East TN hospital company reported multi-million dollar losses in 2018, had $7,000 in cash on hand

News
vlcsnap-2019-06-05-18h19m31s97_1559773200079.jpg

A U.S. Securities & Exchange Commission filing from Rennova Health shows the company, which owns several East Tennessee hospitals, reported multi-million dollar losses and had almost no cash on hand at one point.

Rennova Health owns and operates Big South Fork Medical Center in Oneida, Jellico Medical Center and the recently-shuttered Jamestown Regional Medical Center.

RELATED: Tennessee lawmaker bashes Jamestown hospital CEO, alleges theft, calls for prosecution

Rennova Health’s SEC report for the 2018 fiscal year revealed the company reported incurred a $13.6 million loss from continuing operations in 2018, a working capital deficit of $39.3 million and a stockholders’ deficit of $39.2 million.

The report shows Rennova Health had just $7,000 cash on hand at the end of the 2018 fiscal year. “As of the date of this report, our cash position is deficient; and payments for our operations in the ordinary course are not being made.” the report reads.

We need to raise additional funds immediately and continue to do so until we begin to realize positive cash flow from operations.

-SEC Report on Rennova Health for 2018 fiscal year

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

WATE 6 On Your Side Twitter