Chase Packaging Corporation is a shell company focused on securing a merger or acquisition, with no ongoing manufacturing or operational activities as of 2024.

# Chase Packaging Corporation — Company Summary

**Business Activity:**
- The Company was previously engaged in the manufacturing and distribution of woven paper mesh for industrial applications and polypropylene mesh fabric bags for agricultural use.
- Management's current focus is on securing a merger or acquisition, raising capital, and creating shareholder value.
- The Company is classified as a *shell company* under SEC rules, with no ongoing operations or revenue as of the latest reporting period.

**Historical Background:**
- Established in July 1993 as a wholly-owned subsidiary of Dawson Geophysical Company.
- In 1997, sold its manufacturing operations and completed liquidation of assets.
- Since 1999, the Board has been seeking to establish a new business, merge, or reorganize.

**Current State of Operations:**
- The Company has no properties, facilities, or employees; it utilizes management-provided office space and equipment at no cost.
- No products are currently manufactured or sold; no sales revenue or manufacturing activity recorded.
- The only income generated has been interest income from short-term investments; no revenue from operations is reported.

**Financials:**
- As of December 31, 2024:
  - Cash and cash equivalents: **$297,710**
  - Total assets: **$297,710**
  - Total liabilities: **$3,473**
  - Total stockholders’ equity: **$294,237**
  - No revenues for 2024 or 2023.
  - Net loss for 2024: **$88,949** (from interest income, no operational revenue, and administrative expenses).
  - Net loss for 2023: **$403,030**

**Employees and Customers:**
- The Company has no current employees or customers due to lack of ongoing operations.

**Other Details:**
- The Company’s stock trades on the OTC Pink Market under the symbol “WHLT” with limited trading activity.
- As of December 31, 2024, approximately 225 stockholders of record.
- No dividends have been paid or are anticipated.
- Management’s efforts are directed toward finding a business combination rather than operating a current business.

Chase Packaging Corporation is a Delaware-based shell company focused on mergers and acquisitions with no active business operations or revenue generation.

# Summary of Chase Packaging Corporation

## Overview
Chase Packaging Corporation is a Delaware-based company primarily functioning as a *shell company*. Historically, the company was involved in the manufacturing and supply of packaging products to the agricultural industry until it entered an orderly liquidation process in 1997.

## Business Focus
Currently, the management of Chase Packaging Corporation is focused on securing a merger partner or acquiring private companies to create investment value. The company has no active business operations or revenue-generating activities at present.

## Operations
- **History**: Established in 1993, the company liquidated its assets in 1997. Since 1999, it has shifted its focus to identifying potential mergers or acquisitions.
- **Current Status**: The company remains a shell corporation with an emphasis on seeking investment opportunities rather than generating revenue through operations.

## Financial Information
- **Number of Customers**: The company does not have any active customers as it currently does not engage in any marketing or sales activities.
- **Employees**: The company has minimal staffing, with only a Chief Financial Officer (CFO) and administrative support. The CFO, Ann C. W. Green, has been in her role since 2001.
- **Revenue**: Chase Packaging Corporation reported no operational revenue for the fiscal years ended December 31, 2023, and 2022, with the only income derived from interest on short-term investments classified as cash and cash equivalents.
- **Income and Loss**:
  - **Net Loss for 2023**: $(403,030)
  - **Net Loss for 2022**: $(55,892)
- **Operating Expenses**: Total operating expenses for the year ended December 31, 2023, were $72,259, compared to $60,122 in 2022. This includes audit, legal, and administrative expenses.
  
## Cash Position
- **Cash and Cash Equivalents**: As of December 31, 2023, the company had cash and cash equivalents totaling $388,171, which it believes is sufficient for its business activities for at least the next twelve months.

## Future Outlook
Chase Packaging Corporation's management anticipates that future operating expenses may decrease and stabilize as they comply with reporting requirements. The company is focused on finding viable business opportunities but does not guarantee successful operations or revenue generation at this time.

In summary, Chase Packaging Corporation is in a transitional phase, focusing exclusively on M&A strategies, with no current operating revenue or active business engagements.

CHASE PACKAGING CORP

10-K / April 1, 2025

10-K / April 16, 2024

10-K / April 1, 2025

Chase Packaging Corporation — Company Summary