As long as shareholders have accurate information. The fact is that the bed count narrative is same as it was a year ago per the offering filing which is the only filing where bed counts have been mentioned. The press releases on the subject of the past year have contradicted themselves. The second fact is that their variable rate debt has increased for 2022 with the $745K June Labrys note. They are going to have a hard time selling that offering that is twice the current market price with the same worn story.
PRELIMINARY OFFERING CIRCULAR DATED SEPTEMBER 8, 2022, https://sec.report/Document/0001903596-22-000650/ Summary ...We operate the Addiction Recovery Institute of America, a 41-bed addiction treatment facility located in West Palm Beach, Florida. This facility is a three-story building with unfinished commercial space on the first floor and two floors of mixed commercial and residential space where clients are treated and sleep. The first-floor space is being completed at which time it will allow the center to expand to 52 beds by moving existing treatment space from the 2nd floor to the 1st Floor.
The ARIA lease includes approximately 4,000 square feet on the first floor of the building which is currently being built out for staff offices and treatment group rooms. This finished space will allow us to free up space on the second and third floor presently being used for offices and treatment and add 2 more detox beds, and 10 more partial hospitalization beds for a total of 54 beds. This is expected to be completed by September so that these extra beds should reflect in the fourth quarter numbers.
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