Rennova Health's Response to COVID-19

Financials

v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 71,709 $ 25,353
Accounts receivable, net 499,454
Inventory 462,674 445,415
Prepaid expenses and other current assets 109,570 148,522
Income tax refunds receivable 1,139,226 1,420,251
Current assets of discontinued operations classified as held for sale 147,807 184,510
Total current assets 1,930,986 2,723,505
Property and equipment, net 7,623,326 7,814,435
Intangibles, net 259,443 259,443
Deposits 263,120 263,621
Right-of-use assets 958,746 1,000,272
Non-current assets of discontinued operations classified as held for sale 177,549 200,815
Total assets 11,213,170 12,262,091
Current liabilities:    
Accounts payable (includes related parties amount of $0.4 million and $0.3 million, respectively) 15,708,799 14,251,851
Checks issued in excess of bank account balance 249,718 84,760
Accrued expenses (includes related party amount of $0.3 million and $0.2 million, respectively) 19,392,124 19,135,569
Income taxes payable 1,157,812 1,438,837
Current portion of notes payable 5,993,895 4,786,976
Current portion of note payable, related party 2,627,000 2,097,000
Current portion of finance lease obligations 249,985 249,985
Current portion of debentures 12,690,539 12,690,539
Current portion of right-of-use operating lease obligations 195,454 172,952
Derivative liabilities 455,336 455,336
Current liabilities of discontinued operations classified as held for sale 3,843,955 3,814,245
Total current liabilities 62,564,617 59,178,050
Other liabilities:    
Notes payable, net of current portion 714,856 1,196,256
Right-of-use operating lease obligations, net of current portion 763,292 827,320
Non-current liabilities of discontinued operations classified as held for sale 82,151 78,217
Total liabilities 64,124,916 61,279,843
Commitments and contingencies
Stockholders' deficit:    
Common stock, $0.0001 par value, 10,000,000,000 shares authorized, 474,730,679, and 39,648,679 shares issued and outstanding 47,473 3,965
Additional paid-in-capital 869,808,958 819,494,275
Accumulated deficit (922,788,649) (868,536,506)
Total stockholders' deficit (52,911,746) (49,017,752)
Total liabilities and stockholders' deficit 11,213,170 12,262,091
Series H Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value
Series F Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 17,500 17,500
Series L Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 2,500 2,500
Series M Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 220 220
Series N Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value $ 252 $ 294

Source

v3.21.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenues, net $ (650,692) $ 1,841,090
Operating expenses:    
Direct costs of revenue 1,597,098 2,676,537
General and administrative 2,790,479 2,933,014
Depreciation and amortization 185,224 164,707
Total operating expenses 4,572,801 5,774,258
Loss from continuing operations before other income (expense) and income taxes (5,223,493) (3,933,168)
Other income (expense):    
Other income (expense), net 2,468,789 (105,766)
Interest expense (912,624) (2,890,260)
Total other income (expense), net 1,556,165 (2,996,026)
Net loss from continuing operations before income taxes (3,667,328) (6,929,194)
Benefit from income taxes 1,118,485
Net loss from continuing operations (3,667,328) (5,810,709)
Net (loss) income from discontinued operations (226,666) 18,931
Net loss (3,893,994) (5,791,778)
Deemed dividends (50,358,149)
Net loss to common stockholders $ (54,252,143) $ (5,791,778)
Net loss per common share:    
Basic and diluted: continuing operations $ (0.22) $ (5.92)
Basic and diluted: discontinued operations (0.00) 0.02
Total Basic and diluted $ (0.22) $ (5.90)
Weighted average number of common shares outstanding during the period:    
Basic and diluted 248,823,935 981,322

Source

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss from continuing operations $ (3,667,328) $ (5,810,709)
Adjustments to reconcile net loss to net cash (used in) provided by operations:    
Depreciation and amortization 185,224 164,707
Amortization of debt discount 4,795 18,433
Loss from legal settlement 8,860
Other income from federal government relief funds (2,490,783)
(Loss) income from discontinued operations (226,666) 18,931
Changes in operating assets and liabilities:    
Accounts receivable 1,301,871 950,696
Inventory (17,259) (13,506)
Prepaid expenses and other current assets 38,952 (36,420)
Security deposits 501 50,000
Change in right-of-use assets 41,526 14,933
Accounts payable and checks issued in excess of bank balance 1,621,906 535,506
Accrued expenses 2,093,145 2,797,199
Change in right-of-use operating lease obligations (41,526) (56,455)
Income tax assets and liabilities (1,118,485)
Net cash used in operating activities of continuing operations (1,146,782) (2,485,170)
Net cash provided by (used in) operating activities of discontinued operations 33,210 (11,220)
Net cash used in operating activities (1,113,572) (2,496,390)
Cash flows from investing activities
Cash flows from financing activities:    
Proceeds from issuance of related party note payable and advances 530,000 3,094,953
Payment on related party note payable and advances (25,000)
Payments of debentures (220,000)
Proceeds from issuances of notes payable 745,000 1,077,116
Payments on notes payable (24,276) (186,149)
Receivables paid under accounts receivable sales agreements (151,198) (1,073,854)
Payments on capital lease obligations (100,707)
Net cash provided by financing activities of continuing operations 1,099,526 2,566,359
Net cash provided by (used in) financing activities of discontinued operations 60,402 (25,067)
Net cash provided by financing activities 1,159,928 2,541,292
Net increase in cash 46,356 44,902
Cash at beginning of period 25,353 16,933
Cash at end of period $ 71,709 $ 61,835

Source