So many costly mistakes moving ARIA around and that is what the dilution is all about. They haven't been converting at the rate they need to match losses and is why the debt has built to the point now that the pain is being exerted on shareholders. It doesn't look as if there is a point in their history that they weren't starting a treatment center only to not own one even now. The purported 75% ownership of ARIA is heavily diluted by options given to the note holders. This is a share selling story in my opinion and traders should treat it as such by gaining a position from which to flip the latest news. That is the history and now they are servicing $19 million in current liabilities. They have sold a lot of shares off this same story over the years, but not enough to cover the extensive losses.
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
“This property adds to the property the Company acquired in Delray Beach, Florida earlier this year where the Company has moved its principal office and where it operates a licensed treatment facility with 32 beds of community housing.”
“Ethema Health Corporation (OTCQB: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last six years and has had much success with in-patient treatment for adults.”
“Mr. Shawn Leon, president and CEO of the Company, said, "It has taken us longer than we anticipated to be able to move forward with this jewel of a property, but we are now well underway with our licensing to be able to offer a full continuum of care to our clients in one location. This has been our U.S. expansion goal for several years and after exploring dozens of expansion opportunities, this is by far the best opportunity that we have seen to date.”
“…a provider of healthcare services, has announced that it has signed a non-binding Letter of Intent to acquire a majority interest in an addiction treatment company. The acquisition target will have approximately $20 million in revenue for 2019 and an EBITDA of $3.6 Million. Under the terms of the LOI the Company would be required to enter into a binding agreement by February 29, 2020 and be closed by April 30, 2020. The purchase price will be determined during the due diligence process and is subject to agreement by both parties.”
“The Company has experienced sustained losses during the development of its business in Florida and is securing new financing that will allow it to stabilize earnings by buying a profitable business with positive cash flow. The Company will raise new capital to make the acquisition and to pay down some current debt. The Company has sold two of its properties in Delray Beach, Florida in 2019, reducing debt significantly and may pursue a sale of its Canadian property to eliminate any remaining debt. The Company expects some of the new capital to be debt secured by the cash flow of the acquisition and some of the additional new equity to be raised directly as equity in the acquisition. Both of these financing methods will be less dilutive on existing shareholders.”
On November 2, 2017, the Company entered into an Agreement to purchase from AREP 5400 East Avenue LLC certain buildings in West Palm Beach, Florida, totaling approximately 80,000 square feet, on which the Company planned to operate a substance abuse treatment center. The purchase price of the Property was $20,530,000. The Company made a series of nonrefundable down payments totaling $2,940,546 in 2017 and 2018. The Company could not get the necessary financing to close on the deal.
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