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Ethema Health Corp (GRST0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $1,760,000 from $1,353,899 in the same quarter the previous year. The increase is attributed to a rise in patient numbers at the West Palm Beach facility.
Operating expenses for the quarter were $2,483,708, compared to $1,320,371 in the same quarter of the previous year. This increase is primarily due to higher general and administrative expenses, rent, management fees, and salaries and wages.
The company reported an operating loss of $723,708 for the quarter, compared to an operating income of $33,528 in the previous year, with the decline attributed to increased operating expenses.
Other income for the quarter was $40,000, primarily from a temporary management fee earned from the Edgewater Recovery operation.
Interest expense increased to $167,575 from $81,371 in the previous year, due to additional debt to fund acquisitions.
Net loss for the quarter was $1,000,714, compared to a net income of $2,107,537 in the previous year. The prior year's income included a gain on property disposal.
The filing also details various financial agreements, including short-term convertible notes and promissory notes related to acquisitions.
Ethema Health Corp has a working capital deficiency of $7.1 million as of September 30, 2024. The company acknowledges its dependence on additional capital to meet future obligations.
The company continues to focus on expanding its operations, including the acquisition of Edgewater Recovery Centers, LLC, and anticipates further growth in patient numbers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ethema Health Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.