 31, 2022 0.6766 0.6947 Fair Values of Financial Instruments The Company adopted Accounting Standards Codification (“ASC”) 820 Fair Value Measurements · Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. As of the balance sheet date, the estimated fair values of accounts payable, accrued expenses, loan payable – related parties, and due to related party approximated their fair values due to the short-term nature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each reporting period. Related Party Transactions The Company adopted ASC 850, Related Party Disclosures Cash and Cash Equivalents The Company maintains cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. Australian bank accounts are insured with deposit protection up to 250,000 AUD. U.S. bank accounts are insured with deposit protection up to $250,000.The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Revenue Recognition The Company determines revenue recognition through the following steps: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations in the contract Step 5: Recognize revenue when the entity satisfies a performance obligation Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods or services to the Company’s customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance. Comprehensive income (loss) The Company follows ASC 220 in reporting comprehensive income (loss). Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Earnings (Loss) Per Share The Company follows ASC 260 when reporting earnings (loss) per share (EPS) resulting in the presentation of basic and diluted earnings (loss) per share. Basic EPS is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted EPS is not presented when their effect is anti-dilutive. Because the Company does not have any common stock equivalents, such as stock options and warrants, the amounts reported for basic and diluted net loss per share were the same. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s consolidated financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates. The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. Recently Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently issued related ASUs. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this new guidance effective January 1, 2023 utilizing the modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s financial statements, but did change how the allowance for credit losses is determined. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09) |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTIES | |
RELATED PARTIES | NOTE 4. RELATED PARTIES Related Party Payables Related Party Note December 31, 2023 December 31, 2022 Cres Discretionary Trust No. 2 (a) $ 2,145,875 $ 912,189 Apple iSports Investment Group Pty (b) 177,420 176,227 ABA Investment Group Pty Ltd (c) 306,734 131,937 Utti Oco Pty Ltd (d) 68,970 68,970 Mt. Wills Gold Mines Pty Ltd (e) 21,550 21,550 Total loan payable 2,720,549 1,310,873 Cres Discretionary Trust No. 2 (a) 60,752 10,628 Apple iSports Investment Group Pty (b) 8,251 2,909 ABA Investment Group Pty Ltd (c) 8,961 2,711 Total accrued interest 77,964 16,248 Due to Stockholder (f) 4,999 4,699 Total Due to related party $ 4,999 $ 4,699 a) On May 30, 2019, the Company entered into a loan agreement with Cres Discretionary Trust No.2 (the “Lender”). The Company's director is the sole officer and controlling stockholder of the Lender. The Lender also is the Company's majority shareholder. The loan is unsecured, has a 3% annualized interest rate and is payable on demand by the Lender. Loan Payable for the years ended December 31, 2023, and 2022 was $2,145,875 and $912,189 respectively. Accrued interest for the years ended December 31, 2023, and 2022 was $60,752 and $10,628 respectively. Interest expense for the years ended December 31, 2023, and 2022 was $50,123 and $10,628. b) On April 8, 2022 the Company’s wholly owned subsidiary, AIS Australia entered into a loan agreement with Apple iSports Investment Group Pty Ltd (the “Subsidiary Lender”). The Subsidiary Lender is 100% owned by the director of the Company. The loan is unsecured, has a 3% annualized interest rate and is payable on demand by the Subsidiary Lender. Loan payable for the years ended December 31, 2023, and 2022 was $177,420 and $176,227 respectively. Accrued interest for the years ended December 31, 2023, and 2022 was $8,251 and $2,909 respectively. Interest expense for the years ended December 31, 2023, and 2022 was $5,342 and $2,909. c) On April 8, 2022 the Company’s wholly owned subsidiary, AIS Australia entered into a loan agreement with ABA Investment Group Ltd (the “Subsidiary Lender 2”). The Subsidiary Lender 2 is 100% owned by the director of the Company. The loan is unsecured, has a 3% annualized interest rate and is payable on demand by the Subsidiary Lender 2. Loan payable for the years ended December 31, 2023, and 2022 was $306,734 and $131,937 respectively. Accrued interest for the years ended December 31, 2023, and 2022 was $8,961 and $2,711 respectively. Interest expense for the years ended December 31, 2023, and 2022 was $6,250 and $2,711. d) On March 31, 2022, the Company entered into a loan agreement with Utti Pty Ltd (“Utti”). Utti is owned by a director of the Company. The loan is unsecured, bears interest at a rate of 3%, and is payable upon demand. Loan payable for the years ended December 31, 2023, and 2022 was $68,970. e) On March 31, 2022, the Company entered into a loan agreement with Mt. Wills Gold Mines Pty Ltd (“Mt. Wills”). The Company’s director also is a director and shareholder of Mt. Wills. The loan is unsecured, bears interest at a rate of 3%, and is payable upon demand. Loan payable for the years ended December 31, 2023, and 2022 was $21,550. f) During the years ended December 31, 2023, and 2022, a director of the Company has advanced $4,999, and $4,699, to the Company. The advances were unsecured and interest free. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | NOTE 5. INCOME TAXES The Company utilized the asset and liability method of accounting for income taxes in accordance with FASB ASC 740-10. If it is more likely than not that some portion or all a deferred tax asset will not be realized, a valuation allowance is recognized. a. United States (U.S.) The Company is subject to U.S. tax laws at a tax rate of 21%. No provision for US federal income taxes has been made as the Company had no taxable income for the years ended December 31, 2023 and 2022. The Company is subject to the State of Delaware tax laws at a tax rate of 8.7%. b. Australia (AU) Apple iSports Pty Ltd, a wholly owned subsidiary of the Company, was incorporated in Australia in November 2021 and maybe subject to a corporate income tax on its activities conducted in Australia and income arising in or from Australia. No provision for income tax has been made as the subsidiary had no taxable income for the years ended December 31, 2023 and 2022. The applicable statutory tax rate is 25%. The Company’s income tax returns are subject to the various tax authorities’ examinations. The federal, state, and local authorities of the U.S. may examine the Company’s tax returns filed in the U.S. for three years from the date of filing. The Company’s U.S. income tax returns since 2019 are currently subject to examination. The Australian Taxation Office may examine the Company’s income tax returns filed in Australia for 4 years from the date of filing. The Company’s Australian subsidiary’s tax year end is currently June 30. The Company is planning on filling its June 30, 2023 tax return by the deadline on May 15, 2024. Significant components of the Company’s net deferred income tax assets as of December 31, 2023 and 2022 consist of net operating loss carryforwards. The net operating loss carry forwards for U.S. federal tax and Australian tax purposes are available for carryforward indefinitely for use in offsetting taxable income. The U.S. federal net operating loss carry forward offset is limited to up to 80% of the taxable income. The State of Delaware net operating loss carry forwards are available for carryforward for 20 years for use in offsetting taxable income. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carry-forward period. As of December 31, 2023 and 2022, the Company had total net operating loss carryforwards of approximately $2,495,974 and $1,526,516, which consists of U.S. federal and State of Delaware net operating loss carryforwards of $678,660 and $363,476 and Australian net operating losses of $1,817,314 and $1,163,040. The income tax (benefit) provision consists of the following: December 31, 2023 December 31, 2022 Current $ - $ - Deferred United States – Federal & State (315,184 ) (112,330 ) Australia (654,274 ) (226,286 ) Change in valuation allowance 969,458 338,616 Income tax expense (benefit) $ - $ - The reconciliation of the statutory federal, state, and foreign rate to the Company’s effective income tax rate is as follows: December 31, 2023 December 31, 2022 U.S. federal income tax benefit Federal statutory rate 25 % 25 % State tax, net of federal tax effect 6.9 % 6.9 % Foreign tax, net of federal tax effect 19.8 % 19.8 % Change valuation allowance (51.7 )% (51.7 )% Net 0.0 % 0.0 % The primary components of the Company’s December 31, 2023 and 2022 deferred tax assets and related valuation allowances are as follows: December 31, 2023 December 31, 2022 Net operating loss – United States $ 659,338 $ 468,615 Net operating loss - Australia 1,014,065 235,330 Valuation allowance (1,673,403 ) (703,945 ) Deferred tax assets $ - $ - In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating losses and temporary differences become deductible. Management considered projected future taxable income and tax planning strategies in making this assessment. The value of the deferred tax assets was offset by a valuation allowance, due to the current uncertainty of the future realization of the deferred tax assets. The timing and manner in which the Company can utilize operating loss carryforwards in any year may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations. Such limitation may have an impact on the ultimate realization of its carryforwards and future tax deductions. The Company follows FASB ASC 740.10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise’s financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of comprehensive income (loss). As of January 1, 2023, the Company had no unrecognized tax benefits and no charge during 2023, and accordingly, the Company did not recognize any interest or penalties during 2023 related to unrecognized tax benefits. There is no accrual for uncertain tax positions as of December 31, 2023. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 12 Months Ended |
Dec. 31, 2023 | |
STOCKHOLDERS DEFICIT | |
STOCKHOLDERS' DEFICIT | NOTE 6. STOCKHOLDERS’ DEFICIT On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary of State which; (a). Increased the authorized shares of common stock of the Company, par value $0.0001, from 200,000,000 shares to 500,000,000 shares, and (b). Increased the authorized shares of preferred stock of the Company, par value $0.0001, from 10,000,000 shares to 50,000,000 shares and all such shares be deemed “blank check” preferred shares in accordance with Article Seventeen of the Company’s Amended and Restated Articles of Incorporation. ( Preferred Stock As of December 31, 2023, the Company was authorized to issue 50,000,000 shares of preferred stock with a par value of $0.0001. No shares of preferred stock were issued or outstanding during the years ended December 31, 2023 and 2022. Common Stock As of December 31, 2023, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001. On March 23, 2023, pursuant to the Stock Exchange Agreement with AiS, the Company issued 195,062,000 shares of its common stock. Along with the Stock Exchange Agreement the Company also reissued 31,000 stock purchase warrants that had been previously issued by AiS. On June 20, 2023, the Company received a subscription agreement for the purchase of 80,000 shares at a price of $1.25 for total proceeds of $100,000. Treasury Stock The Company’s treasury stock comprised one share of common stock acquired at a cost of $52,954. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 7. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company or its subsidiaries may be named a party to claims and/or legal proceedings. Neither the Company nor its subsidiaries have been named in and are not aware of any matters which management believes will result, either individually or in the aggregate, in a material adverse effect to its financial condition or results of operations. As of December 31, 2023, the Company leased short term office spaces (12 months or less), and as an accounting policy election, the Company has excluded all short term leases from presentation on the balance sheet. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS On February 16, 2024, the Company entered into a private funding agreement with unaffiliated third parties and agreed to issue 2,590,400 shares of its common stock for a total purchase price of $647,600, which shares have not been issued as of the date of this filing. On March 6, 2024, the Company entered into a convertible promissory note purchase agreement with SeaPort Inc. whereas the Company shall loan a maximum amount of $1,000,000 to SeaPort which is to be converted into shares of preferred or common stock in SeaPort Inc. On April 16, 2024, the Company, and the third-party provider of the intellectual property rights (further discussed in Note 3 above), entered into a binding rescission, whereas the intellectual property rights were rescinded and the third-party waived and discharged its rights and interest to the $1,000,000 AUD in shares of the Company. |
SUMMARY OF SIGNIFCANT ACCOUNT_2
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | |
Basis of Presentation | Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated statements of comprehensive loss. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). These consolidated financial statements incorporate the financial statements of the Company and its wholly owned subsidiaries, AiS, AIS Australia and Paramount Capital Inc. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional financing needed to execute its business plan. The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has elected to comply with certain reduced public company reporting requirements. |
Accounting Pronouncements Not Yet Adopted | In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09) |
Intellectual property rights | The Company depends in part upon proprietary technology and is actively looking to increase and enhance their proprietary technology through the acquisition of 3 rd |
Use of Estimates | The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. |
Foreign Currency Transactions and Translation | The Company’s functional currency is the United States Dollar (“US $”). The Company’s wholly owned subsidiary, AIS Australia’s functional currency in which it operates is Australian Dollars (“AUD”). For the purpose of presenting these consolidated financial statements the reporting currency is U.S. $. AIS Australia’s assets and liabilities are expressed in U.S. $ at the exchange rate on the balance sheet date, stockholders’ equity accounts are translated at historical rates, income and expense items are translated at the average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ deficit section of the balance sheets. Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. Gains or losses resulting from transactions in currencies other than the functional currencies are recognized as part of operating expenses in the consolidated statements of comprehensive loss. Exchange rates used for the translations are as follows: AUD to U.S. $ Period End Average December 31, 2023 0.6812 0.6640 December 31, 2022 0.6766 0.6947 |
Fair Values of Financial Instruments | The Company adopted Accounting Standards Codification (“ASC”) 820 Fair Value Measurements · Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value. As of the balance sheet date, the estimated fair values of accounts payable, accrued expenses, loan payable – related parties, and due to related party approximated their fair values due to the short-term nature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each reporting period. |
Related Party Transactions | The Company adopted ASC 850, Related Party Disclosures |
Cash and Cash Equivalents | The Company maintains cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. Australian bank accounts are insured with deposit protection up to 250,000 AUD. U.S. bank accounts are insured with deposit protection up to $250,000.The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Comprehensive income (loss) | The Company follows ASC 220 in reporting comprehensive income (loss). Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). |
Earnings (Loss) Per Share | The Company follows ASC 260 when reporting earnings (loss) per share (EPS) resulting in the presentation of basic and diluted earnings (loss) per share. Basic EPS is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted EPS is not presented when their effect is anti-dilutive. Because the Company does not have any common stock equivalents, such as stock options and warrants, the amounts reported for basic and diluted net loss per share were the same. |
Revenue Recognition | The Company determines revenue recognition through the following steps: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations in the contract Step 5: Recognize revenue when the entity satisfies a performance obligation Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods or services to the Company’s customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance. |
Income Taxes | The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s consolidated financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates. The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. |
Recently Accounting Pronouncements | In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently issued related ASUs. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this new guidance effective January 1, 2023 utilizing the modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s financial statements, but did change how the allowance for credit losses is determined. |
COMPANY HISTORY AND NATURE OF_2
COMPANY HISTORY AND NATURE OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMPANY HISTORY AND NATURE OF BUSINESS | |
Schedule of financial information originally reported effect of AiS acquisition | January 1, 2022 Prior to Acquisition Effect of Acquisition After Acquisition Common shares outstanding 7,642,211 — 7,642,211 Par value $ 764 $ — $ 764 Additional paid-in capital 5,050,769 29,990 5,080,759 Treasury stock (52,954 ) — (52,954 ) Accumulated other comprehensive income — 1,991 1,991 Accumulated deficit (5,180,435 ) (8,779 ) (5,189,213 ) Stockholders’ deficit $ (181,856 ) $ 23,202 $ (158,654 ) December 31, 2022 Prior to Acquisition Effect of Acquisition After Acquisition Total Assets $ 3,096 $ 37,747 $ 40,843 Total Liabilities $ 115,744 $ 1,566,863 $ 1,682,607 Net Loss $ 50,118 $ 1,519,958 $ 1,570,077 Basic and diluted loss per share $ (0.01 ) $ — $ (0.20 ) Basic and diluted shares outstanding 7,642,211 — 7,642,211 December 31, 2023 Prior to Acquisition Effect of Acquisition After Acquisition Total Assets $ 92 $ 69,921 $ 69,383 Total Liabilities $ 186,644 $ 5,189,913 $ 5,376,557 Net Loss $ 99,604 $ 3,578,719 $ 3,678,323 Basic and diluted loss per share $ (0.01 ) $ (0.01 ) $ (0.02 ) Basic and diluted shares outstanding 7,722,211 195,062,000 202,784,211 |
SUMMARY OF SIGNIFCANT ACCOUNT_3
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | |
Schedule of exchange rate used for the translation | AUD to U.S. $ Period End Average December 31, 2023 0.6812 0.6640 December 31, 2022 0.6766 0.6947 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTIES | |
Schedule of related parties loans | Related Party Note December 31, 2023 December 31, 2022 Cres Discretionary Trust No. 2 (a) $ 2,145,875 $ 912,189 Apple iSports Investment Group Pty (b) 177,420 176,227 ABA Investment Group Pty Ltd (c) 306,734 131,937 Utti Oco Pty Ltd (d) 68,970 68,970 Mt. Wills Gold Mines Pty Ltd (e) 21,550 21,550 Total loan payable 2,720,549 1,310,873 Cres Discretionary Trust No. 2 (a) 60,752 10,628 Apple iSports Investment Group Pty (b) 8,251 2,909 ABA Investment Group Pty Ltd (c) 8,961 2,711 Total accrued interest 77,964 16,248 Due to Stockholder (f) 4,999 4,699 Total Due to related party $ 4,999 $ 4,699 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Summary of income tax (benefits) provision | December 31, 2023 December 31, 2022 Current $ - $ - Deferred United States – Federal & State (315,184 ) (112,330 ) Australia (654,274 ) (226,286 ) Change in valuation allowance 969,458 338,616 Income tax expense (benefit) $ - $ - |
Summary of reconciliation of effective income tax rate | December 31, 2023 December 31, 2022 U.S. federal income tax benefit Federal statutory rate 25 % 25 % State tax, net of federal tax effect 6.9 % 6.9 % Foreign tax, net of federal tax effect 19.8 % 19.8 % Change valuation allowance (51.7 )% (51.7 )% Net 0.0 % 0.0 % |
Summary of deferred tax assets | December 31, 2023 December 31, 2022 Net operating loss – United States $ 659,338 $ 468,615 Net operating loss - Australia 1,014,065 235,330 Valuation allowance (1,673,403 ) (703,945 ) Deferred tax assets $ - $ - |
COMPANY HISTORY AND NATURE OF_3
COMPANY HISTORY AND NATURE OF BUSINESS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Common shares outstanding | 202,784,211 | 7,642,211 | ||
Par value | $ 20,278 | $ 764 | ||
Additional paid-in capital | 5,223,245 | 5,142,759 | ||
Treasury stock, 1 share, at cost | (52,954) | (52,954) | ||
Accumulated other comprehensive income | (60,130) | 26,958 | ||
Accumulated deficit | (10,437,613) | (6,759,290) | ||
Stockholders' deficit | $ (5,307,174) | $ (1,641,763) | $ (158,654) | |
Prior to Acquisition | ||||
Common shares outstanding | 7,642,211 | |||
Par value | $ 764 | |||
Additional paid-in capital | 5,050,769 | |||
Treasury stock, 1 share, at cost | (52,954) | |||
Accumulated other comprehensive income | 0 | |||
Accumulated deficit | (5,180,435) | |||
Stockholders' deficit | (181,856) | |||
Effect of Acquisition | ||||
Par value | 0 | |||
Additional paid-in capital | 29,990 | |||
Treasury stock, 1 share, at cost | 0 | |||
Accumulated other comprehensive income | 1,991 | |||
Accumulated deficit | (8,779) | |||
Stockholders' deficit | $ 23,202 | |||
After Acquisition | ||||
Common shares outstanding | 7,642,211 | |||
Par value | $ 764 | |||
Additional paid-in capital | 5,080,759 | |||
Treasury stock, 1 share, at cost | (52,954) | |||
Accumulated other comprehensive income | 1,991 | |||
Accumulated deficit | (5,189,213) | |||
Stockholders' deficit | $ (158,654) |
COMPANY HISTORY AND NATURE OF_4
COMPANY HISTORY AND NATURE OF BUSINESS (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total Assets | $ 69,383 | $ 40,843 |
Net Loss | (3,678,323) | (1,570,077) |
Total Liabilities | 5,376,557 | 1,682,606 |
Prior to Acquisition | ||
Total Assets | 92 | 3,096 |
Net Loss | $ 99,604 | $ 50,118 |
Basic and diluted loss per share | $ (0.01) | $ (0.01) |
Basic and diluted shares outstanding | 7,722,211 | 7,642,211 |
Total Liabilities | $ 186,644 | $ 115,744 |
Effect of Acquisition | ||
Total Assets | 69,921 | 37,747 |
Net Loss | $ 3,578,719 | 1,519,958 |
Basic and diluted loss per share | $ (0.01) | |
Basic and diluted shares outstanding | 195,062,000 | |
Total Liabilities | $ 5,189,913 | 1,566,863 |
After Acquisition | ||
Total Assets | 69,383 | 40,843 |
Net Loss | $ 3,678,323 | $ 1,570,077 |
Basic and diluted loss per share | $ (0.02) | $ (0.20) |
Basic and diluted shares outstanding | 202,784,211 | 7,642,211 |
Total Liabilities | $ 5,376,557 | $ 1,682,607 |
COMPANY HISTORY AND NATURE OF_5
COMPANY HISTORY AND NATURE OF BUSINESS (Details Narrative) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | May 05, 2022 |
COMPANY HISTORY AND NATURE OF BUSINESS | |||
Common stock, shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Issuance of common stock, shares | 195,062,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
GOING CONCERN | ||
Net Loss | $ (3,678,323) | $ (1,570,077) |
Accumulated deficit | (10,437,613) | $ (6,759,290) |
Working capital | $ (5,307,174) |
SUMMARY OF SIGNIFCANT ACCOUNT_4
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | ||
Exchange rate period end | 0.6812 | 0.6766 |
Average | 0.6640 | 0.6947 |
SUMMARY OF SIGNIFCANT ACCOUNT_5
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 AUD ($) | |
Research and development | $ 664,011 | $ 0 | |
Accounts payable and accrued expenses | 664,011 | ||
Australia | |||
Cash, FDIC Insured | $ 250,000 | ||
United States | |||
Cash, FDIC Insured | $ 250,000 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Total Loan Payable | $ 2,720,549 | $ 1,310,873 |
Total accrued interest | 77,964 | 16,248 |
Due to Stockholder | 4,999 | 4,699 |
Total Due to related party | 4,999 | 4,699 |
Cres Discretionary Trust [Member] | ||
Total Loan Payable | 2,145,875 | 912,189 |
Total accrued interest | 60,752 | 10,628 |
Apple ISports Investment Group Pty [Member] | ||
Total Loan Payable | 177,420 | 176,227 |
Total accrued interest | 8,251 | 2,909 |
ABA Investment Group Pty Ltd [Member] | ||
Total Loan Payable | 306,734 | 131,937 |
Total accrued interest | 8,961 | 2,711 |
Utti Oco Pty [Member] | ||
Total Loan Payable | 68,970 | 68,970 |
Mt Wills Gold Mines Pty [Member] | ||
Total Loan Payable | $ 21,550 | $ 21,550 |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Apr. 08, 2022 | May 30, 2019 | |
Total Loan Payable | $ 2,720,549 | $ 1,310,873 | ||
Total accrued interest | 77,964 | 16,248 | ||
Due to Stockholder | 4,999 | 4,699 | ||
Cres Discretionary Trust [Member] | ||||
Total Loan Payable | 2,145,875 | 912,189 | ||
Total accrued interest | 60,752 | 10,628 | ||
Interest expense | 50,123 | 10,628 | ||
Interest Rate | 3% | |||
Apple ISports Investment Group Pty [Member] | ||||
Total Loan Payable | 177,420 | 176,227 | ||
Total accrued interest | 8,251 | 2,909 | ||
Interest expense | 5,342 | 2,909 | ||
Interest Rate | 3% | |||
Ownership percentage | 100% | |||
ABA Investment Group Pty Ltd [Member] | ||||
Total Loan Payable | 306,734 | 131,937 | ||
Total accrued interest | 8,961 | 2,711 | ||
Interest expense | 6,250 | 2,711 | ||
Interest Rate | 3% | |||
Ownership percentage | 100% | |||
Utti Oco Pty [Member] | ||||
Total Loan Payable | 68,970 | 68,970 | ||
Mt Wills Gold Mines Pty [Member] | ||||
Total Loan Payable | $ 21,550 | $ 21,550 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current | $ 0 | $ 0 |
Change in valuation allowance | 969,458 | 338,616 |
Total | 0 | 0 |
Australia | ||
Defered - Federal & State | (654,274) | (226,286) |
United States | ||
Defered - Federal & State | $ (315,184) | $ (112,330) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Federal statutory rate | 25% | 25% |
State tax, net of federal tax effect | 6.90% | 6.90% |
Foreign tax, net of federal tax effect | 19.80% | 19.80% |
Change valuation allowance | (51.70%) | (51.70%) |
Total | 0% | 0% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Valuation allowance | $ (1,673,403) | $ (703,945) |
Deferred tax assets | 0 | 0 |
Australia | ||
Net loss carry forward | 659,338 | 468,615 |
United States | ||
Net loss carry forward | $ 1,014,065 | $ 235,330 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Effective income tax rate federal | 25% | 25% | |
Effective income tax rate statutory | 19.80% | 19.80% | |
NOL carryforwards | $ 2,495,974 | $ 1,526,516 | |
Australia | |||
Effective income tax rate statutory | 25% | ||
NOL carryforwards | 1,817,314 | 1,163,040 | |
United States | |||
Effective income tax rate federal | 21% | ||
NOL carryforwards | $ 678,660 | $ 363,476 | |
Effective income tax rate state | 8.70% |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 20, 2023 | Mar. 23, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 05, 2022 | |
STOCKHOLDERS DEFICIT | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized | 50,000,000 | 10,000,000 | |||
Common stock, shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 200,000,000 | ||
Issuance of common stock, shares | 80,000 | 195,062,000 | |||
Stock price | $ 1.25 | ||||
Proceeds from sale of common stock | $ 100,000 | $ 100,000 | $ 62,000 | ||
Common stock purchase warrants | 31,000 | ||||
Treasury stock, 1 share, at cost | $ (52,954) | $ (52,954) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] | 1 Months Ended | ||
Mar. 06, 2024 USD ($) | Apr. 16, 2024 AUD ($) | Feb. 16, 2024 USD ($) shares | |
Shares to be issued, value | $ 647,600 | ||
Shares to be issued, shares | shares | 2,590,400 | ||
SeaPort Inc. | |||
Loan amount, maximum | $ 1,000,000 | ||
Shares to be issued, value | $ 1,000,000 |