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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 | 0.795 | 0.00 | 13:08:05 |
☒ |
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
|
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 ☒
|
(do not check if a smaller reporting company)
|
Emerging Growth Company ☐
|
3
|
||
3
|
||
18
|
||
22
|
||
22
|
||
24
|
||
24
|
||
24
|
||
24
|
||
24
|
||
24
|
||
24
|
||
25
|
March 31,
2018
|
December 31,
2017
|
|||||||
(UNAUDITED)
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,266,000
|
$
|
2,684,000
|
||||
Accounts receivable
|
803,000
|
767,000
|
||||||
Due from related parties
|
959,000
|
169,000
|
||||||
Short term loan receivable
|
301,000
|
299,000
|
||||||
Other current assets
|
251,000
|
67,000
|
||||||
Total current assets
|
4,580,000
|
3,986,000
|
||||||
Other assets:
|
||||||||
Notes receivable
|
38,000
|
38,000
|
||||||
Investments in unconsolidated entities
|
164,000
|
164,000
|
||||||
Total other assets
|
202,000
|
202,000
|
||||||
Property and equipment:
|
||||||||
Gamma knife (net of accumulated depreciation of $2,846,000 in 2018 and $2,637,000 in 2017)
|
2,492,000
|
2,700,000
|
||||||
Leasehold improvements (net of accumulated amortization of $1,187,000 in 2018 and $1,111,000 in 2017)
|
950,000
|
1,027,000
|
||||||
Total property and equipment
|
3,442,000
|
3,727,000
|
||||||
TOTAL ASSETS
|
$
|
8,224,000
|
$
|
7,915,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Obligations under capital lease - current portion
|
$
|
988,000
|
$
|
972,000
|
||||
Accounts payable and accrued expenses
|
108,000
|
208,000
|
||||||
Deferred revenue
|
881,000
|
370,000
|
||||||
Income taxes payable
|
394,000
|
64,000
|
||||||
Total current liabilities
|
2,371,000
|
1,614,000
|
||||||
Obligations under capital lease - net of current portion
|
1,393,000
|
1,666,000
|
||||||
Deferred tax liability
|
431,000
|
675,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Asset retirement obligations
|
524,000
|
517,000
|
||||||
Total liabilities
|
4,730,000
|
4,483,000
|
||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock - par value $.01; 25,000,000 shares authorized; 7,792,185 shares issued and outstanding at March 31, 2018 and December 31, 2017.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
3,100,000
|
3,100,000
|
||||||
Retained earnings
|
316,000
|
254,000
|
||||||
Total stockholders’ equity
|
3,494,000
|
3,432,000
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
8,224,000
|
$
|
7,915,000
|
Three Months Ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Revenue
|
$
|
865,000
|
$
|
984,000
|
||||
|
||||||||
Costs and expenses:
|
||||||||
Patient expenses
|
378,000
|
368,000
|
||||||
Selling, general and administrative
|
278,000
|
295,000
|
||||||
Total
|
656,000
|
663,000
|
||||||
Operating income
|
209,000
|
321,000
|
||||||
Interest expense
|
(32,000
|
)
|
(41,000
|
)
|
||||
Interest income
|
1,000
|
-
|
||||||
(Loss) income from investments in unconsolidated entities
|
(30,000
|
)
|
112,000
|
|||||
Income before income taxes
|
148,000
|
392,000
|
||||||
Provision for income tax expense
|
(86,000
|
)
|
(149,000
|
)
|
||||
Net income
|
$
|
62,000
|
$
|
243,000
|
||||
Basic and diluted net income per share
|
$
|
0.01
|
$
|
0.03
|
||||
Weighted average common shares outstanding
|
7,792,185
|
7,792,185
|
Three Months Ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
62,000
|
$
|
243,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
285,000
|
282,000
|
||||||
Loss (income) from investment in unconsolidated entities
|
30,000
|
(112,000
|
)
|
|||||
Distributed earnings from unconsolidated entities
|
-
|
315,000
|
||||||
Accretion of asset retirement obligations
|
7,000
|
6,000
|
||||||
Accrued interest from short term loan receivable
|
(2,000
|
)
|
-
|
|||||
Deferred income taxes
|
(244,000
|
)
|
(50,000
|
)
|
||||
Changes in:
|
||||||||
Accounts receivable
|
(36,000
|
)
|
376,000
|
|||||
Other current assets
|
(184,000
|
)
|
9,000
|
|||||
Accounts payable and accrued expenses
|
(100,000
|
)
|
94,000
|
|||||
Deferred revenue
|
511,000
|
424,000
|
||||||
Income taxes payable
|
330,000
|
200,000
|
||||||
Net cash provided by operating activities
|
659,000
|
1,787,000
|
||||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(820,000
|
)
|
(37,000
|
)
|
||||
Increase in due from related parties
|
-
|
(21,000
|
)
|
|||||
Net cash used in investing activities
|
(820,000
|
)
|
(58,000
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Repayment of capital lease obligations
|
(257,000
|
)
|
(250,000
|
)
|
||||
Net cash used in financing activities
|
(257,000
|
)
|
(250,000
|
)
|
||||
Net change in cash and cash equivalents
|
(418,000
|
)
|
1,479,000
|
|||||
Cash and cash equivalents - beginning of year
|
2,684,000
|
1,962,000
|
||||||
Cash and cash equivalents - end of year
|
$
|
2,266,000
|
$
|
3,441,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
35,000
|
$
|
40,000
|
Three Months Ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Patient Revenue
|
$
|
211,000
|
$
|
276,000
|
||||
Net income
|
$
|
57,000
|
$
|
124,000
|
||||
USNC’s equity in earnings of NeuroPartners, LLC and CGK
|
$
|
13,000
|
$
|
38,000
|
March 31,
2018
|
December 31,
2017
|
|||||||
Current assets
|
$
|
199,000
|
$
|
165,000
|
||||
Noncurrent assets
|
691,000
|
745,000
|
||||||
Total assets
|
$
|
890,000
|
$
|
910,000
|
||||
Current liabilities
|
$
|
347,000
|
$
|
641,000
|
||||
Noncurrent liabilities
|
681,000
|
464,000
|
||||||
Deficit
|
(138,000
|
)
|
(195,000
|
)
|
||||
Total liabilities and equity
|
$
|
890,000
|
$
|
910,000
|
Three Months Ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Patient Revenue
|
$
|
600,000
|
$
|
-
|
||||
Rental Income
|
482,000
|
1,013,000
|
||||||
Net (loss) income
|
$
|
(468,000
|
)
|
$
|
619,000
|
|||
USNC’s equity in (loss) earnings
of FOP
|
$
|
(113,000
|
)
|
$
|
150,000
|
March 31,
2018
|
December 31,
2017
|
|||||||
Current assets
|
$
|
692,000
|
$
|
664,000
|
||||
Noncurrent assets
|
18,208,000
|
18,961,000
|
||||||
Total assets
|
$
|
18,900,000
|
$
|
19,625,000
|
||||
Current liabilities
|
$
|
3,318,000
|
$
|
3,228,000
|
||||
Noncurrent liabilities
|
16,481,000
|
16,842,000
|
||||||
Equity
|
(899,000
|
)
|
(445,000
|
)
|
||||
Total liabilities and equity
|
$
|
18,900,000
|
$
|
19,625,000
|
Three Months Ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net loss
|
$
|
-
|
$
|
-
|
||||
USNC’s equity in loss
of BOPRE
|
$
|
-
|
$
|
-
|
March 31,
2018
|
December 31,
2017
|
|||||||
Current assets
|
$
|
12,000
|
$
|
17,000
|
||||
Noncurrent assets
|
925,000
|
920,000
|
||||||
Total assets
|
$
|
937,000
|
$
|
937,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
937,000
|
937,000
|
||||||
Total liabilities and equity
|
$
|
937,000
|
$
|
937,000
|
Three Months Ended
March 31,
|
||||||||
2018
|
2017
|
|||||||
Patient revenue
|
$
|
520,000
|
$
|
230,000
|
||||
Net loss
|
$
|
(17,000
|
)
|
$
|
(45,000
|
)
|
||
USNC’s equity in loss
in MOP
|
$
|
(6,000
|
)
|
$
|
(16,000
|
)
|
March 31,
2018
|
December 31,
2017
|
|||||||
Current assets
|
$
|
34,000
|
$
|
41,000
|
||||
Noncurrent assets
|
143,000
|
108,000
|
||||||
Total assets
|
$
|
177,000
|
$
|
149,000
|
||||
Current liabilities
|
$
|
738,000
|
$
|
693,000
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Deficit
|
(561,000
|
)
|
(544,000
|
)
|
||||
Total liabilities and equity
|
$
|
177,000
|
$
|
149,000
|
Three Months Ended
March 31, 2018
|
||||
Patient revenue
|
$
|
112,000
|
||
Net loss
|
$
|
(341,000
|
)
|
|
USNC’s equity in loss
in CBOP
|
$
|
(83,000
|
)
|
March 31,
2018
|
December 31,
2017
|
|||||||
Current assets
|
$
|
107,000
|
$
|
-
|
||||
Noncurrent assets
|
-
|
-
|
||||||
Total assets
|
$
|
107,000
|
$
|
-
|
||||
Current liabilities
|
$
|
696,000
|
$
|
248,000
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Deficit
|
(589,000
|
)
|
(248,000
|
)
|
||||
Total liabilities and equity
|
$
|
107,000
|
$
|
-
|
U.S. NeuroSurgical Holdings, Inc.
|
|||
(Registrant)
|
|||
Date: May 15, 2018
|
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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