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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% | 0.5548 | 0.57 | 0.6999 | 0.00 | 21:01:21 |
☒ |
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 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
|
||
17
|
||
22
|
||
23
|
||
24
|
||
24
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
26
|
Item 1. |
Financial Statements
|
March 31,
2021
(Unaudited)
|
December 31,
2020
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,543,000
|
$
|
2,030,000
|
||||
Accounts receivable
|
828,000
|
346,000
|
||||||
Investment in sales-type sublease - current
|
-
|
532,000
|
||||||
Other current assets
|
80,000
|
99,000
|
||||||
Total current assets
|
3,451,000
|
3,007,000
|
||||||
Other assets:
|
||||||||
Due from related parties
|
916,000
|
912,000
|
||||||
Investments in unconsolidated entities
|
161,000
|
160,000
|
||||||
Total other assets
|
1,077,000
|
1,072,000
|
||||||
Property and equipment:
|
||||||||
Operating lease right-of-use asset
|
86,000
|
94,000
|
||||||
Total property and equipment
|
86,000
|
94,000
|
||||||
TOTAL ASSETS
|
$
|
4,614,000
|
$
|
4,173,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Obligations under finance lease - current portion
|
$
|
-
|
$
|
89,000
|
||||
Operating lease right-of-use liability - current portion
|
40,000
|
40,000
|
||||||
Accounts payable and accrued expenses
|
166,000
|
170,000
|
||||||
Income taxes payable
|
116,000
|
111,000
|
||||||
Total current liabilities
|
322,000
|
410,000
|
||||||
Operating lease right-of-use liability - net of current portion
|
56,000
|
66,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Total liabilities
|
389,000
|
487,000
|
||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock - par value $.01; 25,000,000 shares authorized; 7,792,185 shares issued and outstanding at March 31, 2021 and December 31, 2020.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
3,100,000
|
3,100,000
|
||||||
Retained earnings
|
1,047,000
|
508,000
|
||||||
Total stockholders' equity
|
4,225,000
|
3,686,000
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
4,614,000
|
$
|
4,173,000
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Revenue
|
$
|
1,061,000
|
$
|
747,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
86,000
|
79,000
|
||||||
Selling, general and administrative
|
298,000
|
302,000
|
||||||
Total
|
384,000
|
381,000
|
||||||
Operating income
|
677,000
|
366,000
|
||||||
Interest expense
|
(2,000
|
)
|
(11,000
|
)
|
||||
Interest income - sales-type sublease
|
8,000
|
24,000
|
||||||
Loss from investments in unconsolidated entities, net
|
(139,000
|
)
|
(146,000
|
)
|
||||
Income before income taxes
|
544,000
|
233,000
|
||||||
Provision for income taxes
|
(5,000
|
)
|
(58,000
|
)
|
||||
Net income
|
$
|
539,000
|
$
|
175,000
|
||||
Basic and diluted net income per share
|
$
|
0.07
|
$
|
0.02
|
||||
Weighted average common shares outstanding
|
7,792,185
|
7,792,185
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
539,000
|
$
|
175,000
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization of operating lease right-of-use asset
|
8,000
|
8,000
|
||||||
Loss from investments in unconsolidated entities, net
|
139,000
|
146,000
|
||||||
Distributed earnings from unconsolidated entities
|
-
|
31,000
|
||||||
Deferred income taxes
|
-
|
(120,000
|
)
|
|||||
Changes in:
|
||||||||
Accounts receivable
|
(482,000
|
)
|
(40,000
|
)
|
||||
Income taxes receivable/payable
|
5,000
|
179,000
|
||||||
Other current assets
|
19,000
|
6,000
|
||||||
Accounts payable and accrued expenses
|
(4,000
|
)
|
13,000
|
|||||
Deferred revenue
|
-
|
362,000
|
||||||
Operating lease right-of-use liability
|
(10,000
|
)
|
(8,000
|
)
|
||||
Net cash provided by operating activities
|
214,000
|
752,000
|
||||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(144,000
|
)
|
(172,000
|
)
|
||||
Repayments from loans to unconsolidated entities
|
-
|
9,000
|
||||||
Captial contributions to unconsolidated entities
|
-
|
(36,000
|
)
|
|||||
Principal payments received under sales-type sublease
|
532,000
|
216,000
|
||||||
Net cash provided by investing activities
|
388,000
|
17,000
|
||||||
Cash flows from financing activities:
|
||||||||
Repayment of finance lease obligations
|
(89,000
|
)
|
(370,000
|
)
|
||||
Net cash used in financing activities
|
(89,000
|
)
|
(370,000
|
)
|
||||
Net change in cash and cash equivalents
|
513,000
|
399,000
|
||||||
Cash and cash equivalents - beginning of period
|
2,030,000
|
1,335,000
|
||||||
Cash and cash equivalents - end of period
|
$
|
2,543,000
|
$
|
1,734,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
2,000
|
$
|
11,000
|
|
Classification
|
March 31, 2021
|
March 31, 2020
|
|||||||
Assets
|
||||||||||
Current
|
||||||||||
|
Finance lease assets
|
Investment in sales-type sublease - current
|
$
|
-
|
$
|
1,204,000
|
||||
Long-term
|
||||||||||
|
Finance lease assets
|
Investment in sales-type sublease - net of current portion
|
-
|
-
|
||||||
|
Operating lease assets
|
Operating lease right-of-use asset
|
86,000
|
120,000
|
||||||
Total leased assets
|
$
|
86,000
|
$
|
1,324,000
|
||||||
Liabilities
|
||||||||||
Current
|
||||||||||
|
Finance lease liabilities
|
Obligations under finance lease - current portion
|
$
|
-
|
$
|
620,000
|
||||
|
Operating lease liabilities
|
Operating lease right-of-use liability - current portion
|
40,000
|
37,000
|
||||||
Long-term
|
||||||||||
|
Finance lease liabilities
|
Obligations under finance lease - net of current portion
|
-
|
-
|
||||||
|
Operating lease liabilities
|
Operating lease right-of-use liability - net of current portion
|
56,000
|
97,000
|
||||||
Total lease liabilities
|
$
|
96,000
|
$
|
754,000
|
||||||
Lease Cost
|
||||||||||
Operating lease cost
|
Selling, general and administrative
|
$
|
11,000
|
$
|
11,000
|
|||||
Finance lease cost
|
||||||||||
|
Interest on lease liabilities
|
Interest expense
|
2,000
|
11,000
|
||||||
Sublease income
|
Interest income - sales-type sublease
|
8,000
|
24,000
|
|||||||
Net lease expense (income)
|
$
|
5,000
|
$
|
(2,000
|
)
|
Maturity of lease liabilities (as of March 31, 2021)
|
Operating lease
|
|||
2021
|
34,000
|
|||
2022
|
46,000
|
|||
2023
|
24,000
|
|||
Total
|
$
|
104,000
|
||
Less amount representing interest
|
8,000
|
|||
Present value of lease liabilities
|
$
|
96,000
|
||
Discount rate
|
5.850
|
%
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Patient Revenue
|
$
|
166,000
|
$
|
316,000
|
||||
Net income
|
$
|
19,000
|
$
|
156,000
|
||||
USNC's equity in (loss) earnings of NeuroPartners LLC and CGK
|
$
|
(2,000
|
)
|
$
|
53,000
|
March 31,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
140,000
|
$
|
121,000
|
||||
Noncurrent assets
|
487,000
|
551,000
|
||||||
Total assets
|
$
|
627,000
|
$
|
672,000
|
||||
Current liabilities
|
$
|
570,000
|
$
|
634,000
|
||||
Equity
|
57,000
|
38,000
|
||||||
Total liabilities and equity
|
$
|
627,000
|
$
|
672,000
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Income
|
$
|
-
|
$
|
-
|
||||
Net loss
|
$
|
(41,000
|
)
|
$
|
(52,000
|
)
|
||
USNC's equity in loss of FOP
|
$
|
(10,000
|
)
|
$
|
(13,000
|
)
|
March 31,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
7,000
|
$
|
7,000
|
||||
Noncurrent assets
|
1,064,000
|
1,091,000
|
||||||
Total assets
|
$
|
1,071,000
|
$
|
1,098,000
|
||||
Current liabilities
|
$
|
4,112,000
|
$
|
4,068,000
|
||||
Noncurrent liabilities
|
942,000
|
969,000
|
||||||
Deficit
|
(3,983,000
|
)
|
(3,939,000
|
)
|
||||
Total liabilities and deficit
|
$
|
1,071,000
|
$
|
1,098,000
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net income
|
$
|
18,000
|
$
|
7,000
|
||||
USNC's equity in earnings of BOPRE
|
$
|
3,000
|
$
|
1,000
|
March 31,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
45,000
|
$
|
27,000
|
||||
Noncurrent assets
|
757,000
|
757,000
|
||||||
Total assets
|
$
|
802,000
|
$
|
784,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
802,000
|
784,000
|
||||||
Total liabilities and equity
|
$
|
802,000
|
$
|
784,000
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Patient revenue
|
$
|
537,000
|
$
|
515,000
|
||||
Net loss
|
$
|
(168,000
|
)
|
$
|
(234,000
|
)
|
||
USNC's equity in loss of MOP
|
$
|
(60,000
|
)
|
$
|
(84,000
|
)
|
March 31,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
202,000
|
$
|
204,000
|
||||
Noncurrent assets
|
624,000
|
701,000
|
||||||
Total assets
|
$
|
826,000
|
$
|
905,000
|
||||
Current liabilities
|
$
|
2,961,000
|
$
|
2,736,000
|
||||
Noncurrent liabilities
|
278,000
|
410,000
|
||||||
Deficit
|
(2,413,000
|
)
|
(2,241,000
|
)
|
||||
Total liabilities and deficit
|
$
|
826,000
|
$
|
905,000
|
Three Months Ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
Patient revenue
|
$
|
471,000
|
$
|
467,000
|
||||
Net income (loss)
|
$
|
62,000
|
$
|
(216,000
|
)
|
|||
USNC's equity in income (loss) of CBOP
|
$
|
18,000
|
$
|
(52,000
|
)
|
December 31,
|
||||||||
2021
|
2020
|
|||||||
Current assets
|
$
|
446,000
|
$
|
385,000
|
||||
Noncurrent assets
|
4,121,000
|
4,271,000
|
||||||
Total assets
|
$
|
4,567,000
|
$
|
4,656,000
|
||||
Current liabilities
|
$
|
3,154,000
|
$
|
3,181,000
|
||||
Noncurrent liabilities
|
3,547,000
|
3,684,000
|
||||||
Deficit
|
(2,134,000
|
)
|
(2,209,000
|
)
|
||||
Total liabilities and deficit
|
$
|
4,567,000
|
$
|
4,656,000
|
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
|
|
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
|
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of
America, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
|
|
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial
statements.
|
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: May 17, 2021
|
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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