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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 16.67% | 0.84 | 0.73 | 0.84 | 0.84 | 0.84 | 0.84 | 1,000 | 15:34:44 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
Delaware
|
47-5370333
|
|
(State of other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☒
|
3
|
||
3
|
||
15
|
||
20
|
||
20
|
||
22
|
||
22
|
||
22
|
||
22
|
||
22
|
||
22
|
||
22
|
||
23
|
March 31,
2017
|
December 31,
2016
|
|||||||
(UNAUDITED)
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
3,441,000
|
$
|
1,962,000
|
||||
Accounts receivable
|
515,000
|
891,000
|
||||||
Due from related parties
|
28,000
|
7,000
|
||||||
Elekta refund due
|
12,000
|
12,000
|
||||||
Other current assets
|
62,000
|
71,000
|
||||||
Total current assets
|
4,058,000
|
2,943,000
|
||||||
Other assets:
|
||||||||
Notes receivable
|
38,000
|
38,000
|
||||||
Investments in unconsolidated entities
|
281,000
|
447,000
|
||||||
Total other assets
|
319,000
|
485,000
|
||||||
Property and equipment:
|
||||||||
Gamma knife (net of accumulated depreciation of $2,013,000 in 2017 and $1,808,000 in 2016)
|
3,278,000
|
3,484,000
|
||||||
Leasehold improvements (net of accumulated amortization of $882,000 in 2017 and $805,000 in 2016)
|
1,256,000
|
1,332,000
|
||||||
Total property and equipment
|
4,534,000
|
4,816,000
|
||||||
TOTAL ASSETS
|
$
|
8,911,000
|
$
|
8,244,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Obligations under capital lease - current portion
|
$
|
947,000
|
$
|
936,000
|
||||
Deferred tax liability- current portion
|
-
|
245,000
|
||||||
Accounts payable and accrued expenses
|
180,000
|
86,000
|
||||||
Deferred revenue
|
681,000
|
257,000
|
||||||
Income taxes payable
|
200,000
|
-
|
||||||
Total current liabilities
|
2,008,000
|
1,524,000
|
||||||
Obligations under capital lease - net of current portion
|
2,472,000
|
2,733,000
|
||||||
Deferred tax liability - net of current portion
|
786,000
|
591,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Asset retirement obligations
|
497,000
|
491,000
|
||||||
Total liabilities
|
5,774,000
|
5,350,000
|
||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock - par value $.01; 25,000,000 shares authorized; 7,792,185 shares issued and outstanding at March 31, 2017 and December 31, 2016.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
3,100,000
|
3,100,000
|
||||||
Accumulated deficit
|
(41,000
|
)
|
(284,000
|
)
|
||||
Total stockholders' equity
|
3,137,000
|
2,894,000
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
8,911,000
|
$
|
8,244,000
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Revenue
|
$
|
984,000
|
$
|
832,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
368,000 | 324,000 | ||||||
Selling, general and administrative
|
295,000
|
310,000
|
||||||
Total
|
663,000
|
634,000
|
||||||
Operating income
|
321,000
|
198,000
|
||||||
Interest expense
|
(41,000
|
)
|
(41,000
|
)
|
||||
Other income
|
-
|
4,000
|
||||||
Income from investments in unconsolidated entities
|
112,000
|
155,000
|
||||||
Income before income taxes
|
392,000
|
316,000
|
||||||
Provision for income tax expense
|
(149,000
|
)
|
(118,000
|
)
|
||||
Net income
|
$
|
243,000
|
$
|
198,000
|
||||
Basic and diluted net income per share
|
$
|
0.03
|
$
|
0.03
|
||||
Weighted average common shares outstanding
|
7,792,185
|
7,797,185
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
243,000
|
$
|
198,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
282,000
|
235,000
|
||||||
Income from investment in unconsolidated entities, net
|
(112,000
|
)
|
(155,000
|
)
|
||||
Distributed earnings from unconsolidated entities
|
315,000
|
124,000
|
||||||
Accretion of asset retirement obligations
|
6,000
|
6,000
|
||||||
Change in guarantee liability
|
-
|
(2,000
|
)
|
|||||
Deferred income taxes
|
(50,000
|
)
|
118,000
|
|||||
Changes in:
|
||||||||
Accounts receivable
|
376,000
|
(102,000
|
)
|
|||||
Other current assets
|
9,000
|
16,000
|
||||||
Accounts payable and accrued expenses
|
94,000
|
32,000
|
||||||
Deferred revenue
|
424,000
|
258,000
|
||||||
Income taxes payable
|
200,000
|
-
|
||||||
Net cash provided by operating activities
|
1,787,000
|
728,000
|
||||||
Cash flows from investing activities:
|
||||||||
Amounts advanced to unconsolidated entities
|
(37,000
|
)
|
-
|
|||||
Increase in due from related parties
|
(21,000
|
)
|
(24,000
|
)
|
||||
Net cash used in investing activities
|
(58,000
|
)
|
(24,000
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Repayment of capital lease obligations
|
(250,000
|
)
|
(292,000
|
)
|
||||
Net cash used in financing activities
|
(250,000
|
)
|
(292,000
|
)
|
||||
Net change in cash and cash equivalents
|
1,479,000
|
412,000
|
||||||
Cash and cash equivalents - beginning of year
|
1,962,000
|
1,068,000
|
||||||
Cash and cash equivalents - end of year
|
$
|
3,441,000
|
$
|
1,480,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
40,000
|
$
|
41,000
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Patient Revenue
|
$
|
276,000
|
$
|
305,000
|
||||
Net income
|
$
|
124,000
|
$
|
123,000
|
||||
USNC's equity in earnings of NeuroPartners, LLC and CGK
|
$
|
38,000
|
$
|
18,000
|
March 31,
2017
|
December 31,
2016
|
|||||||
Current assets
|
$
|
194,000
|
$
|
93,000
|
||||
Noncurrent assets
|
851,000
|
876,000
|
||||||
Total assets
|
$
|
1,045,000
|
$
|
969,000
|
||||
Current liabilities
|
$
|
471,000
|
$
|
449,000
|
||||
Noncurrent liabilities
|
1,040,000
|
1,121,000
|
||||||
Equity
|
(466,000
|
)
|
(601,000
|
)
|
||||
Total liabilities and equity
|
$
|
1,045,000
|
$
|
969,000
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Rental Income
|
$
|
1,013,000
|
$
|
1,013,000
|
||||
Net income
|
$
|
619,000
|
$
|
634,000
|
||||
USNC's equity in earnings
of FOP and FOPRE
|
$
|
150,000
|
$
|
155,000
|
March 31,
2017
|
December 31,
2016
|
|||||||
Current assets
|
$
|
610,000
|
$
|
630,000
|
||||
Noncurrent assets
|
1,610,000
|
1,798,000
|
||||||
Total assets
|
$
|
2,220,000
|
$
|
2,428,000
|
||||
Current liabilities
|
$
|
1,394,000
|
$
|
1,411,000
|
||||
Noncurrent liabilities
|
189,000
|
469,000
|
||||||
Equity
|
637,000
|
548,000
|
||||||
Total liabilities and equity
|
$
|
2,220,000
|
$
|
2,428,000
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net loss
|
$
|
-
|
$
|
-
|
||||
USNC's equity in earnings
in BOPRE
|
$
|
-
|
$
|
-
|
March 31,
2017
|
December 31,
2016
|
|||||||
Current assets
|
$
|
9,000
|
$
|
10,000
|
||||
Noncurrent assets
|
872,000
|
872,000
|
||||||
Total assets
|
$
|
881,000
|
$
|
882,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
881,000
|
882,000
|
||||||
Total liabilities and equity
|
$
|
881,000
|
$
|
882,000
|
Three Months Ended
March 31, 2017
|
||||
Patient revenue
|
$
|
230,000
|
||
Net loss
|
$
|
(45,000
|
)
|
|
USNC's equity in loss
in MOP
|
$
|
(16,000
|
)
|
March 31,
2017
|
December 31,
2016
|
|||||||
Current assets
|
$
|
38,000
|
$
|
15,000
|
||||
Noncurrent assets
|
56,000
|
52,000
|
||||||
Total assets
|
$
|
94,000
|
$
|
67,000
|
||||
Current liabilities
|
$
|
412,000
|
$
|
305,000
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Deficit
|
(318,000
|
)
|
(238,000
|
)
|
||||
Total liabilities and equity
|
$
|
94,000
|
$
|
67,000
|
U.S. NeuroSurgical Holdings, Inc.
|
|||
(Registrant)
|
|||
Date: May 15, 2017
|
By:
|
/s/ Alan Gold
|
|
Alan Gold
|
|||
Director, President and Chief Executive Officer and
|
|||
Principal Financial Officer of the Registrant
|
1 Year US Neurosurgical (PK) Chart |
1 Month US Neurosurgical (PK) Chart |
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