Business
CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2024
CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2024.
About this update from Cv Holdings, Inc.
[{"type":"text","content":"\n NEWPORT BEACH, Calif., April 04, 2025 (GLOBE NEWSWIRE) -- CV Holdings, Inc. (OTC Pink Limited: CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2024 of $(18,153,285) or $(0.28) per common share with weighted average common shares of 64,413,784 issued and outstanding during 2024. All outstanding warrants expired during 2024, and accordingly the net loss was also $(0.28) per diluted common share based on 64,413,784 common shares outstanding on a fully-diluted basis. The net loss for the year ended December 31, 2024 was primarily due to interest expense on preferred equity of $14,457,898 as well as the Company’s credit loss expense of $8,952,270 and interest on lines of credit and securitized debt of $8,717,228. Salaries and related payroll expenses were $7,597,857 and general and administrative expenses were $4,003,317. For comparative purposes, for the year ended December 31, 2023, the Company reported a net loss of $(15,959,005) or $(0.25) per common share with weighted average common shares of 64,413,784 issued and outstanding during 2023. Taking into account the December 31, 2023 balance of 64,413,784 common shares issued and outstanding and 4,148,532 common shares issuable upon exercise of warrants outstanding, the net loss was $(0.23) per diluted common share based on 68,562,316 common shares outstanding on a fully diluted basis. Interest expense on preferred equity during 2023 was $12,860,976, credit loss expense was $7,423,794, interest on lines of credit and securitized debt was $7,986,605, salaries and related payroll expenses were $6,649,628 and general and administrative expenses were $4,518,766. Liquidity As of December 31, 2024, the Company had unrestricted cash of $2,688,388, as compared to $2,536,509 of unrestricted cash as of December 31, 2023. The Company’s primary sources of cash flow consisted of interest and other income earned on equipment finance contracts held by its principal business, Centra Funding, LLC (“Centra”). As described below, the Company was unable to begin redeeming its Senior Non-Convertible Preferred Stock, the initial installment of which was required to be paid in June 2020, and this obligation was deferred for a period of one year. Since June 2021, this obligation has been deferred in six-month increments, most recently ...