☒ | 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 | |||
19 | |||
September 30, | December 31, | |||||||||||||||
2022 | 2021 | |||||||||||||||
June 30, 2022 (Unaudited) | December 31, 2021 (As Restated) | (Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 1,096,000 | $ | 2,178,000 | $ | 651,000 | $ | 2,178,000 | ||||||||
Other current assets | 57,000 | 65,000 | 52,000 | 65,000 | ||||||||||||
Total current assets | 1,153,000 | 2,243,000 | 703,000 | 2,243,000 | ||||||||||||
Other assets: | ||||||||||||||||
Due from related parties | 1,000 | 930,000 | 9,000 | 930,000 | ||||||||||||
Investments in unconsolidated entities | 150,000 | 141,000 | 152,000 | 141,000 | ||||||||||||
Goodwill | 315,000 | 315,000 | 315,000 | 315,000 | ||||||||||||
Total other assets | 466,000 | 1,386,000 | 476,000 | 1,386,000 | ||||||||||||
Property and equipment: | ||||||||||||||||
Operating lease right-of-use asset | 40,000 | 59,000 | 30,000 | 59,000 | ||||||||||||
Total property and equipment | 40,000 | 59,000 | 30,000 | 59,000 | ||||||||||||
TOTAL ASSETS | $ | 1,659,000 | $ | 3,688,000 | $ | 1,209,000 | $ | 3,688,000 | ||||||||
LIABILITIES | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Operating lease right-of-use liability - current portion | $ | 45,000 | $ | 43,000 | $ | 34,000 | $ | 43,000 | ||||||||
Accounts payable and accrued expenses | 83,000 | 169,000 | 71,000 | 169,000 | ||||||||||||
Due to related parties | 47,000 | 0 | ||||||||||||||
Income taxes payable | 231,000 | 414,000 | 231,000 | 414,000 | ||||||||||||
Total current liabilities | 406,000 | 626,000 | 336,000 | 626,000 | ||||||||||||
Operating lease right-of-use liability - net of current portion | 0 | 23,000 | - | 23,000 | ||||||||||||
Guarantee liability | 11,000 | 11,000 | 11,000 | 11,000 | ||||||||||||
Total liabilities | 417,000 | 660,000 | 347,000 | 660,000 | ||||||||||||
EQUITY | ||||||||||||||||
Common stock - par value $0.01; 25,000,000 shares authorized; 7,792,185 shares issued and outstanding at June 30, 2022 and December 31, 2021. | 78,000 | 78,000 | ||||||||||||||
Common stock - par value $0.01; 25,000,000 shares authorized; 7,842,185 and 7,792,185 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively. | 78,000 | 78,000 | ||||||||||||||
Additional paid-in capital | 2,871,000 | 2,871,000 | 2,871,000 | 2,871,000 | ||||||||||||
Accumulated deficit | (1,891,000 | ) | (373,000 | ) | (2,214,000 | ) | (373,000 | ) | ||||||||
U.S. NeuroSurgical Holdings Inc. stockholders’ equity | 1,058,000 | 2,576,000 | 735,000 | 2,576,000 | ||||||||||||
Noncontrolling interests | 184,000 | 452,000 | 127,000 | 452,000 | ||||||||||||
Total equity | 1,242,000 | 3,028,000 | 862,000 | 3,028,000 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,659,000 | $ | 3,688,000 | $ | 1,209,000 | $ | 3,688,000 |
Three Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Three Months Ended June 30, | 2022 | 2021 | ||||||||||||||
2022 | 2021 (As Restated) | (Restated) | ||||||||||||||
Revenue | $ | 0 | $ | 0 | $ | - | $ | - | ||||||||
Costs and expenses: | ||||||||||||||||
Selling, general and administrative | 292,000 | 249,000 | 221,000 | 268,000 | ||||||||||||
Total | 292,000 | 249,000 | 221,000 | 268,000 | ||||||||||||
Operating loss | (292,000 | ) | (249,000 | ) | (221,000 | ) | (268,000 | ) | ||||||||
Total other expense | ||||||||||||||||
Interest expense | 0 | (1,000 | ) | - | - | |||||||||||
Other income | - | 9,000 | ||||||||||||||
Loss from investments in unconsolidated entities, net | (998,000 | ) | (135,000 | ) | (156,000 | ) | (77,000 | ) | ||||||||
Total other expense | (998,000 | ) | (136,000 | ) | (156,000 | ) | (68,000 | ) | ||||||||
Loss before income taxes | (1,290,000 | ) | (385,000 | ) | (377,000 | ) | (336,000 | ) | ||||||||
Provision for income taxes | 1,000 | 232,000 | (1,000 | ) | (16,000 | ) | ||||||||||
Net loss | (1,291,000 | ) | (617,000 | ) | (378,000 | ) | (352,000 | ) | ||||||||
Net loss attributable to noncontrolling interests | 194,000 | 0 | 57,000 | - | ||||||||||||
Net loss attributable to U.S. NeuroSurgical Holdings, Inc. | $ | (1,097,000 | ) | $ | (617,000 | ) | ||||||||||
Net loss attributable to U.S. Neurosurgical Holdings, Inc. | $ | (321,000 | ) | $ | (352,000 | ) | ||||||||||
Basic and diluted net loss per share attributable to U.S. NeuroSurgical Holdings, Inc. | $ | (0.14 | ) | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.05 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 7,792,185 | 7,792,185 | 7,792,185 | 7,792,185 |
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Six Months Ended June 30, | 2022 | 2021 | ||||||||||||||
2022 | 2021 (As Restated) | (Restated) | ||||||||||||||
Revenue | $ | 0 | $ | 1,061,000 | $ | - | $ | 1,061,000 | ||||||||
Costs and expenses: | ||||||||||||||||
Patient expenses | 0 | 86,000 | - | 86,000 | ||||||||||||
Selling, general and administrative | 652,000 | 547,000 | 878,000 | 815,000 | ||||||||||||
Total | 652,000 | 633,000 | 878,000 | 901,000 | ||||||||||||
Operating (loss) income | (652,000 | ) | 428,000 | (878,000 | ) | 160,000 | ||||||||||
Total other (expense) income | ||||||||||||||||
Interest expense | 0 | (3,000 | ) | - | (3,000 | ) | ||||||||||
Interest income - sales-type sublease | 0 | 8,000 | - | 8,000 | ||||||||||||
Other income | - | 9,000 | ||||||||||||||
Loss from investments in unconsolidated entities, net | (1,131,000 | ) | (274,000 | ) | (1,287,000 | ) | (351,000 | ) | ||||||||
Total other expense | (1,131,000 | ) | (269,000 | ) | (1,287,000 | ) | (337,000 | ) | ||||||||
(Loss) income before income taxes | (1,783,000 | ) | 159,000 | (2,165,000 | ) | (177,000 | ) | |||||||||
Provision for income taxes | 3,000 | 484,000 | (2,000 | ) | (500,000 | ) | ||||||||||
Net loss | (1,786,000 | ) | (325,000 | ) | (2,167,000 | ) | (677,000 | ) | ||||||||
Net loss attributable to noncontrolling interests | 268,000 | 0 | 325,000 | - | ||||||||||||
Net loss attributable to U.S. NeuroSurgical Holdings, Inc. | $ | (1,518,000 | ) | $ | (325,000 | ) | ||||||||||
Net loss attributable to U.S. Neurosurgical Holdings, Inc. | $ | (1,842,000 | ) | $ | (677,000 | ) | ||||||||||
Basic and diluted net loss per share attributable to U.S. NeuroSurgical Holdings, Inc. | $ | (0.19 | ) | $ | (0.04 | ) | $ | (0.24 | ) | $ | (0.09 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 7,792,185 | 7,792,185 | 7,792,185 | 7,792,185 |
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Six Months Ended June 30, | 2022 | 2021 | ||||||||||||||
2022 | 2021 (As Restated) | (Restated) | ||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||
Net loss | $ | (1,786,000 | ) | $ | (325,000 | ) | $ | (2,167,000 | ) | $ | (677,000 | ) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||
Amortization of operating lease right-of-use asset | 19,000 | 17,000 | 29,000 | 26,000 | ||||||||||||
Loss from investments in unconsolidated entities, net | 1,131,000 | 274,000 | 1,287,000 | 350,000 | ||||||||||||
Distributed earnings from unconsolidated entities | 11,000 | 0 | 11,000 | - | ||||||||||||
Deferred income taxes | - | (111,000 | ) | |||||||||||||
Changes in: | ||||||||||||||||
Accounts receivable | 0 | 346,000 | - | 346,000 | ||||||||||||
Income taxes receivable/payable | (183,000 | ) | 369,000 | |||||||||||||
Income taxes payable | (183,000 | ) | 496,000 | |||||||||||||
Other current assets | 8,000 | 10,000 | 12,000 | 32,000 | ||||||||||||
Accounts payable and accrued expenses | (86,000 | ) | (36,000 | ) | (98,000 | ) | 10,000 | |||||||||
Operating lease right-of-use liability | (21,000 | ) | (20,000 | ) | (32,000 | ) | (30,000 | ) | ||||||||
Net cash (used in) provided by operating activities | (907,000 | ) | 635,000 | (1,141,000 | ) | 442,000 | ||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||
Advances to unconsolidated entities | (175,000 | ) | (288,000 | ) | (496,000 | ) | (359,000 | ) | ||||||||
Repayments from loans to unconsolidated entities | 110,000 | 11,000 | ||||||||||||||
Principal payments received under sales-type sublease | 0 | 532,000 | - | 532,000 | ||||||||||||
Net cash (used in) provided by investing activities | (175,000 | ) | 244,000 | (386,000 | ) | 184,000 | ||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||
Repayment of finance lease obligations | 0 | (89,000 | ) | - | (89,000 | ) | ||||||||||
Net cash used in financing activities | 0 | (89,000 | ) | - | (89,000 | ) | ||||||||||
Net change in cash and cash equivalents | (1,082,000 | ) | 790,000 | (1,527,000 | ) | 537,000 | ||||||||||
Cash and cash equivalents - beginning of period | 2,178,000 | 2,030,000 | 2,178,000 | 2,030,000 | ||||||||||||
Cash and cash equivalents - end of period | $ | 1,096,000 | $ | 2,820,000 | $ | 651,000 | $ | 2,567,000 | ||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||
Cash paid for: | ||||||||||||||||
Interest | $ | 0 | $ | 3,000 | $ | - | $ | 3,000 | ||||||||
Income taxes | $ | 183,000 | $ | 158,000 | $ | - | $ | 158,000 |
Classification | June 30, 2022 | June 30, 2021 | Classification | September 30, | ||||||||||||||
Assets | 2022 | 2021 | ||||||||||||||||
Long-term | ||||||||||||||||||
Operating lease assets | Operating lease right-of-use asset | $ | 40,000 | $ | 77,000 | Operating lease right-of-use asset | $ | 30,000 | $ | 68,000 | ||||||||
Total leased assets | $ | 40,000 | $ | 77,000 | $ | 30,000 | $ | 68,000 | ||||||||||
Liabilities | ||||||||||||||||||
Current | ||||||||||||||||||
Operating lease liabilities | Operating lease right-of-use liability - current portion | $ | 45,000 | $ | 41,000 | Operating lease right-of-use liability - current portion | $ | 34,000 | $ | 42,000 | ||||||||
Long-term | ||||||||||||||||||
Operating lease liabilities | Operating lease right-of-use liability - net of current portion | $ | 0 | $ | 45,000 | Operating lease right-of-use liability - net of current portion | $ | - | $ | 34,000 | ||||||||
Total lease liabilities | $ | 45,000 | $ | 86,000 | $ | 34,000 | $ | 76,000 | ||||||||||
Lease Cost | ||||||||||||||||||
Operating lease cost | Selling, general and administrative | $ | 21,000 | $ | 20,000 | Selling, general and administrative | $ | 31,000 | $ | 31,000 | ||||||||
Finance lease cost | ||||||||||||||||||
Interest on lease liabilities | Interest expense | 0 | 2,000 | Interest expense | - | 2,000 | ||||||||||||
Sublease income | Interest income - sales-type sublease | 0 | 8,000 | Interest income - sales-type sublease | - | 8,000 | ||||||||||||
Net lease expense | $ | 21,000 | $ | 14,000 | $ | 31,000 | $ | 25,000 |
Maturity of lease liabilities (as of June 30, 2022) | Operating lease | |||||||
Maturity of lease liabilities (as of September 30, 2022) | Operating lease | |||||||
2022 | $ | 23,000 | $ | 11,000 | ||||
2023 | 24,000 | 24,000 | ||||||
Total | 47,000 | 35,000 | ||||||
Less amount representing interest | 2,000 | 1,000 | ||||||
Present value of lease liabilities | $ | 45,000 | $ | 34,000 | ||||
Discount rate | 5.850 | % | 5.850 | % |
Nine Months Ended | ||||||||||||||||
Six Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Patient Revenue | $ | 277,000 | $ | 336,000 | $ | 242,000 | $ | 463,000 | ||||||||
Net (loss) income | $ | (27,000 | ) | $ | 27,000 | $ | (215,000 | ) | $ | 12,000 | ||||||
�� | ||||||||||||||||
USNC’s equity in loss of NeuroPartners, LLC and CGK | $ | (28,000 | ) | $ | (7,000 | ) | $ | (110,000 | ) | $ | (22,000 | ) |
Three Months Ended | ||||||||||||||||
Three Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Patient revenue | $ | 155,000 | $ | 170,000 | $ | (36,000 | ) | $ | 127,000 | |||||||
Net income | $ | 3,000 | $ | 8,000 | ||||||||||||
Net (loss) income | $ | (188,000 | ) | $ | (15,000 | ) | ||||||||||
USNC’s equity in loss of NeuroPartners LLC and CGK | $ | (38,000 | ) | $ | (5,000 | ) | $ | (83,000 | ) | $ | (15,000 | ) |
September 30, | December 31, | |||||||||||||||
June 30, 2022 | December 31, 2021 | 2022 | 2021 | |||||||||||||
Current assets | $ | 370,000 | $ | 299,000 | $ | 226,000 | $ | 299,000 | ||||||||
Noncurrent assets | 166,000 | 294,000 | 358,000 | 294,000 | ||||||||||||
Total assets | $ | 536,000 | $ | 593,000 | $ | 584,000 | $ | 593,000 | ||||||||
Current liabilities | $ | 535,000 | $ | 564,000 | $ | 942,000 | $ | 564,000 | ||||||||
Noncurrent liabilities | 0 | 0 | - | - | ||||||||||||
Equity | 1,000 | 29,000 | (358,000 | ) | 29,000 | |||||||||||
Total liabilities and equity | $ | 536,000 | $ | 593,000 | $ | 584,000 | $ | 593,000 |
Nine Months Ended | ||||||||||||||||
Six Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Rental Income | $ | 0 | $ | 0 | $ | - | $ | - | ||||||||
Net income | $ | 31,000 | $ | 56,000 | $ | 52,000 | $ | 75,000 | ||||||||
USNC’s equity in earnings of BOPRE | $ | 8,000 | $ | 12,000 | $ | 8,000 | $ | 16,000 |
Three Months Ended | ||||||||||||||||
Three Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Rental Income | $ | 0 | $ | 0 | $ | - | $ | - | ||||||||
Net income | $ | 14,000 | $ | 38,000 | $ | 16,000 | $ | 19,000 | ||||||||
USNC’s equity in earnings of BOPRE | $ | 4,000 | $ | 9,000 | $ | 2,000 | $ | 4,000 |
September 30, | December 31, | |||||||||||||||
June 30, 2022 | December 31, 2021 | 2022 | 2021 | |||||||||||||
Current assets | $ | 94,000 | $ | 112,000 | $ | 110,000 | $ | 112,000 | ||||||||
Noncurrent assets | 757,000 | 757,000 | 757,000 | 757,000 | ||||||||||||
Total assets | $ | 851,000 | $ | 869,000 | $ | 867,000 | $ | 869,000 | ||||||||
Current liabilities | $ | 0 | $ | 0 | $ | - | $ | - | ||||||||
Noncurrent liabilities | 0 | 0 | - | - | ||||||||||||
Equity | 851,000 | 869,000 | 867,000 | 869,000 | ||||||||||||
Total liabilities and equity | $ | 851,000 | $ | 869,000 | $ | 867,000 | $ | 869,000 |
Nine Months Ended | ||||||||||||||||
Six Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Patient revenue | $ | 1,067,000 | $ | 1,068,000 | $ | 1,488,000 | $ | 1,601,000 | ||||||||
Net loss | $ | (256,000 | ) | $ | (95,000 | ) | $ | (588,000 | ) | $ | (280,000 | ) | ||||
USNC’s equity in loss in MOP | $ | (92,000 | ) | $ | (34,000 | ) | $ | (211,000 | ) | $ | (100,000 | ) |
Three Months Ended | ||||||||||||||||
Three Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Patient revenue | $ | 534,000 | $ | 531,000 | $ | 439,000 | $ | 532,000 | ||||||||
Net loss | $ | (68,000 | ) | $ | 73,000 | $ | (340,000 | ) | $ | (185,000 | ) | |||||
USNC’s equity in loss of MOP | $ | (53,000 | ) | $ | 26,000 | $ | (121,000 | ) | $ | (66,000 | ) |
September 30, | December 31, | |||||||||||||||
June 30, 2022 | December 31, 2021 | 2022 | 2021 | |||||||||||||
Current assets | $ | 284,000 | $ | 201,000 | $ | 136,000 | $ | 201,000 | ||||||||
Noncurrent assets | 241,000 | 384,000 | 162,000 | 384,000 | ||||||||||||
Total assets | $ | 525,000 | $ | 585,000 | $ | 298,000 | $ | 585,000 | ||||||||
Current liabilities | $ | 3,326,000 | $ | 3,109,000 | $ | 3,449,000 | $ | 3,109,000 | ||||||||
Noncurrent liabilities | 64,000 | 92,000 | 50,000 | 92,000 | ||||||||||||
Deficit | (2,865,000 | ) | (2,616,000 | ) | (3,201,000 | ) | (2,616,000 | ) | ||||||||
Total liabilities and deficit | $ | 525,000 | $ | 585,000 | $ | 298,000 | $ | 585,000 |
Nine Months Ended | ||||||||||||||||
Six Months Ended June 30, | September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Patient revenue | $ | 1,026,000 | $ | 1,041,000 | $ | 1,507,000 | $ | 1,591,000 | ||||||||
Net (loss) income | $ | (237,000 | ) | $ | 92,000 | $ | (387,000 | ) | $ | 69,000 | ||||||
USNC’s equity in (loss) income of CBOP | $ | (68,000 | ) | $ | 26,000 | $ | (111,000 | ) | $ | 20,000 |
Three Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Patient revenue | $ | 444,000 | $ | 570,000 | ||||
Net (loss) income | $ | (191,000 | ) | $ | 30,000 | |||
USNC’s equity in (loss) income of CBOP | $ | (55,000 | ) | $ | 8,000 |
Three Months Ended | ||||||||
September 30, | ||||||||
2022 | 2021 | |||||||
Patient revenue | $ | 482,000 | $ | 550,000 | ||||
Net loss | $ | (158,000 | ) | $ | (23,000 | ) | ||
USNC’s equity in loss of CBOP | $ | (45,000 | ) | $ | (7,000 | ) |
June 30, 2022 | December 31, 2021 | |||||||
Current assets | $ | 526,000 | $ | 400,000 | ||||
Noncurrent assets | 3,362,000 | 3,667,000 | ||||||
Total assets | $ | 3,888,000 | $ | 4,067,000 | ||||
Current liabilities | $ | 3,826,000 | $ | 3,472,000 | ||||
Noncurrent liabilities | 2,826,000 | 3,121,000 | ||||||
Deficit | (2,764,000 | ) | (2,526,000 | ) | ||||
Total liabilities and deficit | $ | 3,888,000 | $ | 4,067,000 |
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
Current assets | $ | 444,000 | $ | 400,000 | ||||
Noncurrent assets | 3,209,000 | 3,667,000 | ||||||
Total assets | $ | 3,653,000 | $ | 4,067,000 | ||||
Current liabilities | $ | 3,598,000 | $ | 3,472,000 | ||||
Noncurrent liabilities | 2,968,000 | 3,121,000 | ||||||
Deficit | (2,913,000 | ) | (2,526,000 | ) | ||||
Total liabilities and deficit | $ | 3,653,000 | $ | 4,067,000 |
As previously | Restatement | |||||||||||
Reported | Impacts | As Restated | ||||||||||
Income tax provision | $ | (8,000 | ) | $ | 24,000 | $ | 16,000 | |||||
Net loss | $ | (344,000 | ) | $ | (8,000 | ) | $ | (352,000 | ) | |||
Basic and diluted net loss per share | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.05 | ) |
As previously | Restatement | |||||||||||
Reported | Impacts | As Restated | ||||||||||
Income tax provision | $ | 189,000 | $ | 43,000 | $ | 232,000 | ||||||
Net loss | $ | (574,000 | ) | $ | (43,000 | ) | $ | (617,000 | ) | |||
Basic and diluted net loss per share | $ | 0.07 | $ | (0.01 | ) | $ | (0.08 | ) |
Income tax provision | $ | 194,000 | $ | 290,000 | $ | 484,000 | $ | (202,000 | ) | $ | 702,000 | $ | 500,000 | |||||||||||
Net loss | $ | (35,000 | ) | $ | (290,000 | ) | $ | (325,000 | ) | $ | (378,000 | ) | $ | (299,000 | ) | $ | (677,000 | ) | ||||||
Basic and diluted net loss per share | $ | (0.00 | ) | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.09 | ) |
Net loss | $ | (35,000 | ) | $ | (290,000 | ) | $ | (325,000 | ) | |||
Change in: Income taxes receivable/payable | $ | 0 | $ | 369,000 | $ | 369,000 | ||||||
Deferred income taxes | $ | 79,000 | $ | (79,000 | ) | $ | 0 |
Net loss | $ | (378,000 | ) | $ | (299,000 | ) | $ | (677,000 | ) | |||
Change in: Income taxes receivable/payable | $ | 197,000 | $ | 299,000 | $ | 496,000 |
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: | By: | /s/ Alan Gold | |
Alan Gold | |||
Director, President and | |||
Chief Executive Officer | |||
and | |||
Principal Financial Officer | |||
of the Registrant |