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Selectis Health, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing healthcare revenue of $10,016,416, up from $8,886,529 in the same quarter the previous year. This increase is attributed to changes in occupancy, patient mix, and Medicaid rates.
Rental revenue for the quarter was $0, a decrease from $158,927 in the previous year, due to the sale of the Archway Property in June 2024.
General and administrative expenses were $2,395,897, down from $3,133,797 in the same quarter the previous year. The decrease is attributed to reduced contract services.
Property taxes, insurance, and other operating expenses totaled $7,573,735, a slight decrease from $7,698,266 in the previous year.
Provision for credit losses increased to $844,429 from $269,197, reflecting an increase in accounts receivable over 60 days past due.
Depreciation and amortization expenses were $374,118, compared to $357,868 in the previous year.
The company reported a net loss of $1,607,122 for the quarter, compared to a net loss of $2,262,332 in the previous year.
Interest expense for the quarter was $471,356, up from $408,211, due to the extension of several fixed-rate mortgages.
Cash used in operating activities was $1,401,076 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $2,390,891 for the same period in the previous year.
The company recorded a gain of $2,112,143 from the sale of the Goodwill Hunting property.
Selectis Health continues to face substantial doubt about its ability to continue as a going concern, with management focusing on increasing revenue, controlling expenses, and seeking additional capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Selectis Health Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.