{"url_path":"/sec/whlt/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-03-30","source_url":"https://www.sec.gov/Archives/edgar/data/1025771/0001477932-26-001702-index.html","accession_number":"0001477932-26-001702","cik":"0001025771","ticker":"WHLT","issuer_name":"CHASE PACKAGING CORP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1025771/0001477932-26-001702-index.html","primary_entity_key":"0001025771","primary_entity_name":"CHASE PACKAGING CORP"},"word_count":4373,"has_tables":true,"body_markdown":"**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**\n\n \n\n(a)\n\nThe following documents are filed as a part of this report:\n\n \n\n \n\n \n\n \n\n(1)\n\nFinancial Statements included in Item 8 above are filed as part of this annual report.\n\n \n\n \n\n \n\n \n\n(2)\n\nFinancial Statement Schedules included in Item 8 herein:\n\n \n\n \n\n \n\n \n\n \n\nAll schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore, have been omitted.\n\n \n\n \n\n \n\n \n\n(3)\n\nExhibits: The information required by this Item 15(a)(3) is set forth in the Index to Exhibits accompanying this Annual Report on Form 10-K.\n\n \n\n**Number**\n\n \n\n**Description**\n\n[3.1](http://www.sec.gov/Archives/edgar/data/1025771/000110465908022306/a08-9902_1ex3d1.htm)\n\n \n\n[Amended and Restated Bylaws of the Company dated March 28, 2008, filed as Exhibit 3.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 3, 2008, and incorporated herein by reference .](http://www.sec.gov/Archives/edgar/data/1025771/000110465908022306/a08-9902_1ex3d1.htm)\n\n \n\n \n\n \n\n[3.2](http://www.sec.gov/Archives/edgar/data/1025771/000147793223002067/cpka_ex34.htm)\n\n \n\n[State of Delaware Certificate of Incorporation and State of Delaware Certificate of Correction](http://www.sec.gov/Archives/edgar/data/1025771/000147793223002067/cpka_ex34.htm)\n\n \n\n \n\n \n\n[4.1](http://www.sec.gov/Archives/edgar/data/1025771/000114420407048862/v087405_ex10-4.htm)\n\n \n\n[Form of Warrant Agreement and Warrant Certificate dated as of September 7, 2007, filed as Exhibit 10.4 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1025771/000114420407048862/v087405_ex10-4.htm)\n\n \n\n \n\n \n\n[4.2](http://www.sec.gov/Archives/edgar/data/1025771/000147793214006026/cpka_ex101.htm)\n\n \n\n[Form of Amendment No. 2 to Warrant Agreement filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarterly period ended September 30, 2014, filed with the Securities and Exchange Commission on November 13, 2014, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1025771/000147793214006026/cpka_ex101.htm)\n\n \n\n \n\n \n\n[4.3](http://www.sec.gov/Archives/edgar/data/1025771/000147793215006534/cpka_ex101.htm)\n\n \n\n[Form of Amendment No. 3 to Warrant Agreement filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarterly period ended September 30, 2015, filed with the Securities and Exchange Commission on October 22, 2015, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1025771/000147793215006534/cpka_ex101.htm)\n\n \n\n \n\n \n\n[31.1*](cpka_ex311.htm)\n\n \n\n[Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cpka_ex311.htm)\n\n \n\n \n\n \n\n[32.1*](cpka_ex321.htm)\n\n \n\n[Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](cpka_ex321.htm)\n\n \n\n \n\n \n\n101.INS*\n\n \n\nInline 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).\n\n \n\n \n\n \n\n101.SCH*\n\n \n\nInline XBRL Taxonomy Extension Schema Document.\n\n \n\n \n\n \n\n101.CAL*\n\n \n\nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n \n\n \n\n \n\n101.DEF*\n\n \n\nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n \n\n \n\n \n\n101.LAB*\n\n \n\nInline XBRL Taxonomy Extension Labels Linkbase Document.\n\n \n\n \n\n \n\n101.PRE*\n\n \n\nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n \n\n \n\n \n\n104\n\n \n\nCover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).\n\n_______________\n\n*\n\nfiled herewith\n\n \n\n \n\n15\n\n*Table of Contents*\n\n \n\n**SIGNATURES**\n\n \n\nPursuant to the requirements of Section 13 or 15(d) 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.\n\n \n\n \n\n**CHASE PACKAGING CORPORATION**\n\n \n\n \n\n \n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ Ann C. W. Green*\n\n \n\n \n\n \n\nAnn C. W. Green\n\n \n\n \n\n \n\nPrincipal Executive Officer\n\n \n\n \n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.\n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ Ann C.W. Green*\n\n \n\n \n\n \n\nAnn C. W. Green\n\n \n\n \n\n \n\nChief Financial Officer and Assistant Secretary\n\n \n\n \n\n \n\n(Principal Executive, Financial and Accounting Officer)\n\n \n\n \n\n \n\n \n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ William J. Barrett*\n\n \n\n \n\n \n\nWilliam J. Barrett\n\n \n\n \n\n \n\nLead Director\n\n \n\nDate: March 30, 2026\nBy:\n*/s/ Arthur J. Gajarsa*\n\n \n\nArthur J. Gajarsa\n\n \n\nDirector\n\n \n\n \n\n \n\n \n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ Herbert M. Gardner*\n\n \n\n \n\n \n\nHerbert M. Gardner\n\n \n\n \n\n \n\nDirector\n\n \n\n \n\n \n\n \n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ Matthew W. Long*\n\n \n\n \n\n \n\nMatthew W. Long\n\n \n\n \n\n \n\nDirector\n\n \n\n \n\n \n\n \n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ Mark C. Neilson*\n\n \n\n \n\n \n\nMark C. Neilson\n\n \n\n \n\n \n\nDirector\n\n \n\n \n\n \n\n \n\n \n\nDate: March 30, 2026\n\nBy:\n\n*/s/ Wayne Whitener*\n\n \n\n \n\n \n\nWayne Whitener\n\n \n\n \n\n \n\nDirector\n\n \n\n \n\n \n\n16\n\n*Table of Contents*\n\n \n\n**CHASE PACKAGING CORPORATION**\n\n**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024**\n\n \n\n**- INDEX TO FINANCIAL STATEMENTS -**\n\n \n\n \n\n \n\n**Pages**\n\n \n\n \n\n \n\n \n\n \n\n[Report of Independent Registered Public Accounting Firm](#REPORT) (PCAOB ID: 6580)\n\n \n\nF-2\n\n \n\n \n\n \n\n \n\n \n\n[Balance Sheets](#BS)\n\n \n\nF-3\n\n \n\n \n\n \n\n \n\n \n\n[Statements of Operations](#OP)\n\n \n\nF-4\n\n \n\n \n\n \n\n \n\n \n\n[Statements of Stockholders’ Equity](#EQ)\n\n \n\nF-5\n\n \n\n \n\n \n\n \n\n \n\n[Statements of Cash Flows](#CF)\n\n \n\nF-6\n\n \n\n \n\n \n\n \n\n \n\n[Notes to Financial Statements](#NOTE)\n\n \n\nF-7\n\n \n\n \n\n \n\nF-1\n\n*Table of Contents*\n\n \n\n \n\n \n\n**Report of Independent Registered Public Accounting Firm**\n\n \n\nTo the Board of Directors and Shareholders\n\nof Chase Packaging Corporation\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying balance sheet of Chase Packaging Corporation (the Company) as of December 31, 2025 and 2024, and the related statements of operations, stockholders’ equity, and cash flows for the years then ended and the related notes collectively referred to as the financial statements.\n\n \n\nIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n**Critical Audit Matter**\n\n \n\nCritical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.\n\n  \n\n \n\nMarch 27, 2026\n\n \n\nWe have served as the Company’s auditor since 2023.\n\nLos Angeles, California\n\nPCAOB ID Number 6580 \n\n \n\nF-2\n\n*Table of Contents*\n\n \n\n**CHASE PACKAGING CORPORATION**\n\n**BALANCE SHEETS**\n\n \n\n \n\n \n\n**December 31,**\n\n \n\n \n\n**December 31,**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\n**ASSETS**\n\n \n\n**CURRENT ASSETS:**\n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n$221,966\n \n\n \n$297,710\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**TOTAL ASSETS**\n\n \n$221,966\n \n\n \n$297,710\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**LIABILITIES AND STOCKHOLDERS’ EQUITY**\n\n**CURRENT LIABILITIES:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccounts payable and accrued liabilities\n\n \n$4,471\n \n\n \n$3,473\n \n\n**TOTAL CURRENT LIABILITIES**\n\n \n\n \n4,471\n \n\n \n\n \n3,473\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**COMMITMENTS AND CONTINGENCIES (Note 8)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**STOCKHOLDERS’ EQUITY:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPreferred stock**,** $1.00 par value; 4,000,000 authorized: Series A 10% Convertible preferred stock; 50,000 shares authorized; no shares issued and outstanding\n\n \n\n \n—\n \n\n \n\n \n—\n \n\nCommon stock, $0.00001 par value 200,000,000 shares authorized; 62,379,759 shares issued as of December 31, 2025 and 2024 and 61,882,172 outstanding as of December 31, 2025 and 2024\n\n \n\n \n619\n \n\n \n\n \n619\n \n\nTreasury stock, $0.00001 par value 497,587 shares as of December 31, 2025 and 2024\n\n \n\n \n(49,759 )\n \n\n \n(49,759 )\n\nAdditional paid-in capital\n\n \n\n \n8,839,367\n \n\n \n\n \n8,839,367\n \n\nAccumulated deficit\n\n \n\n \n(8,572,732 )\n \n\n \n(8,495,990 )\n\n**TOTAL STOCKHOLDERS’ EQUITY**\n\n \n\n \n217,495\n \n\n \n\n \n294,237\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY**\n\n \n$221,966\n \n\n \n$297,710\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n \n\n \n\nF-3\n\n*Table of Contents*\n\n \n\n**CHASE PACKAGING CORPORATION**\n\n**STATEMENTS OF OPERATIONS**\n\n \n\n \n\n \n\n**For The Year ended**\n\n \n\n \n\n \n\n**December 31,**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\n**EXPENSES:**\n\n \n\n \n\n \n\n \n\n \n\n \n\nGeneral and administrative expense\n\n \n$86,623\n \n\n \n$104,887\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**LOSS FROM OPERATIONS**\n\n \n\n \n(86,623 )\n \n\n \n(104,887 )\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**OTHER INCOME (EXPENSE)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest and other income\n\n \n\n \n9,881\n \n\n \n\n \n15,938\n \n\n**TOTAL OTHER INCOME (EXPENSE)**\n\n \n\n \n9,881\n \n\n \n\n \n15,938\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**LOSS BEFORE INCOME TAXES**\n\n \n\n \n(76,742 )\n \n\n \n(88,949 )\n\nProvision for income taxes\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n**NET LOSS**\n\n \n$(76,742 )\n \n$(88,949 )\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**LOSS PER COMMON SHARE – BASIC AND DILUTED**\n\n \n\n \n(0.00 )\n \n\n \n(0.00 )\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC AND DILUTED**\n\n \n\n \n61,882,172\n \n\n \n\n \n61,882,172\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n \n\n \n\nF-4\n\n*Table of Contents*\n\n \n\n**CHASE PACKAGING CORPORATION**\n\n**STATEMENTS OF STOCKHOLDERS’ EQUITY**\n\n**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024**\n\n \n\n \n\n \n\n**Common**\n\n \n\n \n\n**Additional**\n\n**Paid-in**\n\n \n\n \n\n**Accumulated**\n\n \n\n \n\n**Treasury Stock**\n\n \n\n \n\n**Total Stockholders’**\n\n \n\n \n\n \n\n**Shares**\n\n \n\n \n\n**Amount**\n\n \n\n \n\n**Capital**\n\n \n\n \n\n**Deficit**\n\n \n\n \n\n**Shares**\n\n \n\n \n\n**Amount**\n\n \n\n \n\n**Equity**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at December 31, 2023\n\n \n\n \n62,379,759\n \n\n \n$619\n \n\n \n$8,839,367\n \n\n \n$(8,407,041 )\n \n\n \n(497,587 )\n \n$(49,759 )\n \n$383,186\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the year ended December 31, 2024\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n(88,949 )\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n(88,949 )\n\nBalance at December 31, 2024\n\n \n\n \n62,379,759\n \n\n \n$619\n \n\n \n$8,839,367\n \n\n \n$(8,495,990 )\n \n\n \n(497,587 )\n \n$(49,759 )\n \n$294,237\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss for the year ended December 31, 2025\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n(76,742 )\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n(76,742 )\n\nBalance at December 31, 2025\n\n \n\n \n62,379,759\n \n\n \n$619\n \n\n \n$8,839,367\n \n\n \n$(8,572,732 )\n \n\n \n(497,587 )\n \n$(49,759 )\n \n$217,495\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n \n\n \n\nF-5\n\n*Table of Contents*\n\n \n\n**CHASE PACKAGING CORPORATION**\n\n**STATEMENTS OF CASH FLOWS**\n\n \n\n \n\n \n\n**For The Year Ended**\n\n \n\n \n\n \n\n**December 31,**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\n**CASH FLOWS FROM OPERATING ACTIVITIES:**\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet loss\n\n \n$(76,742 )\n \n$(88,949 )\n\nChanges in operating assets and liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccounts payable and accrued liabilities\n\n \n\n \n998\n \n\n \n\n \n(1,512 )\n\n**Net cash used in operating activities**\n\n \n\n \n(75,744 )\n \n\n \n(90,461 )\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**CASH FLOWS FROM INVESTING ACTIVITIES**\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**CASH FLOWS FROM FINANCING ACTIVITIES**\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**NET DECREASE IN CASH AND CASH EQUIVALENTS**\n\n \n\n \n(75,744 )\n \n\n \n(90,461 )\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents, Beginning of Year\n\n \n\n \n297,710\n \n\n \n\n \n388,171\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**CASH AND CASH EQUIVALENTS, END OF YEAR**\n\n \n$221,966\n \n\n \n$297,710\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**SUPPLEMENTAL CASH FLOW INFORMATION:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash paid for:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest paid\n\n \n$—\n \n\n \n$—\n \n\nIncome taxes paid\n\n \n$—\n \n\n \n$—\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n \n\n \n\nF-6\n\n*Table of Contents*\n\n \n\n**CHASE PACKAGING CORPORATION**\n\n**NOTES TO FINANCIAL STATEMENTS**\n\n**FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024**\n\n \n\n**NOTE 1 - BASIS OF PRESENTATION:**\n\n \n\nChase 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.\n\n \n\n**NOTE 2 - LIQUIDITY**:\n\n \n\nAt December 31, 2025 and 2024, the Company had cash and cash equivalents of $221,966 and $297,710, respectively, consisting of cash and U.S. Treasury Money Market Funds. Our net losses incurred for the years ended December 31, 2025 and 2024, amounted to $76,742 and $88,949, respectively, and we had working capital of $217,495 and $294,237 at December 31, 2025 and 2024, 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.\n\n \n\n**NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:**\n\n \n\n**Use of Estimates**\n\n \n\nThe 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.\n\n \n\n**Cash and Cash Equivalents**\n\n \n\nThe Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three 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 December 31, 2025 and 2024, the Company had cash in insured accounts in the amounts of $1,501 and $2,622, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of $220,465 and $295,088, respectively.\n\n \n\n**Income Taxes**\n\n \n\nThe 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.\n\n \n\nThe Company follows FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” At December 31, 2025 and 2024, 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.\n\n \n\n \n\nF-7\n\n*Table of Contents*\n\n \n\n \n\n**Accounting for Stock Based Compensation**\n\n \n\nStock-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.\n\n \n\n**Treasury Stock**\n\n \n\nThe 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 December 31, 2025 and 2024.\n\n \n\n**Recent Adopted Pronouncements**\n\n \n\nIn December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid (ASU 2023-09). ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign taxes and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The Company has adopted ASU 2023-09 for the year ended December 31, 2025 and has retrospectively adjusted disclosures for the year ended December 31, 2024. The adoption of ASU 2023-09 had no impact on the Company’s balance sheets, statements of operations, or statements of cash flows.\n\n \n\n**NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE:**\n\n \n\nBasic 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.\n\n \n\nWe have excluded 6,909,000 common stock equivalents (warrants - Note 6) from the calculation of diluted loss per share for the years ended December 31, 2025 and 2024, respectively, which, if included, would have an antidilutive effect.\n\n \n\n**NOTE 5 - INCOME TAXES:**\n\n \n\nThe Company has recorded a full valuation allowance on its net deferred tax assets and therefore any impact on the value of the Company’s deferred tax assets will be offset by a change in the valuation allowance, which increased by $19,000 and $22,240 during the years ended December 31, 2025 and 2024, respectively.\n\n \n\nOur tax provision is determined using an estimate of our annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. The 2025 and 2024 annual effective tax rate is estimated to be a combined 25%, respectively for the U.S. combined federal and state statutory tax rates. We review tax uncertainties in light of changing facts and circumstances and adjust them accordingly. As of December 31, 2025 and 2024, there were no tax contingencies or unrecognized tax positions recorded.\n\n \n\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting, and the amounts recognized for income tax purposes. The significant components of deferred tax assets (at an approximate 25% effective tax rate) as of December 31, 2025 and 2024, respectively, are as follows:\n\n \n\n \n\n \n\n**Year ended**\n\n \n\n \n\n \n\n**December 31,**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\nDeferred tax assets and valuation allowances consist of:\n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet operating loss carry forwards\n\n \n$328,675\n \n\n \n$309,675\n \n\nLess valuation allowance\n\n \n\n \n(328,675 )\n \n\n \n(309,675 )\n\nNet deferred tax assets\n\n \n$—\n \n\n \n$—\n \n\n \n\n \n\nF-8\n\n*Table of Contents*\n\n \n\nThe income tax provision differs from the amount of income tax determined by applying the combined U.S federal and state tax rate (25%) for the years ended December 31, 2025 and 2024 due to the following:\n\n \n\n \n\n \n\n**Year ended**\n\n \n\n \n\n \n\n**December 31,**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\nBook income\n\n \n$(19,000 )\n \n$(22,240 )\n\nWarrant modification expense\n\n \n\n \n—\n \n\n \n\n \n—\n \n\nValuation allowance\n\n \n\n \n19,000\n \n\n \n\n \n22,240\n \n\nIncome tax expense\n\n \n$—\n \n\n \n$—\n \n\n \n\nThe Company has a net operating loss carry forward for federal and state tax purposes of approximately $1,314,700 and $1,238,800 as of December 31, 2025 and 2024, respectively, that is potentially available to offset future taxable income. The Act changes the rules on net operating loss carry forwards. The 20-year limitation was eliminated for losses incurred after January 1, 2018, giving the taxpayer the ability to carry forward losses indefinitely. However, net operating loss carry forward arising after January 1, 2018, will now be limited to 80 percent of taxable income.\n\n \n\nFor financial reporting purposes, no deferred tax asset was recognized because at December 31, 2025 and 2024, management estimates that it is more likely than not that substantially all of the net operating losses will expire unused. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. The timing and manner in which we can utilize our net operating loss carry forward and future income tax deductions in any year may be limited by provisions of the Internal Revenue Code regarding the change in ownership of corporations. Such limitation may have an impact on the ultimate realization of the Company’s carry forwards and future tax deductions. Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on a corporation’s ability to utilize net operating losses if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. Any unused annual limitation may be carried over to later years, and the amount of the limitation may under certain circumstances be increased by the built-in gains in assets held by us at the time of the change that are recognized in the five-year period after the change. Upon review of the ownership shifts, there has not been an ownership change as defined under Section 382.\n\n \n\nThe Company had no uncertain tax positions that would necessitate recording of a tax related liability.\n\n \n\nThe Company’s tax returns for the years ended December 31, 2025 and 2024 are open for examination under Federal Statute of Limitations.\n\n \n\n**NOTE 6 - WARRANTS AND PREFERRED STOCK:**\n\n \n\n**Warrants**\n\n \n\n2023 Extension of Warrant Terms\n\n \n\nThe 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 $345,450 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:\n\n \n\nAverage risk-free interest rate\n\n \n\n \n4.66%\n\nAverage expected life-years\n\n \n\n \n3\n \n\nExpected volatility\n\n \n\n \n182.19%\n\nExpected dividends\n\n \n\n \n0%\n\n \n\n \n\nF-9\n\n*Table of Contents*\n\n \n\n \n\n \n\n**Number of Warrants**\n\n \n\n \n\n**Weighted Average Exercise Price**\n\n \n\n \n\n**Weighted Average Remaining Contractual Life (Years)**\n\n \n\nOutstanding at December 31, 2024\n\n \n\n \n6,909,000\n \n\n \n$0.15\n \n\n \n\n \n1.18\n \n\nGranted\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\nExtended\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\nExercised\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\nForfeited/expired\n\n \n\n \n—\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\nOutstanding at December 31,2025\n\n \n\n \n6,909,000\n \n\n \n$0.15\n \n\n \n\n \n0.18\n \n\nExercisable at December 31, 2025\n\n \n\n \n6,909,000\n \n\n \n$0.15\n \n\n \n\n \n0.18\n \n\n \n\nAs of December 31, 2025 and 2024, the average remaining contractual life of the outstanding warrants was 0.18 years and 1.18 years, respectively. The intrinsic value of the warrants at December 31, 2025 was $0. On February 23, 2026 the warrant expiration date was extended to March 7, 2029.\n\n \n\n**Series A 10% Convertible Preferred Stock**\n\n \n\nThe 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 December 31, 2025 and 2024, there was no preferred stock issued or outstanding.\n\n \n\n**NOTE 7 - STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION:**\n\n \n\nAt December 31, 2025 and 2024, 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 December 31, 2025 and 2024.\n\n \n\nThe Company did not incur any stock-based compensation or issue common or preferred stock or any other equity instruments during the years ended December 31, 2025 and 2024.\n\n \n\n**NOTE 8 - FAIR VALUE MEASUREMENTS:**\n\n \n\nASC 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).\n\n \n\nThe three levels are described below:\n\n \n\nLevel 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;\n\n \n\nLevel 2 Inputs - Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;\n\n \n\nLevel 3 Inputs - Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.\n\n \n\n \n\nF-10\n\n*Table of Contents*\n\n \n\nThere were no transfers in or out of any level during the years ended December 31, 2025 or 2024.\n\n \n\nExcept 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 years ended December 31, 2025 or 2024 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.\n\n \n\nThe Company determines fair values for its investment assets as follows:\n\n \n\nCash 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.\n\n \n\nThe following tables provide information on those assets measured at fair value on a recurring basis as of December 31, 2025 and 2024, respectively:\n\n \n\n \n\n \n\n**Carrying**\n\n**Amount In**\n\n**Balance Sheet**\n\n**December 31,**\n\n \n\n \n\n**Fair Value**\n\n**December 31,**\n\n \n\n \n\n**Fair Value**\n\n**Measurement Using**\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2025**\n\n \n\n \n\n**Level 1**\n\n \n\n \n\n**Level 2**\n\n \n\n \n\n**Level 3**\n\n \n\n**Assets:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTreasury and government securities\n\n \n$220,465\n \n\n \n$220,465\n \n\n \n$220,465\n \n\n \n$—\n \n\n \n$—\n \n\nMoney market funds\n\n \n\n \n1,501\n \n\n \n\n \n1,501\n \n\n \n\n \n1,501\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\nTotal Assets\n\n \n$221,966\n \n\n \n$221,966\n \n\n \n$221,966\n \n\n \n$—\n \n\n \n$—\n \n\n \n\n \n\n \n\n**Carrying**\n\n**Amount In**\n\n**Balance Sheet**\n\n**December 31,**\n\n \n\n \n\n**Fair Value**\n\n**December 31,**\n\n \n\n \n\n**Fair Value**\n\n**Measurement Using**\n\n \n\n \n\n \n\n**2024**\n\n \n\n \n\n**2024**\n\n \n\n \n\n**Level 1**\n\n \n\n \n\n**Level 2**\n\n \n\n \n\n**Level 3**\n\n \n\n**Assets:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTreasury and government securities\n\n \n$295,088\n \n\n \n$295,088\n \n\n \n$295,088\n \n\n \n$—\n \n\n \n$—\n \n\nMoney market funds\n\n \n\n \n2,622\n \n\n \n\n \n2,622\n \n\n \n\n \n2,622\n \n\n \n\n \n—\n \n\n \n\n \n—\n \n\nTotal Assets\n\n \n$297,710\n \n\n \n$297,710\n \n\n \n$297,710\n \n\n \n$—\n \n\n \n$—\n \n\n \n\n**NOTE 9 - COMMITMENTS AND CONTINGENCIES:**\n\n \n\nThe 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.\n\n \n\n**NOTE 10 - SUBSEQUENT EVENTS:**\n\n \n\nThe Company has evaluated subsequent events from December 31, 2025 through the issuance date of these financial statements and, except as follows, there are no other subsequent events requiring disclosure.\n\n \n\nThe 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, 2029.  The terms of the warrants, including the exercise price of $0.15 per share, remain in effect without modification.\n\n \n\n \n\nF-11"}