Rennova Health's Response to COVID-19

Financials

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 103,280 $ 724,524
Accounts receivable, net 2,097,957 2,079,288
Receivable from related party 501,786 374,473
Inventory 291,277 280,513
Prepaid expenses and other current assets 99,662 121,879
Income tax refunds receivable 1,139,226 1,139,226
Total current assets 4,233,188 4,719,903
Property and equipment, net 4,513,266 4,630,090
Intangible asset 259,443 259,443
Investment 9,016,072 9,016,072
Deposits 197,814 187,814
Right-of-use assets 793,862 821,274
Total assets 19,013,645 19,634,596
Current liabilities:    
Accounts payable (includes related party amounts of $0.3 million and $0.3 million, respectively) 12,869,464 12,135,237
Accrued expenses (includes related party amounts of $0.4 million and $0.3 million, respectively) 15,960,304 15,499,935
Income taxes payable 1,337,342 1,337,342
Current portion of notes payable 3,399,582 4,667,819
Current portion of note payable, related party 2,877,000 2,127,000
Current portion of debentures 8,222,240 8,222,240
Current portion of right-of-use operating lease obligations 247,017 247,017
Current portion of finance lease obligation 220,461 220,461
Derivative liabilities 455,336 455,336
Current liabilities of discontinued operations 1,447,153 1,449,476
Total current liabilities 47,035,899 46,361,863
Other liabilities:    
Right-of-use operating lease obligations, net of current portion 546,845 574,257
Total liabilities 47,582,744 46,936,120
Commitments and contingencies
Stockholders’ deficit:    
Common stock, $0.0001 par value, 250,000,000,000 shares authorized, 17,177,190 and 4,244,700 shares issued and outstanding, respectively 1,717 424
Additional paid-in-capital 1,479,009,395 1,342,085,957
Accumulated deficit (1,507,600,667) (1,369,408,356)
Total stockholders’ deficit (28,569,099) (27,301,524)
Total liabilities and stockholders’ deficit 19,013,645 19,634,596
Series F Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value 17,500 17,500
Series H Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value
Series L Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value 2,500 2,500
Series M Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value 208 208
Series N Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value 53 59
Series O Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value 99 99
Series P Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value $ 96 $ 85

Source

v3.22.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Net revenues $ 1,144,520 $ (650,692)
Operating expenses:    
Direct costs of revenues 1,374,643 1,597,098
General and administrative expenses 1,572,336 2,790,479
Depreciation and amortization 116,824 185,224
Total operating expenses 3,063,803 4,572,801
Loss from continuing operations before other income (expense) and income taxes (1,919,283) (5,223,493)
Other income (expense):    
Other income, net 274,088 2,468,789
Interest expense (620,937) (912,624)
Total other income (expense), net (346,849) 1,556,165
Net loss from continuing operations before income taxes (2,266,132) (3,667,328)
(Provision) benefit from income taxes
Net loss from continuing operations (2,266,132) (3,667,328)
Net loss from discontinued operations (1,434) (226,666)
Net loss (2,267,566) (3,893,994)
Deemed dividends (135,924,745) (50,358,149)
Net loss available to common stockholders $ (138,192,311) $ (54,252,143)
Net loss per share of common stock available to common stockholders - basic and diluted:    
Continuing operations $ (28.71) $ (2,161,019.08)
Discontinued operations (0.00) (9,066.64)
Total basic and diluted $ (28.71) $ (2,170,085.72)
Weighted average number of shares of common stock outstanding during the period:    
Basic and diluted 4,812,754 25

Source

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss from continuing operations $ (2,266,132) $ (3,667,328)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 116,824 185,224
Amortization of debt discount 4,795
Other income from forgiveness of PPP notes payable (334,819)
(Gain) loss from legal settlements (5,282) 8,860
Other income from federal government provider relief funds (2,490,783)
Loss from discontinued operations (1,434) (226,666)
Changes in operating assets and liabilities:    
Accounts receivable 140,155 1,301,871
Inventory (10,764) (17,259)
Prepaid expenses and other current assets 22,217 38,952
Security deposits (10,000) 501
Change in right-of-use assets 27,412 41,526
Accounts payable 734,227 1,621,906
Accrued expenses 465,651 2,093,145
Change in right-of-use operating lease obligations (27,412) (41,526)
Net cash used in operating activities of continuing operations (1,149,357) (1,146,782)
Net cash (used in) provided by operating activities of discontinued operations (2,323) 33,210
Net cash used in operating activities (1,151,680) (1,113,572)
Cash flows from investing activities:    
Net cash used in investing activities
Cash flows from financing activities:    
Proceeds from the issuances of notes payable 745,000
Proceeds from issuance of related party note payable and advances 750,000 530,000
Payments on notes payable (933,418) (24,276)
Receivable from related party (127,313)
Receivables paid under accounts receivable sales agreements (158,824) (151,198)
Proceeds from issuances of Series P Preferred Stock 1,000,000
Cash paid for fractional shares in connection with reverse stock splits (9)
Net cash provided by financing activities of continuing operations 530,436 1,099,526
Net cash provided by financing activities of discontinued operations 60,402
Net cash provided by financing activities 530,436 1,159,928
Net change in cash (621,244) 46,356
Cash at beginning of period 724,524 25,353
Cash at end of period $ 103,280 $ 71,709

Source