Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2012 | |
Document And Entity Information | |
Entity Registrant Name | Inpatient Clinical Solutions Inc |
Entity Central Index Key | 1174672 |
Document Type | S-1 |
Document Period End Date | 31-Dec-12 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | No |
Entity Filer Category | Smaller Reporting Company |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2012 |
Balance_Sheets_Annual_Report
Balance Sheets (Annual Report) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Annual Report [Member] | ||
Current assets | ||
Cash | $927,895 | $13,699 |
Accounts receivable, net | 137,471 | 1,186,554 |
Refundable income taxes | 69,585 | 22,347 |
Deferred tax asset | 12,600 | |
Prepaid expenses and other current assets | 421,197 | 67,301 |
Total current assets | 1,556,148 | 1,302,501 |
Property and equipment, net | 11,824 | 14,621 |
Other assets | ||
Deposits | 6,000 | 6,000 |
Other assets | 144,222 | |
TOTAL ASSETS | 1,718,194 | 1,323,122 |
Current liabilities | ||
Bank overdraft | 20,475 | |
Accounts payable and accrued liabilities | 61,012 | 294,555 |
Accrued legal settlement | 79,379 | 117,865 |
Loans payable - related parties | 7,000 | 53,000 |
Debt to financial institutions | 494,194 | |
Total current liabilities | 147,391 | 980,089 |
TOTAL LIABILITIES | 147,391 | 980,089 |
Stockholders Equity | ||
Preferred stock, $0.0001 par value, 250,000 and 750,000 shares authorized, issued and outstanding as of December 31, 2012 and 2011, respectively | 25 | 75 |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 48,612,365 and 43,612,365 shares issued and outstanding as of December 31, 2012 and 2011, respectively. | 4,861 | 4,361 |
Additional paid-in capital | 137,114 | 137,564 |
Retaining earnings | 1,428,803 | 201,033 |
Total Stockholders Equity | 1,570,803 | 343,033 |
Total Liabilities and Stockholders Equity | $1,718,194 | $1,323,122 |
Balance_Sheets_Annual_Report_P
Balance Sheets (Annual Report) (Parenthetical) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Annual Report [Member] | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 250,000 | 750,000 |
Preferred Stock, Shares Outstanding | 250,000 | 750,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 48,612,365 | 48,612,365 |
Common Stock, Shares Outstanding | 43,612,365 | 43,612,365 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Quarterly Report [Member] | ||
CURRENT ASSETS | ||
Cash | $452,116 | $927,895 |
Accounts receivable, net | 137,471 | |
Refundable income taxes | 69,585 | 69,585 |
Prepaid expenses and other current assets | 483,242 | 421,197 |
Total current assets | 1,004,943 | 1,556,148 |
Property and equipment, net | 5,953 | 11,824 |
Other assets | ||
Deposits | 6,000 | 6,000 |
Other assets | 184,961 | 144,222 |
TOTAL ASSETS | 1,201,857 | 1,718,194 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 72,455 | 61,012 |
Accrued legal settlement | 79,379 | 79,379 |
Loans payable - related parties | 7,000 | 7,000 |
Total current liabilities | 158,834 | 147,391 |
TOTAL LIABILITIES | 158,834 | 147,391 |
Stockholders Equity | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 250,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively | 25 | 25 |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 48,612,365 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively. | 4,861 | 4,861 |
Additional paid-in capital | 137,114 | 137,114 |
Retaining earnings | 901,023 | 1,428,803 |
Total Stockholders Equity | 1,043,023 | 1,570,803 |
Total Liabilities and Stockholders Equity | $1,201,857 | $1,718,194 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Quarterly Report [Member] | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 250,000 | 250,000 |
Preferred Stock, Shares Outstanding | 250,000 | 250,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 48,612,365 | 48,612,365 |
Common Stock, Shares Outstanding | 48,612,365 | 48,612,365 |
Statements_of_Operations_Annua
Statements of Operations (Annual Report) (Annual Report [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | ||
Operating expenses from continuing operations: | ||
General and administrative | $100,877 | $60,953 |
Total operating expenses from continuing operations | 100,877 | 60,953 |
Benefit from income taxes on continued operations | 31,579 | |
Loss from continuing operations | -69,298 | -60,953 |
Discontinued operations: | ||
Income (loss) from discontinued operations | 4,338,724 | -529,332 |
Provision (benefit) for income taxes | 1,610,509 | -12,600 |
Income (loss) on discontinued operations | 2,728,215 | -516,732 |
Net income (loss) | $2,658,917 | |
Net income (loss) per share - basic | ||
Loss from continuing operations | $0 | $0 |
Income (loss) from discontinued operations | $0.05 | ($0.01) |
Net income (loss) per share - basic | $0.05 | ($0.01) |
Net income (loss) per share - diluted | ||
Loss from continuing operations | $0 | $0 |
Income (loss) from discontinued operations | $0.05 | ($0.01) |
Net income (loss) per share - diluted | $0.05 | ($0.01) |
Weighted average number of common shares outstanding - basic | 46,597,338 | 43,612,365 |
Weighted average number of common shares outstanding - diluted | 49,097,338 | 43,612,365 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (Quarterly Report [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Quarterly Report [Member] | ||||
Revenue | $2,162 | $2,162 | ||
Cost of services | 5,741 | |||
Gross Income (Loss) | 2,162 | -3,579 | ||
Operating expenses | ||||
General and administrative | 111,787 | 49,579 | 196,170 | 81,762 |
Total operating expenses | 111,787 | 49,579 | 196,170 | 81,762 |
Loss from continuing operations | -109,625 | -49,579 | -199,749 | -81,762 |
Discontinued operations: | ||||
Income (loss) from discontinued operations | -147,541 | -1,179,787 | -328,031 | -5,699,764 |
Provision (benefit) from income taxes | 437,654 | 2,000,009 | ||
Income (loss) on discontinued operations | -147,541 | -742,133 | -328,031 | -3,699,755 |
Net income (loss) | ($257,166) | ($791,712) | ($527,780) | ($3,617,993) |
Net income (loss) per share - basic | ||||
Loss from continuing operations | $0 | $0 | $0 | $0 |
Income (loss) from discontinued operations | $0 | ($0.02) | ($0.01) | $0.08 |
Net income (loss) per share - basic | ($0.01) | ($0.02) | ($0.01) | $0.08 |
Net income (loss) per share - diluted | ||||
Loss from continuing operations | $0 | $0 | $0 | $0 |
Income (loss) from discontinued operations | $0 | ($0.02) | ($0.01) | $0.08 |
Net income (loss) per share - diluted | ($0.01) | ($0.02) | ($0.01) | $0.08 |
Weighted average number of common shares outstanding - basic | 48,612,365 | 45,507,969 | 48,612,365 | 44,560,167 |
Weighted average number of common shares outstanding - diluted | 48,612,365 | 45,507,969 | 48,612,365 | 47,060,167 |
Statements_of_Cash_Flows_Annua
Statements of Cash Flows (Annual Report) (Annual Report [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | ||
Net Income (Loss) | $2,658,917 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 2,797 | 5,997 |
Deferred income tax | 12,600 | 9,747 |
Gain on sale of assets | -6,500,000 | |
Changes in assets and liabilities: | ||
Accounts receivable | 1,049,083 | 347,310 |
Refundable income taxes | -47,238 | -22,347 |
Prepaid expenses and other current assets | -53,896 | -36,171 |
Other assets | -144,222 | |
Accounts payable and accrued expenses | -233,544 | 77,030 |
Accrued legal settlement | -38,486 | 117,865 |
Net cash used in operating activities | -3,293,989 | -78,254 |
Cash Flows From Investing Activities | ||
Proceeds from sale of assets | 6,200,000 | |
Net cash provided by investing activities | 6,200,000 | |
Cash Flows From Financing Activities | ||
Overdraft | -20,475 | 20,475 |
Proceeds (repayments) of loans payable - related parties | -46,000 | 53,000 |
Repayment of long term debt | -494,194 | -49,607 |
Dividends paid | -1,431,146 | |
Net cash (used in) provided by financing activities | -1,991,815 | 23,868 |
Net increase (decrease) in cash | 914,196 | -54,386 |
Cash - Beginning of year | 13,699 | 68,085 |
Cash - End of year | 927,895 | 13,699 |
Supplemental cash flow information: | ||
Cash paid for interest | 6,797 | 24,000 |
Cash paid during the year for taxes | $1,613,568 | |
Supplemental of non-cash transactions: | ||
Common stock issued upon conversion of preferred stock | 500 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (Quarterly Report [Member], USD $) | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Quarterly Report [Member] | ||
Net Income (Loss) | ($527,780) | ($3,617,993) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 5,871 | 1,399 |
Gain on sale of assets | -6,500,000 | |
Changes in assets and liabilities: | ||
Accounts receivable | 137,471 | 230,193 |
Prepaid expenses and other current assets | -62,045 | 332,144 |
Other assets | -40,739 | -205,336 |
Accounts payable and accrued liabilities | 11,443 | -241,060 |
Accrued legal settlement | -38,486 | |
Net cash used in operating activities | -475,779 | -2,803,153 |
Cash Flows From Investing Activities | ||
Proceeds from sale of assets | 6,200,000 | |
Net cash provided by investing activities | 6,200,000 | |
Cash Flows From Financing Activities | ||
Overdraft | -20,475 | |
Repayment of long term debt | -494,194 | |
Loans payable - related parties | -46,000 | |
Dividends paid | -1,431,146 | |
Net cash (used in) provided by financing activities | -1,991,815 | |
Net (decrease) increase in cash | -475,779 | 1,405,032 |
Cash - Beginning of year | 927,895 | 13,699 |
Cash - End of year | 452,116 | 1,418,731 |
Supplemental cash flow information: | ||
Cash paid for interest | 6,797 | |
Cash paid for income taxes | $1,613,568 |
Shareholders_Equity
Shareholders Equity (Annual Report [Member], USD $) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Annual Report [Member] |
Annual Report [Member] | Annual Report [Member] | Annual Report [Member] | Annual Report [Member] | USD ($) | |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Beginning Balance, Amount at Dec. 31, 2010 | $75 | $4,361 | $137,564 | $778,718 | $920,718 |
Beginning Balance, Shares at Dec. 31, 2010 | 750,000 | 43,612,365 | |||
Net Income | -577,685 | ||||
Ending Balance, Amount at Dec. 31, 2011 | 75 | 4,361 | 137,564 | 201,033 | 343,033 |
Ending Balance, Shares at Dec. 31, 2011 | 750,000 | 43,612,365 | |||
Dividends Paid | -1,431,147 | ||||
Net Income | 2,658,917 | ||||
Ending Balance, Amount at Dec. 31, 2012 | $25 | $4,861 | $137,114 | $1,428,803 | $1,570,803 |
Ending Balance, Shares at Dec. 31, 2012 | 250,000 | 48,612,365 |
NOTE_1_ORGANIZATION_AND_BUSINE
NOTE 1 - ORGANIZATION AND BUSINESS ACTIVITY (Annual Report) (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 1 - ORGANIZATION AND BUSINESS ACTIVITY | NOTE 1 - ORGANIZATION AND BUSINESS ACTIVITY |
The Company was incorporated in Florida on July 31, 2001. On September 21, 2001, the Company was acquired by PlaNet.Com, Inc., a Nevada public, non-reporting corporation. Pla.Net.Com, Inc. was considered a shell at the time of acquisition and therefore the acquisition was treated as a reverse merger (the acquired company is treated as the acquiring company for accounting purposes). Pla.Net.Com, Inc. changed its name to Inpatient Clinical Solutions, Inc. immediately after the merger. | |
Through March 2013, the Company provided health care services in South Florida. The Company provided inpatient physician care to various health care facilities and health plans in the South Florida area. Prior to February 2012, the Company provided Hospitalist services at acute care hospitals. Hospitalists focus on a patient’s care from the time of admission to discharge, working in close consultation with primary care physicians, other referring physicians and medical providers to coordinate the inpatient care delivery system and manage the entire inpatient episode of care. | |
As more fully described in note 3, the Company sold the hospitalist business during February 2012. At that time, the Company changed its name from Inpatient Clinical Solutions, Inc. to Integrated Inpatient Solutions, Inc. In November 2011, the Company entered into an agreement with a hospital to provide intensivist services. Under the exclusive agreement, the Company provided critical care intensivist coverage for all medical and surgical intensive care unit patients at the hospital. The physicians include full-time employees, part-time and temporary physicians as well as contracted physician providers. The intensivist agreement was terminated in January 2013. | |
The Company is developing an interior design business targeting budget minded individuals. The business operates under the trade name Integrated Interior Design. The Company expects to earn revenues from providing decorator services which are billed on hourly and per diem rates. The interior design business will initially operate in South Florida and will expand regionally and nationally. The business provides interior design, interior staging, accompanied shopping, paint color selection, architectural drawing and other design services. |
NOTE_1_ORGANIZATION_AND_BUSINE1
NOTE 1 - ORGANIZATION AND BUSINESS ACTIVITY (Quarterly Report [Member]) | 6 Months Ended |
Jun. 30, 2013 | |
Quarterly Report [Member] | |
NOTE 1 - ORGANIZATION AND BUSINESS ACTIVITY | NOTE 1 - ORGANIZATION AND BUSINESS ACTIVITY |
The Company was incorporated in Florida on July 31, 2001. On September 21, 2001 the Company was acquired by PlaNet.Com, Inc., a Nevada public, non-reporting corporation. Pla.Net.Com, Inc. was considered a shell at the time of acquisition and therefore the acquisition was treated as a reverse merger (the acquired company is treated as the acquiring company for accounting purposes). Pla.Net.Com, Inc. changed its name to Inpatient Clinical Solutions, Inc. immediately after the merger. | |
Through March 2013, the Company provided health care services in South Florida. The Company provided inpatient physician care to various health care facilities and health plans in the South Florida area. Prior to February 2012, the Company provided Hospitalist services at acute care hospitals. Hospitalists focus on a patient’s care from the time of admission to discharge, working in close consultation with primary care physicians, other referring physicians and medical providers to coordinate the inpatient care delivery system and manage the entire inpatient episode of care. | |
As more fully described in note 3, the Company sold the hospitalist business during February 2012. At that time, the Company changed its name from Inpatient Clinical Solutions, Inc. to Integrated Inpatient Solutions, Inc. In November 2011, the Company entered into an agreement with a hospital to provide intensivist services. Under the exclusive agreement, the Company provided critical care intensivist coverage for all medical and surgical intensive care unit patients at the hospital. The physicians include full-time employees, part-time and temporary physicians as well as contracted physician providers. The intensivist agreement was terminated in January 2013. | |
The Company is developing an interior design business targeting budget minded individuals. The business operates under the trade name Integrated Interior Design. The Company expects to earn revenues from providing decorator services which are billed on hourly and per diem rates. The interior design business will initially operate in South Florida and will expand regionally and nationally. The business provides interior design, interior staging, accompanied shopping, paint color selection, architectural drawing and other design services. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Annual Report [Member] | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The areas involving the most significant use of estimates include the estimated realizable value of accounts receivable, contractual adjustment of gross billings, medical malpractice insurance receivable and payable for known claims and liabilities for claims incurred but not reported (IBNR) related to medical malpractice. These estimates are based on knowledge of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate is adjusted. Actual results may ultimately differ materially from those estimates. | |||||||||||||||||||||||||
Cash | |||||||||||||||||||||||||
The Company considers cash in banks and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition to be cash and cash equivalents. At December 31, 2012 and 2011, the Company had no cash equivalents. The Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). FDIC insurance has temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. Deposits in excess of FDIC insurance totaled approximately $637,000 at December 31, 2012 and $0 at December 31, 2011. | |||||||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||||||
Accounts receivable represent amounts due from third-party payors, including government sponsored Medicare and Medicaid programs, insurance companies and patients for medical services provided. Accounts receivable are recorded and stated at the amount expected to be collected and have been adjusted to reflect the differences between charges and the estimated reimbursable amounts. | |||||||||||||||||||||||||
Accounts receivable balances as of December 31 were as follows: | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Accounts Receivable | 1,074,528 | $ | 3,163,267 | ||||||||||||||||||||||
Less Contractual Allowances and Allowances for Doubtful Accounts | (937,057 | ) | (1,976,713 | ) | |||||||||||||||||||||
137,471 | $ | 1,186,554 | |||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of properly and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. | |||||||||||||||||||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company determined that there were no impairments of long-lived assets as of December 31, 2012 or December 31, 2011. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
U.S. GAAP for fair value measurements establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |||||||||||||||||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company’s debt to financial institutions approximate the fair value of such instrument based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangement. | |||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||
Hospitalist/Intensivist - Revenue consists primarily of net patient service revenues that are recorded based upon established billing rates less allowances for contractual adjustments. Revenues are recorded during the period the healthcare services are provided, based upon the estimated amounts due from the patients and third party payors, including federal and state agencies (under the Medicare and Medicaid programs), managed care health plans and commercial insurance companies. Estimates of contractual allowances under third-party payor arrangements are based upon the payment terms specified in the related contractual agreements. Third-party payor contractual payment terms are generally based upon predetermined rates per diagnosis, per diem rates, or discounted fee-for-service rates. | |||||||||||||||||||||||||
The Company derives a significant portion of its revenues from third party insurers and accordingly receives discounts from standard charges. The Company must estimate the total amount of these discounts to prepare its financial statements. The various managed care contracts under which these discounts must be calculated are complex and are subject to interpretation and adjustment. These interpretations sometimes result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. Changes in estimates related to the allowance for contractual discounts affect revenues reported in the Company’s statements of operations in the period of the change. | |||||||||||||||||||||||||
The Medicare and Medicaid reimbursing entities (“Entities”) provide a substantial portion of the Company revenues. These Entities are subject to numerous laws and regulations of federal, state and local governments, including but not limited to matters such as licensure, accreditation, participation requirements, reimbursement formulas and fraud and abuse. Compliance with standards and other regulations can be subject to future government review and interpretation. Any future changes in federal and state reimbursement funding mechanisms could affect the Company. | |||||||||||||||||||||||||
Interior Design - The Company follows ASC 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales rice is fixed or determinable, and collectability is reasonably assured. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | |||||||||||||||||||||||||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
The Company computes earnings per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic earnings per share are computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed assuming the exercise of dilutive stock options under the treasury stock method and the related income tax effects. | |||||||||||||||||||||||||
As of December 31, 2012 and 2011, we had 250,000 and 750,000 shares of Convertible Preferred Stock outstanding convertible into 2,500,000 and 7,500,000 common shares, respectively. | |||||||||||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Statements of Operations: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Net Income | Shares | Per Share Amount | Net Loss | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | 2,658,917 | $ | (577,685 | ) | ||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | (210,000 | ) | — | ||||||||||||||||||||||
Net income available for basic common shares and basic earnings per share | $ | 2,448,917 | 46,597,338 | $ | 0.05 | $ | (577,685 | ) | 43,612,365 | $ | (0.01 | ) | |||||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | 2,658,617 | $ | (577,685 | ) | ||||||||||||||||||||
Amount allocated to participating securities | (210,000 | ) | |||||||||||||||||||||||
Adjustment for dilutive potential common shares | 2,500,000 | — | — | ||||||||||||||||||||||
Net income available for diluted common shares and diluted earnings per share | $ | 2,448,917 | 49,097,338 | $ | 0.05 | $ | (577,685 | ) | 43,612,365 | $ | (0.01 | ) | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
In August 2010, the Financial Accounting Standard Board (FASB) issued revised GAAP on the presentation of insurance claims and related insurance recoveries. The revised GAAP requires a healthcare entity to present medical malpractice claims and similar liabilities without consideration of insurance recoveries. Related insurance recoveries are to be presented as a receivable net of a valuation allowance for uncollectible amounts. The accompanying financial statements present reserves for known malpractice claims. As of December 31, 2012 and 2011, the company had no receivables for related insurance recoveries. Had any such receivables existed, they would be presented on an undiscounted basis based upon loss projections. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Quarterly Report [Member]) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Quarterly Report [Member] | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
BASIS OF PRESENTATION | |||||||||||||||||||||||||
The unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. | |||||||||||||||||||||||||
The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. | |||||||||||||||||||||||||
The information included in these interim unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form S-1 for the year ended December 31, 2012. | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The areas involving the most significant use of estimates include the estimated realizable value of accounts receivable, contractual adjustment of gross billings, medical malpractice insurance receivable and payables for known claims and liabilities for claims incurred but not reported (IBNR) related to medical malpractice. These estimates are based on knowledge of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate is adjusted. Actual results may ultimately differ materially from those estimates. | |||||||||||||||||||||||||
Integrated Inpatient Solutions, Inc. | |||||||||||||||||||||||||
Condensed Financial Statements | |||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |||||||||||||||||||||||||
Cash | |||||||||||||||||||||||||
The Company considers cash in banks and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition to be cash and cash equivalents. At June 30, 2013 and December 31, 2012, the Company had no cash equivalents. The Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). FDIC insurance has increased from $100,000 to $250,000 per depositor as of December 31, 2012. Deposits in excess of FDIC insurance totaled approximately $159,000 and $637,000 at June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||||||
Accounts receivable represent amounts due from third-party payors, including government sponsored Medicare and Medicaid programs, insurance companies and patients for medical services provided. Accounts receivable are recorded and stated at the amount expected to be collected and have been adjusted to reflect the differences between charges and the estimated reimbursable amounts. | |||||||||||||||||||||||||
Accounts receivable balances as of June 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accounts Receivable | $ | — | $ | 1,074,528 | |||||||||||||||||||||
Less Contractual Allowances and Allowances for Doubtful Accounts | — | (937,057 | ) | ||||||||||||||||||||||
$ | — | $ | 137,471 | ||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of properly and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. | |||||||||||||||||||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives, against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company determined that there were no impairments of long-lived assets as of June 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Integrated Inpatient Solutions, Inc. | |||||||||||||||||||||||||
Condensed Financial Statements | |||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
U.S. GAAP for fair value measurements establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |||||||||||||||||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued liabilities, approximate their fair values because of the short maturity of these instruments. | |||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||
Hospitalist/Intensivist - Revenue consists primarily of net patient service revenues that are recorded based upon established billing rates less allowances for contractual adjustments. Revenues are recorded during the period the healthcare services are provided, based upon the estimated amounts due from the patients and third party payors, including federal and state agencies (under the Medicare and Medicaid programs), managed care health plans and commercial insurance companies. Estimates of contractual allowances under third-party payor arrangements are based upon the payment terms specified in the related contractual agreements. Third-party payor contractual payment terms are generally based upon predetermined rates per diagnosis, per diem rates, or discounted fee-for-service rates. | |||||||||||||||||||||||||
The Company derives a significant portions of its revenues from third party insurers and accordingly receives discounts from standard charges. The Company must estimate the total amount of these discounts to prepare its financial statements. The various managed care contracts under which these discounts must be calculated are complex and are subject to interpretation and adjustment. These interpretations sometimes result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. Changes in estimates related to the allowance for contractual discounts affect revenues reported in the Company’s statement of operations in the period of the change. | |||||||||||||||||||||||||
The Medicare and Medicaid reimbursing entities (“Entities”) provide a substantial portion of the Company revenues. These Entities are subject to numerous laws and regulations of federal, state and local governments, including but not limited to matters such as licensure, accreditation, participation requirements, reimbursement formulas and fraud and abuse. Compliance with standards and other regulations can be subject to future government review and interpretation. Any future changes in federal and state reimbursement funding mechanisms could affect the Company. | |||||||||||||||||||||||||
Interior Design - The Company follows ASC 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. | |||||||||||||||||||||||||
Integrated Inpatient Solutions, Inc. | |||||||||||||||||||||||||
Condensed Financial Statements | |||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | |||||||||||||||||||||||||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
The Company computes earnings per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic earnings per share are computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed assuming the exercise of dilutive stock options under the treasury stock method and the related income tax effects. | |||||||||||||||||||||||||
As of June 30, 2013 and 2012, we had 250,000 shares of Convertible Preferred Stock outstanding convertible into 2,500,000 common shares. | |||||||||||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Statements of Operations: | |||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share Amount | Net Income | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | (527,780 | ) | $ | 3,617,993 | ||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | — | — | |||||||||||||||||||||||
Net income (loss) available for basic common shares and basic earnings per share | $ | (527,780 | ) | 48,612,365 | $ | (0.01 | ) | $ | 3,617,993 | 44,560,167 | $ | 0.08 | |||||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | (527,780 | ) | $ | 3,617,993 | ||||||||||||||||||||
Amount allocated to participating securities | — | ||||||||||||||||||||||||
Adjustment for dilutive potential common shares | — | — | — | 2,500,000 | |||||||||||||||||||||
Net income (loss) available for diluted common shares and diluted earnings per share | $ | (527,780 | ) | 48,612,365 | $ | (0.01 | ) | $ | 3,617,993 | 47,060,167 | $ | 0.08 | |||||||||||||
Integrated Inpatient Solutions, Inc. | |||||||||||||||||||||||||
Condensed Financial Statements | |||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |||||||||||||||||||||||||
For the Three Months Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share Amount | Net Loss | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | (257,166 | ) | $ | (791,712 | ) | |||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | — | — | |||||||||||||||||||||||
Net income (loss) available for basic common shares and basic earnings per share | $ | (257,166 | ) | 48,612,365 | $ | (0.01 | ) | $ | (791,712 | ) | 45,507,969 | $ | (0.02 | ) | |||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | (257,166 | ) | $ | (791,712 | ) | |||||||||||||||||||
Amount allocated to participating securities | |||||||||||||||||||||||||
Adjustment for dilutive potential common shares | — | — | — | — | |||||||||||||||||||||
Net income (loss) available for diluted common shares and diluted earnings per share | $ | (257,166 | ) | 48,612,365 | $ | (0.01 | ) | $ | (791,712 | ) | 45,507,969 | $ | (0.02 | ) | |||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
There have been no accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2013 that are expected to have a material impact on the Company’s financial position, results of operations or cash flows. Accounting pronouncements that became effective during the six months ended June 30, 2013 did not have a material impact on disclosures or on the Company’s financial position, results of operations or cash flows. |
NOTE_3_ASSET_SALE_Annual_Repor
NOTE 3 - ASSET SALE (Annual Report) (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 3 - ASSET SALE | NOTE 3 - ASSET SALE |
On March 19, 2012, the Company executed an Asset Purchase Agreement (“APA”)_ with an unrelated third party to sell the facility agreements, provider agreements, payor contracts and other intangible assets related to the hospitalist business for a total purchase price of $6,500,000. The carrying value of the purchased assets was $0 resulting in a total gain on the sale of $6,500,000. The APA did not include rights to any cash, accounts receivable, prepaid expenses, deposits, property or equipment. No obligations or liabilities existing prior to the closing of the APA were assumed by the purchaser. | |
Pursuant to the APA, $300,000 was placed in escrow for the purposes of indemnifying the sellers for a period of eighteen months. After eighteen months, the funds are available to the Company to use for operations. | |
Under the APA, the Company and its officers are restricted from conducting hospitalist services for a period of 36 months from the closing date within a 50 mile radius of any facility from which it had previously conducted such services. |
NOTE_3_ASSET_SALE
NOTE 3 - ASSET SALE (Quarterly Report [Member]) | 6 Months Ended |
Jun. 30, 2013 | |
Quarterly Report [Member] | |
NOTE 3 - ASSET SALE | NOTE 3 - ASSET SALE |
On March 19, 2012, the Company executed an Asset Purchase Agreement (“APA”)_ with an unrelated third party to sell the facility agreements, provider agreements, payor contracts and other intangible assets related to the hospitalist business for a total purchase price of $6,500,000. The carrying value of the purchased assets was $0 resulting in a total gain on the sale of $6,500,000. The APA did not include rights to any cash, accounts receivable, prepaid expenses, deposits, property or equipment. No obligations or liabilities existing prior to the closing of the APA were assumed by the purchaser. | |
Pursuant to the APA, $300,000 was placed in escrow for the purposes of indemnifying the sellers for a period of eighteen months. After eighteen months, the funds are available to the Company to use for operations. | |
Under the APA, the Company and its officers are restricted from conducting hospitalist services for a period of 36 months from the closing date within a 50 mile radius of any facility from which it had previously conducted such services. |
NOTE_4_PREPAID_EXPENSES_AND_OT
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Annual Report [Member] | |||||||||
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||||
Prepaid expenses and other current assets consist of the following at December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Escrow deposit held for indemnification | $ | 300,000 | $ | — | |||||
Prepaid insurance-medical professional liability | 121,197 | 26,741 | |||||||
Other current assets | — | 40,560 | |||||||
$ | 421,197 | $ | 67,301 | ||||||
NOTE_4_PREPAID_EXPENSES_AND_OT1
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Quarterly Report [Member]) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Quarterly Report [Member] | |||||||||
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||||
Prepaid expenses and other current assets consist of the following at June 30, 2013 and December 31, 2012: | |||||||||
2013 | 2012 | ||||||||
Escrow Deposit held for indemnification | $ | 300,000 | $ | 300,000 | |||||
Prepaid insurance - medical professional liability | 183,242 | 121,197 | |||||||
$ | 483,242 | $ | 421,197 |
NOTE_5_PROPERTY_AND_EQUIPMENT_
NOTE 5 - PROPERTY AND EQUIPMENT (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Annual Report [Member] | |||||||||||
NOTE 5 - PROPERTY AND EQUIPMENT | NOTE 5 - PROPERTY AND EQUIPMENT | ||||||||||
The Company’s property and equipment consisted of the following at December 31, 2012 and 2011: | |||||||||||
2012 | 2011 | Estimated Useful Life | |||||||||
Computer and Office Equipment | $ | 33,868 | $ | 33,868 | 5 -7 years | ||||||
Furniture and Fixtures | 18,530 | 18,530 | 7 years | ||||||||
52,398 | 52,398 | ||||||||||
Less: Accumulated Depreciation | (40,574 | ) | (37,777 | ) | |||||||
$ | 11,824 | $ | 14,621 | ||||||||
Depreciation expense for the years ended December 31, 2012 and 2011 was $2,797 and $5,997 respectively. |
NOTE_5_PROPERTY_AND_EQUIPMENT
NOTE 5 - PROPERTY AND EQUIPMENT (Quarterly Report [Member]) | 6 Months Ended | ||||||||||
Jun. 30, 2013 | |||||||||||
Quarterly Report [Member] | |||||||||||
NOTE 5 - PROPERTY AND EQUIPMENT | NOTE 5 - PROPERTY AND EQUIPMENT | ||||||||||
The Company’s property and equipment consisted of the following at December 31, 2012 and 2011: | |||||||||||
2012 | 2011 | Estimated Useful Life | |||||||||
Computer and Office Equipment | $ | 33,868 | $ | 33,868 | 5 -7 years | ||||||
Furniture and Fixtures | 18,530 | 18,530 | 7 years | ||||||||
52,398 | 52,398 | ||||||||||
Less: Accumulated Depreciation | (46,445 | ) | (40,574 | ) | |||||||
$ | 5,953 | $ | 11,824 | ||||||||
Depreciation expense for the years ended December 31, 2012 and 2011 was $5,871 and $1,399 respectively. |
NOTE_6_DEBT
NOTE 6 - DEBT (Annual Report [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Annual Report [Member] | |||||||||
NOTE 6 - DEBT | NOTE 6 - DEBT | ||||||||
As of December 31, 2012 and 2011, debt obligations consisted of the following: | |||||||||
2012 | 2011 | ||||||||
Note payable to Citibank payable $993 monthly. Interest accrues at a variable rate based upon a rate of prime plus 1%. The loan is secured by all property and assets of the Company and is personally guaranteed by certain members of management. | $ | — | $ | 8,667 | |||||
Citibank, line of credit, payable over 60 months accruing interest at 4.25% per year. The original principal balance was $500,000. The loan is payable November, 25, 2012. | — | 485,527 | |||||||
Less current portion | — | (494,194 | ) | ||||||
$ | — | $ | — | ||||||
Long-term debt | |||||||||
Interest expense was $6,797 and $23,889 for the years ended December 31, 2012 and 2011, respectively. During March 2012, the Company paid off the debt with Citibank for a total amount of $494,194. |
NOTE_6_OTHER_ASSETS
NOTE 6 - OTHER ASSETS (Quarterly Report [Member]) | 6 Months Ended |
Jun. 30, 2013 | |
Quarterly Report [Member] | |
NOTE 6 - OTHER ASSETS | NOTE 6 - OTHER ASSETS |
Other assets arise from prepayments on two medical malpractice insurance policies with coverage that indemnifies the Company on the claims-made basis. The policy periods end in February 2016 and March 2015, respectively. The Company recorded $183,242 in current assets and $184,961 in other assets. |
NOTE_7_RELATED_PARTY_TRANSACTI
NOTE 7 - RELATED PARTY TRANSACTIONS (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 7 - RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS |
During 2012, the Company received advance of $7,000 from one officer. This advance was unsecured, non-interest bearing and due on demand. | |
During 2011, the Company received advances of $53,000 from two officers. These advances were unsecured, non-interest bearing and due on demand. During March of 2012, the Company repaid the advances due to the officers. | |
Included in accounts payable and accrued liabilities are accrued payroll amounts due to two officers of approximately $7,000 and $138,000 at December 31, 2012 and 2011, respectively. |
NOTE_7_INCOME_TAXES
NOTE 7 - INCOME TAXES (Quarterly Report [Member]) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||||
Quarterly Report [Member] | |||||||||||||||||||||||||||
NOTE 7 - INCOME TAXES | NOTE 7 - INCOME TAXES | ||||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net current and deferred income tax provision are as follows: | |||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||
Total | Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | ||||||||||||||||||||||
Current: | — | — | — | 2,000,009 | — | 2,000,009 | |||||||||||||||||||||
Total | — | — | — | 2,000,009 | — | 2,000,009 | |||||||||||||||||||||
The following is a reconciliation of the effective income tax rate to the Federal statutory rate: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Statutory rate | 34 | % | 30 | % | |||||||||||||||||||||||
State income taxes, net of Federal tax benefit | 5.5 | 5.5 | |||||||||||||||||||||||||
39.5 | 35.5 | ||||||||||||||||||||||||||
Less: Valuation Allowance | (39.50 | ) | — | ||||||||||||||||||||||||
0 | % | 35.5 | % | ||||||||||||||||||||||||
The accompanying unaudited condensed financial statements include refundable income taxes of $69,585 at June 30, 2013 and December 31, 2012. This amount represents the excess of federal and state income tax deposits over the expected tax liability. |
NOTE_8_INCOME_TAXES
NOTE 8 - INCOME TAXES (Annual Report [Member]) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||
Annual Report [Member] | |||||||||||||||||||||||||||
NOTE 8 - INCOME TAXES | NOTE 8 - INCOME TAXES | ||||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net current and deferred income tax provision are as follows: | |||||||||||||||||||||||||||
Fiscal year ended December 31, 2012 | Fiscal year ended December 31, 2011 | ||||||||||||||||||||||||||
Total | Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | ||||||||||||||||||||||
Current: | $ | 1,610,509 | $ | (31,579 | ) | $ | 1,414,181 | $ | — | $ | $ | ||||||||||||||||
Deferred: | $ | — | $ | $ | $ | 12,600 | $ | $ | 12,600 | ||||||||||||||||||
Total | $ | 1,610,509 | $ | (31,579 | ) | $ | 1,414,181 | $ | 12,600 | $ | — | $ | 12,600 | ||||||||||||||
The tax effects of temporary differences which give rise to deferred tax assets at December 31, 2012 and 2011, are summarized as follows: | |||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||
Net operating loss | $ | — | $ | 12,600 | |||||||||||||||||||||||
Net deferred tax asset | $ | — | $ | 12,600 | |||||||||||||||||||||||
The following is a reconciliation of the effective income tax rate to the Federal statutory rate: | |||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||
Statutory rate | 34 | % | 34 | % | |||||||||||||||||||||||
State income taxes, net of Federal tax benefit | 5.5 | 5.5 | |||||||||||||||||||||||||
Permanent differences | — | (35.30 | ) | ||||||||||||||||||||||||
Valuation allowance-deferred tax asset from NOL | — | (2.10 | ) | ||||||||||||||||||||||||
Effective rate | 39.5 | % | (2.10 | )% | |||||||||||||||||||||||
At December 31, 2012 and 2011, the Company had a net operating loss carry forwards for both federal and state purposes of approximately $0 and $32,000, respectively, which may be offset against future taxable income through 2031. | |||||||||||||||||||||||||||
The Company has determined that a valuation for the income tax provision was not required at December 31, 2011. A valuation allowance is required if, based on the weight of evidence, it is more likely than not that some or the entire portion of the deferred tax asset will not be realized. After consideration of all the evidence, both positive and negative, management has determined that a valuation allowance is not necessary to reduce the deferred tax asset. | |||||||||||||||||||||||||||
The accompanying financial statements include refundable income taxes of $69,585 and $22,347 at December 31, 2012 and 2011. These amounts represent the excess of federal and state income tax deposits over the expected tax liability. |
NOTE_8_STOCKHOLDERS_EQUITY
NOTE 8 - STOCKHOLDERS' EQUITY (Quarterly Report [Member]) | 6 Months Ended |
Jun. 30, 2013 | |
Quarterly Report [Member] | |
NOTE 8 - STOCKHOLDERS EQUITY | NOTE 8 - STOCKHOLDERS' EQUITY |
Preferred Stock | |
The Company has 10,000,000 authorized shares of non-redeemable, convertible preferred stock with a par value of $.0001. Each share of preferred stock is convertible to 10 shares of commons stock. In May 2012, 500,000 of the 750,000 shares of preferred stock outstanding were converted into 5 million shares of common stock. | |
Common Stock | |
On February 14, 2012, the Company's stockholders approved an amendment to the Company’s Articles of Incorporation to increase the authorized number of shares of common stock, $.0001 par value, from 50,000,000 shares to 100,000,000 shares. |
NOTE_9_STOCKHOLDERS_EQUITY
NOTE 9 - STOCKHOLDERS' EQUITY (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 9 - STOCKHOLDERS EQUITY | NOTE 9 - STOCKHOLDERS' EQUITY |
Preferred Stock | |
The Company has 10,000,000 authorized shares of non-redeemable, convertible preferred stock with a par value of $.0001. Each share of preferred stock is convertible to 10 shares of commons stock. In May 2012, 500,000 of the 750,000 shares of preferred stock outstanding were converted into 5 million shares of common stock. | |
Common Stock | |
On February 14, 2012, the Company's stockholders approved an amendment to the Company’s Articles of Incorporation to increase the authorized number of shares of common stock, $.0001 par value, from 50,000,000 shares to 100,000,000 shares. | |
Dividends | |
During March and April of 2012, the Company paid dividends for $1,431,146. |
NOTE_9_COMMITMENTS_AND_CONTING
NOTE 9 - COMMITMENTS AND CONTINGENCIES (Quarterly Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Quarterly Report [Member] | |
NOTE 9 - COMMITMENTS AND CONTINGENCIES | NOTE 9 - COMMITMENT AND CONTINGENCIES |
Commitment | |
In July 2007, the Company entered into a one year office lease agreement at $3,000 per month. The lease agreement expired and has been terminated. In April 2013, the Company entered into a new one year office lease agreement at $450 per month, the lease expires in May 2014. Total rent expense for the periods ended June 30, 2013 and June 30, 2012 was $7,866 and $12,941, respectively. | |
Contingencies | |
In the ordinary course of our business, the Company becomes involved in lawsuits and legal proceedings involving claims of medical malpractice related to medical services provided by our affiliated physicians. The Company is currently involved in one such matter where the claim could exceed insurance coverage. This matter is in the early stages of discovery and an estimate of loss, if any, cannot currently be made. | |
The Company is currently not aware of any other such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse affect on its business, financial condition or operating results except for the item described below. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm its business. | |
In November 2011, the Company became involved in a legal settlement relating to a malpractice claim for $100,000. As a result of the settlement agreement, the Company agreed to pay a total amount of $100,000. As of June 30, 2013 and December 31, 2012, the remaining balance is approximately $79,000 which is due in equal yearly installments of $20,000 over the next four years. | |
Regulatory Matters | |
Laws and regulations governing the Medicare and Medicaid programs are complex and subject to interpretation. Compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicare and Medicaid programs. We believe that we are in compliance with all applicable laws and regulations. We are not aware of any specific investigations involving allegations of potential wrongdoing. |
NOTE_10_COMMITMENTS_AND_CONTIN
NOTE 10 - COMMITMENTS AND CONTINGENCIES (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 10 - COMMITMENTS AND CONTINGENCIES | NOTE 10 - COMMITMENTS AND CONTINGENCIES |
Commitments | |
In July 2007, the Company entered into a one year office lease agreement at $3,000 per month. The lease agreement expired and is currently a month to month agreement that can be terminated at any time. Total rent expense for the years ended December 31, 2012 and 2011 was $23,150 and $34,301, respectively. | |
Contingencies | |
In the ordinary course of our business, the Company becomes involved in lawsuits and legal proceedings involving claims of medical malpractice related to medical services provided by our affiliated physicians. The Company is currently involved in one such matter where the claim could exceed insurance coverage. This matter is in the early stages of discovery and an estimate of loss, if any, cannot currently be made. | |
The Company is currently not aware of any other such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse affect on its business, financial condition or operating results except for the item described below. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm its business. | |
In October 2011, the Company became involved in a legal settlement relating to an AHCA settlement for approximately $30,000. As a result of the settlement agreement, the Company agreed to pay a total amount of approximately $30,000, which was paid in full as of December 31, 2012. | |
In November 2011, the Company became involved in a legal settlement relating to a malpractice claim for $100,000. As a result of the settlement agreement, the Company agreed to pay a total amount of $100,000. As of December 31, 2012, the Company still has a remaining balance of approximately $79,000 which is due in equal yearly installments of $20,000 over the next four years. | |
Regulatory Matters | |
Laws and regulations governing the Medicare and Medicaid programs are complex and subject to interpretation. Compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicare and Medicaid programs. We believe that we are in compliance with all applicable laws and regulations. We are not aware of any specific investigations involving allegations of potential wrongdoing. |
NOTE_10_CONCENTRATIONS
NOTE 10 - CONCENTRATIONS (Quarterly Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Quarterly Report [Member] | |
NOTE 10 - CONCENTRATIONS | NOTE 10 - CONCENTRATIONS |
Revenue | |
The Company has one affiliated medical provider, who is a director of the Company with revenues that represented approximately 4% and 2% of net revenues as of June 30, 2013 and June 30, 2012, respectively. | |
The Company’s top 3 unaffiliated medical providers represented approximately 96% of revenues for the six month period ended June 30, 2013. The Company’s top 3 unaffiliated providers represented approximately 35% of revenues for the six month period ended June 30, 2012. The Company enjoyed good relations with these providers. However, the loss of any of these providers, if they had not been replaced, could have had an adverse impact on the Company’s operations. |
NOTE_11_CONCENTRATIONS
NOTE 11 - CONCENTRATIONS (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 11 - CONCENTRATIONS | NOTE 11 - CONCENTRATIONS |
Revenue | |
The Company has one affiliated provider, who is a director of the Company with revenues that represented approximately 1% and 6% of net revenues as of December 31, 2012 and 2011, respectively. | |
The Company’s top five unaffiliated providers represented approximately 94% of revenues for the year ended December 31, 2012. The Company’s top five unaffiliated providers represented approximately 33%, of revenues for the year ended December 31, 2011. The Company enjoys good relations with these providers. However, the loss of any of these providers, if not replaced, could have an adverse impact on the Company’s operations. |
NOTE_11_Discontinued_Operation
NOTE 11 - Discontinued Operations (Quarterly Report [Member]) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Quarterly Report [Member] | |||||||||
NOTE 11 - Discontinued Operations | NOTE 11 - Discontinued Operations | ||||||||
In March 2013, management decided to exit the health care provider business and change the Company's strategy in order to focus on its interior design business. Accordingly, the financial statements have been presented in accordance with ASC 205-20, Discontinued Operations. | |||||||||
The following table illustrates the reporting of the discontinued operations included in the Statements of Operations for the periods ended June 30, 2013 and 2012: | |||||||||
Six Months Ended June 30, | |||||||||
2013 | 2012 | ||||||||
Patient Service Revenue (net of contractual allowances and discounts) | $ | 109,463 | $ | 4,294,812 | |||||
Operating expenses: | |||||||||
Cost of services-physicians | 225,964 | 2,054,757 | |||||||
General and administrative | 211,530 | 3,033,497 | |||||||
Total operating expenses | 437,494 | 5,088,254 | |||||||
Other income (expenses) | |||||||||
Interest expense, net | — | (6,794 | ) | ||||||
Gain on sale of assets | — | 6,500,000 | |||||||
Total other income (expenses) | — | 6,493,206 | |||||||
Income (loss) on discontinued operations | $ | (328,031 | ) | $ | 5,699,764 | ||||
NOTE_12_DISCONTINUED_OPERATION
NOTE 12 - DISCONTINUED OPERATIONS (Annual Report [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Annual Report [Member] | |||||||||
NOTE 12 - Discontinued Operations | NOTE 12 - Discontinued Operations | ||||||||
In March 2013, management decided to exit the health care provider business and change the Company's strategy in order to focus on its interior design business. Accordingly, the financial statements have been presented in accordance with ASC 205-20, Discontinued Operations. | |||||||||
The following table illustrates the reporting of the discontinued operations included in the Statements of Operations for the years ended December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Patient Service Revenue (net of contractual allowances and discounts) | $ | 2,785,498 | $ | 6,777,591 | |||||
Operating expenses: | |||||||||
Cost of services-physicians | 3,234,533 | 5,731,549 | |||||||
General and administrative | 1,705,449 | 1,451,496 | |||||||
Professional liability settlement | — | 100,000 | |||||||
Total operating expenses | 4,939,982 | 7,283,045 | |||||||
Other income (expense) | |||||||||
Interest expense, net | (6,792 | ) | (23,878 | ) | |||||
Gain on sale of assets | 6,500,000 | — | |||||||
Total other income (expenses) | 6,493,208 | (23,878 | ) | ||||||
Income (loss) from discontinued operation | $ | 4,338,724 | $ | (529,332 | ) | ||||
The Company expects to receive funds from the collection of accounts receivable related to discontinued operations through July 2013. |
NOTE_12_SUBSEQUENT_EVENT
NOTE 12 - SUBSEQUENT EVENT (Quarterly Report [Member]) | 6 Months Ended |
Jun. 30, 2013 | |
Quarterly Report [Member] | |
Disclosure - NOTE 12 - SUBSEQUENT EVENT (USD $) | NOTE 12 – SUBSEQUENT EVENT |
In preparing these interim condensed unaudited financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through September 24, 2013, the date the financial statements were issued. |
NOTE_13_SUBSEQUENT_EVENTS
NOTE 13 - SUBSEQUENT EVENTS (Annual Report [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
NOTE 13 - SUBSEQUENT EVENTS | NOTE 13 - SUBSEQUENT EVENTS |
As disclosed in Note 1, through March 2013, the Company provided health care services in South Florida. | |
As disclosed in Note 12, in March 2013, management decided to exit the health care provider business and change the Company's strategy in order to focus on its interior design business. | |
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through September 23, 2013, the date the financial statements were issued. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Annual Report [Member] | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The areas involving the most significant use of estimates include the estimated realizable value of accounts receivable, contractual adjustment of gross billings, medical malpractice insurance receivable and payable for known claims and liabilities for claims incurred but not reported (IBNR) related to medical malpractice. These estimates are based on knowledge of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate is adjusted. Actual results may ultimately differ materially from those estimates. | |||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||
The Company considers cash in banks and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition to be cash and cash equivalents. At December 31, 2012 and 2011, the Company had no cash equivalents. The Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). FDIC insurance has temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. Deposits in excess of FDIC insurance totaled approximately $637,000 at December 31, 2012 and $0 at December 31, 2011. | |||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||||||||||
Accounts receivable represent amounts due from third-party payors, including government sponsored Medicare and Medicaid programs, insurance companies and patients for medical services provided. Accounts receivable are recorded and stated at the amount expected to be collected and have been adjusted to reflect the differences between charges and the estimated reimbursable amounts. | |||||||||||||||||||||||||
Accounts receivable balances as of December 31 were as follows: | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Accounts Receivable | 1,074,528 | $ | 3,163,267 | ||||||||||||||||||||||
Less Contractual Allowances and Allowances for Doubtful Accounts | (937,057 | ) | (1,976,713 | ) | |||||||||||||||||||||
137,471 | $ | 1,186,554 | |||||||||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||||||||||
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of properly and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. | |||||||||||||||||||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company determined that there were no impairments of long-lived assets as of December 31, 2012 or December 31, 2011. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||||||
U.S. GAAP for fair value measurements establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |||||||||||||||||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company’s debt to financial institutions approximate the fair value of such instrument based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangement. | |||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||||||
Hospitalist/Intensivist - Revenue consists primarily of net patient service revenues that are recorded based upon established billing rates less allowances for contractual adjustments. Revenues are recorded during the period the healthcare services are provided, based upon the estimated amounts due from the patients and third party payors, including federal and state agencies (under the Medicare and Medicaid programs), managed care health plans and commercial insurance companies. Estimates of contractual allowances under third-party payor arrangements are based upon the payment terms specified in the related contractual agreements. Third-party payor contractual payment terms are generally based upon predetermined rates per diagnosis, per diem rates, or discounted fee-for-service rates. | |||||||||||||||||||||||||
The Company derives a significant portion of its revenues from third party insurers and accordingly receives discounts from standard charges. The Company must estimate the total amount of these discounts to prepare its financial statements. The various managed care contracts under which these discounts must be calculated are complex and are subject to interpretation and adjustment. These interpretations sometimes result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. Changes in estimates related to the allowance for contractual discounts affect revenues reported in the Company’s statements of operations in the period of the change. | |||||||||||||||||||||||||
The Medicare and Medicaid reimbursing entities (“Entities”) provide a substantial portion of the Company revenues. These Entities are subject to numerous laws and regulations of federal, state and local governments, including but not limited to matters such as licensure, accreditation, participation requirements, reimbursement formulas and fraud and abuse. Compliance with standards and other regulations can be subject to future government review and interpretation. Any future changes in federal and state reimbursement funding mechanisms could affect the Company. | |||||||||||||||||||||||||
Interior Design - The Company follows ASC 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales rice is fixed or determinable, and collectability is reasonably assured. | |||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | |||||||||||||||||||||||||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||||||||
The Company computes earnings per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic earnings per share are computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed assuming the exercise of dilutive stock options under the treasury stock method and the related income tax effects. | |||||||||||||||||||||||||
As of December 31, 2012 and 2011, we had 250,000 and 750,000 shares of Convertible Preferred Stock outstanding convertible into 2,500,000 and 7,500,000 common shares, respectively. | |||||||||||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Statements of Operations: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Net Income | Shares | Per Share Amount | Net Loss | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | 2,658,917 | $ | (577,685 | ) | ||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | (210,000 | ) | — | ||||||||||||||||||||||
Net income available for basic common shares and basic earnings per share | $ | 2,448,917 | 46,597,338 | $ | 0.05 | $ | (577,685 | ) | 43,612,365 | $ | (0.01 | ) | |||||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | 2,658,617 | $ | (577,685 | ) | ||||||||||||||||||||
Amount allocated to participating securities | (210,000 | ) | |||||||||||||||||||||||
Adjustment for dilutive potential common shares | 2,500,000 | — | — | ||||||||||||||||||||||
Net income available for diluted common shares and diluted earnings per share | $ | 2,448,917 | 49,097,338 | $ | 0.05 | $ | (577,685 | ) | 43,612,365 | $ | (0.01 | ) | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||||||
In August 2010, the Financial Accounting Standard Board (FASB) issued revised GAAP on the presentation of insurance claims and related insurance recoveries. The revised GAAP requires a healthcare entity to present medical malpractice claims and similar liabilities without consideration of insurance recoveries. Related insurance recoveries are to be presented as a receivable net of a valuation allowance for uncollectible amounts. The accompanying financial statements present reserves for known malpractice claims. As of December 31, 2012 and 2011, the company had no receivables for related insurance recoveries. Had any such receivables existed, they would be presented on an undiscounted basis based upon loss projections. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) (Quarterly Report [Member]) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Quarterly Report [Member] | |||||||||||||||||||||||||
Basis of Presentation | BASIS OF PRESENTATION | ||||||||||||||||||||||||
The unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. | |||||||||||||||||||||||||
The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the six months ended June 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. | |||||||||||||||||||||||||
The information included in these interim unaudited condensed financial statements should be read in conjunction with the Company’s Registration Statement on Form S-1 for the year ended December 31, 2012. | |||||||||||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The areas involving the most significant use of estimates include the estimated realizable value of accounts receivable, contractual adjustment of gross billings, medical malpractice insurance receivable and payables for known claims and liabilities for claims incurred but not reported (IBNR) related to medical malpractice. These estimates are based on knowledge of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate is adjusted. Actual results may ultimately differ materially from those estimates. | |||||||||||||||||||||||||
Cash | Cash | ||||||||||||||||||||||||
The Company considers cash in banks and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition to be cash and cash equivalents. At June 30, 2013 and December 31, 2012, the Company had no cash equivalents. The Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). FDIC insurance has increased from $100,000 to $250,000 per depositor as of December 31, 2012. Deposits in excess of FDIC insurance totaled approximately $159,000 and $637,000 at June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||||||||||
Accounts receivable represent amounts due from third-party payors, including government sponsored Medicare and Medicaid programs, insurance companies and patients for medical services provided. Accounts receivable are recorded and stated at the amount expected to be collected and have been adjusted to reflect the differences between charges and the estimated reimbursable amounts. | |||||||||||||||||||||||||
Accounts receivable balances as of June 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accounts Receivable | $ | — | $ | 1,074,528 | |||||||||||||||||||||
Less Contractual Allowances and Allowances for Doubtful Accounts | — | (937,057 | ) | ||||||||||||||||||||||
$ | — | $ | 137,471 | ||||||||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||||||||||
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of properly and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. | |||||||||||||||||||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives, against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company determined that there were no impairments of long-lived assets as of June 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||||||
U.S. GAAP for fair value measurements establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |||||||||||||||||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued liabilities, approximate their fair values because of the short maturity of these instruments. | |||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||||||
Hospitalist/Intensivist - Revenue consists primarily of net patient service revenues that are recorded based upon established billing rates less allowances for contractual adjustments. Revenues are recorded during the period the healthcare services are provided, based upon the estimated amounts due from the patients and third party payors, including federal and state agencies (under the Medicare and Medicaid programs), managed care health plans and commercial insurance companies. Estimates of contractual allowances under third-party payor arrangements are based upon the payment terms specified in the related contractual agreements. Third-party payor contractual payment terms are generally based upon predetermined rates per diagnosis, per diem rates, or discounted fee-for-service rates. | |||||||||||||||||||||||||
The Company derives a significant portions of its revenues from third party insurers and accordingly receives discounts from standard charges. The Company must estimate the total amount of these discounts to prepare its financial statements. The various managed care contracts under which these discounts must be calculated are complex and are subject to interpretation and adjustment. These interpretations sometimes result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. Changes in estimates related to the allowance for contractual discounts affect revenues reported in the Company’s statement of operations in the period of the change. | |||||||||||||||||||||||||
The Medicare and Medicaid reimbursing entities (“Entities”) provide a substantial portion of the Company revenues. These Entities are subject to numerous laws and regulations of federal, state and local governments, including but not limited to matters such as licensure, accreditation, participation requirements, reimbursement formulas and fraud and abuse. Compliance with standards and other regulations can be subject to future government review and interpretation. Any future changes in federal and state reimbursement funding mechanisms could affect the Company. | |||||||||||||||||||||||||
Interior Design - The Company follows ASC 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. | |||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | |||||||||||||||||||||||||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||||||||
The Company computes earnings per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic earnings per share are computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed assuming the exercise of dilutive stock options under the treasury stock method and the related income tax effects. | |||||||||||||||||||||||||
As of June 30, 2013 and 2012, we had 250,000 shares of Convertible Preferred Stock outstanding convertible into 2,500,000 common shares. | |||||||||||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Statements of Operations: | |||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share Amount | Net Income | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | (527,780 | ) | $ | 3,617,993 | ||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | — | — | |||||||||||||||||||||||
Net income (loss) available for basic common shares and basic earnings per share | $ | (527,780 | ) | 48,612,365 | $ | (0.01 | ) | $ | 3,617,993 | 44,560,167 | $ | 0.08 | |||||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | (527,780 | ) | $ | 3,617,993 | ||||||||||||||||||||
Amount allocated to participating securities | — | ||||||||||||||||||||||||
Adjustment for dilutive potential common shares | — | — | — | 2,500,000 | |||||||||||||||||||||
Net income (loss) available for diluted common shares and diluted earnings per share | $ | (527,780 | ) | 48,612,365 | $ | (0.01 | ) | $ | 3,617,993 | 47,060,167 | $ | 0.08 | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||||||
There have been no accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2013 that are expected to have a material impact on the Company’s financial position, results of operations or cash flows. Accounting pronouncements that became effective during the six months ended June 30, 2013 did not have a material impact on disclosures or on the Company’s financial position, results of operations or cash flows. |
NOTE_2_SUMMARY_OF_SIGNIFICANT_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Annual Report [Member] | |||||||||||||||||||||||||
Accounts Receivable Balances | 2012 | 2011 | |||||||||||||||||||||||
Accounts Receivable | 1,074,528 | $ | 3,163,267 | ||||||||||||||||||||||
Less Contractual Allowances and Allowances for Doubtful Accounts | (937,057 | ) | (1,976,713 | ) | |||||||||||||||||||||
137,471 | $ | 1,186,554 | |||||||||||||||||||||||
Earnings Per Share, Basic and Diluted | Years Ended December 31, | ||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Net Income | Shares | Per Share Amount | Net Loss | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | 2,658,917 | $ | (577,685 | ) | ||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | (210,000 | ) | — | ||||||||||||||||||||||
Net income available for basic common shares and basic earnings per share | $ | 2,448,917 | 46,597,338 | $ | 0.05 | $ | (577,685 | ) | 43,612,365 | $ | (0.01 | ) | |||||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | 2,658,617 | $ | (577,685 | ) | ||||||||||||||||||||
Amount allocated to participating securities | (210,000 | ) | |||||||||||||||||||||||
Adjustment for dilutive potential common shares | 2,500,000 | — | — | ||||||||||||||||||||||
Net income available for diluted common shares and diluted earnings per share | $ | 2,448,917 | 49,097,338 | $ | 0.05 | $ | (577,685 | ) | 43,612,365 | $ | (0.01 | ) |
NOTE_2_SUMMARY_OF_SIGNIFICANT_5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) (Quarterly Report [Member]) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Quarterly Report [Member] | |||||||||||||||||||||||||
Accounts Receivable Balances | 2013 | 2012 | |||||||||||||||||||||||
Accounts Receivable | $ | — | $ | 1,074,528 | |||||||||||||||||||||
Less Contractual Allowances and Allowances for Doubtful Accounts | — | (937,057 | ) | ||||||||||||||||||||||
$ | — | $ | 137,471 | ||||||||||||||||||||||
Basic and Diluted Earnings Per Share | For the Six Months Ended June 30, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share Amount | Net Income | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | (527,780 | ) | $ | 3,617,993 | ||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | — | — | |||||||||||||||||||||||
Net income (loss) available for basic common shares and basic earnings per share | $ | (527,780 | ) | 48,612,365 | $ | (0.01 | ) | $ | 3,617,993 | 44,560,167 | $ | 0.08 | |||||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | (527,780 | ) | $ | 3,617,993 | ||||||||||||||||||||
Amount allocated to participating securities | — | ||||||||||||||||||||||||
Adjustment for dilutive potential common shares | — | — | — | 2,500,000 | |||||||||||||||||||||
Net income (loss) available for diluted common shares and diluted earnings per share | $ | (527,780 | ) | 48,612,365 | $ | (0.01 | ) | $ | 3,617,993 | 47,060,167 | $ | 0.08 | |||||||||||||
Integrated Inpatient Solutions, Inc. | |||||||||||||||||||||||||
Condensed Financial Statements | |||||||||||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) | |||||||||||||||||||||||||
For the Three Months Ended June 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share Amount | Net Loss | Shares | Per Share Amount | ||||||||||||||||||||
Basic Earnings per Share: | $ | (257,166 | ) | $ | (791,712 | ) | |||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Amount allocated to participating securities | — | — | |||||||||||||||||||||||
Net income (loss) available for basic common shares and basic earnings per share | $ | (257,166 | ) | 48,612,365 | $ | (0.01 | ) | $ | (791,712 | ) | 45,507,969 | $ | (0.02 | ) | |||||||||||
Diluted Earnings per Share: | |||||||||||||||||||||||||
Net income (loss) | $ | (257,166 | ) | $ | (791,712 | ) | |||||||||||||||||||
Amount allocated to participating securities | |||||||||||||||||||||||||
Adjustment for dilutive potential common shares | — | — | — | — | |||||||||||||||||||||
Net income (loss) available for diluted common shares and diluted earnings per share | $ | (257,166 | ) | 48,612,365 | $ | (0.01 | ) | $ | (791,712 | ) | 45,507,969 | $ | (0.02 | ) |
NOTE_4_PREPAID_EXPENSES_AND_OT2
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Annual Report [Member] | |||||||||
Prepaid Expenses and Other Current Assets | 2012 | 2011 | |||||||
Escrow deposit held for indemnification | $ | 300,000 | $ | — | |||||
Prepaid insurance-medical professional liability | 121,197 | 26,741 | |||||||
Other current assets | — | 40,560 | |||||||
$ | 421,197 | $ | 67,301 |
NOTE_4_PREPAID_EXPENSES_AND_OT3
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) (Quarterly Report [Member]) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Quarterly Report [Member] | |||||||||
Prepaid Expenses and Other Current Assets | 2013 | 2012 | |||||||
Escrow Deposit held for indemnification | $ | 300,000 | $ | 300,000 | |||||
Prepaid insurance - medical professional liability | 183,242 | 121,197 | |||||||
$ | 483,242 | $ | 421,197 |
NOTE_5_PROPERTY_AND_EQUIPMENT_1
NOTE 5 - PROPERTY AND EQUIPMENT (Tables) (Annual Report) (Annual Report [Member]) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
Annual Report [Member] | |||||||||||
Property and Equipment | 2012 | 2011 | Estimated Useful Life | ||||||||
Computer and Office Equipment | $ | 33,868 | $ | 33,868 | 5 -7 years | ||||||
Furniture and Fixtures | 18,530 | 18,530 | 7 years | ||||||||
52,398 | 52,398 | ||||||||||
Less: Accumulated Depreciation | (40,574 | ) | (37,777 | ) | |||||||
$ | 11,824 | $ | 14,621 |
NOTE_5_PROPERTY_AND_EQUIPMENT_2
NOTE 5 - PROPERTY AND EQUIPMENT (Tables) (Quarterly Report [Member]) | 6 Months Ended | ||||||||||
Jun. 30, 2013 | |||||||||||
Quarterly Report [Member] | |||||||||||
Property and Equipment | 2012 | 2011 | Estimated Useful Life | ||||||||
Computer and Office Equipment | $ | 33,868 | $ | 33,868 | 5 -7 years | ||||||
Furniture and Fixtures | 18,530 | 18,530 | 7 years | ||||||||
52,398 | 52,398 | ||||||||||
Less: Accumulated Depreciation | (46,445 | ) | (40,574 | ) | |||||||
$ | 5,953 | $ | 11,824 |
NOTE_6_DEBT_Tables
NOTE 6 - DEBT (Tables) (Annual Report [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Annual Report [Member] | |||||||||
Debt Obligations | 2012 | 2011 | |||||||
Note payable to Citibank payable $993 monthly. Interest accrues at a variable rate based upon a rate of prime plus 1%. The loan is secured by all property and assets of the Company and is personally guaranteed by certain members of management. | $ | — | $ | 8,667 | |||||
Citibank, line of credit, payable over 60 months accruing interest at 4.25% per year. The original principal balance was $500,000. The loan is payable November, 25, 2012. | — | 485,527 | |||||||
Less current portion | — | (494,194 | ) | ||||||
$ | — | $ | — | ||||||
Long-term debt | |||||||||
NOTE_7_INCOME_TAXES_Tables
NOTE 7 - INCOME TAXES (Tables) (Quarterly Report [Member]) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||||
Quarterly Report [Member] | |||||||||||||||||||||||||||
Components of the Company's Net Current and Deferred Income Tax Provision | Six Months Ended June 30, 2013 | Six Months Ended June 30, 2012 | |||||||||||||||||||||||||
Total | Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | ||||||||||||||||||||||
Current: | — | — | — | 2,000,009 | — | 2,000,009 | |||||||||||||||||||||
Total | — | — | — | 2,000,009 | — | 2,000,009 | |||||||||||||||||||||
Effective Income Tax Rate Reconciliation | 2013 | 2012 | |||||||||||||||||||||||||
Statutory rate | 34 | % | 30 | % | |||||||||||||||||||||||
State income taxes, net of Federal tax benefit | 5.5 | 5.5 | |||||||||||||||||||||||||
39.5 | 35.5 | ||||||||||||||||||||||||||
Less: Valuation Allowance | (39.50 | ) | — | ||||||||||||||||||||||||
0 | % | 35.5 | % |
NOTE_8_INCOME_TAXES_Tables
NOTE 8 - INCOME TAXES (Tables) (Annual Report [Member]) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||
Annual Report [Member] | |||||||||||||||||||||||||||
Components of the Company's Net Current and Deferred Income Tax Provision | Fiscal year ended December 31, 2012 | Fiscal year ended December 31, 2011 | |||||||||||||||||||||||||
Total | Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | ||||||||||||||||||||||
Current: | $ | 1,610,509 | $ | (31,579 | ) | $ | 1,414,181 | $ | — | $ | $ | ||||||||||||||||
Deferred: | $ | — | $ | $ | $ | 12,600 | $ | $ | 12,600 | ||||||||||||||||||
Total | $ | 1,610,509 | $ | (31,579 | ) | $ | 1,414,181 | $ | 12,600 | $ | — | $ | 12,600 | ||||||||||||||
Deferred Tax Assets | 2012 | 2011 | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||
Net operating loss | $ | — | $ | 12,600 | |||||||||||||||||||||||
Net deferred tax asset | $ | — | $ | 12,600 | |||||||||||||||||||||||
Effective Income Tax Rate Reconciliation | 2012 | 2011 | |||||||||||||||||||||||||
Statutory rate | 34 | % | 34 | % | |||||||||||||||||||||||
State income taxes, net of Federal tax benefit | 5.5 | 5.5 | |||||||||||||||||||||||||
Permanent differences | — | (35.30 | ) | ||||||||||||||||||||||||
Valuation allowance-deferred tax asset from NOL | — | (2.10 | ) | ||||||||||||||||||||||||
Effective rate | 39.5 | % | (2.10 | )% |
NOTE_11_Discontinued_Operation1
NOTE 11 - Discontinued Operations (Tables) (Quarterly Report [Member]) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Quarterly Report [Member] | |||||||||
Discontinued Operations | Six Months Ended June 30, | ||||||||
2013 | 2012 | ||||||||
Patient Service Revenue (net of contractual allowances and discounts) | $ | 109,463 | $ | 4,294,812 | |||||
Operating expenses: | |||||||||
Cost of services-physicians | 225,964 | 2,054,757 | |||||||
General and administrative | 211,530 | 3,033,497 | |||||||
Total operating expenses | 437,494 | 5,088,254 | |||||||
Other income (expenses) | |||||||||
Interest expense, net | — | (6,794 | ) | ||||||
Gain on sale of assets | — | 6,500,000 | |||||||
Total other income (expenses) | — | 6,493,206 | |||||||
Income (loss) on discontinued operations | $ | (328,031 | ) | $ | 5,699,764 |
NOTE_12_DISCONTINUED_OPERATION1
NOTE 12 - DISCONTINUED OPERATIONS (Tables) (Annual Report [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Annual Report [Member] | |||||||||
Discontinued Operations in the Statement of Operations | 2012 | 2011 | |||||||
Patient Service Revenue (net of contractual allowances and discounts) | $ | 2,785,498 | $ | 6,777,591 | |||||
Operating expenses: | |||||||||
Cost of services-physicians | 3,234,533 | 5,731,549 | |||||||
General and administrative | 1,705,449 | 1,451,496 | |||||||
Professional liability settlement | — | 100,000 | |||||||
Total operating expenses | 4,939,982 | 7,283,045 | |||||||
Other income (expense) | |||||||||
Interest expense, net | (6,792 | ) | (23,878 | ) | |||||
Gain on sale of assets | 6,500,000 | — | |||||||
Total other income (expenses) | 6,493,208 | (23,878 | ) | ||||||
Income (loss) from discontinued operation | $ | 4,338,724 | $ | (529,332 | ) |
NOTE_2_SUMMARY_OF_SIGNIFICANT_6
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable Balances (Details) (Annual Report) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Annual Report [Member] | ||
Accounts Receivable | $1,074,528 | $3,163,267 |
Less Contractual Allowances and Allowances for Doubtful Accounts | -937,057 | -1,976,713 |
Accounts Receivable, Net | $137,471 | $1,186,554 |
NOTE_2_SUMMARY_OF_SIGNIFICANT_7
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable Balances (Details) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Quarterly Report [Member] | ||
Accounts Receivable | $1,074,528 | |
Less Contractual Allowances and Allowances for Doubtful Accounts | -937,057 | |
Accounts Receivable, Net | $137,471 |
NOTE_2_SUMMARY_OF_SIGNIFICANT_8
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share, Basic and Diluted (Details) (Annual Report) (Annual Report [Member], USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | |||
Basic Earnings per Share: | |||
Net income (loss) | $2,658,917 | ||
Amount allocated to participating securities | |||
Net income available for basic common shares and basic earnings | 2,448,917 | -577,685 | |
Net income available for basic common shares and basic earnings, Shares | 46,597,338 | 43,612,365 | |
Net income available for basic common shares and basic earnings, Per Share | $0.05 | $0.05 | ($0.01) |
Diluted Earnings per Share: | |||
Net income (loss) | 2,658,917 | ||
Amount allocated to participating securities | -210,000 | ||
Adjustment for dilutive potential common shares, Shares | 2,500,000 | ||
Net income available for diluted common shares and diluted earnings | $2,448,917 | ($577,685) | |
Net income available for diluted common shares and diluted earnings, Shares | 49,097,338 | 43,612,365 | |
Net income available for diluted common shares and diluted earnings, Per Share | $0.05 | $0.05 | ($0.01) |
NOTE_2_SUMMARY_OF_SIGNIFICANT_9
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Earnings Per Share (Details) (Quarterly Report [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Quarterly Report [Member] | ||||
Basic Earnings per Share: | ||||
Net income (loss) | ($257,166) | ($791,712) | ($527,780) | ($3,617,993) |
Amount allocated to participating securities | ||||
Net income available for basic common shares and basic earnings | -257,166 | -791,712 | -527,780 | 3,617,993 |
Net income available for basic common shares and basic earnings, Shares | 48,612,365 | 45,507,969 | 48,612,365 | 44,560,167 |
Net income available for basic common shares and basic earnings, Per Share | ($0.01) | ($0.02) | ($0.01) | $0.08 |
Diluted Earnings per Share: | ||||
Net income (loss) | -257,166 | -791,712 | -527,780 | 3,617,993 |
Amount allocated to participating securities | ||||
Adjustment for dilutive potential common shares, Shares | 2,500,000 | |||
Net income available for diluted common shares and diluted earnings | ($257,166) | ($791,712) | ($527,780) | $3,617,993 |
Net income available for diluted common shares and diluted earnings, Shares | 48,612,365 | 45,507,969 | 48,612,365 | 47,060,167 |
Net income available for diluted common shares and diluted earnings, Per Share | ($0.01) | ($0.02) | ($0.01) | $0.08 |
Recovered_Sheet1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (Annual Report) (Annual Report [Member], USD $) | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2011 |
Annual Report [Member] | |||
FDIC Insured Amount | $250,000 | ||
Cash, Uninsured Amount | $637,000 | $0 | |
Convertible Preferred Stock Outstanding | 250,000 | 750,000 | |
Convertible Preferred Stock, Shares Issued Upon Conversion | 2,500,000 | 5,000,000 | 7,500,000 |
Recovered_Sheet2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 | 31-May-12 |
Quarterly Report [Member] | |||
FDIC Insured Amount | $250,000 | ||
Cash, Uninsured Amount | $159,000 | $637,000 | |
Convertible Preferred, Shares Outstanding | 250,000 | ||
Shares Issued Upon Conversion | 2,500,000 | 5,000,000 |
NOTE_3_ASSET_SALE_Details_Narr
NOTE 3 - ASSET SALE (Details Narrative) (Annual Report) (Annual Report [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Annual Report [Member] | |
Sale of Intangible Assets | $6,500,000 |
Asset held for sale, Carrying Value | 0 |
Gain on Sale of Asset | 6,500,000 |
Escrow Deposit | $300,000 |
NOTE_3_ASSET_SALE_Details_Narr1
NOTE 3 - ASSET SALE (Details Narrative) (Quarterly Report [Member], USD $) | 6 Months Ended |
Jun. 30, 2013 | |
Quarterly Report [Member] | |
Sale of Intangible Assets | $6,500,000 |
Asset held for sale, Carrying Value | 0 |
Gain on Sale of Asset | 6,500,000 |
Escrow Deposit | $300,000 |
NOTE_4_PREPAID_EXPENSES_AND_OT4
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS - Prepaid Expenses and Other Current Assets (Details) (Annual Report) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Escrow deposit held for indemnification | $300,000 | |
Other current assets | 40,560 | |
Total Prepaid Expenses and Other Current Assets | 421,197 | 67,301 |
Professional Malpractice Liability Insurance [Member] | ||
Prepaid insurance-medical professional liability | $121,197 | $26,741 |
NOTE_4_PREPAID_EXPENSES_AND_OT5
NOTE 4 -PREPAID EXPENSES AND OTHER CURRENT ASSETS - Prepaid Expenses and Other Current Assets (Details) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Quarterly Report [Member] | ||
Escrow deposit held for indemnification | $300,000 | $300,000 |
Prepaid insurance-medical professional liability | 183,242 | 121,197 |
Total Prepaid Expenses and Other Current Assets | $483,242 | $421,197 |
NOTE_5_PROPERTY_AND_EQUIPMENT_3
NOTE 5 - PROPERTY AND EQUIPMENT - Property and Equipment (Details) (Annual Report) (Annual Report [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Property and Equipment Gross | $52,398 | $52,398 |
Less: Accumulated Depreciation | -40,574 | -37,777 |
Property and Equipment Net | 11,824 | 14,621 |
Computer and Office Equipment | ||
Property and Equipment Gross | 33,868 | 33,868 |
Estimated Useful Life | 7 years | |
Furniture and Fixtures | ||
Property and Equipment Gross | $18,530 | $18,530 |
Estimated Useful Life | 7 years |
NOTE_5_PROPERTY_AND_EQUIPMENT_4
NOTE 5 - PROPERTY AND EQUIPMENT - Property and Equipment (Details) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 |
Computer and Office Equipment | Computer and Office Equipment | Furniture and Fixtures | Furniture and Fixtures | |||
Property and Equipment Gross | $52,398 | $52,398 | $33,868 | $33,868 | $18,530 | $18,530 |
Less: Accumulated Depreciation | -46,445 | -40,574 | ||||
Property and Equipment Net | $5,953 | $11,824 | ||||
Estimated Useful Life | 7 years | 7 years |
NOTE_5_PROPERTY_AND_EQUIPMENT_5
NOTE 5 - PROPERTY AND EQUIPMENT (Details Narrative) (Annual Report) (Annual Report [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | ||
Depreciation Expense | $2,797 | $5,997 |
NOTE_5_PROPERTY_AND_EQUIPMENT_6
NOTE 5 - PROPERTY AND EQUIPMENT (Details Narrative) (Quarterly Report [Member], USD $) | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Quarterly Report [Member] | ||
Depreciation Expense | $5,871 | $1,399 |
NOTE_6_DEBT_Debt_Obligations_D
NOTE 6 - DEBT - Debt Obligations (Details) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Long Term Debt | ||
Less Current Portion | -494,194 | |
Citibank Note Payable | ||
Long Term Debt | 8,667 | |
Citibank Line of Credit | ||
Long Term Debt | $485,527 |
NOTE_6_DEBT_Details_Narrative
NOTE 6 - DEBT (Details Narrative) (Annual Report [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | ||
Interest Expense | $6,797 | $23,889 |
Repayment of Debt | $494,194 |
NOTE_6_OTHER_ASSETS_Details_Na
NOTE 6 - OTHER ASSETS (Details Narrative) (Quarterly Report [Member], USD $) | Jun. 30, 2013 |
Quarterly Report [Member] | |
Assets, Current | $183,242 |
Other Assets, Current | $184,961 |
NOTE_7_INCOME_TAXES_Components
NOTE 7 - INCOME TAXES - Components of the Company's Net Current and Deferred Income Tax Provision (Details) (Quarterly Report [Member], USD $) | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Current: | $2,000,009 | |
Total | 2,000,009 | |
Discontinued Operations [Member] | ||
Current: | 2,000,009 | |
Total | 2,000,009 | |
Continuing Operations [Member] | ||
Current: | ||
Total |
NOTE_7_INCOME_TAXES_Effective_
NOTE 7 - INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) (Quarterly Report [Member]) | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Quarterly Report [Member] | ||
Statutory rate | 34.00% | 30.00% |
State income taxes, net of Federal tax benefit | 5.50% | 5.50% |
Permanent differences | 39.50% | 3550.00% |
Valuation allowance-deferred tax asset from NOL | -39.50% | |
Effective rate | 0.00% | 35.50% |
NOTE_7_RELATED_PARTY_TRANSACTI1
NOTE 7 - RELATED PARTY TRANSACTIONS (Details Narrative) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Annual Report [Member] | ||
Accounts Payable, Related Parties | $7,000 | $53,000 |
Employee Related Liabilities - Related Parties | $7,000 | $138,000 |
NOTE_7_INCOME_TAXES_Details_Na
NOTE 7 - INCOME TAXES (Details Narrative) (Quarterly Report [Member], USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
Quarterly Report [Member] | ||
Refundable Income Taxes | $69,585 | $69,585 |
NOTE_8_INCOME_TAXES_Components
NOTE 8 - INCOME TAXES - Components of the Company's Net Current and Deferred Income Tax Provision (Details) (Annual Report [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Current: | $1,610,509 | ($31,579) |
Deferred: | ||
Total | 1,610,509 | -31,579 |
Continuing Operations [Member] | ||
Current: | 1,414,181 | |
Deferred: | 12,600 | |
Total | 1,414,181 | 12,600 |
Discontinued Operations [Member] | ||
Current: | ||
Deferred: | 12,600 | |
Total | $12,600 |
NOTE_8_INCOME_TAXES_Deferred_T
NOTE 8 - INCOME TAXES - Deferred Tax Assets (Details) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Annual Report [Member] | ||
Deferred tax assets: | ||
Net operating loss | $12,600 | |
Net deferred tax asset | $12,600 |
NOTE_8_INCOME_TAXES_Effective_
NOTE 8 - INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) (Annual Report [Member]) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | ||
Statutory rate | 34.00% | 34.00% |
State income taxes, net of Federal tax benefit | 5.50% | 5.50% |
Permanent differences | -35.30% | |
Valuation allowance-deferred tax asset from NOL | -2.10% | |
Effective rate | 39.50% | -2.10% |
NOTE_8_INCOME_TAXES_Details_Na
NOTE 8 - INCOME TAXES (Details Narrative) (Annual Report [Member], USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Annual Report [Member] | ||
Operating Loss Carryforwards | $0 | $32,000 |
Refundable Income Taxes | $69,585 | $22,347 |
NOTE_8_STOCKHOLDERS_EQUITY_Det
NOTE 8 - STOCKHOLDERS' EQUITY (Details Narrative) (Quarterly Report [Member], USD $) | 1 Months Ended | 6 Months Ended | |||
31-May-12 | Jun. 30, 2013 | Dec. 31, 2012 | Feb. 14, 2012 | Feb. 13, 2012 | |
Quarterly Report [Member] | |||||
Preferred Stock, Shares Authorized | 10,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | |||
Convertible Preferred Stock, Shares Issued Upon Conversion | 5,000,000 | 2,500,000 | |||
Conversion of Stock, Shares Converted | 500,000 | ||||
Preferred Stock, Shares Outstanding | 750,000 | 250,000 | 250,000 | ||
Common Stock, Par Value | $0.00 | $0.00 | $0.00 | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | 50,000,000 | |
Shares Issued Upon Conversion | 10 |
NOTE_9_STOCKHOLDERS_EQUITY_Det
NOTE 9 - STOCKHOLDERS' EQUITY (Details Narrative) (Annual Report [Member], USD $) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
31-May-12 | Apr. 30, 2012 | Dec. 31, 2012 | Feb. 14, 2012 | Feb. 13, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||||
Convertible Preferred Stock, Shares Issued Upon Conversion | 5,000,000 | 2,500,000 | 7,500,000 | |||
Conversion of Stock, Shares Converted | 500,000 | |||||
Preferred Stock, Shares Outstanding | 750,000 | 250,000 | 750,000 | |||
Common Stock, Par Value | $0.00 | $0.00 | $0.00 | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 50,000,000 | 100,000,000 | ||
Dividends | $1,431,146 | ($1,431,147) | ||||
Shares Issued Upon Conversion | 10 |
NOTE_9_COMMITMENTS_AND_CONTING1
NOTE 9 - COMMITMENTS AND CONTINGENCIES (Details Narrative) (Quarterly Report [Member], USD $) | 1 Months Ended | 6 Months Ended | ||||
Apr. 30, 2013 | Nov. 30, 2011 | Oct. 31, 2011 | Jul. 31, 2007 | Jun. 30, 2013 | Jun. 30, 2012 | |
Quarterly Report [Member] | ||||||
Lease Expense | $450 | $3,000 | $7,866 | $12,941 | ||
Litigation Settlement Expense | 100,000 | 30,000 | ||||
Payments for Legal Settlements | 30,000 | -38,486 | ||||
Litigation Settlement Amount | $79,000 |
NOTE_10_COMMITMENTS_AND_CONTIN1
NOTE 10 - COMMITMENTS AND CONTINGENCIES (Details Narrative) (Annual Report [Member], USD $) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2011 | Oct. 31, 2011 | Jul. 31, 2007 | Dec. 31, 2012 | Dec. 31, 2011 | |
Annual Report [Member] | |||||
Lease Expense | $3,000 | $23,150 | $34,301 | ||
Litigation Settlement Expense | 100,000 | 30,000 | |||
Payments for Legal Settlements | 30,000 | -38,486 | 117,865 | ||
Litigation Settlement Amount | $79,000 |
NOTE_10_CONCENTRATIONS_Details
NOTE 10 - CONCENTRATIONS (Details Narrative) (Quarterly Report [Member]) | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Affiliated Entity [Member] | ||
Concentration Risk Percentage | 4.00% | 2.00% |
custom:UnAffiliatedEntityMember | ||
Concentration Risk Percentage | 96.00% | 35.00% |
NOTE_11_Discontinued_Operation2
NOTE 11 - Discontinued Operations - Discontinued Operations (Details) (Quarterly Report [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Operating expenses: | ||||
Cost of services-physicians | $5,741 | |||
General and administrative | 111,787 | 49,579 | 196,170 | 81,762 |
Total operating expenses | 111,787 | 49,579 | 196,170 | 81,762 |
Other income (expense) | ||||
Gain on sale of assets | -6,500,000 | |||
Income (loss) from discontinued operation | -147,541 | -742,133 | -328,031 | -3,699,755 |
Discontinued Operations [Member] | ||||
Patient Service Revenue (net of contractual allowances and discounts) | 109,463 | 4,294,812 | ||
Operating expenses: | ||||
Cost of services-physicians | 225,964 | 2,054,757 | ||
General and administrative | 211,530 | 3,033,497 | ||
Total operating expenses | 437,494 | 5,088,254 | ||
Other income (expense) | ||||
Interest expense, net | -6,794 | |||
Gain on sale of assets | 6,500,000 | |||
Total other income (expenses) | 6,493,206 | |||
Income (loss) from discontinued operation | ($328,031) | $5,699,764 |
NOTE_11_CONCENTRATIONS_Details
NOTE 11 - CONCENTRATIONS (Details Narrative) (Annual Report [Member]) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Affiliated Entity [Member] | ||
Concentration Risk Percentage | 1.00% | 6.00% |
custom:UnAffiliatedEntityMember | ||
Concentration Risk Percentage | 94.00% | 33.00% |
Recovered_Sheet3
NOTE 12 - Discontinued Operations - Discontinued Operations in the Statement of Operations (Details) (Annual Report [Member], USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2011 | Oct. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating expenses: | ||||
General and administrative | $100,877 | $60,953 | ||
Professional liability settlement | 100,000 | 30,000 | ||
Other income (expense) | ||||
Gain on sale of assets | -6,500,000 | |||
Income (loss) from discontinued operation | 2,728,215 | -516,732 | ||
Discontinued Operations [Member] | ||||
Patient Service Revenue (net of contractual allowances and discounts) | 2,785,498 | 6,777,591 | ||
Operating expenses: | ||||
Cost of services-physicians | 3,234,533 | 5,731,549 | ||
General and administrative | 1,705,449 | 1,451,496 | ||
Professional liability settlement | 100,000 | |||
Total operating expenses | 4,939,982 | 7,283,045 | ||
Other income (expense) | ||||
Interest expense, net | -6,792 | -23,878 | ||
Gain on sale of assets | 6,500,000 | |||
Total other income (expenses) | 6,493,208 | -23,878 | ||
Income (loss) from discontinued operation | $4,338,724 | ($529,332) |