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Chase Packaging Corp (WHLT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes the company's financial statements, showing no revenue for the quarter. The company reported a net loss of $18,199 for the three months ended September 30, 2024, compared to a net loss of $9,110 for the same period in 2023.
Operating expenses for the quarter increased to $22,163 from $12,128 in the previous year, primarily due to higher legal and professional fees.
Interest and other income for the quarter was $3,964, up from $3,018 in the previous year, attributed to higher interest income.
For the nine months ended September 30, 2024, the company reported a net loss of $76,831, a decrease from the $661,348 loss reported for the same period in 2023. This decrease was primarily due to the absence of a warrants modification expense in 2024.
Operating expenses for the nine-month period increased to $88,853 from $48,996 in 2023, again due to higher legal and professional fees.
Chase Packaging had cash and cash equivalents of $309,828 as of September 30, 2024, down from $388,171 at the end of 2023. Management believes these funds are sufficient for the company's activities for at least the next twelve months.
The company continues to explore merger or acquisition opportunities as part of its strategic plans, but no assurance can be given that these efforts will be successful.
Chase Packaging's management asserts that the company's disclosure controls and procedures were effective as of September 30, 2024, with no changes in internal controls over financial reporting during the quarter.
The company did not engage in any unregistered sales of equity securities, defaults upon senior securities, or mine safety disclosures during the reporting period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chase Packaging Corp quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.