Skinvisible, Inc. Files Q2 2024 10-Q

TL;DR

SKVI 10-Q filed for Q2 2024. Financials and operations updated.

AI Summary

Skinvisible, Inc. filed its 10-Q for the period ending June 30, 2024. The company, operating in the pharmaceutical preparations sector, is based in Las Vegas, Nevada. Financial details and operational updates for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational status of Skinvisible, Inc. for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a company in the pharmaceutical preparations sector, Skinvisible, Inc. faces inherent risks related to product development, regulatory approvals, and market competition.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024.)
• June 30, 2024 — Quarter End Date (The specific date through which financial information is reported.)

Key Players & Entities

• SKINVISIBLE, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240815 (date) — Filing date
• Las Vegas, NV (location) — Company's business and mailing address
• 702-433-7154 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $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
• $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

Filing Documents

• skvi10q2_063024.htm (10-Q) — 486KB
• 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
• 0001663577-24-000234.txt ( ) — 2440KB
• skvi-20240630.xsd (EX-101.SCH) — 20KB
• skvi-20240630_cal.xml (EX-101.CAL) — 33KB
• skvi-20240630_def.xml (EX-101.DEF) — 50KB
• skvi-20240630_lab.xml (EX-101.LAB) — 153KB
• skvi-20240630_pre.xml (EX-101.PRE) — 126KB
• skvi10q2_063024_htm.xml (XML) — 218KB

– 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 10 Item 4:

Controls and Procedures

Controls and Procedures 10

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 11 Item 1A:

Risk Factors

Risk Factors 11 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 12 Item 3: Defaults Upon Senior Securities 12 Item 4: Mine Safety Disclosure 12 Item 5: Other Information 12 Item 6: Exhibits 12 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 June 30, 2024 and December 31, 2023 (unaudited); F-2 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited); F-3 Consolidated Statements of Stockholders' Equity ( Deficit) for the three and six months ended June 30, 2024 and 2023 (unaudited); F-4 Consolidated Statements of Cash Flow for the three and six months ended June 30, 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 June 30, 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) June 30, 2024 December 31, 2023 ASSETS Current assets Cash $ 6,990 $ 888 Accounts receivable 5,000 5,000 Accounts receivable - related party 17,592 21,592 Prepaid expense and other current assets 6,300 7,980 Total current assets 35,882 35,460 Patents and trademarks, net 127,176 127,409 Total assets $ 163,058 $ 162,869 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities $ 659,692 $ 438,668 Accrued interest payable 2,872,609 2,575,595 Loans from related party 4,200 6,000 Loans payable 433,600 433,600 Convertible notes payable, net of unamortized debt discount of $ 25,627 and $ 63,785 , respectively 40,000 40,000 Derivative liability 13,470 18,544 Total current liabilities 4,023,571 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 348,948 301,102 Total liabilities 9,744,922 9,185,912 Stockholders' deficit Common stock; $ 0.001 par value; 200,000,000 shares authorized; 4,889,843 and 4,539,843 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 4,890 4,540 Additional paid-in capital 30,387,555 30,352,905 Accumulated deficit ( 39,974,309 ) ( 39,380,488 ) Total stockholders' deficit ( 9,581,864 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 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, and others. The Company maintains executive and sales offices in Las Vegas, Nevada. 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 June 30, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and th

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