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iWallet Corp filed its Q3 2025 10‑Q, reporting $0 revenue and a net loss of $185,511 for the quarter. For the nine months, net loss was $381,065.
Operating expenses rose sharply to $181,874 in Q3, driven by R&D of $161,882 as the company develops its new product. Cash was $229 at September 30, 2025, with a working capital deficit of $693,849 and current liabilities of $694,078, including $260,000 in convertible debentures and $315,382 in accrued interest. Management states there is substantial doubt about the company’s ability to continue as a going concern.
To manage obligations, the company converted debt and payables into equity, issuing 5,000,000 shares in April 2025 for note conversion and 3,600,000 shares in July/August 2025 to settle accounts payable. A subsequent event on October 8, 2025 issued 20,000,000 shares to the CEO for services, valued at $600,000. Shares outstanding were 106,419,419 as of November 13, 2025.