EX-99.2 3 apptech_ex9902.htm PRO FORMA FINANCIAL STATEMENTS

Exhibit 99.2

 

The following unaudited pro forma combined financial information is based on the financial statements of the Company and Infinitus Pay, Inc (“IP”).

 

IP is a Colorado limited liability company that provides the technology that enables organizations to perform cross border payments. The Company has its registered office address at 6635 S Dayton St Ste 310 PMB 236 Greenwood Village, CO 80111, which is also the principal place of business.

 

The notes to the unaudited pro forma condensed combined financial information describe the reclassifications and adjustments to the financial information presented.

 

The unaudited pro forma combined financial information is not intended to represent or be indicative of the Company’s results of operations or financial position that the Company would have reported had the Company’s acquisition been completed as of the dates presented and should not be taken as a representation of the Company’s future results of operation or financial position.

 

The unaudited pro forma combined financial statements do not give effect to the potential impact of current financial conditions, regulatory matters or any anticipated synergies, operating efficiencies or cost savings that may be associated with the acquisition. The unaudited pro forma combined financial statements also do not include any integration costs, cost overlap or estimated future transaction costs that the companies expect to incur as a result of the acquisition.

 

The historical financial information has been adjusted to give effect to events that are directly attributable to the Acquisition, factually supportable and expected to have a continuing impact on the results of the combined company. Per Rules 8-05, 11-01 and 11-02 of Regulation S-X, the historical financials of the companies are within one quarter of one another; therefore, no adjustments were made to the periods presented. The adjustments that are included in the following unaudited pro forma combined financial statements are described in Note 3 below, which includes the numbered notes that are marked in those financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

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PRO FORMA FINANCIAL STATEMENTS

 

    September 30, 2025  
    Historical              
$ in thousands  

AppTech

Payments Corp.

    

Infinitus

Pay, Inc.

     Pro Forma Adjustments     Pro Forma Combined  
ASSETS                                
Current assets                                
Cash and cash equivalents   $ 439     $ 21     $ –     $ 460  
Accounts receivable     96       60       –       156  
Accounts receivable - related party     –       30       –       30  
Prepaid expenses     30       –       –       30  
Total current assets     565       111       –       676  
Note receivable     250       –       –       250  
Interest receivable     41       –       –       41  
Right of use asset     36       –       –       36  
Security deposit     37       –       –       37  
Intangible assets, net of accumulated amortization     2,709       –       –       2,709  
Goodwill     1,161       –       2,503 (1)(2)     3,664  
Capitalized software development, net of accumulated amortization     1,447       361       –       1,808  
TOTAL ASSETS   $ 6,246     $ 472     $ 2,503     $ 9,221  
                                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                                
Current liabilities                                
Accounts payable   $ 2,274     $ 175     $ –     $ 2,449  
Accrued liabilities     1,311       –       –       1,311  
Notes payable     250       –       1,000 (3)     1,250  
Convertible notes payable, net of discount of $120     900       –       –       900  
Right of use liability     35       –       –       35  
Total current liabilities     4,770       175       1,000       5,945  
Long-term liabilities                                
Right of use liability, net of current portion     –       –       –       –  
Notes payable, net of current portion     60       –       –       60  
Total long-term liabilities     60       –       –       60  
TOTAL LIABILITIES   $ 4,830     $ 175     $ 1,000     $ 6,005  
                                 
Stockholders’ equity                                
Series A preferred stock     –       –       –       –  
Common stock, $0.001 par value     34       250       (244) (1)     40  
Additional paid-in capital     176,311       29       1,765  (1)     178,105  
Accumulated deficit     (174,929 )     18       (18) (1)     (174,929 )
Total stockholders’ equity     1,416       297       1,503       3,216  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 6,246     $ 472     $ 2,503     $ 9,221  

 

 

 

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    December 31, 2024  
    Historical              
$ in thousands  

AppTech

Payments Corp.

    

Infinitus

Pay, Inc.

     Pro Forma Adjustments    

Pro Forma

Combined

  
ASSETS                                
Current assets                                
Cash and cash equivalents   $ 868     $ 42     $ –     $ 910  
Accounts receivable     43       –       –       43  
Accounts receivable - related party     –       12       –       12  
Prepaid expenses     159       –       –       159  
Other current assets     1,350       –       –       1,350  
Total current assets     2,420       54       –       2,474  
Right of use asset     86       –       –       86  
Security deposit     86       –       –       86  
Intangible assets, net of accumulated amortization     3,410       –       –       3,410  
Goodwill     1,161       –       2,631 (1)(2)     3,792  
Capitalized software development, net of accumulated amortization     1,823       147       –       1,970  
TOTAL ASSETS   $ 8,986     $ 201     $ 2,631     $ 11,818  
                                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                                
Current liabilities                                
Accounts payable   $ 1,853     $ 32     $ –     $ 1,885  
Accrued liabilities     1,519       –       –       1,519  
Notes payable     –       –       1,000 (3)     1,000  
Deferred revenue     –       –       –       –  
Right of use liability     68       –       –       68  
Total current liabilities     3,440       32       1,000       4,472  
Long-term liabilities                                
Right of use liability, net of current portion     18       –       –       18  
Notes payable, net of current portion     61       –       –       61  
Total long-term liabilities     79       –       –       79  
TOTAL LIABILITIES   $ 3,519     $ 32     $ 1,000     $ 4,551  
                                 
Stockholders’ equity                                
Series A preferred stock     –       –       –       –  
Common stock, $0.001 par value     33       150       (144) (1)     39  
Additional paid-in capital     174,131       14       1,780  (1)     175,925  
Accumulated deficit     (168,697 )     5       (5) (1)     (168,697 )
Total stockholders’ equity     5,467       169       1,631       7,267  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 8,986     $ 201     $ 2,631     $ 11,818  

 

 

 

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   September 30, 2025 
   Historical         
$ in thousands 

AppTech

Payments Corp.

  

Infinitus

Pay, Inc.

  

Pro Forma

Adjustments

  

Pro Forma

Combined

 
Revenues  $735   $146   $–   $881 
Revenues - related party   –    122    –    122 
Cost of revenues   335    78    –    413 
Gross profit   400    190    –    590 
                     
Operating expenses:                    
General and administrative expenses   4,493    103    –    4,596 
Research and development expenses   2,015    74    –    2,089 
Total operating expenses   6,508    177    –    6,685 
                     
Loss from operations   (6,108)   13    –    (6,095)
                     
Other income (expenses)                    
Interest expense   (24)   –    –    (24)
Gain (loss) on debt extinguishment   13    –    –    13 
Debt discount amortization   (50)   –    –    (50)
Other income (expenses)   (63)   –    –    (63)
Total other expenses  $(124)  $–   $–   $(124)
                     
Loss before provision for income taxes   (6,232)   13    –    (6,219)
                     
Provision for income taxes   –    –    –    – 
                   – 
Net income (loss)  $(6,232)  $13   $–   $(6,219)
Deemed dividend related to warrant resets   –    –    –    – 
Net loss attributable to common stockholders  $(6,232)  $13   $–   $(6,219)
                     
Basic and diluted net loss per common share  $(0.19)  $–   $–   $(0.16)
Weighted-average number of shares used basic and diluted per share amounts   33,657,542    –    6,000,000(3)   39,657,542 

 

 

 

 

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   December 31, 2024 
   Historical         
$ in thousands 

AppTech

Payments Corp.

  

Infinitus

Pay, Inc.

  

Pro Forma

Adjustments

   Pro Forma Combined 
Revenues  $276   $–   $–   $276 
Revenues - related party   –    12    –    12 
Cost of revenues   52    –    –    52 
Gross profit   224    12    –    236 
                     
Operating expenses:                    
General and administrative expenses   7,794    7    –    7,801 
Research and development expenses    1,977    –    –    1,977 
Total operating expenses   9,771    7    –    9,778 
                     
Loss from operations   (9,547)   5    –    (9,542)
                     
Other income (expenses)                    
Interest expense   (646)   –    –    (646)
Gain (loss) on debt extinguishment   1,245    –    –    1,245 
Other income (expenses)   15    –    –    15 
Total other expenses  $614   $–   $–   $614 
                     
Loss before provision for income taxes   (8,933)   5    –    (8,928)
                     
Provision for income taxes   –    –    –    – 
                   – 
Net income (loss)  $(8,933)  $5   $–   $(8,928)
Deemed dividend related to warrant resets   (15)   –    –    (15)
Net loss attributable to common stockholders  $(8,948)  $5   $–   $(8,943)
                     
Basic and diluted net loss per common share  $(0.35)  $–   $–   $(0.29)
Weighted-average number of shares used basic and diluted per share amounts   25,305,837    –    6,000,000(3)   31,305,837 

 

 

 

 

 

 

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NOTE 1 - BASIS OF PRO FORMA PRESENTATION

 

The unaudited pro forma statements of operations and unaudited pro forma balance sheets for the periods presented , is based on the financial statements of the Company and Infinitus Pay, Inc. (“IP”), after giving effect to the Company’s acquisition of IP and adjustments described in the accompanying notes to the unaudited pro forma combined financial information.  These pro forma financial statements present the combined results and financial position as though the acquisition had occurred on those dates (i.e., on the assumed acquisition dates used for each respective period or as of the balance sheet date presented).

 

NOTE 2 - ACQUISITION OF PREMIER AIR CHARTER, LLC

 

On October 31, 2025, the Company purchased all of the respective shares of IP held by the Shareholders in exchange for the consideration equal to (a) $2,000,000, less any Indebtedness of the Company, (b) an aggregate of One Million (1,000,000) newly-issued shares of the Company’s Common Stock, (3) an aggregate of Four Million (4,000,000) newly-issued shares of the Company’s Common Stock with certain lock-up provisions, and (d) 5-year warrants to purchase up to another Four Million (4,000,000) shares, in the aggregate, at an exercise price of $3.00 per share.

 

The acquisition was structured as a purchase of equity and is accounted for as a business combination with ASC 805, Business Combinations.

 

NOTE 3 - PRO FORMA ADJUSTMENTS

 

The following pro forma adjustments are included in the Company’s unaudited pro forma combined financial information:

 

(1)Reflects the elimination of the historical stockholders’ equity of the acquired company upon consummation of the acquisition, as the transaction is accounted for as a business combination.
(2)Recognition of identifiable intangible assets and goodwill based on preliminary purchase price allocation.
(3)Entered into a $1 million debt obligation and issued 1 million shares of common stock to a private investor to raise the other $1 million needed to acquire IP . Further issuance of 5 million shares to IP’s Sellers as consideration for its sale.

 

 

 

 

 

 

 

 

 

 

 

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