- Net sales (revenue) up 907% to
$23.52 million for the fiscal year endedMay 31, 2023 , as compared to the prior year period without the AXIL® business segment - Gross profit (as a percentage of sales) increased to 75.3% for the year, as compared to 64.5% for the prior year period
- Operating expenses as a percentage of net revenues decreased to 66.9% as compared to 73.6% for the prior year period
“As previously disclosed in
“We had a strong finish to our fiscal year and achieved the milestone of four consecutive quarters of profitability with record year-end revenues and net income,” remarked
Business and Product Success Stories for fiscal 2023
Our primary business model focused on AXIL® during fiscal 2023. We continue to operate the Reviv3 brand in addition to AXIL®, but our focus in the fiscal year ending
- On
June 22, 2022 , we announced the acquisition of AXIL®, as noted above. - On
January 25, 2023 , we announced our expanded relationship with “Bass Pro Shops®” with the introduction of “AXIL GS Extreme 2.0 Nationwide®.” - On
January 31, 2023 , we announced a new distribution agreement with JAMMAS SP. O.O. for distribution of AXIL® portfolio of products inPoland . - On
February 16, 2023 , we announced expanded distribution of AXIL® products through distribution agreement with “GMK Ltd.,” forUnited Kingdom . - On
February 22, 2023 , we announced accelerated European rollout of our AXIL® product line through a new distribution agreement inSwitzerland with “Tagforce AG”, which provided us with a streamlined supply chain inEurope . - On
February 28, 2023 , we announced an exclusive agreement with “Berretta Holding” for distribution of AXIL® products inAustralia . - On
April 17, 2023 , we announced a new distribution agreement for AXIL® products with “DEFSEC SYSTEMS” forMalaysia . - On
May 1, 2023 , we announced a new distribution agreement of AXIL® products with “FARM SRL” forItaly . - On
May 10, 2023 , we announced the release of the next generation “XCOR True Wireless EarPro Buds®” hearing enhancement and protection by AXIL®. - On
May 15, 2023 , we announced a multi-year licensing agreement with NASCAR®.
Financial Tables
REVIV3 PROCARE COMPANY AND SUBSIDIARY | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 4,832,682 | $ | 373,731 | ||||
Accounts receivable, net | 417,016 | 105,921 | ||||||
Inventory, net | 1,311,864 | 323,388 | ||||||
Prepaid expenses and other current assets | 801,360 | — | ||||||
Total Current Assets | 7,362,922 | 803,040 | ||||||
OTHER ASSETS: | ||||||||
Property and equipment, net | 157,463 | 29,145 | ||||||
Intangible assets, net | 382,674 | — | ||||||
Right of use asset | 101,845 | 45,453 | ||||||
Other assets | 12,195 | 16,277 | ||||||
2,152,215 | — | |||||||
Total Other Assets | 2,806,392 | 90,875 | ||||||
TOTAL ASSETS | $ | 10,169,314 | $ | 893,915 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 908,606 | $ | 458,263 | ||||
Customer deposits | 183,688 | 16,522 | ||||||
Equipment payable, current | 2,200 | 3,300 | ||||||
Contract liabilities, current | 827,106 | — | ||||||
Notes payable | 172,588 | 156,300 | ||||||
Due to related party | 158,072 | 25,452 | ||||||
Lease Liability, current | 65,824 | 47,166 | ||||||
Income Tax Liability | 230,913 | — | ||||||
Other current liabilities | 305,664 | — | ||||||
Total Current Liabilities | 2,854,661 | 707,003 | ||||||
LONG TERM LIABILITIES: | ||||||||
Equipment payable | — | 2,200 | ||||||
Lease liability, long term | 36,752 | — | ||||||
Contract liabilities, long term | 605,942 | — | ||||||
Total Long Term Liabilities | 642,694 | 2,200 | ||||||
Total Liabilities | 3,497,355 | 709,203 | ||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock, | 25,000 | — | ||||||
Common stock, | 11,708 | 4,195 | ||||||
Additional paid-in capital | 10,102,243 | 5,472,084 | ||||||
Accumulated deficit | (3,466,992 | ) | (5,291,567 | ) | ||||
Total Stockholders’ Equity | 6,671,959 | 184,712 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 10,169,314 | $ | 893,915 |
REVIV3 PROCARE COMPANY AND SUBSIDIARY | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
For the Fiscal Years Ended | ||||||||
2023 | 2022 | |||||||
Sales, net | $ | 23,521,027 | $ | 2,336,257 | ||||
Cost of sales | 5,810,216 | 828,586 | ||||||
Gross profit | 17,710,811 | 1,507,671 | ||||||
OPERATING EXPENSES: | ||||||||
Marketing and selling expenses | 11,675,206 | 1,199,305 | ||||||
Compensation and related taxes | 1,347,839 | 15,129 | ||||||
Professional and consulting expenses | 1,420,990 | 232,774 | ||||||
General and administrative | 1,282,565 | 271,866 | ||||||
Total Operating Expenses | 15,726,600 | 1,719,074 | ||||||
INCOME (LOSS) FROM OPERATIONS | 1,984,211 | (211,403 | ) | |||||
OTHER INCOME (EXPENSE): | ||||||||
Gain on debt settlement | 50,500 | 35,000 | ||||||
Other income | 16,829 | — | ||||||
Interest income | 6,469 | 36 | ||||||
Interest expense and other finance charges | (2,521 | ) | (6,536 | ) | ||||
Other Income (Expense), Net | 71,277 | 28,500 | ||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 2,055,488 | (182,903 | ) | |||||
Provision for income taxes | 230,913 | — | ||||||
NET INCOME (LOSS) | $ | 1,824,575 | $ | (182,903 | ) | |||
NET INCOME (LOSS) PER COMMON SHARE: | ||||||||
Basic | $ | 0.02 | $ | (0.00 | ) | |||
Diluted | $ | 0.01 | $ | (0.00 | ) | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
Basic | 112,895,411 | 41,945,881 | ||||||
Diluted | 357,385,274 | 41,945,881 |
REVIV3 PROCARE COMPANY AND SUBSIDIARY | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
For the Fiscal Years Ended | ||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 1,824,575 | $ | (182,903 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 95,179 | 7,871 | ||||||
Bad debts | 76,969 | 6,941 | ||||||
Inventory obsolescence | — | 71,481 | ||||||
Stock based compensation | 207,342 | 21,967 | ||||||
Gain on debt forgiveness | (50,500 | ) | (35,000 | ) | ||||
Non cash lease expense | — | (1,713 | ) | |||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | (160,277 | ) | (21,985 | ) | ||||
Inventory | 353,985 | 95,983 | ||||||
Prepaid expenses and other current assets | (661,115 | ) | 2,430 | |||||
Deposits | (3,810 | ) | — | |||||
Accounts payable and accrued expenses | 215,175 | (701 | ) | |||||
Other current liabilities | 630,897 | — | ||||||
Customer deposits | — | (90,426 | ) | |||||
Contract liabilities | 389,716 | — | ||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,918,136 | (126,055 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash acquired on business acquisition | 1,066,414 | — | ||||||
Purchase of property and equipment | (65,650 | ) | — | |||||
NET CASH PROVIDED BY INVESTING ACTIVITIES | 1,000,764 | — | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Cash raised for common stock to be issued | 447,850 | — | ||||||
Proceeds from loan payable | — | 35,000 | ||||||
Repayment of equipment financing | (3,300 | ) | (3,300 | ) | ||||
Repayment of note payable | (37,119 | ) | — | |||||
Advances (payments) from a related party | 132,620 | (28,851 | ) | |||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 540,051 | 2,849 | ||||||
NET INCREASE (DECREASE) IN CASH | 4,458,951 | (123,206 | ) | |||||
CASH - Beginning of year | 373,731 | 496,937 | ||||||
CASH - End of year | $ | 4,832,682 | $ | 373,731 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 2,521 | $ | 500 | ||||
Income taxes | $ | — | $ | — | ||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Stock issued for business combination | $ | 4,007,480 | $ | — | ||||
Right of use assets recognized as lease liability | $ | 131,970 | $ | — | ||||
Tangible assets (excluding cash) acquired in business combination | $ | 1,740,729 | $ | — | ||||
Intangible assets acquired in business combination | $ | 456,945 | $ | — | ||||
$ | 2,152,215 | $ | — | |||||
Liabilities assumed in business combination | $ | 1,408,823 | $ | — | ||||
About Reviv3
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 “future,” “hope” and “goal,” 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
Investor Relations:
Reviv3 Investor Relations Team
(888) 638-8883
investors@reviv3.com
Source:
2023 GlobeNewswire, Inc., source