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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% | 0.735 | 0.643 | 1.02 | 0.00 | 21:15:12 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the Quarterly Period Ended
September 30, 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
|
|
|
|
|
|
|
||
|
|
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
8
|
||
|
|
|
19
|
||
|
|
|
19
|
||
|
|
|
PART II — OTHER INFORMATION
|
|
|
|
|
|
20
|
||
|
|
|
20
|
||
|
|
|
21
|
ASSETS
|
||||||||
|
September 30,
2017
|
December 31,
2016
|
||||||
Current Assets
|
||||||||
Cash
|
$
|
5,613,412
|
$
|
5,005,617
|
||||
Accounts receivable, net of allowance of $60,150 and $64,150
|
985,787
|
849,648
|
||||||
Deferred tax asset
|
11,661
|
11,661
|
||||||
Prepaid expenses
|
142,950
|
136,862
|
||||||
Total current assets
|
6,753,810
|
6,003,788
|
||||||
|
||||||||
Property and Equipment, net
|
||||||||
Computer equipment
|
363,402
|
349,955
|
||||||
Furniture and fixtures
|
212,823
|
206,785
|
||||||
Office equipment
|
9,556
|
15,595
|
||||||
Total property and equipment
|
585,781
|
572,335
|
||||||
Less: accumulated depreciation
|
(405,154
|
)
|
(346,295
|
)
|
||||
Net property and equipment
|
180,627
|
226,040
|
||||||
|
||||||||
Other Assets
|
26,788
|
26,788
|
||||||
Total assets
|
$
|
6,961,225
|
$
|
6,256,616
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
62,924
|
$
|
101,294
|
||||
Accrued expenses
|
278,903
|
253,367
|
||||||
Deferred rent expense
|
39,358
|
17,485
|
||||||
Income tax payable
|
21,115
|
31,226
|
||||||
Dividend payable
|
56,923
|
56,923
|
||||||
Unearned revenue
|
37,763
|
38,748
|
||||||
Total current liabilities
|
496,986
|
499,043
|
||||||
|
||||||||
Total liabilities
|
496,986
|
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 September 30, 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 September 30, 2017 and December 31, 2016
|
800
|
800
|
||||||
Additional paid-in capital
|
428,072
|
428,072
|
||||||
Retained earnings
|
6,035,366
|
5,328,700
|
||||||
Total stockholders’ equity
|
6,464,239
|
5,757,573
|
||||||
Total liabilities and stockholders’ equity
|
$
|
6,961,225
|
$
|
6,256,616
|
|
For three months ended
September 30,
|
For nine months ended
September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Revenues
|
||||||||||||||||
HCO fees
|
$
|
377,923
|
$
|
276,951
|
$
|
1,041,328
|
$
|
965,768
|
||||||||
MPN fees
|
142,257
|
146,836
|
427,228
|
436,893
|
||||||||||||
UR fees
|
277,886
|
221,176
|
788,229
|
596,205
|
||||||||||||
MBR fees
|
147,094
|
187,829
|
481,352
|
517,893
|
||||||||||||
NCM fees
|
582,544
|
499,118
|
1,824,121
|
1,176,447
|
||||||||||||
Other
|
73,203
|
111,686
|
255,542
|
309,260
|
||||||||||||
Total revenues
|
1,600,907
|
1,443,596
|
4,817,800
|
4,002,466
|
||||||||||||
|
||||||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
19,462
|
20,925
|
58,859
|
63,247
|
||||||||||||
Bad debt provision
|
15,750
|
4,500
|
30,500
|
13,500
|
||||||||||||
Consulting fees
|
90,079
|
75,228
|
246,073
|
265,296
|
||||||||||||
Salaries and wages
|
547,963
|
574,100
|
1,734,321
|
1,717,148
|
||||||||||||
Professional fees
|
109,064
|
82,105
|
308,295
|
224,368
|
||||||||||||
Insurance
|
79,489
|
81,452
|
257,495
|
243,307
|
||||||||||||
Outsource service fees
|
146,287
|
113,017
|
404,538
|
288,225
|
||||||||||||
Data maintenance
|
12,160
|
30,160
|
71,261
|
113,175
|
||||||||||||
General and administrative
|
162,164
|
157,894
|
495,474
|
475,230
|
||||||||||||
Total expenses
|
1,182,418
|
1,139,381
|
3,606,816
|
3,403,496
|
||||||||||||
|
||||||||||||||||
Income from operations
|
418,489
|
304,215
|
1,210,984
|
598,970
|
||||||||||||
|
||||||||||||||||
Income before taxes
|
418,489
|
304,215
|
1,210,984
|
598,970
|
||||||||||||
Income tax provision
|
174,560
|
126,882
|
504,318
|
249,529
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
243,929
|
$
|
177,333
|
$
|
706,666
|
$
|
349,441
|
||||||||
|
||||||||||||||||
Basic and fully diluted earnings per share:
|
||||||||||||||||
Earnings per share amount
|
$
|
.30
|
$
|
.22
|
$
|
.88
|
$
|
.44
|
||||||||
Weighted average common shares outstanding
|
800,000
|
800,000
|
800,000
|
800,000
|
|
Nine Months Ended
September 30,
|
|||||||
|
2017
|
2016
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
706,666
|
$
|
349,441
|
||||
Adjustments to reconcile net income to net cash from operations:
|
||||||||
Depreciation and amortization
|
58,859
|
63,247
|
||||||
Changes in operating assets and liabilities:
|
||||||||
(Decrease) increase in bad debt provision
|
(4,000
|
)
|
12,260
|
|||||
(Increase) decrease in accounts receivable
|
(132,139
|
)
|
303,051
|
|||||
(Increase) in prepaid expenses
|
(6,088
|
)
|
(58,530
|
)
|
||||
Decrease in prepaid income tax
|
-
|
238,805
|
||||||
(Decrease) in accounts payable
|
(38,370
|
)
|
(22,914
|
)
|
||||
Increase in deferred rent expense
|
21,873
|
10,131
|
||||||
Increase in accrued expenses
|
25,536
|
111,343
|
||||||
(Decrease) increase in income tax payable
|
(10,111
|
)
|
10,424
|
|||||
(Decrease) in unearned revenue
|
(985
|
)
|
(4,692
|
)
|
||||
Decrease in deferred compensation
|
-
|
37,124
|
||||||
Net cash provided from operating activities
|
621,241
|
1,049,690
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of computer equipment, furniture and office equipment
|
(13,446
|
)
|
(33,556
|
)
|
||||
Net cash used in investing activities
|
(13,446
|
)
|
(33,556
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Issuance of cash dividend
|
-
|
|
(2,063
|
)
|
||||
Net cash used in financing activities
|
-
|
(2,063
|
)
|
|||||
Increase in cash
|
607,795
|
1,014,071
|
||||||
Cash at beginning of period
|
5,005,617
|
3,834,924
|
||||||
Cash at end of period
|
$
|
5,613,412
|
$
|
4,848,995
|
||||
|
||||||||
Supplemental cash flow information
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes paid
|
$
|
514,429
|
$
|
300
|
|
9/30/2017
|
9/30/2016
|
||||||
Customer A
|
9
|
%
|
18
|
%
|
||||
Customer B
|
3
|
%
|
10
|
%
|
||||
Customer C
|
-
|
%
|
12
|
%
|
||||
Customer D
|
1
|
%
|
10
|
%
|
||||
Customer E
|
14
|
%
|
11
|
%
|
||||
Customer F
|
32
|
%
|
-
|
%
|
9/30/2017
|
|
|
9/30/2016
|
|
||||
Customer A
|
|
20
|
%
|
|
|
0
|
%
|
|
Customer B
|
|
|
13
|
%
|
|
|
15
|
%
|
Customer C
|
|
|
11
|
%
|
|
|
10
|
%
|
Customer D
|
7
|
%
|
13
|
%
|
||||
Customer E
|
7
|
%
|
10
|
%
|
|
For three months ended September 30,
|
|||||||||||||||
|
2017
|
2016
|
Amount Change
|
% Change
|
||||||||||||
Revenues:
|
||||||||||||||||
HCO fees
|
$
|
377,923
|
$
|
276,951
|
$
|
100,972
|
36
|
%
|
||||||||
MPN fees
|
142,257
|
146,836
|
(4,579
|
)
|
(3
|
%)
|
||||||||||
NCM fees
|
582,544
|
499,118
|
83,426
|
17
|
%
|
|||||||||||
UR fees
|
277,886
|
221,176
|
56,710
|
26
|
%
|
|||||||||||
MBR fees
|
147,094
|
187,829
|
(40,735
|
)
|
(22
|
%)
|
||||||||||
Other
|
73,203
|
111,686
|
(38,483
|
)
|
(34
|
%)
|
||||||||||
Total revenues
|
1,600,907
|
1,443,596
|
157,311
|
11
|
%
|
|||||||||||
|
||||||||||||||||
Expense:
|
||||||||||||||||
Depreciation and amortization
|
19,462
|
20,925
|
(1,463
|
)
|
(7
|
%)
|
||||||||||
Bad debt provision
|
15,750
|
4,500
|
11,250
|
250
|
%
|
|||||||||||
Consulting fees
|
90,079
|
75,228
|
14,851
|
20
|
%
|
|||||||||||
Salaries and wages
|
547,963
|
574,100
|
(26,137
|
)
|
(5
|
%)
|
||||||||||
Professional fees
|
109,064
|
82,105
|
26,959
|
33
|
%
|
|||||||||||
Insurance
|
79,489
|
81,452
|
(1,963
|
)
|
(2
|
%)
|
||||||||||
Outsource service fees
|
146,287
|
113,017
|
33,270
|
29
|
%
|
|||||||||||
Data maintenance
|
12,160
|
30,160
|
(18,000
|
)
|
(60
|
%)
|
||||||||||
General and administrative
|
162,164
|
157,894
|
4,270
|
3
|
%
|
|||||||||||
Total expenses
|
1,182,418
|
1,139,381
|
43,037
|
4
|
%
|
|||||||||||
|
||||||||||||||||
Income from operations
|
418,489
|
304,215
|
114,274
|
38
|
%
|
|||||||||||
|
||||||||||||||||
Income before taxes
|
418,489
|
304,215
|
114,274
|
38
|
%
|
|||||||||||
Income tax provision
|
174,560
|
126,882
|
47,678
|
38
|
%
|
|||||||||||
|
||||||||||||||||
Net income
|
$
|
243,929
|
$
|
177,333
|
$
|
66,596
|
38
|
%
|
|
For nine months ended September 30,
|
|||||||||||||||
|
2017
|
2016
|
Amount Change
|
% Change
|
||||||||||||
Revenues:
|
||||||||||||||||
HCO fees
|
$
|
1,041,328
|
$
|
965,768
|
$
|
75,560
|
8
|
%
|
||||||||
MPN fees
|
427,228
|
436,893
|
(9,665
|
)
|
(2
|
%)
|
||||||||||
NCM fees
|
1,824,121
|
1,176,447
|
647,674
|
55
|
%
|
|||||||||||
UR fees
|
788,229
|
596,205
|
192,024
|
32
|
%
|
|||||||||||
MBR fees
|
481,352
|
517,893
|
(36,541
|
)
|
(7
|
%)
|
||||||||||
Other
|
255,542
|
309,260
|
(53,718
|
)
|
(17
|
%)
|
||||||||||
Total revenues
|
4,817,800
|
4,002,466
|
815,334
|
20
|
%
|
|||||||||||
|
||||||||||||||||
Expense:
|
||||||||||||||||
Depreciation and amortization
|
58,859
|
63,247
|
(4,388
|
)
|
(7
|
%)
|
||||||||||
Bad debt provision
|
30,500
|
13,500
|
17,000
|
126
|
%
|
|||||||||||
Consulting fees
|
246,073
|
265,296
|
(19,223
|
)
|
(7
|
%)
|
||||||||||
Salaries and wages
|
1,734,321
|
1,717,148
|
17,173
|
1
|
%
|
|||||||||||
Professional fees
|
308,295
|
224,368
|
83,927
|
37
|
%
|
|||||||||||
Insurance
|
257,495
|
243,307
|
14,188
|
6
|
%
|
|||||||||||
Outsource service fees
|
404,538
|
288,225
|
116,313
|
40
|
%
|
|||||||||||
Data maintenance
|
71,261
|
113,175
|
(41,914
|
)
|
(37
|
%)
|
||||||||||
General and administrative
|
495,474
|
475,230
|
20,244
|
4
|
%
|
|||||||||||
Total expenses
|
3,606,816
|
3,403,496
|
203,320
|
6
|
%
|
|||||||||||
|
||||||||||||||||
Income from operations
|
1,210,984
|
598,970
|
612,014
|
102
|
%
|
|||||||||||
|
||||||||||||||||
Income before taxes
|
1,210,984
|
598,970
|
612,014
|
102
|
%
|
|||||||||||
Income tax provision
|
504,318
|
249,529
|
254,789
|
102
|
%
|
|||||||||||
|
||||||||||||||||
Net income
|
$
|
706,666
|
$
|
349,441
|
$
|
357,225
|
102
|
%
|
|
For the nine months ended September
|
|||||||
|
2017
(unaudited)
|
2016
(unaudited)
|
||||||
|
||||||||
Net cash provided from operating activities
|
$
|
621,241
|
$
|
1,049,690
|
||||
Net cash used in investing activities
|
(13,446
|
)
|
(33,556
|
)
|
||||
Net cash used in financing activities
|
-
|
(2,063
|
)
|
|||||
|
||||||||
Net increase in cash
|
$
|
607,795
|
$
|
1,014,071
|
|
Payments Due By Period
|
|||||||||||||||||||
|
Total
|
Less than 1 year
|
1-3 years
|
3-5 years
|
More than 5 years
|
|||||||||||||||
Operating Leases:
|
||||||||||||||||||||
Operating Leases – Equipment
|
$
|
56,857
|
$
|
20,675
|
$
|
36,182
|
$
|
-
|
$
|
-
|
||||||||||
Office Leases
|
$
|
1,177,515
|
255,608
|
775,791
|
146,116
|
-
|
||||||||||||||
Total Operating Leases
|
$
|
1,234,372
|
$
|
276,283
|
$
|
811,973
|
$
|
146,116
|
$
|
-
|
|
Exhibit Number
|
|
Title of Document
|
|
|
|
|
|
Exhibit 31.1
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Exhibit 31.2
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Exhibit 32.1
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Exhibit 101
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The following materials from Pacific Health Care Organization, Inc.’s Quarterly Report on Form 10-Q for the period ended September 30, 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.
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PACIFIC HEALTH CARE ORGANIZATION, INC.
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Date:
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November 14, 2017
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/s/ Tom Kubota
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Tom Kubota
Chief Executive Officer
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Date:
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November 14, 2017
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/s/ Fred Odaka
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Fred Odaka
Chief Financial Officer
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1 Year Pacific Health Care Orga... (QB) Chart |
1 Month Pacific Health Care Orga... (QB) Chart |
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