Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000744825 | |
Entity Registrant Name | AMERICAN SHARED HOSPITAL SERVICES | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-08789 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 94-2918118 | |
Entity Address, Address Line One | 601 Montgomery Street | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111-2619 | |
City Area Code | 415 | |
Local Phone Number | 788-5300 | |
Title of 12(b) Security | American Shared Hospital Services Common Stock, No Par Value | |
Trading Symbol | AMS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,079,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 8,283,000 | $ 8,145,000 |
Restricted cash | 118,000 | 118,000 |
Accounts receivable, net of allowance for doubtful accounts of $100,000 at March 31, 2022 and $100,000 at December 31, 2021 | 4,781,000 | 4,211,000 |
Other receivables | 618,000 | 613,000 |
Prepaid maintenance | 757,000 | 1,174,000 |
Prepaid expenses and other current assets | 683,000 | 826,000 |
Total current assets | 15,240,000 | 15,087,000 |
Property and equipment: | ||
Medical equipment and facilities | 73,434,000 | 73,388,000 |
Office equipment | 463,000 | 472,000 |
Construction in progress | 88,000 | 91,000 |
Property, Plant and Equipment, Gross, Excluding Land | 73,985,000 | 73,951,000 |
Accumulated depreciation and amortization | (46,975,000) | (45,697,000) |
Net property and equipment | 27,010,000 | 28,254,000 |
Land | 19,000 | 19,000 |
Goodwill | 1,265,000 | 1,265,000 |
Right of use assets | 571,000 | 654,000 |
Intangible asset | 78,000 | 78,000 |
Other assets | 72,000 | 73,000 |
Total assets | 44,255,000 | 45,430,000 |
Current liabilities: | ||
Accounts payable | 396,000 | 746,000 |
Employee compensation and benefits | 380,000 | 423,000 |
Other accrued liabilities | 1,635,000 | 2,419,000 |
Asset retirement obligations | 300,000 | 757,000 |
Income taxes payable | 96,000 | 96,000 |
Current portion of lease liabilities | 369,000 | 369,000 |
Current portion of long-term debt, net | 1,643,000 | 1,081,000 |
Total current liabilities | 4,819,000 | 5,891,000 |
Long-term lease liabilities, less current portion | 268,000 | 359,000 |
Long-term debt, net, less current portion | 13,724,000 | 14,323,000 |
Deferred revenue, less current portion | 123,000 | 140,000 |
Deferred income taxes | 601,000 | 478,000 |
Shareholders' equity: | ||
Common stock, no par value (10,000,000 authorized; 6,079,000 and 6,049,000 shares issued and outstanding at March 31, 2022 and at December 31, 2021 | 10,758,000 | 10,758,000 |
Additional paid-in capital | 7,531,000 | 7,444,000 |
Retained earnings | 1,960,000 | 1,691,000 |
Total equity-American Shared Hospital Services | 20,249,000 | 19,893,000 |
Non-controlling interests in subsidiaries | 4,471,000 | 4,346,000 |
Total shareholders' equity | 24,720,000 | 24,239,000 |
Total liabilities and shareholders' equity | $ 44,255,000 | $ 45,430,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 100,000 | $ 100,000 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 6,079,000 | 6,049,000 |
Common stock, shares outstanding (in shares) | 6,079,000 | 6,049,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 4,847,000 | $ 4,364,000 |
Costs of revenue: | ||
Maintenance and supplies | 709,000 | 672,000 |
Depreciation and amortization | 1,187,000 | 1,198,000 |
Other direct operating costs | 884,000 | 1,060,000 |
Cost of Revenue, Total | 2,780,000 | 2,930,000 |
Gross margin | 2,067,000 | 1,434,000 |
Selling and administrative expense | 1,319,000 | 1,084,000 |
Interest expense | 148,000 | 260,000 |
Operating income | 600,000 | 90,000 |
Interest and other income | 0 | 3,000 |
Income before income taxes | 600,000 | 93,000 |
Income tax expense | 206,000 | 6,000 |
Net income | 394,000 | 87,000 |
Less: Net income attributable to non-controlling interest | (125,000) | (58,000) |
Net income attributable to American Shared Hospital Services | $ 269,000 | $ 29,000 |
Net income per share: | ||
Income per common share - basic (in dollars per share) | $ 0.04 | $ 0 |
Income per common share - diluted (in dollars per share) | $ 0.04 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 5,791,000 | |||||
Balances at Dec. 31, 2020 | $ 10,753,000 | $ 7,024,000 | $ 1,497,000 | $ 19,274,000 | $ 4,376,000 | $ 23,650,000 |
Stock-based compensation expense (in shares) | 10,000 | |||||
Stock-based compensation expense | $ 0 | 107,000 | 0 | 107,000 | 0 | 107,000 |
Net income | $ 0 | 0 | 29,000 | 29,000 | 58,000 | 87,000 |
Balances (in shares) at Mar. 31, 2021 | 5,801,000 | |||||
Balances at Mar. 31, 2021 | $ 10,753,000 | 7,131,000 | 1,526,000 | 19,410,000 | 4,434,000 | $ 23,844,000 |
Balances (in shares) at Dec. 31, 2021 | 6,049,000 | 6,049,000 | ||||
Balances at Dec. 31, 2021 | $ 10,758,000 | 7,444,000 | 1,691,000 | 19,893,000 | 4,346,000 | $ 24,239,000 |
Stock-based compensation expense (in shares) | 30,000 | |||||
Stock-based compensation expense | $ 0 | 87,000 | 0 | 87,000 | 0 | 87,000 |
Net income | $ 0 | 0 | 269,000 | 269,000 | 125,000 | $ 394,000 |
Balances (in shares) at Mar. 31, 2022 | 6,079,000 | 6,079,000 | ||||
Balances at Mar. 31, 2022 | $ 10,758,000 | $ 7,531,000 | $ 1,960,000 | $ 20,249,000 | $ 4,471,000 | $ 24,720,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net income | $ 394,000 | $ 87,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,212,000 | 1,231,000 |
Amortization of debt issuance costs | 18,000 | 0 |
Non cash lease expense | 83,000 | 74,000 |
Deferred income taxes | 123,000 | (16,000) |
Stock-based compensation expense | 87,000 | 107,000 |
Interest expense associated with lease liabilities | 9,000 | 12,000 |
Changes in operating assets and liabilities: | ||
Receivables | (575,000) | (497,000) |
Prepaid expenses and other assets | 567,000 | 551,000 |
Asset retirement obligations | (457,000) | 0 |
Accounts payable, accrued liabilities and deferred revenue | (1,102,000) | 1,294,000 |
Income taxes | 0 | 26,000 |
Lease liabilities | (100,000) | (86,000) |
Net cash provided by operating activities | 259,000 | 2,783,000 |
Investing activities: | ||
Payment for purchase of property and equipment | (66,000) | (1,065,000) |
Net cash used in investing activities | (66,000) | (1,065,000) |
Financing activities: | ||
Principal payments on long-term debt | (55,000) | (276,000) |
Principal payments on finance leases | 0 | (638,000) |
Principal payments on short-term financing | 0 | (116,000) |
Net cash used in financing activities | (55,000) | (1,030,000) |
Net change in cash, cash equivalents, and restricted cash | 138,000 | 688,000 |
Cash, cash equivalents, and restricted cash at beginning of period | 8,263,000 | 4,325,000 |
Cash, cash equivalents, and restricted cash at end of period | 8,401,000 | 5,013,000 |
Supplemental cash flow disclosure: | ||
Interest | 130,000 | 260,000 |
Income taxes paid (refunded) | $ 55,000 | $ (4,000) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for the fair presentation of American Shared Hospital Services’ consolidated financial position as of March 31, 2022 three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 not December 31, 2021 These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 10 These condensed consolidated financial statements include the accounts of American Shared Hospital Services and its subsidiaries (the “Company”) as follows: the Company wholly-owns the subsidiaries American Shared Radiosurgery Services (“ASRS”), PBRT Orlando, LLC (“Orlando”), OR21, June 2020. The Company (through ASRS) and Elekta AB, the manufacturer of the Gamma Knife (through its wholly-owned United States subsidiary, GKV Investments, Inc.), entered into an operating agreement and formed GKF. As of March 31, 2022 two The Company formed the subsidiaries GKPeru and acquired GKCE for the purposes of expanding its business internationally; Orlando and LBE to provide PBRT equipment and services in Orlando, Florida and Long Beach, California, respectively; and AGKE and JGKE to provide Gamma Knife equipment and services in Albuquerque, New Mexico and Jacksonville, Florida, respectively. LBE is not two The Company continues to develop its design and business model for The Operating Room for the 21st OR21, “OR21 OR21 not two All significant intercompany accounts and transactions have been eliminated in consolidation. In 2021, 19 2020. not 2020. twelve December 31, 2021, 19, 2021 19 19 may may For the three March 31, 2022 two first fourth 2021, 19, 2021 three March 31, 2022 Accounting pronouncements issued and not yet adopted - January 2021, 2021 01 848 2021 01” 2021 01 2021 01 March 12, 2020, 2021 01 may 3 Based on the guidance provided in accordance with ASC 280 Segment Reporting 280” March 31, 2022 two The revenues and profit or loss, allocations for the Company's two reportable segments as of March 31, 2022 March 31, 2022 March 31, 2021 Revenues Domestic $ 4,141,000 $ 3,699,000 Foreign 706,000 665,000 Total $ 4,847,000 $ 4,364,000 Profit or (loss) Domestic $ 276,000 $ 73,000 Foreign (7,000 ) (44,000 ) Total $ 269,000 $ 29,000 |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 2. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation for Gamma Knife units and other equipment is determined using the straight-line method over the estimated useful lives of the assets, which for medical and office equipment is generally 3 – 10 years, and after accounting for salvage value on the equipment where indicated. As of April 1, 2021, nine three March 31, 2022 Depreciation for PBRT equipment is determined using the modified units of production method, which is a function of both time and usage of the equipment. This depreciation method allocates costs considering the projected volume of usage through the useful life of the PBRT unit, which has been estimated at 20 years. The estimated useful life of the PBRT unit is consistent with the estimated economic life of 20 years. The following table summarizes property and equipment as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Medical equipment and facilities $ 73,434,000 $ 73,388,000 Office equipment 463,000 472,000 Construction in progress 88,000 91,000 73,985,000 73,951,000 Accumulated depreciation (46,975,000 ) (45,697,000 ) Net property and equipment $ 27,010,000 $ 28,254,000 As of March 31, 2022 |
Note 3 - Long-Term Debt Financi
Note 3 - Long-Term Debt Financing | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 3. Long-Term Debt Financing On April 9, 2021 five three first two two second 2021, second third five As of December 31, 2021, no 1 3 6 12 2023. one five The Credit Agreement contains customary covenants and representations, including without limitation, a minimum fixed charge coverage ratio of 1.25 and maximum funded debt to EBITDA ratio of 3.0 to 1.0 twelve March 31, 2022 The loan entered into with United States International Development Finance Corporation (“DFC”) in connection with the acquisition of GKCE in June 2020 ( 29 3.67%. March 31, 2022 As of March 31, 2022 March 31, 2022 $276,000: Year ending December 31, Principal 2022 (excluding the three-months ended March 31, 2022) $ 1,103,000 2023 1,719,000 2024 2,094,000 2025 2,469,000 2026 8,094,000 Thereafter 164,000 $ 15,643,000 |
Note 4 - Other Accrued Liabilit
Note 4 - Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | Note 4. Other Accrued Liabilities Other accrued liabilities consist of the following as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Equipment maintenance and upgrades $ 502,000 $ 1,281,000 Insurance 227,000 340,000 Professional services 188,000 90,000 Operating costs 384,000 397,000 Other 334,000 311,000 Total other accrued liabilities $ 1,635,000 $ 2,419,000 |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 5. Leases The Company determines if a contract is a lease at inception. Under ASC 842 Leases 842” 842 not 842 842 not The Company’s Gamma Knife and PBRT contracts with hospitals are classified as operating leases under ASC 842. not not On November 3, 2021, 410, August 2023. 601 1112, November 2024. 842 December 1, 2021, 842 360 360” December 1, 2021. The Company’s lessee operating leases are accounted for as right-of-use (“ROU”) assets, other current liabilities, and lease liabilities on the condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company’s operating lease contracts do not March 31, 2022 The following table summarizes maturities of lessee operating lease liabilities as of March 31, 2022 Year ending December 31, Operating Leases 2022 (excluding the three-months ended March 31, 2022) $ 306,000 2023 302,000 2024 58,000 Total lease payments 666,000 Less imputed interest (29,000 ) Total $ 637,000 |
Note 6 - Per Share Amounts
Note 6 - Per Share Amounts | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6. Per Share Amounts Per share information has been computed based on the weighted average number of common shares and dilutive common share equivalents outstanding. The computation for the three March 31, 2022 2021 The following table sets forth the computation of basic and diluted earnings per share for the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Net income attributable to American Shared Hospital Services $ 269,000 $ 29,000 Weighted average common shares for basic earnings per share 6,201,000 6,254,000 Diluted effect of stock options and restricted stock awards 98,000 68,000 Weighted average common shares for diluted earnings per share 6,299,000 6,322,000 Basic earnings per share $ 0.04 $ 0.00 Diluted earnings per share $ 0.04 $ 0.00 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 7. Stock-based Compensation In June 2021, five February 22, 2027. No Stock-based compensation expense associated with the Company’s stock options to employees is calculated using the Black-Scholes valuation model. The Company’s stock awards have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimates. The estimated fair value of the Company’s option grants is estimated using assumptions for expected life, volatility, dividend yield, and risk-free interest rate which are specific to each award. The estimated fair value of the Company’s options is expensed over the period during which an employee is required to provide service in exchange for the award (requisite service period), usually the vesting period. Accordingly, stock-based compensation cost before income tax effect for the Company’s options and restricted stock awards in the amo unt of $87,000 and $107,000 i three March 31, 2022 2021 March 31, 2022 $9,000 o three The following table summarizes stock option activity for the three March 31, 2022 2021 Stock Options Grant Date Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Intrinsic Value Outstanding at January 1, 2022 67,000 $ 2.72 3.33 $ - Outstanding at March 31, 2022 67,000 $ 2.72 3.09 $ 4,000 Exercisable at March 31, 2022 59,000 $ 2.72 2.77 $ - Outstanding at January 1, 2021 417,000 $ 2.79 1.61 $ 2,000 Outstanding at March 31, 2021 417,000 $ 2.79 1.36 $ 19,000 Exercisable at March 31, 2021 407,000 $ 2.80 1.27 $ - |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8. Income Taxes The Company generally calculates its effective income tax rate at the end of an interim period using an estimate of the annualized effective income tax rate expected to be applicable for the full fiscal year. However, when a reliable estimate of the annualized effective income tax rate cannot be made, the Company computes its provision for income taxes using the actual effective income tax rate for the results of operations reported within the year-to-date periods. The Company’s effective income tax rate is highly influenced by relative income or losses reported and the amount of the nondeductible stock-based compensation associated with grants of its common stock options and from the results of foreign operations. A small change in estimated annual pretax income can produce a significant variance in the annualized effective income tax rate given the expected amount of these items. As a result, the Company has computed its provision for income taxes for the three March 31, 2022 2021 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9. Subsequent Events On April 27, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for the fair presentation of American Shared Hospital Services’ consolidated financial position as of March 31, 2022 three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 not December 31, 2021 These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 10 These condensed consolidated financial statements include the accounts of American Shared Hospital Services and its subsidiaries (the “Company”) as follows: the Company wholly-owns the subsidiaries American Shared Radiosurgery Services (“ASRS”), PBRT Orlando, LLC (“Orlando”), OR21, June 2020. The Company (through ASRS) and Elekta AB, the manufacturer of the Gamma Knife (through its wholly-owned United States subsidiary, GKV Investments, Inc.), entered into an operating agreement and formed GKF. As of March 31, 2022 two The Company formed the subsidiaries GKPeru and acquired GKCE for the purposes of expanding its business internationally; Orlando and LBE to provide PBRT equipment and services in Orlando, Florida and Long Beach, California, respectively; and AGKE and JGKE to provide Gamma Knife equipment and services in Albuquerque, New Mexico and Jacksonville, Florida, respectively. LBE is not two The Company continues to develop its design and business model for The Operating Room for the 21st OR21, “OR21 OR21 not two All significant intercompany accounts and transactions have been eliminated in consolidation. In 2021, 19 2020. not 2020. twelve December 31, 2021, 19, 2021 19 19 may may For the three March 31, 2022 two first fourth 2021, 19, 2021 three March 31, 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting pronouncements issued and not yet adopted - January 2021, 2021 01 848 2021 01” 2021 01 2021 01 March 12, 2020, 2021 01 may 3 Based on the guidance provided in accordance with ASC 280 Segment Reporting 280” March 31, 2022 two The revenues and profit or loss, allocations for the Company's two reportable segments as of March 31, 2022 March 31, 2022 March 31, 2021 Revenues Domestic $ 4,141,000 $ 3,699,000 Foreign 706,000 665,000 Total $ 4,847,000 $ 4,364,000 Profit or (loss) Domestic $ 276,000 $ 73,000 Foreign (7,000 ) (44,000 ) Total $ 269,000 $ 29,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | March 31, 2022 March 31, 2021 Revenues Domestic $ 4,141,000 $ 3,699,000 Foreign 706,000 665,000 Total $ 4,847,000 $ 4,364,000 Profit or (loss) Domestic $ 276,000 $ 73,000 Foreign (7,000 ) (44,000 ) Total $ 269,000 $ 29,000 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Medical equipment and facilities $ 73,434,000 $ 73,388,000 Office equipment 463,000 472,000 Construction in progress 88,000 91,000 73,985,000 73,951,000 Accumulated depreciation (46,975,000 ) (45,697,000 ) Net property and equipment $ 27,010,000 $ 28,254,000 |
Note 3 - Long-Term Debt Finan_2
Note 3 - Long-Term Debt Financing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year ending December 31, Principal 2022 (excluding the three-months ended March 31, 2022) $ 1,103,000 2023 1,719,000 2024 2,094,000 2025 2,469,000 2026 8,094,000 Thereafter 164,000 $ 15,643,000 |
Note 4 - Other Accrued Liabil_2
Note 4 - Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Other Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Equipment maintenance and upgrades $ 502,000 $ 1,281,000 Insurance 227,000 340,000 Professional services 188,000 90,000 Operating costs 384,000 397,000 Other 334,000 311,000 Total other accrued liabilities $ 1,635,000 $ 2,419,000 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Operating Leases 2022 (excluding the three-months ended March 31, 2022) $ 306,000 2023 302,000 2024 58,000 Total lease payments 666,000 Less imputed interest (29,000 ) Total $ 637,000 |
Note 6 - Per Share Amounts (Tab
Note 6 - Per Share Amounts (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Net income attributable to American Shared Hospital Services $ 269,000 $ 29,000 Weighted average common shares for basic earnings per share 6,201,000 6,254,000 Diluted effect of stock options and restricted stock awards 98,000 68,000 Weighted average common shares for diluted earnings per share 6,299,000 6,322,000 Basic earnings per share $ 0.04 $ 0.00 Diluted earnings per share $ 0.04 $ 0.00 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Grant Date Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Intrinsic Value Outstanding at January 1, 2022 67,000 $ 2.72 3.33 $ - Outstanding at March 31, 2022 67,000 $ 2.72 3.09 $ 4,000 Exercisable at March 31, 2022 59,000 $ 2.72 2.77 $ - Outstanding at January 1, 2021 417,000 $ 2.79 1.61 $ 2,000 Outstanding at March 31, 2021 417,000 $ 2.79 1.36 $ 19,000 Exercisable at March 31, 2021 407,000 $ 2.80 1.27 $ - |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Increase (Decrease) in Procedure Volumes, Percentage | 2.00% |
Number of Reportable Segments | 2 |
OR21, LLC [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Architectural Design Company [Member] | OR21, LLC [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Gamma Knife Center Ecuador S.A. (GKCE) [Member] | Gamma Knife Units [Member] | |
Number of Medical Centers | 12 |
Gamma Knife and PBRT Equipment [Member] | |
Number of Medical Centers | 13 |
Lima, Peru and Guayaquil, Ecuador [Member] | |
Number of Single-unit Facilities | 2 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Revenues and Profit (Loss) Allocations to Reportable Segments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 4,847,000 | $ 4,364,000 |
Net Income (Loss) Attributable to Parent, Total | 269,000 | 29,000 |
Domestic Segment [Member] | ||
Revenues | 4,141,000 | 3,699,000 |
Net Income (Loss) Attributable to Parent, Total | 276,000 | 73,000 |
Foreign Segment [Member] | ||
Revenues | 706,000 | 665,000 |
Net Income (Loss) Attributable to Parent, Total | $ (7,000) | $ (44,000) |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ 269,000 | $ 29,000 |
Earnings Per Share, Diluted, Total (in dollars per share) | $ 0.04 | $ 0 |
Non-US [Member] | ||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization, Total | $ 2,570,000 | |
Salvage Value [Member] | ||
Net Income (Loss) Attributable to Parent, Total | $ 114,000 | |
Earnings Per Share, Diluted, Total (in dollars per share) | $ 0.02 | |
Medical and Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Medical and Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
PBRT Equipment [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 73,985,000 | $ 73,951,000 |
Accumulated depreciation and amortization | (46,975,000) | (45,697,000) |
Net property and equipment | 27,010,000 | 28,254,000 |
Medical Equipment and Facilities [Member] | ||
Property and equipment, gross | 73,434,000 | 73,388,000 |
Office Equipment [Member] | ||
Property and equipment, gross | 463,000 | 472,000 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 88,000 | $ 91,000 |
Note 3 - Long-Term Debt Finan_3
Note 3 - Long-Term Debt Financing (Details Textual) | Apr. 09, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021 | Dec. 31, 2022 |
Finance Lease, Principal Payments | $ 0 | $ 638,000 | |||
Long-Term Debt, Total | 15,367,000 | ||||
Debt Issuance Costs, Net, Total | $ 276,000 | ||||
Gamma Knife Debt and Finance Leases [Member] | |||||
Short-term Debt, Refinanced, Amount | $ 6,774,000 | ||||
The Credit Agreement [Member] | Fifth Third Bank, N.A. [Member] | |||||
Debt Instrument, Term (Year) | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000,000 | ||||
Number of Debt Instruments | 3 | ||||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.25 | ||||
Debt Instrument, Covenant, Maximum Funded Debt to EDITDA Ratio | 3 | ||||
The Credit Agreement, First Loan and Second Loan Facility [Member] | Fifth Third Bank, N.A. [Member] | |||||
Debt Instrument, Face Amount | $ 9,500,000 | ||||
The Credit Agreement, First Loan and Second Loan Facility [Member] | Fifth Third Bank, N.A. [Member] | Forecast [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 48.00% | ||||
The Credit Agreement, First Loan Facility [Member] | Fifth Third Bank, N.A. [Member] | |||||
Finance Lease, Principal Payments | $ 1,665,000 | ||||
Cash, Ending Balance | 1,061,000 | ||||
The Credit Agreement, Second Loan Facility [Member] | Fifth Third Bank, N.A. [Member] | |||||
Debt Instrument, Face Amount | 5,500,000 | ||||
Finance Lease, Principal Payments | $ 5,026,000 | ||||
The Credit Agreement, Third Loan Facility [Member] | Fifth Third Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument, Term (Year) | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000,000 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
The Credit Agreement, Third Loan Facility [Member] | Fifth Third Bank, N.A. [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Note 3 - Long-Term Debt Finan_4
Note 3 - Long-Term Debt Financing - Long-term Debt Maturities (Details) | Mar. 31, 2022USD ($) |
2022 (excluding the three-months ended March 31, 2022) | $ 1,103,000 |
2023 | 1,719,000 |
2024 | 2,094,000 |
2025 | 2,469,000 |
2026 | 8,094,000 |
Thereafter | 164,000 |
Long-Term Debt, Gross | $ 15,643,000 |
Note 4 - Other Accrued Liabil_3
Note 4 - Other Accrued Liabilities - Other Accrued Liabilities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Equipment maintenance and upgrades | $ 502,000 | $ 1,281,000 |
Insurance | 227,000 | 340,000 |
Professional services | 188,000 | 90,000 |
Operating costs | 384,000 | 397,000 |
Other | 334,000 | 311,000 |
Total other accrued liabilities | $ 1,635,000 | $ 2,419,000 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Nov. 03, 2021USD ($)ft² | Dec. 01, 2021USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Operating Lease, Right-of-Use Asset | $ 571,000 | $ 654,000 | ||
Operating Lease, Liability, Total | $ 637,000 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Discount Rate | 4.00% | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Discount Rate | 6.00% | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years | |||
Sublease Office in San Francisco, California [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 3,253 | |||
Operating Lease, Monthly Expense | $ 21,370 | |||
Lessee, Operating Sublease, Monthly Income | $ 15,723 | |||
Operating Lease, Impairment Loss | $ 77,000 | |||
Lease Agreement for New Corporate Office [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 900 | |||
Operating Lease, Monthly Expense | $ 4,425 | |||
Operating Lease, Right-of-Use Asset | $ 151,000 |
Note 5 - Leases - Summary of Ma
Note 5 - Leases - Summary of Maturities of Lessee Operating Lease Liabilities (Details) | Mar. 31, 2022USD ($) |
2022 (excluding the three-months ended March 31, 2022) | $ 306,000 |
2023 | 302,000 |
2024 | 58,000 |
Total lease payments | 666,000 |
Less imputed interest | (29,000) |
Total | $ 637,000 |
Note 6 - Per Share Amounts (Det
Note 6 - Per Share Amounts (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 50,000 | 370,000 |
Note 6 - Per Share Amounts - Co
Note 6 - Per Share Amounts - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income attributable to American Shared Hospital Services | $ 269,000 | $ 29,000 |
Weighted average common shares for basic earnings per share (in shares) | 6,201,000 | 6,254,000 |
Diluted effect of stock options and restricted stock awards (in shares) | 98,000 | 68,000 |
Weighted average common shares for diluted earnings per share (in shares) | 6,299,000 | 6,322,000 |
Basic earnings per share (in dollars per share) | $ 0.04 | $ 0 |
Diluted earnings per share (in dollars per share) | $ 0.04 | $ 0 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - Incentive Compensation Plan [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,580,000 | ||
Share-Based Payment Arrangement, Expense | $ 87,000 | $ 107,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9,000 |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding (in shares) | 67,000 | 417,000 | 417,000 | |
Outstanding, grant date weighted-average exercise price (in dollars per share) | $ 2.72 | $ 2.79 | $ 2.79 | |
Outstanding, weighted average remaining contractual life (Year) | 1 year 4 months 9 days | 3 years 3 months 29 days | 1 year 7 months 9 days | |
Outstanding, intrinsic value | $ 19,000 | $ 2,000 | ||
Exercisable (in shares) | 59,000 | 407,000 | ||
Exercisable, grant date weighted-average exercise price (in dollars per share) | $ 2.72 | $ 2.80 | ||
Exercisable, weighted average remaining contractual life (Year) | 1 year 3 months 7 days | |||
Outstanding (in shares) | 67,000 | 417,000 | 67,000 | 417,000 |
Outstanding, grant date weighted-average exercise price (in dollars per share) | $ 2.72 | $ 2.79 | $ 2.72 | $ 2.79 |
Minimum [Member] | ||||
Outstanding, weighted average remaining contractual life (Year) | 3 years 1 month 2 days | |||
Exercisable, weighted average remaining contractual life (Year) | 2 years 9 months 7 days | |||
Maximum [Member] | ||||
Outstanding, intrinsic value | $ 4,000 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Newco [Member] | Apr. 27, 2022 |
Equity Method Investment, Ownership Percentage | 85.00% |
Guadalupe [Member] | |
Equity Method Investment, Ownership Percentage | 15.00% |