GREENESTONE HEALTHCARE CORP

CIK:0000792935|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenues	$ 18,764,817	$ 6,017,204
Operating expenses
General and administrative	3,934,900	1,550,799
Rent expense	3,013,306	1,304,127
Management fees	120,000
Professional fees	1,597,072	955,801
Salaries and wages	9,547,395	3,072,654
Depreciation and amortization	812,279	466,952
Total operating expenses	19,024,952	7,350,333
Operating loss	(260,135)	(1,333,129)
Other (expense) income
Other income	66,107	110,000
Other expense		(1,160)
Interest income	3,884	2,292
Interest expense	(1,388,074)	(565,343)
Amortization of debt discount	(616,072)	(416,120)
Foreign exchange movements	(36,023)	37,523
Net loss before income taxes	(2,230,313)	(2,165,937)
Income taxes	52,644
Net loss	(2,177,669)	(2,165,937)
Net loss attributable to non-controlling stockholders interest		101,842
Net loss available to common stockholders of Ethema Health Corporation	$ (2,177,669)	$ (2,064,095)
Basic loss per common share	$ (0.00)	$ (0.00)
Diluted loss per common share	$ (0.00)	$ (0.00)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss	$ (2,177,669)	$ (2,165,937)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	812,279	466,952
Amortization of debt discount	616,072	416,120
Provision for credit losses	460,760
Amortization of right of use asset	1,017,162	147,387
Deferred taxation movement	(52,644)
Changes in operating assets and liabilities
Accounts receivable	(923,104)	183,137
Prepaid expenses	(28,407)	(4,987)
Other current assets	61,090	3,030
Accounts payable and accrued liabilities	1,085,335	416,414
Related party accruals	(282,473)
Operating lease liabilities	(621,277)	82,180
Net cash used in operating activities	(32,876)	(455,704)
Investing activities
Acquisition of ARIA Kentucky, net of cash of $299,492	49,492
Purchase of property and equipment	(277,740)	(60,259)
Acquisition of property		(240,000)
Acquisition of minority stockholders interest		(625,000)
Investment in deposits	(25,431)	(83,393)
Net cash used in investing activities	(253,679)	(1,008,652)
Financing activities
Repayment of assumed liability	(159,085)
Proceeds from bank loans	300,000
Repayment of bank loans	(121,376)
Proceeds from short term notes	310,000	1,912,000
Repayment of short-term notes	(173,376)	(752,680)
Repayment of promissory notes	(140,000)	(70,000)
Proceeds from funding arrangements	2,638,750	690,000
Repayment of funding arrangements	(2,564,046)	(586,752)
Proceeds from advances – related party		250,000
Repayment of advances – related party		(11,538)
Repayment of government assistance loans		(14,250)
Repayment of finance leases	(9,008)	(8,478)
Proceeds from stock subscription liability		198,600
Proceeds from Series A preferred subscriptions		1,650
(Repayment) proceeds of related party notes		67,026
Net cash provided by financing activities	81,859	1,675,578
Effect of exchange rate on cash	19,434	(35,024)
Net change in cash	(185,262)	176,198
Beginning cash balance	244,771	68,573
Ending cash balance	59,509	244,771
Supplemental cash flow information
Cash paid for interest	695,920	355,443
Cash paid for income taxes
Non-cash investing and financing activities
Present value of operating lease liability and operating lease right of use assets recognized in connection with lease commencement	1,149,642
Present value of operating lease liability and operating lease right of use assets recognized in connection with lease commencement – Related parties	8,865,915
Present value of operating lease liability and operating lease right of use assets recognized on lease modification – Related parties	(165,975)
Common shares cancelled	27,700
Bank loan proceeds applied directly to sellers’ debt in connection with acquisition	4,250,000
Related party loan proceeds applied directly to sellers’ debt in connection with acquisition	66,741
Promissory note issued to acquire minority stockholders interest		475,000
Exchange of Series N convertible notes for Series R promissory notes		450,000
Conversion of related party payables to common shares		2,000,000
Conversion of related party payable to Series A preferred stock		6,000
Present value of operating lease liability and operating lease right-of-use asset recognized in connection with lease commencement		$ 744,256

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 59,509	$ 244,771
Accounts receivable, net	1,446,366	260,841
Prepaid expenses	51,572	23,146
Total current assets	1,557,447	528,758
Non-current assets
Property and equipment, net	1,377,358	699,688
Intangible assets, net	2,972,516	536,971
Goodwill	3,427,847
Right of use assets	10,540,982	9,920,592
Right of use assets – Related Parties	8,378,005
Deposits paid	512,824	472,393
Total non-current assets	27,209,532	11,629,644
Total assets	28,766,979	12,158,402
Current liabilities
Accounts payable and accrued liabilities	1,411,442	764,255
Bank loans	888,315
Assumed liability	1,624,205
Convertible notes, net of discounts	4,017,962	3,973,245
Short-term notes, net	3,253,727	2,575,123
Promissory note	265,000	405,000
Funding arrangements, net	1,165,831	516,247
Related party advance, net	273,461	264,966
Government assistance loans	21,448	15,088
Operating lease liability	537,884	299,102
Operating lease liability – Related parties	540,304
Finance lease liability	6,195	9,829
Related party payables	1,155,217	633,318
Stock subscription liability	198,600	198,600
Total current liabilities	15,359,591	9,654,773
Non-current liabilities
Bank loans	3,663,982
Note payable – Related Parties	87,507
Government assistance loans		6,149
Operating lease liability	10,541,565	9,949,454
Operating lease liability – Related parties	8,023,085
Finance lease liability	1,168	6,593
Deferred tax liability	726,317
Total non-current liabilities	23,043,624	9,962,196
Total liabilities	38,403,215	19,616,969
Stockholders’ deficit
Preferred stock - Series A; $0.01 par value, 10,000,000 authorized, 4,765,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	47,650	47,650
Common stock - $0.01 par value, 10,000,000,000 shares authorized; 7,726,283,805 and 7,729,053,805 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	77,262,839	77,290,539
Additional paid-in capital	25,013,783	24,986,083
Discount for shares issued below par value	(65,363,367)	(65,363,367)
Accumulated deficit	(46,597,141)	(44,419,472)
Total stockholders’ deficit	(9,636,236)	(7,458,567)
Total liabilities and stockholders’ deficit	$ 28,766,979	$ 12,158,402