Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-15415 | |
Entity Registrant Name | SELECTIS HEALTH, INC. | |
Entity Central Index Key | 0000727346 | |
Entity Tax Identification Number | 87-0340206 | |
Entity Incorporation, State or Country Code | UT | |
Entity Address, Address Line One | 8480 E Orchard Rd | |
Entity Address, Address Line Two | Ste 4900 | |
Entity Address, City or Town | Greenwood Village | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 303 | |
Local Phone Number | 449-2100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,480,132 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | $ 3,255,478 | $ 3,567,437 |
Restricted Cash | 430,505 | 410,866 |
Accounts Receivable, Net | 3,234,343 | 1,931,569 |
Prepaid Expenses and Other | 734,028 | 682,949 |
Investments in Debt Securities | 24,387 | 24,387 |
Total Current Assets | 7,678,741 | 6,617,208 |
Long Term Assets | ||
Property and Equipment, Net | 37,782,709 | 38,238,367 |
Goodwill | 1,076,908 | 1,076,908 |
Total Assets | 46,538,358 | 45,932,483 |
Current Liabilities | ||
Accounts Payable and Accrued Liabilities | 3,964,902 | 3,196,178 |
Accounts Payable – Related Parties | 81,576 | 9,900 |
Dividends Payable | 7,500 | |
Current Maturities of Long Term Debt, Net of Discount of $26,002 and $1,714, respectively | 7,197,174 | 19,299,156 |
Debt – Related Parties, Net of discount of $13,153 and $3,234, respectively | 1,121,766 | 1,121,766 |
Total Current Liabilities | 12,365,418 | 23,634,500 |
Debt, Net of discount of $347,081 and $450,879, respectively | 31,180,075 | 18,830,444 |
Lease Security Deposit | 253,100 | 251,600 |
Total Liabilities | 43,798,593 | 42,716,544 |
Equity | ||
Common Stock - $0.05 Par Value; 50,000,000 Shares Authorized, 26,924,949 and 26,866,379 Shares Issued and Outstanding at June 30, 2021 and December 31, 2020, respectively | 1,346,248 | 1,343,319 |
Additional Paid-In Capital | 10,099,641 | 10,331,065 |
Accumulated Deficit | (9,482,124) | (9,036,400) |
Total Selectis Health, Inc. Stockholders’ Equity | 2,739,765 | 3,413,984 |
Noncontrolling Interests | (198,045) | |
Total Equity | 2,739,765 | 3,215,939 |
Total Liabilities and Equity | 46,538,358 | 45,932,483 |
Series A Preferred Stock [Member] | ||
Equity | ||
Preferred Stock Value | 401,000 | 401,000 |
Series D Preferred Stock [Member] | ||
Equity | ||
Preferred Stock Value | $ 375,000 | $ 375,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument, Unamortized Discount, Current | $ 26,002 | $ 1,714 |
Debt discount of related parties | 13,153 | 3,234 |
Debt Instrument, Unamortized Discount, Noncurrent | $ 347,081 | $ 450,879 |
Common Stock, Par or Stated Value Per Share | $ 0.05 | |
Common Stock, Shares Authorized | 50,000,000 | |
Common Stock, Shares, Outstanding | 26,924,949 | 26,866,379 |
Series A - No Dividends, Non-voting [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 2 | |
Preferred Stock, Shares Authorized | 2,000,000 | |
Preferred Stock, Shares Outstanding | 200,500 | |
Series D - 8% Cumulative, Convertible [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |
Preferred Stock, Shares Authorized | 1,000,000 | |
Preferred Stock, Shares Outstanding | 375,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Total Revenue | $ 6,012,037 | $ 5,130,465 | $ 11,774,880 | $ 8,982,066 |
Expenses | ||||
Property Taxes, Insurance and Other Operating | 4,655,236 | 2,654,231 | 8,199,966 | 4,985,975 |
General and Administrative | 912,496 | 372,707 | 3,010,823 | 715,770 |
Provision for Bad Debts | (8,001) | 57,282 | 16,133 | 263,890 |
Acquisition Costs | 13,763 | 28,654 | ||
Depreciation and Amortization | 450,243 | 380,885 | 851,266 | 768,103 |
Total Expenses | 6,009,974 | 3,478,868 | 12,078,188 | 6,762,392 |
Income (Loss) from Operations | 2,063 | 1,651,597 | (303,308) | 2,219,674 |
Other Income (Expense) | ||||
Gain on Extinguishment of Debt | (80,400) | (80,400) | ||
Interest Expense | 650,181 | 611,301 | 1,193,724 | 1,116,571 |
Gain on Forgiveness of PPP Loan | (675,598) | |||
Other (Income) Expense | 30,662 | (401,360) | ||
Total Other (Income) Expense | 680,843 | 530,901 | 116,766 | 1,036,171 |
Net Income (Loss) | (678,780) | 1,120,696 | (420,074) | 1,183,503 |
Net (Income) Loss Attributable to Noncontrolling Interests | 2,859 | (10,650) | 1,152 | |
Net Income (Loss) Attributable to Selectis Health, Inc. | (678,780) | 1,123,555 | (430,724) | 1,184,655 |
Series D Preferred Dividends | (7,500) | (7,500) | (15,000) | (15,000) |
Net Income (Loss) Attributable to Common Stockholders | $ (686,280) | $ 1,116,055 | $ (445,724) | $ 1,169,655 |
Net Income (Loss) per Share Attributable to Common Stockholders: | ||||
Basic | $ (0.03) | $ 0.04 | $ (0.02) | $ 0.04 |
Diluted | $ (0.03) | $ 0.04 | $ (0.02) | $ 0.04 |
Weighted Average Common Shares Outstanding: | ||||
Basic | 26,891,841 | 27,414,816 | 26,879,180 | 27,427,928 |
Diluted | 26,891,841 | 27,797,316 | 26,879,180 | 27,810,428 |
Rental Revenue [Member] | ||||
Revenue | ||||
Total Revenue | $ 387,903 | $ 623,593 | $ 778,289 | $ 1,144,605 |
Health Care Revenue [Member] | ||||
Revenue | ||||
Total Revenue | $ 5,624,134 | $ 4,506,872 | $ 10,996,591 | $ 7,837,461 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Preferred Stock Series A [Member] | Preferred Stock Series D [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Selectis Health Inc Stockholders Equity [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 401,000 | $ 375,000 | $ 1,372,052 | $ 10,385,417 | $ (11,962,220) | $ 571,249 | $ (204,599) | $ 366,650 |
Beginning balance, shares at Dec. 31, 2019 | 200,500 | 375,000 | 27,441,040 | |||||
Relative Fair Value of Warrants Issued with Senior Secured Notes | 19,762 | 19,762 | 19,762 | |||||
Series D Preferred Dividends | (7,500) | (7,500) | (7,500) | |||||
Net Income (Loss) | 61,100 | 61,100 | 1,707 | 62,807 | ||||
Ending balance, value at Mar. 31, 2020 | $ 401,000 | $ 375,000 | $ 1,372,052 | 10,405,179 | (11,908,620) | 644,611 | (202,892) | 441,719 |
Ending balance, shares at Mar. 31, 2020 | 200,500 | 375,000 | 27,441,040 | |||||
Beginning balance, value at Dec. 31, 2019 | $ 401,000 | $ 375,000 | $ 1,372,052 | 10,385,417 | (11,962,220) | 571,249 | (204,599) | 366,650 |
Beginning balance, shares at Dec. 31, 2019 | 200,500 | 375,000 | 27,441,040 | |||||
Net Income (Loss) | 1,183,503 | |||||||
Ending balance, value at Jun. 30, 2020 | $ 401,000 | $ 375,000 | $ 1,370,726 | 10,397,755 | (10,792,565) | 1,751,916 | (205,751) | 1,546,165 |
Ending balance, shares at Jun. 30, 2020 | 200,500 | 375,000 | 27,414,525 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 401,000 | $ 375,000 | $ 1,372,052 | 10,405,179 | (11,908,620) | 644,611 | (202,892) | 441,719 |
Beginning balance, shares at Mar. 31, 2020 | 200,500 | 375,000 | 27,441,040 | |||||
Share Based Compensation - Restricted Stock Awards (Forfeitures) | $ (1,326) | (7,424) | (8,750) | (8,750) | ||||
Share Based Compensation - Restricted Stock Awards (Forfeitures), shares | (26,515) | |||||||
Series D Preferred Dividends | (7,500) | (7,500) | (7,500) | |||||
Net Income (Loss) | 1,123,555 | 1,123,555 | (2,859) | 1,120,696 | ||||
Ending balance, value at Jun. 30, 2020 | $ 401,000 | $ 375,000 | $ 1,370,726 | 10,397,755 | (10,792,565) | 1,751,916 | (205,751) | 1,546,165 |
Ending balance, shares at Jun. 30, 2020 | 200,500 | 375,000 | 27,414,525 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 401,000 | $ 375,000 | $ 1,343,319 | 10,331,065 | (9,036,400) | 3,413,984 | (198,045) | 3,215,939 |
Beginning balance, shares at Dec. 31, 2020 | 200,500 | 375,000 | 26,866,379 | |||||
Series D Preferred Dividends | (7,500) | (7,500) | (7,500) | |||||
Net Income (Loss) | 248,056 | 248,056 | 10,650 | 258,706 | ||||
Ending balance, value at Mar. 31, 2021 | $ 401,000 | $ 375,000 | $ 1,343,319 | 10,331,065 | (8,795,844) | 3,654,540 | (187,395) | 3,467,145 |
Ending balance, shares at Mar. 31, 2021 | 200,500 | 375,000 | 26,866,379 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 401,000 | $ 375,000 | $ 1,343,319 | 10,331,065 | (9,036,400) | 3,413,984 | (198,045) | 3,215,939 |
Beginning balance, shares at Dec. 31, 2020 | 200,500 | 375,000 | 26,866,379 | |||||
Series D Preferred Dividends | (15,000) | |||||||
Net Income (Loss) | (420,074) | |||||||
Ending balance, value at Jun. 30, 2021 | $ 401,000 | $ 375,000 | $ 1,346,248 | 10,099,641 | (9,482,124) | 2,739,765 | 2,739,765 | |
Ending balance, shares at Jun. 30, 2021 | 200,500 | 375,000 | 26,924,949 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 401,000 | $ 375,000 | $ 1,343,319 | 10,331,065 | (8,795,844) | 3,654,540 | (187,395) | 3,467,145 |
Beginning balance, shares at Mar. 31, 2021 | 200,500 | 375,000 | 26,866,379 | |||||
Series D Preferred Dividends | (7,500) | (7,500) | (7,500) | |||||
Share Based Compensation – Restricted Stock Awards | $ 1,500 | 17,400 | 18,900 | 18,900 | ||||
Share Based Compensation - Restricted Stock Awards, shares | 30,000 | |||||||
Cashless Exercise of Warrants | $ 1,429 | (1,429) | ||||||
Cashless Excerise of Warrants, shares | 28,570 | |||||||
Purchase of Non-controlling Interest | (247,395) | (247,395) | 187,395 | (60,000) | ||||
Net Income (Loss) | (678,780) | (678,780) | (678,780) | |||||
Ending balance, value at Jun. 30, 2021 | $ 401,000 | $ 375,000 | $ 1,346,248 | $ 10,099,641 | $ (9,482,124) | $ 2,739,765 | $ 2,739,765 | |
Ending balance, shares at Jun. 30, 2021 | 200,500 | 375,000 | 26,924,949 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows From Operating Activities: | ||
Net Income (Loss) | $ (420,074) | $ 1,183,503 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities: | ||
Gain on forgiveness of PPP Loan | (675,598) | |
Other Income from Partial Settlement of Debt | (481,954) | |
Depreciation and Amortization | 851,266 | 768,103 |
Amortization of Deferred Loan Costs and Debt Discount | 69,591 | 90,907 |
Provision for Bad Debts | 16,133 | 263,890 |
Stock Based Compensation (Forfeitures) | 18,900 | (8,750) |
Gain on Extinguishment of Debt | (80,400) | |
Changes in Operating Assets and Liabilities, Net of Assets and Liabilities Acquired: | ||
Accounts and Rents Receivable | (1,318,907) | (638,701) |
Prepaid Expenses and Other Assets | 456,354 | 115,786 |
Deferred Rent Receivable | (23,851) | |
Accounts Payable and Accrued Liabilities | 840,400 | (262,051) |
Lease Security Deposits | 1,500 | 1,500 |
Cash Provided (Used in) Operating Activities | (642,389) | 1,409,936 |
Cash Flows From Investing Activities: | ||
Net Cash Paid in Higher Call Asset Acquisition | (1,045,767) | |
Capital Expenditures for Property and Equipment | (395,608) | (185,590) |
Cash Used in Investing Activities | (395,608) | (1,231,357) |
Cash Flows From Financing Activities: | ||
Proceeds from Issuance of Debt, Related Party | 100,000 | |
Proceeds from Issuance of Debt, Non-Related Party | 1,423,417 | 2,721,890 |
Payments on Debt, Non-Related Party | (595,240) | (675,736) |
Deferred Loan Costs Paid | (33,095) | |
Purchase of Non-Controlling Interest | (60,000) | |
Dividends Paid on Preferred Stock | (22,500) | (15,000) |
Cash Provided by Financing Activities | 745,677 | 2,098,059 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (292,320) | 2,276,638 |
Cash and Cash Equivalents and Restricted Cash at Beginning of the Period | 3,978,303 | 992,513 |
Cash and Cash Equivalents and Restricted Cash at End of the Period | 3,685,983 | 3,269,151 |
Supplemental Disclosure of Cash Flow Information | ||
Cash Paid for Interest | 1,193,724 | 1,025,664 |
Cash Paid for Income Taxes | ||
Cash and Cash Equivalents | 3,255,478 | 2,844,515 |
Restricted Cash | 430,505 | 424,636 |
Total Cash and Cash Equivalents and Restricted Cash | 3,685,983 | 3,269,151 |
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||
Dividends Declared on Series D Preferred Stock | 15,000 | 15,000 |
Non-cash owner financing for fixed assets purchase | 150,000 | |
Prepaid deposit exchanged for fixed asset acquisition | 117,500 | |
Relative Fair Value of Warrants Issued with Senior Secured Notes | 19,762 | |
Interest on debt capitalized into principal | $ 135 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of the Business Selectis Health, Inc. f/k/a, Global Healthcare REIT, Inc. (“Selectis” or “we” or the “Company”) owns and operates, through wholly-owned subsidiaries Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019 the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. Prior to the Company changing its name to Selectis Health, Inc., the Company was known as Global Healthcare REIT, Inc. from September 30, 2013, to May 2021. Prior to this, the Company was known as Global Casinos, Inc. Global Casinos, Inc. operated two gaming casinos which were split-off and sold on September 30, 2013. Simultaneous with the split-off and sale of the gaming operations, the Company acquired West Paces Ferry Healthcare REIT, Inc. (“WPF”). WPF was merged into the Company in 2019. We acquire, develop, lease, manage, and dispose of healthcare real estate, provide financing to healthcare providers, and provide healthcare operations through our wholly-owned subsidiaries. Our portfolio is comprised of investments in the following three healthcare segments: (i) senior housing (including independent and assisted living), (ii) post-acute/skilled nursing, and (iii) bonds securing senior housing communities. We will make investments within our healthcare segments using the following six investment products: (i) direct ownership of properties, (ii) debt investments, (iii) developments and redevelopments, (iv) investment management, (v) the Housing and Economic Recovery Act of 2008 (“RIDEA”), which represents investments in senior housing operations utilizing the structure permitted by RIDEA and (xi) owning healthcare operations. Management’s Liquidity Plans On August 27, 2014, FASB issued ASU 2014-05, Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern For the six months ended June 30, 2021, the Company had negative operating cash flows of $ 0.6 million and a net working capital deficit of $ 4.7 million. However, management believes that the Company’s ability to meet its obligations for the next twelve months from the date these financial statements were issued has been alleviated due to, but not limited to: 1. Projected cash flows from operations resulting from continued improvement of the Company’s operating performance. During the six months ended June 30, 2021, the Company reported a net loss of $ 445,724 . In March of 2021, the Company opened Park Place and in 2021 is planning to acquire, or open one to three additional facilities. Based on management’s projections we expect to generate positive cash flows for the next twelve months. 2. Future refinancing of existing debt. As of June 30, 2021, the Company has a net working capital deficit of approximately $4.7 million. At the time of this filing, management has refinanced all five of the Company’s mortgages that mature in 2021. We are continuing to work with HUD to refinance additional properties to longer-term paper which will provide more certainty for future loan payments. The focus on opportunities within our current portfolio and future properties to acquire and operate, the settlement, refinance, and continued service of debt obligations, the potential funds generated from stock sales and other initiatives contributing to additional working capital should alleviate any substantial doubt about the Company’s ability to continue as a going concern as defined by ASU 2014-05. However, we cannot predict, with certainty, the outcome of our actions to generate liquidity and the failure to do so could negatively impact our future operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and in conjunction with the rules and regulations of the Securities Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary to make the consolidated financial statements not misleading have been included. Operating results for the six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the entire year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Recently Issued Accounting Pronouncements The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2021. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss. Earnings per Share Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. FASB ASC Topic 260, “Earnings per Share”, requires the Company to include additional shares in the computation of earnings per share, assuming dilution. Diluted earnings per share are based on the assumption that all dilutive options and warrants were converted or exercised by applying the treasury stock method and that all convertible preferred stock were converted into common shares by applying the if-converted method. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period or at the time of issuance, if later, and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, the preferred dividends applicable to convertible preferred stock are added back to the numerator. The convertible preferred stock is assumed to have been converted at the beginning of the period or at time of issuance, if later, and the resulting common shares are included in the denominator. We calculate basic earnings per share by dividing net income attributable to common stockholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the reporting period. Diluted earnings per share is calculated similarly but reflects the potential impact of outstanding options, warrants and other commitments to issue common stock, including shares issuable upon the conversion of convertible preferred stock outstanding, except where the impact would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share: SCHEDULE OF BASIC AND DILUTED EARNING PER SHARE Six Months Ended Three Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator for basic earnings per share: Net Income (Loss) Attributable to Global Healthcare REIT, Inc. $ (430,724 ) $ 1,184,655 $ (678,780 ) $ 1,123,555 Series D Preferred Dividends (15,000 ) (15,000 ) (7,500 ) (7,500 ) Net Income (Loss) Attributable to Common Stockholders - Basic $ (445,724 ) $ 1,169,655 $ (686,280 ) $ 1,116,055 Denominator for basic earnings per share: Weighted Average Common Shares Outstanding 26,879,180 27,427,928 26,891,841 27,414,816 Denominator for diluted earnings per share: Weighted Average Common Shares Outstanding - Basic 26,879,180 27,427,928 26,891,841 27,414,816 Conversion of Series D Convertible Preferred Stock - 382,500 - 382,500 Weighted Average Common Shares Outstanding - Diluted 26,879,180 27,810,428 26,891,841 27,797,316 Net Income (Loss) per Share Attributable to Common Stockholders: Basic $ (0.02 ) $ 0.04 $ (0.03 ) $ 0.04 Diluted $ (0.02 ) $ 0.04 $ (0.03 ) $ 0.04 Fair Value Measurements The Company utilizes the methods of fair value measurement as described in ASC 820 to value its financial assets and liabilities. As defined in ASC 820, fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1 – Quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3 – Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company has no financial assets or financial liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2021. Our consolidated balance sheets include the following financial instruments: cash and cash equivalents, accounts receivable, restricted cash, accounts payable, debt and lease security deposit. We consider the carrying values of our short-term financial instruments to approximate fair value because they generally expose the Company to limited credit risk, because of the short period of time between origination of the financial assets and liabilities and their expected settlement, or because of their proximity to acquisition date fair values. The carrying value of debt approximates fair value based on borrowing rates currently available for debt of similar terms and maturities. Upon acquisition of real estate properties, the Company determines the total purchase price of each property and allocates this price based on the fair value of the tangible assets and intangible assets, if any, acquired and any liabilities assumed based on Level 3 inputs. These Level 3 inputs can include comparable sales values, discount rates, and capitalization rates from a third-party appraisal or other market sources. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 3. PROPERTY AND EQUIPMENT, NET The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of June 30, 2021, and December 31, 2020, are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 Land $ 1,778,250 $ 1,778,250 Land Improvements 287,054 242,000 Buildings and Improvements 40,897,582 40,612,330 Furniture, Fixtures and Equipment 2,188,720 2,123,418 Construction in Progress 3,728,431 3,728,431 Property and Equipment, Gross 48,880,037 48,484,429 Less Accumulated Depreciation (9,537,328 ) (8,686,062 ) Less Impairment (1,560,000 ) (1,560,000 ) Property and Equipment, Net $ 37,782,709 $ 38,238,367 For the Six Months Ended June 30, 2021 2020 Depreciation Expense (excluding Intangible Assets) $ 851,266 $ 752,845 Cash Paid for Capital Expenditures $ 395,608 $ 185,590 |
INVESTMENTS IN DEBT SECURITIES
INVESTMENTS IN DEBT SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN DEBT SECURITIES | 4. INVESTMENTS IN DEBT SECURITIES At June 30, 2021 and December 31, 2020, the Company held investments in debt securities that were classified as held-to-maturity and carried at amortized costs. Held-to-maturity securities consisted of the following: SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES June 30, 2021 December 31, 2020 States and Municipalities $ 24,387 $ 24,387 Contractual maturity of held-to-maturity securities at June 30, 2021, is $24,387, all due in one year or less , and total value of securities at their respective maturity dates is $ 24,387 . Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. |
DEBT AND DEBT - RELATED PARTIES
DEBT AND DEBT - RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT AND DEBT - RELATED PARTIES | 5. DEBT AND DEBT - RELATED PARTIES The following is a summary of the Company’s debt outstanding as of June 30, 2021, and December 31, 2020: SCHEDULE OF DEBT INSTRUMENTS June 30, 2021 December 31, 2020 Senior Secured Promissory Notes $ 1,670,000 $ 1,695,000 Senior Secured Promissory Notes - Related Parties 975,000 975,000 Fixed-Rate Mortgage Loans 30,775,123 30,370,220 Variable-Rate Mortgage Loans 5,154,902 5,650,579 Other Debt, Current Note Payables 311,073 - Other Debt, Subordinated Secured 741,000 741,000 Other Debt, Subordinated Secured - Related Parties 150,000 150,000 Other Debt, Subordinated Secured - Seller Financing 108,153 125,394 Debt and Debt - Related Parties, gross 39,885,251 39,707,193 Unamortized Discount and Debt Issuance Costs (386,236 ) (455,827 ) Debt and Debt - Related Parties, net $ 39,499,015 $ 39,251,366 As presented in the Consolidated Balance Sheets: Current Maturities of Long Term Debt, Net $ 7,197,174 $ 19,299,156 Debt, Net 31,180,075 18,830,444 Debt - Related Parties, Net 1,121,766 1,121,766 The weighted average interest rate and term of our fixed rate debt are 4.67% and 7.30 years, respectively, as of June 30, 2021. The weighted average interest rate and term of our variable rate debt are 5.90% and 16.62 years, respectively, as of June 30, 2021. Corporate Senior and Senior Secured Promissory Notes As of June 30, 2021, and December 31, 2020, the senior secured notes are subject to annual interest ranging from 10% to 11% and mature on October 31, 2021 . Mortgage Loans and Lines of Credit Secured by Real Estate Mortgage loans and other debts such as line of credit here are collateralized by all assets of each nursing home property and an assignment of its rents. Collateral for certain mortgage loans includes the personal guarantee of Christopher Brogdon, formerly but no longer a related party, or corporate guarantees. Mortgage loans for the periods presented consisted of the following: SCHEDULE OF MORTGAGE LOAN DEBT Total Principal Outstanding as of State Number of Properties Total Face Amount June 30, 2021 December 31, 2020 Arkansas (1) 1 $ 5,000,000 $ 4,136,052 $ 4,618,006 Georgia (2) 5 $ 17,765,992 $ 16,914,048 $ 17,029,094 Ohio 1 $ 3,000,000 $ 2,748,393 $ 2,798,000 Oklahoma (3) 6 $ 12,378,599 $ 12,131,532 $ 11,575,699 13 $ 38,144,591 $ 35,930,025 $ 36,020,799 (1) The mortgage loan collateralized by this property is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. Guarantors under the mortgage loan include Christopher Brogdon. Mr. Brogdon has assumed operations of the facility and is making payments of principal and interest on the loan on our behalf in lieu of paying rent on the facility to us. During the six months ended June 30, 2021, the Company recognized other income of $ 481,954 for repayments on the loan. (2) The Company has refinanced two of its mortgages that would have matured in June and October of 2021 amounting to $ 2,961,167 and $ 3,289,595 , to extend their maturity dates to May 2024 for both. (3) The Company refinanced all three mortgages in July 2021, that would have matured in June and July of 2021 amounting to $ 2,065,969 and $ 750,000 , $ 500,000 Subordinated, Corporate and Other Debt Other debt due at June 30, 2021 and December 31, 2020 includes unsecured notes payable issued to entities controlled by the Company used to facilitate the acquisition of the nursing home properties. SCHEDULE OF OTHER DEBT Principal Outstanding at Property Face Amount June 30, 2021 December 31, 2020 Stated Interest Rate Maturity Date Goodwill Nursing Home $ 2,030,000 $ 741,000 $ 741,000 13% Fixed December 31, 2019 Goodwill Nursing Home – Related Party $ 150,000 150,000 150,000 13% Fixed December 31, 2019 Higher Call Nursing Center 150,000 108,153 125,394 8% Fixed April 1, 2024 $ 999,153 $ 1,016,394 Our corporate debt at June 30, 2021, and December 31, 2020 includes unsecured notes and notes secured by all assets of the Company not serving as collateral for other notes. SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS Principal Outstanding at Series Face Amount June 30, 2021 December 31, 2020 Stated Interest Rate Maturity Date 10% Senior Secured Promissory Note $ 25,000 $ 25,000 $ 25,000 10.0% Fixed December 31, 2018 11% Senior Secured Promissory Notes 1,670,000 1,645,000 1,670,000 11.0% Fixed October 31, 2021 11% Senior Secured Promissory Notes – Related Party 975,000 975,000 975,000 11.0% Fixed October 31, 2021 $ 2,645,000 $ 2,670,000 On June 16, 2021, the Company through its subsidiaries received confirmation that the loan of $ 675,598 pursuant to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was forgiven by the SBA. As of June 30, 2021 current maturities and principal reduction payments of all note payables listed above for the next five years and thereafter are as follows: SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE Twelve months Ending June 30, 2022 $ 8,358,095 2023 10,552,981 2024 6,256,031 2025 4,903,762 2026 523,385 2027 and after 9,050,997 Total $ 39,885,251 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 6. STOCKHOLDERS’ EQUITY Preferred Stock During the six months ended June 30, 2021, the Company paid $ 22,500 for Series D preferred stock dividends. Dividends of $ 15,000 were declared during the six months ended June 30, 2021. All quarterly dividends previously declared have been paid. Common Stock For the six months ended June 30, 2021, the Company issued 30,000 shares of restricted stock award and recognized stock-based compensation of $ 18,900 Non-Controlling Interest In May 2021, the company purchased remaining non-controlling interest for $ 60,000 Common Stock Warrants As of June 30, 2021, and December 31, 2020, the Company had 2,756,000 and 2,756,000 , respectively, of outstanding warrants to purchase common stock at a weighted average exercise price of $ 0.50 and $ 0.50 , respectively, and weighted average remaining term of 0.42 years and 0.93 years, respectively. The aggregate intrinsic value of common stock warrants outstanding as of June 30, 2021, and December 31, 2020 was $ 292,160 and $ 82,680 , respectively. During the six months ended June 30, 2021, 100,000 warrants were exercised in a cashless transaction in exchange for 28,570 shares of common stock. Activity for the six months ended June 30, 2021, related to common stock warrants is as follows: SCHEDULE OF COMMON STOCK WARRANTS ACTIVITY June 30, 2021 Number of Warrants Weighted Average Beginning Balance 2,756,000 $ 0.50 Issued - - Cancelled - - Exercised 100,000 0.50 Expired - - Ending Balance 2,656,000 $ 0.50 Common Stock Options As of June 30, 2021, the Company had 600,000 outstanding options to purchase common stock with a weighted average exercise price of $ 0.36 , a weighted average remaining term of 1.75 years and an intrinsic value of $ 150,000 . |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | 7. RELATED PARTIES Clifford Neuman, a member of the Company’s Board of Directors, provided legal services to the Company. As of June 30, 2021, and December 31, 2020, the Company owed Mr. Neuman for legal services rendered $ 81,576 and $ 9,900 , respectively. |
FACILITY LEASES
FACILITY LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
FACILITY LEASES | 8. FACILITY LEASES The following table summarizes our leasing arrangements related to the Company’s healthcare facilities at June 30, 2021: SCHEDULE OF LEASING ARRANGEMENTS Facility Monthly Lease Income (1) Lease Expiration Renewal Option if any Warrenton (2) $ 54,101 - None Goodwill (3) $ 48,125 February 1, 2027 Term may be extended for one additional five-year term. Providence (4) $ 41,616 - None (1) Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease. (2) The Company served Notice of Termination to operator in January 2021. As per the Order issued by the Federal Bankruptcy Court, the current operator is to continue to make rental payments. See footnote 10. (3) The lease became effective on February 1, 2017, and the facility began generating rental revenue thereafter. (4) The Company served Notice of Termination to operator in January 2021. As per the Order issued by the Federal Bankruptcy Court, the current operator is to continue to make rental payments. See footnote 10. Future cash payments for rent to be received during the initial terms of the leases for the next five years and thereafter are as follows: SCHEDULE OF FUTURE CASH PAYMENTS FOR RENT RECEIVED DURING INITIAL TERM OF LEASE Years Remaining 6 months of 2021 $ 309,708 2022 626,808 2023 635,026 2024 643,401 2025 651,954 2026 and Thereafter 715,781 Total $ 3,582,678 |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 9. SEGMENT REPORTING The Company had two Schedule of Reporting Segments Statements of Operations Items for the Six Months Ended June 30, 2021 June 30, 2020 Real Estate Services Healthcare Services Consolidated Real Estate Services Healthcare Services Consolidated Rental Revenue $ 778,289 $ - 778,289 $ 1,144,605 $ - $ 1,144,605 Healthcare Revenue - 10,996,591 10,996,591 - 7,837,461 7,837,461 Total Revenue 778,289 10,996,591 11,774,880 1,144,605 7,837,461 8,982,066 Expenses Property Taxes, Insurance and Other Operating 827,130 7,372,836 8,199,966 296,149 419,621 715,770 General and Administrative 1,960,122 1,050,701 3,010,823 299,379 4,686,596 4,985,975 Provision for Bad Debts 16,133 - 16,133 - 263,890 263,890 Acquisition Costs - - - 28,654 - 28,654 Depreciation and Amortization 732,745 118,521 851,266 670,767 97,336 768,103 Total Expenses 3,536,130 8,542,058 12,078,188 1,294,949 5,467,443 6,762,392 Income (Loss) from Operations (2,757,841 ) 2,454,533 (303,308 ) (150,344 ) 2,370,018 2,219,674 Other (Income) Expense Interest Expense 1,187,872 5,852 1,193,724 1,010,360 106,211 1,116,571 Gain on Forgiveness of PPP Loan - (675,598 ) (675,598 ) - - - Other (Income) (401,360 ) - (401,360 ) (80,400 ) - (80,400 ) Total Other (Income) Expense 786,512 (669,746 ) 116,766 929,960 106,211 1,036,171 Net Income (Loss) (3,544,353 ) 3,124,279 (420,074 ) (1,080,304 ) 2,263,807 1,183,503 Net (Income) Loss Attributable to Noncontrolling Interests (10,650 ) - (10,650 ) 1,152 - 1,152 Net Income (Loss) Attributable to Selectis Health, Inc. $ (3,555,003 ) $ 3,124,279 $ (430,724 ) $ (1,079,152 ) $ 2,263,807 $ 1,184,655 Statements of Operations Items for the Three Months Ended June 30, 2021 June 30, 2020 Real Estate Services Healthcare Services Consolidated Real Estate Services Healthcare Services Consolidated Rental Revenue $ 387,903 $ - 387,903 $ 623,593 $ - $ 623,593 Healthcare Revenue - 5,624,134 5,624,134 - 4,506,872 4,506,872 Total Revenue 387,903 5,624,134 6,012,037 623,593 4,506,872 5,130,465 Expenses Property Taxes, Insurance and Other Operating 465,524 4,189,712 4,655,236 153,539 2,500,692 2,654,231 General and Administrative 456,591 455,905 912,496 147,579 225,128 372,707 Provision for Bad Debts (8,001 ) - (8,001 ) - 57,282 57,282 Acquisition Costs - - - 13,763 - 13,763 Depreciation and Amortization 379,434 70,809 450,243 335,408 45,477 380,885 Total Expenses 1,293,548 4,716,426 6,009,974 650,289 2,828,579 3,478,868 Income (Loss) from Operations (905,645 ) 907,708 2,063 (26,696 ) 1,678,293 1,651,597 Other (Income) Expense Interest Expense 644,329 5,852 650,181 532,597 78,704 611,301 Other (Income) Expense 30,662 - 30,662 (80,400 ) - (80,400 ) Total Other (Income) Expense 674,991 5,852 680,843 452,197 78,704 530,901 Net Income (Loss) (1,580,636 ) 901,856 (678,780 ) (478,893 ) 1,599,589 1,120,696 Net (Income) Loss Attributable to Noncontrolling Interests - - - 2,859 - 2,859 Net Income (Loss) Attributable to Selectis Health, Inc. $ (1,580,636 ) $ 901,856 $ (678,780 ) $ (476,034 ) $ 1,599,589 $ 1,123,555 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | 10. LEGAL PROCEEDINGS The Company and/or its affiliated subsidiaries are or were involved in the following litigation: Bailey v. GL Nursing, LLC, et. al in the Circuit Court of Lonoke County, Arkansas, 23rd Circuit, In April 2019, the Company’s wholly-owned subsidiary was named as a co-defendant in the action arising out of a claimed personal injury suffered by the plaintiff while a resident of the skilled nursing home owned, but not operated, by GL Nursing. As of this date, we have engaged legal counsel, but no further information is known regarding the merits of the claim. After initial inquiry, it does not appear that the lease operator of the facility had in effect general liability insurance covering the GL Nursing, as landlord, as required by the operating lease. As we simply were the owners of the property and not the operators, we believe that primary responsibility, if any, falls with the operator at the time. Under the terms of the lease, the operator has a duty to indemnify the Company, a claim which we intend to assert. While it is too early to assess the Company’s exposure, we believe at this time that the likelihood of an adverse outcome is remote. Thomas v. Edwards Redeemer Property Holdings, LLC, et.al., This action arises from a personal injury claim brought by heirs of a former resident of our Edwards Redeemer facility, filed in April 2016. We are entitled to indemnification from the lease operator and should be covered under the lease operator’s general liability policy. As we are not the operators of the facility and believe we have indemnity coverage, we believe we have no exposure. The lease operator’s insurance carrier is providing a defense and indemnity and, as a result, we believe the likelihood of a material adverse result is remote. Edwards Redeemer Property Holdings LLC v. Edwards Redeemer Healthcare & Rehab, LLC, This action was brought by us against the former lease operator for breaching the lease agreement, removing all the patients, and closing the facility. On October 17, 2019, the Court entered an Order Appointing a Receiver. We have entered into a Settlement Agreement and Release with the Receiver and an Operations Transfer Agreement pursuant to which our newly formed subsidiary will acquire the assets and operations of the facility. In March 2021, the Court approved the Settlement Agreement and Operations Transfer Agreement, the skilled nursing license was assigned to the Company’s wholly-owned subsidiary Park Place Health, LLC and the Company reopened the facility under the name Park Place Health. This matter is considered resolved. Dodge NH, LLC v. Eastman Healthcare & Rehab, LLC, This action was brought by us against the former lease operator for numerous violations of the operating lease, including violation of the cross-default provisions with Edwards Redeemer, which had been operated by an affiliate of the Eastman operator. We also served a Notice of Termination with respect to the operating lease. On October 18, 2019, the Court entered an Order granting to us a Temporary Restraining Order requiring the lease operator to maintain the status quo of the facility. On November 21, 2019, the prior Temporary Restraining Order was superseded by an Order Appointing Receiver requested by the Company’s subsidiary Dodge NH, LLC. Under the Order, a Receiver designated by us and approved by the Court will oversee the operations at the facility. This Order will mitigate any potential disruption to the facility’s ongoing operations in light of the various disputes between the Company and the former operator, Eastman Healthcare & Rehab LLC, an affiliate of Cadence Healthcare Solutions, LLC. On January 15, 2020, the Receiver filed a Motion for the Court to authorize the Receiver to negotiate an Operations Transfer Agreement with the Company, which Motion was granted. On July 2, 2020, the court approved the Operations Transfer Agreement (“OTA”) from the receiver to Global Eastman, LLC, newly formed subsidiary of the Company. Nearly simultaneously Global Eastman, LLC secured an operating license from the state with an effective date of July 1, 2020. Pursuant to the terms of the OTA, Global Eastman has assumed all operations associated with the prior operator, and the matter is essentially resolved in all material respects. Village of Seville v. High Street Nursing, LLC, This is an action filed March 2020 for sanctions against our subsidiary arising from a claimed nuisance activity (assaults on patients) at the skilled nursing facility. As we lease the facility to an operator, we have retained an attorney and entered a plea of Not Guilty. We are the landlord and do not believe we have any liability in this matter. The action was subsequently dismissed without prejudice. Cadence Healthcare Solutions, LLC. We received a demand letter in February 2020 from an attorney representing Cadence Healthcare Solutions, LLC (“Cadence”) claiming unpaid management fees incurred at our Glen Eagle Healthcare facility in Abbeville, Georgia. Cadence is the same manager that is involved in the matters related to Edwards Redeemer in Oklahoma City and Eastman in Eastman, Georgia, as Cadence was the manager in all three facilities until it was terminated in Q4 2019. We believe we have significant defenses and offsets to this claim and intend to defend vigorously. We believe the likelihood of a material adverse outcome is remote. Oliphant v. Global Eastman, LLC, et.al., State Court of Cobb County, State of Georgia, This is a personal injury lawsuit against various defendants arising out of the death of a patient of the Eastman Healthcare & Rehab Center (the “Facility”). At all relevant times, the Facility was owned by the Company’s wholly owned subsidiary Dodge NH, LLC and leased to Eastman Health & Rehab LLC, an affiliate of Cadence Healthcare, as lease operator. Neither the Company nor any affiliate of the Company had any involvement in patient care at the time of the incident for which complaint was made. The Company relies upon well-settled Georgia law that a landlord has no liability for patient care. The landlord is Dodge NH, LLC. Global Eastman, LLC was not formed as a legal entity during the period of the incident and did not assume the past liabilities as part of the OTA with the receivership of Eastman Healthcare & Rehab LLC which was effective July 1, 2020. Global Eastman LLC was formed on November 21, 2019. Plaintiff has dismissed these claims with prejudice, and the Company has filed a Motion to be awarded attorneys fees and costs. In the matter of Austin. On December 23, 2020, we received written notice from an attorney of the intent to assert an action for damages against Dodge NH, LLC, which is our subsidiary that owns the nursing facility in Eastman Georgia. The action arises from the shooting death outside of the facility of a woman that worked for our cleaning contractor that cleaned the nursing home. The woman was shot by her former boyfriend who then committed suicide. The incident occurred in December 2019 when the facility was operated by a third-party operator who was in receivership. We do not believe there is any basis in law or fact to hold the owner of the real estate liable, and as a result management has concluded that the likelihood of a material adverse result is remote. In re: Providence HR, LLC v. CRM of Warrenton, LLC, United States Bankruptcy Court, Middle District of Georgia, Macon Division, Case No. 21-50201 In re: ALT/WARR, LLC v. CRM of Sparta, LLC, United States Bankruptcy Court, Middle District of Georgia, Macon Division, Case No. 21-50200 These are companion cases arising out of the Company’s election to terminate the operating leases on the Company’s two facilities in Warrenton and Sparta, Georgia. The Company served a Notice of Termination on each facility and in response the lease operators filed voluntary petitions under Chapter 11 of the US Bankruptcy Code. The Company filed Motions for Relief from Stay which was heard by the Court on March 22, 2021. By Order of the Court, the hearing was continued to May 25, 2021. The Court entered an interim Order requiring the lease operators to comply with their leases, including payment of rent, pending the next hearing. In June 2021, the Court entered an Order approving a Lease Termination Agreement, Operations Transfer Agreement and Interim Management Agreement which had been negotiated by the Company and the two operating tenants, CRM of Warrenton, LLC and CRM of Sparta, LLC. The Lease Termination Agreement and Operations Transfer Agreement will become effective upon the granting of a new License by the State of Georgia for the Warrenton and Sparta facilities to two newly formed wholly-owned subsidiaries of the Company: Selectis Sparta, LLC and Selectis Warrenton, LLC. Pending the granting of the new Licenses, the Company is managing the operations of the facilities under the Interim Management Agreement using the licenses of CRM of Warrenton, LLC and CRM of Sparta, LLC. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS On July 9, 2021, the Company completed a $ 750,000 private offering through a FINRA member placement agent. The offering consisted of an aggregate of 1.5 million shares of Common Stock at a private offering price of $ 0.50 per share. The offering was undertaken without registration under the Securities Act of 1933 as amended (the “Act”) in reliance upon the exemption contained in Rule 506(b) of Regulation D under the Act. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and in conjunction with the rules and regulations of the Securities Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary to make the consolidated financial statements not misleading have been included. Operating results for the six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the entire year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2021. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Reclassification | Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss. |
Earnings per Share | Earnings per Share Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. FASB ASC Topic 260, “Earnings per Share”, requires the Company to include additional shares in the computation of earnings per share, assuming dilution. Diluted earnings per share are based on the assumption that all dilutive options and warrants were converted or exercised by applying the treasury stock method and that all convertible preferred stock were converted into common shares by applying the if-converted method. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period or at the time of issuance, if later, and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, the preferred dividends applicable to convertible preferred stock are added back to the numerator. The convertible preferred stock is assumed to have been converted at the beginning of the period or at time of issuance, if later, and the resulting common shares are included in the denominator. We calculate basic earnings per share by dividing net income attributable to common stockholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the reporting period. Diluted earnings per share is calculated similarly but reflects the potential impact of outstanding options, warrants and other commitments to issue common stock, including shares issuable upon the conversion of convertible preferred stock outstanding, except where the impact would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share: SCHEDULE OF BASIC AND DILUTED EARNING PER SHARE Six Months Ended Three Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator for basic earnings per share: Net Income (Loss) Attributable to Global Healthcare REIT, Inc. $ (430,724 ) $ 1,184,655 $ (678,780 ) $ 1,123,555 Series D Preferred Dividends (15,000 ) (15,000 ) (7,500 ) (7,500 ) Net Income (Loss) Attributable to Common Stockholders - Basic $ (445,724 ) $ 1,169,655 $ (686,280 ) $ 1,116,055 Denominator for basic earnings per share: Weighted Average Common Shares Outstanding 26,879,180 27,427,928 26,891,841 27,414,816 Denominator for diluted earnings per share: Weighted Average Common Shares Outstanding - Basic 26,879,180 27,427,928 26,891,841 27,414,816 Conversion of Series D Convertible Preferred Stock - 382,500 - 382,500 Weighted Average Common Shares Outstanding - Diluted 26,879,180 27,810,428 26,891,841 27,797,316 Net Income (Loss) per Share Attributable to Common Stockholders: Basic $ (0.02 ) $ 0.04 $ (0.03 ) $ 0.04 Diluted $ (0.02 ) $ 0.04 $ (0.03 ) $ 0.04 |
Fair Value Measurements | Fair Value Measurements The Company utilizes the methods of fair value measurement as described in ASC 820 to value its financial assets and liabilities. As defined in ASC 820, fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1 – Quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3 – Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company has no financial assets or financial liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2021. Our consolidated balance sheets include the following financial instruments: cash and cash equivalents, accounts receivable, restricted cash, accounts payable, debt and lease security deposit. We consider the carrying values of our short-term financial instruments to approximate fair value because they generally expose the Company to limited credit risk, because of the short period of time between origination of the financial assets and liabilities and their expected settlement, or because of their proximity to acquisition date fair values. The carrying value of debt approximates fair value based on borrowing rates currently available for debt of similar terms and maturities. Upon acquisition of real estate properties, the Company determines the total purchase price of each property and allocates this price based on the fair value of the tangible assets and intangible assets, if any, acquired and any liabilities assumed based on Level 3 inputs. These Level 3 inputs can include comparable sales values, discount rates, and capitalization rates from a third-party appraisal or other market sources. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF BASIC AND DILUTED EARNING PER SHARE | The following table sets forth the computation of basic and diluted earnings per share: SCHEDULE OF BASIC AND DILUTED EARNING PER SHARE Six Months Ended Three Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator for basic earnings per share: Net Income (Loss) Attributable to Global Healthcare REIT, Inc. $ (430,724 ) $ 1,184,655 $ (678,780 ) $ 1,123,555 Series D Preferred Dividends (15,000 ) (15,000 ) (7,500 ) (7,500 ) Net Income (Loss) Attributable to Common Stockholders - Basic $ (445,724 ) $ 1,169,655 $ (686,280 ) $ 1,116,055 Denominator for basic earnings per share: Weighted Average Common Shares Outstanding 26,879,180 27,427,928 26,891,841 27,414,816 Denominator for diluted earnings per share: Weighted Average Common Shares Outstanding - Basic 26,879,180 27,427,928 26,891,841 27,414,816 Conversion of Series D Convertible Preferred Stock - 382,500 - 382,500 Weighted Average Common Shares Outstanding - Diluted 26,879,180 27,810,428 26,891,841 27,797,316 Net Income (Loss) per Share Attributable to Common Stockholders: Basic $ (0.02 ) $ 0.04 $ (0.03 ) $ 0.04 Diluted $ (0.02 ) $ 0.04 $ (0.03 ) $ 0.04 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT | The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of June 30, 2021, and December 31, 2020, are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 Land $ 1,778,250 $ 1,778,250 Land Improvements 287,054 242,000 Buildings and Improvements 40,897,582 40,612,330 Furniture, Fixtures and Equipment 2,188,720 2,123,418 Construction in Progress 3,728,431 3,728,431 Property and Equipment, Gross 48,880,037 48,484,429 Less Accumulated Depreciation (9,537,328 ) (8,686,062 ) Less Impairment (1,560,000 ) (1,560,000 ) Property and Equipment, Net $ 37,782,709 $ 38,238,367 For the Six Months Ended June 30, 2021 2020 Depreciation Expense (excluding Intangible Assets) $ 851,266 $ 752,845 Cash Paid for Capital Expenditures $ 395,608 $ 185,590 |
INVESTMENTS IN DEBT SECURITIES
INVESTMENTS IN DEBT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES | At June 30, 2021 and December 31, 2020, the Company held investments in debt securities that were classified as held-to-maturity and carried at amortized costs. Held-to-maturity securities consisted of the following: SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES June 30, 2021 December 31, 2020 States and Municipalities $ 24,387 $ 24,387 |
DEBT AND DEBT - RELATED PARTI_2
DEBT AND DEBT - RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT INSTRUMENTS | The following is a summary of the Company’s debt outstanding as of June 30, 2021, and December 31, 2020: SCHEDULE OF DEBT INSTRUMENTS June 30, 2021 December 31, 2020 Senior Secured Promissory Notes $ 1,670,000 $ 1,695,000 Senior Secured Promissory Notes - Related Parties 975,000 975,000 Fixed-Rate Mortgage Loans 30,775,123 30,370,220 Variable-Rate Mortgage Loans 5,154,902 5,650,579 Other Debt, Current Note Payables 311,073 - Other Debt, Subordinated Secured 741,000 741,000 Other Debt, Subordinated Secured - Related Parties 150,000 150,000 Other Debt, Subordinated Secured - Seller Financing 108,153 125,394 Debt and Debt - Related Parties, gross 39,885,251 39,707,193 Unamortized Discount and Debt Issuance Costs (386,236 ) (455,827 ) Debt and Debt - Related Parties, net $ 39,499,015 $ 39,251,366 As presented in the Consolidated Balance Sheets: Current Maturities of Long Term Debt, Net $ 7,197,174 $ 19,299,156 Debt, Net 31,180,075 18,830,444 Debt - Related Parties, Net 1,121,766 1,121,766 |
SCHEDULE OF MORTGAGE LOAN DEBT | Mortgage loans and other debts such as line of credit here are collateralized by all assets of each nursing home property and an assignment of its rents. Collateral for certain mortgage loans includes the personal guarantee of Christopher Brogdon, formerly but no longer a related party, or corporate guarantees. Mortgage loans for the periods presented consisted of the following: SCHEDULE OF MORTGAGE LOAN DEBT Total Principal Outstanding as of State Number of Properties Total Face Amount June 30, 2021 December 31, 2020 Arkansas (1) 1 $ 5,000,000 $ 4,136,052 $ 4,618,006 Georgia (2) 5 $ 17,765,992 $ 16,914,048 $ 17,029,094 Ohio 1 $ 3,000,000 $ 2,748,393 $ 2,798,000 Oklahoma (3) 6 $ 12,378,599 $ 12,131,532 $ 11,575,699 13 $ 38,144,591 $ 35,930,025 $ 36,020,799 (1) The mortgage loan collateralized by this property is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. Guarantors under the mortgage loan include Christopher Brogdon. Mr. Brogdon has assumed operations of the facility and is making payments of principal and interest on the loan on our behalf in lieu of paying rent on the facility to us. During the six months ended June 30, 2021, the Company recognized other income of $ 481,954 for repayments on the loan. (2) The Company has refinanced two of its mortgages that would have matured in June and October of 2021 amounting to $ 2,961,167 and $ 3,289,595 , to extend their maturity dates to May 2024 for both. (3) The Company refinanced all three mortgages in July 2021, that would have matured in June and July of 2021 amounting to $ 2,065,969 and $ 750,000 , $ 500,000 |
SCHEDULE OF OTHER DEBT | Other debt due at June 30, 2021 and December 31, 2020 includes unsecured notes payable issued to entities controlled by the Company used to facilitate the acquisition of the nursing home properties. SCHEDULE OF OTHER DEBT Principal Outstanding at Property Face Amount June 30, 2021 December 31, 2020 Stated Interest Rate Maturity Date Goodwill Nursing Home $ 2,030,000 $ 741,000 $ 741,000 13% Fixed December 31, 2019 Goodwill Nursing Home – Related Party $ 150,000 150,000 150,000 13% Fixed December 31, 2019 Higher Call Nursing Center 150,000 108,153 125,394 8% Fixed April 1, 2024 $ 999,153 $ 1,016,394 |
SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS | Our corporate debt at June 30, 2021, and December 31, 2020 includes unsecured notes and notes secured by all assets of the Company not serving as collateral for other notes. SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS Principal Outstanding at Series Face Amount June 30, 2021 December 31, 2020 Stated Interest Rate Maturity Date 10% Senior Secured Promissory Note $ 25,000 $ 25,000 $ 25,000 10.0% Fixed December 31, 2018 11% Senior Secured Promissory Notes 1,670,000 1,645,000 1,670,000 11.0% Fixed October 31, 2021 11% Senior Secured Promissory Notes – Related Party 975,000 975,000 975,000 11.0% Fixed October 31, 2021 $ 2,645,000 $ 2,670,000 |
SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE | As of June 30, 2021 current maturities and principal reduction payments of all note payables listed above for the next five years and thereafter are as follows: SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE Twelve months Ending June 30, 2022 $ 8,358,095 2023 10,552,981 2024 6,256,031 2025 4,903,762 2026 523,385 2027 and after 9,050,997 Total $ 39,885,251 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF COMMON STOCK WARRANTS ACTIVITY | SCHEDULE OF COMMON STOCK WARRANTS ACTIVITY June 30, 2021 Number of Warrants Weighted Average Beginning Balance 2,756,000 $ 0.50 Issued - - Cancelled - - Exercised 100,000 0.50 Expired - - Ending Balance 2,656,000 $ 0.50 |
FACILITY LEASES (Tables)
FACILITY LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
SCHEDULE OF LEASING ARRANGEMENTS | The following table summarizes our leasing arrangements related to the Company’s healthcare facilities at June 30, 2021: SCHEDULE OF LEASING ARRANGEMENTS Facility Monthly Lease Income (1) Lease Expiration Renewal Option if any Warrenton (2) $ 54,101 - None Goodwill (3) $ 48,125 February 1, 2027 Term may be extended for one additional five-year term. Providence (4) $ 41,616 - None (1) Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease. (2) The Company served Notice of Termination to operator in January 2021. As per the Order issued by the Federal Bankruptcy Court, the current operator is to continue to make rental payments. See footnote 10. (3) The lease became effective on February 1, 2017, and the facility began generating rental revenue thereafter. (4) The Company served Notice of Termination to operator in January 2021. As per the Order issued by the Federal Bankruptcy Court, the current operator is to continue to make rental payments. See footnote 10. |
SCHEDULE OF FUTURE CASH PAYMENTS FOR RENT RECEIVED DURING INITIAL TERM OF LEASE | Future cash payments for rent to be received during the initial terms of the leases for the next five years and thereafter are as follows: SCHEDULE OF FUTURE CASH PAYMENTS FOR RENT RECEIVED DURING INITIAL TERM OF LEASE Years Remaining 6 months of 2021 $ 309,708 2022 626,808 2023 635,026 2024 643,401 2025 651,954 2026 and Thereafter 715,781 Total $ 3,582,678 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Segments | Schedule of Reporting Segments Statements of Operations Items for the Six Months Ended June 30, 2021 June 30, 2020 Real Estate Services Healthcare Services Consolidated Real Estate Services Healthcare Services Consolidated Rental Revenue $ 778,289 $ - 778,289 $ 1,144,605 $ - $ 1,144,605 Healthcare Revenue - 10,996,591 10,996,591 - 7,837,461 7,837,461 Total Revenue 778,289 10,996,591 11,774,880 1,144,605 7,837,461 8,982,066 Expenses Property Taxes, Insurance and Other Operating 827,130 7,372,836 8,199,966 296,149 419,621 715,770 General and Administrative 1,960,122 1,050,701 3,010,823 299,379 4,686,596 4,985,975 Provision for Bad Debts 16,133 - 16,133 - 263,890 263,890 Acquisition Costs - - - 28,654 - 28,654 Depreciation and Amortization 732,745 118,521 851,266 670,767 97,336 768,103 Total Expenses 3,536,130 8,542,058 12,078,188 1,294,949 5,467,443 6,762,392 Income (Loss) from Operations (2,757,841 ) 2,454,533 (303,308 ) (150,344 ) 2,370,018 2,219,674 Other (Income) Expense Interest Expense 1,187,872 5,852 1,193,724 1,010,360 106,211 1,116,571 Gain on Forgiveness of PPP Loan - (675,598 ) (675,598 ) - - - Other (Income) (401,360 ) - (401,360 ) (80,400 ) - (80,400 ) Total Other (Income) Expense 786,512 (669,746 ) 116,766 929,960 106,211 1,036,171 Net Income (Loss) (3,544,353 ) 3,124,279 (420,074 ) (1,080,304 ) 2,263,807 1,183,503 Net (Income) Loss Attributable to Noncontrolling Interests (10,650 ) - (10,650 ) 1,152 - 1,152 Net Income (Loss) Attributable to Selectis Health, Inc. $ (3,555,003 ) $ 3,124,279 $ (430,724 ) $ (1,079,152 ) $ 2,263,807 $ 1,184,655 Statements of Operations Items for the Three Months Ended June 30, 2021 June 30, 2020 Real Estate Services Healthcare Services Consolidated Real Estate Services Healthcare Services Consolidated Rental Revenue $ 387,903 $ - 387,903 $ 623,593 $ - $ 623,593 Healthcare Revenue - 5,624,134 5,624,134 - 4,506,872 4,506,872 Total Revenue 387,903 5,624,134 6,012,037 623,593 4,506,872 5,130,465 Expenses Property Taxes, Insurance and Other Operating 465,524 4,189,712 4,655,236 153,539 2,500,692 2,654,231 General and Administrative 456,591 455,905 912,496 147,579 225,128 372,707 Provision for Bad Debts (8,001 ) - (8,001 ) - 57,282 57,282 Acquisition Costs - - - 13,763 - 13,763 Depreciation and Amortization 379,434 70,809 450,243 335,408 45,477 380,885 Total Expenses 1,293,548 4,716,426 6,009,974 650,289 2,828,579 3,478,868 Income (Loss) from Operations (905,645 ) 907,708 2,063 (26,696 ) 1,678,293 1,651,597 Other (Income) Expense Interest Expense 644,329 5,852 650,181 532,597 78,704 611,301 Other (Income) Expense 30,662 - 30,662 (80,400 ) - (80,400 ) Total Other (Income) Expense 674,991 5,852 680,843 452,197 78,704 530,901 Net Income (Loss) (1,580,636 ) 901,856 (678,780 ) (478,893 ) 1,599,589 1,120,696 Net (Income) Loss Attributable to Noncontrolling Interests - - - 2,859 - 2,859 Net Income (Loss) Attributable to Selectis Health, Inc. $ (1,580,636 ) $ 901,856 $ (678,780 ) $ (476,034 ) $ 1,599,589 $ 1,123,555 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 642,389 | $ (1,409,936) | ||
Working capital deficit | $ 4,700,000 | 4,700,000 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 686,280 | $ (1,116,055) | $ 445,724 | $ (1,169,655) |
SCHEDULE OF BASIC AND DILUTED E
SCHEDULE OF BASIC AND DILUTED EARNING PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Net Income (Loss) Attributable to Global Healthcare REIT, Inc. | $ (678,780) | $ 1,123,555 | $ (430,724) | $ 1,184,655 |
Series D Preferred Dividends | (7,500) | (7,500) | (15,000) | (15,000) |
Net Income (Loss) Attributable to Common Stockholders | $ (686,280) | $ 1,116,055 | $ (445,724) | $ 1,169,655 |
Weighted Average Common Shares Outstanding | 26,891,841 | 27,414,816 | 26,879,180 | 27,427,928 |
Weighted Average Common Shares Outstanding - Basic | 26,891,841 | 27,414,816 | 26,879,180 | 27,427,928 |
Conversion of Series D Convertible Preferred Stock | 382,500 | 382,500 | ||
Weighted Average Common Shares Outstanding - Diluted | 26,891,841 | 27,797,316 | 26,879,180 | 27,810,428 |
Basic | $ (0.03) | $ 0.04 | $ (0.02) | $ 0.04 |
Diluted | $ (0.03) | $ 0.04 | $ (0.02) | $ 0.04 |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 48,880,037 | $ 48,484,429 | |
Less Accumulated Depreciation | (9,537,328) | (8,686,062) | |
Less Impairment | (1,560,000) | (1,560,000) | |
Property and Equipment, Net | 37,782,709 | 38,238,367 | |
Depreciation Expense (excluding Intangible Assets) | 851,266 | $ 752,845 | |
Cash Paid for Capital Expenditures | 395,608 | $ 185,590 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 1,778,250 | 1,778,250 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 287,054 | 242,000 | |
Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 40,897,582 | 40,612,330 | |
Furniture Fixtures And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 2,188,720 | 2,123,418 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 3,728,431 | $ 3,728,431 |
SCHEDULE OF INVESTMENTS IN MARK
SCHEDULE OF INVESTMENTS IN MARKETABLE SECURITIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Schedule of Investments in Marketable Securities | $ 24,387 | $ 24,387 |
State and Municipal [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Schedule of Investments in Marketable Securities | $ 24,387 | $ 24,387 |
INVESTMENTS IN DEBT SECURITIE_2
INVESTMENTS IN DEBT SECURITIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Contractual maturity of held-to-maturity securities period description | Contractual maturity of held-to-maturity securities at June 30, 2021, is $24,387, all due in one year or less |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | $ 24,387 |
SCHEDULE OF DEBT INSTRUMENTS (D
SCHEDULE OF DEBT INSTRUMENTS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | $ 39,885,251 | $ 39,707,193 |
Unamortized Discount and Debt Issuance Costs | (386,236) | (455,827) |
Debt and Debt - Related Parties, net | 39,499,015 | 39,251,366 |
Current Maturities of Long Term Debt, Net | 7,197,174 | 19,299,156 |
Debt, Net | 31,180,075 | 18,830,444 |
Debt - Related Parties, Net | 1,121,766 | 1,121,766 |
Senior Secured Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 1,670,000 | 1,695,000 |
Related Parties [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 975,000 | 975,000 |
Fixed Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 30,775,123 | 30,370,220 |
Variable Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 5,154,902 | 5,650,579 |
Other Debt Current Note Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 311,073 | |
Other Debt, Subordinated Secured [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 741,000 | 741,000 |
Other Debt, Subordinated Secured - Related Parties [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | 150,000 | 150,000 |
Other Debt, Subordinated Secured - Seller Financing [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Debt - Related Parties, gross | $ 108,153 | $ 125,394 |
SCHEDULE OF MORTGAGE LOAN DEBT
SCHEDULE OF MORTGAGE LOAN DEBT (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)Integer | ||
Short-term Debt [Line Items] | ||||
Long-term Debt, Gross | $ 2,670,000 | $ 2,645,000 | ||
Mortgage Loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Number of Properties | Integer | 13 | |||
Face Amount | $ 38,144,591 | |||
Long-term Debt, Gross | $ 36,020,799 | 35,930,025 | ||
USDA guaranteed rate | 80.00% | |||
Annual renewal fee payable | 0.25% | |||
Three Mortgages [Member] | ||||
Short-term Debt [Line Items] | ||||
Face Amount | $ 2,065,969 | |||
Three Mortgages [Member] | Forecast [Member] | ||||
Short-term Debt [Line Items] | ||||
Face Amount | $ 500,000 | |||
ARKANSAS | Mortgage Loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Number of Properties | Integer | [1] | 1 | ||
Face Amount | [1] | $ 5,000,000 | ||
Long-term Debt, Gross | [1] | $ 4,618,006 | $ 4,136,052 | |
GEORGIA | Mortgage Loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Number of Properties | Integer | [2] | 5 | ||
Face Amount | [2] | $ 17,765,992 | ||
Long-term Debt, Gross | [2] | 17,029,094 | $ 16,914,048 | |
OHIO | Mortgage Loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Number of Properties | Integer | 1 | |||
Face Amount | $ 3,000,000 | |||
Long-term Debt, Gross | 2,798,000 | $ 2,748,393 | ||
OKLAHOMA | Mortgage Loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Number of Properties | Integer | [3] | 6 | ||
Face Amount | [3] | $ 12,378,599 | ||
Long-term Debt, Gross | [3] | $ 11,575,699 | $ 12,131,532 | |
[1] | of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. | |||
[2] | The Company has refinanced two of its mortgages that would have matured in June and October of 2021 amounting to $ | |||
[3] | The Company refinanced all three mortgages in July 2021, that would have matured in June and July of 2021 amounting to $ |
SCHEDULE OF MORTGAGE LOAN DEB_2
SCHEDULE OF MORTGAGE LOAN DEBT (Details) (Parenthetical) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Oct. 31, 2021 | Sep. 30, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | |
Mortgage Loans [Member] | |||||
Short-term Debt [Line Items] | |||||
Mortgage loan description | The mortgage loan collateralized by this property is | ||||
Repayments of Debt | $ 481,954 | ||||
Debt Instrument, Face Amount | $ 38,144,591 | ||||
Two Mortgages [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Face Amount | 2,961,167 | ||||
Two Mortgages [Member] | Forecast [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Face Amount | $ 3,289,595 | ||||
Three Mortgages [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Face Amount | $ 2,065,969 | ||||
Three Mortgages [Member] | Subsequent Event [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Face Amount | $ 750,000 | ||||
Three Mortgages [Member] | Forecast [Member] | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Face Amount | $ 500,000 |
SCHEDULE OF OTHER DEBT (Details
SCHEDULE OF OTHER DEBT (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 2,645,000 | $ 2,670,000 |
Other Debt [Member] | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Gross | 999,153 | 1,016,394 |
Goodwill Nursing Home [Member] | Other Debt [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | 2,030,000 | |
Long-term Debt, Gross | $ 741,000 | 741,000 |
Debt Instrument, Interest Rate Terms | 13% Fixed | |
Debt Instrument, Maturity Date | Dec. 31, 2019 | |
Goodwill Nursing Home - Related Party [Member] | Other Debt [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | $ 150,000 | |
Long-term Debt, Gross | $ 150,000 | 150,000 |
Debt Instrument, Interest Rate Terms | 13% Fixed | |
Debt Instrument, Maturity Date | Dec. 31, 2019 | |
Higher Call Nursing Center [Member] | Other Debt [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | $ 150,000 | |
Long-term Debt, Gross | $ 108,153 | $ 125,394 |
Debt Instrument, Interest Rate Terms | 8% Fixed | |
Debt Instrument, Maturity Date | Apr. 1, 2024 |
SCHEDULE OF UNSECURED NOTES AND
SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 2,645,000 | $ 2,670,000 |
10% Senior Secured Promissory Note [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | 25,000 | |
Long-term Debt, Gross | $ 25,000 | 25,000 |
Debt Instrument, Interest Rate Terms | 10.0% Fixed | |
Debt Instrument, Maturity Date | Dec. 31, 2018 | |
11% Senior Secured Promissory Note [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | $ 1,670,000 | |
Long-term Debt, Gross | $ 1,645,000 | 1,670,000 |
Debt Instrument, Interest Rate Terms | 11.0% Fixed | |
Debt Instrument, Maturity Date | Oct. 31, 2021 | |
11% Senior Secured Promissory Notes - Related Party [Member] | ||
Short-term Debt [Line Items] | ||
Face Amount | $ 975,000 | |
Long-term Debt, Gross | $ 975,000 | $ 975,000 |
Debt Instrument, Interest Rate Terms | 11.0% Fixed | |
Debt Instrument, Maturity Date | Oct. 31, 2021 |
SCHEDULE OF FUTURE MATURITIES O
SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE (Details) | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 8,358,095 |
2023 | 10,552,981 |
2024 | 6,256,031 |
2025 | 4,903,762 |
2026 | 523,385 |
2027 and after | 9,050,997 |
Total | $ 39,885,251 |
DEBT AND DEBT - RELATED PARTI_3
DEBT AND DEBT - RELATED PARTIES (Details Narrative) - USD ($) | Jun. 16, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Senior Secured Notes [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 31, 2021 | ||
Senior Secured Notes [Member] | Minimum [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||
Senior Secured Notes [Member] | Maximum [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ||
PPP Loan [Member] | |||
Short-term Debt [Line Items] | |||
Proceeds from Loans | $ 675,598 | ||
Fixed Income Interest Rate [Member] | |||
Short-term Debt [Line Items] | |||
Debt, Weighted Average Interest Rate | 4.67% | ||
Debt Instrument, Term | 7 years 3 months 18 days | ||
Variable Income Interest Rate [Member] | |||
Short-term Debt [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.90% | ||
Debt Instrument, Term | 16 years 7 months 13 days |
SCHEDULE OF COMMON STOCK WARRAN
SCHEDULE OF COMMON STOCK WARRANTS ACTIVITY (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Number of Warrants Beginning Balance | shares | 2,756,000 |
Weighted Average Exercise Price Beginning Balance | $ / shares | $ 0.50 |
Number of Warrants Issued | shares | |
Weighted Average Exercise Price Issued | $ / shares | |
Number of Warrants Cancelled | shares | |
Weighted Average Exercise Price Cancelled | $ / shares | |
Number of Warrants Exercised | shares | 100,000 |
Weighted Average Exercise Price Exercised | $ / shares | $ 0.50 |
Number of Warrants Expired | shares | |
Weighted Average Exercise Price Expired | $ / shares | |
Number of Warrants Ending Balance | shares | 2,656,000 |
Weighted Average Exercise Price Ending Balance | $ / shares | $ 0.50 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
May 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 22,500 | $ 15,000 | ||||||
Dividends, Preferred Stock | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 15,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 30,000 | |||||||
Stock-based compensation | $ 18,900 | $ (8,750) | ||||||
Purchased remaining non-controlling interest | $ 60,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 150,000 | $ 150,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 600,000 | 600,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0.36 | |||||||
Warrant [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,756,000 | 2,756,000 | 2,756,000 | |||||
Weighted average exercise price for warrant | $ 0.50 | $ 0.50 | $ 0.50 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 months 1 day | 11 months 4 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 292,160 | $ 292,160 | $ 82,680 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 100,000 | |||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsShares] | 28,570 | |||||||
Series D Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 22,500 |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Mr. Neuman [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Value, Issued for Services | $ 81,576 | $ 9,900 |
SCHEDULE OF LEASING ARRANGEMENT
SCHEDULE OF LEASING ARRANGEMENTS (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($) | ||
Warrenton [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Monthly Lease Income | $ 54,101 | [1],[2] |
Lease Renewal Option | None | [1] |
Goodwill [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Monthly Lease Income | $ 48,125 | [1],[3] |
Lease Renewal Option | Term may be extended for one additional five-year term. | [3] |
Lease Expiration Date | Feb. 1, 2027 | [3] |
Providence [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Monthly Lease Income | $ 41,616 | [1],[4] |
Lease Renewal Option | None | [4] |
[1] | Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease. | |
[2] | The Company served Notice of Termination to operator in January 2021. As per the Order issued by the Federal Bankruptcy Court, the current operator is to continue to make rental payments. See footnote 10. | |
[3] | The lease became effective on February 1, 2017, and the facility began generating rental revenue thereafter. | |
[4] | The Company served Notice of Termination to operator in January 2021. As per the Order issued by the Federal Bankruptcy Court, the current operator is to continue to make rental payments. See footnote 10. |
SCHEDULE OF FUTURE CASH PAYMENT
SCHEDULE OF FUTURE CASH PAYMENTS FOR RENT RECEIVED DURING INITIAL TERM OF LEASE (Details) | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Remaining 6 months of 2021 | $ 309,708 |
2022 | 626,808 |
2023 | 635,026 |
2024 | 643,401 |
2025 | 651,954 |
2026 and Thereafter | 715,781 |
Total | $ 3,582,678 |
Schedule of Reporting Segments
Schedule of Reporting Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||||
Total Revenue | $ 6,012,037 | $ 5,130,465 | $ 11,774,880 | $ 8,982,066 | ||
Property Taxes, Insurance and Other Operating | 4,655,236 | 2,654,231 | 8,199,966 | 4,985,975 | ||
General and Administrative | 912,496 | 372,707 | 3,010,823 | 715,770 | ||
Provision for Bad Debts | (8,001) | 57,282 | 16,133 | 263,890 | ||
Acquisition Costs | 13,763 | 28,654 | ||||
Depreciation and Amortization | 450,243 | 380,885 | 851,266 | 768,103 | ||
Total Expenses | 6,009,974 | 3,478,868 | 12,078,188 | 6,762,392 | ||
Income (Loss) from Operations | 2,063 | 1,651,597 | (303,308) | 2,219,674 | ||
Interest Expense | 650,181 | 611,301 | 1,193,724 | 1,116,571 | ||
Gain on Forgiveness of PPP Loan | 675,598 | |||||
Other (Income) Expense | 30,662 | (401,360) | ||||
Total Other (Income) Expense | 680,843 | 530,901 | 116,766 | 1,036,171 | ||
Net Income (Loss) | (678,780) | $ 258,706 | 1,120,696 | $ 62,807 | (420,074) | 1,183,503 |
Net (Income) Loss Attributable to Noncontrolling Interests | (2,859) | 10,650 | (1,152) | |||
Net Income (Loss) Attributable to Selectis Health, Inc. | (678,780) | 1,123,555 | (430,724) | 1,184,655 | ||
Rental Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 387,903 | 623,593 | 778,289 | 1,144,605 | ||
Health Care Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 5,624,134 | 4,506,872 | 10,996,591 | 7,837,461 | ||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 6,012,037 | 5,130,465 | 11,774,880 | 8,982,066 | ||
Property Taxes, Insurance and Other Operating | 4,655,236 | 2,654,231 | 8,199,966 | 715,770 | ||
General and Administrative | 912,496 | 372,707 | 3,010,823 | 4,985,975 | ||
Provision for Bad Debts | (8,001) | 57,282 | 16,133 | 263,890 | ||
Acquisition Costs | 13,763 | 28,654 | ||||
Depreciation and Amortization | 450,243 | 380,885 | 851,266 | 768,103 | ||
Total Expenses | 6,009,974 | 3,478,868 | 12,078,188 | 6,762,392 | ||
Income (Loss) from Operations | 2,063 | 1,651,597 | (303,308) | 2,219,674 | ||
Interest Expense | 650,181 | 611,301 | 1,193,724 | 1,116,571 | ||
Gain on Forgiveness of PPP Loan | (675,598) | |||||
Other (Income) Expense | 30,662 | (80,400) | (401,360) | (80,400) | ||
Total Other (Income) Expense | 680,843 | 530,901 | 116,766 | 1,036,171 | ||
Net Income (Loss) | (678,780) | 1,120,696 | (420,074) | 1,183,503 | ||
Net (Income) Loss Attributable to Noncontrolling Interests | 2,859 | (10,650) | 1,152 | |||
Net Income (Loss) Attributable to Selectis Health, Inc. | (678,780) | 1,123,555 | (430,724) | 1,184,655 | ||
Operating Segments [Member] | Rental Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 387,903 | 623,593 | 778,289 | 1,144,605 | ||
Operating Segments [Member] | Health Care Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 5,624,134 | 4,506,872 | 10,996,591 | 7,837,461 | ||
Operating Segments [Member] | Real Estate Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 387,903 | 623,593 | 778,289 | 1,144,605 | ||
Property Taxes, Insurance and Other Operating | 465,524 | 153,539 | 827,130 | 296,149 | ||
General and Administrative | 456,591 | 147,579 | 1,960,122 | 299,379 | ||
Provision for Bad Debts | (8,001) | 16,133 | ||||
Acquisition Costs | 13,763 | 28,654 | ||||
Depreciation and Amortization | 379,434 | 335,408 | 732,745 | 670,767 | ||
Total Expenses | 1,293,548 | 650,289 | 3,536,130 | 1,294,949 | ||
Income (Loss) from Operations | (905,645) | (26,696) | (2,757,841) | (150,344) | ||
Interest Expense | 644,329 | 532,597 | 1,187,872 | 1,010,360 | ||
Gain on Forgiveness of PPP Loan | ||||||
Other (Income) Expense | 30,662 | (80,400) | (401,360) | (80,400) | ||
Total Other (Income) Expense | 674,991 | 452,197 | 786,512 | 929,960 | ||
Net Income (Loss) | (1,580,636) | (478,893) | (3,544,353) | (1,080,304) | ||
Net (Income) Loss Attributable to Noncontrolling Interests | 2,859 | (10,650) | 1,152 | |||
Net Income (Loss) Attributable to Selectis Health, Inc. | (1,580,636) | (476,034) | (3,555,003) | (1,079,152) | ||
Operating Segments [Member] | Real Estate Services [Member] | Rental Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 387,903 | 623,593 | 778,289 | 1,144,605 | ||
Operating Segments [Member] | Real Estate Services [Member] | Health Care Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | ||||||
Operating Segments [Member] | Health Care Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | 5,624,134 | 4,506,872 | 10,996,591 | 7,837,461 | ||
Property Taxes, Insurance and Other Operating | 4,189,712 | 2,500,692 | 7,372,836 | 419,621 | ||
General and Administrative | 455,905 | 225,128 | 1,050,701 | 4,686,596 | ||
Provision for Bad Debts | 57,282 | 263,890 | ||||
Acquisition Costs | ||||||
Depreciation and Amortization | 70,809 | 45,477 | 118,521 | 97,336 | ||
Total Expenses | 4,716,426 | 2,828,579 | 8,542,058 | 5,467,443 | ||
Income (Loss) from Operations | 907,708 | 1,678,293 | 2,454,533 | 2,370,018 | ||
Interest Expense | 5,852 | 78,704 | 5,852 | 106,211 | ||
Gain on Forgiveness of PPP Loan | (675,598) | |||||
Other (Income) Expense | ||||||
Total Other (Income) Expense | 5,852 | 78,704 | (669,746) | 106,211 | ||
Net Income (Loss) | 901,856 | 1,599,589 | 3,124,279 | 2,263,807 | ||
Net (Income) Loss Attributable to Noncontrolling Interests | ||||||
Net Income (Loss) Attributable to Selectis Health, Inc. | 901,856 | 1,599,589 | 3,124,279 | 2,263,807 | ||
Operating Segments [Member] | Health Care Services [Member] | Rental Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | ||||||
Operating Segments [Member] | Health Care Services [Member] | Health Care Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenue | $ 5,624,134 | $ 4,506,872 | $ 10,996,591 | $ 7,837,461 |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) | 6 Months Ended |
Jun. 30, 2021Integer | |
Segment Reporting [Abstract] | |
Number of primary reporting segments | 2 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] $ / shares in Units, shares in Millions | Jul. 09, 2021USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Proceeds from Issuance of Private Placement | $ | $ 750,000 |
Sale of Stock, Number of Shares Issued in Transaction | shares | 1.5 |
Sale of Stock, Price Per Share | $ / shares | $ 0.50 |