Selectis Health Files 2023 Annual Report Amendment

TL;DR

Selectis Health (formerly Global Healthcare REIT) filed its 2023 10-K amendment, updating financials for Series A & D preferred stock.

AI Summary

Selectis Health, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ending December 31, 2023. The company, formerly known as Global Healthcare REIT, Inc., is a Real Estate Investment Trust. The filing includes financial data for the periods ending December 31, 2023, and December 31, 2022, with specific references to Series A and Series D Preferred Stock.

Why It Matters

This amendment provides updated financial information for Selectis Health, Inc., crucial for investors and stakeholders to assess the company's performance and financial health for the 2023 fiscal year.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous annual report, primarily providing updated financial details rather than disclosing new, significant risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the amended 10-K)
• 2022-12-31 — Prior Year End (Comparative financial data)

Key Players & Entities

• SELECTIS HEALTH, INC. (company) — Filer
• GLOBAL HEALTHCARE REIT, INC. (company) — Former company name
• GLOBAL CASINOS INC (company) — Former company name
• MORGRO CHEMICAL CO (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20241004 (date) — Filing date

FAQ

Key Financial Figures

• $2,500,000 — amount of the Offering was increased to $2,500,000. Effective February 5, 2020 and March 3
• $60,000 — 2020, the Company completed the sale of $60,000 and $100,000, respectively, of Units in
• $100,000 — mpany completed the sale of $60,000 and $100,000, respectively, of Units in the Offering
• $150,000 — 0 the Company completed the exchange of $150,000 of Units in the Offering for matured Se
• $795,000 — mpleted the exchange of an aggregate of $795,000 in principal amount of Senior Secured N
• $5.00 — 59,000 shares of Common Stock valued at $5.00 per share. COVID-19 Regulation We h

Filing Documents

• form10-ka.htm (10-K/A) — 1683KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-039543.txt ( ) — 7081KB
• gbcs-20231231.xsd (EX-101.SCH) — 44KB
• gbcs-20231231_cal.xml (EX-101.CAL) — 61KB
• gbcs-20231231_def.xml (EX-101.DEF) — 195KB
• gbcs-20231231_lab.xml (EX-101.LAB) — 418KB
• gbcs-20231231_pre.xml (EX-101.PRE) — 325KB
• form10-ka_htm.xml (XML) — 1057KB

Business

Business 5 Item 1A Risk Factors 15 Item 1B Unresolved Staff Comments 16 Item 1C Cybersecurity 16 Item 2

Properties

Properties 17 Item 3

Legal Proceedings

Legal Proceedings 17 Item 4 Mine Safety Disclosures 17 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 18 Item 6 [Reserved] 18 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9 Changes and Disagreements with Accountants on Accounting and Financial Disclosure 24 Item 9A

Controls and Procedures

Controls and Procedures 24 Item 9B Other Information 26 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 PART III Item 10 Directors, Executive Officers and Corporate Governance 26 Item 11

Executive Compensation

Executive Compensation 30 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 Item 13 Certain Relationships and Related Transactions, and Director Independence 33 Item 14 Principal Accounting Fees and Services 33 PART IV Item 15 Exhibits and Financial Statement Schedules 34

Signatures

Signatures 47 3 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report contains statements that plan for or anticipate the future. In this Annual Report, forward-looking statements are generally identified by the words "anticipate," "plan," "believe," "expect," "estimate," and the like. These forward-looking statements include, but are not limited to, statements regarding the following: * strategic business relationships; * about our future business plans and strategies; * anticipated operating results and sources of future revenue; * our organization's growth; * adequacy of our financial resources; * development of markets; * competitive pressures; * changing economic conditions; and, * expectations regarding competition from other companies. * the duration and scope of the COVID-19 pandemic * the impact of the COVID-19 pandemic on occupancy rates and on the operations of the Company's facilities and its operators/tenants. * Actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting our properties and our operations and the operations of our operations/tenants. * The effects of health and safety measures adopted by us and our operations/tenants in response to the COVID-19 pandemic. * Increased operational costs because of health and safety measures related to COVID-19. * The impact of the COVID-19 pandemic on the business and financial conditions of our operations/tenants and their ability to pay rent. * Disruptions to our property acquisition and disposition activities due to economic uncertainty caused by COVID-19. * General economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth. Although we believe that any forward-looking statements, we make in this Annual Report are reasonable, because forwa

BUSINESS

BUSINESS Background Selectis Health, Inc. ("Selectis" or "we" or the "Company") owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019 the Company shifted from leasing long-term care facilities to third-party, independent operators towards a model where a wholly owned subsidiary would operate but is owned by another wholly owned subsidiary. Prior to the Company changing its name to Selectis Health, Inc., the Company was known as Global Healthcare REIT, Inc. from September 30, 2013, to May 2021. Prior to this, 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"). WPF was merged into the Company in 2019. In May 2021, the Company successfully rebranded to Selectis Health, Inc., from Global Healthcare REIT, Inc. to better align with the current and future business model, which is to own and operate its facilities. We acquire, develop, lease, manage, and dispose of healthcare real estate, provide financing to healthcare providers, and provide healthcare operations through our wholly-owned subsidiaries. Our portfolio is comprised of investments in the following healthcare segments: (i) senior housing (including independent and assisted living) and (ii) post-acute/skilled nursing. We make investments within our healthcare segments using the following six strategies: (i) direct ownership of properties, (ii) debt investments, (iii) developments and redevelopments, (iv) investment management, (v) the Housing and Economic Recovery Act of 2008 ("RIDEA"), which represents investments in senior housing operations utilizing the structure permitted by RIDEA and (vi) owning healthcare operations.

Business

Business Strategy As an organization, our primary goal is to increase shareholder value through profitable growth and professional healthcare. Our investment strategy to achieve this goal is based on four principles: (i) quality healthcare for our residents, (ii) opportunistic investing, (iii) portfolio diversification and (iv) conservative financing. Quality Healthcare for our Residents Our healthcare operations continue to bolster our revenue. Over the last two years, our operational footprint has grown from one facility to nine. The mix of our revenues, from leasing facilities to our owner operator model has shifted drastically from rents to healthcare as well. To ensure this continues our operational teams and staff at our facilities are dedicated to maintaining the highest of standards and quality care metrics in line with, but not limited to, the CDC, ADA, CMS, and all state and local guidelines. Opportunistic Investing We will make investment decisions that are expected to drive profitable growth and create shareholder value. We will perform in depth due diligence and quantitative and qualitative analyses to ensure that we position ourselves to create and take advantage of situations to meet our goals and investment criteria that will continue to add to the Company's strategic and financial value. Portfolio Diversification We believe in maintaining a portfolio of healthcare investments diversified by segment, geography, operator, tenant, and investment product. Diversification reduces the likelihood that a single event would materially harm our business and allows us to take advantage of opportunities in different markets based on individual market dynamics. While pursuing this strategy of diversification, we will monitor, but will not limit, our investments based on the percentage of our total assets that may be invested in any one property type, investment product, geographic location, the number of properties which we may lease to a single op

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