$IWAL
iWallet Corp

2024 Q1 Form 10-K Financial Statement

#000139390524000074 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $9.500K $4.250K $225.5K
YoY Change 384.86%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $9.497K $4.250K $225.5K
YoY Change 241.13% 384.86%
Operating Profit -$9.497K -$4.250K -$225.5K
YoY Change 241.13% 518.62%
Interest Expense -$9.970K -$14.05K -$42.40K
YoY Change -154.77% -160.33%
% of Operating Profit
Other Income/Expense, Net -$37.97K -$42.40K
YoY Change 108.6% -39.68%
Pretax Income -$47.47K -$18.30K -$267.9K
YoY Change 150.96%
Income Tax
% Of Pretax Income
Net Earnings -$47.47K -$18.30K -$267.9K
YoY Change 126.18% 150.96%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 72.82M shares 72.82M shares 64.93M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $620.00 $1.560K $1.560K
YoY Change -88.05%
Cash & Equivalents $618.00 $1.560K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $618.00 $1.560K $1.560K
YoY Change -80.87% -88.05% -88.05%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $618.00 $1.560K $1.560K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $618.00 $1.560K $1.560K
YoY Change -80.87% -88.05% -88.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $298.00 $596.00 $600.00
YoY Change 0.0% -91.87% -91.81%
Accrued Expenses $250.5K $240.5K $240.5K
YoY Change -41.07%
Deferred Revenue
YoY Change
Short-Term Debt $260.0K $262.0K $262.0K
YoY Change -48.07%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $532.0K $515.5K $515.5K
YoY Change -42.97% -44.07% -44.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $532.0K $515.5K $515.5K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $532.0K $515.5K $515.5K
YoY Change -42.97% -44.07% -44.07%
SHAREHOLDERS EQUITY
Retained Earnings -$5.529M -$5.482M
YoY Change 5.62% 5.14%
Common Stock $74.82K $72.82K
YoY Change 41.65% 37.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$531.4K -$513.9K -$513.9K
YoY Change
Total Liabilities & Shareholders Equity $618.00 $1.560K $1.560K
YoY Change -80.87% -88.05% -88.05%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$47.47K -$18.30K -$267.9K
YoY Change 126.18% 150.96%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$5.942K -$2.300K -$21.49K
YoY Change -39.48% -41.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.000K 0.000 $10.00K
YoY Change
NET CHANGE
Cash From Operating Activities -$5.942K -2.300K -$21.49K
Cash From Investing Activities $0.00 0.000 $0.00
Cash From Financing Activities $5.000K 0.000 $10.00K
Net Change In Cash -$942.00 -2.300K -$11.49K
YoY Change -90.41% -68.62%
FREE CASH FLOW
Cash From Operating Activities -$5.942K -$2.300K -$21.49K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023 us-gaap Nature Of Operations
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<p style="font:10pt Times New Roman;margin:0"><b>1. Nature of Business and Going Concern</b></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify">iWallet Corp (“the Company”) has been engaged in the design, development, manufacturing and sales of bio-metric locking wallets, which operate by scanning a user’s fingerprint to open the wallet.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify">iWallet Corporation (“iWallet”) was incorporated on November 18, 2009 in the State of California and is located at 7394 Trade Street, San Diego, California 92121. On July 21, 2014 the Company merged with iWallet Acquisition Corporation (the “Acquisition Sub”) (“the Merger”), a subsidiary formed by Queensridge Mining Resources, Inc. (“Queensridge”) for purposes of the Merger, which resulted in the Company becoming a wholly-owned subsidiary of Queensridge. Immediately following the merger, the Acquisition Sub merged with and into Queensridge. Queensridge immediately changed its name to iWallet Corp and is continuing the business of iWallet as its only line of business.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify">The Company began trading on July 21, 2014 on the OTCQB Exchange under the ticker symbol IWAL. The Company’s functional currency is the U.S. Dollar.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify">The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (‘U.S. GAAP’), which contemplates continuation of the Company as a going concern.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify">As of December 31, 2023 and 2022, the Company had a deficit of $5,481,778 and $5,213,926, respectively, and had significant losses and negative cash flows from operations for the year ended December 31, 2023. There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the near future to enable it to meet its obligations as they come due. As a result, there is substantial doubt regarding the Company’s ability to continue as a going concern. The future of the Company is dependent upon its ability to obtain financing and upon achieving profitable operations.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify">Management has raised additional capital through private placement offerings and has plans to raise funds through public offering of its capital stock. While the Company has been successful in securing such financing in the past, there is no assurance that it will be able to do so in the future. Accordingly, these financial statements do not give effect to adjustments, relating to the recoverability and classification of recorded assets, or the amounts of and classifications of liabilities that might be necessary in the event the Company cannot continue in existence.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:0.35pt;margin-right:0.35pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">These financial statements do not include any adjustments relating to the recoverability and classification of the recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
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<p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>Estimates</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include amounts for useful lives of patents, trademarks, software and website development costs (note 4).</p>
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<p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>Concentrations of credit risk</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company’s cash balances are maintained in bank accounts in the United States. Deposits held in banks in the United States are insured up to $250,000 per depositor for each bank by the Federal Deposit Insurance Corporation. Actual balances at times may exceed these limits.</p>
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StockIssuedDuringPeriodSharesIssuedForServices
20000000 shares
CY2023Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.01
CY2023 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
200000 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
200000 usd
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7644000 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023 us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
Preferred Stock converts to common at a 1:1 ratio and has a “Leak Out Provision” that limits the shareholder from selling more than 12.5% of their shares per quarter
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
267852 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
106730 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-267852 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-106730 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2675 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2675 pure
CY2023 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
71650 usd
CY2022 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
28550 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
71650 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
28550 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1466375 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1394725 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1466375 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1394725 usd

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