What changed in this filing

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Item 1. Financial Statements

2026-08-13 compared with 2026-05-13 · 159 added, 154 removed, 253 unchanged (55% of the section changed)

2 unchanged sentences

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);

Condensed consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited);

Condensed consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited);

Condensed consolidated Statements of Stockholders’ Equity ( Deficit) for the three and six months ended June 30, 2026 and 2025 (unaudited);

Condensed consolidated Statements of Cash Flow for the six months ended June 30, 2026 and 2025 (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, 2026 are not necessarily indicative of the results that can be expected for the

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2026

December 31, 2025

Operating results for the interim period ended June 30, 2026 are not necessarily indicative of the results that can be expected for the

CONSOLIDATED BALANCE SHEETS

Current assets

Accounts receivable

Due from related party

Prepaid expense and other current

Total current assets

Patents and trademarks, net

LIABILITIES AND STOCKHOLDERS' DEFICIT

related party

expense and other current assets

current assets

and trademarks, net

LIABILITIES AND STOCKHOLDERS'

Current liabilities

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

payable and accrued liabilities

interest payable

from related party

notes payable

current liabilities

notes payable related party

Total liabilities

Stockholders' deficit

Common stock;

$ 0.001 par value;

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

Accumulated deficit

200,000,000 shares authorized;

5,403,843 and 5,403,843 shares issued and outstanding at June 30, 2026 and

December 31, 2025, respectively

paid-in capital

( 41,532,893 )

( 41,010,176 )

Total stockholders' deficit

stockholders' deficit

( 10,785,498 )

( 10,262,781 )

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

liabilities and stockholders' deficit

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

Total other income (expense)

other income (expense)

$ ( 255,533 )

$ ( 274,427 )

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

$ ( 522,717 )

$ ( 555,432 )

Basic loss per common

weighted average common shares

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

Paid-in Capital

Stockholders’ Deficit

December 31, 2025

$ ( 41,010,176 )

$ ( 10,262,781 )

Balance, March 31,

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$ ( 10,529,965 )

Balance, June 30,

$ ( 41,532,893 )

$ ( 10,785,498 )

Balance, December

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$ ( 9,479,752 )

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:

Balance, June 30,

$ ( 40,501,574 )

$ ( 9,754,179 )

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

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

the six months ended

Cash flows from operating

$ ( 522,717 )

$ ( 555,432 )

to reconcile net loss to net cash

provided (used) by operating activities:

and amortization

in operating assets and liabilities:

(Increase) in prepaid assets

(decrease) in accounts payable and accrued liabilities

(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

in accrued interest

cash provided by (used in) operating activities

Cash flows from investing

of intangible assets

cash used in investing activities

Cash flows from financing

stock issued for cash

from notes payable

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:

Cash paid for interest

Cash paid for tax

Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Supplemental disclosure of

cash flow information:

paid for interest

See Accompanying Notes

to Unaudited Condensed Consolidated Financial Statements.

SKINVISIBLE, INC.

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Basis of presentation

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 accompanying unaudited

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.

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 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.

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, 2026, the Company had a net loss of $ 522,717 The Company has also incurred cumulative net losses of

$ 41,532,893 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.

SUMMARY OF SIGNIFICANT

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months or less to be cash equivalents.

Fair Value of financial instruments

Value of financial instruments

carrying value of cash, accounts payable and accrued expenses, and debt (See Notes 6 & 8) approximate their fair values because of

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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

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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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Accounts Receivable

Accounts receivable

is comprised of uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date.

The carrying amount of accounts receivable is reviewed periodically for collectability.

If management determines that collection is unlikely,

an allowance that reflects management’s best estimate of the amounts that will not be collected is recorded.

Management reviews

each accounts receivable balance that exceeds 30 days from the invoice date and, based on an assessment of creditworthiness, estimates

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

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

to recognize a reserve for doubtful accounts.

Accounts receivable is comprised of

uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date.

carrying amount of accounts receivable is reviewed periodically for collectability.

If management determines that collection is

unlikely, an allowance that reflects management’s best estimate of the amounts that will not be collected is recorded.

Management reviews each accounts receivable balance that exceeds 30 days from the invoice date and, based on an assessment of

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

As of June 30, 2026 and 2025, 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.

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

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

Diluted earnings (loss) per share has not been presented for the six months ending June 30, 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 are 82,981,326 additional

shares issuable in connection with outstanding options, warrants, stock payable and convertible debts as of June 30, 2026 The shares

issuable under each instrument is as follows;

82,981,326 shares issuable under convertible notes.

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 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.

operates as a single operating and reportable segment.

The Company has identified its Chief Executive Officer as

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of those assets.

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.

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 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.

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

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

As of June 30, 2026 intangible assets totaled $ 90,033 , net

of $ 217,725 of accumulated amortization.

1 unchanged sentence

RELATED PARTY TRANSACTIONS

Convertible Notes Related Party

March 31, 2026

December 31, 2025

Convertible Notes Payable consists of the following:

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

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At the investor’s option until the repayment date, the note may be converted to shares of the Company’s common stock at a fixed price of $0.10 per share along with warrants to purchase one share for every two shares issued at the exercise price of $0.15 per share for three years after the conversion date.

Unamortized discount

Total, net of unamortized discount

2 unchanged sentences

$ 10,000 promissory note payable.

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.

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

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

of June 30, 2026, the note has not been paid and is in default.

CONVERTIBLE NOTES

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.

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.

As of June 30, 2026, the note has not been paid and is in default.

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

Unamortized debt discount

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STOCK WARRANTS

Following is a summary of stock warrant activity

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

Following is a summary of stock warrant activity during

the years ended June 30, 2026 and December 31, 2025:

Weighted average exercise price

Outstanding December 31, 2025

Outstanding March 31, 2026

Outstanding June 30, 2026

COMMITMENTS AND CONTINGENCIES

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of $ 0.001 par value common stock.

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

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

2026 and December 31, 2025, respectively.

1 unchanged sentence

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.

operations subsequent to June 30, 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