SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

SCHEDULE OF RESTATEMENT

The below tables summarize the effect of the revisions on the affected line items within the Condensed Consolidated Statement of Operations for the six months ended June 30, 2022:

	Six Months Ended
	June 30, 2022
	As previously reported			Revision adjustments			As revised
Revenue
Rental Revenue	$	311,063		$	-		$	311,063
Healthcare Revenue		18,642,051			(869,249	)		17,772,802
Healthcare Grant Revenue		2,603,659			-			2,603,659
Total Revenue		21,556,773			(869,249	)		20,987,524
Expenses
Property Taxes, Insurance and Other Operating		13,964,841						13,964,841
General and Administrative		4,227,834			(869,249	)		3,358,585
Provision for Bad Debts		531,474						531,474
Depreciation and Amortization		895,037						895,037
Total Expenses		19,619,186			(869,249	)		18,749,937
Income from Operations		1,937,587						1,937,587
Other (Income) Expense
Loss (Gain) on Extinguishment of Debt		46,466						46,466
Interest Expense, net		716,403						716,403
Gain on Forgiveness of PPP Loan		-						-
Other Income		(81,886	)					(81,886	)
Lease Termination Expense		-						-
Total Other (Income) Expense		680,983						680,983
Net Income (Loss)	$	1,256,604					$	1,256,604

 

The below table summarizes the effect of the revisions on the affected line items within the Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet for the period ended March 31, 2022:

Three months ended March 31, 2022
	Reported			Revision adjustments			Adjusted
P&L Analysis
Total Revenue	$	10,091,006		$	(191,589	)	$	9,899,417
Healthcare Revenue		9,367,854			(191,589	)		9,176,265
Operating Income		615,396			(191,589	)		423,807
Net Income		228,679			(191,589	)		37,090
EPS		0.07						0.01
WASO		3,052,769						3,052,769
Balance Sheet Analysis
Accounts Receivable	$	4,168,272		$	(191,589	)	$	3,976,683
Current Assets		7,474,534			(191,589	)		7,282,945
Total Assets		46,086,051			(191,589	)		45,894,462
Working Capital		38,478,308			(191,589	)		38,286,719
Accumulated Deficit		(11,089,701	)		(191,589	)		(11,281,290	)
Total Equity		3,632,327			(191,589	)		3,440,738

The below table summarizes the effect of the revisions on the affected line items within the Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet for the period ended June 30, 2022:

Three and six months ended June 30, 2022
	YTD Reported			Revision adjustment			YTD Adjusted			QTD Reported		Revision adjustment			QTD Adjusted
P&L analysis
Total Revenue	$	20,687,524		$	(469,302	)	$	20,218,222		$	10,596,518	$	(277,713	)	$	10,318,805
Healthcare Revenue		17,772,802			(469,302	)		17,303,500			8,404,948		(277,713	)		8,127,235
Operating Income		1,937,587			(469,302	)		1,468,285			1,321,651		(277,713	)		1,043,938
Net Income		1,256,604			(469,302	)		787,302			1,027,925		(277,713	)		750,212
EPS		0.42						0.26			0.34					0.25
WASO		2,998,361						2,998,361			3,054,627					3,054,627
Balance Sheet analysis
Accounts Receivable	$	5,167,862		$	(469,302	)	$	4,698,560
Current Assets		8,789,109			(469,302	)		8,319,807
Total Assets		47,014,470			(469,302	)		46,545,168
Working Capital		32,534,605			(469,302	)		32,065,303
Accumulated Deficit		(10,061,776	)		(469,302	)		(10,531,078	)
Total Equity		4,660,252			(469,302	)		4,190,950

 

SCHEDULE OF BASIC AND DILUTED EARNING PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	Nine Months Ended						Three Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Numerator for basic earnings per share:
Net Income (Loss) Attributable to Selectis Health, Inc.		(203,623	)		(483,716	)		(990,925	)		(52,992	)
Series D Preferred Dividends		(22,500	)		(22,500	)		(7,500	)		(7,500	)
Net Income (Loss) Attributable to Common Stockholders - Basic		(226,123	)		(506,216	)		(998,425	)		(60,492	)
Numerator for diluted earnings per share:
Net Income (Loss) Attributable to Common Stockholders		(226,123	)		(506,216	)		(998,425	)		(60,492	)
Series D Preferred Dividends		22,500			22,500			7,500			7,500
Net Income (Loss) Attributable to Common Stockholders - Diluted		(203,623	)		(483,716	)		(990,925	)		(52,992	)
Denominator for basic earnings per share:
Weighted Average Common Shares Outstanding		3,053,970			2,741,186			3,054,588			2,824,560
Denominator for diluted earnings per share:
Weighted Average Common Shares Outstanding - Basic		3,053,970			2,741,186			3,054,588			2,824,560
Effect of dilutive securities:
Conversion of preferred shares		-			-			-			-
Exercise of warrants		-			-			-			-
Weighted Average Common Shares Outstanding - Diluted		3,053,970			2,741,186			3,054,588			2,824,560
Net Income (Loss) per Share Attributable to Common Stockholders:
Basic		(0.07	)		(0.18	)		(0.33	)		(0.02	)
Diluted		(0.07	)		(0.18	)		(0.33	)		(0.02	)