- Net Sales (revenue) up 44.1% for the quarter ended August 31, 2023, as compared to the prior year period.
- Gross Profit (as a percentage of Net Sales) was 76.1% as compared to 77.5% in the prior year period.
- Operating expenses as a percentage of Net Sales was 73.3% compared to 72.8% in the prior year period.
LOS ANGELES, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Reviv3 Procare Company (“Reviv3,” “we,” “us,” “our,” or the “Company”) ( RVIV), an emerging global consumer products company for AXIL® hearing protection and enhancement products and Reviv3® hair and skin care products, today announced financial and operational results for the first quarter ended August 31, 2023 (“Q1”).
“Reviv3 had a strong start to the fiscal year with increased product adoption and customer acquisition through our various sales channels, which resulted in a 44.1% increase in Net Sales as compared to the same period last year,” remarked Monica Diaz Brickell, CFO. “During the quarter and throughout the balance of this fiscal year we are committed to furthering our financial strength through pragmatic revenue growth and a disciplined approach to managing operating costs and expenses,” continued Ms. Brickell.
“Our focus during the first quarter was continued expansion of our global retail presence through the onboarding of new domestic and international vendors and distributors, which we expect to continue in the second quarter and beyond,” added Jeff Toghraie, CEO. “We intend to grow our business to create long-term success for our brands and ultimately drive shareholder value and we are excited about where the business is heading,” concluded Mr. Toghraie.
REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
| August 31, 2023 | May 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | $ | 5,061,723 | $ | 4,832,682 | ||||
| Accounts receivable, net | 455,886 | 417,016 | ||||||
| Inventory, net | 2,069,968 | 1,311,864 | ||||||
| Prepaid expenses and other current assets | 485,609 | 801,360 | ||||||
| Total Current Assets | 8,073,186 | 7,362,922 | ||||||
| OTHER ASSETS: | ||||||||
| Property and equipment, net | 199,561 | 157,463 | ||||||
| Intangible assets, net | 363,299 | 382,674 | ||||||
| Right of use asset | 86,111 | 101,845 | ||||||
| Other assets | 12,194 | 12,195 | ||||||
| Goodwill | $ | 2,152,215 | 2,152,215 | |||||
| Total Other Assets | 2,813,380 | 2,806,392 | ||||||
| TOTAL ASSETS | $ | 10,886,566 | $ | 10,169,314 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 1,077,005 | $ | 908,606 | ||||
| Customer deposits | 92,817 | 183,688 | ||||||
| Equipment payable, current | 1,375 | 2,200 | ||||||
| Contract liabilities, current | 909,883 | 827,106 | ||||||
| Notes payable | 155,334 | 172,588 | ||||||
| Due to related party | 58,980 | 158,072 | ||||||
| Lease Liability, current | 68,558 | 65,824 | ||||||
| Income Tax Liability | 296,902 | 230,913 | ||||||
| Other current liabilities | 768,185 | 305,664 | ||||||
| Total Current Liabilities | 3,429,039 | 2,854,661 | ||||||
| LONG TERM LIABILITIES: | ||||||||
| Lease liability, long term | 18,650 | 36,752 | ||||||
| Contract liabilities, long term | 561,359 | 605,942 | ||||||
| Total Long Term Liabilities | 580,009 | 642,694 | ||||||
| Total Liabilities | 4,009,048 | 3,497,355 | ||||||
| Commitments and contingencies | — | — | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 250,000,000 and no shares issued and outstanding as of August 31, 2023 and May 31, 2023 | 25,000 | 25,000 | ||||||
| Common stock, $0.0001 par value: 450,000,000 shares authorized; 117,076,949 shares issued, and outstanding as of August 31, 2023 and May 31, 2023 | 11,708 | 11,708 | ||||||
| Additional paid-in capital | 10,153,350 | 10,102,243 | ||||||
| Accumulated deficit | (3,312,540 | ) | (3,466,992 | ) | ||||
| Total Stockholders’ Equity | 6,877,518 | 6,671,959 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 10,886,566 | $ | 10,169,314 | ||||
REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| For the Three Months Ended | ||||||||
| August 31, | ||||||||
| 2023 | 2022 | |||||||
| Sales, net | $ | 6,106,269 | $ | 4,237,358 | ||||
| Cost of sales | 1,458,703 | 954,704 | ||||||
| Gross profit | 4,647,566 | 3,282,654 | ||||||
| OPERATING EXPENSES: | ||||||||
| Marketing and selling expenses | 3,206,841 | 1,977,976 | ||||||
| Compensation and related taxes | 279,989 | 280,688 | ||||||
| Professional and consulting expenses | 426,775 | 466,450 | ||||||
| General and administrative | 560,204 | 358,139 | ||||||
| Total Operating Expenses | 4,473,809 | 3,083,253 | ||||||
| INCOME FROM OPERATIONS | 173,757 | 199,401 | ||||||
| OTHER INCOME (EXPENSE): | ||||||||
| Gain on debt settlement | — | 50,500 | ||||||
| Other income | 9,835 | — | ||||||
| Interest income | 38,493 | 1,837 | ||||||
| Interest expense and other finance charges | (1,644 | ) | (1,458 | ) | ||||
| Other Income (Expense), Net | 46,684 | 50,879 | ||||||
| INCOME BEFORE PROVISION FOR INCOME TAXES | 220,441 | 250,280 | ||||||
| Provision for income taxes | 65,989 | 74,753 | ||||||
| NET INCOME | $ | 154,452 | $ | 175,527 | ||||
| NET INCOME PER COMMON SHARE: | ||||||||
| Basic | $ | 0.00 | $ | 0.00 | ||||
| Diluted | $ | 0.00 | $ | 0.00 | ||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
| Basic | 117,076,949 | 102,402,140 | ||||||
| Diluted | 372,451,949 | 314,223,880 | ||||||
REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| For the Three Months Ended August 31, | ||||||||
| 2023 | 2022 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | 154,452 | $ | 175,527 | ||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 28,237 | 19,669 | ||||||
| Bad debts | 52,866 | — | ||||||
| Stock based compensation | 51,107 | 97,283 | ||||||
| Gain on debt forgiveness | — | (50,500 | ) | |||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable | (91,736 | ) | (93,901 | ) | ||||
| Inventory | (758,104 | ) | 432,998 | |||||
| Prepaid expenses and other current assets | 315,751 | (204,130 | ) | |||||
| Accounts payable and accrued expenses | 168,399 | 52,247 | ||||||
| Other current liabilities | 438,006 | 296,106 | ||||||
| Contract liabilities | 38,194 | 82,334 | ||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 397,172 | 807,633 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Cash acquired on business acquisition | — | 1,066,414 | ||||||
| Purchase of property and equipment | (50,960 | ) | (6,400 | ) | ||||
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (50,960 | ) | ||||||
