What changed in this filing

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Item 1. Financial Statements

2026-05-13 compared with 2025-11-13 · 217 added, 230 removed, 190 unchanged (70% of the section changed)

Financial Statements

Our condensed consolidated financial statements included in this Form

10-Q are as follows:

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);

Our condensed consolidated financial statements included in this Form 10-Q

are as follows:

Condensed consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited);

Condensed consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited);

Condensed consolidated Statements of Stockholders’ Equity ( Deficit) for the three months ended March 31, 2026 and 2025 (unaudited);

Condensed consolidated Statements of Cash Flow for the three months ended March 31, 2026 and 2025 (unaudited);

Notes to Condensed consolidated Financial Statements.

These condensed consolidated financial statements have been prepared

in accordance with accounting principles generally accepted in the United States of America for interim financial information and the

SEC instructions to Form 10-Q.

These condensed consolidated financial statements have been prepared in

accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC

instructions to Form 10-Q.

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

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

September 30, 2025

Operating results for the interim period ended March 31, 2026 are not necessarily indicative of the results that can be expected for the

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2026

December 31, 2025

2 unchanged sentences

Due from related party

Prepaid expense and other current assets

Prepaid expense and other current

Total current assets

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Convertible notes payable related party

Convertible notes payable

Total liabilities

2 unchanged sentences

$ 0.001 par value;

200,000,000 shares authorized;

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

Shares payable

200,000,000 shares

5,403,843 and 5,403,843 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

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( 10,262,781 )

liabilities and stockholders' deficit

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS

the three months ended

the nine months ended

Total liabilities and stockholders' deficit

Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the periods

March 31, 2026

March 31, 2025

Cost of revenues

Operating expenses

and amortization

general and administrative

operating expenses

Depreciation and amortization

Selling general and administrative

Total operating expenses

Loss from operations

Other income and (expense)

on change in derivative liability

other income (expense)

$ ( 250,245 )

$ ( 286,604 )

$ ( 805,677 )

$ ( 880,425 )

Basic loss per common

Basic weighted average

common shares outstanding

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

Paid-in Capital

Stockholders' Deficit

December 31, 2024

$ ( 39,946,142 )

$ ( 9,223,527 )

Shares issued for cash

Balance, March 31,

$ ( 40,227,147 )

$ ( 9,479,752 )

Balance, June 30,

$ ( 40,501,574 )

$ ( 9,754,179 )

Balance, September

Interest expense

Total other income (expense)

$ ( 267,184 )

$ ( 281,005 )

Paid-in Capital

Stockholders' Deficit

December 31, 2023

Basic loss per common share

Basic weighted average common shares outstanding

Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS'

Additional Paid-in

Shares payable

Accumulated Deficit

Total Stockholders' Deficit

Balance, December 31, 2025

$ ( 41,010,176 )

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$ ( 10,529,965 )

Shares issued for cash

Balance, June 30,

Balance, December 31, 2024

$ ( 39,946,142 )

1 unchanged sentence

Shares issued for cash

Balance, September

Balance, March 31, 2025

$ ( 40,227,147 )

$ ( 9,479,752 )

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

the nine months ended

Cash flows from operating

Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the periods

March 31, 2026

March 31, 2025

Cash flows from operating activities:

$ ( 267,184 )

$ ( 281,005 )

to reconcile net loss to net cash

provided (used) by operating activities:

and amortization

of debt discount

on change in derivative liability

in operating assets and liabilities:

(Increase) in prepaid assets

(Increase) in accounts receivable

(decrease) in accounts payable and accrued liabilities

in due from related party

in accrued interest

cash provided used in operating activities

Cash flows from investing

of intangible assets

cash used in investing activities

Cash flows from financing

stock issued for cash

related party loans

Repayments on

related party loans

from notes payable

on convertible notes payable

cash provided by (used in) financing activities

Adjustments to reconcile net loss to net cash provided (used) by operating activities:

Depreciation and amortization

Changes in operating assets and liabilities:

Decrease (Increase) in prepaid assets

Decrease (Increase) in accounts receivable

Increase (decrease) in accounts payable and accrued

Decrease in due from related party

Increase in accrued interest

Net cash provided used in

operating activities

Cash flows from investing activities:

Purchase of intangible assets

Net cash used in investing activities

Cash flows from financing activities:

Common stock issued for cash

Proceeds from notes payable

Net cash provided by (used in)

financing activities

Net change in cash

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Cash, end of period

Supplemental disclosure of

cash flow information:

paid for interest

Supplemental disclosure of cash flow information:

Cash paid for interest

Cash paid for tax

Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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offices in 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, Inc.

was also changed to Skinvisible Pharmaceuticals,

Skinvisible, Inc., together with its subsidiaries,

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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.

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

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, 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.

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 three months ended March 31, 2026, the Company had a net loss of $ 267,184 The Company has also incurred cumulative

net losses of $ 41,277,360 since its inception and requires capital for its contemplated operational and marketing activities to take

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 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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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

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.

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.

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

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.

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.

Fair Value of financial instruments

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

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

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

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

7 unchanged sentences

Revenue recognition

We recognize revenue

in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board's (“FASB”)

We recognize revenue in

accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board's (“FASB”)

Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which requires that five steps be followed

10 unchanged sentences

sold and delivered.

Royalty sales – We also recognize royalty revenue

from licensing our patented product formulations only when earned, with no further contingencies or material performance obligations are

warranted, and thereby have earned the right to receive and retain reasonably assured payments.

Royalty sales – We also recognize royalty

revenue from licensing our patented product formulations only when earned, with no further contingencies or material performance obligations

are warranted and thereby have earned the right to receive and retain reasonably assured payments.

Distribution and license rights sales – We

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

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

necessary to recognize a reserve for doubtful accounts.

As of March 31, 2026 and 2025, the Company had determined it was not necessary

to recognize a reserve for doubtful accounts.

Intangible assets

11 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 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;

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 three months

ending March 31, 2026 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 were 82,981,326 additional

shares issuable in connection with outstanding options, warrants, stock payable and convertible debts as of March 31, 2026 The shares

issuable under each instrument is as follows;

82,981,326 shares issuable under convertible notes.

Segment Reporting

The Company determined its reporting

units in accordance with ASC 280, Segment Reporting.

Reportable operating segments are determined based on the management approach,

as defined by ASC 280, which is based on the way that the chief operating decision-maker (“CODM”) organizes segments within

the Company for making operating decisions, assessing performance, and allocating resources.

Reportable segments are based on products

and services, geography, legal structure, management structure, or any other manner in which management disaggregates the Company.

Company operates as a single operating and reportable segment.

The Company has identified its Chief Executive Officer as

the CODM, who reviews the Company’s financial information for purposes of making operating decisions and assessing financial performance.

The net loss is the measure of segment profit (loss) most consistent with U.S.

GAAP that is regularly reviewed by the CODM to allocate

resources and assess financial performance.

Recently issued accounting pronouncements

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

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

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

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.

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

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

amendments prospectively.

The Company has evaluated the impact of ASU 2025-05 on its financial statements and disclosures and has

determined that it does not a have material impact on the financial statements.

In November 2025, the FASB issued ASU No.

Interim Reporting (Topic 270):

Narrow-Scope Improvements.

The amendments clarify and reorganize existing interim reporting guidance, including

the scope of Topic 270 and interim disclosure requirements, and introduce a disclosure principle requiring entities to disclose material

events or changes occurring since the most recent annual reporting period.

ASU 2025-11 is effective for interim reporting periods within

annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is currently evaluating the impact

of ASU 2025-11 on its financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, Accounting

Standards Codification Improvements, which clarifies guidance and makes minor improvements across various topics, including earnings per

share, receivables, revenue, income taxes, and equity.

This ASU is effective for annual periods beginning after December 15, 2026, and

interim periods within those annual periods, with early adoption permitted.

The Company is currently evaluating the impact of the new

guidance 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 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.

As of March 31, 2026 intangible assets total $ 95,029 , net

of $ 212,729 of accumulated amortization.

As of December 31, 2025, intangible assets total $ 100,036 , net of $ 207,722 of accumulated amortization.

RELATED PARTY TRANSACTIONS

Convertible Notes Related Party

September 30, 2025

March 31, 2026

December 31, 2025

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

NOTES PAYABLE

CONVERTIBLE NOTES

Convertible Notes Payable consists of the following:

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 .

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

Unamortized debt discount

4 unchanged sentences

STOCK WARRANTS

The following is a summary of stock warrant activity

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

Following is a summary of stock warrant activity

during the periods ended March 31, 2026 and December 31, 2025:

Weighted average exercise price

Outstanding December 31, 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 .

Outstanding March 31, 2026

COMMITMENTS AND CONTINGENCIES

License Agreement

On October 17, 2019, Skin visible

entered an Exclusive License Agreement with Quoin pursuant to which Skinvisible 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 Skinvisible a license fee of $ 1,000,000 and

a royalty percentage on all net sales on the licensed products subject to adjustment in certain situations.

The agreement also requires

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

The 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 on December 31, 2019.

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, as amended 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.

On June 14, 2021,

the Company entered into an amendment to change the terms of the license Fee as shown below

As partial consideration for

the rights conveyed by Skinvisible under this Agreement, Licensee agrees to pay to Skinvisible a one-time, non-refundable, non-creditable

license issue fee of one million USD dollars ( $ 1,000,000 )

On February 3, 2020, we entered

into a License Agreement with Ovation Science Inc.

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 .

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 September

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

2026 and December 31, 2025, respectively.

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 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.

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

operations subsequent to March 31, 2026 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