Business
CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2021
CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2021.
About this update from Cv Holdings, Inc.
[{"type":"text","content":"\n NEWPORT BEACH, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- CV Holdings, Inc. (OTC Pink Limited:CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2021 of $(12,399,758) or $(0.19) per common share with weighted average common shares of 64,413,784 issued and outstanding during 2021. Taking into account the December 31, 2021 balance of 64,413,784 common shares issued and outstanding and 7,172,774 warrants and stock options outstanding, the net loss was $(0.17) 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, 2021 was primarily due to interest expense on preferred equity of $11,529,709, as well as salaries and related payroll expenses of $5,026,138, general and administrative expenses of $3,398,403, provision for loan losses of $2,004,301 and loss from unconsolidated entities of $793,465. For comparative purposes, for the year ended December 31, 2020, the Company reported a net loss of $(16,439,417) 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. Interest expense on preferred equity during 2020 was $11,612,792, salaries and related payroll expenses were $5,258,024, administrative expenses were $3,523,434, provision for loan losses was $3,831,435 and gain from unconsolidated entities was $626,697. Liquidity As of December 31, 2021, the Company had unrestricted cash of $11,268,565, as compared to $11,651,922 of unrestricted cash as of December 31, 2020. 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 (“LongVue̶...