iWallet Corp. reported its financial results for the first quarter of 2025, revealing a net loss of $19,029, a significant decrease from the net loss of $47,466 recorded in the same period of 2024. The company did not generate any revenue during the quarter, consistent with its performance in the previous year. Operating expenses decreased to $7,316 from $9,497, primarily due to fluctuations in general and administrative costs. Interest expenses rose to $11,713, up from $9,969, attributed to the conversion of certain notes to preferred shares in 2023.
As of March 31, 2025, iWallet's total assets stood at $3,305, an increase from $2,437 at the end of 2024. However, the company continues to face significant financial challenges, with total liabilities amounting to $610,358, up from $590,461. The accumulated deficit has grown to $5,608,898, raising substantial doubt about the company's ability to continue as a going concern. The company has indicated that it requires additional capital to support its operations and marketing activities.
In terms of operational metrics, iWallet maintained 77,819,419 shares of common stock outstanding as of the end of the reporting period. The company has not reported any significant changes in customer counts or product adoption rates, as it continues to focus on the design and development of biometric locking wallets. The company has also not engaged in any geographic expansion or major product launches during this quarter.
Management has acknowledged the need for further financing to sustain operations and has previously raised capital through private placements. The company plans to explore public offerings to secure additional funds. Despite the challenges, iWallet remains committed to its business model centered around biometric security products and consulting services, although the path to profitability remains uncertain.
Looking ahead, iWallet's management has expressed the need to secure financing and successfully implement its operational plans to achieve profitability. The company continues to monitor market conditions and is focused on addressing its financial obligations while exploring opportunities for growth in the biometric security sector.
About iWallet Corp
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