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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 ☐
|
March 31,
2022
(Unaudited)
|
December 31,
2021
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,658,000
|
$
|
2,178,000
|
||||
Other current assets
|
47,000
|
65,000
|
||||||
Total current assets
|
1,705,000
|
2,243,000
|
||||||
Other assets:
|
||||||||
Due from related parties
|
965,000
|
930,000
|
||||||
Investments in unconsolidated entities
|
146,000
|
141,000
|
||||||
Goodwill | 315,000 | 315,000 | ||||||
Total other assets
|
1,426,000
|
1,386,000
|
||||||
Property and equipment:
|
||||||||
Operating lease right-of-use asset
|
49,000
|
59,000
|
||||||
Total property and equipment
|
49,000
|
59,000
|
||||||
TOTAL ASSETS
|
$
|
3,180,000
|
$
|
3,688,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Operating lease right-of-use liability - current portion
|
$ |
44,000
|
$ |
43,000
|
||||
Accounts payable and accrued expenses
|
177,000
|
170,000
|
||||||
Income taxes payable
|
403,000
|
114,000
|
||||||
Total current liabilities
|
624,000
|
327,000
|
||||||
Operating lease right-of-use liability - net of current portion
|
12,000
|
23,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Total liabilities
|
647,000
|
361,000
|
||||||
EQUITY
|
||||||||
Common stock - par value $0.01; 25,000,000 shares authorized; 7,792,185
shares issued and outstanding at March 31, 2022 and December 31, 2021.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
2,871,000
|
2,871,000
|
||||||
Accumulated deficit
|
(794,000
|
)
|
(119,000
|
)
|
||||
U.S. NeuroSurgical Holdings Inc. stockholders’ equity
|
2,155,000 | 2,830,000 | ||||||
Noncontrolling interests
|
378,000 | 497,000 | ||||||
Total equity
|
2,533,000
|
3,327,000
|
||||||
TOTAL LIABILITIES AND EQUITY
|
$
|
3,180,000
|
$
|
3,688,000
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
(As Restated) |
||||||||
Revenue
|
$
|
-
|
$
|
1,061,000
|
||||
Costs and expenses:
|
||||||||
Patient expenses
|
-
|
86,000
|
||||||
Selling, general and administrative
|
360,000
|
298,000
|
||||||
Total
|
360,000
|
384,000
|
||||||
Operating (loss) income
|
(360,000
|
)
|
677,000
|
|||||
Total other (expense) income | ||||||||
Interest expense
|
-
|
(2,000
|
)
|
|||||
Interest income - sales-type sublease
|
-
|
8,000
|
||||||
Loss from investments in unconsolidated entities, net
|
(133,000
|
)
|
(139,000
|
)
|
||||
Total other expense
|
(133,000 | ) | (133,000 | ) | ||||
(Loss) income before income taxes
|
(493,000
|
)
|
544,000
|
|||||
Provision for income taxes
|
2,000
|
252,000
|
||||||
Net (loss) income
|
|
(495,000
|
)
|
|
292,000
|
|||
Net loss attributable to noncontrolling interests | 74,000 | - | ||||||
Net (loss) income attributable to U.S. Neurosurgical Holdings, Inc. | $ | (421,000 | ) | $ |
292,000 | |||
Basic and diluted net (loss) income per share attributable to U.S. NeuroSurgical Holdings, Inc.
|
$
|
(0.05
|
)
|
$
|
0.04
|
|||
Weighted average common shares outstanding, basic and diluted
|
7,792,185
|
7,792,185
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
(As Restated) |
||||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income
|
$
|
(495,000
|
)
|
$
|
292,000
|
|||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
||||||||
Amortization of operating lease right-of-use asset
|
10,000
|
8,000
|
||||||
Loss from investments in unconsolidated entities, net
|
133,000
|
139,000
|
||||||
Distributed earnings from unconsolidated entities
|
11,000
|
-
|
||||||
Deferred income taxes
|
-
|
-
|
||||||
Changes in:
|
||||||||
Accounts receivable
|
-
|
(482,000
|
)
|
|||||
Income taxes receivable/payable
|
(11,000)
|
252,000
|
||||||
Other current assets
|
18,000
|
19,000
|
||||||
Accounts payable and accrued expenses
|
8,000
|
(4,000
|
)
|
|||||
Operating lease right-of-use liability
|
(10,000
|
)
|
(10,000
|
)
|
||||
Net cash (used in) provided by operating activities
|
(336,000
|
)
|
214,000
|
|||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(182,000
|
)
|
(144,000
|
)
|
||||
Captial contributions to unconsolidated entities
|
(2,000
|
)
|
-
|
|||||
Principal payments received under sales-type sublease
|
-
|
532,000
|
||||||
Net cash (used in) provided by investing activities
|
(184,000
|
)
|
388,000
|
|||||
Cash flows from financing activities:
|
||||||||
Repayment of finance lease obligations
|
-
|
(89,000
|
)
|
|||||
Net cash used in financing activities
|
-
|
(89,000
|
)
|
|||||
Net change in cash and cash equivalents
|
(520,000
|
)
|
513,000
|
|||||
Cash and cash equivalents - beginning of period
|
2,178,000
|
2,030,000
|
||||||
Cash and cash equivalents - end of period
|
$
|
1,658,000
|
$
|
2,543,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
-
|
$
|
2,000
|
|
Classification | March 31, 2022 |
March 31, 2021 |
||||||
Assets | |||||||||
Long-term
|
|||||||||
Operating lease assets
|
Operating lease right-of-use asset
|
$ |
49,000
|
$ |
86,000
|
||||
Total leased assets
|
$
|
49,000
|
$
|
86,000
|
|||||
Liabilities
|
|||||||||
Current
|
|||||||||
Operating lease liabilities
|
Operating lease right-of-use liability - current portion
|
$ |
44,000
|
$ |
40,000
|
||||
Long-term
|
|||||||||
Operating lease liabilities
|
Operating lease right-of-use liability - net of current portion
|
$ |
12,000
|
$ |
56,000
|
||||
Total lease liabilities
|
$
|
56,000
|
$
|
96,000
|
|||||
Lease Cost
|
|||||||||
Operating lease cost
|
Selling, general and administrative
|
$
|
10,000
|
$
|
11,000
|
||||
Finance lease cost
|
|||||||||
Interest on lease liabilities
|
Interest expense
|
-
|
2,000
|
||||||
Sublease income
|
Interest income - sales-type sublease
|
-
|
8,000
|
||||||
Net lease expense
|
$
|
10,000
|
$
|
5,000
|
Maturity of lease liabilities (as of March 31, 2022)
|
Operating lease
|
|||
2022
|
33,000
|
|||
2023
|
25,000
|
|||
Total
|
$
|
58,000
|
||
Less amount representing interest
|
2,000
|
|||
Present value of lease liabilities
|
$
|
56,000
|
||
Discount rate
|
5.850
|
%
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Patient revenue
|
$
|
122,000
|
$
|
166,000
|
||||
Net (loss) income
|
$
|
(30,000
|
)
|
$
|
19,000
|
|||
USNC’s equity in income (loss) of
NeuroPartners LLC and CGK
|
$
|
10,000
|
$
|
(2,000
|
)
|
March 31,
2022
|
December 31,
2021
|
|||||||
Current assets
|
$
|
368,000
|
$
|
299,000
|
||||
Noncurrent assets
|
230,000
|
294,000
|
||||||
Total assets
|
$
|
598,000
|
$
|
593,000
|
||||
Current liabilities
|
$
|
598,000
|
$
|
564,000
|
||||
Noncurrent liabilities | |
- | |
- | ||||
Equity
|
-
|
29,000
|
||||||
Total liabilities and equity
|
$
|
598,000
|
$
|
593,000
|
Three Months Ended
March 31, |
||||||||
2022
|
2021
|
|||||||
Rental Income
|
$
|
-
|
$
|
-
|
||||
Net income
|
$
|
17,000
|
$
|
18,000
|
||||
USNC’s equity in earnings of BOPRE
|
$
|
4,000
|
$
|
3,000
|
March 31,
2022
|
December 31,
2021
|
|||||||
Current assets
|
$
|
80,000
|
$
|
112,000
|
||||
Noncurrent assets
|
757,000
|
757,000
|
||||||
Total assets
|
$
|
837,000
|
$
|
869,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
837,000
|
869,000
|
||||||
Total liabilities and equity
|
$
|
837,000
|
$
|
869,000
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Patient revenue
|
$
|
533,000
|
$
|
537,000
|
||||
Net loss
|
$
|
(188,000
|
)
|
$
|
(168,000
|
)
|
||
USNC’s equity in loss of MOP
|
$
|
(39,000
|
)
|
$
|
(60,000
|
)
|
March 31,
2022
|
December 31,
2021
|
|||||||
Current assets
|
$
|
277,000
|
$
|
201,000
|
||||
Noncurrent assets
|
300,000
|
384,000
|
||||||
Total assets
|
$
|
577,000
|
$
|
585,000
|
||||
Current liabilities
|
$
|
3,229,000
|
$
|
3,109,000
|
||||
Noncurrent liabilities
|
78,000
|
92,000
|
||||||
Deficit
|
(2,730,000
|
)
|
(2,616,000
|
)
|
||||
Total liabilities and deficit
|
$
|
577,000
|
$
|
585,000
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Patient revenue
|
$
|
582,000
|
$
|
471,000
|
||||
Net (loss) income
|
$
|
(46,000
|
)
|
$
|
62,000
|
|||
USNC’s equity in (loss) income of CBOP
|
$
|
(13,000
|
)
|
$
|
18,000
|
March 31,
2022
|
December 31,
2021
|
|||||||
Current assets
|
$
|
582,000
|
$
|
400,000
|
||||
Noncurrent assets
|
3,515,000
|
3,667,000
|
||||||
Total assets
|
$
|
4,097,000
|
$
|
4,067,000
|
||||
Current liabilities
|
$
|
3,533,000
|
$
|
3,472,000
|
||||
Noncurrent liabilities
|
3,125,000
|
3,121,000
|
||||||
Deficit
|
(2,561,000
|
)
|
(2,526,000
|
)
|
||||
Total liabilities and deficit
|
$
|
4,097,000
|
$
|
4,067,000
|
As previously
|
Restatement
|
|||||||||||
Reported
|
Impacts
|
As Restated
|
||||||||||
Income tax provision
|
$
|
5,000
|
$
|
247,000
|
$
|
252,000
|
||||||
Net income
|
$
|
539,000
|
$
|
(247,000
|
)
|
$
|
292,000
|
|||||
Basic and diluted net income per share
|
$
|
0.07
|
$
|
(0.03
|
)
|
$
|
0.04
|
Net income
|
$
|
539,000
|
$
|
(247,000
|
)
|
$
|
292,000
|
|||||
Change in: Income taxes receivable/payable
|
$
|
5,000
|
$
|
247,000
|
$
|
252,000
|
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
|
U.S. NeuroSurgical Holdings, Inc.
|
||
(Registrant)
|
||
Date: June 24, 2022
|
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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