Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.7.0.1
SEGMENT REPORTING
6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 11 — SEGMENT REPORTING

 

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has three reportable segments: FCID Medical, Inc., The B.A.C.K. Center and CCSC Holdings, Inc. (“CCSC”).

 

All reportable segments derive revenue for medical services provided to patients; and The B.A.C.K Center additionally derives revenue for subleasing space within its building and medical services provided to patients. With the aforementioned sale and leaseback of Marina Towers on March 31, 2016, the Company will no longer report segmented rental revenue received from third-party Marina Tower tenants under the segment heading “Marina Towers.” Rather, the Company has consolidated rental revenue received from third-party tenants of Marina Towers under the “Corporate” segment for both the 2017 and 2016 comparable reporting periods; and will continue to do so hereafter.

 

Information concerning the operations of the Company’s reportable segments is as follows:

 

Summary Statement of Loss for the three months ended June 30, 2017:

 

  FCID Brevard.     Intercompany  
  Medical Orthopaedic CCSC Corporate Eliminations Total
Revenue:            
Net Patient Service Revenue  $ 3,186,892  $  3,195,773  $  1,248,252  $             -     $            -     $   7,630,917
Rental revenue               -            343,687           443,267       (203,180)         583,774
  Total Revenue    3,186,892      3,539,460      1,248,252         443,267       (203,180)       8,214,691
             
Operating expenses:            
Salaries & benefits    1,242,713      1,814,747        293,208         240,783                -          3,591,451
Other operating expenses       704,940         820,023        875,132         420,076       (188,348)       2,631,823
General and administrative       619,974         740,940        168,009         504,728        (14,832)       2,018,819
Depreciation and amortization         73,480            6,238          28,145           85,561                -            193,424
  Total operating expenses    2,641,107      3,381,948      1,364,494       1,251,148       (203,180)       8,435,517
             
Net income (loss) from operations:       545,785         157,512       (116,242)        (807,881)                -           (220,826)
             
Interest income (expense)       (24,743)           (4,481)             (473)              (410)                -            (30,107)
Other income (expense)               -             45,667            7,279               750                -              53,696
             
Net Income (loss) before income taxes:       521,042         198,698       (109,436)        (807,541)                -           (197,237)
             
Income taxes               -                        -                   -                    -   
             
Net income (loss)       521,042         198,698       (109,436)        (807,541)                -           (197,237)
             
Non-controlling interest               -                    -             65,662                 -                   -              65,662
             
Net income (loss) attributable to First Choice Healthcare Solutions  $   521,042  $     198,698  $     (43,774)  $    (807,541)  $            -     $    (131,575)

 

Summary Statement of Loss for the six months ended June 30, 2017:

 

  FCID Brevard        
  Medical Orthopaedic CCSC Corporate   Total
Revenue:            
Net Patient Service Revenue  $ 6,047,878  $  6,286,352  $  2,438,677  $             -     $            -     $ 14,772,907
Rental revenue               -            683,763           875,117       (396,743)       1,162,137
  Total Revenue    6,047,878      6,970,115      2,438,677         875,117       (396,743)     15,935,044
             
Operating expenses:            
Salaries & benefits    2,337,949      3,533,464        591,507         482,907         6,945,827
Other operating expenses    1,296,091      1,676,505      1,727,254         828,937       (367,781)       5,161,006
General and administrative    1,145,283      1,379,738        304,363         754,230        (28,962)       3,554,652
Depreciation and amortization       143,221          12,400          56,294         170,997                -            382,912
  Total operating expenses    4,922,544      6,602,107      2,679,418       2,237,071       (396,743)     16,044,397
             
Net income (loss) from operations:    1,125,334         368,008       (240,741)     (1,361,954)                -           (109,353)
             
Interest income (expense)       (52,301)           (8,385)          (1,339)              (156)                -            (62,181)
Other income (expense)               -             91,351          10,947             1,500                -            103,798
             
Net Income (Loss) before income taxes:    1,073,033         450,974       (231,133)     (1,360,610)                -           (67,736)
             
Income taxes               -                        -                   -                    -   
             
Net income (Loss)    1,073,033         450,974       (231,133)     (1,360,610)                -           (67,736)
             
Non-controlling interest               -                    -           138,680                 -                   -            138,680
             
Net income (loss) attributable to First Choice Healthcare Solutions  $ 1,073,033  $     450,974  $     (92,453)  $ (1,360,610)  $            -     $      70,944

 

Summary Statement of Income for the three months ended June 30, 2016:

 

  FCID Brevard The Crane   Intercompany  
  Medical Orthopaedic Center Corporate Eliminations Total
Revenue:            
Net Patient Service Revenue  $ 2,377,400  $  3,199,809  $  1,446,053  $             -     $            -     $   7,023,262
Rental revenue               -            362,352           267,486                -            629,838
  Total Revenue    2,377,400      3,562,161      1,446,053         267,486                -          7,653,100
             
Operating expenses:            
Salaries & benefits       871,446      1,762,710        314,056         190,830                -          3,139,042
Other operating expenses       327,576         854,934        830,261         415,539                -          2,428,310
General and administrative       321,823         769,315        125,893         463,776                -          1,680,807
Depreciation and amortization         67,907            5,701        (22,244)           85,436                -            136,800
  Total operating expenses    1,588,752      3,392,660      1,247,966       1,155,581                -          7,384,959
             
Net income (loss) from operations:       788,648         169,501        198,087        (888,095)                -            268,141
             
Interest income (expense)       (54,805)           (3,618)          (1,361)             8,731                -            (51,053)
Amortization of financing costs               -                (329)                -                    -                   -                 (329)
Gain on sale of property               -                    -             23,378                 -                   -              23,378
Other income (expense)               -             44,506            1,556               750                -              46,812
             
Net Income (loss) before income taxes:       733,843         210,060        221,660        (878,614)                -            286,949
             
Income taxes               -                        -                   -                    -   
             
Net income (loss)       733,843         210,060        221,660        (878,614)                -            286,949
             
Non-controlling interest               -                    -          (133,812)                 -                   -           (133,812)
             
Net income (loss) attributable to First Choice Healthcare Solutions  $   733,843  $     210,060  $      87,848  $    (878,614)  $            -     $     153,137

 

Summary Statement of Income for the six months ended June 30, 2016:

 

  FCID Brevard The Crane   Intercompany  
  Medical Orthopaedic Center Corporate Eliminations Total
Revenue:            
Net Patient Service Revenue  $ 4,686,335  $  6,234,707  $  2,717,361  $             -     $            -     $ 13,638,403
Rental revenue               -            720,451           695,732       (159,733)       1,256,450
  Total Revenue    4,686,335      6,955,158      2,717,361         695,732       (159,733)     14,894,853
             
Operating expenses:            
Salaries & benefits    1,700,666      3,220,621        607,393         390,931                -          5,919,611
Other operating expenses       858,983      1,713,235      1,539,907         521,493       (159,733)       4,473,885
General and administrative       683,626      1,492,807        235,168         816,782                -          3,228,383
Depreciation and amortization       134,699          11,216          49,012         240,823                -            435,750
  Total operating expenses    3,377,974      6,437,879      2,431,480       1,970,029       (159,733)     14,057,629
             
Net income (loss) from operations:    1,308,361         517,279        285,881     (1,274,297)                -            837,224
             
Interest income (expense)     (111,623)           (6,077)        (10,087)        (104,401)                -           (232,188)
Amortization of financing costs               -              (1,317)                -            (14,337)                -            (15,654)
Gain on sale of property               -                    -             23,378       9,188,968                -          9,212,346
Other income (expense)               -            101,231            2,938             1,500                -            105,669
             
Net Income (loss) before income taxes:    1,196,738         611,116        302,110       7,797,433                -          9,907,397
             
Income taxes               -                        -                   -                    -   
             
Net income (loss)    1,196,738         611,116        302,110       7,797,433                -          9,907,397
             
Non-controlling interest               -                    -          (187,319)                 -                   -           (187,319)
             
Net income (loss) attributable to First Choice Healthcare Solutions  $ 1,196,738  $     611,116  $    114,791  $   7,797,433  $            -     $   9,720,078