v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash (amounts related to VIE of $1,118,749 and $708,858) $ 2,695,482 $ 4,593,638
Cash -restricted (amounts related to VIE of $6,522,191) 6,522,191
Accounts receivable, net (amounts related to VIE of $6,131,720 and $6,010,961) 11,119,757 9,536,830
Employee loans (amounts related to VIE of $490,900 and $491,850) 1,129,131 820,341
Prepaid and other current assets (amounts related to VIE of $418,435 and $329,427) 646,184 422,512
Total current assets 22,112,745 15,373,321
Property, plant and equipment, net of accumulated depreciation of $1,640,400 and $1,165,219 (amounts related to VIE of $506,621 and $693,629) 2,353,150 2,544,816
Other assets (amounts related to VIE of $921,470 and $921,470) 3,956,649 4,227,957
Total assets 28,422,544 22,146,094
Current liabilities    
Accounts payable and accrued expenses (amounts related to VIE of $1,867,340 and $1,366,143) 2,499,396 2,083,231
Accounts payable, related party (amount related to VIE of $251,588 and $439,524) 251,588 251,588
AMT Tax Payable 181,029 181,029
Settlement payable, due to non-controlling interest (amount related to VIE of $6,521,655) 6,521,655
Line of credit, short term (amount related to VIE of $440,024) 1,540,024 1,539,524
Notes payable, current portion 158,518 519,452
Unearned revenue 44,638 26,936
Deferred rent, short term portion (amount related to VIE of $45,203 and $237,923) 105,171 237,923
Total current liabilities 11,302,019 4,839,683
Long term debt:    
Deposits held 41,930 41,930
Notes payable, long term portion 64,583 14,531
Deferred rent, long term portion (amount related to VIE of $2,484,558 and $2,214,909) 2,556,515 2,293,594
Total long term debt 2,663,028 2,350,055
Total liabilities 13,965,047 7,189,738
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, 26,828,538 and 24,631,327 shares issued; 26,699,847 and 24,631,327 shares outstanding as of September 30, 2017 and December 31, 2016, respectively 26,829 24,631
Additional paid in capital 24,492,194 24,020,610
Treasury stock, 128,691 and 0 common shares, at cost, respectively (187,121)
Accumulated deficit (10,469,988) (10,100,534)
Total stockholders' equity attributable to First Choice Healthcare Solutions, Inc. 13,861,914 13,944,707
Non-controlling interest (note 10) 595,583 1,011,649
Total equity 14,457,497 14,956,356
Total liabilities and equity $ 28,422,544 $ 22,146,094

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Patient service revenue $ 7,333,547 $ 7,403,084 $ 22,610,804 $ 21,571,205
Allowance for bad debts (206,502) (319,319) (710,852) (849,037)
Net patient service revenue less provision for bad debts 7,127,045 7,083,765 21,899,952 20,722,168
Rental revenue 561,448 585,978 1,723,585 1,842,428
Total revenue 7,688,493 7,669,743 23,623,537 22,564,596
Operating expenses:        
Salaries and benefits 3,609,494 3,158,172 10,555,321 9,077,783
Other operating expenses 1,855,642 2,255,334 7,016,648 6,729,219
General and administrative 2,592,989 1,555,151 6,147,641 4,783,534
Depreciation and amortization 361,680 195,821 744,592 631,571
Total operating expenses 8,419,805 7,164,478 24,464,202 21,222,107
Net (loss) income from operations (731,312) 505,265 (840,665) 1,342,489
Other income (expense):        
Gain on sale of property and improvements 9,212,346
Miscellaneous income (expense) 41,153 135,544 144,951 241,213
Amortization financing costs (15,654)
Interest expense, net (27,625) (56,560) (89,806) (288,748)
Total other income 13,528 78,984 55,145 9,149,157
Net (loss) income before provision for income taxes (717,784) 584,249 (785,520) 10,491,646
Income taxes (benefit)
Net (loss) income (717,784) 584,249 (785,520) 10,491,646
Non-controlling interest (note 10) 277,386 (39,309) 416,066 (226,628)
NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ (440,398) $ 544,940 $ (369,454) $ 10,265,018
Net (loss) income per common share, basic $ (0.02) $ 0.02 $ (0.01) $ 0.43
Net (loss) income per common share, diluted $ (0.02) $ 0.02 $ (0.01) $ 0.38
Weighted average number of common shares outstanding, basic 26,765,021 24,238,613 26,622,335 23,664,723
Weighted average number of common shares outstanding, diluted 26,765,021 27,751,946 26,622,335 26,998,056

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (785,520) $ 10,491,646
Adjustments to reconcile net (loss) income to cash used in operating activities:    
Depreciation and amortization 744,592 631,571
Amortization of financing costs 15,654
Bad debt expense 710,852 849,037
Gain on sale of property (9,212,346)
Stock based compensation 473,782 668,591
Changes in operating assets and liabilities:    
Accounts receivable (2,293,779) (3,702,212)
Prepaid expenses and other current assets (223,672) (129,948)
Restricted funds 359,414
Employee loans (308,790) (110,716)
Accounts payable and accrued expenses 416,165 (1,718,516)
Settlement payable (600,000)
Deposits (25,502)
Deferred rent 130,169 230,671
Unearned income 17,702 946
Net cash used in operating activities (1,118,499) (2,251,710)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property 15,113,497
Purchase of equipment (281,618) (239,418)
Net cash (used in) provided by investing activities (281,618) 14,874,079
CASH FLOWS FROM FINANCING ACTIVITIES:    
(Repayments) of advances (43,082)
Proceeds from settlement, due to non-controlling interest 6,521,655
Proceeds from notes payable 86,713
Proceeds from line of credit 500 372,636
Purchase of treasury stock (187,121)
Payments on notes payable (397,595) (7,955,886)
Net cash provided by (used in) financing activities 6,024,152 (7,626,332)
Net increase in cash, cash equivalents and restricted cash 4,624,035 4,996,037
Cash and cash equivalents, beginning of period 4,593,638 1,594,998
Cash, cash equivalents and restricted cash, end of period 2,695,482 6,591,035
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 90,386 288,748
Cash paid during the period for taxes
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued in settlement of accrued expenses $ 481,900

Source

Financials