Fri, Aug 16, 9:29 PM (151 days ago)
For the quarter ended June 30, 2024, Selectis Health, Inc. reported total revenue of $9,584,802, a 7.3% increase from $8,928,814 in the same period of 2023, driven primarily by a rise in healthcare revenue. However, the company faced a net loss of $240,376, contrasting with a profit of $1,924,408 in the prior year, largely due to the absence of healthcare grant revenue, which had significantly contributed in 2023. Operating expenses decreased slightly to $10,348,714, down from $10,511,893, reflecting cost control measures. The company recorded a gain of $2,112,143 from the sale of its Goodwill Hunting property, bolstering cash flow, which increased from $1,702,224 to $4,023,311. Despite improvements in cash flow, substantial doubts exist regarding the company’s ability to continue as a going concern, with negative operating cash flows of $173,423 and negative working capital of $12.3 million. Future operations depend on increasing occupancy, controlling expenses, and securing additional capital. The company’s financial health remains uncertain amidst these challenges, necessitating careful monitoring by stakeholders.