Skinvisible's Cash Dries Up Amidst Mounting Losses, Going Concern Warning Issued

TL;DR

**SKVI is a zombie company with no cash, mounting debt, and a going concern warning; avoid at all costs.**

AI Summary

SKINVISIBLE, INC. (SKVI) reported a net loss of $805,677 for the nine months ended September 30, 2025, a slight improvement from the $880,425 net loss in the prior-year period. Revenue remained flat at $15,000 for both the three and nine months ended September 30, 2025 and 2024, indicating no growth in core operations. The company's cash position significantly deteriorated, dropping from $10,336 at December 31, 2024, to just $645 by September 30, 2025. Total liabilities increased to $10,138,047 as of September 30, 2025, up from $9,381,744 at December 31, 2024, driven by a rise in accounts payable and accrued liabilities to $1,156,656 and accrued interest payable to $3,212,969. The accumulated deficit grew to $40,751,819, and the company explicitly stated 'substantial doubt about the Company's ability to continue as a going concern within one year from the date of filing.' Management plans to generate funding through product licensing and seeking additional debt and equity, but the ability to secure this funding is unknown.

Why It Matters

This filing paints a dire picture for SKINVISIBLE, INC., highlighting severe liquidity issues and a lack of operational growth. For investors, the 'going concern' warning is a critical red flag, indicating a high risk of bankruptcy or significant dilution if new capital is raised. Employees face job insecurity given the company's precarious financial state. Customers and the broader market may see reduced innovation or product availability if SKVI cannot sustain operations, especially in the competitive topical and transdermal delivery system market where larger, better-capitalized players dominate. The company's inability to generate meaningful revenue from its patented technologies suggests a failure to commercialize effectively.

Risk Assessment

Risk Level: high — The company explicitly states 'substantial doubt about the Company's ability to continue as a going concern within one year from the date of filing' due to a net loss of $805,677 for the nine months ended September 30, 2025, and cumulative net losses of $40,751,819 since inception. Cash reserves have plummeted to $645, while total liabilities have surged to $10,138,047, indicating severe financial distress.

Analyst Insight

Investors should immediately divest any holdings in SKINVISIBLE, INC. given the explicit going concern warning, minimal cash reserves of $645, and persistent net losses. The company's inability to generate significant revenue from its patented technologies suggests a lack of viable business model, making it a highly speculative and risky investment.

Financial Highlights

debt To Equity

N/A

revenue

$15,000

operating Margin

N/A

total Assets

$133,623

total Debt

$10,138,047

net Income

-$805,677

eps

N/A

gross Margin

N/A

cash Position

$645

revenue Growth

0.0%

Revenue Breakdown

Key Numbers

• $805,677 — Net Loss (For the nine months ended September 30, 2025, indicating continued unprofitability.)
• $645 — Cash Balance (As of September 30, 2025, a critical low point for liquidity.)
• $10,138,047 — Total Liabilities (As of September 30, 2025, significantly outweighing assets and increasing from prior period.)
• $15,000 — Revenue (For the nine months ended September 30, 2025, showing no growth year-over-year.)
• $40,751,819 — Accumulated Deficit (As of September 30, 2025, highlighting substantial historical losses.)
• 5,403,843 — Common Shares Outstanding (As of November 13, 2025, indicating potential for further dilution.)
• $3,212,969 — Accrued Interest Payable (As of September 30, 2025, a significant component of current liabilities.)
• $1,156,656 — Accounts Payable and Accrued Liabilities (As of September 30, 2025, a substantial increase from December 31, 2024.)
• $10,004,424 — Total Stockholders' Deficit (As of September 30, 2025, reflecting negative equity.)
• 82,346,405 — Additional Shares Issuable (In connection with outstanding options, warrants, stock payable and convertible debts as of September 30, 2025, indicating massive potential dilution.)

Key Players & Entities

• SKINVISIBLE, INC. (company) — Registrant
• $805,677 (dollar_amount) — Net loss for nine months ended September 30, 2025
• $880,425 (dollar_amount) — Net loss for nine months ended September 30, 2024
• $15,000 (dollar_amount) — Revenue for nine months ended September 30, 2025 and 2024
• $645 (dollar_amount) — Cash as of September 30, 2025
• $10,336 (dollar_amount) — Cash as of December 31, 2024
• $10,138,047 (dollar_amount) — Total liabilities as of September 30, 2025
• $9,381,744 (dollar_amount) — Total liabilities as of December 31, 2024
• $40,751,819 (dollar_amount) — Cumulative net losses since inception
• Skinvisible Pharmaceuticals, Inc. (company) — Subsidiary of Skinvisible, Inc.

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company explicitly stated 'substantial doubt about the Company's ability to continue as a going concern within one year from the date of filing.' This is due to a significant cash deterioration to $645 and a growing accumulated deficit of $40,751,819.
• Deteriorating Liquidity [high — financial]: Cash balance has plummeted from $10,336 at December 31, 2024, to a critical $645 as of September 30, 2025. This severe lack of liquidity poses an immediate threat to operations.
• Increasing Liabilities [high — financial]: Total liabilities increased to $10,138,047 as of September 30, 2025, up from $9,381,744 at December 31, 2024. This increase is largely driven by substantial growth in accounts payable and accrued liabilities ($1,156,656) and accrued interest payable ($3,212,969).
• Negative Equity [high — financial]: The total stockholders' deficit stands at ($10,004,424) as of September 30, 2025, indicating that liabilities far exceed assets. The accumulated deficit has grown to $40,751,819.
• Potential for Massive Dilution [medium — financial]: There are an additional 82,346,405 shares issuable in connection with outstanding options, warrants, stock payable, and convertible debts. Combined with 5,403,843 common shares outstanding, this represents a significant risk of dilution for existing shareholders.
• Stagnant Revenue [medium — financial]: Revenue has remained flat at $15,000 for both the three and nine months ended September 30, 2025 and 2024. This lack of growth in core operations exacerbates the company's financial challenges.

Industry Context

SKINVISIBLE, INC. operates in the topical, transdermal, and mucosal delivery system technology sector, targeting pharmaceutical, OTC, skincare, and cosmetic markets. The industry is characterized by innovation in drug delivery and formulation, with significant competition from established players and emerging technologies. Companies in this space often require substantial R&D investment and face regulatory hurdles.

Regulatory Implications

As a company developing pharmaceutical and cosmetic products, SKINVISIBLE, INC. is subject to stringent regulations from bodies like the FDA. Compliance with manufacturing standards (cGMP), product safety, and efficacy testing are critical. Failure to meet these standards can result in product recalls, fines, and reputational damage.

What Investors Should Do

1. Monitor Funding Efforts Closely
2. Assess Dilution Risk
3. Evaluate Management's Turnaround Strategy

Key Dates

• 2025-09-30: End of Nine-Month Period — Reporting period for the 10-Q, showing a net loss of $805,677, critically low cash of $645, and total liabilities of $10,138,047.
• 2024-12-31: End of Fiscal Year — Prior period balance sheet reference point, showing $10,336 in cash and $9,381,744 in total liabilities.

Glossary

Accumulated Deficit

The cumulative net losses of a company that have not been offset by net income. (Highlights the company's long-term unprofitability, reaching $40,751,819 as of September 30, 2025.)

Going Concern

An assumption that a company will continue to operate for the foreseeable future. (The company has explicitly stated substantial doubt about its ability to continue as a going concern within one year.)

Stockholders' Deficit

The negative value of a company's equity when liabilities exceed assets. (Indicates a negative equity position of ($10,004,424) as of September 30, 2025.)

Accrued Interest Payable

Interest that has been incurred but not yet paid. (A significant component of current liabilities, amounting to $3,212,969 as of September 30, 2025.)

Convertible Notes Payable

Debt instruments that can be converted into shares of the issuing company's stock. (Represents a growing debt burden, with $352,075 in current convertible notes and $5,372,403 in related party convertible notes.)

Year-Over-Year Comparison

Compared to the prior year period, SKINVISIBLE, INC. has seen its net loss slightly improve from $880,425 to $805,677 for the nine months ended September 30, 2025. However, revenue remains stagnant at $15,000, and the company's financial condition has severely deteriorated, with cash dropping from $10,336 to $645 and total liabilities increasing from $9,381,744 to $10,138,047. New risks related to convertible notes payable have emerged, and the going concern warning has become more pronounced.

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

Filing Documents

• skvi10q3_093025.htm (10-Q) — 525KB
• 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
• 0001663577-25-000309.txt ( ) — 2576KB
• skvi-20250930.xsd (EX-101.SCH) — 20KB
• skvi-20250930_cal.xml (EX-101.CAL) — 35KB
• skvi-20250930_def.xml (EX-101.DEF) — 61KB
• skvi-20250930_lab.xml (EX-101.LAB) — 155KB
• skvi-20250930_pre.xml (EX-101.PRE) — 135KB
• skvi10q3_093025_htm.xml (XML) — 248KB

– 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 12 Item 4:

Controls and Procedures

Controls and Procedures 12

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 13 Item 1A:

Risk Factors

Risk Factors 13 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3: Defaults Upon Senior Securities 13 Item 4: Mine Safety Disclosure 13 Item 5: Other Information 13 Item 6: Exhibits 13 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our condensed consolidated financial statements included in this Form 10-Q are as follows: F-1 Condensed consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (unaudited); F-2 Condensed consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited); F-3 Condensed consolidated Statements of Stockholders' Equity ( Deficit) for the three and nine months ended September 30, 2025 and 2024 (unaudited); F-4 Condensed consolidated Statements of Cash Flow for the nine months ended September 30, 2025 and 2024 (unaudited); F-5 Notes to Condensed consolidated Financial Statements. These condensed 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, 2025 are not necessarily indicative of the results that can be expected for the full year. 3 Table of Contents SKINVISIBLE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2025 December 31, 2024 ASSETS Current assets Cash $ 645 $ 10,336 Accounts receivable 5,000 5,000 Due from related party 17,592 17,592 Prepaid expense and other current assets 5,232 9,100 Total current assets 28,469 42,028 Patents and trademarks, net 105,154 116,189 Total assets $ 133,623 $ 158,217 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities $ 1,156,656 $ 858,993 Accrued interest payable 3,212,969 2,784,909 Loans from related party 33,944 13,364 Loans payable 10,000 — Convertible notes payable 352,075 — Total current liabilities 4,765,644 3,657,266 Convertible notes payab

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. DESCRIPTION OF BUSINESS AND HISTORY Description of business Skinvisible, Inc., (referred to as the "Company") is focused on the development, 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 including 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 financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the period presented have been reflected herein. The Company has adjusted certain previously reported amounts in its balance sheets as of and for the year ended December 31, 2024, to reflect the removal of a derivative liability in the amount of $ 22,420 associated with certain notes payable settled during the year ended December 31

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View this 10-Q filing on SEC EDGAR