Quarterly report pursuant to Section 13 or 15(d)

NON-CONTROLLING INTEREST

v3.7.0.1
NON-CONTROLLING INTEREST
6 Months Ended
Jun. 30, 2017
Noncontrolling Interest [Abstract]  
NON-CONTROLLING INTEREST

NOTE 10 — NON-CONTROLLING INTEREST

 

Effective May 1, 2015, the Company, through its wholly owned subsidiary, TBC Holdings of Melbourne, Inc., entered into an Operating and Control Agreement (the Agreement”) with Brevard Orthopaedic Spine & Pain Clinic, Inc. (“The B.A.C.K. Center”), whereby we have sole and exclusive management and control of The B.A.C.K. Center, including, but not limited to, administrative, financial, facility and business operations including the requirement to absorb losses or right to receive economic benefits. We issued 3,000,000 options to purchase our Company’s Common Stock at $1.35 per share with vesting contingent on The B.A.C.K. Center employees signing employment contracts with First Choice – Brevard. The initial term of the Agreement relating to the options expired on December 31, 2016, with the Company having the right to extend the term until December 31, 2023. We exercised our option to extend the term until December 31, 2017.

 

A reconciliation of the non-controlling income attributable to the Company:

 

Net income attributable to non-controlling interest for the three months ended June 30, 2017:

 

Net income   $ 118,537  
Average Non-controlling interest percentage of profit/losses     -0- %
Net income attributable to the non-controlling interest   $ -0-  

 

Net income attributable to non-controlling interest for the six months ended June 30, 2017:

 

Net income   $ 289,379  
Average Non-controlling interest percentage of profit/losses     -0- %
Net income attributable to the non-controlling interest   $ -0-  

 

Net loss attributable to non-controlling interest for the three months ended June 30, 2016:

 

Net income   $ 133,258  
Average Non-controlling interest percentage of profit/losses     -0- %
Net income attributable to the non-controlling interest   $ -0-  

 

Net loss attributable to non-controlling interest for the six months ended June 30, 2016:

 

Net income   $ 461,999  
Average Non-controlling interest percentage of profit/losses     -0- %
Net income attributable to the non-controlling interest   $ -0-  

 

The following table summarizes the changes in non-controlling interest from December 31, 2016 through June 30, 2017:

 

Balance, December 31, 2016   $ (138,686 )
Transfer (to) from the non-controlling interest as a result of change in ownership      
Net income attributable to the non-controlling interest      
Balance, June 30, 2017   $ (138,686 )

 

Effective October 1, 2015, the Company, through its wholly owned subsidiary, CCSC Holdings, Inc., acquired a 40% interest in Crane Creek Surgery Center (“Crane Creek”). In connection with the investment, the Company is entitled to 51% voting rights for all decisions that most significantly affect the economic performance of Crane Creek. The 40% equity interest acquired entitles the Company to 40% of the profit or loss of Crane Creek.

 

A reconciliation of the non-controlling income attributable to the Company:

 

Net loss attributable to non-controlling interest for the three months ended June 30, 2017:

 

Net loss   $ (109,435 )
Average Non-controlling interest percentage of profit/losses     60 %
Net income/loss attributable to the non-controlling interest   $ (65,662 )

 

Net loss attributable to non-controlling interest for the six months ended June 30, 2017:

 

Net loss   $ (231,133 )
Average Non-controlling interest percentage of profit/losses     60 %
Net income/loss attributable to the non-controlling interest   $ (138,680 )

 

Net income attributable to non-controlling interest for the three months ended June 30, 2016:

 

Net income   $ 223,021  
Average Non-controlling interest percentage of profit/losses     60 %
Net income/loss attributable to the non-controlling interest   $ 133,812  

 

Net income attributable to non-controlling interest for the six months ended June 30, 2016:

 

Net income   $ 312,198  
Average non-controlling interest percentage of profit/losses     60 %
Net income/loss attributable to the non-controlling interest   $ 187,319  

 

The following table summarizes the changes in non-controlling interest from December 31, 2016 through June 30, 2017:

 

Balance, December 31, 2016     1,150,335  
Transfer (to) from the non-controlling interest as a result of change in ownership      
Net income attributable to the non-controlling interest     (138,680 )
Balance, June 30, 2017   $ 1,011,655