West Palm Beach, Fla-based Rennova Health said in a months-delayed public disclosure filing that it was millions of dollars in debt and lacked the ability to make basic operations payments like payroll and rent in 2018, according to WBIR.
The company has not released a required quarterly earnings report since fall 2018, according to the report.
Rennova owns several hospitals, including Jellico (Tenn.) Medical Center, Big South Fork Medical Center in Oneida, Tenn., and the recently closed Jamestown (Tenn.) Regional Medical Center.
The company reported a $13.6 million loss from operations in 2018, a working capital deficit of $39.3 million and a stockholders' deficit of $39.2 million, according to a filing with the Securities and Exchange Commission, which recently became public.
In addition, the report shows the company had just $7,000 in cash on hand at the end of last year.
"There can be no assurance that we will be able to achieve our business plan, which is to acquire and operate clusters of rural hospitals," the company's disclosure reads.
In the filing, Renova Health also said it was facing legal judgment for failing to pay rent on its West Palm Beach headquarters, and many vendors threatened legal action for delayed payments when Jamestown Regional Hospital closed.
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