118 0 Kommentare 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

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