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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Neurosurgical Holdings Inc (PK) | USOTC:USNU | 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% | 0.72 | 0.48 | 1.05 | 0.00 | 21:15:13 |
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
47-5370333
|
|
(State of other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
2400 Research Blvd, Suite 325,
Rockville, Maryland
|
20850
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Issuer's telephone number:
|
(301) 208-8998
|
Securities registered under Section 12(b) of the Act:
|
None
|
|
Securities registered under Section 12(g) of the Act:
|
Common Stock, par value $.01 per share
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☒
|
Emerging growth company ☐ |
3
|
||
Item 1.
|
3
|
|
Item 1A.
|
12
|
|
Item 1B.
|
16
|
|
Item 2.
|
16
|
|
Item 3.
|
16
|
|
Item 4.
|
16
|
|
17
|
||
Item 5.
|
17
|
|
Item 6.
|
17
|
|
Item 7.
|
18
|
|
Item 7A.
|
20
|
|
Item 8.
|
20
|
|
Item 9.
|
20
|
|
Item 9A.
|
20
|
|
Item 9B.
|
22
|
|
23
|
||
Item 10.
|
23
|
|
Item 11.
|
24
|
|
Item 12.
|
25
|
|
Item 13.
|
26
|
|
Item 14.
|
26
|
|
27
|
||
Item 15.
|
27
|
Item 5. |
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
Period
|
High Close
|
Low Close
|
||||||
January 1 – March 31, 2016
|
.22
|
.11
|
||||||
April 1 - June 30, 2016
|
.20
|
.13
|
||||||
July 1 – September 30, 2016
|
.35
|
.13
|
||||||
October 1 – December 31, 2016
|
.28
|
.21
|
||||||
January 1 – March 31, 2017
|
.36
|
.22
|
||||||
April 1 - June 30, 2017
|
.58
|
.25
|
||||||
July 1 – September 30, 2017
|
.50
|
.38
|
||||||
October 1 – December 31, 2017
|
.48
|
.32
|
Name
|
Age
|
Position
|
Alan Gold
|
73
|
President & Chairman of the Board
|
William F. Leimkuhler
|
66
|
Director
|
Charles H. Merriman, III
|
83
|
Director
|
Susan Greenwald
|
72
|
Vice President and Secretary
|
Summary Compensation Table
|
|||||
Name and
|
Annual Compensation
|
||||
Principal Position
|
Year
|
Salary
|
|||
Alan Gold
|
2017
|
$
|
300,000
|
||
President & Chairman
|
2016
|
$
|
300,000
|
||
of the Board
|
2015
|
$
|
300,000
|
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Name and Address
of Beneficial Owner
|
Number of Shares
Beneficially
Owned (1)
|
Percent of
Class
|
||
Alan Gold (2)
|
1,140,246
|
14.6%
|
||
2400 Research Blvd.
|
||||
Rockville, MD 20850
|
||||
William F. Leimkuhler
|
100,000
|
1.3%
|
||
43 Salem Straits Road
|
||||
Darien, CT 06820
|
||||
Charles H. Merriman III
|
130,672
|
1.7%
|
||
5507 Cary St. Road
|
||||
Richmond, VA 23226
|
||||
Stanley S. Shuman (3)
|
2,367,734
|
30.4%
|
||
711 Fifth Avenue
|
||||
New York, NY 10022
|
||||
Allen & Company Incorporated
|
1,578,489
|
20.2%
|
||
711 Fifth Avenue
|
||||
New York, NY 10022
|
||||
All Directors and officers of the Company as a group (2) (four persons)
|
1,370,918
|
17.6%
|
(1) |
Unless otherwise indicated, all shares are beneficially owned and sole voting and investment power is held by the person named above.
|
(2) |
Includes 1,140,246 shares held jointly by Mr. Gold and his wife, Susan Greenwald, as joint tenants with right of survivorship.
|
(3) |
Includes 1,578,489 shares owned by Allen & Company Incorporated, Mr. Shuman disclaims beneficial ownership in such shares, except to the extent of his pecuniary interest therein.
|
(a)
|
(1)
Financial Statements and Financial Statement Schedules
. The following are filed as part of this report:
|
Page No.
|
|
Consolidated
Financial Statements of the Company
|
F-1
|
Reports of Independent Registered Public Accounting Firm
|
F-2
|
Consolidated
Balance Sheets as of December 31, 2017 and 2016
|
F-3
|
Consolidated
Statements of Operations for the years ended December 31, 2017 and 2016
|
F-4
|
Consolidated
Statements of Stockholders' Equity for the years ended December 31, 2017 and 2016
|
F-5
|
Consolidated
Statements of Cash Flows for the year ended December 31, 2017 and 2016
|
F-6
|
Notes to
Consolidated
Financial Statements
|
F-7
|
(b)
|
Exhibits:
|
3.1
|
Form of Amended and Restated Certificate of Incorporation of U.S. NeuroSurgical, Inc. (“USN”) (incorporated herein by reference to Exhibit 3.1 to our Form 10 Registration Statement as filed July 1, 1999)
|
3.2
|
Form of Amended and Restated Bylaws of USN (incorporated herein by reference to Exhibit 3.2 to our Form 10 Registration Statement as filed July 1, 1999)
|
4.1
|
Form of Stock Certificate of Common Stock (incorporated herein by reference to Exhibit 4.1 to our Form 10 Registration Statement as filed July 1, 1999)
|
10.1
|
Distribution Agreement dated May 27, 1999 between GHS, Inc. (“GHS”) and USN (incorporated herein by reference to Exhibit 10.1 to our Form 10 Registration Statement as filed July 1, 1999)
|
10.2
|
Tax Matters Agreement dated May 27, 1999 between GHS and USN (incorporated herein by reference to Exhibit 10.2 to our Form 10 Registration Statement as filed July 1, 1999)
|
10.3
|
Assignment and Assumption Agreement dated May 27, 1999 between GHS and USN (incorporated herein by reference to Exhibit 10.3 to our Form 10 Registration Statement as filed July 1, 1999)
|
10.4
|
Employment Agreement dated December 14, 1984 between USN and Alan Gold, as amended March 7, 1986 (incorporated by reference to Exhibit 10.3 of GHS’s Registration Statement No. 33-4532-W on form S-18)
|
10.5
|
Agreement dated December 29, 1993 between USN and Elekta Instruments, Inc. (incorporated by reference to 10o to GHS’s 1994 Annual Report on Form 10-K)
|
10.6
|
Agreement dated August 1, 1996 between USN and DVI, Inc. (incorporated by reference 10j to GHS’s 1997 Annual Report on Form 10-K)
|
10.7
|
Gamma Knife Neuroradiosurgery Equipment dated as of November 26, 1996 between New York University on behalf of New York University Medical Center and USN (incorporated herein by reference to Exhibit 10.10 to our Form 10 Registration Statement as filed July 1, 1999)
|
21.1
|
List of Subsidiaries (incorporated herein by reference to Exhibit 21.1 to our Form 10 Registration Statement as filed July 1, 1999)
|
Certifications of CEO and CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certifications of CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
*
|
Filed herewith
|
(c) |
Financial Statement Schedules
. None
|
U.S. NeuroSurgical Holdings, Inc.
|
|||
(Registrant)
|
|||
By
|
/s/ Alan Gold
|
||
Alan Gold
|
|||
President & Chairman of the Board and Principal Financial Officer
|
|||
Dated: April 11, 2018
|
April 11, 2018
|
/s/ Alan Gold
|
|
Alan Gold
|
||
President & Chairman of the Board
|
||
April 11, 2018
|
/s/ William F. Leimkuhler
|
|
William F. Leimkuhler
|
||
Director
|
||
April 11, 2018
|
/s/ Charles H. Merriman III
|
|
Charles H. Merriman III
|
||
Director
|
Page
|
|
Consolidated Financial Statements
|
F-1
|
F-2
|
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-7
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,684,000
|
$
|
1,962,000
|
||||
Accounts receivable
|
767,000
|
891,000
|
||||||
Due from related parties
|
169,000
|
7,000
|
||||||
Short term loan receivable
|
299,000
|
-
|
||||||
Elekta refund due
|
-
|
12,000
|
||||||
Other current assets
|
67,000
|
71,000
|
||||||
Total current assets
|
3,986,000
|
2,943,000
|
||||||
Other assets:
|
||||||||
Notes receivable
|
38,000
|
38,000
|
||||||
Investments in unconsolidated entities
|
164,000
|
447,000
|
||||||
Total other assets
|
202,000
|
485,000
|
||||||
Property and equipment:
|
||||||||
Gamma knife (net of accumulated depreciation of $2,637,000 in 2017 and $1,808,000 in 2016)
|
2,700,000
|
3,484,000
|
||||||
Leasehold improvements (net of accumulated amortization of $1,111,000 in 2017 and $805,000 in 2016)
|
1,027,000
|
1,332,000
|
||||||
Total property and equipment
|
3,727,000
|
4,816,000
|
||||||
TOTAL ASSETS
|
$
|
7,915,000
|
$
|
8,244,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Obligations under capital lease - current portion
|
$
|
972,000
|
$
|
936,000
|
||||
Deferred tax liability- current portion
|
-
|
245,000
|
||||||
Accounts payable and accrued expenses
|
208,000
|
86,000
|
||||||
Deferred revenue
|
370,000
|
257,000
|
||||||
Income tax payable
|
64,000
|
-
|
||||||
Total current liabilities
|
1,614,000
|
1,524,000
|
||||||
Obligations under capital lease - net of current portion
|
1,666,000
|
2,733,000
|
||||||
Deferred tax liability - net of current portion
|
675,000
|
591,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Asset retirement obligations
|
517,000
|
491,000
|
||||||
Total liabilities
|
4,483,000
|
5,350,000
|
||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock - par value $.01; 25,000,000 shares authorized;7,792,185 shares issued and outstanding at December 31, 2017 and 2016.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
3,100,000
|
3,100,000
|
||||||
Retained earnings (accumulated deficit)
|
254,000
|
(284,000
|
)
|
|||||
Total stockholders' equity
|
3,432,000
|
2,894,000
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
7,915,000
|
$
|
8,244,000
|
Years Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Revenue
|
$
|
3,414,000
|
$
|
3,212,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
1,467,000
|
1,290,000
|
||||||
Selling, general and administrative
|
1,259,000
|
1,308,000
|
||||||
Total
|
2,726,000
|
2,598,000
|
||||||
Operating income
|
688,000
|
614,000
|
||||||
Interest expense
|
(153,000
|
)
|
(161,000
|
)
|
||||
Interest income
|
7,000
|
5,000
|
||||||
(Loss) income from investments in unconsolidated entities, net
|
(101,000
|
) |
638,000
|
|||||
Impairment loss
|
- |
(218,000
|
)
|
|||||
Income before income taxes
|
441,000
|
878,000
|
||||||
Provision for income tax benefit (expense)
|
97,000
|
(342,000
|
)
|
|||||
Net income
|
$
|
538,000
|
$
|
536,000
|
||||
Basic and diluted net income per share
|
$
|
0.07
|
$
|
0.07
|
||||
Weighted average common shares outstanding
|
7,792,185
|
7,794,685
|
Common Stock
|
||||||||||||||||||||
Number
of
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Retained Earnings
(Accumulated
Deficit)
|
Total
|
||||||||||||||||
Balance - December 31, 2015
|
7,797,185
|
$
|
78,000
|
$
|
3,100,000
|
$
|
(820,000
|
)
|
$
|
2,358,000
|
||||||||||
Cancellation of shares
|
(5,000
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Net income for the year ended December 31, 2016
|
-
|
-
|
-
|
536,000
|
536,000
|
|||||||||||||||
Balance - December 31, 2016
|
7,792,185
|
$
|
78,000
|
$
|
3,100,000
|
$
|
(284,000
|
)
|
$
|
2,894,000
|
||||||||||
Net income for the year ended December 31, 2017
|
-
|
-
|
-
|
538,000
|
538,000
|
|||||||||||||||
Balance - December 31, 2017
|
7,792,185
|
$
|
78,000
|
$
|
3,100,000
|
$
|
254,000
|
$
|
3,432,000
|
Years Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
538,000
|
$
|
536,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,135,000
|
1,006,000
|
||||||
Loss (income) from investments in unconsolidated entities, net
|
101,000 |
|
(638,000
|
)
|
||||
Distributed earnings from unconsolidated entities
|
274,000
|
500,000
|
||||||
Impairment loss
|
-
|
218,000
|
||||||
Consulting fee - settled through transfer of equity interest in MOP
|
-
|
12,000
|
||||||
Accrued interest from notes receivable
|
(4,000
|
)
|
-
|
|||||
Accretion of asset retirement obligations
|
26,000
|
25,000
|
||||||
Change in guarantee liability
|
-
|
(4,000
|
)
|
|||||
Deferred income taxes
|
(161,000
|
)
|
342,000
|
|||||
Changes in:
|
||||||||
Accounts receivable
|
124,000
|
(265,000
|
)
|
|||||
Elekta refund due
|
12,000
|
(12,000
|
)
|
|||||
Other current assets
|
4,000
|
27,000
|
||||||
Accounts payable and accrued expenses
|
122,000
|
6,000
|
||||||
Deferred revenue
|
113,000
|
108,000
|
||||||
Income tax payable
|
64,000
|
-
|
||||||
Net cash provided by operating activities
|
2,348,000
|
1,861,000
|
||||||
Cash flows from investing activities:
|
||||||||
Repayment of amounts advanced to unconsolidated entities
|
64,000
|
71,000
|
||||||
Advances to unconsolidated entities
|
(593,000
|
)
|
-
|
|||||
Advances made under short term loans
|
-
|
(34,000
|
)
|
|||||
Purchase of gamma knife equipment
|
(46,000
|
)
|
-
|
|||||
Investments in unconsolidated entities
|
(20,000
|
)
|
(5,000
|
)
|
||||
Decrease of due from related parties
|
-
|
1,000
|
||||||
Net cash (used in) provided by investing activities
|
(595,000
|
)
|
33,000
|
|||||
Cash flows from financing activities:
|
||||||||
Repayment of capital lease obligations
|
(1,031,000
|
)
|
(1,000,000
|
)
|
||||
Net cash used in financing activities
|
(1,031,000
|
)
|
(1,000,000
|
)
|
||||
Net change in cash and cash equivalents
|
722,000
|
894,000
|
||||||
Cash and cash equivalents - beginning of year
|
1,962,000
|
1,068,000
|
||||||
Cash and cash equivalents - end of year
|
$
|
2,684,000
|
$
|
1,962,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
143,000
|
$
|
172,000
|
||||
Supplemental disclosure of of noncash investing and financing activities:
|
||||||||
Increase in gamma knife equipment through a capital lease obligation
|
$
|
-
|
$
|
879,000
|
||||
Reduction in capital lease liability and leasehold improvements due to sales tax refund applied to lease
|
$
|
-
|
$
|
42,000
|
||||
Increase in investment in unconsolidated entities through settlement of a loan receivable
|
$
|
-
|
$
|
161,000
|
||||
Distribution from unconsolidated entity recorded as short term loan receivable
|
$
|
295,000
|
$
|
-
|
[1] |
Basis of presentation and consolidation:
|
[2] |
Cash and cash equivalents:
|
[3] |
Investments in unconsolidated entities:
|
[4] |
Revenue recognition:
|
[5] |
Long-lived assets:
|
[6] |
Depreciation and amortization:
|
[7] |
Capital leases:
|
[8] |
Guarantees:
|
[9] |
Income taxes:
|
[10] |
Earnings per share:
|
[11] |
Advertising costs:
|
[12] |
Allowance for doubtful accounts:
|
[13] |
Estimates and assumptions:
|
[14] |
Fair values of financial instruments:
|
[15] |
Credit risk:
|
[16] |
Asset retirement obligations:
|
[1] |
The Southern California Regional Gamma Knife Center
|
Neuro Partners LLC and CGK Combined Condensed Income Statement Information
|
||||||||
Year Ended
December 31,
|
||||||||
2017
|
2016
|
|||||||
Patient revenue
|
$
|
1,063,000
|
$
|
982,000
|
||||
Net income
|
$
|
506,000
|
$
|
298,000
|
||||
USNC's equity in income of Neuro Partners LLC and CGK
|
$
|
151,000
|
$
|
93,000
|
Neuro Partners LLC and CGK Combined Condensed Balance Sheet Information
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
Current assets
|
$
|
165,000
|
$
|
93,000
|
||||
Noncurrent assets
|
745,000
|
876,000
|
||||||
Total assets
|
$
|
910,000
|
$
|
969,000
|
||||
Current liabilities
|
$
|
641,000
|
$
|
449,000
|
||||
Noncurrent liabilities
|
464,000
|
1,121,000
|
||||||
Deficit
|
(195,000
|
)
|
(601,000
|
)
|
||||
Total liabilities and deficit
|
$
|
910,000
|
$
|
969,000
|
[2] |
Florida Oncology Partners
|
FOP and FOPRE Condensed Combined Income Statement Information
|
||||||||
Year Ended
December 31,
|
||||||||
2017
|
2016
|
|||||||
Patient revenue
|
$
|
678,000
|
$
|
-
|
||||
Rental Income
|
$
|
2,517,000
|
$
|
4,053,000
|
||||
Net income
|
$
|
525,000
|
$
|
2,355,000
|
||||
USNC's equity in income
of FOP and FOPRE
|
$
|
132,000
|
$
|
571,000
|
FOP Condensed Balance Sheet Information
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
Current assets
|
$
|
664,000
|
$
|
630,000
|
||||
Noncurrent assets
|
18,961,000
|
1,798,000
|
||||||
Total assets
|
$
|
19,625,000
|
$
|
2,428,000
|
||||
Current liabilities
|
$
|
3,228,000
|
$
|
1,411,000
|
||||
Noncurrent liabilities
|
16,842,000
|
469,000
|
||||||
Equity
|
(445,000
|
)
|
548,000
|
|||||
Total liabilities and equity
|
$
|
19,625,000
|
$
|
2,428,000
|
||||
FOPRE had no significant assets or liabilities at December 31, 2016.
|
[3] |
Boca Oncology Partners
|
BOPRE Condensed Income Statement Information
|
||||||||
Years Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net income
|
$
|
(7,000
|
)
|
$
|
(3,000
|
)
|
||
USNC's equity in loss
in BOPRE
|
$
|
(1,000
|
)
|
$
|
(1,000
|
)
|
BOPRE Condensed Balance Sheet Information
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
Current assets
|
$
|
17,000
|
$
|
10,000
|
||||
Noncurrent assets
|
920,000
|
872,000
|
||||||
Total assets
|
$
|
937,000
|
$
|
882,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
937,000
|
882,000
|
||||||
Total liabilities and equity
|
$
|
937,000
|
$
|
882,000
|
[4] |
Medical Oncology Partners
|
MOP Condensed Consolidated Balance Sheet Information
|
||||||||
December 31, 2017
|
December 31, 2016
|
|||||||
Current assets
|
$
|
41,000
|
$
|
15,000
|
||||
Noncurrent assets
|
108,000
|
52,000
|
||||||
Total assets
|
$
|
149,000
|
$
|
67,000
|
||||
Current liabilities
|
$
|
693,000
|
$
|
305,000
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Deficit
|
(544,000
|
)
|
(238,000
|
)
|
||||
Total liabilities and deficit
|
$
|
149,000
|
$
|
67,000
|
[5] |
CB Oncology Partners
|
CBOP Condensed Income Statement Information
|
||||
Year Ended
December 31,
2017
|
||||
Patient revenue
|
$
|
-
|
||
Net loss
|
$
|
(248,000
|
)
|
|
USNC's equity in loss
of CBOP
|
$
|
(60,000
|
) |
CBOP Condensed Balance Sheet Information
|
||||
December 31,
2017
|
||||
Current assets
|
$
|
-
|
||
Noncurrent assets
|
-
|
|||
Total assets
|
$
|
-
|
||
Current liabilities
|
$
|
248,000
|
||
Noncurrent liabilities
|
-
|
|||
Deficit
|
(248,000
|
)
|
||
Total liabilities and deficit
|
$
|
-
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
Capital leases - Gamma Knife
|
$
|
2,638,000
|
$
|
3,669,000
|
||||
Less current portion
|
(972,000
|
)
|
(936,000
|
)
|
||||
$
|
1,666,000
|
$
|
2,733,000
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
Capitalized costs
|
$
|
5,182,000
|
$
|
5,203,000
|
||||
Less - accumulated depreciation
|
(2,577,000
|
)
|
(1,772,000
|
)
|
||||
Capitalized lease equipment and improvements- reported as property and equipment - net
|
$
|
2,605,000
|
$
|
3,431,000
|
Year Ending
December 31,
|
||||
2018
|
$
|
1,062,000
|
||
2019
|
1,160,000
|
|||
2020
|
564,000
|
|||
2,786,000
|
||||
Less interest
|
(148,000
|
)
|
||
Present value of net minimum obligation
|
$
|
2,638,000
|
2017
|
2016
|
|||||||
Asset retirement obligations, start of year
|
$
|
491,000
|
$
|
466,000
|
||||
Accretion of liability
|
26,000
|
25,000
|
||||||
Asset retirement of obligations, end of the year
|
$
|
517,000
|
$
|
491,000
|
Year Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Current taxes:
|
||||||||
Federal
|
$
|
55,000
|
$
|
-
|
||||
State
|
9,000
|
-
|
||||||
Current taxes
|
64,000
|
-
|
||||||
Deferred taxes:
|
||||||||
Federal
|
$
|
(247,000
|
)
|
$
|
312,000
|
|||
State
|
86,000
|
30,000
|
||||||
Deferred taxes
|
(161,000
|
)
|
342,000
|
|||||
(Benefit from) provision for income taxes
|
$
|
(97,000
|
)
|
$
|
342,000
|
Year Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Income tax at the federal statutory rate
|
$
|
149,000
|
$
|
299,000
|
||||
State income tax, net of federal taxes
|
23,000
|
29,000
|
||||||
Permanent differences
|
13,000
|
14,000
|
||||||
Benefit of federal tax rate decrease
|
(295,000
|
)
|
-
|
|||||
Other
|
13,000
|
-
|
||||||
Income tax (benefit) provision
|
$
|
(97,000
|
)
|
$
|
342,000
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
Deferred tax asset:
|
||||||||
Net operating loss
|
$
|
-
|
$
|
342,000
|
||||
Excess of book depreciation over tax depreciation
|
40,000
|
-
|
||||||
40,000
|
342,000
|
|||||||
Deferred tax liability:
|
||||||||
Basis difference in unconsolidated entities
|
(115,000
|
)
|
(31,000
|
)
|
||||
Deferred gain on disposal of gamma knife
|
(524,000
|
)
|
(716,000
|
)
|
||||
Excess of tax depreciation over book depreciation
|
-
|
(186,000
|
)
|
|||||
Net effect of conversion from the accrual basis of accounting to the cash basis of accounting for tax purposes primarily related to accounts receivable, prepaid expense, deferred revenue, and accounts payable
|
(76,000
|
)
|
(245,000
|
)
|
||||
Net deferred tax liability
|
$
|
(675,000
|
)
|
$
|
(836,000
|
)
|
[1] |
Leases:
|
Year Ending December 31,
|
||||
2018
|
$
|
28,000
|
||
2019
|
42,000
|
|||
2020
|
43,000
|
|||
2021
|
45,000
|
|||
2022
|
46,000
|
|||
Thereafter
|
24,000
|
|||
$
|
228,000
|
[2] |
Gamma Knives:
|
[3] |
Maintenance Contract:
|
[4] |
Guarantee of Lease Obligations:
|
[5] |
Guarantee of Mortgages:
|
[6] |
Product liability:
|
1 Year US Neurosurgical (PK) Chart |
1 Month US Neurosurgical (PK) Chart |
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