IWAL 10-Q Quarterly Report Sept. 30, 2025

IWALLET CORP

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iWallet Corp - Form 10-Q SEC filing

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 September 30, 2025

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

For the transition period from ____________ to ____________

Commission File Number: 000-56347

iWallet Corp

(Exact name of registrant as specified in its charter)

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

401 Ryland St., Ste. 200A

Reno , NV 89502

(Address of principal executive offices)

( 858 ) 610-2958

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

As of November 13, 2025, the Company had 106,419,419 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)

	September 30, 2025		December 31, 2024
Assets
Current Assets
Cash	$	229	$	2,437
Total Current Assets		229		2,437

Total Assets	$	229	$	2,437

Liabilities and Stockholders’ Deficit
Liabilities
Current Liabilities
Account Payable	$	56,611	$	12,313
Line of Credit Payable		501		-
Accrued Interest Payable		318,413		282,866
Due to Related Party		14,282		14,282
Notes Payable		44,271		21,000
Convertible Debentures		260,000		260,000
Total Current Liabilities		694,078		590,461

Total Liabilities		694,078		590,461

Commitments and Contingencies (Note 9)		-		-

Stockholders’ Deficit
Preferred series A stock; par value $ 0.001 , 14,000,000 shares authorized; 7,644,000 shares issued and outstanding		7,644		7,644
Preferred series B stock; par value $ 0.001 , 1,000,000 shares authorized; 1,000,000 shares issued and outstanding		1,000		1,000
Common stock; par value $ 0.001 , 150,000,000 shares authorized; 86,419,419 and 77,819,419 shares issued and outstanding as of September 30, 2024 and December 31, 2024, respectively		86,419		77,819
Additional Paid-in Capital		5,182,022		4,915,382
Accumulated Deficit		( 5,970,934 )		( 5,589,869 )
Total Stockholders’ Deficit		( 693,849 )		( 588,024 )
Total Liabilities and Stockholders’ Deficit	$	229	$	2,437

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

iWallet Corp.

Statements of Operations

(Unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	-	$	-	$	-	$	-
Cost of Sales		-		-		-		-
Gross Profit		-		-		-		-

Operating Expenses
General and Administrative Expenses		19,992		7,678		37,761		24,394
Research and Development Expenses		161,882		-		171,582		-
Total Operating Expenses		181,874		7,678		209,343		24,394
Operating Loss		( 181,874 )		( 7,678 )		( 209,343 )		( 24,394 )

Other Income (Expense)
Gain (Loss) on Extinguishment of Debt		8,838		-		( 135,609 )		( 28,000 )
Interest Expense		( 12,475 )		( 10,857 )		( 36,113 )		( 31,253 )
Total Other Income (Expense)		( 3,637 )		( 10,857 )		( 171,722 )		( 59,253 )
Net Loss	$	( 185,511 )	$	( 18,535 )	$	( 381,065 )	$	( 83,647 )

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

Weighted Average Common Shares - Basic and Diluted		85,467,245		76,558,549		81,678,760		74,914,310

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

iWallet Corp.

Statement of Stockholders’ Deficit

Nine Months Ended September 30, 2025 and 2024

(Unaudited)

	Preferred Series A Shares			Preferred Series B Shares			Common Shares
	Shares	Amount		Shares	Amount		Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Total
Balance at December 31, 2024	7,644,000	$	7,644	1,000,000	$	1,000	77,819,419	$	77,819	$	4,915,382	$	( 5,589,869 )	$	( 588,024 )
Net Loss for the Period	-		-	-		-	-		-		-		( 19,029 )		( 19,029 )
Balance at March 31, 2025	7,644,000		7,644	1,000,000		1,000	77,819,419		77,819		4,915,382		( 5,608,898 )		( 607,053 )
Issuance of common stock for extinguishment of debt	-		-	-		-	5,000,000		5,000		165,000		-		170,000
Net Loss for the Period	-		-	-		-	-		-		-		( 176,525 )		( 176,525 )
Balance at June 30, 2025	7,644,000	$	7,644	1,000,000	$	1,000	82,819,419	$	82,819	$	5,080,382	$	( 5,785,423 )	$	( 613,578 )
Issuance of common stock for settlement of accounts payable	-		-	-		-	3,600,000		3,600		101,640		-		105,240
Net Loss for the Period	-		-	-		-	-		-		-		( 185,511 )		( 185,511 )
Balance at September 30, 2025	7,644,000	$	7,644	1,000,000	$	1,000	86,419,419	$	86,419	$	5,182,022	$	( 5,970,934 )	$	( 693,849 )

	Preferred Series A Shares			Preferred Series B Shares			Common Shares
	Shares	Amount		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	$	( 5,481,778 )	$	( 513,904 )
Issuance of common stock for extinguishment of debt	-		-	-		-	2,000,000		2,000		28,000		-		30,000
Net Loss 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 )
Issuance of common stock for cash	-		-	-		-	2,000,000		2,000		8,000		-		10,000
Net Loss for the Period	-		-	-		-	-		-		-		( 18,535 )		( 18,535 )
Balance at September 30, 2024	7,644,000	$	7,644	-	$	-	77,819,419	$	77,819	$	4,927,411	$	( 5,565,425 )	$	( 552,551 )

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

iWallet Corp.

Statements of Cash Flows

(Unaudited)

	For the Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities:
Net Loss for the Period	$	( 381,065 )	$	( 83,647 )
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities
Loss on Extinguishment of Debt		135,609		28,000
Changes in operating assets and liabilities:
Changes in Accounts Payable		158,377		( 596 )
Changes in Accrued Liabilities		501		-
Changes in Due to Related Party		-		1,928
Changes in Accrued Interest Payable		36,099		31,253
Net Cash Used in Operating Activities		( 50,479 )		( 23,062 )

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

Cash Flows from Financing Activities:
Proceeds from Notes Payable		48,271		11,000
Proceeds from Stock Subscription		-		15,000
Net Cash Provided by Financing Activities		48,271		26,000

Net Increase (Decrease) in Cash		( 2,208 )		2,938
Cash at Beginning of Period		2,437		1,560
Cash at End of Period	$	229	$	4,498

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

Schedule of Non-Cash Investing and Financing Activities:
Common stock issued for conversion of note payable and accrued interest	$	170,000		30,000
Common stock issued for convertible debt	$	105,240	$	-

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

iWallet Corp.

Notes to Unaudited Financial Statements

September 30, 2025

1. Nature of Business and Going Concern

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

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

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

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

As of September 30, 2025, the Company has a deficit of $ 5,970,934 and has significant losses and negative cash flows from operations. There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the near future to enable it to meet its obligations as they come due. As a result, there is substantial doubt regarding the Company’s ability to continue as a going concern. The future of the Company is dependent upon its ability to obtain financing and upon achieving profitable operations.

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

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

2. Significant Accounting Policies

Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include amounts for useful lives of patents, trademarks, and software and website development costs.

Allowance for doubtful accounts

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated credit risk by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is estimated and recorded based on management’s assessment of the credit history with the customer and the current relationships with them. The Company has no accounts receivable or allowance for doubtful accounts as of September 30, 2025 or December 31, 2024.

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 nine months ended September 30, 2025 and 2024, respectively. The Company also plans to derive an insignificant amount of revenue from providing engraving of the wallets. Engraving revenues will be recognized concurrent with the revenues for the related wallet.

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

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

Concentrations of credit risk

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

Loss per share of common stock

Loss per common share (basic and diluted) is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. Diluted loss per share and the weighted average number of shares of common stock exclude 13,815,922 and 12,441,731 potentially convertible debenture shares at September 30, 2025 and 2024, 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. Related Party Transactions and Balances

	September 30, 2025		December 31, 2024
Current Liabilities
Due to Related Party	$	14,282	$	14,282

The above balances are non-interest bearing, unsecured and due on demand. The related party is affiliated by virtue of common ownership.

Steve Cabouli, CEO and sole director of the Company, has been providing storage and office space for the Company in his personal residence. Beginning July 1, 2025, the Company began accruing monthly rent expense for this space at $ 2,800 per month. As of September 30, 2025, there is $ 8,400 accrued in accounts payable for rent.

5. 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 and is currently in default. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 5,000 and $ 5,000 and accrued interest was $ 744 and $ 370 , respectively.

On June 5, 2024, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 6,000 . 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 September 30, 2025 and December 31, 2024, the principal balance on this note was $ 6,000 and $ 6,000 and accrued interest was $ 792 and $ 344 , respectively.

On December 18, 2024, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 10,000 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of December 18, 2025. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 10,000 and $ 10,000 and accrued interest was $ 784 and $ 37 , respectively.

On January 10, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 20,000 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of January 20, 2026. On April 21, 2025, the Company issued 5,000,000 shares of common stock for the conversion of the outstanding balance of $ 20,000 and accrued interest of $ 553 . At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 0 and $ 0 and accrued interest was $ 0 and $ 0 , respectively.

On April 29, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 5,800 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of April 29, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 5,800 and $ 0 and accrued interest was $ 245 and $ 0 , respectively.

On April 29, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 5,500 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of April 29, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 5,800 and $ 0 and accrued interest was $ 232 and $ 0 , respectively.

On May 29, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 500 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of May 29, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 500 and $ 0 and accrued interest was $ 17 and $ 0 , respectively.

On May 30, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 500 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of May 30, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 500 and $ 0 and accrued interest was $ 17 and $ 0 , respectively.

On June 20, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 271 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of June 20, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 271 and $ 0 and accrued interest was $ 8 and $ 0 , respectively.

On July 22, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 4,350 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of July 22, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 4,350 and $ 0 and accrued interest was $ 83 and $ 0 , respectively.

On July 23, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 4,350 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of July 23, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 4,350 and $ 0 and accrued interest was $ 83 and $ 0 , respectively.

On August 11, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 1,000 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of August 11, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 1,000 and $ 0 and accrued interest was $ 14 and $ 0 , respectively.

On August 12, 2025, the Company entered into a bridge loan agreement (the “bridge loan”) with a lender amounting to $ 1,000 . The bridge loan bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of August 12, 2026. At September 30, 2025 and December 31, 2024, the principal balance on this note was $ 1,000 and $ 0 and accrued interest was $ 13 and $ 0 , respectively.

6. Convertible Debentures

In fiscal 2015, the Company issued two tranches, one in April and one in September, of secured convertible debentures with identical terms and maturity dates (together, “the Debentures”) for gross proceeds of $ 492,500 . The Company incurred $ 39,400 in broker’s commissions resulting in net proceeds of $ 453,100 . The Debentures bear interest at a rate of 8 % per annum, with interest payments due semi-annually. The Debentures matured on April 30, 2017, and are currently in default. The debentures became immediately due and payable in default at the request of the note holders. However, the note holders have not made any request for immediate payment. There are no additional terms in the event of default. The Debentures are convertible at any time, in whole, to shares of common stock at a conversion price of $ 0.15 per share. On July 7, 2023, the Company negotiated settlement of six of its noteholders in exchange for preferred shares of the Company’s stock. In accordance with the agreement, there was 7,644,000 shares of preferred shares issued for settlement of $ 252,500 principal and $ 205,986 in accrued interest. At September 30, 2025 and December 31, 2024, the principal balance on these notes was $ 240,000 and $ 240,000 and accrued interest was $ 304,977 and $ 273,209 , respectively.

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

On August 13, 2018, the Company entered into a secured convertible debenture agreement (the “convertible debenture”) with a service provider amounting to $ 12,000 . The convertible debenture bears interest at 10 % per annum calculated monthly and payable on maturity and had a maturity date of August 13, 2021. The debentures became immediately due and payable in default at the request of the note holders. However, the note holders have not made any request for immediate payment. There are no additional terms in the event of default. The conversion price is $ 0.06 per share. At September 30, 2025 and December 31, 2024, the accrued interest was $ 8,564 and $ 7,667 , 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 September 30, 2025 and December 31, 2024, the principal balance on this note was $ 8,000 and $ 8,000 and accrued interest was $ 1,840 and $ 1,242 , respectively.

7. 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 86,419,419 and 77,819,419 shares of Common Stock issued and outstanding as of September 30, 2025 and December 31, 2024, 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.

On August 27, 2024, the Company sold 2,000,000 shares of common stock for $ 10,000 in cash.

On April 21, 2025, the Company issued 5,000,000 shares of common stock for the conversion of $ 20,000 of the principal balance of a convertible note and accrued interest of $ 553 . These shares were valued at $ 0.034 per share for a total value of $ 170,000 . The Company recognized a loss on extinguishment of debt of $ 144,447 .

On July 11, 2025, the Company issued 1,600,000 shares of common stock for the conversion of $23,858 of accounts payable for a vendor. These shares were valued at $ 0.0299 per share for a total value of $ 47,840 . The Company recognized a loss on extinguishment of debt of $23,982.

On August 4, 2025, the Company issued 2,000,000 shares of common stock for the conversion of $90,200 of accounts payable for a vendor. These shares were valued at $ 0.0287 per share for a total value of $ 57,400 . The Company recognized a gain on extinguishment of debt of $32,820.

8. 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 September 30, 2025 and December 31, 2024. 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 .

9. Commitments and Contingencies

Legal Matters

From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising from the ordinary course of our business, collections claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty. 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 September 30, 2025, the Company does not have any commitment or contingencies.

10. Subsequent Events

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

On October 8, 2025, the Company issued 20,000,000 shares of common stock to Steve Cabouli, CEO and director, for services rendered to the Company. These shares were valued at the market price on that day of $ 0.03 per share for a total of $ 600,000 .

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 nine months ended September 30, 2025 and 2024, 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 $5,970,934 since its inception through September 30, 2025, 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 September 30, 2025, compared with the three months ended September 30, 2024

Revenues

We generated revenues of $0 during the three months ended September 30, 2025 and 2024.

Operating Expenses

Operating expenses, which consisted of general and administrative expenses of $19,992 and research and development expenses of $161,882, increased to $181,874 in the three months ended September 30, 2025, from $7,678 in the three months ended September 30, 2024, primarily as a result of increased consulting and supplies in connection with the Company developing its new product.

Other Income (Expense)

We incurred interest expense of $12,475, during the three months ended September 30, 2025, as compared to interest expense of $10,857 during the three months ended September 30, 2024. Interest expense increased from the prior year because of the new notes added in the current period. The Company also incurred a gain on extinguishment of debt of $8,838 during the three months ended September 30, 2025.

Net Loss

The Company had a net loss of $185,511 for the three months ended September 30, 2025, as compared to a net loss of $18,535 for the three months ended September 30, 2024, as a result of the change in general and administrative expenses, research and development expenses and interest expense described above.

Results of Operations for the nine months ended September 30, 2025, compared with the nine months ended September 30, 2024

Revenues

We generated revenues of $0 during the nine months ended September 30, 2025 and 2024.

Operating Expenses

Operating expenses, which consisted of general and administrative expenses of $37,761 and research and development expenses of $171,582, increased to $209,343 in the nine months ended September 30, 2025, from $24,394 in the nine months ended September 30, 2024, primarily as a result of increased consulting and supplies in connection with the Company developing its new product.

Other Income (Expense)

We incurred interest expense of $36,113, during the nine months ended September 30, 2025, as compared to interest expense of $31,253 during the nine months ended September 30, 2024. Interest expense increased from the prior year because of the new notes added in the current period. The Company also incurred a loss on extinguishment of debt of $135,609 during the nine months ended September 30, 2025.

Net Loss

The Company had a net loss of $381,065 for the nine months ended September 30, 2025, as compared to a net loss of $83,647 for the nine months ended September 30, 2024, as a result of the change in general and administrative expenses, research and development expenses and interest expense described above.

Liquidity and Capital Resources

At September 30, 2025, we had $229 of cash on hand and an accumulated deficit of $5,970,934. Our primary source of liquidity during the nine months ended September 30, 2025, has been from advances from a related party and bridge loans. As of September 30, 2025, the Company owed $14,282 in outstanding related party advances, with $0 in accrued interest on those advances, $44,271 in bridge loans with $3,031 in accrued interest on these loans and $260,000 in outstanding convertible debentures payable to outside parties, with $315,382 in accrued interest on these debentures.

Net cash used in operating activities was $50,479 during the nine months ended September 30, 2025 and $23,062 during the nine months ended September 30, 2024.

Net cash used in investing activities was $0 during the nine months ended September 30, 2025 and 2024.

Net cash provided by financial activities was $48,271 and $26,000 during the nine months ended September 30, 2025 and 2024.

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

Cash Flow

Our primary source of liquidity during the nine months ended September 30, 2025, has been cash received from a bridge loan and advances from a related party.

Working Capital

We had current assets of $229 and $2,437, and current liabilities of $694,078 and $590,461, resulting in working capital deficits of $693,849 and $588,024 at September 30, 2025 and December 31, 2024, respectively.

Balance Sheet Arrangements

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

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its financial statements and accompanying notes. Note 2, “Significant Accounting Policies,” of the Notes to Financial Statements on the unaudited financial statements as of September 30, 2025 and December 31, 2024, and for the nine months ended September 30, 2025 and 2024 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

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.

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 September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

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

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit		Description

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

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

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

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

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

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

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

Exhibit		Description

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Exhibit		Description

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

____________

* Filed herewith.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	IWALLET CORPORATION

Date: November 13, 2025	By:	/s/ Steven Cabouli
		Steven Cabouli
		President & CEO Director

TABLE OF CONTENTS

Part I. Financial Information Item 1. Financial Statements 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 1A. Risk Factors 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

Exhibits

IWAL 10-Q Quarter ended Sept. 30, 2025

Exhibits