Fri, May 9, 8:21 PM (13 days ago)
### Summary of iWallet Corp. (IWAL) Q1 2025 Financial Performance **Company Overview:** iWallet Corp. (IWAL) designs, develops, manufactures, and sells biometric locking wallets. The company is focused on enhancing personal security through innovative wallet solutions. **Financial Health and Performance Metrics:** - **Revenue:** No revenue was generated in Q1 2025, consistent with Q1 2024. - **Profit Margins:** The company reported a net loss of $19,029 in Q1 2025, an improvement from a net loss of $47,466 in Q1 2024. - **Cash Flow:** Net cash used in operating activities was $19,132 in Q1 2025, compared to $5,942 in Q1 2024. The company received $20,000 from notes payable and had a net increase in cash of $868. - **Earnings Changes:** The operating loss decreased to $7,316 in Q1 2025 from $9,497 in Q1 2024, primarily due to reduced general and administrative expenses. - **Liquidity:** As of March 31, 2025, the company had $3,305 in cash and an accumulated deficit of $5,608,898. The company's primary sources of liquidity include bridge loans and advances from related parties. **Quarterly Performance Discussion:** - **Operating Expenses:** General and administrative expenses decreased to $7,316 in Q1 2025 from $9,497 in Q1 2024. - **Interest Expense:** Interest expense increased to $11,713 in Q1 2025 from $9,969 in Q1 2024 due to notes converted to preferred shares in 2023. - **Working Capital:** The company had a working capital deficit of $607,053 in Q1 2025, compared to $588,024 in Q1 2024. **Trends and Uncertainties:** - **Going Concern:** The company faces substantial doubt regarding its ability to continue as a going concern due to significant losses and negative cash flows. - **Financing:** The company's future depends on its ability to secure additional financing and achieve profitable operations. - **Legal and Regulatory:** The company is involved in various claims and legal proceedings, which could impact its financial condition and operations. **Future Operations Impact:** - **Strategic Initiatives:** The company plans to raise funds through public offerings of its capital stock and continue developing its biometric wallet technology. - **Market Risks:** The company is exposed to interest rate risks due to variable interest rates on its debt. **Conclusion:** iWallet Corp. continues to face financial challenges, with no revenue and significant operating losses. The company's ability to secure additional financing and achieve profitability will be critical to its future operations and sustainability. Investors should closely monitor the company's efforts to raise capital and develop its product offerings.