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Item 1. Financial Statements

2025-08-13 compared with 2025-05-14 · 157 added, 133 removed, 230 unchanged (56% of the section changed)

2 unchanged sentences

10-Q are as follows:

Condensed consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited);

Condensed consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited);

Condensed consolidated Statements of Stockholders’ Equity ( Deficit) for the three months ended March 31, 2025 and 2024 (unaudited);

Condensed consolidated Statements of Cash Flow for the three months ended March 31, 2025 and 2024 (unaudited);

Condensed consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (unaudited);

Condensed consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited);

Condensed consolidated Statements of Stockholders’ Equity ( Deficit) for the three and six months ended June 30, 2025 and 2024 (unaudited);

Condensed consolidated Statements of Cash Flow for the six months ended June 30, 2025 and 2024 (unaudited);

Notes to Condensed consolidated Financial Statements.

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

Operating results for the interim period ended March 31, 2025 are not necessarily indicative of the results that can be expected for the

CONDENSED CONSOLIDATED BALANCE SHEETS

Operating results for the interim period ended June 30, 2025 are not necessarily indicative of the results that can be expected for the

CONSOLIDATED BALANCE SHEETS

Current assets

10 unchanged sentences

current liabilities

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

$ 0 respectively

notes payable related party

notes payable

2 unchanged sentences

Common stock;

$ 0.001 par value;

200,000,000 shares authorized;

and 5,316,843 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

5,403,843 and 5,316,843 shares issued and outstanding at June 30, 2025 and December 31, 2024,

Shares payable

6 unchanged sentences

liabilities and stockholders' deficit

Accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the three months ended

March 31, 2025

March 31, 2024

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS

the three months ended

the six months ended

Cost of revenues

Operating expenses

Depreciation and amortization

Selling general and administrative

Total operating expenses

Loss from operations

and amortization

general and administrative

operating expenses

Other income and (expense)

Interest expense

Gain/(loss) on change in derivative liability

Total other income (expense)

on change in derivative liability

other income (expense)

$ ( 274,427 )

$ ( 303,449 )

Basic loss per common share

Basic weighted average common shares outstanding

Accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS'

Additional Paid-in

$ ( 555,432 )

$ ( 593,821 )

Basic loss per common

weighted average common shares outstanding

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

Paid-in Capital

Stockholders' Deficit

6 unchanged sentences

$ ( 9,479,752 )

Balance, June 30,

$ ( 40,501,574 )

$ ( 9,754,179 )

Balance, December

4 unchanged sentences

$ ( 9,313,415 )

Accompanying Notes to Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

the three months ended

Shares issued for cash

Balance, June 30,

$ ( 39,974,309 )

$ ( 9,581,864 )

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

the six months ended

Cash flows from operating

14 unchanged sentences

Cash flows from investing

of intangible assets

cash used in investing activities

1 unchanged sentence

stock issued for cash

on related party loans

of related party loans

from notes payable

7 unchanged sentences

paid for interest

Accompanying Notes to Condensed Consolidated Financial Statements.

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

SKINVISIBLE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

DESCRIPTION OF BUSINESS

24 unchanged sentences

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, 2024.

This adjustment did not materially impact the financial

position and the result of operations of the Company for the year indicated.

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, 2024.

This adjustment did

not materially impact the financial position and the result of operations of the Company for the year indicated.

Going concern

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.

the three months ended March 31, 2025, the Company had a net loss of $ 281,005 The Company has also incurred cumulative net losses of $ 40,227,147

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 six months ended June 30, 2025, the Company had a net loss of $ 555,432 .

The Company has also incurred cumulative net losses of

$ 40,501,574 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 the necessary funding through licensing of its core products and to seek additional

debt and equity funding.

However, the Company’s ability to generate the necessary funds through licensing or raise additional capital

through the future issuances of common stock or debt is unknown.

The obtainment of additional financing, the successful development of

the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary

for the Company to continue operations.

The condensed consolidated financial statements of the Company do not include any adjustments

These factors,

among others, raises substantial doubt about the Company’s ability to continue as a going concern within one year from the date

Managements plans for the Company are to generate the necessary funding through licensing of its core products and to seek

additional debt and equity funding.

However, the Company’s ability to generate the necessary funds through licensing or raise additional

capital through the future issuances of common stock or debt is unknown.

The obtainment of additional financing, the successful development

of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are

necessary for the Company to continue operations.

The consolidated financial statements of the Company do not include any adjustments

that may result from the outcome of these aforementioned uncertainties.

SUMMARY OF SIGNIFICANT

This summary of significant accounting policies of Skinvisible

is presented to assist in understanding the Company’s condensed consolidated financial statements.

The condensed consolidated

financial statements and notes are representations of the Company’s management, who are

responsible for their integrity and objectivity.

These accounting policies conform to accounting principles generally accepted in the

United States of America and have been consistently applied in the preparation of the condensed consolidated financial statements.

This summary of significant accounting policies

of Skinvisible Inc.

is presented to assist in understanding the Company’s consolidated financial statements.

The consolidated financial

statements and notes are representations of the Company’s management, who are responsible

for their integrity and objectivity.

These accounting policies conform to accounting principles generally accepted in the United States

of America and have been consistently applied in the preparation of the consolidated financial statements.

Principles of consolidation

The condensed consolidated financial statements include the accounts

of the Company and its subsidiary Skinvisible Pharmaceuticals Inc.

All significant intercompany balances and transactions have been eliminated.

The consolidated

financial statements include the accounts of the Company and its subsidiary Skinvisible Pharmaceuticals Inc.

All significant intercompany

balances and transactions have been eliminated.

Use of estimates

The preparation of condensed 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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting

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.

Actual results may differ from these estimates under

different assumptions or conditions.

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

59 unchanged sentences

the portion, if any, of the balance that will not be collected.

As of March 31, 2025 and 2024, the Company had determined it was not necessary

As of June 30, 2025 and 2024, the Company had determined it was not necessary

to recognize a reserve for doubtful accounts.

12 unchanged sentences

Earnings (loss) per share

The Company reports earnings (loss) per share in accordance

with FASB Codification Topic ASC 260-10 “Earnings Per Share”, Basic earnings (loss) per share is computed by dividing income

(loss) available to common shareholders by the weighted average number of common shares available.

Diluted earnings (loss) per share is

computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common

shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

Diluted earnings (loss) per share has not been presented for the year ending March 31, 2025 since the effect of the assumed exercise of

options and warrants to purchase common shares (common stock equivalents) would have an anti-dilutive effect.

There 82,346,405 additional

shares issuable in connection with outstanding options, warrants, stock payable and convertible debts as of March 31, 2025 The shares

issuable under each instrument is as follows;

The Company reports earnings (loss) per share in accordance with FASB

Codification Topic ASC 260-10 “Earnings Per Share”, Basic earnings (loss) per share is computed by dividing income (loss)

available to common shareholders by the weighted average number of common shares available.

Diluted earnings (loss) per share is computed

similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares

that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.

earnings (loss) per share has not been presented for the year ending March 31, 2025 since the effect of the assumed exercise of options

and warrants to purchase common shares (common stock equivalents) would have an anti-dilutive effect.

There are 82,346,405 additional

shares issuable in connection with outstanding options, warrants, stock payable and convertible debts as of June 30, 2025 The shares issuable

under each instrument are as follows;

82,346,405 shares issuable under convertible notes.

Recently issued accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting

In November 2023, the FASB issued ASU 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments in this ASU require disclosures, on an annual and interim

basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well

as the aggregate amount of other segment items included in the reported measure of segment profit or loss.

This ASU requires that a public

entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or

loss in assessing segment performance and deciding how to allocate resources.

This ASU is effective for fiscal years beginning after December

15, 2023, including interim periods within those fiscal years, with early adoption permitted.

The amendments in this ASU should be applied

retrospectively to all prior periods presented in the financial statements.

The Company adopted the ASU and determined that its adoption

did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures.

in the ASU, operating segments are components of an enterprise about which discrete financial information is regularly provided to the

CODM in making decisions on how to allocate resources and assess performance for the organization.

The Company operates and manages its

business as one reportable and operating segment.

The amendments in this ASU require disclosures, on an annual

and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”),

as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.

This ASU requires that

a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment

profit or loss in assessing segment performance and deciding how to allocate resources.

This ASU is effective for fiscal years beginning

after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted.

The amendments in this ASU

should be applied retrospectively to all prior periods presented in the financial statements.

The Company adopted the ASU and determined

that its adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures.

As defined in the ASU, operating segments are components of an enterprise about which discrete financial information is regularly provided

to the CODM in making decisions on how to allocate resources and assess performance for the organization.

The Company operates and manages

its business as one reportable and operating segment.

The Company’s CODM is the Chief Executive Officer.

The Company’s CODM reviews

condensed consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company.

Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its

financial statements.

The Company’s CODM

reviews condensed consolidated operating results to make decisions about allocating resources and assessing performance for the entire

In July 2025, the FASB issued Accounting Standards Update

2025-05, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract

Assets ("ASU 2025-05").

ASU 2025-05 provides a practical expedient that all entities can use when estimating expected

credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue

from Contracts with Customers.

Under this practical expedient, an entity is allowed to assume that the current conditions it

has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the

remaining life of those assets.

ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods

in those years.

Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply

the amendments prospectively.

The Company is currently evaluating the impact of ASU 2025-05 on its financial statements and disclosures.

The Company does not believe that other standards,

which have been issued but are not yet effective, will have a significant impact on its financial statements.

INTANGIBLE AND OTHER

1 unchanged sentence

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

As of March 31, 2025 intangible assets total $ 111,249 , net

As of June 30, 2025 intangible assets total $ 110,273 , net

of $ 197,485 of accumulated amortization.

2 unchanged sentences

Convertible Notes Related Party

June 30, 2025

December 31, 2024

On January 31, 2023, the Company negotiated accrued salaries, vacation, and outstanding convertible notes for its two officers.

6 unchanged sentences

$ 10,000 promissory note payable.

The promissory note is unsecured, due one year s from issuance, and bears an interest rate of 10 % .

The promissory note is unsecured, due one years from issuance, and bears an interest rate of 10 % .

the noteholder’s option until the repayment date, the note may be converted to 33,334 shares of the Company’s common stock .

CONVERTIBLE NOTES

NOTES PAYABLE

Convertible Notes Payable consists of the following:

2 unchanged sentences

Under the terms of the

agreements, all outstanding notes totaling $ 224,064 ,

accrued interest of $ 119,278 ,

accrued salaries of $ 7,260

and accrued vacation of $ 1,473

were converted to a promissory note convertible into common stock with a warrant feature.

The convertible promissory note is

unsecured, due five

years from issuance, and bears an interest rate of 10 % .

the noteholder’s option until the repayment date, the note may be converted to shares of the Company’s common stock at a

fixed price of $0.20 per share along with warrants to purchase one share for every two shares issued at the exercise price of $0.30

per share for three years after the conversion date.

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 $ 0

for the three months ended March 31, 2025 and 2024, respectively.

Unamortized debt discount

Total, net of unamortized discount

agreements, all outstanding notes totaling $ 224,064 , accrued interest of $ 119,278 , accrued salaries of $ 7,260 and accrued vacation

of $ 1,473 were converted to a promissory note convertible into common stock with a warrant feature.

The convertible promissory note

is unsecured, due five years from issuance, and bears an interest rate of 10 % .

At the noteholder’s option until the repayment

date, the note may be converted to shares of the Company’s common stock at a fixed price of $0.20 per share along with

warrants to purchase one share for every two shares issued at the exercise price of $0.30 per share for three years after the

conversion date.

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 $ 0 and $ 12,743 for the six months ended June 30, 2025 and 2024,

respectively.

Total Convertible Notes

3 unchanged sentences

The following is a summary of stock warrant activity

during the three months ended March 31, 2025 and December 31, 2024:

during the six months ended June 30, 2025 and December 31, 2024:

Weighted average exercise price

Outstanding December 31, 2024

Outstanding March 31, 2025

Outstanding June 30, 2025

STOCKHOLDERS’

1 unchanged sentence

of $ 0.001 par value common stock.

The Company had 5,403,843 and 5,316,843 issued and outstanding shares of common stock as of March 31,

The Company had 5,403,843 and 5,316,843 issued and outstanding shares of common stock as of June 30,

2025 and December 31, 2024, respectively.

1 unchanged sentence

units consisting of one share of common stock and one two year warrant exercisable at $ 0.60 for $ 24,780 , of which 25,000 shares sold for

$ 10,000 was received during the year ended December 31, 2024 and was included in stock payable.

$ 10,000 were received during the year ended December 31, 2024 and was included in stock payable.

SUBSEQUENT EVENTS

In accordance with ASC Topic 855-10, the

Company has analyzed its operations subsequent to March 31, 2025 to the date these financial statements were available to be issued and

Company has analyzed its operations subsequent to June 30, 2025 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