iWallet Corp. Reports Net Loss, Reduced Operating Loss, and Increased Cash Position in Latest Quarter

iWallet Corp. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its performance compared to the previous fiscal period. The company, which specializes in the design, development, manufacturing, and sales of biometric locking wallets, continues to face challenges in generating revenue, with no sales reported for both the three and nine months ended September 30, 2024, consistent with the same periods in 2023.

For the three months ended September 30, 2024, iWallet Corp. recorded a net loss of $18,535, a stark contrast to a net income of $522 in the same period of 2023. The operating loss for the quarter was $(7,678), down from $(8,103) in the prior year. Over the nine-month period, the net loss improved to $(83,647) from $(249,557) in 2023, indicating a reduction in losses despite ongoing operational challenges.

Total current assets increased to $4,498 as of September 30, 2024, from $1,560 at the end of 2023. However, total liabilities also rose to $557,049 from $515,464, resulting in a total stockholders’ deficit of $(552,551), compared to $(513,904) at the end of the previous fiscal year. The company’s cash position improved, with cash on hand increasing to $4,498 from $1,560.

Operating expenses for the nine months ended September 30, 2024, were significantly lower at $24,394 compared to $221,212 in 2023, reflecting a strategic reduction in costs. Interest expenses increased to $31,253 from $28,345 year-over-year, contributing to the overall net loss.

iWallet Corp. has been actively seeking financing to support its operations, with net cash provided by financing activities amounting to $26,000 for the nine months ended September 30, 2024, compared to $10,000 in the same period of 2023. The company has also engaged in various financing activities, including bridge loans and the issuance of convertible debentures.

The company continues to face substantial doubt regarding its ability to continue as a going concern, primarily due to uncertainty in generating sufficient cash flow and achieving profitable operations. Future financing plans include raising funds through private placements and public offerings, although past successes do not guarantee future outcomes.

As of September 30, 2024, iWallet Corp. had 77,819,419 shares of common stock outstanding, an increase from 72,819,419 shares at the end of 2023. The company remains focused on its core business while navigating its financial challenges.