AppTech Payments Reports First Quarter 2022 Results
May 10 2022 - 4:30PM
AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), a Fintech
company powering commerce experiences, today announced results for
its First Quarter ended March 31, 2022. The financial statements
and 10-Q are available on sec.gov.
First Quarter 2022 Financial
Highlights
- 1Q22 revenue was approximately $104
thousand, a 3% increase versus 1Q21, driven primarily by increased
residual payouts from more processing revenue.
- Cash balance as of March 31, 2022
was $10.3 million, reflecting the Company’s public offering on
January 7, 2022, which netted $13.4 million.
Recent Business Highlights
- A Definitive Agreement was fully
executed to acquire Hothand Inc., a patent-holding company which
owns the intellectual property rights to a wide array of mobile
credit/debit transactions and mobile search, location, offer, and
payment fields.
- Onboarded a seasoned development
team of experts who have expedited the platform launch date. In
addition, the Company onboarded its new sales director and head of
business development, who will be tasked with building the
foundation for the Company’s planned expansion.
- Inaugural Strategic Summit was held
March 22-23, 2022, where the management team gathered to discuss
the Fintech platform architecture and go-to-market plan. The
initial demos were also showcased.
- Developed key system functions,
including CI/CD pipelines, go-forward scalable and secure AWS
infrastructure, POC for Text2Pay Invoice System, and POC for Crypto
Payments Invoice System.
- Researched, identified, and vetted
partnerships with digital asset platform partners for blockchain
and cryptocurrency use cases.
- Co-developed end-to-end, automated
product and opportunity intake process to streamline, categorize
and prioritize new products/features and business development
opportunities.
- Successfully uplisted onto NASDAQ
on January 7, 2022.
Management Commentary
Luke D’Angelo, CEO of AppTech commented: “We are
continuing to make meaningful progress towards the launch of our
platform in 2022. Our platform is based upon industry standards for
payment and banking protocols, and will offer merchants, banking
institutions and business enterprises, standalone products and
fully integrated solutions that deliver innovative, unparalleled
payments, banking, and financial services experiences. We are
excited that our clients are eager to onboard, gaining the tools to
execute payments in today’s digital and crypto market.
Our technology is based on our strong portfolio
of patents, covering many areas, including mobile to mobile and
computer to mobile payment. Our recent acquisition of Hothand
further bolsters our patent portfolio to 16 total patents. Our
ownership of these patents, many of which have been cited by
industry-leading corporations, will allow us to pursue licensing
agreements with many large companies.
Our strong balance sheet will allow us to
properly execute our plans to become a premier Fintech platform
that powers commerce experiences. Over the past few months, we have
made strategic hires, onboarding strong talent across all areas of
the Company.”
About AppTech AppTech Payments
Corp. is a publicly listed Fintech company utilizing innovative
payment processing and digital banking technologies to complement
our core merchant services capabilities. Its 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, the Company will offer
standalone products and fully integrated solutions that deliver
innovative, unparalleled payments, banking, and financial services
experiences. AppTech’s processing technologies can be taken
off-the-shelf or tapped into via our RESTful API to build fully
branded and customizable experiences while supporting tokenized,
multi-channel, and multi-method transactions.
For more information about our Company, please
visit www.apptechcorp.com.
Forward-Looking StatementsThis
press release contains forward-looking statements that are
inherently subject to risks and uncertainties. Any statements
contained in this document that are not historical facts are
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
“anticipate, believe, estimate, expect, forecast, intend, may,
plan, project, predict, should, will” and similar expressions as
they relate to AppTech are intended to identify such
forward-looking statements. These risks and uncertainties include,
but are not limited to, general economic and business conditions,
effects of continued geopolitical unrest and regional conflicts,
competition, changes in methods of marketing, delays in
manufacturing or distribution, changes in customer order patterns,
changes in customer offering mix, and various other factors beyond
the Company’s control. Actual events or results may differ
materially from those described in this press release due to any of
these factors. AppTech is under no obligation to update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
Investor Relations Contact
Lytham Partners, LLCBen ShamsianNew York | PhoenixE:
shamsian@lythampartners.comP: 646-829-9701
AppTech Payments Corp E:
info@apptechcorp.comP: 760-707-5959
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