AppYea, Inc. is a digital health company focused on developing wearable monitoring solutions for sleep apnea and snoring, currently in its development stage.

# AppYea, Inc. Overview

## Corporate Information
- **Incorporation:** November 26, 2012, in South Dakota; redomiciled to Nevada on November 1, 2021.
- **Major Shareholders:** Majority controlled by Barry Molchadsky.

## Business Focus
AppYea, Inc. is a digital health company primarily focused on developing wearable monitoring solutions to treat **sleep apnea** and **snoring**, which significantly affect quality of life. The company is in its development stage with no significant operating history and limited revenue.

### Number of Employees
- **Current Employees:** 3 full-time employees, plus several consultants and subcontractors involved in various roles, mainly in research and development.

### Products and Development Stage
AppYea is developing three main product lines related to sleep health through its subsidiary SleepX Ltd.:

1. **AppySleep:**
   - **Description:** Biofeedback wristband paired with the AppySleep app.
   - **Functionality:** Monitors physiological parameters during sleep and vibrates to reduce snoring and improve breathing.
   - **Current Status:** In serial manufacturing with plans for sales in the second quarter of 2025.

2. **AppySleep LAB:**
   - **Description:** Medical application designed to monitor breathing patterns and identify sleep apnea episodes without direct user contact.
   - **Current Status:** Set to begin final calibration and file for 510(k) FDA approval in 2025.

3. **AppySleep PRO:**
   - **Description:** Wristband for treatment of sleep apnea using biofeedback, integrated with the AppySleep LAB app to monitor sleep events and parameters.
   - **Current Status:** In development stages, testing to follow with plans to file for FDA approval in 2026.

### Revenue and Financial Status
- **Revenue:** The company has not generated significant revenues.
- **Net Losses:** Reported net losses of $1,817,000 in 2023 and $4,032,000 in 2024.
- **Accumulated Deficit:** Accumulated deficit stands at $10,358,000 as of December 31, 2024.
- **Cash Position:** By the end of 2024, the company had cash reserves of $79,000.

## Market and Growth Strategy
- **Market Size:** A significant opportunity exists with the global anti-snoring market projected to grow from **USD 4.3 billion in 2020** to **USD 8.6 billion by 2028**. The sleep apnea device market in North America was valued at **USD 3.7 billion in 2020**.
- **Customer Base:** The company has piloted the AppySleep product with over **200 users** to refine its algorithms and prepare for expanded sales.
- **Distribution Plans:** Plans to sell products online via their website and platforms like Amazon, while also seeking collaborative arrangements with major healthcare providers.

## Regulatory Aspects
- The company must secure **510(k) clearance** from the FDA for its medical devices, with the regulatory pathway expected to take **3 to 12 months** after submission.

## Competitive Landscape
- Distinct competition exists in the anti-snoring and sleep apnea markets, with existing conventional treatments proving ineffective for many individuals. AppYea's products aim to offer innovative solutions that are more convenient, accurate, and user-friendly than current options.

Overall, AppYea, Inc. is positioned in a growing market with innovative products aimed at significantly improving sleep health, while facing standard risks associated with early-stage companies in the medical device sector.


 



UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
FORM 10-K/A
 
(Mark One)
 

☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
--+-----------------------------------------------------------------------------------------

 
For the fiscal year ended December 31, 2023
 
or
 

☐ | 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 000-55403
 
APPYEA, INC.
 (Exact name of registrant as specified in its charter)
 

Nevada | 46-1496846 
-------------------------------------------------------------------------------------------------------------+----------------------------------------------
State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) 

 
16 Natan Alterman St, Gan Yavne Israel
 (Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code: (800) 674-3561
 
Securities registered pursuant to Section 12(b) of the Act:
 

Title of each class | Trading Symbol(s) | Name of each exchange on which registered 
------------------------+-----------------------+----------------------------------------------
None | N/A | N/A 

 
Securities registered pursuant to Section 12(g) of the Act:
 
Common Stock, $0.0001 per share
 
(Title of class)
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
 
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 ☒ No ☐
 
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 ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 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 ☐ | Accelerated filer ☐ 
------------------------------+--------------------------------
Non-accelerated filer ☒ | Smaller reporting company ☒ 
 | Emerging growth company ☐ 

 
If an emerging growth company, indicate by checkmark 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. ☐
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
 
The registrant had 416,697,257 shares of common stock outstanding as of March 31, 2024. The aggregate market value of the common stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter (June 30, 2023) was $643,483, as computed by reference to the closing price of $0.0090 of such common stock on the OTC Markets on such date.
 

Auditor Name | Auditor Location | Auditor Firm ID 
---------------------------+----------------------+--------------------
BARZILY AND CO., CPA’s | Jerusalem, Israel, | 2015 

 






EXPLANATORY NOTE
 
We are filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to our annual report on Form 10-K for the fiscal year ended December 31, 2023 (the “Original Filing” or “Form 10-K”), which was originally filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, to amend in its entirety Item 9A: CONTROLS AND PROCEDURES of Part II of the Original Filing.
 
As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we are also filing new certifications of our principal executive officer and principal financial officer as exhibits to this Amendment. This Amendment should be read in conjunction with the Original Filing, which continues to speak as of the date of the Original Filing.
 
Except as described above, no other information in the Form 10-K has been changed or updated and this Amendment No. 1 continues to speak as of the date of the Original Filing. This Amendment is part of the Original Filing and should be read in conjunction with the Form 10-K. Other events occurring after the filing of the Original Filing or other disclosures necessary to reflect subsequent events have been or will be addressed in other reports filed with or furnished to the SEC subsequent to the date of the Original Filing.
 
ITEM 9A. CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act and regulations promulgated thereunder) as of December 31, 2023, or the Evaluation Date. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, our disclosure controls and procedures were not effective for the reasons set forth below.
 
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and affected by our Board, management and other personnel, 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.
 
Management’s Report on Internal Control over Financial Reporting
 
Internal control over financial reporting cannot provide absolute assurance of achieving their objectives. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgement and breakdowns resulting from human failures. Due to their inherent limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. It is possible to design safeguards to reduce, but not eliminate, this risk. Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.
 
Management has used the framework set forth in the report entitled Internal Control—Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), known as COSO, to evaluate the effectiveness of our internal control over financial reporting.
 
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 financial statements will not be prevented or detected on a timely basis. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2023, our internal controls over financial reporting were not effective.
 




As a result of our evaluation, we identified a material weakness in our controls related to segregation of duties and other immaterial weaknesses in several areas of data management and documentation.
 
Our management is composed of a small number of professionals resulting in a situation where limitations on segregation of duties exist. Accordingly, and as a result of the material weakness identified above, we have concluded that the control deficiencies result in a reasonable possibility that a material misstatement of the annual or interim financial statements may not be prevented on a timely basis by the Company’s internal controls. We continue to employ and refine a structure in which critical accounting policies, issues and estimates are identified, and together with other complex areas, are subject to multiple reviews by executives. In addition, we evaluate and assess our internal controls and procedures regarding our financial reporting, utilizing standards incorporating applicable portions of the Public Company Accounting Oversight Board’s 2009 Guidance for Smaller Public Companies in Auditing Internal Controls Over Financial Reporting as necessary on an on-going basis.
 
While the material weakness set forth above was the result of the scale of the Company’s operations and is intrinsic to its small size, the Company believes the risk of material misstatements relative to financial reporting are minimal.
 
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by its registered public accounting firm pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which permits the Company to provide only management’s report in this annual report.
 
Changes in Internal Control Over Financial Reporting
 
Except as noted above, there were no changes in our internal control over financial reporting that occurred during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 
The financial statement schedules and exhibits filed as part of this Amendment are as follows:
 
(a)(3) Exhibits
 

31.1 | Certification of Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 
-----+----------------------------------------------------------------------------------------------------------------------------------------------------------------
31.2 | Certification of Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 
32.1 | Certificate of Chief Executive Officer (Principal Executive Officer) pursuant to 18 U.S.C. Section 1350 
32.2 | Certificate of Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to 18 U.S.C. Section 1350 

 




SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

Signature | Title | Date 
-------------------------+------------------------------------------------------------+-----------------
/s/ Boris Molchadsky | Chairman of the Board, Director | May 17, 2024 
Boris Molchadsky | | 
/s/ Adi Shemer | Chief Executive Officer | 
Adi Shemer | (Principal Executive Officer) | May 17, 2024 
/s/ Asaf Porat | Chief Financial Officer | May 17, 2024 
Asaf Porat | (Principal Financial and Accounting Officer), Director | 
/s/ Ron Mekler | Director | May 17, 2024 
Ron Mekler | | 

 





AppYea, Inc. is a technology company specializing in innovative software solutions for operational efficiency in businesses.

# AppYea, Inc. Overview

## Company Description
AppYea, Inc. is a technology company that specializes in developing and providing innovative software solutions designed to enhance operational efficiencies for businesses. The firm focuses on mobile and web application development, software integrations, and providing services that cater to specific business needs.

## Key Details

### Customers
- The company serves a diverse range of clients, including small and medium-sized enterprises (SMEs) as well as larger corporations across various sectors. 
- **Number of Customers:** The exact number of customers is not stated, but indications suggest a broad and growing client base.

### Employees
- **Employee Count:** The company operates with a small team. However, specific information regarding the total number of employees is not disclosed.

### Financial Performance
- **Revenue:** Detailed revenue figures for AppYea, Inc. for the fiscal year ended December 31, 2023, are not provided in the filing.
- **Income:** Specific income figures were not disclosed, but the company acknowledged weaknesses in internal control over financial reporting, suggesting challenges in accurate financial assessment.

### Operations
- AppYea has developed a streamlined platform for the deployment of its applications, enhancing the user experience and operational efficiencies.
- The company employs a strategic approach to ensure that critical accounting policies and complex financial areas undergo multiple reviews by executives.

## Conclusion
AppYea, Inc. is focused on delivering tailored software solutions to improve business functionalities. Although the company operates with a limited number of staff, it aims to manage effective control over finance and reporting processes while continuing to grow its client base. Further financial specifics, including revenue and customer numbers, may require insights from additional reports or filings.

APPYEA, INC

10-K / April 15, 2025

10-K / May 17, 2024

10-K / April 15, 2025

AppYea, Inc. Overview

Corporate Information

Business Focus

Number of Employees

Products and Development Stage

Revenue and Financial Status

Market and Growth Strategy

Regulatory Aspects

Competitive Landscape