0001493152-17-013541.txt : 20171120 0001493152-17-013541.hdr.sgml : 20171120 20171120111240 ACCESSION NUMBER: 0001493152-17-013541 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171120 DATE AS OF CHANGE: 20171120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL HEALTHCARE REIT, INC. CENTRAL INDEX KEY: 0000727346 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 870340206 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15415 FILM NUMBER: 171212978 BUSINESS ADDRESS: STREET 1: 8480 E. ORCHARD ROAD STREET 2: SUITE 4900 CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 BUSINESS PHONE: 303-449-2100 MAIL ADDRESS: STREET 1: 8480 E. ORCHARD ROAD STREET 2: SUITE 4900 CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL CASINOS INC DATE OF NAME CHANGE: 19950413 FORMER COMPANY: FORMER CONFORMED NAME: MORGRO CHEMICAL CO DATE OF NAME CHANGE: 19920703 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2017

 

OR

 

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE

EXCHANGE ACT

 

For the transition period from ________ to ________

 

Commission file number 0-15415

 

GLOBAL HEALTHCARE REIT, INC.

(Exact Name of Small Business Issuer as Specified in its Charter)

 

Utah   87-0340206
(State or other jurisdiction of   I.R.S. Employer
incorporation or organization)   Identification number

 

6800 N. 79th Street, Suite 200, Niwot, CO 80503

(Address of Principal Executive Offices)

 

Issuer’s telephone number: (303) 449-2100

Former name, former address, and former fiscal year, if changed since last report

 

Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the last 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [  ] No [X]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer [  ] Accelerated filer [  ]

Non-accelerated filer [  ] Smaller Reporting Company [X]

Emerging Growth Company [X]

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [  ] No [X]

 

As of November 20, 2017, the Registrant had 26,300,317 shares of its Common Stock outstanding.

 

 

 

 

 

 

INDEX

 

    Page No.
  PART I — FINANCIAL INFORMATION  
     
Item 1. Consolidated Financial Statements (Unaudited) 3
     
  Consolidated Balance Sheets as of September 30, 2017 (Unaudited) and December 31, 2016 3
     
  Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited) 4
     
  Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2017 (Unaudited) 5
     
  Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 (Unaudited) 6
     
  Notes to Unaudited Consolidated Financial Statements 7
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 29
     
Item 4. Controls and Procedures 29
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 29
Item 1A. Risk Factors 30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30
Item 3. Defaults Upon Senior Securities 30
Item 4. Removed and Reserved 30
Item 5. Other Information 30
Item 6. Exhibits 30

 

 -2- 

 

 

PART 1. FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements (Unaudited)

 

GLOBAL HEALTHCARE REIT, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

   September 30, 2017   December 31, 2016 
         
ASSETS          
Property and Equipment, Net  $37,985,136   $36,162,881 
Cash and Cash Equivalents   105,485    578,242 
Restricted Cash   563,151    580,747 
Accounts Receivable, Net   89,636    - 
Investments in Debt Decurities   128,259    - 
Prepaid Expenses and Other   393,311    221,962 
Total Assets  $39,264,978   $37,543,832 
           
LIABILITIES AND EQUITY          
Liabilities          
Debt, Net of discount of $596,895 and $660,611, respectively  $33,884,660   $31,662,724 
Debt – Related Parties, Net of discount of $63,616 and $75,293, respectively   711,384    374,707 
Accounts Payable and Accrued Liabilities   408,359    591,446 
Accounts Payable – Related Parties   69,909    96,689 
Dividends Payable   7,500    7,500 
Derivative Liability   95,371    246,451 
Lease Security Deposit   280,000    30,000 
Total Liabilities   35,457,183    33,009,517 
Commitments and Contingencies          
Equity          
Stockholders’ Equity          
Preferred Stock:          
Series A - No Dividends, $2.00 Stated Value, Non-Voting; 2,000,000 Shares Authorized, 200,500 Shares Issued and Outstanding   401,000    401,000 
Series D - 8% Cumulative, Convertible, $1.00 Stated Value, Non-Voting; 1,000,000 Shares Authorized, 375,000 Shares Issued and Outstanding   375,000    375,000 
Common Stock - $0.05 Par Value; 50,000,000 Shares Authorized, 26,289,352 and 25,027,260 Shares Issued and Outstanding at September 30, 2017 and December 31, 2016, Respectively   1,314,467    1,251,363 
Additional Paid-In Capital   9,312,337    8,707,116 
Accumulated Deficit   (7,394,698)   (6,021,903)
Total Global Healthcare REIT, Inc.          
Stockholders’ Equity   4,008,106    4,712,576 
Noncontrolling Interests   (200,311)   (178,261)
Total Equity   3,807,795    4,534,315 
Total Liabilities and Equity  $39,264,978   $37,543,832 

 

See accompanying notes to unaudited consolidated financial statements.

 

 -3- 

 

 

GLOBAL HEALTHCARE REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Nine Months Ended   Three Months Ended 
   September 30,   September 30, 
   2017   2016   2017   2016 
                 
Revenue                     
Rental Revenue   $2,303,355   $2,310,584   $749,269   $850,520 
Expenses                     
General and Administrative    876,623    1,616,476    313,764    734,891 
Property Taxes, Insurance and Other Operating    375,171    202,635    28,755    43,255 
Acquisition Costs    -    52,325    -    - 
Gain on Disposal of Property and Equipment    -    (980,839)   -    - 
Depreciation    920,001    1,182,849    319,864    287,389 
Total Expenses    2,171,795    2,073,446    662,383    1,065,535 
Income (Loss) from Operations    131,560    237,138    86,886    (215,015)
Other (Income) Expense                     
(Gain) Loss on Warrant Liability   (151,080)   (126,614)   (47,523)   31,110 
Gain on Extinguishment of Debt    (36,193)   (1,163,458)   -    (1,163,458)
Gain on Settlement of Other Liabilities    (32,073)   -    -    - 
Interest Income    (1)   (32,149)   -    - 
Interest Expense    1,723,252    1,971,025    583,453    603,511 
Total Other (Income) Expense    1,503,905    648,804    535,930    (528,837)
Equity in Income from Unconsolidated Partnership    -    -    -    - 
Net Income (Loss)    (1,372,345)   (411,666)   (449,044)   313,822 
Net Loss Attributable to Noncontrolling Interests    22,050    115,367    -    42,005 
Net Income (Loss) Attributable to Global Healthcare REIT, Inc.    (1,350,295)   (296,299)   (449,044)   355,827 
Series D Preferred Dividends     (22,500)   (22,500)   (7,500)   (7,500)
Net Income (Loss) Attributable to Common Stockholders   $(1,372,795)  $(318,799)  $(456,544)  $348,327 
Per Share Data:                     
Net Income (Loss) per Share Attributable to Common Stockholders:                     
Basic   $(0.05)  $(0.01)  $(0.02)  $0.01 
Diluted   $(0.05)  $(0.01)  $(0.02)  $0.01 
Weighted Average Common Shares Outstanding:                     
Basic    25,697,705    22,791,649    25,899,337    23,802,472 
Diluted    25,697,705    22,791,649    25,899,337    23,377,972 

 

See accompanying notes to unaudited consolidated financial statements.

 

 -4- 

 

 

GLOBAL HEALTHCARE REIT, INC.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

 

                                   Global Healthcare         
                                   REIT, Inc.         
   Series A Preferred Stock   Series D Preferred Stock   Common Stock   Additional
Paid-In
   Accumulated   Stockholders’  

Non-

controlling

   Total 
   Number of Shares   Amount   Number of Shares   Amount   Number of Shares   Amount   Capital   Deficit   Equity   Interests   Equity 
                                             
Balance, December 31, 2016   200,500   $401,000    375,000   $375,000    25,027,260   $1,251,363   $8,707,116   $(6,021,903)  $4,712,576   $(178,261)  $4,534,315 
Share Based Compensation – Restricted Stock Awards   -    -    -    -    1,262,092    63,105    525,976    -    589,081    -    589,081 
Series D Preferred Dividends   -    -    -    -    -    -    -    (22,500)   (22,500)   -    (22,500)
Relative Fair Value of Warrants Issued with Notes Payable   -    -    -    -    -    -    79,244    -    79,244    -    79,244 
Net Loss   -    -    -    -    -    -    -    (1,350,295)   (1,350,295)   (22,050)   (1,372,345)
Balance, September 30, 2017   200,500   $401,000    375,000   $375,000    26,289,352   $1,314,468   $9,312,336   $(7,394,698)  $4,008,106   $(200,311)  $3,807,795 

 

See accompanying notes to unaudited consolidated financial statements.

 

 -5- 

 

 

GLOBAL HEALTHCARE REIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Nine Months Ended September 30, 
   2017   2016 
Cash Flows From Operating Activities:           
Net loss   $(1,372,345)  $(411,666)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:          
Depreciation    920,001    1,182,849 
Amortization and Accretion    183,091    90,725 
Increase in Deferred Rent Receivable    (111,341)   (63,665)
Stock Based Compensation    482,071    498,886 
Gain on Settlement of Accounts Payable    (32,073)   12,500 
Gain on Extinguishment of Debt   (36,193)   (1,163,458)
Foregiveness of Debt    -    (100,000)
Gain on Derivative Liability    (151,080)   (126,614)
Premium on Debt, net    (64,107)   120,250 
Gain on Sale of Property and Equipment    -    (980,839)
Changes in Operating Assets and Liabilities, Net of Assets and Liabilities Acquired:           
Rents Receivable    (89,636)   (131,255)
Other Assets    (60,008)   109,551 
Accounts Payable and Accrued Liabilities    185,322    456,458 
Lease Security Deposits    250,000    - 
Cash Provided by (Used in) Operating Activities    103,702    (506,278)
           
Cash Flows From Investing Activities:           
Collections on Notes Receivable - Related Parties    -    573,428 
Purchase of Investments in Debt Securities    (184,066)   - 
Proceeds from Sale of Property and Equipment    -    2,112,970 
Capital Expenditures on PP&E Additions    (568,673)   (13,660)
Cash Provided by (Used in) Investing Activities    (752,739)   2,672,738 
           
Cash Flows From Financing Activities:           
Proceeds from Debt, Related Parties    325,000    - 
Proceeds from Issuance of Debt, Outside Parties    100,000      
Proceeds from line of credit    171,416      
Payments on Debt    (399,876)   (829,688)
Cash paid for HUD Refinancing deposit    (15,356)     
Change in Restricted Cash    17,596    (22,581)
Deferred Loan Costs Paid    -    (10,731)
Dividends Paid on Preferred Stock
   (22,500)   (22,500)
Distributions to Noncontrolling Interests    -    - 
Cash Provided by (Used in) Financing Activities    176,280    (885,500)
           
Net Increase (Decrease) in cash    (472,757)   1,280,960 
Cash at Beginning of the Year    578,242    71,055 
Cash at End of the Year   $105,485   $1,352,015 
Supplemental Disclosure of Cash Flow Information          
Cash Paid for Interest   $1,826,155   $1,621,067 
Cash Paid for Income Taxes   $-   $- 
Supplemental Schedule of Non-Cash Investing and Financing Activities          
Dividends declared on Series D Preferred Stock    $7,500   $22,500 
Capital Expenditures for Property paid by Bank    $2,173,582   $- 
Loan Cost of Colony Bank Loan    $38,421   $- 
Common Stock issued for Settlement of Accrued Compensation   $107,010   $112,500 
Relative Fair Value of Warrants issued with Senior Secured Promissory Notes   $79,244   $- 
Extinguishment of Bonds through Investments in Debt Securities   $92,000   $- 
Acquisition of Membership Interests in exchange of Common Stock and Cash   $-   $66,497 
Common Stock issued for Debt Cost   $-   $23,800 
Common Stock issued for Debt and Accrued Interest   $-   $486,000 
Payment of Mortgage Debt through Sale of Property   $-   $1,683,200 
Construction in Progress Financed with Debt   $-   $319,163 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 -6- 

 

 

GLOBAL HEALTHCARE REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Description of the Business

 

Global Healthcare REIT, Inc. (the Company or Global) was organized with the intent of operating as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. Prior to the Company changing its name to Global Healthcare REIT, Inc. on September 30, 2013, the Company was known as Global Casinos, Inc. Global Casinos, Inc. operated two gaming casinos which were split-off and sold on September 30, 2013. Simultaneous with the split-off and sale of the gaming operations, the Company acquired West Paces Ferry Healthcare REIT, Inc. (WPF) in a transaction accounted for as a reverse acquisition whereby WPF was deemed to be the accounting acquirer.

 

The Company intends to make a REIT election under sections 856 through 859 of the Internal Revenue Code of 1986, as amended. Such election will be made by the Board of Directors at such time as the Board determines that we qualify as a REIT under applicable provisions of the Internal Revenue Code.

 

The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. As of September 30, 2017, the Company owned nine healthcare properties which are leased to third-party operators under triple-net operating leases.

 

Basis of Presentation

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and in conjunction with the rules and regulations of the Securities Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary to make the consolidated financial statements not misleading have been included. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the standard will have on the consolidated financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company adopted this standard effective December 31, 2016 and has included going concern disclosures in Note 2.

 

In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, “Leases: Topic 842 (ASU 2016-02)”, to supersede nearly all existing lease guidance under GAAP. The guidance would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company in the first quarter of our fiscal year ending December 31, 2019 using a modified retrospective approach with the option to elect certain practical expedients. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements.

 

 -7- 

 

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective for the Company beginning on January 1, 2018. ASU 2016-18 must be applied using a retrospective transition method with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

 

The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term.

 

Basic and Diluted Earnings per Share

 

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares and dilutive potential common shares outstanding during the period. At September 30, 2017, there were 4,190,362 potential common shares.  Because of the net loss, the effect of these potential common shares is anti-dilutive.

 

2. GOING CONCERN

 

The accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern.

 

For the nine months ended September 30, 2017, the Company incurred a net loss of $1,372,345, reported net cash provided by operations of $103,702 and has an accumulated deficit of $7,394,698. These circumstances raise substantial doubt as to the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues and cash flows to operate profitably and meet contractual obligations, or raise additional capital through debt financing or through sales of common stock.

 

The failure to achieve the necessary levels of profitability and cash flows or obtain additional funding would be detrimental to the Company. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

3. PROPERTY AND EQUIPMENT

 

The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of September 30, 2017 and December 31, 2016 are as follows:

 

 -8- 

 

 

   September 30, 2017   December 31, 2016 
         
Land  $1,597,500   $1,577,500 
Land Improvements   200,000    200,000 
Buildings and Improvements   35,312,194    33,461,661 
Furniture, Fixtures and Equipment   1,430,502    1,125,507 
Construction in Progress   3,681,881    3,115,154 
           
    42,222,077    39,479,822 
Less Accumulated Depreciation   (4,236,941)   (3,316,941)
           
   $37,985,136   $36,162,881 

 

   For the Nine Months Ended September 30, 
   2017   2016 
         
Depreciation Expense   $920,001   $1,182,849 
           
Cash Paid for Capital Expenditures   $568,673   $13,660 
           
Property and Equipment financed with Debt  $2,173,582    319,163 

 

Acquisition of Property

 

Abbeville Health & Rehab

 

On April 4, 2017, we successfully bid at foreclosure sale to purchase a 101-bed skilled nursing facility located In Abbeville, Georgia. We formed a new wholly-owned subsidiary, Global Abbeville Property, LLC (“GAP”) for the purpose of bidding on the facility. Colony Bank, the senior lender on the facility, was the party undertaking the foreclosure in light of the default of the prior owner. The purchase transaction was consummated in May 2017.

 

The purchase price for the Abbeville facility was $2.1 million which was entirely financed by Colony Bank through a newly approved closed-end revolving credit facility in the maximum amount of $2.6 million. The additional $500,000 under the credit line was used for renovations on a dollar-for-dollar matching basis. The loan agreement was executed in May 2017, and the maturity date is April 25, 2021. It carries an interest rate of prime plus 0.5%, 4.75% minimum, 5.50% maximum, is cross collateralized with the Eastman note with the same lender, and backed by a corporate guarantee from the Company. The transaction has been treated as an asset acquisition financed by debt, with $20,000 land, $1,827,000 building, and $253,000 fixed assets allocated in relative fair value. The Company recognized $38,421 in loan costs, which was amortized over the life of the loan.

 

The facility was closed in March 2016 due to uncured deficiencies. On March 17, 2017, in anticipation of our purchase of the facility, the State of Georgia approved initially a 45 day extension and then a six-month conditional Certificate of Need (“CON”) to allow us to complete renovations and reopen the property. The Company assessed that the acquisition of the Abbeville facility did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the acquisition as an acquisition of asset.

 

 -9- 

 

 

4. INVESTMENTS IN DEBT SECURITIES

 

At September 30, 2017 and December 31, 2016, the Company held investments in marketable securities that were classified as held-to-maturity and carried at amortized costs. Held-to-maturity securities consisted of the following:

 

 

   September 30, 2017   December 31, 2016 
                  
States and Municipalities   $128,259   $- 

 

Contractual maturities of held-to-maturity securities at September 30, 2017 are as follows:

 

   Net Carrying Amount 
      
Due in One Year or Less  $5,000 

 

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 

During the nine months ended September 30, 2017, the Company invested $184,066 in held-to-maturity debt securities consisting of the Tulsa County Industrial Authority Series 2014 Bonds secured by the Southern Hills ALF and ILF, with contractual maturity dates between 2023 and 2044. We subsequently used $55,807 of these purchases to settle and retire early debt obligations related to these bonds for the face value of $92,000. This resulted in a gain on extinguishment of debt of $36,193 for the nine months ended September 30, 2017 based on the difference between investment in debt and the settled debt obligation.

 

5. DEBT AND DEBT-RELATED PARTIES

 

The following is a summary of the Company’s debt outstanding as of September 30, 2017 and December 31, 2016:

 

   September 30, 2017   December 31, 2016 
         
Convertible Notes Payable   $3,200,000   $3,200,000 
Senior Secured Promissory Notes    250,000    150,000 
Senior Secured Promissory Notes - Related Parties    775,000    450,000 
Fixed-Rate Mortgage Loans    14,349,475    14,666,206 
Variable-Rate Mortgage Loans    8,608,080    6,273,129 
Bonds Payable    5,488,000    5,640,000 
Other Debt    2,586,000    2,394,000 
           
    35,256,555    32,773,335 
           
Premium, Unamortized Discount and Debt Issuance Costs    (660,511)   (735,904)
           
   $34,596,044   $32,037,431 
           
As presented in the Consolidated Balance Sheets:           
           
Debt, Net   $33,884,660   $31,662,724 
           
Debt - Related Parties, Net   $711,384   $374,707 
           
   $34,596,044   $32,037,431 

 

 -10- 

 

 

Convertible Notes Payable

 

6.5% Notes Due 2017

 

On September 26, 2014, the Company completed a private offering of its 6.5% Senior Secured Convertible Promissory Notes in the amount of $3,200,000 which mature on September 25, 2017. The Notes can be called for redemption at the option of the Company at any time (i) after September 15, 2015 but prior to September 15, 2016 at an early redemption price equal to 103% of the face amount of the Notes, plus accrued and unpaid interest, or (ii) any time after September 15, 2016 but prior to September 15, 2017 at an early redemption price equal to 102% of the face amount of the Notes, plus accrued and unpaid interest. Each Note is convertible at the option of the holder into shares of common stock of the Company at a conversion price of $1.37 per share. The Notes will automatically convert into common stock at the conversion price in the event (i) there exists a public market for the Company’s common stock, (ii) the closing price of the common stock in the principal trading market has been $2.00 per share or higher for the preceding ten (10) trading days, and (iii) either (A) there is an effective registration statement registering for resale under the Securities Act of 1933, as amended, the conversion shares or (B) the conversion shares are eligible to be resold by non-affiliates of the Company without restriction under Rule 144 of the Securities Act. At the time of issuance and based on the Company’s common stock trading activity, the Company determined that no beneficial conversion feature was associated with the Notes. As of September 30, 2017, none of the Notes have been converted into common stock. Deferred loan costs incurred of $180,963 related to the loan are amortized to interest expense over the life of the loan. Amortization expense related to deferred loan costs totaled $ 45,241 for the nine months September 30, 2017. The Notes are secured by a senior mortgage on the Meadowview Healthcare Center located in Seville, Ohio.

 

Subsequent to September 30, 2017, the Notes were refinanced with a new senior loan from ServisFirst Bank in the principal amount of $3.0 million. See Subsequent Events.

 

Senior Secured Promissory Notes

 

From November through December 2016, the Company undertook a private offering of its 10% Senior Secured Promissory Notes in the aggregate amount up to $1,000,000, on a best efforts basis. As of December 31, 2016, $600,000 of the notes had been issued of which $450,000 were issued to the directors of the Company or entities or persons affiliated with these directors. The notes bear interest at a rate of 10% payable monthly with principal and unpaid interest due at maturity on January 13, 2018. The notes are secured by all assets of the Company not serving as collateral for other notes. In January 2017, additional $125,000 were sold and issued to related parties. In June 2017, an additional $200,000 in notes were sold and issued to related parties with a maturity date of December 31, 2018. Additional notes were issued in July 2017 for $50,000 and September 2017 for $50,000 with a maturity date of December 31, 2018.

 

As part of the offering, the notes issued in 2016 had attached warrants to purchase 600,000 shares of common stock at an exercise price of $0.75 per share. The warrants have a cashless exercise provision. During the nine months ended September 30, 2017, an additional $425,000 in notes with 425,000 warrants were issued. The value of the warrants issued to the note holders was calculated using the Black-Scholes pricing model using the following weighted average assumptions:

 

 

   September 30, 2017   December 31, 2016 
         
Volatility   114.6% - 144.8%   131.3% - 133.2%
Risk-free Interest Rate   0.81% - 1.24%   0.81% - 0.92%
Exercise Price  $0.75   $0.75 
Fair Value of Common Stock  $0.39 - $0.50   $0.39 - $0.44 
Expected Life   1 – 1.5 years    1.1 years 

 

The total value of the 2016 warrants on the issue date was estimated to be $102,280 and was bifurcated from the value of the note. The corresponding note discount is being amortized over the life of the note using the straight-line method. The unamortized balance of the discount on the note was $28,613 and $95,873 as of September 30, 2017 and December 31, 2016 with $67,260 recorded as amortization expense during 2017.

 

The total value of the 2017 warrants on the issue date was estimated to be $79,244 and was bifurcated from the value of the note. The corresponding note discount is being amortized over the life of the note using the straight-line method. The unamortized balance of the discount on the note was $58,787 as of September 30, 2017 with $20,457 recorded as amortization expense during the nine month period ended September 30, 2017.

 

 -11- 

 

 

Mortgage Loans

 

Mortgage loans are collateralized by all assets of each nursing home property and an assignment of its rents. Collateral for certain mortgage loans includes the personal guarantee of Christopher Brogdon. Mortgage loans for the periods presented consisted of the following:

 

           Stated     
   Face   Principal Outstanding at   Interest   Maturity 
Property  Amount   September 30, 2017   December 31, 2016   Rate   Date 
                     
Middle Georgia Nursing Home (1)    $4,200,000   $3,656,802   $3,742,706    5.50% Fixed    October 4, 2018 
Goodwill Nursing Home (1)     4,976,316    4,485,267    4,520,816    5.50% Fixed    March 19, 2020 
Goodwill Nursing Home (3)     80,193    37,593    80,193    5.50% Fixed    June 12, 2018 
Warrenton Nursing Home (4)     2,720,000    2,399,714    2,476,109    5.00% Fixed    December 20, 2018 
Edward Redeemer Health & Rehab   2,303,815    2,221,592    2,268,096    5.50% Fixed    January 16, 2020 
Southern Hills Retirement Center (5)     1,750,000    1,548,507    1,578,286    4.75% Fixed    November 10, 2017 
Abbeville Health & Rehab (6)     2,660,000    2,364,698    -    Prime Plus 0.50%/ 4.75% Floor/ 5.50% Ceiling    April 25, 2021 
Providence of Sparta Nursing Home (7)     1,725,000    1,625,376    1,655,123    Prime Plus 0.50%/ 6.00% Floor    September 26, 2017 
Golden Years Manor Nursing Home (2)     5,000,000    4,618,006    4,618,006    Prime Plus 1.50%/ 5.75% Floor    August 3, 2037 
                          
        $22,957,555   $20,939,335           

 

  (1) Mortgage loans are non-recourse to the Company except for the Southern Hills line of credit owed to First United Bank, Goodwill, Eastman and Abbeville.
     
  (2) Effective September 19, 2016, we executed a Modification to the mortgage note pursuant to which some accrued payments were deferred and the lender agreed to permit interest only payments through March 2017. The mortgage loan collateralized by the Grand Prairie Nursing Home (formerly Golden Years Manor Nursing Home) is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. The Company is subject to financial covenants and customary affirmative and negative covenants. As of September 30, 2017, the Company was not in compliance with certain of these financial and non-financial covenants which is considered to be a technical Event of Default as defined in the note agreement. Remedies available to the lender in the event of a continuing Event of Default, at its option, include, but are necessarily limited to the following (1) lender may declare the principal and all accrued interest on the note due and payable; and (2) lender may exercise additional rights and remedies under the note agreement to include taking possession of the collateral or seeking satisfaction from the guarantors. The Company has not been notified by the lender regarding the exercise of any remedies available. Guarantors under the mortgage loan are Christopher Brogdon and GLN Investors, LLC, in which the Company owns a 100% membership interest. In May 2017, the Company entered into a Modification Agreement with GL Nursing, LLC mortgage lender to which the lender agreed to (i) extend the interest only payments from April 1, 2017 thru December 1, 2017, (ii) re-amortize the loan over the remaining term of the loan, the regular principal and interest payment shall begin from the payment due January 1, 2018. The Company continues to pay escrow payments for the USDA annual fee and acknowledged that payments beginning from January 1, 2018 will recover any unpaid interests first, then to bring principal current.
     
  (3) The $80,193 debt at Goodwill Nursing Home was incurred to pay off accrued interest on the original primary note.
     
  (4) Amortization expense related to loan costs of this loan totaled $4,620 for the nine months ended September 30, 2017.
     
  (5) Amortization expense related to loan costs of this loan totaled $19,321 for the nine months ended September 30, 2017.
     
  (6) Amortization expense related to loan costs of this loan totaled $3,270 for the nine months ended September 30, 2017.
     
  (7) Amortization expense related to loan costs of this loan totaled $8,047 for the nine months ended September 30, 2017.

 

Other mortgage loans contain non-financial covenants, including reporting obligations, with which the Company has not complied in some instances in an untimely manner. These mortgage loans are technically in default, except for the loan related to Abbeville Health & Rehab.

 

Subsequent to September 30, 2017, the Company completed refinances of the mortgage loans on Providence of Sparta and Southern Hills. See Subsequent Events.

 

 -12- 

 

 

Bonds Payable - Tulsa County Industrial Authority

 

On March 1, 2014, Southern Tulsa, LLC (Southern Tulsa), a subsidiary of WPF that owns the Southern Hills Retirement Center, entered into a loan agreement with the Tulsa County Industrial Authority (Authority) in the State of Oklahoma pursuant to which the Authority lent to Southern Tulsa the proceeds from the sale of the Authority’s Series 2014 Bonds. The Series 2014 Bonds consist of $5,075,000 in Series 2014A First Mortgage Revenue Bonds and $505,000 in Series 2014B Taxable First Mortgage Revenue Bonds. The Series 2014 Bonds were issued pursuant to a March 1, 2014 Indenture of Trust between the Authority and the Bank of Oklahoma. $4,325,000 of the Series 2014A Bonds mature on March 1, 2044 and accrue interest at a fixed rate of 7.75% per annum. The remaining $750,000 of the Series 2014A Bonds mature on various dates through final maturity on March 1, 2029 and accrue interest at a fixed rate of 7.0% per annum. The Series 2014B Bonds mature on March 1, 2023 and accrue interest at a fixed rate of 8.5% per annum. The debt is secured by a first mortgage lien on the independent living units and assisted living facility (facilities), an assignment of the facilities’ leases, a first lien on all personal property located in the facilities, and a guarantee by the Company. Deferred loan costs incurred of $483,606 and an original issue discount of $78,140 related to the loan are amortized to interest expense over the life of the loan. Amortization expense related to deferred loan costs and the original issue discount totaled $14,113 and $2,283 for the nine months ended September 30, 2017 and $5,645 and $653 for the nine months ended September 30, 2016, with the variance due to an adjustment to accumulated amortization in March 2016. The loan agreement includes certain financial covenants required to be maintained by the Company, which were not compliance as of September 30, 2017. As part of the loan terms, a $60,000 principal reduction was paid on the bonds during the nine months ended September 30, 2017. As of September 30, 2017, restricted cash of $563,151 is related to these bonds.

 

During the nine months ended September 30, 2017, the Company invested $184,066 in debt securities, consisting of the Tulsa County Industrial Authority Series 2014 Bonds secured by the Southern Hills ALF and ILF. We subsequently used $55,807 of these purchases to settle and retire debt obligations related to these bonds for the face value of $92,000. This resulted in a gain on extinguishment of debt of $36,193 based on the difference between investment in debt and the settled debt obligation.

 

Other Debt

 

Other debt at September 30, 2017 and December 31, 2016 includes unsecured notes payable issued to facilitate the acquisition of the nursing home properties.

 

   Face   Principal Outstanding at   Stated Interest   Maturity 
Property  Amount   September 30, 2017   December 31, 2016   Rate   Date 
                     
Goodwill Nursing Home  $2,180,000   $1,536,000   $1,344,000    13% (1)(2) Fixed    December 31, 2019 (2) 
Providence of Sparta Nursing Home   1,050,000    1,050,000    1,050,000    10.0% Fixed    December 31, 2017 (3)(4) 
                          
        $2,586,000   $2,394,000           

 

 

(1) As of December 31, 2016, the income from the Goodwill facility was insufficient to cover debt service for the subordinated debt for the facility. The debt had been accruing interest at the default rate but not currently being paid. In May 2017, we entered into an Allonge and Modification described in Note 2 below. The Company has entered into a new ten-year operating lease covering the facility which became effective in February, 2017 with the new operator having obtained all licenses, permits and other regulatory approval necessary to recertify and reopen the facility. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The facility has been relicensed and began taking patients in December 2016 and is currently building census.
   
(2) Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes. The total premium on debt recognized was $192,000, and the accrued interest payable written off was $256,107, for a net gain on premium of $64,107.
   
(3) The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due.
   
(4) We applied to refinance the senior and subordinated debt at Sparta with a new HUD loan. To accommodate that application, in March 2017 the investors in Providence HR Investors, LLC, the holder of the subordinated debt, entered into a Forbearance Agreement pursuant to which they agreed to (i) waive the equity ratchet they were entitled to due to our failure to repay the debt on or before the maturity date (ii) waive the accrual of default interest and (iii) extend the maturity date of the subordinated debt to December 31, 2017. Subsequent to September 30, 2017, we completed the refinance of the Sparta facility and repaid the subordinated debt from the proceeds of the new HUD loan.

 

For the nine months ended September 30, 2017, the Company received proceeds from the issuance of debt of $425,000. Cash payments on debt totaled $399,876 and $829,688 for the nine months ended September 30, 2017 and 2016, respectively.

 

Future maturities of all of the notes and bonds payable listed above for the next five years and thereafter are as follows:

 

 -13- 

 

 

Years     
      
 2017   $20,011,924 
 2018    4,929,667 
 2019    1,789,496 
 2020    6,412,035 
 2021    2,113,433 
 2022 and after      - 
        
     $35,256,555 

 

6. STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company has authorized 10,000,000 shares of preferred stock. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors.

 

Series A Convertible Redeemable Preferred Stock

 

The Company’s Board of Directors has authorized 2,000,000 shares of $2.00 stated value, Series A Preferred Stock. The preferred stock has a senior liquidation preference value of $2.00 per share, has no voting or redemption rights and does not accrue dividends.

 

As of September 30, 2017 and December 31, 2016, the Company has 200,500 shares of Series A Preferred stock outstanding.

 

Series D Convertible Preferred Stock

 

The Company has established a class of preferred stock designated “Series D Convertible Preferred Stock” (Series D preferred stock) and authorized an aggregate of 1,000,000 non-voting shares with a stated value of $1.00 per share. Holders of the Series D preferred stock are entitled to receive dividends at the annual rate of eight percent (8%) based on the stated value per share computed on the basis of a 360-day year and twelve 30-day months. Dividends are cumulative, shall be declared quarterly, and are calculated from the date of issue and payable on the fifteenth day of April, July, October and January. The dividends may be paid, at the option of the holder either in cash or by the issuance of shares of the Company’s common stock valued at the market price on the dividend record date. Shares of the Series D preferred stock are redeemable at the Company’s option. At the option of the holder, shares of the Series D preferred stock plus any declared and unpaid dividends are convertible to shares of the Company’s common stock at a conversion rate of $1.00 per share.

 

As of September 30, 2017 and December 31, 2016, the Company had 375,000 shares of Series D preferred stock outstanding.

 

During the nine months ended September 30, 2017, the Company paid $22,500 for Series D preferred stock dividends, and $7,500 of Series D preferred stock dividends was declared and accrued as of September 30, 2017. All quarterly dividends previously declared have been paid.

 

Restricted Stock Awards

 

The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2017 and 2016.

 

   2017   2016 
         
Outstanding Non-Vested Restricted Stock Units, Beginning    -    - 
Granted    1,262,092    977,275 
Vested    (1,262,092)   (977,275)
           
Outstanding Non-Vested Restricted Stock Units, Ending    -    - 

 

In connection with director restricted stock grants in the nine months ended September 30, 2017, the Company recognized stock-based compensation of $482,071. The company recognized stock-based compensation of $498,886 for the nine months ended September 30, 2016.

 

 -14- 

 

 

Common Stock Warrants

 

As of September 30, 2017 and December 31, 2016, the Company had 1,854,596 and 1,821,736, respectively, of outstanding warrants to purchase common stock at a weighted average exercise price of $0.83 and $0.79, respectively. During the nine-month period ended September 30, 2017, 392,140 warrants with a weighted average exercise price of $0.55 expired.

 

7. RELATED PARTIES

 

Clifford Neuman is a manager and member of Gemini Gaming, LLC. Mr. Neuman provides office space for the Company’s Controller at no charge. In 2017, Mr. Neuman was issued 52,632 shares of common stock with a fair value of $30,000 for directors’ fees. During the nine-month period ended September 30, 2017, a gain of $32,073 was recognized from an agreement to reduce the accounts payable due to Mr. Neuman for legal services rendered. As of September 30, 2017 and December 31, 2016, the Company owed Mr. Neuman for legal services rendered $69,909 and $96,689, respectively.

 

Creative Cyberweb developed and maintains the Company’s website, and is affiliated with CFO Zvi Rhine’s family. The initial setup fee was $5,000 and ongoing upkeep is $400 per month.

 

During the fourth quarter of 2016 and the first quarter of 2017, the Company undertook a private offering (“Offering”) of Units, each Unit consisting of a 10% Senior Secured Note and one warrant for every dollar in principal amount of Note purchased. In the Offering, Zvi Rhine invested $50,000, while his brother David Rhine invested $50,000 and his father Gary Rhine invested $25,000. In June 2017, CEO Lance Baller invested an additional $200,000.

 

During the nine-month period ended September 30, 2017, Zvi Rhine was issued (i) 52,632 shares of common stock for board compensation, (ii) 87,000 shares of common stock for CFO services provided in the quarter ended December 31, 2016, which resulted in $35,670 of accrued compensation being settled and reclassed to equity, (iii) 29,269 shares of common stock for bonus compensation (iv) 86,364 shares of common stock for CFO services provided in the quarter ended March 31, 2017 (v) 84,444 shares of restricted stock for CFO services provided in the three months ended June 30, 2017 and (vi) 168,889 shares of restricted stock as a retainer for services rendered for the remaining months of calendar year 2017.

 

During the nine-month period ended September 30, 2017, Lance Baller was issued (i) 52,632 shares of common stock for board compensation, (ii) 87,000 shares of common stock for CEO services provided in the quarter ended December 31, 2016, which resulted in $71,340 of accrued compensation being settled and reclassed to equity, (iii) 29,269 shares of common stock for bonus compensation (iv) 86,364 shares of common stock for CEO services provided in the quarter ended March 31, 2017, (v) 84,444 shares of restricted stock for CEO services provided in the three months ended June 30, 2017 and (vi) 168,889 shares of restricted stock as a retainer for services rendered for the remaining months of calendar year 2017.

 

During the nine-month period ended September 30, 2017, the directors of the Company (five persons – including the Company CEO and CFO) were granted a total of 263,160 shares of restricted common stock for services as directors.

 

 -15- 

 

 

8. FACILITY LEASES

 

The following table summarizes our leasing arrangements related to the Company’s healthcare facilities:

 

Facility  Monthly Lease Income (1)   Lease Expiration   Renewal Option, if any 
Middle Georgia (2)  $49,000    June 30, 2017    Term may be extended for one additional five-year term. 
Warrenton  $55,724    June 30, 2026    Term may be extended for one additional ten-year term. 
Goodwill (2), (3)  $32,125    February 1, 2027    Term may be extended for one additional five-year term. 
Edwards Redeemer (2)  $46,818    November 30, 2017    Term may be extended for one additional five-year term. 
Providence  $42,519    June 30, 2026    Term may be extended for one additional ten-year term. 
Meadowview  $33,695    October 31, 2024    Term may be extended for one additional five-year term. 
Golden Years (2) (4)  $-    -    None 
Abbeville H&R  $-    -    None 
Southern Hills SNF (5)  $38,000    May 31, 2019    Term may be extended for one additional five-year term. 
Southern Hills ALF (6)   -    -    None 
Southern Hills ILF (7)   -    -    None 

 

(1) Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease.
   
(2) On January 22, 2016, a lease operator that operates Middle Georgia, Edwards Redeemer, Golden Years (until January 1, 2016) and Goodwill filed a voluntary petition in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under the Chapter 11 Bankruptcy, the lease operator can either assume or reject the leases of Middle Georgia, Edwards Redeemer and Goodwill. As of the date of this Report, the lease operator has verbally represented that he intends to assume the leases of Middle Georgia and Edwards Redeemer under modified lease terms and has rejected the lease covering Goodwill. If the lease operator assumes a lease, he is required to bring the leases current as a condition to such assumption.
   
(3) In January 2016, concurrently with the Chapter 11 Bankruptcy filing by the lease operator, the Goodwill facility was closed by Georgia regulators and all residents were removed. The Goodwill facility began generating rental revenue in February 2017. In the first year, base rent is $16,667 per month, plus $2,000 per month for every ten occupied beds. In a transaction related to the sale of the Greene Point facility, an affiliate of the buyer of Greene Point has executed a ten-year operating lease covering Goodwill. The former lease has been terminated. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The lease became effective on February 1, 2017 with the lease operator having obtained all regulatory approvals, completed renovations and began admitting patients.
   
(4) Effective January 1, 2016, the Golden Years facility was leased to another operator for a period of ten years at a monthly base rent of $30,000 which was subject to increases based on census levels. Under the terms of the lease, the Company agreed to fund certain capital expenditures, which it was unable to fulfill. In July 2016, the new tenant served notice that it was terminating the lease effective August 31, 2016. The Company entered into a Lease Termination Agreement under which it paid the tenant $145,000 and is obligated to make future payments. Effective August 30, 2016, the Company entered into a new lease agreement with another nursing home operator for its Golden Years facility. The lease term commences at the end of a straddle period which, by virtue of an amendment to the lease executed after June 30, 2017, will occur the earlier of (i) the Company recouping all advances made during the Straddle Period or (ii) February 28, 2018. During the straddle period, the Company has agreed to make working capital advances to enable the operator to cover cash flow deficits resulting from initial operations of the facility. If at the end of the straddle period, the operator has not reimbursed the full amount of advances to the Company, the Company or operator have the right to terminate the lease agreement. As of December 31, 2016, $230,000 has been advanced to the operator by the Company—$150,000 required by the lease for capital improvements booked to tenant improvements that is not reimbursable, and $80,000 to cover tenant’s cash flow deficits during the straddle period. During the nine months ended September 30, 2017, $267,198 was advanced to the operator by the Company to cover cash flow deficits during the straddle period. If the lease term commences, the Company will receive monthly base rents beginning at $35,000 which is subject to increases based on census levels.
   
(5) Lease agreement dated May 21, 2014 with lease payments commencing February 1, 2015. On May 10, 2016, the Company obtained a Court Order appointing a Receiver to control and operate the Southern Hills SNF. The former lease operator represented that it was unable to meet the financial commitments of the facility, including the payment of rent, payroll and other operating requirements. The Company plans to engage a new lease operator for the facility.
   
(6) The lease on the ALF has been abandoned. The Company plans to seek a new tenant for this entity to assume operations at the completion of construction.
   
(7) The Southern Hills ILF requires renovation and is not subject to an operating lease.

 

 -16- 

 

 

Lessees are responsible for payment of insurance, taxes and other charges while under the lease. Should the lessees not pay all such charges, as required under the leases, the Company may become liable for such operating expenses. We have been required to cover those expenses at Goodwill since the facility was closed by regulators in January 2016 and at Southern Hills ALF and ILF.

 

Future cash payments for rent to be received during the initial terms of the leases for the next five years and thereafter are as follows (excludes Middle Georgia and Edwards Redeemer due to pending bankruptcy of operator, Southern Tulsa ALF and Southern Tulsa ILF due to property being non-operating, and GL Nursing):

 

Years Ending December 31,    
     
2017  533,000 
2018   2,299,407 
2019   2,381,484 
2020   1,969,654 
2021   2,014,885 
2022 and Thereafter    9,134,036 
      
   $18,332,466 

 

The Company is in active negotiations with potential lease operators to assume the operations of the properties whose operator is in bankruptcy (Middle Georgia, Edwards Redeemer and Goodwill) as well as a new operator for the Southern Hills’ facilities.

 

9. FAIR VALUE MEASUREMENTS

 

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

 

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

 

Level 2— Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

 

Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

Our consolidated balance sheets include the following financial instruments: cash and cash equivalents, advances to related parties, notes receivable, restricted cash, accounts payable, debt and lease security deposits. We consider the carrying values of our short-term financial instruments to approximate fair value because they generally expose the Company to limited credit risk, because of the short period of time between origination of the financial assets and liabilities and their expected settlement, or because of their proximity to acquisition date fair values. The carrying value of debt approximates fair value based on borrowing rates currently available for debt of similar terms and maturities.

 

Upon acquisition of real estate properties, the Company determines the total purchase price of each property and allocates this price base on the fair value of the tangible assets and intangible assets, if any, acquired and any liabilities assumed based on Level 3 inputs. These Level 3 inputs can include comparable sales values, discount rates, and capitalization rate assumptions from a third party appraisal or other market sources.

 

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 are summarized below:

 

 -17- 

 

 

 

 

       Fair Value Measurement 
   Total   Level 1   Level 2   Level 3 
                 
Warrant Liability   $95,371   $-   $-   $95,371 
Investment in Debt Securities    128,259    128,259    -    - 
                     
Fair Value at September 30, 2017:   $223,630   $128,259   $-   $95,371 
                     
Warrant Liability – December 31, 2016   $246,451   $-   $-   $246,451 

 

Because these warrants have full reset adjustments tied to future issuance of equity securities by the Company, it is subject to derivative liability treatment under ASC 815-40-15.

 

The warrant liability is marked-to-market each reporting period with the change in fair value recorded as a gain or loss within Other (Income) Expense on the Company’s Consolidated Statement of Operations until the warrants are exercised, expire, or other facts and circumstances lead the warrant liability to be reclassified as an equity instrument. The fair value of the warrant liability is determined each reporting period by utilizing the Black-Scholes option pricing model.

 

The investments in debt securities are recorded at amortized cost since they are considered held-to-maturity.

 

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the nine months ended September 30, 2017:

 

     
Beginning Balance January 1, 2017   $246,451 
      
Change in Fair Value of Warrant Liability    (151,080)
      
Ending Balance, September 30, 2017   $95,371 

 

The significant assumptions used in the Black-Scholes option pricing model as of September 30, 2017 and December 31, 2016 include the following:

  

   September 30, 2017   December 31, 2016 
         
Volatility   81.0% - 168.3%   105.3% - 124.9%
Risk-free Interest Rate   0.81% - 1.27%   0.44% - 1.47%
Exercise Price  $0.60 - $1.37   $0.50 - $1.37 
Fair Value of Common Stock  $0.44   $0.57 
Expected Life   0.03 – 2.0 years    0.1 – 2.7 years 

 

10. LEGAL PROCEEDINGS

 

The Company and/or its affiliated subsidiaries are involved in the following litigation:

 

Southern Tulsa, LLC v. Healthcare Management of Oklahoma, LLC, District Court of Tulsa County, State of Oklahoma, Case No. CJ – 2016- 01781.

 

This matter was brought by us to have the appointment of a Receiver for the Southern Tulsa SNF and to recover damages from our former operator at that facility. The Court has ordered the appointment of a Receiver effective May 10, 2016. Other claims and matters are pending.

 

Thomas v. Edwards Redeemer Property Holdings, LLC, et.al., District Court for Oklahoma County, Oklahoma, Case No. CJ 2016-2160.

 

 -18- 

 

 

This action arises from a personal injury claim brought by heirs of a former resident of our Edwards Redeemer facility. We are entitled to indemnification from the lease operator and should be covered under the lease operator’s general liability policy. As we are not the operators of the facility and believe we have indemnity coverage, we believe we have no exposure. The lease operator’s insurance carrier is providing a defense and indemnity; and as a result, we believe the likelihood of a material adverse result is remote.

 

Verizon Construction, Inc., v. Southern Tulsa, LLC, et. al., District Court of Tulsa County, Oklahoma, Case No. CJ-2015-04326.

 

This is a mechanic’s lien foreclosure action on the Southern Hills facility in Tulsa arising from work performed. The Plaintiff was a subcontractor to our general contractor; and while we paid the general contractor for that work, the general contractor apparently did not pay the subcontractor. Plaintiff is seeking $441,939 previously invoiced to the general contractor, plus attorney’s fees and costs. The general contractor, also a named defendant, is liable for this amount but may not have the resources to pay the plaintiff, therefore the Company may be liable for some unknown amount less than or equal to Plaintiff’s claim. The Company has accrued $25,000 as a probable loss for this matter in the consolidated financial statements for the year ended December 31, 2016 and nine months ended September 30, 2017, based upon an initial draft settlement agreement but intends to vigorously defend the matter if a settlement is not achieved. Subsequent to September 30, 2017, this matter was settled in consideration of payment in the amount of $20,000.

 

11. SUBSEQUENT EVENTS

 

Election of Additional member of the Board of Directors

 

Effective October 16, 2017 the Board of Directors elected an additional member, Mr Josh Mandell. Mr. Mandell will participate in the Company’s compensation plan for directors, an annual restricted stock award having a market value of $30,000. As his election is effective October 16, 2017, Mr. Mandell will be entitled to receive for the calendar year 2017 a restricted stock award having a market value of $6,250. The grant will be effective October 16, 2017 and will be based upon the closing price of the Company’s common stock on January 3, 2017 valued at $0.57 per share, for 10,965 shares. 

 

Additional Investments in Debt Securities

 

In October 2017, the Company purchased additional investments in debt securities in the amount of $30,446, consisting of market purchases of the outstanding revenue bonds secured by the Southern Hills ALF and ILF. These investments have a contractual maturity of $60,000.

 

Refinance of Senior Mortgages

 

Providence HR, LLC

Providence of Sparta Health And Rehab

 

In October, 2017, the Company, through its wholly-owned subsidiary Providence HR, LLC consummated a HUD refinancing of its senior mortgage on its skilled nursing facility in Sparta, Georgia. Funding was provided by Greystone Funding Corporation pursuant to a secured Healthcare Facility Note in the principal amount of $3,039,300 (the “HUD Note”).

 

Proceeds from the HUD Note were used to pay off an existing senior mortgage and certain unsecured debt. The interest rate on the HUD Note is 3.88%, fixed for the full term of the HUD Note. Payments of principal and interest begin on December 1, 2017 until the Note is paid in full on November 1, 2047. The Note is secured by a Healthcare Deed to Secure Debt, Security Agreement and Assignment of Rents.

 

High Street Nursing, LLC

Meadowview Care Center

 

Effective November 1, 2017, the Company, through its wholly-owned subsidiary High Street Nursing, LLC consummated a refinancing of its senior notes on its skilled nursing facility in Seville, Ohio. with ServisFirst Bank pursuant to Term Note in the principal amount of $3,000,000 (the “Meadowview Note”).

 

Proceeds from the Meadowview Note were used to pay off an existing senior notes. The interest rate on Meadowview Note is 6.0%. Monthly payments of interest only begin on November 30, 2017 until January 2018, at which time monthly payments of principal and accrued interest shall be due until the Meadowview Note is paid in full on October 30, 2022 (the “Maturity Date”). The Note is secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage”).

 

Southern Tulsa, LLC

Southern Tulsa TLC, LLC

Southern Hills Rehabilitation Center (“SNF”)

Southern Hills Independent Living Facility (“ILF”)

Southern Hills Assisted Living Facility (“ALF”)

 

Effective October 31, 2017, the Company, through its wholly-owned subsidiaries Southern Tulsa, LLC and Southern Tulsa TLC, LLC, as Co-Borrowers, consummated a new Line of Credit with First Commercial Bank pursuant to a Promissory Note in the principal amount of $7,229,051.52 (the “Line of Credit”). Under the Line of Credit, the Company will refinance the existing mortgage on its skilled nursing facility in Tulsa, Oklahoma, fund the outstanding reverse Dutch tender offer on the Industrial Revenue Bonds covering the ALF and ILF, and for working capital, including improvements to the ALF and ILF.

 

The interest rate on Line of Credit is 5.25%. Monthly payments of interest only begin on November 30, 2017 until the Promissory Note is paid in full on April 30, 2018 (the “Maturity Date”). The Credit Note is secured by a First Mortgage and Assignment of Rents on Real Property for Southern Hills Rehabilitation Center, a Junior Lien and Assignment of Rents on Real Property for it Southern Hills Independent Living Facility location and a Junior Lien on Real Property for its Southern Hills Assisted Living Facility location.

 

Additional Sales of Senior Notes

 

Subsequent to September 30, 2017, we sold an additional $300,000 in senior notes, which accrue interest at the rate of 10% per annum and payable, principal and accrued interest on October 31, 2020.  The proceeds of the notes were used to complete the refinance of the Meadowview facility in Seville, OH. In connection with the notes, the company issued warrants to purchase 300,000 shares of common stock, one for every dollar of note, at an exercise price of $0.75 per share, with an expiration date of November 8, 2018.

 

 -19- 

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our interim financial statements and notes thereto contained elsewhere in this report. This section contains forward-looking statements, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the SEC.

 

Our actual future results and trends may differ materially from expectations depending on a variety of factors discussed in our filings with the SEC. These factors include without limitation:

 

macroeconomic conditions, such as a prolonged period of weak economic growth, and volatility in capital markets;
   
changes in national and local economic conditions in the real estate and healthcare markets specifically;
   
legislative and regulatory changes impacting the healthcare industry, including the implementation of the healthcare reform legislation enacted in 2010;
   
the availability of debt and equity capital;
   
changes in interest rates;
   
competition in the real estate industry; and,
   
the supply and demand for operating properties in our market areas.

 

Overview

 

Global Healthcare REIT, Inc. was organized for the purpose of investing in real estate related to the long-term care industry.

 

We plan to elect to be treated as a real estate investment trust (REIT) in the future; however, we did not make that election for the 2017 fiscal year.

 

The Company invests primarily in real estate serving the healthcare industry in the United States. We acquire, develop, lease, manage and dispose of healthcare real estate. Our portfolio will be comprised of investments in the following five healthcare segments: (i) senior housing, (ii) life science, (iii) medical office, (iv) post-acute/skilled nursing and (v) hospital. We will make investments within our healthcare segments using the following five investment products: (i) properties under lease, (ii) mortgage debt investments, (iii) developments and redevelopments, (iv) investment management and (v) RIDEA, which represents investments in senior housing operations utilizing the structure permitted by the Housing and Economic Recovery Act of 2008.

 

The delivery of healthcare services requires real estate and, as a result, tenants and operators depend on real estate, in part, to maintain and grow their businesses. We believe that the healthcare real estate market provides investment opportunities due to the following:

 

Compelling demographics driving the demand for healthcare services;
Specialized nature of healthcare real estate investing; and
Ongoing consolidation of a fragmented healthcare real estate sector.

 

 -20- 

 

 

Acquisitions

 

We acquired one property, Abbeville Health & Rehab in Abbeville, GA, during the nine-month period ended September 30, 2017 and no properties during the nine-month period ended September 30, 2016.

 

Properties

 

As of September 30, 2017, we owned nine long-term care facilities. The following table provides summary information regarding these facilities at September 30, 2017:

 

Property Name  Location  Effective Percentage Equity Ownership   Date Acquired  Gross Square Feet   Purchase Price   Outstanding Debt at September 30, 2017 
                       
Middle GA Nursing Home (a/k/a Crescent Ridge)  Eastman, GA   100%  3/15/2013   28,808   $5,000,000   $3,656,802 
                           
Warrenton Health and Rehabilitation  Warrenton, GA   100%  12/31/2013   26,894   $3,500,000   $2,399,714 
                           
Southern Hills Retirement Center  Tulsa, OK   100%  2/7/2014   104,192   $2,000,000   $7,036,507 
                           
Goodwill Nursing Home  Macon, GA   85%  5/19/2014   46,314   $7,185,000   $6,058,860 
                           
Edwards Redeemer Health & Rehab  Oklahoma City, OK   100%  9/16/2014   31,939   $3,142,233   $2,221,592 
                           
Providence of Sparta Nursing Home  Sparta, GA   100%(2)  9/16/2014   19,441   $2,836,930   $2,675,376 
                           
Meadowview Healthcare Center  Seville, OH   100%  9/30/2014   27,500   $3,000,000   $3,200,000 
                           
Golden Years Manor Nursing Home  Lonoke, AR   100%  9/16/2014   40,737   $6,742,767   $4,618,006 
                           
Abbeville Health & Rehab  Abbeville, GA   100%  5/25/2016   29,393   $2,100,000   $2,364,698 

 

Property Name  2017 Base Revenue Per Lease   Operating Lease Expiration 
         
Middle Georgia Nursing Home (a/k/a Crescent Ridge) (3)  $294,000    June 30, 2017 
Warrenton Health and Rehabilitation  $612,000    June 30, 2026 
Southern Hills Retirement Center  $444,000    May 31, 2019 
Goodwill Nursing Home (1) (3) (4)  $166,667    February 1, 2027 
Edwards Redeemer Health & Rehab (3)  $559,062    November 30, 2017 
Providence of Sparta Nursing Home (2)  $450,000    June 30, 2026 
Meadowview Healthcare Center  $384,000    October 31, 2024 
Golden Years Manor Nursing Home (3)(5)  $-    - 
Abbeville Health & Rehab  $-    - 

 

(1) The subordinated note on Goodwill matured on July 1, 2015. Investors in the Goodwill note were entitled to an additional 5% equity in Goodwill Hunting, LLC every six months if the note is not paid when due. Effective December 31, 2015, the investors holding the subordinated debt executed an Agreement Among Lenders pursuant to which they (i) agreed to waive any and all equity ratchets and (ii) agreed to extend the maturity date of the subordinated debt to June 30, 2017. In exchange, Goodwill Hunting agreed to pay the investors an additional one-time premium equal to 5% of the principal amount of the individual note at such time as the note is repaid. Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes.
(2) The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due. In March 2017, all of the former members of Providence HR Investors, LLC executed a Forbearance Agreement in which each agreed to (i) waive default interest, (ii) waive any equity ratchet adjustment and (iii) extend the maturity date of the note to December 31, 2017. Subsequent to September 30, 2017, the notes were repaid.

 

 -21- 

 

 

(3) On January 22, 2016, a lease operator that operates Middle Georgia, Edwards Redeemer, Golden Years (until January 1, 2016) and Goodwill filed a voluntary petition in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under the Chapter 11 Bankruptcy, the lease operator can either assume or reject the leases of Middle Georgia, Edwards Redeemer and Goodwill. As of the date of this Report, the lease operator has rejected the Goodwill lease and has not made any binding elections, but has verbally represented that he intends to affirm the leases of Middle Georgia and Edwards Redeemer.
(4) Goodwill was closed by regulators in January 2016 and did not generate any revenue in 2016. In a transaction related to the sale of the Greene Point facility, an affiliate of the buyer of Greene Point has executed a ten year operating lease covering Goodwill. The operator expended approximately $2.0 million on renovations and in December 2016 took its first patients. In the first quarter of 2017, the operator completed all relicensing and Medicare/Medicaid reimbursement approvals, at which time the lease became effective. First residents were admitted in December 2016. Rent for the first year which began February 1, 2017 is $16,667 per month plus an occupancy rent based on census, payable at the rate of $2,000 per month for every ten residents, with an annual cap of $312,000.
(5) We executed a new lease in August 2016 with a new operator, which renamed the facility Grand Prairie Nursing Home. Under the new lease, the operator agreed to undertake significant renovations and we agreed to cover its operating losses during what was characterized as a “straddle period”. The lease does not formally commence until the end of the straddle period. During the straddle period the operator does not have an obligation to pay rent, and any operating profits must be paid to us as reimbursement for our advances to cover the tenant’s operating losses. By lease amendment executed subsequent to June 30, 2017, the Straddle Period will end the earlier of (i) the date we have recouped all advances made during the Straddle Period or (ii) February 28, 2018. If we have not recouped all of our advances by February 28, 2018, either party may terminate the lease.

 

Results of Operations

 

The following discussion of the financial condition, results of operations, cash flows, and changes in our financial position should be read in conjunction with our interim consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

 

Results of Operations - Nine Months Ended September 30, 2017 Compared to the Nine Months Ended September 30, 2016

 

Rental revenues for the nine-month periods ended September 30, 2017 and 2016 totaled $2,303,355 and $2,310,584, respectively, a decrease of $7,229. On January 22, 2016, the lease operator that leased our Middle Georgia, Edwards Redeemer, Golden Years and Goodwill properties filed a voluntary petition in bankruptcy under Chapter 11 of the U.S Bankruptcy Code, and at the same time the regulators closed the Goodwill facility. At the time of the bankruptcy petition, we were owed pre-petition rent of over $600,000 which likely will not be recovered. The bankrupt lease operator also owned unpaid property taxes on each of the controlled properties totaling approximately $300,000 which constitute a lien on our interests and must be paid. We recognized no rental revenues related to our assisted living facility in Tulsa, Oklahoma which were to have begun April 1, 2015; however, additional renovations are required to open the facility. The senior lender for Grand Prairie (formerly Golden Years Manor) has agreed to accept payments of interest only through December 31, 2017. Our senior lender for Goodwill permitted interest only payments through March 2017 and then extended the loan for an additional three years. Revenues from Goodwill ceased in January 2016 and recommenced in February 2017.

 

For the nine months ended September 30, 2017, we recognized rental revenues on all nine properties with the exception of our assisted living facility and independent living facility located in Tulsa, Oklahoma, the Golden Years Manor/GL Nursing facility in Lonoke, AR, and the newly acquired Abbeville facility in Abbeville, GA.

 

General and administrative expenses were $876,623 and $1,616,476 for the nine-month periods ended September 30, 2017 and 2016, respectively, a decrease of $739,853. The decrease was predominantly due to reductions in accounting fees, legal fees, and regular payroll. For the nine months ended September 30, 2017 and 2016, general and administrative expenses include $482,071 and $498,886 of share based compensation related to restricted stock and common stock awards.

 

Property taxes, insurance, and other operating expenses totaled $375,171 and $202,635 for the nine-month periods ended September 30, 2017 and 2016, respectively. The increase of $172,536 is predominantly due to advances of $267,198 to the operator of GL Nursing to cover cash flow deficits during the straddle period, which has been expensed pending potential recovery. Lessees are responsible for the payment of insurance, taxes and other charges while under the lease. Should the lessee not pay all such charges, as required under the leases, we may be liable for such operating expenses. We have been required to cover these expenses at our Goodwill since the facility was closed by regulators in January 2016. We are also responsible for property taxes and insurance related to the ALF and ILF at our Southern Hills Retirement Center.

 

 -22- 

 

 

Depreciation expense decreased $262,848 from $1,182,849 for the nine months ended September 30, 2016 to $920,001 for the nine months ended September 30, 2017. The decrease is predominantly due to an adjustment in March 2016 that increased accumulated depreciation by $269,075, and the sale of the Wash / Greene facility in July 2017. We have not recorded depreciation expense on our assisted living facility and independent living facility located at our Southern Hills Retirement Center which will commence once renovations have been completed and the properties are placed in service.

 

Interest income decreased $32,148 from $32,149 for the nine months ended September 30, 2016 to $1 recognized for the nine months ended September 30, 2017 as a result of repayment in full of a note receivable from a related party in 2016.

 

Interest expense decreased $247,773 from $1,971,025 for the nine months ended September 30, 2016 to $1,723,252 for the nine months ended September 30, 2017 as a result of repayment in full of Wash / Greene senior and subordinated debt. We did not capitalize any interest during the nine months ended September 30, 2017.

 

Liquidity and Capital Resources

 

Throughout its history, the Company has experienced shortages in working capital and has relied, from time to time, upon sales of debt and equity securities to meet cash demands generated by our acquisition activities.

 

At September 30, 2017, the Company had cash and cash equivalents of $105,485 on hand. Our liquidity is expected to increase from potential equity and debt offerings and decrease as net offering proceeds are expended in connection with the acquisition of properties. Our continuing short-term liquidity requirements consisting primarily of operating expenses and debt service requirements, excluding balloon payments at maturity, are expected to be achieved from rental revenues received and existing cash on hand. We have refinanced or plan to renew senior debt that mature during 2017, as our projected cash flow from operations will be insufficient to retire the debt. Our restricted cash approximated $563,151 as of September 30, 2017 which is to be expended on debt service associated with our Southern Hills Retirement Center.

 

Cash provided by operating activities was $ 103,702 for the nine months ended September 30, 2017 compared to cash used in operating activities of $506,278 for the nine months ended September 30, 2016. Cash flows from operations were primarily impacted by the increase in rental revenues received during the first quarter of 2017 as well as lease security deposits received during 2017.  

 

Cash used in investing activities was $752,739, including $184,066 for open market bond purchases and $568,673 for capital expenditures on property, plant, and equipment for the nine-month period ended September 30, 2017, compared to cash provided by investing activities of $2,672,738 for the nine-month period ended September 30, 2016. For the nine months ended September 30, 2016, we collected the total carrying value of a note receivable with a related party in the amount of $573,428 and received proceeds of $2,112,970 from the sale of our Wash/Greene facility.

 

Cash used in financing activities was $176,280  for the nine months ended September 30, 2017. For the nine months ended September 30, 2016, cash used in financing activities was $885,500. During the nine months ended September 30, 2017, we issued $425,000 in debt and made payments on debt of $399,876. During the nine months ended September 30, 2016, we did not issue any new debt and made payments on debt of $829,688.

 

 -23- 

 

 

As of September 30, 2017 and December 31, 2016, our debt balances consisted of the following:

 

   September 30, 2017   December 31, 2016 
         
Convertible Notes Payable  $3,200,000   $3,200,000 
Senior Secured Promissory Notes   250,000    150,000 
Senior Secured Promissory Notes - Related Parties   775,000    450,000 
Fixed-Rate Mortgage Loans   14,349,475    14,666,206 
Variable-Rate Mortgage Loans   8,608,080    6,273,129 
Bonds Payable   5,488,000    5,640,000 
Other Debt   2,586,000    2,394,000 
           
    35,256,555    32,773,335 
           
Premium, Unamortized Discount and Debt Issuance Costs   (660,511)   (735,904)
           
   $34,596,044   $32,037,431 
           
As presented in the Consolidated Balance Sheets:          
           
Debt, Net  $33,884,660   $31,662,724 
           
Debt - Related Parties, Net  $711,384   $374,707 
           
   $34,596,044   $32,037,431 

 

The weighted average interest rate and term of our fixed rate debt are 6.8% and 5.7 years, respectively, as of September 30, 2017. The weighted average interest rate and term of our variable rate debt are 5.7% and 11.6 years, respectively, as of September 30, 2016.

 

Mortgage Loans

 

Mortgage loans are collateralized by all assets of each nursing home property and an assignment of its rents. Collateral for certain mortgage loans includes the personal guarantee of Christopher Brogdon. Mortgage loans for the periods presented consisted of the following:

 

               Stated   
   Face   Principal Outstanding at   Interest  Maturity
Property  Amount   September 30, 2017   December 31, 2016   Rate  Date
                   
Middle Georgia Nursing Home (1)  $4,200,000   $3,656,802   $3,742,706   5.50% Fixed  October 4, 2018
Goodwill Nursing Home (1)   4,976,316    4,485,267    4,520,816   5.50% Fixed  March 19, 2020
Goodwill Nursing Home (3)   80,193    37,593    80,193   5.50% Fixed  June 12, 2018
Warrenton Nursing Home   2,720,000    2,399,714    2,476,109   5.00% Fixed  December 20, 2018
Edward Redeemer Health & Rehab   2,303,815    2,221,592    2,268,096   5.50% Fixed  January 16, 2020
Southern Hills Retirement Center   1,750,000    1,548,507    1,578,286   4.75% Fixed  November 10, 2017
Abbeville Health & Rehab   2,660,000    2,364,698    -   Prime Plus 0.50%/ 4.75% Floor/ 5.50% Ceiling  April 25, 2021
Providence of Sparta Nursing Home   1,725,000    1,625,376    1,655,123   Prime Plus 0.50%/ 6.00% Floor  September 26, 2017
Golden Years Manor Nursing Home (2)   5,000,000    4,618,006    4,618,006   Prime Plus 1.50%/ 5.75% Floor  August 3, 2037
                      
        $22,957,555   $20,939,335       

 

 -24- 

 

 

(1) Mortgage loans are non-recourse to the Company except for the Southern Hills line of credit owed to First United Bank, Goodwill, Eastman and Abbeville.
(2) Effective September 19, 2016, we executed a Modification to the mortgage note pursuant to which some accrued payments were deferred and the lender agreed to permit interest only payments through March 2017. The mortgage loan collateralized by the Grand Prairie Nursing Home (formerly Golden Years Manor Nursing Home) is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. The Company is subject to financial covenants and customary affirmative and negative covenants. As of September 30, 2017, the Company was not in compliance with certain of these financial and non-financial covenants which is considered to be a technical Event of Default as defined in the note agreement. Remedies available to the lender in the event of a continuing Event of Default, at its option, include, but are necessarily limited to the following (1) lender may declare the principal and all accrued interest on the note due and payable; and (2) lender may exercise additional rights and remedies under the note agreement to include taking possession of the collateral or seeking satisfaction from the guarantors. The Company has not been notified by the lender regarding the exercise of any remedies available. Guarantors under the mortgage loan are Christopher Brogdon and GLN Investors, LLC, in which the Company owns a 100% membership interest.
(3) The $80,193 debt at Goodwill Nursing Home was incurred to pay off accrued interest on the original primary note.

 

Other mortgage loans contain financial and non-financial covenants, including reporting obligations, with which the Company has not complied in some instances in an untimely manner.

 

We had $4.1 million of debt maturing for the remaining three months of 2017, all of which was refinanced subsequent to September 30, 2017. See Subsequent Events and the consolidated financial statements included elsewhere in the Form 10-Q for additional debt details. The following is a summary of our subordinated debt at September 30, 2017 and December 31, 2016:

 

   Face   Principal Outstanding at   Stated Interest  Maturity
Property  Amount   September 30, 2017   December 31, 2016   Rate  Date
                   
Goodwill Nursing Home  $2,180,000   $1,536,000   $1,344,000   13.0 % (1)(2) Fixed  December 31, 2019 (2)
Providence of Sparta Nursing Home   1,050,000    1,050,000    1,050,000   10.0% Fixed  December 31, 2017 (3)
                      
        $2,586,000   $2,394,000       

 

Subordinated Debt

 

Our subordinated debt at September 30, 2017 and December 31, 2016 includes unsecured notes payable issued to controlled entities used to facilitate the acquisition of the nursing home properties.

 

  (1) As of December 31, 2016, the income from the Goodwill facility was insufficient to cover debt service for the subordinated debt for the facility. The debt had been accruing interest at the default rate but not currently being paid. In May 2017, we entered into an Allonge and Modification described in Note 2 below. The Company has entered into a new ten-year operating lease covering the facility which became effective in February, 2017 with the new operator having obtained all licenses, permits and other regulatory approval necessary to recertify and reopen the facility. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The facility has been relicensed and began taking patients in December 2016 and is currently building census.
  (2) The subordinated note on Goodwill matured on July 1, 2015. Investors in the Goodwill note were entitled to an additional 5% equity in Goodwill Hunting, LLC every six months if the note is not paid when due. Effective December 31, 2015, all of the holders of the Goodwill subordinated note executed an Agreement Among Lenders pursuant to which they (i) waived all equity ratchets and (ii) extended the maturity date of their notes to June 30, 2017. In exchange, Goodwill Hunting LLC agreed to pay the investors a one-time premium equal to 5% of the principal amount of each individual note (approximately $64,000) as such time as the note is repaid. For the year ended December 31, 2016, a premium of $64,000 has been recognized into earnings. Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes.
  (3) The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due.
  (4) We applied to refinance the senior and subordinated debt at Sparta with a new HUD loan. To accommodate that application, in March 2017 the investors in Providence HR Investors, LLC, the holder of the subordinated debt, entered into a Forbearance Agreement pursuant to which they agreed to (i) waive the equity ratchet they were entitled to due to our failure to repay the debt on or before the maturity date (ii) waive the accrual of default interest and (iii) extend the maturity date of the subordinated debt to December 31, 2017. Subsequent to September 30, 2017, the senior and subordinated debt was repaid from the proceeds of a new HUD loan.

 

 -25- 

 

 

Other mortgage loans contain non-financial covenants, including reporting obligations, with which the Company has not complied in some instances in an untimely manner. These mortgage loans are technically in default, except for the mortgage loan related to Abbeville Health & Rehab.

 

Contractual Obligations

 

As of September 30, 2017, we had the following contractual obligations:

 

   Total   Less Than 1 Year   1 – 3 Years   3 – 5 Years   More Than 5 Years 
Notes and Bonds Payable - Principal  $32,056,555   $20,034,164   $12,001,173   $21,218   $- 
Notes and Bonds Payable - Interest   1,795,519    938,024    798,676    58,818    - 
Convertible Notes Payable - Principal   3,200,000    3,200,000    -    -    - 
Convertible Notes Payable - Interest   -    -    -    -    - 
                          
Total Contractual Obligations  $37,052,072   $24,172,188   $12,799,849   $80,036   $- 

 

Revenues from operations are sufficient to meet the working capital needs of the Company for the foreseeable future. Cash on hand, combined proceeds from the issuance of our 10% Senior Secured Promissory Notes in the aggregate amount of $425,000 and $600,000 during 2017 and 2016 and revenues generated from operations, are in excess of operating expenses and debt service requirements. Debt maturities are expected to be refinanced at reasonable terms upon maturity. The Company anticipates a combination of conventional mortgage loans, at market rates, issuance of revenue bonds and possibly additional equity injections to fund the acquisition cost of any additional properties. Except for renovations at Grand Prairie, Abbeville and Southern Hills Retirement Center, there are no material capital improvement or recurring capital expenditure commitments at the properties.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that we consider material.

 

Critical Accounting Policies

 

Set forth below is a summary of the accounting policies that management believes are critical to the preparation of the consolidated financial statements. Certain of these accounting policies are particularly important for an understanding of the financial position and results of operations presented in the consolidated financial statements set forth elsewhere in this report. These policies require that application of judgment and assumptions by management and, as a result, are subject to a degree of uncertainty. Actual results could differ as a result of such judgment and assumptions.

 

Property Acquisitions

 

We allocate the purchase price of acquired properties to net tangible and identified intangible assets and any liabilities based on relative fair values. Fair value estimates are based on information obtained from independent appraisals, other market data, information obtained during due diligence and information related to the marketing and leasing at the specific property. Acquisition-related costs such as due diligence, legal and accounting fees are expensed as incurred and not applied in determining the purchase price or fair value of an acquired property.

 

Impairment of Long Lived Assets

 

When circumstances indicate the carrying value of property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. This estimate considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying amount of the property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. Estimated fair value is determined with the assistance from independent valuation specialists using recent sales of similar assets, market conditions and projected cash flows of properties using standard industry valuation techniques.

 

 -26- 

 

 

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the standard will have on the consolidated financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company adopted this standard effective December 31, 2016 and has included going concern disclosures in Note 2.

 

In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, “Leases: Topic 842 (ASU 2016-02)”, to supersede nearly all existing lease guidance under GAAP. The guidance would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company in the first quarter of our fiscal year ending December 31, 2019 using a modified retrospective approach with the option to elect certain practical expedients. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements.

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective for the Company beginning on January 1, 2018. ASU 2016-18 must be applied using a retrospective transition method with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

 

The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term.

 

SUBSEQUENT EVENTS

 

Election of Additional member of the Board of Directors

 

Effective October 16, 2017 the Board of Directors elected an additional member, Mr Josh Mandell. As a director, Mr. Mandell will participate in the Company’s compensation plan for directors pursuant to which he will be entitled to receive an annual restricted stock award having a market value of $30,000. As his election is effective October 16, 2017, Mr. Mandell will be entitled to receive for the calendar year 2017 a restricted stock award having a market value of $6,250. The grant will be effective October 16, 2017 and will be based upon the closing price of the Company’s common stock on January 3, 2017 valued at $0.57 per share, for 10,965 shares. 

 

Additional Investments in Debt Securities

 

In October 2017, the Company purchased additional investments in debt securities in the amount of $30,446, consisting of market purchases of the outstanding revenue bonds secured by the Southern Hills ALF and ILF. These investments have a contractual maturity of $60,000.

 

 -27- 

 

 

Refinance of Senior Mortgages

 

Providence HR, LLC

Providence of Sparta Health And Rehab

 

In October, 2017, the Company, through its wholly-owned subsidiary Providence HR, LLC consummated a HUD refinancing of its senior mortgage on its skilled nursing facility in Sparta, Georgia. Funding was provided by Greystone Funding Corporation pursuant to a secured Healthcare Facility Note in the principal amount of $3,039,300 (the “HUD Note”).

 

Proceeds from the HUD Note were used to pay off an existing senior mortgage and certain unsecured debt. The interest rate on the HUD Note is 3.88%, fixed for the full term of the HUD Note. Payments of principal and interest begin on December 1, 2017 until the Note is paid in full on November 1, 2047. The Note is secured by a Healthcare Deed to Secure Debt, Security Agreement and Assignment of Rents.

 

High Street Nursing, LLC

Meadowview Care Center

 

Effective November 1, 2017, the Company, through its wholly-owned subsidiary High Street Nursing, LLC consummated a refinancing of its senior notes on its skilled nursing facility in Seville, Ohio. with ServisFirst Bank pursuant to Term Note in the principal amount of $3,000,000 (the “Meadowview Note”).

 

Proceeds from the Meadowview Note were used to pay off an existing senior notes. The interest rate on Meadowview Note is 6.0%. Monthly payments of interest only begin on November 30, 2017 until January 2018, at which time monthly payments of principal and accrued interest shall be due until the Meadowview Note is paid in full on October 30, 2022 (the “Maturity Date”). The Note is secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage”).

 

Southern Tulsa, LLC

Southern Tulsa TLC, LLC

Southern Hills Rehabilitation Center (“SNF”)

Southern Hills Independent Living Facility (“ILF”)

Southern Hills Assisted Living Facility (“ALF”)

 

Effective October 31, 2017, the Company, through its wholly-owned subsidiaries Southern Tulsa, LLC and Southern Tulsa TLC, LLC, as Co-Borrowers, consummated a new Line of Credit with First Commercial Bank pursuant to a Promissory Note in the principal amount of $7,229,051.52 (the “Line of Credit”). Under the Line of Credit, the Company will refinance the existing mortgage on its skilled nursing facility in Tulsa, Oklahoma, fund the outstanding reverse Dutch tender offer on the Industrial Revenue Bonds covering the ALF and ILF, and for working capital, including improvements to the ALF and ILF.

 

The interest rate on Line of Credit is 5.25%. Monthly payments of interest only begin on November 30, 2017 until the Promissory Note is paid in full on April 30, 2018. The Credit Note is secured by a First Mortgage and Assignment of Rents on Real Property for Southern Hills Rehabilitation Center, a Junior Lien and Assignment of Rents on Real Property for it Southern Hills Independent Living Facility location and a Junior Lien on Real Property for its Southern Hills Assisted Living Facility location.

 

Additional Sales of Senior Notes

 

Subsequent to September 30, 2017, we sold an additional $300,000 in senior notes, which accrue interest at the rate of 10% per annum and payable, principal and accrued interest on October 31, 2020. The proceeds of the notes were used to complete the refinance of the Meadowview facility in Seville, OH. In connection with the notes, the company issued warrants to purchase 300,000 shares of common stock, one for every dollar of note, at an exercise price of $0.75 per share, with an expiration date of November 8, 2018.

 

 -28- 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management’s control objectives.

 

Our management, including our CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Report. Based on this evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls and procedures were not effective as of such date to provide assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to management as appropriate, to allow timely decisions regarding disclosures.

 

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the nine months ended September 30, 2017, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Company and/or its affiliated subsidiaries are involved in the following litigation:

 

Southern Tulsa, LLC v. Healthcare Management of Oklahoma, LLC, District Court of Tulsa County, State of Oklahoma, Case No. CJ – 2016- 01781.

 

This matter was brought by us to have the appointment of a Receiver for the Southern Tulsa SNF and to recover damages from our former operator at that facility. The Court has ordered the appointment of a Receiver effective May 10, 2016. Other claims and matters are pending.

 

Thomas v. Edwards Redeemer Property Holdings, LLC, et.al., District Court for Oklahoma County, Oklahoma, Case No. CJ 2016-2160.

 

This action arises from a personal injury claim brought by heirs of a former resident of our Edwards Redeemer facility. We are entitled to indemnification from the lease operator and should be covered under the lease operator’s general liability policy. As we are not the operators of the facility and believe we have indemnity coverage, we believe we have no exposure. The lease operator’s insurance carrier is providing a defense and indemnity; and as a result we believe the likelihood of a material adverse result is remote.

 

Verizon Construction, Inc., v. Southern Tulsa, LLC, et. al., District Court of Tulsa County, Oklahoma, Case No. CJ-2015-04326.

 

This is a mechanic’s lien foreclosure action on the Southern Hills facility in Tulsa arising from work performed. The Plaintiff was a subcontractor to our general contractor; and while we paid the general contractor for that work, the general contractor apparently did not pay the subcontractor. Plaintiff is seeking $441,939 previously invoiced to the general contractor, plus attorney’s fees and costs. The general contractor, also a named defendant, is liable for this amount but may not have the resources to pay the plaintiff, therefore the Company may be liable for some unknown amount less than or equal to Plaintiff’s claim. The Company has accrued $25,000 as a probable loss for this matter in the consolidated financial statements for the year ended December 31, 2016 and nine months ended September 30, 2017, based upon an initial draft settlement agreement but intends to vigorously defend the matter if a settlement is not achieved. Subsequent to September 30, 2017, this matter was settled for $20,000.

 

 -29- 

 

 

Item 1A. Risk Factors

 

None, except as previously disclosed.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None, except as previously disclosed.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Removed and Reserved

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

31.1 Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
   
31.2 Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
   
32. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
101.INS XBRL Instance Document**
101.SCH XBRL Schema Document**
101.CAL XBRL Calculation Linkbase Document**
101.LAB XBRL Label Linkbase Document**
101.PRE XBRL Presentation Linkbase Document**
101.DEF XBRL Definition Linkbase Document**

 

*          filed herewith

**       furnished, not filed

 

 -30- 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  GLOBAL HEALTHCARE REIT, INC.
     
Date: November 20, 2017 By: /s/ Lance Baller
   

Lance Baller, Interim CEO

(Principal Executive Officer)

 

Date: November 20, 2017 By: /s/ Zvi Rhine
   

Zvi Rhine,

Chief Financial Officer

(Principal Accounting Officer)

 

 -31- 

 

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION

 

I, Lance Baller, Interim Chief Executive Officer, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Global Healthcare REIT, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
   
  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
     
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
     
  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 20, 2017 /s/ Lance Baller
  Lance Baller, Interim Chief Executive Officer
  (Principal Executive Officer)

 

 
   
EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION

 

I, Zvi Rhine, Chief Financial Officer, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Global Healthcare REIT, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
   
  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
     
  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 20, 2017 /s/ Zvi Rhine
  Zvi Rhine, Chief Financial Officer
  (Principal Accounting Officer)

 

 
   

 

 

EX-32 4 ex32.htm

 

Exhibit 32

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Global Healthcare REIT, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lance Baller, Interim Chief Executive Officer (Principal Executive Officer) and I, Zvi Rhine, Chief Financial Officer (Principal Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

/s/ Lance Baller  
Lance Baller  
Interim Chief Executive Officer  
(Principal Executive Officer)  
November 20, 2017  
   
/s/ Zvi Rhine  
Zvi Rhine  
Chief Financial Officer  
(Principal Accounting Officer)  
November 20, 2017  

 

 
   

 

 

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Subsequent to September 30, 2017, we completed the refinance of the Sparta facility and repaid the subordinated debt from the proceeds of the new HUD loan. Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease. On January 22, 2016, a lease operator that operates Middle Georgia, Edwards Redeemer, Golden Years (until January 1, 2016) and Goodwill filed a voluntary petition in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under the Chapter 11 Bankruptcy, the lease operator can either assume or reject the leases of Middle Georgia, Edwards Redeemer and Goodwill. As of the date of this Report, the lease operator has verbally represented that he intends to assume the leases of Middle Georgia and Edwards Redeemer under modified lease terms and has rejected the lease covering Goodwill. If the lease operator assumes a lease, he is required to bring the leases current as a condition to such assumption. In January 2016, concurrently with the Chapter 11 Bankruptcy filing by the lease operator, the Goodwill facility was closed by Georgia regulators and all residents were removed. The Goodwill facility began generating rental revenue in February 2017. In the first year, base rent is $16,667 per month, plus $2,000 per month for every ten occupied beds. In a transaction related to the sale of the Greene Point facility, an affiliate of the buyer of Greene Point has executed a ten-year operating lease covering Goodwill. The former lease has been terminated. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The lease became effective on February 1, 2017 with the lease operator having obtained all regulatory approvals, completed renovations and began admitting patients. Effective January 1, 2016, the Golden Years facility was leased to another operator for a period of ten years at a monthly base rent of $30,000 which was subject to increases based on census levels. Under the terms of the lease, the Company agreed to fund certain capital expenditures, which it was unable to fulfill. In July 2016, the new tenant served notice that it was terminating the lease effective August 31, 2016. The Company entered into a Lease Termination Agreement under which it paid the tenant $145,000 and is obligated to make future payments. Effective August 30, 2016, the Company entered into a new lease agreement with another nursing home operator for its Golden Years facility. The lease term commences at the end of a straddle period which, by virtue of an amendment to the lease executed after June 30, 2017, will occur the earlier of (i) the Company recouping all advances made during the Straddle Period or (ii) February 28, 2018. During the straddle period, the Company has agreed to make working capital advances to enable the operator to cover cash flow deficits resulting from initial operations of the facility. If at the end of the straddle period, the operator has not reimbursed the full amount of advances to the Company, the Company or operator have the right to terminate the lease agreement. As of December 31, 2016, $230,000 has been advanced to the operator by the Company-$150,000 required by the lease for capital improvements booked to tenant improvements that is not reimbursable, and $80,000 to cover tenant's cash flow deficits during the straddle period. During the nine months ended September 30, 2017, $267,198 was advanced to the operator by the Company to cover cash flow deficits during the straddle period. If the lease term commences, the Company will receive monthly base rents beginning at $35,000 which is subject to increases based on census levels. Lease agreement dated May 21, 2014 with lease payments commencing February 1, 2015. On May 10, 2016, the Company obtained a Court Order appointing a Receiver to control and operate the Southern Hills SNF. The former lease operator represented that it was unable to meet the financial commitments of the facility, including the payment of rent, payroll and other operating requirements. The Company plans to engage a new lease operator for the facility. The lease on the ALF has been abandoned. The Company plans to seek a new tenant for this entity to assume operations at the completion of construction. The Southern Hills ILF requires renovation and is not subject to an operating lease. 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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2017
Nov. 20, 2017
Document And Entity Information    
Entity Registrant Name GLOBAL HEALTHCARE REIT, INC.  
Entity Central Index Key 0000727346  
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   26,300,317
Trading Symbol GBCS  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
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Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Property and Equipment, Net $ 37,985,136 $ 36,162,881
Cash and Cash Equivalents 105,485 578,242
Restricted Cash 563,151 580,747
Accounts Receivable, Net 89,636
Investments in Debt Securities 128,259
Prepaid Expenses and Other 393,311 221,962
Total Assets 39,264,978 37,543,832
Liabilities    
Debt, Net of discount of $596,895 and $660,611, respectively 33,884,660 31,662,724
Debt - Related Parties, Net of discount of $63,616 and $75,293, respectively 711,384 374,707
Accounts Payable and Accrued Liabilities 408,359 591,446
Accounts Payable - Related Parties 69,909 96,689
Dividends Payable 7,500 7,500
Derivative Liability 95,371 246,451
Lease Security Deposit 280,000 30,000
Total Liabilities 35,457,183 33,009,517
Commitments and Contingencies
Stockholders' Equity    
Common Stock - $0.05 Par Value; 50,000,000 Shares Authorized, 26,289,352 and 25,027,260 Shares Issued and Outstanding at September 30, 2017 and December 31, 2016, Respectively 1,314,467 1,251,363
Additional Paid-In Capital 9,312,337 8,707,116
Accumulated Deficit (7,394,698) (6,021,903)
Total Global Healthcare REIT, Inc. Stockholders' Equity 4,008,106 4,712,576
Noncontrolling Interests (200,311) (178,261)
Total Equity 3,807,795 4,534,315
Total Liabilities and Equity 39,264,978 37,543,832
Series A - No Dividends, Non-voting [Member]    
Stockholders' Equity    
Preferred Stock, value 401,000 401,000
Series D - 8% Cumulative, Convertible, Non-voting [Member]    
Stockholders' Equity    
Preferred Stock, value $ 375,000 $ 375,000
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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Debt discount $ 596,895 $ 660,611
Debt discount of related parties $ 63,616 $ 75,293
Common stock, par value $ 0.05 $ 0.05
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 26,289,352 25,027,260
Common stock, shares outstanding 26,289,352 25,027,260
Series A - No Dividends, Non-voting [Member]    
Preferred stock, par value $ 2.00 $ 2.00
Preferred stock, shares authorized 2,000,000 2,000,000
Preferred stock, shares issued 200,500 200,500
Preferred stock, shares outstanding 200,500 200,500
Series D - 8% Cumulative, Convertible, Non-voting [Member]    
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 375,000 375,000
Preferred stock, shares outstanding 375,000 375,000
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue        
Rental Revenue $ 749,269 $ 850,520 $ 2,303,355 $ 2,310,584
Expenses        
General and Administrative 313,764 734,891 876,623 1,616,476
Property Taxes, Insurance and Other Operating 28,755 43,255 375,171 202,635
Acquisition Costs 52,325
Gain on Disposal of Property and Equipment (980,839)
Depreciation 319,864 287,389 920,001 1,182,849
Total Expenses 662,383 1,065,535 2,171,795 2,073,446
Income (Loss) from Operations 86,886 (215,015) 131,560 237,138
Other (Income) Expense        
(Gain) Loss on Warrant Liability (47,523) 31,110 (151,080) (126,614)
Gain on Extinguishment of Debt (1,163,458) (36,193) (1,163,458)
Gain on Settlement of Other Liabilities (32,073)
Interest Income (1) (32,149)
Interest Expense 583,453 603,511 1,723,252 1,971,025
Total Other (Income) Expense 535,930 (528,837) 1,503,905 648,804
Equity in Income from Unconsolidated Partnership
Net Income (Loss) (449,044) 313,822 (1,372,345) (411,666)
Net Loss Attributable to Noncontrolling Interests 42,005 22,050 115,367
Net Income (Loss) Attributable to Global Healthcare REIT, Inc. (449,044) 355,827 (1,350,295) (296,299)
Series D Preferred Dividends   (7,500) (7,500) (22,500) (22,500)
Net Income (Loss) Attributable to Common Stockholders $ (456,544) $ 348,327 $ (1,372,795) $ (318,799)
Per Share Data:        
Net Income (Loss) per Share Attributable to Common Stockholders: Basic $ (0.02) $ 0.01 $ (0.05) $ (0.01)
Net Income (Loss) per Share Attributable to Common Stockholders: Diluted $ (0.02) $ 0.01 $ (0.05) $ (0.01)
Weighted Average Common Shares Outstanding: Basic 25,899,337 23,802,472 25,697,705 22,791,649
Weighted Average Common Shares Outstanding: Diluted 25,899,337 23,377,972 25,697,705 22,791,649
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statement of Changes in Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)
Series A Preferred Stock [Member]
Series D Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Global Healthcare REIT, Inc Stockholders' Equity [Member]
Non-controlling Interests [Member]
Total
Balance at Dec. 31, 2016 $ 401,000 $ 375,000 $ 1,251,363 $ 8,707,116 $ (6,021,903) $ 4,712,576 $ (178,261) $ 4,534,315
Balance, Shares at Dec. 31, 2016 200,500 375,000 25,027,260          
Share Based Compensation - Restricted Stock Awards $ 63,105 525,976 589,081 589,081
Share Based Compensation - Restricted Stock Awards, Shares 1,262,092          
Series D Preferred Dividends (22,500) (22,500) (7,500)
Relative Fair Value of Warrants Issued with Notes Payable 79,244 79,244 79,244
Net Loss (1,350,295) (1,350,295) (22,050) (1,372,345)
Balance at Sep. 30, 2017 $ 401,000 $ 375,000 $ 1,314,468 $ 9,312,336 $ (7,394,698) $ 4,008,106 $ (200,311) $ 3,807,795
Balance, Shares at Sep. 30, 2017 200,500 375,000 26,289,352          
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities:    
Net loss $ (1,372,345) $ (411,666)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:    
Depreciation 920,001 1,182,849
Amortization and Accretion 183,091 90,725
Increase in Deferred Rent Receivable (111,341) (63,665)
Stock Based Compensation 482,071 498,886
Gain on Settlement of Accounts Payable (32,073) 12,500
Gain on Extinguishment of Debt (36,193) (1,163,458)
Forgiveness of Debt (100,000)
Gain on Derivative Liability (151,080) (126,614)
Premium on Debt, net (64,107) 120,250
Gain on Sale of Property and Equipment (980,839)
Changes in Operating Assets and Liabilities, Net of Assets and Liabilities Acquired:    
Rents Receivable (89,636) (131,255)
Other Assets (60,008) 109,551
Accounts Payable and Accrued Liabilities 185,322 456,458
Lease Security Deposits 250,000
Cash Provided by (Used in) Operating Activities 103,702 (506,278)
Cash Flows From Investing Activities:    
Collections on Notes Receivable - Related Parties 573,428
Purchase of Investments in Debt Securities (184,066)
Proceeds from Sale of Property and Equipment 2,112,970
Capital Expenditures on PP&E Additions (568,673) (13,660)
Cash Provided by (Used in) Investing Activities (752,739) 2,672,738
Cash Flows From Financing Activities:    
Proceeds from Debt, Related Parties 325,000
Proceeds from Issuance of Debt, Outside Parties 100,000
Proceeds from line of credit 171,416
Payments on Debt (399,876) (829,688)
Cash paid for HUD Refinancing deposit (15,356)
Change in Restricted Cash 17,596 (22,581)
Deferred Loan Costs Paid (10,731)
Dividends Paid on Preferred Stock (22,500) (22,500)
Distributions to Noncontrolling Interests
Cash Provided by (Used in) Financing Activities 176,280 (885,500)
Net Increase (Decrease) in cash (472,757) 1,280,960
Cash at Beginning of the Year 578,242 71,055
Cash at End of the Year 105,485 1,352,015
Supplemental Disclosure of Cash Flow Information    
Cash Paid for Interest 1,826,155 1,621,067
Cash Paid for Income Taxes
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared on Series D Preferred Stock   7,500 22,500
Capital Expenditures for Property paid by Bank   2,173,582
Loan Cost of Colony Bank Loan   38,421
Common Stock issued for Settlement of Accrued Compensation 107,010 112,500
Relative Fair Value of Warrants issued with Senior Secured Promissory Notes 79,244
Extinguishment of Bonds through Investments in Debt Securities 92,000
Acquisition of Membership Interests in exchange of Common Stock and Cash 66,497
Common Stock issued for Debt Cost 23,800
Common Stock issued for Debt and Accrued Interest 486,000
Payment of Mortgage Debt through Sale of Property 1,683,200
Construction in Progress Financed with Debt $ 319,163
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Summary of Significant Accounting Policies

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Description of the Business

 

Global Healthcare REIT, Inc. (the Company or Global) was organized with the intent of operating as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. Prior to the Company changing its name to Global Healthcare REIT, Inc. on September 30, 2013, the Company was known as Global Casinos, Inc. Global Casinos, Inc. operated two gaming casinos which were split-off and sold on September 30, 2013. Simultaneous with the split-off and sale of the gaming operations, the Company acquired West Paces Ferry Healthcare REIT, Inc. (WPF) in a transaction accounted for as a reverse acquisition whereby WPF was deemed to be the accounting acquirer.

 

The Company intends to make a REIT election under sections 856 through 859 of the Internal Revenue Code of 1986, as amended. Such election will be made by the Board of Directors at such time as the Board determines that we qualify as a REIT under applicable provisions of the Internal Revenue Code.

 

The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. As of September 30, 2017, the Company owned nine healthcare properties which are leased to third-party operators under triple-net operating leases.

 

Basis of Presentation

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and in conjunction with the rules and regulations of the Securities Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary to make the consolidated financial statements not misleading have been included. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the standard will have on the consolidated financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company adopted this standard effective December 31, 2016 and has included going concern disclosures in Note 2.

 

In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, “Leases: Topic 842 (ASU 2016-02)”, to supersede nearly all existing lease guidance under GAAP. The guidance would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company in the first quarter of our fiscal year ending December 31, 2019 using a modified retrospective approach with the option to elect certain practical expedients. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements.

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective for the Company beginning on January 1, 2018. ASU 2016-18 must be applied using a retrospective transition method with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

 

The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term.

 

Basic and Diluted Earnings per Share

 

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares and dilutive potential common shares outstanding during the period. At September 30, 2017, there were 4,190,362 potential common shares.  Because of the net loss, the effect of these potential common shares is anti-dilutive.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Going Concern
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2. GOING CONCERN

 

The accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern.

 

For the nine months ended September 30, 2017, the Company incurred a net loss of $1,372,345, reported net cash provided by operations of $103,702 and has an accumulated deficit of $7,394,698. These circumstances raise substantial doubt as to the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues and cash flows to operate profitably and meet contractual obligations, or raise additional capital through debt financing or through sales of common stock.

 

The failure to achieve the necessary levels of profitability and cash flows or obtain additional funding would be detrimental to the Company. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

3. PROPERTY AND EQUIPMENT

 

The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of September 30, 2017 and December 31, 2016 are as follows:

 

    September 30, 2017     December 31, 2016  
             
Land   $ 1,597,500     $ 1,577,500  
Land Improvements     200,000       200,000  
Buildings and Improvements     35,312,194       33,461,661  
Furniture, Fixtures and Equipment     1,430,502       1,125,507  
Construction in Progress     3,681,881       3,115,154  
                 
      42,222,077       39,479,822  
Less Accumulated Depreciation     (4,236,941 )     (3,316,941 )
                 
    $ 37,985,136     $ 36,162,881  

 

    For the Nine Months Ended September 30,  
    2017     2016  
             
Depreciation Expense   $ 920,001     $ 1,182,849  
                 
Cash Paid for Capital Expenditures   $ 568,673     $ 13,660  
                 
Property and Equipment financed with Debt   $ 2,173,582       319,163  

 

Acquisition of Property

 

Abbeville Health & Rehab

 

On April 4, 2017, we successfully bid at foreclosure sale to purchase a 101-bed skilled nursing facility located In Abbeville, Georgia. We formed a new wholly-owned subsidiary, Global Abbeville Property, LLC (“GAP”) for the purpose of bidding on the facility. Colony Bank, the senior lender on the facility, was the party undertaking the foreclosure in light of the default of the prior owner. The purchase transaction was consummated in May 2017.

 

The purchase price for the Abbeville facility was $2.1 million which was entirely financed by Colony Bank through a newly approved closed-end revolving credit facility in the maximum amount of $2.6 million. The additional $500,000 under the credit line was used for renovations on a dollar-for-dollar matching basis. The loan agreement was executed in May 2017, and the maturity date is April 25, 2021. It carries an interest rate of prime plus 0.5%, 4.75% minimum, 5.50% maximum, is cross collateralized with the Eastman note with the same lender, and backed by a corporate guarantee from the Company. The transaction has been treated as an asset acquisition financed by debt, with $20,000 land, $1,827,000 building, and $253,000 fixed assets allocated in relative fair value. The Company recognized $38,421 in loan costs, which was amortized over the life of the loan.

 

The facility was closed in March 2016 due to uncured deficiencies. On March 17, 2017, in anticipation of our purchase of the facility, the State of Georgia approved initially a 45 day extension and then a six-month conditional Certificate of Need (“CON”) to allow us to complete renovations and reopen the property. The Company assessed that the acquisition of the Abbeville facility did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the acquisition as an acquisition of asset.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments in Debt Securities
9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt Securities

4. INVESTMENTS IN DEBT SECURITIES

 

At September 30, 2017 and December 31, 2016, the Company held investments in marketable securities that were classified as held-to-maturity and carried at amortized costs. Held-to-maturity securities consisted of the following:

 

 

    September 30, 2017     December 31, 2016  
                 
States and Municipalities   $ 128,259     $ -  

 

Contractual maturities of held-to-maturity securities at September 30, 2017 are as follows:

 

      Net Carrying Amount  
         
Due in One Year or Less   $ 5,000  

 

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 

During the nine months ended September 30, 2017, the Company invested $184,066 in held-to-maturity debt securities consisting of the Tulsa County Industrial Authority Series 2014 Bonds secured by the Southern Hills ALF and ILF, with contractual maturity dates between 2023 and 2044. We subsequently used $55,807 of these purchases to settle and retire early debt obligations related to these bonds for the face value of $92,000. This resulted in a gain on extinguishment of debt of $36,193 for the nine months ended September 30, 2017 based on the difference between investment in debt and the settled debt obligation.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Debt and Debt - Related Parties

5. DEBT AND DEBT-RELATED PARTIES

 

The following is a summary of the Company’s debt outstanding as of September 30, 2017 and December 31, 2016:

 

    September 30, 2017     December 31, 2016  
             
Convertible Notes Payable   $ 3,200,000     $ 3,200,000  
Senior Secured Promissory Notes     250,000       150,000  
Senior Secured Promissory Notes - Related Parties     775,000       450,000  
Fixed-Rate Mortgage Loans     14,349,475       14,666,206  
Variable-Rate Mortgage Loans     8,608,080       6,273,129  
Bonds Payable     5,488,000       5,640,000  
Other Debt     2,586,000       2,394,000  
                 
      35,256,555       32,773,335  
                 
Premium, Unamortized Discount and Debt Issuance Costs     (660,511 )     (735,904 )
                 
    $ 34,596,044     $ 32,037,431  
                 
As presented in the Consolidated Balance Sheets:                
                 
Debt, Net   $ 33,884,660     $ 31,662,724  
                 
Debt - Related Parties, Net   $ 711,384     $ 374,707  
                 
    $ 34,596,044     $ 32,037,431  

 

Convertible Notes Payable

 

6.5% Notes Due 2017

 

On September 26, 2014, the Company completed a private offering of its 6.5% Senior Secured Convertible Promissory Notes in the amount of $3,200,000 which mature on September 25, 2017. The Notes can be called for redemption at the option of the Company at any time (i) after September 15, 2015 but prior to September 15, 2016 at an early redemption price equal to 103% of the face amount of the Notes, plus accrued and unpaid interest, or (ii) any time after September 15, 2016 but prior to September 15, 2017 at an early redemption price equal to 102% of the face amount of the Notes, plus accrued and unpaid interest. Each Note is convertible at the option of the holder into shares of common stock of the Company at a conversion price of $1.37 per share. The Notes will automatically convert into common stock at the conversion price in the event (i) there exists a public market for the Company’s common stock, (ii) the closing price of the common stock in the principal trading market has been $2.00 per share or higher for the preceding ten (10) trading days, and (iii) either (A) there is an effective registration statement registering for resale under the Securities Act of 1933, as amended, the conversion shares or (B) the conversion shares are eligible to be resold by non-affiliates of the Company without restriction under Rule 144 of the Securities Act. At the time of issuance and based on the Company’s common stock trading activity, the Company determined that no beneficial conversion feature was associated with the Notes. As of September 30, 2017, none of the Notes have been converted into common stock. Deferred loan costs incurred of $180,963 related to the loan are amortized to interest expense over the life of the loan. Amortization expense related to deferred loan costs totaled $ 45,241 for the nine months September 30, 2017. The Notes are secured by a senior mortgage on the Meadowview Healthcare Center located in Seville, Ohio.

 

Subsequent to September 30, 2017, the Notes were refinanced with a new senior loan from ServisFirst Bank in the principal amount of $3.0 million. See Subsequent Events.

 

Senior Secured Promissory Notes

 

From November through December 2016, the Company undertook a private offering of its 10% Senior Secured Promissory Notes in the aggregate amount up to $1,000,000, on a best efforts basis. As of December 31, 2016, $600,000 of the notes had been issued of which $450,000 were issued to the directors of the Company or entities or persons affiliated with these directors. The notes bear interest at a rate of 10% payable monthly with principal and unpaid interest due at maturity on January 13, 2018. The notes are secured by all assets of the Company not serving as collateral for other notes. In January 2017, additional $125,000 were sold and issued to related parties. In June 2017, an additional $200,000 in notes were sold and issued to related parties with a maturity date of December 31, 2018. Additional notes were issued in July 2017 for $50,000 and September 2017 for $50,000 with a maturity date of December 31, 2018.

 

As part of the offering, the notes issued in 2016 had attached warrants to purchase 600,000 shares of common stock at an exercise price of $0.75 per share. The warrants have a cashless exercise provision. During the nine months ended September 30, 2017, an additional $425,000 in notes with 425,000 warrants were issued. The value of the warrants issued to the note holders was calculated using the Black-Scholes pricing model using the following weighted average assumptions:

 

 

    September 30, 2017     December 31, 2016  
             
Volatility     114.6% - 144.8 %     131.3% - 133.2 %
Risk-free Interest Rate     0.81% - 1.24 %     0.81% - 0.92 %
Exercise Price   $ 0.75     $ 0.75  
Fair Value of Common Stock   $ 0.39 - $0.50     $ 0.39 - $0.44  
Expected Life     1 – 1.5 years       1.1 years  

 

The total value of the 2016 warrants on the issue date was estimated to be $102,280 and was bifurcated from the value of the note. The corresponding note discount is being amortized over the life of the note using the straight-line method. The unamortized balance of the discount on the note was $28,613 and $95,873 as of September 30, 2017 and December 31, 2016 with $67,260 recorded as amortization expense during 2017.

 

The total value of the 2017 warrants on the issue date was estimated to be $79,244 and was bifurcated from the value of the note. The corresponding note discount is being amortized over the life of the note using the straight-line method. The unamortized balance of the discount on the note was $58,787 as of September 30, 2017 with $20,457 recorded as amortization expense during the nine month period ended September 30, 2017.

 

Mortgage Loans

 

Mortgage loans are collateralized by all assets of each nursing home property and an assignment of its rents. Collateral for certain mortgage loans includes the personal guarantee of Christopher Brogdon. Mortgage loans for the periods presented consisted of the following:

 

                Stated        
    Face     Principal Outstanding at     Interest     Maturity  
Property   Amount     September 30, 2017     December 31, 2016     Rate     Date  
                               
Middle Georgia Nursing Home (1)     $ 4,200,000     $ 3,656,802     $ 3,742,706       5.50% Fixed       October 4, 2018  
Goodwill Nursing Home (1)       4,976,316       4,485,267       4,520,816       5.50% Fixed       March 19, 2020  
Goodwill Nursing Home (3)       80,193       37,593       80,193       5.50% Fixed       June 12, 2018  
Warrenton Nursing Home (4)       2,720,000       2,399,714       2,476,109       5.00% Fixed       December 20, 2018  
Edward Redeemer Health & Rehab     2,303,815       2,221,592       2,268,096       5.50% Fixed       January 16, 2020  
Southern Hills Retirement Center (5)       1,750,000       1,548,507       1,578,286       4.75% Fixed       November 10, 2017  
Abbeville Health & Rehab (6)       2,660,000       2,364,698       -       Prime Plus 0.50%/ 4.75% Floor/ 5.50% Ceiling       April 25, 2021  
Providence of Sparta Nursing Home (7)       1,725,000       1,625,376       1,655,123       Prime Plus 0.50%/ 6.00% Floor       September 26, 2017  
Golden Years Manor Nursing Home (2)       5,000,000       4,618,006       4,618,006       Prime Plus 1.50%/ 5.75% Floor       August 3, 2037  
                                         
            $ 22,957,555     $ 20,939,335                  

 

  (1) Mortgage loans are non-recourse to the Company except for the Southern Hills line of credit owed to First United Bank, Goodwill, Eastman and Abbeville.
     
  (2) Effective September 19, 2016, we executed a Modification to the mortgage note pursuant to which some accrued payments were deferred and the lender agreed to permit interest only payments through March 2017. The mortgage loan collateralized by the Grand Prairie Nursing Home (formerly Golden Years Manor Nursing Home) is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. The Company is subject to financial covenants and customary affirmative and negative covenants. As of September 30, 2017, the Company was not in compliance with certain of these financial and non-financial covenants which is considered to be a technical Event of Default as defined in the note agreement. Remedies available to the lender in the event of a continuing Event of Default, at its option, include, but are necessarily limited to the following (1) lender may declare the principal and all accrued interest on the note due and payable; and (2) lender may exercise additional rights and remedies under the note agreement to include taking possession of the collateral or seeking satisfaction from the guarantors. The Company has not been notified by the lender regarding the exercise of any remedies available. Guarantors under the mortgage loan are Christopher Brogdon and GLN Investors, LLC, in which the Company owns a 100% membership interest. In May 2017, the Company entered into a Modification Agreement with GL Nursing, LLC mortgage lender to which the lender agreed to (i) extend the interest only payments from April 1, 2017 thru December 1, 2017, (ii) re-amortize the loan over the remaining term of the loan, the regular principal and interest payment shall begin from the payment due January 1, 2018. The Company continues to pay escrow payments for the USDA annual fee and acknowledged that payments beginning from January 1, 2018 will recover any unpaid interests first, then to bring principal current.
     
  (3) The $80,193 debt at Goodwill Nursing Home was incurred to pay off accrued interest on the original primary note.
     
  (4) Amortization expense related to loan costs of this loan totaled $4,620 for the nine months ended September 30, 2017.
     
  (5) Amortization expense related to loan costs of this loan totaled $19,321 for the nine months ended September 30, 2017.
     
  (6) Amortization expense related to loan costs of this loan totaled $3,270 for the nine months ended September 30, 2017.
     
  (7) Amortization expense related to loan costs of this loan totaled $8,047 for the nine months ended September 30, 2017.

 

Other mortgage loans contain non-financial covenants, including reporting obligations, with which the Company has not complied in some instances in an untimely manner. These mortgage loans are technically in default, except for the loan related to Abbeville Health& Rehab.

 

Subsequent to September 30, 2017, the Company completed refinances of the mortgage loans on Providence of Sparta and Southern Hills. See Subsequent Events.

 

Bonds Payable - Tulsa County Industrial Authority

 

On March 1, 2014, Southern Tulsa, LLC (Southern Tulsa), a subsidiary of WPF that owns the Southern Hills Retirement Center, entered into a loan agreement with the Tulsa County Industrial Authority (Authority) in the State of Oklahoma pursuant to which the Authority lent to Southern Tulsa the proceeds from the sale of the Authority’s Series 2014 Bonds. The Series 2014 Bonds consist of $5,075,000 in Series 2014A First Mortgage Revenue Bonds and $505,000 in Series 2014B Taxable First Mortgage Revenue Bonds. The Series 2014 Bonds were issued pursuant to a March 1, 2014 Indenture of Trust between the Authority and the Bank of Oklahoma. $4,325,000 of the Series 2014A Bonds mature on March 1, 2044 and accrue interest at a fixed rate of 7.75% per annum. The remaining $750,000 of the Series 2014A Bonds mature on various dates through final maturity on March 1, 2029 and accrue interest at a fixed rate of 7.0% per annum. The Series 2014B Bonds mature on March 1, 2023 and accrue interest at a fixed rate of 8.5% per annum. The debt is secured by a first mortgage lien on the independent living units and assisted living facility (facilities), an assignment of the facilities’ leases, a first lien on all personal property located in the facilities, and a guarantee by the Company. Deferred loan costs incurred of $483,606 and an original issue discount of $78,140 related to the loan are amortized to interest expense over the life of the loan. Amortization expense related to deferred loan costs and the original issue discount totaled $14,113 and $2,283 for the nine months ended September 30, 2017 and $5,645 and $653 for the nine months ended September 30, 2016, with the variance due to an adjustment to accumulated amortization in March 2016. The loan agreement includes certain financial covenants required to be maintained by the Company, which were not compliance as of September 30, 2017. As part of the loan terms, a $60,000 principal reduction was paid on the bonds during the nine months ended September 30, 2017. As of September 30, 2017, restricted cash of $563,151 is related to these bonds.

 

During the nine months ended September 30, 2017, the Company invested $184,066 in debt securities, consisting of the Tulsa County Industrial Authority Series 2014 Bonds secured by the Southern Hills ALF and ILF. We subsequently used $55,807 of these purchases to settle and retire debt obligations related to these bonds for the face value of $92,000. This resulted in a gain on extinguishment of debt of $36,193 based on the difference between investment in debt and the settled debt obligation.

 

Other Debt

 

Other debt at September 30, 2017 and December 31, 2016 includes unsecured notes payable issued to facilitate the acquisition of the nursing home properties.

 

    Face     Principal Outstanding at     Stated Interest     Maturity  
Property   Amount     September 30, 2017     December 31, 2016     Rate     Date  
                               
Goodwill Nursing Home   $ 2,180,000     $ 1,536,000     $ 1,344,000       13% (1)(2) Fixed       December 31, 2019 (2)  
Providence of Sparta Nursing Home     1,050,000       1,050,000       1,050,000       10.0% Fixed       December 31, 2017 (3)(4)  
                                         
            $ 2,586,000     $ 2,394,000                  

 

 

(1) As of December 31, 2016, the income from the Goodwill facility was insufficient to cover debt service for the subordinated debt for the facility. The debt had been accruing interest at the default rate but not currently being paid. In May 2017, we entered into an Allonge and Modification described in Note 2 below. The Company has entered into a new ten-year operating lease covering the facility which became effective in February, 2017 with the new operator having obtained all licenses, permits and other regulatory approval necessary to recertify and reopen the facility. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The facility has been relicensed and began taking patients in December 2016 and is currently building census.
   
(2) Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes. The total premium on debt recognized was $192,000, and the accrued interest payable written off was $256,107, for a net gain on premium of $64,107.
   
(3) The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due.
   
(4) We applied to refinance the senior and subordinated debt at Sparta with a new HUD loan. To accommodate that application, in March 2017 the investors in Providence HR Investors, LLC, the holder of the subordinated debt, entered into a Forbearance Agreement pursuant to which they agreed to (i) waive the equity ratchet they were entitled to due to our failure to repay the debt on or before the maturity date (ii) waive the accrual of default interest and (iii) extend the maturity date of the subordinated debt to December 31, 2017. Subsequent to September 30, 2017, we completed the refinance of the Sparta facility and repaid the subordinated debt from the proceeds of the new HUD loan.

 

For the nine months ended September 30, 2017, the Company received proceeds from the issuance of debt of $425,000. Cash payments on debt totaled $399,876 and $829,688 for the nine months ended September 30, 2017 and 2016, respectively.

 

Future maturities of all of the notes and bonds payable listed above for the next five years and thereafter are as follows:

 

Years        
         
  2017     $ 20,011,924  
  2018       4,929,667  
  2019       1,789,496  
  2020       6,412,035  
  2021       2,113,433  
  2022 and after         -  
             
        $ 35,256,555  

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Stockholders' Equity

6. STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company has authorized 10,000,000 shares of preferred stock. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors.

 

Series A Convertible Redeemable Preferred Stock

 

The Company’s Board of Directors has authorized 2,000,000 shares of $2.00 stated value, Series A Preferred Stock. The preferred stock has a senior liquidation preference value of $2.00 per share, has no voting or redemption rights and does not accrue dividends.

 

As of September 30, 2017 and December 31, 2016, the Company has 200,500 shares of Series A Preferred stock outstanding.

 

Series D Convertible Preferred Stock

 

The Company has established a class of preferred stock designated “Series D Convertible Preferred Stock” (Series D preferred stock) and authorized an aggregate of 1,000,000 non-voting shares with a stated value of $1.00 per share. Holders of the Series D preferred stock are entitled to receive dividends at the annual rate of eight percent (8%) based on the stated value per share computed on the basis of a 360-day year and twelve 30-day months. Dividends are cumulative, shall be declared quarterly, and are calculated from the date of issue and payable on the fifteenth day of April, July, October and January. The dividends may be paid, at the option of the holder either in cash or by the issuance of shares of the Company’s common stock valued at the market price on the dividend record date. Shares of the Series D preferred stock are redeemable at the Company’s option. At the option of the holder, shares of the Series D preferred stock plus any declared and unpaid dividends are convertible to shares of the Company’s common stock at a conversion rate of $1.00 per share.

 

As of September 30, 2017 and December 31, 2016, the Company had 375,000 shares of Series D preferred stock outstanding.

 

During the nine months ended September 30, 2017, the Company paid $22,500 for Series D preferred stock dividends, and $7,500 of Series D preferred stock dividends was declared and accrued as of September 30, 2017. All quarterly dividends previously declared have been paid.

 

Restricted Stock Awards

 

The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2017 and 2016.

 

    2017     2016  
             
Outstanding Non-Vested Restricted Stock Units, Beginning     -       -  
Granted     1,262,092       977,275  
Vested     (1,262,092 )     (977,275 )
                 
Outstanding Non-Vested Restricted Stock Units, Ending     -       -  

 

In connection with director restricted stock grants in the nine months ended September 30, 2017, the Company recognized stock-based compensation of $482,071. The company recognized stock-based compensation of $498,886 for the nine months ended September 30, 2016.

 

Common Stock Warrants

 

As of September 30, 2017 and December 31, 2016, the Company had 1,854,596 and 1,821,736, respectively, of outstanding warrants to purchase common stock at a weighted average exercise price of $0.83 and $0.79, respectively. During the nine-month period ended September 30, 2017, 392,140 warrants with a weighted average exercise price of $0.55 expired.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Parties
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Parties

7. RELATED PARTIES

 

Clifford Neuman is a manager and member of Gemini Gaming, LLC. Mr. Neuman provides office space for the Company’s Controller at no charge. In 2017, Mr. Neuman was issued 52,632 shares of common stock with a fair value of $30,000 for directors’ fees. During the nine-month period ended September 30, 2017, a gain of $32,073 was recognized from an agreement to reduce the accounts payable due to Mr. Neuman for legal services rendered. As of September 30, 2017 and December 31, 2016, the Company owed Mr. Neuman for legal services rendered $69,909 and $96,689, respectively.

 

Creative Cyberweb developed and maintains the Company’s website, and is affiliated with CFO Zvi Rhine’s family. The initial setup fee was $5,000 and ongoing upkeep is $400 per month.

 

During the fourth quarter of 2016 and the first quarter of 2017, the Company undertook a private offering (“Offering”) of Units, each Unit consisting of a 10% Senior Secured Note and one warrant for every dollar in principal amount of Note purchased. In the Offering, Zvi Rhine invested $50,000, while his brother David Rhine invested $50,000 and his father Gary Rhine invested $25,000. In June 2017, CEO Lance Baller invested an additional $200,000.

 

During the nine-month period ended September 30, 2017, Zvi Rhine was issued (i) 52,632 shares of common stock for board compensation, (ii) 87,000 shares of common stock for CFO services provided in the quarter ended December 31, 2016, which resulted in $35,670 of accrued compensation being settled and reclassed to equity, (iii) 29,269 shares of common stock for bonus compensation (iv) 86,364 shares of common stock for CFO services provided in the quarter ended March 31, 2017 (v) 84,444 shares of restricted stock for CFO services provided in the three months ended June 30, 2017 and (vi) 168,889 shares of restricted stock as a retainer for services rendered for the remaining months of calendar year 2017.

 

During the nine-month period ended September 30, 2017, Lance Baller was issued (i) 52,632 shares of common stock for board compensation, (ii) 87,000 shares of common stock for CEO services provided in the quarter ended December 31, 2016, which resulted in $71,340 of accrued compensation being settled and reclassed to equity, (iii) 29,269 shares of common stock for bonus compensation (iv) 86,364 shares of common stock for CEO services provided in the quarter ended March 31, 2017, (v) 84,444 shares of restricted stock for CEO services provided in the three months ended June 30, 2017 and (vi) 168,889 shares of restricted stock as a retainer for services rendered for the remaining months of calendar year 2017.

 

During the nine-month period ended September 30, 2017, the directors of the Company (five persons – including the Company CEO and CFO) were granted a total of 263,160 shares of restricted common stock for services as directors.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Facility Leases
9 Months Ended
Sep. 30, 2017
Leases [Abstract]  
Facility Leases

8. FACILITY LEASES

 

The following table summarizes our leasing arrangements related to the Company’s healthcare facilities:

 

Facility   Monthly Lease Income (1)     Lease Expiration     Renewal Option, if any  
Middle Georgia (2)   $ 49,000       June 30, 2017       Term may be extended for one additional five-year term.  
Warrenton   $ 55,724       June 30, 2026       Term may be extended for one additional ten-year term.  
Goodwill (2), (3)   $ 32,125       February 1, 2027       Term may be extended for one additional five-year term.  
Edwards Redeemer (2)   $ 46,818       November 30, 2017       Term may be extended for one additional five-year term.  
Providence   $ 42,519       June 30, 2026       Term may be extended for one additional ten-year term.  
Meadowview   $ 33,695       October 31, 2024       Term may be extended for one additional five-year term.  
Golden Years (2) (4)   $ -       -       None  
Abbeville H&R   $ -       -       None  
Southern Hills SNF (5)   $ 38,000       May 31, 2019       Term may be extended for one additional five-year term.  
Southern Hills ALF (6)     -       -       None  
Southern Hills ILF (7)     -       -       None  

 

(1) Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease.
   
(2) On January 22, 2016, a lease operator that operates Middle Georgia, Edwards Redeemer, Golden Years (until January 1, 2016) and Goodwill filed a voluntary petition in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under the Chapter 11 Bankruptcy, the lease operator can either assume or reject the leases of Middle Georgia, Edwards Redeemer and Goodwill. As of the date of this Report, the lease operator has verbally represented that he intends to assume the leases of Middle Georgia and Edwards Redeemer under modified lease terms and has rejected the lease covering Goodwill. If the lease operator assumes a lease, he is required to bring the leases current as a condition to such assumption.
   
(3) In January 2016, concurrently with the Chapter 11 Bankruptcy filing by the lease operator, the Goodwill facility was closed by Georgia regulators and all residents were removed. The Goodwill facility began generating rental revenue in February 2017. In the first year, base rent is $16,667 per month, plus $2,000 per month for every ten occupied beds. In a transaction related to the sale of the Greene Point facility, an affiliate of the buyer of Greene Point has executed a ten-year operating lease covering Goodwill. The former lease has been terminated. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The lease became effective on February 1, 2017 with the lease operator having obtained all regulatory approvals, completed renovations and began admitting patients.
   
(4) Effective January 1, 2016, the Golden Years facility was leased to another operator for a period of ten years at a monthly base rent of $30,000 which was subject to increases based on census levels. Under the terms of the lease, the Company agreed to fund certain capital expenditures, which it was unable to fulfill. In July 2016, the new tenant served notice that it was terminating the lease effective August 31, 2016. The Company entered into a Lease Termination Agreement under which it paid the tenant $145,000 and is obligated to make future payments. Effective August 30, 2016, the Company entered into a new lease agreement with another nursing home operator for its Golden Years facility. The lease term commences at the end of a straddle period which, by virtue of an amendment to the lease executed after June 30, 2017, will occur the earlier of (i) the Company recouping all advances made during the Straddle Period or (ii) February 28, 2018. During the straddle period, the Company has agreed to make working capital advances to enable the operator to cover cash flow deficits resulting from initial operations of the facility. If at the end of the straddle period, the operator has not reimbursed the full amount of advances to the Company, the Company or operator have the right to terminate the lease agreement. As of December 31, 2016, $230,000 has been advanced to the operator by the Company—$150,000 required by the lease for capital improvements booked to tenant improvements that is not reimbursable, and $80,000 to cover tenant’s cash flow deficits during the straddle period. During the nine months ended September 30, 2017, $267,198 was advanced to the operator by the Company to cover cash flow deficits during the straddle period. If the lease term commences, the Company will receive monthly base rents beginning at $35,000 which is subject to increases based on census levels.
   
(5) Lease agreement dated May 21, 2014 with lease payments commencing February 1, 2015. On May 10, 2016, the Company obtained a Court Order appointing a Receiver to control and operate the Southern Hills SNF. The former lease operator represented that it was unable to meet the financial commitments of the facility, including the payment of rent, payroll and other operating requirements. The Company plans to engage a new lease operator for the facility.
   
(6) The lease on the ALF has been abandoned. The Company plans to seek a new tenant for this entity to assume operations at the completion of construction.
   
(7) The Southern Hills ILF requires renovation and is not subject to an operating lease.

 

Lessees are responsible for payment of insurance, taxes and other charges while under the lease. Should the lessees not pay all such charges, as required under the leases, the Company may become liable for such operating expenses. We have been required to cover those expenses at Goodwill since the facility was closed by regulators in January 2016 and at Southern Hills ALF and ILF.

 

Future cash payments for rent to be received during the initial terms of the leases for the next five years and thereafter are as follows (excludes Middle Georgia and Edwards Redeemer due to pending bankruptcy of operator, Southern Tulsa ALF and Southern Tulsa ILF due to property being non-operating, and GL Nursing):

 

Years Ending December 31,      
       
2017     533,000  
2018     2,299,407  
2019     2,381,484  
2020     1,969,654  
2021     2,014,885  
2022 and Thereafter     9,134,036  
         
    $ 18,332,466  

 

The Company is in active negotiations with potential lease operators to assume the operations of the properties whose operator is in bankruptcy (Middle Georgia, Edwards Redeemer and Goodwill) as well as a new operator for the Southern Hills’ facilities.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements

9. FAIR VALUE MEASUREMENTS

 

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

 

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

 

Level 2— Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

 

Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

Our consolidated balance sheets include the following financial instruments: cash and cash equivalents, advances to related parties, notes receivable, restricted cash, accounts payable, debt and lease security deposits. We consider the carrying values of our short-term financial instruments to approximate fair value because they generally expose the Company to limited credit risk, because of the short period of time between origination of the financial assets and liabilities and their expected settlement, or because of their proximity to acquisition date fair values. The carrying value of debt approximates fair value based on borrowing rates currently available for debt of similar terms and maturities.

 

Upon acquisition of real estate properties, the Company determines the total purchase price of each property and allocates this price base on the fair value of the tangible assets and intangible assets, if any, acquired and any liabilities assumed based on Level 3 inputs. These Level 3 inputs can include comparable sales values, discount rates, and capitalization rate assumptions from a third party appraisal or other market sources.

 

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 are summarized below:

 

          Fair Value Measurement  
    Total     Level 1     Level 2     Level 3  
                         
Warrant Liability   $ 95,371     $ -     $ -     $ 95,371  
Investment in Debt Securities     128,259       128,259       -       -  
                                 
Fair Value at September 30, 2017:   $ 223,630     $ 128,259     $ -     $ 95,371  
                                 
Warrant Liability – December 31, 2016   $ 246,451     $ -     $ -     $ 246,451  

 

Because these warrants have full reset adjustments tied to future issuance of equity securities by the Company, it is subject to derivative liability treatment under ASC 815-40-15.

 

The warrant liability is marked-to-market each reporting period with the change in fair value recorded as a gain or loss within Other (Income) Expense on the Company’s Consolidated Statement of Operations until the warrants are exercised, expire, or other facts and circumstances lead the warrant liability to be reclassified as an equity instrument. The fair value of the warrant liability is determined each reporting period by utilizing the Black-Scholes option pricing model.

 

The investments in debt securities are recorded at amortized cost since they are considered held-to-maturity.

 

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the nine months ended September 30, 2017:

 

       
Beginning Balance January 1, 2017   $ 246,451  
         
Change in Fair Value of Warrant Liability     (151,080 )
         
Ending Balance, September 30, 2017   $ 95,371  

 

The significant assumptions used in the Black-Scholes option pricing model as of September 30, 2017 and December 31, 2016 include the following:

  

    September 30, 2017     December 31, 2016  
             
Volatility     81.0% - 168.3 %     105.3% - 124.9 %
Risk-free Interest Rate     0.81% - 1.27 %     0.44% - 1.47 %
Exercise Price   $ 0.60 - $1.37     $ 0.50 - $1.37  
Fair Value of Common Stock   $ 0.44     $ 0.57  
Expected Life     0.03 – 2.0 years       0.1 – 2.7 years  

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Legal Proceedings
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings

10. LEGAL PROCEEDINGS

 

The Company and/or its affiliated subsidiaries are involved in the following litigation:

 

Southern Tulsa, LLC v. Healthcare Management of Oklahoma, LLC, District Court of Tulsa County, State of Oklahoma, Case No. CJ – 2016- 01781.

 

This matter was brought by us to have the appointment of a Receiver for the Southern Tulsa SNF and to recover damages from our former operator at that facility. The Court has ordered the appointment of a Receiver effective May 10, 2016. Other claims and matters are pending.

 

Thomas v. Edwards Redeemer Property Holdings, LLC, et.al., District Court for Oklahoma County, Oklahoma, Case No. CJ 2016-2160.

 

This action arises from a personal injury claim brought by heirs of a former resident of our Edwards Redeemer facility. We are entitled to indemnification from the lease operator and should be covered under the lease operator’s general liability policy. As we are not the operators of the facility and believe we have indemnity coverage, we believe we have no exposure. The lease operator’s insurance carrier is providing a defense and indemnity; and as a result, we believe the likelihood of a material adverse result is remote.

 

Verizon Construction, Inc., v. Southern Tulsa, LLC, et. al., District Court of Tulsa County, Oklahoma, Case No. CJ-2015-04326.

 

This is a mechanic’s lien foreclosure action on the Southern Hills facility in Tulsa arising from work performed. The Plaintiff was a subcontractor to our general contractor; and while we paid the general contractor for that work, the general contractor apparently did not pay the subcontractor. Plaintiff is seeking $441,939 previously invoiced to the general contractor, plus attorney’s fees and costs. The general contractor, also a named defendant, is liable for this amount but may not have the resources to pay the plaintiff, therefore the Company may be liable for some unknown amount less than or equal to Plaintiff’s claim. The Company has accrued $25,000 as a probable loss for this matter in the consolidated financial statements for the year ended December 31, 2016 and nine months ended September 30, 2017, based upon an initial draft settlement agreement but intends to vigorously defend the matter if a settlement is not achieved. Subsequent to September 30, 2017, this matter was settled in consideration of payment in the amount of $20,000.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

11. SUBSEQUENT EVENTS

 

Election of Additional member of the Board of Directors

 

Effective October 16, 2017 the Board of Directors elected an additional member, Mr Josh Mandell. Mr. Mandell will participate in the Company’s compensation plan for directors, an annual restricted stock award having a market value of $30,000. As his election is effective October 16, 2017, Mr. Mandell will be entitled to receive for the calendar year 2017 a restricted stock award having a market value of $6,250. The grant will be effective October 16, 2017 and will be based upon the closing price of the Company’s common stock on January 3, 2017 valued at $0.57 per share, for 10,965 shares. 

 

Additional Investments in Debt Securities

 

In October 2017, the Company purchased additional investments in debt securities in the amount of $30,446, consisting of market purchases of the outstanding revenue bonds secured by the Southern Hills ALF and ILF. These investments have a contractual maturity of $60,000.

 

Refinance of Senior Mortgages

 

Providence HR, LLC

Providence of Sparta Health And Rehab

 

In October, 2017, the Company, through its wholly-owned subsidiary Providence HR, LLC consummated a HUD refinancing of its senior mortgage on its skilled nursing facility in Sparta, Georgia. Funding was provided by Greystone Funding Corporation pursuant to a secured Healthcare Facility Note in the principal amount of $3,039,300 (the “HUD Note”).

 

Proceeds from the HUD Note were used to pay off an existing senior mortgage and certain unsecured debt. The interest rate on the HUD Note is 3.88%, fixed for the full term of the HUD Note. Payments of principal and interest begin on December 1, 2017 until the Note is paid in full on November 1, 2047. The Note is secured by a Healthcare Deed to Secure Debt, Security Agreement and Assignment of Rents.

 

High Street Nursing, LLC

Meadowview Care Center

 

Effective November 1, 2017, the Company, through its wholly-owned subsidiary High Street Nursing, LLC consummated a refinancing of its senior notes on its skilled nursing facility in Seville, Ohio. with ServisFirst Bank pursuant to Term Note in the principal amount of $3,000,000 (the “Meadowview Note”).

 

Proceeds from the Meadowview Note were used to pay off an existing senior notes. The interest rate on Meadowview Note is 6.0%. Monthly payments of interest only begin on November 30, 2017 until January 2018, at which time monthly payments of principal and accrued interest shall be due until the Meadowview Note is paid in full on October 30, 2022 (the “Maturity Date”). The Note is secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage”).

 

Southern Tulsa, LLC

Southern Tulsa TLC, LLC

Southern Hills Rehabilitation Center (“SNF”)

Southern Hills Independent Living Facility (“ILF”)

Southern Hills Assisted Living Facility (“ALF”)

 

Effective October 31, 2017, the Company, through its wholly-owned subsidiaries Southern Tulsa, LLC and Southern Tulsa TLC, LLC, as Co-Borrowers, consummated a new Line of Credit with First Commercial Bank pursuant to a Promissory Note in the principal amount of $7,229,051.52 (the “Line of Credit”). Under the Line of Credit, the Company will refinance the existing mortgage on its skilled nursing facility in Tulsa, Oklahoma, fund the outstanding reverse Dutch tender offer on the Industrial Revenue Bonds covering the ALF and ILF, and for working capital, including improvements to the ALF and ILF.

 

The interest rate on Line of Credit is 5.25%. Monthly payments of interest only begin on November 30, 2017 until the Promissory Note is paid in full on April 30, 2018 (the “Maturity Date”). The Credit Note is secured by a First Mortgage and Assignment of Rents on Real Property for Southern Hills Rehabilitation Center, a Junior Lien and Assignment of Rents on Real Property for it Southern Hills Independent Living Facility location and a Junior Lien on Real Property for its Southern Hills Assisted Living Facility location.

 

Additional Sales of Senior Notes

 

Subsequent to September 30, 2017, we sold an additional $300,000 in senior notes, which accrue interest at the rate of 10% per annum and payable, principal and accrued interest on October 31, 2020.  The proceeds of the notes were used to complete the refinance of the Meadowview facility in Seville, OH. In connection with the notes, the company issued warrants to purchase 300,000 shares of common stock, one for every dollar of note, at an exercise price of $0.75 per share, with an expiration date of November 8, 2018.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of the Business

Organization and Description of the Business

 

Global Healthcare REIT, Inc. (the Company or Global) was organized with the intent of operating as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. Prior to the Company changing its name to Global Healthcare REIT, Inc. on September 30, 2013, the Company was known as Global Casinos, Inc. Global Casinos, Inc. operated two gaming casinos which were split-off and sold on September 30, 2013. Simultaneous with the split-off and sale of the gaming operations, the Company acquired West Paces Ferry Healthcare REIT, Inc. (WPF) in a transaction accounted for as a reverse acquisition whereby WPF was deemed to be the accounting acquirer.

 

The Company intends to make a REIT election under sections 856 through 859 of the Internal Revenue Code of 1986, as amended. Such election will be made by the Board of Directors at such time as the Board determines that we qualify as a REIT under applicable provisions of the Internal Revenue Code.

 

The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. As of September 30, 2017, the Company owned nine healthcare properties which are leased to third-party operators under triple-net operating leases.

Basis of Presentation

Basis of Presentation

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and in conjunction with the rules and regulations of the Securities Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary to make the consolidated financial statements not misleading have been included. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the standard will have on the consolidated financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company adopted this standard effective December 31, 2016 and has included going concern disclosures in Note 2.

 

In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, “Leases: Topic 842 (ASU 2016-02)”, to supersede nearly all existing lease guidance under GAAP. The guidance would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company in the first quarter of our fiscal year ending December 31, 2019 using a modified retrospective approach with the option to elect certain practical expedients. The Company is currently evaluating the impact of its pending adoption of ASU 2016-02 on its consolidated financial statements.

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be effective for the Company beginning on January 1, 2018. ASU 2016-18 must be applied using a retrospective transition method with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

 

The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term.

Basic and Diluted Earnings Per Share

Basic and Diluted Earnings per Share

 

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted-average number of common shares and dilutive potential common shares outstanding during the period. At September 30, 2017, there were 4,190,362 potential common shares.  Because of the net loss, the effect of these potential common shares is anti-dilutive.

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Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment

The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of September 30, 2017 and December 31, 2016 are as follows:

 

    September 30, 2017     December 31, 2016  
             
Land   $ 1,597,500     $ 1,577,500  
Land Improvements     200,000       200,000  
Buildings and Improvements     35,312,194       33,461,661  
Furniture, Fixtures and Equipment     1,430,502       1,125,507  
Construction in Progress     3,681,881       3,115,154  
                 
      42,222,077       39,479,822  
Less Accumulated Depreciation     (4,236,941 )     (3,316,941 )
                 
    $ 37,985,136     $ 36,162,881  

 

    For the Nine Months Ended September 30,  
    2017     2016  
             
Depreciation Expense   $ 920,001     $ 1,182,849  
                 
Cash Paid for Capital Expenditures   $ 568,673     $ 13,660  
                 
Property and Equipment financed with Debt   $ 2,173,582       319,163

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Investments in Debt Securities (Tables)
9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Marketable Securities

Held-to-maturity securities consisted of the following:

 

 

    September 30, 2017     December 31, 2016  
                 
States and Municipalities   $ 128,259     $ -  

Schedule of Contractual Maturities of Held-to-maturity Securities

Contractual maturities of held-to-maturity securities at September 30, 2017 are as follows:

 

      Net Carrying Amount  
         
Due in One Year or Less   $ 5,000  

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Debt and Debt - Related Parties (Tables)
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Debt Instruments

The following is a summary of the Company’s debt outstanding as of September 30, 2017 and December 31, 2016:

 

    September 30, 2017     December 31, 2016  
             
Convertible Notes Payable   $ 3,200,000     $ 3,200,000  
Senior Secured Promissory Notes     250,000       150,000  
Senior Secured Promissory Notes - Related Parties     775,000       450,000  
Fixed-Rate Mortgage Loans     14,349,475       14,666,206  
Variable-Rate Mortgage Loans     8,608,080       6,273,129  
Bonds Payable     5,488,000       5,640,000  
Other Debt     2,586,000       2,394,000  
                 
      35,256,555       32,773,335  
                 
Premium, Unamortized Discount and Debt Issuance Costs     (660,511 )     (735,904 )
                 
    $ 34,596,044     $ 32,037,431  
                 
As presented in the Consolidated Balance Sheets:                
                 
Debt, Net   $ 33,884,660     $ 31,662,724  
                 
Debt - Related Parties, Net   $ 711,384     $ 374,707  
                 
    $ 34,596,044     $ 32,037,431  

Schedule of Weighted Average Assumptions

The value of the warrants issued to the note holders was calculated using the Black-Scholes pricing model using the following weighted average assumptions:

 

 

    September 30, 2017     December 31, 2016  
             
Volatility     114.6% - 144.8 %     131.3% - 133.2 %
Risk-free Interest Rate     0.81% - 1.24 %     0.81% - 0.92 %
Exercise Price   $ 0.75     $ 0.75  
Fair Value of Common Stock   $ 0.39 - $0.50     $ 0.39 - $0.44  
Expected Life     1 – 1.5 years       1.1 years  

Schedule of Mortgage Loan Debt

Mortgage loans for the periods presented consisted of the following:

 

                Stated        
    Face     Principal Outstanding at     Interest     Maturity  
Property   Amount     September 30, 2017     December 31, 2016     Rate     Date  
                               
Middle Georgia Nursing Home (1)     $ 4,200,000     $ 3,656,802     $ 3,742,706       5.50% Fixed       October 4, 2018  
Goodwill Nursing Home (1)       4,976,316       4,485,267       4,520,816       5.50% Fixed       March 19, 2020  
Goodwill Nursing Home (3)       80,193       37,593       80,193       5.50% Fixed       June 12, 2018  
Warrenton Nursing Home (4)       2,720,000       2,399,714       2,476,109       5.00% Fixed       December 20, 2018  
Edward Redeemer Health & Rehab     2,303,815       2,221,592       2,268,096       5.50% Fixed       January 16, 2020  
Southern Hills Retirement Center (5)       1,750,000       1,548,507       1,578,286       4.75% Fixed       November 10, 2017  
Abbeville Health & Rehab (6)       2,660,000       2,364,698       -       Prime Plus 0.50%/ 4.75% Floor/ 5.50% Ceiling       April 25, 2021  
Providence of Sparta Nursing Home (7)       1,725,000       1,625,376       1,655,123       Prime Plus 0.50%/ 6.00% Floor       September 26, 2017  
Golden Years Manor Nursing Home (2)       5,000,000       4,618,006       4,618,006       Prime Plus 1.50%/ 5.75% Floor       August 3, 2037  
                                         
            $ 22,957,555     $ 20,939,335                  

 

  (1) Mortgage loans are non-recourse to the Company except for the Southern Hills line of credit owed to First United Bank, Goodwill, Eastman and Abbeville.
     
  (2) Effective September 19, 2016, we executed a Modification to the mortgage note pursuant to which some accrued payments were deferred and the lender agreed to permit interest only payments through March 2017. The mortgage loan collateralized by the Grand Prairie Nursing Home (formerly Golden Years Manor Nursing Home) is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. The Company is subject to financial covenants and customary affirmative and negative covenants. As of September 30, 2017, the Company was not in compliance with certain of these financial and non-financial covenants which is considered to be a technical Event of Default as defined in the note agreement. Remedies available to the lender in the event of a continuing Event of Default, at its option, include, but are necessarily limited to the following (1) lender may declare the principal and all accrued interest on the note due and payable; and (2) lender may exercise additional rights and remedies under the note agreement to include taking possession of the collateral or seeking satisfaction from the guarantors. The Company has not been notified by the lender regarding the exercise of any remedies available. Guarantors under the mortgage loan are Christopher Brogdon and GLN Investors, LLC, in which the Company owns a 100% membership interest. In May 2017, the Company entered into a Modification Agreement with GL Nursing, LLC mortgage lender to which the lender agreed to (i) extend the interest only payments from April 1, 2017 thru December 1, 2017, (ii) re-amortize the loan over the remaining term of the loan, the regular principal and interest payment shall begin from the payment due January 1, 2018. The Company continues to pay escrow payments for the USDA annual fee and acknowledged that payments beginning from January 1, 2018 will recover any unpaid interests first, then to bring principal current.
     
  (3) The $80,193 debt at Goodwill Nursing Home was incurred to pay off accrued interest on the original primary note.
     
  (4) Amortization expense related to loan costs of this loan totaled $4,620 for the nine months ended September 30, 2017.
     
  (5) Amortization expense related to loan costs of this loan totaled $19,321 for the nine months ended September 30, 2017.
     
  (6) Amortization expense related to loan costs of this loan totaled $3,270 for the nine months ended September 30, 2017.
     
  (7) Amortization expense related to loan costs of this loan totaled $8,047 for the nine months ended September 30, 2017.

Schedule of Other Debt

Other debt at September 30, 2017 and December 31, 2016 includes unsecured notes payable issued to facilitate the acquisition of the nursing home properties.

 

    Face     Principal Outstanding at     Stated Interest     Maturity  
Property   Amount     September 30, 2017     December 31, 2016     Rate     Date  
                               
Goodwill Nursing Home   $ 2,180,000     $ 1,536,000     $ 1,344,000       13% (1)(2) Fixed       December 31, 2019 (2)  
Providence of Sparta Nursing Home     1,050,000       1,050,000       1,050,000       10.0% Fixed       December 31, 2017 (3)(4)  
                                         
            $ 2,586,000     $ 2,394,000                  

 

 

(1) As of December 31, 2016, the income from the Goodwill facility was insufficient to cover debt service for the subordinated debt for the facility. The debt had been accruing interest at the default rate but not currently being paid. In May 2017, we entered into an Allonge and Modification described in Note 2 below. The Company has entered into a new ten-year operating lease covering the facility which became effective in February, 2017 with the new operator having obtained all licenses, permits and other regulatory approval necessary to recertify and reopen the facility. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The facility has been relicensed and began taking patients in December 2016 and is currently building census.
   
(2) Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes. The total premium on debt recognized was $192,000, and the accrued interest payable written off was $256,107, for a net gain on premium of $64,107.
   
(3) The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due.
   
(4) We applied to refinance the senior and subordinated debt at Sparta with a new HUD loan. To accommodate that application, in March 2017 the investors in Providence HR Investors, LLC, the holder of the subordinated debt, entered into a Forbearance Agreement pursuant to which they agreed to (i) waive the equity ratchet they were entitled to due to our failure to repay the debt on or before the maturity date (ii) waive the accrual of default interest and (iii) extend the maturity date of the subordinated debt to December 31, 2017. Subsequent to September 30, 2017, we completed the refinance of the Sparta facility and repaid the subordinated debt from the proceeds of the new HUD loan.

Schedule of Future Maturities of Notes Payable

Future maturities of all of the notes and bonds payable listed above for the next five years and thereafter are as follows:

 

Years        
         
  2017     $ 20,011,924  
  2018       4,929,667  
  2019       1,789,496  
  2020       6,412,035  
  2021       2,113,433  
  2022 and after         -  
             
        $ 35,256,555  

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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Schedule of Restricted Stock Awards

The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2017 and 2016.

 

    2017     2016  
             
Outstanding Non-Vested Restricted Stock Units, Beginning     -       -  
Granted     1,262,092       977,275  
Vested     (1,262,092 )     (977,275 )
                 
Outstanding Non-Vested Restricted Stock Units, Ending     -       -  

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Facility Leases (Tables)
9 Months Ended
Sep. 30, 2017
Leases [Abstract]  
Schedule of Leasing Arrangements

The following table summarizes our leasing arrangements related to the Company’s healthcare facilities:

 

Facility   Monthly Lease Income (1)     Lease Expiration     Renewal Option, if any  
Middle Georgia (2)   $ 49,000       June 30, 2017       Term may be extended for one additional five-year term.  
Warrenton   $ 55,724       June 30, 2026       Term may be extended for one additional ten-year term.  
Goodwill (2), (3)   $ 32,125       February 1, 2027       Term may be extended for one additional five-year term.  
Edwards Redeemer (2)   $ 46,818       November 30, 2017       Term may be extended for one additional five-year term.  
Providence   $ 42,519       June 30, 2026       Term may be extended for one additional ten-year term.  
Meadowview   $ 33,695       October 31, 2024       Term may be extended for one additional five-year term.  
Golden Years (2) (4)   $ -       -       None  
Abbeville H&R   $ -       -       None  
Southern Hills SNF (5)   $ 38,000       May 31, 2019       Term may be extended for one additional five-year term.  
Southern Hills ALF (6)     -       -       None  
Southern Hills ILF (7)     -       -       None  

 

(1) Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease.
   
(2) On January 22, 2016, a lease operator that operates Middle Georgia, Edwards Redeemer, Golden Years (until January 1, 2016) and Goodwill filed a voluntary petition in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under the Chapter 11 Bankruptcy, the lease operator can either assume or reject the leases of Middle Georgia, Edwards Redeemer and Goodwill. As of the date of this Report, the lease operator has verbally represented that he intends to assume the leases of Middle Georgia and Edwards Redeemer under modified lease terms and has rejected the lease covering Goodwill. If the lease operator assumes a lease, he is required to bring the leases current as a condition to such assumption.
   
(3) In January 2016, concurrently with the Chapter 11 Bankruptcy filing by the lease operator, the Goodwill facility was closed by Georgia regulators and all residents were removed. The Goodwill facility began generating rental revenue in February 2017. In the first year, base rent is $16,667 per month, plus $2,000 per month for every ten occupied beds. In a transaction related to the sale of the Greene Point facility, an affiliate of the buyer of Greene Point has executed a ten-year operating lease covering Goodwill. The former lease has been terminated. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The lease became effective on February 1, 2017 with the lease operator having obtained all regulatory approvals, completed renovations and began admitting patients.
   
(4) Effective January 1, 2016, the Golden Years facility was leased to another operator for a period of ten years at a monthly base rent of $30,000 which was subject to increases based on census levels. Under the terms of the lease, the Company agreed to fund certain capital expenditures, which it was unable to fulfill. In July 2016, the new tenant served notice that it was terminating the lease effective August 31, 2016. The Company entered into a Lease Termination Agreement under which it paid the tenant $145,000 and is obligated to make future payments. Effective August 30, 2016, the Company entered into a new lease agreement with another nursing home operator for its Golden Years facility. The lease term commences at the end of a straddle period which, by virtue of an amendment to the lease executed after June 30, 2017, will occur the earlier of (i) the Company recouping all advances made during the Straddle Period or (ii) February 28, 2018. During the straddle period, the Company has agreed to make working capital advances to enable the operator to cover cash flow deficits resulting from initial operations of the facility. If at the end of the straddle period, the operator has not reimbursed the full amount of advances to the Company, the Company or operator have the right to terminate the lease agreement. As of December 31, 2016, $230,000 has been advanced to the operator by the Company—$150,000 required by the lease for capital improvements booked to tenant improvements that is not reimbursable, and $80,000 to cover tenant’s cash flow deficits during the straddle period. During the nine months ended September 30, 2017, $267,198 was advanced to the operator by the Company to cover cash flow deficits during the straddle period. If the lease term commences, the Company will receive monthly base rents beginning at $35,000 which is subject to increases based on census levels.
   
(5) Lease agreement dated May 21, 2014 with lease payments commencing February 1, 2015. On May 10, 2016, the Company obtained a Court Order appointing a Receiver to control and operate the Southern Hills SNF. The former lease operator represented that it was unable to meet the financial commitments of the facility, including the payment of rent, payroll and other operating requirements. The Company plans to engage a new lease operator for the facility.
   
(6) The lease on the ALF has been abandoned. The Company plans to seek a new tenant for this entity to assume operations at the completion of construction.
   
(7) The Southern Hills ILF requires renovation and is not subject to an operating lease.

Schedule of Future Cash Payments for Rent to be Received During Initial Term of Lease

Future cash payments for rent to be received during the initial terms of the leases for the next five years and thereafter are as follows (excludes Middle Georgia and Edwards Redeemer due to pending bankruptcy of operator, Southern Tulsa ALF and Southern Tulsa ILF due to property being non-operating, and GL Nursing):

 

Years Ending December 31,      
       
2017     533,000  
2018     2,299,407  
2019     2,381,484  
2020     1,969,654  
2021     2,014,885  
2022 and Thereafter     9,134,036  
         
    $ 18,332,466  

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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 are summarized below:

 

          Fair Value Measurement  
    Total     Level 1     Level 2     Level 3  
                         
Warrant Liability   $ 95,371     $ -     $ -     $ 95,371  
Investment in Debt Securities     128,259       128,259       -       -  
                                 
Fair Value at September 30, 2017:   $ 223,630     $ 128,259     $ -     $ 95,371  
                                 
Warrant Liability – December 31, 2016   $ 246,451     $ -     $ -     $ 246,451  

Changes in Fair Value of Company's Level 3 Valuation For Warrant Liability

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the nine months ended September 30, 2017:

 

       
Beginning Balance January 1, 2017   $ 246,451  
         
Change in Fair Value of Warrant Liability     (151,080 )
         
Ending Balance, September 30, 2017   $ 95,371  

Fair Value Measurements, Valuation Techniques

The significant assumptions used in the Black-Scholes option pricing model as of September 30, 2017 and December 31, 2016 include the following:

  

    September 30, 2017     December 31, 2016  
             
Volatility     81.0% - 168.3 %     105.3% - 124.9 %
Risk-free Interest Rate     0.81% - 1.27 %     0.44% - 1.47 %
Exercise Price   $ 0.60 - $1.37     $ 0.50 - $1.37  
Fair Value of Common Stock   $ 0.44     $ 0.57  
Expected Life     0.03 – 2.0 years       0.1 – 2.7 years  

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Organization and Summary of Significant Accounting Policies (Details Narrative)
9 Months Ended
Sep. 30, 2017
shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Weighted average number of potentially anti-diluted shares outstanding 4,190,362
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Going Concern (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Net loss $ 449,044 $ (313,822) $ 1,372,345 $ 411,666  
Net cash used in operations     103,702 $ (506,278)  
Accumulated deficit $ 7,394,698   $ 7,394,698   $ 6,021,903
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended
May 31, 2017
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Proceeds from line of credit   $ 171,416  
Property, Plant and Equipment, Net   37,985,136   $ 36,162,881
Loan costs   $ 10,731  
Revolving Credit Facility [Member] | Maximum [Member]        
Line of credit interest rate 5.50%      
Revolving Credit Facility [Member] | Colony Bank [Member]        
Purchase price of assets $ 2,100,000      
Line of credit maximum borrowing amount 2,600,000      
Proceeds from line of credit $ 500,000      
Line of credit maturity date Apr. 25, 2021      
Line of credit interest rate 0.50%      
Loan costs $ 38,421      
Revolving Credit Facility [Member] | Colony Bank [Member] | Land [Member]        
Property, Plant and Equipment, Net 20,000      
Revolving Credit Facility [Member] | Colony Bank [Member] | Building [Member]        
Property, Plant and Equipment, Net 1,827,000      
Revolving Credit Facility [Member] | Colony Bank [Member] | Fixed Assets [Member]        
Property, Plant and Equipment, Net $ 253,000      
Revolving Credit Facility [Member] | Colony Bank [Member] | Minimum [Member]        
Line of credit interest rate 4.75%      
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Property, Plant and Equipment, Gross $ 42,222,077   $ 42,222,077   $ 39,479,822
Less Accumulated Depreciation (4,236,941)   (4,236,941)   (3,316,941)
Property and Equipment, Net 37,985,136   37,985,136   36,162,881
Depreciation Expense 319,864 $ 287,389 920,001 $ 1,182,849  
Cash Paid for Capital Expenditures     568,673 13,660  
Property and Equipment financed with Debt     2,173,582 $ 319,163  
Land [Member]          
Property, Plant and Equipment, Gross 1,597,500   1,597,500   1,577,500
Land Improvements [Member]          
Property, Plant and Equipment, Gross 200,000   200,000   200,000
Building and Improvements [Member]          
Property, Plant and Equipment, Gross 35,312,194   35,312,194   33,461,661
Furniture, Fixtures and Equipment [Member]          
Property, Plant and Equipment, Gross 1,430,502   1,430,502   1,125,507
Construction in Progress [Member]          
Property, Plant and Equipment, Gross $ 3,681,881   $ 3,681,881   $ 3,115,154
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments in Debt Securities (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]        
Invested in held-to-maturity debt securities     $ 184,066  
Purchase to settle and retire early debt obligations     55,807  
Extinguishment of bonds through investments in debt securities     92,000
Gain on extinguishment of debt $ 1,163,458 $ 36,193 $ 1,163,458
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments in Debt Securities - Schedule of Investments in Marketable Securities (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
States and Municipalities [Member]    
Investments in marketable securities $ 128,259
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments in Debt Securities - Schedule of Contractual Maturities of Held-to-maturity Securities (Details)
Sep. 30, 2017
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Due in One Year or Less Net Carrying Amount $ 5,000
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 26, 2014
Mar. 01, 2014
Sep. 30, 2017
Jul. 31, 2017
Jun. 30, 2017
Jan. 31, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Additional issued to related parties                 $ 325,000  
Debt instrument, unamortized discount     $ (660,511)       $ (660,511)   (660,511)   $ (735,904)
Value of bonds     34,596,044       34,596,044   34,596,044   32,037,431
Invested in held-to-maturity debt securities                 184,066    
Purchase to settle and retire early debt obligations                 55,807    
Extinguishment of bonds through investments in debt securities                 92,000  
Gain on extinguishment of debt             $ 1,163,458 36,193 1,163,458  
Proceeds from issuance of debt                 425,000  
Cash payments on debt                 399,876 829,688  
Southern Tulsa, LLC [Member]                      
Amortization expense related to original issue discount                 2,283 653  
Amortization expense related to deferred loan costs                 14,113 $ 5,645  
Principal reduction of term loan                 60,000    
Restricted cash     563,151       563,151   563,151    
ServisFirst Bank [Member]                      
Promissory notes     3,000,000       3,000,000   3,000,000    
6.5% Notes Due 2017 [Member]                      
Promissory notes $ 3,200,000                    
Debt instrument, maturity date Sep. 25, 2017                    
Notes redemption description The Notes can be called for redemption at the option of the Company at any time (i) after September 15, 2015 but prior to September 15, 2016 at an early redemption price equal to 103% of the face amount of the Notes, plus accrued and unpaid interest, or (ii) any time after September 15, 2016 but prior to September 15, 2017 at an early redemption price equal to 102% of the face amount of the Notes, plus accrued and unpaid interest. Each Note is convertible at the option of the holder into shares of common stock of the Company at a conversion price of $1.37 per share. The Notes will automatically convert into common stock at the conversion price in the event (i) there exists a public market for the Company’s common stock, (ii) the closing price of the common stock in the principal trading market has been $2.00 per share or higher for the preceding ten (10) trading days, and (iii) either (A) there is an effective registration statement registering for resale under the Securities Act of 1933, as amended, the conversion shares or (B) the conversion shares are eligible to be resold by non-affiliates of the Company without restriction under Rule 144 of the Securities Act. At the time of issuance and based on the Company’s common stock trading activity, the Company determined that no beneficial conversion feature was associated with the Notes.                    
Debt instrument, interest rate 6.50%                    
Debt redemption rate 103.00%                    
Debt conversion price per share $ 1.37                    
Debt convertible stock price per share $ 2.00                    
Deferred loan costs     180,963       180,963   180,963    
Amortization expense related to deferred loan costs     $ 45,241       45,241   45,241    
Senior Secured Promissory Notes [Member]                      
Promissory notes                     $ 1,000,000
Debt instrument, maturity date     Dec. 31, 2018   Dec. 31, 2018           Jan. 13, 2018
Debt instrument, interest rate                     10.00%
Senior secured promissory notes issued                     $ 600,000
Additional issued to related parties     $ 50,000 $ 50,000 $ 200,000 $ 125,000          
Senior Secured Promissory Notes [Member] | Warrant [Member]                      
Warrants to purchase common stock                     600,000
Warrants to purchase common stock exercise price                     $ 0.75
Proceeds from issuance of notes payable                 $ 425,000    
Debt conversion of warrants issued                 425,000    
Senior Secured Promissory Notes [Member] | 2016 Warrant [Member]                      
Total value of warrant     102,280       102,280   $ 102,280    
Debt instrument, unamortized discount     28,613       28,613   28,613   $ 95,873
Amortization of discount and debt issuance costs                 67,260    
Senior Secured Promissory Notes [Member] | 2017 Warrant [Member]                      
Total value of warrant     79,244       79,244   79,244    
Debt instrument, unamortized discount     $ 58,787       $ 58,787   58,787    
Amortization of discount and debt issuance costs                 $ 20,457    
Senior Secured Promissory Notes [Member] | Director [Member]                      
Senior secured promissory notes issued                     $ 450,000
Series 2014 Bonds [Member] | Southern Tulsa, LLC [Member]                      
Value of bonds   $ 5,075,000                  
Deferred loan costs   $ 483,606                  
Series 2014 B Bonds [Member] | Southern Tulsa, LLC [Member]                      
Debt instrument, maturity date   Mar. 01, 2023                  
Value of bonds   $ 505,000                  
Bond fixed interest rate   8.50%                  
Series 2014 A Bonds [Member] | Southern Tulsa, LLC [Member]                      
Debt instrument, maturity date   Mar. 01, 2044                  
Value of bonds   $ 4,325,000                  
Outstanding value of bonds   $ 750,000                  
Bond fixed interest rate   7.75%                  
Debt original issue discount   $ 78,140                  
Remaining Series 2014 A Bonds [Member] | Southern Tulsa, LLC [Member]                      
Debt instrument, maturity date   Mar. 01, 2029                  
Value of bonds   $ 750,000                  
Bond fixed interest rate   7.00%                  
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Debt Instruments (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Debt instrument, gross $ 35,256,555 $ 32,773,335
Unamortized Discount and Debt Issuance Costs (660,511) (735,904)
Debt instrument, net of discount 34,596,044 32,037,431
Debt, Net 33,884,660 31,662,724
Debt - Related Parties, Net 711,384 374,707
Debt, total 34,596,044 32,037,431
Convertible Notes Payable [Member]    
Debt instrument, gross 3,200,000 3,200,000
Senior Secured Promissory Notes [Member]    
Debt instrument, gross 250,000 150,000
Senior Secured Promissory Notes - Related Parties [Member]    
Debt instrument, gross 775,000 450,000
Fixed-Rate Mortgage Loans [Member]    
Debt instrument, gross 14,349,475 14,666,206
Variable-Rate Mortgage Loans [Member]    
Debt instrument, gross 8,608,080 6,273,129
Bonds Payable [Member]    
Debt instrument, gross 5,488,000 5,640,000
Other Debt [Member]    
Debt instrument, gross $ 2,586,000 $ 2,394,000
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Weighted Average Assumptions (Details) - $ / shares
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Fair Value of Common Stock $ 0.44 $ 0.57
Minimum [Member]    
Volatility 81.00% 105.30%
Risk-Free Interest Rate 0.81% 0.44%
Exercise Price $ 0.60 $ 0.50
Expected Life 11 days 1 month 6 days
Maximum [Member]    
Volatility 168.30% 124.90%
Risk-Free Interest Rate 1.27% 1.47%
Exercise Price $ 1.37 $ 1.37
Expected Life 2 years 2 years 8 months 12 days
Senior Secured Promissory Notes [Member]    
Exercise Price $ 0.75 $ 0.75
Expected Life   1 year 1 month 6 days
Senior Secured Promissory Notes [Member] | Minimum [Member]    
Volatility 114.60% 131.30%
Risk-Free Interest Rate 0.81% 0.81%
Fair Value of Common Stock $ 0.39 $ 0.39
Expected Life 1 year  
Senior Secured Promissory Notes [Member] | Maximum [Member]    
Volatility 144.80% 133.20%
Risk-Free Interest Rate 1.24% 0.92%
Fair Value of Common Stock $ 0.50 $ 0.44
Expected Life 1 year 6 months  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Mortgage Loan Debt (Details) - USD ($)
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Mortgage Loans [Member]    
Long-term Debt, Gross $ 22,957,555 $ 20,939,335
Debt Instrument, Maturity Date Jan. 01, 2018  
Middle Georgia Nursing Home [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [1] $ 4,200,000  
Long-term Debt, Gross [1] $ 3,656,802 3,742,706
Debt Instrument, Interest Rate Terms [1] 5.50% Fixed  
Debt Instrument, Maturity Date [1] Oct. 04, 2018  
Goodwill Nursing Home [Member]    
Debt Instrument, Face Amount $ 80,193  
Goodwill Nursing Home [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [1] 4,976,316  
Long-term Debt, Gross [1] $ 4,485,267 4,520,816
Debt Instrument, Interest Rate Terms [1] 5.50% Fixed  
Debt Instrument, Maturity Date [1] Mar. 19, 2020  
Goodwill Nursing Home 1 [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [2] $ 80,193  
Long-term Debt, Gross [2] $ 37,593 80,193
Debt Instrument, Interest Rate Terms [2] 5.50% Fixed  
Debt Instrument, Maturity Date [2] Jun. 12, 2018  
Warrenton Nursing Home [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [3] $ 2,720,000  
Long-term Debt, Gross [3] $ 2,399,714 2,476,109
Debt Instrument, Interest Rate Terms [3] 5.00% Fixed  
Debt Instrument, Maturity Date [3] Dec. 20, 2018  
Edwards Redeemer Health & Rehab [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount $ 2,303,815  
Long-term Debt, Gross $ 2,221,592 2,268,096
Debt Instrument, Interest Rate Terms 5.50% Fixed  
Debt Instrument, Maturity Date Jan. 16, 2020  
Southern Hills Retirement Center [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [4] $ 1,750,000  
Long-term Debt, Gross [4] $ 1,548,507 1,578,286
Debt Instrument, Interest Rate Terms [4] 4.75% Fixed  
Debt Instrument, Maturity Date [4] Nov. 10, 2017  
Abbeville Health & Rehab [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [5] $ 2,660,000  
Long-term Debt, Gross [5] $ 2,364,698
Debt Instrument, Interest Rate Terms [5] Prime Plus 0.50%/ 4.75% Floor/ 5.50% Ceiling  
Debt Instrument, Maturity Date [5] Apr. 25, 2021  
Providence of Sparta Nursing Home [Member] | Mortgage Loans [Member]    
Debt Instrument, Face Amount [6] $ 1,725,000  
Long-term Debt, Gross [6] $ 1,625,376 1,655,123
Debt Instrument, Interest Rate Terms [6] Prime Plus 0.50%/6.00% Floor  
Debt Instrument, Maturity Date [6] Sep. 26, 2017  
Golden Years Manor Nursing Home | Mortgage Loans [Member]    
Debt Instrument, Face Amount [7] $ 5,000,000  
Long-term Debt, Gross [7] $ 4,618,006 $ 4,618,006
Debt Instrument, Interest Rate Terms [7] Prime Plus 1.50%/5.75% Floor  
Debt Instrument, Maturity Date [7] Aug. 03, 2037  
[1] Mortgage loans are non-recourse to the Company except for the Southern Hills line of credit owed to First United Bank, Goodwill, Eastman and Abbeville.
[2] The $80,193 debt at Goodwill Nursing Home was incurred to pay off accrued interest on the original primary note.
[3] Amortization expense related to loan costs of this loan totaled $4,620 for the nine months ended September 30, 2017.
[4] Amortization expense related to loan costs of this loan totaled $19,321 for the nine months ended September 30, 2017.
[5] Amortization expense related to loan costs of this loan totaled $3,270 for the nine months ended September 30, 2017.
[6] Amortization expense related to loan costs of this loan totaled $8,047 for the nine months ended September 30, 2017.
[7] Effective September 19, 2016, we executed a Modification to the mortgage note pursuant to which some accrued payments were deferred and the lender agreed to permit interest only payments through March 2017. The mortgage loan collateralized by the Grand Prairie Nursing Home (formerly Golden Years Manor Nursing Home) is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. The Company is subject to financial covenants and customary affirmative and negative covenants. As of September 30, 2017, the Company was not in compliance with certain of these financial and non-financial covenants which is considered to be a technical Event of Default as defined in the note agreement. Remedies available to the lender in the event of a continuing Event of Default, at its option, include, but are necessarily limited to the following (1) lender may declare the principal and all accrued interest on the note due and payable; and (2) lender may exercise additional rights and remedies under the note agreement to include taking possession of the collateral or seeking satisfaction from the guarantors. The Company has not been notified by the lender regarding the exercise of any remedies available. Guarantors under the mortgage loan are Christopher Brogdon and GLN Investors, LLC, in which the Company owns a 100% membership interest. In May 2017, the Company entered into a Modification Agreement with GL Nursing, LLC mortgage lender to which the lender agreed to (i) extend the interest only payments from April 1, 2017 thru December 1, 2017, (ii) re-amortize the loan over the remaining term of the loan, the regular principal and interest payment shall begin from the payment due January 1, 2018. The Company continues to pay escrow payments for the USDA annual fee and acknowledged that payments beginning from January 1, 2018 will recover any unpaid interests first, then to bring principal current.
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Mortgage Loan Debt (Details) (Parenthetical)
9 Months Ended
Sep. 30, 2017
USD ($)
Goodwill Nursing Home [Member]  
Debt instrument, face amount $ 80,193
Warrenton Nursing Home [Member]  
Amortization expense related to loan costs 4,620
Southern Hills Retirement Center [Member]  
Amortization expense related to loan costs 19,321
Abbeville Health & Rehab [Member]  
Amortization expense related to loan costs 3,270
Providence of Sparta Nursing Home [Member]  
Amortization expense related to loan costs $ 8,047
Mortgage Loans [Member]  
Mortgage loan collateralized percentage 80.00%
Percentage of renewal fee payable 0.25%
Percentage of membership interest 100.00%
Debt instrument, maturity date Jan. 01, 2018
Mortgage Loans [Member] | Goodwill Nursing Home [Member]  
Debt instrument, maturity date Mar. 19, 2020 [1]
Debt instrument, face amount $ 4,976,316 [1]
Mortgage Loans [Member] | Warrenton Nursing Home [Member]  
Debt instrument, maturity date Dec. 20, 2018 [2]
Debt instrument, face amount $ 2,720,000 [2]
Mortgage Loans [Member] | Southern Hills Retirement Center [Member]  
Debt instrument, maturity date Nov. 10, 2017 [3]
Debt instrument, face amount $ 1,750,000 [3]
Mortgage Loans [Member] | Abbeville Health & Rehab [Member]  
Debt instrument, maturity date Apr. 25, 2021 [4]
Debt instrument, face amount $ 2,660,000 [4]
Mortgage Loans [Member] | Providence of Sparta Nursing Home [Member]  
Debt instrument, maturity date Sep. 26, 2017 [5]
Debt instrument, face amount $ 1,725,000 [5]
[1] Mortgage loans are non-recourse to the Company except for the Southern Hills line of credit owed to First United Bank, Goodwill, Eastman and Abbeville.
[2] Amortization expense related to loan costs of this loan totaled $4,620 for the nine months ended September 30, 2017.
[3] Amortization expense related to loan costs of this loan totaled $19,321 for the nine months ended September 30, 2017.
[4] Amortization expense related to loan costs of this loan totaled $3,270 for the nine months ended September 30, 2017.
[5] Amortization expense related to loan costs of this loan totaled $8,047 for the nine months ended September 30, 2017.
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Other Debt (Details) - USD ($)
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Other Debt [Member]    
Long-term Debt, Gross $ 2,586,000 $ 2,394,000
Goodwill Nursing Home [Member]    
Debt Instrument, Face Amount 80,193  
Goodwill Nursing Home [Member] | Other Debt [Member]    
Debt Instrument, Face Amount 2,180,000  
Long-term Debt, Gross $ 1,536,000 1,344,000
Debt Instrument, Interest Rate Terms [1],[2] 13% Fixed  
Debt Instrument, Maturity Date [2] Dec. 31, 2019  
Providence of Sparta Nursing Home [Member] | Other Debt [Member]    
Debt Instrument, Face Amount $ 1,050,000  
Long-term Debt, Gross $ 1,050,000 $ 1,050,000
Debt Instrument, Interest Rate Terms 10.0% Fixed  
Debt Instrument, Maturity Date [3],[4] Dec. 31, 2017  
[1] As of December 31, 2016, the income from the Goodwill facility was insufficient to cover debt service for the subordinated debt for the facility. The debt had been accruing interest at the default rate but not currently being paid. In May 2017, we entered into an Allonge and Modification described in Note 2 below. The Company has entered into a new ten-year operating lease covering the facility which became effective in February, 2017 with the new operator having obtained all licenses, permits and other regulatory approval necessary to recertify and reopen the facility. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The facility has been relicensed and began taking patients in December 2016 and is currently building census.
[2] Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes. The total premium on debt recognized was $192,000, and the accrued interest payable written off was $256,107, for a net gain on premium of $64,107.
[3] The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due.
[4] We applied to refinance the senior and subordinated debt at Sparta with a new HUD loan. To accommodate that application, in March 2017 the investors in Providence HR Investors, LLC, the holder of the subordinated debt, entered into a Forbearance Agreement pursuant to which they agreed to (i) waive the equity ratchet they were entitled to due to our failure to repay the debt on or before the maturity date (ii) waive the accrual of default interest and (iii) extend the maturity date of the subordinated debt to December 31, 2017. Subsequent to September 30, 2017, we completed the refinance of the Sparta facility and repaid the subordinated debt from the proceeds of the new HUD loan.
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Other Debt (Details) (Parenthetical)
9 Months Ended
Sep. 30, 2017
USD ($)
Goodwill Nursing Home [Member] | Other Debt [Member]  
Debt instrument, maturity date Dec. 31, 2019 [1]
Goodwill Nursing Home [Member] | Other Debt [Member] | Ten Year Operating Lease [Member]  
Capital improvements $ 2,000,000
Reduce interest rate 13.00%
One-time premium payment, percentage 15.00%
Goodwill Nursing Home [Member] | Other Debt One [Member]  
Debt instrument, maturity date Dec. 31, 2019
Debt premium $ 192,000
Accrued interest payable written off 256,107
Gain on debt premium $ 64,107
Sparta Note [Member] | Other Debt [Member]  
Debt instrument, maturity date Aug. 01, 2016
Providence of Sparta Nursing Home [Member] | Other Debt [Member]  
Debt instrument, maturity date Dec. 31, 2017 [2],[3]
Debt interest rate 5.00%
Debt at Sparta with New HUD Loan [Member] | Other Debt [Member] | Forbearance Agreement [Member]  
Debt instrument, maturity date Dec. 31, 2017
[1] Effective May 3, 2017, we entered into an Allonge and Modification Agreement with the Goodwill investors pursuant to which they agreed to (i) waive all accrued interest through December 31, 2017, (ii) reduce interest rate to 13% beginning January 1, 2018 and (iii) extend the maturity date of the notes to December 31, 2019. In exchange, the Company agreed that upon repayment of the notes, the investors would be entitled to a one-time premium payment in the amount of 15% of the principal balance of the notes. The total premium on debt recognized was $192,000, and the accrued interest payable written off was $256,107, for a net gain on premium of $64,107.
[2] The subordinated note on Sparta matured on August 1, 2016. Investors in the Sparta note were entitled to an additional 5% equity in Providence HR, LLC every six months if the note is not paid when due.
[3] We applied to refinance the senior and subordinated debt at Sparta with a new HUD loan. To accommodate that application, in March 2017 the investors in Providence HR Investors, LLC, the holder of the subordinated debt, entered into a Forbearance Agreement pursuant to which they agreed to (i) waive the equity ratchet they were entitled to due to our failure to repay the debt on or before the maturity date (ii) waive the accrual of default interest and (iii) extend the maturity date of the subordinated debt to December 31, 2017. Subsequent to September 30, 2017, we completed the refinance of the Sparta facility and repaid the subordinated debt from the proceeds of the new HUD loan.
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt and Debt - Related Parties - Schedule of Future Maturities of Notes Payable (Details)
Sep. 30, 2017
USD ($)
Debt Disclosure [Abstract]  
2017 $ 20,011,924
2018 4,929,667
2019 1,789,496
2020 6,412,035
2021 2,113,433
2022 and after
Long-term Debt, Fair Value $ 35,256,555
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Details Narrative) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Stock-based compensation, restricted stock grants $ 482,071 $ 498,886  
Warrants to purchase common stock, outstanding 1,854,596   1,821,736
Outstanding warrants to purchase common stock, weighted average exercise price $ 0.83   $ 0.79
Warrants 392,140    
Warrants with weighted average exercise price $ 0.55    
Series A Convertible Redeemable Preferred Stock [Member]      
Preferred stock, shares authorized 2,000,000    
Preferred stock, par value $ 2.00    
Liquidation preference value $ 2.00    
Preferred stock, shares outstanding 200,500   200,500
Series D Convertible Preferred Stock [Member]      
Preferred stock, shares authorized 1,000,000    
Preferred stock, par value $ 1.00    
Preferred stock, shares outstanding 375,000   375,000
Preferred stock, dividend rate, percentage 8.00%    
Preferred stock, call or exercise features Shares of the Series D preferred stock are redeemable at the Company’s option. At the option of the holder, shares of the Series D preferred stock plus any declared and unpaid dividends are convertible to shares of the Company’s common stock at a conversion rate of $1.00 per share.    
Preferred dividends declared $ 22,500    
Series D Preferred Stock Dividends [Member]      
Preferred dividends declared $ 7,500    
Preferred Stock [Member]      
Preferred stock, shares authorized 10,000,000    
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity - Schedule of Restricted Stock Awards (Details) - shares
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Equity [Abstract]    
Outstanding Non-vested Restricted Stock Units, Beginning Balance
Non-vested Restricted Stock Units Granted 1,262,092 977,275
Non-vested Restricted Stock Units Vested (1,262,092) (977,275)
Outstanding Non-vested Restricted Stock Units, Ending Balance
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Parties (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Gain on settlement of accounts payable       $ 32,073 $ (12,500)  
Initial setup fee       5,000    
Ongoing upkeep amount       400    
Lance Baller [Member]            
Investments       200,000    
Accrued compensation       $ 35,670    
Director [Member]            
Number of restricted stock shares of common stock granted       263,160    
Offering [Member]            
Percentage of senior secured note and warrant   10.00% 10.00%     10.00%
Mr. Neuman [Member]            
Number of common stock shares issued       52,632    
Fair value of common stock shares issued       $ 30,000    
Gain on settlement of accounts payable       32,073    
Stock issued for service rendered, value       69,909   $ 96,689
Zvi Rhine [Member]            
Investments       $ 50,000    
Zvi Rhine [Member] | Board Compensation [Member]            
Shares of common stock for board compensation       52,632    
Zvi Rhine [Member] | Bonus Compensation [Member]            
Shares of common stock for board compensation       29,269    
Zvi Rhine [Member] | Restricted Stock [Member]            
Number of restricted stock shares of common stock granted       168,889    
Zvi Rhine [Member] | Chief Financial Officer [Member]            
Stock issued for service rendered, shares   86,364 87,000      
Zvi Rhine [Member] | Chief Financial Officer [Member] | Restricted Stock [Member]            
Number of restricted stock shares of common stock granted 84,444          
David Rhine [Member]            
Investments       $ 50,000    
Gary Rhine [Member]            
Investments       $ 25,000    
Lance Baller [Member] | Board Compensation [Member]            
Shares of common stock for board compensation       52,632    
Lance Baller [Member] | Bonus Compensation [Member]            
Shares of common stock for board compensation       29,269    
Lance Baller [Member] | Restricted Stock [Member]            
Number of restricted stock shares of common stock granted       168,889    
Lance Baller [Member] | Chief Executive Officer [Member]            
Stock issued for service rendered, shares   86,364 87,000      
Accrued compensation     $ 71,340     $ 71,340
Lance Baller [Member] | Chief Executive Officer [Member] | Restricted Stock [Member]            
Number of restricted stock shares of common stock granted 84,444          
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Facility Leases - Schedule of Leasing Arrangements (Details)
9 Months Ended
Sep. 30, 2017
USD ($)
Golden Years [Member]  
Monthly Lease Income [1],[2],[3]
Lease Renewal Option None [1],[3]
Abbeville H&R [Member]  
Monthly Lease Income [2]
Lease Renewal Option None
Middle Georgia [Member]  
Monthly Lease Income $ 49,000 [2],[3]
Lease Expiration Date Jun. 30, 2017 [3]
Lease Renewal Option Term may be extended for one additional five year term. [3]
Warrenton [Member]  
Monthly Lease Income $ 55,724 [2]
Lease Expiration Date Jun. 30, 2026
Lease Renewal Option Term may be extended for one additional ten year term
Goodwill [Member]  
Monthly Lease Income $ 32,125 [2],[3],[4]
Lease Expiration Date Feb. 01, 2027 [3],[4]
Lease Renewal Option Term may be extended for one additional five year term [3],[4]
Edwards Redeemer [Member]  
Monthly Lease Income $ 46,818 [2],[3]
Lease Expiration Date Nov. 30, 2017 [3]
Lease Renewal Option Term may be extended for one additional five year term [3]
Providence [Member]  
Monthly Lease Income $ 42,519 [2]
Lease Expiration Date Jun. 30, 2026
Lease Renewal Option Term may be extended for one additional ten year term
Meadowview [Member]  
Monthly Lease Income $ 33,695 [2]
Lease Expiration Date Oct. 31, 2024
Lease Renewal Option Term may be extended for one additional five year term
Southern Hills SNF [Member]  
Monthly Lease Income $ 38,000 [2],[5]
Lease Expiration Date May 31, 2019 [5]
Lease Renewal Option Term may be extended for one additional five-year term [5]
Southern Hills ALF [Member]  
Monthly Lease Income [2],[6]
Lease Renewal Option None [6]
Southern Hills ILF [Member]  
Monthly Lease Income [2],[7]
Lease Renewal Option None [7]
[1] Effective January 1, 2016, the Golden Years facility was leased to another operator for a period of ten years at a monthly base rent of $30,000 which was subject to increases based on census levels. Under the terms of the lease, the Company agreed to fund certain capital expenditures, which it was unable to fulfill. In July 2016, the new tenant served notice that it was terminating the lease effective August 31, 2016. The Company entered into a Lease Termination Agreement under which it paid the tenant $145,000 and is obligated to make future payments. Effective August 30, 2016, the Company entered into a new lease agreement with another nursing home operator for its Golden Years facility. The lease term commences at the end of a straddle period which, by virtue of an amendment to the lease executed after June 30, 2017, will occur the earlier of (i) the Company recouping all advances made during the Straddle Period or (ii) February 28, 2018. During the straddle period, the Company has agreed to make working capital advances to enable the operator to cover cash flow deficits resulting from initial operations of the facility. If at the end of the straddle period, the operator has not reimbursed the full amount of advances to the Company, the Company or operator have the right to terminate the lease agreement. As of December 31, 2016, $230,000 has been advanced to the operator by the Company-$150,000 required by the lease for capital improvements booked to tenant improvements that is not reimbursable, and $80,000 to cover tenant's cash flow deficits during the straddle period. During the nine months ended September 30, 2017, $267,198 was advanced to the operator by the Company to cover cash flow deficits during the straddle period. If the lease term commences, the Company will receive monthly base rents beginning at $35,000 which is subject to increases based on census levels.
[2] Monthly lease income reflects rent income on a straight-line basis over, where applicable, the term of each lease.
[3] On January 22, 2016, a lease operator that operates Middle Georgia, Edwards Redeemer, Golden Years (until January 1, 2016) and Goodwill filed a voluntary petition in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under the Chapter 11 Bankruptcy, the lease operator can either assume or reject the leases of Middle Georgia, Edwards Redeemer and Goodwill. As of the date of this Report, the lease operator has verbally represented that he intends to assume the leases of Middle Georgia and Edwards Redeemer under modified lease terms and has rejected the lease covering Goodwill. If the lease operator assumes a lease, he is required to bring the leases current as a condition to such assumption.
[4] In January 2016, concurrently with the Chapter 11 Bankruptcy filing by the lease operator, the Goodwill facility was closed by Georgia regulators and all residents were removed. The Goodwill facility began generating rental revenue in February 2017. In the first year, base rent is $16,667 per month, plus $2,000 per month for every ten occupied beds. In a transaction related to the sale of the Greene Point facility, an affiliate of the buyer of Greene Point has executed a ten-year operating lease covering Goodwill. The former lease has been terminated. After receiving regulatory approvals, the lease operator invested approximately $2.0 million in capital improvements in the property. The lease became effective on February 1, 2017 with the lease operator having obtained all regulatory approvals, completed renovations and began admitting patients.
[5] Lease agreement dated May 21, 2014 with lease payments commencing February 1, 2015. On May 10, 2016, the Company obtained a Court Order appointing a Receiver to control and operate the Southern Hills SNF. The former lease operator represented that it was unable to meet the financial commitments of the facility, including the payment of rent, payroll and other operating requirements. The Company plans to engage a new lease operator for the facility.
[6] The lease on the ALF has been abandoned. The Company plans to seek a new tenant for this entity to assume operations at the completion of construction.
[7] The Southern Hills ILF requires renovation and is not subject to an operating lease.
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Facility Leases - Schedule of Leasing Arrangements (Details) (Parenthetical) - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2016
Sep. 30, 2017
Dec. 31, 2016
Lease rent expense $ 16,667    
Value of every ten bed occupied $ 2,000    
Payments for capital improvements   $ 2,000,000 $ 230,000
Golden Years [Member] | Lease Termination Agreement [Member]      
Advance made to the operators, amount   267,198  
Golden Years [Member] | Lease Termination Agreement [Member] | Maximum [Member]      
Lease rent expense   35,000  
Golden Years [Member]      
Lease rent expense   $ 30,000  
Lease term   10 years  
Payments to tenant   $ 145,000  
Lease for capital improvements     150,000
Amount to cover tenants cash flows deficits     $ 80,000
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Facility Leases - Schedule of Future Cash Payments for Rent to be Received During Initial Term of Lease (Details)
Sep. 30, 2017
USD ($)
Leases [Abstract]  
2017 $ 533,000
2018 2,229,407
2019 2,381,484
2020 1,969,654
2021 2,014,885
2022 and Thereafter 9,134,037
Total $ 18,332,466
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Warrant Liability $ 95,371 $ 246,451
Investment in Debt Securities 128,259  
Fair Value 223,630  
Level 1 [Member]    
Warrant Liability
Investment in Debt Securities 128,259  
Fair Value 128,259  
Level 2 [Member]    
Warrant Liability
Investment in Debt Securities  
Fair Value  
Level 3 [Member]    
Warrant Liability 95,371 $ 246,451
Investment in Debt Securities  
Fair Value $ 95,371  
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements - Changes in Fair Value of Company's Level 3 Valuations Warrant Liability (Details) - Level 3 [Member]
9 Months Ended
Sep. 30, 2017
USD ($)
Beginning Balance $ 246,451
Change in Fair Value of Warrant Liability (151,080)
Ending Balance $ 95,371
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements - Fair Value Measurements, Valuation Techniques (Details) - $ / shares
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Fair Value of Common Stock $ 0.44 $ 0.57
Minimum [Member]    
Volatility 81.00% 105.30%
Risk-Free Interest Rate 0.81% 0.44%
Exercise Price $ 0.60 $ 0.50
Expected Life 11 days 1 month 6 days
Maximum [Member]    
Volatility 168.30% 124.90%
Risk-Free Interest Rate 1.27% 1.47%
Exercise Price $ 1.37 $ 1.37
Expected Life 2 years 2 years 8 months 12 days
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Legal Proceedings (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Settlement payable $ 25,000 $ 25,000
Settlement of legal proceedings 20,000  
Southern Hills Facility In Tulsa [Member] | General Contractor [Member]    
Attorney's fees and costs $ 441,939  
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended 10 Months Ended
Nov. 01, 2017
Oct. 16, 2017
Oct. 31, 2017
Sep. 30, 2017
Oct. 31, 2017
Annual restricted stock award       $ 589,081  
Subsequent Event [Member]          
Company purchased additional investments in debt securities amount     $ 30,446    
Contractual maturity of investments, value     60,000   $ 60,000
Debt instrument interest rate       10.00%  
Debt instrument, maturity date       Oct. 13, 2020  
Senior notes       $ 300,000  
Warrants to purchase common stock       300,000  
Warrants to purchase common stock exercise price       $ 0.75  
Warrant expiration period       Nov. 08, 2018  
Subsequent Event [Member] | Southern Tulsa, LLC and Southern Tulsa TLC, LLC [Member]          
Line of Credit     7,229,051   $ 7,229,051
Line of Credit, interest rate         5.25%
Line of Credit, expiration date         Apr. 30, 2018
Subsequent Event [Member] | HUD Note [Member]          
Debt instrument, face amount     $ 3,039,300   $ 3,039,300
Debt instrument interest rate     3.88%   3.88%
Debt instrument, maturity date     Nov. 01, 2047    
Subsequent Event [Member] | Meadowview Note [Member] | ServisFirst Bank [Member]          
Debt instrument, face amount $ 3,000,000        
Debt instrument interest rate 6.00%        
Debt instrument, maturity date Oct. 30, 2022        
Subsequent Event [Member] | MrJoshMandell [Member]          
Restricted stock expense   $ 6,250      
Closing price per share   $ 0.57      
Number of restricted stock, shares   10,965      
Subsequent Event [Member] | MrJoshMandell [Member] | Compensation Plan [Member]          
Annual restricted stock award   $ 30,000      
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