Fri, Nov 15, 9:34 PM (94 days ago)
Chase Packaging Corporation (CPKA) reported no revenue for the third quarter ending September 30, 2024, consistent with the same period in 2023. The company incurred a net loss of $18,199 (compared to $9,110 in Q3 2023), driven primarily by increased legal and professional fees, resulting in total operating expenses of $22,163, a significant rise from $12,128 year-over-year. For the nine-month period, net loss was $76,831, a notable decrease from $661,348 in the prior year, largely due to the absence of warrants modification expenses that previously inflated losses. Cash and cash equivalents decreased to $309,828 from $388,171 at year-end 2023, with no cash flows from investing or financing activities reported during the period. The company maintains sufficient liquidity for ongoing operations and potential acquisition efforts over the next twelve months. Management's future outlook hinges on successfully identifying a merger or acquisition opportunity, although uncertainties remain regarding execution. Overall, CPKA continues to face challenges in generating revenue while managing escalating operational costs, with strategic plans focused on enhancing shareholder value through potential business combinations.