Greenbrook TMS Inc.

CIK:0001735948|SEC Filings

Condensed Interim Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Revenue	$ 20,408,067	$ 17,690,449	$ 38,420,257	$ 36,994,910
Expenses:
Direct center and patient care costs	13,743,806	13,504,507	26,901,989	27,262,727
Other regional and center support costs (note 24)	6,389,077	4,510,869	13,421,644	9,589,567
Depreciation (notes 5 and 7)	310,708	870,306	623,948	1,835,354
Total	20,443,591	18,885,682	40,947,581	38,687,648
Regional operating loss	(35,524)	(1,195,233)	(2,527,324)	(1,692,738)
Center development costs	116,277	105,871	240,721	218,062
Corporate, general and administrative expenses (note 24)	7,498,701	8,140,490	15,178,415	15,419,061
Share-based compensation (note 15)	33,885	513,782	59,187	576,730
Amortization (note 6)	16,546	16,547	33,094	33,095
Interest expense	4,734,957	2,885,131	8,937,359	5,577,549
Interest income	(65)	(56)	(130)	(101)
Loss before income taxes	(12,435,825)	(12,856,998)	(26,975,970)	(23,517,134)
Income tax expense (note 18)	0	0	0	0
Loss for the period and comprehensive loss	(12,435,825)	(12,856,998)	(26,975,970)	(23,517,134)
Non-controlling interest (note 23)	(30,630)	(114,724)	(352,479)	(183,550)
Loss for the period and comprehensive loss attributable to Greenbrook	$ (12,405,195)	$ (12,742,274)	$ (26,623,491)	$ (23,333,584)
Net loss per share (note 22):
Basic	$ (0.27)	$ (0.31)	$ (0.60)	$ (0.66)
Diluted	$ (0.27)	$ (0.31)	$ (0.60)	$ (0.66)
Service revenue
Revenue:
Revenue	$ 19,108,067	$ 17,690,449	$ 37,120,257	$ 36,994,910
Other revenue
Revenue:
Revenue	$ 1,300,000		$ 1,300,000

Condensed Interim Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Loss for the period	$ (26,975,970)	$ (23,517,134)
Adjusted for:
Amortization	33,094	33,095
Depreciation	623,948	1,835,354
Operating lease expense	3,709,413	4,162,487
Interest expense	8,937,359	5,577,549
Interest income	(130)	(101)
Share-based compensation	59,187	576,730
Credit facility amendment fee (note 9(a))		1,000,000
Neuronetics Note non-cash transaction costs (note 9(a))		116,356
Gain on lender warrants		(6,567)
(Gain) loss on deferred share units	26,249	(122,854)
Gain on performance share units		(42,241)
Change in non-cash operating working capital:
Accounts receivable	(3,281,914)	965,894
Prepaid expenses and other	(1,250,937)	(1,318,957)
Accounts payable and accrued liabilities	2,253,046	6,037,826
Other payables	(4,553,169)
Advance for research collaboration	(1,300,000)
Interest paid	(428,818)	(2,517,030)
Interest received	130	101
Repayment of operating lease liabilities	(3,647,715)	(5,032,914)
Operating activities	(25,796,227)	(12,252,406)
Financing activities:
Net proceeds on issuance of common shares (note 14)	495,649	6,139,262
Financing costs incurred	(549,264)	(584,784)
Loans payable advanced (note 9(a))	27,284,264	6,000,000
Loans payable and promissory notes repaid (note 9(a))	(844,493)	(84,665)
Promissory notes advanced (note 9(a) and note 10)		1,750,000
Principal repayment of finance lease liabilities	(350,452)	(1,509,134)
Net non-controlling interest loans advanced		4,807
Distribution to non-controlling interest	(94,500)
Financing activities	25,941,204	11,715,486
Investing activities:
Purchase of property, plant and equipment		(8,690)
Acquisition of subsidiary non-controlling interest (note 23)	(121,350)
Investing activities	(121,350)	(8,690)
Increase (decrease) in cash	23,627	(545,610)
Cash, beginning of period	3,323,708	1,623,957
Cash, end of period	$ 3,347,335	$ 1,078,347

Condensed Interim Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 3,347,335	$ 3,323,708
Restricted cash	1,000,000	1,000,000
Accounts receivable, net (note 19(b))	10,851,757	7,569,843
Prepaid expenses and other	4,330,722	3,079,785
Total current assets	19,529,814	14,973,336
Property, plant and equipment (note 5)	4,876,230	4,793,979
Intangible assets (note 6)	588,963	622,057
Finance right-of-use assets (note 7(a))	1,434,139	2,140,338
Operating right-of-use assets (note 7(b))	29,068,565	28,887,905
Total assets	55,497,711	51,417,615
Current liabilities:
Accounts payable and accrued liabilities (note 8)	15,954,676	13,701,630
Current portion of loans payable (note 9(a))	6,876,994	5,770,603
Current portion of finance lease liabilities (note 7(a))	452,550	622,730
Current portion of operating lease liabilities (note 7(b))	4,447,990	3,960,346
Current portion of shareholder loans (note 10)	511,125	505,161
Other payables (note 11)	1,150,316	5,730,781
Non-controlling interest loans (note 9(b))	66,400	63,174
Deferred and contingent consideration (note 12)	1,000,000	1,000,000
Advance for research collaboration (note 13)		1,300,000
Total current liabilities	30,460,051	32,654,425
Loans payable (note 9(a))	123,266,705	90,230,173
Finance lease liabilities (note 7(a))	62,168	235,107
Operating lease liabilities (note 7(b))	26,243,718	26,438,220
Shareholder loans (note 10)	3,049,843	2,807,480
Total liabilities	183,082,485	152,365,405
Shareholders' deficit:
Common shares (note 14)	121,236,710	120,741,061
Contributed surplus (note 15)	5,456,887	5,397,700
Deficit	(250,453,785)	(224,174,970)
Total shareholders' deficit excluding non-controlling interest	(123,760,188)	(98,036,209)
Non-controlling interest (note 23)	(3,824,586)	(2,911,581)
Total shareholders' deficit	(127,584,774)	(100,947,790)
Contingencies (note 16)
Total liabilities and shareholders' deficit	$ 55,497,711	$ 51,417,615