Rennova Health's Response to COVID-19

Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 25,353 $ 16,933
Accounts receivable, net 499,454 3,565,447
Inventory 445,415 614,344
Prepaid expenses and other current assets 148,522 487
Income tax refunds receivable 1,420,251 642,503
Current assets of discontinued operations classified as held for sale 184,510 505,389
Total current assets 2,723,505 5,345,103
Property and equipment, net 7,814,435 8,231,830
Intangibles, net 259,443 509,443
Deposits 263,621 237,139
Right-of-use assets 1,000,272 88,905
Non-current assets of discontinued operations classified as held for sale 200,815 295,239
Total assets 12,262,091 14,707,659
Current liabilities:    
Accounts payable (includes related parties amount of $0.3 million and $0.6 million, respectively) 14,251,851 12,809,723
Checks issued in excess of bank account balance 84,760 275,124
Accrued expenses (includes related parties amount of $0.2 million and $2.0 million, respectively) 19,135,569 14,245,292
Income taxes payable 1,438,837 1,373,669
Current portion of notes payable 4,786,976 3,977,710
Current portion of note payable, related party 2,097,000 15,159,455
Current portion of finance lease obligations 249,985 1,119,418
Current portion of debentures 12,690,539 29,873,740
Current portion of right-of-use operating lease obligations 172,952 30,311
Derivative liability 455,336 455,336
Current liabilities of discontinued operations classified as held for sale 3,814,245 4,098,417
Total current liabilities 59,178,050 83,418,195
Other liabilities:    
Note payable, net of current portion 1,196,256
Right-of-use operating lease obligations, net of current portion 827,320 58,594
Non-current liabilities of discontinued operations classified as held for sale 78,217 100,116
Total liabilities 61,279,843 83,576,905
Commitments and contingencies
Redeemable Preferred Stock
Stockholders' deficit:    
Preferred stock value
Common stock, $0.0001 par value, 10,000,000,000 shares authorized, 39,648,679 and 964,894 shares issued and outstanding 3,965 96
Additional paid-in-capital 819,494,275 510,402,197
Accumulated deficit (868,536,506) (586,942,014)
Total stockholders' deficit (49,017,752) (76,519,721)
Total liabilities and stockholders' deficit 12,262,091 14,707,659
Redeemable Preferred Stock I-1 [Member]    
Other liabilities:    
Redeemable Preferred Stock 5,835,294
Redeemable Preferred Stock I-2 [Member]    
Other liabilities:    
Redeemable Preferred Stock 1,815,181
Series H Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value
Series F Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 17,500 17,500
Total stockholders' deficit   17,500
Series K Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 2,500
Total stockholders' deficit   2,500
Series L Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 2,500
Series M Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 220
Series N Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value $ 294

Source

v3.21.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]    
Net revenues $ 7,200,120 $ 16,003,443
Operating expenses:    
Direct costs of revenue 11,783,526 14,759,258
General and administrative expenses 11,660,899 16,148,393
Asset impairment 250,000
Depreciation and amortization 700,993 795,202
Total operating expenses 24,395,418 31,702,853
Loss from continuing operations before other income (expense) and income taxes (17,195,298) (15,699,410)
Other income (expense):    
Other income (expense), net 5,371,484 (9,298,401)
Net gain from legal settlements 671,613
Gain on extinguishment of debt 2,041,038
Change in fair value of derivative instrument (105,076)
Gain on bargain purchase 250,000
Interest expense (9,840,724) (21,730,066)
Total other income (expense), net (1,756,589) (30,883,542)
Net loss from continuing operations before income taxes (18,951,887) (46,582,952)
Benefit from income taxes 1,308,180
Net loss from continuing operations (17,643,707) (46,582,952)
Net loss from discontinued operations (696,067) (1,450,869)
Net loss (18,339,774) (48,033,821)
Deemed dividends (263,254,718) (123,861,587)
Net loss available to common stockholders $ (281,594,492) $ (171,895,408)
Net loss per common share:    
Basic net loss available to common stockholders $ (94.27) $ (307.74)
Diluted net loss available to common stockholders $ (94.27) $ (307.74)
Weighted average number of common shares outstanding during the period:    
Basic 2,987,229 558,577
Diluted 2,987,229 558,577

Source

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows used in operating activities:    
Net loss from continuing operations $ (17,643,707) $ (46,582,952)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 700,993 795,202
Loss on receivables sold to factors 1,228,955 1,361,053
Stock-based compensation (51,899)
Penalty for non-payment of note payable and debentures 9,850 6,893,940
Amortization of debt discount, including modification of warrants 122,885 16,223,474
Other income from HHS Provider Relief Funds (8,020,969)
Change in fair value of derivative instrument 105,076
Net gain from legal settlements (671,613)
Gain on extinguishment of debt (2,041,038)
Impairment of intangible asset 250,000
Gain on purchase of hospital and medical center (250,000)
Loss on disposal of property and equipment 5,293
Loss from discontinued operations (696,067) (1,450,869)
Changes in operating assets and liabilities:    
Accounts receivable 1,446,117 (999,493)
Prepaid expenses and other current assets (148,035) 78,333
Inventory 168,929 156,485
Security deposits (26,482) (90,289)
Accounts payable and checks issued in excess of bank balance 1,538,826 6,230,117
Accrued expenses 7,798,653 3,553,372
Income tax assets and liabilities (712,580) (38,408)
Net cash used in operating activities of continuing operations (16,689,990) (14,066,858)
Net cash (used in) provided by operating activities of discontinued operations (100,539) 537,813
Net cash used in operating activities (16,790,529) (13,529,045)
Cash flows (used in) provided by investing activities:    
Purchases of property and equipment (370,890) (127)
Purchase of hospital and medical center (658,537)
Proceeds from the sale of property and equipment 82,000
Net cash used in investing activities of continuing operations (288,890) (658,664)
Net cash of investing activities of discontinued operations
Net cash used in investing activities (288,890) (658,664)
Cash flows provided by (used in) financing activities:    
Proceeds from receivables sold under accounts receivable sales agreements 2,114,375 2,650,000
Receivables paid under accounts receivable sales agreements (1,723,453) (2,804,896)
Proceeds from issuance of related party note payable and advances 7,628,553 16,669,455
Proceeds from issuance of debentures 3,845,000
Payments of debentures (920,000)
Payments of related party note payable and advances (4,187,387) (2,310,000)
Proceeds from notes payable 1,198,835 1,600,000
Payments on notes payable (1,590,250) (5,005,795)
HHS Provider Relief Funds 12,542,691
Proceeds from Paycheck Protection Program notes payable 2,264,201
Redemption of Series G Preferred Stock (100)
Payments on finance lease obligations (200,709) (143,931)
Payments of financing fees on note payable (100,000)
Payments on right of use operating lease obligations (137,847) (53,939)
Cash paid for fractional shares in connection with reverse stock split (684)
Net cash provided by financing activities of continuing operations 16,988,325 14,345,794
Net cash provided by (used in) financing activities of discontinued operations 99,514 (143,361)
Net cash provided by financing activities 17,087,839 14,202,433
Net increase in cash 8,420 14,724
Cash at beginning of period 16,933 2,209
Cash at end of period $ 25,353 $ 16,933

Source