Newport Beach, CA, PRNewswire/ CV Holdings, Inc. (Other OTC: CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2016 of $(5,103,555) or $(0.10) per common share based on 49,348,916 weighted average common shares issued and outstanding during 2016. Taking into account the December 31, 2016 balance of 53,241,746 common shares issued and outstanding and 12,344,813 warrants and stock options outstanding, the net loss was $(0.08) per diluted common share with 65,586,559 common shares outstanding on a fully diluted basis. The foregoing numbers do not include 25,172 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 $(5,103,555) for the year ended December 31, 2016 was primarily due to: paid in kind dividends on preferred equity included in interest expense of $2,195,068, as well as general and administrative expenses of $1,547,722.
For comparative purposes, for the year ended December 31, 2015 the Company reported a net loss of $(2,123,270) or $(0.05) per common share with 44,029,555 weighted average common shares issued and outstanding during the year. 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 $(0.03) 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.
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