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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q/A
(Amendment
No. 1)
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended March 31, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ____________ to ____________
Commission
File Number 0-21074
CLEARDAY,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
77-0158076 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(IRS
Employer
Identification
No.) |
8800
Village Drive, Suite 106, San Antonio, Texas 78217
(Address
of principal executive offices & zip code)
(210)
451-0839
(Registrant’s
telephone number including area code)
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
|
|
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
|
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ or No ☒
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 |
|
CLRD |
|
OTCQX |
We
had 25,997,628 shares of our common stock outstanding as of the close of business on July 14, 2023.
Clearday, Inc.
Explanatory Note
Clearday,
Inc. (the “Company”) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarter ended March 31,
2023, which was originally filed with the Securities and Exchange Commission (“SEC”) on July 17, 2023 (the “Original
Filing”), to amend the Company’s unaudited condensed consolidated financial statements as of March 31, 2023 and make certain
other amendments. The Company has previously filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “June
10Q”). The amendments provided in this filing have been incorporated in the June 10Q and the Company does not expect to make any
amendments to the June 10Q.
Part I, Item 1 Condensed Consolidated Financial Statements has been amended to reflect the following amendments:
|
|
Item |
|
As
Amended |
|
|
Original
Filing |
|
|
Difference |
|
|
● |
Changes
to the Condensed Consolidated Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] |
Real estate property and equipment, net |
|
|
6,321,749 |
|
|
|
6,227,965 |
|
|
|
93,784 |
|
|
[1] |
Total
assets |
|
|
10,346,008 |
|
|
|
10,252,224 |
|
|
|
93,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
[2] |
Accrued
expenses |
|
|
5,989,892 |
|
|
|
5,966,110 |
|
|
|
23,782 |
|
|
[3] |
Accrued
interest |
|
|
895,013 |
|
|
|
471,684 |
|
|
|
423,329 |
|
|
[2] |
Related party payables |
|
|
738,725 |
|
|
|
708,366 |
|
|
|
30,359 |
|
|
[2][3] |
Total
current liabilities |
|
|
32,828,102
|
|
|
|
32,350,632 |
|
|
|
477,470 |
|
|
[2][3] |
Total
liabilities |
|
|
37,452,825 |
|
|
|
36,975,355 |
|
|
|
477,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit |
|
|
|
|
|
|
|
|
|
|
|
|
|
[4] |
Additional
paid-in-capital |
|
|
19,132,830 |
|
|
|
19,193,946 |
|
|
|
(61,116 |
) |
|
[5] |
Accumulated
deficit |
|
|
(79,606,718 |
) |
|
|
(79,011,020 |
) |
|
|
(595,698 |
) |
|
[6] |
Clearday,
Inc. Stockholders’ deficit: |
|
|
(60,448,365 |
) |
|
|
(59,791,551 |
) |
|
|
(656,814 |
) |
|
[7] |
Non-controlling interest in subsidiaries |
|
|
11,307,705 |
|
|
|
11,034,577 |
|
|
|
273,128 |
|
|
|
Total deficit |
|
|
(49,140,660 |
) |
|
|
(48,756,974 |
) |
|
|
(383,686 |
) |
|
|
TOTAL
LIABLITIES, MEZZANINE EQUITY AND DEFICIT |
|
|
10,346,008 |
|
|
|
10,252,224 |
|
|
|
93,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
● |
Changes
to the Condensed Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
[8] |
Wages
& general operating expenses |
|
|
3,846,475 |
|
|
|
3,815,150 |
|
|
|
31,325 |
|
|
[9] |
Selling,
general and administrative expenses |
|
|
904,989 |
|
|
|
880,485 |
|
|
|
24,504 |
|
|
[10] |
Depreciation
and amortization expense |
|
|
296,826 |
|
|
|
324,044 |
|
|
|
(27,218 |
) |
|
[11] |
Total
operating expenses |
|
|
5,048,290 |
|
|
|
5,019,679 |
|
|
|
28,611 |
|
|
[11] |
Operating
Loss |
|
|
(2,041,786 |
) |
|
|
(2,013,175 |
) |
|
|
(28,611 |
) |
|
|
Other
(income) expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
[12] |
Interest
Expense |
|
|
714,833 |
|
|
|
549,033 |
|
|
|
165,800 |
|
|
[13] |
Loss (gain) on the sale of fixed assets |
|
|
106,467 |
|
|
|
192,407 |
|
|
|
(85,940 |
) |
|
[14] |
Other
(income)/expenses |
|
|
498,124 |
|
|
|
10,897 |
|
|
|
487,227 |
|
|
[15] |
Total
other (income)/expenses |
|
|
(1,555,178 |
) |
|
|
(2,122,265 |
) |
|
|
567,087 |
|
|
[16] |
Net
income (loss) from continuing operations |
|
|
(486,608 |
) |
|
|
109,090 |
|
|
|
(595,698 |
) |
|
[16] |
Net loss attributable to Clearday, Inc. common stockholders |
|
|
(2,736,347 |
) |
|
|
(2,140,649 |
) |
|
|
(595,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per share attributable to Clearday, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
[17] |
Weighted
average common shares basic and diluted outstanding |
|
|
23,910,818 |
|
|
|
24,187,743 |
|
|
|
(276,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
● |
Changes
to the Condensed Consolidated Statements of Mezzanine Equity, Convertible Preferred Stock and Stockholders’
Deficit |
|
|
|
|
|
|
|
|
|
|
|
|
|
[18] |
Accrual of Series I Convertible Preferred Stock in subsidiary |
|
|
136,564 |
|
|
|
(136,564 |
) |
|
|
273,128 |
|
|
[19] |
Stock
compensation for services (common stock par value amount) |
|
|
75 |
|
|
|
- |
|
|
|
75 |
|
|
[19] |
Stock
compensation for services (common stock additional paid in capital amount) |
|
|
(61,191 |
) |
|
|
- |
|
|
|
(61,191 |
) |
|
[18] |
Non-Controlling Interest |
|
|
11,307,705 |
|
|
|
11,034,577 |
|
|
|
273,128 |
|
|
|
Total Deficit |
|
|
49,140,660 |
|
|
|
48,756,974 |
|
|
|
383,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
● |
Changes
to the Condensed Consolidated Statements Of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
[20] |
Net
income (loss) |
|
|
(486,608 |
) |
|
|
109,090 |
|
|
|
(595,698 |
) |
|
[20] |
Loss
from continued operations |
|
|
(486,608 |
) |
|
|
109,090 |
|
|
|
(595,698 |
) |
|
[2] |
Adjustments
required to reconcile net income (loss) to cash flows used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
[21] |
Depreciation
and amortization |
|
|
296,826 |
|
|
|
324,044 |
|
|
|
(27,218 |
) |
|
[22] |
Shares
issued for services |
|
|
(61,116 |
) |
|
|
- |
|
|
|
(61,116 |
) |
|
[23] |
Loss
(gain) on the sale of fixed assets |
|
|
106,467 |
|
|
|
192,407 |
|
|
|
(85,940 |
) |
|
[18] |
Series I preferred stock accumulated dividend |
|
|
136,564 |
|
|
|
(136,564 |
) |
|
|
273,128 |
|
|
[24] |
Accrued
liabilities |
|
|
1,193,473 |
|
|
|
746,362 |
|
|
|
447,111 |
|
|
[9] |
Related party payables |
|
|
66,128 |
|
|
|
35,769 |
|
|
|
30,359 |
|
|
[25] |
Net
cash used in activities of continuing operations |
|
|
(1,066,342 |
) |
|
|
(1,046,967 |
) |
|
|
(19,375 |
) |
|
[25] |
Net
cash used in operating activities |
|
|
(1,066,342 |
) |
|
|
(1,046,967 |
) |
|
|
(19,375 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
[26] |
Proceeds
from long-term debt |
|
|
1,619,316 |
|
|
|
1,534,560 |
|
|
|
84,756 |
|
|
[26] |
Net
cash provided by in financing activities |
|
|
970,195 |
|
|
|
885,439 |
|
|
|
84,756 |
|
|
[27] |
Change
in cash and restricted cash from discontinued operations |
|
|
- |
|
|
|
195,638 |
|
|
|
(195,638 |
) |
|
[27] |
Cash
and restricted cash at beginning of the year |
|
|
205,638 |
|
|
|
10,000 |
|
|
|
195,638 |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
[28] |
Payments for property and equipment |
|
|
(18,063 |
) |
|
|
(37,437 |
) |
|
|
19,374 |
|
|
[28] |
Net cash provided by (used in) investing activities of the continuing operations |
|
|
(18,063 |
) |
|
|
(37,437 |
) |
|
|
19,374 |
|
Explanation
of the amendments or revisions:
1 | To
correct the overstatement of depreciation expense on buildings and leasehold improvements, net of additional depreciation expense described in note 10, below. |
2 | To
correct the understatement of accrued expenses, including an amount for consulting fees that were paid by the issuance
of common stock and to correct the accrued amount payable to related persons as of March 31, 2023. |
3 | To
correct the understatement of default interest for the Naples Equity Loan, including amounts accrued for prior periods that, as
reported in the Original Filing, was in default and subject to additional amounts for fees, charges and interest. |
4 | To correct the overstatement of the additional paid in capital that was
reported in the Original Filing. |
5 | To reflect the aggregate adjustments to Net income (loss) from continuing
operations described below in note 16. |
6 | To reflect the aggregate changes to the Additional paid-in-capital and
the Accumulated deficit described in notes 4 and 5. |
7 |
To correct the accrual of Series I Convertible Preferred Stock in subsidiary
that was reported in error in the Original Filing. |
8 | To
correct the accrual for additional amounts including interest related to employment related taxes such as required withholdings for federal income tax and employee and employer contributions
for FICA (Social Security and Medicare) taxes. |
9 | To correct the accrual for expenses related to consulting services of approximately
(19,228), certain expenses related to the Simpsonville Facility of approximately 13,373, and rent by the Company of robots from a related party of $30,359. |
10 | To correct the depreciation and amortization expense
amount for the six month period. |
11 | To correct each balance, which is the aggregate of the adjustments described
in notes 8, 9, and 10. |
12 | To correct the amount of the additional interest related to the Naples
Equity Loan at the default interest rate for the three months ending March 31, 2023. |
13 | To correct the amount related to the loss on disposition of assets in the
Community Leases that were terminated under the Lease Termination Agreement. |
14 | To correct the accrual for the (i) Simpsonville Action 2 in the amount
of $210,324 to reflect the summary judgment in this matter in favor of the Landlord on April 14, 2023 that was not appealed by the defendants
and the judgment to enforce the summary judgment that was entered on September 14, 2023, each as described in Note 8 Commitments and Contingencies
to the condensed consolidated financial statements; and (ii) prior accrual of interest, fees and costs related to the Naples Equity Loan
of $257,592; and (iii) other adjustments including increase of other income related to the disposition of certain assets, net of depreciation. |
15 | To correct this balance, which is the aggregate of the adjustments described
in notes 12, 13, and 14. |
16 | To correct this balance, which reflects the adjustments described in notes
11 and 15. |
17 | To correct the amount of the weighted average common shares basic and diluted
outstanding that was incorrectly stated in the Original Filing. |
18 | To correct the computation of the non-controlling interest in the subsidiaries
that was not correctly reported in the Original Filing, which is the same adjustment described in note 7. |
19 | To correct the amount of stock compensation for services that was not correctly
stated in the Original Filing. This amendment is also to Stock Compensation for services – Total Deficit. |
20 | To correct this amount to reflect the aggregate adjustments to the net
income described in note 16. |
21 | To correct this amount to reflect the aggregate adjustments to depreciation
and amortization expense described in note 10. |
22 | To correct this amount to reflect the aggregate adjustments related to
issuance of common stock for consulting services described in note 19. |
23 | To correct this amount to reflect the aggregate adjustment related to the
loss on the disposition of assets described in note 13. |
24 | To correct this amount to reflect the aggregate adjustment related to the
increase of certain liabilities described in notes 2 and 3. |
25 | To correct this amount to reflect the aggregate adjustments to this financial
statement described in notes 20-24, inclusive. |
26 | To
correct the amount of the net cash provided by in financing activities that was reported in error in the Original
Filing. |
| |
27 | To correct these amounts to reflect the proper classification in these
balances that were incorrectly classified in discontinued operations in the Original Filing. |
| |
28 | To reflect the correct amount of purchases (net) of property, plant and
equipment for the period. |
This
Amendment No. 1 also
● | Revised
the footnotes to the Company’s condensed consolidated financial statements provided
in this Report, |
● | Revised the Condensed Consolidated Statements of Mezzanine Equity, Convertible Preferred Stock and Stockholders’ Deficit –
Three Months Ended March 31, 2023 (Unaudited) to make conforming changes to the amendments described above, |
● | Revised the Condensed Consolidated Statements Of Cash Flows to add to the
supplemental disclosures of non-cash investing and financing activities for the following: settlements on derivative liability; Converted
Preferred Shares Series F to Common Shares; PIK dividends for Series F preferred shares; Discount on derivative liability; Termination
of leases; Accounts payable exchanged for common shares; and Notes payable used to pay rent expense, |
● | Supplemented
such footnotes to include the amortization expense related to intangible assets for the three
months ending March 31, 2023 in Note 4 — and corrected a reference to the amortization
expense and carrying value for Developed technology as of December 31, 2022, |
● | Corrected
the referenced interest rate for certain indebtedness in Note 7 — Indebtedness, Intangible
Assets, Net, |
● | Revised
the disclosures to Note 8 — Commitments and Contingencies to include events to the
date of the filing of this Amendment No. 1, |
● | Revised
the disclosure regarding derivative calculation in Note 11 — Deficit, |
● | Revised
the disclosure regarding the sale of a property (the Stockdale Financing) and deleted the
error that references such transaction as an off balance sheet financing, |
● | Revised
the subsequent events to include the additional subsequent events to the date of the filing
of this Amendment No. 1, and |
● | Revised
Part I, Item 2 Management’s Discussion and Analysis of Financial Condition and Results
of Operations to reflect the amendments described above. |
In
addition, the Company’s Principal Executive and Principal Financial Officer has provided new certifications dated as of the date
of this filing in connection with this Form 10-Q/A (Exhibits 31.1, 31.2, 32.1 and 32.2).
The Company has considered the materiality
of the amendments set forth in this Amendment No. 1 to assess whether the errors in the Original Filing were material to a reasonable
investor’s perspective based on the total mix of information that has been provided to investors in the Company’s filings
with the SEC, and considered relevant facts and circumstances including both quantitative and qualitative factors, including without limitation
that the Company continued to incur a significant net loss from continuing operations and that the Company’s revised net cash
used in activities of continuing operations was not materially different from the amount in the
Original Filing. The Company
notes that there is no executive compensation that would be subject to any clawback of executive compensation if the financial statements
included in the Original Filing were restated.
Except as described above, no changes
have been made to the Original Filing, and this Amendment No. 1 does not modify, amend or update in any way the financial or other information
contained in the Original Filing.
No other material
changes have been made to the Original Report. Except as may otherwise be stated, this Form 10-Q/A continues to speak as of the original filing date of the Form 10-Q,
does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update
any related disclosures made in the Form 10-Q.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We claim the protection of the
safe harbor contained in the Private Securities Litigation Reform Act of 1995 for these forward-looking statements. Our forward-looking
statements relate to future events or our future performance and include, but are not limited to, statements concerning our business
strategy, future commercial revenues, market growth, capital requirements, new product introductions, expansion plans and the adequacy
of our funding. Other statements contained in this Report that are not historical facts are also forward-looking statements. We have
tried, wherever possible, to identify forward-looking statements by terminology such as “may,” “will,” “could,”
“should,” “expects,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates” and other comparable terminology.
We
caution investors that any forward-looking statements presented in this Report, or that we may make orally or in writing from time to
time, are based on the beliefs of, assumptions made by, and information currently available to, us. Such statements are based on assumptions
and the actual outcome will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or
ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will
inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences
may be material. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on known results
and trends at the time they are made, to anticipate future results or trends.
Some
of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed
or implied by forward-looking statements include the following:
|
● |
Our
limited cash and a history of losses; |
|
|
|
|
● |
Our
ability to finance our innovative care products and services, including our Longevity-tech platform and products and services that
are in development; |
|
|
|
|
● |
The
impact of any financing activity on the level of our stock price; |
|
|
|
|
● |
The
impact of any default by us of certain indebtedness and the exercise by the lenders of their respective remedies including the right
to convert stock and exercise warrants at a price that is a discount to our trading price; |
|
|
|
|
● |
The
additional dilutive impact of any issuances of securities to raise capital, including any capital in anticipation and in advance
of the previously reported merger (the “Viveon Merger”) of us with Viveon Health Acquisition Corp.; |
|
|
|
|
● |
The
timing and amount of financing acquired in connection with the Viveon Merger; |
|
|
|
|
● |
The
cost and uncertainty from compliance with environmental regulations and the regulations related to operating our memory care facilities
and adult day care centers; |
|
|
|
|
● |
The
effect of pandemics and other public health related issues on our businesses, including actions or additional regulations by State
and Federal governments; |
|
|
|
|
● |
Local,
regional, national and international economic conditions and events, and the impact they may have on us and our customers; |
|
|
|
|
● |
The
impact of inflation to our businesses, including increases in our labor costs and other costs we pay for goods and services; |
|
|
|
|
● |
The
impact of a shortage of workers in our industries and our ability to maintain costs while properly staffing our facilities; |
|
|
|
|
● |
The
availability of state funds through civil money penalty grant programs; |
|
|
|
|
● |
Increases
in tort and insurance liability costs; |
|
|
|
|
● |
Delays
or nonpayment to us, including payments related to government or agency reimbursements; |
|
|
|
|
● |
Our
ability to pay our liabilities, including tax obligations; and |
|
|
|
|
● |
Circumstances
that adversely affect the ability of older adults or their families to pay for our services, such as economic downturns, weakening
investment returns, higher levels of unemployment among our residents or potential residents’ family members, lower levels
of consumer confidence, stock market volatility and/or changes in demographics. |
For
further discussion of these and other factors see “Risk Factors” in our Annual Report on Form 10-K, as amended and supplemented.
This
Report and all subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation
to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Report.
Clearday,
Inc.
March
31, 2023
FORM
10-Q
Table
of Contents
References
in this Report to the “Clearday”, “Company”, “we”, “us” include Clearday, Inc. and its
consolidated subsidiaries, unless otherwise expressly stated or the context indicates otherwise.
The
mark “Clearday” is protected under applicable intellectual property laws. Solely for convenience, trademarks of Clearday
referred to in this Report may appear without the TM symbol, but such references are not intended to indicate, in any way,
that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and related intellectual property
rights.
Clearday, Inc.
Condensed Consolidated Balance Sheets
March 31, 2023 and December 31, 2022
(Unaudited)
| |
March 31,
2023 | | |
December 31,
2022 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 81,429 | | |
$ | 195,638 | |
Restricted cash | |
| 10,000 | | |
| 10,000 | |
Accounts receivable, net | |
| 58,447 | | |
| 47,705 | |
Prepaid expenses | |
| 113,666 | | |
| 213,289 | |
Other current assets | |
| 466 | | |
| - | |
Total current assets | |
| 264,008 | | |
| 466,632 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Operating lease right-of-use assets | |
| - | | |
| 22,792,752 | |
Real estate property and equipment, net | |
| 6,321,749 | | |
| 6,522,979 | |
Intangible assets, net | |
| 3,496,000 | | |
| 3,680,000 | |
Other long-term assets | |
| 264,251 | | |
| 288,155 | |
Total assets | |
$ | 10,346,008 | | |
$ | 33,750,518 | |
| |
| | | |
| | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,599,141 | | |
$ | 6,324,002 | |
Accrued expenses | |
| 5,989,892 | | |
| 8,415,609 | |
Derivative liabilities | |
| 3,748,918 | | |
| 2,320,547 | |
Accrued interest | |
| 895,013 | | |
| 294,370 | |
Related party payables | |
| 738,725 | | |
| 672,597 | |
Deferred revenue | |
| 13,466 | | |
| 901,235 | |
Current portion long-term debt | |
| 16,746,935 | | |
| 16,347,290 | |
Operating lease liabilities | |
| - | | |
| 2,907,605 | |
Other current liabilities | |
| 1,096,012 | | |
| 1,140,106 | |
Total current liabilities | |
| 32,828,102 | | |
| 39,323,361 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Operating lease liabilities | |
| - | | |
| 24,415,791 | |
Long-term debt, less current portion, net | |
| 4,624,723 | | |
| 1,392,940 | |
Total liabilities | |
| 37,452,825 | | |
| 65,132,092 | |
| |
| | | |
| | |
Mezzanine equity | |
| | | |
| | |
Series F 6.75% Convertible Preferred Stock, $.001 par value, 5,000,000 share authorized, 4,791,401 and 4,797,052 issued and outstanding on March 31, 2023 and December 31, 2022, respectively. Liquidation value $102,380,677 and $101,162,577 on March 31, 2023 and December 31, 2022, respectively. | |
| 22,033,843 | | |
| 20,448,079 | |
| |
| | | |
| | |
Deficit: | |
| | | |
| | |
Preferred Stock, $0.001 par value, 10,000,000 shares authorized | |
| | | |
| | |
Series A Convertible Preferred Stock, $0.001 par value, 2,000,000 shares authorized, 328,925 and 328,925 shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively. Liquidation value of $329 and $329 on March 31, 2023 and December 31, 2022, respectively | |
| 329 | | |
| 329 | |
Common Stock, $0.001 par value, 25,194,402 and 20,805,448 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | |
| 25,194 | | |
| 20,805 | |
Additional paid-in-capital | |
| 19,132,830 | | |
| 16,098,182 | |
Accumulated deficit | |
| (79,606,718 | ) | |
| (79,671,065 | ) |
Clearday, Inc. Stockholders’ deficit: | |
| (60,448,365 | ) | |
| (63,551,749 | ) |
Non-controlling interest in subsidiaries | |
| 11,307,705 | | |
| 11,722,096 | |
Total deficit | |
$ | (49,140,660 | ) | |
$ | (51,829,653 | ) |
TOTAL LIABLITIES, MEZZANINE EQUITY AND STOCKHOLDERS’
DEFICIT | |
$ | 10,346,008 | | |
$ | 33,750,518 | |
See accompanying notes to the unaudited condensed consolidated financial
statements.
Clearday, Inc.
Condensed Consolidated Statements Of Operations
For The Three Months Ended March 31, 2023 and 2022
(Unaudited)
| |
2022 | | |
2022 | |
| |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | |
REVENUES | |
| | |
| |
Resident fee revenue, net | |
$ | 2,895,326 | | |
$ | 3,124,761 | |
Adult day care | |
| 89,041 | | |
| 83,896 | |
Commercial property rental revenue | |
| 22,137 | | |
| 1,561 | |
Total revenues | |
| 3,006,504 | | |
| 3,210,218 | |
OPERATING EXPENSES | |
| | | |
| | |
Wages & general operating expenses | |
| 3,846,475 | | |
| 4,634,056 | |
Selling, general and administrative expenses | |
| 904,989 | | |
| 1,393,370 | |
Depreciation and amortization expense | |
| 296,826 | | |
| 187,215 | |
Total operating expenses | |
| 5,048,290 | | |
| 6,214,641 | |
| |
| | | |
| | |
Operating loss | |
| (2,041,786 | ) | |
| (3,004,423 | ) |
| |
| | | |
| | |
Other (income) expenses | |
| | | |
| | |
Interest expense | |
| 714,833 | | |
| 501,598 | |
PPP loan forgiveness | |
| - | | |
| (642,816 | ) |
Derivative financing costs | |
| 2,567,460 | | |
| - | |
Changes in fair value of derivative | |
| (1,565,232 | ) | |
| - | |
Loss on disposal of assets | |
| 106,467 | | |
| - | |
Gain on termination of lease | |
| (4,530,644 | ) | |
| - | |
Extinguishment of debt | |
| 653,814 | | |
| - | |
Other income | |
| 498,124 | | |
| (143,889 | ) |
Total other income | |
| (1,555,178 | ) | |
| (285,107 | ) |
| |
| | | |
| | |
Net loss from continuing operations | |
| (486,608 | ) | |
| (2,719,316 | ) |
Loss from discontinued operations, net of tax | |
| - | | |
| (85,227 | ) |
Net loss | |
| (486,608 | ) | |
| (2,804,543 | ) |
Net loss attributable to non-controlling interest | |
| (550,955 | ) | |
| (144,265 | ) |
Preferred stock dividend | |
| (1,698,784 | ) | |
| (1,619,015 | ) |
Net loss attributable to Clearday, Inc. common stockholders | |
$ | (2,736,347 | ) | |
$ | (4,567,823 | ) |
| |
| | | |
| | |
Basic and diluted loss per share attributable to Clearday, Inc. | |
| | | |
| | |
Net loss from continued operations | |
| (0.11 | ) | |
| (0.29 | ) |
Net loss from discontinued operations | |
| 0.00 | | |
| (0.01 | ) |
Net loss | |
| (0.11 | ) | |
| (0.30 | ) |
Weighted average common shares basic and diluted outstanding | |
| 23,910,818 | | |
| 15,010,907 | |
See accompanying notes to the
unaudited condensed consolidated financial statements.
Clearday,
Inc.
Condensed Consolidated Statements of Mezzanine
Equity, Convertible Preferred Stock and Stockholders’ Deficit
Three Months Ended March 31, 2023 and 2022
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | | |
Interest | | |
Deficit | |
| |
Mezzanine Equity Series F Preferred Stock | | |
Preferred Stock Series A | | |
Common Stock | | |
Additional Paid- in | | |
Accumulated | | |
Clearday, Inc. Stockholders’ | | |
Non-Controlling | | |
Total | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | | |
Interest | | |
Deficit | |
Balance at December 31, 2021 | |
| 4,797,052 | | |
$ | 16,857,267 | | |
| 328,925 | | |
$ | 329 | | |
| 14,914,458 | | |
$ | 14,915 | | |
$ | 17,069,481 | | |
$ | (65,208,327 | ) | |
$ | (48,123,602 | ) | |
$ | 11,330,695 | | |
$ | (36,792,907 | ) |
PIK dividends accruals on Convertible Preferred Stock F | |
| - | | |
| 1,619,015 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,619,015 | ) | |
| - | | |
| (1,619,015 | ) | |
| - | | |
| (1,619,015 | ) |
Series F Incentive Common Stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,861,334 | | |
| 2,859 | | |
| (2,853 | ) | |
| - | | |
| 6 | | |
| - | | |
| 6 | |
Series F shares converted to common stock | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series F shares converted to common stock, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accrual of Series I Convertible Preferred Stock in subsidiary | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 136,564 | | |
| 136,564 | |
Series I adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (669,904 | ) | |
| (669,904 | ) | |
| - | | |
| (669,904 | ) |
Debt discount from derivative settlements | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for extinguishment of liabilities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for extinguishment of liabilities, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock Compensation for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock Compensation for services, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for Loan | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Shares issued for Loan, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dissolution of Longhorn Hospitality | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,871,239 | ) | |
| 3,871,239 | | |
| - | | |
| - | | |
| - | |
Redemption of series F shares | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Officer Compensation and debt conversion | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,804,543 | ) | |
| (2,804,543 | ) | |
| (144,265 | ) | |
| (2,948,808 | ) |
Balance at March 31, 2022 | |
| 4,797,052 | | |
$ | 18,476,282 | | |
| 328,925 | | |
$ | 329 | | |
| 17,775,792 | | |
$ | 17,774 | | |
$ | 11,576,374 | | |
$ | (64,811,535 | ) | |
$ | (53,217,058 | ) | |
$ | 11,322,994 | | |
$ | (41,894,064 | ) |
See accompanying notes to the unaudited condensed consolidated financial
statements.
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | | |
Interest | | |
Deficit | |
| |
Mezzanine Equity Series F Preferred Stock | | |
Preferred Stock Series A | | |
Common Stock | | |
Additional Paid- in | | |
Accumulated | | |
Clearday, Inc. Stockholders’ | | |
Non-Controlling | | |
Total | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | | |
Interest | | |
Deficit | |
Balance at December 31, 2022 | |
| 4,797,052 | | |
$ | 20,448,079 | | |
| 328,925 | | |
$ | 329 | | |
| 20,805,448 | | |
$ | 20,805 | | |
$ | 16,098,182 | | |
$ | (79,671,065 | ) | |
$ | (63,551,749 | ) | |
$ | 11,722,096 | | |
$ | (51,829,653 | ) |
Balance | |
| 4,797,052 | | |
$ | 20,448,079 | | |
| 328,925 | | |
$ | 329 | | |
| 20,805,448 | | |
$ | 20,805 | | |
$ | 16,098,182 | | |
$ | (79,671,065 | ) | |
$ | (63,551,749 | ) | |
$ | 11,722,096 | | |
$ | (51,829,653 | ) |
PIK dividends accruals on Convertible Preferred Stock F | |
| - | | |
| 1,698,784 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,698,784 | ) | |
| - | | |
| (1,698,784 | ) | |
| - | | |
| (1,698,784 | ) |
Series F shares converted to common stock | |
| (5,651 | ) | |
| (113,020 | ) | |
| - | | |
| - | | |
| 13,449 | | |
| 13 | | |
| 113,007 | | |
| - | | |
| 113,020 | | |
| - | | |
| 113,020 | |
Accrued of series I Convertible Preferred Stock in subsidiary | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 136,564 | | |
| 136,564 | |
Debt discount from derivative settlements | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 713,435 | | |
| - | | |
| 713,435 | | |
| - | | |
| 713,435 | |
Stock Compensation for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| 74,187 | | |
| 75 | | |
| (61,191 | ) | |
| - | | |
| (61,116 | ) | |
| - | | |
| (61,116 | ) |
Shares issued for Loan | |
| - | | |
| - | | |
| - | | |
| - | | |
| 83,160 | | |
| 83 | | |
| 70,603 | | |
| - | | |
| 70,686 | | |
| - | | |
| 70,686 | |
Stock issued for extinguishment of liabilities | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,218,158 | | |
| 4,218 | | |
| 3,897,578 | | |
| - | | |
| 3,901,796 | | |
| - | | |
| 3,901,796 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 64,347 | | |
| 64,347 | | |
| (550,955 | ) | |
| (486,608 | ) |
Balance at March 31, 2023 | |
| 4,791,401 | | |
$ | 22,033,843 | | |
| 328,925 | | |
$ | 329 | | |
| 25,194,402 | | |
$ | 25,194 | | |
$ | 19,132,830 | | |
$ | (79,606,718 | ) | |
$ | (60,448,365 | ) | |
$ | 11,307,705 | | |
$ | (49,140,660 | ) |
Balance | |
| 4,791,401 | | |
| 22,033,843 | | |
| 328,925 | | |
| 329 | | |
| 25,194,402 | | |
| 25,194 | | |
| 19,132,830 | | |
| (79,606,718 | ) | |
| (60,448,365 | ) | |
| 11,307,705 | | |
| (49,140,660 | ) |
See accompanying notes to the unaudited condensed consolidated financial
statements.
Clearday, Inc.
Condensed Consolidated Statements Of Cash Flows
For The Three Months Ended March 31, 2023 and 2022
(Unaudited)
| |
2023 | | |
2022 | |
| |
Three
Months Ended March 31, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (486,608 | ) | |
$ | (2,804,543 | ) |
Loss from discontinued operations, net of tax | |
| - | | |
| (85,227 | ) |
Loss from continued operations | |
| (486,608 | ) | |
| (2,719,316 | ) |
Adjustments required to reconcile net loss to cash flows used in operating activities | |
| | | |
| | |
Depreciation and amortization | |
| 296,826 | | |
| 187,215 | |
Amortization of right of use assets | |
| - | | |
| 459,750 | |
Shares issued for loan commitment | |
| 70,686 | | |
| - | |
Shares issued for services | |
| (61,116 | ) | |
| - | |
Financing costs from derivative liabilities | |
| 2,567,460 | | |
| - | |
Gain on termination of leases | |
| (4,530,644 | ) | |
| - | |
Series I preferred stock accumulated dividend | |
| 136,564 | | |
| - | |
Loss on the sale of fixed assets | |
| 106,467 | | |
| - | |
Bad debt expense | |
| 179,854 | | |
| - | |
Change in fair value of the derivatives | |
| (1,565,232 | ) | |
| - | |
Amortization of debt issuance costs | |
| 241,504 | | |
| 501,970 | |
Amortization of discount on derivatives | |
| 540,760 | | |
| - | |
Loss on extinguishment of debt | |
| 653,814 | | |
| - | |
Gain on PPP loan forgiveness | |
| - | | |
| (642,816 | ) |
| |
| | | |
| | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (190,596 | ) | |
| 6,145 | |
Other current assets | |
| 23,438 | | |
| - | |
Prepaid expenses | |
| 99,623 | | |
| (433,839 | ) |
Accounts payable | |
| 523,121 | | |
| 902,548 | |
Accrued expenses | |
| - | | |
| (181,935 | ) |
Accrued liabilities | |
| 1,193,472 | | |
| - | |
Deferred revenue | |
| (887,769 | ) | |
| - | |
Related party payable | |
| 66,128 | | |
| - | |
Other current liabilities | |
| (44,094 | ) | |
| 113,000 | |
Change in operating lease liability | |
| - | | |
| (227,777 | ) |
Net cash used in operating activities of continuing operations | |
| (1,066,342 | ) | |
| (2,035,055 | ) |
Net cash used in activities of discontinued operations | |
| - | | |
| (45,421 | ) |
Net cash used in operating activities | |
| (1,066,342 | ) | |
| (2,080,476 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Payments for property and equipment | |
| (18,063 | ) | |
| (13,348 | ) |
Net cash used in investing activities of continuing operations | |
| (18,063 | ) | |
| (13,348 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Repayment of debt | |
| - | | |
| (977,263 | ) |
Proceeds from long-term debt | |
| 1,619,316 | | |
| - | |
Payment of long-term debt | |
| (649,121 | ) | |
| - | |
Payments on lease obligations | |
| - | | |
| 12,929,498 | |
Borrowings on debt, net | |
| - | | |
| 2,130,268 | |
Net cash provided by financing activities | |
| 970,195 | | |
| 14,082,503 | |
| |
| | | |
| | |
Change in cash and restricted cash from continuing operations | |
| (114,209 | ) | |
| (895,398 | ) |
Change in cash and restricted cash from discontinued operations | |
| - | | |
| 56,159 | |
Cash and restricted cash at beginning of the year | |
| 205,638 | | |
| 975,075 | |
Cash and restricted cash at end of year | |
$ | 91,429 | | |
$ | 135,836 | |
| |
| | | |
| | |
Reconciliation of cash and restricted cash consist of the following: | |
| | | |
| | |
End of period | |
| | | |
| | |
Cash and cash equivalents | |
| 81,429 | | |
| 125,836 | |
Restricted cash | |
| 10,000 | | |
| 10,000 | |
Total cash and restricted cash | |
$ | 91,429 | | |
$ | 135,836 | |
Beginning of period | |
| | | |
| | |
Cash and cash equivalents | |
| 195,638 | | |
| 965,075 | |
Restricted cash | |
| 10,000 | | |
| 10,000 | |
Total cash and restricted cash | |
$ | 205,638 | | |
$ | 975,075 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information | |
| | | |
| | |
Cash paid for interest | |
$ | 649,121 | | |
$ | - | |
Cahs paid for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Supplemental disclosures of non-cash investing and financing activities: | |
| | | |
| | |
Settlements on derivative liability | |
| 713,435 | | |
| - | |
PIK dividends for Series F preferred stock | |
| 1,698,784 | | |
| - | |
Converted Preferred Shares Series F to Common Shares | |
| 113,020 | | |
| - | |
Discount on derivative liability | |
| 1,139,578 | | |
| - | |
Termination of leases | |
| 27,323,396 | | |
| - | |
Accounts payable exchanged for common shares | |
| 3,247,982 | | |
| - | |
Notes payable used to pay rent expense | |
| 3,018,547 | | |
| - | |
See accompanying notes to the unaudited condensed consolidated financial
statements.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1.
Description of Business and Going Concern
Organization,
Description of Business
Clearday,
Inc., a Delaware corporation (the “Company”), formerly known as Superconductor Technologies Inc. (“STI”), was
established in 1987 and closed a merger (“AIU Merger”) with Allied Integral United, Inc., a Delaware corporation (“AIU”),
on September 9, 2021. The Company continued the businesses of AIU and continued one of the businesses of STI. AIU was incorporated on
December 20, 2017, and began its business on December 31, 2018 when it acquired memory care residential facilities and other businesses
(the “2018 Acquisition”) that was conducted since November 2010. Since the 2018 Acquisition, the Company has been developing
innovative care and wellness products and services focusing on the longevity market, including its Longevity-tech platform. In the first quarter of 2023, the Company disposed
of three of its four full time memory care communities to focus on its digital care services, including robotics and its Longevity care
platform.
Going
Concern
As
of March 31, 2023, we have an accumulated deficit of $79,606,718.
During the period ended March 31, 2023, we had a net loss from operations of $486,608
and net cash used in operating activities of $1,066,342. During the year ended December 31, 2022, we had a net loss from operations of $14,462,738
and cash used in operating activities of $3,978,027.
The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt
financing or other sources, including to a limited extent, the continued sale of its non-core assets and sale or disposition of
other assets. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in
spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these
actions could materially harm the Company’s business, results of operations and prospects. The accompanying financial
statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result
should the Company not continue as a going concern. Management does not believe they have sufficient cash for the next twelve months
from the date of this report to continue as a going concern without raising additional capital.
2.
Summary of Significant Accounting Policies
The
accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted
accounting principles in the United States of America (“GAAP”) and the interim reporting rules of the Securities and
Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto
contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all
adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the
financial position and the results of operations for the interim periods presented have been reflected herein. The results of
operations for interim periods are not necessarily indicative of the results to be expected for the full year.
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company, including its wholly owned
subsidiaries. In 2019, AIU Alternative Care, Inc., a Delaware corporation (“AIU Alt Care”) and Clearday Alternative Care
Oz Fund, L.P, a Delaware limited partnership (“Clearday OZ Fund”), were formed. The Company owns all of the voting
interests of AIU Alt Care and the sole general partner of Clearday OZ Fund, and less than 1%
of the preferred economic interests in such companies.
In
November 2019, AIU Alt Care filed a certificate of designation that authorized preferred stock designated as the Series I 10.25% cumulative
convertible preferred stock, par value $0.01 per share (the “Alt Care Preferred Stock”). The certificate of incorporation
of AIU Alt Care authorizes 1,500,000 shares of preferred stock of which 700,000 is designated Alt Care Preferred Stock; and 1,500,000
of common stock. Each share of The Alt Care Preferred Stock has a stated value equal to the $10.00 Alt Care Preferred Stock original
issue price. For the year ended on December 31, 2021, $897,000 was invested in AIU Alt Care in exchange for 89,700 shares of Alt Care
Preferred Stock.
In
October 2019, AIU Alt Care formed AIU Impact Management, LLC and Clearday OZ Fund were formed. AIU Impact Management, LLC manages Clearday
OZ Fund as its general partner, owns 1% of Clearday OZ Fund and allocates 99% of income gains and losses accordingly to the limited partners.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
exchange rate for each of the Alt Care Preferred Stock and the Clearday OZ LP Interests are equal to (i) the aggregate investment amount
for such security plus accrued and unpaid dividends at 10.25% per annum, (ii) divided by 80% of the 20 consecutive day volume weighted
closing price of the Common Stock of Clearday preceding the conversion date.
The
Company reports its non-controlling interest in subsidiaries as a separate component of equity in the balance sheets and reports both
net loss attributable to the non-controlling interest and net loss attributable to the Company’s common stockholders on the face
of the statement of operations.
Basis
of Presentation
The
Company’s condensed consolidated financial statements have been prepared in conformity with GAAP. Any reference in these notes to applicable guidance is meant to refer
to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update
(“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying financial statements include
the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in
consolidation.
Classification
of Convertible Preferred Stock
The
Company applied ASC 480, “Distinguishing Liabilities from Equity”, and revised the condensed consolidated financial
statement presentation of its convertible preferred stock whose redemption is outside the control of the issuer. Registrants
having such securities outstanding are required to present separately, in balance sheets, amounts applicable to the following three
general classes of securities: (i) preferred stocks subject to mandatory redemption requirements or whose redemption is outside the
control of the issuer; (ii) preferred stocks which are not redeemable or are redeemable solely at the option of the issuer; and
(iii) common stocks. In addition, the rules require disclosure of redemption terms, five-year maturity data, and changes in
redeemable preferred stock.
Use
of Estimates
The
Company’s condensed consolidated financial statement preparation requires that management make estimates and assumptions which
affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report
these financial statements in conformity with GAAP. Actual results could differ from those estimates.
Segment
Reporting
Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision-maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance.
The Company views its operations and manages its business as two operating segments, the Longevity-tech Platform and personal care.
Cash,
and Restricted Cash
Cash,
consisting of short-term, highly liquid investments and money market funds with original maturities of three months or less at the date
of purchase, are carried at cost plus accrued interest, which approximates market value.
Restricted
cash includes cash that the Company deposited as security for obligations arising from property taxes, property insurance and replacement
reserve the Company is required to establish escrows as required by its mortgages and certain resident security deposits.
Accounts
Receivable
The
Company records accounts receivable at their estimated net realizable value. Additionally, the Company estimates allowances for uncollectible
amounts based upon factors which include, but are not limited to, historical payment trends, write-off experience, and the age of the
receivable as well as a review of specific accounts, the terms of the agreements, the residents, the payers’ financial capacity
to pay and other factors which may include likelihood and cost of litigation.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Real Estate Property and Equipment, Net
Property
and equipment are stated at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to operations as
incurred. Depreciation and amortization are based on the straight-line method over the estimated useful lives of the related assets.
When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts,
and any resulting gain or loss is reflected in operations in the period realized.
Depreciation
is computed on the straight-line method with useful lives as follows:
Schedule of Estimated Useful Lives
Asset Class | |
Estimated Useful Life (in years) | |
Buildings and building improvements | |
| 39 | |
Leasehold improvements | |
| 15 | |
Equipment | |
| 7 | |
Computer equipment and software | |
| 5 | |
Furniture and fixtures | |
| 7 | |
Intangible
Assets, Net
Software Capitalization.
With regards to developing software, any application costs incurred during
the development state, both internal expenses and those paid to third parties are capitalized and amortized per FASB Topic ASC350-40
(“Internal-Use Software Accounting & Capitalization”). Once the software has been
developed, the costs to maintain and train others for its use will be expensed. With
regards to developing software, any application costs incurred during the development state, both internal expenses and those paid to
third parties are capitalized and amortized based on the estimated useful life of five years.
Impairment
Assessment
The
Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business
climate, market conditions or other events that indicate an assets’ carrying amount may not be recoverable. Recoverability of these
assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the
cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets
is reduced to fair value.
The
Company evaluates and tests the recoverability of its goodwill for impairment at least annually during its fourth quarter of each fiscal
year or more often if and when circumstances indicate that goodwill may not be recoverable.
Revenue
Recognition
The
Company recognizes revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with
Customers”, or ASC Topic 606, using the practical expedient in paragraph 606-10-10-4 that allows for the use of a portfolio
approach, because we have determined that the effect of applying the guidance to our portfolios of contracts within the scope of ASC
Topic 606 on our condensed consolidated financial statements would not differ materially from applying the guidance to each
individual contract within the respective portfolio or our performance obligations within such portfolio. The five-step model
defined by ASC Topic 606 requires the Company to: (i) identify its contracts with customers, (ii) identify its performance
obligations under those contracts, (iii) determine the transaction prices of those contracts, (iv) allocate the transaction prices
to its performance obligations in those contracts and (v) recognize revenue when each performance obligation under those contracts
is satisfied. Revenue is recognized when promised goods or services are transferred to the customer in an amount that reflects the
consideration expected in exchange for those goods or services.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A
substantial portion of the Company’s revenue from its independent living and assisted living communities relates to contracts with
residents for services that are generally under ASC Topic 606. The Company’s contracts with residents and other customers that
are within the scope of ASC Topic 606 are generally short-term in nature. The Company has determined that services performed under those
contracts are considered one performance obligation in accordance with ASC Topic 606 as such services are regarded as a series of distinct
events with the same timing and pattern of transfer to the resident or customer. Revenue is recognized for those contracts when the Company’s
performance obligation is satisfied by transferring control of the service provided to the resident or customer, which is generally when
the services are provided over time.
Resident
fees at our residential communities consist of regular monthly charges for basic housing and support services and fees for
additional requested services, such as assisted living services, personalized health services and ancillary services. Fees are
specified in our agreements with residents, which are generally short term (30 days to one year), with regular monthly charges
billed in advance. Funds received from residents in advance of services provided are not material to our condensed consolidated
financial statements. Some of our senior living communities require payment of an upfront entrance fee in advance of a resident
moving into the community; substantially all these community fees are non-refundable and are initially recorded as deferred revenue
and included in accrued expenses and other current liabilities in our consolidated balance sheets. These deferred amounts are then
amortized on a straight-line basis into revenue over the term of the resident’s agreement. When the resident no longer resides
within our community, the remaining deferred non-refundable fees are recognized in revenue. Revenue recorded and deferred in
connection with community fees is not material to our condensed consolidated financial statements. Revenue for basic housing and
support services and additional requested services is recognized in accordance with ASC Topic 606 and measured based on the
consideration specified in the resident agreement and is recorded when the services are provided.
Resident
Care Contracts
Resident
fees at the Company’s senior living communities may consist of regular monthly charges for basic housing and support services and
fees for additional requested services and ancillary services. Fees are specified in the Company’s agreements with residents, which
are generally short term (30 days to one year), with regular monthly charges billed on the first of the month. Funds received from residents
in advance of services are not material to the Company’s condensed consolidated financial statements.
Below
is a table that shows the breakdown by percentage of revenues related to contracts with residents versus resident fees for support or
ancillary services.
Schedule of Revenue from Contract with Customers
| |
For the periods ended March 31, | |
| |
2023 | | |
% | | |
2022 | | |
% | |
Revenue from contracts with customers: | |
| | | |
| | | |
| | | |
| | |
Resident rent - over time | |
$ | 2,895,326 | | |
| 96 | % | |
$ | 3,124,761 | | |
| 97 | % |
Day care | |
| 89,041 | | |
| 3 | % | |
| 83,896 | | |
| 3 | % |
Amenities and conveniences - point in time | |
| 22,137 | | |
| 1 | % | |
| 1,561 | | |
| 0 | % |
Total revenue from contracts with customers | |
$ | 3,006,504 | | |
| 100 | % | |
$ | 3,210,218 | | |
| 100 | % |
Financial
Instruments
In
accordance with the reporting requirements of the FASB ASC Topic 825, “Financial Instruments”, the Company calculates
the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional
information in the notes to the condensed consolidated financial statements when the fair value is different than the carrying value
of those financial instruments. The Company does not have assets or liabilities measured at fair value on a recurring basis except
its derivative liability.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consequently,
the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor
gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to
those assets and liabilities still held during the periods presented, except as disclosed.
Fair
Value Measurement
ASC
Topic 820, “Fair Value Measurements”, provides a comprehensive framework for measuring fair value and expands disclosures
which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy
prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets
and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level
1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and
liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the
New York Stock Exchange.
Level
2 - Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported
date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced
with models using highly observable inputs.
Level
3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level
3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts
used to determine the fair value.
The
following tables present the Company’s assets and liabilities that were measured and recognized at fair value as of March 31, 2023
and December 31, 2022:
Schedule of Assets and Liabilities Measured at Fair Value
March 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 3,748,918 | | |
$ | 3,748,918 | |
December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 2,320,547 | | |
$ | 2,320,547 | |
Under
the Company’s contract ordering policy, the Company first considers common shares issued and outstanding as well as reserved but
unissued equity awards, such as under an equity award program. All remaining equity linked instruments such as, but not limited to, options,
warrants, and debt and equity with conversion features are evaluated based on the date of issuance. If the number of shares which may
be issued under the Company’s agreements exceed the authorized number of shares or are unable to be determined, equity linked instruments
from that date forward are considered to be derivative liabilities until such time as the number of shares which may be issued under
the Company’s agreements no longer exceed the authorized number of shares and are able to be determined.
The
Company has outstanding note agreements containing provisions meeting the definition of a derivative liability which therefore require
bifurcation. Further, pursuant to the Company’s contract ordering policy, any issuance of equity linked instruments subsequent
to the initial triggering agreement will result in derivative liabilities.
At
March 31, 2023, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and warrants
based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s
common stock of $0.51; risk-free interest rates ranging from 3.60% to 4.94%; expected volatility of the Company’s common stock
ranging from 182% to 421%; estimated exercise prices ranging from $0.35 to $0.43; and terms from one to sixty months.
At
December 31, 2022, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and warrants
based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s
common stock of $0.56; risk-free interest rates ranging from 3.99% to 4.76%; expected volatility of the Company’s common stock
ranging from 183% to 572%; estimated exercise prices ranging from $0.35 to $0.75; and terms from three to sixty months.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A
reconciliation of the changes in the Company’s Level 3 derivative liability at fair value is as follows:
Summary of Activity of Level 3 Liabilities
| |
| | |
Balance - December 31, 2022 | |
$ | 2,320,547 | |
Additions | |
| 3,707,038 | |
Settlements | |
| (713,435 | ) |
Change in fair value | |
| (1,565,232 | ) |
Balance - March 31, 2023 | |
$ | 3,748,918 | |
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC Topic 815, “Derivatives
and Hedging Activities”.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative
financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and
risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host
contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at
fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same
terms as the embedded derivative instrument would be considered a derivative instrument.
The
Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated
from their host instruments) as follows: The Company records when necessary, discounts to convertible notes for the intrinsic value of
conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the
commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements
are amortized over the term of the related debt to their stated date of redemption.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are included in operating expenses. There were no research and development costs incurred in the three months ended March 31, 2023 or 2022.
Advertising
Costs
The
costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. There were no advertising expenses in the three months ended March 31, 2023 or 2022.
Lease
Accounting
The
Company follows ASC Topic 842, “Leases”. The Company has elected the practical expedient to account for each separate lease component of a contract and its
associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. All ROU assets were written
off effective March 31, 2023, when the Company disposed of the three leased properties described in Note 5 Leases.
Income
Taxes
The
Company’s income tax expense includes U.S. income taxes. Certain items of income and expense are not reported in tax returns and
financial statements in the same year. The Company accounts for income taxes under the asset and liability method, which requires the
recognition of deferred tax assets and liabilities for the expected future tax consequences to be included in the Company’s condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the
differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in
which the differences are expected to reverse, while the effect of a change in tax rates on deferred tax assets and liabilities is recognized
in income in the period that includes the enactment date.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained
upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with
a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized.
Changes
in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred
tax assets will be recovered from future taxable income, and, to the extent, the Company believes that the Company is more likely than
not that all or a portion of deferred tax assets will not be realized, the Company establishes a valuation allowance to reduce the deferred
tax assets to the appropriate valuation.
Company
includes the related tax expense or tax benefit within the tax provision in the condensed consolidated statement of operations
in that period. In making such a determination, the Company considers all available positive and negative evidence, including future
reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent
operations. In the future, if the Company determines that it would be able to realize its deferred tax assets in excess of their net
recorded amount, the Company will make an adjustment to the deferred tax asset valuation allowance and record an income tax benefit within
the tax provision in the condensed consolidated statement of operations in that period.
The
Company pays franchise taxes in certain states in which it has operations. The Company has included franchise taxes in general and administrative
and operating expenses in its condensed consolidated statements of operations.
Earnings
Per Share
FASB
ASC Topic 260, “Earnings Per Share”, requires a reconciliation of the numerator and denominator of the basic and diluted
earnings (loss) per share (EPS) computations.
Basic
earnings (loss) per share are computed by dividing income available to common stockholders by the weighted-average number of common shares
outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator
is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been
issued and if the additional common shares were dilutive.
Commitments
and Contingencies
The
Company has been, is currently, and expects in the future to be involved in claims, lawsuits, and regulatory and other government audits,
investigations and proceedings arising in the ordinary course of the Company’s business, some of which may involve material amounts.
The Company establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount
of the loss can be reasonably estimated. Also, the defense and resolution of these claims, lawsuits, and regulatory and other government
audits, investigations and proceedings may require the Company to incur significant expense. The Company accounts for claims and litigation
losses in accordance with ASC Topic 450, “Contingencies”. Under ASC Topic 450, loss contingency provisions are recorded for
probable and estimable losses at the Company’s best estimate of a loss or, when a best estimate cannot be made, at the Company’s
estimate of the minimum loss. These estimates are often developed prior to knowing the amount of the ultimate loss, require the application
of considerable judgment, and are refined as additional information becomes known. Accordingly, the Company is often initially unable
to develop a best estimate of loss and therefore the estimated minimum loss amount, which could be zero, is recorded; then, as information
becomes known, the minimum loss amount is updated, as appropriate. Occasionally, a minimum or best estimate amount may be increased or
decreased when events result in a changed expectation.
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging
- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s
Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities
and equity. This ASU (a) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing
guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features
and cash conversion features in equity, separately from the host convertible debt or preferred stock; (b) revises the scope exception
from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s
own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (c) revises
the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share for convertible instruments
by using the “if-converted” method. In addition, entities must presume share settlement for purposes of calculating diluted
earnings per share when an instrument may be settled in cash or shares. For smaller reporting companies, ASU 2020-06 is effective for
fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact that ASU 2020-06 may have on its financial
statements and related disclosures.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
As
of March 31, 2023, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable,
has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had
or will have a material impact on the Company’s condensed consolidated financial statements.
3.
Real Estate, Property and Equipment
The
Company’s real estate, property and equipment consisted of the following at the respective balance sheet dates:
Schedule of Real Estate, Property and Equipment
| |
March 31,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Land | |
$ | 2,231,879 | | |
$ | 2,231,879 | |
Building and building improvements | |
| 4,975,243 | | |
| 4,975,243 | |
Leasehold Improvements | |
| 710,317 | | |
| 846,754 | |
Computers | |
| 57,192 | | |
| 332,809 | |
Furniture, fixtures, and equipment | |
| 72,213 | | |
| 1,379,219 | |
Other Equipment | |
| 74,937 | | |
| 518,145 | |
Work in progress | |
| 138,187 | | |
| 138,187 | |
Total | |
| 8,259,968 | | |
| 10,422,236 | |
Less accumulated depreciation | |
| (1,938,219 | ) | |
| (3,899,257 | ) |
Real estate, property and equipment, net | |
$ | 6,321,749 | | |
$ | 6,522,979 | |
The
Company recorded depreciation and amortization expenses relating to real estate, property, and equipment in the amount of $112,826
and $501,797 for
the periods ended March 31, 2023, and December 31, 2022, respectively.
4.
Intangible Assets, Net
Software Capitalization.
With regards to developing software, any application
costs incurred during the development state, both internal expenses and those paid to third parties are capitalized and amortized per
FASB Topic ASC350-40 (“Internal-Use Software Accounting & Capitalization”). Once the software has been developed, the
costs to maintain and train others for its use will be expensed. At March 31, 2023 and March 31, 2022, $3,496,000 and $2,240,000, respectively
were the balances that will be amortized based on the estimated useful life of five years. The Company began this amortization starting
January 1, 2023.
Acquired
intangible assets subject to amortization are as follows:
Schedule
of Expected Future Amortization Expense for Intangible Assets
| |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2023 | |
| |
Gross Carrying
Amount | | |
Accumulated
Amortization | | |
Net Carrying
Amount | | |
Weighted-Average
Remaining Useful
Life (Years) | |
Developed technology | |
$ | 3,680,000 | | |
$ | 184,000 | | |
$ | 3,496,000 | | |
| 4.75 | |
Expected
future amortization expense for intangible assets as of March 31, 2023 is as follows:
Schedule of Future Amortization Expense for Intangible Assets
| |
| | |
Fiscal Years | |
| |
2023 (remaining) | |
$ | 552,000 | |
2024 | |
| 736,000 | |
2025 | |
| 736,000 | |
2026 | |
| 736,000 | |
2027 | |
| 736,000 | |
Thereafter | |
| - | |
Total | |
$ | 3,496,000 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Weighted-Average
Remaining
Useful
Life
(Years) |
|
Developed
technology |
|
$ |
2,240,000 |
|
|
$ |
- |
|
|
$ |
2,240,000 |
|
|
|
5.75 |
|
The Company recorded amortization expense related
to its intangible assets in the amounts of $184,000 and $0 for the periods ended March 31, 2023 and March 31, 2022, respectively.
5.
Leases
Lease
Terminations
On
March 31, 2023, the Company entered into agreements (collectively, the “Lease Termination Agreement”) to terminate the
leases (“Community Leases”) for three of its four residential care facilities, which account for all of Clearday’s
leased residential care facilities. The Community Leases related to residential communities (the “Communities”) located
in Westover, Texas, New Braunfels, Texas and Little Rock, Arkansas. Terminating the Community Leases will remove Right of Use
liabilities and right of use assets related to these Community Leases, as of December 31, 2022 and the write-off or elimination of
the related net leasehold improvements and personal property in these Communities. As of March 31, 2023, we had no material economic
rights or obligations under the Community Leases other than for payment obligations under the Lease Termination Agreements. The tenants of the
Community Leases and the guarantors, including Clearday, Inc., entered a Lease Transition Agreement with the Lessor of the properties
dated March 31, 2023. The Lease Transition Agreement provided, among other matters, that the aggregate liability of the Clearday
subsidiaries that are tenants under the Community Leases are reduced to amount (the “Repayment Amount”) that is equal to
the sum of: (1) past due rent payments under the Community Leases of $
(“Past Due Community Lease Amounts”), (2) a fixed amount arising from the termination of the Community Leases of $1,710,777
(“Rent Differential Amount”), (3) the amount of additional advances (“Critical Expenses Advances”) by
Landlord to pay critical expenses plus the premium for tail insurance policy in favor of the Landlord (the obligation for such
premiums are limited $275,000),
(4) plus an additional amount that is equal to the greater of $25,000
or 5% of such Critical Expenses Advances. The Critical Expense Advances and additional amount were determined in
the second quarter of 2023. The Repayment Amount is due and payable over a period maturing on July 31, 2025, as
follows: (1) on closing date of the previously announced proposed merger with Viveon Health Acquisition Corp. (the “Viveon
Merger”), a payment equal to 10%
of the new money that is raised in connection with the Viveon Merger (subject to a minimum payment of $300,000
and a maximum payment of $500,000);
provided that if the Viveon Merger does not close by July 31, 2023, then a payment of $300,000
will be paid on July 31, 2023 or such other date agreed by Landlord and Clearday; (2) $400,000
payable quarterly commencing on December 31, 2023, and (3) beginning with the calendar quarter ending December 31, 2023 10%
of the Excess Cash Flow, generally based on earnings before interest, taxes, depreciation, and amortization of Clearday. The current
guarantors of the Community Leases (a subsidiary of Clearday, Inc. and two individuals) continued to guaranty the obligations, as
modified by the Lease Transition Agreement, and provided a security interests on the collateral specified in such
guarantees.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
In
connection with the Lease Termination Agreements, the tenants under the Community Leases and the Clearday, Inc. subsidiaries that operated
the Communities signed a promissory note for the Repayment Amount and the Past Due Community Lease Amounts and Clearday, Inc. agreed
to be an additional guarantor of the obligations of the Community Leases, as modified and limited by the Community Lease Transition Agreement,
which is less than approximately $ under the terms of a Guaranty (the “Guaranty”). Clearday also agreed to cooperate
with Landlord to facility the termination of the Community Leases the sale of the furniture and fixtures at the Communities to the New
Operator so that New Operator may enter into a lease or purchase of the Communities and operate the memory care businesses in the Communities
or other businesses at the Communities that they choose to conduct.
In
connection with the proposed termination of the Community Leases, the subsidiaries that operate the Communities (the “Current Operators”)
and subsidiaries of the New Operator (“New Communities Operators”) entered into the Operations Transfer Agreement dated as
of April 1, 2023 (the “OTA”). The OTA provides that the New Communities Operators will purchase the personal property and
other assets of the Current Operators used at the Communities to enable the New Communities Operators to conduct their business at the
Communities under new leases or other arrangements with the Landlord. Such purchase and sale will close on the date that the New Communities
Operators receive the licenses, authorizations and approvals from the applicable Texas and Arkansas governmental agencies to conduct
a licensed residential memory care business at the Communities and they enter into new leases with the Landlord (the “Commencement
Date”). The New Communities Operators will enter into new agreements with the residents at the Communities, effective the Commencement
Date, which agreements, according to statements by the New Communities Operators, will be at the same price as the rates charged by Current
Operators. The Current Operators have provided a notice to each of the residents at the Communities that their current agreement will
terminate, effective the Commencement Date. In connection with the OTA, the Current Operators and the New Communities Operators entered
into Interim Management and Security Agreements or an Interim Consulting and Security Agreement, as applicable, dated as of April 1,
2023 (the “Interim Agreements”). The Interim Agreements provide that the New Communities Operators will assist with operating
the Communities as an independent contractor, pending their receipt of government authorizations and approvals necessary to operate memory
care residential care businesses at the Communities. The New Communities Operators are not affiliated with the Company or its officers
or directors. The OTA and Interim Agreements provide for the asset purchase and sale of the memory care businesses at the Communities,
and the transfer of certain agreements and the assumption of certain specified liabilities. The Current Operators, each of which is a
subsidiary of Clearday, Inc., remain obligated for liabilities that are not assumed by the New Operators. Under the Interim Agreements,
the New Communities Operators is an independent contractor that has employed, or offered employment to, all of the employees of the Current
Operators at the Communities and will fund and be responsible for any operating cash losses for the Communities.
6.
Discontinued Operations
The
following statement is the condensed consolidated statement of operations for the Company’s discontinued operations for
the period ended March 31, 2022:
Schedule
of Discontinued Operations for Consolidated Statement of Operations
| |
| | |
REVENUES | |
| | |
Commercial property rental revenue | |
$ | 14,239 | |
Total revenues, net | |
| 14,239 | |
| |
| | |
Costs and expenses | |
| | |
Operating expenses | |
| - | |
General and administrative expenses | |
| 36,636 | |
Total operating expenses | |
$ | 36,636 | |
| |
| | |
Loss from operations | |
| (22,307 | ) |
| |
| | |
Other/(income) expenses | |
| | |
Interest expense | |
| 44,151 | |
Gain on disposal of assets | |
| - | |
Equity income from investees, net of applicable taxes | |
| - | |
Impairment expense (recovery) | |
| - | |
Other (income) expenses | |
| 18,768 | |
Total (income)/expense | |
| 62,920 | |
| |
| | |
Net loss | |
$ | (85,227 | ) |
7.
Indebtedness
As
of March 31, 2023 and December 31, 2022, the current portion of long-term debt within the Company’s financial statements was $16,746,935 and $16,347,290,
respectively.
During
the periods ended March 31, 2023 and 2022, we incurred interest expenses totaling $714,833
and $501,598,
respectively.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
following table summarizes the Company’s debt as of March 31, 2023 and December 31, 2022:
Schedule
of Long Term Debt
As of March 31, | |
Total | |
2022 | |
| 6,839,277 | |
2023 | |
| 9,635,591 | |
2024 | |
| 1,494,886 | |
2025 | |
| 4,461,182 | |
Thereafter | |
| 494,900 | |
Total obligations | |
$ | 22,925,835 | |
Indebtedness
of Facilities
Schedule
of Maturity Debt
| |
Maturity Date | |
Interest Rate | | |
March 31,
2023 | | |
December 31,
2022 | |
Naples Equity Loan ^ | |
May 2023 | |
| 9.95 | % | |
$ | 4,550,000 | | |
$ | 4,550,000 | |
Gearhart Loan ^ | |
December 2022 | |
| 7.00 | % | |
| 193,578 | | |
| 193,578 | |
SBA PPP Loans # | |
February 2022 | |
| 1.00 | % | |
| 1,518,682 | | |
| 1,518,682 | |
Bank Direct Payable ^ | |
December 2022 | |
| 3.13 | % | |
| 31,569 | | |
| 80,381 | |
AIU Sixth Street | |
February 2023 | |
| 12.00 | % | |
| - | | |
| 49,593 | |
1800 Diagonal Lending | |
October 2024 | |
| 12.00 | % | |
| 93,408 | | |
| 116,760 | |
1800 Diagonal Lending | |
February 2024 | |
| 12.00 | % | |
| 173,594 | | |
| - | |
Equity Secure Fund I, LLC* | |
June 2022 | |
| 11.50 | % | |
| 1,000,000 | | |
| 1,000,000 | |
Invesque | |
July 2025 | |
| 10.00 | % | |
| 3,458,504 | | |
| - | |
Merchant Cash Advance Loans (^^)
Naples Operating PIRS Capital | |
March 2023 | |
| 0.00 | % | |
$ | 338,000 | | |
$ | 338,000 | |
Little Rock Libertas | |
February 2023 | |
| 0.00 | % | |
| 326,330 | | |
| 326,330 | |
PIRS Capital Financing Agreement | |
March 2023 | |
| 0.00 | % | |
| 144,659 | | |
| 144,659 | |
Naples Samson #1 | |
May 2023 | |
| 0.00 | % | |
| 76,916 | | |
| 76,916 | |
Naples LG Funding #2 | |
April 2023 | |
| 0.00 | % | |
| 171,170 | | |
| 171,170 | |
Little Rock Premium Funding | |
April 2023 | |
| 0.00 | % | |
| 211,313 | | |
| 211,313 | |
Little Rock KIT Funding | |
December 2022 | |
| 0.00 | % | |
| 89,400 | | |
| 89,400 | |
Little Rock Samson Funding #4 | |
February 2023 | |
| 0.00 | % | |
| 170,501 | | |
| 170,501 | |
Naples Operating SWIFT | |
December 2022 | |
| 0.00 | % | |
| 111,750 | | |
| 111,750 | |
New Braunfels Samson Cloud Fund | |
February 2023 | |
| 0.00 | % | |
| 308,035 | | |
| 308,035 | |
New Braunfels Samson Group | |
February 2023 | |
| 0.00 | % | |
| 375,804 | | |
| 375,804 | |
Westover Hills One River | |
December 2022 | |
| 0.00 | % | |
| 128,298 | | |
| 128,301 | |
Westover Hills FOX Capitol | |
March 2023 | |
| 0.00 | % | |
| 109,384 | | |
| 109,384 | |
Westover Hills Arsenal | |
October 2023 | |
| 0.00 | % | |
| 95,882 | | |
| 95,882 | |
Westover Samson Funding | |
March 2023 | |
| 0.00 | % | |
| 267,754 | | |
| 267,754 | |
Notional amount of debt | |
| |
| | | |
| 13,944,531 | | |
| 10,434,193 | |
Less: current maturities | |
| |
| | | |
| 13,944,531 | | |
| 10,434,193 | |
| |
| |
| | | |
$ | - | | |
$ | - | |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Indebtedness
Allocated to Assets Held For Sale
Real Estate: | |
| |
| | |
| | |
| |
Artesia Note | |
June 2033 | |
| Variable | | |
$ | - | | |
$ | 211,721 | |
Carpenter Enterprises | |
Demand Note | |
| Variable | | |
| 300,000 | | |
| 300,000 | |
Leander Stearns National Association ^ | |
February 2023 | |
| 10.38 | % | |
| 805,000 | | |
| 805,000 | |
Notional amount of debt | |
| |
| | | |
| 1,105,000 | | |
| 1,316,721 | |
Less: current maturities | |
| |
| | | |
| 805,000 | | |
| 805,000 | |
| |
| |
| | | |
$ | 300,000 | | |
$ | 511,721 | |
Other
(Corporate) Indebtedness
| |
| |
| | |
| | |
| |
AGP Contract ^ | |
March 2023 | |
| 5.00 | % | |
$ | 550,000 | | |
$ | 550,000 | |
Cibolo Creek Partners | |
December 2025 | |
| 0.09 | % | |
| 411,470 | | |
$ | 421,470 | |
Cibolo Creek Partners promissory note | |
December 2025 | |
| 0.09 | % | |
| 91,208 | | |
| 96,208 | |
EIDL SBA Treas 310 | |
December 2051 | |
| 3.75 | % | |
| 494,900 | | |
| 494,900 | |
Firstfire | |
May 2023 | |
| 12.00 | % | |
| 37,195 | | |
| 95,054 | |
Five C’s Loan ^ | |
December 2022 | |
| 9.85 | % | |
| 325,000 | | |
| 325,000 | |
GS Capital | |
May 2023 | |
| 12.00 | % | |
| 12,048 | | |
| 50,955 | |
Jefferson Street Capital LLC @ | |
May 2023 | |
| 12.00 | % | |
| 33,600 | | |
| 84,000 | |
KOBO, L.P. ^ | |
October 2023 | |
| Floating | % | |
| 500,000 | | |
| 500,000 | |
Mast Hill LP @ | |
May 2023 | |
| 12.00 | % | |
| 300,000 | | |
| 420,000 | |
Mast Hill LP @ | |
July 2023 | |
| 12.00 | % | |
| 252,000 | | |
| 315,000 | |
Round Rock Development Partners Note | |
December 2025 | |
| 0.09 | % | |
| 500,000 | | |
| 500,000 | |
Jefferson Street Capital LLC (February 2023) | |
February 2024 | |
| 12.00 | % | |
| 192,883 | | |
| - | |
Mast Hill LP (January 2023) | |
January 2024 | |
| 12.00 | % | |
| 756,000 | | |
| - | |
Convertible Notes Issued by AIU Alternative Care, Inc. | |
January 2024 | |
| 12.00 | % | |
| 279,000 | | |
| - | |
| |
| |
| | | |
| | | |
| | |
Notional amount of debt | |
| |
| | | |
| 4,735,304 | | |
| 3,852,587 | |
Less: current maturities | |
| |
| | | |
| 2,009,843 | | |
| 2,340,009 | |
| |
| |
| | | |
$ | 2,725,461 | | |
$ | 1,512,578 | |
| |
| |
| | | |
| | | |
| | |
TIC Purchase Agreements | |
No Specified Date | |
| 8.00 | % | |
$ | 3,141,000 | | |
$ | 3,141,000 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
| Total | | |
| 22,925,835 | | |
| 18,744,501 | |
| |
| |
| Less Debt Discount &
Derivatives | | |
| (1,554,177 | ) | |
| (1,004,271 | ) |
| |
| |
| Total | | |
$ | 21,371,658 | | |
$ | 17,740,230 | |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Mast
Hill Financing – January 2023
On
January 13, 2023, the Company incurred a loan in the principal amount of $756,000, by issuing a promissory note (“MH Loan 1 Note”)
that included original issue discount of $75,600. The Company paid $68,040 in placement fees and $12,000 of legal fees and expenses of
the lender. The net proceeds of this loan were used to repay the obligations of a mortgage on a land asset held by a subsidiary (“Artesia”)
of approximately $213,000 and the remaining amount was used for general working purposes. The obligations under this loan incur interest
equal to 12% per annum, subject to increase to the lesser of 16% per annum or the maximum amount permitted by law upon an Event of Default
as defined by MH Loan 1 Note. The loan is due and payable on January 26, 2024. Interest and principal are payable from and after April
12, 2023, subject to a five business day grace period, in equal monthly payments of $75,600 plus accrued and unpaid interest, subject
to the Company’s right to extend any or each of the first three such payments for 30 days upon payment of a fee equal to 10% of
the amount due on such payment date. The loan may be prepaid upon notice of seven trading days without payment or penalties or fees other
than a $750 administrative fee. The Company paid the lender a commitment fee of 83,160 shares of its common stock (“MH Loan 1 Commitment
Shares”) and issued two warrants to the lender. One warrant (the “MH Loan Note Warrant”) may be exercised for 1,134,000
shares of the Company’s common stock from and after an Event of Default, as defined under MH Loan 1 Note, at a price per share
of $0.75. The other warrant (the “MH Loan 1 Other Warrant”) may be exercised for 851,000 shares of the Company’s common
stock at a price per share of $0.75. Each of the MH Loan 1 Note Warrant and the MH Loan 1 Other Warrant provide for customary “cashless”
exercise of such warrant and adjustments to the exercise price and shares underlying each warrant, including adjustment in the event
of an issuance of common stock or deemed issuance of common stock at a price that is lower than then exercise price on a “full
rachet” basis. Artesia absolutely and unconditionally guaranteed to the lender the full amount of the loan under the terms and
conditions of that certain guaranty (the “Guaranty”). Such Guarantee is secured by all assets of Artesia and the proceeds
therefrom, including the land asset located at 6465 7 Rivers Highway, Artesia, NM. Artesia has agreed to record a mortgage with respect
to such property in form mutually determined by Lender and Artesia. The lender has certain remedies, including the right to convert the
unpaid amount of the loan, from and after an Event of Default, at a price per share equal to $0.50. The exercise price of each warrant
and the conversion price of MH Loan 1 Note are subject to adjustment in the event the Company issues shares of common stock or equivalents
at a price per share that is lower than then exercise or conversion price. The Company reserved shares of its common stock for issuance
upon conversion of MH Loan 1 Note or the warrants and has agreed to register the shares of common stock for resale under the Securities
Act of 1933, as amended. The Company granted the lender with a right of first refusal with respect to any bona fide offer of any financing
, subject to exceptions for certain specified transactions: (1) a bona fide offer of capital or financing from a nationally recognized
broker dealer that is retained by Borrower and acceptable to the Holder, which acceptance will not be unreasonably delayed, withheld
or conditioned (“Investment Banker”), or any person or party that is introduced to the Company by the Investment Banker in
its capacity as a placement agent, (ii) a bona fide offer of capital or financing from a person or party if such capital or financing
is used by the Company for the acquisition or refinance of real property so long as (a) any security interest granted to such person
or party is solely limited to the real property being acquired or refinanced and (b) such person or party shall have no rights at any
time in such transaction or any related transaction to acquire Common Stock or Common Stock Equivalents of the Company (each a “Real
Property Transaction”), as well as (iii) a bona fide offer of specified capital or financing through certain financing transactions.
MH Loan 1 Note is subject to repayment from the use of proceeds of certain transactions. If, prior to the full repayment or satisfaction
of the MH Loan 1 Note’s obligations, the Company receives cash proceeds of more than $2,000,000.00 (the “Minimum Threshold”)
in the aggregate, from the sale of assets or issuance of the Company’s securities, including pursuant to an Equity Line of Credit
(as defined in MH Loan 1 Note), then the Lender may require us to apply up to 50% of such proceeds after the Minimum Threshold to repay
all or any portion of the outstanding obligation under the Note; provided that such repayment obligation is not applicable to Real Property
Transactions, the sale of assets to customers of the Company in the ordinary course of business, the sale of interests in real estate,
or any Small Business Administration Economic Injury Disaster Loan. Additionally, the Company provided the lender with rights to receive
terms provided under any other financing transaction that are more favorable than under MH Loan 1 Note, other than Real Property Transactions
and certain other transactions.
1800
Diagonal Lending – February 2023
On
February 10, 2023, the Company issued an unsecured promissory note (the “1800 Note”) to an institutional lender in the aggregate
amount of $194,360, including original issue discount of $20,824. The Company used the proceeds of this financing to fund the Company’s
operations and repay approximately $19,280 of existing indebtedness to this lender that was incurred April 5, 2022. The 1800 Note provides
for the net funding to Clearday of $150,000 after payment of specified expenses of $4,250 and provides for an original issue discount
of $19,286, resulting in a principal obligation of $194,360 and a one-time interest charge of 12% on such principal amount.
The
1800 Note provides for a one-year maturity. Monthly payments on the 1800 Note of approximately $21,768 will be made by Clearday with
the first payment being on March 30, 2023, which payments are subject to a 10-day grace period. The 1800 Note provides specified events
of default (an “Event of Default”) including failure to timely pay the monetary obligations under the 1800 Note and such
breach continues for a period of ten (10) days after written notice from the 1800 Noteholder’ a breach of covenants under the 1800
Note or the Purchase Agreement that continues for a period of twenty (20) days after written notice by the 1800 Noteholder; breach of
any representation and warranty in the 1800 Note or Purchase Agreement; commencement of bankruptcy or similar proceedings; failure to
maintain the listing of Clearday’s common stock on at least one of the Over-the-Counter markets such as the OTCQX or OTCQB; the
failure of Clearday to comply with the reporting requirements of the Securities Exchange Act; Clearday’s liquidation, or a financial
statement restatement by Clearday.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Upon
any Event of Default, the obligations under the 1800 Note will accrue interest at an annual rate of 22% and, if such Event of Default
is continuing at any time that is 180 days after the date of the 1800 Note, provide the 1800 Noteholder the right and option to convert
the obligations under the 1800 Note to shares of Clearday’s common stock. The price for any such conversion is equal to 75% (or
a 25% discount) of the average of the five (5) lowest per share daily volume-weighted average price of Clearday’s common stock
over the ten (10) consecutive trading days that are not subject to specified market disruptions immediately preceding the date of the
conversion. The conversion right of the 1800 Noteholder is subject to a customary limitation on beneficial ownership of 4.99% of Clearday’s
common stock.
Jefferson
Street – February 2023
On
February 17, 2023, the Company issued an unsecured promissory note (the “Jefferson Street Note”) to an institutional lender.
the Company used the net proceeds of this financing to fund the Company’s operations.
On
February 17, 2023, the Company entered into a Securities Purchase Agreement with an institutional lender (the “Lender”) to
issue an unsecured promissory note (the “Jefferson Street Note”) to the Lender. This Jefferson Street Note provides for the
proceeds to us of approximately $135,000 and provides for an original issue discount of $22,217 or 12%, resulting in a principal obligation
of $172,217. The Company paid $15,000 in placement fees in connection with the issuance and sale of the securities to the Lender. The
Jefferson Street Note provides a one-time interest charge
of 12% on such principal amount or $20,666 and a one-year maturity. Monthly payments on the Jefferson
Street Note of the accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in ten (10) payments
each in the amount of $19,288.30 (a total payback to the Holder of $192,883). The first such payment is due April 16, 2023, with nine
(9) subsequent payments each month thereafter, which payments are subject to a 10 day grace period,
or shorter if the payment date is not a business day.
The
Jefferson Street Note provides specified events of default (a “Event of Default”) including failure to timely pay the monetary
obligations under the Jefferson Street Note and such breach continues for a period of ten (10) days after written notice from the Jefferson
Street Noteholder’ a breach of covenants under the Jefferson Street Note or the Securities Purchase Agreement that continues for
a period of twenty (20) days after written notice by the Jefferson Street Noteholder; breach of any representation and warranty in the
Jefferson Street Note or Securities Purchase Agreement; commencement of bankruptcy or similar proceedings; failure to maintain the listing
of Clearday’s common stock on at least one of the Over-the-Counter markets such as the OTCQX; the failure of Clearday to comply
with the reporting requirements of the Securities Exchange Act; Clearday’s liquidation, or a financial statement restatement by
Clearday. Upon any Event of Default, the obligations under the Jefferson Street Note will accrue interest at an annual rate of 22% and,
if such Event of Default is continuing at any time that is 180 days after the date of the Jefferson Street Note, provide the Jefferson
Street Noteholder the right and option to convert the obligations under the Jefferson Street Note to shares of Clearday’s common
stock. The price for any such conversion is equal to 75% (or a 25% discount) of the average of the five (5) lowest per share daily volume-weighted
average price of Clearday’s common stock over the ten (10) consecutive trading days that are not subject to specified market disruptions
immediately preceding the date of the conversion. The conversion right of the holder of the Jefferson Street Note is subject to a customary
limitation on beneficial ownership of 4.99% of Clearday’s common stock. Each of the Jefferson Street Note and the Securities Purchase
Agreement has other customary covenants and provisions, including representations and warranties, payment of brokers, and indemnification,
that Clearday will not sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business
without the consent of the holder of the Jefferson Street Note and Clearday will maintain a reserve of authorized and unissued shares
of common stock sufficient for full conversion of the obligations under the Jefferson Street Note.
As
additional consideration, the Company issued to the Lender a Common Stock Purchase Jefferson Street Warrant (“Jefferson Street
Warrant”) to purchase 225,000 shares of the Company’s Common Stock at an exercise price per share of $0.75. The Jefferson
Street Warrant expires five years from March 16, 2023. The Jefferson Street Warrant provides for customary “cashless” exercise
of such Jefferson Street Warrant and adjustments to the exercise price and shares underlying each warrant, including adjustment in the
event of an issuance of common stock or deemed issuance of common stock at a price that is lower than then exercise price on a “full
rachet” basis.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Convertible
Notes Issued by AIU Alternative Care, Inc.
From
February 17, 2023 to April 10, 2023, a subsidiary of the Company, AIU Alternative Care, Inc. (“AIU Alt Care”), issued convertible
unsecured promissory notes (each, a “Convertible Note” and collectively, the “Convertible Notes”) to lenders
in a private placement of such securities, including related persons. The aggregate gross proceeds of such Convertible Notes to March
31, 2023 are approximately 279,000 and to April 10, 2023 is approximately $549,000. Each Convertible Note provides for interest at the
rate a 12% per annum (1% per month) that accrues and is payable at the maturity of the loan or upon prepayment or conversion, if earlier.
The lender under each Convertible Note was also issued 10% of the principal amount in the Company’s common stock at the per share
price of $0.75. The loan under each Convertible Note is due January 31, 2024. The principal and the accrued and unpaid interests of each
loan may be converted into the Company’s shares of common stock by such lender at the per share price of $0.75, subject to appropriate
adjustments for any stock splits, reverse stock splits mergers, consolidations or similar transactions (the “Loan Conversion Price”).
The Company also has the right to convert the principal and the accrued and unpaid interest on the loan at the Loan Conversion Price
upon certain events:
|
● |
The
issuance by AIU Alt Care or the Company or any of its other subsidiaries of any equity securities in one or more offerings with aggregate
gross proceeds of at least $5 million; |
|
● |
The
issuance by the Company or any of its other subsidiaries of convertible debt securities that were issued with gross proceeds in an
aggregate amount of at least $5 million; |
|
● |
The
listing by the Company or its common stock to the New York Stock Exchange, the NYSE American or any tier of the NASDAQ market in
connection with an offering of securities by the Company or any of its subsidiaries in connection with any merger, consolidation
or similar transaction with another person in which the Company is the surviving entity; or |
|
● |
The
exchange of the shares of the Company’s common stock for the common stock or other security that is listed on the New York
Stock Exchange, the NYSE American or any tier of the NASDAQ market in connection with any merger, consolidation or similar transaction
with another person in which Clearday is not the surviving entity or in which Clearday becomes a subsidiary of such other person,
including without limitation, any special purpose acquisition corporation. |
8.
Commitments and Contingencies
Contingencies
The
tenant, MCA Simpsonville Operating Company LLC, referred to as Tenant, of the MCA community that is located in Simpsonville, South Carolina,
referred to as the Simpsonville Facility, and other affiliates of the Company have a dispute with the landlord of the Simpsonville Facility,
MC-Simpsonville, SC-UT, LLC, referred to as the Landlord, and its affiliates (Embree Group of Companies: Embree Construction Group, Inc.,
Embree Asset Group, Inc., and Embree Capital Markets Group, Inc., referred to collectively as Embree) under the terms of the lease. After
non-payment, the Landlord instituted litigation (“Simpsonville Action 1”) that is captioned and numbered MC-Simpsonville,
SC-UT, LLC v. Steve Person, et. al., Cause No. 19-0651-C368 in the 368th Judicial District Court of Williamson County, Texas. After the
trial court issued a judgment on damages in the amount of $2,801,365 and appeals of this judgment this action was settled on August 5,
2022 as reflected by an Agreed Final Judgment for an aggregate amount of $3,012,011, including costs and expenses in favor of the plaintiff,
of which $2,763,936 was settled by the release of a cash bond that Tenant previously deposited with the Court and the remaining amount
of $248,075 to be paid within six months after the entry of the judgment. The Company has not paid this amount. In connection with the
settlement of Simpsonville Action 1, Tenant entered into an agreement to transfer certain operations, including lease obligations, of
the Simpsonville Facility Tenant and Landlord terminated the lease of the Simpsonville Facility as contemplated by such agreement to
transfer of certain operations, including lease obligations, which permitted the Landlord to sell the Simpsonville Facility to a third
party and thereby limit the future obligations under the lease.
The Landlord filed a second action on April 9, 2021 (Simpsonville Action
2), for claims similar to Simpsonville Action 1 including relief for payment of rent past due and reimbursement of taxes from October
2020 to the time of the trial in this action. This action captioned and numbered MC-Simpsonville, SC-UT, LLC v. Steve Person, James Walesa
and Trident Healthcare Properties I, LP (“Trident”), Cause No. 21-0513-C425 in the 425th Judicial District Court of Williamson
County, Texas. The court granted summary judgment in this matter in favor of the Landlord on April 14, 2023. On September 14, 2023 the
court entered an order (the “Judgment Enforcement Order”) requiring the turnover of non-exempt assets of the defendants Steve
Person and James Walesa and the assets of Trident Healthcare Properties I, LP and the appointment of a receiver to enforce the summary
judgement. The Judgment Enforcement Order provides, in part, that “Nothing in this Order is intended to delay, hinder or disrupt
the closing of the [Viveon] merger.” The Judgment Enforcement Order also provides certain restrictions regarding the sale or transfer
of the Clearday securities owned by Steve Person or James Walesa, providing in part that “Any liquidation of the Clearday shares
by Receiver requires approval of this Court, after notice and hearing, or written agreement of the parties. Nothing herein, however, prevents
the transfer of the shares under the expected merger so long as Defendant and the receivership estate retain their rights in such shares.
No party, including Defendants, shall encumber the shares except as specifically provided herein.”
Under the structure used for the lease and operations of the Simpsonville
Facility, a subsidiary of Clearday, Inc., Tenant, is the direct obligor under the lease and another subsidiary of Clearday, Trident, is
a guarantor of the lease obligations. Neither Tenant or Trident have any material assets. We are assessing the exposure of these matters
to Clearday, Inc. under these actions, including any liability under indemnification agreements with the individual guarantors. We expect
to offer to negotiate a settlement of the summary judgement. There can be no assurance that any such settlement discussions will be held
or that there will be any settlement of these actions on terms that are acceptable or at all.
Certain
subsidiaries of the Company that operate hotel assets did not pay employment related taxes such as required withholdings for Texas State
unemployment taxes and federal income tax and employee and employer contributions for FICA (Social Security and Medicare) taxes, and
federal unemployment tax for certain periods from December 31, 2018, to December 31, 2021. These subsidiaries have since made the appropriate
filings with the Internal Revenue Service and the Company has accrued the full estimated amount of the underpaid taxes as well as the
estimated penalties and interest. As of December 31, 2022, the amount of the estimated taxes, penalties, and interest, assuming that
there is no waiver or mitigation of the penalties, is $311,000. The Company has accrued this amount in its financial statements as of March
31, 2023. The amount that was accrued in the condensed consolidated financial statements as of December 31, 2022 was $261,000.
In
the fourth quarter of 2021, certain subsidiaries of the Company did not remit payroll taxes related to the Earned Retentions Tax Credit
(“ERTC”). The ERTC program permitted an offset for such obligations and was terminated during the fourth quarter with an
effective termination date of September 30, 2021. As a result, the Company has accrued $1,097,000 in such payroll taxes. These subsidiaries
have applied for certain tax credits, including ERTC and Families First Coronavirus Response Act. The Company expects to use such credits
that will be applied to reduce these payroll tax liabilities.
Certain
subsidiaries of the Company that operate its residential care communities have not paid employment related taxes such as required withholdings
for federal income tax and employee and employer contributions for FICA (Social Security and Medicare) taxes, and federal and state unemployment
tax from and after the payroll period that ended September 16, 2022. These subsidiaries have since made the appropriate filings with
the Internal Revenue Service and the Company has accrued the amount of the underpayment in its financial statements as of March 31, 2023
and December 31, 2022, of approximately $978,000 and $527,000, respectively, which amount does not include any taxes, penalties, and interest.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Certain
subsidiaries of the Company that operate residential care facilities (“MCA Borrowers”) incurred certain financings through
merchant credit advances. Such financings were provided by creditors under agreements (“MCA Agreements”) that describe the
transaction as the sale of future receivables by the applicable MCA Borrower. The aggregate accrued amount of these financings is approximately
$2,925,195, as summarized in Note 7 Indebtedness. Eight of these financing parties have commenced actions alleging, among other matters, a breach
of the MCA Agreement for non-payment and a breach of the guaranty by the applicable guarantors. These actions demand monetary damages
that, in the aggregate, are approximately $1,531,640, plus other costs, fees and certain other amounts.
These
actions are:
|
1. |
Premium
Merchant Funding 18, LLC v Memory Care at Good Shepherd LLC and James Walesa (a guarantor), filed in state court in Kings County,
New York on August 19, 2022 (summary judgement in this matter was entered in favor of the plaintiff and the Company has entered a
notice to appeal); |
|
2. |
Libertas
Funding LLC v. Memory Care at Good Shepherd, LLC, et. al. including James Walesa (a guarantor), filed in state court in Monroe County,
New York on August 24, 2022 (summary judgement in this matter was entered in favor of the Company’s subsidiary and may be appealed
by the plaintiff); |
|
3. |
Cloudfund
LLC v MCA New Braunfels Operating Company LLC et. al. including James Walesa (a guarantor), filed in state court in Nassau County,
New York on August 29, 2022; |
|
4. |
Cloudfund
LLC v MCA Naples Operating Company, LLC and James Walesa (a guarantor), filed in state court in Nassau County, New York on August
30, 2022 (summary judgement in this matter was entered in favor of the plaintiff and the Company has have entered a notice to appeal); |
|
5. |
Swift
Funding Source Inc. v MCA Naples Operating Company LLC et. al. including Christin Hemmens (a guarantor), filed in state court in
Ontario County, New York on August 31, 2022; |
|
6. |
Pirs
Capital, LLC v MCA Westover Hills Operating Company, LLC et. al. including James Walesa (a guarantor), filed in state court in New
York County, New York on September 8, 2022; |
|
7. |
Prosperum
Capital Partners, LLC dba Arsenal Funding v MCA Westover Hills Operating Company LLC et. al. including James Walesa (a guarantor),
filed in state court in Kings County, New York on September 28, 2022; |
|
8. |
Fox
Capital Group, Inc. v MCA Westover Hills Operating Company LLC et. al. including James Walesa (a guarantor), filed in state court
in Bexar County, Texas on October 25, 2022. |
James
Walesa is the Company’s Chief Executive Officer, and/or Christin Hemmens, is an officer of Clearday. Other than as set forth above,
each of these actions are in the pleading or discovery stage of litigation.
Naples
Equity Loan: The mortgage lender for the Naples, Florida facility commenced an action for nonpayment of the mortgage note. The
action is captioned A.AD.A, INC.; Anga Properties, LLC; Arce Holdings, LLC; Benfam Holdings LLC; Carolina Resources, LLC; Emilio
Diaz SD Investment Account, LLC; Michael B. and Irma B. Goldstein; David J. Gonzalez; Hersab Holdings, LLC; Indocan Investment USA
Corporation; Armando Navarro; Robbia Properties LLC; Shochat Holdings I LLC; and Wekwit, Inc. (collectively referred to as the
Naples Lender) vs. MCA Naples, LLC (“MCA Naples”), Case No. 11-2023-CA-000243-0001- flied in the Circuit Court in and
for Collier County, Florida (the “Benworth Action”). This litigation arises from the nonpayment under the mortgage and
promissory note. The Benworth Action demands payment of the principal amount of the promissory note of $4,550,000 together with
default interest, late charges, costs advanced, insurance advances, attorney’s fees and costs and seeks the Final Judgment of
Foreclosure and such further relief as the court deems just and proper. The Benworth Action also seeks the amount from James Walesa,
the Company’s Chief Executive Officer, under the personal irrevocable and unconditional guaranty, in favor of Benworth Capital
Partners, LLC, of the obligations of MCA Naples under the mortgage and promissory note. A clerk’s default was entered against
MCA Naples on May 15, 2023 and against Mr. Walesa on May 31, 2023. On July 5, 2023, MCA Naples filed a motion to set aside the
default and the defaults were set aside. MCA Naples, LLC filed its Answer and Defenses. A Motion to Dismiss the Complaint was filed
on behalf of Mr. Walesa and is set for hearing on November 6, 2023. Plaintiffs filed a Motion for Summary Judgment which was denied
on October 3, 2023. We believe that the fair value of the mortgaged property has a fair value that is significantly greater than the
amount mortgage obligations and intends to negotiate a forbearance or other modification of the mortgage or refinance the mortgage
obligations or assist in a sale and modification of the mortgage note. There can be no assurance, however, that any such transaction
will be consummated on acceptable terms or at all.
Leander
Stearns National Association, the mortgage lender for the property (“Leander Property”) owned by Leander Associates, Ltd.,
(“Leander”), a Texas limited partnership that is a consolidated subsidiary of Clearday, Inc., has commenced litigation regarding
the nonpayment of a mortgage loan obligations of approximately $875,000 seeking repayment of the mortgage loan of $805,000 that was due
February 10, 2023 and additional amounts, including interest and late fees. Leander and the mortgage lender entered into a Forbearance
Agreement as of May 22, 2023 and the first amendment thereto dated September 8, 2023, that, among other matters, provided a forbearance
period and extended the maturity of the mortgage loan to October 21, 2023, and requires certain payments to the mortgage lender, including
monthly installment payments to the mortgage lender of all accrued, unpaid interest starting on September 15, 2023 and continuing on
the same day of each month thereafter until the New Maturity Date (as defined below) with interest calculated on the unpaid principal
balance as set forth in the Note. The mortgage loan under the forbearance agreement, as amended, provides that the mortgage lender deferred
certain past-due interest to the extended maturity date of October 21, 2023. Leander has entered into a purchase and sale agreement for
the Leander Property for a value that is in excess of the amounts owed to the mortgage lender and the other financing by us owed to KOBO
LP with respect to the Leander Property. We believe that the net proceeds to Leander from the sale of the Leander Property will not be
material after giving effect to the payments to the mortgage lender, and existing financing of net proceeds to KOBO LP and other financings
of such proceeds, and transaction brokerage fees and other costs.
The
Company has been threatened with litigation by the law firm Rigrodsky Law, P.A. alleging unjust enrichment in connection with stockholder
litigation commenced by such firm related to the AIU Merger and claiming damages of $200,000. This law firm alleges that the complaint
that was filed caused material supplemental disclosures. The Company is assessing these allegations and expects to respond appropriately.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Certain
subsidiaries of the Company that operate hotel assets have not paid employment related taxes such as required withholdings for Texas
State unemployment taxes and federal income tax and employee and employer contributions for FICA (Social Security and Medicare)
taxes, and federal unemployment tax for the period from December 31, 2018, to December 31, 2019. These subsidiaries have since made
the appropriate filings with the Internal Revenue Service and the Company has accrued the full estimated amount of the underpaid
taxes as well as the estimated penalties and interest. As of March 31, 2023, the amount of the estimated taxes, penalties, and
interest, assuming that there is no waiver or mitigation of the penalties, is $467,451
The Company has accrued this amount in its condensed consolidated financial statements, which amount does not include credits that
the Company expects this subsidiary to receive.
In
addition, from time to time, the Company becomes involved in litigation matters in the ordinary course of its business. Such litigations
include an action that alleges negligence and other claims regarding the death of a resident in a memory care facility. Although the Company is unable to predict with certainty the eventual outcome of any litigation,
the Company does not believe any of its currently pending litigation is likely to have a material adverse effect on its business.
Indemnification
Agreements
Certain
lease and other obligations of the Company are guaranteed in whole or in part by James Walesa and/or BJ Parrish and others. The Company
has agreed to indemnify and hold each such individual harmless for all liabilities and payments on account of any such guaranty. The
lease obligations of the Company for its lease obligations for four of its five MCA facilities, including the lease of the MCA community
that is in Simpsonville, South Carolina, referred to as the Simpsonville facility. This is the facility that is the subject of litigation
and judgement against certain of the Company’s subsidiaries. We have been fully indemnified by James Walesa for all obligations
that the Company may incur with respect to an adverse judgement against the Company, including any post-judgement interest. Such indemnification
by James Walesa is under an agreement dated as of July 30, 2020. Under such agreement, James Walesa receives a fee equal to 2% of the
total amount payable by AIU or any of its subsidiaries which is payable in units of shares of the AIU Alt Care Preferred and Clearday
Warrants at $10.00 per unit, which is the same as the cash payment for such units by third parties in the offering of such units by AIU
Alt Care. If Mr. Walesa is required to make any payments under this indemnification, the Company will issue shares of AIU Alt Care Preferred
and Clearday Warrants, at $10.00 per unit, for the amount of such payment.
Subsequently,
an amendment to the indemnification agreement above was signed on January 19, 2021, in which additional securities were pledged on behalf
of James Walesa for all obligations that Company may incur with respect to an adverse judgement and/or any post-judgement interest. In
the event that Mr. Walesa is required to make any payments under this amended indemnification agreement, then Company will issue shares
of AIU Care, AIU Warrants and AIU Common Stock at $10.00 per unit as well as Series A Preferred at $20.00 per unit, for the amount of
such payment.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
9.
Earnings Per Share
Basic
net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average
number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income
(loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of
common shares and potentially dilutive securities outstanding for the period. For the Company’s diluted earnings per share calculation,
the Company uses the “if-converted” method for preferred stock and convertible debt and the “treasury stock”
method for Warrants and Options.
The
following tables set forth the potentially dilutive shares that were anti-dilutive in their respective periods as the Company had net
losses for the periods ended March 31, 2023 and 2022, respectively.
Schedule of Anti-Dilutive Shares Compensation of Earnings (Loss) Per Share
| |
2023 | | |
2022 | |
| |
For the Three Months Ended | |
Dilution shares calculation | |
March 31, | |
| |
2023 | | |
2022 | |
Series A Convertible Preferred Stock | |
| 328,925 | | |
| 328,925 | |
Series F 6.75% Convertible Preferred Stock | |
| 4,791,401 | | |
| 4,797,052 | |
Series I 10.25% Convertible Preferred Stock | |
| 682,820 | | |
| 320,657 | |
Limited Partnership Units | |
| 99,038 | | |
| 99,038 | |
Warrants | |
| 7,618,820 | | |
| 4,038,801 | |
Total participating securities | |
| 13,521,004 | | |
| 9,586,495 | |
10.
Related Party Transactions
Debt.
There
are some loans in which executive management has loaned money to the Company. In addition, there are loans made by the Company itself
in which certain executives personally guarantee the debt.
Cibolo
Creek Partners, LLC (“Cibolo Creek”) and its affiliate Round Rock Development Partners, LP (“RRDP”) prior to
December 31, 2018, made loans to us under revolving credit notes that bear interest at then applicable federal rate and are payable on
demand or other date that was specified by such lender. In December 2018, AIU acquired businesses affiliated with Cibolo Creek. As of
December 31, 2022, AIU, Inc., Cibolo Creek and Round Rock were owed $66,208, $411,470 and $500,000 respectively by the Company.
We
owe (1) Richard Morris, our General Counsel, $330,175
for loans and rent of approximately 94,650
for rental payments regarding our robots and certain other advances and reimbursements and (2) James Walesa, our Chief Executive
Officer, approximately $44,165
in loan guaranty fees. Christin Hemmens, another related party is owed approximately $130,000
in unsecured short term non-interest bearing debt, and (3) BJ Parrish approximately $44,000 in loan guaranty fees.
Guarantees
From
time-to-time certain officers and directors will personally guarantee a loan. There is a guaranteed fee agreement in place that details
the amount of the fee as well as payment terms for certain executives in the Company. The amount of the fee is capped at 1% of the amount
of the outstanding note regardless of how many guarantors there are on the loan unless otherwise determined by the Company’s Board
of Directors.
11.
Deficit
The
certificate of incorporation of Clearday, Inc. provides for 80,000,000 authorized shares of Common Stock and 10,000,000 authorized shares
of preferred stock, each par value $0.001 per share.
On
January 27, 2023, the Company issued 4,218,158 shares of the Company’s Common Stock in consideration of approximately
$3,248,000 of accrued amounts payable to Thinktiv, Inc. and for continued services technology and advisory services during the first
quarter as from time to time mutually agreed.
Liquidation
Preference
In
the event of the Company’s liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in
the net assets legally available for distribution to stockholders after the payment of all the Company’s debts and other liabilities
and the satisfaction of any liquidation preferences that may be granted to the holders of any then outstanding shares of preferred stock.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Rights
and Preferences
Holders
of common stock have no preemptive, conversion or subscription rights, and there is no redemption or sinking fund provisions applicable
to the common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected
by, the rights of the holders of shares of any series of preferred stock, which the Company may designate and issue in the future.
Voting
Rights
Each
holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election
of directors. The Company’s amended and restated certificate of incorporation and amended and restated bylaws do not provide for
cumulative voting rights. Because of this absence of cumulative voting, the holders of most of the shares of common stock entitled to
vote in any election of directors can elect all the directors standing for election, if they should so choose. In addition, the Company’s
amended and restated certificate of incorporation also provides that the Company’s directors may be removed only for cause by the
affirmative vote of the holders of at least 75% of the consolidated voting power of all the Company’s stockholders entitled to
vote on the election of directors, voting together as a single class.
Subject
to supermajority votes for some matters, matters shall be decided by the affirmative vote of the Company’s stockholders having
a majority in voting power of the votes cast by the stockholders present or represented and voting on such matter, provided that the
holders of the Company’s common stock are not allowed to vote on any amendment to the Company’s certificate of incorporation
that relates solely to the terms of one or more series of preferred stock if the holders of such affected series are entitled, either
separately or together with the holders or one or more such series, to approve such amendment. The affirmative vote of the holders of
at least 75% of the votes that all of the Company’s stockholders would be entitled to cast in any annual election of directors
and, in some cases, the affirmative vote of a majority of minority stockholders entitled to vote in any annual election of directors
are required to amend or repeal the Company’s bylaws, amend or repeal certain provisions of the Company’s certificate of
incorporation, approve certain transactions with certain affiliates, or approve the sale or liquidation of the Company. The vote of most
minority stockholders applies when an individual or entity and its affiliates or associates together own more than 50% of the voting
power of the Company’s then outstanding capital stock.
Preferred
Stock
The
Company has 5,000,000 shares of Series F 6.75% cumulative convertible common stock, $0.001 par value, authorized with 4,791,401 and 4,797,052
issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. The Series F Preferred Stock has a stated value of $20.00
per share is exchangeable at the option of the holder into approximately 2.38 shares of the Company’s Common Stock, subject to
adjustment for specified fundamental transactions such as stock splits, reverse stock splits and stock combinations. See Note 12 –
Mezzanine Equity – Mezzanine, for accounting treatment of the Series F Preferred Stock.
The
Company’s Series A Preferred Stock has a $.001 par value, 2,000,000 shares authorized, and 328,925 shares issued and outstanding
as of March 31, 2023 and December 31, 2022. Except for a preference on liquidation of $0.01 per share, each share of Series A Preferred
Stock is the economic equivalent of ten twelfths of a share of common stock into which it is convertible. Except as required by law,
the Series A Preferred Stock will not have any voting rights.
Dividends
and Distributions
For
the periods ended March 31, 2023, and 2022, the Company accrued dividends for the 6.75% Series F preferred stock in the amount of $1,698,784
and $1,619,015 respectively.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants
The
Company has three separate types of warrants that are outstanding:
|
● |
warrants
that were granted and outstanding by Superconductor Technologies Inc. (“STI”) prior to the September 9, 2021 effective
date of the previously disclosed merger (the “AIU Merger”) with Allied
Integral United, Inc. (“AIU”); |
|
● |
warrants
assumed by the Company that were granted by AIU prior to the effective date of the AIU Merger; and |
|
● |
warrant
that were issued by the Company after the AIU Merger. |
The
following is a summary of such outstanding warrants at March 31 2023:
Warrants
(“STI Warrants”) issued by STI prior to September 9, 2021, the effective date of the AIU Merger.
Summary
of Outstanding Warrants
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
Common Shares | | |
|
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
| | |
| | |
| | |
|
Warrants related to March 2018 financing | |
| 7,331 | | |
| 7,331 | | |
$ | 245.84 | | |
September 9, 2023 |
Warrants related to July 2018 financing | |
| 119,241 | | |
| 119,241 | | |
$ | 75.48 | | |
July 25, 2023 |
Warrants related to July 2018 financing | |
| 7,154 | | |
| 7,154 | | |
$ | 94.35 | | |
July 25, 2023 |
Warrants related to May 2019 financing | |
| 5,518 | | |
| 5,518 | | |
$ | 26.96 | | |
May 23, 2024 |
Warrants related to October 2019 financing | |
| 100,719 | | |
| 100,719 | | |
$ | 5.39 | | |
October 10, 2024 |
Warrants related to October 2019 financing | |
| 14,336 | | |
| 14,336 | | |
$ | 6.74 | | |
October 8, 2024 |
Warrants
that were issued by Clearday Operations, Inc. prior to the effective date of the AIU Merger:
| |
Common Shares | | |
|
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
| | |
| | |
| | |
|
Warrants issued in connection with financings * | |
| 3,281,508 | | |
| 3,281,508 | | |
$ | 5.00 | | |
November 15, 2029 |
Warrants issued to a consultant ^ | |
| 500,000 | | |
| 500,000 | | |
$ | 11.00 | | |
August 10, 2026 |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants
issued by Clearday, Inc. after the effective date of the AIU Merger to Lenders:
Each
of the following warrants were issued in connection with a financing and provides that the warrant may only be issued upon an event of
default under the related promissory note.
| |
Common Shares | | |
|
| |
Outstanding | | |
Exercisable | | |
Exercise Price | | |
Maturity Date |
Related to the January 12, 2023, Financing (Mast Hill LP) | |
| 1,134,000 | | |
| 0 | | |
$ | 0.75 | | |
5 years after Trigger Date* |
Related to the September 30, 2022, Financing (Mast Hill LP) | |
| 472,500 | | |
| 0 | | |
$ | 0.50 | | |
5 years after Trigger Date* |
Related to the July 1, 2022, Financing (Mast Hill LP) | |
| 900,000 | | |
| 0 | | |
$ | 0.50 | | |
5 years after Trigger Date* |
The
additional warrants were also issued to lenders:
| |
Common Shares | | |
|
| |
| | |
| | |
| | |
|
Related to the February 17, 2023, Financing (Jefferson Street Capital LLC) | |
| 225,000 | | |
| 225,000 | | |
$ | 0.75 | | |
March 16, 2028 |
Related to the January 12, 2023, Financing (Mast Hill LP) | |
| 851,000 | | |
| 851,000 | | |
$ | 0.75 | | |
February 14, 2028 |
Derivative
Calculation
At
March 31, 2023, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and
warrants based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the
Company’s common stock of $0.51;
risk-free interest rates ranging from 3.60%
to 4.94%;
expected volatility of the Company’s common stock ranging from 182% to 421%; estimated exercise prices ranging from $0.35
to $0.43;
and terms from one to sixty months.
Stock Options
On
March 31, 2023, we continued to have the two active equity award option plans, the 2003 Equity Incentive Plan and the 2013 Equity Incentive
Plan (collectively, the “Stock Option Plan”). Although we can only grant new options under the 2013 Equity Incentive Plan.
Under our Stock Option Plan, stock awards were made to our former directors, key employees, consultants, and non-employee directors and
consisted of stock options, restricted stock awards, performance awards, and performance share awards. Stock options were granted at
prices no less than the market value on the date of grant. There were no stock option exercises during the three and twelve months ended
March 31, 2023 or December 31, 2022. There were no stock options that were exercisable on March 31, 2023.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Restricted
Stock
During
the first quarter of 2023, we issued approximately 4,326,415 shares of our common stock to consultants, including an exchange of 4,218,158
shares for $3,248,000 of accrued expenses, as previously reported, and reflected an adjustment (decrease) of stock issuance to consultants
in the amount 25,097.
Registered
Shares
During
the first quarter of 2023, we issued approximately 48,802 shares of common stock upon the conversion of our Series F Preferred stock.
Such shares were registered under our prior registration statement.
As
of March 31, 2023, there was no unamortized stock compensation.
Non-Controlling
Interest
In
November 2019, a certificate of incorporation was entered into by AIU Alt Care for Series I 10.25% cumulative convertible preferred stock,
par value $0.01 per share that authorizes the issuance of 1,500,000 shares of preferred stock and 1,500,000 of common stock and designated
700,000 as Series I Preferred Stock. Each share of Series I Preferred Stock has a stated value equal to the Series I Preferred Stock
original issue price. For the three months ended March 31, 2023 and 2022, there was no amount invested in AIU Alt Care.
In
October 2019, AIU Alt Care formed AIU Impact Management, LLC and they formed Clearday OZ Fund, which is managed by AIU Impact Management,
LLC, as the general partner. For the three months ended March 31, 2023 and 2022, $0 and $0 was invested in Clearday OZ Fund, respectively.
The
exchange rate for each of the Alt Care Preferred Stock and the limited partnership units in Clearday OZ Fund to Clearday, Inc. Common
Stock is equal to (i) the aggregate investment amount for such security plus accrued dividends at 10.25% per annum, (ii) divided by 80%
of the 20 consecutive day volume weighted closing price of the Common Stock of Clearday preceding the conversion date. Prior to the merger,
these securities were exchangeable to shares of AIU common stock at a rate of 1 share for every $10.00 of aggregate amount of the investment
plus such accrued dividends.
Non-Controlling
Interest Loss Allocation
The
Company applied ASC 810-10 guidance to correctly allocate the percentage of loss attributable to the NCI of each company. For the
period ended March 31, 2023, the loss for AIU Alt Care is $16,190 and Clearday Oz Fund loss is $540,330. Based on 99%
ownership interest, AIU Alt Care and Clearday OZ fund incurred a loss attributable to the NCI in the amount of $16,028 and $534,927,
respectively in the period ended March 31, 2023 and incurred gains of $3,252 and losses of $145,772, respectively, for the
period ended March 31, 2022.
Cumulative
Convertible Preferred Stock and Limited Partnership Interests in Subsidiaries (NCI)
For
the period ended March 31, 2023 no additional shares of AIU Alt Care Preferred Stock or Clearday OZ LP Interests were issued. At March
31, 2023, 89,700 shares of AIU Alt Care Preferred Stock were outstanding and 244,473 units of Clearday OZ LP Interests were outstanding.
The
terms and conditions of the Alt Care Preferred Stock and the Clearday OZ LP Interests allow the investors in such interests to exchange
such securities into the Company’s common stock at the conversion price equal to 80% of the 20 consecutive day volume weighted
closing price of the Common Stock of Clearday preceding the conversion date. At March 31, 2023, AIU Alt Care and Clearday OZ Fund had
outstanding 2,010,150 warrants.
Each
warrant has a term of ten years and provides for the purchase of 1 share of the Company’s common stock at a cash exercise price
equal to $5.00 per share. The number of shares of the Company’s common stock and the warrant exercise price will be subject to
adjustment for stock dividends, stock splits, combinations or other similar recapitalizations.
Dividends
on the Alt Care Preferred Stock and preferred distributions on the units of limited partnership interests in Clearday OZ Fund are at
each calendar quarterly month end at the applicable dividend rate (10.25%) on the original issue price of the Alt Care Preferred Stock
or the units limited partnership interests. Dividends will either (a) be payable in cash, if and to the extent declared by the board
of directors or the general partner, or (b) by issuing Dividend Shares equal to the aggregate accrued dividend divided by the Series
I Original Issue Price. Dividends, if noticed to the Holder, will be payable after the Dividend Payment Date. Accrued dividends totaled
$682,820 for the period ended March 31, 2023.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Each
of the Company, AIU Alt Care and Clearday OZ Fund shall redeem the Alt Care Preferred Stock or the units of limited partnership interests
on the 10 Year Redemption Date that is ten years after the final closing of the offering. The securities provide for a redemption in
cash or shares of common stock at the option of Clearday, Inc., in an amount equal to the unreturned investment in the Alt Care Preferred
Stock or units of limited partnership interests. Upon consummation of certain equity offerings prior to May 1, 2022, AIU Alt Care may,
at its option, redeem all or a part of the Alt Care Preferred Stock for the liquidation preference plus a make-whole premium. In addition,
upon the occurrence of, among other things (i) any change of control, (ii) a liquidation, dissolution, or winding up, (iii) certain insolvency
events, or (iv) certain asset sales, each holder may require the Company to redeem for cash all such holder’s then outstanding
shares of Alt Care Preferred Stock.
The
Certificate of Designation also sets forth certain limitations on the Company’s ability to declare or make certain dividends and
distributions and engage in certain reorganizations. The limited partnership agreement has similar provisions.
Subject
to certain exceptions, the holders of Alt Care Preferred Stock and the units of limited partnership interests have no voting power and
no right to vote on any matter at any time, either as a separate series or class or together with any other series or class of shares
of capital stock or partnership interests, and are not be entitled to call a meeting of such holders for any purpose, nor are they entitled
to participate in any meeting of the holders of the Company’s common stock or participate in the management of Clearday OZ Fund
by its general partner.
12.
Mezzanine Equity
The
Company has 10,000,000 shares of preferred stock authorized, par value $0.001 per share, including 5,000,000 designated as Series F Preferred
Stock and 4,791,401 shares outstanding as of March 31, 2023. Pursuant to the Certificate of Designations of Series F Preferred Stock,
upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation (“Liquidation Event”), including
any Deemed Liquidation Event, as defined in the Certificate of Designations and unless otherwise determined by the majority of the holders
of the Series F Preferred Stock that a transaction is not a Deemed Liquidation Event, the holders of then outstanding Series F Preferred
Stock shall be entitled to be paid a liquidation preference (“Preference Amount”) out of the assets of the Company available
for distribution to its stockholders equal to the original issue price and, plus any accumulated and unpaid dividends. As the payment
of this Preference Amount is not solely within the control of the Company, the Series F Preferred Stock does not qualify as permanent
equity and has been classified as mezzanine or temporary equity. The Series F Preferred Stock is not redeemable, and it was not probable
that there would be a Liquidation Event as of March 31, 2023. Therefore, the Company is not currently required to accrete the Series
F Preferred Stock to the aggregate liquidation value.
13.
Subsequent Events
We
evaluated subsequent events and transactions occurring after March 31, 2023, through the date of this Report.
Viveon
Merger
Merger
Agreement
On
April 5, 2023, the Company entered into a Merger Agreement (the “Merger Agreement”), by and among the Company, Viveon Health
Acquisition Corp., a Delaware corporation (“Viveon” or “Viveon Health”), VHAC2 Merger Sub, Inc., a Delaware corporation
(“Merger Sub”), Viveon Health LLC, a Delaware limited liability Company, in the capacity as the representative from and after
the Effective Time (as defined in the Merger Agreement) for the stockholders of Viveon (other than the Company Stockholders (as defined
in the Merger Agreement)) as of immediately prior to the Effective Time (and their successors and assigns) in accordance with the terms
and conditions of the Merger Agreement, and the Company SR LLC, a Delaware limited liability company, in the capacity as the representative
from and after the Effective Time for the holders of Company Preferred Stock (as defined in the Merger Agreement) as of immediately prior
to the Effective Time (and their successors and assigns) in accordance with the terms and conditions of the Merger Agreement. Pursuant
to the terms of the Merger Agreement, a business combination between Viveon and the Company will be effected through the Viveon Merger
of Merger Sub with and into the Company, with the Company surviving the Viveon Merger as a wholly owned subsidiary of Viveon and Viveon
will change its name to “Clearday Holdings, Inc.” (the “Merger”). The board of directors of the Company has (i)
approved and declared advisable the Merger Agreement, the Merger and the other transactions contemplated thereby and (ii) resolved to
recommend approval of the Merger Agreement, the Merger and related transactions by the stockholders of the Company. Capitalized terms
used herein but not defined shall have the meanings ascribed thereto in the Merger Agreement, which is attached hereto as Exhibit 2.1.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Merger
Consideration
The
total consideration to be paid at Closing (the “Merger Consideration”) by Viveon to the Company security holders (and holders
who have the right to acquire the Company capital stock) will be an amount equal to $250 Million (plus the aggregate exercise price for
all the Company options and warrants). The Merger Consideration will be payable in shares of common stock, par value $0.0001 per share,
of Viveon (“Viveon Common Stock”) valued at $10 per share.
In
addition, the holders of Company Preferred Stock will have the contingent right to earn up to 5,000,000 shares of Viveon Common Stock,
in the aggregate (the “Earnout Shares”), if at any time during the period beginning on the date of the Closing (the “Closing
Date”) and ending on the fifth anniversary of the Closing Date (the “Earnout Eligibility Period”), the Adjusted Net
Income for any Earnout Period is a positive number for the first time during the Earnout Eligibility Period (the “Earnout Milestone”).
If,
following the Closing Date and prior to end of the Earnout Eligibility Period, there is a Change of Control, then, immediately prior
to such Change of Control, all the Earnout Shares not yet earned shall be earned by the Company Earnout Holders and shall be released
from escrow and delivered to the Company Earnout Holders, and the Company Earnout Holders shall be eligible to participate in such Change
of Control transaction with respect to such Earnout Shares.
The
Earnout Shares will be placed in escrow and will not be released from escrow until they are earned as a result of the occurrence of the
Earnout Milestone or a Change of Control, if applicable. The Earnout Shares that are not earned on or before the expiration of the Earnout
Eligibility Period shall be automatically forfeited and cancelled.
Cancellation
of Securities. Each share of the Company capital stock, if any, that is owned by Viveon, Merger Sub, the Company, or any of their subsidiaries
(as treasury stock or otherwise) immediately prior to the effective time of the Merger (the “Effective Time”), will automatically
be cancelled and retired without any conversion or consideration.
Preferred
Stock. At the Effective Time, each issued and outstanding share of the Company’s Series F Cumulative Convertible Preferred Stock,
par value $0.001 per share (the “Company Series F Preferred Stock”) (other than any such shares of the Company capital stock
cancelled as described above and any dissenting shares), will be converted into the right to receive: (A) one (1) share of Parent New
Series F Preferred Stock plus (B) a number of Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger
Agreement.
Each
issued and outstanding share of the Company’s Series A Convertible Preferred Stock, par value $0.001 per share (“Series A
Preferred Stock”) (other than any such shares of the Company capital stock cancelled as described above and any dissenting shares),
will be converted into the right to receive: (A) one (1) share of Parent New Series A Preferred Stock plus (B) a number of Earnout Shares
in accordance with, and subject to the contingencies, set forth in the Merger Agreement.
Common
Stock. At the Effective Time, each issued and outstanding share of the Company’s common stock, par value $0.001 per share (the
“Company Common Stock”) (other than any such shares of the Company capital stock cancelled as described above and any dissenting
shares) will be converted into the right to receive a number of shares of Viveon Common Stock equal to the Conversion Ratio. The “Conversion
Ratio” as defined in the Merger Agreement means an amount equal to (a)(i) the sum of $250 Million, plus the aggregate exercise
or conversion price of outstanding the Company’s stock options and warrants (excluding unvested options and options or warrants
with an exercise or conversion price of $5.00 or more), divided by (ii) the number of fully diluted the Company capital stock (including
Company Preferred Stock, warrants, stock options, convertible notes, and any other convertible securities) (excluding unvested options
and options or warrants with an exercise or conversion price of $5.00 or more and assuming a conversion price of the Company subsidiary
securities as provided in the Merger Agreement); divided by (b) $10.00.
Stock
Options. At the Effective Time, each outstanding option to purchase shares of the Company Common Stock will be converted into an option
to purchase, subject to substantially the same terms and conditions as were applicable under such options prior to the Effective Time,
shares of Viveon Common Stock equal to the number of shares subject to such option prior to the Effective Time multiplied by the Conversion
Ratio, at an exercise price per share of Viveon Common Stock equal to the exercise price per share of the Company Common Stock subject
to such option divided by the Conversion Ratio.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants.
Contingent on and effective as of immediately prior to the Effective Time, each outstanding warrant to purchase shares of the Company
Preferred Stock or the Company Common Stock will be treated in accordance with the terms thereof.
Convertible
Notes. Contingent on and effective as of immediately prior to the Effective Time, the Company’s convertible notes outstanding as
of immediately prior to the Effective Time, will be treated in accordance with the terms of the relevant agreements governing such convertible
notes.
Subsidiary
Capital Stock. At and as of the Effective Time, the Alt Care Preferred Stock and the Clearday OZ LP Interests (collectively, the “Subsidiary
Capital Stock”) will remain in full force and effect with the right to acquire the Viveon Common Stock with such adjustments noted
in the terms of such Subsidiary Capital Stock.
Representations
and Warranties
The
Merger Agreement contains customary representations and warranties of the parties thereto with respect to, among other things, (a) corporate
existence and power, (b) authorization to enter into the Merger Agreement and related transactions; subsidiaries, (c) governmental authorization,
(d) non-contravention, (e) capitalization, (f) corporate records, (g) consents, (h) financial statements, (i) internal accounting controls,
(j) absence of certain changes, (k) properties; title to assets, (l) litigation, (m) material contracts, (n) licenses and permits, (o)
compliance with laws, (p) intellectual property, (q) privacy and data security, (r) employee matters and benefits, (s) tax matters, (t)
real property, (u) environmental laws, (v) finders’ fees, (w) directors and officers, (x) anti-money laundering laws, (y) insurance,
(z) related party transactions, and (aa) certain representations related to securities law and activity. Viveon has additional representations
and warranties, including (a) issuance of shares, (b) trust fund, (c) listing, (d) board approval, (e) SEC documents and financial statements,
(f) certain business practices, (g) expenses, indebtedness and other liabilities and (h) brokers and other advisors.
Covenants
The
Merger Agreement includes customary covenants of the parties with respect to operation of their respective businesses prior to consummation
of the Merger and efforts to satisfy conditions to consummation of the Merger. The Merger Agreement also contains additional covenants
of the parties, including, among others, access to information, cooperation in the preparation of the Registration Statement and Proxy
Statement (as each such terms are defined in the Merger Agreement) required to be filed in connection with the Merger and to obtain all
requisite approvals of each party’s respective stockholders. Viveon and the Company have each also agreed to include in the Proxy
Statement the recommendation of its respective board that its stockholders approve all of the proposals to be presented at its respective
special meeting. In addition, each of Viveon and the Company have agreed to use commercially reasonable efforts to solicit and finalize
definitive documentation for a committed equity in an aggregate amount that, together with the funds in the Trust Account after giving
effect to potential redemptions from Viveon’s public stockholders, together with financing programs available to the Company after
the Closing, will provide to the Company working capital to meet its short term commercial development goals.
Viveon
has also agreed to prepare a proxy statement to seek the approval of its stockholders (the “Extension Proposal”) to amend
its organizational documents to extend the period of time Viveon is afforded under its organizational documents and IPO prospectus to
consummate an initial business combination for an additional three months, from June 30,2023 to September 30, 2023 (or such earlier date
as Viveon and the Company may agree in writing).
Each
party’s representations, warranties and pre-Closing covenants will not survive Closing and no party has any post-Closing indemnification
obligations.
Viveon
Equity Incentive Plan, Viveon has agreed to approve and adopt an equity incentive plan (the “Incentive Plan”) to be effective
as of the Closing and in a form mutually acceptable to Viveon and the Company, subject to approval of the Incentive Plan by the Viveon
stockholders. The Incentive Plan will provide for an initial aggregate share reserve equal to 8% of the number of shares of Viveon Common
Stock issued and outstanding at the Closing and an “evergreen” provision that is mutually agreeable to Viveon and the Company
will provide for an automatic increase on the first day of each fiscal year in the number of shares available for issuance under the
Incentive Plan as mutually determined by Viveon and the Company.
Non-Solicitation
Restrictions
Each
of Viveon and the Company has agreed that from the date of the Merger Agreement to the Effective Time or, if earlier, the valid termination
of the Merger Agreement in accordance with its terms, it will not initiate any negotiations with any party relating to an Alternative
Transaction (as such term is defined in the Merger Agreement) or enter into any agreement relating to such a proposal, other than as
expressly excluded from the definition of an Alternative Transaction. Each of Viveon and the Company has also agreed to be responsible
for any acts or omissions of any of its respective representatives that, if they were the acts or omissions of Viveon and the Company,
as applicable, would be deemed a breach of the party’s obligations with respect to these non-solicitation restrictions.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Conditions
to Closing
The
consummation of the Merger is conditioned upon, among other things, (i) the absence of any applicable law or order restraining, prohibiting
or imposing any condition on the consummation of the Merger and related transactions, (ii) the expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (iii) receipt of any consent, approval or authorization
required by any Authority (as defined in the Merger Agreement), (iv) Viveon having net tangible assets of at least $5,000,001 (as determined
in accordance with Rule 3a51-1(g)(1) of the Exchange Act), unless Viveon’s amended and restated certificate of incorporation shall
have been amended to remove such requirement prior to or concurrently with the Closing, (v) approval by the Company’s stockholders
of the Merger and related transactions, (vi) approval by Viveon’s stockholders of the Merger and related transactions, (vii) the
conditional approval for listing by NYSE American (or an alternate exchange) of the shares of Viveon Common Stock to be issued in connection
with the transactions contemplated by the Merger Agreement and satisfaction of initial and continued listing requirements, and (viii)
the Registration Statement becoming effective in accordance with the provisions of the Securities Act of 1933, as amended (“Securities
Act”).
Solely
with respect to Viveon and Merger Sub, the consummation of the Merger is conditioned upon, among other things, (i) the Company having
duly performed or complied with all of its obligations under the Merger Agreement in all material respects, (ii) the representations
and warranties of the Company, other than certain fundamental representations as defined in the Merger Agreement, being true and correct
in all respects unless failure would not have or reasonably be expected to have a Material Adverse Effect (as defined in the Merger Agreement)
on the Company or any of its subsidiaries, (iii) certain fundamental representations, as defined in the Merger Agreement, being true
and correct in all respects, other than de minimis inaccuracies, (iv) no event having occurred that would result in a Material Adverse
Effect on the Company or any of its subsidiaries, (v) the Company and its securityholders having executed and delivered to Viveon each
Additional Agreement (as defined in the Merger Agreement) to which they each are a party and (vi) the Company delivering certain certificates
to Viveon.
Solely
with respect to the Company, the consummation of the Merger is conditioned upon, among other things, (i) Viveon and Merger Sub having
duly performed or complied with all of their respective obligations under the Merger Agreement in all material respects, (ii) the representations
and warranties of Viveon and Merger Sub, other than certain fundamental representations as defined in the Merger Agreement, being true
and correct in all respects unless failure to be true and correct would not have or reasonably be expected to have a Material Adverse
Effect on Viveon or Merger Sub and their ability to consummate the Merger and related transactions, (iii) certain fundamental representations,
as defined in the Merger Agreement, being true and correct in all respects, other than de minimis inaccuracies, (iv) no event having
occurred that would result in a Material Adverse Effect on Viveon or Merger Sub, (v) the Amended Parent Charter (as defined in the Merger
Agreement) being filed with, and declared effective by, the Delaware Secretary of State, (vi) Viveon delivering certain certificates
to the Company, (vii) the size and composition of the post-Closing board of directors of Viveon having been appointed as set forth in
the Merger Agreement and (viii) Viveon, Viveon Health LLC (“Sponsor”) and other stockholders, as applicable, having executed
and delivered to the Company each Additional Agreement to which they each are a party.
Termination
The
Merger Agreement may be terminated at any time prior to the Effective Time as follows:
(i)
by either Viveon or the Company, if (A) the Merger and related transactions are not consummated on or before the latest of (1) June 30,
2023, (2) if the Extension Proposal is approved, September 30, 2023 and (3) if one or more extensions to a date following September 30,
2023 are obtained at the election of Viveon, with Viveon stockholder vote, in accordance with the Viveon’s amended and restated
certificate of incorporation, the last date for Viveon to consummate a business combination pursuant to such extensions; and (B) the
material breach or violation of any representation, warranty, covenant or obligation under the Merger Agreement by the party seeking
to terminate the Merger Agreement was not the cause of, or resulted in, the failure of the Closing to occur on or before the Outside
Closing Date, without liability to the other party;
(ii)
by either Viveon or the Company, if any Authority has issued any final decree, order, judgment, award, injunction, rule or consent or
enacted any law, having the effect of permanently enjoining or prohibiting the consummation of the Merger, provided that, the party seeking
to terminate cannot have breached its obligations under the Merger Agreement and such breach was a substantial cause of, or substantially
resulted in, such action by the Authority; and
(iii)
by mutual written consent of Viveon and the Company duly authorized by each of their respective boards of directors.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Certain
Related Agreements
Parent
Support Agreements. Concurrently with the execution of the Merger Agreement, Viveon, the Company and the Sponsor and the officers and
directors of Viveon entered into a support agreement (the “Parent Support Agreement”) pursuant to which the Sponsor and the
officers and directors of Viveon have agreed to vote all shares of Viveon common stock beneficially owned by them, including any additional
shares of Viveon they acquire ownership of or the power to vote: (i) in favor of the Merger and related transactions, (ii) against any
action reasonably be expected to impede, delay, or materially and adversely affect the Merger and related transactions, and (iii) in
favor of an extension of the period of time Viveon is afforded to consummate an initial business combination.
Company
Support Agreements. Concurrently with the execution of the Merger Agreement, Viveon, the Company and certain stockholders of the Company
entered into a support agreement (the “Company Support Agreement”), pursuant to which such the Company stockholders have
agreed to vote all common and preferred stock of the Company beneficially owned by them, including any additional shares of the Company
they acquire ownership of or the power to vote, in favor of the Merger and related transactions and against any action reasonably be
expected to impede, delay, or materially and adversely affect the Merger and related transactions.
Lock-Up
Agreements. In connection with the Closing, certain the Company stockholders will each agree, subject to certain customary exceptions,
not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any Lockup Shares, (ii) enter into a
transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part,
any of the economic consequences of ownership of the Lock-Up Shares or otherwise, (iv) engage in any short sales or other arrangement
with respect to the Lock-Up Shares or (v) publicly announce any intention to effect any transaction specified in clause (i), (ii) or
(iii) until the date that is six months after the Closing Date (the “Lock-Up Period”). The term “Lockup Shares”
mean the Merger Consideration Shares and the Earnout Shares, if any, whether or not earned prior to the end of the Lock-up Period, together
with any other shares of Viveon Common Stock, and including any securities convertible into, or exchangeable for, or representing the
rights to receive Viveon Common Stock, if any, acquired during the Lock-up Period. If the closing price of Viveon Common Stock equals
or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading
days within any 30-trading day period following the Closing Date, 50% of the Lock-up Shares will be released from the lock-up. The existing
escrow provisions of Viveon Common Stock held by certain stockholders will remain in effect.
Amended
and Restated Registration Rights Agreement. At the Closing, Viveon will enter into an amended and restated registration rights agreement
(the “Amended and Restated Registration Rights Agreement”) with certain existing stockholders of Viveon and the Company with
respect to their shares of Viveon Common Stock acquired before or pursuant to the Merger, and including the shares issuable on conversion
of the warrants issued to the Sponsor in connection with Viveon’s initial public offering and any shares issuable on conversion
of loans or other convertible securities. The agreement amends and restates the registration rights agreement Viveon entered into on
December 22, 2020 in connection with its initial public offering. Subject to the Lock-Up Agreements described above, the holders of a
majority of the shares held by the existing Viveon stockholders, and the holders of a majority of the shares held by the Company stockholders
will each be entitled to make one demand that the Company register such securities for resale under the Securities Act, or two demands
each if Viveon is eligible to use Form S-3 or a similar short-form registration statement. In addition, the holders will have certain
“piggy-back” registration rights that require Viveon to include such securities in registration statements that Viveon otherwise
files. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays
in registering Viveon’s securities. Viveon will bear the expenses incurred in connection with the filing of any such registration
statements.
The
foregoing descriptions of agreements and the transactions and documents contemplated thereby are not complete and are subject to and
qualified in their entirety by reference to the Merger Agreement, form of Parent Support Agreement, form of Company Support Agreement,
form of Lock-Up Agreement, and form of Amended and Restated Registration Rights Agreement.
Amendment to the Viveon Merger Agreement
On August 28, 2023, Viveon, its subsidiary VHAC2 Merger
Sub, Inc., a Delaware corporation (“Merger Sub”), the Company, Viveon Health LLC, a Delaware limited liability company (“SPAC
Representative”), and Clearday SR LLC, a Delaware limited liability company (“Company Representative”) entered into
the First Amendment to Viveon Merger Agreement (the “First Amendment”) that amended and modified the Viveon Merger Agreement
to, among other things, (i) increase the merger consideration from $250,000,000 to $500,000,000 (plus the aggregate exercise price for
all Clearday options and warrants), payable in shares of common stock of Viveon, (ii) provide that holders of all of the Company’s
common and preferred stock as of the effective time of the Viveon Merger will be entitled to receive a pro rata portion of the additional
5 million shares of Viveon common stock, in the aggregate (the “Earnout Shares”), if at any time during the period beginning
on the date of the closing of the Viveon Merger (the “Closing Date”) and ending on the fifth anniversary of the Closing Date
(the “Earnout Eligibility Period”), the Adjusted Net Income (as defined in the Viveon Merger Agreement) for any 12 month period
is a positive number or there is a change of control of Viveon during the Earnout Eligibility Period. The foregoing description of the
First Amendment is not complete and is subject to and qualified in its entirety by reference to the First Amendment which is filed with
the Company’s Current Report on Form 8-K filed on August 29, 2023 as Exhibit 2.1, the terms of which are incorporated by reference
herein.
Stockdale Financing
On May 22, 2023, Stockdale Associates, Ltd. (“Stockdale”),
a wholly owned subsidiary of Clearday, Inc. entered into a sales transaction with James Walesa, the Chief Executive Officer of the Company,
for the land of approximately 1.5 acres owned by Stockdale s located in the city of Stockdale, Texas (the “Stockdale Property”).
The aggregate purchase price for the Stockdale Property was approximately $155,925. Mr. Walesa used the Stockdale Property to obtain mortgage
financing from a third party (the “Stockdale Mortgage Loan”) . Stockdale may repurchase the Stockdale Property at any time
upon payment to Mr. Walesa of $175,000, plus interest on such an amount at a rate of 10.9% annually based on a 360-day year, less $19,075.
Stockdale is required to pay Mr. Walesa the approximate sum of $1,590 per month commencing July 1, 2024, and pay all other amounts required
under the Stockdale Mortgage Loan and all amounts including property taxes, required for the ownership of the property. . The Stockdale
Mortgage Loan matures, and Stockdale’s repurchase right terminates, on June 1, 2028. A $5,925 gain on the sale of the Stockdale
property was recognized and included in Gain/loss on disposal of assets on our condensed consolidated financial statements.
Modification of Indebtedness
A subsidiary of the Company, Leander Associates Ltd., modified the terms
of its mortgage loan as described in Note 8, Commitments and Contingencies.
Additional
Note Issuances
As
noted in Note 7 Indebtedness, AIU Alt Care continued to issue its Convertible Notes after March 31, 2023 to April 10, 2023.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion should be read in conjunction with the condensed consolidated financial statements and related notes included
elsewhere in this Report. Some of the information contained in this discussion and analysis, including information with respect Clearday,
its plans, and strategy for its business and related financing, includes forward-looking statements that involve risks and uncertainties.
Overview
We
provide technologies and innovative care solutions to address the global aging crises. We have used our extensive experience in senior
care, including owning and operating high-performing residential care facilities in the most challenging senior care venues (Memory and
Alzheimer’s treatment), to develop our purpose-built Longevity-tech platform for the 170 million Americans turning 50 by 2030.
Our Longevity-tech platform intentionally moves our focus from a facility-driven real estate business to a healthcare technologies business
that is designed to capture the massive unmet senior care need. We believe that the currently available longevity-tech solutions do not
address this significant market and that we are able to modernize the nearly 54,000 U.S. daily care, skilled nursing, and long-term care
facilities.
We
have recently shifted our business strategy to move from a facility-driven real estate business to a health technology company in order
to capture the massive unmet need caused by today’s disconnected longevity-tech market. At the end of the first quarter of 2023
and the beginning of the second quarter of 2023, we:
|
● |
entered into a merger agreement
(“Viveon Merger Agreement”) with Viveon Health Acquisition Corp., a Delaware corporation (“Viveon”), that
is a special purpose acquisition corporation or SPAC and that has its shares of common stock listed on the NYSE American exchange;
and |
|
● |
exited from three of our
four residential care facilities and limit our financial investment in the capital-intensive residential memory care businesses by
terminating our leases (“MC Facility Leases”) of these three facilities (“MC Facilities”) that were operated
through our Memory Care America LLC (“MCA”) subsidiary. |
The
termination of the MC Facility Leases will significantly change our financial operations and cash flows for a period following March
31, 2023, primarily by reducing our operating losses and debt that we were required to incur to fund such losses.
Seasonality
Residential
care facilities are seasonal in nature. Generally, residential care facilities suffer revenue losses in winter months as there is often
an increase in the loss of residents during these periods primarily because of flu and other health issues during such periods. We do
not expect our Longevity-tech platform businesses to have such seasonality.
Results
of Operations
Our
operating revenues during the first quarter of 2023 were predominately from our four residential memory care facilities, three of which
we exited as of March 31, 2023, and our adult day care center. MCA earns revenue primarily by providing services to individual residents
for a specified monthly fee, which fee includes all services such as room, meals and programs and to a lesser extent, certain community
fees for a resident to move into a facility. All of MCA’s revenues are “private pay” which are charged directly to
the resident and paid by such individual’s family or administrator. Residents may terminate services upon advance notice of a specified
period. A portion of our revenues were from our adult day care business. Our adult day care service earns revenues primarily by providing
services to individual clients for weekday sessions, which includes activities. A part of our revenues includes reimbursements to veterans
under a program by the United States Department of Veterans Affairs (VA).
Our
operating expenses are primarily the expenses of our MCA facilities as well as the expenses that we incur in our other businesses, including
adult day care and our Longevity-tech platform. Expenses incurred by MCA are primarily wages and benefits, including wages and wage-related
expenses; operating expenses, including utilities, housekeeping, dietary, maintenance, regulatory requirements, insurance and administrative
costs and salaries; lease expenses which ended as of March 31, 2023; other general and administrative expenses; depreciation and amortization
expense on buildings and furniture and equipment; and interest expenses for loans and other financings related to the MCA businesses.
SG&A
Expenses were primarily insurance, interest expense, bank fees, equity-based compensation and audit and other professional fees.
We
reduced our operating loss by approximately 32.0% or approximately $0.96 million during the quarter ending March 31, 2023 compared to
the quarter ending March 31, 2022, primarily by reducing our total operating expenses by approximately 18.8% or approximately $1.2
million offset by a smaller decrease in total revenues by approximately 6.3% or approximately $0.2 million.
Revenues.
Revenues decreased by approximately 6.3% or $0.2 million to approximately $3.0 million during the quarter ending March 31, 2023 from
approximately $3.2 million during the quarter ending March 31, 2022, primarily due to decreased revenues of approximately $0.2
million or approximately 7.3% related to our MCA facilities due to lower residents fees primarily from a promotions that were
offered during this period, offset by additional revenues from our adult day care and, to a smaller extent, increased commercial
property rental income during this period. We have been able to increase the daily rate charged at our adult day care community due
in large part to the deployment of our Longevity-tech platform. We have also deployed our Longevity-tech platform at our remaining
memory care community and expect to continue to increase rates at that community.
Operating
Expense. Operating expenses decreased by approximately 18.8% or approximately $1.2 million to approximately $5.0 million during
the quarter ending March 31, 2023 from approximately $6.2 million during the quarter ending March 31, 2022, primarily due to (1)
lower wages and general operating expenses of approximately 17.0% or approximately $0.8 million resulting primarily from lower
resident care wages and related expenses offset in part by increased executives and staff developing and marketing our
Longevity-tech platform, and (2) lower selling, general and administrative expenses of approximately 35.1% or approximately $0.5
million resulting primarily from changes in personnel reflecting out pivot to a longevity technology company and reduced professionally and consulting fees.
Research
& Development. We did not incur any research and development expenses during the quarter ending March 31, 2023 or March 31, 2022.
Interest. Our
interest expense increased by approximately 42.5% or approximately $0.2 million to $0.7 million during the quarter ending March 31,
2023 from $0.5 million during the quarter ending March 31, 2022. Our interest expense during the first quarters of 2023 and 2022 was
primarily allocated to the operations of our residential care facilities. The increase in MCA
allocated interest is primarily due to our high interest loans financings that were incurred to fund operating expenses and the
development costs for our innovative products and services in advance of amounts received from the Internal Revenue Service under
the employee retention tax credit (“ERTC”) program which was delayed. The interest expense that was not allocated to
MCA related primarily to the mortgage on our headquarters building and other real estate assets. The amount of interest expense does
not include any accrual of interest for unpaid interest under the MCA Agreements, each of which are not being paid by us. See Item 3
Legal Proceedings.
Impairment. There was not any impairment taken during the first quarter of 2023.
Other
income increased significantly during the first quarter of March 31, 2023 to approximately $1.6 million from approximately
$0.3 million or approximately 445.5% primarily due from the approximate $4.5 million gain on the termination of three of our residential
care communities offset in large part by derivative financing costs of approximately $2.6 million and, to a smaller extent, from other
interest expense and the gain on the disposal of assets.
Government
Programs
We
participated in ERTC program and expect additional cash payments under the ERTC. We have applied for payments under the Families First
Coronavirus Response Act (the “FFCRA”), as amended by the COVID-related Tax Relief Act of 2020, and expect to utilize the
federal tax credits available under the federal Work Opportunity Tax Credit (WOTC). The amount of savings under WOTC is subject to the
hiring of workers from certain disadvantaged targeted categories and is generally calculated as a percentage of wages over a twelve-month
period up to worker maximum by targeted category. We did not have any PPP Loan Forgiveness during the first quarter of 2023.
Contractual
Obligations and Commitments
See
the “Commitment and Contingencies” section within Note 8 Commitments and Contingencies of the condensed
consolidated financial statements within this Report, which information is incorporated herein by reference.
Legal
Proceedings
Clearday
is subject to legal proceedings. The disclosures in this part of Management’s Discussion and Analysis of Financial Condition
and Results of Operations are provided under Item 1 Note 8 Commitments and Contingencies to the financial statements –
Commitments and Contingencies.
Off-Balance
Sheet Arrangements
None.
Cash
and Restricted Cash
Cash,
consisting of short-term, highly liquid investments and money market funds with original maturities of nine months or less at the date
of purchase, are carried at cost plus accrued interest, which approximates market.
Restricted
cash as of March 31, 2023 and December 31, 2022 includes cash that Clearday deposited as security for obligations arising from property
taxes, property insurance and replacement reserve Clearday is required to establish escrows as required by Clearday’s mortgages
and certain resident security deposits.
Critical
Accounting Policies and Significant Judgments and Estimates
The
preparation of the condensed consolidated financial statements requires our management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
On a regular basis, we evaluate these estimates. These estimates are based on management’s historical industry experience and on
various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
For
a description of the accounting policies that, in management’s opinion, involve the most significant application of judgment or
involve complex estimation and which could, if different judgment or estimates were made, materially affect our reported financial position,
results of operations, or cash flows, see “Management’s Discussion and Analysis of Financial Condition, Results of Operations
– Critical Accounting Policies and Estimates” and the notes to our condensed consolidated financial statements
included in this quarterly analysis.
During
the three months ended March 31, 2023, there were no significant changes in our accounting policies and estimates other than the
newly adopted accounting standards that are disclosed in Note 2 Summary of Significant Accounting Policies to our condensed
consolidated financial statements included in this Report.
Impact
of Climate Change
Concerns
about climate change have resulted in various treaties, laws and regulations that are intended to limit carbon emissions and address
other environmental concerns. These and other laws may cause energy or other costs at The Company’s communities to increase. In
the long-term, the Company believes any such increased costs will be passed through and paid by the Company’s residents and other
customers in higher charges for The Company’s services. However, in the short-term, these increased costs, if material in amount,
could materially and adversely affect the Company’s financial condition and results of operations.
Some
observers believe severe weather in different parts of the world over the last few years is evidence of global climate change. Severe
weather has had and may continue to have an adverse effect on certain senior living communities The Company operates. Flooding caused
by rising sea levels and severe weather events, including hurricanes, tornadoes and widespread fires may have an adverse effect on the
senior living communities the Company operates. The Company mitigates these risks by procuring insurance coverage. The Company believes
adequate to protect the Company from material damages and losses resulting from the consequences of losses caused by climate change.
However, the Company cannot be sure that its mitigation efforts will be sufficient or that future storms, rising sea levels or other
changes that may occur due to future climate change could not have a material adverse effect on the Company’s financial results.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information
required by this section.
Item
4. Evaluation of Disclosure Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
The
Company’s management, with the participation of our Chief Executive Officer and acting Chief Financial Officer (our principal executive
officer and principal financial officer, respectively), has evaluated its disclosure controls and procedures, as defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act as of the end of the period covered by this Report. Any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the desired controls objectives. Any “material weaknesses”
in the Company’s internal controls may arise because of the internal control environment of the Company. Based upon that evaluation,
the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls
and procedures were ineffective. Specifically, the company does not have adequate segregation of duties that adequately restrict user
and privileged access to certain financial applications, programs, and data to appropriate company personnel; do not adequately limit
access to electronic payment systems for authorized expenditures; and have inadequate cyber controls regarding the protection of our
data and restricting data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized
and implemented appropriately. Management has identified these weaknesses and have adopted a program to remediate such weaknesses.
Remediation
Plan. The Company has instituted efforts to remediate these concerns and enhance The Company’s internal control environment
to remediate these issues by the end of the year or. However, any failure to maintain effective controls could result in significant
deficiencies or material weaknesses and cause the Company to fail to meet the Company’s periodic reporting obligations or result
in material misstatements in the Company’s financial statements. The Company may also be required to incur costs to improve its
internal control system and hire additional personnel. This could negatively impact the Company’s results of operations.
Changes
in Internal Control over Financial Reporting
There
have not been changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act) during the three months ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting, except as noted below. We increased the number of our financial and accounting staff and remediated
or mitigated certain internal control weaknesses such as segregation of duties.
Item
1. Legal Proceedings
Information
on material developments in our legal proceedings is included in Note 8 Commitments and Contingencies to our condensed consolidated
financial statements included in Part I, Item 1 of this Report.
ITEM
1A. Risk Factors
As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information
required by this section.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
In
addition to the issuance of securities described by the Company in a Current Report on Form 8-K, the Company has issued the following
shares of our common stock as of the date of the Original Filing:
|
1. |
On January 3, 2023 and
May 8, 2023, 25,097 or an aggregate of 50,194 shares to Dickson Co for accounting services that were provided by such person. |
|
2. |
On May 8, 2023, 133,333
shares to Outside The Box Capital Inc for marketing services to be provided by such person. |
Each
such issuance was exempt from the registration requirements of the Securities Act of 1933, as amended, under Section 4(a)(2) thereof,
as each transaction was a privately negotiated transaction that did not involve any public offering. There was no underwriter or placement
agent in any such transaction. There was no cash consideration for any such transaction. The Company received or will receive services
from each such purchaser of the shares of common stock.
Item
3. Defaults Upon Senior Securities
Certain
subsidiaries of the Company that operate residential care facilities (“MCA Borrowers”) incurred certain financings through
merchant credit advances. Such financings were provided by creditors under agreements (“MCA Agreements”) that describe the
transaction as the sale of future receivables by the applicable MCA Borrower. The aggregate accrued amount of these financings is approximately
$2,925,195, as summarized in Part I, Item 1 Note 7 Indebtedness. During the first quarter of 2023, the Company assessed its rights
under the terms of these MCA Agreements and determined that it had rights and defenses to the continued payments to the creditors. The
Company has not made payments on account of these MCA Agreements and, accordingly, these MCA Agreements are considered in default by
the creditors. The inclusion of the disclosures in this Item 3 is not an admission that the MCA Borrowers are in default of its obligations
under the MCA Agreements.
Defaults of indebtedness are noted in Item 1, Note 7 Indebtedness which
information is incorporated herein by reference.
Item
4. Mine Safety Disclosures
None.
Item
5. Other Information
None.
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on our behalf by
the undersigned thereunto duly authorized.
|
CLEARDAY,
INC. |
|
|
Dated:
October 31, 2023 |
/s/
BJ Parrish |
|
BJ
Parrish |
|
Acting
Chief Financial Officer |
|
|
|
/s/
James T. Walesa |
|
James
T. Walesa |
|
President
and Chief Executive Officer |
EXHIBIT
31.1
Statement
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Principal Executive Officer
Regarding
Facts and Circumstances Relating to Exchange Act Filings
I,
James T. Walesa, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Clearday, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
|
|
a) |
all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
October 31, 2023 |
|
|
/s/
James T. Walesa |
|
James
T. Walesa |
|
President
and Chief Executive Officer |
EXHIBIT
31.2
Statement
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Principal Financial Officer
Regarding
Facts and Circumstances Relating to Exchange Act Filings
I,
BJ Parrish, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Clearday, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
October 31, 2023 |
|
|
/s/
BJ Parrish |
|
BJ
Parrish |
|
Acting
Chief Financial Officer |
EXHIBIT
32.1
Statement
Pursuant to Section 906 the Sarbanes-Oxley Act of 2002 By
Principal
Executive Officer
Regarding
Facts and Circumstances Relating to Exchange Act Filings
Dated:
October 31, 2023
I,
James T. Walesa, Chief Executive Officer of Clearday, Inc., hereby certify, to my knowledge, that:
1.
the accompanying Quarterly Report on Form 10-Q of Clearday, Inc. for the three month period ended March 31, 2023 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934, as amended;
and
2.
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of Clearday, Inc.
IN
WITNESS WHEREOF, the undersigned has executed this Statement as of the date first written above.
|
/s/
James T. Walesa |
|
James
T. Walesa |
|
President
and Chief Executive Officer |
EXHIBIT
32.2
Statement
Pursuant to Section 906 the Sarbanes-Oxley Act of 2002 By
Principal
Financial Officer
Regarding
Facts and Circumstances Relating to Exchange Act Filings
Dated:
October 31, 2023
I,
BJ Parrish, Chief Financial Officer of Clearday, Inc., hereby certify, to my knowledge, that:
1.
the accompanying Quarterly Report on Form 10-Q of Clearday, Inc. for the three month period ended March 31, 2023 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934, as amended;
and
2.
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of Clearday, Inc.
|
/s/
BJ Parrish |
|
BJ
Parrish |
|
Chief
Financial Officer |
v3.23.3
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2023 |
Jul. 14, 2023 |
Cover [Abstract] |
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|
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Amendment Flag |
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|
|
Amendment Description |
Clearday,
Inc. (the “Company”) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarter ended March 31,
2023, which was originally filed with the Securities and Exchange Commission (“SEC”) on July 17, 2023 (the “Original
Filing”), to amend the Company’s unaudited condensed consolidated financial statements as of March 31, 2023 and make certain
other amendments. The Company has previously filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “June
10Q”). The amendments provided in this filing have been incorporated in the June 10Q and the Company does not expect to make any
amendments to the June 10Q
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Document Period End Date |
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Document Fiscal Period Focus |
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Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
0-21074
|
|
Entity Registrant Name |
CLEARDAY,
INC.
|
|
Entity Central Index Key |
0000895665
|
|
Entity Tax Identification Number |
77-0158076
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
8800
Village Drive
|
|
Entity Address, Address Line Two |
Suite 106
|
|
Entity Address, City or Town |
San Antonio
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
78217
|
|
City Area Code |
(210)
|
|
Local Phone Number |
451-0839
|
|
Title of 12(b) Security |
Common
Stock, par value $0.001
|
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Trading Symbol |
CLRD
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 81,429
|
$ 195,638
|
Restricted cash |
10,000
|
10,000
|
Accounts receivable, net |
58,447
|
47,705
|
Prepaid expenses |
113,666
|
213,289
|
Other current assets |
466
|
|
Total current assets |
264,008
|
466,632
|
Non-current assets |
|
|
Operating lease right-of-use assets |
|
22,792,752
|
Real estate property and equipment, net |
6,321,749
|
6,522,979
|
Intangible assets, net |
3,496,000
|
3,680,000
|
Other long-term assets |
264,251
|
288,155
|
Total assets |
10,346,008
|
33,750,518
|
Current liabilities: |
|
|
Accounts payable |
3,599,141
|
6,324,002
|
Accrued expenses |
5,989,892
|
8,415,609
|
Derivative liabilities |
3,748,918
|
2,320,547
|
Accrued interest |
895,013
|
294,370
|
Deferred revenue |
13,466
|
901,235
|
Current portion long-term debt |
16,746,935
|
16,347,290
|
Operating lease liabilities |
|
2,907,605
|
Total current liabilities |
32,828,102
|
39,323,361
|
Long-term liabilities: |
|
|
Operating lease liabilities |
|
24,415,791
|
Long-term debt, less current portion, net |
4,624,723
|
1,392,940
|
Total liabilities |
37,452,825
|
65,132,092
|
Mezzanine equity |
|
|
Series F 6.75% Convertible Preferred Stock, $.001 par value, 5,000,000 share authorized, 4,791,401 and 4,797,052 issued and outstanding on March 31, 2023 and December 31, 2022, respectively. Liquidation value $102,380,677 and $101,162,577 on March 31, 2023 and December 31, 2022, respectively. |
22,033,843
|
20,448,079
|
Deficit: |
|
|
Common Stock, $0.001 par value, 25,194,402 and 20,805,448 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively |
25,194
|
20,805
|
Additional paid-in-capital |
19,132,830
|
16,098,182
|
Accumulated deficit |
(79,606,718)
|
(79,671,065)
|
Clearday, Inc. Stockholders’ deficit: |
(60,448,365)
|
(63,551,749)
|
Non-controlling interest in subsidiaries |
11,307,705
|
11,722,096
|
Total deficit |
(49,140,660)
|
(51,829,653)
|
TOTAL LIABLITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT |
10,346,008
|
33,750,518
|
Series A Convertible Preferred Stock [Member] |
|
|
Deficit: |
|
|
Series A Convertible Preferred Stock, $0.001 par value, 2,000,000 shares authorized, 328,925 and 328,925 shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively. Liquidation value of $329 and $329 on March 31, 2023 and December 31, 2022, respectively |
329
|
329
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Other current liabilities |
738,725
|
672,597
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Other current liabilities |
$ 1,096,012
|
$ 1,140,106
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Preferred stock dividend rate percentage |
6.75%
|
6.75%
|
Temporary equity, par value |
$ 0.001
|
$ 0.001
|
Temporary equity, shares authorized |
5,000,000
|
5,000,000
|
Temporary equity, shares issued |
4,791,401
|
4,797,052
|
Temporary equity, shares outstanding |
4,791,401
|
4,797,052
|
Temporary equity, liquidation preference |
$ 102,380,677
|
$ 101,162,577
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
25,194,402
|
20,805,448
|
Common stock, shares outstanding |
25,194,402
|
20,805,448
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
2,000,000
|
2,000,000
|
Preferred stock, shares issued |
328,925
|
328,925
|
Preferred stock, shares, outstanding |
328,925
|
328,925
|
Preferred stock, liquidation preference, value |
$ 329
|
$ 329
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
REVENUES |
|
|
Total revenues |
$ 3,006,504
|
$ 3,210,218
|
OPERATING EXPENSES |
|
|
Wages & general operating expenses |
3,846,475
|
4,634,056
|
Selling, general and administrative expenses |
904,989
|
1,393,370
|
Depreciation and amortization expense |
296,826
|
187,215
|
Total operating expenses |
5,048,290
|
6,214,641
|
Operating loss |
(2,041,786)
|
(3,004,423)
|
Other (income) expenses |
|
|
Interest expense |
714,833
|
501,598
|
PPP loan forgiveness |
|
(642,816)
|
Derivative financing costs |
2,567,460
|
|
Changes in fair value of derivative |
(1,565,232)
|
|
Loss on disposal of assets |
106,467
|
|
Gain on termination of lease |
(4,530,644)
|
|
Extinguishment of debt |
653,814
|
|
Other income |
498,124
|
(143,889)
|
Total other income |
(1,555,178)
|
(285,107)
|
Net loss from continuing operations |
(486,608)
|
(2,719,316)
|
Loss from discontinued operations, net of tax |
|
(85,227)
|
Net loss |
(486,608)
|
(2,804,543)
|
Net loss attributable to non-controlling interest |
(550,955)
|
(144,265)
|
Preferred stock dividend |
(1,698,784)
|
(1,619,015)
|
Net loss attributable to Clearday, Inc. common stockholders |
(2,736,347)
|
(4,567,823)
|
Resident Fee [Member] |
|
|
REVENUES |
|
|
Total revenues |
2,895,326
|
3,124,761
|
Adult Day Care [Member] |
|
|
REVENUES |
|
|
Total revenues |
89,041
|
83,896
|
Commercial Property Rental Revenue [Member] |
|
|
REVENUES |
|
|
Total revenues |
$ 22,137
|
$ 1,561
|
X |
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Income Statement [Abstract] |
|
|
Net loss per share from continued operations, basic |
$ (0.11)
|
$ (0.29)
|
Net loss per share from continued operations, diluted |
(0.11)
|
(0.29)
|
Net loss per share from discontinued operations, basic |
0.00
|
(0.01)
|
Net loss per share from discontinued operations, diluted |
0.00
|
(0.01)
|
Net loss per share, basic |
(0.11)
|
(0.30)
|
Net loss per share, diluted |
$ (0.11)
|
$ (0.30)
|
Weighted average common shares outstanding, basic |
23,910,818
|
15,010,907
|
Weighted average common shares outstanding, diluted |
23,910,818
|
15,010,907
|
X |
- DefinitionPer basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation.
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v3.23.3
Condensed Consolidated Statements of Mezzanine Equity, Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($)
|
Temporary Equity Series F [Member] |
Series A Convertible Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 16,857,267
|
$ 329
|
$ 14,915
|
$ 17,069,481
|
$ (65,208,327)
|
$ (48,123,602)
|
$ 11,330,695
|
$ (36,792,907)
|
Balance, shares at Dec. 31, 2021 |
4,797,052
|
328,925
|
14,914,458
|
|
|
|
|
|
PIK dividends accruals on Convertible Preferred Stock F |
$ 1,619,015
|
|
|
(1,619,015)
|
|
(1,619,015)
|
|
(1,619,015)
|
PIK dividends accruals on Convertible Preferred Stock F, shares |
|
|
|
|
|
|
|
|
Series F Incentive Common Stock |
|
|
$ 2,859
|
(2,853)
|
|
6
|
|
6
|
Series F Incentive Common Stock, shares |
|
|
2,861,334
|
|
|
|
|
|
Accrued of series I Convertible Preferred Stock in subsidiary |
|
|
|
|
|
|
136,564
|
136,564
|
Series I adjustment |
|
|
|
|
(669,904)
|
(669,904)
|
|
(669,904)
|
Stock Compensation for services |
|
|
|
|
|
|
|
|
Shares issued for Loan |
|
|
|
|
|
|
|
|
Dissolution of Longhorn Hospitality |
|
|
|
(3,871,239)
|
3,871,239
|
|
|
|
Redemption of series F shares |
|
|
|
|
|
|
|
|
Officer Compensation and debt conversion |
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
(2,804,543)
|
(2,804,543)
|
(144,265)
|
(2,948,808)
|
Balance at Mar. 31, 2022 |
$ 18,476,282
|
$ 329
|
$ 17,774
|
11,576,374
|
(64,811,535)
|
(53,217,058)
|
11,322,994
|
(41,894,064)
|
Balance, shares at Mar. 31, 2022 |
4,797,052
|
328,925
|
17,775,792
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 20,448,079
|
$ 329
|
$ 20,805
|
16,098,182
|
(79,671,065)
|
(63,551,749)
|
11,722,096
|
(51,829,653)
|
Balance, shares at Dec. 31, 2022 |
4,797,052
|
328,925
|
20,805,448
|
|
|
|
|
|
PIK dividends accruals on Convertible Preferred Stock F |
$ 1,698,784
|
|
|
(1,698,784)
|
|
(1,698,784)
|
|
(1,698,784)
|
Series F shares converted to common stock |
$ (113,020)
|
|
$ 13
|
113,007
|
|
113,020
|
|
113,020
|
Series F shares converted to common stock, shares |
(5,651)
|
|
13,449
|
|
|
|
|
|
Accrued of series I Convertible Preferred Stock in subsidiary |
|
|
|
|
|
|
136,564
|
136,564
|
Debt discount from derivative settlements |
|
|
|
713,435
|
|
713,435
|
|
713,435
|
Stock issued for extinguishment of liabilities |
|
|
$ 4,218
|
3,897,578
|
|
3,901,796
|
|
3,901,796
|
Stock issued for extinguishment of liabilities, shares |
|
|
4,218,158
|
|
|
|
|
|
Stock Compensation for services |
|
|
$ 75
|
(61,191)
|
|
(61,116)
|
|
(61,116)
|
Stock compensation for services, shares |
|
|
74,187
|
|
|
|
|
|
Shares issued for Loan |
|
|
$ 83
|
70,603
|
|
70,686
|
|
70,686
|
Shares issued for Loan, shares |
|
|
83,160
|
|
|
|
|
|
Net loss |
|
|
|
|
64,347
|
64,347
|
(550,955)
|
(486,608)
|
Balance at Mar. 31, 2023 |
$ 22,033,843
|
$ 329
|
$ 25,194
|
$ 19,132,830
|
$ (79,606,718)
|
$ (60,448,365)
|
$ 11,307,705
|
$ (49,140,660)
|
Balance, shares at Mar. 31, 2023 |
4,791,401
|
328,925
|
25,194,402
|
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash flows (Unaudited) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net loss |
$ (486,608)
|
$ (2,804,543)
|
|
Loss from discontinued operations, net of tax |
|
(85,227)
|
|
Net loss from continuing operations |
(486,608)
|
(2,719,316)
|
|
Adjustments required to reconcile net loss to cash flows used in operating activities |
|
|
|
Depreciation and amortization |
296,826
|
187,215
|
|
Amortization of right of use assets |
|
459,750
|
|
Shares issued for loan commitment |
70,686
|
|
|
Shares issued for services |
(61,116)
|
|
|
Financing costs from derivative liabilities |
2,567,460
|
|
|
Gain on termination of leases |
(4,530,644)
|
|
|
Series I preferred stock accumulated dividend |
136,564
|
|
|
Loss on the sale of fixed assets |
106,467
|
|
|
Bad debt expense |
179,854
|
|
|
Change in fair value of the derivatives |
(1,565,232)
|
|
|
Amortization of debt issuance costs |
241,504
|
501,970
|
|
Amortization of discount on derivatives |
540,760
|
|
|
Loss on extinguishment of debt |
653,814
|
|
|
Gain on PPP loan forgiveness |
|
(642,816)
|
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
(190,596)
|
6,145
|
|
Other current assets |
23,438
|
|
|
Prepaid expenses |
99,623
|
(433,839)
|
|
Accounts payable |
523,121
|
902,548
|
|
Accrued expenses |
|
(181,935)
|
|
Accrued liabilities |
1,193,472
|
|
|
Deferred revenue |
(887,769)
|
|
|
Related party payable |
66,128
|
|
|
Other current liabilities |
(44,094)
|
113,000
|
|
Change in operating lease liability |
|
(227,777)
|
|
Net cash used in operating activities of continuing operations |
(1,066,342)
|
(2,035,055)
|
|
Net cash used in activities of discontinued operations |
|
(45,421)
|
|
Net cash used in operating activities |
(1,066,342)
|
(2,080,476)
|
$ (3,978,027)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Payments for property and equipment |
(18,063)
|
(13,348)
|
|
Net cash used in investing activities of continuing operations |
(18,063)
|
(13,348)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Repayment of debt |
|
(977,263)
|
|
Proceeds from long-term debt |
1,619,316
|
|
|
Payment of long-term debt |
(649,121)
|
|
|
Payments on lease obligations |
|
12,929,498
|
|
Borrowings on debt, net |
|
2,130,268
|
|
Net cash provided by financing activities |
970,195
|
14,082,503
|
|
Change in cash and restricted cash from continuing operations |
(114,209)
|
(895,398)
|
|
Change in cash and restricted cash from discontinued operations |
|
56,159
|
|
Cash and restricted cash at beginning of the year |
205,638
|
975,075
|
975,075
|
Cash and restricted cash at end of year |
91,429
|
135,836
|
205,638
|
Beginning of period |
|
|
|
Cash and cash equivalents |
81,429
|
125,836
|
195,638
|
Restricted cash |
10,000
|
10,000
|
10,000
|
Total cash and restricted cash |
91,429
|
135,836
|
205,638
|
Cash and cash equivalents |
195,638
|
965,075
|
965,075
|
Restricted cash |
10,000
|
10,000
|
10,000
|
Total cash and restricted cash |
205,638
|
975,075
|
$ 975,075
|
Supplemental disclosures of cash flow information |
|
|
|
Cash paid for interest |
649,121
|
|
|
Cahs paid for income taxes |
|
|
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
Settlements on derivative liability |
713,435
|
|
|
PIK dividends for Series F preferred stock |
1,698,784
|
|
|
Converted Preferred Shares Series F to Common Shares |
113,020
|
|
|
Discount on derivative liability |
1,139,578
|
|
|
Termination of leases |
27,323,396
|
|
|
Accounts payable exchanged for common shares |
3,247,982
|
|
|
Notes payable used to pay rent expense |
$ 3,018,547
|
|
|
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v3.23.3
Description of Business and Going Concern
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Description of Business and Going Concern |
1.
Description of Business and Going Concern
Organization,
Description of Business
Clearday,
Inc., a Delaware corporation (the “Company”), formerly known as Superconductor Technologies Inc. (“STI”), was
established in 1987 and closed a merger (“AIU Merger”) with Allied Integral United, Inc., a Delaware corporation (“AIU”),
on September 9, 2021. The Company continued the businesses of AIU and continued one of the businesses of STI. AIU was incorporated on
December 20, 2017, and began its business on December 31, 2018 when it acquired memory care residential facilities and other businesses
(the “2018 Acquisition”) that was conducted since November 2010. Since the 2018 Acquisition, the Company has been developing
innovative care and wellness products and services focusing on the longevity market, including its Longevity-tech platform. In the first quarter of 2023, the Company disposed
of three of its four full time memory care communities to focus on its digital care services, including robotics and its Longevity care
platform.
Going
Concern
As
of March 31, 2023, we have an accumulated deficit of $79,606,718.
During the period ended March 31, 2023, we had a net loss from operations of $486,608
and net cash used in operating activities of $1,066,342. During the year ended December 31, 2022, we had a net loss from operations of $14,462,738
and cash used in operating activities of $3,978,027.
The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt
financing or other sources, including to a limited extent, the continued sale of its non-core assets and sale or disposition of
other assets. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in
spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these
actions could materially harm the Company’s business, results of operations and prospects. The accompanying financial
statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result
should the Company not continue as a going concern. Management does not believe they have sufficient cash for the next twelve months
from the date of this report to continue as a going concern without raising additional capital.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
The
accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted
accounting principles in the United States of America (“GAAP”) and the interim reporting rules of the Securities and
Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto
contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all
adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the
financial position and the results of operations for the interim periods presented have been reflected herein. The results of
operations for interim periods are not necessarily indicative of the results to be expected for the full year.
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company, including its wholly owned
subsidiaries. In 2019, AIU Alternative Care, Inc., a Delaware corporation (“AIU Alt Care”) and Clearday Alternative Care
Oz Fund, L.P, a Delaware limited partnership (“Clearday OZ Fund”), were formed. The Company owns all of the voting
interests of AIU Alt Care and the sole general partner of Clearday OZ Fund, and less than 1%
of the preferred economic interests in such companies.
In
November 2019, AIU Alt Care filed a certificate of designation that authorized preferred stock designated as the Series I 10.25% cumulative
convertible preferred stock, par value $0.01 per share (the “Alt Care Preferred Stock”). The certificate of incorporation
of AIU Alt Care authorizes 1,500,000 shares of preferred stock of which 700,000 is designated Alt Care Preferred Stock; and 1,500,000
of common stock. Each share of The Alt Care Preferred Stock has a stated value equal to the $10.00 Alt Care Preferred Stock original
issue price. For the year ended on December 31, 2021, $897,000 was invested in AIU Alt Care in exchange for 89,700 shares of Alt Care
Preferred Stock.
In
October 2019, AIU Alt Care formed AIU Impact Management, LLC and Clearday OZ Fund were formed. AIU Impact Management, LLC manages Clearday
OZ Fund as its general partner, owns 1% of Clearday OZ Fund and allocates 99% of income gains and losses accordingly to the limited partners.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
exchange rate for each of the Alt Care Preferred Stock and the Clearday OZ LP Interests are equal to (i) the aggregate investment amount
for such security plus accrued and unpaid dividends at 10.25% per annum, (ii) divided by 80% of the 20 consecutive day volume weighted
closing price of the Common Stock of Clearday preceding the conversion date.
The
Company reports its non-controlling interest in subsidiaries as a separate component of equity in the balance sheets and reports both
net loss attributable to the non-controlling interest and net loss attributable to the Company’s common stockholders on the face
of the statement of operations.
Basis
of Presentation
The
Company’s condensed consolidated financial statements have been prepared in conformity with GAAP. Any reference in these notes to applicable guidance is meant to refer
to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update
(“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying financial statements include
the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in
consolidation.
Classification
of Convertible Preferred Stock
The
Company applied ASC 480, “Distinguishing Liabilities from Equity”, and revised the condensed consolidated financial
statement presentation of its convertible preferred stock whose redemption is outside the control of the issuer. Registrants
having such securities outstanding are required to present separately, in balance sheets, amounts applicable to the following three
general classes of securities: (i) preferred stocks subject to mandatory redemption requirements or whose redemption is outside the
control of the issuer; (ii) preferred stocks which are not redeemable or are redeemable solely at the option of the issuer; and
(iii) common stocks. In addition, the rules require disclosure of redemption terms, five-year maturity data, and changes in
redeemable preferred stock.
Use
of Estimates
The
Company’s condensed consolidated financial statement preparation requires that management make estimates and assumptions which
affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report
these financial statements in conformity with GAAP. Actual results could differ from those estimates.
Segment
Reporting
Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision-maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance.
The Company views its operations and manages its business as two operating segments, the Longevity-tech Platform and personal care.
Cash,
and Restricted Cash
Cash,
consisting of short-term, highly liquid investments and money market funds with original maturities of three months or less at the date
of purchase, are carried at cost plus accrued interest, which approximates market value.
Restricted
cash includes cash that the Company deposited as security for obligations arising from property taxes, property insurance and replacement
reserve the Company is required to establish escrows as required by its mortgages and certain resident security deposits.
Accounts
Receivable
The
Company records accounts receivable at their estimated net realizable value. Additionally, the Company estimates allowances for uncollectible
amounts based upon factors which include, but are not limited to, historical payment trends, write-off experience, and the age of the
receivable as well as a review of specific accounts, the terms of the agreements, the residents, the payers’ financial capacity
to pay and other factors which may include likelihood and cost of litigation.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Real Estate Property and Equipment, Net
Property
and equipment are stated at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to operations as
incurred. Depreciation and amortization are based on the straight-line method over the estimated useful lives of the related assets.
When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts,
and any resulting gain or loss is reflected in operations in the period realized.
Depreciation
is computed on the straight-line method with useful lives as follows:
Schedule of Estimated Useful Lives
Asset Class | |
Estimated Useful Life (in years) | |
Buildings and building improvements | |
| 39 | |
Leasehold improvements | |
| 15 | |
Equipment | |
| 7 | |
Computer equipment and software | |
| 5 | |
Furniture and fixtures | |
| 7 | |
Intangible
Assets, Net
Software Capitalization.
With regards to developing software, any application costs incurred during
the development state, both internal expenses and those paid to third parties are capitalized and amortized per FASB Topic ASC350-40
(“Internal-Use Software Accounting & Capitalization”). Once the software has been
developed, the costs to maintain and train others for its use will be expensed. With
regards to developing software, any application costs incurred during the development state, both internal expenses and those paid to
third parties are capitalized and amortized based on the estimated useful life of five years.
Impairment
Assessment
The
Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business
climate, market conditions or other events that indicate an assets’ carrying amount may not be recoverable. Recoverability of these
assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the
cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets
is reduced to fair value.
The
Company evaluates and tests the recoverability of its goodwill for impairment at least annually during its fourth quarter of each fiscal
year or more often if and when circumstances indicate that goodwill may not be recoverable.
Revenue
Recognition
The
Company recognizes revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with
Customers”, or ASC Topic 606, using the practical expedient in paragraph 606-10-10-4 that allows for the use of a portfolio
approach, because we have determined that the effect of applying the guidance to our portfolios of contracts within the scope of ASC
Topic 606 on our condensed consolidated financial statements would not differ materially from applying the guidance to each
individual contract within the respective portfolio or our performance obligations within such portfolio. The five-step model
defined by ASC Topic 606 requires the Company to: (i) identify its contracts with customers, (ii) identify its performance
obligations under those contracts, (iii) determine the transaction prices of those contracts, (iv) allocate the transaction prices
to its performance obligations in those contracts and (v) recognize revenue when each performance obligation under those contracts
is satisfied. Revenue is recognized when promised goods or services are transferred to the customer in an amount that reflects the
consideration expected in exchange for those goods or services.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A
substantial portion of the Company’s revenue from its independent living and assisted living communities relates to contracts with
residents for services that are generally under ASC Topic 606. The Company’s contracts with residents and other customers that
are within the scope of ASC Topic 606 are generally short-term in nature. The Company has determined that services performed under those
contracts are considered one performance obligation in accordance with ASC Topic 606 as such services are regarded as a series of distinct
events with the same timing and pattern of transfer to the resident or customer. Revenue is recognized for those contracts when the Company’s
performance obligation is satisfied by transferring control of the service provided to the resident or customer, which is generally when
the services are provided over time.
Resident
fees at our residential communities consist of regular monthly charges for basic housing and support services and fees for
additional requested services, such as assisted living services, personalized health services and ancillary services. Fees are
specified in our agreements with residents, which are generally short term (30 days to one year), with regular monthly charges
billed in advance. Funds received from residents in advance of services provided are not material to our condensed consolidated
financial statements. Some of our senior living communities require payment of an upfront entrance fee in advance of a resident
moving into the community; substantially all these community fees are non-refundable and are initially recorded as deferred revenue
and included in accrued expenses and other current liabilities in our consolidated balance sheets. These deferred amounts are then
amortized on a straight-line basis into revenue over the term of the resident’s agreement. When the resident no longer resides
within our community, the remaining deferred non-refundable fees are recognized in revenue. Revenue recorded and deferred in
connection with community fees is not material to our condensed consolidated financial statements. Revenue for basic housing and
support services and additional requested services is recognized in accordance with ASC Topic 606 and measured based on the
consideration specified in the resident agreement and is recorded when the services are provided.
Resident
Care Contracts
Resident
fees at the Company’s senior living communities may consist of regular monthly charges for basic housing and support services and
fees for additional requested services and ancillary services. Fees are specified in the Company’s agreements with residents, which
are generally short term (30 days to one year), with regular monthly charges billed on the first of the month. Funds received from residents
in advance of services are not material to the Company’s condensed consolidated financial statements.
Below
is a table that shows the breakdown by percentage of revenues related to contracts with residents versus resident fees for support or
ancillary services.
Schedule of Revenue from Contract with Customers
| |
For the periods ended March 31, | |
| |
2023 | | |
% | | |
2022 | | |
% | |
Revenue from contracts with customers: | |
| | | |
| | | |
| | | |
| | |
Resident rent - over time | |
$ | 2,895,326 | | |
| 96 | % | |
$ | 3,124,761 | | |
| 97 | % |
Day care | |
| 89,041 | | |
| 3 | % | |
| 83,896 | | |
| 3 | % |
Amenities and conveniences - point in time | |
| 22,137 | | |
| 1 | % | |
| 1,561 | | |
| 0 | % |
Total revenue from contracts with customers | |
$ | 3,006,504 | | |
| 100 | % | |
$ | 3,210,218 | | |
| 100 | % |
Financial
Instruments
In
accordance with the reporting requirements of the FASB ASC Topic 825, “Financial Instruments”, the Company calculates
the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional
information in the notes to the condensed consolidated financial statements when the fair value is different than the carrying value
of those financial instruments. The Company does not have assets or liabilities measured at fair value on a recurring basis except
its derivative liability.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consequently,
the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor
gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to
those assets and liabilities still held during the periods presented, except as disclosed.
Fair
Value Measurement
ASC
Topic 820, “Fair Value Measurements”, provides a comprehensive framework for measuring fair value and expands disclosures
which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy
prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets
and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level
1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and
liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the
New York Stock Exchange.
Level
2 - Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported
date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced
with models using highly observable inputs.
Level
3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level
3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts
used to determine the fair value.
The
following tables present the Company’s assets and liabilities that were measured and recognized at fair value as of March 31, 2023
and December 31, 2022:
Schedule of Assets and Liabilities Measured at Fair Value
March 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 3,748,918 | | |
$ | 3,748,918 | |
December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 2,320,547 | | |
$ | 2,320,547 | |
Under
the Company’s contract ordering policy, the Company first considers common shares issued and outstanding as well as reserved but
unissued equity awards, such as under an equity award program. All remaining equity linked instruments such as, but not limited to, options,
warrants, and debt and equity with conversion features are evaluated based on the date of issuance. If the number of shares which may
be issued under the Company’s agreements exceed the authorized number of shares or are unable to be determined, equity linked instruments
from that date forward are considered to be derivative liabilities until such time as the number of shares which may be issued under
the Company’s agreements no longer exceed the authorized number of shares and are able to be determined.
The
Company has outstanding note agreements containing provisions meeting the definition of a derivative liability which therefore require
bifurcation. Further, pursuant to the Company’s contract ordering policy, any issuance of equity linked instruments subsequent
to the initial triggering agreement will result in derivative liabilities.
At
March 31, 2023, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and warrants
based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s
common stock of $0.51; risk-free interest rates ranging from 3.60% to 4.94%; expected volatility of the Company’s common stock
ranging from 182% to 421%; estimated exercise prices ranging from $0.35 to $0.43; and terms from one to sixty months.
At
December 31, 2022, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and warrants
based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s
common stock of $0.56; risk-free interest rates ranging from 3.99% to 4.76%; expected volatility of the Company’s common stock
ranging from 183% to 572%; estimated exercise prices ranging from $0.35 to $0.75; and terms from three to sixty months.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A
reconciliation of the changes in the Company’s Level 3 derivative liability at fair value is as follows:
Summary of Activity of Level 3 Liabilities
| |
| | |
Balance - December 31, 2022 | |
$ | 2,320,547 | |
Additions | |
| 3,707,038 | |
Settlements | |
| (713,435 | ) |
Change in fair value | |
| (1,565,232 | ) |
Balance - March 31, 2023 | |
$ | 3,748,918 | |
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC Topic 815, “Derivatives
and Hedging Activities”.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative
financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and
risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host
contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at
fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same
terms as the embedded derivative instrument would be considered a derivative instrument.
The
Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated
from their host instruments) as follows: The Company records when necessary, discounts to convertible notes for the intrinsic value of
conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the
commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements
are amortized over the term of the related debt to their stated date of redemption.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are included in operating expenses. There were no research and development costs incurred in the three months ended March 31, 2023 or 2022.
Advertising
Costs
The
costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. There were no advertising expenses in the three months ended March 31, 2023 or 2022.
Lease
Accounting
The
Company follows ASC Topic 842, “Leases”. The Company has elected the practical expedient to account for each separate lease component of a contract and its
associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. All ROU assets were written
off effective March 31, 2023, when the Company disposed of the three leased properties described in Note 5 Leases.
Income
Taxes
The
Company’s income tax expense includes U.S. income taxes. Certain items of income and expense are not reported in tax returns and
financial statements in the same year. The Company accounts for income taxes under the asset and liability method, which requires the
recognition of deferred tax assets and liabilities for the expected future tax consequences to be included in the Company’s condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the
differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in
which the differences are expected to reverse, while the effect of a change in tax rates on deferred tax assets and liabilities is recognized
in income in the period that includes the enactment date.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained
upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with
a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized.
Changes
in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred
tax assets will be recovered from future taxable income, and, to the extent, the Company believes that the Company is more likely than
not that all or a portion of deferred tax assets will not be realized, the Company establishes a valuation allowance to reduce the deferred
tax assets to the appropriate valuation.
Company
includes the related tax expense or tax benefit within the tax provision in the condensed consolidated statement of operations
in that period. In making such a determination, the Company considers all available positive and negative evidence, including future
reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent
operations. In the future, if the Company determines that it would be able to realize its deferred tax assets in excess of their net
recorded amount, the Company will make an adjustment to the deferred tax asset valuation allowance and record an income tax benefit within
the tax provision in the condensed consolidated statement of operations in that period.
The
Company pays franchise taxes in certain states in which it has operations. The Company has included franchise taxes in general and administrative
and operating expenses in its condensed consolidated statements of operations.
Earnings
Per Share
FASB
ASC Topic 260, “Earnings Per Share”, requires a reconciliation of the numerator and denominator of the basic and diluted
earnings (loss) per share (EPS) computations.
Basic
earnings (loss) per share are computed by dividing income available to common stockholders by the weighted-average number of common shares
outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator
is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been
issued and if the additional common shares were dilutive.
Commitments
and Contingencies
The
Company has been, is currently, and expects in the future to be involved in claims, lawsuits, and regulatory and other government audits,
investigations and proceedings arising in the ordinary course of the Company’s business, some of which may involve material amounts.
The Company establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount
of the loss can be reasonably estimated. Also, the defense and resolution of these claims, lawsuits, and regulatory and other government
audits, investigations and proceedings may require the Company to incur significant expense. The Company accounts for claims and litigation
losses in accordance with ASC Topic 450, “Contingencies”. Under ASC Topic 450, loss contingency provisions are recorded for
probable and estimable losses at the Company’s best estimate of a loss or, when a best estimate cannot be made, at the Company’s
estimate of the minimum loss. These estimates are often developed prior to knowing the amount of the ultimate loss, require the application
of considerable judgment, and are refined as additional information becomes known. Accordingly, the Company is often initially unable
to develop a best estimate of loss and therefore the estimated minimum loss amount, which could be zero, is recorded; then, as information
becomes known, the minimum loss amount is updated, as appropriate. Occasionally, a minimum or best estimate amount may be increased or
decreased when events result in a changed expectation.
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging
- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s
Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities
and equity. This ASU (a) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing
guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features
and cash conversion features in equity, separately from the host convertible debt or preferred stock; (b) revises the scope exception
from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s
own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (c) revises
the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share for convertible instruments
by using the “if-converted” method. In addition, entities must presume share settlement for purposes of calculating diluted
earnings per share when an instrument may be settled in cash or shares. For smaller reporting companies, ASU 2020-06 is effective for
fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact that ASU 2020-06 may have on its financial
statements and related disclosures.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
As
of March 31, 2023, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable,
has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had
or will have a material impact on the Company’s condensed consolidated financial statements.
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v3.23.3
Real Estate, Property and Equipment
|
3 Months Ended |
Mar. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Real Estate, Property and Equipment |
3.
Real Estate, Property and Equipment
The
Company’s real estate, property and equipment consisted of the following at the respective balance sheet dates:
Schedule of Real Estate, Property and Equipment
| |
March 31,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Land | |
$ | 2,231,879 | | |
$ | 2,231,879 | |
Building and building improvements | |
| 4,975,243 | | |
| 4,975,243 | |
Leasehold Improvements | |
| 710,317 | | |
| 846,754 | |
Computers | |
| 57,192 | | |
| 332,809 | |
Furniture, fixtures, and equipment | |
| 72,213 | | |
| 1,379,219 | |
Other Equipment | |
| 74,937 | | |
| 518,145 | |
Work in progress | |
| 138,187 | | |
| 138,187 | |
Total | |
| 8,259,968 | | |
| 10,422,236 | |
Less accumulated depreciation | |
| (1,938,219 | ) | |
| (3,899,257 | ) |
Real estate, property and equipment, net | |
$ | 6,321,749 | | |
$ | 6,522,979 | |
The
Company recorded depreciation and amortization expenses relating to real estate, property, and equipment in the amount of $112,826
and $501,797 for
the periods ended March 31, 2023, and December 31, 2022, respectively.
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v3.23.3
Intangible Assets, Net
|
3 Months Ended |
Mar. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets, Net |
4.
Intangible Assets, Net
Software Capitalization.
With regards to developing software, any application
costs incurred during the development state, both internal expenses and those paid to third parties are capitalized and amortized per
FASB Topic ASC350-40 (“Internal-Use Software Accounting & Capitalization”). Once the software has been developed, the
costs to maintain and train others for its use will be expensed. At March 31, 2023 and March 31, 2022, $3,496,000 and $2,240,000, respectively
were the balances that will be amortized based on the estimated useful life of five years. The Company began this amortization starting
January 1, 2023.
Acquired
intangible assets subject to amortization are as follows:
Schedule
of Expected Future Amortization Expense for Intangible Assets
| |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2023 | |
| |
Gross Carrying
Amount | | |
Accumulated
Amortization | | |
Net Carrying
Amount | | |
Weighted-Average
Remaining Useful
Life (Years) | |
Developed technology | |
$ | 3,680,000 | | |
$ | 184,000 | | |
$ | 3,496,000 | | |
| 4.75 | |
Expected
future amortization expense for intangible assets as of March 31, 2023 is as follows:
Schedule of Future Amortization Expense for Intangible Assets
| |
| | |
Fiscal Years | |
| |
2023 (remaining) | |
$ | 552,000 | |
2024 | |
| 736,000 | |
2025 | |
| 736,000 | |
2026 | |
| 736,000 | |
2027 | |
| 736,000 | |
Thereafter | |
| - | |
Total | |
$ | 3,496,000 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Weighted-Average
Remaining
Useful
Life
(Years) |
|
Developed
technology |
|
$ |
2,240,000 |
|
|
$ |
- |
|
|
$ |
2,240,000 |
|
|
|
5.75 |
|
The Company recorded amortization expense related
to its intangible assets in the amounts of $184,000 and $0 for the periods ended March 31, 2023 and March 31, 2022, respectively.
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v3.23.3
Leases
|
3 Months Ended |
Mar. 31, 2023 |
Leases |
|
Leases |
5.
Leases
Lease
Terminations
On
March 31, 2023, the Company entered into agreements (collectively, the “Lease Termination Agreement”) to terminate the
leases (“Community Leases”) for three of its four residential care facilities, which account for all of Clearday’s
leased residential care facilities. The Community Leases related to residential communities (the “Communities”) located
in Westover, Texas, New Braunfels, Texas and Little Rock, Arkansas. Terminating the Community Leases will remove Right of Use
liabilities and right of use assets related to these Community Leases, as of December 31, 2022 and the write-off or elimination of
the related net leasehold improvements and personal property in these Communities. As of March 31, 2023, we had no material economic
rights or obligations under the Community Leases other than for payment obligations under the Lease Termination Agreements. The tenants of the
Community Leases and the guarantors, including Clearday, Inc., entered a Lease Transition Agreement with the Lessor of the properties
dated March 31, 2023. The Lease Transition Agreement provided, among other matters, that the aggregate liability of the Clearday
subsidiaries that are tenants under the Community Leases are reduced to amount (the “Repayment Amount”) that is equal to
the sum of: (1) past due rent payments under the Community Leases of $
(“Past Due Community Lease Amounts”), (2) a fixed amount arising from the termination of the Community Leases of $1,710,777
(“Rent Differential Amount”), (3) the amount of additional advances (“Critical Expenses Advances”) by
Landlord to pay critical expenses plus the premium for tail insurance policy in favor of the Landlord (the obligation for such
premiums are limited $275,000),
(4) plus an additional amount that is equal to the greater of $25,000
or 5% of such Critical Expenses Advances. The Critical Expense Advances and additional amount were determined in
the second quarter of 2023. The Repayment Amount is due and payable over a period maturing on July 31, 2025, as
follows: (1) on closing date of the previously announced proposed merger with Viveon Health Acquisition Corp. (the “Viveon
Merger”), a payment equal to 10%
of the new money that is raised in connection with the Viveon Merger (subject to a minimum payment of $300,000
and a maximum payment of $500,000);
provided that if the Viveon Merger does not close by July 31, 2023, then a payment of $300,000
will be paid on July 31, 2023 or such other date agreed by Landlord and Clearday; (2) $400,000
payable quarterly commencing on December 31, 2023, and (3) beginning with the calendar quarter ending December 31, 2023 10%
of the Excess Cash Flow, generally based on earnings before interest, taxes, depreciation, and amortization of Clearday. The current
guarantors of the Community Leases (a subsidiary of Clearday, Inc. and two individuals) continued to guaranty the obligations, as
modified by the Lease Transition Agreement, and provided a security interests on the collateral specified in such
guarantees.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
In
connection with the Lease Termination Agreements, the tenants under the Community Leases and the Clearday, Inc. subsidiaries that operated
the Communities signed a promissory note for the Repayment Amount and the Past Due Community Lease Amounts and Clearday, Inc. agreed
to be an additional guarantor of the obligations of the Community Leases, as modified and limited by the Community Lease Transition Agreement,
which is less than approximately $ under the terms of a Guaranty (the “Guaranty”). Clearday also agreed to cooperate
with Landlord to facility the termination of the Community Leases the sale of the furniture and fixtures at the Communities to the New
Operator so that New Operator may enter into a lease or purchase of the Communities and operate the memory care businesses in the Communities
or other businesses at the Communities that they choose to conduct.
In
connection with the proposed termination of the Community Leases, the subsidiaries that operate the Communities (the “Current Operators”)
and subsidiaries of the New Operator (“New Communities Operators”) entered into the Operations Transfer Agreement dated as
of April 1, 2023 (the “OTA”). The OTA provides that the New Communities Operators will purchase the personal property and
other assets of the Current Operators used at the Communities to enable the New Communities Operators to conduct their business at the
Communities under new leases or other arrangements with the Landlord. Such purchase and sale will close on the date that the New Communities
Operators receive the licenses, authorizations and approvals from the applicable Texas and Arkansas governmental agencies to conduct
a licensed residential memory care business at the Communities and they enter into new leases with the Landlord (the “Commencement
Date”). The New Communities Operators will enter into new agreements with the residents at the Communities, effective the Commencement
Date, which agreements, according to statements by the New Communities Operators, will be at the same price as the rates charged by Current
Operators. The Current Operators have provided a notice to each of the residents at the Communities that their current agreement will
terminate, effective the Commencement Date. In connection with the OTA, the Current Operators and the New Communities Operators entered
into Interim Management and Security Agreements or an Interim Consulting and Security Agreement, as applicable, dated as of April 1,
2023 (the “Interim Agreements”). The Interim Agreements provide that the New Communities Operators will assist with operating
the Communities as an independent contractor, pending their receipt of government authorizations and approvals necessary to operate memory
care residential care businesses at the Communities. The New Communities Operators are not affiliated with the Company or its officers
or directors. The OTA and Interim Agreements provide for the asset purchase and sale of the memory care businesses at the Communities,
and the transfer of certain agreements and the assumption of certain specified liabilities. The Current Operators, each of which is a
subsidiary of Clearday, Inc., remain obligated for liabilities that are not assumed by the New Operators. Under the Interim Agreements,
the New Communities Operators is an independent contractor that has employed, or offered employment to, all of the employees of the Current
Operators at the Communities and will fund and be responsible for any operating cash losses for the Communities.
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v3.23.3
Discontinued Operations
|
3 Months Ended |
Mar. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
6.
Discontinued Operations
The
following statement is the condensed consolidated statement of operations for the Company’s discontinued operations for
the period ended March 31, 2022:
Schedule
of Discontinued Operations for Consolidated Statement of Operations
| |
| | |
REVENUES | |
| | |
Commercial property rental revenue | |
$ | 14,239 | |
Total revenues, net | |
| 14,239 | |
| |
| | |
Costs and expenses | |
| | |
Operating expenses | |
| - | |
General and administrative expenses | |
| 36,636 | |
Total operating expenses | |
$ | 36,636 | |
| |
| | |
Loss from operations | |
| (22,307 | ) |
| |
| | |
Other/(income) expenses | |
| | |
Interest expense | |
| 44,151 | |
Gain on disposal of assets | |
| - | |
Equity income from investees, net of applicable taxes | |
| - | |
Impairment expense (recovery) | |
| - | |
Other (income) expenses | |
| 18,768 | |
Total (income)/expense | |
| 62,920 | |
| |
| | |
Net loss | |
$ | (85,227 | ) |
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v3.23.3
Indebtedness
|
3 Months Ended |
Mar. 31, 2023 |
Debt Disclosure [Abstract] |
|
Indebtedness |
7.
Indebtedness
As
of March 31, 2023 and December 31, 2022, the current portion of long-term debt within the Company’s financial statements was $16,746,935 and $16,347,290,
respectively.
During
the periods ended March 31, 2023 and 2022, we incurred interest expenses totaling $714,833
and $501,598,
respectively.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
following table summarizes the Company’s debt as of March 31, 2023 and December 31, 2022:
Schedule
of Long Term Debt
As of March 31, | |
Total | |
2022 | |
| 6,839,277 | |
2023 | |
| 9,635,591 | |
2024 | |
| 1,494,886 | |
2025 | |
| 4,461,182 | |
Thereafter | |
| 494,900 | |
Total obligations | |
$ | 22,925,835 | |
Indebtedness
of Facilities
Schedule
of Maturity Debt
| |
Maturity Date | |
Interest Rate | | |
March 31,
2023 | | |
December 31,
2022 | |
Naples Equity Loan ^ | |
May 2023 | |
| 9.95 | % | |
$ | 4,550,000 | | |
$ | 4,550,000 | |
Gearhart Loan ^ | |
December 2022 | |
| 7.00 | % | |
| 193,578 | | |
| 193,578 | |
SBA PPP Loans # | |
February 2022 | |
| 1.00 | % | |
| 1,518,682 | | |
| 1,518,682 | |
Bank Direct Payable ^ | |
December 2022 | |
| 3.13 | % | |
| 31,569 | | |
| 80,381 | |
AIU Sixth Street | |
February 2023 | |
| 12.00 | % | |
| - | | |
| 49,593 | |
1800 Diagonal Lending | |
October 2024 | |
| 12.00 | % | |
| 93,408 | | |
| 116,760 | |
1800 Diagonal Lending | |
February 2024 | |
| 12.00 | % | |
| 173,594 | | |
| - | |
Equity Secure Fund I, LLC* | |
June 2022 | |
| 11.50 | % | |
| 1,000,000 | | |
| 1,000,000 | |
Invesque | |
July 2025 | |
| 10.00 | % | |
| 3,458,504 | | |
| - | |
Merchant Cash Advance Loans (^^)
Naples Operating PIRS Capital | |
March 2023 | |
| 0.00 | % | |
$ | 338,000 | | |
$ | 338,000 | |
Little Rock Libertas | |
February 2023 | |
| 0.00 | % | |
| 326,330 | | |
| 326,330 | |
PIRS Capital Financing Agreement | |
March 2023 | |
| 0.00 | % | |
| 144,659 | | |
| 144,659 | |
Naples Samson #1 | |
May 2023 | |
| 0.00 | % | |
| 76,916 | | |
| 76,916 | |
Naples LG Funding #2 | |
April 2023 | |
| 0.00 | % | |
| 171,170 | | |
| 171,170 | |
Little Rock Premium Funding | |
April 2023 | |
| 0.00 | % | |
| 211,313 | | |
| 211,313 | |
Little Rock KIT Funding | |
December 2022 | |
| 0.00 | % | |
| 89,400 | | |
| 89,400 | |
Little Rock Samson Funding #4 | |
February 2023 | |
| 0.00 | % | |
| 170,501 | | |
| 170,501 | |
Naples Operating SWIFT | |
December 2022 | |
| 0.00 | % | |
| 111,750 | | |
| 111,750 | |
New Braunfels Samson Cloud Fund | |
February 2023 | |
| 0.00 | % | |
| 308,035 | | |
| 308,035 | |
New Braunfels Samson Group | |
February 2023 | |
| 0.00 | % | |
| 375,804 | | |
| 375,804 | |
Westover Hills One River | |
December 2022 | |
| 0.00 | % | |
| 128,298 | | |
| 128,301 | |
Westover Hills FOX Capitol | |
March 2023 | |
| 0.00 | % | |
| 109,384 | | |
| 109,384 | |
Westover Hills Arsenal | |
October 2023 | |
| 0.00 | % | |
| 95,882 | | |
| 95,882 | |
Westover Samson Funding | |
March 2023 | |
| 0.00 | % | |
| 267,754 | | |
| 267,754 | |
Notional amount of debt | |
| |
| | | |
| 13,944,531 | | |
| 10,434,193 | |
Less: current maturities | |
| |
| | | |
| 13,944,531 | | |
| 10,434,193 | |
| |
| |
| | | |
$ | - | | |
$ | - | |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Indebtedness
Allocated to Assets Held For Sale
Real Estate: | |
| |
| | |
| | |
| |
Artesia Note | |
June 2033 | |
| Variable | | |
$ | - | | |
$ | 211,721 | |
Carpenter Enterprises | |
Demand Note | |
| Variable | | |
| 300,000 | | |
| 300,000 | |
Leander Stearns National Association ^ | |
February 2023 | |
| 10.38 | % | |
| 805,000 | | |
| 805,000 | |
Notional amount of debt | |
| |
| | | |
| 1,105,000 | | |
| 1,316,721 | |
Less: current maturities | |
| |
| | | |
| 805,000 | | |
| 805,000 | |
| |
| |
| | | |
$ | 300,000 | | |
$ | 511,721 | |
Other
(Corporate) Indebtedness
| |
| |
| | |
| | |
| |
AGP Contract ^ | |
March 2023 | |
| 5.00 | % | |
$ | 550,000 | | |
$ | 550,000 | |
Cibolo Creek Partners | |
December 2025 | |
| 0.09 | % | |
| 411,470 | | |
$ | 421,470 | |
Cibolo Creek Partners promissory note | |
December 2025 | |
| 0.09 | % | |
| 91,208 | | |
| 96,208 | |
EIDL SBA Treas 310 | |
December 2051 | |
| 3.75 | % | |
| 494,900 | | |
| 494,900 | |
Firstfire | |
May 2023 | |
| 12.00 | % | |
| 37,195 | | |
| 95,054 | |
Five C’s Loan ^ | |
December 2022 | |
| 9.85 | % | |
| 325,000 | | |
| 325,000 | |
GS Capital | |
May 2023 | |
| 12.00 | % | |
| 12,048 | | |
| 50,955 | |
Jefferson Street Capital LLC @ | |
May 2023 | |
| 12.00 | % | |
| 33,600 | | |
| 84,000 | |
KOBO, L.P. ^ | |
October 2023 | |
| Floating | % | |
| 500,000 | | |
| 500,000 | |
Mast Hill LP @ | |
May 2023 | |
| 12.00 | % | |
| 300,000 | | |
| 420,000 | |
Mast Hill LP @ | |
July 2023 | |
| 12.00 | % | |
| 252,000 | | |
| 315,000 | |
Round Rock Development Partners Note | |
December 2025 | |
| 0.09 | % | |
| 500,000 | | |
| 500,000 | |
Jefferson Street Capital LLC (February 2023) | |
February 2024 | |
| 12.00 | % | |
| 192,883 | | |
| - | |
Mast Hill LP (January 2023) | |
January 2024 | |
| 12.00 | % | |
| 756,000 | | |
| - | |
Convertible Notes Issued by AIU Alternative Care, Inc. | |
January 2024 | |
| 12.00 | % | |
| 279,000 | | |
| - | |
| |
| |
| | | |
| | | |
| | |
Notional amount of debt | |
| |
| | | |
| 4,735,304 | | |
| 3,852,587 | |
Less: current maturities | |
| |
| | | |
| 2,009,843 | | |
| 2,340,009 | |
| |
| |
| | | |
$ | 2,725,461 | | |
$ | 1,512,578 | |
| |
| |
| | | |
| | | |
| | |
TIC Purchase Agreements | |
No Specified Date | |
| 8.00 | % | |
$ | 3,141,000 | | |
$ | 3,141,000 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
| Total | | |
| 22,925,835 | | |
| 18,744,501 | |
| |
| |
| Less Debt Discount &
Derivatives | | |
| (1,554,177 | ) | |
| (1,004,271 | ) |
| |
| |
| Total | | |
$ | 21,371,658 | | |
$ | 17,740,230 | |
^ |
Obligation
is in default. The interest rate noted above is the stated rate of interest and does not reflect the default rate of interest. |
^^ |
We
have ceased payment of these obligations. Obligations are subject to litigation for nonpayment, as previously reported. See Note 8
Commitments and Contingencies. |
# |
SBA
PPP obligations are past due and in the Company is continuing the process to have these obligations forgiven. |
@ |
Obligation
is in payment default. Each lender has not exercised any of their remedies and the Company continues to negotiate with each lender a
payment schedule. The interest rate noted above is the stated rate of interest and does not reflect the default rate of interest. Subsequently, each lender has provided a forbearance of their remedies which was in effect as of the date of this
Report. |
* |
Obligations
have been modified as described in Note 13 Subsequent Events. |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Mast
Hill Financing – January 2023
On
January 13, 2023, the Company incurred a loan in the principal amount of $756,000, by issuing a promissory note (“MH Loan 1 Note”)
that included original issue discount of $75,600. The Company paid $68,040 in placement fees and $12,000 of legal fees and expenses of
the lender. The net proceeds of this loan were used to repay the obligations of a mortgage on a land asset held by a subsidiary (“Artesia”)
of approximately $213,000 and the remaining amount was used for general working purposes. The obligations under this loan incur interest
equal to 12% per annum, subject to increase to the lesser of 16% per annum or the maximum amount permitted by law upon an Event of Default
as defined by MH Loan 1 Note. The loan is due and payable on January 26, 2024. Interest and principal are payable from and after April
12, 2023, subject to a five business day grace period, in equal monthly payments of $75,600 plus accrued and unpaid interest, subject
to the Company’s right to extend any or each of the first three such payments for 30 days upon payment of a fee equal to 10% of
the amount due on such payment date. The loan may be prepaid upon notice of seven trading days without payment or penalties or fees other
than a $750 administrative fee. The Company paid the lender a commitment fee of 83,160 shares of its common stock (“MH Loan 1 Commitment
Shares”) and issued two warrants to the lender. One warrant (the “MH Loan Note Warrant”) may be exercised for 1,134,000
shares of the Company’s common stock from and after an Event of Default, as defined under MH Loan 1 Note, at a price per share
of $0.75. The other warrant (the “MH Loan 1 Other Warrant”) may be exercised for 851,000 shares of the Company’s common
stock at a price per share of $0.75. Each of the MH Loan 1 Note Warrant and the MH Loan 1 Other Warrant provide for customary “cashless”
exercise of such warrant and adjustments to the exercise price and shares underlying each warrant, including adjustment in the event
of an issuance of common stock or deemed issuance of common stock at a price that is lower than then exercise price on a “full
rachet” basis. Artesia absolutely and unconditionally guaranteed to the lender the full amount of the loan under the terms and
conditions of that certain guaranty (the “Guaranty”). Such Guarantee is secured by all assets of Artesia and the proceeds
therefrom, including the land asset located at 6465 7 Rivers Highway, Artesia, NM. Artesia has agreed to record a mortgage with respect
to such property in form mutually determined by Lender and Artesia. The lender has certain remedies, including the right to convert the
unpaid amount of the loan, from and after an Event of Default, at a price per share equal to $0.50. The exercise price of each warrant
and the conversion price of MH Loan 1 Note are subject to adjustment in the event the Company issues shares of common stock or equivalents
at a price per share that is lower than then exercise or conversion price. The Company reserved shares of its common stock for issuance
upon conversion of MH Loan 1 Note or the warrants and has agreed to register the shares of common stock for resale under the Securities
Act of 1933, as amended. The Company granted the lender with a right of first refusal with respect to any bona fide offer of any financing
, subject to exceptions for certain specified transactions: (1) a bona fide offer of capital or financing from a nationally recognized
broker dealer that is retained by Borrower and acceptable to the Holder, which acceptance will not be unreasonably delayed, withheld
or conditioned (“Investment Banker”), or any person or party that is introduced to the Company by the Investment Banker in
its capacity as a placement agent, (ii) a bona fide offer of capital or financing from a person or party if such capital or financing
is used by the Company for the acquisition or refinance of real property so long as (a) any security interest granted to such person
or party is solely limited to the real property being acquired or refinanced and (b) such person or party shall have no rights at any
time in such transaction or any related transaction to acquire Common Stock or Common Stock Equivalents of the Company (each a “Real
Property Transaction”), as well as (iii) a bona fide offer of specified capital or financing through certain financing transactions.
MH Loan 1 Note is subject to repayment from the use of proceeds of certain transactions. If, prior to the full repayment or satisfaction
of the MH Loan 1 Note’s obligations, the Company receives cash proceeds of more than $2,000,000.00 (the “Minimum Threshold”)
in the aggregate, from the sale of assets or issuance of the Company’s securities, including pursuant to an Equity Line of Credit
(as defined in MH Loan 1 Note), then the Lender may require us to apply up to 50% of such proceeds after the Minimum Threshold to repay
all or any portion of the outstanding obligation under the Note; provided that such repayment obligation is not applicable to Real Property
Transactions, the sale of assets to customers of the Company in the ordinary course of business, the sale of interests in real estate,
or any Small Business Administration Economic Injury Disaster Loan. Additionally, the Company provided the lender with rights to receive
terms provided under any other financing transaction that are more favorable than under MH Loan 1 Note, other than Real Property Transactions
and certain other transactions.
1800
Diagonal Lending – February 2023
On
February 10, 2023, the Company issued an unsecured promissory note (the “1800 Note”) to an institutional lender in the aggregate
amount of $194,360, including original issue discount of $20,824. The Company used the proceeds of this financing to fund the Company’s
operations and repay approximately $19,280 of existing indebtedness to this lender that was incurred April 5, 2022. The 1800 Note provides
for the net funding to Clearday of $150,000 after payment of specified expenses of $4,250 and provides for an original issue discount
of $19,286, resulting in a principal obligation of $194,360 and a one-time interest charge of 12% on such principal amount.
The
1800 Note provides for a one-year maturity. Monthly payments on the 1800 Note of approximately $21,768 will be made by Clearday with
the first payment being on March 30, 2023, which payments are subject to a 10-day grace period. The 1800 Note provides specified events
of default (an “Event of Default”) including failure to timely pay the monetary obligations under the 1800 Note and such
breach continues for a period of ten (10) days after written notice from the 1800 Noteholder’ a breach of covenants under the 1800
Note or the Purchase Agreement that continues for a period of twenty (20) days after written notice by the 1800 Noteholder; breach of
any representation and warranty in the 1800 Note or Purchase Agreement; commencement of bankruptcy or similar proceedings; failure to
maintain the listing of Clearday’s common stock on at least one of the Over-the-Counter markets such as the OTCQX or OTCQB; the
failure of Clearday to comply with the reporting requirements of the Securities Exchange Act; Clearday’s liquidation, or a financial
statement restatement by Clearday.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Upon
any Event of Default, the obligations under the 1800 Note will accrue interest at an annual rate of 22% and, if such Event of Default
is continuing at any time that is 180 days after the date of the 1800 Note, provide the 1800 Noteholder the right and option to convert
the obligations under the 1800 Note to shares of Clearday’s common stock. The price for any such conversion is equal to 75% (or
a 25% discount) of the average of the five (5) lowest per share daily volume-weighted average price of Clearday’s common stock
over the ten (10) consecutive trading days that are not subject to specified market disruptions immediately preceding the date of the
conversion. The conversion right of the 1800 Noteholder is subject to a customary limitation on beneficial ownership of 4.99% of Clearday’s
common stock.
Jefferson
Street – February 2023
On
February 17, 2023, the Company issued an unsecured promissory note (the “Jefferson Street Note”) to an institutional lender.
the Company used the net proceeds of this financing to fund the Company’s operations.
On
February 17, 2023, the Company entered into a Securities Purchase Agreement with an institutional lender (the “Lender”) to
issue an unsecured promissory note (the “Jefferson Street Note”) to the Lender. This Jefferson Street Note provides for the
proceeds to us of approximately $135,000 and provides for an original issue discount of $22,217 or 12%, resulting in a principal obligation
of $172,217. The Company paid $15,000 in placement fees in connection with the issuance and sale of the securities to the Lender. The
Jefferson Street Note provides a one-time interest charge
of 12% on such principal amount or $20,666 and a one-year maturity. Monthly payments on the Jefferson
Street Note of the accrued, unpaid interest and outstanding principal, subject to adjustment, shall be paid in ten (10) payments
each in the amount of $19,288.30 (a total payback to the Holder of $192,883). The first such payment is due April 16, 2023, with nine
(9) subsequent payments each month thereafter, which payments are subject to a 10 day grace period,
or shorter if the payment date is not a business day.
The
Jefferson Street Note provides specified events of default (a “Event of Default”) including failure to timely pay the monetary
obligations under the Jefferson Street Note and such breach continues for a period of ten (10) days after written notice from the Jefferson
Street Noteholder’ a breach of covenants under the Jefferson Street Note or the Securities Purchase Agreement that continues for
a period of twenty (20) days after written notice by the Jefferson Street Noteholder; breach of any representation and warranty in the
Jefferson Street Note or Securities Purchase Agreement; commencement of bankruptcy or similar proceedings; failure to maintain the listing
of Clearday’s common stock on at least one of the Over-the-Counter markets such as the OTCQX; the failure of Clearday to comply
with the reporting requirements of the Securities Exchange Act; Clearday’s liquidation, or a financial statement restatement by
Clearday. Upon any Event of Default, the obligations under the Jefferson Street Note will accrue interest at an annual rate of 22% and,
if such Event of Default is continuing at any time that is 180 days after the date of the Jefferson Street Note, provide the Jefferson
Street Noteholder the right and option to convert the obligations under the Jefferson Street Note to shares of Clearday’s common
stock. The price for any such conversion is equal to 75% (or a 25% discount) of the average of the five (5) lowest per share daily volume-weighted
average price of Clearday’s common stock over the ten (10) consecutive trading days that are not subject to specified market disruptions
immediately preceding the date of the conversion. The conversion right of the holder of the Jefferson Street Note is subject to a customary
limitation on beneficial ownership of 4.99% of Clearday’s common stock. Each of the Jefferson Street Note and the Securities Purchase
Agreement has other customary covenants and provisions, including representations and warranties, payment of brokers, and indemnification,
that Clearday will not sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business
without the consent of the holder of the Jefferson Street Note and Clearday will maintain a reserve of authorized and unissued shares
of common stock sufficient for full conversion of the obligations under the Jefferson Street Note.
As
additional consideration, the Company issued to the Lender a Common Stock Purchase Jefferson Street Warrant (“Jefferson Street
Warrant”) to purchase 225,000 shares of the Company’s Common Stock at an exercise price per share of $0.75. The Jefferson
Street Warrant expires five years from March 16, 2023. The Jefferson Street Warrant provides for customary “cashless” exercise
of such Jefferson Street Warrant and adjustments to the exercise price and shares underlying each warrant, including adjustment in the
event of an issuance of common stock or deemed issuance of common stock at a price that is lower than then exercise price on a “full
rachet” basis.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Convertible
Notes Issued by AIU Alternative Care, Inc.
From
February 17, 2023 to April 10, 2023, a subsidiary of the Company, AIU Alternative Care, Inc. (“AIU Alt Care”), issued convertible
unsecured promissory notes (each, a “Convertible Note” and collectively, the “Convertible Notes”) to lenders
in a private placement of such securities, including related persons. The aggregate gross proceeds of such Convertible Notes to March
31, 2023 are approximately 279,000 and to April 10, 2023 is approximately $549,000. Each Convertible Note provides for interest at the
rate a 12% per annum (1% per month) that accrues and is payable at the maturity of the loan or upon prepayment or conversion, if earlier.
The lender under each Convertible Note was also issued 10% of the principal amount in the Company’s common stock at the per share
price of $0.75. The loan under each Convertible Note is due January 31, 2024. The principal and the accrued and unpaid interests of each
loan may be converted into the Company’s shares of common stock by such lender at the per share price of $0.75, subject to appropriate
adjustments for any stock splits, reverse stock splits mergers, consolidations or similar transactions (the “Loan Conversion Price”).
The Company also has the right to convert the principal and the accrued and unpaid interest on the loan at the Loan Conversion Price
upon certain events:
|
● |
The
issuance by AIU Alt Care or the Company or any of its other subsidiaries of any equity securities in one or more offerings with aggregate
gross proceeds of at least $5 million; |
|
● |
The
issuance by the Company or any of its other subsidiaries of convertible debt securities that were issued with gross proceeds in an
aggregate amount of at least $5 million; |
|
● |
The
listing by the Company or its common stock to the New York Stock Exchange, the NYSE American or any tier of the NASDAQ market in
connection with an offering of securities by the Company or any of its subsidiaries in connection with any merger, consolidation
or similar transaction with another person in which the Company is the surviving entity; or |
|
● |
The
exchange of the shares of the Company’s common stock for the common stock or other security that is listed on the New York
Stock Exchange, the NYSE American or any tier of the NASDAQ market in connection with any merger, consolidation or similar transaction
with another person in which Clearday is not the surviving entity or in which Clearday becomes a subsidiary of such other person,
including without limitation, any special purpose acquisition corporation. |
|
X |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
8.
Commitments and Contingencies
Contingencies
The
tenant, MCA Simpsonville Operating Company LLC, referred to as Tenant, of the MCA community that is located in Simpsonville, South Carolina,
referred to as the Simpsonville Facility, and other affiliates of the Company have a dispute with the landlord of the Simpsonville Facility,
MC-Simpsonville, SC-UT, LLC, referred to as the Landlord, and its affiliates (Embree Group of Companies: Embree Construction Group, Inc.,
Embree Asset Group, Inc., and Embree Capital Markets Group, Inc., referred to collectively as Embree) under the terms of the lease. After
non-payment, the Landlord instituted litigation (“Simpsonville Action 1”) that is captioned and numbered MC-Simpsonville,
SC-UT, LLC v. Steve Person, et. al., Cause No. 19-0651-C368 in the 368th Judicial District Court of Williamson County, Texas. After the
trial court issued a judgment on damages in the amount of $2,801,365 and appeals of this judgment this action was settled on August 5,
2022 as reflected by an Agreed Final Judgment for an aggregate amount of $3,012,011, including costs and expenses in favor of the plaintiff,
of which $2,763,936 was settled by the release of a cash bond that Tenant previously deposited with the Court and the remaining amount
of $248,075 to be paid within six months after the entry of the judgment. The Company has not paid this amount. In connection with the
settlement of Simpsonville Action 1, Tenant entered into an agreement to transfer certain operations, including lease obligations, of
the Simpsonville Facility Tenant and Landlord terminated the lease of the Simpsonville Facility as contemplated by such agreement to
transfer of certain operations, including lease obligations, which permitted the Landlord to sell the Simpsonville Facility to a third
party and thereby limit the future obligations under the lease.
The Landlord filed a second action on April 9, 2021 (Simpsonville Action
2), for claims similar to Simpsonville Action 1 including relief for payment of rent past due and reimbursement of taxes from October
2020 to the time of the trial in this action. This action captioned and numbered MC-Simpsonville, SC-UT, LLC v. Steve Person, James Walesa
and Trident Healthcare Properties I, LP (“Trident”), Cause No. 21-0513-C425 in the 425th Judicial District Court of Williamson
County, Texas. The court granted summary judgment in this matter in favor of the Landlord on April 14, 2023. On September 14, 2023 the
court entered an order (the “Judgment Enforcement Order”) requiring the turnover of non-exempt assets of the defendants Steve
Person and James Walesa and the assets of Trident Healthcare Properties I, LP and the appointment of a receiver to enforce the summary
judgement. The Judgment Enforcement Order provides, in part, that “Nothing in this Order is intended to delay, hinder or disrupt
the closing of the [Viveon] merger.” The Judgment Enforcement Order also provides certain restrictions regarding the sale or transfer
of the Clearday securities owned by Steve Person or James Walesa, providing in part that “Any liquidation of the Clearday shares
by Receiver requires approval of this Court, after notice and hearing, or written agreement of the parties. Nothing herein, however, prevents
the transfer of the shares under the expected merger so long as Defendant and the receivership estate retain their rights in such shares.
No party, including Defendants, shall encumber the shares except as specifically provided herein.”
Under the structure used for the lease and operations of the Simpsonville
Facility, a subsidiary of Clearday, Inc., Tenant, is the direct obligor under the lease and another subsidiary of Clearday, Trident, is
a guarantor of the lease obligations. Neither Tenant or Trident have any material assets. We are assessing the exposure of these matters
to Clearday, Inc. under these actions, including any liability under indemnification agreements with the individual guarantors. We expect
to offer to negotiate a settlement of the summary judgement. There can be no assurance that any such settlement discussions will be held
or that there will be any settlement of these actions on terms that are acceptable or at all.
Certain
subsidiaries of the Company that operate hotel assets did not pay employment related taxes such as required withholdings for Texas State
unemployment taxes and federal income tax and employee and employer contributions for FICA (Social Security and Medicare) taxes, and
federal unemployment tax for certain periods from December 31, 2018, to December 31, 2021. These subsidiaries have since made the appropriate
filings with the Internal Revenue Service and the Company has accrued the full estimated amount of the underpaid taxes as well as the
estimated penalties and interest. As of December 31, 2022, the amount of the estimated taxes, penalties, and interest, assuming that
there is no waiver or mitigation of the penalties, is $311,000. The Company has accrued this amount in its financial statements as of March
31, 2023. The amount that was accrued in the condensed consolidated financial statements as of December 31, 2022 was $261,000.
In
the fourth quarter of 2021, certain subsidiaries of the Company did not remit payroll taxes related to the Earned Retentions Tax Credit
(“ERTC”). The ERTC program permitted an offset for such obligations and was terminated during the fourth quarter with an
effective termination date of September 30, 2021. As a result, the Company has accrued $1,097,000 in such payroll taxes. These subsidiaries
have applied for certain tax credits, including ERTC and Families First Coronavirus Response Act. The Company expects to use such credits
that will be applied to reduce these payroll tax liabilities.
Certain
subsidiaries of the Company that operate its residential care communities have not paid employment related taxes such as required withholdings
for federal income tax and employee and employer contributions for FICA (Social Security and Medicare) taxes, and federal and state unemployment
tax from and after the payroll period that ended September 16, 2022. These subsidiaries have since made the appropriate filings with
the Internal Revenue Service and the Company has accrued the amount of the underpayment in its financial statements as of March 31, 2023
and December 31, 2022, of approximately $978,000 and $527,000, respectively, which amount does not include any taxes, penalties, and interest.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Certain
subsidiaries of the Company that operate residential care facilities (“MCA Borrowers”) incurred certain financings through
merchant credit advances. Such financings were provided by creditors under agreements (“MCA Agreements”) that describe the
transaction as the sale of future receivables by the applicable MCA Borrower. The aggregate accrued amount of these financings is approximately
$2,925,195, as summarized in Note 7 Indebtedness. Eight of these financing parties have commenced actions alleging, among other matters, a breach
of the MCA Agreement for non-payment and a breach of the guaranty by the applicable guarantors. These actions demand monetary damages
that, in the aggregate, are approximately $1,531,640, plus other costs, fees and certain other amounts.
These
actions are:
|
1. |
Premium
Merchant Funding 18, LLC v Memory Care at Good Shepherd LLC and James Walesa (a guarantor), filed in state court in Kings County,
New York on August 19, 2022 (summary judgement in this matter was entered in favor of the plaintiff and the Company has entered a
notice to appeal); |
|
2. |
Libertas
Funding LLC v. Memory Care at Good Shepherd, LLC, et. al. including James Walesa (a guarantor), filed in state court in Monroe County,
New York on August 24, 2022 (summary judgement in this matter was entered in favor of the Company’s subsidiary and may be appealed
by the plaintiff); |
|
3. |
Cloudfund
LLC v MCA New Braunfels Operating Company LLC et. al. including James Walesa (a guarantor), filed in state court in Nassau County,
New York on August 29, 2022; |
|
4. |
Cloudfund
LLC v MCA Naples Operating Company, LLC and James Walesa (a guarantor), filed in state court in Nassau County, New York on August
30, 2022 (summary judgement in this matter was entered in favor of the plaintiff and the Company has have entered a notice to appeal); |
|
5. |
Swift
Funding Source Inc. v MCA Naples Operating Company LLC et. al. including Christin Hemmens (a guarantor), filed in state court in
Ontario County, New York on August 31, 2022; |
|
6. |
Pirs
Capital, LLC v MCA Westover Hills Operating Company, LLC et. al. including James Walesa (a guarantor), filed in state court in New
York County, New York on September 8, 2022; |
|
7. |
Prosperum
Capital Partners, LLC dba Arsenal Funding v MCA Westover Hills Operating Company LLC et. al. including James Walesa (a guarantor),
filed in state court in Kings County, New York on September 28, 2022; |
|
8. |
Fox
Capital Group, Inc. v MCA Westover Hills Operating Company LLC et. al. including James Walesa (a guarantor), filed in state court
in Bexar County, Texas on October 25, 2022. |
James
Walesa is the Company’s Chief Executive Officer, and/or Christin Hemmens, is an officer of Clearday. Other than as set forth above,
each of these actions are in the pleading or discovery stage of litigation.
Naples
Equity Loan: The mortgage lender for the Naples, Florida facility commenced an action for nonpayment of the mortgage note. The
action is captioned A.AD.A, INC.; Anga Properties, LLC; Arce Holdings, LLC; Benfam Holdings LLC; Carolina Resources, LLC; Emilio
Diaz SD Investment Account, LLC; Michael B. and Irma B. Goldstein; David J. Gonzalez; Hersab Holdings, LLC; Indocan Investment USA
Corporation; Armando Navarro; Robbia Properties LLC; Shochat Holdings I LLC; and Wekwit, Inc. (collectively referred to as the
Naples Lender) vs. MCA Naples, LLC (“MCA Naples”), Case No. 11-2023-CA-000243-0001- flied in the Circuit Court in and
for Collier County, Florida (the “Benworth Action”). This litigation arises from the nonpayment under the mortgage and
promissory note. The Benworth Action demands payment of the principal amount of the promissory note of $4,550,000 together with
default interest, late charges, costs advanced, insurance advances, attorney’s fees and costs and seeks the Final Judgment of
Foreclosure and such further relief as the court deems just and proper. The Benworth Action also seeks the amount from James Walesa,
the Company’s Chief Executive Officer, under the personal irrevocable and unconditional guaranty, in favor of Benworth Capital
Partners, LLC, of the obligations of MCA Naples under the mortgage and promissory note. A clerk’s default was entered against
MCA Naples on May 15, 2023 and against Mr. Walesa on May 31, 2023. On July 5, 2023, MCA Naples filed a motion to set aside the
default and the defaults were set aside. MCA Naples, LLC filed its Answer and Defenses. A Motion to Dismiss the Complaint was filed
on behalf of Mr. Walesa and is set for hearing on November 6, 2023. Plaintiffs filed a Motion for Summary Judgment which was denied
on October 3, 2023. We believe that the fair value of the mortgaged property has a fair value that is significantly greater than the
amount mortgage obligations and intends to negotiate a forbearance or other modification of the mortgage or refinance the mortgage
obligations or assist in a sale and modification of the mortgage note. There can be no assurance, however, that any such transaction
will be consummated on acceptable terms or at all.
Leander
Stearns National Association, the mortgage lender for the property (“Leander Property”) owned by Leander Associates, Ltd.,
(“Leander”), a Texas limited partnership that is a consolidated subsidiary of Clearday, Inc., has commenced litigation regarding
the nonpayment of a mortgage loan obligations of approximately $875,000 seeking repayment of the mortgage loan of $805,000 that was due
February 10, 2023 and additional amounts, including interest and late fees. Leander and the mortgage lender entered into a Forbearance
Agreement as of May 22, 2023 and the first amendment thereto dated September 8, 2023, that, among other matters, provided a forbearance
period and extended the maturity of the mortgage loan to October 21, 2023, and requires certain payments to the mortgage lender, including
monthly installment payments to the mortgage lender of all accrued, unpaid interest starting on September 15, 2023 and continuing on
the same day of each month thereafter until the New Maturity Date (as defined below) with interest calculated on the unpaid principal
balance as set forth in the Note. The mortgage loan under the forbearance agreement, as amended, provides that the mortgage lender deferred
certain past-due interest to the extended maturity date of October 21, 2023. Leander has entered into a purchase and sale agreement for
the Leander Property for a value that is in excess of the amounts owed to the mortgage lender and the other financing by us owed to KOBO
LP with respect to the Leander Property. We believe that the net proceeds to Leander from the sale of the Leander Property will not be
material after giving effect to the payments to the mortgage lender, and existing financing of net proceeds to KOBO LP and other financings
of such proceeds, and transaction brokerage fees and other costs.
The
Company has been threatened with litigation by the law firm Rigrodsky Law, P.A. alleging unjust enrichment in connection with stockholder
litigation commenced by such firm related to the AIU Merger and claiming damages of $200,000. This law firm alleges that the complaint
that was filed caused material supplemental disclosures. The Company is assessing these allegations and expects to respond appropriately.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Certain
subsidiaries of the Company that operate hotel assets have not paid employment related taxes such as required withholdings for Texas
State unemployment taxes and federal income tax and employee and employer contributions for FICA (Social Security and Medicare)
taxes, and federal unemployment tax for the period from December 31, 2018, to December 31, 2019. These subsidiaries have since made
the appropriate filings with the Internal Revenue Service and the Company has accrued the full estimated amount of the underpaid
taxes as well as the estimated penalties and interest. As of March 31, 2023, the amount of the estimated taxes, penalties, and
interest, assuming that there is no waiver or mitigation of the penalties, is $467,451
The Company has accrued this amount in its condensed consolidated financial statements, which amount does not include credits that
the Company expects this subsidiary to receive.
In
addition, from time to time, the Company becomes involved in litigation matters in the ordinary course of its business. Such litigations
include an action that alleges negligence and other claims regarding the death of a resident in a memory care facility. Although the Company is unable to predict with certainty the eventual outcome of any litigation,
the Company does not believe any of its currently pending litigation is likely to have a material adverse effect on its business.
Indemnification
Agreements
Certain
lease and other obligations of the Company are guaranteed in whole or in part by James Walesa and/or BJ Parrish and others. The Company
has agreed to indemnify and hold each such individual harmless for all liabilities and payments on account of any such guaranty. The
lease obligations of the Company for its lease obligations for four of its five MCA facilities, including the lease of the MCA community
that is in Simpsonville, South Carolina, referred to as the Simpsonville facility. This is the facility that is the subject of litigation
and judgement against certain of the Company’s subsidiaries. We have been fully indemnified by James Walesa for all obligations
that the Company may incur with respect to an adverse judgement against the Company, including any post-judgement interest. Such indemnification
by James Walesa is under an agreement dated as of July 30, 2020. Under such agreement, James Walesa receives a fee equal to 2% of the
total amount payable by AIU or any of its subsidiaries which is payable in units of shares of the AIU Alt Care Preferred and Clearday
Warrants at $10.00 per unit, which is the same as the cash payment for such units by third parties in the offering of such units by AIU
Alt Care. If Mr. Walesa is required to make any payments under this indemnification, the Company will issue shares of AIU Alt Care Preferred
and Clearday Warrants, at $10.00 per unit, for the amount of such payment.
Subsequently,
an amendment to the indemnification agreement above was signed on January 19, 2021, in which additional securities were pledged on behalf
of James Walesa for all obligations that Company may incur with respect to an adverse judgement and/or any post-judgement interest. In
the event that Mr. Walesa is required to make any payments under this amended indemnification agreement, then Company will issue shares
of AIU Care, AIU Warrants and AIU Common Stock at $10.00 per unit as well as Series A Preferred at $20.00 per unit, for the amount of
such payment.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.23.3
Earnings Per Share
|
3 Months Ended |
Mar. 31, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
9.
Earnings Per Share
Basic
net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average
number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income
(loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of
common shares and potentially dilutive securities outstanding for the period. For the Company’s diluted earnings per share calculation,
the Company uses the “if-converted” method for preferred stock and convertible debt and the “treasury stock”
method for Warrants and Options.
The
following tables set forth the potentially dilutive shares that were anti-dilutive in their respective periods as the Company had net
losses for the periods ended March 31, 2023 and 2022, respectively.
Schedule of Anti-Dilutive Shares Compensation of Earnings (Loss) Per Share
| |
2023 | | |
2022 | |
| |
For the Three Months Ended | |
Dilution shares calculation | |
March 31, | |
| |
2023 | | |
2022 | |
Series A Convertible Preferred Stock | |
| 328,925 | | |
| 328,925 | |
Series F 6.75% Convertible Preferred Stock | |
| 4,791,401 | | |
| 4,797,052 | |
Series I 10.25% Convertible Preferred Stock | |
| 682,820 | | |
| 320,657 | |
Limited Partnership Units | |
| 99,038 | | |
| 99,038 | |
Warrants | |
| 7,618,820 | | |
| 4,038,801 | |
Total participating securities | |
| 13,521,004 | | |
| 9,586,495 | |
|
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v3.23.3
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
10.
Related Party Transactions
Debt.
There
are some loans in which executive management has loaned money to the Company. In addition, there are loans made by the Company itself
in which certain executives personally guarantee the debt.
Cibolo
Creek Partners, LLC (“Cibolo Creek”) and its affiliate Round Rock Development Partners, LP (“RRDP”) prior to
December 31, 2018, made loans to us under revolving credit notes that bear interest at then applicable federal rate and are payable on
demand or other date that was specified by such lender. In December 2018, AIU acquired businesses affiliated with Cibolo Creek. As of
December 31, 2022, AIU, Inc., Cibolo Creek and Round Rock were owed $66,208, $411,470 and $500,000 respectively by the Company.
We
owe (1) Richard Morris, our General Counsel, $330,175
for loans and rent of approximately 94,650
for rental payments regarding our robots and certain other advances and reimbursements and (2) James Walesa, our Chief Executive
Officer, approximately $44,165
in loan guaranty fees. Christin Hemmens, another related party is owed approximately $130,000
in unsecured short term non-interest bearing debt, and (3) BJ Parrish approximately $44,000 in loan guaranty fees.
Guarantees
From
time-to-time certain officers and directors will personally guarantee a loan. There is a guaranteed fee agreement in place that details
the amount of the fee as well as payment terms for certain executives in the Company. The amount of the fee is capped at 1% of the amount
of the outstanding note regardless of how many guarantors there are on the loan unless otherwise determined by the Company’s Board
of Directors.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Deficit
|
3 Months Ended |
Mar. 31, 2023 |
Equity [Abstract] |
|
Deficit |
11.
Deficit
The
certificate of incorporation of Clearday, Inc. provides for 80,000,000 authorized shares of Common Stock and 10,000,000 authorized shares
of preferred stock, each par value $0.001 per share.
On
January 27, 2023, the Company issued 4,218,158 shares of the Company’s Common Stock in consideration of approximately
$3,248,000 of accrued amounts payable to Thinktiv, Inc. and for continued services technology and advisory services during the first
quarter as from time to time mutually agreed.
Liquidation
Preference
In
the event of the Company’s liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in
the net assets legally available for distribution to stockholders after the payment of all the Company’s debts and other liabilities
and the satisfaction of any liquidation preferences that may be granted to the holders of any then outstanding shares of preferred stock.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Rights
and Preferences
Holders
of common stock have no preemptive, conversion or subscription rights, and there is no redemption or sinking fund provisions applicable
to the common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected
by, the rights of the holders of shares of any series of preferred stock, which the Company may designate and issue in the future.
Voting
Rights
Each
holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election
of directors. The Company’s amended and restated certificate of incorporation and amended and restated bylaws do not provide for
cumulative voting rights. Because of this absence of cumulative voting, the holders of most of the shares of common stock entitled to
vote in any election of directors can elect all the directors standing for election, if they should so choose. In addition, the Company’s
amended and restated certificate of incorporation also provides that the Company’s directors may be removed only for cause by the
affirmative vote of the holders of at least 75% of the consolidated voting power of all the Company’s stockholders entitled to
vote on the election of directors, voting together as a single class.
Subject
to supermajority votes for some matters, matters shall be decided by the affirmative vote of the Company’s stockholders having
a majority in voting power of the votes cast by the stockholders present or represented and voting on such matter, provided that the
holders of the Company’s common stock are not allowed to vote on any amendment to the Company’s certificate of incorporation
that relates solely to the terms of one or more series of preferred stock if the holders of such affected series are entitled, either
separately or together with the holders or one or more such series, to approve such amendment. The affirmative vote of the holders of
at least 75% of the votes that all of the Company’s stockholders would be entitled to cast in any annual election of directors
and, in some cases, the affirmative vote of a majority of minority stockholders entitled to vote in any annual election of directors
are required to amend or repeal the Company’s bylaws, amend or repeal certain provisions of the Company’s certificate of
incorporation, approve certain transactions with certain affiliates, or approve the sale or liquidation of the Company. The vote of most
minority stockholders applies when an individual or entity and its affiliates or associates together own more than 50% of the voting
power of the Company’s then outstanding capital stock.
Preferred
Stock
The
Company has 5,000,000 shares of Series F 6.75% cumulative convertible common stock, $0.001 par value, authorized with 4,791,401 and 4,797,052
issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. The Series F Preferred Stock has a stated value of $20.00
per share is exchangeable at the option of the holder into approximately 2.38 shares of the Company’s Common Stock, subject to
adjustment for specified fundamental transactions such as stock splits, reverse stock splits and stock combinations. See Note 12 –
Mezzanine Equity – Mezzanine, for accounting treatment of the Series F Preferred Stock.
The
Company’s Series A Preferred Stock has a $.001 par value, 2,000,000 shares authorized, and 328,925 shares issued and outstanding
as of March 31, 2023 and December 31, 2022. Except for a preference on liquidation of $0.01 per share, each share of Series A Preferred
Stock is the economic equivalent of ten twelfths of a share of common stock into which it is convertible. Except as required by law,
the Series A Preferred Stock will not have any voting rights.
Dividends
and Distributions
For
the periods ended March 31, 2023, and 2022, the Company accrued dividends for the 6.75% Series F preferred stock in the amount of $1,698,784
and $1,619,015 respectively.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants
The
Company has three separate types of warrants that are outstanding:
|
● |
warrants
that were granted and outstanding by Superconductor Technologies Inc. (“STI”) prior to the September 9, 2021 effective
date of the previously disclosed merger (the “AIU Merger”) with Allied
Integral United, Inc. (“AIU”); |
|
● |
warrants
assumed by the Company that were granted by AIU prior to the effective date of the AIU Merger; and |
|
● |
warrant
that were issued by the Company after the AIU Merger. |
The
following is a summary of such outstanding warrants at March 31 2023:
Warrants
(“STI Warrants”) issued by STI prior to September 9, 2021, the effective date of the AIU Merger.
Summary
of Outstanding Warrants
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
Common Shares | | |
|
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
| | |
| | |
| | |
|
Warrants related to March 2018 financing | |
| 7,331 | | |
| 7,331 | | |
$ | 245.84 | | |
September 9, 2023 |
Warrants related to July 2018 financing | |
| 119,241 | | |
| 119,241 | | |
$ | 75.48 | | |
July 25, 2023 |
Warrants related to July 2018 financing | |
| 7,154 | | |
| 7,154 | | |
$ | 94.35 | | |
July 25, 2023 |
Warrants related to May 2019 financing | |
| 5,518 | | |
| 5,518 | | |
$ | 26.96 | | |
May 23, 2024 |
Warrants related to October 2019 financing | |
| 100,719 | | |
| 100,719 | | |
$ | 5.39 | | |
October 10, 2024 |
Warrants related to October 2019 financing | |
| 14,336 | | |
| 14,336 | | |
$ | 6.74 | | |
October 8, 2024 |
Warrants
that were issued by Clearday Operations, Inc. prior to the effective date of the AIU Merger:
| |
Common Shares | | |
|
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
| | |
| | |
| | |
|
Warrants issued in connection with financings * | |
| 3,281,508 | | |
| 3,281,508 | | |
$ | 5.00 | | |
November 15, 2029 |
Warrants issued to a consultant ^ | |
| 500,000 | | |
| 500,000 | | |
$ | 11.00 | | |
August 10, 2026 |
|
* |
Two
of our subsidiaries have preferred securities that are classified under GAAP as Non-Controlling Interest: (1) the preferred stock
designated as the Series I 10.25% cumulative convertible preferred stock, par value $0.01 per share of AIU Alt Care (the “Alt
Care Preferred Stock”); and (2) the preferred limited partnership interests of Clearday OZ Fund (the “Clearday OZ LP
Interests”). As of March 31, 2023, there are 1,376,118
warrants that were issued by Clearday to investors in the Alt Care Preferred Stock and the Clearday OZ LP Interests that may
be exercised for an aggregate of 3,281,508
shares of the Company’s Common Stock. The exercise price per share for each is $5.00
per share, subject to adjustment for specified fundamental transactions such as stock splits, reverse stock splits and stock
combinations. |
|
|
|
|
^ |
The
Company also has a warrant issued to a consultant representing 500,000 shares of the Company’s Common Stock at an exercise
price of $11.00 per share, which may be paid by customary cashless exercise. Such warrant is subject to adjustment for specified
fundamental transactions such as stock splits, reverse stock splits and stock combinations. |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants
issued by Clearday, Inc. after the effective date of the AIU Merger to Lenders:
Each
of the following warrants were issued in connection with a financing and provides that the warrant may only be issued upon an event of
default under the related promissory note.
| |
Common Shares | | |
|
| |
Outstanding | | |
Exercisable | | |
Exercise Price | | |
Maturity Date |
Related to the January 12, 2023, Financing (Mast Hill LP) | |
| 1,134,000 | | |
| 0 | | |
$ | 0.75 | | |
5 years after Trigger Date* |
Related to the September 30, 2022, Financing (Mast Hill LP) | |
| 472,500 | | |
| 0 | | |
$ | 0.50 | | |
5 years after Trigger Date* |
Related to the July 1, 2022, Financing (Mast Hill LP) | |
| 900,000 | | |
| 0 | | |
$ | 0.50 | | |
5 years after Trigger Date* |
|
*
|
Trigger
Date is defined as the date of an Event of Default under the promissory note that is related to the financing in which this warrant
was issued, which default has not been waived. |
The
additional warrants were also issued to lenders:
| |
Common Shares | | |
|
| |
| | |
| | |
| | |
|
Related to the February 17, 2023, Financing (Jefferson Street Capital LLC) | |
| 225,000 | | |
| 225,000 | | |
$ | 0.75 | | |
March 16, 2028 |
Related to the January 12, 2023, Financing (Mast Hill LP) | |
| 851,000 | | |
| 851,000 | | |
$ | 0.75 | | |
February 14, 2028 |
Derivative
Calculation
At
March 31, 2023, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and
warrants based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the
Company’s common stock of $0.51;
risk-free interest rates ranging from 3.60%
to 4.94%;
expected volatility of the Company’s common stock ranging from 182% to 421%; estimated exercise prices ranging from $0.35
to $0.43;
and terms from one to sixty months.
Stock Options
On
March 31, 2023, we continued to have the two active equity award option plans, the 2003 Equity Incentive Plan and the 2013 Equity Incentive
Plan (collectively, the “Stock Option Plan”). Although we can only grant new options under the 2013 Equity Incentive Plan.
Under our Stock Option Plan, stock awards were made to our former directors, key employees, consultants, and non-employee directors and
consisted of stock options, restricted stock awards, performance awards, and performance share awards. Stock options were granted at
prices no less than the market value on the date of grant. There were no stock option exercises during the three and twelve months ended
March 31, 2023 or December 31, 2022. There were no stock options that were exercisable on March 31, 2023.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Restricted
Stock
During
the first quarter of 2023, we issued approximately 4,326,415 shares of our common stock to consultants, including an exchange of 4,218,158
shares for $3,248,000 of accrued expenses, as previously reported, and reflected an adjustment (decrease) of stock issuance to consultants
in the amount 25,097.
Registered
Shares
During
the first quarter of 2023, we issued approximately 48,802 shares of common stock upon the conversion of our Series F Preferred stock.
Such shares were registered under our prior registration statement.
As
of March 31, 2023, there was no unamortized stock compensation.
Non-Controlling
Interest
In
November 2019, a certificate of incorporation was entered into by AIU Alt Care for Series I 10.25% cumulative convertible preferred stock,
par value $0.01 per share that authorizes the issuance of 1,500,000 shares of preferred stock and 1,500,000 of common stock and designated
700,000 as Series I Preferred Stock. Each share of Series I Preferred Stock has a stated value equal to the Series I Preferred Stock
original issue price. For the three months ended March 31, 2023 and 2022, there was no amount invested in AIU Alt Care.
In
October 2019, AIU Alt Care formed AIU Impact Management, LLC and they formed Clearday OZ Fund, which is managed by AIU Impact Management,
LLC, as the general partner. For the three months ended March 31, 2023 and 2022, $0 and $0 was invested in Clearday OZ Fund, respectively.
The
exchange rate for each of the Alt Care Preferred Stock and the limited partnership units in Clearday OZ Fund to Clearday, Inc. Common
Stock is equal to (i) the aggregate investment amount for such security plus accrued dividends at 10.25% per annum, (ii) divided by 80%
of the 20 consecutive day volume weighted closing price of the Common Stock of Clearday preceding the conversion date. Prior to the merger,
these securities were exchangeable to shares of AIU common stock at a rate of 1 share for every $10.00 of aggregate amount of the investment
plus such accrued dividends.
Non-Controlling
Interest Loss Allocation
The
Company applied ASC 810-10 guidance to correctly allocate the percentage of loss attributable to the NCI of each company. For the
period ended March 31, 2023, the loss for AIU Alt Care is $16,190 and Clearday Oz Fund loss is $540,330. Based on 99%
ownership interest, AIU Alt Care and Clearday OZ fund incurred a loss attributable to the NCI in the amount of $16,028 and $534,927,
respectively in the period ended March 31, 2023 and incurred gains of $3,252 and losses of $145,772, respectively, for the
period ended March 31, 2022.
Cumulative
Convertible Preferred Stock and Limited Partnership Interests in Subsidiaries (NCI)
For
the period ended March 31, 2023 no additional shares of AIU Alt Care Preferred Stock or Clearday OZ LP Interests were issued. At March
31, 2023, 89,700 shares of AIU Alt Care Preferred Stock were outstanding and 244,473 units of Clearday OZ LP Interests were outstanding.
The
terms and conditions of the Alt Care Preferred Stock and the Clearday OZ LP Interests allow the investors in such interests to exchange
such securities into the Company’s common stock at the conversion price equal to 80% of the 20 consecutive day volume weighted
closing price of the Common Stock of Clearday preceding the conversion date. At March 31, 2023, AIU Alt Care and Clearday OZ Fund had
outstanding 2,010,150 warrants.
Each
warrant has a term of ten years and provides for the purchase of 1 share of the Company’s common stock at a cash exercise price
equal to $5.00 per share. The number of shares of the Company’s common stock and the warrant exercise price will be subject to
adjustment for stock dividends, stock splits, combinations or other similar recapitalizations.
Dividends
on the Alt Care Preferred Stock and preferred distributions on the units of limited partnership interests in Clearday OZ Fund are at
each calendar quarterly month end at the applicable dividend rate (10.25%) on the original issue price of the Alt Care Preferred Stock
or the units limited partnership interests. Dividends will either (a) be payable in cash, if and to the extent declared by the board
of directors or the general partner, or (b) by issuing Dividend Shares equal to the aggregate accrued dividend divided by the Series
I Original Issue Price. Dividends, if noticed to the Holder, will be payable after the Dividend Payment Date. Accrued dividends totaled
$682,820 for the period ended March 31, 2023.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Each
of the Company, AIU Alt Care and Clearday OZ Fund shall redeem the Alt Care Preferred Stock or the units of limited partnership interests
on the 10 Year Redemption Date that is ten years after the final closing of the offering. The securities provide for a redemption in
cash or shares of common stock at the option of Clearday, Inc., in an amount equal to the unreturned investment in the Alt Care Preferred
Stock or units of limited partnership interests. Upon consummation of certain equity offerings prior to May 1, 2022, AIU Alt Care may,
at its option, redeem all or a part of the Alt Care Preferred Stock for the liquidation preference plus a make-whole premium. In addition,
upon the occurrence of, among other things (i) any change of control, (ii) a liquidation, dissolution, or winding up, (iii) certain insolvency
events, or (iv) certain asset sales, each holder may require the Company to redeem for cash all such holder’s then outstanding
shares of Alt Care Preferred Stock.
The
Certificate of Designation also sets forth certain limitations on the Company’s ability to declare or make certain dividends and
distributions and engage in certain reorganizations. The limited partnership agreement has similar provisions.
Subject
to certain exceptions, the holders of Alt Care Preferred Stock and the units of limited partnership interests have no voting power and
no right to vote on any matter at any time, either as a separate series or class or together with any other series or class of shares
of capital stock or partnership interests, and are not be entitled to call a meeting of such holders for any purpose, nor are they entitled
to participate in any meeting of the holders of the Company’s common stock or participate in the management of Clearday OZ Fund
by its general partner.
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v3.23.3
Mezzanine Equity
|
3 Months Ended |
Mar. 31, 2023 |
Mezzanine Equity |
|
Mezzanine Equity |
12.
Mezzanine Equity
The
Company has 10,000,000 shares of preferred stock authorized, par value $0.001 per share, including 5,000,000 designated as Series F Preferred
Stock and 4,791,401 shares outstanding as of March 31, 2023. Pursuant to the Certificate of Designations of Series F Preferred Stock,
upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation (“Liquidation Event”), including
any Deemed Liquidation Event, as defined in the Certificate of Designations and unless otherwise determined by the majority of the holders
of the Series F Preferred Stock that a transaction is not a Deemed Liquidation Event, the holders of then outstanding Series F Preferred
Stock shall be entitled to be paid a liquidation preference (“Preference Amount”) out of the assets of the Company available
for distribution to its stockholders equal to the original issue price and, plus any accumulated and unpaid dividends. As the payment
of this Preference Amount is not solely within the control of the Company, the Series F Preferred Stock does not qualify as permanent
equity and has been classified as mezzanine or temporary equity. The Series F Preferred Stock is not redeemable, and it was not probable
that there would be a Liquidation Event as of March 31, 2023. Therefore, the Company is not currently required to accrete the Series
F Preferred Stock to the aggregate liquidation value.
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v3.23.3
Subsequent Events
|
3 Months Ended |
Mar. 31, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
13.
Subsequent Events
We
evaluated subsequent events and transactions occurring after March 31, 2023, through the date of this Report.
Viveon
Merger
Merger
Agreement
On
April 5, 2023, the Company entered into a Merger Agreement (the “Merger Agreement”), by and among the Company, Viveon Health
Acquisition Corp., a Delaware corporation (“Viveon” or “Viveon Health”), VHAC2 Merger Sub, Inc., a Delaware corporation
(“Merger Sub”), Viveon Health LLC, a Delaware limited liability Company, in the capacity as the representative from and after
the Effective Time (as defined in the Merger Agreement) for the stockholders of Viveon (other than the Company Stockholders (as defined
in the Merger Agreement)) as of immediately prior to the Effective Time (and their successors and assigns) in accordance with the terms
and conditions of the Merger Agreement, and the Company SR LLC, a Delaware limited liability company, in the capacity as the representative
from and after the Effective Time for the holders of Company Preferred Stock (as defined in the Merger Agreement) as of immediately prior
to the Effective Time (and their successors and assigns) in accordance with the terms and conditions of the Merger Agreement. Pursuant
to the terms of the Merger Agreement, a business combination between Viveon and the Company will be effected through the Viveon Merger
of Merger Sub with and into the Company, with the Company surviving the Viveon Merger as a wholly owned subsidiary of Viveon and Viveon
will change its name to “Clearday Holdings, Inc.” (the “Merger”). The board of directors of the Company has (i)
approved and declared advisable the Merger Agreement, the Merger and the other transactions contemplated thereby and (ii) resolved to
recommend approval of the Merger Agreement, the Merger and related transactions by the stockholders of the Company. Capitalized terms
used herein but not defined shall have the meanings ascribed thereto in the Merger Agreement, which is attached hereto as Exhibit 2.1.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Merger
Consideration
The
total consideration to be paid at Closing (the “Merger Consideration”) by Viveon to the Company security holders (and holders
who have the right to acquire the Company capital stock) will be an amount equal to $250 Million (plus the aggregate exercise price for
all the Company options and warrants). The Merger Consideration will be payable in shares of common stock, par value $0.0001 per share,
of Viveon (“Viveon Common Stock”) valued at $10 per share.
In
addition, the holders of Company Preferred Stock will have the contingent right to earn up to 5,000,000 shares of Viveon Common Stock,
in the aggregate (the “Earnout Shares”), if at any time during the period beginning on the date of the Closing (the “Closing
Date”) and ending on the fifth anniversary of the Closing Date (the “Earnout Eligibility Period”), the Adjusted Net
Income for any Earnout Period is a positive number for the first time during the Earnout Eligibility Period (the “Earnout Milestone”).
If,
following the Closing Date and prior to end of the Earnout Eligibility Period, there is a Change of Control, then, immediately prior
to such Change of Control, all the Earnout Shares not yet earned shall be earned by the Company Earnout Holders and shall be released
from escrow and delivered to the Company Earnout Holders, and the Company Earnout Holders shall be eligible to participate in such Change
of Control transaction with respect to such Earnout Shares.
The
Earnout Shares will be placed in escrow and will not be released from escrow until they are earned as a result of the occurrence of the
Earnout Milestone or a Change of Control, if applicable. The Earnout Shares that are not earned on or before the expiration of the Earnout
Eligibility Period shall be automatically forfeited and cancelled.
Cancellation
of Securities. Each share of the Company capital stock, if any, that is owned by Viveon, Merger Sub, the Company, or any of their subsidiaries
(as treasury stock or otherwise) immediately prior to the effective time of the Merger (the “Effective Time”), will automatically
be cancelled and retired without any conversion or consideration.
Preferred
Stock. At the Effective Time, each issued and outstanding share of the Company’s Series F Cumulative Convertible Preferred Stock,
par value $0.001 per share (the “Company Series F Preferred Stock”) (other than any such shares of the Company capital stock
cancelled as described above and any dissenting shares), will be converted into the right to receive: (A) one (1) share of Parent New
Series F Preferred Stock plus (B) a number of Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger
Agreement.
Each
issued and outstanding share of the Company’s Series A Convertible Preferred Stock, par value $0.001 per share (“Series A
Preferred Stock”) (other than any such shares of the Company capital stock cancelled as described above and any dissenting shares),
will be converted into the right to receive: (A) one (1) share of Parent New Series A Preferred Stock plus (B) a number of Earnout Shares
in accordance with, and subject to the contingencies, set forth in the Merger Agreement.
Common
Stock. At the Effective Time, each issued and outstanding share of the Company’s common stock, par value $0.001 per share (the
“Company Common Stock”) (other than any such shares of the Company capital stock cancelled as described above and any dissenting
shares) will be converted into the right to receive a number of shares of Viveon Common Stock equal to the Conversion Ratio. The “Conversion
Ratio” as defined in the Merger Agreement means an amount equal to (a)(i) the sum of $250 Million, plus the aggregate exercise
or conversion price of outstanding the Company’s stock options and warrants (excluding unvested options and options or warrants
with an exercise or conversion price of $5.00 or more), divided by (ii) the number of fully diluted the Company capital stock (including
Company Preferred Stock, warrants, stock options, convertible notes, and any other convertible securities) (excluding unvested options
and options or warrants with an exercise or conversion price of $5.00 or more and assuming a conversion price of the Company subsidiary
securities as provided in the Merger Agreement); divided by (b) $10.00.
Stock
Options. At the Effective Time, each outstanding option to purchase shares of the Company Common Stock will be converted into an option
to purchase, subject to substantially the same terms and conditions as were applicable under such options prior to the Effective Time,
shares of Viveon Common Stock equal to the number of shares subject to such option prior to the Effective Time multiplied by the Conversion
Ratio, at an exercise price per share of Viveon Common Stock equal to the exercise price per share of the Company Common Stock subject
to such option divided by the Conversion Ratio.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants.
Contingent on and effective as of immediately prior to the Effective Time, each outstanding warrant to purchase shares of the Company
Preferred Stock or the Company Common Stock will be treated in accordance with the terms thereof.
Convertible
Notes. Contingent on and effective as of immediately prior to the Effective Time, the Company’s convertible notes outstanding as
of immediately prior to the Effective Time, will be treated in accordance with the terms of the relevant agreements governing such convertible
notes.
Subsidiary
Capital Stock. At and as of the Effective Time, the Alt Care Preferred Stock and the Clearday OZ LP Interests (collectively, the “Subsidiary
Capital Stock”) will remain in full force and effect with the right to acquire the Viveon Common Stock with such adjustments noted
in the terms of such Subsidiary Capital Stock.
Representations
and Warranties
The
Merger Agreement contains customary representations and warranties of the parties thereto with respect to, among other things, (a) corporate
existence and power, (b) authorization to enter into the Merger Agreement and related transactions; subsidiaries, (c) governmental authorization,
(d) non-contravention, (e) capitalization, (f) corporate records, (g) consents, (h) financial statements, (i) internal accounting controls,
(j) absence of certain changes, (k) properties; title to assets, (l) litigation, (m) material contracts, (n) licenses and permits, (o)
compliance with laws, (p) intellectual property, (q) privacy and data security, (r) employee matters and benefits, (s) tax matters, (t)
real property, (u) environmental laws, (v) finders’ fees, (w) directors and officers, (x) anti-money laundering laws, (y) insurance,
(z) related party transactions, and (aa) certain representations related to securities law and activity. Viveon has additional representations
and warranties, including (a) issuance of shares, (b) trust fund, (c) listing, (d) board approval, (e) SEC documents and financial statements,
(f) certain business practices, (g) expenses, indebtedness and other liabilities and (h) brokers and other advisors.
Covenants
The
Merger Agreement includes customary covenants of the parties with respect to operation of their respective businesses prior to consummation
of the Merger and efforts to satisfy conditions to consummation of the Merger. The Merger Agreement also contains additional covenants
of the parties, including, among others, access to information, cooperation in the preparation of the Registration Statement and Proxy
Statement (as each such terms are defined in the Merger Agreement) required to be filed in connection with the Merger and to obtain all
requisite approvals of each party’s respective stockholders. Viveon and the Company have each also agreed to include in the Proxy
Statement the recommendation of its respective board that its stockholders approve all of the proposals to be presented at its respective
special meeting. In addition, each of Viveon and the Company have agreed to use commercially reasonable efforts to solicit and finalize
definitive documentation for a committed equity in an aggregate amount that, together with the funds in the Trust Account after giving
effect to potential redemptions from Viveon’s public stockholders, together with financing programs available to the Company after
the Closing, will provide to the Company working capital to meet its short term commercial development goals.
Viveon
has also agreed to prepare a proxy statement to seek the approval of its stockholders (the “Extension Proposal”) to amend
its organizational documents to extend the period of time Viveon is afforded under its organizational documents and IPO prospectus to
consummate an initial business combination for an additional three months, from June 30,2023 to September 30, 2023 (or such earlier date
as Viveon and the Company may agree in writing).
Each
party’s representations, warranties and pre-Closing covenants will not survive Closing and no party has any post-Closing indemnification
obligations.
Viveon
Equity Incentive Plan, Viveon has agreed to approve and adopt an equity incentive plan (the “Incentive Plan”) to be effective
as of the Closing and in a form mutually acceptable to Viveon and the Company, subject to approval of the Incentive Plan by the Viveon
stockholders. The Incentive Plan will provide for an initial aggregate share reserve equal to 8% of the number of shares of Viveon Common
Stock issued and outstanding at the Closing and an “evergreen” provision that is mutually agreeable to Viveon and the Company
will provide for an automatic increase on the first day of each fiscal year in the number of shares available for issuance under the
Incentive Plan as mutually determined by Viveon and the Company.
Non-Solicitation
Restrictions
Each
of Viveon and the Company has agreed that from the date of the Merger Agreement to the Effective Time or, if earlier, the valid termination
of the Merger Agreement in accordance with its terms, it will not initiate any negotiations with any party relating to an Alternative
Transaction (as such term is defined in the Merger Agreement) or enter into any agreement relating to such a proposal, other than as
expressly excluded from the definition of an Alternative Transaction. Each of Viveon and the Company has also agreed to be responsible
for any acts or omissions of any of its respective representatives that, if they were the acts or omissions of Viveon and the Company,
as applicable, would be deemed a breach of the party’s obligations with respect to these non-solicitation restrictions.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Conditions
to Closing
The
consummation of the Merger is conditioned upon, among other things, (i) the absence of any applicable law or order restraining, prohibiting
or imposing any condition on the consummation of the Merger and related transactions, (ii) the expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (iii) receipt of any consent, approval or authorization
required by any Authority (as defined in the Merger Agreement), (iv) Viveon having net tangible assets of at least $5,000,001 (as determined
in accordance with Rule 3a51-1(g)(1) of the Exchange Act), unless Viveon’s amended and restated certificate of incorporation shall
have been amended to remove such requirement prior to or concurrently with the Closing, (v) approval by the Company’s stockholders
of the Merger and related transactions, (vi) approval by Viveon’s stockholders of the Merger and related transactions, (vii) the
conditional approval for listing by NYSE American (or an alternate exchange) of the shares of Viveon Common Stock to be issued in connection
with the transactions contemplated by the Merger Agreement and satisfaction of initial and continued listing requirements, and (viii)
the Registration Statement becoming effective in accordance with the provisions of the Securities Act of 1933, as amended (“Securities
Act”).
Solely
with respect to Viveon and Merger Sub, the consummation of the Merger is conditioned upon, among other things, (i) the Company having
duly performed or complied with all of its obligations under the Merger Agreement in all material respects, (ii) the representations
and warranties of the Company, other than certain fundamental representations as defined in the Merger Agreement, being true and correct
in all respects unless failure would not have or reasonably be expected to have a Material Adverse Effect (as defined in the Merger Agreement)
on the Company or any of its subsidiaries, (iii) certain fundamental representations, as defined in the Merger Agreement, being true
and correct in all respects, other than de minimis inaccuracies, (iv) no event having occurred that would result in a Material Adverse
Effect on the Company or any of its subsidiaries, (v) the Company and its securityholders having executed and delivered to Viveon each
Additional Agreement (as defined in the Merger Agreement) to which they each are a party and (vi) the Company delivering certain certificates
to Viveon.
Solely
with respect to the Company, the consummation of the Merger is conditioned upon, among other things, (i) Viveon and Merger Sub having
duly performed or complied with all of their respective obligations under the Merger Agreement in all material respects, (ii) the representations
and warranties of Viveon and Merger Sub, other than certain fundamental representations as defined in the Merger Agreement, being true
and correct in all respects unless failure to be true and correct would not have or reasonably be expected to have a Material Adverse
Effect on Viveon or Merger Sub and their ability to consummate the Merger and related transactions, (iii) certain fundamental representations,
as defined in the Merger Agreement, being true and correct in all respects, other than de minimis inaccuracies, (iv) no event having
occurred that would result in a Material Adverse Effect on Viveon or Merger Sub, (v) the Amended Parent Charter (as defined in the Merger
Agreement) being filed with, and declared effective by, the Delaware Secretary of State, (vi) Viveon delivering certain certificates
to the Company, (vii) the size and composition of the post-Closing board of directors of Viveon having been appointed as set forth in
the Merger Agreement and (viii) Viveon, Viveon Health LLC (“Sponsor”) and other stockholders, as applicable, having executed
and delivered to the Company each Additional Agreement to which they each are a party.
Termination
The
Merger Agreement may be terminated at any time prior to the Effective Time as follows:
(i)
by either Viveon or the Company, if (A) the Merger and related transactions are not consummated on or before the latest of (1) June 30,
2023, (2) if the Extension Proposal is approved, September 30, 2023 and (3) if one or more extensions to a date following September 30,
2023 are obtained at the election of Viveon, with Viveon stockholder vote, in accordance with the Viveon’s amended and restated
certificate of incorporation, the last date for Viveon to consummate a business combination pursuant to such extensions; and (B) the
material breach or violation of any representation, warranty, covenant or obligation under the Merger Agreement by the party seeking
to terminate the Merger Agreement was not the cause of, or resulted in, the failure of the Closing to occur on or before the Outside
Closing Date, without liability to the other party;
(ii)
by either Viveon or the Company, if any Authority has issued any final decree, order, judgment, award, injunction, rule or consent or
enacted any law, having the effect of permanently enjoining or prohibiting the consummation of the Merger, provided that, the party seeking
to terminate cannot have breached its obligations under the Merger Agreement and such breach was a substantial cause of, or substantially
resulted in, such action by the Authority; and
(iii)
by mutual written consent of Viveon and the Company duly authorized by each of their respective boards of directors.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Certain
Related Agreements
Parent
Support Agreements. Concurrently with the execution of the Merger Agreement, Viveon, the Company and the Sponsor and the officers and
directors of Viveon entered into a support agreement (the “Parent Support Agreement”) pursuant to which the Sponsor and the
officers and directors of Viveon have agreed to vote all shares of Viveon common stock beneficially owned by them, including any additional
shares of Viveon they acquire ownership of or the power to vote: (i) in favor of the Merger and related transactions, (ii) against any
action reasonably be expected to impede, delay, or materially and adversely affect the Merger and related transactions, and (iii) in
favor of an extension of the period of time Viveon is afforded to consummate an initial business combination.
Company
Support Agreements. Concurrently with the execution of the Merger Agreement, Viveon, the Company and certain stockholders of the Company
entered into a support agreement (the “Company Support Agreement”), pursuant to which such the Company stockholders have
agreed to vote all common and preferred stock of the Company beneficially owned by them, including any additional shares of the Company
they acquire ownership of or the power to vote, in favor of the Merger and related transactions and against any action reasonably be
expected to impede, delay, or materially and adversely affect the Merger and related transactions.
Lock-Up
Agreements. In connection with the Closing, certain the Company stockholders will each agree, subject to certain customary exceptions,
not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any Lockup Shares, (ii) enter into a
transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part,
any of the economic consequences of ownership of the Lock-Up Shares or otherwise, (iv) engage in any short sales or other arrangement
with respect to the Lock-Up Shares or (v) publicly announce any intention to effect any transaction specified in clause (i), (ii) or
(iii) until the date that is six months after the Closing Date (the “Lock-Up Period”). The term “Lockup Shares”
mean the Merger Consideration Shares and the Earnout Shares, if any, whether or not earned prior to the end of the Lock-up Period, together
with any other shares of Viveon Common Stock, and including any securities convertible into, or exchangeable for, or representing the
rights to receive Viveon Common Stock, if any, acquired during the Lock-up Period. If the closing price of Viveon Common Stock equals
or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading
days within any 30-trading day period following the Closing Date, 50% of the Lock-up Shares will be released from the lock-up. The existing
escrow provisions of Viveon Common Stock held by certain stockholders will remain in effect.
Amended
and Restated Registration Rights Agreement. At the Closing, Viveon will enter into an amended and restated registration rights agreement
(the “Amended and Restated Registration Rights Agreement”) with certain existing stockholders of Viveon and the Company with
respect to their shares of Viveon Common Stock acquired before or pursuant to the Merger, and including the shares issuable on conversion
of the warrants issued to the Sponsor in connection with Viveon’s initial public offering and any shares issuable on conversion
of loans or other convertible securities. The agreement amends and restates the registration rights agreement Viveon entered into on
December 22, 2020 in connection with its initial public offering. Subject to the Lock-Up Agreements described above, the holders of a
majority of the shares held by the existing Viveon stockholders, and the holders of a majority of the shares held by the Company stockholders
will each be entitled to make one demand that the Company register such securities for resale under the Securities Act, or two demands
each if Viveon is eligible to use Form S-3 or a similar short-form registration statement. In addition, the holders will have certain
“piggy-back” registration rights that require Viveon to include such securities in registration statements that Viveon otherwise
files. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays
in registering Viveon’s securities. Viveon will bear the expenses incurred in connection with the filing of any such registration
statements.
The
foregoing descriptions of agreements and the transactions and documents contemplated thereby are not complete and are subject to and
qualified in their entirety by reference to the Merger Agreement, form of Parent Support Agreement, form of Company Support Agreement,
form of Lock-Up Agreement, and form of Amended and Restated Registration Rights Agreement.
Amendment to the Viveon Merger Agreement
On August 28, 2023, Viveon, its subsidiary VHAC2 Merger
Sub, Inc., a Delaware corporation (“Merger Sub”), the Company, Viveon Health LLC, a Delaware limited liability company (“SPAC
Representative”), and Clearday SR LLC, a Delaware limited liability company (“Company Representative”) entered into
the First Amendment to Viveon Merger Agreement (the “First Amendment”) that amended and modified the Viveon Merger Agreement
to, among other things, (i) increase the merger consideration from $250,000,000 to $500,000,000 (plus the aggregate exercise price for
all Clearday options and warrants), payable in shares of common stock of Viveon, (ii) provide that holders of all of the Company’s
common and preferred stock as of the effective time of the Viveon Merger will be entitled to receive a pro rata portion of the additional
5 million shares of Viveon common stock, in the aggregate (the “Earnout Shares”), if at any time during the period beginning
on the date of the closing of the Viveon Merger (the “Closing Date”) and ending on the fifth anniversary of the Closing Date
(the “Earnout Eligibility Period”), the Adjusted Net Income (as defined in the Viveon Merger Agreement) for any 12 month period
is a positive number or there is a change of control of Viveon during the Earnout Eligibility Period. The foregoing description of the
First Amendment is not complete and is subject to and qualified in its entirety by reference to the First Amendment which is filed with
the Company’s Current Report on Form 8-K filed on August 29, 2023 as Exhibit 2.1, the terms of which are incorporated by reference
herein.
Stockdale Financing
On May 22, 2023, Stockdale Associates, Ltd. (“Stockdale”),
a wholly owned subsidiary of Clearday, Inc. entered into a sales transaction with James Walesa, the Chief Executive Officer of the Company,
for the land of approximately 1.5 acres owned by Stockdale s located in the city of Stockdale, Texas (the “Stockdale Property”).
The aggregate purchase price for the Stockdale Property was approximately $155,925. Mr. Walesa used the Stockdale Property to obtain mortgage
financing from a third party (the “Stockdale Mortgage Loan”) . Stockdale may repurchase the Stockdale Property at any time
upon payment to Mr. Walesa of $175,000, plus interest on such an amount at a rate of 10.9% annually based on a 360-day year, less $19,075.
Stockdale is required to pay Mr. Walesa the approximate sum of $1,590 per month commencing July 1, 2024, and pay all other amounts required
under the Stockdale Mortgage Loan and all amounts including property taxes, required for the ownership of the property. . The Stockdale
Mortgage Loan matures, and Stockdale’s repurchase right terminates, on June 1, 2028. A $5,925 gain on the sale of the Stockdale
property was recognized and included in Gain/loss on disposal of assets on our condensed consolidated financial statements.
Modification of Indebtedness
A subsidiary of the Company, Leander Associates Ltd., modified the terms
of its mortgage loan as described in Note 8, Commitments and Contingencies.
Additional
Note Issuances
As
noted in Note 7 Indebtedness, AIU Alt Care continued to issue its Convertible Notes after March 31, 2023 to April 10, 2023.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company, including its wholly owned
subsidiaries. In 2019, AIU Alternative Care, Inc., a Delaware corporation (“AIU Alt Care”) and Clearday Alternative Care
Oz Fund, L.P, a Delaware limited partnership (“Clearday OZ Fund”), were formed. The Company owns all of the voting
interests of AIU Alt Care and the sole general partner of Clearday OZ Fund, and less than 1%
of the preferred economic interests in such companies.
In
November 2019, AIU Alt Care filed a certificate of designation that authorized preferred stock designated as the Series I 10.25% cumulative
convertible preferred stock, par value $0.01 per share (the “Alt Care Preferred Stock”). The certificate of incorporation
of AIU Alt Care authorizes 1,500,000 shares of preferred stock of which 700,000 is designated Alt Care Preferred Stock; and 1,500,000
of common stock. Each share of The Alt Care Preferred Stock has a stated value equal to the $10.00 Alt Care Preferred Stock original
issue price. For the year ended on December 31, 2021, $897,000 was invested in AIU Alt Care in exchange for 89,700 shares of Alt Care
Preferred Stock.
In
October 2019, AIU Alt Care formed AIU Impact Management, LLC and Clearday OZ Fund were formed. AIU Impact Management, LLC manages Clearday
OZ Fund as its general partner, owns 1% of Clearday OZ Fund and allocates 99% of income gains and losses accordingly to the limited partners.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
exchange rate for each of the Alt Care Preferred Stock and the Clearday OZ LP Interests are equal to (i) the aggregate investment amount
for such security plus accrued and unpaid dividends at 10.25% per annum, (ii) divided by 80% of the 20 consecutive day volume weighted
closing price of the Common Stock of Clearday preceding the conversion date.
The
Company reports its non-controlling interest in subsidiaries as a separate component of equity in the balance sheets and reports both
net loss attributable to the non-controlling interest and net loss attributable to the Company’s common stockholders on the face
of the statement of operations.
|
Basis of Presentation |
Basis
of Presentation
The
Company’s condensed consolidated financial statements have been prepared in conformity with GAAP. Any reference in these notes to applicable guidance is meant to refer
to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update
(“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying financial statements include
the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in
consolidation.
|
Classification of Convertible Preferred Stock |
Classification
of Convertible Preferred Stock
The
Company applied ASC 480, “Distinguishing Liabilities from Equity”, and revised the condensed consolidated financial
statement presentation of its convertible preferred stock whose redemption is outside the control of the issuer. Registrants
having such securities outstanding are required to present separately, in balance sheets, amounts applicable to the following three
general classes of securities: (i) preferred stocks subject to mandatory redemption requirements or whose redemption is outside the
control of the issuer; (ii) preferred stocks which are not redeemable or are redeemable solely at the option of the issuer; and
(iii) common stocks. In addition, the rules require disclosure of redemption terms, five-year maturity data, and changes in
redeemable preferred stock.
|
Use of Estimates |
Use
of Estimates
The
Company’s condensed consolidated financial statement preparation requires that management make estimates and assumptions which
affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report
these financial statements in conformity with GAAP. Actual results could differ from those estimates.
|
Segment Reporting |
Segment
Reporting
Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision-maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance.
The Company views its operations and manages its business as two operating segments, the Longevity-tech Platform and personal care.
|
Cash, and Restricted Cash |
Cash,
and Restricted Cash
Cash,
consisting of short-term, highly liquid investments and money market funds with original maturities of three months or less at the date
of purchase, are carried at cost plus accrued interest, which approximates market value.
Restricted
cash includes cash that the Company deposited as security for obligations arising from property taxes, property insurance and replacement
reserve the Company is required to establish escrows as required by its mortgages and certain resident security deposits.
|
Accounts Receivable |
Accounts
Receivable
The
Company records accounts receivable at their estimated net realizable value. Additionally, the Company estimates allowances for uncollectible
amounts based upon factors which include, but are not limited to, historical payment trends, write-off experience, and the age of the
receivable as well as a review of specific accounts, the terms of the agreements, the residents, the payers’ financial capacity
to pay and other factors which may include likelihood and cost of litigation.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Real Estate Property and Equipment, Net |
Real Estate Property and Equipment, Net
Property
and equipment are stated at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to operations as
incurred. Depreciation and amortization are based on the straight-line method over the estimated useful lives of the related assets.
When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts,
and any resulting gain or loss is reflected in operations in the period realized.
Depreciation
is computed on the straight-line method with useful lives as follows:
Schedule of Estimated Useful Lives
Asset Class | |
Estimated Useful Life (in years) | |
Buildings and building improvements | |
| 39 | |
Leasehold improvements | |
| 15 | |
Equipment | |
| 7 | |
Computer equipment and software | |
| 5 | |
Furniture and fixtures | |
| 7 | |
|
Intangible Assets, Net |
Intangible
Assets, Net
|
Software Capitalization |
Software Capitalization.
With regards to developing software, any application costs incurred during
the development state, both internal expenses and those paid to third parties are capitalized and amortized per FASB Topic ASC350-40
(“Internal-Use Software Accounting & Capitalization”). Once the software has been
developed, the costs to maintain and train others for its use will be expensed. With
regards to developing software, any application costs incurred during the development state, both internal expenses and those paid to
third parties are capitalized and amortized based on the estimated useful life of five years.
|
Impairment Assessment |
Impairment
Assessment
The
Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business
climate, market conditions or other events that indicate an assets’ carrying amount may not be recoverable. Recoverability of these
assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the
cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets
is reduced to fair value.
The
Company evaluates and tests the recoverability of its goodwill for impairment at least annually during its fourth quarter of each fiscal
year or more often if and when circumstances indicate that goodwill may not be recoverable.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with
Customers”, or ASC Topic 606, using the practical expedient in paragraph 606-10-10-4 that allows for the use of a portfolio
approach, because we have determined that the effect of applying the guidance to our portfolios of contracts within the scope of ASC
Topic 606 on our condensed consolidated financial statements would not differ materially from applying the guidance to each
individual contract within the respective portfolio or our performance obligations within such portfolio. The five-step model
defined by ASC Topic 606 requires the Company to: (i) identify its contracts with customers, (ii) identify its performance
obligations under those contracts, (iii) determine the transaction prices of those contracts, (iv) allocate the transaction prices
to its performance obligations in those contracts and (v) recognize revenue when each performance obligation under those contracts
is satisfied. Revenue is recognized when promised goods or services are transferred to the customer in an amount that reflects the
consideration expected in exchange for those goods or services.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A
substantial portion of the Company’s revenue from its independent living and assisted living communities relates to contracts with
residents for services that are generally under ASC Topic 606. The Company’s contracts with residents and other customers that
are within the scope of ASC Topic 606 are generally short-term in nature. The Company has determined that services performed under those
contracts are considered one performance obligation in accordance with ASC Topic 606 as such services are regarded as a series of distinct
events with the same timing and pattern of transfer to the resident or customer. Revenue is recognized for those contracts when the Company’s
performance obligation is satisfied by transferring control of the service provided to the resident or customer, which is generally when
the services are provided over time.
Resident
fees at our residential communities consist of regular monthly charges for basic housing and support services and fees for
additional requested services, such as assisted living services, personalized health services and ancillary services. Fees are
specified in our agreements with residents, which are generally short term (30 days to one year), with regular monthly charges
billed in advance. Funds received from residents in advance of services provided are not material to our condensed consolidated
financial statements. Some of our senior living communities require payment of an upfront entrance fee in advance of a resident
moving into the community; substantially all these community fees are non-refundable and are initially recorded as deferred revenue
and included in accrued expenses and other current liabilities in our consolidated balance sheets. These deferred amounts are then
amortized on a straight-line basis into revenue over the term of the resident’s agreement. When the resident no longer resides
within our community, the remaining deferred non-refundable fees are recognized in revenue. Revenue recorded and deferred in
connection with community fees is not material to our condensed consolidated financial statements. Revenue for basic housing and
support services and additional requested services is recognized in accordance with ASC Topic 606 and measured based on the
consideration specified in the resident agreement and is recorded when the services are provided.
|
Resident Care Contracts |
Resident
Care Contracts
Resident
fees at the Company’s senior living communities may consist of regular monthly charges for basic housing and support services and
fees for additional requested services and ancillary services. Fees are specified in the Company’s agreements with residents, which
are generally short term (30 days to one year), with regular monthly charges billed on the first of the month. Funds received from residents
in advance of services are not material to the Company’s condensed consolidated financial statements.
Below
is a table that shows the breakdown by percentage of revenues related to contracts with residents versus resident fees for support or
ancillary services.
Schedule of Revenue from Contract with Customers
| |
For the periods ended March 31, | |
| |
2023 | | |
% | | |
2022 | | |
% | |
Revenue from contracts with customers: | |
| | | |
| | | |
| | | |
| | |
Resident rent - over time | |
$ | 2,895,326 | | |
| 96 | % | |
$ | 3,124,761 | | |
| 97 | % |
Day care | |
| 89,041 | | |
| 3 | % | |
| 83,896 | | |
| 3 | % |
Amenities and conveniences - point in time | |
| 22,137 | | |
| 1 | % | |
| 1,561 | | |
| 0 | % |
Total revenue from contracts with customers | |
$ | 3,006,504 | | |
| 100 | % | |
$ | 3,210,218 | | |
| 100 | % |
|
Financial Instruments |
Financial
Instruments
In
accordance with the reporting requirements of the FASB ASC Topic 825, “Financial Instruments”, the Company calculates
the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional
information in the notes to the condensed consolidated financial statements when the fair value is different than the carrying value
of those financial instruments. The Company does not have assets or liabilities measured at fair value on a recurring basis except
its derivative liability.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consequently,
the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor
gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to
those assets and liabilities still held during the periods presented, except as disclosed.
|
Fair Value Measurement |
Fair
Value Measurement
ASC
Topic 820, “Fair Value Measurements”, provides a comprehensive framework for measuring fair value and expands disclosures
which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy
prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets
and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level
1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and
liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the
New York Stock Exchange.
Level
2 - Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported
date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced
with models using highly observable inputs.
Level
3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level
3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts
used to determine the fair value.
The
following tables present the Company’s assets and liabilities that were measured and recognized at fair value as of March 31, 2023
and December 31, 2022:
Schedule of Assets and Liabilities Measured at Fair Value
March 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 3,748,918 | | |
$ | 3,748,918 | |
December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 2,320,547 | | |
$ | 2,320,547 | |
Under
the Company’s contract ordering policy, the Company first considers common shares issued and outstanding as well as reserved but
unissued equity awards, such as under an equity award program. All remaining equity linked instruments such as, but not limited to, options,
warrants, and debt and equity with conversion features are evaluated based on the date of issuance. If the number of shares which may
be issued under the Company’s agreements exceed the authorized number of shares or are unable to be determined, equity linked instruments
from that date forward are considered to be derivative liabilities until such time as the number of shares which may be issued under
the Company’s agreements no longer exceed the authorized number of shares and are able to be determined.
The
Company has outstanding note agreements containing provisions meeting the definition of a derivative liability which therefore require
bifurcation. Further, pursuant to the Company’s contract ordering policy, any issuance of equity linked instruments subsequent
to the initial triggering agreement will result in derivative liabilities.
At
March 31, 2023, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and warrants
based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s
common stock of $0.51; risk-free interest rates ranging from 3.60% to 4.94%; expected volatility of the Company’s common stock
ranging from 182% to 421%; estimated exercise prices ranging from $0.35 to $0.43; and terms from one to sixty months.
At
December 31, 2022, the Company estimated the fair value of the conversion feature derivatives embedded in the notes payable and warrants
based on assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s
common stock of $0.56; risk-free interest rates ranging from 3.99% to 4.76%; expected volatility of the Company’s common stock
ranging from 183% to 572%; estimated exercise prices ranging from $0.35 to $0.75; and terms from three to sixty months.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A
reconciliation of the changes in the Company’s Level 3 derivative liability at fair value is as follows:
Summary of Activity of Level 3 Liabilities
| |
| | |
Balance - December 31, 2022 | |
$ | 2,320,547 | |
Additions | |
| 3,707,038 | |
Settlements | |
| (713,435 | ) |
Change in fair value | |
| (1,565,232 | ) |
Balance - March 31, 2023 | |
$ | 3,748,918 | |
|
Convertible Instruments |
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC Topic 815, “Derivatives
and Hedging Activities”.
Applicable
GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative
financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and
risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host
contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at
fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same
terms as the embedded derivative instrument would be considered a derivative instrument.
The
Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated
from their host instruments) as follows: The Company records when necessary, discounts to convertible notes for the intrinsic value of
conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the
commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements
are amortized over the term of the related debt to their stated date of redemption.
|
Research and Development Costs |
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are included in operating expenses. There were no research and development costs incurred in the three months ended March 31, 2023 or 2022.
|
Advertising Costs |
Advertising
Costs
The
costs of advertising are expensed as incurred. Advertising expenses are included in the Company’s operating expenses. There were no advertising expenses in the three months ended March 31, 2023 or 2022.
|
Lease Accounting |
Lease
Accounting
The
Company follows ASC Topic 842, “Leases”. The Company has elected the practical expedient to account for each separate lease component of a contract and its
associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. All ROU assets were written
off effective March 31, 2023, when the Company disposed of the three leased properties described in Note 5 Leases.
|
Income Taxes |
Income
Taxes
The
Company’s income tax expense includes U.S. income taxes. Certain items of income and expense are not reported in tax returns and
financial statements in the same year. The Company accounts for income taxes under the asset and liability method, which requires the
recognition of deferred tax assets and liabilities for the expected future tax consequences to be included in the Company’s condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the
differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in
which the differences are expected to reverse, while the effect of a change in tax rates on deferred tax assets and liabilities is recognized
in income in the period that includes the enactment date.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained
upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with
a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized.
Changes
in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred
tax assets will be recovered from future taxable income, and, to the extent, the Company believes that the Company is more likely than
not that all or a portion of deferred tax assets will not be realized, the Company establishes a valuation allowance to reduce the deferred
tax assets to the appropriate valuation.
Company
includes the related tax expense or tax benefit within the tax provision in the condensed consolidated statement of operations
in that period. In making such a determination, the Company considers all available positive and negative evidence, including future
reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent
operations. In the future, if the Company determines that it would be able to realize its deferred tax assets in excess of their net
recorded amount, the Company will make an adjustment to the deferred tax asset valuation allowance and record an income tax benefit within
the tax provision in the condensed consolidated statement of operations in that period.
The
Company pays franchise taxes in certain states in which it has operations. The Company has included franchise taxes in general and administrative
and operating expenses in its condensed consolidated statements of operations.
|
Earnings Per Share |
Earnings
Per Share
FASB
ASC Topic 260, “Earnings Per Share”, requires a reconciliation of the numerator and denominator of the basic and diluted
earnings (loss) per share (EPS) computations.
Basic
earnings (loss) per share are computed by dividing income available to common stockholders by the weighted-average number of common shares
outstanding during the period. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator
is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been
issued and if the additional common shares were dilutive.
|
Commitments and Contingencies |
Commitments
and Contingencies
The
Company has been, is currently, and expects in the future to be involved in claims, lawsuits, and regulatory and other government audits,
investigations and proceedings arising in the ordinary course of the Company’s business, some of which may involve material amounts.
The Company establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount
of the loss can be reasonably estimated. Also, the defense and resolution of these claims, lawsuits, and regulatory and other government
audits, investigations and proceedings may require the Company to incur significant expense. The Company accounts for claims and litigation
losses in accordance with ASC Topic 450, “Contingencies”. Under ASC Topic 450, loss contingency provisions are recorded for
probable and estimable losses at the Company’s best estimate of a loss or, when a best estimate cannot be made, at the Company’s
estimate of the minimum loss. These estimates are often developed prior to knowing the amount of the ultimate loss, require the application
of considerable judgment, and are refined as additional information becomes known. Accordingly, the Company is often initially unable
to develop a best estimate of loss and therefore the estimated minimum loss amount, which could be zero, is recorded; then, as information
becomes known, the minimum loss amount is updated, as appropriate. Occasionally, a minimum or best estimate amount may be increased or
decreased when events result in a changed expectation.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging
- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s
Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities
and equity. This ASU (a) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing
guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features
and cash conversion features in equity, separately from the host convertible debt or preferred stock; (b) revises the scope exception
from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s
own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (c) revises
the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share for convertible instruments
by using the “if-converted” method. In addition, entities must presume share settlement for purposes of calculating diluted
earnings per share when an instrument may be settled in cash or shares. For smaller reporting companies, ASU 2020-06 is effective for
fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact that ASU 2020-06 may have on its financial
statements and related disclosures.
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
As
of March 31, 2023, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable,
has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had
or will have a material impact on the Company’s condensed consolidated financial statements.
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Estimated Useful Lives |
Depreciation
is computed on the straight-line method with useful lives as follows:
Schedule of Estimated Useful Lives
Asset Class | |
Estimated Useful Life (in years) | |
Buildings and building improvements | |
| 39 | |
Leasehold improvements | |
| 15 | |
Equipment | |
| 7 | |
Computer equipment and software | |
| 5 | |
Furniture and fixtures | |
| 7 | |
|
Schedule of Revenue from Contract with Customers |
Below
is a table that shows the breakdown by percentage of revenues related to contracts with residents versus resident fees for support or
ancillary services.
Schedule of Revenue from Contract with Customers
| |
For the periods ended March 31, | |
| |
2023 | | |
% | | |
2022 | | |
% | |
Revenue from contracts with customers: | |
| | | |
| | | |
| | | |
| | |
Resident rent - over time | |
$ | 2,895,326 | | |
| 96 | % | |
$ | 3,124,761 | | |
| 97 | % |
Day care | |
| 89,041 | | |
| 3 | % | |
| 83,896 | | |
| 3 | % |
Amenities and conveniences - point in time | |
| 22,137 | | |
| 1 | % | |
| 1,561 | | |
| 0 | % |
Total revenue from contracts with customers | |
$ | 3,006,504 | | |
| 100 | % | |
$ | 3,210,218 | | |
| 100 | % |
|
Schedule of Assets and Liabilities Measured at Fair Value |
The
following tables present the Company’s assets and liabilities that were measured and recognized at fair value as of March 31, 2023
and December 31, 2022:
Schedule of Assets and Liabilities Measured at Fair Value
March 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 3,748,918 | | |
$ | 3,748,918 | |
December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Derivative liability | |
| - | | |
| - | | |
$ | 2,320,547 | | |
$ | 2,320,547 | |
|
Summary of Activity of Level 3 Liabilities |
A
reconciliation of the changes in the Company’s Level 3 derivative liability at fair value is as follows:
Summary of Activity of Level 3 Liabilities
| |
| | |
Balance - December 31, 2022 | |
$ | 2,320,547 | |
Additions | |
| 3,707,038 | |
Settlements | |
| (713,435 | ) |
Change in fair value | |
| (1,565,232 | ) |
Balance - March 31, 2023 | |
$ | 3,748,918 | |
|
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v3.23.3
Real Estate, Property and Equipment (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Real Estate, Property and Equipment |
The
Company’s real estate, property and equipment consisted of the following at the respective balance sheet dates:
Schedule of Real Estate, Property and Equipment
| |
March 31,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Land | |
$ | 2,231,879 | | |
$ | 2,231,879 | |
Building and building improvements | |
| 4,975,243 | | |
| 4,975,243 | |
Leasehold Improvements | |
| 710,317 | | |
| 846,754 | |
Computers | |
| 57,192 | | |
| 332,809 | |
Furniture, fixtures, and equipment | |
| 72,213 | | |
| 1,379,219 | |
Other Equipment | |
| 74,937 | | |
| 518,145 | |
Work in progress | |
| 138,187 | | |
| 138,187 | |
Total | |
| 8,259,968 | | |
| 10,422,236 | |
Less accumulated depreciation | |
| (1,938,219 | ) | |
| (3,899,257 | ) |
Real estate, property and equipment, net | |
$ | 6,321,749 | | |
$ | 6,522,979 | |
|
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v3.23.3
Intangible Assets, Net (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Expected Future Amortization Expense for Intangible Assets |
Acquired
intangible assets subject to amortization are as follows:
Schedule
of Expected Future Amortization Expense for Intangible Assets
| |
| | | |
| | | |
| | | |
| | |
| |
March 31, 2023 | |
| |
Gross Carrying
Amount | | |
Accumulated
Amortization | | |
Net Carrying
Amount | | |
Weighted-Average
Remaining Useful
Life (Years) | |
Developed technology | |
$ | 3,680,000 | | |
$ | 184,000 | | |
$ | 3,496,000 | | |
| 4.75 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2022 |
|
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Weighted-Average
Remaining
Useful
Life
(Years) |
|
Developed
technology |
|
$ |
2,240,000 |
|
|
$ |
- |
|
|
$ |
2,240,000 |
|
|
|
5.75 |
|
|
Schedule of Future Amortization Expense for Intangible Assets |
Expected
future amortization expense for intangible assets as of March 31, 2023 is as follows:
Schedule of Future Amortization Expense for Intangible Assets
| |
| | |
Fiscal Years | |
| |
2023 (remaining) | |
$ | 552,000 | |
2024 | |
| 736,000 | |
2025 | |
| 736,000 | |
2026 | |
| 736,000 | |
2027 | |
| 736,000 | |
Thereafter | |
| - | |
Total | |
$ | 3,496,000 | |
|
X |
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v3.23.3
Discontinued Operations (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of Discontinued Operations for Consolidated Statement of Operations |
Schedule
of Discontinued Operations for Consolidated Statement of Operations
| |
| | |
REVENUES | |
| | |
Commercial property rental revenue | |
$ | 14,239 | |
Total revenues, net | |
| 14,239 | |
| |
| | |
Costs and expenses | |
| | |
Operating expenses | |
| - | |
General and administrative expenses | |
| 36,636 | |
Total operating expenses | |
$ | 36,636 | |
| |
| | |
Loss from operations | |
| (22,307 | ) |
| |
| | |
Other/(income) expenses | |
| | |
Interest expense | |
| 44,151 | |
Gain on disposal of assets | |
| - | |
Equity income from investees, net of applicable taxes | |
| - | |
Impairment expense (recovery) | |
| - | |
Other (income) expenses | |
| 18,768 | |
Total (income)/expense | |
| 62,920 | |
| |
| | |
Net loss | |
$ | (85,227 | ) |
|
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v3.23.3
Indebtedness (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Long Term Debt |
The
following table summarizes the Company’s debt as of March 31, 2023 and December 31, 2022:
Schedule
of Long Term Debt
As of March 31, | |
Total | |
2022 | |
| 6,839,277 | |
2023 | |
| 9,635,591 | |
2024 | |
| 1,494,886 | |
2025 | |
| 4,461,182 | |
Thereafter | |
| 494,900 | |
Total obligations | |
$ | 22,925,835 | |
|
Schedule of Maturity Debt |
Indebtedness
of Facilities
Schedule
of Maturity Debt
| |
Maturity Date | |
Interest Rate | | |
March 31,
2023 | | |
December 31,
2022 | |
Naples Equity Loan ^ | |
May 2023 | |
| 9.95 | % | |
$ | 4,550,000 | | |
$ | 4,550,000 | |
Gearhart Loan ^ | |
December 2022 | |
| 7.00 | % | |
| 193,578 | | |
| 193,578 | |
SBA PPP Loans # | |
February 2022 | |
| 1.00 | % | |
| 1,518,682 | | |
| 1,518,682 | |
Bank Direct Payable ^ | |
December 2022 | |
| 3.13 | % | |
| 31,569 | | |
| 80,381 | |
AIU Sixth Street | |
February 2023 | |
| 12.00 | % | |
| - | | |
| 49,593 | |
1800 Diagonal Lending | |
October 2024 | |
| 12.00 | % | |
| 93,408 | | |
| 116,760 | |
1800 Diagonal Lending | |
February 2024 | |
| 12.00 | % | |
| 173,594 | | |
| - | |
Equity Secure Fund I, LLC* | |
June 2022 | |
| 11.50 | % | |
| 1,000,000 | | |
| 1,000,000 | |
Invesque | |
July 2025 | |
| 10.00 | % | |
| 3,458,504 | | |
| - | |
Merchant Cash Advance Loans (^^)
Naples Operating PIRS Capital | |
March 2023 | |
| 0.00 | % | |
$ | 338,000 | | |
$ | 338,000 | |
Little Rock Libertas | |
February 2023 | |
| 0.00 | % | |
| 326,330 | | |
| 326,330 | |
PIRS Capital Financing Agreement | |
March 2023 | |
| 0.00 | % | |
| 144,659 | | |
| 144,659 | |
Naples Samson #1 | |
May 2023 | |
| 0.00 | % | |
| 76,916 | | |
| 76,916 | |
Naples LG Funding #2 | |
April 2023 | |
| 0.00 | % | |
| 171,170 | | |
| 171,170 | |
Little Rock Premium Funding | |
April 2023 | |
| 0.00 | % | |
| 211,313 | | |
| 211,313 | |
Little Rock KIT Funding | |
December 2022 | |
| 0.00 | % | |
| 89,400 | | |
| 89,400 | |
Little Rock Samson Funding #4 | |
February 2023 | |
| 0.00 | % | |
| 170,501 | | |
| 170,501 | |
Naples Operating SWIFT | |
December 2022 | |
| 0.00 | % | |
| 111,750 | | |
| 111,750 | |
New Braunfels Samson Cloud Fund | |
February 2023 | |
| 0.00 | % | |
| 308,035 | | |
| 308,035 | |
New Braunfels Samson Group | |
February 2023 | |
| 0.00 | % | |
| 375,804 | | |
| 375,804 | |
Westover Hills One River | |
December 2022 | |
| 0.00 | % | |
| 128,298 | | |
| 128,301 | |
Westover Hills FOX Capitol | |
March 2023 | |
| 0.00 | % | |
| 109,384 | | |
| 109,384 | |
Westover Hills Arsenal | |
October 2023 | |
| 0.00 | % | |
| 95,882 | | |
| 95,882 | |
Westover Samson Funding | |
March 2023 | |
| 0.00 | % | |
| 267,754 | | |
| 267,754 | |
Notional amount of debt | |
| |
| | | |
| 13,944,531 | | |
| 10,434,193 | |
Less: current maturities | |
| |
| | | |
| 13,944,531 | | |
| 10,434,193 | |
| |
| |
| | | |
$ | - | | |
$ | - | |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Indebtedness
Allocated to Assets Held For Sale
Real Estate: | |
| |
| | |
| | |
| |
Artesia Note | |
June 2033 | |
| Variable | | |
$ | - | | |
$ | 211,721 | |
Carpenter Enterprises | |
Demand Note | |
| Variable | | |
| 300,000 | | |
| 300,000 | |
Leander Stearns National Association ^ | |
February 2023 | |
| 10.38 | % | |
| 805,000 | | |
| 805,000 | |
Notional amount of debt | |
| |
| | | |
| 1,105,000 | | |
| 1,316,721 | |
Less: current maturities | |
| |
| | | |
| 805,000 | | |
| 805,000 | |
| |
| |
| | | |
$ | 300,000 | | |
$ | 511,721 | |
Other
(Corporate) Indebtedness
| |
| |
| | |
| | |
| |
AGP Contract ^ | |
March 2023 | |
| 5.00 | % | |
$ | 550,000 | | |
$ | 550,000 | |
Cibolo Creek Partners | |
December 2025 | |
| 0.09 | % | |
| 411,470 | | |
$ | 421,470 | |
Cibolo Creek Partners promissory note | |
December 2025 | |
| 0.09 | % | |
| 91,208 | | |
| 96,208 | |
EIDL SBA Treas 310 | |
December 2051 | |
| 3.75 | % | |
| 494,900 | | |
| 494,900 | |
Firstfire | |
May 2023 | |
| 12.00 | % | |
| 37,195 | | |
| 95,054 | |
Five C’s Loan ^ | |
December 2022 | |
| 9.85 | % | |
| 325,000 | | |
| 325,000 | |
GS Capital | |
May 2023 | |
| 12.00 | % | |
| 12,048 | | |
| 50,955 | |
Jefferson Street Capital LLC @ | |
May 2023 | |
| 12.00 | % | |
| 33,600 | | |
| 84,000 | |
KOBO, L.P. ^ | |
October 2023 | |
| Floating | % | |
| 500,000 | | |
| 500,000 | |
Mast Hill LP @ | |
May 2023 | |
| 12.00 | % | |
| 300,000 | | |
| 420,000 | |
Mast Hill LP @ | |
July 2023 | |
| 12.00 | % | |
| 252,000 | | |
| 315,000 | |
Round Rock Development Partners Note | |
December 2025 | |
| 0.09 | % | |
| 500,000 | | |
| 500,000 | |
Jefferson Street Capital LLC (February 2023) | |
February 2024 | |
| 12.00 | % | |
| 192,883 | | |
| - | |
Mast Hill LP (January 2023) | |
January 2024 | |
| 12.00 | % | |
| 756,000 | | |
| - | |
Convertible Notes Issued by AIU Alternative Care, Inc. | |
January 2024 | |
| 12.00 | % | |
| 279,000 | | |
| - | |
| |
| |
| | | |
| | | |
| | |
Notional amount of debt | |
| |
| | | |
| 4,735,304 | | |
| 3,852,587 | |
Less: current maturities | |
| |
| | | |
| 2,009,843 | | |
| 2,340,009 | |
| |
| |
| | | |
$ | 2,725,461 | | |
$ | 1,512,578 | |
| |
| |
| | | |
| | | |
| | |
TIC Purchase Agreements | |
No Specified Date | |
| 8.00 | % | |
$ | 3,141,000 | | |
$ | 3,141,000 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
| Total | | |
| 22,925,835 | | |
| 18,744,501 | |
| |
| |
| Less Debt Discount &
Derivatives | | |
| (1,554,177 | ) | |
| (1,004,271 | ) |
| |
| |
| Total | | |
$ | 21,371,658 | | |
$ | 17,740,230 | |
^ |
Obligation
is in default. The interest rate noted above is the stated rate of interest and does not reflect the default rate of interest. |
^^ |
We
have ceased payment of these obligations. Obligations are subject to litigation for nonpayment, as previously reported. See Note 8
Commitments and Contingencies. |
# |
SBA
PPP obligations are past due and in the Company is continuing the process to have these obligations forgiven. |
@ |
Obligation
is in payment default. Each lender has not exercised any of their remedies and the Company continues to negotiate with each lender a
payment schedule. The interest rate noted above is the stated rate of interest and does not reflect the default rate of interest. Subsequently, each lender has provided a forbearance of their remedies which was in effect as of the date of this
Report. |
* |
Obligations
have been modified as described in Note 13 Subsequent Events. |
|
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v3.23.3
Earnings Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Anti-Dilutive Shares Compensation of Earnings (Loss) Per Share |
The
following tables set forth the potentially dilutive shares that were anti-dilutive in their respective periods as the Company had net
losses for the periods ended March 31, 2023 and 2022, respectively.
Schedule of Anti-Dilutive Shares Compensation of Earnings (Loss) Per Share
| |
2023 | | |
2022 | |
| |
For the Three Months Ended | |
Dilution shares calculation | |
March 31, | |
| |
2023 | | |
2022 | |
Series A Convertible Preferred Stock | |
| 328,925 | | |
| 328,925 | |
Series F 6.75% Convertible Preferred Stock | |
| 4,791,401 | | |
| 4,797,052 | |
Series I 10.25% Convertible Preferred Stock | |
| 682,820 | | |
| 320,657 | |
Limited Partnership Units | |
| 99,038 | | |
| 99,038 | |
Warrants | |
| 7,618,820 | | |
| 4,038,801 | |
Total participating securities | |
| 13,521,004 | | |
| 9,586,495 | |
|
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v3.23.3
Deficit (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Equity [Abstract] |
|
Summary of Outstanding Warrants |
The
following is a summary of such outstanding warrants at March 31 2023:
Warrants
(“STI Warrants”) issued by STI prior to September 9, 2021, the effective date of the AIU Merger.
Summary
of Outstanding Warrants
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
Common Shares | | |
|
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
| | |
| | |
| | |
|
Warrants related to March 2018 financing | |
| 7,331 | | |
| 7,331 | | |
$ | 245.84 | | |
September 9, 2023 |
Warrants related to July 2018 financing | |
| 119,241 | | |
| 119,241 | | |
$ | 75.48 | | |
July 25, 2023 |
Warrants related to July 2018 financing | |
| 7,154 | | |
| 7,154 | | |
$ | 94.35 | | |
July 25, 2023 |
Warrants related to May 2019 financing | |
| 5,518 | | |
| 5,518 | | |
$ | 26.96 | | |
May 23, 2024 |
Warrants related to October 2019 financing | |
| 100,719 | | |
| 100,719 | | |
$ | 5.39 | | |
October 10, 2024 |
Warrants related to October 2019 financing | |
| 14,336 | | |
| 14,336 | | |
$ | 6.74 | | |
October 8, 2024 |
Warrants
that were issued by Clearday Operations, Inc. prior to the effective date of the AIU Merger:
| |
Common Shares | | |
|
| |
Total | | |
Currently Exercisable | | |
Exercise Price per Share | | |
Expiration Date |
| |
| | |
| | |
| | |
|
Warrants issued in connection with financings * | |
| 3,281,508 | | |
| 3,281,508 | | |
$ | 5.00 | | |
November 15, 2029 |
Warrants issued to a consultant ^ | |
| 500,000 | | |
| 500,000 | | |
$ | 11.00 | | |
August 10, 2026 |
|
* |
Two
of our subsidiaries have preferred securities that are classified under GAAP as Non-Controlling Interest: (1) the preferred stock
designated as the Series I 10.25% cumulative convertible preferred stock, par value $0.01 per share of AIU Alt Care (the “Alt
Care Preferred Stock”); and (2) the preferred limited partnership interests of Clearday OZ Fund (the “Clearday OZ LP
Interests”). As of March 31, 2023, there are 1,376,118
warrants that were issued by Clearday to investors in the Alt Care Preferred Stock and the Clearday OZ LP Interests that may
be exercised for an aggregate of 3,281,508
shares of the Company’s Common Stock. The exercise price per share for each is $5.00
per share, subject to adjustment for specified fundamental transactions such as stock splits, reverse stock splits and stock
combinations. |
|
|
|
|
^ |
The
Company also has a warrant issued to a consultant representing 500,000 shares of the Company’s Common Stock at an exercise
price of $11.00 per share, which may be paid by customary cashless exercise. Such warrant is subject to adjustment for specified
fundamental transactions such as stock splits, reverse stock splits and stock combinations. |
CLEARDAY,
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Warrants
issued by Clearday, Inc. after the effective date of the AIU Merger to Lenders:
Each
of the following warrants were issued in connection with a financing and provides that the warrant may only be issued upon an event of
default under the related promissory note.
| |
Common Shares | | |
|
| |
Outstanding | | |
Exercisable | | |
Exercise Price | | |
Maturity Date |
Related to the January 12, 2023, Financing (Mast Hill LP) | |
| 1,134,000 | | |
| 0 | | |
$ | 0.75 | | |
5 years after Trigger Date* |
Related to the September 30, 2022, Financing (Mast Hill LP) | |
| 472,500 | | |
| 0 | | |
$ | 0.50 | | |
5 years after Trigger Date* |
Related to the July 1, 2022, Financing (Mast Hill LP) | |
| 900,000 | | |
| 0 | | |
$ | 0.50 | | |
5 years after Trigger Date* |
|
*
|
Trigger
Date is defined as the date of an Event of Default under the promissory note that is related to the financing in which this warrant
was issued, which default has not been waived. |
The
additional warrants were also issued to lenders:
| |
Common Shares | | |
|
| |
| | |
| | |
| | |
|
Related to the February 17, 2023, Financing (Jefferson Street Capital LLC) | |
| 225,000 | | |
| 225,000 | | |
$ | 0.75 | | |
March 16, 2028 |
Related to the January 12, 2023, Financing (Mast Hill LP) | |
| 851,000 | | |
| 851,000 | | |
$ | 0.75 | | |
February 14, 2028 |
|
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v3.23.3
Description of Business and Going Concern (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
Accumulated deficit |
$ 79,606,718
|
|
$ 79,671,065
|
Net income (loss) |
486,608
|
$ 2,719,316
|
|
Net cash used in operating activities |
$ 1,066,342
|
$ 2,080,476
|
3,978,027
|
Loss from continued operations |
|
|
$ 14,462,738
|
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v3.23.3
Schedule of Estimated Useful Lives (Details)
|
Mar. 31, 2023 |
Building Improvements [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, estimated useful lives |
39 years
|
Leasehold Improvements [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, estimated useful lives |
15 years
|
Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, estimated useful lives |
7 years
|
Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, estimated useful lives |
5 years
|
Furniture and Fixtures [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, estimated useful lives |
7 years
|
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v3.23.3
Schedule of Revenue from Contract with Customers (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Product Information [Line Items] |
|
|
Revenues |
$ 3,006,504
|
$ 3,210,218
|
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk, percentage |
100.00%
|
100.00%
|
Transferred over Time [Member] |
|
|
Product Information [Line Items] |
|
|
Revenues |
$ 2,895,326
|
$ 3,124,761
|
Transferred over Time [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk, percentage |
96.00%
|
97.00%
|
Transferred Day Care [Member] |
|
|
Product Information [Line Items] |
|
|
Revenues |
$ 89,041
|
$ 83,896
|
Transferred Day Care [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk, percentage |
3.00%
|
3.00%
|
Transferred at Point in Time [Member] |
|
|
Product Information [Line Items] |
|
|
Revenues |
$ 22,137
|
$ 1,561
|
Transferred at Point in Time [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk, percentage |
1.00%
|
0.00%
|
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v3.23.3
Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Derivative liability |
$ 3,748,918
|
$ 2,320,547
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Derivative liability |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Derivative liability |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Derivative liability |
$ 3,748,918
|
$ 2,320,547
|
X |
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v3.23.3
Summary of Activity of Level 3 Liabilities (Details) - Fair Value, Inputs, Level 3 [Member]
|
3 Months Ended |
Mar. 31, 2023
USD ($)
|
Platform Operator, Crypto-Asset [Line Items] |
|
Balance - December 31, 2022 |
$ 2,320,547
|
Additions |
3,707,038
|
Settlements |
(713,435)
|
Change in fair value |
(1,565,232)
|
Balance - March 31, 2023 |
$ 3,748,918
|
v3.23.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
Nov. 30, 2019 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 31, 2019 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Preferred stock, dividend rate, percentage |
|
6.75%
|
6.75%
|
|
|
Preferred stock, par or stated value per share |
|
$ 0.001
|
$ 0.001
|
|
|
Preferred stock, shares authorized |
|
10,000,000
|
10,000,000
|
|
|
Classification of redeemable preferred stock, description |
|
Registrants
having such securities outstanding are required to present separately, in balance sheets, amounts applicable to the following three
general classes of securities: (i) preferred stocks subject to mandatory redemption requirements or whose redemption is outside the
control of the issuer; (ii) preferred stocks which are not redeemable or are redeemable solely at the option of the issuer; and
(iii) common stocks. In addition, the rules require disclosure of redemption terms, five-year maturity data, and changes in
redeemable preferred stock.
|
|
|
|
Estimated useful life of intangible asset |
|
5 years
|
|
|
|
Risk-free interest rates, minimum |
|
3.60%
|
3.99%
|
|
|
Risk-free interest rates, maximum |
|
4.94%
|
4.76%
|
|
|
Common stock expected volatility, minimum |
|
182.00%
|
183.00%
|
|
|
Common stock expected volatility, maximum |
|
421.00%
|
572.00%
|
|
|
Income tax examination description |
|
greater than 50% likelihood
|
|
|
|
AIU Impact Management LLC [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Equity method investment, ownership percentage |
|
|
|
|
1.00%
|
Preferred Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Preferred stock, dividend rate, percentage |
|
10.25%
|
|
|
|
Preferred stock, par or stated value per share |
|
$ 0.001
|
|
|
|
Preferred stock, shares authorized |
|
10,000,000
|
|
|
|
Alt Care Preferred Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Dividend payment restrictions schedule, description |
|
the aggregate investment amount
for such security plus accrued and unpaid dividends at 10.25% per annum, (ii) divided by 80% of the 20 consecutive day volume weighted
closing price of the Common Stock of Clearday preceding the conversion date.
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Common stock, shares authorized |
|
80,000,000
|
|
|
|
Common stock price per share |
|
$ 0.51
|
$ 0.56
|
|
|
AIU Alt Care Inc [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
1,500,000
|
|
|
|
|
Common stock, shares authorized |
1,500,000
|
|
|
|
|
Investments |
|
|
|
$ 897,000
|
|
AIU Alt Care Inc [Member] | Preferred Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Conversion of stock, shares converted |
|
|
|
89,700
|
|
AIU Impact Management LLC [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Percentage of income and gain |
|
|
|
|
99.00%
|
Series I Cumulative Convertible Preferred Stock [Member] | AIU Alt Care Inc [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Preferred stock, dividend rate, percentage |
10.25%
|
|
|
|
|
Preferred stock, par or stated value per share |
$ 0.01
|
|
|
|
|
Alt Care Preferred Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Preferred stock, par or stated value per share |
$ 10.00
|
|
|
|
|
Preferred stock, shares authorized |
700,000
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Exercise prices |
|
0.43
|
0.75
|
|
|
Minimum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Exercise prices |
|
$ 0.35
|
$ 0.35
|
|
|
AIU Alternative Care Inc [Member] | Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Percentage of voting interest acquired |
|
1.00%
|
|
|
|
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v3.23.3
Schedule of Real Estate, Property and Equipment (Details) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, net |
$ 6,321,749
|
$ 6,522,979
|
Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
8,259,968
|
10,422,236
|
Less accumulated depreciation |
(1,938,219)
|
(3,899,257)
|
Real estate, property and equipment, net |
6,321,749
|
6,522,979
|
Land [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
2,231,879
|
2,231,879
|
Building Improvements [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
4,975,243
|
4,975,243
|
Leasehold Improvements [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
710,317
|
846,754
|
Computer Equipment [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
57,192
|
332,809
|
Furniture, Fixtures and Equipment [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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72,213
|
1,379,219
|
Equipment [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
74,937
|
518,145
|
Construction in Progress [Member] | Memory Care Facilities and Corporate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Real estate, property and equipment, gross |
$ 138,187
|
$ 138,187
|
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Real Estate, Property and Equipment (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
Depreciation, Depletion and Amortization |
$ 296,826
|
$ 187,215
|
|
Property, Plant and Equipment [Member] |
|
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
Depreciation, Depletion and Amortization |
$ 112,826
|
|
$ 501,797
|
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v3.23.3
Schedule of Expected Future Amortization Expense for Intangible Assets (Details) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted-Average Remaining Useful Life |
5 years
|
|
Development Technology [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible Assets, Gross (Excluding Goodwill) |
$ 3,680,000
|
$ 2,240,000
|
Finite-Lived Intangible Assets, Accumulated Amortization |
184,000
|
|
Intangible Assets, Net (Excluding Goodwill) |
$ 3,496,000
|
$ 2,240,000
|
Weighted-Average Remaining Useful Life |
4 years 9 months
|
5 years 9 months
|
X |
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Intangible Assets, Net (Details Narrative) - USD ($)
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Capitalized computer software, net |
$ 3,496,000
|
$ 2,240,000
|
Finite-lived intangible asset, useful life |
5 years
|
|
Amortization |
$ 184,000
|
$ 0
|
X |
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v3.23.3
Leases (Details Narrative) - USD ($)
|
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Repayments amount |
|
|
$ 977,263
|
Lease Transition Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Past due community lease amounts |
$ 1,284,770
|
1,284,770
|
|
Rent differential amount |
1,710,777
|
1,710,777
|
|
Critical expenses advances |
$ 275,000
|
275,000
|
|
Repayments percentage |
10.00%
|
|
|
Lease Transition Agreement [Member] | July 31, 2023 [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Lease cost |
$ 300,000
|
|
|
Excess cash flow, rate |
10.00%
|
|
|
Lease Transition Agreement [Member] | December 31, 2023 [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Quarterly payment |
$ 400,000
|
|
|
Lease Transition Agreement [Member] | Maximum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Critical expenses advances |
25,000
|
$ 25,000
|
|
Repayments amount |
500,000
|
|
|
Lease Transition Agreement [Member] | Minimum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Repayments amount |
300,000
|
|
|
Community Lease Transition Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Repayments amount |
$ 4,000,000
|
|
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v3.23.3
Schedule of Discontinued Operations for Consolidated Statement of Operations (Details)
|
3 Months Ended |
Mar. 31, 2022
USD ($)
|
REVENUES |
|
Total revenues, net |
$ 14,239
|
Costs and expenses |
|
Operating expenses |
|
General and administrative expenses |
36,636
|
Total operating expenses |
36,636
|
Loss from operations |
(22,307)
|
Other/(income) expenses |
|
Interest expense |
44,151
|
Gain on disposal of assets |
|
Equity income from investees, net of applicable taxes |
|
Impairment expense (recovery) |
|
Other (income) expenses |
18,768
|
Total (income)/expense |
62,920
|
Net loss |
(85,227)
|
Commercial Property Rental Revenue [Member] |
|
REVENUES |
|
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$ 14,239
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v3.23.3
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|
Mar. 31, 2023
USD ($)
|
Debt Disclosure [Abstract] |
|
2022 |
$ 6,839,277
|
2023 |
9,635,591
|
2024 |
1,494,886
|
2025 |
4,461,182
|
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494,900
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v3.23.3
Schedule of Maturity Debt (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
Long term debt, non-current |
|
$ 4,624,723
|
$ 1,392,940
|
|
Indebtedness Allocated To Assets Held For Sale [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notional amount of debt |
|
1,105,000
|
1,316,721
|
|
Less: current maturities |
|
805,000
|
805,000
|
|
Notes payable |
|
$ 300,000
|
511,721
|
|
Indebtedness Allocated To Assets Held For Sale [Member] | Artesia Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
June 2033
|
|
|
Notional amount of debt |
|
|
211,721
|
|
Indebtedness Allocated To Assets Held For Sale [Member] | Carpenter Enterprises [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
Demand Note
|
|
|
Notional amount of debt |
|
$ 300,000
|
300,000
|
|
Indebtedness Allocated To Assets Held For Sale [Member] | Leander Stearns National Association [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
February 2023
|
|
|
Interest Rate |
[1] |
10.38%
|
|
|
Notional amount of debt |
[1] |
$ 805,000
|
805,000
|
|
Other Corporate Indebtedness [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notional amount of debt |
|
4,735,304
|
3,852,587
|
|
Long term debts current |
|
2,009,843
|
2,340,009
|
|
Long term debts non current |
|
2,725,461
|
1,512,578
|
|
Notes payable gross |
[2] |
22,925,835
|
18,744,501
|
|
Less debt discount & derivatives |
[2] |
(1,554,177)
|
(1,004,271)
|
|
Notes payable net |
[2] |
$ 21,371,658
|
17,740,230
|
|
Other Corporate Indebtedness [Member] | AIU Alternative Care Inc [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
[2] |
$ 279,000
|
|
|
Other Corporate Indebtedness [Member] | AGP contract [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
March 2023
|
|
|
Interest Rate |
[1] |
5.00%
|
|
|
Notional amount of debt |
[1] |
$ 550,000
|
550,000
|
|
Other Corporate Indebtedness [Member] | Cibolo Creek Partners [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
December 2025
|
|
|
Interest Rate |
|
0.09%
|
|
|
Notional amount of debt |
|
$ 411,470
|
421,470
|
|
Other Corporate Indebtedness [Member] | Cibolo Creek Partners Promissory Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
December 2025
|
|
|
Interest Rate |
|
0.09%
|
|
|
Notional amount of debt |
|
$ 91,208
|
96,208
|
|
Other Corporate Indebtedness [Member] | EIDL SBA Treas 310 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
December 2051
|
|
|
Interest Rate |
|
3.75%
|
|
|
Notional amount of debt |
|
$ 494,900
|
494,900
|
|
Other Corporate Indebtedness [Member] | Firstfire [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
May 2023
|
|
|
Notional amount of debt |
|
$ 37,195
|
95,054
|
|
Other Corporate Indebtedness [Member] | GS Capital [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
May 2023
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
|
$ 12,048
|
50,955
|
|
Other Corporate Indebtedness [Member] | Five C Loan [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
December 2022
|
|
|
Interest Rate |
[1] |
9.85%
|
|
|
Notional amount of debt |
[1] |
$ 325,000
|
325,000
|
|
Other Corporate Indebtedness [Member] | Jefferson Street Capital LLC [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[3] |
May 2023
|
|
|
Interest Rate |
[3] |
12.00%
|
|
|
Notional amount of debt |
[3] |
$ 33,600
|
84,000
|
|
Other Corporate Indebtedness [Member] | KOBOLP [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
October 2023
|
|
|
Notional amount of debt |
[1] |
$ 500,000
|
500,000
|
|
Other Corporate Indebtedness [Member] | Mast Hill Note 1 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[3] |
May 2023
|
|
|
Interest Rate |
[3] |
12.00%
|
|
|
Notional amount of debt |
[3] |
$ 300,000
|
420,000
|
|
Other Corporate Indebtedness [Member] | Mast Hill Note 2 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[3] |
July 2023
|
|
|
Interest Rate |
[3] |
12.00%
|
|
|
Notional amount of debt |
[3] |
$ 252,000
|
315,000
|
|
Other Corporate Indebtedness [Member] | Round Rock Development Partners Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
December 2025
|
|
|
Interest Rate |
|
0.09%
|
|
|
Notional amount of debt |
|
$ 500,000
|
500,000
|
|
Other Corporate Indebtedness [Member] | Jefferson Street Capital LLC February 2023 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
February 2024
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
|
$ 192,883
|
|
|
Other Corporate Indebtedness [Member] | Mast Hill LP January 2023 [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
January 2024
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
[2] |
$ 756,000
|
|
|
Other Corporate Indebtedness [Member] | Convertible Notes Issued by AIU Alternative Care, Inc. [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
January 2024
|
|
|
Other Corporate Indebtedness [Member] | TIC Purchase Agreements [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest Rate |
|
8.00%
|
|
|
Notional amount of debt |
[2] |
$ 3,141,000
|
3,141,000
|
|
Indebtedness of Facilities [Member] | Naples Mortgage Loan [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
May 2023
|
|
|
Interest Rate |
[1] |
9.95%
|
|
|
Notional amount of debt |
[1] |
$ 4,550,000
|
4,550,000
|
|
Indebtedness of Facilities [Member] | Gearhart Loan [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
December 2022
|
|
|
Interest Rate |
[1] |
7.00%
|
|
|
Notional amount of debt |
[1] |
$ 193,578
|
193,578
|
|
Indebtedness of Facilities [Member] | SBA PPP Loans [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[4] |
February 2022
|
|
|
Interest Rate |
[4] |
1.00%
|
|
|
Notional amount of debt |
[4] |
$ 1,518,682
|
1,518,682
|
|
Indebtedness of Facilities [Member] | Bank Direct Payable [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[1] |
December 2022
|
|
|
Interest Rate |
[1] |
3.13%
|
|
|
Notional amount of debt |
[1] |
$ 31,569
|
80,381
|
|
Indebtedness of Facilities [Member] | AIU Sixth Street [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
February 2023
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
|
|
49,593
|
|
Indebtedness of Facilities [Member] | 1800 Diagonal Lending [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
October 2024
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
|
$ 93,408
|
116,760
|
|
Indebtedness of Facilities [Member] | 1800 Diagonal Lending One [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
February 2024
|
|
|
Interest Rate |
|
12.00%
|
|
|
Notional amount of debt |
|
$ 173,594
|
|
|
Indebtedness of Facilities [Member] | Equity Secure Fund I, LLC [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[2] |
June 2022
|
|
|
Interest Rate |
[2] |
11.50%
|
|
|
Notional amount of debt |
[2] |
$ 1,000,000
|
1,000,000
|
|
Indebtedness of Facilities [Member] | Inyesque [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
|
July 2025
|
|
|
Interest Rate |
|
10.00%
|
|
|
Notional amount of debt |
|
$ 3,458,504
|
|
[2] |
Merchant Cash Advance Loans [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Notional amount of debt |
[5] |
13,944,531
|
10,434,193
|
|
Less: current maturities |
[5] |
13,944,531
|
10,434,193
|
|
Long term debt, non-current |
[5] |
|
|
|
Merchant Cash Advance Loans [Member] | Naples Operating PIRS Capital [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
March 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 338,000
|
338,000
|
|
Merchant Cash Advance Loans [Member] | Little Rock Libertas [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
February 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 326,330
|
326,330
|
|
Merchant Cash Advance Loans [Member] | PIRS Capital Financing Agreement [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
March 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 144,659
|
144,659
|
|
Merchant Cash Advance Loans [Member] | Naples Samson [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
May 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 76,916
|
76,916
|
|
Merchant Cash Advance Loans [Member] | Naples LG Funding [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
April 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 171,170
|
171,170
|
|
Merchant Cash Advance Loans [Member] | Little Rock Premium Funding [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
April 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 211,313
|
211,313
|
|
Merchant Cash Advance Loans [Member] | Little Rock KIT Funding [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
December 2022
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 89,400
|
89,400
|
|
Merchant Cash Advance Loans [Member] | Little Rock Samson Funding [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
February 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 170,501
|
170,501
|
|
Merchant Cash Advance Loans [Member] | Naples Operating SWIFT [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
December 2022
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 111,750
|
111,750
|
|
Merchant Cash Advance Loans [Member] | New Braunfels Samson Cloud Fund [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
February 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 308,035
|
308,035
|
|
Merchant Cash Advance Loans [Member] | New Braunfels Samson Group [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
February 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 375,804
|
375,804
|
|
Merchant Cash Advance Loans [Member] | Westover Hills One River [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
December 2022
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 128,298
|
128,301
|
|
Merchant Cash Advance Loans [Member] | Westover Hills FOX Capital [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
March 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 109,384
|
109,384
|
|
Merchant Cash Advance Loans [Member] | Westover Hills Arsenal [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
October 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 95,882
|
95,882
|
|
Merchant Cash Advance Loans [Member] | Westover Samson Funding [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Maturity Date |
[5] |
March 2023
|
|
|
Interest Rate |
[5] |
0.00%
|
|
|
Notional amount of debt |
[5] |
$ 267,754
|
$ 267,754
|
|
|
|
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+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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v3.23.3
Indebtedness (Details Narrative) - USD ($)
|
|
|
|
|
|
2 Months Ended |
3 Months Ended |
|
Apr. 10, 2023 |
Feb. 17, 2023 |
Feb. 10, 2023 |
Jan. 27, 2023 |
Jan. 13, 2023 |
Apr. 10, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Long term debt |
|
|
|
|
|
|
$ 22,925,835
|
|
|
Incurred interest expense |
|
|
|
|
|
|
$ 714,833
|
$ 501,598
|
|
Number of share |
|
|
|
4,218,158
|
|
|
4,218,158
|
|
|
Share price |
|
|
|
|
|
|
$ 5.00
|
|
|
Warrant One [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
245.84
|
|
|
Warrant Two [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
$ 75.48
|
|
|
Jefferson Street Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
|
|
Upon any Event of Default, the obligations under the Jefferson Street Note will accrue interest at an annual rate of 22% and,
if such Event of Default is continuing at any time that is 180 days after the date of the Jefferson Street Note, provide the Jefferson
Street Noteholder the right and option to convert the obligations under the Jefferson Street Note to shares of Clearday’s common
stock. The price for any such conversion is equal to 75% (or a 25% discount) of the average of the five (5) lowest per share daily volume-weighted
average price of Clearday’s common stock over the ten (10) consecutive trading days that are not subject to specified market disruptions
immediately preceding the date of the conversion. The conversion right of the holder of the Jefferson Street Note is subject to a customary
limitation on beneficial ownership of 4.99% of Clearday’s common stock. Each of the Jefferson Street Note and the Securities Purchase
Agreement has other customary covenants and provisions, including representations and warranties, payment of brokers, and indemnification,
that Clearday will not sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business
without the consent of the holder of the Jefferson Street Note and Clearday will maintain a reserve of authorized and unissued shares
of common stock sufficient for full conversion of the obligations under the Jefferson Street Note.
|
|
|
Mast Hill Financing [Member] | MH Loan One Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Loan principal amount |
|
|
|
|
$ 756,000
|
|
|
|
|
Discount |
|
|
|
|
75,600
|
|
|
|
|
Placement fees |
|
|
|
|
68,040
|
|
|
|
|
Debt discount |
|
|
|
|
12,000
|
|
|
|
|
Proceeds from debt |
|
|
|
|
$ 213,000
|
|
|
|
|
Convertible debt, percentage |
|
|
|
|
12.00%
|
|
|
|
|
Maturity date |
|
|
|
|
Jan. 26, 2024
|
|
|
|
|
Total payback |
|
|
|
|
$ 75,600
|
|
|
|
|
Administrative fee |
|
|
|
|
$ 750
|
|
|
|
|
Mast Hill Financing [Member] | MH Loan One Note [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Number of share |
|
|
|
|
83,160
|
|
|
|
|
Share price |
|
|
|
|
$ 0.50
|
|
|
|
|
Debt description |
|
|
|
|
(1) a bona fide offer of capital or financing from a nationally recognized
broker dealer that is retained by Borrower and acceptable to the Holder, which acceptance will not be unreasonably delayed, withheld
or conditioned (“Investment Banker”), or any person or party that is introduced to the Company by the Investment Banker in
its capacity as a placement agent, (ii) a bona fide offer of capital or financing from a person or party if such capital or financing
is used by the Company for the acquisition or refinance of real property so long as (a) any security interest granted to such person
or party is solely limited to the real property being acquired or refinanced and (b) such person or party shall have no rights at any
time in such transaction or any related transaction to acquire Common Stock or Common Stock Equivalents of the Company (each a “Real
Property Transaction”), as well as (iii) a bona fide offer of specified capital or financing through certain financing transactions.
MH Loan 1 Note is subject to repayment from the use of proceeds of certain transactions. If, prior to the full repayment or satisfaction
of the MH Loan 1 Note’s obligations, the Company receives cash proceeds of more than $2,000,000.00 (the “Minimum Threshold”)
in the aggregate, from the sale of assets or issuance of the Company’s securities, including pursuant to an Equity Line of Credit
(as defined in MH Loan 1 Note), then the Lender may require us to apply up to 50% of such proceeds after the Minimum Threshold to repay
all or any portion of the outstanding obligation under the Note; provided that such repayment obligation is not applicable to Real Property
Transactions, the sale of assets to customers of the Company in the ordinary course of business, the sale of interests in real estate,
or any Small Business Administration Economic Injury Disaster Loan. Additionally, the Company provided the lender with rights to receive
terms provided under any other financing transaction that are more favorable than under MH Loan 1 Note, other than Real Property Transactions
and certain other transactions.
|
|
|
|
|
Mast Hill Financing [Member] | MH Loan One Note [Member] | Common Stock [Member] | Warrant One [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
1,134,000
|
|
|
|
|
Share price |
|
|
|
|
$ 0.75
|
|
|
|
|
Mast Hill Financing [Member] | MH Loan One Note [Member] | Common Stock [Member] | Warrant Two [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
|
851,000
|
|
|
|
|
Share price |
|
|
|
|
$ 0.75
|
|
|
|
|
Mast Hill Financing [Member] | MH Loan One Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Convertible debt, percentage |
|
|
|
|
16.00%
|
|
|
|
|
Debt additional percent |
|
|
|
|
10.00%
|
|
|
|
|
Thousand Eight Hundred Diagonal Lending [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Incurred interest expense |
|
|
$ 4,250
|
|
|
|
|
|
|
Discount |
|
|
19,286
|
|
|
|
|
|
|
Proceeds from Issuance of Debt |
|
|
$ 150,000
|
|
|
|
|
|
|
Interest rate |
|
|
12.00%
|
|
|
|
|
|
|
Thousand Eight Hundred Diagonal Lending [Member] | Unsecured Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Loan principal amount |
|
|
$ 194,360
|
|
|
|
|
|
|
Discount |
|
|
20,824
|
|
|
|
|
|
|
Total payback |
|
|
21,768
|
|
|
|
|
|
|
Debt Instrument, Decrease, Forgiveness |
|
|
19,280
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Jefferson Street Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Loan principal amount |
|
$ 135,000
|
|
|
|
|
|
|
|
Discount |
|
22,217
|
|
|
|
|
|
|
|
Placement fees |
|
15,000
|
|
|
|
|
|
|
|
Total payback |
|
$ 19,288.30
|
|
|
|
|
|
|
|
Number of share |
|
225,000
|
|
|
|
|
|
|
|
Share price |
|
$ 0.75
|
|
|
|
|
|
|
|
Principal amount |
|
$ 172,217
|
$ 194,360
|
|
|
|
|
|
|
Interest rate |
|
12.00%
|
|
|
|
|
|
|
|
Fee amount |
|
$ 20,666
|
|
|
|
|
|
|
|
Maturity description |
|
one-year maturity
|
|
|
|
|
|
|
|
Payment frequency |
|
shall be paid in ten (10) payments
|
|
|
|
|
|
|
|
Total payback |
|
$ 192,883
|
|
|
|
|
|
|
|
One Thousand Eight Hundred Diagonal [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
|
|
Upon
any Event of Default, the obligations under the 1800 Note will accrue interest at an annual rate of 22% and, if such Event of Default
is continuing at any time that is 180 days after the date of the 1800 Note, provide the 1800 Noteholder the right and option to convert
the obligations under the 1800 Note to shares of Clearday’s common stock. The price for any such conversion is equal to 75% (or
a 25% discount) of the average of the five (5) lowest per share daily volume-weighted average price of Clearday’s common stock
over the ten (10) consecutive trading days that are not subject to specified market disruptions immediately preceding the date of the
conversion. The conversion right of the 1800 Noteholder is subject to a customary limitation on beneficial ownership of 4.99% of Clearday’s
common stock.
|
|
|
Innovative Care [Member] | Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Convertible debt, percentage |
|
10.00%
|
|
|
|
|
|
|
|
Share price |
|
$ 0.75
|
|
|
|
|
|
|
|
Gross proceeds |
$ 549,000
|
|
|
|
|
|
$ 279,000
|
|
|
Interest rate |
12.00%
|
|
|
|
|
12.00%
|
|
|
|
Innovative Care [Member] | Convertible Note [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate |
1.00%
|
|
|
|
|
1.00%
|
|
|
|
Innovative Care [Member] | Equity Securities [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
|
$ 5,000,000
|
|
|
|
Innovative Care [Member] | Convertible Debt Securities [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
|
$ 5,000,000
|
|
|
|
Memory Care Core and Corporate Facilities [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Long term debt |
|
|
|
|
|
|
$ 16,746,935
|
|
$ 16,347,290
|
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v3.23.3
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
Oct. 21, 2022 |
Aug. 05, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Loss Contingency, Damages Awarded, Value |
$ 2,801,365
|
|
|
|
Aggregate amount |
|
$ 3,012,011
|
|
|
Release of cash |
|
2,763,936
|
$ 81,429
|
$ 195,638
|
Payment of cash |
|
$ 248,075
|
|
|
Loss contingency accrual at carrying value |
|
|
467,451
|
311,000
|
Accrued liabilities |
|
|
|
261,000
|
Accrued underpaid payroll tax |
|
|
1,097,000
|
|
Accrued underpayment excluding taxes, penalties and interest |
|
|
978,000
|
$ 527,000
|
Loss contingency damages value |
|
|
2,925,195
|
|
Merger and claiming damages |
|
|
$ 1,531,640
|
|
Percentage of fee payable |
|
|
2.00%
|
|
Preferred stock, par value |
|
|
$ 0.001
|
$ 0.001
|
Series A Preferred Stock [Member] |
|
|
|
|
Preferred stock, par value |
|
|
$ 0.001
|
$ 0.001
|
Law Firm Rigrodsky Law, P.A [Member] |
|
|
|
|
Merger and claiming damages |
|
|
$ 200,000
|
|
Clearday Oz Fund [Member] |
|
|
|
|
Warrant price per share |
|
|
$ 10.00
|
|
AIU Alt Care Inc [Member] | Series A Preferred Stock [Member] |
|
|
|
|
Common stock price per share |
|
|
10.00
|
|
Preferred stock, par value |
|
|
$ 20.00
|
|
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v3.23.3
Schedule of Anti-Dilutive Shares Compensation of Earnings (Loss) Per Share (Details) - shares
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total participating securities |
13,521,004
|
9,586,495
|
Series A Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total participating securities |
328,925
|
328,925
|
Series F 6.75% Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total participating securities |
4,791,401
|
4,797,052
|
Series I 10.25% Cumulative Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total participating securities |
682,820
|
320,657
|
Limited Partnership Units [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total participating securities |
99,038
|
99,038
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total participating securities |
7,618,820
|
4,038,801
|
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v3.23.3
Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Guarantee fee, percentage |
1.00%
|
|
Richard Morris [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Unsecured debt |
$ 330,175
|
|
Payments for rent |
94,650
|
|
Jim Walesa [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Loan fee |
44,165
|
|
Christin Hemmens [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Unsecured short term debt |
130,000
|
|
BJ Parrish [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Loan fee |
$ 44,000
|
|
AIU Inc [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
|
$ 66,208
|
Cibolo Creek Partners LLC [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
|
411,470
|
Round Rock Development Partners LP [Member] | Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
|
$ 500,000
|
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v3.23.3
Summary of Outstanding Warrants (Details) - $ / shares
|
Feb. 17, 2023 |
Jan. 12, 2023 |
Sep. 30, 2022 |
Jul. 01, 2022 |
Mar. 31, 2023 |
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Exercise price per share |
|
|
|
|
|
$ 5.00
|
Warrant One [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
|
|
|
|
|
7,331
|
Currently exercisable |
|
|
|
|
|
7,331
|
Exercise price per share |
|
|
|
|
|
$ 245.84
|
Expiration date |
|
|
|
|
|
Sep. 09, 2023
|
Warrant Two [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
|
|
|
|
|
119,241
|
Currently exercisable |
|
|
|
|
|
119,241
|
Exercise price per share |
|
|
|
|
|
$ 75.48
|
Expiration date |
|
|
|
|
|
Jul. 25, 2023
|
Warrant Three [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
|
|
|
|
|
7,154
|
Currently exercisable |
|
|
|
|
|
7,154
|
Exercise price per share |
|
|
|
|
|
$ 94.35
|
Expiration date |
|
|
|
|
|
Jul. 25, 2023
|
Warrant Four [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
|
|
|
|
|
5,518
|
Currently exercisable |
|
|
|
|
|
5,518
|
Exercise price per share |
|
|
|
|
|
$ 26.96
|
Expiration date |
|
|
|
|
|
May 23, 2024
|
Warrant Five [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
|
|
|
|
|
100,719
|
Currently exercisable |
|
|
|
|
|
100,719
|
Exercise price per share |
|
|
|
|
|
$ 5.39
|
Expiration date |
|
|
|
|
|
Oct. 10, 2024
|
Warrant Six [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
|
|
|
|
|
14,336
|
Currently exercisable |
|
|
|
|
|
14,336
|
Exercise price per share |
|
|
|
|
|
$ 6.74
|
Expiration date |
|
|
|
|
|
Oct. 08, 2024
|
AIU Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
[1] |
|
|
|
|
3,281,508
|
Currently exercisable |
[1] |
|
|
|
|
3,281,508
|
Exercise price per share |
[1] |
|
|
|
|
$ 5.00
|
Expiration date |
[1] |
|
|
|
|
Nov. 15, 2029
|
AIU Warrants One [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Total |
[2] |
|
|
|
|
500,000
|
Currently exercisable |
[2] |
|
|
|
|
500,000
|
Exercise price per share |
[2] |
|
|
|
|
$ 11.00
|
Expiration date |
[2] |
|
|
|
|
Aug. 10, 2026
|
AIU Merger To Lender Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Outstanding |
|
|
1,134,000
|
472,500
|
900,000
|
|
Exercisable |
|
|
0
|
0
|
0
|
|
Exercise price |
|
|
$ 0.75
|
$ 0.50
|
$ 0.50
|
|
Maturity date |
[3] |
|
5 years after Trigger Date
|
5 years after Trigger Date
|
5 years after Trigger Date
|
|
Additional Lender Warrants [Member] |
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
Outstanding |
|
225,000
|
851,000
|
|
|
|
Exercisable |
|
225,000
|
851,000
|
|
|
|
Exercise price |
|
$ 0.75
|
$ 0.75
|
|
|
|
Maturity date |
|
March 16, 2028
|
February 14, 2028
|
|
|
|
|
|
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v3.23.3
Deficit (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Jan. 27, 2023 |
Nov. 30, 2019 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorised |
|
|
10,000,000
|
|
10,000,000
|
Preferred stock, par value |
|
|
$ 0.001
|
|
$ 0.001
|
Shares outstanding |
4,218,158
|
|
4,218,158
|
|
|
Voting rights |
|
|
Each
holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election
of directors
|
|
|
Dividend rate percentage |
|
|
6.75%
|
|
6.75%
|
Risk-free interest rates, minimum |
|
|
3.60%
|
|
3.99%
|
Risk-free interest rates, maximum |
|
|
4.94%
|
|
4.76%
|
Expected volatility, minimum |
|
|
182.00%
|
|
183.00%
|
Expected volatility, maximum |
|
|
421.00%
|
|
572.00%
|
Net loss |
|
|
$ (486,608)
|
$ (2,948,808)
|
|
Warrant term |
|
|
10 years
|
|
|
Warrant rights |
|
|
1
|
|
|
Share price |
|
|
$ 5.00
|
|
|
Accured dividends |
|
|
$ 682,820
|
|
|
AIU Alt Care Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Ownership interest |
|
|
99.00%
|
|
|
Consultants [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Stock issued |
|
|
4,326,415
|
|
|
Stock issued |
|
|
25,097
|
|
|
Minimum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Exercise prices |
|
|
$ 0.35
|
|
$ 0.35
|
Maximum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Exercise prices |
|
|
$ 0.43
|
|
$ 0.75
|
Series F Convertible Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Dividend rate percentage |
|
|
6.75%
|
|
|
Series F Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorised |
|
|
10,000,000
|
|
|
Preferred stock, par value |
|
|
$ 0.001
|
|
|
Dividend rate percentage |
|
|
6.75%
|
6.75%
|
|
Preferred stock, shares outstanding |
|
|
4,791,401
|
|
|
Series F Preferred Stock [Member] | Consultants [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Stock issued upon conversion |
|
|
48,802
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorised |
|
|
2,000,000
|
|
2,000,000
|
Preferred stock, par value |
|
|
$ 0.001
|
|
$ 0.001
|
Preferred stock, shares issued |
|
|
328,925
|
|
328,925
|
Preferred stock, shares outstanding |
|
|
328,925
|
|
328,925
|
Preferred stock liquidation preference |
|
|
$ 0.01
|
|
|
Series F 6.75% Convertible Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Dividends preferred stock |
|
|
$ 1,698,784
|
$ 1,619,015
|
|
Convertible Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Dividend rate percentage |
|
10.25%
|
|
|
|
Thinktiv Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Accrued payables |
$ 3,248,000
|
|
3,248,000
|
|
|
AIU Alt Care Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock, shares authorised |
|
1,500,000
|
|
|
|
Preferred stock, shares authorised |
|
1,500,000
|
|
|
|
Capital units authorised |
|
700,000
|
|
|
|
AIU Alt Care Inc [Member] | Allied Integral United Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Conversion of stock description |
|
Common
Stock is equal to (i) the aggregate investment amount for such security plus accrued dividends at 10.25% per annum, (ii) divided by 80%
of the 20 consecutive day volume weighted closing price of the Common Stock of Clearday preceding the conversion date. Prior to the merger,
these securities were exchangeable to shares of AIU common stock at a rate of 1 share for every $10.00 of aggregate amount of the investment
plus such accrued dividends.
|
|
|
|
Net loss |
|
|
16,190
|
|
|
Income (Loss) attributable to noncontrolling interest, before tax |
|
|
$ 16,028
|
3,252
|
|
AIU Alt Care Inc [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
|
$ 20.00
|
|
|
AIU Alt Care Inc [Member] | Series I Cumulative Convertible Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
$ 0.01
|
|
|
|
Dividend rate percentage |
|
10.25%
|
|
|
|
AIU Alt Care Inc [Member] | Series I Cumulative Convertible Preferred Stock [Member] | Allied Integral United Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares outstanding |
|
|
89,700
|
|
|
AIU Alt Care Inc [Member] | Allied Integral United Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorised |
|
1,500,000
|
|
|
|
AIU Alt Care Inc [Member] | Allied Integral United Inc [Member] | Series I 10.25% Cumulative Convertible Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
$ 0.01
|
|
|
|
AIU Alt Care Inc [Member] | Partnership Interest [Member] | Series I Cumulative Convertible Preferred Stock [Member] | Allied Integral United Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares outstanding |
|
|
244,473
|
|
|
Clearday Oz Fund [Member] | Allied Integral United Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Net loss |
|
|
$ 540,330
|
|
|
Income (Loss) attributable to noncontrolling interest, before tax |
|
|
534,927
|
145,772
|
|
Clearday Oz Fund [Member] | Partnership Interest [Member] | Allied Integral United Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Conversion of stock |
|
|
$ 0
|
0
|
|
Conversion price |
|
|
80.00%
|
|
|
Warrants outstanding |
|
|
2,010,150
|
|
|
Common Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock, shares authorised |
|
|
80,000,000
|
|
|
Common stock price per share |
|
|
$ 0.51
|
|
$ 0.56
|
Stock issued upon conversion |
|
|
13,449
|
|
|
Net loss |
|
|
|
|
|
Common Stock [Member] | Series F Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
|
$ 2.38
|
|
|
Common Stock [Member] | Superconductor Technologies Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Voting rights |
|
|
The vote of most
minority stockholders applies when an individual or entity and its affiliates or associates together own more than 50% of the voting
power of the Company’s then outstanding capital stock
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorised |
|
|
10,000,000
|
|
|
Preferred stock, par value |
|
|
$ 0.001
|
|
|
Dividend rate percentage |
|
|
10.25%
|
|
|
Preferred Stock [Member] | Series A 6.75% Cumulative Convertible Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
|
$ 0.001
|
|
$ 0.001
|
Shares outstanding |
|
|
5,000,000
|
|
|
Preferred stock, shares issued |
|
|
4,791,401
|
|
4,797,052
|
Preferred stock, shares outstanding |
|
|
4,791,401
|
|
4,797,052
|
Preferred Stock [Member] | Series F Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
|
$ 20.00
|
|
|
Warrant [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock price per share |
|
|
$ 0.51
|
|
|
Risk-free interest rates, minimum |
|
|
3.60%
|
|
|
Risk-free interest rates, maximum |
|
|
4.94%
|
|
|
Expected volatility, minimum |
|
|
182.00%
|
|
|
Expected volatility, maximum |
|
|
421.00%
|
|
|
Warrant [Member] | Minimum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Exercise prices |
|
|
$ 0.35
|
|
|
Warrant [Member] | Maximum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Exercise prices |
|
|
$ 0.43
|
|
|
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v3.23.3
Mezzanine Equity (Details Narrative) - $ / shares
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Series F Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
10,000,000
|
|
Preferred stock, par value |
$ 0.001
|
|
Preferred stock shares designated |
5,000,000
|
|
Preferred stock shares outstanding |
4,791,401
|
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v3.23.3
Subsequent Events (Details Narrative) $ / shares in Units, shares in Millions |
|
|
|
3 Months Ended |
|
Aug. 28, 2023
USD ($)
shares
|
May 22, 2023
USD ($)
a
|
Apr. 05, 2023
USD ($)
$ / shares
|
Mar. 31, 2023
USD ($)
$ / shares
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
$ / shares
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Equal amount |
|
|
|
$ 136,564
|
$ 136,564
|
|
Common stock, par value | $ / shares |
|
|
|
$ 0.001
|
|
$ 0.001
|
Preferred stock, par value | $ / shares |
|
|
|
$ 0.001
|
|
$ 0.001
|
Net tangible assets |
|
|
|
$ 6,321,749
|
|
$ 6,522,979
|
Merger consideration |
$ 250,000,000
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Merger consideration |
$ 500,000,000
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
|
$ 0.001
|
|
$ 0.001
|
Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Additional shares issued | shares |
5
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Equal amount |
|
|
|
|
|
|
Share price, per share | $ / shares |
|
|
|
$ 0.51
|
|
$ 0.56
|
Subsequent Event [Member] | James Walesa [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Area of land | a |
|
1.5
|
|
|
|
|
Purchase price |
|
$ 155,925
|
|
|
|
|
Repurchase asset |
|
$ 175,000
|
|
|
|
|
Repurchase asset interest |
|
10.90%
|
|
|
|
|
Repurchase asset |
|
$ 19,075
|
|
|
|
|
Repurchase asset |
|
1,590
|
|
|
|
|
Business combination gain |
|
$ 5,925
|
|
|
|
|
Subsequent Event [Member] | Incentive Plan [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Initial aggregate share reserve equal, rate |
|
|
8.00%
|
|
|
|
Subsequent Event [Member] | Merger Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
$ 10.00
|
|
|
|
Conversion of stock, description |
|
|
(i) the sum of $250 Million, plus the aggregate exercise
or conversion price of outstanding the Company’s stock options and warrants (excluding unvested options and options or warrants
with an exercise or conversion price of $5.00 or more), divided by (ii) the number of fully diluted the Company capital stock (including
Company Preferred Stock, warrants, stock options, convertible notes, and any other convertible securities) (excluding unvested options
and options or warrants with an exercise or conversion price of $5.00 or more and assuming a conversion price of the Company subsidiary
securities as provided in the Merger Agreement); divided by (b) $10.00
|
|
|
|
Conversion of stock, amount |
|
|
$ 250,000,000
|
|
|
|
Net tangible assets |
|
|
$ 5,000,001
|
|
|
|
Lock-up shares, rate |
|
|
50.00%
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] | Merger Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Share price, per share | $ / shares |
|
|
$ 12.50
|
|
|
|
Merger Consideration [Member] | Subsequent Event [Member] | Series F Cumulative Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
0.001
|
|
|
|
Merger Consideration [Member] | Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Preferred stock, par value | $ / shares |
|
|
$ 0.001
|
|
|
|
Merger Consideration [Member] | Subsequent Event [Member] | Options And Warrants [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Equal amount |
|
|
$ 250,000,000
|
|
|
|
Merger Consideration [Member] | Subsequent Event [Member] | Viveon Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
$ 0.0001
|
|
|
|
Share price per share | $ / shares |
|
|
$ 10
|
|
|
|
Number of shares issued |
|
|
$ 5,000,000
|
|
|
|
Merger Consideration [Member] | Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
$ 0.001
|
|
|
|
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