52 results
10-K
2023 FY
GBNH
Greenbrook TMS Inc
25 Apr 24
Annual report
6:36pm
The following table summarizes our results of operations for the periods indicated. The selected consolidated financial information set out below has been derived from our audited consolidated financial statements, and should be read in conjunction with those financial statements and the related notes thereto. In addition, we note that the results presented below may not be indicative of our results in future periods as a result of the recently announced Restructuring Plan (as described above).
| | | | |
(audited) ($) | Fiscal 2023 | Fiscal 2022 | ||
Total revenue(1) | | 73,786,778 | | 66,825,959 |
| | | | |
Direct center and patient care costs | 53,765,678 | 42,137,465 | ||
Regional employee compensation | 18,106,033 | 16,651,595 | ||
Regional marketing expenses | 1,944,745 | 10,807,453 | ||
Depreciation | 2,703,186 | 3,510,611 | ||
Total direct center and regional costs | 76,519,642 | 73,107,124 | ||
Regional operating loss | (2,732,864) | (6,281,165) | ||
Center development costs | 525,782 | 660,356 | ||
Corporate employee compensation | 15,941,141 | 16,185,688 | ||
Corporate marketing expenses | 170,837 | 628,145 | ||
Financing costs | 678,347 | 1,265,225 | ||
Other corporate, general and administrative expenses | 12,769,567 | 7,445,166 | ||
Share-based compensation | 726,679 | 347,787 | ||
Amortization | 66,192 | 1,358,212 | ||
Interest expense | 12,048,071 | 5,979,829 | ||
Interest income | (231) | (12,250) | ||
Loss on extinguishment of loan | 14,274 | 2,331,917 | ||
Loss on settlements | 3,295,904 | — | ||
Impairment loss | 285,390 | 45,834,688 | ||
Loss before income taxes | (49,254,817) | (88,305,928) | ||
Income tax expense | — | — | ||
Loss for the year and comprehensive loss | (49,254,817) | (88,305,928) | ||
Income (loss) attributable to non-controlling interest | (340,755) | (634,812) | ||
Loss attributable to the common shareholders of Greenbrook | (48,914,062) | (87,671,116) | ||
Net loss per share (basic and diluted) | (1.25) | (3.77) |
10-K
2023 FY
GBNH
Greenbrook TMS Inc
25 Apr 24
Annual report
6:36pm
The following table details the compensation information for the fiscal years ended December 31, 2023 and December 31, 2022 of the Company for each of our NEOs, as determined pursuant to the SEC’s disclosure requirements for executive compensation in Item 402 of Regulation S-K. All amounts presented are as recorded in U.S. dollars.
| | | | | | | | | | | | | | | | | |
| | | | Bonus | Option | All Other | | | |||||||||
Name and Principal Position | | Year | | Salary | | (6) | | Awards (1) | | Compensation | | Total | |||||
Bill Leonard Chief Executive Officer and President | 2023 | | $ | 475,000 | | — | | $ | 66,000 | | $ | 15,094 | (2) | $ | 556,094 | ||
| 2022 | | $ | 468,750 | | — | | — | | — | | $ | 468,750 | ||||
Peter Willett(4)(5) Chief Financial Officer | 2023 | | $ | 251,767 | | — | | $ | 49,500 | | — | | $ | 301,267 | |||
| 2022 | | $ | 172,555 | | $ | 20,000 | | — | | — | | $ | 192,555 | |||
Geoffrey Grammer Chief Medical Officer | 2023 | | $ | 300,000 | | — | | $ | 50,700 | | $ | 10,500 | | $ | 361,200 | ||
| 2022 | | $ | 293,750 | | — | | — | | $ | 10,281 | (3) | $ | 304,031 | |||
Erns Loubser(4)(5) Chief Financial Officer (Former) | 2023 | | $ | 283,234 | | — | | $ | 66,000 | | — | | $ | 349,234 | |||
| 2022 | | $ | 315,000 | | — | | — | | — | | $ | 315,000 |
10-K
2023 FY
GBNH
Greenbrook TMS Inc
25 Apr 24
Annual report
6:36pm
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Non- | | | | |
| | | | | controlling | Total | |||||||||||
| | Common shares | | Contributed | | | | | interest | | equity | ||||||
Year ended December 31, 2023 | Number | Amount | surplus | Deficit | (note 24) | (deficit) | |||||||||||
Balance, December 31, 2022 | 29,436,545 | | $ | 114,120,362 | | $ | 4,552,067 | | $ | (175,007,144) | | $ | (2,777,127) | | $ | (59,111,842) | |
Net comprehensive loss for the year | — | | — | | — | | (48,914,062) | | (340,755) | | (49,254,817) | ||||||
Issuance of common shares (note 15) | 13,337,466 | | 6,620,699 | | — | | — | | — | | 6,620,699 | ||||||
Share-based compensation (note 16) | — | | — | | 726,679 | | — | | — | | 726,679 | ||||||
Issuance of lender warrants | | — | | | — | | | 79,132 | | | — | | | — | | | 79,132 |
Gain on extinguishment of shareholder loan | | — | | | — | | | 39,822 | | | — | | | — | | | 39,822 |
Acquisition of subsidiary non-controlling interest (note 24) | — | | — | | — | | (253,764) | | 253,251 | | (513) | ||||||
Distribution to non-controlling interest | | — | | | — | | | — | | | — | | | (46,950) | | | (46,950) |
Balance, December 31, 2023 | 42,774,011 | | $ | 120,741,061 | | $ | 5,397,700 | | $ | (224,174,970) | | $ | (2,911,581) | | $ | (100,947,790) |
10-K
2023 FY
GBNH
Greenbrook TMS Inc
25 Apr 24
Annual report
6:36pm
| | | |
| Total | ||
Cost | | ||
Balance, December 31, 2021 | | $ | 6,750,107 |
Additions (note 5) | | 15,328,219 | |
| | | |
Balance, December 31, 2022 | | 22,078,326 | |
Additions | | — | |
| | | |
Balance, December 31, 2023 | | $ | 22,078,326 |
| | | |
Impairment | | ||
| | | |
Balance, December 31, 2021 | | $ | — |
Impairment (note 7(c)) | | (22,078,326) | |
| | | |
Balance, December 31, 2022 | | (22,078,326) | |
Impairment | | — | |
| | | |
Balance, December 31, 2023 | | $ | (22,078,326) |
| | | |
Net book value | | ||
| | | |
Balance, December 31, 2022 | | $ | — |
Balance, December 31, 2023 | | — |
10-K
2023 FY
GBNH
Greenbrook TMS Inc
25 Apr 24
Annual report
6:36pm
| | | | | | |
| December 31, | December 31, | ||||
| | 2023 | | 2022 | ||
| | | | | | |
Finance right-of-use assets, beginning of the year | | $ | 19,348,091 | | $ | 13,741,292 |
Impact of lease additions, disposals and/or modifications | | (13,445,535) | | 2,734,561 | ||
Additions through business combinations (note 5) | | — | | 7,314,499 | ||
Exercise of buy-out options into property, plant and equipment | | (1,914,141) | | (1,496,254) | ||
Depreciation on right-of-use assets | | (1,848,077) | | (2,946,007) | ||
| | | | | | |
Finance right-of-use assets, end of the year | | $ | 2,140,338 | | 19,348,091 |
10-K
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