CHASE PACKAGING CORPORATION 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
Revenue
The Company had no operations and no revenue for the three months ended
Operating Expenses
The following table presents our total operating expenses for the three months
ended
Three Months Ended
September 30,
2021 2020
Audit, accounting and legal fees 6,500 30,815
Payroll 5,200 5,197
Other general and administrative expense 2,836 3,994
$ 14,536 $ 40,006
Operating expenses consist mostly of audit and accounting fees and payroll.
Higher operating expenses for the three months ended
Loss from Operations
The Company incurred a loss from operations of
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Other Income (Expense)
The following table presents our total Other Income (Expense) for the three
months ended
Three Months Ended
September 30,
2021 2020
Interest and other income $ 33 $ 18
Warrants modification expense (1,450,890 ) -
Other Income (Expense), net $ (1,450,857 ) $ 18 Net Other Expense was
Net Loss
The Company had a net loss of
Loss per share for the three months ended
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.
For the nine months ended
Revenue
The Company had no operations and no revenue for the nine months ended
Operating Expenses
The following table presents our total operating expenses for the nine months
ended
Nine Months Ended
September 30,
2021 2020
Audit, accounting and legal fees 28,623 56,600
Payroll 15,487 15,432
Stock-based compensation expense - 90,000
Other general and administrative expense 11,218 11,302
$ 55,328 $ 173,334 12 Table of Contents
Operating expenses consist mostly of audit and accounting fees and payroll.
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
Loss from Operations
The Company incurred a loss from operations of
Other Income (Expense)
The following table presents our total Other Income (Expense) for the nine
months ended
Nine Months Ended
September 30,
2021 2020
Interest and other income $ 87 $ 991
Warrants modification expense $ (1,450,890 ) $ -
Other Income (Expense) $ (1,450,803 ) $ 991 Net Other Expense was
Net Loss
The Company had a net loss of
Loss per share for the nine months ended
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
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The following table provides detailed information about our net cash flow for the periods presented in this Report.
Cash Flows
Nine Months Ended
September 30,
2021 2020
Net cash used in operating activities
- -
Net cash provided by financing activities - -
Net decrease in cash $ (53,241 ) $ (91,640 ) Net cash of
The cash used in operating activities of
The cash used in operating activities of
No cash flows were used in or provided by investing activities during the nine
months ended
No cash flows were used in or provided by financing activities during the nine
months ended
New Accounting Pronouncements
Refer to the discussion of recently adopted/issued accounting pronouncements under Part I, Note 2: New Accounting Policies 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.
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