Tue, Nov 19, 3:33 PM (24 days ago)
Skinvisible, Inc. (SKVI) reported a net loss of $286,604 for Q3 2024, slightly improved from a loss of $287,518 in Q3 2023. Revenue remained flat at $5,000 for both periods, totaling $15,000 for the nine months ended September 30, 2024, the same as in 2023. Operating expenses rose to $129,969 in Q3 2024 from $118,110 in Q3 2023, driven primarily by selling, general, and administrative costs. The company's liabilities increased significantly, with current liabilities at $4,643,708, leading to a working capital deficit of $4,616,304. Cash flow from financing activities improved to $61,864 in 2024 from $2,000 in 2023, indicating a potential shift towards better liquidity. However, the company faces substantial doubt regarding its ability to continue as a going concern, as cumulative losses reached $40,260,913 since inception. Management plans to seek additional funding through product licensing and equity offerings to support operations. The company’s focus remains on leveraging its proprietary Invisicare technology for licensing opportunities, particularly in dermatological applications.