Skinvisible, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Skinvisible, Inc. has submitted its Q1 2024 10-Q filing, detailing its financial performance and operational status.</b>

AI Summary

SKINVISIBLE, INC. (SKVI) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Skinvisible, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Skinvisible, Inc. is incorporated in Nevada (NV). The company operates in the Pharmaceutical Preparations industry (SIC 2834).

Why It Matters

For investors and stakeholders tracking SKINVISIBLE, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Skinvisible's financial health and operational progress for the first quarter of 2024, crucial for assessing investment potential. Understanding the details within this report allows stakeholders to evaluate the company's current financial standing, including its assets, liabilities, and equity, as well as any changes from previous periods.

Risk Assessment

Risk Level: low — SKINVISIBLE, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial disclosures or events that would inherently increase risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance and outlook for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Quarter Start Date (Quarterly report period)
• 2023-12-31 — Previous Year End Date (Comparison point)
• 2023-03-31 — Prior Year Quarter End Date (Year-over-year comparison point)

Key Players & Entities

• SKINVISIBLE, INC. (company) — Filer name
• SKVI (company) — Ticker symbol
• 10-Q (document) — Form type
• 20240331 (date) — Period of report
• 20240515 (date) — Filed as of date
• NV (location) — State of incorporation
• PHARMACEUTICAL PREPARATIONS (industry) — Standard Industrial Classification
• LAS VEGAS (location) — Business address city

FAQ

Industry Context

Skinvisible, Inc. operates within the pharmaceutical preparations sector, focusing on the development and commercialization of products.

Regulatory Implications

As a publicly traded company, Skinvisible, Inc. is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the period ending March 31, 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and challenges.
3. Compare the current quarter's results with historical data from previous filings to identify trends and assess progress.

Year-Over-Year Comparison

This filing represents the company's Q1 2024 update, providing the latest financial and operational information compared to its previous filings.

Key Financial Figures

• $21,592 — rded a reserve for doubtful accounts of $21,592 and $21,592, respectively. Intangible
• $0.10 — pany's common stock at a fixed price of $0.10 per share along with warrants to purcha
• $0.15 — shares issued at the exercise price of $0.15 per share for three years after the con
• $433,600 — ty and Methods." As of March 31, 2024, $433,600 of the outstanding notes payable are pa
• $0.20 — pany's common stock at a fixed price of $0.20 per share along with warrants to purcha
• $0.30 — shares issued at the exercise price of $0.30 per share for three years after the con
• $0.075 — e Company's common stock at the rate of $0.075. per share and 150,000 warrants exercis
• $5 million — t also requires that Quoin make certain $5 million milestone payment to Skinvisible upon a

Filing Documents

• skvi10q_033124.htm (10-Q) — 393KB
• image_001.jpg (GRAPHIC) — 8KB
• image_002.jpg (GRAPHIC) — 8KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32_1.htm (EX-32.1) — 4KB
• 0001663577-24-000137.txt (&nbsp;) — 2273KB
• skvi-20240331.xsd (EX-101.SCH) — 20KB
• skvi-20240331_cal.xml (EX-101.CAL) — 32KB
• skvi-20240331_def.xml (EX-101.DEF) — 44KB
• skvi-20240331_lab.xml (EX-101.LAB) — 147KB
• skvi-20240331_pre.xml (EX-101.PRE) — 121KB
• skvi10q_033124_htm.xml (XML) — 202KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1:

Financial Statements

Financial Statements 3 Item 2:

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 4 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 9 Item 4:

Controls and Procedures

Controls and Procedures 9

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 10 Item 1A:

Risk Factors

Risk Factors 10 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 10 Item 3: Defaults Upon Senior Securities 10 Item 4: Mine Safety Disclosure 10 Item 5: Other Information 10 Item 6: Exhibits 10 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Our consolidated financial statements included in this Form 10-Q are as follows: F-1 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited); F-2 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited); F-3 Consolidated Statements of Stockholders' Equity ( Deficit) for the three months ended March 31, 2024 and 2023 (unaudited); F-4 Consolidated Statements of Cash Flow for the three months ended March 31, 2024 and 2023 (unaudited); F-5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2024 are not necessarily indicative of the results that can be expected for the full year. 3 Table of Contents SKINVISIBLE, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash $ 8,097 $ 888 Accounts receivable 5,000 5,000 Due from related party 17,592 21,592 Prepaid expense and other current assets — 7,980 Total current assets 30,689 35,460 Patents and trademarks, net 122,714 127,409 Total assets $ 153,403 $ 162,869 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities $ 532,888 $ 438,668 Accrued interest payable 2,729,328 2,575,595 Loans from related party 3,000 6,000 Loans payable 433,600 433,600 Convertible notes payable, net of unamortized debt discount of $ 38,300 and $ 63,785 , respectively 376,275 40,000 Derivative liability 19,324 18,544 Total current liabilities 4,094,415 3,512,407 Convertible notes payable related party, net of unamortized discount of $ 0 and $ 0 respectively 5,372,403 5,372,403 Convertible notes payable — 301,102 Total liabilities 9,466,818 9,185,912 Stockholders' deficit Common stock; $ 0.001 par value; 200,000,000 shares authorized; 4,539,843 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 4,540 4,540 Additional paid-in capital 30,352,905 30,352,905 Accumulated deficit ( 39,670,860 ) ( 39,380,488 ) Total stockholders' deficit ( 9,313,415 ) ( 9,023,043 ) Total liabil

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2024 1. DESCRIPTION OF BUSINESS AND HISTORY Description of business Skinvisible, Inc., (referred to as the "Company") is focused on the development and manufacture and sales of innovative topical, transdermal and mucosal polymer-based delivery system technologies and formulations incorporating its patent-pending formula/process for combining hydrophilic and hydrophobic polymer emulsions. The technologies and formulations have broad industry applications within the pharmaceutical, over-the-counter, personal skincare and cosmetic arenas. Additionally, the Company's non-dermatological formulations, offer solutions for a broad spectrum of markets women's health, pain management, obesity and others. The Company expects to file a US patent application for the delivery of weight loss actives in the coming days. History The Company was incorporated in Nevada on March 6, 1998 , under the name of Microbial Solutions, Inc. The Company underwent a name change on February 26, 1999, when it changed its name to Skinvisible, Inc. The Company's subsidiary's name of Manloe Labs, Inc. was also changed to Skinvisible Pharmaceuticals, Inc. Skinvisible, Inc., together with its subsidiaries, shall herein be collectively referred to as the "Company." 2. BASIS OF PRESENTATION AND GOING CONCERN Basis of presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United S-X , and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's most recent Annual Financial Statements on Form 10-K filed with the SEC on March 31, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for

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