Selectis Health Completes Acquisition

TL;DR

SELECTIS HEALTH just bought something, details TBD.

AI Summary

Selectis Health, Inc. announced the completion of an acquisition on June 18, 2024. The company, formerly known as Global Healthcare REIT, Inc., is a real estate investment trust incorporated in Utah. The filing does not disclose specific details about the acquired assets or the financial terms of the transaction.

Why It Matters

This filing indicates a significant corporate action, potentially impacting Selectis Health's asset base and future operations. Investors should monitor for further details on the acquisition's financial implications.

Risk Assessment

Risk Level: medium — The lack of specific details regarding the acquisition's value and nature introduces uncertainty, warranting a medium risk assessment.

Key Players & Entities

• Selectis Health, Inc. (company) — Registrant
• Global Healthcare REIT, Inc. (company) — Former company name
• Global Casinos Inc (company) — Former company name
• Morgro Chemical Co (company) — Former company name
• June 18, 2024 (date) — Date of earliest event reported
• June 24, 2024 (date) — Date as of change
• June 25, 2024 (date) — Filed as of date

FAQ

Key Financial Figures

• $6.75 million — has purchased the Archway Property for $6.75 million. The sale was completed on June 18, 202
• $467,609 — s of Long-Term Debt, Net of Discount of $467,609 and $524,704, respectively 10,926,610
• $524,704 — m Debt, Net of Discount of $467,609 and $524,704, respectively 10,926,610 (4,477,029 )
• $7,871 — 13,521,952 Debt, Net of Discount of $7,871 and $30,663, respectively 25,095,062
• $30,663 — 2 Debt, Net of Discount of $7,871 and $30,663, respectively 25,095,062 - 25,095,06
• $2.00 — erred Stock: Series A - No Dividends, $2.00 Stated Value, Non-Voting; 2,000,000 Sha
• $1.00 — Series D - 8% Cumulative, Convertible, $1.00 Stated Value, Non-Voting; 1,000,000 Sha
• $0.05 — g 375,000 - 375,000 Common Stock - $0.05 Par Value; 800,000,000 Shares Authorize

Filing Documents

• form8-k.htm (8-K) — 106KB
• 0001493152-24-025023.txt ( ) — 277KB
• gbcs-20240618.xsd (EX-101.SCH) — 3KB
• gbcs-20240618_lab.xml (EX-101.LAB) — 33KB
• gbcs-20240618_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 18, 2024 SELECTIS HEALTH, INC. (Exact Name of Registrant as Specified in its Charter) Utah 0-15415 87-0340206 (State or other jurisdiction of incorporation) Commission File Number (I.R.S. Employer Identification number) 8480 E. Orchard Road , Ste. 4900 , Greenwood Village , CO 80111 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (720) 680-0808 (Former name or former address, if changed since last report) Written communications pursuant to Rule 425 under the Securities Act Soliciting material pursuant to Rule 14a-12 under the Exchange Act Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Securities registered pursuant to Section 12(b) of the Act: Title of each Class Trading Symbol Name of each exchange on which registered N/A N/A N/A Indicate by check mark whether the registrant is an emerging growth company as dened 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 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 nancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS Effective June 18, 2024, Selectis Health, Inc, a Utah corporation (the "Company"), announced that its wholly-owned subsidiary, Goodwill Hunting, LLC (the "Seller"), has consummated and closed the sale of property located in Macon, Bibb County, Georgia, including the skilled nursing facility known as Archway Transitional Care Center 1 (collectively, "the Archway Property"). In accordance with the original Purchase and Sale Agreement (the "PSA") executed on May 1, 2024, Bibb County Holdings II, LLC (the "Purchaser") has purchased the Archway Property for $6.75 million. The sale was completed on June 18, 2024. A copy of the PSA was previously filed as an exhibit to the Company's Current Report on Form 8-K dated May 1, 2024 and filed with the Securities and Exchange Commission on May 8, 2024. Under the terms of this agreement, the Purchaser acquired the real estate, buildings and improvements, along with certain personal property, licenses and permits used in the operation of the Archway Property. The Purchaser of the Archway Property had been operating the facility under a lease since 2016. ITEM 9.01 : FINANCIAL (a) Financial Not applicable (b) Pro Forma Financial Information The attached pro forma financial information has been prepared in accordance with Regulation S-X, Section 11.01 and gives pro forma effect to the sale of the Archway Property. The pro forma balance sheet gives effect to the transaction as of June 18, 2024. The pro forma income consummated at the beginning of the periods presented. The pro forma financial information does not purport to present actual financial condition or results of operations for the periods presented. SELECTIS HEALTH, INC. PROFORMA CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 (unaudited) March 31, 2024 Proforma Adjustment Proforma ASSETS Current Assets Cash $ 1,265,613 $ 1,593,800 $ 2,859,413 Accounts Receivable, Net 1,825,507 - 1,825,507 Prepaid Expenses and Other Current Assets 1,110,776 (146,740 ) 964,036 Total Current Assets 4,201,896 1,447,060 5,648,956 Long Term Assets: Restricted Cash 767,226 - 767,226 Property and Equipment, Net 33,510,748 (4,210,938 ) 29,299,810 Goodwill 1,076,908 - 1,076,908 Total Assets $ 39,556,778 $ (2,763,878 ) $ 36,792,900 LIABILITIES AND EQUITY Liabilities: Accounts Payable and Accrued Liabilities $ 6,284,271 $ - $ 6,284,271 Dividends Payable 38,100 - 38,100 Short-Term Debt, Related Parties 900,000 (150,000 ) 750,000 Current Maturities of Long-Term Debt, Net of Discount of $467,609 and $524,704, respectively 10,926,610 (4,477,029 ) 6,449,581 Total Current Liabilities 18,148,981 (4,627,029 ) 13,521,952 Debt, Net of Discount of $7,871 and $30,663, respectively 25,095,062 - 25,095,062 Lease Security Deposit 318,750 (250,000 ) 68,750 Total Liabilities $ 43,562,793 $ (4,877,029 ) $ 38,685,764 Commitments and Contingencies 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

View Full Filing

View this 8-K filing on SEC EDGAR