I guess that is if your believe what they say in their inconsistent press releases. Remember the December 2019 press release promoting the glowing letter of intent to purchase a treatment center with approximately $20 million in revenue for 2019 and an EBITDA of $3.6 Million? Did they purchase 100 million shares for the son on that great news? Of course not, they didn't have a pot to piss in at that point. They still have the announcement of the closing of the ARIA entity at 5400 East Avenue, West Palm Beach coming in January 2020 and they know that debt holders were about to pounce to the tune of 1.3 billion new shares.
Less than eight weeks into 2020 when the price dropped to .0001 did they buy the shares for the son? Not yet, they didn't have financing lined up for ATHI entity which was the vehicle to facilitate the start-up of the current iteration of ARIA. By June 1st they had the deal set up and purchased the 100 million shares for junior. On June 12th they announced what they were really doing instead of the deal described in the letter of intent.
Now ask yourself if they would take the $2.5 million owed to them in the form of shares at this point or even another 100 million. Fool me once...
West Palm Beach, FL, Dec. 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ethema Health Corporation (OTCQB: GRST) (“Ethema” “GRST” or the “Company”), 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.
[color=red]"On June 1, 2020, the Company issued 100,000,000 shares to Ethan Leon, the son of our CEO in settlement of $25,000 of advances made to the Company by Eileen Greene and assigned to Ethan Leon,"
For the quarterly period ended March 31, 2020 https://sec.report/Document/0001721868-20-000426/ 3. Going concern … As of March 31, 2020 the Company has a working capital deficiency of approximately $28,200,000 and accumulated deficit of approximately $55,800,000…
On June 30, 2020, the Company entered into an agreement whereby the Company will acquire 51% of American Treatment Holdings, Inc. (“ATHI”) from The Q Global Trust (“Seller”) and Lawrence B Hawkins (“Hawkins”), which in turn owns 100% of Peace of Evernia Health Services LLC. (“Evernia”), which operates drug rehabilitation facilities. The consideration for the acquisition is a loan to be provided by the purchaser to Evernia in the amount of $500,000. As of June 30, 2020, the Company had advanced Evernia approximately $98,000 including accrued interest thereon and the Company has agreed to advance an additional amount of approximately $202,000 (“the First Tranche”) within a reasonable time of concluding the loan agreements. The timing of the balance of the advance of approximately $200,000 will be mutually agreed upon between the parties.
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