Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.10.0.1
SEGMENT REPORTING
6 Months Ended
Jun. 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 aforementioned sale and leaseback of Marina Towers on June 30, 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 Operations for the three months ended June 30, 2018:

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations   Total
Revenue:                                                
Net Patient Service Revenue   $ 3,451,891     $ 3,911,651     $ 1,461,913     $ —       $ —       $ 8,825,455  
Rental revenue     —         351,256       —         436,382       (190,741 )     596,897  
  Total Revenue     3,451,891       4,262,907       1,461,913       436,382       (190,741 )     9,422,352  
                                                 
Operating expenses:                                                
Salaries & benefits     1,968,283       2,056,463       311,893       399,301               4,735,940  
Other operating expenses     709,824       923,357       835,721       410,779       (176,817 )     2,702,864  
General and administrative     286,778       647,370       117,957       286,769       (13,924 )     1,324,950  
Depreciation and amortization     87,004       2,500       23,412       85,992       —         198,908  
  Total operating expenses     3,051,889       3,629,690       1,288,983       1,182,841       (190,741 )     8,962,662  
                                                 
Net income (loss) from operations:     400,002       633,217       172,930       (746,459 )     —         459,690  
                                                 
Gain on sale of equipment     —         —         17,400       —         —         17,400  
Interest expense, net     (17,314 )     (16,072 )     (699 )     (3,134 )     —         (37,219 )
Miscellaneous income     —         40,249       885       750       —         41,884  
                                                 
Net Income (Loss) before income taxes:     382,688       657,394       190,516       (748,843 )     —         481,755  
                                                 
Income taxes     —         —         —         —         —         —    
                                                 
Net income (Loss)     382,688       657,394       190,516       (748,843 )     —         481,755  
                                                 
Non-controlling interest     —         —         (50,206 )     —         —         (50,206 )
                                                 
Net income (loss) attributable to First Choice Healthcare Solutions   $ 382,688     $ 657,394     $ 140,310     $ (748,843 )   $ —       $ 431,549  

 

Summary Statement of Operations 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     1,658,421       1,814,747       293,208       237,783       —         4,004,159  
Other operating expenses     704,940       820,023       875,132       420,076       (188,348 )     2,631,823  
General and administrative     204,266       740,940       168,009       507,728       (14,832 )     1,606,111  
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 expense, net     (24,743 )     (4,481 )     (473 )     (410 )     —         (30,107 )
Miscellaneous income     —         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 Operations for the six months ended June 30, 2018:

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations   Total
Revenue:                                                
Net Patient Service Revenue   $ 6,815,540     $ 7,545,742     $ 2,667,283     $ —       $ —       $ 17,028,565  
Rental revenue     —         691,758               866,526       (378,600 )     1,179,684  
  Total Revenue     6,815,540       8,237,500       2,667,283       866,526       (378,600 )     18,208,249  
                                                 
Operating expenses:                                                
Salaries & benefits     3,897,085       3,833,460       578,359       756,321               9,065,225  
Other operating expenses     1,387,074       1,862,150       1,622,240       815,148       (350,962 )     5,335,650  
General and administrative     552,207       1,265,707       189,142       699,368       (27,638 )     2,678,786  
Depreciation and amortization     167,055       12,690       49,416       171,659       —         400,820  
  Total operating expenses     6,003,421       6,974,007       2,439,157       2,442,496       (378,600 )     17,480,481  
                                                 
Net income (loss) from operations:     812,119       1,263,493       228,126       (1,575,970 )     —         727,768  
                                                 
Gain on sale of equipment     —         —         17,400       —         —         17,400  
Interest expense, net     (34,628 )     (20,882 )     (2,180 )     (3,041 )     —         (60,731 )
Miscellaneous income     —         78,802       1,904       1,500       —         82,206  
                                                 
Net Income (Loss) before income taxes:     777,491       1,321,413       245,250       (1,577,511 )     —         766,643  
                                                 
Income taxes     —         —         —         —         —         —    
                                                 
Net income (Loss)     777,491       1,321,413       245,250       (1,577,511 )     —         766,643  
                                                 
Non-controlling interest     —         —         (55,756 )     —         —         (55,756 )
                                                 
Net income (loss) attributable to First Choice Healthcare Solutions   $ 777,491     $ 1,321,413     $ 189,494     $ (1,577,511 )   $ —       $ 710,887  

 

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

 

    FCID   Brevard           Intercompany    
    Medical   Orthopaedic   CCSC   Corporate   Eliminations    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     3,118,656       3,533,464       591,507       476,907               7,720,534  
Other operating expenses     1,296,091       1,676,505       1,727,254       828,937       (367,781 )     5,161,006  
General and administrative     364,576       1,379,738       304,363       760,230       (28,962 )     2,779,945  
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 expense, net     (52,301 )     (8,385 )     (1,339 )     (156 )     —         (62,181 )
Miscellaneous income     —         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