iWallet Corp. reported no revenue for the fiscal year ending December 31, 2025, maintaining the same figure as the previous year. The company experienced a significant increase in operating expenses, which rose to $918,174 from $65,739 in 2024. This increase was primarily attributed to stock-based compensation, which surged from $16,971 in 2024 to $600,000 in 2025. Consequently, iWallet's net loss for the year was $1,102,720, compared to a loss of $108,091 in the prior year.
The company's financial position deteriorated, with total liabilities increasing to $895,773 from $590,461 in 2024. This rise was driven by higher accounts payable and accrued interest, which reached $168,359 and $331,204, respectively. iWallet's accumulated deficit also grew to $6,692,589, up from $5,589,869 in 2024. The company reported a negative working capital of $848,762 and a cash balance of zero as of December 31, 2025.
In terms of strategic developments, iWallet issued 20 million shares of common stock to its CEO, Steven Cabouli, for services rendered, valued at $600,000. The company also issued shares for the conversion of debt, including 8.6 million shares for extinguishing $266,640 of convertible debt. As of December 31, 2025, iWallet had 106,419,419 shares of common stock outstanding, an increase from 77,819,419 shares in 2024, reflecting its efforts to manage debt through equity financing.
Operationally, iWallet is focused on developing biometric locking wallets and related security products. However, the company has faced challenges, including the impact of the COVID-19 pandemic, which has delayed plans for diversification and expansion. iWallet's management has indicated that it may seek additional funding through equity financing to cover anticipated expenses of $250,000 over the next 12 months, although there are no current agreements in place for such funding.
Looking ahead, iWallet's management expressed uncertainty regarding the company's ability to continue as a going concern, citing recurring losses and negative cash flows. The company is actively exploring options to secure financing and achieve profitable operations, but there is no assurance that these efforts will be successful. The outlook remains cautious as iWallet navigates its financial challenges and seeks to implement its business strategy.
About iWallet Corp
iWallet Corporation designs and develops biometric security products, primarily biometric locking wallets and related personal security devices. Its offerings include high-tech wallets with fingerprint, facial recognition, GPS tracking, and RFID blocking features. Serving luxury consumers and premium brands, the company focuses on innovative, secure portable containers, leveraging patents and strategic partnerships to compete in the high-end security accessories market.
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