Skinvisible, Inc. Files Q3 2024 10-Q

TL;DR

SKVI Q3 10-Q filed. Financials updated.

AI Summary

Skinvisible, Inc. filed its 10-Q for the period ending September 30, 2024. The company, operating in pharmaceutical preparations, reported financial data for Q3 2024 and year-to-date. Key financial figures and balance sheet items as of December 31, 2023, and various dates in 2024 are detailed.

Why It Matters

This filing provides investors with an update on Skinvisible, Inc.'s financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical preparations company, Skinvisible, Inc. is subject to regulatory risks, market competition, and the inherent uncertainties of drug development and commercialization.

Key Numbers

• 2024 Q3 — Reporting Period (Financials for the third quarter of 2024 are presented.)
• 20240930 — Fiscal Period End (The 10-Q covers the period ending on this date.)
• 20241119 — Filing Date (The date the report was submitted to the SEC.)

Key Players & Entities

• SKINVISIBLE, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241119 (date) — Filing date
• 702-433-7154 (phone_number) — Business phone number
• NV (state) — State of incorporation

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

Filing Documents

• skvi10q3_093024.htm (10-Q) — 543KB
• 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
• 0001663577-24-000294.txt ( ) — 2530KB
• skvi-20240930.xsd (EX-101.SCH) — 20KB
• skvi-20240930_cal.xml (EX-101.CAL) — 33KB
• skvi-20240930_def.xml (EX-101.DEF) — 51KB
• skvi-20240930_lab.xml (EX-101.LAB) — 154KB
• skvi-20240930_pre.xml (EX-101.PRE) — 126KB
• skvi10q3_093024_htm.xml (XML) — 239KB

– 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 11 Item 3: Defaults Upon Senior Securities 11 Item 4: Mine Safety Disclosure 11 Item 5: Other Information 11 Item 6: Exhibits 11 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 September 30, 2024 and December 31, 2023 (unaudited); F-2 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited); F-3 Consolidated Statements of Stockholders' Equity ( Deficit) for the three and nine months ended September 30, 2024 and 2023 (unaudited); F-4 Consolidated Statements of Cash Flow for the nine months ended September 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 September 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) September 30, 2024 December 31, 2023 ASSETS Current assets Cash $ 612 $ 888 Accounts receivable 1,000 5,000 Due from related party 21,592 21,592 Prepaid expense and other current assets 4,200 7,980 Total current assets 27,404 35,460 Patents and trademarks, net 121,239 127,409 Total assets $ 148,643 $ 162,869 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities $ 1,150,113 $ 438,668 Accrued interest payable 2,641,522 2,575,595 Loans from related party 9,364 6,000 Loans payable 433,600 433,600 Convertible notes payable, net of unamortized debt discount of $ 38,300 and $ 63,785 , respectively 401,761 40,000 Derivative liability 7,348 18,544 Total current liabilities 4,643,708 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 10,016,111 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 September 30, 2024 and December 31, 2023, respectively 4,890 4,540 Shares payable 1,000 — Additional paid-in capital 30,387,555 30,352,905 Accumulated deficit ( 40,260,913 ) ( 39,380,488 ) Total stockholders'

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 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 April 16, 2024. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position a

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