Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Document Transition Report | false |
Entity File Number | 0-15586 |
Entity Registrant Name | U.S. NeuroSurgical Holdings, Inc. |
Entity Central Index Key | 0001089815 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 47-5370333 |
Entity Address, Address Line One | 2400 Research Blvd, Suite 325 |
Entity Address, City or Town | Rockville |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20850 |
City Area Code | 301 |
Local Phone Number | 208-8998 |
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 | 7,792,185 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,567,000 | $ 2,030,000 |
Accounts receivable | 0 | 346,000 |
Investment in sales-type sublease - current | 0 | 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 |
Current liabilities: | ||
Obligations under finance lease - current portion | 0 | 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 $.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 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 7,792,185 | 7,792,185 |
Common stock, shares outstanding (in shares) | 7,792,185 | 7,792,185 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Revenue | $ 0 | $ 662,000 | $ 1,061,000 | $ 2,005,000 |
Costs and expenses: | ||||
Patient expenses | 0 | 81,000 | 86,000 | 276,000 |
Selling, general and administrative | 268,000 | 297,000 | 815,000 | 941,000 |
Total | 268,000 | 378,000 | 901,000 | 1,217,000 |
Operating (deficit) income | (268,000) | 284,000 | 160,000 | 788,000 |
Interest expense | 0 | (5,000) | (3,000) | (24,000) |
Interest income - sales-type sublease | 0 | 16,000 | 8,000 | 60,000 |
Other income | 9,000 | 0 | 9,000 | 0 |
Loss from investments in unconsolidated entities, net | (77,000) | (56,000) | (350,000) | (292,000) |
(Loss) income before income taxes | (336,000) | 239,000 | (176,000) | 532,000 |
Provision for income taxes | (8,000) | (75,000) | (202,000) | (148,000) |
Net (loss) income | $ (344,000) | $ 164,000 | $ (378,000) | $ 384,000 |
Basic net (loss) income per share (in dollars per share) | $ (0.04) | $ 0.02 | $ (0.05) | $ 0.05 |
Diluted net (loss) income per share (in dollars per share) | $ (0.04) | $ 0.02 | $ (0.05) | $ 0.05 |
Weighted average common shares outstanding (in shares) | 7,792,185 | 7,792,185 | 7,792,185 | 7,792,185 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||
Net (loss) income | $ (344,000) | $ 164,000 | $ (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 | 0 | 63,000 | |||
Deferred income taxes | 86,000 | (109,000) | |||
Changes in: | |||||
Accounts receivable | 346,000 | 11,000 | |||
Income taxes payable | 0 | (148,000) | |||
Other current assets | 32,000 | 8,000 | |||
Accounts payable and accrued expenses | 10,000 | (47,000) | |||
Deferred revenue | 0 | 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 | 0 | (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 | $ 1,335,000 | ||
Cash and cash equivalents - end of period | $ 2,567,000 | $ 1,500,000 | 2,567,000 | 1,500,000 | $ 2,030,000 |
Cash paid for: | |||||
Interest | 3,000 | 22,000 | |||
Income taxes | $ 158,000 | $ 407,000 |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Preparation [Abstract] | |
Basis of Preparation | Note A - Basis of Preparation The accompanying Condensed Consolidated Financial Statements of U.S. NeuroSurgical Holdings, Inc. and Subsidiaries (the “Company”) as of September 30, 2021, and 2020, are unaudited. However, in the opinion of management, such statements include all adjustments necessary for a fair statement of the information presented therein. The Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Financial Statements at that date appearing in the Company’s Annual Report on Form 10-K. Pursuant to accounting requirements of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, the accompanying Condensed Consolidated Financial Statements and notes do not include all disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. Accordingly, these statements should be read in conjunction with the Company’s most recent annual Consolidated Financial Statements. Consolidated results of operations for interim periods are not necessarily indicative of those to be achieved for full fiscal years. The only change to the Company’s equity in the nine months ended September 30, 2021 and 2020 was net income or loss for the periods. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”), amending existing revenue recognition guidance and requiring more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Topic 606 defines a five-step process to accomplish this objective, including identifying the contract with the customer and the performance obligations within the contract, determining the transaction price including estimates of any variable consideration, allocating the transaction price to each separate performance obligation, and recognizing revenue as the company satisfies the performance obligation. We adopted the provisions of Topic 606 as of January 1, 2018, on a modified retrospective basis and applied it to the Company’s sole contract at the date of adoption. We concluded that the impact to the manner in which we recognize revenue is immaterial. Our revenue is primarily generated from a leasing arrangement with New York University (“NYU”), which is not within the scope of Topic 606, and from the sale of maintenance services with a single performance obligation, under which revenue is recognized in a similar manner as compared to the method under the prior revenue standards. The Company recognizes maintenance income ratably over time as patient procedures are performed. Prior to October 2018, the Company’s agreement with NYU primarily consisted of an operating lease, and the associated patient revenue from the use of the gamma knife was primarily operating lease income. In October 2018, the agreement was reevaluated to be a sales-type sublease between the Company, the lessor, and NYU, the lessee. The present value of all fixed future minimum lease payments payable by NYU to the Company were recorded as an investment in sublease effective October 1, 2018. The patient revenue under the tiered schedule was considered contingent income and had been recognized on a systematic basis using an average fee per procedure. We adopted the provisions of ASU 2016-02, Leases (“Topic 842”), as amended, as of January 1, 2019. The adoption of Topic 842 had a material impact on the Company’s Consolidated Balance Sheets due to the recognition of certain right-of-use (“ROU”) assets and lease liabilities. Although a significant amount of our revenue is now accounted for under Topic 842, this guidance did not have a material impact on our Consolidated Statements of Operations or Cash Flows. Because of the transition method we used to adopt Topic 842, Topic 842 will not be applied to periods prior to adoption and the adoption of Topic 842 had no impact on our previously reported results, or on opening equity at January 1, 2019. The tables below present financial information associated with our leases. 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 % |
Gamma Knife at NYU Medical Cent
Gamma Knife at NYU Medical Center | 9 Months Ended |
Sep. 30, 2021 | |
Gamma Knife at NYU Medical Center [Abstract] | |
Gamma Knife at NYU Medical Center | Note B – Gamma Knife at NYU Medical Center U.S. NeuroSurgical, Inc. (“USN”), a wholly-owned subsidiary of U.S. NeuroSurgical Holdings, Inc., opened a New York gamma knife treatment center in July 1997 on the campus of New York University (“NYU”) Medical Center. The Company’s contract with NYU, its only customer, ended in March 2021. Upon termination of the NYU contract, the Company recognized a gain of $100,000 relating to previously accrued expenses. This gain was included as a reduction in selling, general and administrative expense in the quarter ended March 31, 2021. The Company is actively seeking new business ventures and believes that its cash reserves, which approximate $2.6 million at September 30, 2021, will allow the Company the opportunity do so. Such plans include possible new operations or extensions of its activities in Florida and California, where it has established working relationships with physician groups, hospitals and other organizations. In addition to these activities, the Company has been exploring possible combinations with other existing businesses that would create a larger operating entity that would better justify the expenses involved in continuing as an independent publicly traded company. |
The Southern California Regiona
The Southern California Regional Gamma Knife Center | 9 Months Ended |
Sep. 30, 2021 | |
The Southern California Regional Gamma Knife Center [Abstract] | |
The Southern California Regional Gamma Knife Center | Note C – The Southern California Regional Gamma Knife Center During 2007, the Company, through a noncontrolling interest in joint ventures, managed the formation of the Southern California Regional Gamma Knife Center at San Antonio Regional Hospital (“SARH”) in Upland, California. Corona Gamma Knife, LLC (“CGK”) is party to a 14-year agreement with SARH to renovate space in the hospital and install and operate a Leksell PERFEXION gamma knife. CGK leases the gamma knife from NeuroPartners LLC, which holds the gamma knife equipment. In addition to returns on its ownership interests, USNC expects to receive fees for management services relating to the facility. USNC is a 20% owner of NeuroPartners LLC and owns 39% of CGK. USNC was a 20% guarantor on NeuroPartners LLC’s seven-year lease with respect to the gamma knife equipment and certain leasehold improvements at SARH. In February 2016, NeuroPartners LLC negotiated a new five-year lease to fund the reloading of cobalt and related construction services. The new lease of $1,663,000 included a balance of $668,000 from the prior lease obligations. This new lease was payable over 60 months. The first payment of $31,000 was paid in April 2016 and the final payment was paid in March 2021. Construction of the SARH gamma knife center was completed in December 2008 and the first patient was treated in January 2009. The project has been funded principally by outside investors. While the Company, through its joint ventures, has led the effort in organizing the business and overseeing the development and operation of the SARH center, its investment to date in the SARH center has been minimal. At September 30, 2021 and December 31, 2020, the Company’s combined recorded investment of NeuroPartners LLC and CGK was $4,000 and $26,000, respectively. For the nine months ended September 30, 2021, the Company’s combined equity in loss of NeuroPartners LLC and CGK was $22,000 compared to combined equity in earnings of $134,000 for the nine months ended September 30, 2020. At September 30, 2021 and December 31, 2020, amounts due from related parties was $0 and $9,000, respectively. The following tables present the aggregation of summarized financial information of NeuroPartners LLC and CGK: NeuroPartners LLC and CGK Condensed Combined Income Statement Information 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 NeuroPartners LLC and CGK Condensed Combined Balance Sheet Information 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 |
Florida Oncology Partners
Florida Oncology Partners | 9 Months Ended |
Sep. 30, 2021 | |
Florida Oncology Partners [Abstract] | |
Florida Oncology Partners | Note D – Florida Oncology Partners During 2010, through the formation of a joint venture, in which it has a noncontrolling interest, the Company expanded its market strategy to include opportunities to develop cancer centers featuring radiation therapy. These centers utilize linear accelerators with Intensity Modulated Radiation Therapy (“IMRT”) and Image Guided Radiation Therapy (“IGRT”) capabilities. In 2010, the Company formed Florida Oncology Partners, LLC (“FOP”) in partnership with local physicians and other investors. USNC owns a 24% interest in the venture. FOP’s first center was located in Miami, Florida and opened in the second quarter of 2011. During 2011, FOP entered into a seven-year capital lease with Key Bank for $5,800,000. Under the terms of the capital lease, USN agreed to guarantee a maximum of $1,433,000, approximately 25% of the original lease obligation in the event of default. USN was a guarantor jointly with most of the other members of FOP. The guarantee was eliminated upon repayment of the outstanding lease balance in May 2018. In December 2015, FOP entered into an agreement with 21st Century Oncology for the sale of FOP’s Varian Rapid Arc linear accelerator and other medical equipment at the FOP location. 21st Century Oncology paid FOP $1,000,000 as a down payment for the equipment and agreed to make monthly payments of $172,000 for the equipment and all monthly payments due under the equipment lease with Key Bank. As of this date, 21st Century Oncology has not satisfied all of the terms of the agreement. In May 2017, 21st Century Oncology filed for Chapter 11 bankruptcy protection and FOP was listed as an unsecured creditor. As a result, since June 2017, FOP has not received the agreed rental payments beyond the monthly payments for the equipment lease. As noted above, the equipment lease was repaid in May 2018 and title to the equipment was transferred to 21st Century Oncology. In December 2018, FOP was awarded 10,820 shares of 21st Century Oncology Holdings Inc. common stock as part of the bankruptcy proceedings. The title to these shares was transferred to USNC during 2020. The market value of these shares is unclear at this time as there is no readily available market for them, and accordingly, no value has been recorded for these shares at September 30, 2021 by USNC. During the year ended December 31, 2020, FOP received a payment of approximately $158,000 from 21st Century Oncology. FOP used these funds to repay $155,000 of previous advances from USNC. FOP will continue to monitor the impact of 21st Century Oncology’s bankruptcy and pursue amounts that it is owed. However, there can be no assurance that FOP will be successful in these efforts. Late in 2016, FOP took initial steps toward the development of a new radiation therapy center in Homestead, Florida. In December 2016, FOP entered into a ten-year lease agreement for office space located at 20405 Old Cutler Towne Center. FOP had to deliver an $88,000 letter of credit in conjunction with this office lease which collateral is being held in a restricted certificate of deposit. FOP began incurring architecture costs for planning/refitting the new space. During the first half of 2017, a financing agreement with BB&T Bank for the medical equipment and leasehold improvements was negotiated and then signed on August 31, 2017. In November 2017, the amounts for the equipment and leasehold improvements costs were finalized and paid under this financing agreement for a total loan of $4,106,000 to be paid over seven years. Under the terms of the financing agreement, USN agreed to guarantee the amount initially borrowed. USN is the guarantor with several other members of FOP. The outstanding balance on the financing facility was $2,819,000 at September 30, 2021 and $3,066,000 at December 31, 2020. Effective November 15, 2019, FOP transferred this loan, along with the equipment acquired with the loan proceeds, to CB Oncology Partners, LLC (“CBOP”.) The Company expects any potential liability from this guarantee to be reduced by the recoveries of the respective collateral. Late in the third quarter of 2017, it was determined that the business opportunity at this new location should be pursued by a different investor group, and FOP arranged to sell the opportunity to this group. CBOP was organized on September 1, 2017, to acquire the assets and rights in this new center from FOP. In June 2017, FOP entered into an agreement with a third-party owner of a radiation therapy center located in Miami, Florida, whereby FOP took over the operation of the center effective September 22, 2017, for a ten-year initial term, and up to three additional terms of five years each. This agreement was accounted for as a capital lease and, accordingly, FOP recorded assets and capital lease liabilities totaling $14,321,000 at September 22, 2017. The lease required monthly payments in the first year of $160,000, increasing by 2% each year; currently the payment is $170,000. FOP abandoned its operations at this radiation center on June 28, 2019 due to continued losses at the site and lack of success in good faith efforts to renegotiate the agreement after several months of discussion. FOP could be considered in default of the agreement and the third-party owner could pursue action against FOP. Due to the circumstances, FOP derecognized the associated assets and liabilities and calculated a contingent liability equal to the net liabilities derecognized. FOP has not, however, been released from its contractual obligation to the third-party owner. At September 30, 2021, FOP was obligated to make a further $17.6 million of lease payments for the period from July 2019 to September 2027, with no payments made since June 2019. Due to abandoning the operations of the Miami center as well as continued working capital deficits, FOP has filed dissolution papers to permanently cease operations in the state of Florida. In addition, FOP is seeking relief from this obligation due to the millions of dollars of deficit FOP is carrying. The Company’s recorded investment in FOP at September 30, 2021 and December 31, 2020 has been reduced to zero due to losses incurred in prior years. No equity in earnings has been recorded by the Company for the nine months ended September 30, 2021, and 2020, due to FOP’s deficit at September 30, 2021, and September 30, 2020. During the year ended December 31, 2020, the Company wrote off all amounts due from FOP and accrued interest thereon. The Company recorded amounts written off and increases in the allowances as a component of loss from investments in unconsolidated entities and as a deduction in interest income for interest earned. Because of loans made to FOP, FOP is considered a variable interest entity of the Company. However, as the Company is not deemed to be the primary beneficiary of FOP, since it does not have the power to direct the operating activities that most significantly affect FOP’s economic performance, the entity is not consolidated, but certain disclosures are provided herein. The following tables present the summarized financial information of FOP: FOP Condensed Income Statement Information 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 ) FOP Condensed Balance Sheet Information 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 |
Boca Oncology Partners
Boca Oncology Partners | 9 Months Ended |
Sep. 30, 2021 | |
Boca Oncology Partners [Abstract] | |
Boca Oncology Partners | Note E – Boca Oncology Partners During the quarter ended June 30, 2011, the Company, through the formation of a joint venture, in which it had a noncontrolling interest, participated in the formation of Boca Oncology Partners, LLC (“BOP”), for the purpose of owning and operating a cancer center in Boca Raton, Florida. In June 2011, Boca Oncology Partners RE, LLC (“BOPRE”,) an affiliated entity, purchased a 20% interest in Boca West IMP, owner of a medical office building in West Boca, Florida in which BOP operates. BOP occupies 6,000 square feet of the 32,000 square foot building. The Company invested $225,000 initially and had a 22.5% interest in BOP and BOPRE. In February 2014, the Company and other members sold their interests in BOP. In June 2012, BOPRE purchased an additional 3.75% of Boca West IMP from another investor bringing its total interest to 23.75%. BOPRE accounts for this investment under the cost method since it does not exercise significant influence over Boca West, IMP. During the years ended December 31, 2018 and 2017, several investors relinquished part of their ownership interest in BOPRE, and those interests were distributed among the remaining investors in relationship to their percentages owned. As a result, the Company now holds a 21.22% ownership interest in BOPRE, which it accounts for under the equity method. The Company’s recorded investment in BOPRE is $149,000 and $134,000 at September 30, 2021 and December 31, 2020, respectively USNC was a 10% guarantor of 50% of the outstanding balance of Boca West IMP’s ten-year mortgage. This mortgage had an original balance of $3,000,000 and is secured by the medical office building in which BOP operates. In April 2020, the partners of Boca West IMP refinanced the mortgage in order to recover some of the cash that was invested before the building was completely occupied and removed USNC as a guarantor. The following tables present the summarized financial information of BOPRE: BOPRE Condensed Income Statement Information 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 BOPRE Condensed Balance Sheet Information 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 |
Medical Oncology Partners
Medical Oncology Partners | 9 Months Ended |
Sep. 30, 2021 | |
Medical Oncology Partners [Abstract] | |
Medical Oncology Partners | Note F - Medical Oncology Partners In April 2015, Medical Oncology Partners, LLC (“MOP”,) was formed in partnership with local physicians and other investors. MOP was established to acquire a 100% equity interest in United Oncology Medical Associates of Florida, LLC (“UOMA”.) USNC was not a member of MOP at the time of formation as it was not able to participate due to the fact that USNC was not a physician. Nevertheless, USNC wished to eventually obtain an equity interest in MOP and loaned Dr. Jaime Lozano, the principal investor in MOP and a co-investor in FOP, $173,000. Dr. Lozano used these funds, along with an equal amount of his own funds (a total of $345,000), to purchase a 76.67% interest in MOP. Other investors paid a further $105,000 for the remaining equity in MOP. MOP used the $450,000 of financing to acquire a 100% equity interest in UOMA. An application was filed for a waiver to allow USNC to hold an equity interest notwithstanding the physician requirement and on December 22, 2016, USNC was cleared to become a part owner of MOP. Dr. Lozano agreed to exchange half of his membership interest to USNC in settlement of the note to USNC. USNC and Dr. Lozano also agreed to share equally in providing a 5% equity interest in MOP to an additional investor as a consulting fee for services rendered in the administration of MOP and UOMA. At December 22, 2016, USNC owned 35.83% of MOP with an initial carrying value of $161,000. The Company recorded its share of losses of $12,000 for the period from December 22, 2016 to December 31, 2016, against its investment which resulted in a reduction of its equity investment to $149,000. Due to increasing costs, continued net losses since April 2015, and reliance on related party and other debt for operating cash flows, the fair value of UOMA is less than its carrying amount. The Company tested its investment for impairment at December 31, 2016 and determined that the investment was impaired, and an impairment loss was recorded against the entire equity balance in MOP, as well as loans from USN and USNC to MOP and UOMA. For the nine months ended September 30, 2021 and 2020, the Company’s equity in loss of MOP was $100,000 and $373,000, respectively, but was not recorded due to prior losses. During the year ended December 31, 2020, the Company wrote off all remaining amounts due from MOP and UOMA and accrued interest thereon, resulting in a $686,000 loss. Increases in allowances and amounts written off have been recorded as losses from investments in unconsolidated entities. During the nine months ended September 30, 2021, the Company advanced an additional $342,000, all of which has been fully impaired. These allowances and write offs were recorded as losses from investments in unconsolidated entities. Due to loans made to MOP and UOMA, MOP and UOMA are considered to be variable interest entities of the Company. However, as the Company is not deemed to be the primary beneficiary of MOP or UOMA, since it does not have the power to direct the operating activities that most significantly affect MOP’s or UOMA’s economic performance, the entities are not consolidated, but certain disclosures are provided herein. The following table presents the summarized financial information of MOP: MOP Condensed Consolidated Income Statement Information 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 ) MOP Condensed Consolidated Balance Sheet Information 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 |
CB Oncology Partners
CB Oncology Partners | 9 Months Ended |
Sep. 30, 2021 | |
CB Oncology Partners [Abstract] | |
CB Oncology Partners | Note G - CB Oncology Partners CBOP was organized September 1, 2017, to acquire the rights of the new center from FOP. USNC originally had a 24% equity interest in CBOP. Beginning in October of 2017, CBOP began paying the remainder of the costs associated with opening the center. The medical center opened and treated its first patient in January of 2018. Effective November 15, 2019, FOP transferred to, and CBOP assumed, a loan with BB&T bank, that it had entered into in order to finance the purchase of equipment and build out of the new center, as well as the associated property and equipment. In addition, CBOP and BB&T agreed to reduce the monthly loan repayments for the next nine months, and to extend the term of the loan from November 2024 to July 2025. In July 2020 CBOP and BB&T further agreed to reduce the monthly payments for the life of the loan and extended the loan to July of 2027. In June 2020, CBOP made a $500,000 capital call to its members. UNSC converted previously-made advances totaling $121,000 into equity in CBOP to meet its capital requirement, and other members contributed $212,000 in cash. The remaining capital contributions are not expected to be met and, accordingly, the Company’s equity interest in CBOP increased to 28.58% in June 2020. Amounts due from CBOP at September 30, 2021, total $2,165,000 of outstanding principal, less $1,251,000 of allowances, for a net receivable of $914,000 all of which is included in due from related parties on the accompanying Condensed Consolidated Balance Sheet. At December 31, 2020, CBOP owed the Company $2,154,000 of which $1,251,000 had been reserved for a net receivable of $903,000 all of which is included in due from related parties on the accompanying Condensed Consolidated Balance Sheet. These balances accrue interest at 6% per annum. Interest earned by the Company from the amounts owed by CBOP totaled $93,000 and $94,000 for the nine months ended September 30, 2021, and 2020, respectively. At September 30, 2021 and December 31, 2020, total accrued interest was $366,000 and $273,000, respectively, all of which has been fully reserved for. The Company records increases in the allowance, when applicable, as a component of loss from investments in unconsolidated entities and as a deduction in interest income for interest earned. Due to loans made to CBOP, CBOP is considered to be a variable interest entity of the Company. However, as the Company is not deemed to be the primary beneficiary of CBOP, since it does not have the power to direct the operating activities that most significantly affect CBOP’s economic performance, the entity is not consolidated, but certain disclosures are provided herein. The following table presents the summarized financial information of CBOP: CBOP Condensed Income Statement Information 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 ) CBOP Condensed Balance Sheet Information 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 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note H – Income Taxes The Company’s income tax rate, which includes federal and state income taxes, was approximately 115%, for the nine months ended September 30, 2021, and 28% for the nine months ended September 30, 2020. The Company recorded a tax charge of $202,000 and $148,000 for the nine months ended September 30, 2021, and 2020, respectively. The higher income tax expense in 2021 is primarily due to the annualized effect of the NYU contract ending in March 2021, including the catch-up tax effects of a cash basis taxpayer with no operations, and the tax effect of a valuation allowance expected to be necessary for any deferred tax asset at the end of the year |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note I – Subsequent Event Acquisition of Elite Health Plan, Inc Effective October 1, 2021, USN, the Company’s wholly-owned subsidiary, acquired all of the outstanding shares of capital stock of Elite Health Plan, Inc., a California corporation (“Elite Health”) and, in exchange therefor, the former holders of Elite Health were issued newly-issued shares of USN, which following the transaction represent 15% of the outstanding shares of USN. Elite Health currently has no revenue and will not be in a position to generate revenue for an indefinite period while it seeks to obtain a license to operate a Medicare Advantage Plan in California. The plan for the development and growth of Elite Health will require the investment of significant time and financial resources. The success of Elite Health will depend on obtaining all necessary approvals and gaining access to a competent network of providers and enrolling a critical level of subscribers. We are still evaluating the impacts from this transaction to our consolidated financial statements. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Preparation [Abstract] | |
Financial Information Associated with our Leases | The tables below present financial information associated with our leases. 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 | 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 % |
The Southern California Regio_2
The Southern California Regional Gamma Knife Center (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Neuro Partners LLC and CGK [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment Summarized Financial Information | The following tables present the aggregation of summarized financial information of NeuroPartners LLC and CGK: NeuroPartners LLC and CGK Condensed Combined Income Statement Information 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 NeuroPartners LLC and CGK Condensed Combined Balance Sheet Information 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 |
Florida Oncology Partners (Tabl
Florida Oncology Partners (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
FOP [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment Summarized Financial Information | The following tables present the summarized financial information of FOP: FOP Condensed Income Statement Information 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 ) FOP Condensed Balance Sheet Information 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 |
Boca Oncology Partners (Tables)
Boca Oncology Partners (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Boca Oncology Partners RE, LLC ("BOPRE") [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment Summarized Financial Information | The following tables present the summarized financial information of BOPRE: BOPRE Condensed Income Statement Information 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 BOPRE Condensed Balance Sheet Information 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 |
Medical Oncology Partners (Tabl
Medical Oncology Partners (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Medical Oncology Partners LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment Summarized Financial Information | The following table presents the summarized financial information of MOP: MOP Condensed Consolidated Income Statement Information 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 ) MOP Condensed Consolidated Balance Sheet Information 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 |
CB Oncology Partners (Tables)
CB Oncology Partners (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
CB Oncology Partners LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment Summarized Financial Information | The following table presents the summarized financial information of CBOP: CBOP Condensed Income Statement Information 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 ) CBOP Condensed Balance Sheet Information 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 |
Basis of Preparation (Details)
Basis of Preparation (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Current Assets [Abstract] | |||
Investment in sales-type sublease - current | $ 0 | $ 760,000 | $ 532,000 |
Long-term Assets [Abstract] | |||
Investment in sales-type sublease - net of current portion | 0 | 0 | |
Operating lease right-of-use asset | 68,000 | 103,000 | 94,000 |
Total leased assets | 68,000 | 863,000 | |
Current Liabilities [Abstract] | |||
Obligations under finance lease - current portion | 0 | 176,000 | 89,000 |
Operating lease right-of-use liability - current portion | 42,000 | 39,000 | 40,000 |
Long-term Liabilities [Abstract] | |||
Obligations under finance lease - net of current portion | 0 | 0 | |
Operating lease right-of-use liability - net of current portion | 34,000 | 77,000 | $ 66,000 |
Total lease liabilities | 76,000 | 292,000 | |
Lease Cost [Abstract] | |||
Net lease expense | 25,000 | ||
Net lease income | (7,000) | ||
Operating lease [Abstract] | |||
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 | 5.85% | ||
Selling, General and Administrative Expenses [Member] | |||
Lease Cost [Abstract] | |||
Operating lease cost | $ 31,000 | 32,000 | |
Interest Expense [Member] | |||
Lease Cost [Abstract] | |||
Finance lease cost, interest on lease liabilities | 2,000 | 21,000 | |
Interest Income - Sales-type Sublease [Member] | |||
Lease Cost [Abstract] | |||
Sublease income | $ 8,000 | $ 60,000 |
Gamma Knife at NYU Medical Ce_2
Gamma Knife at NYU Medical Center (Details) - NYU [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Gamma Knives at NYU Medical Center [Abstract] | |
Gain on termination of contract | $ 100,000 |
Minimum [Member] | |
Gamma Knives at NYU Medical Center [Abstract] | |
Cash reserves | $ 2,600,000 |
The Southern California Regio_3
The Southern California Regional Gamma Knife Center (Details) | Apr. 01, 2016USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Payment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Feb. 29, 2016USD ($) |
The Southern California Regional Gamma Knife Center [Abstract] | |||||||
Renovation installation and operation agreement period | 14 years | ||||||
Lease payment | $ 89,000 | $ 814,000 | |||||
Condensed Income Statement Information [Abstract] | |||||||
Patient revenue | $ 0 | $ 662,000 | 1,061,000 | 2,005,000 | |||
USNC's equity in (loss) earnings | (77,000) | (56,000) | (350,000) | (292,000) | |||
Condensed Balance Sheet Information [Abstract] | |||||||
Current assets | 2,634,000 | 2,634,000 | $ 3,007,000 | ||||
TOTAL ASSETS | 3,772,000 | 3,772,000 | 4,173,000 | ||||
Current liabilities | 419,000 | 419,000 | 410,000 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,772,000 | 3,772,000 | 4,173,000 | ||||
Neuro Partners LLC and CGK [Member] | |||||||
The Southern California Regional Gamma Knife Center [Abstract] | |||||||
Recorded amount of equity method income | 4,000 | 26,000 | |||||
Neuro Partners LLC and CGK [Member] | Investment in Unconsolidated Entity [Member] | |||||||
Condensed Income Statement Information [Abstract] | |||||||
Patient revenue | 127,000 | 274,000 | 463,000 | 944,000 | |||
Net income (loss) | (15,000) | 70,000 | 12,000 | 402,000 | |||
USNC's equity in (loss) earnings | (15,000) | $ 23,000 | (22,000) | $ 134,000 | |||
Condensed Balance Sheet Information [Abstract] | |||||||
Current assets | 262,000 | 262,000 | 121,000 | ||||
Noncurrent assets | 358,000 | 358,000 | 551,000 | ||||
TOTAL ASSETS | 620,000 | 620,000 | 672,000 | ||||
Current liabilities | 570,000 | 570,000 | 634,000 | ||||
Equity | 50,000 | 50,000 | 38,000 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 620,000 | $ 620,000 | 672,000 | ||||
Neuro Partners LLC [Member] | |||||||
The Southern California Regional Gamma Knife Center [Abstract] | |||||||
Ownership percentage | 20.00% | 20.00% | |||||
Neuro Partners LLC [Member] | Lease One [Member] | |||||||
The Southern California Regional Gamma Knife Center [Abstract] | |||||||
Share of guarantee in lease obligations | 20.00% | ||||||
Lease term | 7 years | 7 years | |||||
Lease obligation | $ 668,000 | ||||||
Neuro Partners LLC [Member] | Lease Two [Member] | |||||||
The Southern California Regional Gamma Knife Center [Abstract] | |||||||
Lease term | 5 years | 5 years | |||||
Lease obligation | $ 1,663,000 | ||||||
Number of lease payments | Payment | 60 | ||||||
Lease payment | $ 31,000 | ||||||
CGK [Member] | |||||||
The Southern California Regional Gamma Knife Center [Abstract] | |||||||
Ownership percentage | 39.00% | 39.00% | |||||
Due from related parties | $ 0 | $ 0 | $ 9,000 |
Florida Oncology Partners (Deta
Florida Oncology Partners (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Term | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011USD ($) | Nov. 30, 2017USD ($) | Sep. 22, 2017USD ($) | |
Florida Oncology Partners [Abstract] | ||||||||||
Down payment of capital leases | $ 89,000 | $ 814,000 | ||||||||
Recorded distribution | 0 | 63,000 | ||||||||
Investments in unconsolidated entities | $ 152,000 | 152,000 | $ 160,000 | |||||||
Condensed Income Statement Information [Abstract] | ||||||||||
Income | 7,000 | |||||||||
USNC's equity in (loss) earnings | (77,000) | $ (56,000) | (350,000) | (292,000) | ||||||
Condensed Balance Sheet Information [Abstract] | ||||||||||
Current assets | 2,634,000 | 2,634,000 | 3,007,000 | |||||||
TOTAL ASSETS | 3,772,000 | 3,772,000 | 4,173,000 | |||||||
Current liabilities | 419,000 | 419,000 | 410,000 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,772,000 | $ 3,772,000 | 4,173,000 | |||||||
FOP [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Lease term | 7 years | 7 years | ||||||||
Lease obligation | $ 17,600,000 | $ 17,600,000 | $ 5,800,000 | |||||||
Percentage of guarantee obligations | 25.00% | |||||||||
Down payment of capital leases | $ 1,000,000 | |||||||||
Monthly payments for capital leases | $ 172,000 | |||||||||
Common stock awarded as a part of bankruptcy proceedings (in shares) | shares | 10,820 | |||||||||
Recorded distribution | 0 | 0 | ||||||||
Amount received | 155,000 | |||||||||
Lease payments | 0 | |||||||||
Investments in unconsolidated entities | $ 0 | 0 | $ 0 | 0 | ||||||
FOP [Member] | Maximum [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Amount of guarantee obligation | $ 1,433,000 | |||||||||
FOP [Member] | Office Space [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Lease term | 10 years | 10 years | ||||||||
Loan amount | $ 4,106,000 | |||||||||
Debt maturity period | 7 years | |||||||||
Outstanding Loan | $ 2,819,000 | $ 2,819,000 | 3,066,000 | |||||||
FOP [Member] | Radiation Therapy Center [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Lease term | 10 years | 10 years | ||||||||
Lease obligation | $ 14,321,000 | |||||||||
Monthly payments for capital leases | $ 160,000 | $ 170,000 | $ 170,000 | |||||||
Maximum number of additional terms extended | Term | 3 | |||||||||
Extension of agreement | 5 years | |||||||||
Percentage of increase of monthly payments each year | 2.00% | |||||||||
FOP [Member] | Letter of Credit [Member] | Office Space [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Letter of credit, amount | $ 88,000 | $ 88,000 | ||||||||
FOP [Member] | USNC [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Ownership percentage | 24.00% | 24.00% | ||||||||
FOP [Member] | Investment in Unconsolidated Entity [Member] | ||||||||||
Condensed Income Statement Information [Abstract] | ||||||||||
Income | $ 0 | 0 | $ 0 | 0 | ||||||
Net loss | (44,000) | (44,000) | (133,000) | (7,000) | ||||||
USNC's equity in (loss) earnings | (9,000) | $ (11,000) | (30,000) | $ (2,000) | ||||||
Condensed Balance Sheet Information [Abstract] | ||||||||||
Current assets | 5,000 | 5,000 | 7,000 | |||||||
Noncurrent assets | 1,001,000 | 1,001,000 | 1,091,000 | |||||||
TOTAL ASSETS | 1,006,000 | 1,006,000 | 1,098,000 | |||||||
Current liabilities | 4,211,000 | 4,211,000 | 4,068,000 | |||||||
Noncurrent liabilities | 870,000 | 870,000 | 969,000 | |||||||
Deficit | (4,075,000) | (4,075,000) | (3,939,000) | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,006,000 | $ 1,006,000 | 1,098,000 | |||||||
21st Century Oncology [Member] | ||||||||||
Florida Oncology Partners [Abstract] | ||||||||||
Recorded distribution | $ 158,000 |
Boca Oncology Partners (Details
Boca Oncology Partners (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2012 | Jun. 30, 2011USD ($) | Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Boca Oncology Partners [Abstract] | |||||||
Recorded investments | $ 152,000 | $ 152,000 | $ 160,000 | ||||
Condensed Income Statement Information [Abstract] | |||||||
Rental income | $ 7,000 | ||||||
USNC's equity in earnings (loss) | (77,000) | $ (56,000) | (350,000) | (292,000) | |||
Condensed Balance Sheet Information [Abstract] | |||||||
Current assets | 2,634,000 | 2,634,000 | 3,007,000 | ||||
TOTAL ASSETS | 3,772,000 | 3,772,000 | 4,173,000 | ||||
Current liabilities | 419,000 | 419,000 | 410,000 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,772,000 | $ 3,772,000 | $ 4,173,000 | ||||
USNC [Member] | Boca West IMP [Member] | |||||||
Boca Oncology Partners [Abstract] | |||||||
Share of guarantee in mortgage | 10.00% | 10.00% | |||||
Share of guarantee in outstanding mortgage | 50.00% | 50.00% | |||||
Mortgage term of guarantee | 10 years | ||||||
Original balance of mortgage | $ 3,000,000 | $ 3,000,000 | |||||
Boca Oncology Partners, LLC [Member] | |||||||
Boca Oncology Partners [Abstract] | |||||||
Area of real estate property (in square foot) | ft² | 6,000 | 6,000 | |||||
Boca Oncology Partners RE, LLC ("BOPRE") [Member] | |||||||
Boca Oncology Partners [Abstract] | |||||||
Ownership percentage | 21.22% | 21.22% | 21.22% | ||||
Recorded investments | $ 149,000 | $ 149,000 | $ 134,000 | ||||
Boca Oncology Partners RE, LLC ("BOPRE") [Member] | Boca West IMP [Member] | |||||||
Boca Oncology Partners [Abstract] | |||||||
Percentage of interest in medical office building | 20.00% | ||||||
Ownership percentage | 23.75% | ||||||
Additional investor purchased ownership percentage | 3.75% | ||||||
Boca Oncology Partners RE, LLC ("BOPRE") [Member] | Investment in Unconsolidated Entity [Member] | |||||||
Condensed Income Statement Information [Abstract] | |||||||
Rental income | 0 | 0 | 0 | 0 | |||
Net income | 19,000 | 30,000 | 75,000 | 37,000 | |||
USNC's equity in earnings (loss) | 4,000 | $ 7,000 | 16,000 | $ 8,000 | |||
Condensed Balance Sheet Information [Abstract] | |||||||
Current assets | 101,000 | 101,000 | 27,000 | ||||
Noncurrent assets | 757,000 | 757,000 | 757,000 | ||||
TOTAL ASSETS | 858,000 | 858,000 | 784,000 | ||||
Current liabilities | 0 | 0 | 0 | ||||
Noncurrent liabilities | 0 | 0 | 0 | ||||
Equity | 858,000 | 858,000 | 784,000 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 858,000 | $ 858,000 | $ 784,000 | ||||
BOP and BOPRE [Member] | |||||||
Boca Oncology Partners [Abstract] | |||||||
Area of real estate property (in square foot) | ft² | 32,000 | 32,000 | |||||
Investments in unconsolidated entities | $ 225,000 | ||||||
Ownership percentage | 22.50% |
Medical Oncology Partners (Deta
Medical Oncology Partners (Details) - USD ($) | Dec. 31, 2016 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 23, 2016 |
Medical Oncology Partners [Abstract] | |||||||
Carrying value of investment | $ 152,000 | $ 152,000 | $ 160,000 | ||||
Advances to unconsolidated entities | 374,000 | $ 337,000 | |||||
Condensed Consolidated Income Statement Information [Abstract] | |||||||
Patient revenue | 0 | $ 662,000 | 1,061,000 | 2,005,000 | |||
USNC's equity in (loss) earnings | (77,000) | (56,000) | (350,000) | (292,000) | |||
Condensed Consolidated Balance Sheet Information [Abstract] | |||||||
Current assets | 2,634,000 | 2,634,000 | 3,007,000 | ||||
TOTAL ASSETS | 3,772,000 | 3,772,000 | 4,173,000 | ||||
Current liabilities | 419,000 | 419,000 | 410,000 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,772,000 | $ 3,772,000 | 4,173,000 | ||||
Medical Oncology Partners LLC [Member] | |||||||
Medical Oncology Partners [Abstract] | |||||||
Equity interest percentage to be acquired by subsidiary | 100.00% | ||||||
Investments in unconsolidated entities | $ 450,000 | ||||||
Advances to unconsolidated entities | 342,000 | ||||||
Condensed Consolidated Income Statement Information [Abstract] | |||||||
USNC's equity in (loss) earnings | $ (12,000) | (686,000) | |||||
Medical Oncology Partners LLC [Member] | Other Investor [Member] | |||||||
Medical Oncology Partners [Abstract] | |||||||
Investments in unconsolidated entities | 105,000 | ||||||
Medical Oncology Partners LLC [Member] | USNC [Member] | |||||||
Medical Oncology Partners [Abstract] | |||||||
Investments in unconsolidated entities | 173,000 | ||||||
Ownership percentage | 35.83% | ||||||
Carrying value of investment | $ 149,000 | 149,000 | $ 161,000 | ||||
Medical Oncology Partners LLC [Member] | USNC [Member] | Dr. Jaime Lozano [Member] | |||||||
Medical Oncology Partners [Abstract] | |||||||
Investments in unconsolidated entities | $ 345,000 | ||||||
Ownership percentage | 76.67% | 76.67% | |||||
Percentage of equity interest to an additional investor as a consulting fee for services | 5.00% | ||||||
Medical Oncology Partners LLC [Member] | Investment in Unconsolidated Entity [Member] | |||||||
Condensed Consolidated Income Statement Information [Abstract] | |||||||
Patient revenue | $ 532,000 | 541,000 | $ 1,601,000 | 1,473,000 | |||
Net loss | (185,000) | (345,000) | (280,000) | (1,041,000) | |||
USNC's equity in (loss) earnings | (66,000) | $ (124,000) | (100,000) | $ (373,000) | |||
Condensed Consolidated Balance Sheet Information [Abstract] | |||||||
Current assets | 284,000 | 284,000 | 204,000 | ||||
Noncurrent assets | 466,000 | 466,000 | 701,000 | ||||
TOTAL ASSETS | 750,000 | 750,000 | 905,000 | ||||
Current liabilities | 3,161,000 | 3,161,000 | 2,736,000 | ||||
Noncurrent liabilities | 135,000 | 135,000 | 410,000 | ||||
Deficit | (2,546,000) | (2,546,000) | (2,241,000) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 750,000 | $ 750,000 | $ 905,000 |
CB Oncology Partners (Details)
CB Oncology Partners (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 02, 2017 | |
Condensed Income Statement Information [Abstract] | |||||||
Patient revenue | $ 0 | $ 662,000 | $ 1,061,000 | $ 2,005,000 | |||
USNC's equity in earnings (loss) | (77,000) | (56,000) | (350,000) | (292,000) | |||
Condensed Balance Sheet Information [Abstract] | |||||||
Current assets | 2,634,000 | 2,634,000 | $ 3,007,000 | ||||
TOTAL ASSETS | 3,772,000 | 3,772,000 | 4,173,000 | ||||
Current liabilities | 419,000 | 419,000 | 410,000 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,772,000 | 3,772,000 | 4,173,000 | ||||
CB Oncology Partners LLC [Member] | |||||||
CB Oncology Partners [Abstract] | |||||||
Ownership percentage | 28.58% | 24.00% | |||||
Capital called from members | $ 500,000 | ||||||
Advances converted into equity | 121,000 | ||||||
Contribution in cash | $ 212,000 | ||||||
Outstanding amount | 2,165,000 | 2,165,000 | 2,154,000 | ||||
Outstanding amount, less allowances | 1,251,000 | 1,251,000 | 1,251,000 | ||||
Due from related parties | $ 914,000 | $ 914,000 | 903,000 | ||||
Note bearing interest | 6.00% | 6.00% | |||||
Interest earned from the amounts owed by entity | $ 93,000 | 94,000 | |||||
Accrued interest | $ 366,000 | 366,000 | 273,000 | ||||
CB Oncology Partners LLC [Member] | Investment in Unconsolidated Entity [Member] | |||||||
Condensed Income Statement Information [Abstract] | |||||||
Patient revenue | 550,000 | 466,000 | 1,591,000 | 1,360,000 | |||
Net income (loss) | (23,000) | (165,000) | 69,000 | (565,000) | |||
USNC's equity in earnings (loss) | (7,000) | $ (48,000) | 20,000 | $ (148,000) | |||
Condensed Balance Sheet Information [Abstract] | |||||||
Current assets | 591,000 | 591,000 | 385,000 | ||||
Noncurrent assets | 3,818,000 | 3,818,000 | 4,271,000 | ||||
TOTAL ASSETS | 4,409,000 | 4,409,000 | 4,656,000 | ||||
Current liabilities | 3,271,000 | 3,271,000 | 3,181,000 | ||||
Noncurrent liabilities | 3,266,000 | 3,266,000 | 3,684,000 | ||||
Deficit | (2,128,000) | (2,128,000) | (2,209,000) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,409,000 | $ 4,409,000 | $ 4,656,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Abstract] | ||||
Federal and state income taxes, rate | 115.00% | 28.00% | ||
Tax charge | $ 8,000 | $ 75,000 | $ 202,000 | $ 148,000 |
Subsequent Event (Details)
Subsequent Event (Details) | 1 Months Ended |
Oct. 19, 2021 | |
Subsequent Event [Member] | Elite Health Plan, Inc. [Member] | |
Subsequent Event [Abstract] | |
Equity consideration, percentage of outstanding shares | 15.00% |