Skip to main content

Selectis Health Announces 3rd Quarter 2020 Results

Written by Customer Service on . Posted in Public Companies.

Niwot, Colorado., Dec. 31, 2020 (GLOBE NEWSWIRE) — Global Healthcare REIT, Inc. (Currently in a rebranding effort to Selectis Health, Inc.) (OTC: GBCS) (“Selectis” or the “Company”) is pleased to announce financial results for the third quarter ended September 30, 2020.
THIRD QUARTER 2020 HIGHLIGHTSRecord revenue for the third quarter of $6,320,161 (2019 $1,989,103) a growth rate of 218% year-over -year and up 23% from the previous quarter;Net Income of $459,177 for the second quarter (2019 $176,582) a growth rate of 160% year-over -year;Earnings Per Share for the second quarter of $.02 per share basic and diluted;Net increase in Cash of $1,486,290 to a cash balance of $4,755,441 including restricted cash for the third quarter;Court approved operations transfer agreement to the Company’s wholly owned subsidiary Global Eastman, LLC as the operator of the Dodge Eastman facility;Entered into definitive agreement to acquire the 29 licensed bed skilled nursing facility in Fairlands, Oklahoma;Company received a line of credit of $500,000 and a construction loan of $750,000 to be used for renovation and capital investment in its Edwards facility from Southern Bank. Both loans carry an interest rate of 4.75% on principal balance;On August 18, 2020, the Company’s Board of Directors approved the repurchase for redemption of 443,431 shares of common stock for $75,385 or $0.17 per share in a privately negotiated transaction. The redemption has been completed and the shares of common stock cancelled.Lance Baller, President and CEO, said, “During the third quarter, we were able to complete a number of actions all to the benefit of the Company: we completed the operations transfer of our Eastman facility out of receivership; this is a strong property that will become a great facility for the community, and for our bottom line. The previous operator had not been paying taxes nor rent, and we were able to secure the facility and its operations at a significant discount. The Company was please it was able to negotiate in a private transaction the repurchase of shares during the quarter and at a respectable price. After being 9 months behind on financials, we are currently up to date on all SEC filings of our quarterly reports. We look forward to the completion of the corporate rebranding effort and filing our annual report. We will continue to build out the management team in the coming months to ensure our managed growth. Unfortunately, similar to others in our industry, Covid-19 was a factor during the quarter, specifically at our Tulsa facilities which resulted in a lower than anticipated impact to our census and bottom line. We had a higher-than-normal amount of write offs of bad receivables from the transfer of operations in 2019. On the whole, we are very pleased with the new direction the company is moving towards, and I look forward to 2021 and the improvements we are beginning to deploy.”SUMMARY OF THIRD QUARTER RESULTSGLOBAL HEALTHCARE REIT, INC.
CONSOLIDATED BALANCE SHEETSSee accompanying notes to unaudited consolidated financial statements.GLOBAL HEALTHCARE REIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)For Further Information Contact:
Brandon Thall
investors@selectis.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.