What some of you simply ignore is that I don't make this stuff up. It is from the company filings and PRs. The CEO tried to play down revenue expectations with the FAQ page and in the PR yesterday you don't see him hyping the revenue number.
These earnings really illustrate what this company does. Ethema (GRST) is a self described, in the filings, "investment holding" company with 2 employees. Those investors who hold actual ARIA shares are the actual "investors". Those who trade in and out of this simply pay for the losses and expenses. Everyone was excited and bought into the "revenue" narrative since the Q2 filing but in the end what matters for the stock is is the net earnings.
It now looks like they will be leaving the LABRYS fund debt obligations to convert. I was thinking that they would do their biannual refinance once again and kick some of that down the road. I also thought they would get some additional financing to operate because that $230K June deal for operating should have run out. I was right about the operating funds needed. They have a new note for $92,500 dated October 1st. They also regularly borrow money from Leonite under short term deals that really are beyond toxic.
On October 1, 2021, the Company entered into a Securities Purchase Agreement pursuant to which the Company issued a Convertible Promissory Note in the aggregate principal amount of $95,200, for net proceeds of $85,000 before the payment of legal fees and origination fees amounting to $3,750. The note has a maturity date of October 1, 2022 and bears interest at the rate of 8.0% due immediately on the issuance ate of the note. per annum. The outstanding principal amount of the note is payable in nine monthly payments of $11,424 commencing on November 15, 2021. The note is convertible into shares of common stock upon an event of default at the election of the purchaser. The conversion price is 75% of the lowest trading price for the preceding five days prior to the date of conversion.
ETHEMA HEALTH CORPORATION NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 13. Short term loans (continued)
"On April 29, 2021, the Company, entered into a secured Promissory Note in the aggregate principal amount of $46,000 for net proceeds of $40,000 after an original issue discount of $6,000. The Note had a maturity date of May 3, 2021 and bore interest at the rate of zero percent per annum from the date on which the Note was issued until the same became due and payable."
The Company repaid the note on May 3, 2021 for $46,000.
"On April 30, 2021, the Company, entered into a secured Promissory Note in the aggregate principal amount of $140,000 for net proceeds of $126,000 after an original issue discount of $14,000. The Note had a maturity date of May 7, 2021 and bore interest at the rate of zero percent per annum from the date on which the Note was issued until the same became due and payable."
The Company repaid the note on May 10, 2021 for $140,000.
"On May 27, 2021, the Company, entered into a secured Promissory Note in the aggregate principal amount of $70,000 for net proceeds of $60,000 after an original issue discount of $10,000. The Note had a maturity date of June 4, 2021 and bore interest at the rate of zero percent per annum from the date on which the Note was issued until the same became due and payable."
The Company repaid the note on June 4, 2021 for $70,000.
"On September 15, 2021, the Company, entered into a secured Promissory Note in the aggregate principal amount of $60,000 for net proceeds of $50,000 after an original issue discount of $10,000. The Note had a maturity date of September 23, 2021 and bears interest at the rate of zero percent per annum from the date on which the Note was issued until the same became due and payable."
The note was still outstanding at September 30, 2021.
"...The segmented information for the ARIA treatment center was an EBITDA of $47,359 for the quarter. Revenue is recorded based on the adjusted gross billing for the period. The facility has been averaging a net collection of gross billings at a rate of approximately 13%."
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