iWallet Corp Files Annual Report on Form 10-K

TL;DR

<b>iWallet Corp has submitted its 2023 Form 10-K, detailing financial performance and corporate history.</b>

AI Summary

iWallet Corp (IWAL) filed a Annual Report (10-K) with the SEC on March 15, 2024. iWallet Corp filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Queensridge Mining Resources, Inc., with a name change effective August 5, 2010. iWallet Corp is incorporated in Nevada (NV) and operates in the Communications Equipment, NEC industry (SIC 3669). The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Key financial statement components such as Preferred Stock, Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for these periods.

Why It Matters

For investors and stakeholders tracking iWallet Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of iWallet Corp's financial position and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The report's detailed financial statements and historical information, including past corporate names and incorporation details, offer context for understanding the company's evolution and current standing in the market.

Risk Assessment

Risk Level: low — iWallet Corp shows low risk based on this filing. The filing is a standard 10-K report with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and any disclosed risk factors within the 10-K to understand iWallet Corp's financial health and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-03-15 — Filing Date (The date the 10-K was submitted to the SEC.)
• 000-56347 — SEC File Number (The SEC's file number for iWallet Corp.)
• 0001498372 — Central Index Key (CIK) (Unique identifier for iWallet Corp in the SEC EDGAR system.)

Key Players & Entities

• iWallet Corp (company) — Filer of the 10-K report.
• Queensridge Mining Resources, Inc. (company) — Former name of iWallet Corp.
• 2023-12-31 (date) — Fiscal year end date for the 10-K report.
• 2024-03-15 (date) — Filing date of the 10-K report.
• Nevada (location) — State of incorporation for iWallet Corp.
• Reno (location) — City where iWallet Corp's business and mailing addresses are located.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2010-08-05: Name Change — Date iWallet Corp changed its name from Queensridge Mining Resources, Inc.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for iWallet Corp.)

Fiscal Year End

The last day of a company's fiscal year, used for financial reporting. (Indicates the specific period covered by the financial statements in the 10-K.)

Central Index Key (CIK)

A unique identifier assigned to each entity that files with the SEC. (Helps in uniquely identifying iWallet Corp within SEC filings.)

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock, par value $0.001 Indicate by check mark if the registra
• $0.0005 — TC Link alternative quotation system of $0.0005. For purposes of this response, the reg
• $700,000 — of the iWallet generated sales of over $700,000 in the first eighteen months following
• $200 — accessories. We do not believe that the $200+ approximate retail price to the custom
• $492,500 — "the Debentures") for gross proceeds of $492,500. The Company incurred $39,400 in broker
• $39,400 — ceeds of $492,500. The Company incurred $39,400 in broker's commissions resulting in ne
• $453,100 — ommissions resulting in net proceeds of $453,100. The Debentures bear interest at a rate
• $0.15 — f common stock at a conversion price of $0.15 per share. During July 2023, the Compan
• $252,500 — he Company negotiated the settlement of $252,500 of these convertible debentures and ass
• $209,992 — nd associated accrued interest totaling $209,992 for 7,644,000 shares of preferred stock
• $240,000 — the outstanding principal balances was $240,000 and $492,500 and the accrued interest o
• $233,659 — accrued interest on the Debentures was $233,659 and $402,848, respectively. On August
• $402,848 — rest on the Debentures was $233,659 and $402,848, respectively. On August 13, 2018, the
• $12,000 — ") with a service provider amounting to $12,000. The Convertible Debenture bears intere
• $0.06 — t quarter 2024. The conversion price is $0.06 per share. At December 31, 2023 and 202

Filing Documents

• iwal-20231231.htm (10-K) — 465KB
• iwal_ex311.htm (EX-31.1) — 6KB
• iwal_ex312.htm (EX-31.2) — 6KB
• iwal_ex321.htm (EX-32.1) — 3KB
• iwal_ex322.htm (EX-32.2) — 4KB
• iwal10k_1.jpg (GRAPHIC) — 15KB
• iwal10k_2.jpg (GRAPHIC) — 8KB
• 0001393905-24-000074.txt (&nbsp;) — 2234KB
• iwal-20231231_cal.xml (EX-101.CAL) — 13KB
• iwal-20231231_def.xml (EX-101.DEF) — 43KB
• iwal-20231231_lab.xml (EX-101.LAB) — 115KB
• iwal-20231231_pre.xml (EX-101.PRE) — 112KB
• iwal-20231231.xsd (EX-101.SCH) — 24KB
• iwal-20231231_htm.xml (XML) — 168KB

Business

Item 1. Business Overview iWallet Corporation (the "Company" or "iWallet") was incorporated on November 18, 2009, in the State of California as "Queensridge Mining Resources, Inc." On or about July 21, 2014, iWallet Corporation, a private California corporation, merged with and into our wholly owned Nevada subsidiary, iWallet Acquisition Corp., and iWallet Acquisition Corp. then immediately merged with and into the Company, with the Company immediately changing its name to "iWallet Corporation." The Company is currently focused on designing and developing biometric locking wallets and related physical, personal security products, and providing consulting services in connection with protective wallets and other personal security products. The Company's fiscal year end is December 31, its telephone number is (858) 610-2958, and the address of its principal executive office is 401 Ryland St., Ste. 200A, Reno, Nevada. The Company was previously a public company required to file reports with the United States Securities and Exchange Commission (the "SEC") as a result of effectiveness of prior registration statements we filed with the SEC in 2010 and 2014, but our reporting obligations were automatically suspended as a result of having less than 300 shareholders of record, and we subsequently filed a Form 15 (a Notice of the suspension of our duty to file reports under the Securities Exchange Act) and discontinued reporting in 2016. Description of Business We are a designer and developer of innovative, physical, personal security products that incorporate security and communication technologies to protect against identity, personal and financial information theft. iWallet is a registered trademark in the United States. Our prior designs include a biometric locking luxury storage case, made from carbon fiber or aluminum, that protects cash, credit cards and personal information with a proprietary fingerprint security system from being read by many types of RF dev

Risk Factors

Item 1A. Risk Factors. As a smaller reporting company as defined by Rule 12b2 of the Securities Exchange Act of 1934, the Company is not required to provide the information under this item.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not applicable.

Properties

Item 2. Properties. The Company does not currently lease or own any real property.

Legal Proceedings

Item 3. Legal Proceedings. From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of December 31, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company's results of operations. 6

Mine Safety Disclosures

Item 4. Mine Safety Disclosures None.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. The Company's common stock is not listed on any national securities exchange, the Company's common stock are quoted for trading on the "OTC Pink" tier of the over-the-counter alternative trading system operated by OTC Markets Group, Inc. (OTC Link ATS) under the symbol "IWAL." The following table summarizes the high and low historic trading prices of the Company's common stock for the periods indicated as reported by otcmarkets.com (as historic high and low bid prices are not reported by otcmarkets.com). Fiscal Year Ended December 31, 2023 High Low First Quarter $ 0.00 $ 0.00 Second Quarter $ 0.00 $ 0.00 Third Quarter $ 0.00 $ 0.00 Fourth Quarter $ 0.00 $ 0.00 Fiscal Year Ended December 31, 2022 High Low First Quarter $ 0.0490 $ 0.0040 Second Quarter $ 0.0180 $ 0.0090 Third Quarter $ 0.0200 $ 0.0080 Fourth Quarter $ 0.0150 $ 0.0010 Holders of our common stock are entitled to receive dividends as may be declared by the Board of Directors. The Company's Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. No cash dividends have ever been declared and it is not anticipated that cash dividends will ever be paid. As of December 31, 2023, the Company had authorized 75,000,000 shares of common stock, and no shares of preferred stock authorized. As of December 31, 2023, the Company had 72,819,419 outstanding shares of common stock which were owned by approximately 52 shareholders of record. Common Stock At any meeting of the shareholders, every shareholder of common stock is entitled to vote and may vote in person or by proxy authorized by an instrument in writing filed in accordance with the procedure established for the meeting. Each shareholder shall have one vote for every share of stock entitled to vote, which is registered in his name on t

Selected Financial Data

Item 6. Selected Financial Data Not applicable.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. The statements contained in the following MD&A and elsewhere throughout this Annual Report on Form 10-K, including any documents incorporated by reference, that are not historical facts, including statements about our beliefs and expectations, are "forward-looking statements" within the meaning of the U.S. Private Securities 8 Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements, which reflect our management's beliefs, objectives, and expectations as of the date hereof, are based on the best judgement of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events such as the COVID-19 pandemic and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain rela

View Full Filing

View this 10-K filing on SEC EDGAR