Global Healthcare Announces 2nd Quarter 2020 Results

Nachrichtenquelle: globenewswire
19.11.2020, 19:55  |  101   |   |   

Niwot, Colorado., Nov. 19, 2020 (GLOBE NEWSWIRE) -- Global Healthcare REIT, Inc. (OTC: GBCS) ("Global" or the "Company") announced financial results for the second quarter ended June 30, 2020.

SECOND QUARTER 2020 HIGHLIGHTS

  • Record revenue for the second quarter of $5,130,465 (2019 $1,614,424) a growth rate of 217% year-over -year and up 33% from the previous quarter;
  • Net Income of $1,120,696 for the second quarter (2019 a loss of $170,124);
  • Earnings Per Share for the second quarter of $.04 per share basic and diluted;
  • Net increase in Cash of $2,276,638 to a cash balance of $3,269,151 including restricted cash for the second quarter;
  • Realized first full quarter of operations at our 86 bed Quapaw Higher Call Nursing Center acquisition that the Company paid $1.3 Million and acquisition costs of $13,267;
  • The Quapaw Higher Call Nursing facility is performing well ahead of projections;
  • Purchased $402,000 of 13% mezzanine debt notes owed by Goodwill Hunting, LLC.

Lance Baller, Global's President and CEO, said, "During the second quarter, we built upon our prior successful efforts to effectively navigate through the pandemic with operational improvements. It is an instance where being smaller and more agile allowed our staff to serve our residents in new and innovative ways. The Company continues to move to a hybrid model of operated and leased properties to minimize downside risk. Our operated facilities performed well in the quarter, well ahead of the national averages. As the Company moves forward with its recently enhanced business model, the results have been effective. We look forward to our rebranded Oklahoma City facility reopening after extensive renovations late in the first quarter of 2021 to further enhance our success. This facility will have a niche highly skilled nursing segment for that community while still offering our standard skilled nursing services. Also, the Company will be implementing the necessary steps to rebrand the Company with a corporate name that aligns it better with its current business model. The Company has chosen Selectis Health, Inc. and will seek the necessary majority shareholder approval to complete this change. The Company has been working on strengthening its management for more timely financial reporting and more efficient operations which will support our growth. We will also shortly begin rolling out our rebranding effort with the launch of a new corporate website under the web address www.selectis.com. This rollout will also entail the completion of individual websites and digital marketing tools for each of our facilities.” 

SUMMARY OF SECOND QUARTER RESULTS

GLOBAL HEALTHCARE REIT, INC.
CONSOLIDATED BALANCE SHEETS

    June 30, 2020     December 31, 2019  
    (Unaudited)        
ASSETS                
Property and Equipment, Net   $ 37,140,599     $ 36,394,587  
Cash and Cash Equivalents     2,844,515       641,215  
Restricted Cash     424,636       351,298  
Accounts Receivable, Net     1,562,911       1,188,100  
Investments in Debt Securities     24,387       24,387  
Intangible Assets     -       15,258  
Goodwill     379,479       379,479  
Prepaid Expenses and Other     674,404       883,839  
Total Assets   $ 43,050,931     $ 39,878,163  
                 
LIABILITIES AND EQUITY                
Liabilities                
Debt, Net of discount of $450,111 and $493,353, respectively   $ 39,113,315     $ 36,954,184  
Debt – Related Parties, Net of discount of $5,192 and $0, respectively     1,119,808       1,025,000  
Accounts Payable and Accrued Liabilities     1,011,543       1,241,573  
Accounts Payable – Related Parties     -       32,156  
Dividends Payable     7,500       7,500  
Lease Security Deposit     252,600       251,100  
Total Liabilities     41,504,766       39,511,513  
Commitments and Contingencies                
Equity                
Stockholders’ Equity                
Preferred Stock:                
Series A - No Dividends, $2.00 Stated Value, Non-Voting; 2,000,000 Shares Authorized, 200,500 Shares Issued and Outstanding     401,000       401,000  
Series D - 8% Cumulative, Convertible, $1.00 Stated Value, Non-Voting; 1,000,000 Shares Authorized, 375,000 Shares Issued and Outstanding     375,000       375,000  
Common Stock - $0.05 Par Value; 50,000,000 Shares Authorized, 27,414,525 and 27,441,040 Shares Issued and Outstanding at June 30, 2020 and December 31, 2019, respectively     1,370,726       1,372,052  
Additional Paid-In Capital     10,397,755       10,385,417  
Accumulated Deficit     (10,792,565 )     (11,962,220 )
Total Global Healthcare REIT, Inc. Stockholders’ Equity     1,751,916       571,249  
Noncontrolling Interests     (205,751 )     (204,599 )
Total Equity     1,546,165       366,650  
Total Liabilities and Equity   $ 43,050,931     $ 39,878,163  

GLOBAL HEALTHCARE REIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

    Six Months Ended     Three Months Ended  
    June 30,     June 30,  
    2020     2019     2020     2019  
                         
Revenue                                
Rental Revenue   $ 1,144,605     $ 1,825,575     $ 623,593     $ 930,287  
Healthcare Revenue     7,837,461       1,063,928       4,506,872       684,137  
Total Revenue     8,982,066       2,889,503       5,130,465       1,614,424  
Expenses                                
General and Administrative     715,770       570,836       372,707       377,357  
Property Taxes, Insurance and Other Operating     4,985,975       893,019       2,654,231       543,831  
Provision for Bad Debts     263,890       -       57,282       -  
Acquisition Costs     28,654       -       13,763       -  
Depreciation     768,103       645,851       380,885       322,926  
Total Expenses     6,762,392       2,109,706       3,478,868       1,244,114  
Income from Operations     2,219,674       779,797       1,651,597       370,310  
Other (Income) Expense                                
Gain on Warrant Liability     -       (2,758 )     -       (2,655 )
Gain on Extinguishment of Debt     (80,400 )           (80,400 )     -  
Gain on Sale of Investments     -       (1,069 )     -       -  
Gain on Proceeds from Insurance Claim     -       (270,264 )     -       -  
Interest Income     -       (7,003 )     -       (1,536 )
Interest Expense     1,116,571       1,070,860       611,301       544,625  
Total Other (Income) Expense     1,036,171       789,766       530,901       540,434  
Net Income (Loss)     1,183,503       (9,969 )     1,120,696       (170,124 )
Net Loss Attributable to Noncontrolling Interests     1,152       6,010       2,859       1,869  
Net Income (Loss) Attributable to Global Healthcare REIT, Inc.     1,184,655       (3,959 )     1,123,555       (168,255 )
Series D Preferred Dividends     (15,000 )     (15,000 )     (7,500 )     (7,500 )
Net Income (Loss) Attributable to Common Stockholders   $ 1,169,655     $ (18,959 )   $ 1,116,055     $ (175,755 )
Per Share Data:                                
Net Income (Loss) per Share Attributable to Common Stockholders:                                
Basic   $ 0.04     $ (0.00 )   $ 0.04     $ (0.01 )
Diluted   $ 0.04     $ (0.00 )   $ 0.04     $ (0.01 )
Weighted Average Common Shares Outstanding:                                
Basic     27,427,928       27,122,607       27,414,816       27,347,134  
Diluted     27,810,428       27,122,607       27,797,316       27,347,134  

For Further Information Contact:

Jacob Taylor
jtaylor@gbcsreit.com


Global Healthcare REIT Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

Global Healthcare Announces 2nd Quarter 2020 Results Niwot, Colorado., Nov. 19, 2020 (GLOBE NEWSWIRE) - Global Healthcare REIT, Inc. (OTC: GBCS) ("Global" or the "Company") announced financial results for the second quarter ended June 30, 2020. SECOND QUARTER 2020 HIGHLIGHTS …

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