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REVIV3 Procare Company Reports Record Second Quarter Fiscal Year 2024 Financial Results

  • Net Sales (revenue) increased 25.1% to a record $8.4 million for the second quarter ended November 30, 2023, as compared to the prior year period.
  • Gross Profit (as a percentage of Net Sales) was 74.3% as compared to 74.9% for the prior year period.
  • Operating expenses as a percentage of Net Sales was 59.3% as compared to 60.2% for the prior year period.
  • Net Income increased 40.1% to a record $1,018,075 as compared to $726,900 for the prior year period.

LOS ANGELES, Jan. 04, 2024 (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 second quarter ended November 30, 2023.

“We delivered another strong quarter, growing our net sales by approximately twenty-five percent and net income by approximately forty percent as compared to the second quarter of fiscal 2023. This quarter marks our sixth consecutive profitable quarter, which we believe is reflective of our continued focus on profitability while maintaining aggressive growth through market expansion and product innovation,” remarked Jeff Toghraie, CEO.

Financial Tables

REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
November 30, 2023 May 31, 2023
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 5,962,431 $ 4,832,682
Accounts receivable, net 953,315 417,016
Inventory, net 2,352,215 1,311,864
Prepaid expenses and other current assets 1,068,767 801,360
Total Current Assets 10,336,728 7,362,922
OTHER ASSETS:
Property and equipment, net 211,036 157,463
Intangible assets, net 343,924 382,674
Right of use asset 69,911 101,845
Other assets 12,195 12,195
Goodwill 2,152,215 2,152,215
Total Other Assets 2,789,281 2,806,392
TOTAL ASSETS $ 13,126,009 $ 10,169,314
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,922,159 $ 908,606
Customer deposits 100,889 183,688
Equipment payable, current 550 2,200
Contract liabilities, current 1,050,420 827,106
Notes payable, current 3,270 172,588
Due to related party 132,860 158,072
Lease liability, current 71,374 65,824
Income tax liability 661,295 230,913
Other current liabilities 534,067 305,664
Total Current Liabilities 4,476,884 2,854,661
LONG TERM LIABILITIES:
Notes payable, long term 144,661
Lease liability, long term 36,752
Contract liabilities, long term 557,763 605,942
Total Long Term Liabilities 702,424 642,694
Total Liabilities 5,179,308 3,497,355
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 250,000,000 shares issued and outstanding as of November 30, 2023 and May 31, 2023, respectively 25,000 25,000
Common stock, $0.0001 par value: 450,000,000 shares authorized; 117,076,949 shares issued, and outstanding as of November 30, 2023 and May 31, 2023 11,708 11,708
Additional paid-in capital 10,204,458 10,102,243
Accumulated deficit (2,294,465 ) (3,466,992 )
Total Stockholders’ Equity 7,946,701 6,671,959
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 13,126,009 $ 10,169,314

REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended For the Six Months Ended
November 30, November 30,
2023 2022 2023 2022
Sales, net $ 8,421,677 $ 6,731,999 $ 14,527,946 $ 10,969,357
Cost of sales 2,163,738 1,692,965 3,622,441 2,647,669
Gross profit 6,257,939 5,039,034 10,905,505 8,321,688
OPERATING EXPENSES:
Marketing and selling expenses 3,672,780 3,098,898 6,879,621 5,076,874
Compensation and related taxes 204,646 509,339 484,635 790,027
Professional and consulting expenses 491,328 213,205 918,103 679,655
General and administrative 625,273 232,597 1,185,477 590,736
Total Operating Expenses 4,994,027 4,054,039 9,467,836 7,137,292
INCOME FROM OPERATIONS 1,263,912 984,995 1,437,669 1,184,396
OTHER INCOME (EXPENSE):
Gain on settlement 79,182 79,182 50,500
Other income 3,189 13,024
Interest income 37,825 4,704 76,318 6,541
Interest expense and other finance charges (1,640 ) (1,755 ) (3,284 ) (3,213 )
Other Income (Expense), Net 118,556 2,949 165,240 53,828
INCOME BEFORE PROVISION FOR INCOME TAXES 1,382,468 987,944 1,602,909 1,238,224
Provision for income taxes 364,393 261,044 430,382 335,797
NET INCOME $ 1,018,075 $ 726,900 $ 1,172,527 $ 902,427
NET INCOME PER COMMON SHARE:
Basic $ 0.01 $ 0.01 $ 0.01 $ 0.01
Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 117,076,949 115,226,893 117,076,949 108,779,476
Diluted 372,451,949 368,993,486 372,451,949 341,429,203

REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED NOVEMBER 30, 2023 AND 2022
(UNAUDITED)
For the six months ended November 30, 2023
Common Stock Additional Total
Preferred Stock Issued Paid-in Accumulated Stockholders’
Shares Amount Shares Amount Capital Deficit Equity
Balance, May 31, 2023 250,000,000 $ 25,000 117,076,949 $ 11,708 $ 10,102,243 $ (3,466,992 ) $ 6,671,959
Stock options expense 102,215 102,215
Net income for the six months ended November 30, 2023 1,172,527 1,172,527
Balance, November 30, 2023 250,000,000 $ 25,000 117,076,949 $ 11,708 $ 10,204,458 $ (2,294,465 ) $ 7,946,701

For the three months ended November 30, 2023
Common Stock Additional Total
Preferred Stock Issued Paid-in Accumulated Stockholders’
Shares Amount Shares Amount Capital Deficit Equity
Balance, August 31, 2023 250,000,000 $ 25,000 117,076,949 $ 11,708 $ 10,153,350 $ (3,312,540 ) $ 6,877,518
Stock options expense 51,108 51,108
Net income for the three months ended November 30, 2023 1,018,075 1,018,075
Balance, November 30, 2023 250,000,000 $ 25,000 117,076,949 $ 11,708 $ 10,204,458 $ (2,294,465 ) $ 7,946,701

For the six months ended November 30, 2022
Common Stock Additional Total
Preferred Stock Issued Paid-in Accumulated Stockholders’
Shares Amount Shares Amount Capital Deficit Equity
Balance, May 31, 2022 $ 41,945,881 $ 4,195 $ 5,472,084 $ (5,291,567 ) $ 184,712
Shares issued for acquisition of business 250,000,000 25,000 73,183,893 7,318 3,975,162 4,007,480
Stock options expense 124,145 124,145
Shares to be issued for cash 1,426,391 143 327,907 328,050
Net income for the six months ended November 30, 2022 902,427 902,427
Balance, November 30, 2022 250,000,000 $ 25,000 116,556,165 $ 11,656 $ 9,899,298 $ (4,389,140 ) $ 5,546,814

For the three months ended November 30, 2022
Common Stock Additional Total
Preferred Stock Issued Paid-in Accumulated Stockholders’
Shares Amount Shares Amount Capital Deficit Equity
Balance, August 31, 2022 250,000,000 $ 25,000 115,129,774 $ 11,513 $ 9,544,529 $ (5,116,040 ) $ 4,465,002
Stock options expense 26,862 26,862
Shares to be issued for cash 1,426,391 143 327,907 328,050
Net income for the three months ended November 30, 2022 726,900 726,900
Balance, November 30, 2022 250,000,000 $ 25,000 116,556,165 $ 11,656 $ 9,899,298 $ (4,389,140 ) $ 5,546,814

REVIV3 PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Six Months Ended
November 30,
2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,172,527 $ 902,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 56,022 43,015
Bad debts 64,327 105,975
Deposit used in rent 8,385
Stock based compensation 102,215 124,145
Gain on settlement (79,182 ) (50,500 )
Amortization of prepaid expense 3,159
Change in operating assets and liabilities:
Accounts receivable (600,626 ) (563,594 )
Inventory (1,040,351 ) (447,830 )
Prepaid expenses and other current assets (267,407 ) (243,010 )
Deposits (12,195 )
Accounts payable and accrued expenses 1,092,735 651,365
Other current liabilities 576,718 1,327,096
Contract liabilities 175,135 347,757
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,252,113 2,196,195
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired on business acquisition 1,066,414
Purchase of property and equipment (70,845 ) (54,400 )
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (70,845 ) 1,012,014
CASH FLOWS FROM FINANCING ACTIVITIES
Cash raised for common stock to be issued 328,050
Repayment of equipment financing (1,650 ) (1,750 )
Repayment of note payable (24,657 ) (1,462 )
Advances (payments) from a related party (25,212 ) 111,392
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (51,519 ) 436,230
NET INCREASE IN CASH 1,129,749 3,644,439
CASH - Beginning of period 4,832,682 373,731
CASH - End of period $ 5,962,431 $ 4,018,170
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 3,284 $ 250
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 ”believe,” “focus,” and “growth,” 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) Reviv3’s 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 continued integration of 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 China, 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 (vii) 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, the Israel-Hamas conflict and the ongoing impact of worldwide pandemics 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 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