Ethema didn't get license renewals. Aria has the licenses and has had them. Ethema has two employees and are essentially a holding company. Seems many here don't even know what they own.
The reality is that they have made very costly mistakes only one of which was the failure to finance the West Palm Beach property and forfeited the nearly $3 million down payment. They have moved ARIA a couple of times. Over $19 million in current liabilities and only $4 million in assets from over $47 million in accumulated losses.
They actually owned ARIA at one time and apparently lost it according to the 2020 10K filing.
Addiction Recovery Institute of America, LLC(“ARIA”), a US registered company (formerly Seastone Delray Healthcare, LLC); ARIA operated a treatment center in Delray Beach, Florida out of premises which it had acquired in February 2017. The treatment center was relocated and was operated out of leased premises in West Palm Beach Florida.
ARIA
On February 13, 2017, the Company, through its subsidiary, ARIA, entered into a Mortgage and Security Agreement to purchase the properties located at 801 and 810 Andrews Avenue, Delray Beach, Florida, for an aggregate principal sum of $3,000,000, bearing interest at the rate of 5% per annum, maturing on February 13, 2020, with monthly installments of $15,000.
On April 2, 2019, the Company entered into a Commercial Contract whereby the real property at 801 Andrews Avenue, Delray Beach, Florida, consisting of land and condominiums thereon, was sold to a third party for $3,500,000. This transaction closed during April 2019 and the principal mortgage liability of $2,942,526, including interest thereon was settled.
https://sec.report/Document/0001721868-21-000524/ Total liabilities $19,105,744 June 31, 2021 18,448,565 Dec 30, 2020 Total assets $4,193,033 Revenues were $96,158 three months ended June 30, 2021 Net loss was $(2,626,438) for the three months ended June 30, 2021
Accumulated deficit June 30 - 47,504,454 and 44,858,784 as of March 31
When the run rate revenue for the company with ARIA is confirmed in a few weeks to be approx 1Million per qtr...this should be enough to propel this stock to around 1 cent perhaps more..only reason they wouldn't go much higher is debt and their balance sheet overall which they are cleaning up...but getting that revenue to show up on the books is the next big thing here..IMO. Let's hope they come in with those big numbers for Q3.
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