CHASE PACKAGING CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CHASE PACKAGING CORP filed its Q1 2024 10-Q report on May 15, 2024.</b>

AI Summary

CHASE PACKAGING CORP (WHLT) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. CHASE PACKAGING CORP filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing is dated May 15, 2024. The company's principal executive offices are located in Rumson, NJ. The filing covers the first quarter of 2024.

Why It Matters

For investors and stakeholders tracking CHASE PACKAGING CORP, this filing contains several important signals. This 10-Q filing provides an update on CHASE PACKAGING CORP's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's current financial health, operational status, and potential future performance.

Risk Assessment

Risk Level: low — CHASE PACKAGING CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand CHASE PACKAGING CORP's Q1 2024 performance and outlook.

Financial Highlights

revenue

6909000

total Assets

68791172

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-15 — Filing Date (Date the report was filed)
• 12-31 — Fiscal Year End (Company's fiscal year end)
• Q1 2024 — Reporting Quarter (The specific quarter being reported)

Key Players & Entities

• CHASE PACKAGING CORP (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-15 (date) — Filed as of date
• RUMSON, NJ (location) — Business address
• 732-741-1500 (phone) — Business phone

FAQ

Industry Context

This filing is a standard quarterly report for a publicly traded company, providing financial and operational updates.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, specifically Form 10-Q for quarterly reporting.

What Investors Should Do

1. Analyze the financial statements for Q1 2024, including revenue and assets.
2. Review any disclosures related to fair value measurements and warrants.
3. Compare Q1 2024 figures to previous periods if available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the initial header information for the Q1 2024 10-Q filing; comparative data from the previous filing is not available in this snippet.

Key Financial Figures

• $23,298 — 5,839 Operating expenses increased by $23,298 for the three months ended March 31, 20
• $39,137 — pany incurred a loss from operations of $39,137 and $15,839 for the three months ended
• $15,839 — d a loss from operations of $39,137 and $15,839 for the three months ended March 31, 20
• $623,323 — (619,457 ) Other income increased by $623,323 for the three months ended March 31, 20
• $35,271 — et Loss The Company had a net loss of $35,271 for the three months ended March 31, 20
• $635,296 — h 31, 2024, compared with a net loss of $635,296 for the three months ended March 31, 20
• $351,388 — ompany had cash and cash equivalents of $351,388, consisting of money market funds and U
• $36,783 — $ (36,783 ) $ (9,736 ) Net cash of $36,783 and $9,736 were used in operations duri
• $9,736 — $ (9,736 ) Net cash of $36,783 and $9,736 were used in operations during the thre
• $35,279 — incipally resulted from our net loss of $35,279 offset by change in accounts payable an
• $1,504 — ccounts payable and accrued expenses of $1,504. The cash used in operating activities
• $621,810 — ge for warrants modification expense of $621,810, and a change in accounts payable and a
• $3,750 — ccounts payable and accrued expenses of $3,750. 12 Table of Contents No cash flow

Filing Documents

• cpka_10q.htm (10-Q) — 377KB
• cpka_ex311.htm (EX-31.1) — 11KB
• cpka_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-002932.txt (&nbsp;) — 1968KB
• cpka-20240331.xsd (EX-101.SCH) — 23KB
• cpka-20240331_lab.xml (EX-101.LAB) — 128KB
• cpka-20240331_cal.xml (EX-101.CAL) — 22KB
• cpka-20240331_pre.xml (EX-101.PRE) — 105KB
• cpka-20240331_def.xml (EX-101.DEF) — 53KB
• cpka_10q_htm.xml (XML) — 220KB

- Financial Information

PART I - Financial Information: ITEM 1.

Financial Statements

Financial Statements: 3 Condensed Balance Sheets (Unaudited) - March 31, 2024 and December 31, 202 3 3 Condensed Statements of Operations (Unaudited) - Three months ended March 31, 2024 and 2023 4 Condensed Statements of Changes in Stockholders' Equity (Unaudited) - Three months ended March 31, 2024 and 2023 5 Condensed Statements of Cash Flows (Unaudited) - Three months ended March 31, 2024 and 2023 6 Notes to Interim Condensed Financial Statements (Unaudited) 7 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 ITEM 4.

Controls and Procedures

Controls and Procedures 13

- Other Information

PART II - Other Information: ITEM 1. Legal Proceedings. 14 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 14 ITEM 3. Defaults upon Senior Securities. 14 ITEM 4. Mine Safety Disclosures. 14 ITEM 5. Other Information. 14 ITEM 6. Exhibits. 14

SIGNATURES

SIGNATURES 15 EXHIBITS 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CHASE PACKAGING CORPORATION CONDENSED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 351,388 $ 388,171 TOTAL ASSETS $ 351,388 $ 388,171 CURRENT LIABILITIES: Accounts payable and accrued expenses $ 3,473 $ 4,985 TOTAL CURRENT LIABILITIES 3,473 4,985 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' EQUITY: Preferred stock, $ 1.00 par value; 4,000,000 authorized: Series A 10% Convertible preferred stock; 50,000 shares designated; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 200,000,000 shares authorized; 62,379,759 shares issued and 61,882,172 shares outstanding at March 31, 2024 and December 31, 2023 619 619 Treasury stock, $ 0.00001 par value 497,587 shares at March 31, 2024 and December 31, 2023 ( 49,759 ) ( 49,759 ) Additional paid-in capital 8,839,367 8,839,367 Accumulated deficit ( 8,442,312 ) ( 8,407,041 ) TOTAL STOCKHOLDERS' EQUITY 347,915 383,186 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 351,388 $ 388,171 The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents CHASE PACKAGING CORPORATION CONDENSED STATEMENTS OF OPERATIONS (Unaudited) For The Three Months Ended March 31, 2024 2023 NET SALES $ — $ — OPERATING EXPENSES: General and administrative expense 39,137 15,839 TOTAL OPERATING EXPENSES 39,137 15,839 LOSS FROM OPERATIONS ( 39,137 ) ( 15,839 ) OTHER INCOME (EXPENSE) Interest and other income 3,866 2,353 Warrant modification expense — ( 621,810 ) TOTAL OTHER INCOME (EXPENSE) 3,866 ( 619,457 ) LOSS BEFORE INCOME TAXES ( 35,271 ) ( 635,296 ) Provision for income taxes — — NET LOSS $ ( 35,271 ) $ ( 635,296 ) BASIC AND DILUTED LOSS PER COMMON SHARE $ ( 0.00 ) $ ( 0.01 ) BASIC

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.

Forward-Looking Statements

Forward-Looking Statements The information in this report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This Act provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about themselves provided they identify these statements as forward looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. All statements other than statements of historical fact made in this report are forward-looking. In particular, the statements herein regarding future results of operations or financial position are forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently uncertain. The Company's actual results may differ significantly from management's expectations as a result of many factors. You should read the following discussion and analysis in conjunction with the financial statements of the Company, and notes thereto, included herewith. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of management. The Company assumes no obligations to update any of these forward-looking statements. Results of Operations For the three months ended March 31, 2024 and 2023 Revenue The Company had no operations and no revenue for the three months ended March 31, 2024 and 2023, and its only income was from interest income on its short-term investments which are classified as cash and cash equivalents. Operating Expenses The following table presents our total operating expenses for the three months ended March 31, 2024 and 2023. Three Months Ended March 31,

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. Not applicable.

Controls and Procedures

Item 4. Controls and Procedures. Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures. The term "disclosure controls and procedures," as defined in Rules 13a-15I and 15d-15(e) under the Ex

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View this 10-Q filing on SEC EDGAR