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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 | 0.56 | 0.6999 | 0.00 | 21:00:32 |
☒ |
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
|
|||
Item 1.
|
3
|
||
Item 2.
|
14
|
||
Item 3.
|
17
|
||
Item 4.
|
17
|
||
19
|
|||
Item 1.
|
19
|
||
Item 2.
|
19
|
||
Item 3.
|
19
|
||
Item 4.
|
19
|
||
Item 5.
|
19
|
||
Item 6.
|
19
|
||
20
|
March 31,
|
December 31,
|
|||||||
2023 | 2022 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,281,000
|
$
|
1,537,000
|
||||
Other current assets
|
19,000
|
18,000
|
||||||
Total current assets
|
1,300,000
|
1,555,000
|
||||||
Other assets:
|
||||||||
Due from related parties
|
140,000
|
15,000
|
||||||
Investments in unconsolidated entities
|
137,000
|
157,000
|
||||||
Total other assets
|
277,000
|
172,000
|
||||||
Property and equipment:
|
||||||||
Operating lease right-of-use asset
|
10,000
|
20,000
|
||||||
Total property and equipment
|
10,000
|
20,000
|
||||||
TOTAL ASSETS
|
$
|
1,587,000
|
$
|
1,747,000
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Operating lease right-of-use liability - current portion
|
$
|
12,000
|
$
|
23,000
|
||||
Accounts payable and accrued expenses
|
65,000
|
86,000
|
||||||
Income taxes payable
|
170,000
|
171,000
|
||||||
Total current liabilities
|
247,000
|
280,000
|
||||||
Guarantee liability
|
11,000
|
11,000
|
||||||
Total liabilities
|
258,000
|
291,000
|
||||||
EQUITY
|
||||||||
Common stock - par value $0.01; 25,000,000 shares authorized; 7,842,185
and 7,842,185 shares issued and outstanding at March 31, 2023 and December 31, 2022,
respectively.
|
78,000
|
78,000
|
||||||
Additional paid-in capital
|
2,871,000
|
2,871,000
|
||||||
Accumulated deficit
|
(1,818,000
|
)
|
(1,710,000
|
)
|
||||
U.S. Neurosurgical Holdings, Inc. stockholders’ equity
|
1,131,000 | 1,239,000 | ||||||
Noncontrolling interests
|
198,000 | 217,000 | ||||||
Total stockholders’ equity
|
1,329,000
|
1,456,000
|
||||||
TOTAL LIABILITIES AND EQUITY
|
$
|
1,587,000
|
$
|
1,747,000
|
Three Months Ended
|
||||||||
March 31, | ||||||||
2023
|
2022
|
|||||||
Revenue
|
$
|
-
|
$
|
-
|
||||
Costs and expenses:
|
||||||||
Selling, general and administrative
|
130,000
|
360,000
|
||||||
Total
|
130,000
|
360,000
|
||||||
Operating loss
|
(130,000
|
)
|
(360,000
|
)
|
||||
Total other (expense) income | ||||||||
Income from investments in unconsolidated entities, net
|
3,000
|
(133,000
|
)
|
|||||
Total other expense
|
3,000 | (133,000 | ) | |||||
(Loss) income before income taxes
|
(127,000
|
)
|
(493,000
|
)
|
||||
Provision for income taxes
|
-
|
2,000
|
||||||
Net (loss) income
|
(127,000
|
)
|
(495,000
|
)
|
||||
Net loss attributable to noncontrolling interests | 19,000 | 74,000 | ||||||
Net (loss) income attributable to U.S. Neurosurgical Holdings, Inc. | $ | (108,000 | ) | $ | (421,000 | ) | ||
Basic and diluted net (loss) income per share attributable to U.S. NeuroSurgical Holdings, Inc.
|
$
|
(0.01
|
)
|
$
|
(0.05
|
)
|
||
Weighted average common shares outstanding, basic and diluted
|
7,842,185
|
7,792,185
|
Common Stock
|
||||||||||||||||||||||||||||
Number
|
Additional
|
(Accumulated
|
U.S. Neurosurgical Holdings, Inc. Equity
|
|||||||||||||||||||||||||
of
|
Paid-In
|
Deficit)
|
Noncontrolling
|
Total
|
||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Retained Earnings
|
Interests
|
Equity
|
|||||||||||||||||||||||
Balance - December 31, 2021
|
7,792,185
|
$
|
78,000
|
$
|
2,871,000
|
$
|
(373,000
|
)
|
$
|
2,576,000
|
$
|
452,000
|
$
|
3,028,000
|
||||||||||||||
Issuance of common stock as compensation
|
50,000
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net loss for the year ended ‘December 31, 2022
|
-
|
-
|
-
|
(1,337,000
|
)
|
(1,337,000
|
)
|
(235,000
|
)
|
(1,572,000
|
)
|
|||||||||||||||||
Balance - December 31, 2022
|
7,842,185
|
$
|
78,000
|
$
|
2,871,000
|
$
|
(1,710,000
|
)
|
$
|
1,239,000
|
$
|
217,000
|
$
|
1,456,000
|
||||||||||||||
|
||||||||||||||||||||||||||||
Net loss for the quarter ended March 31, 2023
|
-
|
-
|
-
|
(108,000
|
)
|
(108,000
|
)
|
(19,000
|
)
|
(127,000
|
)
|
|||||||||||||||||
Balance - March 31, 2023
|
7,842,185
|
$
|
78,000
|
$
|
2,871,000
|
$
|
(1,818,000
|
)
|
$
|
1,131,000
|
$
|
198,000
|
$
|
1,329,000
|
Three Months Ended
|
||||||||
March 31, | ||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(127,000
|
)
|
$
|
(495,000
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Amortization of operating lease right-of-use asset
|
10,000
|
10,000
|
||||||
Income from investments in unconsolidated entities, net
|
(3,000
|
)
|
133,000
|
|||||
Distributed earnings from unconsolidated entities
|
23,000
|
11,000
|
||||||
Deferred income taxes | - | - | ||||||
Changes in:
|
||||||||
Income taxes payable
|
(1,000
|
)
|
(11,000
|
)
|
||||
Other current assets
|
(1,000
|
)
|
18,000
|
|||||
Accounts payable and accrued expenses
|
(20,000
|
)
|
8,000
|
|||||
Operating lease right-of-use liability
|
(11,000
|
)
|
(10,000
|
)
|
||||
Net cash used in operating activities
|
(130,000
|
)
|
(336,000
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Advances to unconsolidated entities
|
(126,000
|
)
|
(182,000
|
)
|
||||
Repayments from loans to unconsolidated entities | - | - | ||||||
Captial contributions to unconsolidated entities | - | (2,000 | ) | |||||
Net cash used in investing activities
|
(126,000
|
)
|
(184,000
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Repayment of finance lease obligations
|
-
|
-
|
||||||
Net cash used in financing activities
|
-
|
-
|
||||||
Net change in cash and cash equivalents
|
(256,000
|
)
|
(520,000
|
)
|
||||
Cash and cash equivalents - beginning of period
|
1,537,000
|
2,178,000
|
||||||
Cash and cash equivalents - end of period
|
$
|
1,281,000
|
$
|
1,658,000
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
1,000
|
$
|
2,000
|
Classification
|
March 31, 2023
|
March 31,
2022 |
|||||||
Assets |
|||||||||
Long-term
|
|||||||||
Operating lease assets
|
Operating lease right-of-use asset
|
$
|
10,000
|
$
|
49,000
|
||||
Total leased assets
|
$
|
10,000
|
$
|
49,000
|
|||||
Liabilities
|
|||||||||
Current
|
|||||||||
Operating lease liabilities
|
Operating lease right-of-use liability - current portion
|
$
|
12,000
|
$
|
44,000
|
||||
Long-term
|
|||||||||
Operating lease liabilities
|
Operating lease right-of-use liability - net
of current portion
|
$
|
12,000
|
$
|
12,000
|
||||
Total lease liabilities
|
$
|
24,000
|
$
|
56,000
|
|||||
Lease Cost
|
|||||||||
Operating lease cost
|
Selling, general and administrative
|
$
|
10,000
|
$
|
10,000
|
||||
Finance lease cost
|
|||||||||
Interest on lease liabilities
|
Interest expense
|
-
|
-
|
||||||
Sublease income
|
Interest income - sales-type sublease
|
-
|
-
|
||||||
Net lease expense
|
$
|
10,000
|
$
|
10,000
|
Maturity of lease liabilities (as of March 31, 2023)
|
Operating lease
|
|||
2023
|
$ |
12,000
|
||
Total
|
|
12,000
|
||
Less amount representing interest
|
-
|
|||
Present value of lease liabilities
|
$
|
12,000
|
||
Discount rate
|
5.850
|
%
|
Three Months Ended
|
||||||||
March 31, | ||||||||
2023
|
2022
|
|||||||
Patient revenue
|
$ | 96,000 | $ | 122,000 | ||||
Net loss
|
$ | (37,000 | ) | $ |
(30,000 | ) | ||
USNC’s equity in (loss) earnings of NeuroPartners LLC and CGK
|
$ | (25,000 | ) | $ | 10,000 |
March 31,
|
December 31,
|
|||||||
2023 | 2022 | |||||||
Current assets
|
$
|
339,000
|
$
|
375,000
|
||||
Noncurrent assets
|
-
|
42,000
|
||||||
Total assets
|
$
|
339,000
|
$
|
417,000
|
||||
Current liabilities
|
$
|
591,000
|
$
|
632,000
|
||||
Noncurrent liabilities | - | - | ||||||
Equity
|
(252,000
|
)
|
(215,000
|
)
|
||||
Total liabilities and equity
|
$
|
339,000
|
$
|
417,000
|
Three Months Ended
|
||||||||
March 31, | ||||||||
2023
|
2022
|
|||||||
Rental Income
|
$ | - | $ |
- | ||||
Net income
|
$ | 11,000 | $ |
17,000 | ||||
USNC’s equity in earnings of BOPRE
|
$ | 2,000 | $ |
4,000 |
March 31,
|
December 31,
|
|||||||
2023 |
2022 |
|||||||
Current assets
|
$
|
35,000
|
$
|
123,000
|
||||
Noncurrent assets
|
757,000
|
757,000
|
||||||
Total assets
|
$
|
792,000
|
$
|
880,000
|
||||
Current liabilities
|
$
|
-
|
$
|
-
|
||||
Noncurrent liabilities
|
-
|
-
|
||||||
Equity
|
792,000
|
880,000
|
||||||
Total liabilities and equity
|
$
|
792,000
|
$
|
880,000
|
Three Months Ended
|
||||||||
March 31, | ||||||||
2023
|
2022
|
|||||||
Patient revenue
|
$ | 318,000 | $ |
582,000 | ||||
Net (loss) income
|
$ | (287,000 | ) | $ |
(46,000 | ) | ||
USNC’s equity in (loss) income of CBOP
|
$ | (82,000 | ) | $ |
(13,000 | ) |
March 31,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
Current assets
|
$
|
364,000
|
$
|
405,000
|
||||
Noncurrent assets
|
2,910,000
|
3,056,000
|
||||||
Total assets
|
$
|
3,274,000
|
$
|
3,461,000
|
||||
Current liabilities
|
$
|
3,770,000
|
$
|
975,000
|
||||
Noncurrent liabilities
|
2,985,000
|
5,680,000
|
||||||
Deficit
|
(3,481,000
|
)
|
(3,194,000
|
)
|
||||
Total liabilities and deficit
|
$
|
3,274,000
|
$
|
3,461,000
|
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: May 15, 2023
|
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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