NEWPORT BEACH, Calif., May 1, 2019 (GLOBE NEWSWIRE) — CV Holdings, Inc. (Other OTC:CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2018 of $(9,354,600) or $(0.16) per common share with weighted average common shares of 57,202,825 issued and outstanding during 2018. Taking into account the December 31, 2018 balance of 61,213,784 common shares issued and outstanding and 9,422,774 warrants and stock options outstanding, the net loss was $(0.13) per diluted common share based on 70,636,558 common shares outstanding on a fully-diluted basis.
The net loss for the year ended December 31, 2018 was primarily due to: interest expense on preferred equity of $8,690,140, as well as general and administrative expenses of $2,580,435. For comparative purposes, for the year ended December 31, 2017, the Company reported a net loss of $(8,658,577) or $(0.16) per common share with a weighted average of common shares issued and outstanding of 54,538,429. The interest expense on preferred equity during 2017 were $6,426,998, and administrative expenses were $2,314,595. Taking into account the December 31, 2017 balance of 55,213,784 common shares issued and outstanding and 9,422,774 warrants and stock options outstanding, the net loss was $(0.13) per diluted common share based on 64,636,558 common shares outstanding on a fully-diluted basis.