v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash (amounts related to VIE of $478,740 and $702,476) $ 8,474,437 $ 2,015,534
Accounts receivable, net (amounts related to VIE of $4,129,865 and $4,420,605) 9,908,563 8,699,714
Employee loans (amounts related to VIE of $490,250 and $490,550) 1,268,487 1,155,109
Prepaid and other current assets (amounts related to VIE of $235,707 and $425,725) 630,285 676,931
Total current assets 20,281,772 12,547,288
Property, plant and equipment, net (amounts related to VIE of $209,950 and $469,927) 2,519,638 2,295,163
Other assets (amount relating to VIE $22,005 and $921,470) 3,824,483 3,908,781
Total assets 26,625,893 18,751,232
Current liabilities    
Accounts payable and accrued expenses (amounts related to VIE of $854,018 and $1,479,075) 2,545,295 2,379,404
Accounts payable, related party (amount related to VIE of $0 and $251,588) 251,588 251,588
Tax Payable 230,037 223,899
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) 49,515 29,552
Unearned revenue 44,557 44,607
Deferred rent, short term portion (amount related to VIE of $27,142 and $45,203) 81,410 105,171
Total current liabilities 3,642,426 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, long term portion (amount related to VIE of $95,734 and $0) 149,288 60,146
Deferred rent, long term portion (amount related to VIE of $1,975,808 and $2,510,406) 2,641,579 2,589,568
Total long term liabilities 3,932,797 3,791,644
Total liabilities 7,575,223 7,265,889
Temporary equity-2022 Put Option 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, 32,172,389 and 27,356,838 shares issued; 32,172,389 and 27,167,818 shares outstanding as of March 31, 2018 and December 31, 2017, respectively 32,172 27,357
Additional paid in capital 24,982,457 25,185,487
Treasury stock, 0 and 189,020 common shares, at cost, respectively (249,265)
Accumulated deficit (13,709,680) (13,989,018)
Total stockholders' equity attributable to First Choice Healthcare Solutions, Inc. 11,304,949 10,974,561
Non-controlling interest (note 10) 245,721 510,782
Total equity 11,550,670 11,485,343
Total liabilities and equity $ 26,625,893 $ 18,751,232

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Patient service revenue $ 8,481,672 $ 7,406,986
Allowance for bad debts (278,562) (264,996)
Net patient service revenue 8,203,110 7,141,990
Rental revenue 582,787 578,363
Total revenue 8,785,897 7,720,353
Operating expenses:    
Salaries and benefits 4,329,285 3,716,375
Other operating expenses 2,632,786 2,529,183
General and administrative 1,353,836 1,173,834
Depreciation and amortization 201,912 189,488
Total operating expenses 8,517,819 7,608,880
Net income from operations 268,078 111,473
Other income (expense):    
Miscellaneous income 40,322 50,102
Interest expense, net (23,512) (32,074)
Total other income 16,810 18,028
Net income before provision for income taxes 284,888 129,501
Income taxes (benefit)
Net income 284,888 129,501
Non-controlling interest (note 10) (5,550) 73,018
NET INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ 279,338 $ 202,519
Net income per common share, basic $ 0.01 $ 0.01
Net income per common share, diluted $ 0.01 $ 0.01
Weighted average number of common shares outstanding, basic 28,610,793 26,252,505
Weighted average number of common shares outstanding, diluted 29,410,793 27,052,505

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 284,888 $ 129,501
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation and amortization 201,912 189,488
Allowances for bad debts 278,562 264,996
Stock based compensation 180,439 63,324
Changes in operating assets and liabilities:    
Accounts receivable (1,487,411) (1,118,306)
Prepaid expenses and other current assets 46,646 (229,258)
Employee loans (113,378) (132,791)
Accounts payable and accrued expenses 165,891 353,849
Deferred rent 28,250 51,871
Unearned income (50) 16,918
Net cash used in operating activities (414,251) (410,408)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of Crane Creek Surgical Center (400,000)
Purchase of equipment (335,951) (173,729)
Net cash (used in) provided by investing activities (735,951) (173,729)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 7,500,000
Proceeds from notes payable 120,709 22,113
Payments on notes payable (11,604) (130,125)
Net cash provided by (used in) financing activities 7,609,105 (108,012)
Net increase (decrease) in cash and cash equivalents 6,458,903 (692,149)
Cash and cash equivalents, beginning of period 2,015,534 4,593,638
Cash and cash equivalents, end of period 8,474,437 3,901,489
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 23,629 32,328
Cash paid during the period for taxes

Source

Financials

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