CV Holdings, Inc. Update and Financial Statements For Year Ended December 31, 2015.
NEWPORT BEACH, Calif., April 25, 2016 /PRNewswire/ — CV Holdings, Inc. (Other OTC: CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2015 of $(2,123,270) or $(0.05) per common share with a weighted average of 44,029,555 common shares issued and outstanding during 2015. Taking into account the December 31, 2015 balance of 48,704,098 common shares issued and outstanding and 14,137,095 warrants and stock options outstanding, the net loss was $(0.04) per diluted common share with 62,841,193 common shares outstanding on a fully diluted basis. The foregoing numbers do not include 22,788 shares of issued and outstanding redeemable preferred stock of the Company, none of which are convertible into shares of the Company’s common stock.
The Net Loss of $(2,123,270) for the year ended December 31, 2015 was primarily due to: paid in kind dividends on preferred equity included in Net Interest Expense of $(1,721,779), general and administrative expenses of $(1,484,723) associated with maintaining personnel and infrastructure as a result of the significant increase of assets under management and legal fees associated with the joint venture announced in October 2015.
For comparative purposes, for the year ended December 31, 2014 the Company reported a net loss of $(959,261) or $(0.024) per common share with a weighted average of 39,294,748 common shares issued and outstanding during 2014. Taking into account the December 31, 2014 balance of 39,294,748 common shares issued and outstanding and 12,562,095 warrants and stock options outstanding, the net loss was $(0.018) per diluted common share. The foregoing numbers do not include 22,788 shares of issued and outstanding redeemable preferred stock of the Company, none of which are convertible into shares of the Company’s common stock.