Chase Packaging Corp, a Delaware corporation, reported no operational revenue for the fiscal years ending December 31, 2024, and 2023, with its income solely derived from interest on short-term investments. The company recorded a net loss of $88,949 for 2024, a significant reduction from the $403,030 loss reported in 2023. This improvement is attributed to a decrease in warrant modification expenses and an increase in interest income due to higher interest rates. Operating expenses rose to $104,887 in 2024 from $72,259 in the previous year, primarily driven by increased audit and professional fees.
The company has not engaged in any significant business operations since its liquidation in 1997 and is currently classified as a shell company. Management is actively seeking a merger partner or potential acquisition targets to create investment value. As of December 31, 2024, Chase Packaging held cash and cash equivalents of $297,710, which management believes will support its business activities for at least the next twelve months while pursuing acquisition opportunities.
Chase Packaging's common stock is traded on the OTC Pink Market under the symbol "WHLT," with approximately 225 holders of record as of December 31, 2024. The stock experienced nominal trading volume, with the last reported price at $0.028. The company has not paid dividends and does not anticipate doing so in the foreseeable future. The stock's price fluctuated significantly throughout 2024, with a high of $0.600 in March and a low of $0.002.
Looking ahead, the company anticipates that its operating expenses may stabilize as it complies with periodic reporting requirements. However, expenses could increase as it works towards a business combination. Management has expressed that while they believe their expectations are reasonable, there are inherent risks and uncertainties that could affect future results. The company has also reported improvements in its internal controls over financial reporting, addressing previously identified weaknesses.
About CHASE PACKAGING CORP
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