What changed in this filing

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Item 1. Financial Statements

2025-11-13 compared with 2025-08-13 · 155 added, 122 removed, 265 unchanged (51% of the section changed)

2 unchanged sentences

10-Q are as follows:

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);

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

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

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

Condensed consolidated Statements of Cash Flow for the nine months ended September 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 June 30, 2025 are not necessarily indicative of the results that can be expected for the

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

the full year.

CONSOLIDATED BALANCE SHEETS

Current assets

related party

expense and other current assets

September 30, 2025

December 31, 2024

Current assets

and trademarks, net

LIABILITIES AND STOCKHOLDERS'

Current liabilities

payable and accrued liabilities

interest payable

from related party

notes payable, net of unamortized debt discount of $ 0 and $ 0 , respectively

Accounts receivable

Due from related party

Prepaid expense and other current assets

Total current assets

Patents and trademarks, net

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities

notes payable related party

notes payable

Accounts payable and accrued liabilities

Accrued interest payable

Loans from related party

Loans payable

Convertible notes payable

Total current liabilities

Convertible notes payable related party

Convertible notes payable

Total liabilities

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Common stock;

$ 0.001 par value;

200,000,000 shares authorized;

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

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

Shares payable

paid-in capital

Additional paid-in capital

Accumulated deficit

( 40,751,819 )

( 39,946,142 )

stockholders' deficit

Total stockholders' deficit

( 10,004,424 )

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the three months ended

the six months ended

the nine months ended

Cost of revenues

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Basic loss per common

weighted average common shares outstanding

Basic weighted average

common shares outstanding

See Accompanying Notes

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$ ( 9,754,179 )

Balance, December

Balance, September

$ ( 40,751,819 )

$ ( 10,004,424 )

Paid-in Capital

Stockholders' Deficit

December 31, 2023

$ ( 39,380,488 )

$ ( 9,023,043 )

Balance, March

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$ ( 9,581,864 )

Shares issued for cash

Balance, September

$ ( 40,260,913 )

$ ( 9,867,468 )

See Accompanying Notes

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

the six months ended

the nine months ended

Cash flows from operating

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stock issued for cash

of related party loans

related party loans

Repayments on

related party loans

from notes payable

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paid for interest

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

SKINVISIBLE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DESCRIPTION OF BUSINESS

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Basis of presentation

The accompanying audited

financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States

In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation

of financial position and the results of operations for the period presented have been reflected herein.

The accompanying financial statements of the

Company have been prepared in accordance with accounting principles generally accepted in the United States of America.

In the opinion

of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and

the results of operations for the period presented have been reflected herein.

The Company has adjusted certain previously reported

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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.

In evaluating whether

the Company’s previously issued consolidated financial statements were materially misstated for the interim or annual periods prior

to January 1, 2025, the Company applied the guidance of ASC 250, Accounting Changes and Error Corrections , SEC Staff Accounting

Bulletin (“SAB”) Topic 1.M, Assessing Materiality and SAB Topic 1.N, E , and concluded that the

effect of the error on prior period financial statements was not material.

The Company also evaluated from a quantitative

and qualitative perspectives if the cumulative effect of correcting the prior period misstatement in its consolidated financial

statements would be material to the three and nine months ended September 30, 2025.

The guidance states that prior-year misstatements

which, if corrected in the current year would materially misstate the current year’s financial statements, must be corrected by

adjusting prior year financial statements, even though such correction previously was and continues to be immaterial to the prior-year

financial statements.

The Company concluded the impact of correcting the accounting for the derivative liability on the Company’s

Consolidated Balance Sheet, Stockholder Deficit, and Statements of Operations and Cash flows for the nine months ended September 30, 2025

is immaterial.

Going concern

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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

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.

For the nine months ended September 30, 2025, the Company had a net loss of $ 805,677 .

The Company has also incurred cumulative net losses

of $ 40,751,819 since its inception and requires capital for its contemplated operational and marketing activities to take place.

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 consolidated financial statements of the Company do not include any

adjustments that may result from the outcome of these aforementioned uncertainties.

SUMMARY OF SIGNIFICANT

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These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.

The Company uses Level 1 measurements to value the transactions when it issues shares, warrants, options and debt with beneficial conversion features.

uses Level 1 measurements to value the transactions when it issues shares, warrants, and options.

Level 2 Quoted prices for similar assets and liabilities in active markets;

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

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

to recognize a reserve for doubtful accounts.

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

necessary to recognize a reserve for doubtful accounts.

Intangible assets

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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.

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;

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 December 31, 2024 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

September 30, 2025 The shares issuable under each instrument is as follows;

82,346,405 shares issuable under convertible notes.

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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.

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

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").

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

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.

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

The Company adopted the ASU and determined that its adoption did not have a material impact on the Company’s

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.

Company’s CODM is the Chief Executive Officer.

The Company’s CODM reviews consolidated operating results to make

decisions about allocating resources and assessing performance for the entire Company.

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

1 unchanged sentence

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.

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.

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

of $ 197,485 of accumulated amortization.

As of December 31, 2024, intangible assets total 116,189 , net of $ 187,483 of accumulated amortization.

As of September 30, 2025 intangible assets total $ 105,154 ,

net of $ 202,604 of accumulated amortization.

As of December 31, 2024, intangible assets total 116,189 , net of $ 187,483 of accumulated

amortization.

RELATED PARTY TRANSACTIONS

Convertible Notes Related Party

June 30, 2025

September 30, 2025

December 31, 2024

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Convertible Notes Payable consists of the following:

On June 30, 2019, the

Company renegotiated accrued salaries and interest and outstanding convertible notes for a former employee.

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 % .

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.

September 30,

On June 30, 2019, the Company renegotiated accrued salaries and interest

and outstanding convertible notes for a former employee.

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 is currently in default,

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 nine months ended September 30, 2025 and 2024, respectively.

Unamortized debt discount

Total, net of unamortized discount

Total Convertible Notes

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The following is a summary of stock warrant activity

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

during the nine months ended September 30, 2025 and December 31, 2024:

Weighted average exercise price

Outstanding December 31, 2024

Outstanding June 30, 2025

Outstanding September 30, 2025

On February 12, 2025, the Company sold 62,000 units

consisting of one share of common stock and one two year warrant exercisable at $ 0.60 .

STOCKHOLDERS’

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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 June 30,

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

30, 2025 and December 31, 2024, respectively.

On February 12, 2025 , the Company sold 87,000

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

On February 12, 2025 , the Company sold 62,000 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.

On February 12, 2025, the Company issued 25,000 shares

of common stock for $ 10,000 , which was 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 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.

Company has analyzed its operations subsequent to September 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