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iWallet Corp$36,529, compared with a loss of $19,029 a year earlier, driven mainly by higher audit, legal and rent expenses and increased interest on bridge loans.
As of March 31, 2026, iWallet held only $16 in cash and total assets of $73,626 against total liabilities of $925,659, resulting in a stockholders’ deficit of $852,033. Management discloses substantial doubt about the company’s ability to continue as a going concern, citing cumulative losses of $6,729,118 and heavy reliance on related-party advances, bridge loans, and defaulted convertible debentures.
Current liabilities include $260,000 of secured convertible debentures, several 10% bridge notes, and accrued interest of over $340,000. Disclosure controls and procedures were deemed not effective, and the company had 106,419,419 common shares and 7,644,000 preferred shares outstanding with no new equity raised in the quarter.
iWallet Corp reports a filing showing Killuminati Investments LLC beneficially owns 8,000,000 shares of Common Stock, representing 7.52% of the class. The filing lists sole voting and dispositive power over the 8,000,000 shares and is signed by Ryan Contardi as CEO on 04/08/2026.
iWallet Corporation reported no revenue for 2025 or 2024 and a sharply higher net loss of $1,102,720 in 2025, compared with a $108,091 loss in 2024. The jump was driven mainly by $918,174 in operating expenses, including $600,000 of stock-based compensation to the CEO and $267,013 of research and development.
At December 31, 2025, iWallet had a cash balance of $0, a working capital deficit of $848,762 and an accumulated deficit of $6,692,589. The independent auditor and management disclosed substantial doubt about the company’s ability to continue as a going concern. The business remains pre-revenue, focused on biometric security wallets and related “smart container” products, with prototypes completed and plans for pre-sales in Q3 2026 and initial deliveries in Q4.
Capital needs have been funded through convertible debentures, notes payable and equity issuances, including common and preferred shares. Some debentures are in default or past original maturity, with renegotiations ongoing. Common stock outstanding rose to 106,419,419 shares as of December 31, 2025, and the stock trades on the OTC Pink under the symbol “IWAL.”
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.