Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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

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

For the quarterly period ended June 30, 2024

☐ 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 August 14, 2024, the Company had 75,819,419 shares of common stock outstanding.

IWALLET CORP.

INDEX

PART I. FINANCIAL INFORMATION	4
Item 1. Financial Statements (Unaudited)	4
Balance Sheets	4
Statements of Operations	5
Statements 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)

	June 30, 2024		December 31, 2023
Assets
Current Assets
Cash	$	1,601	$	1,560
Total Current Assets		1,601		1,560

Total Assets	$	1,601	$	1,560

Liabilities and Stockholders’ Deficit
Liabilities
Current Liabilities
Account Payable	$	-	$	596
Accrued Interest Payable		260,910		240,514
Due to Related Party		13,707		12,354
Notes Payable		11,000		-
Convertible Debentures		260,000		262,000
Total Current Liabilities		545,617		515,464

Total Liabilities		545,617		515,464

Commitments and Contingencies (Note 10)		-		-

Stockholders’ Deficit
Preferred stock; par value $0.001, 20,000,000 shares authorized; 7,644,000 shares issued and outstanding		7,644		7,644
Common stock; par value $0.001, 150,000,000 shares authorized; 75,819,419 and 72,819,419 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		75,819		72,819
Additional Paid-in Capital		4,919,411		4,887,411
Accumulated Deficit		(5,546,890)		(5,481,778)
Total Stockholders’ Deficit		(544,016)		(513,904)
Total Liabilities and Stockholders’ Deficit	$	1,601	$	1,560

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

iWallet Corp.

Statements of Operations

(Unaudited)

	For the Three Months Ended				For the Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Revenues	$	-	$	-	$	-	$	-
Cost of Sales		-		-		-		-
Gross Profit		-		-		-		-

Operating Expenses
General and Administrative Expenses		7,219		210,326		16,716		213,110
Total Operating Expenses		7,219		210,326		16,716		213,110
Operating Loss		(7,219)		(210,326)		(16,716)		(213,110)

Other Income (Expense)
Loss on Extinguishment of Debt		-		-		(28,000)		-
Interest Expense		(10,427)		(18,767)		(20,396)		(36,969)
Total Other Income (Expense)		(10,427)		(18,767)		(48,396)		(36,969)
Net Loss	$	(17,646)	$	(229,093)	$	(65,112)	$	(250,079)

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

Weighted Average Common Shares - Basic and Diluted		75,105,133		60,951,287		74,083,155		56,907,817

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

iWallet Corp.

Statement of Stockholders’ Deficit

Six Months Ended June 30, 2024 and 2023

(Unaudited)

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

Balance at December 31, 2023	7,644,000	$	7,644	72,819,419	$	72,819	$	4,887,411	$	(5,481,788)	$	(513,904)
Issuance of common stock for extinguishment of debt	-		-	2,000,000		2,000		28,000		-		30,000
Net Income for the Period	-		-	-		-		-		(47,466)		(47,466)
Balance at March 31, 2024	7,644,000	$	7,644	74,819,419	$	74,819	$	4,915,411	$	(5,529,244)	$	(531,370)
Issuance of common stock for cash	-		-	1,000,000		1,000		4,000		-		5,000
Net Loss for the Period	-		-	-		-		-		(17,646)		(17,646)
Balance at June 30, 2024	7,644,000	$	7,644	75,819,419	$	75,819	$	4,919,411	$	(5,546,890)	$	(544,016)

	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 Income 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)

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

iWallet Corp.

Statements of Cash Flows

(Unaudited)

	For the Six Months Ended June 30,
	2024		2023
Cash Flows from Operating Activities:
Net Loss for the Period	$	(65,112)	$	(250,079)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities
Stock issued for Services		-		200,000
Loss on Extinguishment of Debt		28,000		-
Changes in operating assets and liabilities:
Changes in Accounts Payable		(596)		(7,332)
Changes in Due to Related Party		1,353		9,355
Changes in Accrued Interest Payable		20,396		36,969
Net Cash Used in Operating Activities		(15,959)		(11,087)

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

Cash Flows from Financing Activities:
Proceeds from Notes Payable		11,000		-
Proceeds from Stock Subscription		5,000		-
Net Cash Provided by Financing Activities		16,000		-

Net Increase (Decrease) in Cash		41		(11,087)
Cash at Beginning of Period		1,560		13,049
Cash at End of Period	$	1,601	$	1,962

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

Schedule of Non-Cash Investing and Financing Activities:
Common stock issued for convertible debt	$	2,000	$	-

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

iWallet Corp.

Notes to Unaudited Financial Statements

June 30, 2024

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 June 30, 2024, the Company has a deficit of $5,546,890 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 June 30, 2024 or December 31, 2023.

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 $0 in consulting during the six months ended June 30, 2024 and 2023, 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 12,441,731 and 6,205,428 potentially convertible debenture shares at June 30, 2024 and December 31, 2023, 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

From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

4. Intangible Assets

	June 30, 2024 and December 31, 2023
	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 six months ended June 30, 2024 and 2023, was $0 and $0 respectively.

5. Related Party Transactions and Balances

	June 30, 2024		December 31, 2023
Current Liabilities
Due to Related Party	$	13,707	$	12,354

During the six months ended June 30, 2024, $3,853 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. Notes Payable

On April 16, 2024, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $5,000. The bridge loan bears interest at 10% per annum calculated monthly and payable on maturity and had a maturity date of April 16, 2025. At June 30, 2024 and December 31, 2023, the principal balance on these notes was $5,000 and $0 and accrued interest was $118 and $0, respectively.

On June 5, 2024, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $5,000. The bridge loan bears interest at 10% per annum calculated monthly and payable on maturity and had a maturity date of June 5, 2025. At June 30, 2024 and December 31, 2023, the principal balance on these notes was $6,000 and $0 and accrued interest was $41 and $0, respectively.

7. 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 June 31, 2024 and December 31, 2023, the principal balance on these notes was $240,000 and $240,000 and accrued interest was $252,851 and $233,659, 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 June 30, 2024 and December 31, 2023, the accrued interest was $7,062 and $6,464, 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. On March 20, 2024, the Company issued 2,000,000 shares of common stock for the conversion of $2,000 of this principal balance outstanding. The 2,000,000 shares of common stock were valued at $0.15 per share for a value of $30,000. The Company recognized a loss on the extinguishment of debt of $28,000. At June 30, 2024 and December 31, 2023, the principal balance on this note was $8,000 and $10,000 and accrued interest was $838 and $392, respectively.

8. Common Share Capital

The Company is authorized to issue 150,000,000 shares of Common Stock with a par value of $0.001 and had 75,819,419 and 72,819,419 shares of Common Stock issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.

On March 20, 2024, the Company issued 2,000,000 shares of common stock for the conversion of $2,000 of the principal balance of a convertible note. The 2,000,000 shares of common stock were valued at $0.15 per share for a value of $30,000. The Company recognized a loss on the extinguishment of debt of $28,000.

On March 22, 2024, the Company sold 1,000,000 shares of common stock for $5,000 in cash.

9. Preferred Share Capital

The Company is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.001 and had 7,644,000 shares of Preferred Stock issued and outstanding as of June 30, 2024 and December 31, 2023. 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.

10. 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. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors. As of June 30, 2024, the Company does not have any commitment or contingencies.

11. 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.

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 31st, 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 three and six months ending June 30, 2024 and 2023, 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 $5,546,890 since its inception through June 30, 2024, 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 three months ended June 30, 2024, compared with the three months ended June 30, 2023

Revenues

We generated revenues of $0 during the three months ended June 30, 2024 and 2023.

Operating Expenses

Operating expenses, which consisted solely of general and administrative expenses, decreased to $7,219 in the three months ended June 30, 2024, from $210,236 in the three months ended June 30, 2023, primarily as a result of $200,000 in stock based compensation in the previous period.

Other Income (Expense)

We incurred interest expense of $10,427, during the three months ended June 30, 2024, as compared to interest expense of $18,767 during the three months ended June 30, 2023. Interest expense decreased from the prior year because of the notes that were converted to preferred shares in 2023.

Net Loss

The Company had a net loss of $17,646 for the three months ended June 30, 2024, as compared to a net loss of $229,093 for the three months ended June 30, 2023, as a result of the change in general and administrative expenses and interest expense described above.

Results of Operations for the six months ended June 30, 2024, compared with the six months ended June 30, 2023

Revenues

We generated revenues of $0 during the three months ended June 30, 2024 and 2023.

Operating Expenses

Operating expenses, which consisted solely of general and administrative expenses, decreased to $16,716 in the six months ended June 30, 2024, from $213,110 in the six months ended June 30, 2023, primarily as a result of $200,000 in stock based compensation in the previous period.

Other Income (Expense)

We incurred interest expense of $20,396, during the six months ended June 30, 2024, as compared to interest expense of $36,969 during the six months ended June 30, 2023. Interest expense decreased from the prior year because

of the notes that were converted to preferred shares in 2023. We also had a loss on extinguishment of debt of $28,000 in the six months ended June 30, 2024.

Net Loss

The Company had a net loss of $65,112 for the six months ended June 30, 2024, as compared to a net loss of $250,079 for the six months ended June 30, 2023, as a result of the change in general and administrative expenses and interest expense described above.

Liquidity and Capital Resources

At June 30, 2024, we had $1,601 of cash on hand and an accumulated deficit of $5,546,890. Our primary source of liquidity during the three months ended June 30, 2024, has been from funds received for consulting services provided to customers and advances from a related party and bridge loans. As of June 30, 2024, the Company owed $13,707 in outstanding related party advances, with $0 in accrued interest on those advances, $11,000 in bridge loans with $159 in accrued interest on these loans and $260,000 in outstanding convertible debentures payable to outside parties, with $260,751 in accrued interest on these debentures.

Net cash used in operating activities was $15,959 during the six months ended June 30, 2024 and $11,087 during the six months ended June 30, 2023.

Net cash used in investing activities was $0 during the six months ended June 30, 2024 and 2023.

Net cash provided by financial activities was $16,000 and $0 during the six months ended June 30, 2024 and 2023.

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 six months ended June 30, 2024, has been cash received from a bridge loan and advances from a related party.

Working Capital

We had current assets of $1,601 and $1,560, and current liabilities of $545,617 and $515,464, resulting in working capital deficits of $544,016 and $513,904 at June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, and for the three and six months ended June 30, 2024 and 2023 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

Recently Issued Accounting Pronouncements

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 June 30, 2024, 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: August 14, 2024	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 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: August 14, 2024

/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 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: August 14, 2024

/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 for the period ended June 30, 2024, 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)

August 14, 2024

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 for the period ended June 30, 2024, 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)

August 14, 2024

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 14, 2024
Details
Registrant CIK	0001498372
Fiscal Year End	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act 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		75,819,419
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash	$ 1,601	$ 1,560
Total Current Assets	1,601	1,560
Total Assets	1,601	1,560
Current Liabilities
Accounts payable, net, current	0	596
Accrued interest payable, net, current	260,910	240,514
Due to related parties, current	13,707	12,354
Notes payable, current	11,000	0
Convertible Debentures, current	260,000	262,000
Total Current Liabilities	545,617	515,464
Total Liabilities	545,617	515,464
Stockholders' Deficit
Preferred stock value	7,644	7,644
Common stock value	75,819	72,819
Additional Paid-in Capital	4,919,411	4,887,411
Accumulated Deficit	(5,546,890)	(5,481,778)
Total Stockholders' Deficit	(544,016)	(513,904)
Total Liabilities and Stockholders' Deficit	$ 1,601	$ 1,560

Balance Sheets - Parenthetical - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Outstanding	7,644,000	7,644,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Outstanding	75,819,419	72,819,419

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statements of Operations
Revenues	$ 0	$ 0	$ 0	$ 0
Cost of Sales	0	0	0	0
Gross Profit	0	0	0	0
Operating Expenses
General and Administrative Expenses	7,219	210,326	16,716	213,110
Total Operating Expenses	7,219	210,326	16,716	213,110
Operating Loss	(7,219)	(210,326)	(16,716)	(213,110)
Other income (expense)
Gain (Loss) on Extinguishment of Debt	0	0	(28,000)	0
Interest income (expense)	(10,427)	(18,767)	(20,396)	(36,969)
Total Other Income (Expense)	(10,427)	(18,767)	(48,396)	(36,969)
Net income (loss)	$ (17,646)	$ (229,093)	$ (65,112)	$ (250,079)
Basic and Diluted Earnings per Share	$ (0)	$ (0)	$ (0)	$ (0)
Weighted Average Common Shares - Basic and Diluted	75,105,133	60,951,287	74,083,155	56,907,817

Statement of Changes in Stockholders' Equity (Deficit) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
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)					(250,079)
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
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
Equity Balance at Dec. 31, 2023	$ 7,644	$ 72,819	4,887,411	(5,481,788)	(513,904)
Equity Balance, Shares at Dec. 31, 2023	7,644,000	72,819,419
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
Equity Balance at Dec. 31, 2023	$ 7,644	$ 72,819	4,887,411	(5,481,788)	(513,904)
Equity Balance, Shares at Dec. 31, 2023	7,644,000	72,819,419
Stock issued for debt settlement	$ 0	$ 2,000	28,000	0	30,000
Stock issued for debt settlement, shares	0	2,000,000
Net income (loss)	$ 0	$ 0	0	(47,466)	(47,466)
Equity Balance at Mar. 31, 2024	$ 7,644	$ 74,819	4,915,411	(5,529,244)	(531,370)
Equity Balance, Shares at Mar. 31, 2024	7,644,000	74,819,419
Equity Balance at Dec. 31, 2023	$ 7,644	$ 72,819	4,887,411	(5,481,788)	(513,904)
Equity Balance, Shares at Dec. 31, 2023	7,644,000	72,819,419
Stock issued for debt settlement					30,000
Net income (loss)					(65,112)
Equity Balance at Jun. 30, 2024	$ 7,644	$ 75,819	4,919,411	(5,546,890)	(544,016)
Equity Balance, Shares at Jun. 30, 2024	7,644,000	75,819,419
Stock issued for cash, value					$ 5,000
Stock issued for cash, shares					1,000,000
Equity Balance at Mar. 31, 2024	$ 7,644	$ 74,819	4,915,411	(5,529,244)	$ (531,370)
Equity Balance, Shares at Mar. 31, 2024	7,644,000	74,819,419
Net income (loss)	$ 0	$ 0	0	(17,646)	(17,646)
Equity Balance at Jun. 30, 2024	$ 7,644	$ 75,819	4,919,411	(5,546,890)	(544,016)
Equity Balance, Shares at Jun. 30, 2024	7,644,000	75,819,419
Stock issued for cash, value	$ 0	$ 1,000	$ 4,000	$ 0	$ 5,000
Stock issued for cash, shares	0	1,000,000

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income (loss)	$ (65,112)	$ (250,079)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities
Share-based payement arrangement	0	200,000
Gain (Loss) on Debt Settlement	28,000	0
Changes in operating assets and liabilities
Changes in Accounts Payable	(596)	(7,332)
Changes in Due to Related Party	1,353	9,355
Changes in Accrued Interest Payable	20,396	36,969
Net Cash Used in Operating Activities	(15,959)	(11,087)
Cash Flows from Investing Activities
Net Cash Provided by Investing Activities	0	0
Cash Flows from Financing Activities
Proceeds from Notes Payable	11,000	0
Proceeds from Stock Subscription	5,000	0
Net Cash Provided by Financing Activities	16,000	0
Net Increase (Decrease) in Cash	41	(11,087)
Cash at Beginning of Period	1,560	13,049
Cash at End of Period	1,601	1,962
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	$ 2,000	$ 0

Nature of Business and Going Concern

6 Months Ended

Jun. 30, 2024

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

6 Months Ended

Jun. 30, 2024

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

6 Months Ended

Jun. 30, 2024

Notes

Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement

3. Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement

Intangible Assets Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Intangible Assets Disclosure

4. Intangible Assets

	June 30, 2024 and December 31, 2023
	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 six months ended June 30, 2024 and 2023, was $0 and $0 respectively.

Related Party Transactions Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Related Party Transactions Disclosure

5. Related Party Transactions and Balances

	June 30, 2024		December 31, 2023
Current Liabilities
Due to Related Party	$	13,707	$	12,354

Notes Payable Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Notes Payable Disclosure

6. Notes Payable

Convertible Debentures Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Convertible Debentures Disclosure

7. Convertible Debentures

Common Share Capital Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Common Share Capital Disclosure

8. Common Share Capital

On March 22, 2024, the Company sold 1,000,000 shares of common stock for $5,000 in cash.

Preferred Share Capital Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Preferred Share Capital Disclosure

9. Preferred Share Capital

Commitments and Contingencies, Disclosure

6 Months Ended

Jun. 30, 2024

Notes

Commitments and Contingencies, Disclosure

10. Commitments and Contingencies

Legal Matters

Subsequent Events

6 Months Ended

Jun. 30, 2024

Notes

Subsequent Events

11. 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.

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

6 Months Ended

Jun. 30, 2024

Policies

Use of Estimates, Policy

Estimates

Significant Accounting Policies: Allowance for doubtful accounts policy (Policies)

6 Months Ended

Jun. 30, 2024

Policies

Allowance for doubtful accounts policy

Allowance for doubtful accounts

Significant Accounting Policies: Intangible Assets, Policy (Policies)

6 Months Ended

Jun. 30, 2024

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)

6 Months Ended

Jun. 30, 2024

Policies

Fair value of financial instruments, Policy

Fair value of financial instruments

Significant Accounting Policies: Revenue Recognition, Policy (Policies)

6 Months Ended

Jun. 30, 2024

Policies

Revenue Recognition, Policy

Revenue recognition

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

6 Months Ended

Jun. 30, 2024

Policies

Concentrations of credit risk, Policy

Concentrations of credit risk

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

6 Months Ended

Jun. 30, 2024

Policies

Earnings per share, Policy

Loss per share of common stock

Significant Accounting Policies: Income Taxes, Policy (Policies)

6 Months Ended

Jun. 30, 2024

Policies

Income Taxes, Policy

Income taxes

Intangible Assets Disclosure: Schedule of Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Tables/Schedules

Schedule of Intangible Assets

	June 30, 2024 and December 31, 2023
	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)

6 Months Ended

Jun. 30, 2024

Tables/Schedules

Schedule of Related Party Balances

	June 30, 2024		December 31, 2023
Current Liabilities
Due to Related Party	$	13,707	$	12,354

Nature of Business and Going Concern (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Details
Accumulated Deficit	$ 5,546,890	$ 5,481,778

Significant Accounting Policies: Revenue Recognition, Policy (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Details
Revenues	$ 0	$ 0	$ 0	$ 0

Significant Accounting Policies: Earnings per share, Policy (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Convertible Debt Securities
Anti-dilutive shares	12,441,731	6,205,428

Intangible Assets Disclosure: Schedule of Intangible Assets (Details)	Jun. 30, 2024 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 ($)	6 Months Ended
Intangible Assets Disclosure (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Details
Amortization	$ 0	$ 0

Related Party Transactions Disclosure: Schedule of Related Party Balances (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Details
Due to related parties, current	$ 13,707	$ 12,354

Related Party Transactions Disclosure (Details)	6 Months Ended
Related Party Transactions Disclosure (Details)	Jun. 30, 2024 USD ($)
Details
Related party transaction	$ 3,853

Notes Payable Disclosure (Details) - USD ($)	6 Months Ended
Notes Payable Disclosure (Details) - USD ($)	Jun. 30, 2024	Jun. 05, 2024	Apr. 16, 2024	Dec. 31, 2023
Notes payable, current	$ 11,000			$ 0
Accrued interest payable, net, current	260,910			240,514
Bridge Loan April 16, 2024
Proceeds from Loans	5,000
Interest rate, loans			10.00%
Notes payable, current	5,000			0
Accrued interest payable, net, current	118			0
Bridge Loan June 5, 2024
Proceeds from Loans	5,000
Interest rate, loans		10.00%
Notes payable, current	6,000			0
Accrued interest payable, net, current	$ 41			$ 0

Convertible Debentures Disclosure (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
Convertible Debentures Disclosure (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2018	Dec. 31, 2015
Stock issued for debt settlement	$ 30,000	$ 30,000
Accrued interest payable, net, current		260,910		$ 240,514
Gain (Loss) on Debt Settlement		28,000	$ 0
2015 Convertible Debentures
Debt, gross		240,000		$ 240,000		$ 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 settlement, shares				7,644,000
Accrued interest payable, net, current		252,851		$ 233,659
2015 Convertible Debt - Principal
Stock issued for debt settlement				252,500
2015 Convertible Debt - Accrued Interest
Stock issued for debt 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		7,062		6,464
Aug 2023 Convertible Debt
Debt, gross		$ 8,000		10,000
Proceeds from Convertible Debt				10,000
Interest rate, convertible debt		10.00%
Conversion price per share, convertible debt					$ 0.001
Stock issued for debt settlement, shares		2,000,000
Stock issued for debt settlement		$ 2,000
Accrued interest payable, net, current		$ 838		$ 392

Common Share Capital Disclosure (Details) - USD ($)	3 Months Ended		6 Months Ended
Common Share Capital Disclosure (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Common stock shares authorized	150,000,000		150,000,000		150,000,000
Common stock par value per share	$ 0.001		$ 0.001		$ 0.001
Common stock shares issued and outstanding	75,819,419		75,819,419		72,819,419
Stock issued for debt settlement		$ 30,000	$ 30,000
Gain (Loss) on Debt Settlement			$ 28,000	$ 0
Stock issued for cash, shares			1,000,000
Stock issued for cash, value	$ 5,000		$ 5,000
Aug 2023 Convertible Debt
Stock issued for debt settlement, shares			2,000,000
Stock issued for debt settlement			$ 2,000

Preferred Share Capital Disclosure (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Details
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred shares outstanding	7,644,000	7,644,000

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IWAL iWallet Corporation (PK)