-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SQhybLWX+V4CHSSNx4MZXVlbLNCcLtT4gJJzcNUy5cemMxpbrFvuNQ5kM/Wi9hU2 cDG6ymrxn4Xl0N3lKvG0uw== 0001144204-02-000211.txt : 20020514 0001144204-02-000211.hdr.sgml : 20020514 ACCESSION NUMBER: 0001144204-02-000211 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHASE PACKAGING CORP CENTRAL INDEX KEY: 0001025771 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 931216127 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-21609 FILM NUMBER: 02646813 BUSINESS ADDRESS: STREET 1: 26 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10004 MAIL ADDRESS: STREET 1: 2550 NW NICOLAI STREET CITY: PORTLAND STATE: OR ZIP: 97210 10QSB 1 doc1.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2002 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 0-21609 ------- CHASE PACKAGING CORPORATION - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Texas 93-1216127 - ---------------------- ------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) c/o Ann W. Green, 26 Broadway, 8th Floor, New York, NY 10004 ------------------------------------------------------------ (Address of principal executive offices) (Zip Code) (212) 510-0687 ---------------------------------------------------------------- (Issuer's telephone number, including area code) Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES NO X --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at March 31, 2002 - -------------------------- -------------------------------------------- Common Stock, par value $.10 per share 8,132,275 shares - INDEX -
PAGE(S) ------- PART I. Financial Information: ITEM 1. Financial Statements Condensed Balance Sheets - March 31, 2002 (Unaudited) and December 31, 2001 3. Condensed Statements of Operations (Unaudited) - Cumulative Period During the Development Stage (January 1, 1999 to March 31, 2002) and the Three Months Ended March 31, 2002 and 2001 4. Condensed Statements of Cash Flows (Unaudited) - Cumulative Period During the Development Stage (January 1, 1999 to March 31, 2002) and the Three Months Ended March 31, 2002 and 2001 5. Notes to Interim Condensed Financial Statements (Unaudited) 6. ITEM 2. Management's Discussion and Analysis or Plan of Operation 7. PART II. Other Information 8. SIGNATURES 9.
CHASE PACKAGING CORPORATION --------------------------- (A DEVELOPMENT STAGE COMPANY) ----------------------------- CONDENSED BALANCE SHEETS ------------------------ - ASSETS -
March 31 December 31, 2002 2001 ------------ ------------ (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 7,597 $ 7,582 ------------ ------------ TOTAL ASSETS $ 7,597 $ 7,582 ============ ============ - - LIABILITIES AND SHAREHOLDERS' DEFICIT - CURRENT LIABILITIES: Accrued expenses $ 25,687 $ 25,187 ------------ ------------ TOTAL CURRENT LIABILITIES 25,687 25,187 ------------ ------------ COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' DEFICIT: Preferred stock $1.00 par value; 4,000,000 shares authorized, none issued - - Common stock, $.10 par value 25,000,000 authorized 8,132,275 issued in 2002 and 2001 813,228 813,228 Additional paid-in capital 2,806,775 2,806,775 Accumulated deficit (3,626,121) (3,626,121) Deficit accumulated during the development stage (11,972) (11,487) ------------ ------------ (18,090) (17,605) ------------ ------------ $ 7,597 $ 7,582 ============ ===========
See notes to financial statements. Page 3. CHASE PACKAGING CORPORATION --------------------------- (A DEVELOPMENT STAGE COMPANY) ----------------------------- STATEMENTS OF OPERATIONS ------------------------ (UNAUDITED)
Cumulative During the Development Stage Three Months Ended (January 1, 1999 to March 31, March 31, 2002) 2002 2001 ------------ ----------- ----------- NET SALES $ - $ - $ - ----------- ----------- ----------- COSTS AND EXPENSES: General and administrative expense 12,960 500 - Interest income (988) (15) (76) ----------- ----------- ----------- TOTAL COSTS AND EXPENSES 11,972 485 (76) ----------- ----------- ----------- (LOSS) INCOME BEFORE INCOME TAXES. (11,972) (485) 76 Income tax expense - - - ----------- ----------- ----------- NET (LOSS) INCOME $ (11,972) $ (485) $ 76 =========== =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 7,176,265 8,132,275 7,002,964 =========== =========== =========== (LOSS) INCOME PER COMMON SHARE $ - $ - $ - =========== =========== ===========
See notes to financial statements. Page 4. CHASE PACKAGING CORPORATION --------------------------- (A DEVELOPMENT STAGE COMPANY) ----------------------------- STATEMENTS OF CASH FLOWS ------------------------ (UNAUDITED)
Cumulative During The Development Stage (January 1, 1999 to Three Months Ended March 31, 2002) March 31, ----------------- ------------------ 2002 2001 -------- -------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $(11,972) $ (485) $ 76 Change in assets and liabilities: Accounts payable and accrued expenses 2,408 500 - ---------------- -------- -------- NET CASH (UTILIZED) PROVIDED BY OPERATING ACTIVITIES (9,564) 15 76 CASH FLOWS FROM INVESTING ACTIVITIES - - - CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from private placement/exercise of stock warrants. 5,500 - - ---------------- -------- -------- NET (DECREASE) INCREASE IN CASH (4,064) 15 76 CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD 11,661 7,582 7,168 ---------------- -------- -------- CASH AND CASH EQUIVALENTS, AT END OF PERIOD $ 7,597 $7,597 $7,244 ================ ======== ======== SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for: Interest $ - $ - $ -
See notes to financial statements. Page 5. CHASE PACKAGING CORPORATION --------------------------- (A DEVELOPMENT STAGE COMPANY) ----------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- MARCH 31, 2002 -------------- (UNAUDITED) NOTE 1 - BASIS OF PRESENTATION: On June 25, 1997, Chase Packaging Corporation ("Chase" or "the Company") announced to employees and creditors that Chase would begin an orderly liquidation of all Chase's assets beginning at the close of business on June 30, 1997. On July 25, 1997, the Company notified its creditors by mail that the Company would commence with an orderly liquidation of all its remaining assets outside of a formal bankruptcy or receivership proceeding in a manner intended to maximize asset values. The Company's Board of Directors determined that it was in the best interest of the Company and all of its creditors to liquidate in an orderly fashion. The Company ceased all operating activity as of June 30, 1997 and liquidation of all of its assets was completed by the trustee as of December 31, 1997. The Board of Directors has been devoting its efforts to establishing a new business and accordingly, the Company is being treated as a development stage company, in accordance with Statement of Financial Accounting Standards No. 7, effective January 1, 1999. In the opinion of management, the accompanying unaudited interim condensed financial statements of the Company, contain all adjustments necessary (consisting of normal recurring accruals or adjustments only) to present fairly the Company's financial position as of March 31, 2002 and the results of its operations and cash flows for the three month periods ended March 31, 2002 and 2001. The accounting policies followed by the Company are set forth in Note 2 to the Company's financial statements included in its Annual Report on Form 10-KSB for the year ended December 31, 2001 which is incorporated herein by reference. Specific reference is made to this report for a description of the Company's securities and the notes to consolidated financial statements. NOTE 2 - INCOME (LOSS) PER COMMON SHARE: Income (loss) per common share was calculated by dividing net income (loss) by the weighted average number of shares outstanding for each reporting period. Page 6. ITEM 2. MANAGEMENT'S PLAN OF OPERATIONS: Chase Packaging Corporation (the Company) experienced cash losses for past years in spite of numerous infusions of working capital and an aggressive program of inventory and expense reduction. During 1997, the Board of Directors determined that an orderly liquidation was in the best interest of the Company and all of its creditors and retained the firm of Edward Hostmann, Inc. to assist the Company in such liquidation. As part of the liquidation process, effective July 21, 1997, the Company sold most of its assets in Idaho Falls, Idaho (excluding real estate) to Lockwood Packaging Corporation for $330,000. The Company also sold the Idaho Falls real estate (land and building). During July and August of 1997 Chase sold most of its inventory in Portland to other packaging companies. The Company also sold its band label extruder for $125,000 and its remaining inventory and machinery and equipment were sold at an August 14, 1997 auction, for gross proceeds of approximately $340,000. As of December 31, 1997, the Company had completed the liquidation of all of its assets. Effective January 1, 1999, the Board of Directors has been devoting its efforts to establishing a new business and accordingly, the Company is being treated as a development stage company, in accordance with Statement of Financial Accounting Standards No. 7, as of that date. The Company continues to pay for minor administrative expenses and is generating interest income on its remaining cash balance The Company's cash balance as of March 31, 2002 was $7,597. Page 7. PART II. OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports None SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CHASE PACKAGING CORPORATION ----------------------------- Date: May 6, 2002 Ann W. Green (Assistant Secretary and Principal Financial and Accounting Officer) -----END PRIVACY-ENHANCED MESSAGE-----