Revenue, "gross billings". ARIA had 174 beds at its last location and doesn't appear to have made much money. Now another expensive move to a much lesser facility that is once again leased. They don't have much to show for all the losses and debt. Even the company tried to tamp down revenue expectations with the release of the FAQ at the end of July. Those holding this never mention this document anymore. The projected revenue number is for ARIA of which Ethema (GRST) holds 75% and of that a large portion is promised out to note holders who either hold or have exercise options. If they ever get brave enough to answer questions again, the note holder ownership of ARIA shares directly would be a good one.
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
Read the answers about the $1.8 million and I don't really see where he justified the number. Are we talking about a perfect scenario with full occupancy and full reimbursement for the billings? Pick through what they call "Revenue" or "Gross Billings". Some excerpts from the FAQ page. I don't believe traders will be very happy with Q3 if expectations are raised to an unachievable level.
"...As a public company we must use an accrual accounting system which starts with stating the Gross Revenue or Billing number and applying an estimated factor of expected collection of those Gross Revenues which would reduce the Gross Revenue to the Revenue number..."
In July the Company reported that it expects to produce $1.8 million in Revenue in the Second half of 2021. What does this mean?
The Revenue number is the net amount expected to be collected from the provision of services. ARIA has 10 beds for the detox level of care, 12 for the residential level of care and 20 beds available to partial hospitalization care. The beds are also further split into male and female beds. Even though we have 40 beds it is almost impossible to match each client with an available bed at the proper level of care and the gender of that bed availability. For example, when we agree to move a client form Residential care to Partial hospitalization care and plan that for Friday, we need to keep an open bed for a few days just to accommodate the move. For all these reasons, it is considered a “full house” when we reach 35 or 36 occupants in total for any given night.
In November and December the Company reported that the ARIA treatment center had Gross billing numbers of $602,000.00. What did that mean?
"The various Gross Billing amount for a single day of treatment in Detox is $4,500.00, Residential $3,950.00, PHP $3,200.00, IOP $2800.00 and OP$2,200.00. In-network contracts would pay anywhere from 5% to 15% of those rates. Out-of-Network claims could pay around 25% to 35% of amount claimed. In addition there are deductibles, co-pays, and co-insurance that affect the actual net on the claims."
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