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Selectis Health, Inc.(GBCS) and its subsidiaries have released their consolidated financial statements for the year ended December 31, 2022, revealing a challenging financial year for the company. The financial data shows a net loss of $2.4 million, and revenue reached $40.6 million during the same period.
Let's take a closer look at the key financial figures and factors contributing to the company's performance in 2022.
During the twelve months ended December 31, 2022, Selectis Health, Inc. recorded a net loss of $2.4 million. This significant loss reflects the company's challenges and the competitive landscape in the healthcare sector during the reporting period.
Revenue
Despite facing headwinds, Selectis Health, Inc. managed to generate total revenue of $40.6 million in 2022. The revenue was derived from various sources, including $36.7 million from healthcare revenue, $3.3 million from healthcare grant revenue, and $591,808 from rental revenue.
Overview
The financial statements show that Selectis Health, Inc. had total assets of $42.5 million as of December 31, 2022, compared to $46.9 million at the end of the previous year. The company's current assets, which include cash and cash equivalents, accounts receivable, prepaid expenses, and investments in debt securities, amounted to $4.96 million. Additionally, long-term assets, such as property and equipment, and goodwill, were valued at $36.5 million.
On the liabilities side, Selectis Health, Inc. reported total liabilities of $41.5 million at the end of 2022. Current liabilities, which include accounts payable, accrued liabilities, short-term debt, and other current liabilities, were recorded at $6.8 million. Furthermore, long-term liabilities, including debt-related parties and lease security deposit, totaled $34.4 million.
The company's equity section showed a total of $952,835, with common stock, preferred stock, and additional paid-in capital contributing to the equity value. Accumulated deficit stands at $13.7 million.
Despite the challenging financial landscape, Selectis Health, Inc. continues to explore growth opportunities and address its financial obligations effectively. The management remains optimistic about implementing strategic measures to enhance revenue and mitigate losses moving forward.