oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CHASE PACKAGING CORPORATION |
(Exact name of registrant as specified in its charter) |
Texas | 93-1216127 | |
(State or other jurisdiction ofincorporation or organization) | (I.R.S. Employer Identification No.) | |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | x |
(Do not check if a smaller reporting company) |
Class | Outstanding at | |
Common Stock, par value $.10 per share | 15,536,275 shares |
Page(s) | ||||||
PART I - | Financial Information: | |||||
ITEM 1 | Financial Statements: | |||||
Condensed Balance Sheets (Unaudited) - | 3 | |||||
Condensed Statements of Operations (Unaudited) - Cumulative Period During the Development Stage (January 1, 1999 to | 4 | |||||
Condensed Statements of Cash Flows (Unaudited) - Cumulative Period During the Development Stage (January 1, 1999 to | 5 | |||||
Notes to Interim Condensed Financial Statements (Unaudited) | ||||||
ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk | |||||
ITEM 4 | Controls and Procedures | |||||
PART II - | Other Information | |||||
ITEM 1. | Legal Proceedings. | |||||
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | |||||
ITEM 3. | Defaults upon Senior Securities. | |||||
ITEM 4. | Mine Safety Disclosures. | |||||
ITEM 5. | Other Information. | |||||
ITEM 6. | Exhibits. | |||||
SIGNATURES | ||||||
EXHIBITS |
September 30, | December 31, | June 30, | December 31, | |||||||||||||
2012 | 2011 | 2013 | 2012 | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash | $ | 1,382,929 | $ | 1,484,906 | $ | 1,288,072 | $ | 1,338,356 | ||||||||
TOTAL ASSETS | $ | 1,382,929 | $ | 1,484,906 | $ | 1,288,072 | $ | 1,338,356 | ||||||||
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY/(DEFICIT) | ||||||||||||||||
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable and accrued expenses | $ | 9,754 | $ | 9,174 | $ | 3,027 | $ | 5,118 | ||||||||
Warrant liability | - | 70,991 | ||||||||||||||
TOTAL CURRENT LIABILITIES | 9,754 | 80,165 | 3,027 | 5,118 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | - | - | - | - | ||||||||||||
PREFERRED STOCK, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible Preferred stock; 50,000 shares authorized; 20,637 shares issued and outstanding as of December 31, 2011, liquidation preference of $2,063,700 as of December 31, 2011 | - | 1,951,846 | ||||||||||||||
STOCKHOLDERS’ EQUITY/(DEFICIT): | ||||||||||||||||
PREFERRED STOCK, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible Preferred stock; 50,000 shares authorized; 20,637 shares issued and outstanding as of September 30, 2012, liquidation preference of $2,063,700 as of September 30, 2012 | 2,051,851 | - | ||||||||||||||
Common stock, $.10 par value 200,000,000 shares authorized; 15,536,275 shares issued and outstanding as of September 30, 2012 and December 31, 2011 | 1,553,628 | 1,553,628 | ||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||
PREFERRED STOCK, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible Preferred stock; 50,000 shares authorized; 22,704 shares issued and outstanding as of June 30, 2013 and December 31, 2012 : liquidation preference of $2,270,400 as of June 30, 2013 and December 31, 2012 | 2,053,918 | 2,053,918 | ||||||||||||||
Common stock, $.10 par value 200,000,000 shares authorized; 16,033,862 shares issued and outstanding as of June 30, 2013 and December 31, 2012 | 1,603,387 | 1,603,387 | ||||||||||||||
Treasury Stock, $.10 par value 497,587 shares as of June 30, 2013 and December 31, 2012 | (49,759 | ) | (49,759 | ) | ||||||||||||
Additional paid-in capital | 2,560,321 | 2,559,145 | 2,562,659 | 2,558,254 | ||||||||||||
Accumulated deficit | (3,626,121 | ) | (3,626,121 | ) | (3,626,121 | ) | (3,626,121 | ) | ||||||||
Deficit accumulated during the development stage | (1,166,504 | ) | (1,033,757 | ) | (1,259,039 | ) | (1,206,441 | ) | ||||||||
TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT) | 1,373,175 | (547,105 | ) | |||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 1,285,045 | 1,333,238 | ||||||||||||||
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY/(DEFICIT) | $ | 1,382,929 | $ | 1,484,906 | ||||||||||||
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | $ | 1,288,072 | $ | 1,338,356 |
For The Nine Months Ended September 30, | For The Three Months Ended September 30, | Cumulative During the Development Stage (January 1, 1999 to September | ||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 30, 2012) | For The Six Months Ended June 30, | For The Three Months Ended June 30, | Cumulative During the Development Stage (January 1, 1999 to June 30, | |||||||||||||||||||||||||||||||||
(Restated) | (Restated) | (Restated) | 2013 | 2012 | 2013 | 2012 | 2013) | |||||||||||||||||||||||||||||||||
NET SALES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||||||||||||
General and administrative expense | 102,686 | 86,221 | 25,626 | 15,871 | 701,597 | 52,663 | 77,060 | 30,593 | 46,885 | 794,230 | ||||||||||||||||||||||||||||||
LOSS FROM OPERATIONS | (102,686 | ) | (86,221 | ) | (25,626 | ) | (15,871 | ) | (701,597 | ) | (52,663 | ) | (77,060 | ) | (30,593 | ) | (46,885 | ) | (794,230 | ) | ||||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||||||||||||||||||
Interest expense | - | - | - | - | (8,591 | ) | - | - | - | - | (8,591 | ) | ||||||||||||||||||||||||||||
Interest and other income | 129 | 462 | 49 | 134 | 60,012 | 65 | 80 | 33 | 42 | 60,110 | ||||||||||||||||||||||||||||||
Change in warrant liability | 60,419 | 20,555 | - | (11,890 | ) | 130,456 | - | 60,419 | - | 26,254 | 130,456 | |||||||||||||||||||||||||||||
Warrant liability extinguishment from modification of warrants | 9,396 | - | - | - | 9,396 | - | 9,396 | - | 9,396 | 9,396 | ||||||||||||||||||||||||||||||
TOTAL OTHER INCOME (EXPENSE) | 69,944 | 21,017 | 49 | (11,756 | ) | 191,273 | ||||||||||||||||||||||||||||||||||
TOTAL OTHER INCOME | 65 | 69,895 | 33 | 35,692 | 191,371 | |||||||||||||||||||||||||||||||||||
LOSS BEFORE INCOME TAXES | (32,742 | ) | (65,204 | ) | (25,577 | ) | (27,627 | ) | (510,324 | ) | (52,598 | ) | (7,165 | ) | (30,560 | ) | (11,193 | ) | (602,859 | ) | ||||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
NET LOSS | $ | (32,742 | ) | $ | (65,204 | ) | $ | (25,577 | ) | $ | (27,627 | ) | $ | (510,324 | ) | $ | (52,598 | ) | $ | (7,165 | ) | $ | (30,560 | ) | $ | (11,193 | ) | (602,859 | ) | |||||||||||
Accretion of preferred stock to redemption value | (100,005 | ) | (100,005 | ) | (33,335 | ) | (33,335 | ) | (656,180 | ) | - | (66,670 | ) | - | (33,335 | ) | (656,180 | ) | ||||||||||||||||||||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (132,747 | ) | $ | (165,209 | ) | $ | (58,912 | ) | $ | (60,962 | ) | $ | (1,166,504 | ) | $ | (52,598 | ) | $ | (73,835 | ) | $ | (30,560 | ) | $ | (44,528 | ) | $ | (1,259,039 | ) | ||||||||||
BASIC AND DILUTED LOSS PER COMMON SHARE | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0 | ) | $ | (0 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC AND DILUTED | 15,536,275 | 15,536,275 | 15,536,275 | 15,536,275 | 15,536,275 | 15,536,275 | 15,536,275 | 15,536,275 |
For The Nine Months Ended September 30, | Cumulative During the Development Stage (January 1, 1999 to September | |||||||||||||||||||||||
2012 | 2011 | 30, 2012) | For The Six Months Ended June 30, | Cumulative During the Development Stage (January 1, 1999) to June 30, | ||||||||||||||||||||
(Restated) | (Restated) | 2013 | 2012 | 2013 | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net loss | $ | (32,742 | ) | $ | (65,204 | ) | $ | (510,324 | ) | $ | (52,598 | ) | $ | (7,165 | ) | $ | (602,859 | ) | ||||||
Adjustment to reconcile to net loss to net cash used in operating activities: | ||||||||||||||||||||||||
Change in warrant liability | (60,419 | ) | (20,555 | ) | (130,456 | ) | - | (60,419 | ) | (130,456 | ) | |||||||||||||
Warrant liability extinguishment from modification of warrants | (9,396 | ) | - | (9,396 | ) | - | (9,396 | ) | (9,396 | ) | ||||||||||||||
Stock based compensation | 4,405 | - | , | |||||||||||||||||||||
Change in assets and liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | 580 | 4,696 | (5,424 | ) | (2,091 | ) | 27,876 | (12,151 | ) | |||||||||||||||
Net cash used in operating activities | (101,977 | ) | (81,063 | ) | (655,600 | ) | (50,284 | ) | (49,104 | ) | (750,457 | ) | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | - | - | - | - | - | - | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Proceeds from convertible debt | - | - | 56,500 | - | - | 56,500 | ||||||||||||||||||
Proceeds from private placement/exercise of stock warrants | - | - | 5,500 | - | - | 5,500 | ||||||||||||||||||
Capital contribution | - | - | 8,000 | - | - | 8,000 | ||||||||||||||||||
Proceeds from private placement | - | - | 1,962,358 | - | - | 1,962,358 | ||||||||||||||||||
Cash dividends paid on preferred stock | - | - | (5,490 | ) | - | - | (5,490 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | - | - | 2,026,868 | |||||||||||||||||||||
Net cash provided by financing activities | - | - | 2,026,868 | |||||||||||||||||||||
�� | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH | (101,977 | ) | (81,063 | ) | 1,371,268 | (50,284 | ) | (49,104 | ) | 1,276,411 | ||||||||||||||
Cash, at beginning of period | 1,484,906 | 1,581,989 | 11,661 | 1,338,356 | 1,484,906 | 11,661 | ||||||||||||||||||
CASH, END OF PERIOD | $ | 1,382,929 | $ | 1,500,926 | $ | 1,382,929 | $ | 1,288,072 | $ | 1,435,802 | $ | 1,288,072 | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||||||||||||
Cash paid for: | ||||||||||||||||||||||||
Interest | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 8,591 | ||||||||||||
Income taxes | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Accretion of preferred stock to redemption value | $ | (100,005 | ) | $ | (100,005 | ) | $ | (656,180 | ) | $ | - | $ | (66,670 | ) | $ | (656,180 | ) | |||||||
Modification on warrants to change to equity | $ | 1,176 | $ | $ | 1,176 | $ | - | 1,176 | $ | 1,176 | ||||||||||||||
Warrant liability extinguishment from modification of warrants | $ | 9,396 | $ | - | $ | 9,396 | ||||||||||||||||||
Preferred stock issued as stock dividend | $ | 1,863 | $ | 1,863 | $ | 6,820 | $ | - | $ | - | $ | 8,887 | ||||||||||||
416 Private Placement Units were issued in exchange for $56,500 of convertible notes plus $5,900 of accrued interest | $ | - | $ | - | $ | 62,400 | $ | - | $ | - | $ | 62,400 | ||||||||||||
68 Private Placement Units were issued in exchange for $8,000 of stock subscriptions plus $2,200 of accrued interest | $ | - | $ | - | $ | 10,200 | $ | - | $ | - | $ | 10,200 |
As Previously Reported | Effect of Restatement | As restated | ||||||||||
Warrant liability | $ | - | $ | 66,685 | $ | 66,685 | ||||||
Redeemable and Convertible Preferred Stock (under mezzanine) | $ | - | $ | 1,916,648 | $ | 1,916,648 | ||||||
Preferred Stock | $ | 18,775 | $ | (18,775 | ) | $ | - | |||||
Common stock | $ | 1,553,627 | $ | - | $ | 1,553,627 | ||||||
Additional paid-in capital | $ | 4,077,068 | $ | (1,516,060 | ) | $ | 2,561,008 | |||||
Accumulated deficit | $ | (3,626,121 | ) | $ | - | $ | (3,626,121 | ) | ||||
Deficit accumulated during the development stage | $ | (528,508 | ) | $ | (448,498 | ) | $ | (977,006 | ) | |||
Stockholders' equity (deficit) | $ | 1,494,841 | $ | (1,983,333 | ) | $ | (488,492 | ) |
As Previously Reported | Effect of Restatement | As restated | ||||||||||
Change in warrant liability expense | $ | - | $ | (11,890 | ) | $ | (11,890 | ) | ||||
Net loss for the period | $ | (15,737 | ) | $ | (11,890 | ) | $ | (27,627 | ) | |||
Accretion of preferred stock to redemption value | $ | - | $ | (33,335 | ) | $ | (33,335 | ) | ||||
Net loss attributable to common stockholders | $ | (15,737 | ) | $ | (45,225 | ) | $ | (60,962 | ) | |||
Net loss per share – basic and diluted attributable to common stockholders | $ | - | $ | (0.00 | ) | $ | (0.00 | ) | ||||
STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 | ||||||||||||
As Previously Reported | Effect of Restatement | As restated | ||||||||||
Change in warrant liability expense | $ | - | $ | 20,555 | $ | 20,555 | ||||||
Net (loss) incomefor the period | $ | (85,759 | ) | $ | 20,555 | $ | (65,204 | ) | ||||
Accretion of preferred stock to redemption value | $ | - | $ | (100,005 | ) | $ | (100,005 | ) | ||||
Net loss attributable to common stockholders | $ | (85,759 | ) | $ | (79,450 | ) | $ | (165,209 | ) | |||
Net lossper share – basic and diluted attributable to common stockholders | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | ||||
STATEMENT OF OPERATIONS FROM JANUARY 1, 1999 (INCEPTION) TO SEPTEMBER 30, 2011 | ||||||||||||
As Previously Reported | Effect of Restatement | As restated | ||||||||||
Change in warrant liability expense | $ | - | $ | 74,342 | $ | 74,342 | ||||||
Net (loss) income for the period | $ | (528,508 | ) | $ | 74,342 | $ | (454,166 | ) | ||||
Accretion of preferred stock to redemption value | $ | - | $ | (522,840 | ) | $ | (522,840 | ) | ||||
Net loss attributable to common stockholders | $ | (528,508 | ) | $ | (448,498 | ) | $ | (977,006 | ) | |||
STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 | ||||||||||||
As Previously Reported | Effect of Restatement | As restated | ||||||||||
Net (loss) income | $ | (85,759 | ) | $ | 20,555 | $ | (65,204 | ) | ||||
Change in warrant liability | $ | - | $ | (20,555 | ) | $ | (20,555 | ) | ||||
Net cash used in operating activities | $ | (81,063 | ) | $ | - | $ | (81,063 | ) | ||||
STATEMENT OF CASH FLOWS FROM JANUARY 1, 1999 (INCEPTION) TO SEPTEMBER 30, 2011 | ||||||||||||
As Previously Reported | Effect of Restatement | As restated | ||||||||||
Net (loss) income | $ | (528,508 | ) | $ | 74,342 | $ | (454,166 | ) | ||||
Change in warrant liability | $ | - | $ | (74,342 | ) | $ | (74,342 | ) | ||||
Net cash used in operating activities | $ | (537,603 | ) | $ | - | $ | (537,603 | ) |
Warrant liabilities | $ | 141,027 | ||
Redeemable and Convertible Preferred Stock | 1,388,367 | |||
Common Stock | 470,706 | |||
Total allocated gross proceeds: | $ | 2,000,100 |
2012 | 2011 | |||||||||||||||
Number of warrants | Weighted average exercise price | Number of warrants | Weighted average exercise price | |||||||||||||
Balance at January 1 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 | ||||||||||
Issued during the period | - | $ | - | - | $ | - | ||||||||||
Exercised during the period | - | $ | - | - | $ | - | ||||||||||
Expired during the period | - | $ | - | - | $ | - | ||||||||||
Balance at September 30 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 |
2013 | 2012 | |||||||||||||||
Number of warrants | Weighted average exercise price | Number of warrants | Weighted average exercise price | |||||||||||||
Balance at January 1 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 | ||||||||||
Issued during the period | - | $ | - | - | $ | - | ||||||||||
Exercised during the period | - | $ | - | - | $ | - | ||||||||||
Expired during the period | - | $ | - | - | $ | - | ||||||||||
Balance at June 30 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 |
Fair values | September 30, 2012 | December 31, 2011 | At transaction date | |||||||||
September 7, 2007 financing | $ | - | $ | 70,991 | $ | 141,027 |
Fair values | June 30, 2013 | December 31, 2012 | At transaction date | |||||||||
September 7, 2007 financing | $ | - | $ | - | $ | 141,027 |
September 30, 2012 | December 31, 2011 | At transaction date | ||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | At transaction date | ||||||||||||||||||||||
Warrants outstanding | - | 6,909,000 | 6,909,000 | - | - | 6,909,000 | ||||||||||||||||||
Exercise price | - | $ | 0.15 | $ | 0.15 | $ | - | $ | - | $ | 0.15 | |||||||||||||
Annual dividend yield | - | 0.03 | % | 4.01 | % | - | % | - | % | 4.01 | % | |||||||||||||
Expected life (years) | - | 0.69 | 5 | - | - | 5 | ||||||||||||||||||
Risk-free interest rate | - | 0.12 | % | 4.14 | % | - | % | - | % | 4.14 | % | |||||||||||||
Expected volatility | - | 77 | % | 53.94 | % | - | % | - | % | 53.94 | % |
Six Months ended June 30, 2013 | ||||
Expected term (in years) | 5 | |||
Expected stock price volatility | 185.25 | % | ||
Risk-free interest rate | 1.48 | % | ||
Expected dividend yield | - |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | - | $ | - | $ | - | $ | - | |||||||||
Granted | 300,000 | 0.03 | 5 | 9,000 | ||||||||||||
Exercised | - | - | - | - | ||||||||||||
Forfeited/expired | - | - | - | - | ||||||||||||
Outstanding at June 30, 2013 | 300,000 | $ | 0.03 | $ | 5 | $ | 9,000 | |||||||||
Exercisable at June 30, 2013 | 150,000 | $ | 0.03 | $ | 5 | $ | 4,500 |
Carrying Amount In Balance Sheet June 30, | Fair Value June 30, | Fair Value Measurement Using | ||||||||||||||||||||||||||||||||||||||
Carrying Amount In Balance Sheet September 30, | Fair Value September 30, | Fair Value Measurement Using | 2013 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
2012 | 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Money Market Funds | $ | 1,383,000 | $ | 1,383,000 | $ | 1,383,000 | $ | — | $ | — | $ | 1,288,072 | $ | 1,288,072 | $ | 1,288,072 | $ | — | $ | — | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Warrant liability | $ | — | $ | — | $ | — | $ | — | $ | — |
Carrying Amount In Balance Sheet December 31, | Fair Value December 31, | Fair Value Measurement Using | ||||||||||||||||||
2011 | 2011 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Money Market Funds | $ | 645,000 | $ | 645,000 | $ | 645,000 | $ | — | $ | — | ||||||||||
Treasury Bills | $ | 840,000 | $ | 840,000 | $ | 840,000 | $ | — | $ | — | ||||||||||
Total Assets: | $ | 1,485,000 | $ | 1,485,000 | $ | 1,485,000 | $ | — | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Warrant liability | $ | 71,000 | $ | 71,000 | $ | — | $ | — | $ | 71,000 |
Carrying Amount In Balance Sheet December 31, | Fair Value December 31, | Fair Value Measurement Using | ||||||||||||||||||
2012 | 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Money Market Funds | $ | 1,338,356 | $ | 1,338,356 | $ | 1,338,356 | $ | — | $ | — |
Balance, beginning of period | Net realized gains/ (losses) | Net unrealized gains/(losses) relating to instruments still held at period-end | Purchases | Sales | Modification on warrants to change to equity | Transfers into level 3 | Transfers out of level 3 | Balance, end of period | ||||||||||||||||||||||||||
$ | 71,000 | - | $ | 70,000 | - | - | $ | 10,000 | - | $ | 1,000 | - | ||||||||||||||||||||||
Balance, beginning of year | Net realized gains/ (losses) | Net unrealized gains/(losses) relating to instruments still held at year-end | Purchases | Sales | Modification on warrants to change to equity | Transfers into level 3 | Transfers out of level 3 | Balance, end of year | ||||||||||||||||||||||||||
$ | 87,000 | - | $ | 16,000 | - | - | - | - | - | $ | 71,000 | |||||||||||||||||||||||
We |
We |
Number | Description | |
31.1* | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certification of the Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2* | Certification of the Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Financial Statements from the quarterly report on Form 10-Q of Chase Packaging Corporation for the quarter ended |
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 |
CHASE PACKAGING CORPORATION | ||||
Date: June 13, 2014 | ||||
By: | /s/ Allen T. McInnes | |||
Allen T. McInnes | ||||
Chairman of the Board, President and Treasurer | ||||
(Principal Executive Officer) | ||||
Date: | By: | /s/ Ann C. W. Green | ||
Ann C. W. Green | ||||
Chief Financial Officer and Assistant Secretary | ||||
(Principal Financial and Accounting Officer) |