What changed in this filing

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Item 1. Business

2021-04-15 compared with 2020-05-14 · 40 added, 32 removed, 241 unchanged (23% of the section changed)

Recent Developments

Merger with Quoin Pharmaceuticals, Inc.

On March 26, 2018, we entered into an Agreement and Plan of Merger

(the “Merger Agreement”) with Quoin Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and

Quoin Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”).

On October 17, 2019, we entered into a Termination and Release Agreement

with Quoin to terminate the Merger Agreement and to release each other from liability.

The Merger Agreement had a break-up fee

of $300,000 payable by us upon certain events.

The parties decided to be responsible for their own costs and the Termination Agreement

specifically voided the break-up fee.

On October 17, 2019, we entered an Exclusive License Agreement with

Quoin pursuant to which we granted to Quoin a license to certain patents for the development of products for commercial sale.

exchange for the license, Quoin agreed to pay to us a license fee of $1,000,000 (the “License Fee”) and a single digit

royalty interest of all net sales on the licensed products subject to adjustment in certain situations.

The agreement also requires

that Quoin make certain milestone payments to us upon achieving regulatory approval milestones for certain drug products.

Both Parties continue see the value in a partnership and therefore

on May 8, 2020 the companies agreed to extend the Exclusive License Agreement under the same terms to expire now on July 31, 2020.

Quoin Pharmaceuticals, Inc., a Delaware corporation (“Quoin”)pursuant to which we granted to Quoin a license to certain

patents for the development of products for commercial sale.

In exchange for the license, Quoin agreed to pay to us a license fee

of $1,000,000 (the “License Fee”) and a single digit royalty interest of all net sales on the licensed products subject

to adjustment in certain situations.

The agreement also requires that Quoin make certain milestone payments to us upon achieving

regulatory approval milestones for certain drug products.

agreement is subject to termination, if among other things, 50% of the license fee is not paid by December 31, 2019 and if the

full License Fee is not paid by March 31, 2020.

No payments were made by Quoin and the agreement was terminated.

Both Parties subsequently

determined that they continue to see the value in a partnership and therefore on May 8, 2020 and again on July 31, 2020 the companies

agreed to extend the Exclusive License Agreement under the same terms to expire on September 30, 2020 ,

and on January 27, 2021 the companies agreed to revise the milestone payments due under the agreement and to extend the agreement

indefinitely.

As of December 31, 2020, we have received $125,000 in licensing fee income per this agreement.

On February 3, 2020, we entered into a License Agreement with Ovation

pursuant to which Skinvisible granted to Ovation Science Inc.

a license for the manufacture and distribution rights

to its hand sanitizer product, DermSafe.

In exchange for the license, Ovation Science Inc.

agreed to pay to Skinvisible a royalty

percentage on all net sales on the licensed products subject to adjustment in certain situations plus a license fee payable in

year 3 of the agreement if it chooses to continue the license.

On June 10, 2020, the agreement was further amended to provide additional

assignment rights for its hand sanitizer products in exchange for $100,000 which was recognized as revenue during the year ended

December 31, 2020.

Company Overview

37 unchanged sentences

ability to bind active ingredients (the drug) to the skin, forming a protective bond on the skin, for extended periods of time;

- some up to eight hours or more;

(2) Invisicare can deliver targeted levels (high or low) of therapeutic or cosmetic ingredients

to the skin in a controlled release;

(3) Invisicare can help to reduce the irritation of some active ingredients due to how it

controls the slower release of that active ingredient;

and (4) Invisicare science proves that it provides a protective skin barrier

which helps retain the natural moisture content of the skin, while still allowing it to breathe.

These benefits present an excellent

opportunity for clear scientific advantages and marketing messages which resonate with physicians and consumers.

(2) Invisicare can deliver targeted levels (high or low) of therapeutic or cosmetic ingredients to the skin in a controlled release;

(3) Invisicare can help to reduce the irritation of some active ingredients due to how it controls the slower release of that active

and (4) Invisicare science proves that it provides a protective skin barrier which helps retain the natural moisture

content of the skin, while still allowing it to breathe.

These benefits present an excellent opportunity for clear scientific advantages

and marketing messages which resonate with physicians and consumers.

The dermatology market is large, with over 80% of Americans affected

51 unchanged sentences

w JUSTCARE®

w Work Gluv®

w Kintari®

48 unchanged sentences

Sunless Tanning Products

We have developed a sunless tanning mousse / foam which uses a

unique foam with Invisicare®, developed specifically for its foaming properties.

This adds to Skinvisible’s line of

sunless tanning products which includes sunless tanning lotions (light, medium and dark), pre-sun moisturizer and after-sun moisturizer

We have developed a sunless tanning mousse / foam which uses a unique

foam with Invisicare®, developed specifically for its foaming properties.

This adds to Skinvisible’s line of sunless

tanning products which includes sunless tanning lotions (light, medium and dark), pre-sun moisturizer and after-sun moisturizer

along with sunless tanning spray products for commercial use.

The addition of a sunless tanning mousse enhances this line of products.

Sunscreen Products

We have developed 3 broad spectrum sunscreens, with SPF 15, 30 and

13 unchanged sentences

have a smooth manufacturing process, ongoing R&D support and marketing feedback.

Ovation Science Inc.

On February 3, 2020, we entered into a License

76 unchanged sentences

regulation in the normal operation of our business.

Currently, we have three employees, including our CEO Terry Howlett.

Currently, we have two employees, including our CEO Terry Howlett.

We conduct our operations through our wholly-owned subsidiary, Skinvisible

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business