Skinvisible, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Skinvisible, Inc. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023, detailing its financial position and operations.</b>

AI Summary

SKINVISIBLE, INC. (SKVI) filed a Annual Report (10-K) with the SEC on April 16, 2024. Skinvisible, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Nevada and operates in the Pharmaceutical Preparations industry (SIC 2834). Its principal business address is located at 6320 S Sandhill Road, Unit 9, Las Vegas, NV 89120. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Convertible Notes are detailed for these periods.

Why It Matters

For investors and stakeholders tracking SKINVISIBLE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Skinvisible, Inc.'s financial performance and condition for the fiscal year 2023, which is crucial for investors to assess the company's stability and future prospects. The detailed financial data, including equity, debt, and retained earnings, allows stakeholders to understand the company's capital structure and profitability trends over the past few years.

Risk Assessment

Risk Level: medium — SKINVISIBLE, INC. shows moderate risk based on this filing. The company's financial disclosures are extensive, but the absence of specific revenue, net income, or operational margin figures in the provided snippet suggests a need for deeper analysis of the full report to gauge financial health and performance.

Analyst Insight

Investors should review the full 10-K filing to analyze the company's revenue streams, profitability, debt levels, and cash flow to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-16 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)
• NV — State of Incorporation (State of incorporation)

Key Players & Entities

• SKINVISIBLE, INC. (company) — Filer name
• SKVI (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240416 (date) — Filed as of date
• 6320 S SANDHILL ROAD (address) — Business address street 1
• LAS VEGAS (location) — Business address city
• NV (location) — Business address state
• 89120 (postal_code) — Business address zip

FAQ

Industry Context

Skinvisible, Inc. operates within the Pharmaceutical Preparations industry, focusing on products related to skin health and treatments.

Regulatory Implications

As a publicly traded company, Skinvisible, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Thoroughly review the financial statements and management's discussion and analysis (MD&A) in the 10-K for detailed financial performance.
2. Analyze the company's business description and risk factors to understand its market position and potential challenges.
3. Examine any disclosures related to debt, equity, and cash flow to assess the company's financial health and liquidity.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-16: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.001 — of each class Common Stock, par value $0.001 Indicate by check mark if the registr
• $80 billion — porated in 1998 and target an estimated $80 billion global skincare and dermatology market
• $30 billion — l skincare and dermatology market and a $30 billion global over-the-counter market as well
• $1,000,000 — se fee of one million USD dollars (USD $1,000,000) (the "License Fee") and will additiona
• $5 million — that Quoin make a milestone payment of $5 million to us upon achieving the first to occur
• $109,688 — ded a gain on settlement of the debt of $109,688 associated with the settlement of $298,
• $298,400 — 9,688 associated with the settlement of $298,400 of principal. As of December 31, 2023,
• $433,600 — of principal. As of December 31, 2023, $433,600 of the outstanding secured notes payabl
• $40,000 — as current notes payable. We also have $40,000 in outstanding unsecured notes that are
• $500,000 — ny's plan specifies a minimum amount of $500,000 in additional operating capital to oper
• $39,380,488 — ated deficit as of December 31, 2023 of $39,380,488. We have not been able to generate suff

Filing Documents

• skvi10k_123123.htm (10-K) — 714KB
• image_001.jpg (GRAPHIC) — 8KB
• image_002.jpg (GRAPHIC) — 12KB
• image_003.jpg (GRAPHIC) — 3KB
• image_004.jpg (GRAPHIC) — 4KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32_1.htm (EX-32.1) — 4KB
• 0001663577-24-000119.txt (&nbsp;) — 2875KB
• skvi-20231231.xsd (EX-101.SCH) — 21KB
• skvi-20231231_cal.xml (EX-101.CAL) — 34KB
• skvi-20231231_def.xml (EX-101.DEF) — 52KB
• skvi-20231231_lab.xml (EX-101.LAB) — 162KB
• skvi-20231231_pre.xml (EX-101.PRE) — 136KB
• skvi10k_123123_htm.xml (XML) — 243KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. [ Reserved ] 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 21 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 22 Item 9A.

Controls and Procedures

Controls and Procedures 22 Item 9B. Other Information 22 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 22 PART III Item 10. Directors, Executive Officers and Corporate Governance 23 Item 11.

Executive Compensation

Executive Compensation 25 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Accountant Fees and Services 28 PART IV Item 15. Exhibits, Financial Statement Schedules 29 Item 16. Form 10-K Summary 29 2 Table of Contents PART I

Business

Item 1. Business Company Overview We, through our wholly owned subsidiary Skinvisible Pharmaceuticals Inc., are a pharmaceutical research and development ("R&D") company that has developed and patented an innovative polymer delivery system, Invisicare and formulated over forty topical skin products, which we out-license globally. We were incorporated in 1998 and target an estimated $80 billion global skincare and dermatology market and a $30 billion global over-the-counter market as well as other healthcare / medical and consumer goods markets. The Company is also exploring new opportunities in large medical markets outside of the dermatology market such as obesity and other potential markets where a topical or transdermal solution would be a viable alternative. With the research and development complete on forty products and numerous patents issued (technology and product patents), we are ready to monetize our investment. Our business model will continue to be to out-license our patented prescription and over-the-counter ("OTC") products featuring Invisicare to established manufacturers and marketers of brands internationally and to maximize profits from the products we have already out-licensed. The opportunity for us to license our products continues to be a viable model as the need for pharmaceutical companies to access external R&D companies for new products due to their own downsizing or elimination of internal R&D departments. The demand for our products is enhanced due to the granting of key US and international patents and the completed development of a number of unique products. Our Flagship Product Pivotal to our success is our patented polymer delivery system technology Invisicare. Invisicare is a patented polymer delivery system that enhances the delivery of active ingredients for topically applied skin care products. Its patented technology has a unique formula and process for combining active ingredients with a delivery system that extends th

Risk Factors

Item 1A. Risk Factors Risk Factors Associated with Covid 19 The extent to which the coronavirus ("COVID-19") outbreak impacts our business, results of operations and financial condition will depend on future developments, which cannot be predicted. The COVID-19 pandemic has caused us to modify our business practices (including employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences), and we may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers and business partners. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus or otherwise be satisfactory to government authorities. The extent to which COVID-19 impacts our business, results of operations and financial condition will depend on future developments, which are uncertain and cannot be predicted, including, but not limited to: the duration and scope of the pandemic; governmental, business and individual actions taken in response to the pandemic and the impact of those actions on global economic activity; the actions taken in response to economic disruption; the impact of business disruptions; the increase in business failures that we may utilize as industry partners and the customers we serve; uncertainty as to the impact or staff availability during and post the pandemic; and our ability to provide our services, including as a result of our employees or our customers and suppliers working remotely and/or closures of offices and facilities. Even after the coronavirus outbreak has subsided, we may continue to experience materially adverse impacts to our business as a result of its global economic impact, including any recession that has occurred or may occur in the future. Risks Related to Our Financial Condition and our Business We have outstanding secured and other debt that has matured and

View Full Filing

View this 10-K filing on SEC EDGAR