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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 | 21:03:20 |
☒ |
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 or 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
|
|
21
|
|
28
|
|
28
|
|
30
|
|
30
|
|
30
|
|
30
|
|
30
|
|
30
|
|
30
|
|
31
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,500,000
|
$
|
1,335,000
|
||||
Accounts receivable
|
345,000
|
356,000
|
||||||
Investment in sales-type sublease - current
|
760,000
|
888,000
|
||||||
Other current assets
|
94,000
|
102,000
|
||||||
Total current assets
|
2,699,000
|
2,681,000
|
||||||
Other assets:
|
||||||||
Note receivable
|
38,000
|
38,000
|
||||||
Due from related parties
|
1,173,000
|
1,422,000
|
||||||
Investment in sales-type sublease - net of current portion
|
-
|
532,000
|
||||||
Investments in unconsolidated entities
|
276,000
|
179,000
|
||||||
Deferred tax asset
|
126,000
|
17,000
|
||||||
Total other assets
|
1,613,000
|
2,188,000
|
||||||
Property and equipment:
|
||||||||
Operating lease right-of-use asset
|
103,000
|
128,000
|
||||||
Total property and equipment
|
103,000
|
128,000
|
||||||
TOTAL ASSETS
|
$
|
4,415,000
|
$
|
4,997,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Obligations under finance lease - current portion
|
$
|
176,000
|
$
|
901,000
|
||||
Operating lease right-of-use liability - current portion
|
39,000
|
36,000
|
||||||
Accounts payable and accrued expenses
|
208,000
|
255,000
|
||||||
Deferred revenue
|
295,000
|
226,000
|
||||||
Income taxes payable
|
72,000
|
220,000
|
||||||
Total current liabilities
|
790,000
|
1,638,000
|
||||||
Obligations under finance lease - net of current portion
|
-
|
89,000
|
||||||
Operating lease right-of-use liability - net of current portion
|
77,000
|
106,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Total liabilities
|
878,000
|
1,844,000
|
||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock - par value $.01; 25,000,000 shares authorized;
|
||||||||
7,792,185 shares issued and outstanding at September 30, 2020 and December 31, 2019.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
3,100,000
|
3,100,000
|
||||||
Retained earnings (accumulated deficit)
|
359,000
|
(25,000
|
)
|
|||||
Total stockholders' equity
|
3,537,000
|
3,153,000
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
4,415,000
|
$
|
4,997,000
|
Three Months Ended
September 30,
|
||||||||
2020
|
2019
|
|||||||
Revenue
|
$
|
662,000
|
$
|
658,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
81,000
|
79,000
|
||||||
Selling, general and administrative
|
297,000
|
287,000
|
||||||
Total
|
378,000
|
366,000
|
||||||
Operating income
|
284,000
|
292,000
|
||||||
Interest expense
|
(5,000
|
)
|
(21,000
|
)
|
||||
Interest income - sales-type sublease
|
16,000
|
31,000
|
||||||
Loss from investments in unconsolidated entities, net
|
(56,000
|
)
|
(135,000
|
)
|
||||
Income before income taxes
|
239,000
|
167,000
|
||||||
Provision for income taxes
|
(75,000
|
)
|
(52,000
|
)
|
||||
Net income
|
$
|
164,000
|
$
|
115,000
|
||||
Basic and diluted net income per share
|
$
|
0.02
|
$
|
0.01
|
||||
Weighted average common shares outstanding
|
7,792,185
|
7,792,185
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2020
|
2019
|
|||||||
Revenue
|
$
|
2,005,000
|
$
|
2,324,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
276,000
|
249,000
|
||||||
Selling, general and administrative
|
941,000
|
960,000
|
||||||
|
||||||||
Total
|
1,217,000
|
1,209,000
|
||||||
Operating income
|
788,000
|
1,115,000
|
||||||
Interest expense
|
(24,000
|
)
|
(75,000
|
)
|
||||
Interest income - sales-type sublease
|
60,000
|
104,000
|
||||||
Loss from investments in unconsolidated entities, net
|
(292,000
|
)
|
(799,000
|
)
|
||||
Income before income taxes
|
532,000
|
345,000
|
||||||
Provision for income taxes
|
(148,000
|
)
|
(103,000
|
)
|
||||
Net income
|
$
|
384,000
|
$
|
242,000
|
||||
Basic and diluted net income per share
|
$
|
0.05
|
$
|
0.03
|
||||
Weighted average common shares outstanding
|
7,792,185
|
7,792,185
|
Nine Months Ended
September 30,
|
||||||||
2020
|
2019
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
384,000
|
$
|
242,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization of operating lease right-of-use asset
|
25,000
|
25,000
|
||||||
Loss from investments in unconsolidated entities, net
|
292,000
|
740,000
|
||||||
Distributed earnings from unconsolidated entities
|
63,000
|
-
|
||||||
Deferred income taxes
|
(109,000
|
)
|
(135,000
|
)
|
||||
Changes in:
|
||||||||
Accounts receivable
|
11,000
|
95,000
|
||||||
Income taxes receivable/payable
|
(148,000
|
)
|
95,000
|
|||||
Other current assets
|
8,000
|
105,000
|
||||||
Accounts payable and accrued expenses
|
(47,000
|
)
|
(7,000
|
)
|
||||
Deferred revenue
|
69,000
|
(53,000
|
)
|
|||||
Operating lease right-of-use liability
|
(26,000
|
)
|
(26,000
|
)
|
||||
Net cash provided by operating activities
|
522,000
|
1,081,000
|
||||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(337,000
|
)
|
(1,221,000
|
)
|
||||
Repayments from loans to unconsolidated entities
|
170,000
|
431,000
|
||||||
Captial contributions to unconsolidated entities
|
(36,000
|
)
|
-
|
|||||
Principal payments received under sales-type sublease
|
660,000
|
616,000
|
||||||
Net cash provided by (used in) investing activities
|
457,000
|
(174,000
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Repayment of finance lease obligations
|
(814,000
|
)
|
(1,034,000
|
)
|
||||
Net cash used in financing activities
|
(814,000
|
)
|
(1,034,000
|
)
|
||||
Net change in cash and cash equivalents
|
165,000
|
(127,000
|
)
|
|||||
Cash and cash equivalents - beginning of period
|
1,335,000
|
1,519,000
|
||||||
Cash and cash equivalents - end of period
|
$
|
1,500,000
|
$
|
1,392,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
22,000
|
$
|
78,000
|
||||
Income taxes
|
$
|
407,000
|
$
|
140,000
|
||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Recognition of a right-of-use asset
|
$
|
-
|
$
|
161,000
|
||||
Recognition of a right-of-use liability
|
$
|
-
|
$
|
176,000
|
||||
Derecognition of deferred rent liability (previously included in accounts payable and accrued expenses)
|
$
|
-
|
$
|
15,000
|
|
Classification
|
September 30, 2020
|
September 30, 2019
|
||||||
Assets
|
|||||||||
Current
|
|||||||||
Finance lease assets
|
Investment in sales-type sublease - current
|
$
|
760,000
|
$
|
873,000
|
||||
Long-term
|
|||||||||
Finance lease assets
|
Investment in sales-type sublease - net of current portion
|
-
|
760,000
|
||||||
Operating lease assets
|
Operating lease right-of-use asset
|
103,000
|
136,000
|
||||||
Total leased assets
|
$
|
863,000
|
$
|
1,769,000
|
|||||
Liabilities
|
|||||||||
Current
|
|||||||||
Finance lease liabilities
|
Obligations under finance lease - current portion
|
$
|
176,000
|
$
|
1,177,000
|
||||
Operating lease liabilities
|
Operating lease right-of-use liability - current portion
|
39,000
|
35,000
|
||||||
Long-term
|
|||||||||
Finance lease liabilities
|
Obligations under finance lease - net of current portion
|
-
|
176,000
|
||||||
Operating lease liabilities
|
Operating lease right-of-use liability - net of current portion
|
77,000
|
115,000
|
||||||
Total lease liabilities
|
$
|
292,000
|
$
|
1,503,000
|
|||||
Lease Cost
|
|||||||||
Operating lease cost
|
Selling, general and administrative
|
$
|
32,000
|
$
|
32,000
|
||||
Finance lease cost
|
|||||||||
Interest on lease liabilities
|
Interest expense
|
21,000
|
72,000
|
||||||
Sublease income
|
Interest income - sales-type sublease
|
60,000
|
104,000
|
||||||
Net lease (income)
|
$
|
(7,000
|
)
|
$
|
-
|
Maturity of lease liabilities (as of September 30, 2020)
|
Operating lease
|
Finance lease
|
||||||
2020
|
$
|
11,000
|
$
|
90,000
|
||||
2021
|
45,000
|
90,000
|
||||||
2022
|
46,000
|
|||||||
2023
|
24,000
|
-
|
||||||
Total
|
$
|
126,000
|
$
|
180,000
|
||||
Less amount representing interest
|
10,000
|
4,000
|
||||||
Present value of lease liabilities
|
$
|
116,000
|
$
|
176,000
|
||||
Discount rate
|
5.850
|
%
|
5.850
|
%
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient Revenue
|
$
|
944,000
|
$
|
767,000
|
||||
Net income
|
$
|
402,000
|
$
|
254,000
|
||||
USNC's equity in earnings of NeuroPartners LLC and CGK
|
$
|
134,000
|
$
|
80,000
|
Three Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient Revenue
|
$
|
274,000
|
$
|
278,000
|
||||
Net income
|
$
|
70,000
|
$
|
107,000
|
||||
USNC's equity in earnings of NeuroPartners LLC and CGK
|
$
|
23,000
|
$
|
35,000
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
Current assets
|
$
|
534,000
|
$
|
163,000
|
||||
Noncurrent assets
|
615,000
|
807,000
|
||||||
Total assets
|
$
|
1,149,000
|
$
|
970,000
|
||||
Current liabilities
|
$
|
750,000
|
$
|
380,000
|
||||
Noncurrent liabilities
|
-
|
593,000
|
||||||
Equity (deficit)
|
399,000
|
(3,000
|
)
|
|||||
Total liabilities and equity
|
$
|
1,149,000
|
$
|
970,000
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient Revenue
|
$
|
-
|
$
|
1,922,000
|
||||
Rental Income
|
$
|
-
|
$
|
543,000
|
||||
Net loss
|
$
|
(7,000
|
)
|
$
|
(705,000
|
)
|
||
USNC's equity in loss of FOP
|
$
|
(2,000
|
)
|
$
|
(171,000
|
)
|
|
||||||||
Three Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient revenue
|
$
|
-
|
$
|
-
|
||||
Rental income
|
$
|
-
|
$
|
181,000
|
||||
Net loss
|
$
|
(44,000
|
)
|
$
|
(114,000
|
)
|
||
USNC's equity in loss of FOP
|
$
|
(11,000
|
)
|
$
|
(280,000
|
)
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
Current assets
|
$
|
165,000
|
$
|
165,000
|
||||
Noncurrent assets
|
1,120,000
|
1,202,000
|
||||||
Total assets
|
$
|
1,285,000
|
$
|
1,367,000
|
||||
Current liabilities
|
$
|
4,018,000
|
$
|
4,003,000
|
||||
Noncurrent liabilities
|
1,001,000
|
1,091,000
|
||||||
Deficit
|
(3,734,000
|
)
|
(3,727,000
|
)
|
||||
Total liabilities and deficit
|
$
|
1,285,000
|
$
|
1,367,000
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net Income (loss)
|
$
|
37,000
|
$
|
(4,000
|
)
|
|||
USNC's equity in earnings (loss) of BOPRE
|
$
|
8,000
|
$
|
(1,000
|
)
|
Three Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net income (loss)
|
$
|
30,000
|
$
|
(4,000
|
)
|
|||
|
||||||||
USNC's equity in earnings (loss) of BOPRE
|
$
|
7,000
|
$
|
(1,000
|
)
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
Current assets
|
$
|
71,000
|
$
|
64,000
|
||||
Noncurrent assets
|
757,000
|
935,000
|
||||||
Total assets
|
$
|
828,000
|
$
|
999,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
828,000
|
999,000
|
||||||
Total liabilities and equity
|
$
|
828,000
|
$
|
999,000
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient revenue
|
$
|
1,473,000
|
$
|
2,015,000
|
||||
Net loss
|
$
|
(1,041,000
|
)
|
$
|
(205,000
|
)
|
||
USNC's equity in loss in MOP
|
$
|
(373,000
|
)
|
$
|
(73,000
|
)
|
Three Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient revenue
|
$
|
541,000
|
$
|
668,000
|
||||
Net loss
|
$
|
(345,000
|
)
|
$
|
(102,000
|
)
|
||
USNC's equity in loss in MOP
|
$
|
(124,000
|
)
|
$
|
(36,000
|
)
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
Current assets
|
$
|
180,000
|
$
|
247,000
|
||||
Noncurrent assets
|
575,000
|
807,000
|
||||||
Total assets
|
$
|
755,000
|
$
|
1,054,000
|
||||
Current liabilities
|
$
|
2,671,000
|
$
|
1,907,000
|
||||
Noncurrent liabilities
|
305,000
|
427,000
|
||||||
Deficit
|
(2,221,000
|
)
|
(1,280,000
|
)
|
||||
Total liabilities and deficit
|
$
|
755,000
|
$
|
1,054,000
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient revenue
|
$
|
1,360,000
|
$
|
1,147,000
|
||||
Net loss
|
$
|
(565,000
|
)
|
$
|
(882,000
|
)
|
||
USNC's equity in loss in CBOP
|
$
|
(148,000
|
)
|
$
|
(214,000
|
)
|
Three Months Ended
September 30,
(Unaudited)
|
||||||||
2020
|
2019
|
|||||||
Patient revenue
|
$
|
466,000
|
$
|
399,000
|
||||
Net loss
|
$
|
(165,000
|
)
|
$
|
(309,000
|
)
|
||
USNC's equity in loss in CBOP
|
$
|
(48,000
|
)
|
$
|
(75,000
|
)
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
Current assets
|
$
|
470,000
|
$
|
380,000
|
||||
Noncurrent assets
|
4,421,000
|
4,869,000
|
||||||
Total assets
|
$
|
4,891,000
|
$
|
5,249,000
|
||||
Current liabilities
|
$
|
3,115,000
|
$
|
3,026,000
|
||||
Noncurrent liabilities
|
3,820,000
|
4,019,000
|
||||||
Deficit
|
(2,044,000
|
)
|
(1,796,000
|
)
|
||||
Total liabilities and deficit
|
$
|
4,891,000
|
$
|
5,249,000
|
U.S. NeuroSurgical Holdings, Inc.
|
|||
(Registrant)
|
|||
Date: November 13, 2020
|
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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