What changed in this filing

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Item 1. Financial Statements

2024-11-19 compared with 2024-08-15 · 103 added, 86 removed, 315 unchanged (38% of the section changed)

2 unchanged sentences

are as follows:

Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited);

Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited);

Consolidated Statements of Stockholders’ Equity ( Deficit) for the three and six months ended June 30, 2024 and 2023 (unaudited);

Consolidated Statements of Cash Flow for the three and six months ended June 30, 2024 and 2023 (unaudited);

Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited);

Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited);

Consolidated Statements of Stockholders’ Equity ( Deficit) for the three and nine months ended September 30, 2024 and 2023 (unaudited);

Consolidated Statements of Cash Flow for the nine months ended September 30, 2024 and 2023 (unaudited);

Notes to Consolidated Financial Statements.

3 unchanged sentences

In the opinion of management, all adjustments considered necessary for a fair presentation have been included.

results for the interim period ended June 30, 2024 are not necessarily indicative of the results that can be expected for the full year.

BALANCE SHEETS

results for the interim period ended September 30, 2024 are not necessarily indicative of the results that can be expected for the full

CONSOLIDATED BALANCE SHEETS

Current assets

receivable - related party

related party

expense and other current assets

8 unchanged sentences

current liabilities

notes payable related party, net of unamortized discount of $ 0 and $ 0

notes payable related party, net of unamortized discount of $ 0 and $ 0 respectively

notes payable

1 unchanged sentence

Stockholders' deficit

Common stock;

200,000,000 shares authorized;

4,889,843 and 4,539,843 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively

200,000,000 shares

4,889,843 and

4,539,843 shares

issued and outstanding at September 30, 2024 and December 31, 2023, respectively

Shares payable

paid-in capital

5 unchanged sentences

liabilities and stockholders' deficit

See Accompanying Notes

to Consolidated Financial Statements.

STATEMENTS OF OPERATIONS

Accompanying Notes to Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF OPERATIONS

Cost of revenues

4 unchanged sentences

Other income and (expense)

on settlement of debt

( 1,719,393 )

9 unchanged sentences

diluted income (loss) per common share

weighted average common shares outstanding

diluted weighted average common shares

See Accompanying Notes

to Consolidated Financial Statements.

STATEMENT OF STOCKHOLDERS' DEFICIT

Additional Paid-in Capital

Shares payable

Accumulated Deficit

Total Stockholders' Deficit

Balance, December 31, 2023

Basic weighted average

common shares outstanding

Fully diluted weighted

average common shares outstanding

Accompanying Notes to Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

Paid-in Capital

Stockholders' Deficit

December 31, 2023

$ ( 39,380,488 )

7 unchanged sentences

$ ( 9,581,864 )

Units issued for cash

Balance, September

$ ( 40,260,913 )

$ ( 9,867,468 )

December 31, 2022

9 unchanged sentences

$ ( 8,431,734 )

See Accompanying Notes

to Consolidated Financial Statements.

STATEMENTS OF CASH FLOWS

Balance, September

$ ( 39,076,697 )

$ ( 8,719,252 )

Accompanying Notes to Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating

8 unchanged sentences

(Increase) in prepaid assets

(Increase) in accounts receivable - related party

(decrease) in accounts payable and accrued liabilities

8 unchanged sentences

on related party loans

related party loans

on convertible notes payable

10 unchanged sentences

salary settled with Convertible notes payable related party

See Accompanying Notes to Consolidated Financial Statements.

Accompanying Notes to Condensed Consolidated Financial Statements.

SKINVISIBLE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2024

SEPTEMBER 30, 2024

DESCRIPTION OF BUSINESS

9 unchanged sentences

Las Vegas, Nevada.

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 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,

was also changed to Skinvisible

Pharmaceuticals, Inc.

Skinvisible, Inc., together with its subsidiaries,

6 unchanged sentences

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 June 30, 2024.

recent Annual Financial Statements on Form 10-K filed with the SEC on April 16, 2024.

In the opinion of management, all adjustments, consisting

9 unchanged sentences

for complete financial statements.

accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction

of liabilities in the normal course of business.

For the six months ended June 30, 2024, the Company had a net loss of $ 593,821 .

Company has also incurred cumulative net losses of $ 39,974,309 since its inception and requires capital for its contemplated operational

and marketing activities to take place.

These factors, among others, raises substantial doubt about the Company’s ability to continue

as a going concern within one year from the date of filing.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization

of assets and the satisfaction of liabilities in the normal course of business.

For the nine months ended September 30, 2024, the Company

had a net loss of $ 880,425 .

The Company has also incurred cumulative net losses of $ 40,260,913 since its inception and requires capital

for its contemplated operational and marketing activities to take place.

These factors, among others, raises substantial doubt about

the Company’s ability to continue as a going concern within one year from the date of filing.

Managements plans for the Company are to generate

21 unchanged sentences

Use of estimates

The preparation of consolidated

financial statements in conformity with accounting principles generally accepted in the United States of America requires management

to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities

at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period.

The preparation of

consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires

management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets

and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting

Actual results could differ from those estimates.

Significant estimates include estimates used to review the Company’s, impairments

and estimations of long-lived assets, allowances for uncollectible accounts, inventory valuation, and the valuations of non-cash capital

stock issuances.

The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable

in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that

are not readily apparent from other sources.

Significant estimates include estimates used to review the Company’s,

impairments and estimations of long-lived assets, allowances for uncollectible accounts, inventory valuation, and the valuations of non-cash

capital stock issuances.

The Company bases its estimates on historical experience and on various other assumptions that are believed to

be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities

that are not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or conditions.

Cash and cash equivalents

For purposes of the

statement of cash flows, the Company considers all highly liquid investments and short-term instruments with original maturities of three

months or less to be cash equivalents.

of the statement of cash flows, the Company considers all highly liquid investments and short-term instruments with original maturities

of three months or less to be cash equivalents.

Fair Value of financial instruments

78 unchanged sentences

There are 83,156,326 additional shares issuable in connection with outstanding convertible debts as

of June 30, 2024.

of September 30, 2024.

Recently issued accounting pronouncements

Management has considered all

recent accounting pronouncements issued.

The Company’s management believes that these recent pronouncements will not have a material

effect on the Company’s financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (subtopic 470-20) and Derivatives

and Hedging - Contracts in Entity’s Own Equity (subtopic 815-40),” which reduces the number of accounting models in ASC 470-20

that require separate accounting for embedded conversion features.

As a result, a convertible debt instrument will be accounted for as

a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives.

removing those separation models, the effective interest rate of convertible debt instruments will be closer to the coupon interest rate.

Further, the diluted net income per share calculation for convertible instruments will require the Company to use the if-converted method.

The treasury stock method should no longer be used to calculate diluted net income per share for convertible instruments.

The amendment

will be effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.

Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those

fiscal years.

INTANGIBLE AND OTHER

1 unchanged sentence

assets are capitalized at their historical cost and are amortized over their estimated useful lives.

As of June 30, 2024, intangible assets

total $ 126,503 , net of $ 177,169 of accumulated amortization.

Amortization expense for the three months

ended June 30, 2024 and 2023 was $ 9,451 and $ 9,484 , respectively.

License and distributor rights were acquired by the Company in January

1999 and provide exclusive use distribution of polymers and polymer based products.

The Company has a non-expiring term on the license

and distribution rights.

Accordingly, the Company annually assesses this license and distribution rights for impairment and has determined

that no impairment write-down is considered necessary as of June 30, 2024.

As of September 30, 2024, intangible

assets total $ 121,239 , net of $ 182,433 of accumulated amortization.

Amortization expense for the nine months

ended September 30, 2024 and 2023 was $ 15,388 and $ 14,024 , respectively.

License and distributor rights were acquired by the Company in

January 1999 and provide exclusive use distribution of polymers and polymer based products.

The Company has a non-expiring term on the

license and distribution rights.

Accordingly, the Company annually assesses this license and distribution rights for impairment and has

determined that no impairment write-down is considered necessary as of September 30, 2024.

RELATED PARTY TRANSACTIONS

During the three months ended June 30, 2024

and 2023, the Company repaid net $ 1,800 and $ 0 in advances due to related parties.

As of June 30, 2024 and December 31, 2023, the Company

had amounts due from related parties of $ 4,200 and $ 6,000 , respectively.

During the nine months ended September 30,

2024 and 2023, the Company was advanced $ 5,614 and $ 2,000 and repaid $ 1,800 and $ 0 to related parties.

As of September 30, 2024 and December

31, 2023, the Company had amounts due from related parties of $ 9,364 and $ 6,000 , respectively.

Convertible Notes Related Party

8 unchanged sentences

share for three years after the conversion date .

As of June 30, 2024 and December 31, 2023, the balance of the note was $ 5,372,402 and

$ 5,372,402 , respectively.

As of September 30, 2024 and December 31, 2023, the balance of the note was $ 5,372,402

and $ 5,372,402 , respectively.

NOTES PAYABLE

7 unchanged sentences

"Sunscreen Composition with Enhanced UV-A Absorber Stability and Methods.”

As of June 30, 2024, $ 433,600 of

As of September 30, 2024, $ 433,600 of

the outstanding notes payable are past due and in default and have been classified as current notes payable.

1 unchanged sentence

Convertible Notes Payable consists of the following:

September 30,

$ 40,000 face value 9 % secured notes payable to investors, due in 2015.

10 unchanged sentences

The Company has determined the value associated with the beneficial conversion feature in connection with the notes to be $ 152,642 as valued under the intrinsic value method.

The aggregate beneficial conversion feature has been accreted and charged to interest expenses in the amount of $ 25,346 and $ 25,346 for the six months ended June 30, 2024 and 2023, respectively.

The aggregate beneficial conversion feature has been accreted and charged to interest expenses in the amount of $ 38,160 and $ 38,160 for the nine months ended September 30, 2024 and 2023, respectively.

Unamortized debt discount

33 unchanged sentences

of $ 0.001 par value common stock.

The Company had 4,889,843 and 4,539,843 issued and outstanding shares of common stock as of June 30,

The Company had 4,889,843 and 4,539,843 issued and outstanding shares of common stock as of September

30, 2024 and December 31, 2023, respectively.

2024, the Company sold 350,000 units at $0.10 per unit, where one unit consists of one share of common stock and a warrant (the “Warrant”)

with the right to purchase one-half of one share of Common Stock .

The Warrant will be exercisable for a period of 1 year from the date

of issuance at $ 0.20 per share.

May 2024, the Company sold 350,000 units consisting of one share of common stock and one half, one

exercisable at $ 0.20

July 9, 2024, the Company sold 2,000 units consisting of one share of common stock and one two

year warrant exercisable at $ 0.60

for $ 1,000 .

As of September 30, 2024, the shares have not been issued and have been included in Stock payable.

SUBSEQUENT EVENTS

In accordance with ASC Topic 855-10, the Company has

analyzed its operations subsequent to June 30, 2024 to the date these financial statements were available to be issued and has determined

analyzed its operations subsequent to September 30, 2024 to the date these financial statements were available to be issued and has determined

that it does not have any material subsequent events to disclose in these financial statements.

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-Q

Item 1. Financial Statements