Quarterly report out for GreeneStone Healthcare GRST!
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9296610
Here's some interesting highlights!
Application to stock exchange
The Company is in the process of applying to the New York Stock Exchange (“NYSE”) which would allow the Company to be listed on the NYSE-Amex exchange . The Company believes being listed on the NYSE will assist it in attracting the capital needed to support its operations.
Clinic expansion
The Company is seeking to significantly increase its capacity at its in-patient treatment facility from 36 beds to 200 beds over the next twenty four months.
Awarded an exclusive regional contract
The Company was awarded an exclusive contract to provide treatment services for a major regional government organization with regards to post traumatic stress disorder. The Company plans to open a second facility in order to service this contact.
Revenue
During the three months ended March 31, 2013, revenues increased to $ 1,444,267, from $ 1,257,411 during the three months ended March 31, 2012, an increase of $186,856. (+13%) This increase is mainly attributable to a steady increase in business volume since the Company began operations. Revenue from the endoscopy practice was $521,165, compared to revenue of $436,804 during the three months ended March 31, 2012, an increase of $84,361. Revenue in the mental health division for the three months ended March 31, 2013, was $923,102 compared to $820,606 for the three months ended March 31, 2012, an increase of $102,496. The Company believes that revenue will continue to grow steadily and the Company will become more profitable as most of its costs, such as rent and salaries and wages are relatively fixed, and therefore will reduce as a percentage as business volume grows.
Gross Profit
During the three months ended March 31, 2013, gross profits increased to $1,151,175, from $1,006,233 during the three months ended March 31, 2012, an increase of $144,942. This increase is mainly attributable to an increase in business volume since the Company began operations.
Operating Expenses
Operating expenses for the three months ended March 31, 2012, were $1,527,307, compared to $1,276,075 for the three months ended March 31, 2012, an increase of $251,232. This increase in expenses is mainly attributable to increased operations. Operating expenses for the three months ended March 31, 2013, primarily consisted of salaries and wages to medical support staff of $818,881; rent payments of $250,169; professional fees of $100,771; management fees of $49,595; and general and administrative expenses of $149,799.
Net Loss
During the three months ended March 31, 2013, the net loss was $ 376,132, compared to $269,842 during the three months ended March 31, 2012, an increase of $106,290. This increase is attributable to the steady increase in revenues and business operations. Going forward, the Company will no longer be incurring certain costs that are considered one-time costs associated with starting a business.
Quarterly report out for GreeneStone Healthcare GRST!
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