Mon, Apr 14, 8:57 PM (12 days ago)
**Skinvisible, Inc. (SKVI) - Annual Report Summary** **Financial Performance (in thousands):** - **Revenue:** $20 for both 2024 and 2023. - **Net Income:** Net loss of $565,654 for 2024, compared to a net loss of $2,382,440 for 2023. - **Operating Expenses:** Increased to $609,589 for 2024 from $510,375 for 2023. - **Earnings per Share:** Basic and diluted loss per common share of $0.11 for 2024, compared to $0.52 for 2023. **Strategic Overview:** - Skinvisible focuses on developing and licensing its patented polymer delivery system, Invisicare, for topical skin products. - The company targets the global skincare, dermatology, and over-the-counter markets. - Key products include Invisicare-enhanced topical skin products, with a focus on out-licensing to established manufacturers. **Future Outlook:** - Plans to generate more revenue from existing licenses with Quoin and Ovation Science. - Exploring new opportunities in large medical markets, such as obesity and diabetes management. - Seeking additional financing to support operational and marketing activities. **Risk Factors:** - Financial condition raises substantial doubt about the company's ability to continue as a going concern. - Dependence on third-party manufacturers and the need for additional capital. - Competition from companies with greater resources and name recognition. - Regulatory risks associated with cosmetic and skincare products. **Financial Condition:** - Total current assets of $42,028 and total assets of $158,217 as of December 31, 2024. - Total current liabilities of $3,719,687 and a working capital deficit of $3,677,659. - Negative operating cash flows for 2024, primarily due to net loss and changes in operating assets and liabilities. **Market Position Changes:** - Common stock is quoted under the symbol “SKVI” on the OTCQB. - The company has not paid dividends and does not plan to do so in the foreseeable future. - The stock price is highly volatile and may fluctuate widely due to various factors. **Management and Governance:** - The company has two directors and a small executive team. - The board of directors performs the functions of an audit committee, but no written charter governs their actions. - The company has identified material weaknesses in its internal controls over financial reporting. **Licensing Agreements:** - **Quoin Pharmaceuticals:** Exclusive license agreement for Invisicare-enhanced products, with milestone payments and royalties. - **Ovation Science:** License agreement for the hand sanitizer product, DermSafe, with royalties and a license fee. **Patent Applications:** - Filed provisional patent applications for transdermal delivery of obesity drugs and glucose-controlling agents. **Conclusion:** Skinvisible, Inc. faces significant financial challenges but has strategic opportunities in the skincare and dermatology markets. The company's ability to secure additional financing and successfully license its products will be crucial for its future success.