Landlord to medical firm Rennova: You owe $1.9 million in rent

scott-medytox

Already facing a delisting from the stock marketRennova Health has a new woe: Its landlord wants $1.94 million in unpaid rent.

In a lawsuit filed this week in Palm Beach County, property owner Reflect Co. LLC says Medytox Solutions, as Rennova was known until recently, is in default of its lease after missing an August rent payment on its headquarters at 400 Australian Ave. in West Palm Beach.

UPDATE: According to its lease, Rennova pays rent of $20,598.88 a month or $247,186.50 a year for its 5,637-square-foot headquarters. The landlord is seeking “accelerated rent” based on the four-plus years of rent remaining on Rennova’s lease.

Rennova (NASDAQ: RNVA), a medical testing firm, has been hemorrhaging money. Its sales plunged from $23 million in the first half of 2015 to $4.9 million in the first half of 2016, and its net loss widened from $3.2 million in the first half of 2015 to $10.1 million in the first half of 2016.

Rennova also is trying to ward off a delisting of its shares. The Nasdaq has given the it until March 13 to boost its share price above $1. Rennova shares languished at 23 cents Thursday.

Reader Comments 0

0 comments