Business
CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2020
CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2020.
About this update from Cv Holdings, Inc.
[{"type":"text","content":"\n NEWPORT BEACH, Calif., May 07, 2021 (GLOBE NEWSWIRE) -- CV Holdings, Inc. (Other OTC:CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2020 of $(16,197,585) or $(0.26) per common share with weighted average common shares of 62,018,156 issued and outstanding during 2020. Taking into account the December 31, 2020 balance of 64,413,784 common shares issued and outstanding and 7,172,774 warrants and stock options outstanding, the net loss was $(0.23) per diluted common share based on 71,586,558 common shares outstanding on a fully-diluted basis. The net loss for the year ended December 31, 2020 was primarily due to interest expense on preferred equity of $11,612,792, as well as general and administrative expenses of $3,523,434 and provision for loan losses of $3,831,435. For comparative purposes, for the year ended December 31, 2019, the Company reported a net loss of $(11,897,585) or $(0.19) per common share with a weighted average of common shares issued and outstanding of 61,213,784. The interest expense on preferred equity during 2019 was $9,899,471, administrative expenses were $3,008,666, and provision for loan losses was $1,355,201. Taking into account the December 31, 2019 balance of 61,213,784 common shares issued and outstanding and 8,072,774 warrants and stock options outstanding, the net loss was $(0.17) per diluted common share based on 69,286,558 common shares outstanding on a fully-diluted basis. Liquidity As of December 31, 2020, the Company had unrestricted cash of $11,651,923, as compared to $16,724,938 of unrestricted cash as of December 31, 2019. The Company’s primary sources of cash flow consisted of interest earned on equipment finance contracts, loans, mortgages and other investments held by its various businesses, namely Centra Funding, LLC (“Centra”), CV Capital Funding, LLC (“CVCF”) and VenSource Holdings, LLC (“VenSource”) as well as broker and other income. Additionally, the Company earned various fees from its investment management activities in its non-performing residential loan business (“LongVue”), as well as from return of principal from its investment in the same. As of March 31, 2021, the Company had unrestricted cash of $15,124,923. As of March 31, 2021, the Company and its subsidiaries (including t...