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CV Holdings, Inc. (CVHL) is a diversified holding company with a focus on specialty finance investments. Centra Funding, LLC, a subsidiary of CV Holdings, recently acquired the LeaseQ Restaurant and Franchise Team, along with its LeaseQ equipment finance platform. This strategic move emphasizes Centra's commitment to the foodservice industry by providing financing solutions and support. The Centra Culinary Finance brand, led by experienced professionals, will continue to offer top-notch service and promote industry growth using the LeaseQ platform.
Founded in 2006, Centra Funding specializes in providing quick and easy finance solutions to small and medium-sized businesses in various sectors. The acquisition of LeaseQ's team and platform allows Centra to enhance its offerings not only in the foodservice industry but across multiple industries. With a strong dedication to customer service, transparency, and support, Centra aims to facilitate equipment financing for businesses of all sizes.
Centra Funding, a subsidiary of CV Holdings, Inc., has acquired the LeaseQ Restaurant and Franchise Team and its platform, now launching Centra Culinary Finance. The company aims to provide top-notch financing solutions and support to the foodservice industry, maintaining the same level of service for partners and customers. With the acquisition, Centra plans to enhance offerings for various industries beyond foodservice.
CV Holdings, Inc. (CVHL) reported a net loss of $(11,844,043) or $(0.18) per share for the year ended December 31, 2022, despite a slight improvement from the previous year's loss of $(12,399,758). The loss was driven primarily by interest expenses on preferred equity totaling $11,478,988 and increased operational costs including salaries and loan loss provisions. With unrestricted cash of $10,958,353, the company faces challenges in redeeming its Senior Non-Convertible Preferred Stock, which has accrued dividends, raising concerns about future liquidity and a potential restructuring. Centra, the company's equipment financing subsidiary, expanded significantly, although rising interest rates have negatively impacted profitability. Overall, while Centra shows growth, the company must navigate significant financial hurdles and the risk of dilution due to preferred stock obligations.
CV Holdings reported a net loss of $(12,399,758) or $(0.19) per common share for the year ending December 31, 2021, an improvement from $(16,439,417) in 2020. Major expenses included $11,529,709 in interest on preferred equity and $5,026,138 in payroll. The company’s unrestricted cash decreased slightly to $11,268,565. As of March 31, 2022, liquidity stood at $8,510,328, with $55 million in bank commitments. Colborne Investment has increased, potentially diluting common stockholders to about 65% ownership, raising concerns about redemption obligations of preferred stock potentially impacting future operations.
CV Holdings reported a net loss of $(16,197,585) or $(0.26) per common share for the year ended December 31, 2020, compared to a loss of $(11,897,585) in 2019.
This loss was primarily due to interest expenses of $11,612,792, administrative expenses of $3,523,434, and loan loss provisions of $3,831,435. The company had unrestricted cash of $11,651,923 and bank line commitments of $56,300,000, with approximately $38,600,000 undrawn.
The COVID-19 pandemic negatively impacted operations, leading to loan deferments and defaults but recovery was noted in the fourth quarter.
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