cpka_10q.htm

0001477932-23-008363.txt : 20231114 0001477932-23-008363.hdr.sgml : 20231114 20231114101232 ACCESSION NUMBER: 0001477932-23-008363 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231114 DATE AS OF CHANGE: 20231114 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: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21609 FILM NUMBER: 231402373 BUSINESS ADDRESS: STREET 1: PO BOX 126 CITY: RUMSON STATE: NJ ZIP: 07760 BUSINESS PHONE: 732-741-1500 MAIL ADDRESS: STREET 1: PO BOX 126 CITY: RUMSON STATE: NJ ZIP: 07760 10-Q 1 cpka_10q.htm FORM 10-Q cpka_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐	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)

Delaware

93-1216127

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

PO Box 126, Rumson NJ 07760

(Address of principal executive offices) (Zip Code)

(732) 741.1500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has 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 ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☒ No ☐

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 November 14, 2023
Common Stock, par value $.00001 per share		61,882,172 shares

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- INDEX -

		Page(s)

PART I - Financial Information:

ITEM 1.	Financial Statements:	3

	Condensed Balance Sheets (Unaudited) - September 30, 2023 and December 31, 2022	3

	Condensed Statements of Operations (Unaudited) - Three and Nine months Ended September 30, 2023 and 2022	4

	Condensed Statements of Changes in Stockholders’ Equity (Unaudited) - Three and Nine months Ended September 30, 2023 and 2022	5

	Condensed Statements of Cash Flows (Unaudited) - Nine months Ended September 30, 2023 and 2022	6

	Notes to Interim Condensed Financial Statements (Unaudited)	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	13

ITEM 4.	Controls and Procedures	14

PART II - Other Information:

ITEM 1.	Legal Proceedings.	15

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	15

ITEM 3.	Defaults upon Senior Securities.	15

ITEM 4.	Mine Safety Disclosures.	15

ITEM 5.	Other Information.	15

ITEM 6.	Exhibits.	15

SIGNATURES		16

EXHIBITS

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

CHASE PACKAGING CORPORATION

CONDENSED BALANCE SHEETS

(Unaudited)

	September 30,			December 31,
	2023			2022
ASSETS
Current Assets
Cash and cash equivalents	$	402,083		$	441,243

Total Assets	$	402,083		$	441,243

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	855		$	477
Total Current Liabilities		855			477

Commitments and contingencies - Note 8

Stockholders’ Equity
Preferred stock, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible preferred stock; 50,000 shares designated; no shares issued and outstanding at September 30, 2023 and December 31, 2022		—			—
Common stock, $0.00001 par value; 200,000,000 shares authorized; 62,379,759 shares issued and 61,882,172 shares outstanding at September 30, 2023 and December 31, 2022		619			619
Treasury stock, $0.00001 par value 497,587 shares at September 30, 2023 and December 31, 2022		(49,759	)		(49,759	)
Additional paid-in capital		9,115,727			8,493,917
Accumulated deficit		(8,665,359	)		(8,004,011	)
Total Stockholders’ Equity		401,228			440,766
Total Liabilities and Stockholders’ Equity	$	402,083		$	441,243

The accompanying notes are an integral part of these unaudited condensed financial statements.

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CHASE PACKAGING CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022

Net Sales	$	—		$	—		$	—		$	—

Operating Expenses
General and administrative expense		12,128			15,546			48,996			47,408
Total Operating Expenses		12,128			15,546			48,996			47,408

Loss From Operations		(12,128	)		(15,546	)		(48,996	)		(47,408	)

Other Income (Expense)
Interest and other income		3,018			1,688			9,458			1,966
Warrants modification expense		—			—			(621,810	)		—
Total Other Income (Expense)		3,018			1,688			(612,352	)		1,966

Net Loss Before Income Taxes		(9,110	)		(13,858	)		(661,348	)		(45,442	)
Income taxes		—			—			—			—
Net Loss	$	(9,110	)	$	(13,858	)	$	(661,348	)	$	(45,442	)

Net Loss Per Common Share
Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.00	)

Weighted Average Number of Common Shares Outstanding
Basic and Diluted		61,882,172			61,882,172			61,882,172			61,882,172

The accompanying notes are an integral part of these unaudited condensed financial statements.

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CHASE PACKAGING CORPORATION

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

	Common				Additional Paid-in		Accumulated			Treasury Stock						Total Stockholders’
	Shares		Amount		Capital		Deficit			Shares			Amount			Equity
Balance - January 1, 2022		61,882,172	$	619	$	8,493,917	$	(7,948,119	)		(497,587	)	$	(49,759	)	$	496,658

Net loss for the three months ended March 31, 2022		—		—		—		(22,073	)		—			—			(22,073	)
Balance - March 31, 2022		61,882,172	$	619	$	8,493,917	$	(7,970,192	)		(497,587	)	$	(49,759	)	$	474,585

Net loss for the three months ended June 30, 2022		—		—		—		(9,511	)		—			—			(9,511	)
Balance - June 30, 2022		61,882,172	$	619	$	8,493,917	$	(7,979,703	)		(497,587	)	$	(49,759	)	$	465,074

Net loss for the three months ended September 30, 2022		—		—		—		(13,858	)		—			—			(13,858	)
Balance - September 30, 2022		61,882,172	$	619	$	8,493,917	$	(7,993,561	)		(497,587	)	$	(49,759	)	$	451,216

	Common				Additional Paid-in		Accumulated			Treasury Stock						Total Stockholders’
	Shares		Amount		Capital		Deficit			Shares			Amount			Equity
Balance - January 1, 2023		61,882,172	$	619	$	8,493,917	$	(8,004,011	)		(497,587	)	$	(49,759	)	$	440,766

Modification of warrants, expiration of 6,909,000 warrants extended to March 7, 2026		—		—		621,810		—			—			—			621,810
Net loss for the three months ended March 31, 2023		—		—		—		(635,296	)		—			—			(635,296	)
Balance - March 31, 2023		61,882,172	$	619	$	9,115,727	$	(8,639,307	)		(497,587	)	$	(49,759	)	$	427,280

Net loss for the three months ended June 30, 2023		—		—		—		(16,942	)		—			—			(16,942	)
Balance - June 30, 2023		61,882,172	$	619	$	9,115,727	$	(8,656,249	)		(497,587	)	$	(49,759	)	$	410,338

Net loss for the three months ended September 30, 2023		—		—		—		(9,110	)		—			—			(9,110	)
Balance - September 30, 2023		61,882,172	$	619	$	9,115,727	$	(8,665,359	)		(497,587	)	$	(49,759	)	$	401,228

The accompanying notes are an integral part of these unaudited condensed financial statements.

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CHASE PACKAGING CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	September 30,
	2023			2022
Cash Flows From Operating Activities
Net Loss	$	(661,348	)	$	(45,442	)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Warrants modification expense		621,810			—
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		378			—
Net Cash Used in Operating Activities		(39,160	)		(45,442	)

Cash Flows From Investing Activities		—			—

Cash Flows From Financing Activities		—			—

Net Decrease in Cash and Cash Equivalents		(39,160	)		(45,442	)

Cash and Cash Equivalents, Beginning of Period		441,243			497,135

Cash and Cash Equivalents, End of Period	$	402,083		$	451,693

Supplemental Disclosure of Cash Flow Information
Cash paid during the period:
Interest paid	$	—		$	—
Income taxes paid	$	—		$	—

The accompanying notes are an integral part of these unaudited condensed financial statements.

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CHASE PACKAGING CORPORATION

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

NOTE 1 - BASIS OF PRESENTATION:

Chase Packaging Corporation (“the Company”), a Delaware Corporation, previously manufactured woven paper mesh for industrial applications and polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies. Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern.

The unaudited condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation and a reasonable understanding of the information presented. The unaudited condensed financial statements should be read in conjunction with the financial statements and the related notes, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, previously filed with the SEC.

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of financial position as of September 30, 2023, and results of operations and cash flows for the nine months ended September 30, 2023 and 2022, as applicable, have been made. The results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full fiscal year ended December 31, 2023 or any future periods.

NOTE 2 - LIQUIDITY:

At September 30, 2023 and December 31, 2022, the Company had cash and cash equivalents of $402,083 and $441,243, respectively, consisting of money market funds and U.S. Treasury Bills. Our net losses incurred for the nine months ended September 30, 2023 and 2022, amounted to $661,348 and $45,442, respectively, and we had working capital of $401,228 and $440,766 at September 30, 2023 and December 31, 2022, respectively. 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.

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS:

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of nine months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of September 30, 2023 and December 31, 2022, the Company had cash in insured accounts in the amount of $14,048 and $141,243, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of $388,035 and $300,000, respectively.

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Income Taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized.

The Company follows FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” At September 30, 2023 and December 31, 2022, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.

Accounting for Stock Based Compensation

Stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the award is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value. Corresponding expenses for employee and non-employee services are recognized over the requisite service period, which is typically the vesting period.

Treasury Stock

The Company accounts for treasury stock using the cost method. There were 497,587 shares of Class A common stock held in treasury, purchased at a total cumulative cost of approximately $49,759, as of September 30, 2023 and December 31, 2022.

Recently Adopted Accounting Pronouncements

The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires a financial asset to be presented at the net amount expected to be collected. We expect the financial assets of the Company in scope of ASU 2016-13 will primarily be accounts receivable. The Company will estimate an allowance for expected credit losses on accounts receivable that result from the inability of customers to make required payments. In estimating the allowance for expected credit losses, consideration will be given to the current aging of receivables, historical experience, and a review for potential bad debts. The Company adopted this guidance in the second quarter of fiscal 2023 and it did not have a material impact on its results of operations, financial position, and disclosures.

The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE:

Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents.

We have excluded 6,909,000 common stock equivalents (warrants - Note 5) from the calculation of diluted loss per share for the nine months ended September 30, 2023 and 2022, respectively, which, if included, would have an antidilutive effect.

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NOTE 5 - WARRANTS AND PREFERRED STOCKS:

Warrants

2023 Extension of Warrant Terms

The Company, acting by resolution of its Board of Directors, amended and extended the expiration date of its outstanding warrants to purchase up to 6,909,000 shares of common stock to March 7, 2026. The terms of the warrants, including the exercise price of $0.15 per share, remain in effect without modification. The warrants modification expense of $621,810 was recorded as the incremental value of the modified warrants over the unmodified warrants on the modification date. Assumptions used in the Black Scholes option-pricing model for these warrants were as follows:

Average risk-free interest rate	4.66	%
Average expected life-years	3
Expected volatility	182.19	%
Expected dividends	0	%

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding at December 31, 2022		6,909,000		$	0.15		0.18
Granted		—			—		—
Extended		6,909,000			0.15		3.00
Exercised		—			—		—
Forfeited/expired		(6,909,000	)		0.15		—
Outstanding at September 30, 2023		6,909,000		$	0.15		2.44
Exercisable at September 30, 2023		6,909,000		$	0.15		2.44

As of September 30, 2023 and December 31, 2022, the average remaining contractual life of the outstanding warrants was 2.44 years and 0.18 year, respectively. The warrants will expire on March 7, 2026. The intrinsic value of the warrants at September 30, 2023 was $0 due to the exercise price exceeding the fair market value of the common stock.

Series A 10% Convertible Preferred Stock

The Company has authorized 4,000,000 shares of Preferred Stock, of which 50,000 shares have been designated as Series A 10% Convertible Preferred Stock. As of September 30, 2023 and December 31, 2022, there was no preferred stock issued or outstanding.

NOTE 6 - STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION:

At September 30, 2023 and December 31, 2022, the Company had 61,882,172 common shares outstanding. Also outstanding were warrants relating to 6,909,000 shares of common stock, all totaling 68,791,172 shares of common stock and all common stock equivalents, outstanding at September 30, 2023 and December 31, 2022.

The Company did not incur any stock-based compensation or issue common or preferred stock or any other equity instruments during the nine months ended September 30, 2023 and 2022.

NOTE 7 - FAIR VALUE MEASUREMENTS:

ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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The three levels are described below:

Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;

Level 2 Inputs - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 Inputs - Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.

There were no transfers in or out of any level during the nine months ended September 30, 2023 or 2022.

Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the nine months ended September 30, 2023 or 2022 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.

The Company determines fair values for its investment assets as follows:

Cash equivalents at fair value - the Company’s cash equivalents, at fair value, consist of money market funds - marked to market on reporting dates. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange.

The following tables provide information on those assets measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, respectively:

	Carrying Amount In Balance Sheet September 30,		Fair Value September 30,		Fair Value Measurement Using
	2023		2023		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	388,035	$	388,035	$	388,035	$	—	$	—
Money market funds		14,048		14,048		14,048		—		—
Total Assets	$	402,083	$	402,083	$	402,083	$	—	$	—


	Carrying Amount In Balance Sheet December 31,		Fair Value December 31,		Fair Value Measurement Using
	2022		2022		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	300,000	$	300,000	$	300,000	$	—	$	—
Money market funds		141,243		141,243		141,243		—		—
Total Assets	$	441,243	$	441,243	$	441,243	$	—	$	—

NOTE 8 - COMMITMENTS AND CONTINGENCIES:

The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive cash compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development.

NOTE 9 - SUBSEQUENT EVENTS:

The Company has evaluated subsequent events from September 30, 2023 through the issuance date of these financial statements, and there are no events requiring disclosure.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

The information in this report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This Act provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information about themselves provided they identify these statements as forward looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. All statements other than statements of historical fact made in this report are forward-looking. In particular, the statements herein regarding future results of operations or financial position are forward-looking statements. Forward-looking statements reflect management’s current expectations and are inherently uncertain. The Company’s actual results may differ significantly from management’s expectations as a result of many factors.

You should read the following discussion and analysis in conjunction with the financial statements of the Company, and notes thereto, included herewith. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of management. The Company assumes no obligations to update any of these forward-looking statements.

Results of Operations

For the three months ended September 30, 2023 and 2022

Revenue

The Company had no operations and no revenue for the three months ended September 30, 2023 and 2022, and its only income was from interest income on its short-term investments which are classified as cash and cash equivalents.

Operating Expenses

The following table presents our total operating expenses for the three months ended September 30, 2023 and 2022.

	Three months Ended September 30,
	2023		2022
Audit, accounting and legal fees	$	2,700	$	7,000
Payroll		5,235		5,212
Other general and administrative expense		4,193		3,334
	$	12,128	$	15,546

Operating expenses decreased by $3,418 for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022. The decrease was related to the decrease in legal and professional fees for the three months ended September 30, 2023.

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.

Loss from Operations

The Company incurred a loss from operations of $12,128 and $15,546 for the three months ended September 30, 2023 and 2022, respectively.

Other Income (Expense)

The following table presents our total Other Income (Expense) for the three months ended September 30, 2023 and 2022.

	Three months Ended September 30,
	2023		2022
Interest and other income	$	3,018	$	1,688
Other Income (Expense)	$	3,018	$	1,688

Other income increased by $1,330 for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022. The increase was related to the increase in interest and other income for the three months ended September 30, 2023.

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Net Loss

The Company had a net loss of $9,110 for the three months ended September 30, 2023, compared with a net loss of $13,858 for the three months ended September 30, 2022. Decrease in net loss was due primarily to the decrease in professional fee.

Loss per share for the three months ended September 30, 2023 and 2022 was approximately $(0.00) and $(0.00) based on the weighted-average shares issued and outstanding.

For the nine months ended September 30, 2023 and 2022

Revenue

The Company had no operations and no revenue for the nine months ended September 30, 2023 and 2022, and its only income was from interest income on its short-term investments which are classified as cash and cash equivalents.

Operating Expenses

The following table presents our total operating expenses for the nine months ended September 30, 2023 and 2022.

	Nine months Ended September 30,
	2023		2022
Audit, accounting and legal fees		19,670		20,741
Payroll		15,585		15,541
Other general and administrative expense		13,741		11,126
	$	48,996	$	47,408

Operating expenses increased by $1,588 for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022. The increase was related to the increase in other general and administrative expenses for the nine months ended September 30, 2023.

Loss from Operations

The Company incurred a loss from operations of $48,996 and $47,408 for the nine months ended September 30, 2023 and 2022, respectively.

Other Income (Expense)

The following table presents our total Other Income (Expense) for the nine months ended September 30, 2023 and 2022.

	Nine months Ended September 30,
	2023			2022

Interest and other income	$	9,458		$	1,966
Warrants modification expense		(621,810	)		—
Other Income (Expense)	$	(612,352	)	$	1,966

Other income decreased by $614,318 for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022. The decrease in other income was related to the increase in warrants modification expense for the nine months ended September 30, 2023.

Table of Contents

Net Loss

The Company had a net loss of $661,348 for the nine months ended September 30, 2023, compared with a net loss of $45,442 for the nine months ended September 30, 2022. Increase in net loss was due primarily to the increase in warrants modification expense.

Loss per share for the nine months ended September 30, 2023 and 2022 was approximately $(0.01) and $(0.00) based on the weighted-average shares issued and outstanding.

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.

Liquidity and Capital Resources

At September 30, 2023 the Company had cash and cash equivalents of $402,083, 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.

The following table provides detailed information about our net cash flow for all years presented in this Report.

Cash Flow

	Nine months Ended September 30,
	2023			2022

Net cash used in operating activities	$	(39,160	)	$	(45,442	)
Net cash provided by investing activities		—			—
Net cash provided by financing activities		—			—
Net decrease in cash and cash equivalents	$	(39,160	)	$	(45,442	)

Net cash of $39,160 and $45,442 were used in operations during the nine months ended September 30, 2023 and 2022, respectively.

The cash used in operating activities of $39,160 for the nine months ended September 30, 2023 principally resulted from our net loss of $661,348, as adjusted for a non-cash charge for warrants modification expense of $621,810.

The cash used in operating activities of $45,442 for the nine months ended September 30, 2022 principally resulted from our net loss of $45,442.

No cash flows were used in or provided by investing activities during the nine months ended September 30, 2023 and 2022.

No cash flows were used in or provided by financing activities during the nine months ended September 30, 2023 and 2022.

New Accounting Pronouncements

Refer to the discussion of recently adopted/issued accounting pronouncements under Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements.

Factors Which May Affect Future Results

Future earnings of the Company are dependent on interest rates earned on the Company’s invested balances and expenses incurred. The Company expects to incur significant expenses in connection with its objective of identifying a merger partner or acquiring an operating business.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Table of Contents

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15I and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports, such as this report, that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on that evaluation, our chief executive officer and chief financial officer concluded that as of September 30, 2023, our disclosure controls and procedures were effective.

Changes in Internal Controls over Financial Reporting.

We regularly review our system of internal control over financial reporting.

During the quarter ended September 30, 2023, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to affect materially, our internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Number		Description

31.1*		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

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104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

_____________

* Filed herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CHASE PACKAGING CORPORATION

Date: November 14, 2023	By:	/s/ Ann C. W. Green
		Ann C. W. Green
		Chief Financial Officer and Assistant Secretary
		(Principal Executive, Financial and Accounting Officer)

EX-31.1 2 cpka_ex311.htm CERTIFICATION cpka_ex311.htm

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ann C. W. Green, certify that:

1.	I have reviewed this report on Form 10-Q of Chase Packaging Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant s internal control over financial reporting that occurred during the registrant s most recent fiscal quarter (the registrant s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant s internal control over financial reporting; and

5.	The registrant s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant s auditors and the audit committee of the registrant s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant s ability to record, process, summarize, and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant s internal control over financial reporting.

Date: November 14, 2023	By:	/s/ Ann C. W. Green
		Ann C. W. Green
		Chief Financial Officer and Assistant Secretary
		(Principal Executive, Financial and Accounting Officer)

EX-32.1 3 cpka_ex321.htm CERTIFICATION cpka_ex321.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Chase Packaging Corporation (the “Company”), does hereby certify, to such officer s knowledge, that:

The Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Form 10-Q.

The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Date: November 14, 2023	By:	/s/ Ann C. W. Green
		Ann C. W. Green
		Chief Financial Officer and Assistant Secretary
		(Principal Executive, Financial and Accounting Officer)

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Current Assets
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Current Liabilities
Accounts payable and accrued liabilities	855	477
Total Current Liabilities	855	477
Commitments and contingencies - Note 8	0	0
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Additional paid-in capital	9,115,727	8,493,917
Accumulated deficit	(8,665,359)	(8,004,011)
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10% Series A Convertible Preferred Stock [Member]
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	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Net Sales	$ 0	$ 0	$ 0	$ 0
General and administrative expense	(12,128)	(15,546)	(48,996)	(47,408)
Total Operating Expenses	12,128	15,546	48,996	47,408
Loss From Operations	(12,128)	(15,546)	(48,996)	(47,408)
Other Income (Expense)
Interest and other income	3,018	1,688	9,458	1,966
Warrants modification expense	0	0	(621,810)	0
Total Other Income (Expense)	3,018	1,688	(612,352)	1,966
Net Loss Before Income Taxes	(9,110)	(13,858)	(661,348)	(45,442)
Income taxes	0	0	0	0
Net Loss	$ (9,110)	$ (13,858)	$ (661,348)	$ (45,442)
Net Loss Per Common Share
Basic and Diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.00)
Weighted Average Number of Common Shares Outstanding
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CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock
Balance, shares at Dec. 31, 2021		61,882,172			497,587
Balance, amount at Dec. 31, 2021	$ 496,658	$ 619	$ 8,493,917	$ (7,948,119)	$ (49,759)
Net loss	(22,073)	$ 0	0	(22,073)	$ 0
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Net loss	(9,511)	$ 0	0	(9,511)	$ 0
Balance, shares at Jun. 30, 2022		61,882,172			497,587
Balance, amount at Jun. 30, 2022	465,074	$ 619	8,493,917	(7,979,703)	$ (49,759)
Net loss	(13,858)	$ 0	0	(13,858)	$ 0
Balance, shares at Sep. 30, 2022		61,882,172			497,587
Balance, amount at Sep. 30, 2022	451,216	$ 619	8,493,917	(7,993,561)	$ (49,759)
Balance, shares at Dec. 31, 2022		61,882,172			497,587
Balance, amount at Dec. 31, 2022	440,766	$ 619	8,493,917	(8,004,011)	$ (49,759)
Net loss	(635,296)	0	0	(635,296)	0
Modification of warrants, expiration of 6,909,000 warrants extended to March 7, 2026	621,810	$ 0	621,810	0	$ 0
Balance, shares at Mar. 31, 2023		61,882,172			497,587
Balance, amount at Mar. 31, 2023	427,280	$ 619	9,115,727	(8,639,307)	$ (49,759)
Net loss	(16,942)	$ 0	0	(16,942)	$ 0
Balance, shares at Jun. 30, 2023		61,882,172			497,587
Balance, amount at Jun. 30, 2023	410,338	$ 619	9,115,727	(8,656,249)	$ (49,759)
Net loss	(9,110)	$ 0	0	(9,110)	$ 0
Balance, shares at Sep. 30, 2023		61,882,172			497,587
Balance, amount at Sep. 30, 2023	$ 401,228	$ 619	$ 9,115,727	$ (8,665,359)	$ (49,759)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net Loss	$ (661,348)	$ (45,442)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Warrants modification expense	621,810	0
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	378	0
Net Cash Used in Operating Activities	(39,160)	(45,442)
Cash Flows From Investing Activities	0	0
Cash Flows From Financing Activities	0	0
Net Decrease in Cash and Cash Equivalents	(39,160)	(45,442)
Cash and Cash Equivalents, Beginning of Period	441,243	497,135
Cash and Cash Equivalents, End of Period	402,083	451,693
Supplemental Disclosure of Cash Flow Information
Interest paid	0	0
Income taxes paid	$ 0	$ 0

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BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2023

BASIS OF PRESENTATION

BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION:

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LIQUIDITY

9 Months Ended

Sep. 30, 2023

LIQUIDITY

LIQUIDITY

NOTE 2 - LIQUIDITY:

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SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS:

Use of Estimates

Cash and Cash Equivalents

Income Taxes

Accounting for Stock Based Compensation

Treasury Stock

Recently Adopted Accounting Pronouncements

The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

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BASIC AND DILUTED NET LOSS PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

BASIC AND DILUTED NET LOSS PER COMMON SHARE

BASIC AND DILUTED NET LOSS PER COMMON SHARE

NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE:

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WARRANTS AND PREFERRED STOCKS

9 Months Ended

Sep. 30, 2023

WARRANTS AND PREFERRED STOCKS

WARRANTS AND PREFERRED STOCKS

NOTE 5 - WARRANTS AND PREFERRED STOCKS:

Warrants

2023 Extension of Warrant Terms

Average risk-free interest rate	4.66	%
Average expected life-years	3
Expected volatility	182.19	%
Expected dividends	0	%

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding at December 31, 2022		6,909,000		$	0.15		0.18
Granted		—			—		—
Extended		6,909,000			0.15		3.00
Exercised		—			—		—
Forfeited/expired		(6,909,000	)		0.15		—
Outstanding at September 30, 2023		6,909,000		$	0.15		2.44
Exercisable at September 30, 2023		6,909,000		$	0.15		2.44

Series A 10% Convertible Preferred Stock

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STOCKHOLDERS EQUITY AND STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

STOCKHOLDERS EQUITY AND STOCK-BASED COMPENSATION

STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

NOTE 6 - STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION:

The Company did not incur any stock-based compensation or issue common or preferred stock or any other equity instruments during the nine months ended September 30, 2023 and 2022.

- Definition

The entire disclosure for equity.

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XML 21 R13.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 7 - FAIR VALUE MEASUREMENTS:

The three levels are described below:

Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;

Level 2 Inputs - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 Inputs - Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.

There were no transfers in or out of any level during the nine months ended September 30, 2023 or 2022.

The Company determines fair values for its investment assets as follows:

The following tables provide information on those assets measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, respectively:

	Carrying Amount In Balance Sheet September 30,		Fair Value September 30,		Fair Value Measurement Using
	2023		2023		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	388,035	$	388,035	$	388,035	$	—	$	—
Money market funds		14,048		14,048		14,048		—		—
Total Assets	$	402,083	$	402,083	$	402,083	$	—	$	—


	Carrying Amount In Balance Sheet December 31,		Fair Value December 31,		Fair Value Measurement Using
	2022		2022		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	300,000	$	300,000	$	300,000	$	—	$	—
Money market funds		141,243		141,243		141,243		—		—
Total Assets	$	441,243	$	441,243	$	441,243	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 22 R14.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 8 - COMMITMENTS AND CONTINGENCIES:

XML 23 R15.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS:

The Company has evaluated subsequent events from September 30, 2023 through the issuance date of these financial statements, and there are no events requiring disclosure.

XML 24 R16.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS
Use of Estimates:	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of nine months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of September 30, 2023 and December 31, 2022, the Company had cash in insured accounts in the amount of $14,048 and $141,243, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of $388,035 and $300,000, respectively.
Income Taxes	The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. The Company follows FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” At September 30, 2023 and December 31, 2022, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.
Accounting for Stock Based Compensation	Stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the award is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value. Corresponding expenses for employee and non-employee services are recognized over the requisite service period, which is typically the vesting period.
Treasury Stock	The Company accounts for treasury stock using the cost method. There were 497,587 shares of Class A common stock held in treasury, purchased at a total cumulative cost of approximately $49,759, as of September 30, 2023 and December 31, 2022.
Recently Adopted Accounting Pronouncements	The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires a financial asset to be presented at the net amount expected to be collected. We expect the financial assets of the Company in scope of ASU 2016-13 will primarily be accounts receivable. The Company will estimate an allowance for expected credit losses on accounts receivable that result from the inability of customers to make required payments. In estimating the allowance for expected credit losses, consideration will be given to the current aging of receivables, historical experience, and a review for potential bad debts. The Company adopted this guidance in the second quarter of fiscal 2023 and it did not have a material impact on its results of operations, financial position, and disclosures. The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 25 R17.htm IDEA: XBRL DOCUMENT

WARRANTS AND PREFERRED STOCKS (Tables)

9 Months Ended

Sep. 30, 2023

WARRANTS AND PREFERRED STOCKS

Summary of assumptions used in Black Scholes option-pricing model

Average risk-free interest rate	4.66	%
Average expected life-years	3
Expected volatility	182.19	%
Expected dividends	0	%

Schedule of Share-based Compensation, Warrant Options

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding at December 31, 2022		6,909,000		$	0.15		0.18
Granted		—			—		—
Extended		6,909,000			0.15		3.00
Exercised		—			—		—
Forfeited/expired		(6,909,000	)		0.15		—
Outstanding at September 30, 2023		6,909,000		$	0.15		2.44
Exercisable at September 30, 2023		6,909,000		$	0.15		2.44

XML 26 R18.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

FAIR VALUE MEASUREMENTS

Schedule of assets and liabilities measured at fair value on a recurring basis

	Carrying Amount In Balance Sheet September 30,		Fair Value September 30,		Fair Value Measurement Using
	2023		2023		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	388,035	$	388,035	$	388,035	$	—	$	—
Money market funds		14,048		14,048		14,048		—		—
Total Assets	$	402,083	$	402,083	$	402,083	$	—	$	—


	Carrying Amount In Balance Sheet December 31,		Fair Value December 31,		Fair Value Measurement Using
	2022		2022		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	300,000	$	300,000	$	300,000	$	—	$	—
Money market funds		141,243		141,243		141,243		—		—
Total Assets	$	441,243	$	441,243	$	441,243	$	—	$	—

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LIQUIDITY (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
LIQUIDITY (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
LIQUIDITY
Net loss	$ (9,110)	$ (13,858)	$ (661,348)	$ (45,442)
Cash And Cash Equivalents	402,083		402,083		$ 441,243
Working Capital	$ 401,228		$ 401,228		$ 440,766

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

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SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS
Cash, FDIC insured	$ 14,048	$ 141,243
Purchase of treasury stock	$ 49,759	$ 49,759
Trasury Stock, shares issued	497,587	497,587
Cash equivalents, FDIC uninsured	$ 388,035	$ 300,000

XML 29 R21.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details Narrative) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
BASIC AND DILUTED NET LOSS PER COMMON SHARE
Common stock share excluded from computation of earning per share	6,909,000	6,909,000

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WARRANTS AND PREFERRED STOCKS (Details)	9 Months Ended
WARRANTS AND PREFERRED STOCKS (Details)	Sep. 30, 2023
WARRANTS AND PREFERRED STOCKS
Average risk-free interest rate	4.66%
Average expected life- years	3 years
Expected volatility	182.19%
Expected dividends	0.00%

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WARRANTS AND PREFERRED STOCKS (Details 1) - Warrant (Member)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of warrants/options outstanding, beginning \| shares	6,909,000
Extended \| shares	6,909,000
Forfeited/expired \| shares	6,909,000
Number of warrants/options outstanding, ending \| shares	6,909,000
Exercisable \| shares	6,909,000
Weighted average exercise price outstanding, Beginning \| $ / shares	$ 0.15
Weighted average exercise price outstanding, extended \| $ / shares	0.15
Weighted average exercise price outstanding, Forfeited/expired \| $ / shares	0.15
Weighted average exercise price outstanding, ending \| $ / shares	0.15
Weighted average exercise price outstanding, exercisable \| $ / shares	$ 0.15
Weighted average remaining contractual life outstanding, beginning	2 months 4 days
Weighted average remaining contractual life outstanding, Extended	3 years
Weighted average remaining contractual life outstanding, Ending	2 years 5 months 8 days
Weighted average remaining contractual life outstanding, Exercisable	2 years 5 months 8 days

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WARRANTS AND PREFERRED STOCKS (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Preferred stock, shares authorized	4,000,000		4,000,000
Warrants modification expense	$ 621,810	$ 0
Weighted average remaining contractual life outstanding	2 years 5 months 8 days		2 months 4 days
10% Series A Convertible Preferred Stock [Member]
Preferred stock, shares authorized	50,000		50,000
2023 Extension of Warrant Term
Extension of warrant terms description	amended and extended the expiration date of its outstanding warrants to purchase up to 6,909,000 shares of common stock to March 7, 2026
Exercise price of share	$ 0.15
Expiry of warrant	Mar. 07, 2026
Intrinsic value	$ 0

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STOCKHOLDERS EQUITY AND STOCKBASED COMPENSATION (Details Narrative) - shares	Sep. 30, 2023	Dec. 31, 2022
STOCKHOLDERS EQUITY AND STOCK-BASED COMPENSATION
Common share outstanding	61,882,172	61,882,172
Warrants outstanding	6,909,000	6,909,000
Total outstanding	68,791,172	68,791,172

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FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 1 [Member]
Assets at fair value on recurring basis	$ 402,083	$ 441,243
Fair Value, Inputs, Level 2 [Member]
Assets at fair value on recurring basis	0	0
Fair Value, Inputs, Level 3 [Member]
Assets at fair value on recurring basis	0	0
Fair Value [Member]
Assets at fair value on recurring basis	402,083	441,243
Treasury and government securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets at fair value on recurring basis	388,035	300,000
Treasury and government securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets at fair value on recurring basis	0	0
Treasury and government securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets at fair value on recurring basis	0	0
Treasury and government securities [Member] \| Fair Value [Member]
Assets at fair value on recurring basis	388,035	300,000
Money markets funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets at fair value on recurring basis	14,048	141,243
Money markets funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets at fair value on recurring basis	0	0
Money markets funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets at fair value on recurring basis	0	0
Money markets funds [Member] \| Fair Value [Member]
Assets at fair value on recurring basis	14,048	141,243
Carrying Value [Member]
Assets at fair value on recurring basis	402,083	441,243
Carrying Value [Member] \| Treasury and government securities [Member]
Assets at fair value on recurring basis	388,035	300,000
Carrying Value [Member] \| Money markets funds [Member]
Assets at fair value on recurring basis	$ 14,048	$ 141,243

XML 35 R27.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narrative)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Sep. 30, 2023 USD ($)
Warrant (Member)
Annual salary	$ 17,000

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NOTE 1 - BASIS OF PRESENTATION: Chase Packaging Corporation (“the Company”), a Delaware Corporation, previously manufactured woven paper mesh for industrial applications and polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies. Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern. The unaudited condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation and a reasonable understanding of the information presented. The unaudited condensed financial statements should be read in conjunction with the financial statements and the related notes, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, previously filed with the SEC. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of financial position as of September 30, 2023, and results of operations and cash flows for the nine months ended September 30, 2023 and 2022, as applicable, have been made. The results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full fiscal year ended December 31, 2023 or any future periods.

NOTE 2 - LIQUIDITY: At September 30, 2023 and December 31, 2022, the Company had cash and cash equivalents of $402,083 and $441,243, respectively, consisting of money market funds and U.S. Treasury Bills. Our net losses incurred for the nine months ended September 30, 2023 and 2022, amounted to $661,348 and $45,442, respectively, and we had working capital of $401,228 and $440,766 at September 30, 2023 and December 31, 2022, respectively. 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.

402083

441243

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NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS: Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of nine months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of September 30, 2023 and December 31, 2022, the Company had cash in insured accounts in the amount of $14,048 and $141,243, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of $388,035 and $300,000, respectively.Income Taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. The Company follows FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” At September 30, 2023 and December 31, 2022, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress. Accounting for Stock Based Compensation Stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the award is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value. Corresponding expenses for employee and non-employee services are recognized over the requisite service period, which is typically the vesting period. Treasury Stock The Company accounts for treasury stock using the cost method. There were 497,587 shares of Class A common stock held in treasury, purchased at a total cumulative cost of approximately $49,759, as of September 30, 2023 and December 31, 2022. Recently Adopted Accounting Pronouncements The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires a financial asset to be presented at the net amount expected to be collected. We expect the financial assets of the Company in scope of ASU 2016-13 will primarily be accounts receivable. The Company will estimate an allowance for expected credit losses on accounts receivable that result from the inability of customers to make required payments. In estimating the allowance for expected credit losses, consideration will be given to the current aging of receivables, historical experience, and a review for potential bad debts. The Company adopted this guidance in the second quarter of fiscal 2023 and it did not have a material impact on its results of operations, financial position, and disclosures. The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of nine months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of September 30, 2023 and December 31, 2022, the Company had cash in insured accounts in the amount of $14,048 and $141,243, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of $388,035 and $300,000, respectively.

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The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. The Company follows FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” At September 30, 2023 and December 31, 2022, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.

Stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the award is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 718 as amended by ASU 2018-07. As such, the grant date is the measurement date of an award’s fair value. Corresponding expenses for employee and non-employee services are recognized over the requisite service period, which is typically the vesting period.

The Company accounts for treasury stock using the cost method. There were 497,587 shares of Class A common stock held in treasury, purchased at a total cumulative cost of approximately $49,759, as of September 30, 2023 and December 31, 2022.

497587

49759 The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires a financial asset to be presented at the net amount expected to be collected. We expect the financial assets of the Company in scope of ASU 2016-13 will primarily be accounts receivable. The Company will estimate an allowance for expected credit losses on accounts receivable that result from the inability of customers to make required payments. In estimating the allowance for expected credit losses, consideration will be given to the current aging of receivables, historical experience, and a review for potential bad debts. The Company adopted this guidance in the second quarter of fiscal 2023 and it did not have a material impact on its results of operations, financial position, and disclosures. The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE: Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents. We have excluded 6,909,000 common stock equivalents (warrants - Note 5) from the calculation of diluted loss per share for the nine months ended September 30, 2023 and 2022, respectively, which, if included, would have an antidilutive effect.

6909000

NOTE 5 - WARRANTS AND PREFERRED STOCKS: Warrants 2023 Extension of Warrant Terms The Company, acting by resolution of its Board of Directors, amended and extended the expiration date of its outstanding warrants to purchase up to 6,909,000 shares of common stock to March 7, 2026. The terms of the warrants, including the exercise price of $0.15 per share, remain in effect without modification. The warrants modification expense of $621,810 was recorded as the incremental value of the modified warrants over the unmodified warrants on the modification date. Assumptions used in the Black Scholes option-pricing model for these warrants were as follows: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Average risk-free interest rate</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4.66</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Average expected life-years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Expected volatility</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">182.19</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected dividends</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number ofWarrants</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;">WeightedAverageExercisePrice</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;">WeightedAverageRemainingContractualLife (Years)</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Outstanding at December 31, 2022</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,909,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.15</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.18</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Granted</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Extended</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,909,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.15</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3.00</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Exercised</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Forfeited/expired</td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">(6,909,000 </td><td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">0.15</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Outstanding at September 30, 2023</td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">6,909,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">0.15</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">2.44</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Exercisable at September 30, 2023</td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">6,909,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">0.15</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">2.44</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> As of September 30, 2023 and December 31, 2022, the average remaining contractual life of the outstanding warrants was 2.44 years and 0.18 year, respectively. The warrants will expire on March 7, 2026. The intrinsic value of the warrants at September 30, 2023 was $0 due to the exercise price exceeding the fair market value of the common stock. Series A 10% Convertible Preferred Stock The Company has authorized 4,000,000 shares of Preferred Stock, of which 50,000 shares have been designated as Series A 10% Convertible Preferred Stock. As of September 30, 2023 and December 31, 2022, there was no preferred stock issued or outstanding. amended and extended the expiration date of its outstanding warrants to purchase up to 6,909,000 shares of common stock to March 7, 2026

0.15

621810

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Average risk-free interest rate</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4.66</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Average expected life-years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Expected volatility</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">182.19</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected dividends</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></tbody></table>

0.0466

P3Y

1.8219

6909000 0.15 P0Y2M4D 6909000 0.15 P3Y

6909000

0.15 6909000 0.15 P2Y5M8D 6909000

0.15

P2Y5M8D P2Y5M8D P0Y2M4D

4000000

50000

NOTE 6 - STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION: At September 30, 2023 and December 31, 2022, the Company had 61,882,172 common shares outstanding. Also outstanding were warrants relating to 6,909,000 shares of common stock, all totaling 68,791,172 shares of common stock and all common stock equivalents, outstanding at September 30, 2023 and December 31, 2022. The Company did not incur any stock-based compensation or issue common or preferred stock or any other equity instruments during the nine months ended September 30, 2023 and 2022.

61882172

6909000

68791172

NOTE 7 - FAIR VALUE MEASUREMENTS: ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).The three levels are described below: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company; Level 2 Inputs - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Inputs - Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. There were no transfers in or out of any level during the nine months ended September 30, 2023 or 2022. Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the nine months ended September 30, 2023 or 2022 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. The Company determines fair values for its investment assets as follows: Cash equivalents at fair value - the Company’s cash equivalents, at fair value, consist of money market funds - marked to market on reporting dates. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange. The following tables provide information on those assets measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, respectively: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">CarryingAmount InBalance SheetSeptember 30,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Fair ValueSeptember 30,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Fair Value Measurement Using</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2023</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2023</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 1</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 2</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 3</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assets:</td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Treasury and government securities</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">388,035</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">388,035</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">388,035</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Money market funds</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">14,048</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">14,048</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">14,048</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total Assets</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">402,083</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">402,083</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">402,083</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td></tr></tbody></table><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td> </td><td class="hdcell" colspan="2"> </td><td> </td><td> </td><td class="hdcell" colspan="2"> </td><td> </td><td> </td><td class="hdcell" colspan="10"> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">CarryingAmount InBalance SheetDecember 31,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Fair ValueDecember 31,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Fair Value Measurement Using</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2022</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2022</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 1</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 2</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 3</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assets:</td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Treasury and government securities</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">300,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">300,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">300,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Money market funds</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">141,243</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">141,243</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">141,243</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total Assets</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">441,243</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">441,243</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">441,243</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td></tr></tbody></table>

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">CarryingAmount InBalance SheetSeptember 30,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Fair ValueSeptember 30,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Fair Value Measurement Using</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2023</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2023</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 1</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 2</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 3</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assets:</td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Treasury and government securities</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">388,035</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">388,035</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">388,035</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Money market funds</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">14,048</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">14,048</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">14,048</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total Assets</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">402,083</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">402,083</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">402,083</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td></tr></tbody></table><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td> </td><td class="hdcell" colspan="2"> </td><td> </td><td> </td><td class="hdcell" colspan="2"> </td><td> </td><td> </td><td class="hdcell" colspan="10"> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">CarryingAmount InBalance SheetDecember 31,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Fair ValueDecember 31,</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Fair Value Measurement Using</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2022</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">2022</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 1</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 2</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;">Level 3</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assets:</td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Treasury and government securities</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">300,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:11%;vertical-align:bottom;text-align:right;">300,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">300,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">—</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Money market funds</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">141,243</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">141,243</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">141,243</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total Assets</td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">441,243</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">441,243</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">441,243</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">—</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"> </td></tr></tbody></table>

388035

14048

402083

300000

141243

441243

NOTE 8 - COMMITMENTS AND CONTINGENCIES: The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive cash compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development.

17000

NOTE 9 - SUBSEQUENT EVENTS: The Company has evaluated subsequent events from September 30, 2023 through the issuance date of these financial statements, and there are no events requiring disclosure.