On December 31, 2025 (disclosed as a recent development in this Q1 2026 filing), the Board approved the closure of the Company's Melbourne, Australia office and discontinued all efforts to develop a domestic (Australian) sportsbook platform, citing the inability to build or secure a partnership with a qualifying platform. All financial and corporate operations were centralized in the United States, with the Company retaining only a virtual presence in Australia to support Asia-Pacific relationships.
Effective February 28 / March 1, 2026, the Company signed a 50/50 Joint Venture and License Agreement with AIC Enterprises, LLC (Apple iCasino), pivoting its strategy from B2C to B2B. Under the JV, AiC contributes a crypto-enabled online gaming platform described as fully operational and an agentic AI-driven marketing system, while the Company contributed Licensed Marks (no cash outlay) and participates in a revenue-sharing structure. The filing discloses that Mr. Marino Sussich, a director and affiliate of the Company's largest shareholder, owns 45% of AiC.
The Company decided not to proceed with the previously announced July 2025 binding agreement to acquire LBC Enterprise Pty Ltd ('Lucky Bet'), a gaming platform provider, following further due diligence. The AUD $16,542 (approximately $10,980) deposit was written off as a nonrefundable charge in Q1 2026.
On February 13, 2026, the Company received a written demand from LDA Capital Group for $250,000 under the August 2025 equity backstop facility (up to $25 million in common stock purchases); a second $250,000 payment is stated to be due August 5, 2026. The Company reported it has not utilized the facility and is assessing its legal position regarding the demand.
The Company reported zero revenue for the quarter, with cash and cash equivalents of $860 (down from $55,938 at year-end), a working capital deficit of $6,213,294, and a net loss of $385,221. The filing reiterates substantial doubt about the Company's ability to continue as a going concern, with continued operations dependent on related-party advances and future third-party financing.
(Filed on April 10, 2026)
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$55.9K
Q4 2025 restructuring: Apple iSports Australia Pty Ltd was closed in December 2025, with all operations and financial controls moved to the U.S.; the company stated it will no longer utilize the Lonsdale, Australia office. The company reported only 3 full-time employees as of the filing date.
Q4 2025 M&A terminations: As of December 31, 2025, the company decided not to proceed with the acquisition of Lucky Bet (LBC Enterprise Pty Ltd), a gaming platform provider (binding agreement entered July 2025), following further due diligence, and recorded a loss on the nonrefundable deposit. The AmeriCrew telecommunications infrastructure acquisition (LOI entered May 2025) had been terminated on or about July 13, 2025 (Q3). A related Booki customer-database deposit of AUD 60,000 (~$38,700) was also written off during the year.
Annual context (fiscal year ended December 31, 2025, not Q4-only): The company reported zero revenue, a net loss of $6,407,709, cash of $55,938, and a working capital deficit of approximately $5,900,109 (including $3,155,218 due to related parties). The auditor included a going-concern explanatory paragraph. The company remains pre-launch, still seeking an Online Bookmaking License in Australia and completion of the TRPB examination for its North Dakota ADW license; the SEN Radio advertising contract was suspended as of December 2025 until the platform moves closer to going live.
Q4 2025 personnel changes: Lee Saltzer, Chief Operating Officer of the Australian subsidiary, was terminated effective December 31, 2025 (a $75,000 contingent liability was accrued related to his employment-termination demand). Jeremy Samuel, former CEO and then President, resigned from all capacities on December 12, 2025 and waived rights to additional compensation. Full-year stock-based compensation expense was $4,352,562 ($2,566,695 under the U.S. plan and $1,768,785 under the Australian plan), driven by option grants at a $0.25 exercise price.
Q4 2025 financing: In November 2025, the company entered a loan agreement with PhilBook Pty Ltd for up to AUD 350,000 at an 18% interest rate payable on demand, and drew $206,782 (AUD 309,836) by year-end. An Equity Backstop agreement with LDA Capital Group (entered August 2025, Q3) permits draw-downs of up to $25 million (extendable to $50 million based on registration-statement and trade-volume metrics), but no draw-downs had occurred as of the filing date. On February 13, 2026 (subsequent event), the purchaser under that facility sent a written notice demanding $250,000, which the company is assessing.
Post-period development (effective March 1, 2026, not a Q4 2025 event): The company entered a 50/50 Joint Venture and License Agreement with AIC Enterprises, LLC (Belize) to supply gaming products and technical services using AIC's existing crypto-enabled online gaming platform (appleicasino.com), which had recently commenced operations in a limited number of countries. Director Marino Sussich, an affiliate of the company's largest shareholder (~41% ownership), owns 45% of AIC Enterprises, constituting a related-party arrangement.
(Filed on November 14, 2025)
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$9.3K
In July 2025, the Company entered into a binding agreement to purchase Lucky Bet, described as a fully operational gaming platform provider with a significant customer base and revenue, marking a shift from pure development toward acquiring an operational betting/gaming asset.
On or about July 13, 2025, the Company's proposed acquisition of AmeriCrew Inc., a telecommunications infrastructure provider (broadband infrastructure and private 5G LTE networks, LOI entered May 2025), was deemed no longer viable and the transaction was terminated; the Company had paid a cumulative deposit of $149,900 toward the deal, recorded in deposits on the balance sheet.
On August 4, 2025, the Company entered into a Common Stock Purchase Agreement (described in MD&A as an Equity Backstop agreement) with LDA Capital Group, providing draw-down capacity of up to $25 million (extendable to $50 million upon completion of a Registration Statement and trade-volume metrics), at 90% of the 10-day average closing price per draw; warrants to purchase 7,692,492 shares at an initial $7.76 exercise price were delivered, generating a $1,740,042 non-operating issuance cost in Q3. No shares had been drawn as of September 30, 2025.
On July 25, 2025, the Board adopted a Stock Option Plan for Australian employees and approved the grant of 12,000,000 options at a $0.25 exercise price, resulting in $1,807,148 of stock-based compensation expense in Q3 2025; the Company also maintained 6,275,000 outstanding US-plan options (of 20,000,000 authorized, with 2,000,000 forfeited) at the same $0.25 strike.
The Company continued to report zero net revenues for Q3 2025 (nine months: also zero) and remains in the development phase of its digital sports betting and gaming platform; it has no operating revenue, holds $9,304 in cash, carries a working-capital deficit of $6,073,549 and an accumulated deficit of $21,510,690, and its auditors/management continue to raise substantial doubt about its ability to continue as a going concern. Licensing efforts (Northern Territory Online Bookmaking License in Australia; North Dakota ADW license pending TRPB examination) remain incomplete.
(Filed on August 14, 2025)
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$68.7K
The company remains pre-revenue in Q2 FY2025, developing a digital sports betting and gaming platform. Q2 operating expenses fell 40.9% year-over-year to $631,752 (vs. $1,069,101), driven primarily by a drop in selling, general, and administrative costs from $293,757 to $29,233 as marketing activities were scaled back pending a nearer go-live date; the SEN Radio advertising contract was suspended in March 2025. Q2 net loss was $546,597.
In April 2025 (within Q2), the company entered into a strategic and financial agreement with Pacifico Financial Group to accelerate capital-raising activities, and separately, on May 14, 2025, executed a final Letter of Intent to purchase broadband infrastructure and private 5G LTE networks from AmeriCrew, paying total deposits of $149,900. On or about July 13, 2025 (disclosed as a subsequent event), the AmeriCrew transaction was declared no longer viable and the company will not proceed with the purchase.
As a subsequent event disclosed in the filing, on July 25, 2025 the company entered into a binding agreement to acquire LBC Enterprise Pty Ltd (Lucky Bet), described as a fully operational gaming platform provider with a significant customer base and revenue, in exchange for common stock equal to 30% of fully diluted issued and outstanding capital. The same day, the board approved a 2025 Stock Option Plan for Australian employees authorizing 12,000,000 shares at a $0.25 exercise price.
Regulatory progress remains pending: the company is licensed in North Dakota as an ADW provider subject to completion of the Thoroughbred Racing Protective Bureau examination (contingent on closing a capital raise), and it is seeking an Online Bookmaking License in Australia through the Northern Territory Racing Commission to enable national racing and sports betting. No specific Q2 regulatory milestones were reported as completed.
The company continues to operate under a going-concern qualification, with cash of $68,699, a working capital deficit of $5,073,858, and an accumulated deficit of $16,997,278 as of June 30, 2025. Q2 financing was sustained by $900,146 in related-party loan proceeds and stock issuances; the earlier January 2025 conversion of $2,807,760 of the Cres Discretionary Trust loan into 11,231,040 shares reduced ongoing related-party interest expense in both Q1 and Q2.
