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REVIV3 Procare Company Reports Financial Results for the First Quarter of Fiscal Year 2024

  • 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”) (OTCQB: 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 ) 1,060,014
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of equipment financing (825 ) (825 )
Repayment of note payable (17,254 )
Advances (payments) from a related party (99,092 ) 2,732
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (117,171 ) 1,907
NET INCREASE IN CASH 229,041 1,869,554
CASH - Beginning of period 4,832,682 373,731
CASH - End of period $ 5,061,723 $ 2,243,285
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 1,644 $ 125
Income taxes $ $
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for asset purchase agreement $ $ 4,007,480
Tangible assets (excluding cash) acquired in business combination $ $ 1,740,729
Intangible assets acquired in business combination $ $ 456,945
Goodwill acquired in business combination $ $ 2,152,215
Liabilities assumed in business combination $ $ 1,408,823

About Reviv3

Reviv3 Procare Company (OTCQB: RVIV) is an emerging global e-commerce consumer products company. The Company is a manufacturer and marketer of premium hearing enhancement and protection products, including ear plugs, earmuffs, and ear buds, under the AXIL® brand and premium hair and skincare products under its in-house Reviv3 Procare brand - selling products in the United States, Canada, the European Union and throughout Asia. To learn more, please visit the Company’s website at www.reviv3.com and, for the AXIL® brand, visit www.goaxil.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as “expect,” “intend,” and “committed,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available information, and management’s beliefs, projections, and current expectations, and are subject to a number of significant risks and uncertainties, many of which are beyond management’s control and may cause Reviv3’s results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: (i) Reviv3’s ability to grow net sales as anticipated and perform in accordance with guidance; (ii) our ability to generate sufficient revenue to support Reviv3’s operations and to raise additional funds or obtain other forms of financing as needed on acceptable terms, or at all; (iii) potential difficulties or delays Reviv3 may experience in implementing its cost savings and efficiency initiatives, including integrating the AXIL® brand; (iv) Reviv3’s ability to compete effectively with other hair and skincare companies and hearing enhancement and protection companies; (v) the concentration of Reviv3’s customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns; (vi) changes in laws or regulations in the United States and/or in other major markets, such as Asia or the European Union, in which Reviv3 operates, including, without limitation, with respect to taxes, tariffs, trade policies or product safety, which may increase Reviv3’s product costs and other costs of doing business, and reduce Reviv3’s earnings; and (vi) the impact of unstable market and general economic conditions on Reviv3’s business, financial condition and stock price, including inflationary cost pressures, decreased discretionary consumer spending, supply chain disruptions and constraints, labor shortages, ongoing economic disruption, including the effects of the Ukraine-Russia conflict and ongoing impact of COVID-19, and other downturns in the business cycle or the economy. There can be no assurance as to any of these matters, and potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

Investor Relations:

Reviv3 Investor Relations Team
(888) 638-8883
investors@reviv3.com