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iWallet Corporation (IWAL+3.34%) has submitted its Form 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. The absence of revenue is attributed to the company's focus on redesigning its product line and updating its technologies.
Operating expenses for the year ended December 31, 2024, were $65,739, a decrease from $225,457 in the previous year. The reduction in expenses is primarily due to a decrease in stock-based compensation.
The company recorded a net loss of $108,091 for the year ended December 31, 2024, compared to a net loss of $267,852 in the previous year.
iWallet Corporation is engaged in the design and development of biometric locking wallets and related personal security products. The company is also providing consulting services in the smart wallet sector.
The company is currently redesigning its original product, the iWallet, with updated technology, including facial recognition, GPS tracking, and flexible case materials. The redesigned product, iWallet 2.0, is expected to launch within the next 12 months, subject to electronic component availability.
iWallet Corporation's common stock is quoted for trading on the OTC Pink tier under the symbol 'IWAL'. The company had a market value of approximately $780,400 as of June 30, 2024.
As of December 31, 2024, iWallet Corporation had 77,819,419 outstanding shares of common stock and 7,644,000 shares of Series A preferred stock. The company also had 1,000,000 shares of Series B preferred stock, which are held by the company's CEO, Steven Cabouli.
The company has identified material weaknesses in its internal control over financial reporting, primarily due to a limited number of staff and lack of independent directors. These weaknesses have resulted in ineffective disclosure controls and procedures.
iWallet Corporation's future operations are dependent on its ability to obtain financing and achieve profitable operations. The company has raised additional capital through private placements and plans to raise further funds through public offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iWallet Corporation annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.