Rennova Health Inc (RNVA)

[satter]

Hmmm. Seamus acquired the renamed Big South Fork Hospital in 2017 from a bankruptcy for 1 million. As far as I know there are no specific financial breakdowns for each facility. Regarding those millions he generated, years later the following was reported.

At September 30, 2022, the Company had a working capital deficit and a stockholders’ deficit of $44.0 million and $29.9 million, respectively. In addition, the Company had a loss from continuing operations of approximately $4.1 million and $4.4 million for the nine months ended September 30, 2022 and 2021, respectively, and cash used in operating activities was $1.2 million and $5.7 million for the nine months ended September 30, 2022 and 2021, respectively. As of the date of this report, our cash is deficient and payments for our operations in the ordinary course are not being made. The continued losses and other related factors, including past due accounts payable and payroll taxes, as well as payment defaults under the terms of certain outstanding notes payable and debentures, raise substantial doubt about the Company’s ability to continue as a going concern for 12 months from the filing date of this report.



The Company’s unaudited condensed consolidated financial statements are prepared assuming the Company can continue as a going concern, which contemplates continuity of operations through realization of assets, and the settling of liabilities in the normal course of business. The Company’s current financial condition may make it difficult to attract and maintain adequate expertise in its management team to successfully operate its remaining healthcare facilities.



There can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon its ability to raise adequate capital to fund its operations and repay its outstanding debt and other past due obligations, fully align its operating costs, increase its net revenues, and eventually gain profitable operations. The unaudited condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Then what followed recently as everyone knows was this:- That generating million asset was loaded off.

Strategic Acquisitions Expected to Generate Over $20M in Annual Revenue, Positioning FOXO for Accelerated Growth
MINNEAPOLIS, MN, Sept. 17, 2024 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company”), today announced it has completed the acquisition of the second revenue-generating operation from Rennova Health, Inc. (OTC: RNVA) (“Rennova”).

The Company had previously announced it had entered into two share exchange agreements with Rennova. The first agreement was to acquire the equity in Myrtle Recovery Centers, Inc., Rennova’s behavioral health services subsidiary. Closing of the Myrtle transaction occurred on June 14, 2024.

The second agreement was to acquire the equity in Rennova Community Health, Inc. (RCHI), the owner of Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center), a critical access hospital in Tennessee for $20 million of Convertible Preferred Stock in FOXO. On September 10, 2024, the Company entered into an Amended and Restated Stock Exchange Agreement with Rennova to amend the Stock Exchange Agreement dated June 10, 2024, to change the consideration to be received by Rennova in exchange for all of the equity interests of RCHI for $22,000,000 of intercompany Rennova debt and $100. Under the Amendment, RCHI issued a senior note to Rennova in the principal amount of $22,000,000 (subject to adjustments) which will be secured by all of the assets of RCHI, with the Company and Scott County Community Hospital, Inc., a Tennessee corporation, providing a guaranty on the Note pursuant to a Guaranty Agreement dated September 10, 2024, and with the Company providing a security interest in the “Collateral,” as defined in the Pledge and Security Agreement dated September 10, 2024, with Rennova. The Amendment grants RCHI the right to request the Company to exchange the Note into $20,000,000 of Series A preferred stock in the Company.

During this period, we had this alleged event.:-



Rennova fraudulently obtained and misused HHS Provider relief funds funds







And now we have this from 3 days ago:-

FOXO TECHNOLOGIES INC. ANNOUNCES RESTRUCTURING AND CAPITAL RAISING TRANSACTIONS AND APPOINTS SEAMUS LAGAN AS CHIEF EXECUTIVE OFFICER


MINNEAPOLIS, MN, Dec. 11, 2024 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company” or “FOXO”) announces a series of restructuring and capital raising transactions which will improve the Company’s balance sheet, satisfy minimum stockholders’ equity requirements of the NYSE American and provide capital for growth and reduce outstanding liabilities. The Company also announces a change in senior leadership.

Key transactions include:

Rennova Health, Inc.’s exchange of approximately $21 million of a Senior Secured Note issued by Rennova Community Health, Inc., the Company’s subsidiary, into 21,000 shares of the Company’s Series A Cumulative Convertible Redeemable Preferred Stock

An institutional investor’s additional funding of $1.0 million and exchange of $2.2 million of Senior Notes (which includes the $1.0 million of additional funding) into 2,464 shares of the Company’s Series A Preferred Stock
Settlement of certain liabilities owed to KR8, Inc. and the termination of a current license agreement for 3,000 shares of the Company’s newly designated Series D Cumulative Convertible Redeemable Preferred Stock

In addition, the Company is pleased to announce that Seamus Lagan has been appointed Chief Executive Officer of the Company effectively immediately. Mr. Lagan joined the Board of Directors of the Company on September 10, 2024.

Seamus Lagan, age 55, has served as a director of the Company since September 10, 2024 and was appointed Chief Executive Officer and President and a director of Rennova Health, Inc., the seller of the Company’s recent acquisitions, in 2015, and is the Chief Executive Officer of the Company’s subsidiary, Rennova Community Health, Inc. He has been an entrepreneur and investor in startup and distressed companies for over 30 years and has held numerous board and executive positions in publicly-listed companies. He has secured in excess of $100M in funding for various projects and companies and has significant experience in mergers and acquisitions in the health care sector.

“I am excited to work closely with and build our operating teams to drive improved performance and shareholder value. When viewed on a combined basis, the Company has recently reduced liabilities and increased stockholders’ equity by $26.4 million. We are confident that the improved balance sheet and, specifically, stockholder’s equity will meet the minimum requirements of the NYSE American thereby eliminating the previously announced risk of a potential delisting by the NYSE American,” commented Seamus Lagan, the Company’s Chief Executive Officer. “The reduced liabilities combined with new revenue generating businesses is an excellent way to end 2024 and positions the Company well for growth in 2025 and beyond.”

The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission on December 10, 2024, which provides additional details on the above transactions and related Company actions and activities.

About FOXO Technologies Inc. (“FOXO”)

FOXO owns and operates three subsidiaries.

Foxo Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.

Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services.

Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical), a critical access designated (CAH) hospital in East Tennessee.

I did not write the above, just copied and pasted it. While these two companies play ping pong back & forth, adding no shareholder value for years, one constant is Seamus Lagan has always made sure he is richly taken care of for himself. This alleged fraud grab attempt to enrich himself, while drawing a huge salary will only bring debt grief to RNVA on whatever the reached settlement amount is. Why would someone who made sure he was well taken care of salary wise, jeapardize the company & it's shareholders the way he did? Greed. Yet the loyal supporters call some, myself included, fraud, or Fud, or whatever, for calling it out.