Wed, May 15, 9:00 PM (269 days ago)
Selectis Health, Inc.'s financial report for Q1 2024 shows a decline in financial health. The company reported a net loss of $1.03 million, a significant drop from the net income of $4.02 million in Q1 2023. Revenues saw a slight decrease to $9.49 million from $9.61 million, with healthcare revenue increasing by 8.2% due to better occupancy and patient mix but offset by the absence of $819,933 in healthcare grants received in Q1 2023. Operating expenses decreased by 12% to $10.19 million, driven by lower operational wages and reduced COVID-related expenses. However, interest expense rose by 21.6% to $630,330 due to corrections in note payable principal. The company's liquidity remains a concern with cash and equivalents dropping to $1.27 million from $1.48 million at the end of 2023, and a negative working capital of $13.9 million. Management's plans to improve liquidity include increasing facility occupancy, controlling expenses, and seeking additional capital. The report also highlights substantial doubt about the company's ability to continue as a going concern, emphasizing the need for successful execution of management's plans.