CV Holdings, Inc. Update and Financial Statements for Year Ended December 31, 2022

April 14, 2023

NEWPORT BEACH, Calif., April 14, 2023 (GLOBE NEWSWIRE) — CV Holdings, Inc. (OTC Pink Limited: CVHL) (the “Company”) today reported a net loss for the year ended December 31, 2022 of $(11,844,043) or $(0.18) per common share with weighted average common shares of 64,413,784 issued and outstanding during 2022. Taking into account the December 31, 2022 balance of 64,413,784 common shares issued and outstanding and 6,922,774 common shares issuable upon exercise of warrants and stock options outstanding, the net loss was $(0.17) per diluted common share based on 71,336,558 common shares outstanding on a fully-diluted basis. The net loss for the year ended December 31, 2022 was primarily due to interest expense on preferred equity of $11,478,988 and a significant increase over the course of the year in the cost of debt of the Company’s principal business, as well as salaries and related payroll expenses of $5,244,937, general and administrative expenses of $4,746,251, provision for loan losses of $4,297,028 and loss from unconsolidated entities of $867,633. 

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