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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pacific Health Care Organization Inc (QB) | USOTC:PFHO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.70897 | 0.643 | 0.7299 | 0.00 | 21:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the Quarterly Period Ended
March 31, 2017
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the Transition Period From ________ to _________
|
PACIFIC HEALTH CARE ORGANIZATION, INC.
|
|
(Exact name of registrant as specified in its charter)
|
|
|
|
Utah
|
87-0285238
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer I.D. No.)
|
|
|
1201 Dove Street, Suite 300
|
|
Newport Beach, California
|
92660
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer (Do not check if a smaller reporting company)
☐
|
Smaller reporting company
☒
|
Emerging growth company
☒
|
|
Page
|
|
PART I — FINANCIAL INFORMATION
|
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3
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4
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5
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6
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8
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14
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15
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PART II — OTHER INFORMATION
|
|
|
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16
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||
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16
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||
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17
|
ASSETS
|
||||||||
|
March 31,
2017
|
December 31, 2016
|
||||||
Current Assets
|
||||||||
Cash
|
$
|
5,086,957
|
$
|
5,005,617
|
||||
Accounts receivable, net of allowance of $60,900 and $64,150
|
1,139,310
|
849,648
|
||||||
Deferred tax asset
|
11,661
|
11,661
|
||||||
Prepaid expenses
|
142,554
|
136,862
|
||||||
Total current assets
|
6,380,482
|
6,003,788
|
||||||
|
||||||||
Property and Equipment, net
|
||||||||
Computer equipment
|
355,709
|
349,955
|
||||||
Furniture and fixtures
|
206,785
|
206,785
|
||||||
Office equipment
|
15,595
|
15,595
|
||||||
Total property and equipment
|
578,089
|
572,335
|
||||||
Less: accumulated depreciation
|
(366,122
|
)
|
(346,295
|
)
|
||||
Net property and equipment
|
211,967
|
226,040
|
||||||
|
||||||||
Other Assets
|
26,788
|
26,788
|
||||||
Total assets
|
6,619,237
|
$
|
6,256,616
|
|||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
47,876
|
$
|
101,294
|
||||
Accrued expenses
|
289,221
|
253,367
|
||||||
Deferred rent expense
|
17,954
|
17,485
|
||||||
Income tax payable
|
189,617
|
31,226
|
||||||
Dividend payable
|
56,923
|
56,923
|
||||||
Unearned revenue
|
37,816
|
38,748
|
||||||
Total current liabilities
|
639,407
|
499,043
|
||||||
|
||||||||
Total liabilities
|
639,407
|
499,043
|
||||||
Commitments and Contingencies
|
-
|
-
|
||||||
|
||||||||
Stockholders’ Equity
|
||||||||
Preferred stock; 5,000,000 shares authorized at $0.001 par value of which 10,000 shares
designated as Series A preferred and 1,000 shares issued and outstanding at March 31, 2017 and December 31, 2016
|
1
|
1
|
||||||
Common stock, $0.001 par value: 50,000,000 shares authorized; 800,000 shares issued and outstanding at March 31, 2017 and December 31, 2016
|
800
|
800
|
||||||
Additional paid-in capital
|
428,072
|
428,072
|
||||||
Retained earnings
|
5,550,957
|
5,328,700
|
||||||
Total stockholders' equity
|
5,979,830
|
5,757,573
|
||||||
Total liabilities and stockholders’ equity
|
$
|
6,619,237
|
$
|
6,256,616
|
|
For three months ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
Revenues:
|
||||||||
HCO fees
|
$
|
302,569
|
$
|
395,081
|
||||
MPN fees
|
138,281
|
141,358
|
||||||
NCM fees
|
587,236
|
288,736
|
||||||
UR fees
|
237,045
|
166,966
|
||||||
MBR fees
|
156,778
|
204,972
|
||||||
Other
|
119,347
|
112,048
|
||||||
Total revenues
|
1,541,256
|
1,309,161
|
||||||
|
||||||||
Expenses:
|
||||||||
Depreciation
|
19,827
|
21,763
|
||||||
Bad debt provision
|
(3,250
|
)
|
4,500
|
|||||
Consulting fees
|
77,260
|
101,532
|
||||||
Salaries and wages
|
588,657
|
575,111
|
||||||
Professional fees
|
82,084
|
70,492
|
||||||
Insurance
|
87,275
|
78,304
|
||||||
Outsource service fees
|
112,748
|
86,228
|
||||||
Data maintenance
|
34,619
|
56,496
|
||||||
General and administrative
|
161,388
|
150,108
|
||||||
Total expenses
|
1,160,608
|
1,144,534
|
||||||
|
||||||||
Income from operations
|
380,648
|
164,627
|
||||||
|
||||||||
Other expense
|
-
|
-
|
||||||
Total other expense
|
-
|
-
|
||||||
|
||||||||
Income before taxes
|
380,648
|
164,627
|
||||||
Income tax provision
|
158,391
|
68,501
|
||||||
|
||||||||
Net income
|
$
|
222,257
|
$
|
96,126
|
||||
|
||||||||
Basic and fully diluted earnings per share:
|
||||||||
Earnings per share amount
|
$
|
0.28
|
$
|
0.12
|
||||
Weighted average common shares outstanding
|
800,000
|
800,000
|
|
Three Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
222,257
|
$
|
96,126
|
||||
Adjustments to reconcile net income to net cash:
|
||||||||
Depreciation
|
19,827
|
21,763
|
||||||
Changes in operating assets and liabilities
|
||||||||
(Decrease) increase in bad debt provision
|
(3,250
|
)
|
4,500
|
|||||
(Increase) decrease in accounts receivable
|
(286,412
|
)
|
390,024
|
|||||
(Increase) in prepaid expenses
|
(5,692
|
)
|
(5,386
|
)
|
||||
Decrease in prepaid income tax
|
-
|
68,501
|
||||||
(Decrease) in accounts payable
|
(53,418
|
)
|
(7,677
|
)
|
||||
Increase in deferred rent expense
|
469
|
5,240
|
||||||
Increase in accrued expenses
|
35,854
|
14,767
|
||||||
Increase in income tax payable
|
158,391
|
-
|
||||||
(Decrease) in unearned revenue
|
(932
|
)
|
(3,209
|
)
|
||||
Decrease in deferred compensation
|
-
|
12,375
|
||||||
Net cash provided in operating activities
|
87,094
|
597,024
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of furniture and office equipment
|
(5,754
|
)
|
(3,535
|
)
|
||||
Net cash used in investing activities
|
(5,754
|
)
|
(3,535
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Issuance of cash dividend
|
-
|
(1,228
|
)
|
|||||
Net cash used in financing activities
|
-
|
(1,228
|
)
|
|||||
Increase in cash
|
81,340
|
592,261
|
||||||
|
||||||||
Cash at beginning of period
|
5,005,617
|
3,834,924
|
||||||
Cash at end of period
|
$
|
5,086,957
|
$
|
4,427,185
|
||||
|
||||||||
Supplemental cash flow information
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
|
3/31/2017
|
3/31/2016
|
||||||
Customer A
|
27
|
%
|
0
|
%
|
||||
Customer B
|
13
|
%
|
12
|
%
|
||||
Customer C
|
9
|
%
|
11
|
%
|
||||
Customer D
|
7
|
%
|
9
|
%
|
||||
Customer E
|
6
|
%
|
13
|
%
|
|
For three months ended March 31,
|
|||||||||||||||
|
2017
|
2016
|
Amount Change
|
% Change
|
||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
HCO fees
|
$
|
302,569
|
$
|
395,081
|
$
|
(92,512
|
)
|
(23
|
%)
|
|||||||
MPN fees
|
138,281
|
141,358
|
(3,077
|
)
|
(2
|
%)
|
||||||||||
NCM fees
|
587,236
|
288,736
|
298,500
|
103
|
%
|
|||||||||||
UR fees
|
237,045
|
166,966
|
70,079
|
42
|
%
|
|||||||||||
MBR fees
|
156,778
|
204,972
|
(48,194
|
)
|
(24
|
%)
|
||||||||||
Other
|
119,347
|
112,048
|
7,299
|
7
|
%
|
|||||||||||
Total revenues
|
1,541,256
|
1,309,161
|
232,095
|
18
|
%
|
|||||||||||
|
||||||||||||||||
Expense:
|
||||||||||||||||
Depreciation
|
19,827
|
21,763
|
(1,936
|
)
|
(9
|
%)
|
||||||||||
Bad debt provision
|
(3,250
|
)
|
4,500
|
(7,750
|
)
|
(172
|
%)
|
|||||||||
Consulting fees
|
77,260
|
101,532
|
(24,272
|
)
|
(24
|
%)
|
||||||||||
Salaries and wages
|
588,657
|
575,111
|
13,546
|
2
|
%
|
|||||||||||
Professional fees
|
82,084
|
70,492
|
11,592
|
16
|
%
|
|||||||||||
Insurance
|
87,275
|
78,304
|
8,971
|
11
|
%
|
|||||||||||
Outsource service fees
|
112,748
|
86,228
|
26,520
|
31
|
%
|
|||||||||||
Data maintenance
|
34,619
|
56,496
|
(21,877
|
)
|
(39
|
%)
|
||||||||||
General and administrative
|
161,388
|
150,108
|
11,280
|
8
|
%
|
|||||||||||
Total expenses
|
1,160,608
|
1,144,534
|
16,074
|
1
|
%
|
|||||||||||
|
||||||||||||||||
Income from operations
|
380,648
|
164,627
|
216,021
|
131
|
%
|
|||||||||||
|
||||||||||||||||
Other expense
|
-
|
-
|
-
|
0
|
%
|
|||||||||||
Total other expense
|
-
|
-
|
-
|
0
|
%
|
|||||||||||
Income before taxes
|
380,648
|
164,627
|
216,021
|
131
|
%
|
|||||||||||
Income tax provision
|
158,391
|
68,501
|
89,890
|
131
|
%
|
|||||||||||
|
||||||||||||||||
Net income
|
$
|
222,257
|
$
|
96,126
|
$
|
126,131
|
131
|
%
|
|
For the three months ended March 31,
|
|||||||
|
2017
(unaudited)
|
2016
(unaudited)
|
||||||
|
||||||||
Net cash provided by operating activities
|
$
|
87,094
|
$
|
597,024
|
||||
Net cash used in investing activities
|
(5,754
|
)
|
(3,535
|
)
|
||||
Net cash used in financing activities
|
-
|
(1,228
|
)
|
|||||
|
||||||||
Net increase in cash
|
$
|
81,340
|
$
|
592,261
|
|
Payments Due By Period
|
|||||||||||||||||||
|
Total
|
Less than 1 year
|
1-3 years
|
3-5 years
|
More than 5 years
|
|||||||||||||||
Operating Leases:
|
||||||||||||||||||||
Operating Leases – Equipment
(1)
|
$
|
67,194
|
$
|
20,675
|
$
|
46,519
|
$
|
-
|
$
|
-
|
||||||||||
Office Leases
(2)
|
$
|
1,280,684
|
230,595
|
507,346
|
542,743
|
-
|
||||||||||||||
Total Operating Leases
|
$
|
1,347,878
|
$
|
251,270
|
$
|
553,865
|
$
|
542,743
|
$
|
-
|
(1) |
In March 2017, we entered into a 39 month operating lease for an office copy machine with scanner with monthly payment at $1,723, commencing in April 2017
|
(2) |
On July 23, 2015, we entered into a 79 month lease to lease approximately 9,439 square feet of office space that commenced on September 28, 2015. This office space serves as our principal executive offices, as well as, the principal offices of our operating subsidiaries.
|
|
Exhibit Number
|
|
Title of Document
|
|
|
|
|
|
Exhibit 31.1
|
|
|
|
|
|
|
|
Exhibit 31.2
|
|
|
|
|
|
|
|
Exhibit 32.1
|
|
|
|
|
|
|
|
Exhibit 101
|
|
The following materials from Pacific Health Care Organization, Inc.’s Quarterly Report on Form 10-Q for the period ended March 31, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Unaudited Condensed Consolidated Balance Sheets, (ii) the Unaudited Condensed Consolidated Statements of Operations, (iii) the Unaudited Condensed Consolidated Statements of Cash Flows, and (iv) Notes to the Unaudited Condensed Consolidated Financial Statements.
|
|
|
PACIFIC HEALTH CARE ORGANIZATION, INC.
|
|
|
|
|
|
|
|
|
|
Date:
|
May 15, 2017
|
/s/ Tom Kubota
|
|
|
|
Tom Kubota
Chief Executive Officer
|
|
|
|
|
Date:
|
May 15, 2017
|
/s/ Fred Odaka
|
|
|
|
Fred Odaka
Chief Financial Officer
|
1 Year Pacific Health Care Orga... (QB) Chart |
1 Month Pacific Health Care Orga... (QB) Chart |
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