The current treatment center is at 950 Evernia Street, West Palm Beach Florida. They they claim 75% ownership of the shares of this entity held by American Treatment Holdings, Inc.(AKA ATHI,AKA ARIA, AKA Evernia). The bulk of that ownership is held in the form of options to secure debt for startup. Once the debt is repaid those note holders will retain 50% of the shares of ATHI described in the options used to secure that debt.
They came to Florida after selling their Canadian treatment center and purchased property in Delray Beach. By October 2019 they had moved the Delray Beach treatment center operations to a leased facility at 5400 East Avenue, west Palm Beach, Florida. October 2019 they handed over the Delray Beach property to Leonite to settle some debt.
January 2020 after hemorrhaging losses financed with toxic notes they closed the facility. 5400 East Avenue, west Palm Beach and started funding the Evernia startup.
Immediately after closing on the sale of the assets of the Canadian Rehab Clinic, the Company closed on the acquisition of the real estate assets of Seastone Delray pursuant to certain real estate and asset purchase agreements The purchase price for the Seastone assets was US$6,070,000 financed with a purchase money mortgage of US$3,000,000, and US$3,070,000 in cash.
On May 23, 2018, the Company converted a purchase agreement with AREP 5400 East Avenue LLC to a ten year lease agreement for a substance abuse treatment center in properties located at 5400, 5402 and 5410 East Avenue, west Palm Beach, Florida. The Company was also granted an option to purchase the property at a price of $17,250,000, increasing by $750,000 per month.
The Company ceased operations in its Delray Beach properties and relocated its treatment facility to the newly leased premises in West Palm Beach.
On October 10, 2019, the Company transferred the real Property located at 810 Andrews Avenue, Delray Beach, Florida to Leonite Capital, LLC, for net proceeds of $1,398,510, which proceeds were offset against the convertible loan owing to Leonite.
The Company treatment operations were based in our leased premises at 5400 East Avenue, West Palm Beach, Florida, USA.
This facility was operated until January 30, 2020, we have subsequently ceased operations at this facility and are currently exploring new treatment facility options.
The Company has been actively involved in the operation of the treatment center operated by Evernia Health Center LLC (“Evernia”) at 950 Evernia Street, West Palm Beach Florida. The Company is under contract to purchase a majority interest in this company and has been financing the start up operations of this facility. This operation will be the Company’s only treatment center operating and expects the purchase of the majority interest to close in the second quarter of 2021. The Company is accounting for the funds advanced to Evernia as other investments, until such time as the contract to purchase Evernia is closed.
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