Ethema Health Corporation(GRST), a leading healthcare company, announced its financial results for the first quarter of 2023. The company reported a net loss of $178.7 million and revenue of $1.3 million during this period.
Ethema Health Corporation's Financial Performance
Ethema Health Corporation, a prominent player in the healthcare industry, has released its financial statements for the first quarter of 2023. The company reported a net loss of $178.7 million during this period, reflecting the challenges faced by the organization. Despite the loss, the company witnessed an increase in revenue, which reached $1.3 million, demonstrating positive growth.
Consolidated Balance Sheets
As of March 31, 2023, Ethema Health Corporation's total assets amounted to $6.6 billion. The company's current assets, including cash, accounts receivable, prepaid expenses, and other current assets, totaled $689.7 million. Non-current assets, such as property and equipment, intangible assets, right of use assets, and deposits paid, amounted to $5.9 billion. These figures indicate the company's substantial asset base.
Liabilities and Stockholders' Deficit
Ethema Health Corporation's liabilities and stockholders' deficit for the first quarter of 2023 totaled $16 billion. The company's current liabilities, including accounts payable, taxes payable, convertible notes, short-term notes, mortgage loans, receivables funding, government assistance loans, and various other payables, amounted to $14.1 billion. Non-current liabilities, such as government assistance loans, deferred taxation, third-party loans, and lease liabilities, totaled $2 billion. The company's stockholders' deficit stood at $9.4 billion, while non-controlling interest reached $873.2 million.
Consolidated Statements of Operations and Comprehensive Income (Loss)
During the first quarter of 2023, Ethema Health Corporation recorded revenue of $1.3 million. The company's operating expenses, including general and administrative costs, rent expenses, management fees, professional fees, salaries and wages, and depreciation expenses, amounted to $1.2 billion. Despite the challenges faced, the company achieved an operating income of $75,026.
Other (Expense) Income and Net Loss
Ethema Health Corporation experienced various other expenses and income during the first quarter of 2023. The company reported interest expenses of $157,096 and amortization of debt discount of $76,921. However, the derivative liability movement resulted in no impact on the net loss. The company's foreign exchange movements resulted in a loss of $2,955. Overall, Ethema Health Corporation recorded a consolidated net loss of $175,717 for the quarter.
Stockholders' Deficit and Comprehensive Loss
The stockholders' deficit for Ethema Health Corporation stood at $9.4 billion. This deficit primarily comprised preferred stock, common stock, additional paid-in capital, discount to par value, accumulated other comprehensive loss, and accumulated deficit. The company's comprehensive loss for the quarter amounted to $203,608.
Cash Flow and Financing Activities
Ethema Health Corporation's operating activities generated net cash of $105,874 during the first quarter of 2023. The company's investing activities utilized $102,418, mainly for deposits paid and the purchase of property and equipment. Financing activities resulted in a net cash outflow of $117,743, primarily due to the repayment of mortgage, receivables funding, and various loans.
Outlook
Despite the challenges faced by Ethema Health Corporation in the first quarter of 2023, the company remains optimistic about its future. With a strong asset base and ongoing initiatives to improve operational efficiency, the company aims to overcome current difficulties and achieve sustainable growth in the healthcare industry.
In conclusion, Ethema Health Corporation reported a net loss of $178.7 million in the first quarter of 2023. The company's revenue increased to $1.3 million during the same period. Ethema Health Corporation remains committed to addressing its financial performance and pursuing opportunities for growth in the healthcare sector.