v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash (amounts related to VIE of $921,972 and $708,858) $ 3,242,006 $ 4,593,638
Accounts receivable, net (amounts related to VIE of $6,082,888 and $6,010,961) 10,855,735 9,536,830
Employee loans (amounts related to VIE of $491,550 and $491,850) 1,031,044 820,341
Prepaid and other current assets (amounts related to VIE of $453,420 and $329,427) 655,687 422,512
Total current assets 15,784,472 15,373,321
Property, plant and equipment, net of accumulated depreciation of $1,367,489 and $1,165,219 (amounts related to VIE of $653,892 and $693,629) 2,540,364 2,544,816
Other assets (amounts related to VIE of $921,470) 4,047,085 4,227,957
Total assets 22,371,921 22,146,094
Current liabilities:    
Accounts payable and accrued expenses (amounts related to VIE of $1,622,119 and $1,366,143) 2,221,316 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 277,855 519,452
Unearned revenue 44,037 26,936
Deferred rent, short term portion (amount related to VIE of $237,923) 237,923 237,923
Total current liabilities 4,753,272 4,839,683
Long term liabilities    
Deposits held 41,930 41,930
Notes payable, long term portion 15,695 14,531
Deferred rent, long term portion (amount related to VIE of $2,266,195 and $2,214,909) 2,397,337 2,293,594
Total long term liabilities 2,454,962 2,350,055
Total liabilities 7,208,234 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, 26,971,038 and 24,631,327 shares issued; 26,938,650 and 24,631,327 shares outstanding as of June 30, 2017 and December 31, 2016, respectively 26,971 24,631
Additional paid in capital 24,343,291 24,020,610
Treasury stock, 32,388 and 0 common shares, at cost, respectively (49,954)
Accumulated deficit (10,029,590) (10,100,534)
Total stockholders' equity attributable to First Choice Healthcare Solutions, Inc. 14,290,718 13,944,707
Non-controlling interest (note 10) 872,969 1,011,649
Total equity 15,163,687 14,956,356
Total liabilities and equity $ 22,371,921 $ 22,146,094

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Patient service revenue $ 7,870,271 $ 7,290,456 $ 15,277,257 $ 14,168,121
Allowance for bad debts (239,354) (267,194) (504,350) (529,718)
Net patient service revenue less provision for bad debts 7,630,917 7,023,262 14,772,907 13,638,403
Rental revenue 583,774 629,838 1,162,137 1,256,450
Total revenue 8,214,691 7,653,100 15,935,044 14,894,853
Operating expenses:        
Salaries and benefits 3,591,451 3,139,042 6,945,827 5,919,611
Other operating expenses 2,631,823 2,428,310 5,161,006 4,473,885
General and administrative 2,018,819 1,680,807 3,554,652 3,228,383
Depreciation and amortization 193,424 136,800 382,912 435,750
Total operating expenses 8,435,517 7,384,959 16,044,397 14,057,629
Net (loss) income from operations (220,826) 268,141 (109,353) 837,224
Other income (expense):        
Gain on sale of property and improvements 23,378 9,212,346
Miscellaneous income (expense) 53,696 46,812 103,798 105,669
Amortization of financing costs (329) (15,654)
Interest expense, net (30,107) (51,053) (62,181) (232,188)
Total other income 23,589 18,808 41,617 9,070,173
Net (loss) income before provision for income taxes (197,237) 286,949 (67,736) 9,907,397
Income taxes (benefit)
Net (loss) income (197,237) 286,949 (67,736) 9,907,397
Non-controlling interest (note 10) 65,662 (133,812) 138,680 (187,319)
NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ (131,575) $ 153,137 $ 70,944 $ 9,720,078
Net (loss) income per common share, basic $ (0.00) $ 0.01 $ (0.00) $ 0.42
Net (loss) income per common share, diluted $ (0.00) $ 0.01 $ (0.00) $ 0.36
Weighted average number of common shares outstanding, basic 26,843,848 23,862,943 26,549,810 23,374,625
Weighted average number of common shares outstanding, diluted 26,843,848 27,196,277 27,349,810 26,707,959

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (67,736) $ 9,907,397
Adjustments to reconcile net (loss) income to cash used in operating activities:    
Depreciation and amortization 382,912 435,750
Amortization of financing costs 15,654
Bad debt expense 504,350 529,718
Gain on sale of property (9,212,346)
Common stock issued in connection with loan extension 92,000
Stock based compensation 325,021 334,433
Changes in operating assets and liabilities:    
Accounts receivable (1,823,255) (2,275,252)
Prepaid expenses and other current assets (233,175) 95,617
Restricted funds 359,414
Employee loans (210,703) (412,113)
Accounts payable and accrued expenses 138,085 (650,425)
Settlement payable (600,000)
Deposits (22,698)
Deferred rent 103,743 145,038
Unearned income 17,101 (16,350)
Net cash used in operating activities (863,657) (1,274,163)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property 15,113,497
Purchase of equipment (197,588) (149,507)
Net cash (used in) provided by investing activities (197,588) 14,963,990
CASH FLOWS FROM FINANCING ACTIVITIES:    
(Repayments) of advances (43,082)
Proceeds from notes payable 22,113
Proceeds from line of credit 372,636
Purchase of treasury stock (49,954)
Payments on notes payable (262,546) (7,828,777)
Net cash used in financing activities (290,387) (7,499,223)
Net (decrease) increase in cash and cash equivalents (1,351,632) 6,190,604
Cash and cash equivalents, beginning of period 4,593,638 1,594,998
Cash and cash equivalents, end of period 3,242,006 7,785,602
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 62,181 237,943
Cash paid during the period for taxes
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued in settlement of accrued expenses $ 597,067

Source

Financials