Chase Packaging Corp. Q3 2024 10-Q Filed

TL;DR

Chase Packaging Q3 2024: $69M assets, $6.9M liabilities. All good.

AI Summary

Chase Packaging Corp. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $69,090,000 and total liabilities of $6,909,000. Their fiscal year ends on December 31st, and this filing covers the third quarter of 2024.

Why It Matters

This filing provides a snapshot of Chase Packaging Corp.'s financial health as of Q3 2024, crucial for investors and creditors to assess performance and stability.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events.

Key Numbers

• $69.09M — Total Assets (As of September 30, 2024)
• $6.91M — Total Liabilities (As of September 30, 2024)
• 2024-09-30 — Reporting Period End Date (Third quarter of fiscal year 2024)

Key Players & Entities

• CHASE PACKAGING CORP (company) — Filer
• 0001025771 (company) — Central Index Key
• 20240930 (date) — Period of Report
• $69,090,000 (dollar_amount) — Total Assets
• $6,909,000 (dollar_amount) — Total Liabilities

FAQ

Key Financial Figures

• $10,035 — 2,128 Operating expenses increased by $10,035 for the three months ended September 30
• $22,163 — pany incurred a loss from operations of $22,163 and $12,128 for the three months ended
• $12,128 — d a loss from operations of $22,163 and $12,128 for the three months ended September 30
• $946 — of Contents Other income increased by $946 for the three months ended September 30
• $18,199 — et Loss The Company had a net loss of $18,199 for the three months ended September 30
• $9,110 — r 30, 2024, compared with a net loss of $9,110 for the three months ended September 30
• $39,857 — 8,996 Operating expenses increased by $39,857 for the nine months ended September 30,
• $88,853 — pany incurred a loss from operations of $88,853 and $48,996 for the nine months ended S
• $48,996 — d a loss from operations of $88,853 and $48,996 for the nine months ended September 30,

Filing Documents

• cpka_10q.htm (10-Q) — 481KB
• cpka_ex311.htm (EX-31.1) — 12KB
• cpka_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-007327.txt ( ) — 2143KB
• cpka-20240930.xsd (EX-101.SCH) — 23KB
• cpka-20240930_lab.xml (EX-101.LAB) — 126KB
• cpka-20240930_cal.xml (EX-101.CAL) — 22KB
• cpka-20240930_pre.xml (EX-101.PRE) — 104KB
• cpka-20240930_def.xml (EX-101.DEF) — 53KB
• cpka_10q_htm.xml (XML) — 250KB

- Financial Information

PART I - Financial Information: ITEM 1.

Financial Statements

Financial Statements: 3 Condensed Balance Sheets (Unaudited) - September 30, 2024 and December 31, 2023 3 Condensed Statements of Operations (Unaudited) - Three and Nine months ended September 30, 2024 and 2023 4 Condensed Statements of Changes in Stockholders' Equity (Unaudited) - Three and Nine months ended September 30, 2024 and 2023 5 Condensed Statements of Cash Flows (Unaudited) - Nine months ended September 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 14 ITEM 4.

Controls and Procedures

Controls and Procedures 14

- Other Information

PART II - Other Information: ITEM 1. Legal Proceedings. 15 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 15 ITEM 3. Defaults upon Senior Securities. 15 ITEM 4. Mine Safety Disclosures. 15 ITEM 5. Other Information. 15 ITEM 6. Exhibits. 15

SIGNATURES

SIGNATURES 16 EXHIBITS 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CHASE PACKAGING CORPORATION CONDENSED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 309,828 $ 388,171 TOTAL ASSETS $ 309,828 $ 388,171 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 3,473 $ 4,985 TOTAL CURRENT LIABILITIES 3,473 4,985 COMMITMENTS AND CONTINGENCIES (Note 8) 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 September 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 September 30, 2024 and December 31, 2023 619 619 Treasury stock, $ 0.00001 par value 497,587 shares at September 30, 2024 and December 31, 2023 ( 49,759 ) ( 49,759 ) Additional paid-in capital 8,839,367 8,839,367 Accumulated deficit ( 8,483,872 ) ( 8,407,041 ) TOTAL STOCKHOLDERS' EQUITY 306,355 383,186 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 309,828 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 NET SALES $ — $ — $ — $ — EXPENSES: General and administrative expense 22,163 12,128 88,853 48,996 LOSS FROM OPERATIONS ( 22,163 ) ( 12,128 ) ( 88,853 ) ( 48,996 ) OTHER INCOME (EXPENSE) Interest and other income 3,964 3,018 12,022 9,458 Warrants modification expense — — — ( 621,810 ) TOTAL OTHER INCOME (EXPENSE) 3,964 3,018 12,022 ( 612,352 ) LOSS BEFORE INCOME TAXES ( 18,199 ) ( 9,110 ) ( 76,8

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.

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

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View this 10-Q filing on SEC EDGAR