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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% | 0.41 | 0.4551 | 0.725 | 0.00 | 13:45:25 |
☒
|
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 ☐
|
September 30,
2021
(Unaudited)
|
December 31,
2020
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,567,000
|
$
|
2,030,000
|
||||
Accounts receivable
|
-
|
346,000
|
||||||
Investment in sales-type sublease - current
|
-
|
532,000
|
||||||
Other current assets
|
67,000
|
99,000
|
||||||
Total current assets
|
2,634,000
|
3,007,000
|
||||||
Other assets:
|
||||||||
Due from related parties
|
918,000
|
912,000
|
||||||
Investments in unconsolidated entities
|
152,000
|
160,000
|
||||||
Total other assets
|
1,070,000
|
1,072,000
|
||||||
Property and equipment:
|
||||||||
Operating lease right-of-use asset
|
68,000
|
94,000
|
||||||
Total property and equipment
|
68,000
|
94,000
|
||||||
TOTAL ASSETS
|
$
|
3,772,000
|
$
|
4,173,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Obligations under finance lease - current portion
|
$
|
-
|
$
|
89,000
|
||||
Operating lease right-of-use liability - current portion
|
42,000
|
40,000
|
||||||
Accounts payable and accrued expenses
|
180,000
|
170,000
|
||||||
Income taxes payable
|
197,000
|
111,000
|
||||||
Total current liabilities
|
419,000
|
410,000
|
||||||
Operating lease right-of-use liability - net of current portion
|
34,000
|
66,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Total liabilities
|
464,000
|
487,000
|
||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Common stock - par value $0.01; 25,000,000 shares authorized; 7,792,185
shares issued and outstanding at September 30, 2021 and December 31, 2020.
|
|
78,000
|
78,000
|
|||||
Additional paid-in capital
|
3,100,000
|
3,100,000
|
||||||
Retained earnings
|
130,000
|
508,000
|
||||||
Total stockholders’ equity
|
3,308,000
|
3,686,000
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
3,772,000
|
$
|
4,173,000
|
Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Revenue
|
$
|
-
|
$
|
662,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
-
|
81,000
|
||||||
Selling, general and administrative
|
268,000
|
297,000
|
||||||
Total
|
268,000
|
378,000
|
||||||
Operating (deficit) income
|
(268,000
|
)
|
284,000
|
|||||
Interest expense
|
-
|
|
(5,000
|
)
|
||||
Interest income - sales-type sublease
|
-
|
16,000
|
||||||
Other income | 9,000 | - | ||||||
Loss from investments in unconsolidated entities, net
|
(77,000
|
)
|
(56,000
|
)
|
||||
(Loss) income before income taxes
|
(336,000
|
)
|
239,000
|
|||||
Provision for income taxes
|
(8,000
|
)
|
(75,000
|
)
|
||||
Net (loss) income
|
$
|
(344,000
|
)
|
$
|
164,000
|
|||
Basic and diluted net (loss) income per share
|
$
|
(0.04
|
)
|
$
|
0.02
|
|||
Weighted average common shares outstanding
|
7,792,185
|
7,792,185
|
Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Revenue
|
$
|
1,061,000
|
$
|
2,005,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
86,000
|
276,000
|
||||||
Selling, general and administrative
|
815,000
|
941,000
|
||||||
Total
|
901,000
|
1,217,000
|
||||||
Operating income
|
160,000
|
788,000
|
||||||
Interest expense
|
(3,000
|
)
|
(24,000
|
)
|
||||
Interest income - sales-type sublease
|
8,000
|
60,000
|
||||||
Other income | 9,000 | - | ||||||
Loss from investments in unconsolidated entities, net
|
(350,000
|
)
|
(292,000
|
)
|
||||
(Loss) income before income taxes
|
(176,000
|
)
|
532,000
|
|||||
Provision for income taxes
|
(202,000
|
)
|
(148,000
|
)
|
||||
Net (loss) income
|
$
|
(378,000
|
)
|
$
|
384,000
|
|||
Basic and diluted net (loss) income per share
|
$
|
(0.05
|
)
|
$
|
0.05
|
|||
Weighted average common shares outstanding
|
7,792,185
|
7,792,185
|
Nine Months ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income
|
$
|
(378,000
|
)
|
$
|
384,000
|
|||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
||||||||
Amortization of operating lease right-of-use asset
|
26,000
|
25,000
|
||||||
Loss from investments in unconsolidated entities, net
|
350,000
|
292,000
|
||||||
Distributed earnings from unconsolidated entities
|
-
|
63,000
|
||||||
Deferred income taxes
|
86,000
|
(109,000
|
)
|
|||||
Changes in:
|
||||||||
Accounts receivable
|
346,000
|
11,000
|
||||||
Income taxes payable
|
-
|
(148,000
|
)
|
|||||
Other current assets
|
32,000
|
8,000
|
||||||
Accounts payable and accrued expenses
|
10,000
|
(47,000
|
)
|
|||||
Deferred revenue
|
-
|
69,000
|
||||||
Operating lease right-of-use liability
|
(30,000
|
)
|
(26,000
|
)
|
||||
Net cash provided by operating activities
|
442,000
|
522,000
|
||||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(374,000
|
)
|
(337,000
|
)
|
||||
Repayments from loans to unconsolidated entities
|
26,000
|
170,000
|
||||||
Capital contributions to unconsolidated entities
|
-
|
(36,000
|
)
|
|||||
Principal payments received under sales-type sublease
|
532,000
|
660,000
|
||||||
Net cash provided by investing activities
|
184,000
|
457,000
|
||||||
Cash flows from financing activities:
|
||||||||
Repayment of finance lease obligations
|
(89,000
|
)
|
(814,000
|
)
|
||||
Net cash used in financing activities
|
(89,000
|
)
|
(814,000
|
)
|
||||
Net change in cash and cash equivalents
|
537,000
|
165,000
|
||||||
Cash and cash equivalents - beginning of period
|
2,030,000
|
1,335,000
|
||||||
Cash and cash equivalents - end of period
|
$
|
2,567,000
|
$
|
1,500,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
3,000
|
$
|
22,000
|
||||
Income taxes
|
$ | 158,000 | $ | 407,000 |
|
Classification
|
September 30,
|
|||||||
Assets
|
2021
|
2020
|
|||||||
Current
|
|||||||||
Finance lease assets
|
Investment in sales-type sublease - current
|
$
|
-
|
$
|
760,000
|
||||
Long-term
|
|||||||||
Finance lease assets
|
Investment in sales-type sublease - net of current portion
|
-
|
-
|
||||||
Operating lease assets
|
Operating lease right-of-use asset
|
68,000
|
103,000
|
||||||
Total leased assets
|
$
|
68,000
|
$
|
863,000
|
|||||
Liabilities
|
|||||||||
Current
|
|||||||||
Finance lease liabilities
|
Obligations under finance lease - current portion
|
$
|
-
|
$
|
176,000
|
||||
Operating lease liabilities
|
Operating lease right-of-use liability - current portion
|
42,000
|
39,000
|
||||||
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
|
34,000
|
77,000
|
||||||
Total lease liabilities
|
$
|
76,000
|
$
|
292,000
|
|||||
Lease Cost
|
|||||||||
Operating lease cost
|
Selling, general and administrative
|
$
|
31,000
|
$
|
32,000
|
||||
Finance lease cost
|
|||||||||
Interest on lease liabilities
|
Interest expense
|
2,000
|
21,000
|
||||||
Sublease income
|
Interest income - sales-type sublease
|
8,000
|
60,000
|
||||||
Net lease expense (income)
|
$
|
25,000
|
$
|
(7,000
|
)
|
Maturity of lease liabilities (as of September 30, 2021)
|
Operating lease
|
|||
2021
|
10,000
|
|||
2022
|
46,000
|
|||
2023
|
24,000
|
|||
Total
|
$
|
80,000
|
||
Less amount representing interest
|
4,000
|
|||
Present value of lease liabilities
|
$
|
76,000
|
||
Discount rate
|
5.850
|
%
|
Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Patient Revenue
|
$
|
463,000
|
$
|
944,000
|
||||
Net (loss) income
|
$
|
12,000
|
$
|
402,000
|
||||
USNC’s equity in (loss) earnings of
NeuroPartners, LLC and CGK
|
$
|
(22,000
|
)
|
$
|
134,000
|
Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Patient Revenue
|
$
|
127,000
|
$
|
274,000
|
||||
Net income
|
$
|
(15,000
|
)
|
$
|
70,000
|
|||
USNC’s equity in (loss) earnings of
NeuroPartners LLC and CGK
|
$
|
(15,000
|
)
|
$
|
23,000
|
September 30,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
262,000
|
$
|
121,000
|
||||
Noncurrent assets
|
358,000
|
551,000
|
||||||
Total assets
|
$
|
620,000
|
$
|
672,000
|
||||
Current liabilities
|
$
|
570,000
|
$
|
634,000
|
||||
Equity
|
50,000
|
38,000
|
||||||
Total liabilities and equity
|
$
|
620,000
|
$
|
672,000
|
Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Income
|
$
|
-
|
$
|
-
|
||||
Net loss
|
$
|
(133,000
|
)
|
$
|
(7,000
|
)
|
||
USNC’s equity in loss of FOP
|
$
|
(30,000
|
)
|
$
|
(2,000
|
)
|
Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Income
|
$
|
-
|
$
|
-
|
||||
Net loss
|
$
|
(44,000
|
)
|
$
|
(44,000
|
)
|
||
USNC’s equity in loss of FOP
|
$
|
(9,000
|
)
|
$
|
(11,000
|
)
|
September 30,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
5,000
|
$
|
7,000
|
||||
Noncurrent assets
|
1,001,000
|
1,091,000
|
||||||
Total assets
|
$
|
1,006,000
|
$
|
1,098,000
|
||||
Current liabilities
|
$
|
4,211,000
|
$
|
4,068,000
|
||||
Noncurrent liabilities
|
870,000
|
969,000
|
||||||
Deficit
|
(4,075,000
|
)
|
(3,939,000
|
)
|
||||
Total liabilities and deficit
|
$
|
1,006,000
|
$
|
1,098,000
|
Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Rental income
|
$
|
-
|
$
|
-
|
||||
Net income
|
$
|
75,000
|
$
|
37,000
|
||||
USNC’s equity in earnings of BOPRE
|
$
|
16,000
|
$
|
8,000
|
Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Rental income
|
$
|
-
|
$
|
-
|
||||
Net income
|
$
|
19,000
|
$
|
30,000
|
||||
USNC’s equity in earnings of BOPRE
|
$
|
4,000
|
$
|
7,000
|
September 30,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
101,000
|
$
|
27,000
|
||||
Noncurrent assets
|
757,000
|
757,000
|
||||||
Total assets
|
$
|
858,000
|
$
|
784,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
858,000
|
784,000
|
||||||
Total liabilities and equity
|
$
|
858,000
|
$
|
784,000
|
Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Patient revenue
|
$
|
1,601,000
|
$
|
1,473,000
|
||||
Net loss
|
$
|
(280,000
|
)
|
$
|
(1,041,000
|
)
|
||
USNC’s equity in loss of MOP
|
$
|
(100,000
|
)
|
$
|
(373,000
|
)
|
Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Patient revenue
|
$
|
532,000
|
$
|
541,000
|
||||
Net loss
|
$
|
(185,000
|
)
|
$
|
(345,000
|
)
|
||
USNC’s equity in loss of MOP
|
$
|
(66,000
|
)
|
$
|
(124,000
|
)
|
September 30,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
284,000
|
$
|
204,000
|
||||
Noncurrent assets
|
466,000
|
701,000
|
||||||
Total assets
|
$
|
750,000
|
$
|
905,000
|
||||
Current liabilities
|
$
|
3,161,000
|
$
|
2,736,000
|
||||
Noncurrent liabilities
|
135,000
|
410,000
|
||||||
Deficit
|
(2,546,000
|
)
|
(2,241,000
|
)
|
||||
Total liabilities and deficit
|
$
|
750,000
|
$
|
905,000
|
Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Patient revenue
|
$
|
1,591,000
|
$
|
1,360,000
|
||||
Net income (loss)
|
$
|
69,000
|
$
|
(565,000
|
)
|
|||
USNC’s equity in earnings (loss) of CBOP
|
$
|
20,000
|
$
|
(148,000
|
)
|
Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Patient revenue
|
$
|
550,000
|
$
|
466,000
|
||||
Net loss
|
$
|
(23,000
|
)
|
$
|
(165,000
|
)
|
||
USNC’s equity in loss of CBOP
|
$
|
(7,000
|
)
|
$
|
(48,000
|
)
|
September 30,
2021
|
December 31,
2020
|
|||||||
Current assets
|
$
|
591,000
|
$
|
385,000
|
||||
Noncurrent assets
|
3,818,000
|
4,271,000
|
||||||
Total assets
|
$
|
4,409,000
|
$
|
4,656,000
|
||||
Current liabilities
|
$
|
3,271,000
|
$
|
3,181,000
|
||||
Noncurrent liabilities
|
3,266,000
|
3,684,000
|
||||||
Deficit
|
(2,128,000
|
)
|
(2,209,000
|
)
|
||||
Total liabilities and deficit
|
$
|
4,409,000
|
$
|
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
|
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
|
Certification of President and Chief Executive Officer (Principal Executive Officer and Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
|
|
Certification of President and Chief Executive Officer (Principal Executive Officer and Principal Financial Officer) pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
|
|
101
|
Interactive Data Files providing financial information from the Registrant’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 in XBRL (eXtensible Business Reporting Language). Pursuant
to Regulation 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the
Securities Exchange Act of 1934, as amended, and are otherwise not subject to liability.
|
U.S. NeuroSurgical Holdings, Inc.
|
|
(Registrant)
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Date: November 19, 2021
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By:
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/s/ Alan Gold
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Alan Gold
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Director, President and
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Chief Executive Officer
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and
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Principal Financial Officer
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of the Registrant
|
1 Year US Neurosurgical (PK) Chart |
1 Month US Neurosurgical (PK) Chart |
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