The facts from filings are always relevant. The hype and speculation of last year are gone now that the numbers are in. This company has never been what they try to portray. The two assets that they boast about have share structures of their own and are heavily owned by real investors. The debt and losses are left to traders of this stock.
GRST - Ethema Closes on Multi-Million Dollar Treatment Center
The year in review and headlines that hooked bag holders.
Ethema (GRST) “controls” 75% of the shares of the treatment center entity referred to in the press releases and filings as ARIA, Evernia, ATHI, ATI. They are all the same entity. A careful reading of the press release plainly state that they own 75% of the shares of “ATI” which owns 100% Evernia. Like any share structure and ownership can change and can be diluted. The restructuring deals in the December 2020 included options awarded to certain note holders for shares of ATHI (AKA Evernia). In addition to this diluted ownership the company has indicated that they are working on an “off balance sheet” deal for the real estate that Evernia is operating out of. I suspect that any deals with additional investors will also include equity stakes in Evernia. The only interest in actual Ethema (GRST) shares by “real” investors is when it comes time for converting the debt.
https://www.globenewswire.com/news-release/2021/07/12/2261364/0/en/Ethema-Closes-on-Multi-Million-Dollar-Treatment-Center.html “The Company now owns 75% of the common shares of American Treatment Holdings, Inc. (“ATI”) which owns 100% of the interest in Evernia Health Center, LLC. The Vendor retains 25% of the shares of ATI. “
22. Commitments and contingencies c. ATHI Option agreements
On July 12, 2020, the Company entered into a five year option agreement with Leonite Capital LLC (“Leonite”) and other investors (collectively the “Transferees”), the Company agreed to sell to Leonite a portion of the total outstanding shares of ATHI from the shares of ATHI held by the company. The Company provided Leonite an option to purchase 33% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that Leonite made to the Company totaling $655,000. Leonite shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by Leonite to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
On September 14, 2020, the Company entered into a five year option agreement with Ed Blasiak (“Blasiak”) whereby the Company agreed to sell to Blasiak a portion of the total outstanding shares of ATHI. The Company provided Blasiak an option to purchase 2.5% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that Blasiak made to the Company totaling $50,000. Blasiak shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by Blasiak to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
On October 29, 2020, the Company entered into a five year option agreement with First Fire whereby the Company agreed to sell to First Fire a portion of the total outstanding shares of ATHI. The Company provided First Fire an option to purchase 6.25% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that First Fire made to the Company totaling $125,000. First Fire shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by First Fire to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
On October 29, 2020, the Company entered into a five year option agreement entered into with Bauman, so that the Company agreed to sell to Bauman a portion of the total outstanding shares of ATHI. The Company provided Bauman an option to purchase 6.25% of ATHI from the Company for a purchase consideration of $0.0001 per share, based on the advances that Bauman made to the Company totaling $125,000. Bauman shall share in all distributions by ATHI to the Company, on an as exercised basis, equal to the advances made by Bauman to the Company, thereafter the option will be reduced to 50% of the shares exercisable under the option.
…The Company has also made the decision to move forward with the purchase of the property at 950 Evernia Street, West Palm Beach, Florida. The purchase will be an off-balance sheet structure whereby the Company will be the General Partner in a limited partnership which will use debt and equity from Limited partners as the structure to own the property…
https://www.investopedia.com/terms/g/generalpartner.asp Understanding General Partner A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business.
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