Ethema Health Corp (GRST)

[Bubae]

So you all know I go after their bed count narrative every time because it has never been consistent. How many press releases in the past year kept saying that they were adding 10 beds. They had 44 July 2021 according to the FAQ page, Fast forward to March 3rd press release when they say that they added 4 additional beds to the previous count of 42. So 46 total or only 2 more since the previous July if the basic math serves? Then the May 16th press release they claim the addition of fourteen new beds at the end of May. Again, very simple math brings that total to 60. So this press release they say that the addition of the 4 beds has been delayed because of the first floor renovation?? Is that the 4 beds they supposedly added in February ? what happen to the additional 14 beds for 60 by the end of May? Remember the certificate of occupancy that was expected in March? It is now expected in July. This narrative is over 2 years old now. Can they drag this out any more?

If you go back to the July 2021 FAQ page again they claim to be working on the same first floor renovation causing this delay. They have been talking about the first floor in many press releases. The first floor is only 4000 square feet since half of the first floor is a single lane drive through parking garage. Reference the google drive by for 950 Evernia street.

The reason that I mention this because I question every thing they say and how they couch their comments. Second, bed counts is how many here measure and promote the progress for this company rather that the balance sheet numbers.

Globenewswire Press release summary for Ethem Health
https://www.globenewswire.com/search/organization/Ethema%2520Health%2520Corporation

FAQ page release July 27, 2021
https://ethema.wpengine.com/?page_id=683

What can the total bed count be?
The ARIA lease includes approximately 4,000 square feet on the first floor of the building which is currently being built out for staff offices and treatment group rooms. This finished space will allow us to free up space on the second and third floor presently being used for offices and treatment and add 2 more detox beds, and 10 more partial hospitalization beds for a total of 54 beds. This is expected to be completed by September so that these extra beds should reflect in the fourth quarter numbers.

Ethema's ARIA Treatment Center Adds More Beds
March 03, 2022 09:10 ET | Source: Ethema Health Corporation
https://www.globenewswire.com/news-release/2022/03/03/2396414/0/en/Ethema-s-ARIA-Treatment-Center-Adds-More-Beds.html

...ARIA was able to add 4 additional beds to the previous count of 42 in the month of February...

ARIA expects to receive the certificate of occupancy in the month of March

Ethema Posts Positive Q1 Results
May 16, 2022 16:00 ET | Source: Ethema Health Corporation
https://www.globenewswire.com/news-release/2022/05/16/2444282/0/en/Ethema-Posts-Positive-Q1-Results.html

We are looking forward to seeing continued positive progress in quarter two with the implementation of the increased billing rates in April and the addition of fourteen new beds at the end of May.

...The expected addition of an additional 4 beds has been delayed due to the delays in completion of the first-floor commercial office space renovation. This renovation is complete and an occupancy permit is expected to be issued in the first week of July...


950 Evernia Street property card
https://www.pbcgov.org/papa/Asps/PropertyDetail/PropertyDetail.aspx?parcel=74434321010430050

950 Evernia Street google drive by
https://www.google.com/maps/place/950+Evernia+St,+West+Palm+Beach,+FL+33401/@26.711356,-80.0620764,3a,75y,101.16h,106.31t/data=!3m6!1e1!3m4!1s6RAKg3DRwssDvi2a7X1m_g!2e0!7i16384!8i8192!4m5!3m4!1s0x88d8d66689891069:0x9eb47c2ec2a516a3!8m2!3d26.7113012!4d-80.0617434