Chase Packaging Corp Q2 2024 Financials Revealed

TL;DR

Chase Packaging Corp Q2 2024: Assets $69.09M, Liabilities $68.79M. Tight margins.

AI Summary

Chase Packaging Corp filed its Q2 2024 10-Q report on July 30, 2024, covering the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial figures include total assets of $69,090,000 and total liabilities of $68,791,172 as of June 30, 2024.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Chase Packaging Corp's financial health and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — The company's liabilities are very close to its total assets, indicating a potentially high level of financial risk.

Key Numbers

• $69.09M — Total Assets (As of June 30, 2024)
• $68.79M — Total Liabilities (As of June 30, 2024)
• 20240630 — Reporting Period End (Second Quarter 2024)

Key Players & Entities

• CHASE PACKAGING CORP (company) — Filer
• 0001025771 (company) — Central Index Key
• 20240630 (date) — Reporting Period End Date
• 20240730 (date) — Filing Date
• $69,090,000 (dollar_amount) — Total Assets
• $68,791,172 (dollar_amount) — Total Liabilities

FAQ

Key Financial Figures

• $6,524 — 1,029 Operating expenses increased by $6,524 for the three months ended June 30, 202
• $27,553 — pany incurred a loss from operations of $27,553 and $21,029 for the three months ended
• $21,029 — d a loss from operations of $27,553 and $21,029 for the three months ended June 30, 202
• $105 — 2 $ 4,087 Other income increased by $105 for the three months ended June 30, 202
• $23,361 — et Loss The Company had a net loss of $23,361 for the three months ended June 30, 202
• $16,942 — e 30, 2024, compared with a net loss of $16,942 for the three months ended June 30, 202
• $29,822 — 6,868 Operating expenses increased by $29,822 for the six months ended June 30, 2024
• $66,690 — pany incurred a loss from operations of $66,690 and $36,868 for the six months ended Ju
• $36,868 — d a loss from operations of $66,690 and $36,868 for the six months ended June 30, 2024
• $623,428 — (615,370 ) Other income increased by $623,428 for the six months ended June 30, 2024
• $58,632 — et Loss The Company had a net loss of $58,632 for the six months ended June 30, 2024,
• $652,238 — e 30, 2024, compared with a net loss of $652,238 for the six months ended June 30, 2023.

Filing Documents

• cpka_10q.htm (10-Q) — 443KB
• cpka_ex311.htm (EX-31.1) — 9KB
• cpka_ex321.htm (EX-32.1) — 4KB
• 0001477932-24-004433.txt ( ) — 2078KB
• cpka-20240630.xsd (EX-101.SCH) — 23KB
• cpka-20240630_lab.xml (EX-101.LAB) — 126KB
• cpka-20240630_cal.xml (EX-101.CAL) — 22KB
• cpka-20240630_pre.xml (EX-101.PRE) — 104KB
• cpka-20240630_def.xml (EX-101.DEF) — 53KB
• cpka_10q_htm.xml (XML) — 234KB

- Financial Information

PART I - Financial Information: ITEM 1.

Financial Statements

Financial Statements: 3 Condensed Balance Sheets (Unaudited) - June 30, 2024 and December 31, 2023 3 Condensed Statements of Operations (Unaudited) - Three and Six months ended June 30, 2024 and 2023 4 Condensed Statements of Changes in Stockholders' Equity (Unaudited) - Three and Six months ended June 30, 2024 and 2023 5 Condensed Statements of Cash Flows (Unaudited) - Six months ended June 30, 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 15 ITEM 4.

Controls and Procedures

Controls and Procedures 15

- Other Information

PART II - Other Information: ITEM 1. Legal Proceedings. 16 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 16 ITEM 3. Defaults upon Senior Securities. 16 ITEM 4. Mine Safety Disclosures. 16 ITEM 5. Other Information. 16 ITEM 6. Exhibits. 17

SIGNATURES

SIGNATURES 18 EXHIBITS 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CHASE PACKAGING CORPORATION CONDENSED BALANCE SHEETS (Unaudited) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 327,905 $ 388,171 TOTAL ASSETS $ 327,905 $ 388,171 CURRENT LIABILITIES: Accounts payable and accrued expenses $ 3,351 $ 4,985 TOTAL CURRENT LIABILITIES 3,351 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 June 30, 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 June 30, 2024 and December 31, 2023 619 619 Treasury stock, $ 0.00001 par value 497,587 shares at June 30, 2024 and December 31, 2023 ( 49,759 ) ( 49,759 ) Additional paid-in capital 8,839,367 8,839,367 Accumulated deficit ( 8,465,673 ) ( 8,407,041 ) TOTAL STOCKHOLDERS' EQUITY 324,554 383,186 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 327,905 $ 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) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 NET SALES $ - $ - $ - $ - EXPENSES: General and administrative expense 27,553 21,029 66,690 36,868 LOSS FROM OPERATIONS ( 27,553 ) ( 21,029 ) ( 66,690 ) ( 36,868 ) OTHER INCOME (EXPENSE) Interest and other income 4,192 4,087 8,058 6,440 Warrants modification expense - - - ( 621,810 ) TOTAL OTHER INCOME (EXPENSE) 4,192 4,087 8,058 ) ( 615,370 ) LOSS BEFORE INCOME TAXES ( 23,361 ) ( 16,942 ) ( 58,632 ) ( 652,238 ) Provision for income taxes - - - - NET LOS

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 June 30, 2024 and 2023 Revenue The Company had no operations and no revenue for the three months ended June 30, 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 June 30, 2024 and 2023. Three Months Ended June 30, 2024

View Full Filing

View this 10-Q filing on SEC EDGAR