CHASE PACKAGING CORP, a company currently without active operations, has released its Form 10-Q report for the third quarter of 2023. The report provides insights into the company's financial performance and operational highlights for the three and nine months ended September 30, 2023.
Financial Highlights
- Net Sales: $0 million. The company had no operations and no revenue for the three and nine months ended September 30, 2023, and 2022.
- Loss From Operations: $(12,128) for the three months ended September 30, 2023, $(48,996) for the nine months ended September 30, 2023. The decrease in loss from operations for the three months was due to reduced legal and professional fees.
- Net Loss: $(9,110) for the three months ended September 30, 2023, $(661,348) for the nine months ended September 30, 2023. The increase in net loss for the nine months was primarily due to the warrants modification expense.
- Net Loss Per Common Share: $(0.00) for the three months ended September 30, 2023, $(0.01) for the nine months ended September 30, 2023. This reflects the weighted-average shares issued and outstanding.
Business Highlights
- Revenue Segments: The company reported no operations and no revenue for the three and nine months ended September 30, 2023, and 2022. The only income was from interest on short-term investments.
- Operating Expenses: Operating expenses decreased by $3,418 for the three months ended September 30, 2023, compared to the same period in 2022, primarily due to a reduction in legal and professional fees.
- Loss from Operations: The company incurred a loss from operations of $12,128 for the three months ended September 30, 2023, compared to $15,546 for the same period in 2022.
- Other Income (Expense): Other income increased by $1,330 for the three months ended September 30, 2023, compared to the same period in 2022, due to higher interest income.
- Net Loss: The net loss for the three months ended September 30, 2023, was $9,110, compared to $13,858 for the same period in 2022. The decrease in net loss was primarily due to reduced 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 efforts to effect a business combination continue.
SEC Filing: