Business Description

Overview iWallet Corporation (the “Company” or “iWallet”) was incorporated on November 18, 2009, in the State of California as “Queensridge Mining Resources, Inc.” On or about July 21, 2014, iWallet Corporation, a private California corporation, merged with and into our wholly owned Nevada subsidiary, iWallet Acquisition Corp., and iWallet Acquisition Corp. then immediately merged with and into the Company, with the Company immediately changing its name to “iWallet Corporation.” The Company is currently focused on designing and developing biometric locking wallets and related physical, personal security products, and providing consulting services in connection with protective wallets and other personal security products. The Company’s fiscal year end is December 31, its telephone number is (858) 610-2958, and the address of its principal executive office is 401 Ryland St., Ste. 200A, Reno, Nevada. The Company was previously a public company required to file reports with the United States Securities and Exchange Commission (the “SEC”) as a result of effectiveness of prior registration statements we filed with the SEC in 2010 and 2014, but our reporting obligations were automatically suspended as a result of having less than 300 shareholders of record, and we subsequently filed a Form 15 (a Notice of the suspension of our duty to file reports under the Securities Exchange Act) and discontinued reporting in 2016. We again became a publicly reporting company with the SEC in early 2022. Description of Business We are a designer and developer of patented, innovative, physical personal security products that incorporate biometric security and wireless communication technologies to protect against personal identity and financial information theft. Our prior designs include a biometric locking luxury storage case, made from carbon fiber or aluminum, that protects cash, credit cards and personal information from being read by RFID devices in public spaces, and a soft leather wallet that incorporates a GPS module allowing the customer to locate the wallet if misplaced. The initial version of the iWallet generated sales of over $700,000 in the first eighteen months following its launch. Established sales channels included Neiman Marcus in North America, Harrods in England, Highline Peak Group in Canada, and NeedItWantItGadgets in New Zealand. Our prospective sales channels going forward include direct online sales as well as retail agreements with companies such as Dufry, Touch of Modern, Skymall, Travelsmith, Hammacher Schlemmer and tm:rw. We see substantial growth potential in adjacent industries; for instance, automotive giants like General Motors, Mercedes-Benz, and Porsche have previously expressed interest in retailing iWallet products through their dealership gift shops. Additionally, we are targeting high-traffic travel hubs, including duty-free shops, in-flight 3 catalogs, and cruise ship boutiques. We plan to expand our distribution through luggage retailers and manufacturers, building on our successful past partnership with Heys Luggage. The Company is meeting regularly with potential clients showing interest in exclusive product designs and marketing tie-ins (white label agreements). We are currently pursuing co-branding agreements with TravelPro, Montblanc, Ducati, Gucci, and Bugatti, as well as Dunhill, with which we have a successful prior relationship. Products and Technology We have substantially redesigned our products using innovative new manufacturing methods and updated electronic components, and we have identified two major contract manufacturers and new component suppliers to launch our products back into the market. We have evolved the original iWallet portfolio with new technology as follows: a. Updated capacitive touch fingerprint sensor with improved sensitivity, security and reliability compared to the original iWallet device b. Improved RFID shielding materials for enhanced identity protection c. GPS tracking capability and “Find My Device” app connectivity d. Exclusive additive manufacturing process using titanium to produce a sleek, hardened outer case without the need for expensive tooling or custom molds. This process will allow us to rapidly adapt industrial designs for customized co-branding opportunities. e. Physical Vapor Deposition (PVD) coating for vibrant colors and finishes that are resistant to dirt, scratches, wear and fading f.…