v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets    
Cash (amounts related to VIE of $523,388 and $702,476) $ 7,677,797 $ 2,015,534
Accounts receivable, net (amounts related to VIE of $4,537,938 and $4,420,605) 11,231,760 8,699,714
Employee loans (amounts related to VIE of $856,828 and $652,125) 1,718,201 1,316,684
Prepaid and other current assets (amounts related to VIE of $94,477 and $425,725) 789,690 515,356
Total current assets 21,417,448 12,547,288
Property, plant and equipment, net (amounts related to VIE of $221,853 and $264,150) 2,626,119 2,295,163
Total other assets (amounts related to VIE of $22,005 and $921,470) 3,757,591 3,908,781
Total assets 27,801,158 18,751,232
Current liabilities    
Accounts payable and accrued expenses (amounts related to VIE of $943,361 and $1,479,075) 2,727,424 2,379,404
Accounts payable, related party (amount related to VIE of $0 and $251,588) 251,588 251,588
Income taxes payable 254,791 223,899
Line of credit, short term (amount related to VIE of $440,024) 440,024 440,024
Notes payable, current portion (amount related to VIE of $24,975 and $0) 89,458 29,552
Unearned revenue 28,232 44,607
Deferred rent, short term portion (amount related to VIE of $0 and $45,203) 60,708 105,171
Total current liabilities 3,852,225 3,474,245
Long term liabilities:    
Deposits held 41,930 41,930
Line of credit, long term 1,100,000 1,100,000
Notes payable and capital leases, long term portion (amount related to VIE of $83,248 and $0) 293,968 60,146
Deferred rent, long term portion (amount related to VIE of $2,016,521 and $2,510,406) 2,695,812 2,589,568
Total long term liabilities 4,131,710 3,791,644
Total liabilities 7,983,935 7,265,889
Redeemable Common Stock-2022 Put Option (Note 6) 7,500,000
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, 32,602,489 and 27,356,838 shares issued; 32,602,489 and 27,167,818 shares outstanding as of September 30, 2018 and December 31, 2017, respectively 32,602 27,357
Additional paid in capital 25,430,364 25,185,487
Treasury stock, 0 and 189,020 common shares, at cost, respectively (249,265)
Accumulated deficit (13,541,717) (13,989,018)
Total stockholders' equity attributable to First Choice Healthcare Solutions, Inc. 11,921,249 10,974,561
Non-controlling interest (note 10) 395,974 510,782
Total equity 12,317,223 11,485,343
Total liabilities and equity $ 27,801,158 $ 18,751,232

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Patient service revenue   $ 7,333,547   $ 22,610,804
Allowance for bad debts   (206,502)   (710,852)
Net patient service revenue $ 9,115,267 7,127,045 $ 26,143,832 21,899,952
Rental revenue 588,306 561,448 1,767,990 1,723,585
Total revenue 9,703,573 7,688,493 27,911,822 23,623,537
Operating expenses:        
Salaries and benefits 5,440,822 4,087,880 14,506,047 11,808,414
Other operating expenses 2,749,769 2,595,447 8,085,419 7,756,453
General and administrative 1,506,916 1,374,798 4,185,701 4,154,743
Depreciation and amortization 225,495 361,680 626,315 744,592
Total operating expenses 9,923,002 8,419,805 27,403,482 24,464,202
Net income (loss) from operations (219,429) (731,312) 508,340 (840,665)
Other income (expense):        
Gain on sale of equipment 17,400
Miscellaneous income (expense) 42,785 41,153 124,991 144,951
Interest income (expense), net 13,105 (27,625) (47,626) (89,806)
Total other income 55,890 13,528 94,765 55,145
Net (loss) income before provision for income taxes (163,539) (717,784) 603,105 (785,520)
Income taxes (benefit)
Net income (loss) (163,539) (717,784) 603,105 (785,520)
Non-controlling interest (100,048) 277,386 (155,804) 416,066
NET INCOME (LOSS) ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ (263,587) $ (440,398) $ 447,301 $ (369,454)
Net income (loss) per common share, basic $ (0.01) $ (0.02) $ 0.01 $ (0.01)
Net income (loss) per common share, diluted $ (0.01) $ (0.02) $ 0.01 $ (0.01)
Weighted average number of common shares outstanding, basic 32,490,673 26,765,021 31,174,347 26,622,335
Weighted average number of common shares outstanding, diluted 33,490,673 26,765,021 31,974,347 26,622,335

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (loss) $ 603,105 $ (785,520)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:    
Depreciation and amortization 626,315 744,592
Allowance for bad debts 710,852
Stock based compensation 628,776 473,782
Gain on sale of equipment (17,400)
Changes in operating assets and liabilities:    
Accounts receivable (2,532,046) (2,293,779)
Prepaid expenses and other current assets (274,334) (223,672)
Employee loans (401,517) (308,790)
Other Assets (113,980)
Accounts payable and accrued expenses 348,020 416,165
Income taxes payable 24,754
Deferred rent 61,781 130,169
Unearned income (16,375) 17,702
Net cash used in operating activities (1,062,901) (1,118,499)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of equipment 17,400
Purchase of interest in Crane Creek Surgical Center (400,000)
Purchase of equipment (685,964) (281,618)
Net cash (used in) provided by investing activities (1,068,564) (281,618)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 7,500,000
Proceeds from settlement, due to non-controlling interest 6,521,655
Proceeds from notes payable 338,245 86,713
Proceeds from line of credit 500
Purchase of treasury stock (187,121)
Payments on notes payable (44,517) (397,595)
Net cash used in financing activities 7,793,728 6,024,152
Net increase in cash 5,662,263 4,624,035
Cash, beginning of period 2,015,534 4,593,638
Cash, end of period 7,677,797 9,217,673
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 95,211 90,386
Cash paid during the period for taxes

Source

Financials

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