Welcome to our dedicated page for Selectis Health SEC filings (Ticker: GBCS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Selectis Health Inc. filings document a Utah public company that owns and operates healthcare facilities through subsidiaries and reports material events tied to skilled nursing facility assets. Recent 8-K disclosures cover completed dispositions of Georgia skilled nursing facilities, related purchase and sale agreements, subsidiary property interests, proceeds, escrows, debt repayment and other asset-sale terms.
The company’s SEC record also includes governance disclosures for board appointments and resignations, compensatory arrangements for directors, and changes involving executive or board roles. Capital-structure filings describe modifications to senior secured promissory notes, warrant terms and securityholder rights, while Form 12b-25 notices address annual-report timing and financial-statement preparation.
SELECTIS HEALTH, INC. disclosed the initial holdings of interim CEO and interim CFO Diane Eckhart on a Form 3. The filing shows she directly owns 1,000 shares of the company’s Common Stock, providing a baseline of her equity stake as an executive.
Selectis Health, Inc. reported a sharp swing to profitability for the three months ended March 31, 2026, driven by asset sales rather than core operations. The company generated net income of $6,526,382, or $2.13 basic and $1.90 diluted earnings per share, compared with a net loss of $655,969 a year earlier.
Total revenue fell to $7,288,602 from $10,486,939, a 32% decline, mainly because two Georgia facilities were sold in January 2026. Healthcare revenue dropped to $7,181,161, partly offset by new management fee revenue of $107,441. Operations posted a loss from operations of $1,262,493, but the company recognized a gain on sale of assets of $8,896,309 from the January sale of two Georgia facilities for gross proceeds of $13.2 million.
Asset sales and debt repayment significantly reshaped the balance sheet. Total debt, net of discounts, declined to $22,388,505 from $31,000,562, and total liabilities fell to $29,753,846 from $38,788,531. Stockholders’ equity improved from a deficit of $(6,210,538) at December 31, 2025 to positive equity of $258,344 at March 31, 2026.
Despite these improvements, liquidity remains strained. Cash and cash equivalents were $1,286,452 and restricted cash $192,129, and the company reported negative working capital of about $6.5 million and an accumulated deficit of $14,726,006. Management concluded that substantial doubt exists about Selectis Health’s ability to continue as a going concern and outlined plans to increase occupancy and reimbursement, sell additional facilities, control costs, and seek new capital.
The company continued to reposition its portfolio. As of March 31, 2026 it owned ten long-term care facilities with 712 operating beds and 141 leased beds, primarily in Arkansas, Ohio and Oklahoma, and had completed or agreed to sell all four Georgia skilled nursing facilities for combined gross proceeds of $28.9 million. Management also disclosed a material weakness in disclosure controls and procedures and plans to implement multi-level review and work with third parties to strengthen internal controls.
Selectis Health, Inc. announced that Adam Desmond has resigned from all roles with the company, including CEO, CFO, and director, effective May 14, 2026. A Separation Agreement and Release has been executed between the parties.
On May 15, 2026, the Board appointed Krystal Eckhart, previously a Vice President, as Interim CEO and Interim CFO. Eckhart has more than 15 years of healthcare revenue cycle and financial operations experience and has worked with Selectis Health since 2016, overseeing Medicare and Medicaid operations, audits, financial reporting, and acquisition-related processes.
Selectis Health, Inc. notified the SEC under Rule 12b-25 that it could not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026 because it has not completed preparation of its unaudited financial statements. The company signed the notice on May 14, 2026.
Selectis Health, Inc. completed the sale of two Georgia skilled nursing facilities for an aggregate purchase price of $15.7 million. After repaying mortgage debt and other liabilities, the company received approximately $9 million in net proceeds, excluding $1.57 million placed into escrow that may be released later.
The facilities include the 101-bed Glen Eagle Healthcare and Rehab in Abbeville and the 100-bed Eastman Healthcare and Rehab in Eastman. Operations were transferred from the company’s controlled operators to subsidiaries of the purchasers under an Operations Transfer Agreement without additional consideration. Selectis Health retained rights to collect tenant amounts relating to pre-closing periods, and unaudited pro forma financial information reflecting this disposition will be provided in a later amendment.
Black Pearl Equities terminated its cash tender offer for Selectis Health on May 1, 2026. The Purchaser offered to buy not less than 51% and up to 100% of outstanding shares at $5.05 per share. The Offer was ended because the Company did not remove or waive a transfer/ownership limitation (including a 9.8% cap) and the Board would not irrevocably waive charter provisions affecting tendered shares. No shares were accepted and no consideration was paid; tendered shares will be returned.
Selectis Health, Inc. reported a narrowed net loss for the year ended December 31, 2025 while remaining under financial strain. Total revenue rose about 6% to $41.4 million, driven by higher Medicaid rates that lifted healthcare revenue to $41.4 million, while rental revenue disappeared after prior property sales.
Operating expenses grew to $43.0 million, leaving a loss from operations of $1.6 million. After interest, credits and other income, net loss attributable to common stockholders improved to $1.1 million, or $0.34 per share, versus a $2.4 million loss in 2024.
The company owned 12 long‑term care facilities at year‑end, operating nine and leasing one, and has begun exiting Georgia through facility sales in early 2026. Debt remained high at about $31.0 million, with weighted average interest rates above 6% on fixed and above 8% on variable borrowings. Selectis ended 2025 with $1.0 million in cash, $0.8 million in restricted cash and a working capital deficit of $17.7 million, leading management to disclose substantial doubt about its ability to continue as a going concern without new capital, cost reductions or asset sales.
Selectis Health, Inc. reported that David Furstenberg resigned as a member of its Board of Directors and Audit Committee, effective immediately on March 30, 2026. The company expressed appreciation for his generous service and support, and the report was signed by CEO Adam Desmond.
Selectis Health, Inc. has filed a Schedule 14D-9 in response to a $5.05 per share cash tender offer from Black Pearl Equities, LLC to buy up to 100% of the Company’s common stock. As of March 9, 2026, 3,067,059 shares were issued and outstanding.
The Board has taken a neutral position and is not recommending whether stockholders should tender. The Board reviewed trading history, considered asset valuations (company estimates asset value ~$34,300,000, potential total assets up to $45,600,000, liabilities ~$18,700,000, and an estimated net value of $26,900,000), and noted ongoing negotiations with Purchaser concerning a possible higher offer. Insiders beneficially own 496,640 shares in the aggregate and hold 67,500 warrants exercisable at $2.25.