Yes, the site is down. I was going to post something earlier this week with the 2021 FAQ page but the link didn't work. When you consider what is going on you would have to admit that they don't need a site for Ethema Health (GRST) anymore. The treatment center has their own site.
Both the ARIA (AKA ATHI, AKA Evernia) treatment center and the Cranberry Cove business entities are sperate with share structures of their own. Of the 75% ownership of the treatment center shares that Ethema claims to hold the majority is held by debt holders in the form of options. The treatment center revenue was supposed to pay these holders back but even so they would still retain 50% of that ownership stake. It looks like they will end up with the ownership of those shares for the money lent for the start-up. The Cranberry Cove entity holds the Canadian property, has its own share structure, and isn't worth much more than the mortgage that matured last July and the $700K that Leonite holds against it.
The Leonite June note secures the rest of the assets so Ethema Health and the treatment center. Ethema Health (GRST) has nothing other than the ability to sell shares. The debt that is in default has claims on future conversions if they ever managed to fix the share structure and come up with a new narrative from which to sell those shares. For me it is telling that they have made no move in a year to fix this share structure despite having a qualified regulation "A" offering in place at .0012.
So they don't need to keep paying for a web site in my opinion. In fact, since the SEC filings aren't cheap why not skip the annual and the quarterly. They did that in 2020 when they didn't file the Q1 until the very end of September 2020. I'm thinking that there is a reason this is coming to a head during the period when they can essentially go 5 months minimum without a filing requirement. For the quarterly period ended September 30, 2022 https://www.otcmarkets.com/filing/html?id=16200583&guid=A77-kWaHY1NAB3h
21. Commitments and contingencies
a. Options granted to purchase shares in ATHI
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 4,000,000 shares of ATHI from the Company for a purchase consideration of $0.0001 per share (a total consideration of $400), based on the advances that Leonite made to the Company totaling $396,000. 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 571,428 shares of ATHI from the Company for a purchase consideration of $0.0001 per share (a total consideration of $57), 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 1,428,571 shares of ATHI from the Company for a purchase consideration of $0.0001 per share (a total consideration of $143), based on the advances that First Fire made to the Company totaling $120,000. 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 1,428,571 shares of ATHI from the Company for a purchase consideration of $0.0001 per share (a total consideration of $143), based on the advances that Bauman made to the Company totaling $120,000. 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 begun due diligence on a potential acquisition expected to close in late January. Due to confidentiality agreements the Company is prohibited from disclosing the name of the potential target."
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