v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents (amounts related to VIE of $908,141 and $708,858) $ 3,901,489 $ 4,593,638
Accounts receivable, net (amounts related to VIE of $6,112,966 and $6,010,961) 10,390,140 9,536,830
Employee loans (amounts related to VIE of $491,550 and $491,850) 953,132 820,341
Prepaid and other current assets (amounts related to VIE of $392,961 and $329,427) 651,770 422,512
Total current assets 15,896,531 15,373,321
Property, plant and equipment, net of accumulated depreciation of $1,264,271 and $1,165,219 (amounts related to VIE of $678,018 and $693,629) 2,619,493 2,544,816
Other assets (amounts related to VIE of $921,470) 4,137,521 4,227,957
Total assets 22,653,545 22,146,094
Current liabilities:    
Accounts payable and accrued expenses (amounts related to VIE of $1,638,148 and $1,366,143) 2,437,080 2,083,231
Accounts payable, related party (amount related to VIE of $251,588) 251,588 251,588
AMT Tax Payable 181,029 181,029
Line of credit, short term (amount related to VIE of $439,524) 1,539,524 1,539,524
Notes payable, current portion 402,372 519,452
Unearned revenue 43,854 26,936
Deferred rent, short term portion (amount related to VIE of $237,923) 237,923 237,923
Total current liabilities 5,093,370 4,839,683
Long term debt:    
Deposits held 41,930 41,930
Notes payable, long term portion 23,599 14,531
Deferred rent, long term portion (amount related to VIE of $2,240,552 and $2,214,909) 2,345,465 2,293,594
Total long term debt 2,410,994 2,350,055
Total liabilities 7,504,364 7,189,738
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, Nil issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized, 26,803,994 and 24,631,327 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively 26,804 24,631
Additional paid in capital 24,081,761 24,020,610
Accumulated deficit (9,898,015) (10,100,534)
Total stockholders' equity attributable to First Choice Healthcare Solutions, Inc. 14,210,550 13,944,707
Non-controlling interest (note 10) 938,631 1,011,649
Total equity 15,149,181 14,956,356
Total liabilities and equity $ 22,653,545 $ 22,146,094

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Patient service revenue $ 7,406,986 $ 6,877,665
Allowance for bad debts (264,996) (262,524)
Net patient service revenue less provision for bad debts 7,141,990 6,615,141
Rental revenue 578,363 626,612
Total revenue 7,720,353 7,241,753
Operating expenses:    
Salaries and benefits 3,354,376 2,780,569
Other operating expenses 2,529,183 2,045,575
General and administrative 1,535,833 1,547,576
Depreciation and amortization 189,488 298,950
Total operating expenses 7,608,880 6,672,670
Net income from operations 111,473 569,083
Other income (expense):    
Gain on sale of property and improvements 9,188,968
Miscellaneous income (expense) 50,102 58,857
Amortization financing costs (15,325)
Interest expense (32,074) (181,135)
Total other income 18,028 9,051,365
Net income before provision for income taxes 129,501 9,620,448
Income taxes (benefit)
Net income 129,501 9,620,448
Non-controlling interest (note 10) 73,018 (53,507)
NET INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ 202,519 $ 9,566,941
Net income per common share, basic $ 0.01 $ 0.42
Net income per common share, diluted $ 0.01 $ 0.37
Weighted average number of common shares outstanding, basic 26,252,505 22,886,307
Weighted average number of common shares outstanding, diluted 27,052,505 25,552,974

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 129,501 $ 9,620,448
Adjustments to reconcile net income to cash (used in) provided by operating activities:    
Depreciation and amortization 189,488 298,950
Amortization of financing costs 15,325
Bad debt expense 264,996 262,524
Gain on sale of property (9,188,968)
Common stock issued in connection with loan extension 92,000
Stock based compensation 63,324 81,300
Changes in operating assets and liabilities:    
Accounts receivable (1,118,306) (1,087,059)
Prepaid expenses and other current assets (229,258) 91,623
Restricted funds 359,414
Employee loans (132,791) (245,933)
Accounts payable and accrued expenses 353,849 122,628
Settlement payable (150,000)
Deposits (14,432)
Deferred rent 51,871 59,404
Unearned income 16,918
Net cash (used in) provided by operating activities (410,408) 317,224
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property 15,068,497
Purchase of equipment (173,729) (126,073)
Net cash (used in) provided by investing activities (173,729) 14,942,424
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from advances 90,714
Proceeds from notes payable 22,113
Proceeds from line of credit 372,636
Payments on notes payable (130,125) (7,265,997)
Net cash used in financing activities (108,012) (6,802,647)
Net (decrease) increase in cash and cash equivalents (692,149) 8,457,001
Cash and cash equivalents, beginning of period 4,593,638 1,594,998
Cash and cash equivalents, end of period 3,901,489 10,051,999
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 32,328 181,135
Cash paid during the period for taxes

Source

Financials