Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.10.0.1
SEGMENT REPORTING
9 Months Ended
Sep. 30, 2018
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 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.

 

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

 

Summary Statement of Operations for the three months ended September 30, 2018:

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations   Total
Revenue:                                                
Net Patient Service Revenue   $ 3,776,082     $ 3,713,742     $ 1,625,443     $     $     $ 9,115,267  
Rental revenue           340,998             437,172       (189,864 )     588,306  
 Total Revenue     3,776,082       4,054,740       1,625,444       437,172       (189,864 )     9,703,573  
                                                 
Operating expenses:                                                
Salaries & benefits     2,428,090       2,354,244       301,714       356,773               5,440,822  
Other operating expenses     681,614       954,733       879,573       409,852       (176,004 )     2,749,769  
General and administrative     325,169       644,377       91,525       459,705       (13,860 )     1,506,916  
Depreciation and amortization     90,582       25,165       23,169       86,579             225,495  
 Total operating expenses     3,525,455       3,978,519       1,295,981       1,312,909       (189,864 )     9,923,002  
                                                 
Net income (loss) from operations:     250,626       76,221       329,462       (875,737 )           (219,429 )
                                                 
Gain on sale of equipment                                    
Interest income (expense)     (17,421 )     5,350       2,705       22,470             13,105  
Miscellaneous Income (expense)           41,346       688       750             42,785  
                                                 
Net Income (Loss) before income taxes:     233,205       122,917       332,855       (852,517 )           (163,539 )
                                                 
Income taxes                                    
                                                 
Net income (Loss)     233,205       122,917       332,855       (852,517 )           (163,583 )
                                                 
Non-controlling interest                 (100,048 )                 (100,048 )
                                                 
Net income (loss) attributable to First Choice Healthcare Solutions   $ 233,205     $ 122,917     $ 232,807     $ (852,517 )   $     $ (263,587 )

 

 

Summary Statement of Operations for the three months ended September 30, 2017:

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations   Total
Revenue:                                                
Net Patient Service Revenue   $ 3,026,457     $ 3,096,807     $ 1,003,781     $     $     $ 7,127,045  
Rental revenue           319,723               425,433       (183,708 )     561,448  
 Total Revenue     3,026,457       3,416,530       1,003,781       425,433       (183,708 )     7,688,493  
                                                 
Operating expenses:                                                
Salaries & benefits     1,860,965       1,646,473       286,526       293,916             4,087,880  
Other operating expenses     600,242       899,722       863,920       401,860       (170,297 )     2,595,447  
General and administrative     221,463       631,209       123,091       412,446       (13,411 )     1,374,798  
Depreciation and amortization     75,009       7,256       193,853       85,562             361,680  
 Total operating expenses     2,757,679       3,184,660       1,467,390       1,193,784       (183,708 )     8,419,805  
                                                 
Net income (loss) from operations:     268,778       231,870       (463,609 )     (768,351 )           (731,312 )
                                                 
Interest income (expense)     (22,138 )     (4,255 )     (1,373 )     141             (27,625 )
Other income (expense)           37,731       2,672       750             41,153  
                                                 
Net Income (loss) before income taxes:     246,640       265,346       (462,310 )     (767,460 )           (717,784 )
                                                 
Income taxes                                        
                                                 
Net income (loss)     246,640       265,346       (462,310 )     (767,460 )           (717,784 )
                                                 
Non-controlling interest                 277,386                   277,386  
                                                 
Net income (loss) attributable to First Choice Healthcare Solutions   $ 246,640     $ 265,346     $ (184,924 )   $ (767,460 )   $     $ (440,398 )

 

Summary Statement of Operations for the nine months ended September 30, 2018:

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations   Total
Revenue:                                                
Net Patient Service Revenue   $ 10,591,621     $ 11,259,484     $ 4,292,727     $     $     $ 26,143,832  
Rental revenue           1,032,756             1,303,698       (568,464 )     1,767,990  
 Total Revenue     10,591,621       12,292,240       4,292,727       1,303,698       (568,464 )     27,911,822  
                                                 
Operating expenses:                                                
Salaries & benefits     6,325,175       6,187,704       880,073       1,113,094               14,506,047  
Other operating expenses     2,068,688       2,816,883       2,501,813       1,225,000       (526,965 )     8,085,419  
General and administrative     877,376       1,910,084       280,667       1,159,073       (41,498 )     4,185,701  
Depreciation and amortization     257,637       37,855       72,585       258,238             626,315  
 Total operating expenses     9,528,876       10,952,526       3,735,138       3,755,405       (568,464 )     27,403,482  
                                                 
Net income (loss) from operations:     1,062,745       1,339,714       557,589       (2,451,707 )           508,340  
                                                 
Gain on sale of equipment                 17,400                   17,400  
Interest income (expense)     (52,049 )     (15,532 )     525       19,429             (47,626 )
Miscellaneous Income (expense)           120,148       2,592       2,250             124,991  
                                                 
Net Income (Loss) before income taxes:     1,010,696       1,444,330       578,106       (2,430,028 )           603,105  
                                                 
Income taxes                                    
                                                 
Net income (Loss)     1,010,696       1,444,330       578,106       (2,430,028 )           603,105  
                                                 
Non-controlling interest                 (155,804 )                 (155,804 )
                                                 
Net income (loss) attributable to First Choice Healthcare Solutions   $ 1,010,696     $ 1,444,330     $ 422,302     $ (2,430,028 )   $     $ 447,301  

 

 

Summary Statement of Operations for the nine months ended September 30, 2017:

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations   Total
Revenue:                                                
Net Patient Service Revenue   $ 9,074,335     $ 9,383,159     $ 3,442,458     $     $     $ 21,899,952  
Rental revenue           1,003,486               1,300,550       (580,451 )     1,723,585  
 Total Revenue     9,074,335       10,386,645       3,442,458       1,300,550       (580,451 )     23,623,537  
                                                 
Operating expenses:                                                
Salaries & benefits     4,979,621       5,179,937       878,033       770,823               11,808,414  
Other operating expenses     1,896,333       2,576,227       2,591,174       1,230,797       (538,078 )     7,756,453  
General and administrative     586,039       2,019,947       427,454       1,172,676       (42,373 )     4,154,743  
Depreciation and amortization     218,230       19,656       250,147       256,559             744,592  
 Total operating expenses     7,680,223       9,786,767       4,146,808       3,430,855       (580,451 )     24,464,202  
                                                 
Net income (loss) from operations:     1,394,112       599,878       (704,350 )     (2,130,305 )           (840,665 )
                                                 
Interest income (expense)     (74,439 )     (12,640 )     (2,712 )     (15 )           (89,806 )
Other income (expense)           129,082       13,619       2,250             144,951  
                                                 
Net Income (Loss) before income taxes:     1,319,673       716,320       (693,443 )     (2,128,070 )           (785,520 )
                                                 
Income taxes                                        
                                                 
Net income (Loss)     1,319,673       716,320       (693,443 )     (2,128,070 )           (785,520 )
                                                 
Non-controlling interest                 416,066                   416,066  
                                                 
Net income (loss) attributable to First Choice Healthcare Solutions   $ 1,319,673     $ 716,320     $ (277,377 )   $ (2,128,070 )   $     $ (369,454 )