iWallet Corp Files 10-Q for Q1 2024

TL;DR

iWallet Corp's Q1 2024 10-Q is in. Reno, NV based comms equipment company.

AI Summary

iWallet Corp filed its 10-Q for the period ending March 31, 2024. The company, formerly known as Queensridge Mining Resources, Inc., is incorporated in Nevada and operates in the communications equipment sector. Its principal executive offices are located in Reno, Nevada.

Why It Matters

This filing provides investors with the latest financial and operational details for iWallet Corp, crucial for understanding the company's performance and outlook.

Risk Assessment

Risk Level: low — This is a routine 10-Q filing with no immediate red flags or significant new disclosures.

Key Players & Entities

• iWallet Corp (company) — Filer
• Queensridge Mining Resources, Inc. (company) — Former company name
• Reno, NV (location) — Business and mailing address
• 20240331 (date) — Reporting period end date

FAQ

Key Financial Figures

• $250,000 — in the United States are insured up to $250,000 per depositor for each bank by the Fede
• $0.15 — 0 shares of common stock were valued at $0.15 per share for a value of $ 30,000 . The
• $30,000 — alued at $0.15 per share for a value of $30,000. The Company recognized a loss on the e

Filing Documents

• iwal-20240331.htm (10-Q) — 307KB
• iwal_ex311.htm (EX-31.1) — 7KB
• iwal_ex312.htm (EX-31.2) — 7KB
• iwal_ex321.htm (EX-32.1) — 3KB
• iwal_ex322.htm (EX-32.2) — 4KB
• 0001393905-24-000187.txt ( ) — 1799KB
• iwal-20240331_cal.xml (EX-101.CAL) — 16KB
• iwal-20240331_def.xml (EX-101.DEF) — 41KB
• iwal-20240331_lab.xml (EX-101.LAB) — 104KB
• iwal-20240331_pre.xml (EX-101.PRE) — 98KB
• iwal-20240331.xsd (EX-101.SCH) — 21KB
• iwal-20240331_htm.xml (XML) — 132KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Balance Sheets 4 5 6 7 Notes to Unaudited Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 17

Controls and Procedures

Item 4. Controls and Procedures. 17

- OTHER INFORMATION

PART II - OTHER INFORMATION 18

Legal Proceedings

Item 1. Legal Proceedings. 18

Risk Factors

Item 1A. Risk Factors. 18

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 18

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 18

Other Information

Item 5. Other Information. 18

Exhibits

Item 6. Exhibits. 18

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements iWallet Corp. Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 Assets Current Assets Cash $ 618 $ 1,560 Total Current Assets 618 1,560 Total Assets $ 618 $ 1,560 Liabilities and Stockholders' Deficit Liabilities Current Liabilities Account Payable $ 298 $ 596 Accrued Interest Payable 250,483 240,514 Stock Subscription Payable 5,000 - Due to Related Party 16,207 12,354 Convertible Debentures 260,000 262,000 Total Current Liabilities 531,988 515,464 Total Liabilities 531,988 515,464 Commitments and Contingencies (Note 9) - - Stockholders' Deficit Preferred stock; par value $ 0.001 , 7,644,000 shares authorized; 7,644,000 shares issued and outstanding 7,644 7,644 Common stock; par value $ 0.001 , 75,000,000 shares authorized; 74,819,419 and 72,819,419 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 74,819 72,819 Additional Paid-in Capital 4,915,411 4,887,411 Accumulated Deficit ( 5,529,244 ) ( 5,481,778 ) Total Stockholders' Deficit ( 531,370 ) ( 513,904 ) Total Liabilities and Stockholders' Deficit $ 618 $ 1,560 The accompanying notes are an integral part of these unaudited financial statements. 4 iWallet Corp. (Unaudited) For the Three Months Ended March 31, 2024 2023 Revenues $ - $ - Cost of Sales - - Gross Profit - - Operating Expenses General and Administrative Expenses 9,497 2,784 Total Operating Expenses 9,497 2,784 Operating Loss ( 9,497 ) ( 2,784 ) Other Income (Expense) Loss on Extinguishment of Debt ( 28,000 ) - Interest Expense ( 9,969 ) ( 18,202 ) Total Other Income (Expense) ( 37,969 ) ( 18,202 ) Net Loss $ ( 47,466 ) $ ( 20,986 ) Basic and Diluted Earnings per Share $ ( 0.00 ) $ ( 0.00 ) Weighted Average Common Shares - Basic and Diluted 73,160,078 52,819,419 The accom

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Rule 175 of the Securities Act of 1933, as amended, and Rule 3b-6 of the Securities Act of 1934, as amended, that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our industry, our beliefs and our assumptions. Words such as "anticipate," "expects," "intends," "plans," "believes," "seeks" and "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Form 10-K. Investors should carefully consider all of such risks before making an investment decision with respect to the Company's stock. The following discussion and analysis should be read in conjunction with our financial statements and summary of selected financial data for iWallet Corporation Such discussion represents only the best present assessment from our Management. 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 "iWalle

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