iWallet Corp. Reports No Revenue for Fiscal Year 2024, Improves Net Loss

iWallet Corp. reported no revenue for the fiscal year ending December 31, 2024, maintaining the same figure as the previous year. The company’s operating expenses decreased significantly to $65,739 from $225,457 in 2023, primarily due to a reduction in stock-based compensation. The net loss for the year was $108,091, a notable improvement compared to the $267,852 loss reported in 2023. This reduction in losses reflects the company's efforts to manage costs amid ongoing financial challenges.

The company’s balance sheet as of December 31, 2024, showed total assets of $2,437, up from $1,560 in 2023. However, total liabilities increased to $590,461 from $515,464, primarily due to accrued interest and convertible debentures. iWallet's accumulated deficit grew to $5,589,869, compared to $5,481,778 in the prior year, indicating ongoing financial strain. The company had a cash balance of $2,437 at year-end, highlighting liquidity challenges.

In terms of strategic developments, iWallet Corp. has focused on its core business of designing and developing biometric locking wallets. The company has not reported any significant acquisitions or product launches during the fiscal year. However, it has made organizational changes, including the issuance of 1,000,000 shares of Series B Preferred Stock to its CEO, Steven Cabouli, valued at $16,971 for services rendered. The total outstanding shares of common stock increased to 77,819,419 from 72,819,419 in 2023, reflecting ongoing efforts to raise capital.

Operationally, iWallet has not reported any customer counts or user statistics, and there are no indications of geographic expansion or product adoption rates. The company continues to face challenges in generating revenue and maintaining operations, which have been exacerbated by the COVID-19 pandemic. Management has indicated that future operations will depend on securing additional financing and achieving profitable operations, although there is no assurance that these goals will be met.

Looking ahead, iWallet Corp. anticipates that its capital requirements for the next 12 months will amount to approximately $250,000, primarily for general and administrative expenses. The company has expressed intentions to seek additional funding through equity financing but has not secured any agreements to date. The management's outlook remains cautious, given the substantial doubt about the company's ability to continue as a going concern, as highlighted in the financial statements.