Regional Health Properties Faces Financial Strain
Ticker: RHEPB · Form: 10-Q · Filed: May 15, 2024 · CIK: 1004724
| Field | Detail |
|---|---|
| Company | Regional Health Properties, Inc (RHEPB) |
| Form Type | 10-Q |
| Filed Date | May 15, 2024 |
| Risk Level | high |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: financial-health, debt, liabilities, assets
TL;DR
**RHP's liabilities dwarf assets by $1.7M at Q1 end. Big trouble.**
AI Summary
Regional Health Properties, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $560,000 and total liabilities of $2,252,000 as of March 31, 2024. This indicates a significant negative equity position for the company.
Why It Matters
The company's liabilities significantly outweigh its assets, suggesting potential financial instability and risk for investors.
Risk Assessment
Risk Level: high — The company's liabilities ($2.252 million) are substantially greater than its assets ($560,000), indicating a severe negative equity position.
Key Numbers
- $560,000 — Total Assets (As of March 31, 2024)
- $2,252,000 — Total Liabilities (As of March 31, 2024)
Key Players & Entities
- REGIONAL HEALTH PROPERTIES, INC (company) — Filer
- 20240331 (date) — Reporting Period End Date
- $560,000 (dollar_amount) — Total Assets as of March 31, 2024
- $2,252,000 (dollar_amount) — Total Liabilities as of March 31, 2024
FAQ
What is the net equity position of Regional Health Properties as of March 31, 2024?
As of March 31, 2024, Regional Health Properties has total assets of $560,000 and total liabilities of $2,252,000, resulting in a net equity deficit of $1,692,000.
What was the company's financial status at the end of the previous fiscal year (December 31, 2023)?
The filing mentions lease agreements and senior debt obligations as of December 31, 2023, but specific total asset and liability figures for that date are not immediately available in this excerpt.
Does the company have any significant debt obligations?
Yes, the filing references 'SeniorDebtBondsMember', 'SeniorDebtOtherMortgageIndebtednessMember', and specific facilities like 'AutumnBreezeFacility' from 'KeyBankMember', indicating significant debt.
What is the primary business segment of Regional Health Properties?
The filing references 'HealthcareServicesSegmentMember' and 'HealthcareServicesMember', suggesting the company operates within the healthcare services sector.
Has the company undergone any name changes?
Yes, the company was formerly known as ADCARE HEALTH SYSTEMS, INC, with name changes recorded on May 30, 2013, and December 8, 1995.
Filing Stats: 4,447 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-05-15 08:35:02
Filing Documents
- rhe-20240331.htm (10-Q) — 1822KB
- rhe-ex31_1.htm (EX-31.1) — 13KB
- rhe-ex31_2.htm (EX-31.2) — 13KB
- rhe-ex32_1.htm (EX-32.1) — 7KB
- rhe-ex32_2.htm (EX-32.2) — 7KB
- 0000950170-24-060062.txt ( ) — 10038KB
- rhe-20240331.xsd (EX-101.SCH) — 1685KB
- rhe-20240331_htm.xml (XML) — 2043KB
Financial Statements (unaudited)
Financial Statements (unaudited) 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.
Controls and Procedures
Controls and Procedures 30 Part II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements REGIONAL HEALTH PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED B ALANCE SHEETS (Amounts in 000's) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Property and equipment, net $ 44,885 $ 45,337 Cash 752 953 Restricted cash 3,223 3,231 Accounts receivable, net of allowances of $ 2,056 and $ 2,040 1,464 1,403 Prepaid expenses and other 410 609 Notes receivable 1,034 1,044 Intangible assets - bed licenses 2,471 2,471 Intangible assets - lease rights, net 83 87 Right-of-use operating lease assets 2,455 2,556 Goodwill 1,585 1,585 Lease deposits and other deposits 4 4 Straight-line rent receivable 2,859 2,901 Total assets $ 61,225 $ 62,181 LIABILITIES AND EQUITY (DEFICIT) Senior debt, net $ 43,500 $ 43,855 Bonds, net 5,993 5,991 Other debt, net 516 889 Accounts payable 3,106 2,493 Accrued expenses 4,240 4,060 Operating lease obligation 2,807 2,917 Other liabilities 1,797 1,791 Total liabilities 61,959 61,996 Stockholders' equity (deficit): Common stock and additional paid-in capital, no par value; 55,000 shares authorized; 1,850 shares issued and 1,839 shares outstanding at March 31, 2024 and December 31, 2023 63,102 63,059 Preferred stock, no par value; 5,000 shares authorized (including amounts authorized for Series A and Series B); shares issued and outstanding designated as follows: Preferred stock, Series A, no par value; 560 shares authorized, issued and outstanding at March 31, 2024 and December 31, 2023, with a redemption amount $ 426 at March 31, 2024 and December 31, 2023 426 426 Preferred stock, Series B, no par value; 2,812 shares authorized; 2,252 shares issued and outstanding at March 31, 2024 and December 31, 2023, with a redemption amount $ 18,602 at March 31, 2024 and December 31, 2023 18,602 18,602 Accumulated deficit ( 82,864 ) ( 81,902 )