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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% | 0.69 | 0.69 | 0.84 | 0.00 | 21:14:52 |
QUARTERLY 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
|
|
|
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer ☐
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Accelerated filer ☐
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Smaller reporting company
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(do not check if a smaller reporting company)
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Emerging Growth Company
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3 | |||
Item 1.
|
3
|
||
Item 2.
|
16
|
||
Item 3.
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18
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||
Item 4.
|
19
|
||
20
|
|||
Item 1.
|
20
|
||
Item 2.
|
20
|
||
Item 3.
|
20
|
||
Item 4.
|
21
|
||
Item 5.
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21 | ||
Item 6.
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21 | ||
22
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June 30,
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December 31,
|
|||||||
2023 | 2022 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
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$
|
|
$
|
|
||||
Other current assets
|
|
|
||||||
Total current assets
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|
|
||||||
Other assets:
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||||||||
Due from related parties
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|
|
||||||
Investments in unconsolidated entities
|
|
|
||||||
Total other assets
|
|
|
||||||
Property and equipment:
|
||||||||
Operating lease right-of-use asset
|
|
|
||||||
Total property and equipment
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Operating lease right-of-use liability - current portion
|
$
|
|
$
|
|
||||
Accounts payable and accrued expenses
|
|
|
||||||
Income taxes payable
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Guarantee liability
|
|
|
||||||
Total liabilities
|
|
|
||||||
EQUITY
|
||||||||
Common stock - par value $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
U.S. Neurosurgical Holdings, Inc. stockholders’ equity
|
||||||||
Noncontrolling interests
|
||||||||
Total stockholders’ equity
|
|
|
||||||
TOTAL LIABILITIES AND EQUITY
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Revenue
|
$
|
|
$
|
|
||||
Costs and expenses:
|
||||||||
Selling, general and administrative
|
|
|
||||||
Total
|
|
|
||||||
Operating loss
|
(
|
)
|
(
|
)
|
||||
Total other expense | ||||||||
Loss from investments in unconsolidated entities, net
|
(
|
)
|
(
|
)
|
||||
Total other expense
|
( |
) | ( |
) | ||||
Loss before income taxes
|
(
|
)
|
(
|
)
|
||||
Provision for income taxes
|
|
|
||||||
Net (loss) income
|
(
|
)
|
(
|
)
|
||||
Net loss attributable to noncontrolling interests
|
||||||||
Net (loss) income attributable to U.S. Neurosurgical Holdings, Inc.
|
$ | ( |
) | $ | ( |
) | ||
Basic and diluted net (loss) income per share attributable to U.S. NeuroSurgical Holdings, Inc.
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Weighted average common shares outstanding, basic and diluted
|
|
|
Six Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Revenue
|
$
|
|
$
|
|
||||
Costs and expenses:
|
||||||||
Selling, general and administrative
|
|
|
||||||
Total
|
|
|
||||||
Operating loss
|
(
|
)
|
(
|
)
|
||||
Total other expense | ||||||||
Loss from investments in unconsolidated entities, net
|
(
|
)
|
(
|
)
|
||||
Total other expense
|
( |
) | ( |
) | ||||
(Loss) income before income taxes
|
(
|
)
|
(
|
)
|
||||
Provision for income taxes
|
|
|
||||||
Net (loss) income
|
(
|
)
|
(
|
)
|
||||
Net loss attributable to noncontrolling interests
|
||||||||
Net (loss) income attributable to U.S. Neurosurgical Holdings, Inc.
|
$ | ( |
) | $ | ( |
) | ||
Basic and diluted net (loss) income per share attributable to U.S. NeuroSurgical Holdings, Inc.
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Weighted average common shares outstanding, basic and diluted
|
|
|
Common Stock | U.S. | |||||||||||||||||||||||||||
Number
of
|
Additional Paid-In | (Accumulated Deficit) | Neurosurgical Holdings, Inc. | Noncontrolling | Total | |||||||||||||||||||||||
Shares
|
Amount | Capital | Retained Earnings | Equity | Interests | Equity | ||||||||||||||||||||||
Balance - December 31, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Issuance of common stock as compensation
|
|
- |
- |
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net loss for the year ended ‘December 31, 2022
|
-
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||
Balance - December 31, 2022
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Issuance of common stock as compensation
|
$ |
- |
- |
|||||||||||||||||||||||||
Net loss for the period ended June 30, 2023
|
-
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||
Balance - June 30, 2023
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Six Months Ended
|
||||||||
June 30, 2023 |
||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Amortization of operating lease right-of-use asset
|
|
|
||||||
Loss from investments in unconsolidated entities, net
|
|
|
||||||
Distributed earnings from unconsolidated entities
|
|
|
||||||
Deferred income taxes | ||||||||
Changes in:
|
||||||||
Income taxes payable
|
(
|
)
|
(
|
)
|
||||
Other current assets
|
(
|
)
|
|
|||||
Accounts payable and accrued expenses
|
(
|
)
|
(
|
)
|
||||
Operating lease right-of-use liability
|
(
|
)
|
(
|
)
|
||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(
|
)
|
(
|
)
|
||||
Repayments from loans to unconsolidated entities | ||||||||
Capital contributions to unconsolidated entities | ( |
) | ||||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Repayment of finance lease obligations
|
|
|
||||||
Net cash used in financing activities
|
|
|
||||||
Net change in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents - beginning of period
|
|
|
||||||
Cash and cash equivalents - end of period
|
$
|
|
$
|
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
|
$
|
|
||||
Income taxes
|
$ | $ |
Classification
|
June 30, 2023
|
June 30, 2022
|
|||||||
Assets |
|||||||||
Long-term
|
|||||||||
Operating lease assets
|
Operating lease right-of-use asset
|
$
|
|
$
|
|
||||
Total leased assets
|
$
|
|
$
|
|
|||||
Liabilities
|
|||||||||
Current
|
|||||||||
Operating lease liabilities
|
Operating lease right-of-use liability - current portion
|
$
|
|
$
|
|
||||
Long-term
|
|||||||||
Operating lease liabilities
|
Operating lease right-of-use liability - net
of current portion
|
$
|
|
$
|
|
||||
Total lease liabilities
|
$
|
|
$
|
|
|||||
Lease Cost
|
|||||||||
Operating lease cost
|
Selling, general and administrative
|
$
|
|
$
|
|
||||
Finance lease cost
|
|||||||||
Interest on lease liabilities
|
Interest expense
|
|
|
||||||
Sublease income
|
Interest income - sales-type sublease
|
|
|
||||||
Net lease expense
|
$
|
|
$
|
|
Maturity of lease liabilities (as of June 30, 2023)
|
Operating lease
|
|||
2023
|
|
|
||
Total
|
$
|
|
||
Less amount representing interest
|
|
|||
Present value of lease liabilities
|
$
|
|
||
Discount rate
|
|
%
|
Six Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Patient revenue
|
$
|
|
$
|
|
||||
Net loss
|
$
|
(
|
)
|
$
|
|
|||
USNC’s equity in (loss) earnings of
NeuroPartners LLC and CGK
|
$
|
(
|
)
|
$
|
(
|
)
|
Three Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Patient Revenue
|
$
|
|
$
|
|
||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
USNC’s equity in earnings of
NeuroPartners, LLC and CGK
|
$
|
(
|
)
|
$
|
(
|
)
|
June 30,
|
December 31,
|
|||||||
2023 | 2022 | |||||||
Current assets
|
$
|
|
$
|
|
||||
Noncurrent assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Current liabilities
|
$
|
|
$
|
|
||||
Noncurrent liabilities
|
||||||||
Equity
|
(
|
)
|
(
|
)
|
||||
Total liabilities and equity
|
$
|
|
$
|
|
Six Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Rental Income
|
$
|
|
$
|
|
||||
Net income
|
$
|
|
$
|
|
||||
USNC’s equity in earnings of BOPRE
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Rental Income
|
$
|
|
$
|
|
||||
Net income
|
$
|
|
$
|
|
||||
USNC’s equity in earnings of BOPRE
|
$
|
|
$
|
|
June 30,
|
December 31,
|
|||||||
2023 | 2022 | |||||||
Current assets
|
$
|
|
$
|
|
||||
Noncurrent assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Current liabilities
|
$
|
|
$
|
|
||||
Noncurrent liabilities
|
|
|
||||||
Equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Six Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Patient revenue
|
$
|
|
$
|
|
||||
Net (loss) income
|
$
|
(
|
)
|
$
|
(
|
)
|
||
USNC’s equity in (loss) income of CBOP
|
$
|
(
|
)
|
$
|
(
|
)
|
Three Months Ended
|
||||||||
June 30, | ||||||||
2023
|
2022
|
|||||||
Patient revenue
|
$
|
|
$
|
|
||||
Net (loss) income
|
$
|
(
|
)
|
$
|
(
|
)
|
||
USNC’s equity in (loss) income of CBOP
|
$
|
(
|
)
|
$
|
(
|
)
|
June 30, | December 31, |
|||||||
2023 |
2022 |
|||||||
Current assets
|
$
|
|
$
|
|
||||
Noncurrent assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Current liabilities
|
$
|
|
$
|
|
||||
Noncurrent liabilities
|
|
|
||||||
Deficit
|
(
|
)
|
(
|
)
|
||||
Total liabilities and deficit
|
$
|
|
$
|
|
Item 2. |
Management Discussion and Analysis of Financial Condition and Results of Operations.
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Submission of Matters to a Vote of Security Holders
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
U.S. NeuroSurgical Holdings, Inc.
|
|||
(Registrant)
|
|||
Date: August 14, 2023
|
By: |
/s/ Alan Gold
|
|
Alan Gold
|
|||
Director, President and
|
|||
Chief Executive Officer
|
|||
and
|
|||
Principal Financial Officer
|
|||
of the Registrant
|
1. |
I have reviewed this Report on Form 10-Q of U.S. NeuroSurgical Holdings, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of,
and for, the periods presented in this report;
|
4. |
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f)
and 15d–15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and;
|
5. |
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent
functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: August 14, 2023
|
/s/ Alan Gold
|
Alan Gold President & Chairman of the Board (Principal Executive Officer and Principal Financial Officer)
|
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of U.S. NeuroSurgical Holdings, Inc.
|
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
EQUITY | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 7,892,185 | 7,842,185 |
Common stock, shares outstanding (in shares) | 7,892,185 | 7,842,185 |
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
(Accumulated Deficit) Retained Earnings [Member] |
U.S. Neurosurgical Holdings, Inc. Equity [Member] |
Noncontrolling Interests [Member] |
Total |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2021 | $ 78,000 | $ 2,871,000 | $ (373,000) | $ 2,576,000 | $ 452,000 | $ 3,028,000 |
Balance (in shares) at Dec. 31, 2021 | 7,792,185 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock as compensation | $ 0 | 0 | 0 | 0 | ||
Issuance of common stock as compensation (in shares) | 50,000 | |||||
Net loss | $ 0 | 0 | (1,337,000) | (1,337,000) | (235,000) | (1,572,000) |
Balance at Dec. 31, 2022 | $ 78,000 | 2,871,000 | (1,710,000) | 1,239,000 | 217,000 | $ 1,456,000 |
Balance (in shares) at Dec. 31, 2022 | 7,842,185 | 7,842,185 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock as compensation | $ 1,000 | 1,000 | 0 | $ 1,000 | ||
Issuance of common stock as compensation (in shares) | 50,000 | |||||
Net loss | $ 0 | 0 | (542,000) | (542,000) | (96,000) | (638,000) |
Balance at Jun. 30, 2023 | $ 79,000 | $ 2,871,000 | $ (2,252,000) | $ 698,000 | $ 121,000 | $ 819,000 |
Balance (in shares) at Jun. 30, 2023 | 7,892,185 | 7,892,185 |
Basis of Preparation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Preparation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Preparation |
Note A - Basis of Preparation
The accompanying Condensed Consolidated Financial
Statements of U.S. NeuroSurgical Holdings, Inc. and Subsidiaries (the “Company”) as of June 30, 2023, and 2022, are unaudited. However, in the opinion of management, such statements include all adjustments necessary for a fair
statement of the information presented therein. The Consolidated Balance Sheet at December 31, 2022, has been derived from the audited Consolidated Financial Statements at that date appearing in the Company’s Annual Report on Form
10-K. All amounts are shown in nearest thousands in the Consolidated Financial Statements and accompanying notes therein.
Pursuant to accounting requirements of the Securities
and Exchange Commission applicable to quarterly reports on Form 10-Q, the accompanying Condensed Consolidated Financial Statements and notes do not include all disclosures required by accounting principles generally accepted in the United
States of America for complete financial statements. Accordingly, these statements should be read in conjunction with the Company’s most recent annual Consolidated Financial Statements.
Consolidated results of operations for interim
periods are not necessarily indicative of those to be achieved for full fiscal years. The only change to the Company’s equity in the six
months ended June 30, 2023, and 2022 was net loss for the periods. The Company issued 50,000 shares of stock to a new Board
Member in April 2023.
The Company applies the provisions of Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation to noncontrolling interests in consolidated financial statements. The
guidance requires noncontrolling interests to be reported as a component of equity separate from the parent’s equity and purchases and sales of equity interests, that do not result in a change in control, to be accounted for as equity
transactions. In addition, net (loss) income attributable to noncontrolling interests are to be included in net (loss) income and, upon a loss of control, the interest sold, as well as any interest retained, is to be recorded at fair
value, with any gain or loss recognized in net (loss) income.
The Company recognizes revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Accounting Standards Codification (“ASC”) Topic 842, Leases.
However, the Company generated no revenue in 2022 or in the first six months of 2023.
The tables below present financial information
associated with our leases.
|
The Southern California Regional Gamma Knife Center |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Southern California Regional Gamma Knife Center [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Southern California Regional Gamma Knife Center |
Note B – The Southern California Regional Gamma
Knife Center
During 2007, the Company, through a noncontrolling
interest in joint ventures, managed the formation of the Southern California Regional Gamma Knife Center at San Antonio Regional Hospital (“SARH”) in Upland, California. Corona Gamma Knife, LLC (“CGK”) is party to a 14-year agreement with SARH to renovate space in the hospital and install and operate a Leksell PERFEXION gamma knife. CGK leases the gamma
knife from NeuroPartners LLC, which holds the gamma knife equipment. In addition to returns on its ownership interests, USNC expects to receive fees for management services relating to the facility.
USNC is a 20% owner of NeuroPartners LLC and owns 39% of CGK.
Construction of the SARH gamma knife center was
completed in December 2008 and the first patient was treated in January 2009. The project has been funded principally by outside investors. While the Company, through its joint ventures, has led the effort in organizing the business and
overseeing the development and operation of the SARH center, its investment to date in the SARH center has been minimal.
At June 30, 2023, and December 31, 2022, the Company had no recorded investment of NeuroPartners LLC and CGK. For the six months ended June 30, 2023, and 2022, the Company’s equity in loss of
NeuroPartners LLC and CGK was $63,000 and $5,000, respectively, but was not recorded due to prior losses, resulting in no
recorded investment at June 30, 2023, and December 31, 2022. At June 30, 2023, and December 31, 2022, amounts due from related parties was $0
and $47,000, respectively.
The SARH gamma knife center treated its last
patients during the second quarter of 2023, and the Company is currently in negotiations with the hospital center and a removal company for the removal of the equipment from the SARH center. It is estimated it will cost approximately
$600,000.
The following tables present the aggregation of
summarized financial information of NeuroPartners LLC and CGK:
NeuroPartners LLC and CGK Condensed
Combined Income Statement Information
NeuroPartners LLC and CGK Condensed Combined
Balance Sheet Information
|
Boca Oncology Partners |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boca Oncology Partners [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boca Oncology Partners |
Note C – Boca Oncology Partners
During the quarter ended June 30, 2011, the Company,
through the formation of a joint venture, in which it had a noncontrolling interest, participated in the formation of Boca Oncology Partners, LLC (“BOP”), for the purpose of owning and operating a cancer center in Boca Raton, Florida. In
June 2011, BOPRE, an affiliated entity, purchased a 20% interest in Boca West IMP, owner of a medical office building in West
Boca, Florida in which BOP operates. BOP occupies 6,000 square feet of the 32,000 square foot building. The Company invested $225,000
initially and had a 22.5% interest in BOP and BOPRE. In February 2014, the Company and other members sold their interests in
BOP.
In June 2012, BOPRE purchased an additional 3.75% of Boca West IMP from another investor bringing its total interest to 23.75%. BOPRE accounts for this investment under the cost method since it does not exercise significant influence over Boca West, IMP.
During the years ended December 31, 2018, and 2017,
several investors relinquished part of their ownership interest in BOPRE, and those interests were distributed among the remaining investors in relationship to their percentages owned. During 2021 and 2022, additional members relinquished
their ownership to USNC. As a result, the Company now holds a 23.10% ownership interest in BOPRE, which it accounts for under
the equity method. The Company’s recorded investment in BOPRE is $185,000 and $157,000 at June 30, 2023, and December 31, 2022, respectively
The following tables present the summarized financial
information of BOPRE:
BOPRE Condensed
Income Statement Information
BOPRE Condensed Balance Sheet Information
|
Medical Oncology Partners |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Medical Oncology Partners [Abstract] | |
Medical Oncology Partners |
Note D - Medical Oncology Partners
In April 2015, MOP, was formed in partnership with
local physicians and other investors. MOP was established to acquire a 100% equity interest in UOMA. USNC was not a member of
MOP at the time of formation as it was not able to participate due to the fact that USNC was not a physician. Nevertheless, USNC wished to eventually obtain an equity interest in MOP and loaned Dr. Jaime Lozano, the principal investor in
MOP and a co-investor in FOP, $173,000. Dr. Lozano used these funds, along with an equal amount of his own funds (a total of $345,000), to purchase a 76.67%
interest in MOP. Other investors paid a further $105,000 for the remaining equity in MOP. MOP used the $450,000 of financing to acquire a 100%
equity interest in UOMA. An application was filed for a waiver to allow USNC to hold an equity interest notwithstanding the physician requirement and on December 22, 2016, USNC was cleared to become a part owner of MOP. Dr. Lozano agreed
to exchange half of his membership interest to USNC in settlement of the note to USNC. USNC and Dr. Lozano also agreed to share equally in providing a 5% equity interest in MOP to an additional investor as a consulting fee for services rendered in the administration of MOP and UOMA. At December 22, 2016, USNC owned 35.83% of MOP with an initial carrying value of $161,000.
The Company recorded its share of losses of $12,000 for the period from December 22, 2016 to December 31, 2016, against its
investment which resulted in a reduction of its equity investment to $149,000.
On December 31, 2022, MOP/UOMA sold their assets to One Care Oncology Partners, LLC for $2,060,000. USN Corona netted
approximately $1.3 million from the proceeds for management fees to date. Some funds were held in escrow until post-closing
adjustments were made, which has not been finalized as of June 30, 2023.
|
CB Oncology Partners |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CB Oncology Partners [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CB Oncology Partners |
Note E - CB Oncology Partners
CBOP was organized September 1, 2017, to acquire the
rights of the new center from FOP. USNC originally had a 24% equity interest in CBOP. Beginning in October of 2017, CBOP
began paying the remainder of the costs associated with opening the center. CBOP had no assets at the end of 2017. The medical center opened and treated its first patient in January of 2018.
Effective November 15, 2019, FOP transferred to, and
CBOP assumed, a loan with BB&T bank, that it had entered in order to finance the purchase of equipment and build out of the new center, as well as the associated property and equipment. In addition, CBOP and BB&T agreed to reduce
the monthly loan repayments for the next nine months, and to extend the term of the loan from November 2024 to July 2025. In July 2020 CBOP and BB&T further agreed to reduce the monthly payments for the life of the loan and extended
the loan to July of 2027.
In June 2020, CBOP made a $500,000 capital call to its members. UNSC converted previously made advances totaling $121,000 into equity in CBOP to meet its capital requirement, and other members contributed $212,000 in cash. The remaining capital contributions were not met and, accordingly, the Company’s equity interest in CBOP increased to 28.58% in June 2020. In May 2023, CBOP made an additional $200,000 capital call to its members. The Company met its call of $57,000 and other members
contributed $76,000. As was the case with the previous capital call, the remaining contributions are not expected to be met and
accordingly, the Company’s equity interest in CBOP increased to 30.23% in May 2023.
Amounts due from CBOP at June 30, 2023, total $565,000 of outstanding principal, less $550,000
of allowances, for a net receivable of $15,000 as compared to $163,000 of outstanding principal, less $156,000 of
allowances, for a net receivable of $6,000 at December 31,2022. The Company records increases in the allowance, when
applicable, as a component of loss from investments in unconsolidated. For the six months ended June 30, 2023 and 2022, the Company’s equity in loss of CBOP was $173,000 and $68,000, respectively, but was not
recorded due to prior losses.
Due to loans made to CBOP, CBOP is considered to be a variable interest entity of the Company. However, as the Company is not deemed to be the primary beneficiary of CBOP, since it does not have the power to direct the operating
activities that most significantly affect CBOP’s economic performance, the entity is not consolidated, but certain disclosures are provided herein.
The following table presents the summarized financial
information of CBOP:
CBOP Condensed Income Statement Information
CBOP Condensed Balance Sheet Information
|
Elite Health |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Elite Health [Abstract] | |
Elite Health |
Note F – Elite Health
Effective October 1, 2021, U.S. NeuroSurgical, Inc. (“USN”), acquired all of the outstanding shares of capital stock of Elite Health Plan, Inc., a California corporation (“Elite
Health”). The transaction with Elite Health was structured as an investment by Elite Health shareholders in USN, and as such did not have an immediate effect on the percentage ownership of the shareholders of the Company. However, the Company’s
interest in USN, which currently holds substantially all of the interest in the Company’s businesses and operations, was effectively diluted by 15%
as a result of the issuance of the new USN shares to the former holders of Elite Health. In addition, pursuant to the terms of this transaction, the former shareholders of Elite Health may request that the Company take steps that would give such holders access to the public trading
market. If this is requested by the Elite Health holders, it could be accomplished at the Company’s election through an exchange of such holders’ shares in USN for common stock of the Company.
Elite Health is a private company with a limited operating history. It was formed in 2017 with the purpose of establishing a managed care organization that will operate as a
Medicare Advantage plan for seniors. It is expected that Elite Health will operate in California, initially San Bernadino, Riverside, and Orange Counties, with the objective of addressing the growing number of Medicare eligible seniors in those markets.
Elite Health is in
the process of applying for a Knox Keene license to operate a Medicare Advantage plan in California and has taken preliminary steps toward identifying a network of providers who are well-versed in the healthcare needs of seniors in the communities
in which they practice. If Elite Health is successful in obtaining the license, establishing Elite Health as an operating entity will require significant investment not currently available to the Company. The Company is currently exploring
opportunities to provide the necessary funding to proceed with activities required to launch Elite Health.
|
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes |
Note G – Income Taxes
The Company’s income tax rate, which includes federal and state income taxes, was 0% for the six months
ended June 30, 2023, and 2022.
|
Basis of Preparation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Preparation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information Associated with our Leases |
The tables below present financial information
associated with our leases.
|
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Maturity of Lease Liabilities |
|
The Southern California Regional Gamma Knife Center (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Neuro Partners LLC and CGK [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment Summarized Financial Information |
The following tables present the aggregation of
summarized financial information of NeuroPartners LLC and CGK:
NeuroPartners LLC and CGK Condensed
Combined Income Statement Information
NeuroPartners LLC and CGK Condensed Combined
Balance Sheet Information
|
Boca Oncology Partners (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Boca Oncology Partners RE, LLC ("BOPRE") [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment Summarized Financial Information |
The following tables present the summarized financial
information of BOPRE:
BOPRE Condensed
Income Statement Information
BOPRE Condensed Balance Sheet Information
|
CB Oncology Partners (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CB Oncology Partners LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment Summarized Financial Information |
The following table presents the summarized financial
information of CBOP:
CBOP Condensed Income Statement Information
CBOP Condensed Balance Sheet Information
|
CB Oncology Partners (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
May 31, 2023 |
Jun. 30, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 02, 2017 |
|
CB Oncology Partners [Abstract] | |||||||||
Due from related parties | $ 16,000 | $ 16,000 | $ 15,000 | ||||||
USNC's equity in (loss) income | (269,000) | $ (998,000) | (267,000) | $ (1,131,000) | |||||
Condensed Income Statement Information [Abstract] | |||||||||
Patient revenue | 0 | 0 | 0 | 0 | |||||
Net (loss) income | (511,000) | (1,291,000) | (638,000) | (1,786,000) | (1,572,000) | ||||
USNC's equity in (loss) income | (269,000) | (998,000) | (267,000) | (1,131,000) | |||||
Condensed Balance Sheet Information [Abstract] | |||||||||
Current assets | 806,000 | 806,000 | 1,555,000 | ||||||
TOTAL ASSETS | 1,007,000 | 1,007,000 | 1,747,000 | ||||||
Current liabilities | 177,000 | 177,000 | 280,000 | ||||||
Deficit | 819,000 | 819,000 | 1,456,000 | $ 3,028,000 | |||||
TOTAL LIABILITIES AND EQUITY | 1,007,000 | 1,007,000 | 1,747,000 | ||||||
CB Oncology Partners LLC [Member] | |||||||||
CB Oncology Partners [Abstract] | |||||||||
Allowances on outstanding amount | 550,000 | 550,000 | 156,000 | ||||||
Condensed Income Statement Information [Abstract] | |||||||||
Patient revenue | 443,000 | 44,000 | 761,000 | 1,026,000 | |||||
Net (loss) income | (320,000) | (191,000) | (607,000) | (237,000) | |||||
Condensed Balance Sheet Information [Abstract] | |||||||||
Current assets | 347,000 | 347,000 | 405,000 | ||||||
Noncurrent assets | 2,763,000 | 2,763,000 | 3,056,000 | ||||||
TOTAL ASSETS | 3,110,000 | 3,110,000 | 3,461,000 | ||||||
Current liabilities | 3,909,000 | 3,909,000 | 975,000 | ||||||
Noncurrent liabilities | 2,868,000 | 2,868,000 | 5,680,000 | ||||||
Deficit | (3,667,000) | (3,667,000) | (3,194,000) | ||||||
TOTAL LIABILITIES AND EQUITY | 3,110,000 | 3,110,000 | 3,461,000 | ||||||
Related Party [Member] | CB Oncology Partners LLC [Member] | |||||||||
CB Oncology Partners [Abstract] | |||||||||
Due from related parties | 15,000 | 15,000 | 6,000 | ||||||
CB Oncology Partners LLC [Member] | |||||||||
CB Oncology Partners [Abstract] | |||||||||
Ownership percentage | 30.23% | 28.58% | 24.00% | ||||||
Capital called from members | $ 200,000 | $ 500,000 | |||||||
Advances converted into equity | 57,000 | 121,000 | |||||||
Contribution in cash | $ 76,000 | $ 212,000 | |||||||
Outstanding amount | 565,000 | 565,000 | $ 163,000 | ||||||
USNC's equity in (loss) income | (91,000) | (55,000) | (173,000) | (68,000) | |||||
Condensed Income Statement Information [Abstract] | |||||||||
USNC's equity in (loss) income | $ (91,000) | $ (55,000) | $ (173,000) | $ (68,000) |
Elite Health (Details) |
Oct. 01, 2021 |
---|---|
Elite Health Plan, Inc. [Member] | |
Elite Health [Abstract] | |
Equity consideration, percentage of outstanding shares | 15.00% |
Income Taxes (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Taxes [Abstract] | ||
Federal and state income taxes, rate | 0.00% | 0.00% |
1 Year US Neurosurgical (PK) Chart |
1 Month US Neurosurgical (PK) Chart |
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