10-Q - iWallet Corp (0001498372) (Filer)
Wed, Aug 14, 7:14 PM (159 days ago)
iWallet Corp reported a net loss of $17,646 for Q2 2024, significantly reduced from $229,093 in Q2 2023, attributed to decreased operating expenses, which fell from $210,326 to $7,219. Revenue remained stagnant at $0 for both periods. For the six months ended June 30, 2024, the net loss was $65,112, down from $250,079 in the same period last year. Operating expenses decreased due to the absence of stock-based compensation previously recorded. As of June 30, 2024, the company had total assets of $1,601, with current liabilities at $545,617, resulting in a working capital deficit of $544,016. Cash flow from operations was negative at $15,959, while financing activities provided $16,000, primarily from bridge loans. The company’s accumulated deficit reached $5,546,890, raising substantial doubt about its ability to continue as a going concern without additional financing. Management plans to seek further capital, but future success remains uncertain.