SPLASH BEVERAGE GROUP, INC.
For the period ended Jun 30, 2026. Filed Aug 19, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 19, 2026
EDVA$0.19+12.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-20.
0001731122-26-000769
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-19.
0001731122-26-001102
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 40 previous paragraphs and 51 current paragraphs.
25 unchanged; 13 reworded; 13 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Unless the context otherwise requires, references in this Form 10-Q to “we,” “us,” “our,” or the “Company” refer to Splash Beverage Group and its subsidiaries.
Current report
During the second quarter of 2026, the Company continued evaluating strategic alternatives designed to reposition its business for long-term growth. While Splash Beverage Group has historically operated as a branded beverage company, management believes the Company's public platform, industry relationships and leadership experience present opportunities to participate in higher-growth segments of the cannabinoid health and wellness industry.
Current report
As part of this strategic evaluation, the Company explored opportunities to expand beyond its legacy beverage portfolio through acquisitions, licensing arrangements and strategic partnerships involving cannabinoid wellness products and related health technologies. Although the previously announced proposed merger with Medterra was ultimately not completed, management believes that process reinforced its conviction regarding the long-term opportunity within the cannabinoid sector and informed the Company's current strategic direction.
Current report
The Company's strategic repositioning has been led by Interim Chief Executive Officer Brady Cobb and Interim Chief Operating Officer Mike Bondurant, each of whom has significant experience building, financing, operating and commercializing businesses within the cannabinoid industry. Management believes this experience provides the Company with a differentiated perspective as it evaluates opportunities across pharmaceutical, wellness and consumer cannabinoid markets.
Current report
Following the end of the second quarter, the Company began executing this strategy through a series of transactions and strategic initiatives intended to establish a diversified cannabinoid health sciences platform. These developments are discussed elsewhere in this Quarterly Report and in the Company's other filings with the Securities and Exchange Commission, including its Current Reports on Form 8-K.
Current report
Management remains focused on pursuing capital-efficient opportunities that leverage strategic partnerships, proprietary intellectual property and experienced leadership while seeking to create sustainable long-term value for shareholders.
Current report
On July 6, 2026, the Company acquired the exclusive worldwide rights to the pharmaceutical product marketed under the brand name CannEpil®, comprising the licensor’s proprietary compounded isolated cannabinoid formulation of CBD and THC isolates, for the treatment, prevention, management, or amelioration of drug-resistant epilepsy, refractory epilepsy, seizure disorders, and all related neurological conditions in humans. The Company subsequently expanded the license to include veterinary uses, and entered into an agreement with a third party collaborator in an effort to develop and commercialize the product under the expanded use.
Current report
The Company generated revenue in the first quarter of 2026 from sales of Chispo tequila to a single customer, however that customer has since terminated its contract with us. We are no longer seeking to market Chispo and are pursuing the development and commercialization of CannEpil® and other potential strategic transactions.
Current report
Reverse Stock Split. The Company recently filed a certificate of change to its Articles of Incorporation to effect a one-for-four reverse stock split of each of its issued and outstanding and authorized shares of Common Stock. The reverse stock split took effect at 4:30 pm ET on July 24, 2026. Share and per-share amounts throughout this quarterly report give effect to the reverse stock split. As a result of the Reverse Stock Split, every four shares of Common Stock issued and outstanding were converted into one share of Common Stock. All outstanding securities entitling their holders to purchase or otherwise acquire shares of Common Stock, including stock options, warrants and restricted stock, were adjusted as a result of the Reverse Stock Split, as required by the terms of those securities.
Current report
Gain on Extinguishment of debt
Current report
During the three months ended June 30, 2025 the Company recognized a Gain on Extinguishment of debt of $5.6 million compared to nil for the three months ending June 30, 2026. During the six months ending June 30, 2025, the Company recognized a Gain on Extinguishment of debt of $5.6 million compared to nil for the three months ended June 30, 2026.
Current report
Interest expenses for the three months ended June 30, 2026 was $0.23 million compared to $0.6 million for the three months ended June 30, 2025. The $0.37 million decrease in interest expense is due to notes were converted to preferred stocks after June 30, 2025. Interest expenses for the six months ended June 30, 2026 was $1.12 million compared to $1.26 million for the six months ended June 30, 2025.
Current report
As was disclosed in a press release and 8-K filed by the Company on June 3, 2026, the Company reported a going concern disclosure. Specifically, pursuant to Section 610(b) of the NYSE American Company Guide, the Company has reported that its audited consolidated financial statements for the fiscal year ended December 31, 2025, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 15, 2026, contain an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph regarding the Company’s ability to continue as a going concern. We have sustained recurring losses and we have had working capital and stockholders’ equity deficits. These prior losses and expected future losses have had, and will continue to have, an adverse effect on our financial condition. In addition, continued operations and our ability to continue as a going concern may be dependent on our ability to obtain additional financing in the near future and thereafter, and there are no assurances that such financing will be available to us at all or will be available in sufficient amounts or on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. If we are unable to generate additional funds in the future through sales of our products, financing or from other sources or transactions, we will exhaust our resources and will be unable to continue operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next 12 months.
Removed paragraphs (2)
Previous report
Interest expenses for the three months ended March 31, 2026 was $0.89 million compared to $0.64 million for the three months ended March 31, 2025. The $0.39 million increase in interest expense is due to Decathlon loan.
Previous report
As of May 18, 2026, the Company had $394,722 in cash and cash equivalents. The Company does not have sufficient capital to meet its working capital needs for the 12 months following the filing of this Report. We are dependent upon receipt of funding from our equity line of credit. That facility can only provide material capital when our Common Stock is liquid. Its lack of liquidity has adversely affected us. In any event, we need to raise approximately $10 million to complete the Medterra acquisition. We cannot assure you we will be successful in raising the necessary capital or closing the acquisition.
Reworded paragraphs (13)
Previous wording
The information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding our beverage business, our capital needs, our closing the Medterra acquisition and raising the required $10 million. business strategy and expectations. These forward-looking statements involve substantial risks and uncertainties. In some cases you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue”, the negative of the terms or other comparable terminology. Actual events or results may differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the risks included in our 2025 Form 10-K. These factors may cause our actual results to differ materially from any forward-looking statements. The Company disclaim any obligation to publicly update these statements or disclose any difference between actual results and those reflected in these statements.
Current wording
The information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding our capital needs, business strategy and expectations relating to our plans with respect to our legacy beverage business, our plans, goals and projections with respect to our development and commercialization efforts for our cannabinoid business, the prospective market for our licensed product for human and veterinary uses, the development and commercialization of regulated cannabinoid and wellness products and their potential qualities and success, potential acquisitions and strategic transactions, and our ability to raise the necessary working capital and uses of proceeds therefrom. Any statements that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve substantial risks and uncertainties. In some cases you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue”, the negative of the terms or other comparable terminology. Actual events or results may differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the risks included in our Annual Report on Form 10-K for the year ended December 31, 2025 and in other reports and registration statements filed by us with the United States Securities and Exchange Commission. These factors may cause our actual results to differ materially from any forward-looking statements. The Company disclaim any obligation to publicly update these statements or disclose any difference between actual results and those reflected in these statements*.*
Previous wording
Splash Beverage Group, Inc. (the “Company” or “Splash”) is a Nevada corporation that was historically seeking to identify, acquire, and build early stage or under-valued beverage brands that have strong growth potential within its distribution system. Due to its lack of working capital and unsuccessful efforts at commercializing its beverage business, Splash currently has one product line it is distributing – Chispo tequila which it is authorized to distribute in certain U.S. states and certain non-U.S. locations. Presently Chispo is the house tequila for the Senor Frog stores located in Florida, The Bahamas and Mexico. The revenue generated in the first quarter of 2026 came from sales to Senor Frog.
Current wording
Splash is a Nevada corporation that was historically seeking to identify, acquire, and build early stage or under-valued beverage brands that have strong growth potential within its distribution system. During the current fiscal year beginning January 1, 2026, Splash has moved away from beverages and is focusing on the cannabinoid and wellness economy businesses.
Previous wording
As a result of its lack of meaningful sales in the beverage business, Splash is transitioning to the regulated wellness and cannaboid markets. See Note 1 to the Consolidated Financial Statements for information on our poroposed acquisition of Medterra CBD, LLC (“Medterra”).
Current wording
As a result of its lack of meaningful sales in the beverage business, Splash is transitioning to the regulated wellness and cannaboid markets. The second quarter of 2026 marked an important strategic inflection point for the Company as management began repositioning Splash Beverage Group from a legacy beverage company toward a cannabinoid health and wellness platform focused on long-term value creation. To that end, the Company filed a name change in Nevada to change its corporate name to Endovia Health Sciences, Inc., which is expected to take effect on the NYSE American on August 24, 2026. The name change reflects the Company’s strategic transformation from a legacy beverage business into a diversified cannabinoid health sciences platform focused on commercializing pharmaceutical assets, advancing FDA-regulated human and veterinary therapeutics, and developing innovative cannabinoid wellness and beverage products.
Previous wording
Results of Operations for the Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025.
Current wording
Results of Operations for the Three Months Ended June 30, 2026 compared to Three Months Ended June 30, 2025. Results of Operations for the Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025.
Previous wording
Revenues for the three months ended March 31, 2026 were less than $0.01 million compared to revenues of approximately $0.07 million for the three months ended March 31, 2025. The $0.06 million decrease in sales is due to a decrease in our beverage sales of $0.06 million. In fact, we did not generate any revenue in fiscal year 2025 after the three months ended March of 2025 due to a lack of operating capital which has hindered the Company’s ability to generate sales since that time. This revenue came from sales of Chispo tequila to SenorFrog.
Current wording
There were no revenues for the three months ended June 30, 2026 and June 30, 2025. Revenues for the six months ended June 30, 2026 were less than $0.01 million compared to revenues of approximately $0.05 million for the six months ended June 30, 2025. The $0.04 million decrease in sales is due to a decrease in our beverage sales of $0.04 million. In fact, we did not generate any revenue in fiscal year 2025 after the three months ended March of 2025 due to a lack of operating capital which has hindered the Company’s ability to generate sales since that time. This revenue came from sales of Chispo tequila to one customer which has since terminated its contract with us. We are no longer seeking to market Chispo, and have instead shifted our focus to pursuing the development and commercialization of CannEpil® and other potential strategic transactions.
Previous wording
Cost of goods sold for the three months ended March 31, 2026 were less than $0.01 million compared to cost of goods sold for the three months ended March 31, 2025 of approximately $0.04 million. The $0.03 million decrease in cost of goods sold for the three-month period ended March 31, 2026 is primarily due to our decreased sales.
Current wording
There were no cost for the three months ended June 30, 2026 and June 30, 2025. Cost of goods sold for the six months ended June 30, 2026 were less than $0.01 million compared to cost of goods sold for the six months ended June 30, 2025 of approximately $0.05 million. The $0.05 million decrease in cost of goods sold for the six-month period ended June 30, 2026 is primarily due to our decreased sales.
Previous wording
Operating expenses for the three months ended March 31, 2026 were $0.98 million compared to $1.68 million for the three months ended March 31, 2025 a decrease of $0.7 million. The increase of non-cash share-based compensation partially offset by a reduced contract services of $0.17 million and reduced salary and wages of $0.53 million and reduced sales and marketing of $0.01 million. The reductions in operational and general and administrative expenses related to our lack of sales activities in 2026 due to the lack of adequate capital.
Current wording
Operating expenses for the three months ended June 30, 2026 were $2.0 million compared to $1.5 million for the three months ended June 30, 2025 an increase of $0.5 million. The increase of non-cash share-based compensation $1.1, reduced contract services $0.2. million and reduced salary and wages of $0.6. million and increased operational and general and administrative expenses of $0.3 million related to new line of business activities in 2026. Operating expenses for the six months ended, 2026 were $3.0 million compared to $3.2 million for the six months ended June 30, 2025 a decrease of $0.2 million. The reduced contract services $0.2 million and reduced salary and wages of $0.6 million were partially offset by increased operational and general and administrative expenses and sales and marketing of $0.3 million related to new line of business activities in 2026 and increased non-cash share-based compensation $1.1 million.
Previous wording
Other income was $0.05 and $0 million for the three months ended March 31, 2026 and March 31, 2025 respectively.
Current wording
Other income was $0.01 and $0 million for the three months ended June 30, 2026 and June 30, 2025 respectively.
Previous wording
Amortization of debt discount for the three months ended March 31, 2026 was approximately $0.01 million compared to $1.0 million for three months ended March 31, 2025.
Current wording
Amortization of debt discount for the three months ended June 30, 2026 was approximately $0.01 million compared to $0.6 million for three months ended June 30, 2025. Amortization of debt discount for the six months ended June 30, 2026 was approximately $0.03 million compared to $1.7 million for six months ended June 30, 2025.
Previous wording
As of March 31, 2026, the Company had total cash and cash equivalents of $381,195 as compared with $281,435 at December 31, 2025.
Current wording
As of June 30, 2026, the Company had total cash and cash equivalents of $242,702 as compared with $281,435 at December 31, 2025.
Previous wording
Net cash used for operating activities during the three months ended March 31, 2026 was $0.9 million as compared to the net cash used by operating activities for the three months ended March 31, 2025 of $0.8 million. The primary reasons for the change in net cash used are decreases in inventory, accrued expenses and accounts receivable partially offset by increases in account payable.
Current wording
Net cash used for operating activities during the six months ended June 30, 2026 was $2.0 million as compared to the net cash used by operating activities for the six months ended June 30, 2025 of $1.4 million. The primary reasons for the change in net cash used are decreases in inventory, accrued expenses and accounts receivable partially offset by increases in account payable.
Previous wording
For the period ending March 31, 2026 and March 31, 2025, there were no capital asset transactions.
Current wording
Net cash used for investing activities for the period ending June 30, 2026 we sold a company-owned vehicle and invested $0.2 million in Avicanna and for the period of June 30, 2025 had no capital asset transactions.
Previous wording
Net cash provided by financing activities during the three months ended March 31, 2026 was $1.0 million compared to $0.8 million provided from financing activities for the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company received $1.3 million for selling shares under ELOC agreement, which was offset by repayments to debt holders of $0.3 million.
Current wording
Net cash provided by financing activities during the six months ended June 30, 2026 was $2.2 million compared to $1.45 million provided from financing activities for the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company received $2.9 million for selling shares under ELOC agreement, which was offset by repayments to debt holders of $0.74 million.