Rennova Health's Response to COVID-19

Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash $ 331,491 $ 25,353
Accounts receivable, net 998,759 499,454
Receivable from related party 158,118
Inventory 280,762 445,415
Prepaid expenses and other current assets 151,938 148,522
Income tax refunds receivable 1,139,226 1,420,251
Current assets of discontinued operations 184,510
Total current assets 3,060,294 2,723,505
Property and equipment, net 7,060,539 7,814,435
Intangibles, net 259,443 259,443
Investments 9,016,072
Deposits 221,063 263,621
Right-of-use assets 877,412 1,000,272
Non-current assets of discontinued operations 5,014 200,815
Total assets 20,499,837 12,262,091
Current liabilities:    
Accounts payable (includes related party amounts of $0.5 million and $0.3 million, respectively) 13,960,059 14,251,851
Checks issued in excess of bank account balance 79,518 84,760
Accrued expenses (includes related party amounts of $0.3 million and $0.2 million, respectively) 17,442,164 19,135,569
Income taxes payable 1,157,812 1,438,837
Current portion of notes payable 7,051,278 4,786,976
Current portion of note payable, related party 2,627,000 2,097,000
Current portion of finance lease obligations 220,461 249,985
Current portion of debentures 12,690,539 12,690,539
Current portion of right-of-use operating lease obligations 237,026 172,952
Derivative liabilities 455,336 455,336
Current liabilities of discontinued operations 1,447,967 3,814,245
Total current liabilities 57,369,160 59,178,050
Other liabilities:    
Notes payable, net of current portion 1,196,256
Right-of-use operating lease obligations, net of current portion 640,386 827,320
Non-current liabilities of discontinued operations 78,217
Total liabilities 58,009,546 61,279,843
Commitments and contingencies  
Stockholders’ deficit:    
Common stock, $0.0001 par value, 10,000,000,000 shares authorized, 4,777,350,000 and 39,648 shares issued and outstanding, respectively 477,735 4
Additional paid-in-capital 1,233,162,879 819,498,236
Accumulated deficit (1,271,170,696) (868,536,506)
Total stockholders’ deficit (37,509,709) (49,017,752)
Total liabilities and stockholders’ deficit 20,499,837 12,262,091
Series H Preferred Stock [Member]    
Stockholders’ deficit:    
Series O preferred stock, $0.01 par value, 10,000 shares authorized, 5,500 and 0 shares issued and outstanding, respectively
Series F Preferred Stock [Member]    
Stockholders’ deficit:    
Series O preferred stock, $0.01 par value, 10,000 shares authorized, 5,500 and 0 shares issued and outstanding, respectively 17,500 17,500
Series L Preferred Stock [Member]    
Stockholders’ deficit:    
Series O preferred stock, $0.01 par value, 10,000 shares authorized, 5,500 and 0 shares issued and outstanding, respectively 2,500 2,500
Series M Preferred Stock [Member]    
Stockholders’ deficit:    
Series O preferred stock, $0.01 par value, 10,000 shares authorized, 5,500 and 0 shares issued and outstanding, respectively 208 220
Series N Preferred Stock [Member]    
Stockholders’ deficit:    
Series O preferred stock, $0.01 par value, 10,000 shares authorized, 5,500 and 0 shares issued and outstanding, respectively 110 294
Series O Preferred Stock [Member]    
Stockholders’ deficit:    
Series O preferred stock, $0.01 par value, 10,000 shares authorized, 5,500 and 0 shares issued and outstanding, respectively $ 55

Source

v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Net revenues $ 1,010,245 $ 1,950,698 $ 1,288,402 $ 5,860,807
Operating expenses:        
Direct costs of revenues 1,207,749 2,805,829 4,074,149 8,151,478
General and administrative expenses 2,019,086 3,274,508 6,915,453 8,593,756
Depreciation and amortization 135,065 53,579 513,929 399,377
Total operating expenses 3,361,900 6,133,916 11,503,531 17,144,611
Loss from continuing operations before other income (expense) and income taxes (2,351,655) (4,183,218) (10,215,129) (11,283,804)
Other income (expense):        
Other income (expense), net (346,197) 169,101 4,140,049 6,907,670
Gain from extinguishment of debt 1,027,000 389,864 1,027,000 389,864
Gain (loss) from legal settlements 3,157,203 (23,652) 3,179,393 1,096,613
Interest expense (700,786) (2,377,980) (2,503,173) (7,926,750)
Total other income (expense), net 3,137,220 (1,842,667) 5,843,269 467,397
Net income (loss) from continuing operations before income taxes 785,565 (6,025,885) (4,371,860) (10,816,407)
Benefit from income taxes (1,118,485)
Net income (loss) from continuing operations 785,565 (6,025,885) (4,371,860) (9,697,922)
Loss from discontinued operations (31,388) (166,180) (423,791) (164,293)
Gain on sale 576,787 11,303,939
Total income (loss) from discontinued operations 545,399 (166,180) 10,880,148 (164,293)
Net income (loss) 1,330,964 (6,192,065) 6,508,288 (9,862,215)
Deemed dividends (259,530,999) (63,544,950) (409,142,478) (66,695,318)
Net loss available to common stockholders $ (258,200,035) $ (69,737,015) $ (402,634,190) $ (76,557,533)
Net loss per share of common stock available to common stockholders- basic and diluted:        
Continuing operations $ (0.59) $ (54,182.89) $ (2.75) $ (70,343.68)
Discontinued operations 0.00 (129.42) 0.07 (151.28)
Total basic and diluted $ (0.59) $ (54,312.31) $ (2.68) $ (70,494.96)
Weighted average number of shares of common stock outstanding during the period:        
Basic and diluted 438,998,913 1,284 150,459,817 1,086

Source

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net loss from continuing operations $ 785,565 $ (6,025,885) $ (4,371,860) $ (9,697,922)  
Adjustments to reconcile net loss to net cash used in operations:          
Depreciation and amortization 135,065 53,579 513,929 399,377  
Amortization of debt discount and non-cash interest expense     113,552 108,958  
Gain from extinguishment of debt     (1,027,000) (389,864)  
Loss on disposal of equipment     274,468 87,293  
Net gain from legal settlements     (3,179,393) (1,096,613)  
Other income from federal government provider relief funds     (4,400,000) (8,020,969)  
Loss on sales of accounts receivable under sale agreements     591,563 $ (1,200,000)
Gain on sale of discontinued operations (576,787) (11,303,939)  
Income (loss) from discontinued operations     10,880,148 (164,293)  
Changes in operating assets and liabilities:          
Accounts receivable     377,088 1,241,398  
Inventory     164,653 (76,065)  
Prepaid expenses and other current assets     (3,416) (224,733)  
Security deposits     42,558 (56,482)  
Change in right-of-use assets     122,860 (941,116)  
Accounts payable and checks issued in excess of bank balances     1,918,004 (1,163,944)  
Accrued expenses     4,208,698 5,563,232  
Change in right-of-use operating lease obligations     (122,860) 941,116  
Income tax assets and liabilities     (522,885)  
Net cash used in operating activities of continuing operations     (5,792,510) (13,421,949)  
Net cash provided by (used in) operating activities of discontinued operations     102,567 (100,685)  
Net cash used in operating activities     (5,689,943) (13,522,634)  
Cash flows from investing activities:          
Purchase of property and equipment     (370,890)  
Net cash used in investing activities of continuing operations     (370,890)  
Net cash used in investing activities of discontinued operations      
Net cash used in investing activities     (370,890)  
Cash flows from financing activities:          
Proceeds from issuance of related party note payable and advances     890,000 5,809,553  
Payments on related party note payable and advances     (360,000) (4,187,387)  
Payments of debentures     (920,000)  
Proceeds from issuances of notes payable     1,245,000 1,198,835  
Payments on notes payable     (350,508) (1,552,748)  
Receivable from related party     (158,118)  
Proceeds from sale of accounts receivable under sales agreements     841,700  
Receivables paid under accounts receivable sales agreements     (300,927) (1,540,929)  
Proceeds from issuance of Series O Preferred Stock     5,000,000  
Federal government provider relief funds     12,542,691  
Proceeds from Paycheck Protection Program notes payable     2,264,201  
Cash paid for fractional shares in connection with reverse stock splits     (244) (684)  
Payments on capital lease obligations     (29,524) (200,709)  
Net cash provided by financing activities of continuing operations     5,935,679 14,254,523  
Net cash provided by (used in) financing activities of discontinued operations     60,402 (157,589)  
Net cash provided by financing activities     5,996,081 14,096,934  
Net change in cash     306,138 203,410  
Cash at beginning of period     25,353 16,933 16,933
Cash at end of period $ 331,491 $ 220,343 $ 331,491 $ 220,343 $ 25,353

Source