10-Q - CHASE PACKAGING CORP (0001025771) (Filer)

Wed, May 15, 5:01 PM (72 days ago)

Chase Packaging Corporation's Q1 2024 financial report shows no revenue, continuing its status as a shell company focused on securing a merger or acquisition. The company reported a net loss of $35,271, a significant improvement from the $635,296 loss in Q1 2023, primarily due to the absence of warrant modification expenses which were $621,810 in Q1 2023. Operating expenses increased to $39,137 from $15,839, mainly due to higher legal and professional fees. Cash and cash equivalents decreased to $351,388 from $388,171 at the end of 2023. Management believes current cash reserves are sufficient for the next twelve months. The company continues to explore acquisition opportunities but faces significant uncertainties impacting future operations.