CHASE PACKAGING CORP, a company currently without active operations, has released its Form 10-Q report for the second quarter of 2024. The report provides insights into the company's financial performance and operational highlights for the three and six months ended June 30, 2024.
Financial Highlights
- Net Sales: The company had no operations and no revenue for the three and six months ended June 30, 2024, and 2023.
- Loss from Operations: $(27,553) for the three months ended June 30, 2024, compared to $(21,029) for the same period in 2023.
- Net Loss: $(23,361) for the three months ended June 30, 2024, compared with $(16,942) for the same period in 2023. The increase in net loss was primarily due to increased professional fees.
- Net Loss: $(58,632) for the six months ended June 30, 2024, compared with $(652,238) for the same period in 2023. The decrease in net loss was primarily due to the decrease in warrants modification expense.
- Basic and Diluted Loss Per Common Share: $(0.00) for the three months ended June 30, 2024, and 2023.
- Basic and Diluted Loss Per Common Share: $(0.00) for the six months ended June 30, 2024, compared to $(0.01) for the same period in 2023.
Business Highlights
- Revenue Segments: The company reported no operations and no revenue for the three and six months ended June 30, 2024, and 2023. The only income was from interest income on short-term investments classified as cash and cash equivalents.
- Operating Expenses: Operating expenses increased for both the three and six months ended June 30, 2024, compared to the same periods in 2023. This increase was primarily due to higher legal and professional fees.
- Loss from Operations: The company incurred a loss from operations for both the three and six months ended June 30, 2024, with an increase in net loss primarily due to increased professional fees.
- Future Outlook: Management anticipates that future operating expenses will decrease and stabilize as the company complies with periodic reporting requirements. However, expenses may increase as the company seeks to effect a business combination, although there is no assurance of success.
SEC Filing: