0001663577-16-000367.txt : 20161103 0001663577-16-000367.hdr.sgml : 20161103 20161102182608 ACCESSION NUMBER: 0001663577-16-000367 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 20161103 DATE AS OF CHANGE: 20161102 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SKINVISIBLE INC CENTRAL INDEX KEY: 0001085277 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 880344219 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-61215 FILM NUMBER: 161969338 BUSINESS ADDRESS: STREET 1: 6320 S SANDHILL ROAD STREET 2: SUITE 10 CITY: LAS VEGAS STATE: NV ZIP: 89120 BUSINESS PHONE: 7024337154 MAIL ADDRESS: STREET 1: 6320 S SANDHILL ROAD STREET 2: SUITE 10 CITY: LAS VEGAS STATE: NV ZIP: 89120 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HOWLETT TERRY CENTRAL INDEX KEY: 0001134872 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 6320 S. SANDHILL ROAD STREET 2: SUITE #10 CITY: LAS VEGAS STATE: NV ZIP: 89120 SC 13D/A 1 mainbody.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D/A

(Amendment No. 1)*

Under the Securities Exchange Act of 1934

 

Skinvisible, Inc.

(Name of Issuer)

 

Common Stock, $0.001 Par Value

(Title of Class of Securities)

 

830703104

(CUSIP Number)

 

Terry Howlett

Skinvisible, Inc.

6320 South Sandhill Road, Suite 10, Las Vegas, NV 89120

 (Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

June 30, 2012

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o

 

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

  
 

 

CUSIP No.: 78348J105

 

 Schedule 13D/A  

 

1

NAMES OF REPORTING PERSONS.

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only):

 

Terry Howlett

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

 

    (a) o

    (b) o

3

SEC USE ONLY

 

4

SOURCE OF FUNDS (See Instructions)

 

PF

5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) o
6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

US and Canada

NUMBER OF

SHARES

 7

SOLE VOTING POWER

 

126,557,180 (1)

BENEFICIALLY

OWNED BY

EACH

 8

SHARED VOTING POWER

 

0

REPORTING

PERSON

 WITH

 9

SOLE DISPOSITIVE POWER

 

126,557,180 (1)

  10

SHARED DISPOSITIVE POWER

 

0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

126,557,180

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

52.15% (2)

14

TYPE OF REPORTING PERSON (See Instructions)

 

IN

       

 

(1)     Includes 7,723,248 shares held in his name as indicated on our shareholder list and 118,833,932 shares of common stock that may be acquired under the principal balance and accrued interest under debt conversion agreements, warrants that may be exercised upon the above conversions to purchase one shares for every two shares acquired in the conversions, and options that may be exercised immediately to purchase shares of common stock.

(2)     Based on a total of 123,835,319 shares of the Issuer’s common stock outstanding as of November 2, 2016, including the derivative securities set forth in Note 1 above which are deemed outstanding for purposes of computing the percentage of outstanding securities on this Schedule 13D/A.

 

This Schedule 13D Amendment No. 1 (this “Schedule 13D/A”) amends the following section of the Schedule 13D filed with the Securities and Exchange Commission on February 24, 2012 (the “Schedule 13D”).

 

 2 
 

 

Item 2.  IDENTITY AND BACKGROUND.

 

This Schedule 13D/A is being filed by Terry Howlett, a citizen of Canada and the United States (the “Reporting Person”). The Reporting Person is currently employed by the Issuer as CEO and director. The Reporting Person’s business address is c/o Skinvisible, Inc. 6320 South Sandhill Road, Suite 10, Las Vegas, NV 89120.

 

During the last ten years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Item 3.  SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

 

Item 3 of Schedule 13D is supplemented and amended by the information below.

 

1)       On June 30, 2012, the Issuer issued a promissory note to the Reporting Person in the principal amount of $105,642.86 in consideration of accrued salary and bonuses due from January 1, 2011 to June 30, 2011. The note bears interest at 10% per annum and matures on June 30, 2017. The note provides the Reporting Person the right to convert the principal amount of the loan into common stock at $0.04 per share at any time until June 30, 2017. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 1,320,536 shares of common shares at a strike price of $0.05 per share.

2)       On December 31, 2012, the Issuer issued a promissory note to the Reporting Person in the principal amount of $45,156.03 in consideration of accrued salary and bonuses due from July 1, 2012 to December 31, 2012. The note bears interest at 10% per annum and matures on December 31, 2017. The note provides the Reporting Person the right to convert the principal amount of the loan into common stock at $0.03 per share at any time until December 31, 2017. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 752,600 shares of common shares at a strike price of $0.04 per share.

3)       July 11, 2013, the Issuer issued a promissory note to the Reporting Person in the principal amount of $62,490.56 in consideration of accrued salary and bonuses due from January 1, 2013 to June 30, 2013. The note bears interest at 10% per annum and matures on July 11, 2018. The note provides the Reporting Person the right to convert the principal amount of the loan into common stock at $0.03 per share at any time until July 11, 2018. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 1,041,500 shares of common shares at a strike price of $0.04 per share.

4)       On December 31, 2013, the Issuer issued a promissory note to the Reporting Person in the principal amount of $77,514.89 in consideration of accrued salary and bonuses due from July 1, 2013 to December 31, 2013. The note bears interest at 10% per annum and matures on December 31, 2018. The note provides the Reporting Person the right to convert the principal amount of the loan into common stock at $0.02 per share at any time until December 31, 2018. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 1,937,873 shares of common shares at a strike price of $0.03 per share.

5)       On December 31, 2013, the Issuer granted the Reporting Person the right to convert accrued interest owed of $64,520.00 into commons stock at prices ranging from $0.03 to $0.04 per share. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 858,155 shares of common shares at a strike price of $.02 per share.

6)       On June 30, 2014, the Issuer issued a convertible promissory note to the Reporting Person to convert his accrued compensation of $63,114.63 as of June 30, 2014 into common stock at $0.025 per share at any time until June 30, 2019. If exercised, the Issuer also agreed to issue a three year warrant to the Reporting Person to purchase an aggregate amount of 1,262,300 shares of common shares at a strike price of $0.03 per share.

7)       On September 30, 2014, the Issuer issued a convertible promissory note to the Reporting Person to convert his accrued compensation of $36,150.30 as of September 30, 2014 into common stock at $0.04 per share at any time until September 30, 2019. If exercised, the Issuer also agreed to issue a three year warrant to the Reporting Person to purchase an aggregate amount of 451,875 shares of common shares at a strike price of $0.05 per share.

8)       On December 31, 2014, the Issuer issued a convertible promissory note to the Reporting Person to convert his accrued compensation of $34,092.30 as of December 31, 2014 into common stock at $0.04 per share at any time until December 31, 2019. If exercised, the Issuer also agreed to issue a three year warrant to the Reporting Person to purchase an aggregate amount of 426,154 shares of common shares at a strike price of $0.05 per share.

9)       On December 31, 2014, the Issuer granted the Reporting Person the right to convert accrued interest owed of $14,447 into commons stock at prices ranging from $0.01 to $0.04 per share. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 251, 396 shares of common shares at a strike price of $.02 per share.

10)   On December 31, 2015, the Issuer granted the Reporting Person the right to convert accrued interest owed of $79,231into commons stock at prices ranging from $0.01 to $0.04 per share. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 1,168,526 shares of common shares at a strike price of $.03 per share.

11)   On December 31, 2015, the Issuer granted the Reporting Person the right to convert his accrued compensation of $177,213.33 as of December 31, 2015 into common stock at $0.02 per share at any time until December 31, 2020. If exercised, the Issuer also agreed to issue a three year warrant to the Reporting Person to purchase an aggregate amount of 4,430,333 shares of common shares at a strike price of $0.03 per share.

12)   On December 31, 2015, the Issuer issued a convertible promissory note to the Reporting Person to convert his loan of $9,000 into common stock at $0.02 per share at any time until December 31, 2020. If exercised, the Issuer also agreed to issue a three year warrant to the Reporting Person to purchase an aggregate amount of 225,000 shares of common shares at a strike price of $0.02 per share.

13)   On Feb 10, 2016, the Reporting Person was granted a five year option to purchase 1,700,000 shares of common stock at an exercise price of $0.02 per share under the Issuer’s Stock Option Plan dated July 17, 2006.

14)   On June 30, 2016, the Issuer issued a promissory note to the Reporting Person in the principal amount of $98,480.00 in consideration of accrued salary and bonuses due from January 1, 2016 to June 30, 2016. The note bears interest at 10% per annum and matures on June 30, 2021. The note provides the Reporting Person the right to convert the principal amount of the loan into common stock at $0.02 per share at any time until June 30, 2021. If exercised, the Issuer also agreed to issue a three year warrant to purchase an aggregate amount of 2,462,000 shares of common shares at a strike price of $0.02 per share.

15)   On October 20, 2016, the Issuer renewed a convertible promissory note to the Reporting Person dated December 31, 2011 for his accrued compensation of $415,657.03 convertible into common stock at $0.01 per share at any time until December 31, 2019. If exercised, the Issuer also agreed to issue a three year warrant to the Reporting Person to purchase an aggregate amount of 20,782,800shares of common shares at a strike price of $0.02 per share.

 

 3 
 

 

Item 5.  INTEREST IN SECURITIES OF THE ISSUER.

 

Item 5 of Schedule 13D is supplemented and amended by the information below.

 

Reference is made to the disclosure set forth under Item 3 of this Schedule 13D/A, which disclosure is incorporated herein by reference.

 

Item 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

 

Reference is made to the disclosure set forth under Items 3, 5 and 7 of this Schedule 13D/A, which disclosure is incorporated herein by reference.

 

Item 7.  MATERIAL TO BE FILED AS EXHIBITS.

 

See attached promissory notes dated December 31, 2015, June 30, 2016, and October 20, 2016

 

 4 
 

 

SIGNATURES

 

After reasonable inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

       
Date: November 2, 2016      By: /s/ Terry Howlett  
    Terry Howlett  

 5 

 

 EX-10.1 2 ex10_1.htm

PROMISSORY NOTE – 2015 SALARY

 

$177,213.33 Date: December 31, 2015

FOR VALUE RECEIVED, the undersigned, Skinvisible, Inc., of 6320 South Sandhill Road, Suite 10, Las Vegas, NV 89120 promises to pay to the order of Terry Howlett (“Lender”), whose address , or such other place as the Lender

may designate in writing to the undersigned, the principal sum of One Hundred and Seventy- Seven Thousand, Two Hundred and Thirteen and Thirty-Three Cents ($177,213.33), together with interest thereon from date hereof until paid, at the rate of ten percent (10%) per annum as follows: The entire principal and interest amount shall be repaid on or before December 31, 2020.

All or any part of the aforesaid principal sum may be prepaid at any time and from time to time without penalty. This note is in regards to gross salary, plus vacation due from January 1, 2015 to December 31, 2015.

Upon written request by Lender, the principal of this loan may be converted to common shares of Skinvisible, Inc. at the price of Two Cents ($0.02) per share at any time up until December 31, 2020. In addition, the Company will issue a warrant agreement in the name of your designate, which will give the holder the right to purchase further shares at Two Cents ($0.02) per share if exercised within 3 years following the conversion date. The warrant agreement will give the holder the right to purchase one share for every two shares acquired by the holder in this transaction for an aggregate total of Four Million, Four Hundred Thirty Thousand, Three Hundred and Twenty-Five (4,430,325) additional shares at the above price.

 

This note is made and executed under, and is in all respects governed by, the laws of the State of Nevada.

 

Skinvisible, Inc.

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PROMISSORY NOTE – Salary + Bonus + Vacation Pay Q1+Q2 2016

 

$98,480.00 Date: June 30, 2016

FOR VALUE RECEIVED, the undersigned, Skinvisible, Inc., of 6320 South Sandhill Road, Suite 10, Las Vegas, NV 89120 promises to pay to the order of Terry Howlett (“Lender”), whose address is , or such other place as the Lender

may designate in writing to the undersigned, the principal sum of Ninety Eight Thousand Four Hundred and Eighty Dollars ($98,480.00), together with interest thereon from date hereof until paid, at the rate of ten percent (10%) per annum as follows: The entire principal and interest amount shall be repaid on or before June 30, 2021.

All or any part of the aforesaid principal sum plus interest may be prepaid at any time and from time to time without penalty. This note is in regards to gross salary and bonus from January 1, 2016 to June 30, 2016.

Upon written request by Lender, the principal of this loan and accrued interest may be converted to common shares of Skinvisible, Inc. at the price of Two Cents ($0.02) per share at any time up until June 30, 2021. In addition, the Company will issue a warrant agreement in the name of your designate, which will give the holder the right to purchase further shares at Two Cents ($0.02) per share if exercised within 3 years following the conversion date. The warrant agreement will give the holder the right to purchase one share for every two shares acquired by the holder in this transaction for an aggregate total of Two Million Four Hundred and Sixty Two Thousand (2,462,000) additional shares at the above price.

 

This note is made and executed under, and is in all respects governed by, the laws of the State of Nevada.

 

Skinvisible, Inc.

 

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PROMISSORY NOTE - SALARY

 

Renewal of Dec 31, 2011 note

 

$415,657.03 Date: October 20, 2016

FOR VALUE RECEIVED, the undersigned, Skinvisible, Inc., of 6320 South Sandhill Road, Suite 10, Las Vegas, NV 89120 promises to pay to the order of Terry Howlett (“Note Holder”), whose address is ,

or such other place as the Note Holder may designate in writing to the undersigned, the principal sum of Four Hundred and Fifteen Thousand Six Hundred and Fifty Seven Dollars and Three Cents ($415,657.03), together with interest thereon from date hereof until paid, at the rate of ten percent (10%) per annum as follows: The entire principal and interest amount shall be repaid on or before December 31, 2019.

 

All or any part of the aforesaid principal sum may be prepaid at any time and from time to time without penalty.

 

Upon written request by Lender, the principal of this loan may be converted to common shares of Skinvisible, Inc. at the price of One Cents ($0.01) per share at any time up until December 31, 2019. In addition, the Company will issue a warrant agreement in the name of your designate, which will give the holder the right to purchase further shares at Two Cents ($0.02) per share if exercised within 3 years following the conversion date. The warrant agreement will give the holder the right to purchase one share for every two shares acquired by the holder in this transaction for an aggregate total of Twenty Million Seven Hundred and Eighty Two Thousand Eight Hundred (20,782,800) additional shares at the above price.

 

This note is made and executed under, and is in all respects governed by, the laws of the State of Nevada.

 

 

Skinvisible, Inc.

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