NEWPORT BEACH, Calif., April 17, 2018 (GLOBE NEWSWIRE) — CV Holdings, Inc. (Other OTC: CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2017 of $(8,658,577) or $(0.16) per common share with weighted average common shares of 54,538,429 issued and outstanding during 2017. 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 with 64,636,558 common shares outstanding on a fully diluted basis. The foregoing numbers do not include 59,180 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 for the year ended December 31, 2017 was primarily due to: paid-in-kind dividends on preferred equity included in interest expense of $5,769,565, as well as general and administrative expenses of $2,307,458. For comparative purposes, for the year ended December 31, 2016, the Company reported a net loss of $(5,103,555) or $(0.10) per common share with a weighted average of common shares issued and outstanding of 49,348,916. The paid-in-kind dividends during 2016 were $2,195,068, and administrative expenses were $1,547,722. 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 2016 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.
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