Form 10-Q/A - Quarterly report [Sections 13 or 15(d)]: [Amend]

Share Name	Share Symbol	Market	Type
iWallet Corporation (PK)	USOTC:IWAL	OTCMarkets	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	0.0083	0.0044	0.0144				0.00	18:02:14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 000-56347

iWallet Corp

(Exact name of registrant as specified in its charter)

Nevada		27-1830013
(State or other jurisdiction of incorporation)		(IRS Employer Identification Number)

401 Ryland St., Ste. 200A

Reno, NV 89502

(Address of principal executive offices)

(858) 610-2958

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.

Title of each class	Trading Symbol	Name of each exchange on which registered
Not applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 14, 2023, the Company had 72,819,419 shares of common stock outstanding.

EXPLANATORY NOTE

This Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2023 as originally filed with the Securities and Exchange Commission (the “SEC”) on November 20, 2023 (the “Original Filing”). This Form 10-Q/A is being filed to correct the disclosures stated in the consolidated financial statements for the three and nine-month periods ended September 30, 2023 and 2022. This Form 10-Q/A amends the Company’s Condensed Consolidated Financial Statements and related disclosures in Item 1 for the six months ended June 30, 2023, as well as Management’s Discussion and Analysis in Item 2.

Item 6 of Part II of this Amendment has been amended to include currently-dated certifications from our principal executive officer and principal financial officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101 provides the financial statements and related notes from the Original Filing formatted in XBRL (eXtensible Business Reporting Language).

This Form 10-Q/A continues to describe conditions as of the date of the Original Filing and the Company has not modified or updated other disclosures presented in the Original Filing. This Form 10-Q/A does not reflect events occurring after the date of the Original Filing nor does it modify or update disclosures affected by subsequent events occurring after the date of the Original Filing nor does it modify or update disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s Form 10-K for the fiscal year ended December 31, 2022.

IWALLET CORP.

INDEX

PART I. FINANCIAL INFORMATION	4
Item 1. Financial Statements (Unaudited)	4
Balance Sheets	4
Statements of Operations	5
Statement of Stockholders’ Deficit	6
Statements of Cash Flows	7
Notes to Unaudited Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	17
Item 4. Controls and Procedures.	17
PART II - OTHER INFORMATION	18
Item 1. Legal Proceedings.	18
Item 1A. Risk Factors.	18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	18
Item 3. Defaults Upon Senior Securities.	18
Item 4. Mine Safety Disclosures.	18
Item 5. Other Information.	18
Item 6. Exhibits.	18
SIGNATURES	21

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

iWallet Corp.

Balance Sheets

(Unaudited)

	September 30, 2023		December 31, 2022
Assets
Current Assets
Cash	$	3,859	$	13,049
Total Current Assets		3,859		13,049

Total Assets	$	3,859	$	13,049

Liabilities and Stockholders’ Deficit
Liabilities
Current Liabilities
Account Payable	$	-	$	7,332
Accrued Interest Payable		230,470		408,112
Due to Related Party		11,004		1,649
Convertible Debentures		262,000		504,500
Total Current Liabilities		503,474		921,593

Total Liabilities		503,474		921,593

Stockholders’ Deficit
Preferred stock; par value $0.001, 0 shares authorized; 7,644,000 and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively		7,644		-
Common stock; par value $0.001, 75,000,000 shares authorized; 72,819,419 and 52,819,419 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively		72,819		52,819
Additional Paid-in Capital		4,883,405		4,252,563
Accumulated Deficit		(5,463,483)		(5,213,926)
Total Stockholders’ Deficit		(499,615)		(908,544)
Total Liabilities and Stockholders’ Deficit	$	3,859	$	13,049

The accompanying notes are an integral part of these unaudited financial statements.

iWallet Corp.

Statements of Operations

(Unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues	$	-	$	-	$	-	$	10,050
Cost of Sales		-		-		-		-
Gross Profit		-		-		-		10,050

Operating Expenses
General and Administrative Expenses		8,103		4,925		221,212		35,254
Total Operating Expenses		8,103		4,925		221,212		35,254
Operating Loss		(8,103)		(4,925)		(221,212)		(25,204)

Other Income (Expense)
Interest Expense		8,625		(17,881)		(28,345)		(52,044)
Total Other Income (Expense)		8,625		(17,881)		(28,345)		(52,044)
Net Income (Loss)	$	522	$	(22,806)	$	(249,557)	$	(77,248)

Basic and Diluted Earnings per Share	$	0.00	$	(0.00)	$	(0.00)	$	(0.00)

Weighted Average Common Shares - Basic and Diluted		72,819,419		52,819,419		62,269,968		52,819,419

The accompanying notes are an integral part of these unaudited financial statements.

iWallet Corp.

Statement of Stockholders’ Deficit

Nine Months Ended September 30, 2023 and 2022

(Unaudited)

	Preferred Shares			Common Shares
	Shares	Amount		Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Total

Balance at December 31, 2022	-	$	-	52,819,419	$	52,819	$	4,252,563	$	(5,213,926)	$	(908,544)
Net Loss for the Period	-		-	-		-		-		(20,986)		(20,986)
Balance at March 31, 2023	-		-	52,819,419		52,819		4,252,563		(5,234,912)		(929,530)
Issuance of common stock for services	-		-	20,000,000		20,000		180,000		-		200,000
Net Loss for the Period	-		-	-		-		-		(229,093)		(229,093)
Balance at June 30, 2023	-		-	72,819,419		72,819		4,432,563		(5,464,005)		(958,623)
Issuance of preferred stock for debt settlement	7,644,000		7,644	-		-		450,842		-		458,486
Net Income for the Period	-		-	-		-		-		522		522
Balance at September 30, 2023	7,644,000	$	7,644	72,819,419	$	72,819	$	4,883,405	$	(5,463,483)	$	(499,615)

	Preferred Shares			Common Shares
	Shares	Amount		Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Total

Balance at December 31, 2021	-	$	-	52,819,419	$	52,819	$	4,252,563	$	(5,107,196)	$	(854,633)
Net Loss for the Period	-		-	-		-		-		(21,252)		(21,252)
Balance at March 31, 2022	-		-	52,819,419		52,819		4,252,563		(5,128,448)		(875,885)
Net Loss for the Period	-		-	-		-		-		(33,190)		(33,190)
Balance at June 30, 2022	-		-	52,819,419		52,819		4,252,563		(5,161,638)		(909,075)
Net Loss for the Period	-		-	-		-		-		(22,806)		(22,806)
Balance at September 30, 2022	-	$	-	52,819,419	$	52,819	$	4,252,563	$	(5,184,444)	$	(931,881)

The accompanying notes are an integral part of these unaudited financial statements.

iWallet Corp.

Statements of Cash Flows

(Unaudited)

	For the Nine Months Ended September 30,
	2023		2022
Cash Flows from Operating Activities:
Net Loss	$	(249,557)	$	(77,248)
Stock Issued for Services		200,000		-
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities
Changes in Accounts Payable		(7,333)		4,784
Changes in Accrued Liabilities		-		(2,998)
Changes in Due to Related Party		9,355		-
Changes in Accrued Interest Payable		28,345		52,045
Net Cash Used in Operating Activities		(19,190)		(23,417)

Cash Flows from Investing Activities:
Net Cash Provided by Investing Activities		-		-

Cash Flows from Financing Activities:
Proceeds from Convertible Debt		10,000		-
Net Cash Provided by Financing Activities		10,000		-

Net Increase in Cash		(9,190)		(23,417)
Cash at Beginning of Period		13,049		49,658
Cash at End of Period	$	3,859	$	26,241

Supplemental Disclosure Information:
Interest Paid in Cash	$	-	$	-
Income Taxes paid in Cash	$	-	$	-

Schedule of Non-Cash Investing and Financing Activities:
Preferred stock issued for convertible debt	$	458,486	$	-

The accompanying notes are an integral part of these unaudited financial statements.

iWallet Corp.

Notes to Unaudited Financial Statements

September 30, 2023

1. Nature of Business and Going Concern

iWallet Corp. (“the Company”) is engaged in the design, development, manufacturing and sales of bio-metric locking wallets, which operate by scanning a user’s fingerprint to open the wallet.

iWallet Corporation (“iWallet”) was incorporated on November 18, 2009 in the State of California and is located at 7394 Trade Street, San Diego, California 92121. On July 21, 2014, the Company merged with iWallet Acquisition Corporation (the “Acquisition Sub”) (“the Merger”), a subsidiary formed by Queensridge Mining Resources, Inc. (“Queensridge”) for purposes of the Merger, which resulted in the Company becoming a wholly-owned subsidiary of Queensridge. Immediately following the merger, the Acquisition Sub merged with and into Queensridge. Queensridge immediately changed its name to iWallet Corp and is continuing the business of iWallet as its only line of business.

The Company began trading on July 21, 2014, on the OTCQB Exchange under the ticker symbol IWAL. The Company’s functional currency is the U.S. Dollar.

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (‘U.S. GAAP’), which contemplates continuation of the Company as a going concern.

As of September 30, 2023, the Company has a deficit of $5,463,483 and has significant losses and negative cash flows from operations. There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the near future to enable it to meet its obligations as they come due. As a result, there is substantial doubt regarding the Company’s ability to continue as a going concern. The future of the Company is dependent upon its ability to obtain financing and upon achieving profitable operations.

Management has raised additional capital through private placement offerings and has plans to raise funds through public offering of its capital stock. While the Company has been successful in securing such financing in the past, there is no assurance that it will be able to do so in the future. Accordingly, these financial statements do not give effect to adjustments, relating to the recoverability and classification of recorded assets, or the amounts of and classifications of liabilities that might be necessary in the event the Company cannot continue as a going concern.

All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these financial statements.

2. Significant Accounting Policies

Estimates

The 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 revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include amounts for useful lives of patents, trademarks, and software and website development costs.

Allowance for doubtful accounts

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated credit risk by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is estimated and recorded based on management’s assessment of the credit history with the customer and the current relationships with them. The Company has no accounts receivable or allowance for doubtful accounts as of September 30, 2023 or December 31, 2022.

Intangible assets

Patents and trademarks are measured at cost. Legal fees associated with patents and trademarks, which are expected to be issued, are recorded as patents and trademarks on the balance sheets. Upon approval by the relevant patent office, the patents and trademarks are amortized over their respective expected lives. Patent and trademark costs associated with patents or trademarks which are not approved or are abandoned, are expensed in the period in which such patents are not approved.

The Company expects to maintain patents for up to 20 years from the effective date and the trademark registrations for as long as the trademarks remain in use and the required filings are made to keep them in use. However, based on the Company’s assessment of potential innovation or other competing technological developments a useful life of ten years has been assessed for both the patents and the trademarks.

Software consists of costs relating to the development of the software behind the biometric scanning and the other security programs involved in the wallets. Costs relating to the development of this software are capitalized and amortized over its estimated useful life of ten years.

Website development costs relating to website and mobile application and software development are also capitalized and amortized over its estimated useful life of three years.

ASC 350-20, Goodwill, and 350-30, General Intangibles Other than Goodwill, require intangible assets with a finite life be tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated discounted cash flow used in determining the fair value of the asset.

Fair value of financial instruments

ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC 20 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The carrying amounts of cash, accounts payable, accrued liabilities, due to related party and convertible debentures approximate fair value because of their short-term nature. Per ASC 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The bank indebtedness has a variable interest rate, which results in an exposure to interest rate risk resulting from an increase in rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. All other liabilities are non-interest bearing.

Revenue recognition

The Company derives revenue primarily from the sale of its wallets and consulting services provided to other companies in the smart wallet market. The Company earned $0 and $10,050 in consulting during the nine months ended September 30, 2023 and 2022, respectively. The Company also plans to derive an insignificant amount of revenue from providing engraving of the wallets. Engraving revenues will be recognized concurrent with the revenues for the related wallet.

Revenue is recognized in accordance with ASC 606, Revenue from Contracts with Customers. The Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the

contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to arrangements that meet the definition of a contract under ASC 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the goods or services promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Concentrations of credit risk

The Company’s cash balances are maintained in bank accounts in the United States. Deposits held in banks in the United States are insured up to $250,000 per depositor for each bank by the Federal Deposit Insurance Corporation. Actual balances at times may exceed these limits.

Loss per share of common stock

Loss per common share (basic and diluted) is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. Diluted loss per share and the weighted average number of shares of common stock exclude 13,536,875 and 6,256,720 potentially convertible debenture shares at J September 30, 2023 and December 31, 2022, respectively, since their effect is anti-dilutive.

Income taxes

Income taxes are computed in accordance with the provisions of ASC 740, Income Taxes, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a material impact on the Company’s income tax provision and results of operations.

3. Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement

Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

4. Intangible Assets

	September 30, 2023 and December 31, 2022
	Cost		Accumulated Amortization		Net Book Value
Patents	$	78,619	$	78,619	$	-
Trademarks		16,909		16,909		-
Software		51,680		51,680		-
Website Development		16,000		16,000		-
	$	163,208	$	163,208	$	-

Amortization for the nine months ended September 30, 2023 and 2022, was $0 and $0 respectively.

5. Related Party Transactions and Balances

	September 30, 2023		December 31, 2022
Current Liabilities
Due to Related Party	$	11,004	$	1,649

During the nine months ended September 30, 2023, $9,355 in expenses were paid directly by a related party. The above balances are non-interest bearing, unsecured and due on demand. The related party is affiliated by virtue of common ownership.

6. Convertible Debentures

In fiscal 2015, the Company issued two tranches, one in April and one in September, of secured convertible debentures with identical terms and maturity dates (together, “the Debentures”) for gross proceeds of $492,500. The Company incurred $39,400 in broker’s commissions resulting in net proceeds of $453,100. The Debentures bear interest at a rate of 8% per annum, with interest payments due semi-annually. The Debentures matured on April 30, 2017, and are currently in default. The debentures became immediately due and payable in default at the request of the note holders. However, the note holders have not made any request for immediate payment. There are no additional terms in the event of default. The Debentures are convertible at any time, in whole, to shares of common stock at a conversion price of $0.15 per share. On July 7, 2023, the Company negotiated settlement of six of its noteholders in exchange for preferred shares of the Company’s stock. In accordance with the agreement, there was 7,644,000 shares of preferred shares issued for settlement of $252,500 principal and $205,986 in accrued interest. At September 30, 2023 and December 31, 2022, the principal balance on these notes was $240,000 and $492,500 and accrued interest was $224,169 and $402,848, respectively.

The conversion feature was determined to be an embedded derivative; however, since the instrument is a conventional convertible debenture the conversion feature was not bifurcated. Additionally, the conversion feature was determined not to be beneficial in both tranches as the fair value of the Company’s share price at the date of issuance was less than the conversion price. Accordingly, no proceeds were allocated to the value of the conversion feature on initial recognition.

On August 13, 2018, the Company entered into a secured convertible debenture agreement (the “convertible debenture”) with a service provider amounting to $12,000. The convertible debenture bears interest at 10% per annum calculated monthly and payable on maturity and had a maturity date of August 13, 2021. The debentures became immediately due and payable in default at the request of the note holders. However, the note holders have not made any request for immediate payment. There are no additional terms in the event of default. The conversion price is $0.06 per share. At September 30, 2023 and December 31, 2022, the accrued interest was $6,161 and $5,264, respectively.

On August 10, 2023, the Company entered into a secured convertible debenture agreement (the “convertible debenture”) with a service provider amounting to $10,000. The convertible debenture bears interest at 10% per annum calculated monthly and payable on maturity and had a maturity date of August 10, 2024. The conversion price is $0.001 per share. At September 30, 2023 and December 31, 2022, the accrued interest was $140 and $0, respectively.

7. Common Share Capital

The Company is authorized to issue 75,000,000 shares of Common Stock with a par value of $0.001 and had 72,819,419 and 52,819,419 shares of Common Stock issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.

On May 24, 2023, the Company issued 20,000,000 shares of Common Stock to its CEO for services rendered to the Company. The stock price was $0.01 for a total value of $200,000 and the Company recognized an expense of $200,000.

8. Preferred Share Capital

The Company is authorized to issue 0 shares of Preferred Stock with a par value of $0.001 and had 7,644,000 and 0 shares of Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. The Preferred Stock converts to common at a 1:1 ratio and has a “Leak Out Provision” that limits the shareholder from selling more than 12.5% of their shares per quarter.

On July 7, 2023, the Company issued 7,644,000 shares of Preferred Stock to six noteholders as settlement of their convertible notes of $252,500 and accrued interest of $205,986.

9. Commitments and Contingencies

Legal Matters

From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising from the ordinary course of our business, collections claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors.

10. Subsequent Events

Management has evaluated subsequent events, in accordance with ASC 855, “Subsequent Events,” through the date these financial statements were issued and noted no items requiring disclosure, except as disclosed below.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Rule 175 of the Securities Act of 1933, as amended, and Rule 3b-6 of the Securities Act of 1934, as amended, that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our industry, our beliefs and our assumptions. Words such as “anticipate,” “expects,” “intends,” “plans,” “believes,” “seeks” and “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Form 10-K. Investors should carefully consider all of such risks before making an investment decision with respect to the Company’s stock. The following discussion and analysis should be read in conjunction with our financial statements and summary of selected financial data for iWallet Corporation Such discussion represents only the best present assessment from our Management.

Overview

iWallet Corporation (the “Company” or “iWallet”) was incorporated on November 18, 2009, in the State of California as “Queensridge Mining Resources, Inc.” On or about July 21, 2014, iWallet Corporation, a private California corporation, merged with and into our wholly owned Nevada subsidiary, iWallet Acquisition Corp., and iWallet Acquisition Corp. then immediately merged with and into the Company, with the Company immediately changing its name to “iWallet Corporation.”

The Company is currently focused on designing and developing biometric locking wallets and related physical, personal security products, and providing consulting services in connection with protective wallets and other personal security products.

The Company’s fiscal year end is December 31, its telephone number is (858) 610-2958, and the address of its principal executive office is 401 Ryland St., Ste. 200A, Reno, Nevada.

The Company was previously a public company required to file reports with the United States Securities and Exchange Commission (the “SEC”) as a result of effectiveness of prior registration statements we filed with the SEC in 2010 and 2014, but our reporting obligations were automatically suspended as a result of having less than 300 shareholders of record, and we subsequently filed a Form 15 (a Notice of the suspension of our duty to file reports under the Securities Exchange Act) and discontinued reporting in 2016.

Reports to Security Holders

The Company intends to furnish its stockholders with annual reports containing financial statements audited by its independent registered public accounting firm and to make available quarterly reports containing unaudited financial statements for each of the first three quarters of each year. The Company files Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K with the Securities and Exchange Commission in order to meet its timely and continuous disclosure requirements. The Company may also file additional documents with the Commission if those documents become necessary in the course of its operations.

The public may read and copy any materials that the Company files with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The site address is www.sec.gov.

Available Information

All reports of the Company filed with the SEC are available free of charge through the SEC’s website at www.sec.gov. In addition, the public may read and copy materials filed by the Company at the SEC’s Public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549. The public may also obtain additional information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.

Results of Operations

The following summary of our results of operations should be read in conjunction with our financial statements for the nine months ending September 30, 2023 and 2022, which are included herein.

Our financial statements are stated in U.S. Dollars and are prepared in accordance with generally accepted accounting principles of the United States (“GAAP”).

Going Concern Qualification

Several conditions and events cast substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred cumulative net losses of $5,463,483 since its inception through September 30, 2023, and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern.

Results of Operations for the nine months ended September 30, 2023, compared with the nine months ended September 30, 2022

Revenues

We generated revenues of $0 during the nine months ended September 30, 2023, as compared to $10,050 in revenues during the nine months ended June 30, 2022. We began providing consulting services to other companies in our market in 2021. The reduction in revenues during the nine months ended September 30, 2023 is due primarily due to the on-going cycle of projects of our clients and waiting on the next round of work that they need.

Operating Expenses

Operating expenses, which consisted solely of general and administrative expenses, increased to $221,212in the nine months ended September 30, 2023, from $35,254 in the nine months ended September 30, 2022, primarily as a result of $200,000 in stock issued to management for services in the most recent period associated with keeping the Company’s public filings current.

Other Income (Expense)

We incurred interest expense of $28,345, during the nine months ended September 30, 2023, as compared to interest expense of $52,044 during the nine months ended September 30, 2022. Interest expense modestly increased year-over-year, due to compounding interest.

Net Loss

The Company had a net loss of $249,557for the nine months ended September 30, 2023, as compared to a net loss of $77,248for the nine months ended September 30, 2022, primarily as a result of the change in general and administrative expenses described above as well as the modest increase in interest expense described above.

Results of Operations for the three months ended September 30, 2023, compared with the three months ended September 30, 2022

Revenues

We generated revenues of $0 during the three months ended September 30, 2023 and 2022.

Operating Expenses

Operating expenses, which consisted solely of general and administrative expenses, increased to $8,103 in the three months ended September 30, 2023, from $4,925 in the three months ended September 30, 2022, primarily as a result of expenses associated with keeping the Company’s public filings current.

Other Income (Expense)

We incurred interest expense of $8,625, during the three months ended September 30, 2023, as compared to interest expense of $17,881 during the three months ended September 30, 2022. Interest expense decreased because of a small over-accrual for the converted notes during the current three month period.

Net Loss

The Company had a net income of $522 for the three months ended September 30, 2023, as compared to a net loss of $22,806 for the three months ended September 30, 2022, as a result of the change in general and administrative expenses described above as well as the modest increase in interest expense described above.

Liquidity and Capital Resources

At September 30, 2023, we had $3,859 of cash on hand and an accumulated deficit of $5,463,483. Our primary source of liquidity during the nine months ended September 30, 2023, has been from funds received for consulting services provided to customers and advances from a related party. As of September 30, 2023, the Company owed $11,004 in outstanding related party advances, with $0 in accrued interest on those advances, and $262,000 in outstanding convertible debentures payable to outside parties, with $230,470 in accrued interest on these debentures.

Net cash used in operating activities was $19,190 during the nine months ended September 30, 2023 and $23,417 during the nine months ended September 30, 2022.

Net cash used in investing activities was $0 during the nine months ended September 30, 2023 and 2022.

Net cash provided by financial activities was $10,000 during the nine months ended September 30, 2023 and $0 during the nine months ended September 30, 2022.

Our expenses to date are largely due to professional fees that include accounting, audit and legal fees. To date, we have had minimal revenues, and we require additional financing in order to finance our business activities on an ongoing basis.

Cash Flow

Our primary source of liquidity during the nine months ended September 30, 2023, has been cash received for consulting services provided during 2022, a small convertible note and advances from a related party.

Working Capital

We had current assets of $3,859 and $13,049, and current liabilities of $503,474 and $921,593, resulting in working capital deficits of $499,615 and $908,544 at September 30, 2023 and December 31, 2022, respectively.

Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its financial statements and accompanying notes. Note 2, “Significant Accounting Policies,” of the Notes to Financial Statements on the unaudited financial statements as of September 30, 2023 and December 31, 2022, and for the nine months ended September 30, 2023 and 2022 included in this Form 10-Q, describes the significant accounting policies and methods used in the preparation of the Company’s financial statements. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the

circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates, and such differences may be material.

Management believes the Company’s critical accounting policies and estimates are those related to revenue recognition, intangible assets, and income taxes. Management considers these policies critical because they are both important to the portrayal of the Company’s financial condition and operating results, and they require management to make judgments and estimates about inherently uncertain matters. The Company’s management has reviewed these critical accounting policies and related disclosures.

Revenue Recognition

The Company’s business plan is to derive revenue primarily from the sale and engraving of its wallets and consulting services within the smart wallet sector. Revenue is recognized in accordance with ASC 606, Revenue from Contracts with Customers. The Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to arrangements that meet the definition of a contract under ASC 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the goods or services promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Intangible Assets

Website development costs relating to website and mobile application and software development are also capitalized and amortized over its estimated useful life of three years.

Income Taxes

statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a material impact on the Company’s income tax provision and results of operations.

Recently Issued Accounting Pronouncements

We do not expect the adoption of any recently issued accounting pronouncements to have a significant impact on our net results of operations, financial position, or cash flows

Seasonality

We do not expect our sales to be impacted by seasonal demands for our products and services.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Securities and Exchange Commission defines the term “disclosure controls and procedures” to mean the company’s controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a simple system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC’s rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective to provide reasonable assurance of achieving the objectives of timely alerting them to material information required to be included in our periodic SEC reports and of ensuring that such information is recorded, processed, summarized and reported with the time periods specified. Our chief executive officer and chief financial officer also concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this report to provide reasonable assurance of the achievement of these objectives.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 of the Exchange Act that occurred during the quarter ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not a party to any significant pending legal proceedings, and no such proceedings are known to be contemplated. No director, officer or affiliate of the Company, and no owner of record or beneficial owner of more than 5.0% of the securities of the Company, or any associate of any such director, officer or security holder is a party adverse to the Company or has a material interest adverse to the Company in reference to pending litigation.

Item 1A. Risk Factors.

As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information under this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit		Description

3.1		Articles of Incorporation (incorporated by reference to Registration Statement on Form S-1 filed on August 12, 2010; File No. 333-168775)

3.2		Bylaws (incorporated by reference to Registration Statement on Form S-1 filed on August 12, 2010; File No. 333-168775)

10.1		Secured Convertible Debenture issued by iWallet Corporation to 7806221 Canada Inc. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.2		Secured Convertible Debenture issued by iWallet Corporation to Jesse Kaplan (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.3		Secured Convertible Debenture issued by iWallet Corporation to Mary Anne Alton (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.4		Secured Convertible Debenture issued by iWallet Corporation to Michael B. Stein (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.5		Secured Convertible Debenture issued by iWallet Corporation to Sanctum Sanctorum Inc. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

Exhibit		Description

10.6		Secured Convertible Debenture issued by iWallet Corporation to Sandy Pascuzzi (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.7		Secured Convertible Debenture issued by iWallet Corporation to Stuart Adair (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.8		Secured Convertible Debenture issued by iWallet Corporation to Sudha Raman (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.9		Secured Convertible Debenture issued by iWallet Corporation to Thomas Keevil (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.10		Secured Convertible Debenture issued by iWallet Corporation to LH Technology Acquisitions, LLC (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.11		Secured Convertible Debenture issued by iWallet Corporation to Robbie Iachetta (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.12		Secured Convertible Debenture issued by iWallet Corporation to Richard Goldstein (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.13		Secured Convertible Debenture issued by iWallet Corporation to Donal Carroll (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.14		Secured Convertible Debenture issued by iWallet Corporation to Fortius Research and Trading Corp. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.15		Secured Convertible Debenture issued by iWallet Corporation to Prospect Pluto Enterprises Ltd. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.16		Manufacturing and Supply Agreement (incorporated by reference to Registration Statement on Form S-1/A filed on October 17, 2014; File No. 333-168775; Exhibit 10.1 thereto)

10.17		Secured Convertible Debenture issued by iWallet Corporation to 7806221 Canada Inc. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.18		Secured Convertible Debenture issued by iWallet Corporation to Jesse Kaplan (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.19		Secured Convertible Debenture issued by iWallet Corporation to Mary Anne Alton (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.20		Secured Convertible Debenture issued by iWallet Corporation to Michael B. Stein (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

Exhibit		Description

10.21		Secured Convertible Debenture issued by iWallet Corporation to Sanctum Sanctorum Inc. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.22		Secured Convertible Debenture issued by iWallet Corporation to Sandy Pascuzzi (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.23		Secured Convertible Debenture issued by iWallet Corporation to Stuart Adair (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.24		Secured Convertible Debenture issued by iWallet Corporation to Sudha Raman (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.25		Secured Convertible Debenture issued by iWallet Corporation to Thomas Keevil (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.26		Secured Convertible Debenture issued by iWallet Corporation to Robbie Iachetta (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.27		Secured Convertible Debenture issued by iWallet Corporation to Richard Goldstein (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.28		Secured Convertible Debenture issued by iWallet Corporation to Donal Carroll (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.29		Secured Convertible Debenture issued by iWallet Corporation to Fortius Research and Trading Corp. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

10.30		Secured Convertible Debenture issued by iWallet Corporation to Prospect Pluto Enterprises Ltd. (incorporated by reference to Registration Statement on Form 10 filed on November 4, 2021; File No. 000-56347)

31.1*		Certification of CEO required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of CFO required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

32.2*		Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

101.INS**		XBRL Instance Document
101.SCH**		XBRL Taxonomy Extension Schema Document
101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**		XBRL Taxonomy Extension Label Linkbase Document
101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

____________

* Filed herewith.

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements 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.

	IWALLET CORPORATION

Date: November 29, 2023	By:	/s/ Steven Cabouli
		Steven Cabouli
		President & CEO Director

Exhibit 31.1

CERTIFICATION

I, Steven Cabouli, certify that:

1.I have reviewed this quarterly report on Form 10-Q/A of iWallet Corp. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 29, 2023

/s/ Steven Cabouli

Steven Cabouli

Chief Executive Officer

(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION

I, Steven Cabouli, certify that:

1.I have reviewed this quarterly report on Form 10-Q/A of iWallet Corp. (the “registrant”);

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 29, 2023

/s/ Steven Cabouli

Steven Cabouli

Chief Financial Officer

(Principal Financial/Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of iWallet Corp. (the “registrant”) on Form 10-Q/A for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Cabouli, Chief Executive Officer of the registrant, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of this Sarbanes Oxley Act of 2002, that, to my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant at the dates and for the periods indicated.

/s/Steven Cabouli

Steven Cabouli

Chief Executive Officer

(Principal Executive Officer)

November 29, 2023

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of iWallet Corp. (the “registrant”) on Form 10-Q/A for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Cabouli, Chief Financial Officer of the registrant, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of this Sarbanes Oxley Act of 2002, that, to my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant at the dates and for the periods indicated.

/s/ Steven Cabouli

Steven Cabouli

Chief Financial Officer

(Principal Financial/Accounting Officer)

November 29, 2023

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 14, 2023
Details
Registrant CIK	0001498372
Fiscal Year End	--12-31
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-56347
Entity Registrant Name	iWallet Corp
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	27-1830013
Entity Address, Address Line One	401 Ryland St., Ste. 200A
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89502
City Area Code	858
Local Phone Number	610-2958
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,819,419
Amendment Description	This Form 10-Q/A amends the Company’s Condensed Consolidated Financial Statements and related disclosures in Item 1 for the six months ended June 30, 2023, as well as Management’s Discussion and Analysis in Item 2.
Amendment Flag	true
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash	$ 3,859	$ 13,049
Total Current Assets	3,859	13,049
Total Assets	3,859	13,049
Current Liabilities
Accounts payable, net, current	0	7,332
Accrued interest payable, net, current	230,470	408,112
Due to related parties, current	11,004	1,649
Convertible Debentures, current	262,000	504,500
Total Current Liabilities	503,474	921,593
Total Liabilities	503,474	921,593
Stockholders' Deficit
Preferred stock value	7,644	0
Common stock value	72,819	52,819
Additional Paid-in Capital	4,883,405	4,252,563
Accumulated Deficit	(5,463,483)	(5,213,926)
Total Stockholders' Deficit	(499,615)	(908,544)
Total Liabilities and Stockholders' Deficit	$ 3,859	$ 13,049

Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	0	0
Preferred Stock, Shares Outstanding	7,644,000	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Outstanding	72,819,419	52,819,419

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statements of Operations
Revenues	$ 0	$ 0	$ 0	$ 10,050
Cost of Sales	0	0	0	0
Gross Profit	0	0	0	10,050
Operating Expenses
General and Administrative Expenses	8,103	4,925	221,212	35,254
Total Operating Expenses	8,103	4,925	221,212	35,254
Operating Loss	(8,103)	(4,925)	(221,212)	(25,204)
Other Income (Expense)
Interest income (expense)	8,625	(17,881)	(28,345)	(52,044)
Total Other Income (Expense)	8,625	(17,881)	(28,345)	(52,044)
Net income (loss)	$ 522	$ (22,806)	$ (249,557)	$ (77,248)
Basic and Diluted Earnings per Share	$ 0.00	$ (0.00)	$ (0.00)	$ (0.00)
Weighted Average Common Shares - Basic and Diluted	72,819,419	52,819,419	62,269,968	52,819,419

Statement of Changes in Stockholders' Equity (Deficit) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity Balance at Dec. 31, 2021	$ 0	$ 52,819	$ 4,252,563	$ (5,107,196)	$ (854,633)
Equity Balance, Shares at Dec. 31, 2021	0	52,819,419
Net income (loss)	$ 0	$ 0	0	(21,252)	(21,252)
Equity Balance at Mar. 31, 2022	$ 0	$ 52,819	4,252,563	(5,128,448)	(875,885)
Equity Balance, Shares at Mar. 31, 2022	0	52,819,419
Equity Balance at Dec. 31, 2021	$ 0	$ 52,819	4,252,563	(5,107,196)	(854,633)
Equity Balance, Shares at Dec. 31, 2021	0	52,819,419
Net income (loss)					(77,248)
Equity Balance at Sep. 30, 2022	$ 0	$ 52,819	4,252,563	(5,184,444)	(931,881)
Equity Balance, Shares at Sep. 30, 2022	0	52,819,419
Stock issued for debt conversion and settlement					0
Equity Balance at Mar. 31, 2022	$ 0	$ 52,819	4,252,563	(5,128,448)	(875,885)
Equity Balance, Shares at Mar. 31, 2022	0	52,819,419
Net income (loss)	$ 0	$ 0	0	(33,190)	(33,190)
Equity Balance at Jun. 30, 2022	$ 0	$ 52,819	4,252,563	(5,161,638)	(909,075)
Equity Balance, Shares at Jun. 30, 2022	0	52,819,419
Net income (loss)	$ 0	$ 0	0	(22,806)	(22,806)
Equity Balance at Sep. 30, 2022	$ 0	$ 52,819	4,252,563	(5,184,444)	(931,881)
Equity Balance, Shares at Sep. 30, 2022	0	52,819,419
Equity Balance at Dec. 31, 2022	$ 0	$ 52,819	4,252,563	(5,213,926)	(908,544)
Equity Balance, Shares at Dec. 31, 2022	0	52,819,419
Net income (loss)	$ 0	$ 0	0	(20,986)	(20,986)
Equity Balance at Mar. 31, 2023	$ 0	$ 52,819	4,252,563	(5,234,912)	(929,530)
Equity Balance, Shares at Mar. 31, 2023	0	52,819,419
Equity Balance at Dec. 31, 2022	$ 0	$ 52,819	4,252,563	(5,213,926)	(908,544)
Equity Balance, Shares at Dec. 31, 2022	0	52,819,419
Net income (loss)					(249,557)
Equity Balance at Sep. 30, 2023	$ 7,644	$ 72,819	4,883,405	(5,463,483)	(499,615)
Equity Balance, Shares at Sep. 30, 2023	7,644,000	72,819,419
Stock issued for debt conversion and settlement					458,486
Equity Balance at Mar. 31, 2023	$ 0	$ 52,819	4,252,563	(5,234,912)	(929,530)
Equity Balance, Shares at Mar. 31, 2023	0	52,819,419
Net income (loss)	$ 0	$ 0	0	(229,093)	(229,093)
Equity Balance at Jun. 30, 2023	$ 0	$ 72,819	4,432,563	(5,464,005)	(958,623)
Equity Balance, Shares at Jun. 30, 2023	0	72,819,419
Stock issued for services, value	$ 0	$ 20,000	180,000	0	$ 200,000
Stock issued for services, shares	0	20,000,000			20,000,000
Net income (loss)	$ 0	$ 0	0	522	$ 522
Equity Balance at Sep. 30, 2023	$ 7,644	$ 72,819	4,883,405	(5,463,483)	(499,615)
Equity Balance, Shares at Sep. 30, 2023	7,644,000	72,819,419
Stock issued for debt conversion and settlement	$ 7,644	$ 0	$ 450,842	$ 0	$ 458,486
Stock issued for debt conversion and settlement, shares	7,644,000	0

Statements of Cash Flows - USD ($)	9 Months Ended
Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (249,557)	$ (77,248)
Share-based compensation	200,000	0
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities
Changes in Accounts Payable	(7,333)	4,784
Changes in Accrued Liabilities	0	(2,998)
Changes in Due to Related Party	9,355	0
Changes in Accrued Interest Payable	28,345	52,045
Net Cash Used in Operating Activities	(19,190)	(23,417)
Cash Flows from Investing Activities
Net Cash Provided by Investing Activities	0	0
Cash Flows from Financing Activities
Proceeds from Convertible Debt	10,000	0
Net Cash Provided by Financing Activities	10,000	0
Net Increase in Cash	(9,190)	(23,417)
Cash at Beginning of Period	13,049	49,658
Cash at End of Period	3,859	26,241
Supplemental Disclosure Information
Interest Paid in Cash	0	0
Income Taxes paid in Cash	0	0
Schedule of Non-Cash Investing and Financing Activities
Stock issued for debt conversion and settlement	$ 458,486	$ 0

Nature of Business and Going Concern

9 Months Ended

Sep. 30, 2023

Notes

Nature of Business and Going Concern

1. Nature of Business and Going Concern

iWallet Corp. (“the Company”) is engaged in the design, development, manufacturing and sales of bio-metric locking wallets, which operate by scanning a user’s fingerprint to open the wallet.

The Company began trading on July 21, 2014, on the OTCQB Exchange under the ticker symbol IWAL. The Company’s functional currency is the U.S. Dollar.

All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these financial statements.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Notes

Significant Accounting Policies

2. Significant Accounting Policies

Estimates

Allowance for doubtful accounts

Intangible assets

Website development costs relating to website and mobile application and software development are also capitalized and amortized over its estimated useful life of three years.

Fair value of financial instruments

Revenue recognition

Concentrations of credit risk

Loss per share of common stock

Income taxes

Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement

9 Months Ended

Sep. 30, 2023

Notes

Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement

3. Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement

Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Intangible Assets Disclosure

9 Months Ended

Sep. 30, 2023

Notes

Intangible Assets Disclosure

4. Intangible Assets

	September 30, 2023 and December 31, 2022
	Cost		Accumulated Amortization		Net Book Value
Patents	$	78,619	$	78,619	$	-
Trademarks		16,909		16,909		-
Software		51,680		51,680		-
Website Development		16,000		16,000		-
	$	163,208	$	163,208	$	-

Amortization for the nine months ended September 30, 2023 and 2022, was $0 and $0 respectively.

Related Party Transactions Disclosure

9 Months Ended

Sep. 30, 2023

Notes

Related Party Transactions Disclosure

5. Related Party Transactions and Balances

	September 30, 2023		December 31, 2022
Current Liabilities
Due to Related Party	$	11,004	$	1,649

Convertible Debentures Disclosure

9 Months Ended

Sep. 30, 2023

Notes

Convertible Debentures Disclosure

6. Convertible Debentures

Common Share Capital Disclosure

9 Months Ended

Sep. 30, 2023

Notes

Common Share Capital Disclosure

7. Common Share Capital

Preferred Share Capital Disclosure

9 Months Ended

Sep. 30, 2023

Notes

Preferred Share Capital Disclosure

8. Preferred Share Capital

On July 7, 2023, the Company issued 7,644,000 shares of Preferred Stock to six noteholders as settlement of their convertible notes of $252,500 and accrued interest of $205,986.

Commitments and Contingencies, Disclosure

9 Months Ended

Sep. 30, 2023

Notes

Commitments and Contingencies, Disclosure

9. Commitments and Contingencies

Legal Matters

Subsequent Events

9 Months Ended

Sep. 30, 2023

Notes

Subsequent Events

10. Subsequent Events

Significant Accounting Policies: Use of Estimates, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Use of Estimates, Policy

Estimates

Significant Accounting Policies: Allowance for doubtful accounts, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Allowance for doubtful accounts, Policy

Allowance for doubtful accounts

Significant Accounting Policies: Intangible Assets, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Intangible Assets, Policy

Intangible assets

Website development costs relating to website and mobile application and software development are also capitalized and amortized over its estimated useful life of three years.

Significant Accounting Policies: Fair value of financial instruments, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Fair value of financial instruments, Policy

Fair value of financial instruments

Significant Accounting Policies: Revenue Recognition, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Revenue Recognition, Policy

Revenue recognition

Significant Accounting Policies: Concentrations of credit risk, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Concentrations of credit risk, Policy

Concentrations of credit risk

Significant Accounting Policies: Earnings per share, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Earnings per share, Policy

Loss per share of common stock

Significant Accounting Policies: Income Taxes, Policy (Policies)

9 Months Ended

Sep. 30, 2023

Policies

Income Taxes, Policy

Income taxes

Intangible Assets Disclosure: Schedule of Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Tables/Schedules

Schedule of Intangible Assets

	September 30, 2023 and December 31, 2022
	Cost		Accumulated Amortization		Net Book Value
Patents	$	78,619	$	78,619	$	-
Trademarks		16,909		16,909		-
Software		51,680		51,680		-
Website Development		16,000		16,000		-
	$	163,208	$	163,208	$	-

Related Party Transactions Disclosure: Schedule of Related Party Balances (Tables)

9 Months Ended

Sep. 30, 2023

Tables/Schedules

Schedule of Related Party Balances

	September 30, 2023		December 31, 2022
Current Liabilities
Due to Related Party	$	11,004	$	1,649

Nature of Business and Going Concern (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Details
Accumulated Deficit	$ 5,463,483	$ 5,213,926

Significant Accounting Policies: Concentrations of credit risk, Policy (Details)	Sep. 30, 2023 USD ($)
Details
Cash, FDIC Insured Amount	$ 250,000

Significant Accounting Policies: Earnings per share, Policy (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Convertible Debt Securities
Anti-dilutive shares	13,536,875	6,256,720

Intangible Assets Disclosure: Schedule of Intangible Assets (Details)	Sep. 30, 2023 USD ($)
Intangible assets, cost	$ 163,208
Intangible assets, accumulated amortization	163,208
Patents
Intangible assets, cost	78,619
Intangible assets, accumulated amortization	78,619
Trademarks
Intangible assets, cost	16,909
Intangible assets, accumulated amortization	16,909
Computer Software, Intangible Asset
Intangible assets, cost	51,680
Intangible assets, accumulated amortization	51,680
Website Development
Intangible assets, cost	16,000
Intangible assets, accumulated amortization	$ 16,000

Intangible Assets Disclosure (Details) - USD ($)	9 Months Ended
Intangible Assets Disclosure (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Details
Amortization	$ 0	$ 0

Related Party Transactions Disclosure: Schedule of Related Party Balances (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Details
Due to related parties, current	$ 11,004	$ 1,649

Related Party Transactions Disclosure (Details)	9 Months Ended
Related Party Transactions Disclosure (Details)	Sep. 30, 2023 USD ($)
Details
Related party transaction	$ 9,355

Convertible Debentures Disclosure (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
Convertible Debentures Disclosure (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2018	Dec. 31, 2015	Dec. 31, 2022
Proceeds from Convertible Debt		$ 10,000	$ 0
Stock issued for debt conversion and settlement	$ 458,486	458,486	$ 0
Accrued interest payable, net, current	230,470	230,470				$ 408,112
2015 Convertible Debentures
Debt, gross	$ 240,000	240,000			$ 492,500	492,500
Commission fees paid					39,400
Proceeds from Convertible Debt					$ 453,100
Interest rate, convertible debt					8.00%
Conversion price per share, convertible debt					$ 0.15
Stock issued for debt conversion and settlement, shares	7,644,000
Accrued interest payable, net, current	$ 224,169	224,169				402,848
2015 Convertible Debt - Principal
Stock issued for debt conversion and settlement	252,500
2015 Convertible Debt - Accrued Interest
Stock issued for debt conversion and settlement	205,986
2018 Convertible Debenture
Proceeds from Convertible Debt				$ 12,000
Interest rate, convertible debt				10.00%
Conversion price per share, convertible debt				$ 0.06
Accrued interest payable, net, current	6,161	6,161				5,264
Aug 2023 Convertible Debt
Proceeds from Convertible Debt		$ 10,000
Interest rate, convertible debt		10.00%
Conversion price per share, convertible debt				$ 0.001
Accrued interest payable, net, current	$ 140	$ 140				$ 0

Common Share Capital Disclosure (Details) - USD ($)	3 Months Ended	9 Months Ended
Common Share Capital Disclosure (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Details
Common stock shares authorized		75,000,000		75,000,000
Common stock par value per share		$ 0.001		$ 0.001
Common stock shares issued and outstanding		72,819,419		52,819,419
Stock issued for services, shares	20,000,000
Price per share issued	$ 0.01
Stock issued for services, value	$ 200,000
Share-based compensation	$ 200,000	$ 200,000	$ 0

Preferred Share Capital Disclosure (Details) - USD ($)	3 Months Ended	9 Months Ended
Preferred Share Capital Disclosure (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Preferred shares authorized	0	0		0
Preferred stock par value	$ 0.001	$ 0.001		$ 0.001
Preferred shares outstanding	7,644,000	7,644,000		0
Preferred stock conversion terms		Preferred Stock converts to common at a 1:1 ratio and has a “Leak Out Provision” that limits the shareholder from selling more than 12.5% of their shares per quarter
Stock issued for debt conversion and settlement	$ 458,486	$ 458,486	$ 0
2015 Convertible Debentures
Stock issued for debt conversion and settlement, shares	7,644,000
2015 Convertible Debt - Principal
Stock issued for debt conversion and settlement	$ 252,500
2015 Convertible Debt - Accrued Interest
Stock issued for debt conversion and settlement	$ 205,986

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IWAL iWallet Corporation (PK)