Projecting a doubling of revenue for 2023 from a built out facility with 41 beds? The regulation "A" circular is the only filing that mentions beds and though they have hyped growth. The narrative remains the same as 2021 and this story is 3 years old now.
Who will actually own the purported 75% ownership of the treatment center by the end of Q2? That owner ship was largely held by secured debt holders in the form of options even before the June Leonite note which is secures by "all of the assets of Ethema Health Corporation and Addiction Recovery Institute of America, LLC".
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.
Ethema Health Corporation aims to develop world class centers of excellence in addiction treatment for adults....
...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 obligations of the Borrower under this Note are secured pursuant to the terms of the security and pledge agreement (The "Security and Pledge Agreement" and collectively the Purchase Agreement, the "Related Documents"...