CATHEDRAL GERONTOLOGY CENTER INC

THE ORGANIZATION'S PURPOSE WAS TO PROVIDE LONG-TERM NURSING CARE THROUGH THE OPERATION OF A 120-BED SKILLED NURSING FACILITY WHICH IT LEASED FROM CATHEDRAL FOUNDATION OF JACKSONVILLE, INC. ON DECEMBER 30, 2022, THE ORGANIZATION, IN ASSOCIATION WITH THE CATHEDRAL FOUNDATION OF JACKSONVILLE, INC. FINALIZED ACCORDING TO THE TERMS OF BOTH AN ASSET PURCHASE AGREEMENT AND AN OPERATIONAL TRANSITION AGREEMENT FOR THE SALE OF THE NURSING HOME AND THE REAL ESTATE AT 333 ASHLEY, THE SITE OF THE CGC NURSING HOME OPERATION. AS THE RESULT OF THIS SALE, THE ORGANIZATION IS NO LONGER IN THE NURSING HOME OPERATIONS BUSINESS. THE BOARD HAS DECIDED THAT THE ORGANIZATION WILL ONLY MAINTAIN LIMITED FINANCIAL ACTIVITY UNTIL SUCH TIME AS A DETERMINATION IS MADE ON THE STATUS OF ITS APPLICATION WITH THE IRS FOR THE EMPLOYEE RETENTION CREDIT. OTHERWISE, THE ORGANIZATION IS NO LONGER CONSIDERED TO BE A GOING CONCERN IN THE SENSE OF PURSING ITS PREVIOUS LINE OF BUSINESS OPERATIONS AND WILL WIND DOWN ALL BUSINESS