Rennova Health's Response to COVID-19

Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash $ 199,632 $ 25,353
Accounts receivable, net 499,454
Inventory 490,988 445,415
Prepaid expenses and other current assets 175,162 148,522
Income tax refunds receivable 1,139,226 1,420,251
Current assets of discontinued operations 184,510
Total current assets 2,005,008 2,723,505
Property and equipment, net 7,515,703 7,814,435
Intangibles, net 259,443 259,443
Investments 8,500,000
Deposits 282,163 263,621
Right-of-use assets 910,541 1,000,272
Non-current assets of discontinued operations 152,298 200,815
Total assets 19,625,156 12,262,091
Current liabilities:    
Accounts payable (includes related party amounts of $0.4 million and $0.3 million, respectively) 15,969,902 14,251,851
Checks issued in excess of bank account balance 203,784 84,760
Accrued expenses (includes related party amounts of $0.3 million and $0.2 million, respectively) 17,975,899 19,135,569
Income taxes payable 1,157,812 1,438,837
Current portion of notes payable 6,394,997 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 217,937 172,952
Derivative liabilities 455,336 455,336
Current liabilities of discontinued operations 1,532,782 3,814,245
Total current liabilities 59,475,973 59,178,050
Other liabilities:    
Notes payable, net of current portion 797,007 1,196,256
Right-of-use operating lease obligations, net of current portion 692,604 827,320
Non-current liabilities of discontinued operations 78,217
Total liabilities 60,965,584 61,279,843
Commitments and contingencies
Stockholders’ deficit:    
Common stock, $0.0001 par value, 10,000,000,000 shares authorized, 10,000,000 and 39,648 shares issued and outstanding, respectively 1,000 4
Additional paid-in-capital 971,608,828 819,498,236
Accumulated deficit (1,012,970,661) (868,536,506)
Total stockholders’ deficit (41,340,428) (49,017,752)
Total liabilities and stockholders’ deficit 19,625,156 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 214 220
Series N Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value 163 294
Series O Preferred Stock [Member]    
Stockholders’ deficit:    
Preferred stock value $ 28

Source

v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Net revenues $ 928,849 $ 2,069,019 $ 278,157 $ 3,910,109
Operating expenses:        
Direct costs of revenues 1,269,302 2,669,112 2,866,400 5,345,649
General and administrative expenses 2,105,888 2,399,391 4,896,367 5,332,405
Depreciation and amortization 193,640 181,091 378,864 345,798
Total operating expenses 3,568,830 5,249,594 8,141,631 11,023,852
Loss from continuing operations before other income (expense) and income taxes (2,639,981) (3,180,575) (7,863,474) (7,113,743)
Other income (expense):        
Other income/expense, net 2,008,597 6,895,827 4,486,246 6,790,061
Gain from legal settlements, net 31,050 1,096,613 22,190 1,096,613
Interest expense (889,763) (2,658,510) (1,802,387) (5,548,770)
Total other income (expense), net 1,149,884 5,333,930 2,706,049 2,337,904
Net income (loss) from continuing operations before income taxes (1,490,097) 2,153,355 (5,157,425) (4,775,839)
Benefit from income taxes (1,118,485)
Net income (loss) from continuing operations (1,490,097) 2,153,355 (5,157,425) (3,657,354)
Loss from discontinued operations (165,737) (31,727) (392,403) (12,796)
Gain on sale 10,727,152 10,727,152
Total income (loss) from discontinued operations 10,561,415 (31,727) 10,334,749 (12,796)
Net income (loss) 9,071,318 2,121,628 5,177,324 (3,670,150)
Deemed dividends (99,253,330) (3,150,368) (149,611,479) (3,150,368)
Net loss available to common stockholders $ (90,182,012) $ (1,028,740) $ (144,434,155) $ (6,820,518)
Net loss per share of common stock available to common stockholders- basic and diluted:        
Continuing operations $ (13.78) $ (1,007.08) $ (40.74) $ (6,904.38)
Discontinued operations 1.44 (32.05) 2.72 (12.98)
Total basic and diluted $ (12.34) $ (1,039.13) $ (38.02) $ (6,917.36)
Weighted average number of shares of common stock outstanding during the period:        
Basic and diluted 7,310,286 990 3,799,062 986

Source

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net loss from continuing operations $ (1,490,097) $ 2,153,355 $ (5,157,425) $ (3,657,354)  
Adjustments to reconcile net loss to net cash (used in) provided by operations:          
Depreciation and amortization 193,640 181,091 378,864 345,798  
Amortization of debt discount     27,630 63,695  
Net gain from legal settlements (31,050) (1,096,613) (22,190) (1,096,613)  
Other income from federal government provider relief funds     (4,400,000) (7,483,830)  
Loss on sales of accounts receivable under sale agreements     249,500 $ (1,200,000)
Income (loss) from discontinued operations     10,334,749 (12,796)  
Gain on sale of discontinued operations (10,727,152) (10,727,152)  
Changes in operating assets and liabilities:          
Accounts receivable     920,577 1,328,369  
Inventory     (45,573) (75,732)  
Prepaid expenses and other current assets     (26,640) (16,935)  
Security deposits     (18,542) 9,872  
Change in right-of-use assets     89,731 (160,421)  
Accounts payable and checks issued in excess of bank balances     1,837,074 (1,973,633)  
Accrued expenses     3,126,033 4,492,549  
Change in right-of-use operating lease obligations     (89,731) 118,899  
Income tax assets and liabilities     (1,118,485)  
Net cash used in operating activities of continuing operations     (3,772,595) (8,987,117)  
Net cash provided by (used in) operating activities of discontinued operations     40,098 (136,313)  
Net cash used in operating activities     (3,732,497) (9,123,430)  
Cash flows from investing activities:          
Purchases of property and equipment     (80,132) (10,435)  
Net cash used in investing activities of continuing operations     (80,132) (10,435)  
Cash flows from financing activities:          
Proceeds from issuance of related party note payable and advances     890,000 4,595,553  
Payment on related party note payable and advances     (360,000) (3,251,387)  
Payments of debentures     (720,000)  
Proceeds from issuances of notes payable     1,245,000 1,077,116  
Payments on notes payable     (100,508) (793,715)  
Proceeds from sale of accounts receivable under sales agreement     465,000  
Receivables paid under accounts receivable sales agreements     (247,986) (1,073,854)  
Proceeds from issuance of Series O Preferred Stock     2,500,000  
Federal government provider relief funds     7,483,830  
Proceeds from Paycheck Protection Program notes payable     2,264,200  
Payments on capital lease obligations     (100,707)  
Net cash provided by financing activities of continuing operations     3,926,506 9,946,036  
Net cash provided by (used in) financing activities of discontinued operations     60,402 (18,256)  
Net cash provided by financing activities     3,986,908 9,927,780  
Net change in cash     174,279 793,915  
Cash at beginning of period     25,353 16,933 16,933
Cash at end of period $ 199,632 $ 810,848 $ 199,632 $ 810,848 $ 25,353

Source