CHASE PACKAGING CORP
For the period ended Jun 30, 2024. Filed Jul 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 30, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-15.
0001477932-24-002932
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-30.
0001477932-24-004433
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 34 previous paragraphs and 50 current paragraphs.
23 unchanged; 11 reworded; 8 added; 0 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
For the six months ended June 30, 2024 and 2023
Current report
Revenue
Current report
Operating Expenses
Current report
Operating expenses increased by $29,822 for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. The increase was primarily related to the increase in legal and professional fees for the six months ended June 30, 2024.
Current report
Loss from Operations
Current report
The Company incurred a loss from operations of $66,690 and $36,868 for the six months ended June 30, 2024 and 2023, respectively.
Current report
Other Income (Expense)
Reworded paragraphs (11)
Previous wording
Operating expenses increased by $23,298 for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023. The increase was related to the increase in legal and professional fees for the three months ended March 31, 2024.
Current wording
Operating expenses increased by $6,524 for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. The increase was primarily related to the increase in legal and professional fees for the three months ended June 30, 2024.
Previous wording
The Company incurred a loss from operations of $39,137 and $15,839 for the three months ended March 31, 2024 and 2023, respectively.
Current wording
The Company incurred a loss from operations of $27,553 and $21,029 for the three months ended June 30, 2024 and 2023, respectively.
Previous wording
Loss per share for the three months ended March 31, 2024 and 2023 was approximately $(0.00) and $(0.01) based on the weighted-average shares issued and outstanding.
Current wording
Loss per share for the three months ended June 30, 2024 and 2023 was approximately $(0.00) and $(0.00) based on the weighted-average shares issued and outstanding.
Previous wording
Other income increased by $623,323 for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023. The increase was related to the decrease in warrants modification expense for the three months ended March 31, 2024.
Current wording
Other income increased by $623,428 for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. The increase was related to the decrease in warrants modification expense for the six months ended June 30, 2024.
Previous wording
The Company had a net loss of $35,271 for the three months ended March 31, 2024, compared with a net loss of $635,296 for the three months ended March 31, 2023. Decrease in net loss was due primarily to the decrease in warrants modification expense, offset by the increase in professional fee.
Current wording
The Company had a net loss of $58,632 for the six months ended June 30, 2024, compared with a net loss of $652,238 for the six months ended June 30, 2023. Decrease in net loss was due primarily to the decrease in warrants modification expense, offset by the increase in professional fee.
Previous wording
At March 31, 2024 the Company had cash and cash equivalents of $351,388, consisting of money market funds and U.S. Treasury and government securities maturing in 3 months or less. Management believes that its cash and cash equivalents are sufficient for its business activities for at least the next twelve months and for the costs of seeking an acquisition of an operating business.
Current wording
At June 30, 2024 the Company had cash and cash equivalents of $327,905, consisting of money market funds and U.S. Treasury and government securities maturing in 3 months or less. Management believes that its cash and cash equivalents are sufficient for its business activities for at least the next twelve months and for the costs of seeking an acquisition of an operating business.
Previous wording
Net cash of $36,783 and $9,736 were used in operations during the three months ended March 31, 2024 and 2023, respectively.
Current wording
Net cash of $60,266 and $30,428 were used in operations during the six months ended June 30, 2024 and 2023, respectively.
Previous wording
The cash used in operating activities of $36,783 for the three months ended March 31, 2024 principally resulted from our net loss of $35,279 offset by change in accounts payable and accrued expenses of $1,504.
Current wording
The cash used in operating activities of $60,266 for the six months ended June 30, 2024 principally resulted from our net loss of $61,632 offset by change in accounts payable and accrued expenses of $1,634.
Previous wording
The cash used in operating activities of $9,736 for the three months ended March 31, 2023 principally resulted from our net loss of $635,296, as adjusted for a non-cash charge for warrants modification expense of $621,810, and a change in accounts payable and accrued expenses of $3,750.
Current wording
The cash used in operating activities of $30,428 for the six months ended June 30, 2023 principally resulted from our net loss of $652,238, as adjusted for a non-cash charge for warrants modification expense of $621,810.
Previous wording
No cash flows were used in or provided by investing activities during the three months ended March 31, 2024 and 2023.
Current wording
No cash flows were used in or provided by investing activities during the six months ended June 30, 2024 and 2023.
Previous wording
No cash flows were used in or provided by financing activities during the three months ended March 31, 2024 and 2023.
Current wording
No cash flows were used in or provided by financing activities during the six months ended June 30, 2024 and 2023.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Other income increased by $105 for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. The increase was related to the increase in interest income for the three months ended June 30, 2024.
Current report — wording carried from elsewhere
The Company had a net loss of $23,361 for the three months ended June 30, 2024, compared with a net loss of $16,942 for the three months ended June 30, 2023. Increase in net loss was due primarily to the increase in professional fees.
Current report — wording carried from elsewhere
The Company had no operations and no revenue for the six months ended June 30, 2024 and 2023, and its only income was from interest income on its short-term investments which are classified as cash and cash equivalents.
Current report — wording carried from elsewhere
The following table presents our total operating expenses for the six months ended June 30, 2024 and 2023.
Current report — wording carried from elsewhere
Other general and administrative expenses are comprised of transfer agent and EDGAR filer services and other services. These expenses were directly related to the maintenance of the corporate entity and the preparation and filing of reports with the Securities and Exchange Commission.
Current report — wording carried from elsewhere
The following table presents our total Other Income (Expense) for the six months ended June 30, 2024 and 2023.
Current report — wording carried from elsewhere
Loss per share for the six months ended June 30, 2024 and 2023 was approximately $(0.00) and $(0.01) based on the weighted-average shares issued and outstanding.
Current report — wording carried from elsewhere
It is anticipated that future operating expenses will decrease and then stabilize as the Company complies with its periodic reporting requirements; however, expenses may increase as the Company works to effect a business combination, although there can be no assurance that the Company will be successful in effecting a business combination.