Regional Health Properties 10-Q: Preferred Stock & Debt Details

TL;DR

RHP 10-Q out: Preferred stock details (Series A/B) and HUD senior debt filings for Q3 2024.

AI Summary

Regional Health Properties, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details preferred stock information, including Series A and Series B, with specific amounts and dates related to their issuance and amendments. It also references senior debt related to HUD and property and equipment, including bed licenses.

Why It Matters

This filing provides crucial details on the company's capital structure and debt obligations, which are key factors for investors assessing financial health and risk.

Risk Assessment

Risk Level: medium — The filing contains details about preferred stock and debt, which can indicate financial leverage and potential risks for common shareholders.

Key Numbers

• 560,000 — Preferred Stock (Value related to Series B Preferred Stock as of June 30, 2024, and September 30, 2024.)
• 2024-09-30 — Reporting Period (End date for the 10-Q filing.)
• 2024-01-01 — Fiscal Year-to-Date (Start date for the period covered by the filing.)

Key Players & Entities

• REGIONAL HEALTH PROPERTIES, INC (company) — Filer
• ADCARE HEALTH SYSTEMS, INC (company) — Former Company Name
• 560,000 (dollar_amount) — Preferred Stock Value
• 2024-09-30 (date) — Reporting Period End Date
• 2024-01-01 (date) — Period Start Date

FAQ

Filing Documents

• rhe-20240930.htm (10-Q) — 2804KB
• rhe-ex31_1.htm (EX-31.1) — 14KB
• rhe-ex31_2.htm (EX-31.2) — 14KB
• rhe-ex32_1.htm (EX-32.1) — 8KB
• rhe-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-128808.txt ( ) — 12724KB
• rhe-20240930.xsd (EX-101.SCH) — 1760KB
• rhe-20240930_htm.xml (XML) — 2752KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Stockholders' (Deficit) Equity for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Notes to Unaudited Consolidated Financial Statements 9 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults upon Senior Securities 38 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39

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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Property and equipment, net $ 39,429 $ 40,398 Asset held for sale, net 4,851 4,939 Cash 497 953 Restricted cash 3,005 3,231 Accounts receivable, net of allowances of $ 2,186 and $ 2,040 2,034 1,403 Prepaid expenses and other 663 613 Notes receivable 594 1,044 Intangible assets - bed licenses 2,471 2,471 Intangible assets - lease rights, net 74 87 Right-of-use operating lease assets 2,263 2,556 Goodwill 1,585 1,585 Straight-line rent receivable 2,594 2,901 Total assets $ 60,060 $ 62,181 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Senior debt, net $ 39,509 $ 40,401 Debt related to asset held for sale, net 3,354 3,454 Bonds, net 5,849 5,991 Other debt, net 945 889 Accounts payable 3,707 2,493 Accrued expenses 4,703 4,060 Operating lease obligation 2,592 2,917 Other liabilities 1,781 1,791 Total liabilities 62,440 61,996 Stockholders' (deficit) equity: Common stock and additional paid-in capital, no par value; 55,000 shares authorized; 1,890 shares issued and 1,879 shares outstanding at September 30, 2024; and 1,850 shares issued and 1,839 shares outstanding at December 31, 2023 63,144 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 September 30, 2024 and December 31, 2023, with a redemption amount $ 426 at September 30, 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 September 30, 2024 and December 31, 2023, wi

View Full Filing

View this 10-Q filing on SEC EDGAR