What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-13 compared with 2025-08-13 · 78 added, 69 removed, 294 unchanged (33% of the section changed)

186 unchanged sentences

We completed the required assignments during the year ending December 31, 2020 and recognized $100,000 in revenue.

On September 18, 2025, the Company signed a new agreement with Ovation

Ovation Science retains exclusive global rights to use Skinvisible’s Invisicare® technology with cannabinoids for topical/transdermal

products, including new formulations with THC-V targeting obesity and metabolic health.

The agreement covers confidential know-how and

a pending PCT patent application for transdermal delivery of glucose-controlling agents.

The collaboration aims to address gastrointestinal

side effects in obesity treatments and capitalize on a projected $150 billion market by 2035 (Morgan Stanley, 2025).

Patent Applications for Transdermal Delivery for Obesity and Glucose-Controlling

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of its delivery platform across diverse disease domains.

Results of Operations for the Three and Six Months Ended June

Results of Operations for the Three and Nine Months Ended September

30, 2025 and 2024

Our revenue, which we combine from product sales, royalties on patent

licenses and license fees (product development fees), was $5,000 for the three months ended June 30, 2025 as compared with $5,000 for

the same period ended June 30, 2024.

Our revenue, which we combine from product sales, royalties on patent licenses and license fees (product

development fees), was $10,000 for the six months ended June 30, 2025 as compared with $10,000 for the same period ended June 30, 2024.

licenses and license fees (product development fees), was $5,000 for the three months ended September 30, 2025 as compared with $5,000

for the same period ended September 30, 2024.

Our revenue, which we combine from product sales, royalties on patent licenses and license

fees (product development fees), was $15,000 for the nine months ended September 30, 2025 as compared with $15,000 for the same period

ended September 30, 2024.

We hope to generate more revenues from our licenses with Quoin and

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patent applications that were recently filed, and we hope to generate revenue from these efforts in the future.

We had $0 in cost of revenues for the three and

six months ended June 30, 2025, compared with $0 in cost of revenues for the three and six months ended June 30, 2024, so our gross

profit was $5,000 and

$5,000 for the three months ended June 30, 2025 and 2024, respectively, and $10,000 and

$10,000 for the six months ended June 30, 2025 and 2024, respectively.

We had $0 in cost of revenues for the

three and nine months ended September 30, 2025, compared with $0 in cost of revenues for the three and nine months ended September 30,

2024, so our gross profit was $5,000 and $5,000 for the

three months ended September 30, 2025 and 2024, respectively, and $15,000 and

$15,000 for the nine months ended September 30, 2025 and 2024, respectively.

Operating Expenses

Operating expenses increased to $141,237 for the three months ended

June 30, 2025, from $147,693 for the same period ended June 30, 2024.

Operating expenses increased to $286,089 for the six months ended

June 30, 2025, from $275,877 for the same period ended June 30, 2024.

Operating expenses decreased to $111,057 for the three months ended

September 30, 2025, from $129,969 for the same period ended September 30, 2024.

Operating expenses decreased to $397,146 for the nine

months ended September 30, 2025, from $405,846 for the same period ended September 30, 2024.

Our operating expenses for all periods consisted mainly of selling,

general and administrative expenses.

Our selling, general and administrative expenses

for the three months ended June 30, 2025, consisted mainly of accrued salaries and wages of $84,066 and audit and accounting of $17,610.

In comparison, our selling, general and administrative expenses for the three months ended June 30, 2024, consisted mainly of accrued

salaries and wages of $87,442 and audit and accounting of $14,028.

Our selling, general and administrative expenses

for the six months ended June 30, 2025, consisted mainly of accrued salaries and wages of $172,008 and audit and accounting of $29,219.

In comparison, our selling, general and administrative expenses for the six months ended June 30, 2024, consisted mainly of accrued salaries

and wages of $175,885 and audit and accounting of $31,638.

general and administrative expenses, which, consisted mainly of accrued salaries and wages and audit and accounting fees.

Our selling, general and administrative expenses for the nine months

ended September 30, 2025, consisted mainly of accrued salaries and wages of $259,950 and audit and accounting of $39,828.50.

In comparison,

our selling, general and administrative expenses for the nine months ended September 30, 2024, consisted mainly of accrued salaries and

wages of $262,827 and audit and accounting of $37,747.

We expect our operating expenses will increase in the future as the

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Other Expense

We had other expense of $138,190 for the three months ended June 30,

2025, as compared with other expenses of $160,756 for the three months ended June 30, 2024.

We had other expense of $279,343 for the six

months ended June 30, 2025, as compared with other expenses of $327,944 for the six months ended June 30, 2024.

Our other expense for the three and six months ended June 30, 2025

We had other expense of $144,188 for the three months ended September

30, 2025, as compared with other expenses of $161,635 for the three months ended September 30, 2024.

We had other expense of $423,531

for the nine months ended September 30, 2025, as compared with other expenses of $489,579 for the nine months ended September 30, 2024.

Our other expense for the three and nine months ended September 30,

2025 consisted mainly of interest expense netted against other income related to the sale of polymer.

Our other expense for the three and six

months ended June 30, 2024 consisted mainly of interest expense, netted against a gain on settlement of debt and gain on derivative liability

We recorded a net loss of $274,427 for the three months ended June

30, 2025, as compared with a net loss of $303,449 for the three months ended June 30, 2024.

We recorded a net loss of $555,432 for the

six months ended June 30, 2025, as compared with a net loss of $593,821 for the six months ended June 30, 2024.

Our other expense for the three

and nine months ended September 30, 2024 consisted mainly of interest expense, netted against a gain on settlement of debt and gain on

derivative liability changes.

We recorded a net loss of $250,245 for the three months ended September

30, 2025, as compared with a net loss of $286,604 for the three months ended September 30, 2024.

We recorded a net loss of $805,677 for

the nine months ended September 30, 2025, as compared with a net loss of $880,425 for the nine months ended September 30, 2024.

Liquidity and Capital Resources

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 Company has incurred cumulative net losses of $40,501,574 since its inception and requires

capital for its contemplated operational and marketing activities to take place.

The Company’s ability to generate the necessary

funds through licensing of its core products or the ability to 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.

factors, among others, raises substantial doubt about the Company’s ability to continue as a going concern.

The condensed consolidated

financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

As of June 30, 2025, we had total current assets of $33,102 and total

assets in the amount of $143,375.

Our total current liabilities as of June 30, 2025 were $4,525,151.

We had a working capital deficit

of $4,492,049 as of June 30, 2025, compared with a working capital deficit of $3,615,238 as of December 31, 2024.

Operating activities used $44,996 in cash for

the six months ended June 30, 2025, as compared with $40,380 used for the six months ended June 30, 2024.

Our negative operating cash

flows for 2024 and 2025 were largely the result of our net loss for those quarters, mainly offset by changes in operating assets and liabilities

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 Company has incurred cumulative net losses of $40,751,819 since its inception and requires capital for its contemplated

operational and marketing activities to take place.

The Company’s ability to generate the necessary funds through licensing of its

core products or the ability to 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.

These factors, among others, raises substantial

doubt about the Company’s ability to continue as a going concern.

The condensed consolidated financial statements of the Company

do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

As of September 30, 2025, we had total current assets of $28,469 and

total assets in the amount of $133,623.

Our total current liabilities as of September 30, 2025 were $4,765,644.

We had a working capital

deficit of $4,737,175 as of September 30, 2025, compared with a working capital deficit of $3,615,238 as of December 31, 2024.

Operating activities used $40,385 in cash for the nine months ended

September 30, 2025, as compared with $52,922 used for the nine months ended September 30, 2024.

Our negative operating cash flows for

2024 and 2025 were largely the result of our net loss for those quarters, mainly offset by changes in operating assets and liabilities

and the amortization of debt discount and amortization.

We used no cash in investing activities for the six months ended June

30, 2025, but used $9,218 in cash for the purchase of intangible assets in the same period ended 2024.

Cash flow provided from financing activities was $34,780 for the six

months ended June 30, 2025, as compared with $55,700 provided by cash flows for financing activities during the six months ended June

We used $4,086 in cash for the purchase of intangible assets in investing

activities for the nine months ended September 30, 2025, and used $9,218 in cash in the same period ended 2024.

Cash flow provided from financing activities was $34,780 for the nine

months ended September 30, 2025, as compared with $61,864 provided by cash flows for financing activities during the nine months ended

September 30, 2024.

The features of the debt instruments and payables concerning our financing

activities are detailed in the footnotes to our financial statements.

Based upon our current financial condition,

we do not have sufficient cash to operate our business at the current level for the next twelve months.

We intend to fund operations through

increased sales and debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements.

We plan to seek additional financing in a private equity offering to secure funding for operations.

There can be no assurance that we

will be successful in raising additional capital.

Based upon our current financial condition, we do not have sufficient

cash to operate our business at the current level for the next twelve months.

We intend to fund operations through increased sales and

debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements.

We plan to seek

additional financing in a private equity offering to secure funding for operations.

There can be no assurance that we will be successful

in raising additional capital.

Off Balance Sheet Arrangements

As of June 30, 2025, there were no off-balance sheet arrangements.

As of September 30, 2025, there were no off-balance sheet arrangements.

Critical Accounting Policies

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

As of June 30, 2025, we had not recorded a reserve for doubtful accounts.

As of September 30, 2025, we had not recorded a reserve for doubtful accounts.

Recently Issued Accounting Pronouncements

41 unchanged sentences

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 2. Management’s Discussion and Analysis