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Chase Packaging Corp (WHLT0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported no revenue for the years ended December 31, 2024 and 2023, with its income derived solely from interest on short-term investments.
Operating expenses for the year ended December 31, 2024, were $104,887, compared to $72,259 in 2023, primarily due to higher legal and professional fees.
The company recorded a net loss of $88,949 for the year ended December 31, 2024, compared to a net loss of $403,030 in 2023, mainly due to the absence of warrant modification expenses in 2024.
Chase Packaging Corp had cash and cash equivalents of $297,710 as of December 31, 2024, down from $388,171 at the end of 2023.
The company continues to operate as a shell company, seeking a suitable merger partner or acquisition to create investment value.
The company had no outstanding preferred stock as of December 31, 2024, but had warrants to purchase up to 6,909,000 shares of common stock, expiring March 7, 2026.
The board of directors has not adopted a code of ethics due to the company's development stage status and limited operations.
The report includes a discussion of the company's internal controls, which were deemed effective as of December 31, 2024.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future.
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 annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.