FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended DECEMBER
31, 2015
[ ] TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________
to _____________
Commission file number 0-10248
FONAR
CORPORATION
____________________________________________
(Exact name of registrant as specified
in its charter)
DELAWARE |
|
11-2464137 |
(State or other jurisdiction of |
|
(I.R.S. Employer |
Incorporation or organization) |
|
Identification No.) |
|
|
|
110 Marcus Drive Melville, New York |
|
11747 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant's telephone number, including
area code: (631) 694-2929
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES _X_ NO ___
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for shorter period
that the registrant was required to submit and post such files. YES _X_ NO ___
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated
filer in Rule 12b-2 of the Exchange Act.(Check one): Large accelerated filer___ Accelerated filer_X_ Non-accelerated filer___
Smaller reporting company ___
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ___ NO _X_
Indicate the number of shares outstanding of
each of the issuer's classes of common stock, as of the close of the latest practicable date.
Class |
Outstanding at January 31, 2016 |
Common Stock, par value $.0001 |
6,050,840 |
Class B Common Stock, par value $.0001 |
146 |
Class C Common Stock, par value $.0001 |
382,513 |
Class A Preferred Stock, par value $.0001 |
313,438 |
FONAR CORPORATION AND SUBSIDIARIES
INDEX
PART I - FINANCIAL INFORMATION | |
| PAGE | |
| |
| | |
Item 1. Financial Statements | |
| | |
| |
| | |
Condensed Consolidated Balance Sheets -
December 31, 2015 (Unaudited) and June 30, 2015 | |
| 3 | |
| |
| | |
Condensed Consolidated Statements of Income for the Three Months Ended December 31, 2015 and December 31, 2014 (Unaudited) | |
| 6 | |
| |
| | |
Condensed Consolidated Statements of Income for the Six Months Ended December 31, 2015 and December 31, 2014 (Unaudited) | |
| 7 | |
| |
| | |
Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2015 and December 31, 2014 (Unaudited) | |
| 8 | |
| |
| | |
Notes to Condensed Consolidated Financial Statements (Unaudited) | |
| 9 | |
| |
| | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
| 19 | |
| |
| | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
| 25 | |
| |
| | |
Item 4. Controls and Procedures | |
| 26 | |
| |
| | |
PART II - OTHER INFORMATION | |
| 26 | |
| |
| | |
Item 1. Legal Proceedings | |
| 26 | |
| |
| | |
Item 1A. Risk Factors | |
| 26 | |
| |
| | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
| 28 | |
| |
| | |
Item 3. Defaults Upon Senior Securities | |
| 28 | |
| |
| | |
Item 4. Mine Safety Disclosures | |
| 28 | |
| |
| | |
Item 5. Other Information | |
| 28 | |
| |
| | |
Item 6. Exhibits | |
| 28 | |
| |
| | |
Signatures | |
| 28 | |
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
ASSETS
Current Assets: | |
December 31, 2015 | |
June 30, 2015 * |
Cash and cash equivalents | |
$ | 12,954 | | |
$ | 9,449 | |
Accounts receivable – net | |
| 4,557 | | |
| 3,791 | |
Accounts receivable - related party | |
| 60 | | |
| — | |
Medical receivable – net | |
| 9,567 | | |
| 9,082 | |
Management and other fees receivable – net | |
| 14,656 | | |
| 14,058 | |
Management and other fees receivable – related medical practices – net | |
| 3,644 | | |
| 3,507 | |
Costs and estimated earnings in excess of billing on uncompleted contracts | |
| 279 | | |
| 682 | |
Inventories | |
| 2,259 | | |
| 2,192 | |
Prepaid expenses and other current assets | |
| 767 | | |
| 860 | |
Total Current Assets | |
| 48,743 | | |
| 43,621 | |
Deferred income tax asset | |
| 8,423 | | |
| 8,423 | |
Property and equipment - net | |
| 12,277 | | |
| 12,901 | |
Goodwill | |
| 1,767 | | |
| 1,767 | |
Other intangible assets - net | |
| 8,348 | | |
| 8,950 | |
Other assets | |
| 864 | | |
| 830 | |
Total Assets | |
$ | 80,422 | | |
$ | 76,492 | |
*Condensed from audited financial statements.
See accompanying notes to condensed consolidated financial
statements.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
| |
December 31,
2015 | |
June 30,
2015 * |
Current Liabilities: | |
| | | |
| | |
Current portion of long-term debt and capital leases | |
$ | 2,467 | | |
$ | 2,490 | |
Accounts payable | |
| 1,291 | | |
| 1,783 | |
Other current liabilities | |
| 8,733 | | |
| 8,253 | |
Unearned revenue on service contracts | |
| 4,700 | | |
| 4,187 | |
Unearned revenue on service contracts - related party | |
| 55 | | |
| — | |
Customer advances | |
| 1,501 | | |
| 1,938 | |
Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 255 | | |
| 142 | |
Total Current Liabilities | |
| 19,002 | | |
| 18,793 | |
Long-Term Liabilities: | |
| | | |
| | |
Deferred income tax liability | |
| 510 | | |
| 510 | |
Due to related medical practices | |
| 247 | | |
| 237 | |
Long-term debt and capital leases, less current portion | |
| 4,475 | | |
| 5,699 | |
Other liabilities | |
| 544 | | |
| 469 | |
Total Long-Term Liabilities | |
| 5,776 | | |
| 6,915 | |
Total Liabilities | |
| 24,778 | | |
| 25,708 | |
*Condensed from audited financial statements.
See accompanying notes to condensed consolidated financial
statements.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)
| |
December 31, 2015 | |
June 30, 2015 * |
STOCKHOLDERS' EQUITY: | |
| | | |
| | |
Class A non-voting preferred stock $.0001 par value; 453 shares authorized at December 31, 2015 and June 30, 2015, 313 issued and outstanding at December 31, 2015 and June 30, 2015 | |
$ | — | | |
$ | — | |
Preferred stock $.001 par value; 567 shares authorized at December 31, 2015 and June 30, 2015, issued and outstanding – none | |
| — | | |
| — | |
Common Stock $.0001 par value; 8,500 shares authorized at December 31, 2015 and June 30, 2015, 6,062 issued at December 31, 2015 and June 30, 2015; 6,051 outstanding at December 31, 2015 and June 30, 2015 | |
| 1 | | |
| 1 | |
Class B Common Stock (10 votes per share) $ .0001 par value; 227 shares authorized at December 31, 2015 and June 30, 2015, .146 issued and outstanding at December 31, 2015 and June 30, 2015 | |
| — | | |
| — | |
Class C Common Stock (25 votes per share) $.0001 par value; 567 shares authorized at December 31, 2015 and June 30, 2015, 383 issued and outstanding at December 31, 2015 and June 30, 2015 | |
| — | | |
| — | |
Paid-in capital in excess of par value | |
| 175,448 | | |
| 175,448 | |
Accumulated deficit | |
| (129,994 | ) | |
| (136,349 | ) |
Notes receivable from employee stockholders | |
| (28 | ) | |
| (32 | ) |
Treasury stock, at cost - 12 shares of common stock at December 31, 2015 and June 30, 2015 | |
| (675 | ) | |
| (675 | ) |
Total Fonar Corporation Stockholder Equity | |
| 44,752 | | |
| 38,393 | |
Non controlling interests | |
| 10,892 | | |
| 12,391 | |
Total Stockholders' Equity | |
| 55,644 | | |
| 50,784 | |
Total Liabilities and Stockholders' Equity | |
$ | 80,422 | | |
$ | 76,492 | |
*Condensed from audited financial statements.
See accompanying notes to condensed consolidated financial
statements.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
| |
FOR THE THREE MONTHS
ENDED DECEMBER 31, |
REVENUES | |
2015 | |
2014 |
Product sales – net | |
$ | 742 | | |
$ | 375 | |
Service and repair fees – net | |
| 2,280 | | |
| 2,499 | |
Service and repair fees – related parties - net | |
| 28 | | |
| 28 | |
Patient fee revenue, net of contractual allowances and discounts | |
| 7,786 | | |
| 6,629 | |
Provision for bad debts for patient fee | |
| (3,270 | ) | |
| (2,897 | ) |
Management and other fees – net | |
| 8,958 | | |
| 8,613 | |
Management and other fees – related medical practices – net | |
| 1,845 | | |
| 1,845 | |
Total Revenues – Net | |
| 18,369 | | |
| 17,092 | |
COSTS AND EXPENSES | |
| | | |
| | |
Costs related to product sales | |
| 564 | | |
| 237 | |
Costs related to service and repair fees | |
| 447 | | |
| 474 | |
Costs related to service and repair fees – related parties | |
| 5 | | |
| 5 | |
Costs related to patient fee revenue | |
| 2,238 | | |
| 1,902 | |
Costs related to management and other fees | |
| 5,597 | | |
| 5,180 | |
Costs related to management and other fees – related medical practices | |
| 1,012 | | |
| 1,240 | |
Research and development | |
| 412 | | |
| 359 | |
Selling, general and administrative | |
| 4,117 | | |
| 3,824 | |
Provision for bad debts | |
| (248 | ) | |
| 273 | |
Total Costs and Expenses | |
| 14,144 | | |
| 13,494 | |
Income From Operations | |
| 4,225 | | |
| 3,598 | |
Interest Expense | |
| (139 | ) | |
| (172 | ) |
Investment Income | |
| 58 | | |
| 60 | |
Other Expense | |
| — | | |
| (2 | ) |
Income Before Provision for Income Taxes and Non Controlling Interests | |
| 4,144 | | |
| 3,484 | |
Provision for Income Taxes | |
| 40 | | |
| 29 | |
Net Income | |
| 4,104 | | |
| 3,455 | |
Net Income - Non Controlling Interests | |
| (611 | ) | |
| (797 | ) |
Net Income - Controlling Interests | |
$ | 3,493 | | |
$ | 2,658 | |
Net Income Available to Common Stockholders | |
$ | 3,266 | | |
$ | 2,485 | |
Net Income Available to Class A Non-Voting Preferred Stockholders | |
$ | 169 | | |
$ | 129 | |
Net Income Available to Class C Common Stockholders | |
$ | 58 | | |
$ | 44 | |
Basic Net Income Per Common Share Available to Common Stockholders | |
$ | 0.54 | | |
$ | 0.41 | |
Diluted Net Income Per Common Share Available to Common Stockholders | |
$ | 0.53 | | |
$ | 0.40 | |
Basic and Diluted Income Per Share - Class C Common | |
$ | 0.15 | | |
$ | 0.12 | |
Weighted Average Basis Shares Outstanding - Common Stockholders | |
| 6,051 | | |
| 6,051 | |
Weighted Average Diluted Shares Outstanding - Common Stockholders | |
| 6,179 | | |
| 6,179 | |
Weighted Average Basic Shares Outstanding – Class C Common | |
| 383 | | |
| 383 | |
Weighted Average Diluted Shares Outstanding – Class C Common | |
| 383 | | |
| 383 | |
See accompanying notes to condensed consolidated financial
statements.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
| |
FOR THE SIX MONTHS
ENDED DECEMBER 31, |
| |
2015 | |
2014 |
REVENUES | |
| | | |
| | |
Product sales – net | |
$ | 760 | | |
$ | 1,646 | |
Service and repair fees – net | |
| 4,564 | | |
| 4,989 | |
Service and repair fees – related parties - net | |
| 55 | | |
| 55 | |
Patient fee revenue, net of contractual allowances and discounts | |
| 15,901 | | |
| 13,416 | |
Provision for bad debts for patient fee | |
| (6,778 | ) | |
| (6,042 | ) |
Management and other fees – net | |
| 17,786 | | |
| 17,351 | |
Management and other fees – related medical practices – net | |
| 3,691 | | |
| 3,662 | |
Total Revenues – Net | |
| 35,979 | | |
| 35,077 | |
COSTS AND EXPENSES | |
| | | |
| | |
Costs related to product sales | |
| 676 | | |
| 1,322 | |
Costs related to service and repair fees | |
| 990 | | |
| 981 | |
Costs related to service and repair fees – related parties | |
| 12 | | |
| 11 | |
Costs related to patient fee revenue | |
| 4,466 | | |
| 3,801 | |
Costs related to management and other fees | |
| 11,015 | | |
| 10,379 | |
Costs related to management and other fees – related medical practices | |
| 2,070 | | |
| 2,609 | |
Research and development | |
| 849 | | |
| 756 | |
Selling, general and administrative | |
| 7,892 | | |
| 7,403 | |
Provision for bad debts | |
| 169 | | |
| 779 | |
Total Costs and Expenses | |
| 28,139 | | |
| 28,041 | |
Income From Operations | |
| 7,840 | | |
| 7,036 | |
Interest Expense | |
| (289 | ) | |
| (376 | ) |
Investment Income | |
| 107 | | |
| 122 | |
Other Income (Expense) | |
| 1 | | |
| (2 | ) |
Income Before Provision for Income Taxes and Non Controlling Interests | |
| 7,659 | | |
| 6,780 | |
Provision for Income Taxes | |
| 90 | | |
| 69 | |
Net Income | |
| 7,569 | | |
| 6,711 | |
Net Income - Non Controlling Interests | |
| (1,214 | ) | |
| (1,518 | ) |
Net Income - Controlling Interests | |
$ | 6,355 | | |
$ | 5,193 | |
Net Income Available to Common Stockholders | |
$ | 5,942 | | |
$ | 4,856 | |
Net Income Available to Class A Non-Voting Preferred Stockholders | |
$ | 308 | | |
$ | 251 | |
Net Income Available to Class C Common Stockholders | |
$ | 105 | | |
$ | 86 | |
Basic Net Income Per Common Share Available to Common Stockholders | |
$ | 0.98 | | |
$ | 0.80 | |
Diluted Net Income Per Common Share Available to Common Stockholders | |
$ | 0.96 | | |
$ | 0.79 | |
Basic and Diluted Income Per Share - Class C Common | |
$ | 0.27 | | |
$ | 0.22 | |
Weighted Average Basis Shares Outstanding - Common Stockholders | |
| 6,051 | | |
| 6,050 | |
Weighted Average Diluted Shares Outstanding - Common Stockholders | |
| 6,179 | | |
| 6,178 | |
Weighted Average Basic Shares Outstanding – Class C Common | |
| 383 | | |
| 383 | |
Weighted Average Diluted Shares Outstanding – Class C Common | |
| 383 | | |
| 383 | |
See accompanying notes to condensed consolidated financial
statements.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
| |
FOR
THE SIX MONTHS
ENDED DECEMBER 31, |
| |
2015 | |
2014 |
Cash Flows from Operating Activities: | |
| | | |
| | |
Net income | |
$ | 7,569 | | |
$ | 6,711 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,677 | | |
| 1,776 | |
Provision for bad debts | |
| 169 | | |
| 779 | |
Stock issued for costs and expenses | |
| — | | |
| 76 | |
Compensatory element of stock issuances | |
| — | | |
| 53 | |
(Increase) decrease in operating assets, net: | |
| | | |
| | |
Accounts, medical receivable and management fee(s) | |
| (2,215 | ) | |
| (3,319 | ) |
Notes receivable | |
| 17 | | |
| 103 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
| 403 | | |
| 34 | |
Inventories | |
| (67 | ) | |
| 80 | |
Prepaid expenses and other current assets | |
| 77 | | |
| 131 | |
Other assets | |
| (35 | ) | |
| 8 | |
Increase (decrease) in operating liabilities, net: | |
| | | |
| | |
Accounts payable | |
| (491 | ) | |
| (84 | ) |
Other current liabilities | |
| 1,047 | | |
| (178 | ) |
Customer advances | |
| (436 | ) | |
| (108 | ) |
Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 112 | | |
| 26 | |
Other liabilities | |
| 75 | | |
| (169 | ) |
Due to related medical practices | |
| 10 | | |
| (6 | ) |
Net cash provided by operating activities | |
| 7,912 | | |
| 5,913 | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Purchases of property and equipment | |
| (409 | ) | |
| (55 | ) |
Cost of patents | |
| (42 | ) | |
| (67 | ) |
Net cash used in investing activities | |
| (451 | ) | |
| (122 | ) |
Cash Flows from Financing Activities: | |
| | | |
| | |
Repayment of borrowings and capital lease obligations | |
| (1,247 | ) | |
| (1,543 | ) |
Distributions to non controlling interests | |
| (2,713 | ) | |
| (2,530 | ) |
Repayment of notes receivable from employee stockholders | |
| 4 | | |
| 4 | |
Net cash used in financing activities | |
| (3,956 | ) | |
| (4,069 | ) |
Net Increase in Cash and Cash Equivalents | |
| 3,505 | | |
| 1,722 | |
Cash and Cash Equivalents – Beginning of Period | |
| 9,449 | | |
| 9,952 | |
Cash and Cash Equivalents - End of Period | |
$ | 12,954 | | |
$ | 11,674 | |
See accompanying notes to condensed consolidated financial
statements.
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Effective July 1, 2015, the Company restructured the corporate organization
of the management of diagnostic imaging centers segment of our business. The reorganization was structured to more completely integrate
the operations of Health Management Corporation of America and HDM. Imperial contributed all of its assets (which were utilized
in the business of Health Management Corporation of America) to HDM and received a 24.2% interest in HDM. Health Management Corporation
of America retained a direct ownership interest of 45.8% in HDM, and the original investors in HDM retained a 30.0% ownership interest
in the newly expanded HDM. The entire management of diagnostic imaging centers business segment is now being conducted by HDM,
operating under the name “Health Management Company of America”.
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three and six months ended December 31, 2015, are not necessarily indicative of the
results that may be expected for the fiscal year ending June 30, 2016. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on Form 10-K filed on September 29, 2015 for the fiscal
year ended June 30, 2015.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited condensed consolidated financial statements include
the accounts of FONAR Corporation, its majority and wholly-owned subsidiaries and partnerships (collectively the “Company”).
All significant intercompany accounts and transactions have been eliminated in consolidation.
Earnings Per Share
Basic earnings per share (“EPS”)
is computed based on weighted average number of shares common stock and stock equivalents outstanding, net of common stock. In
accordance with ASC topic 260-10, “Participating Securities and the Two-Class method”, the Company used the Two-Class
method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for
the three and six months ended December 31, 2015 and December 31, 2014.
Diluted EPS reflects the potential dilution
from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares
outstanding during the period. For the three and six months ended December 31, 2015 and December 31, 2014, diluted EPS for common
shareholders includes 128 shares upon conversion of Class C Common.
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Earnings Per Share (Continued)
| |
Three months ended
December 31, 2015 | |
Three months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 3,493 | | |
$ | 3,266 | | |
$ | 58 | | |
$ | 2,658 | | |
$ | 2,485 | | |
$ | 44 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,051 | | |
| 6,051 | | |
| 383 | |
Basic income per common share | |
$ | 0.58 | | |
$ | 0.54 | | |
$ | 0.15 | | |
$ | 0.44 | | |
$ | 0.41 | | |
$ | 0.12 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,051 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| — | | |
| | | |
| 128 | | |
| — | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,179 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.53 | | |
$ | 0.15 | | |
| | | |
$ | 0.40 | | |
$ | 0.12 | |
| |
Six months ended
December 31, 2015 | |
Six months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 6,355 | | |
$ | 5,942 | | |
$ | 105 | | |
$ | 5,193 | | |
$ | 4,856 | | |
$ | 86 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,050 | | |
| 6,050 | | |
| 383 | |
Basic income per common share | |
$ | 1.05 | | |
$ | 0.98 | | |
$ | 0.27 | | |
$ | 0.86 | | |
$ | 0.80 | | |
$ | 0.22 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,050 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| — | | |
| | | |
| 128 | | |
| — | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,178 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.96 | | |
$ | 0.27 | | |
| | | |
$ | 0.79 | | |
$ | 0.22 | |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)
Recent Accounting Pronouncements
In November 2015, the FASB issued ASU No. 2015-17,
Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets and deferred tax liabilities
as non-current in a classified balance sheet. The ASU simplified the current guidance, which requires entities to separately present
deferred tax assets and deferred tax liabilities as current and non-current in a classified balance sheet. This standard is effective
for annual periods and interim periods within those fiscal years, beginning after December 15, 2016 but permits entities to early
adopt at the beginning of any interim or annual period. During the quarter ended December 31, 2015, the Company elected to early
adopt ASU No. 2015-17 and applied the change retrospectively to all periods present. As a result, the Company has presented all
deferred assets and liabilities as non-current in its consolidated balance sheet. The adoption of this ASU did not result in a
reclassification of the Company’s net deferred tax assets and liabilities as of June 30, 2015. As of December 31, 2015, there
was no impact on the Company’s results of operations as a result of the adoption of ASU No. 2015-17.
The FASB has issued ASU No. 2014-09, Revenue
from Contracts with Customers. This ASU supercedes the revenue recognition requirements in Accounting Standards Codification
605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity
recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting
periods beginning after December 15, 2017, as deferred including interim periods within the reporting period and should be applied
retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the
ASU recognized at the date of initial application. The Company is currently evaluating the effect that this ASU will have on its consolidated financial statements
and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard
on its ongoing financial reporting.
In July 2015, the FASB issued Accounting Standards
Update No. 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”). ASU 2015-11 requires
an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices
in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement
is unchanged for inventory measured using last-in, first-out (“LIFO”) or the retail inventory method. It is effective
for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application
permitted as of the beginning of an interim or annual reporting period.
FASB, the Emerging Issues Task Force and the
SEC have issued certain other accounting standards, updates, and regulations as of December 31, 2015 that will become effective
in subsequent periods; however, management does not believe that any of those updates would have significantly affected our financial
accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements
will have a significant impact on our condensed consolidated financial statements at the time they become effective.
Reclassifications
Certain prior year amounts have been reclassified
to conform to the current year presentation. The reclassifcations did not have any effect on reported consolidated net income for
any periods presented.
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT
AND OTHER FEES RECEIVABLE
Receivables, net is comprised of the following
at December 31, 2015:
| |
Gross Receivable | |
Allowance for doubtful accounts | |
Net |
Accounts receivable | |
$ | 4,845 | | |
$ | 288 | | |
$ | 4,557 | |
Accounts receivable - related party | |
$ | 60 | | |
$ | — | | |
$ | 60 | |
Medical receivable | |
$ | 31,804 | | |
$ | 22,237 | | |
$ | 9,567 | |
Management and other fees receivable | |
$ | 28,097 | | |
$ | 13,441 | | |
$ | 14,656 | |
Management and other fees receivable from related medical practices ("PC’s") | |
$ | 4,047 | | |
$ | 403 | | |
$ | 3,644 | |
Receivables, net is comprised of the following
at June 30, 2015:
| |
Gross Receivable | |
Allowance for doubtful accounts | |
Net |
Accounts receivable | |
$ | 4,153 | | |
$ | 362 | | |
$ | 3,791 | |
Accounts receivable - related party | |
$ | — | | |
$ | — | | |
$ | — | |
Medical receivable | |
$ | 24,541 | | |
$ | 15,459 | | |
$ | 9,082 | |
Management and other fees receivable | |
$ | 27,330 | | |
$ | 13,272 | | |
$ | 14,058 | |
Management and other fees receivable from related medical practices ("PC’s") | |
$ | 3,910 | | |
$ | 403 | | |
$ | 3,507 | |
The Company's customers are concentrated in
the healthcare industry.
Accounts Receivable
Credit risk with respect to the Company’s
accounts receivable related to product sales and service and repair fees is limited due to the customer advances received prior
to the commencement of work performed and the billing of amounts to customers as sub-assemblies are completed. Service and repair
fees are billed on a monthly or quarterly basis and the Company does not continue providing these services if accounts receivable
become past due. The Company controls credit risk with respect to accounts receivable from service and repair fees through its
credit evaluation process, credit limits, monitoring procedures and reasonably short collection terms. The Company performs ongoing
credit authorizations before a product sales contract is entered into or service and repair fees are provided.
Medical Receivables
Medical receivables are due under fee-for-service
contracts from third party payors, such as hospitals, government sponsored healthcare programs, patient’s legal counsel and
directly from patients. Substantially all the revenue relates to patients residing in Florida. The carrying amount of the medical
receivable is reduced by an allowance that reflects management’s best estimate of the amounts that will not be collected.
The Company continuously monitors collections from its clients and maintains an allowance for bad debts based upon the Company’s
historical collection experience. The Company determines allowances for contractual adjustments and uncollectible accounts based
on specific agings, specific payor collection issues that have been identified and based on payor classifications and historical
experience at each site.
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT
AND OTHER FEES RECEIVABLE (CONTINUED)
Management and Other Fees Receivable
The Company's receivables from the related and
non-related professional corporations (PC's) substantially consist of fees outstanding under management agreements. Payment of
the outstanding fees is dependent on collection by the PC's of fees from third party medical reimbursement organizations, principally
insurance companies and health management organizations.
Payment of the management fee receivables from
the PC’s may be impaired by the inability of the PC’s to collect in a timely manner their medical fees from the third
party payors, particularly insurance carriers covering automobile no-fault and workers compensation claims due to longer payment
cycles and rigorous informational requirements and certain other disallowed claims. Approximately 60% and 52% of the PCs’
net revenues for the three months ended December 31, 2015 and 2014, respectively, were derived from no-fault and personal injury
protection claims. Approximately 60% and 53% of the PCs’ net revenues for the six months ended December 31, 2015 and 2014,
respectively, were derived from no-fault and personal injury protection claims. The Company considers the aging of its accounts
receivable in determining the amount of allowance for doubtful accounts. The Company generally takes all legally available steps
to collect its receivables. Credit losses associated with the receivables are provided for in the condensed consolidated financial
statements and have historically been within management's expectations.
Net revenues from management and other fees
charged to the related PCs accounted for approximately 10.0% and 10.8% of the consolidated net revenues for the three months ended
December 31, 2015 and 2014, respectively. Net revenues from management and other fees charged to the related PCs accounted for
approximately 10.3% and 10.4% of the consolidated net revenues for the six months ended December 31, 2015 and 2014, respectively.
Tallahassee Magnetic Resonance Imaging, PA,
Stand Up MRI of Boca Raton, PA and Stand Up MRI & Diagnostic Center, PA (all related medical practices) entered into a guaranty
agreement, pursuant to which they cross guaranteed all management fees which are payable to the Company, which have arisen under
each individual management agreement.
The Company’s patient fee revenue, net
of contractual allowances and discounts less the provision for bad debts for the three and six months ended December 31, 2015 and
2014 are summarized in the following tables.
| |
For the Three Months Ended December 31, |
| |
2015 | |
2014 |
Commercial Insurance/ Managed Care | |
$ | 1,122 | | |
$ | 1,074 | |
Medicare/Medicaid | |
| 267 | | |
| 307 | |
Workers' Compensation/Personal Injury | |
| 4,888 | | |
| 3,146 | |
Other | |
| 1,509 | | |
| 2,102 | |
Patient Fee Revenue, net of contractual allowances and discounts | |
| 7,786 | | |
| 6,629 | |
Provision for Bad Debts | |
| (3,270 | ) | |
| (2,897 | ) |
Net Patient Fee for Revenue | |
$ | 4,516 | | |
$ | 3,732 | |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT
AND OTHER FEES RECEIVABLE (CONTINUED)
| |
For the Six Months Ended December 31, |
| |
2015 | |
2014 |
Commercial Insurance/ Managed Care | |
$ | 2,193 | | |
$ | 2,154 | |
Medicare/Medicaid | |
| 542 | | |
| 604 | |
Workers' Compensation/Personal Injury | |
| 10,196 | | |
| 6,841 | |
Other | |
| 2,970 | | |
| 3,817 | |
Patient Fee Revenue, net of contractual allowances and discounts | |
| 15,901 | | |
| 13,416 | |
Provision for Bad Debts | |
| (6,778 | ) | |
| (6,042 | ) |
Net Patient Fee for Revenue | |
$ | 9,123 | | |
$ | 7,374 | |
NOTE 4 - INVENTORIES
Inventories included in the accompanying condensed consolidated
balance sheet consist of the following:
| |
December 31, 2015 | |
June 30, 2015 |
Purchased parts, components and supplies | |
$ | 2,164 | | |
$ | 2,043 | |
Work-in-process | |
| 95 | | |
| 149 | |
Total Inventories | |
$ | 2,259 | | |
$ | 2,192 | |
NOTE 5 – COSTS AND ESTIMATED EARNINGS
ON UNCOMPLETED CONTRACTS
Information relating
to uncompleted contracts is as follows:
| |
December 31, 2015 | |
June 30, 2015 |
Costs incurred on uncompleted contracts | |
$ | 2,310 | | |
$ | 1,862 | |
Estimated earnings | |
| 1,622 | | |
| 1,371 | |
Subtotal | |
| 3,932 | | |
| 3,233 | |
Less: Billings to date | |
| 3,908 | | |
| 2,693 | |
Total Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 24 | | |
$ | 540 | |
Included in the accompanying
condensed consolidated balance sheets under the following captions:
| |
December 31, 2015 | |
June 30, 2015 |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 279 | | |
$ | 682 | |
Less: Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 255 | | |
| 142 | |
Total
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 24 | | |
$ | 540 | |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 6 – OTHER INTANGIBLE ASSETS
Other intangible assets, net of accumulated
amortization, in the accompanying condensed consolidated balance sheet consist of the following:
| |
December 31,
2015 | |
June 30,
2015 |
Capitalized software development costs | |
$ | 7,005 | | |
$ | 7,005 | |
Patents and copyrights | |
| 4,589 | | |
| 4,547 | |
Non-compete | |
| 4,100 | | |
| 4,100 | |
Customer relationships | |
| 3,800 | | |
| 3,800 | |
Gross Other intangible assets | |
| 19,494 | | |
| 19,452 | |
Less: Accumulated amortization | |
| 11,146 | | |
| 10,502 | |
Other Intangible Assets - net | |
$ | 8,348 | | |
$ | 8,950 | |
Amortization
of patents and copyrights for the three months ended December 31, 2015 and 2014 amounted to $47 and $46, respectively.
Amortization
of capitalized software development costs for the three months ended December 31, 2015 and 2014 amounted to $81 and $81, respectively.
Amortization
of non-compete for the three months ended December 31, 2015 and 2014 amounted to $147 and $147, respectively.
Amortization
of customer relationships for the three months ended December 31, 2015 and 2014 amounted to $47 and $47, respectively.
Amortization
of patents and copyrights for the six months ended December 31, 2015 and 2014 amounted to $94 and $91, respectively.
Amortization
of capitalized software development costs for the six months ended December 31, 2015 and 2014 amounted to $162 and $164 respectively.
Amortization
of non-compete for the six months ended December 31, 2015 and 2014 amounted to $293 and $293, respectively.
Amortization
of customer relationships for the six months ended December 31, 2015 and 2014 amounted to $95 and $95, respectively.
NOTE 7 – OTHER CURRENT LIABILITIES
Other current liabilities in the accompanying
condensed consolidated balance sheet consist of the following:
| |
December 31, 2015 | |
June 30, 2015 |
Accrued salaries, commissions and payroll taxes | |
$ | 993 | | |
$ | 992 | |
Accrued interest | |
| 117 | | |
| 117 | |
Litigation accruals | |
| 494 | | |
| 521 | |
Sales tax payable | |
| 2,578 | | |
| 2,539 | |
Legal and other professional fees | |
| 318 | | |
| 344 | |
Accounting fees | |
| 144 | | |
| 235 | |
Self-funded health insurance reserve | |
| 377 | | |
| 510 | |
Interest and penalty - sales tax | |
| 2,604 | | |
| 2,509 | |
Other | |
| 1,108 | | |
| 486 | |
Total Other Current Liabilities | |
$ | 8,733 | | |
$ | 8,253 | |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 8 - SEGMENT AND RELATED INFORMATION
The Company operates in two industry segments
- manufacturing and the servicing of medical equipment and management of diagnostic imaging centers.
The accounting policies of the segments are
the same as those described in the summary of significant accounting policies as disclosed in the Company’s 10-K as of June
30, 2015. All inter-segment sales are market-based. The Company evaluates performance based on income or loss from operations.
Summarized financial information concerning
the Company's reportable segments is shown in the following table:
| |
Medical Equipment | |
Management Of Diagnostic Imaging Centers | |
Totals |
For the three months ended December 31, 2015 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 3,050 | | |
$ | 15,319 | | |
$ | 18,369 | |
Inter-segment net revenues | |
$ | 524 | | |
$ | — | | |
$ | 524 | |
Income from operations | |
$ | 288 | | |
$ | 3,937 | | |
$ | 4,225 | |
Depreciation and amortization | |
$ | 85 | | |
$ | 763 | | |
$ | 848 | |
Capital expenditures | |
$ | 341 | | |
$ | 46 | | |
$ | 387 | |
| |
| | | |
| | | |
| | |
For the three months ended December 31, 2014 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 2,902 | | |
$ | 14,190 | | |
$ | 17,092 | |
Inter-segment net revenues | |
$ | 501 | | |
$ | — | | |
$ | 501 | |
Income from operations | |
$ | 446 | | |
$ | 3,152 | | |
$ | 3,598 | |
Depreciation and amortization | |
$ | 75 | | |
$ | 813 | | |
$ | 888 | |
Capital expenditures | |
$ | 21 | | |
$ | 29 | | |
$ | 50 | |
| |
| | | |
| | | |
| | |
For the six months ended December 31, 2015 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 5,379 | | |
$ | 30,600 | | |
$ | 35,979 | |
Inter-segment net revenues | |
$ | 1,048 | | |
$ | — | | |
$ | 1,048 | |
Income from operations | |
$ | 225 | | |
$ | 7,615 | | |
$ | 7,840 | |
Depreciation and amortization | |
$ | 163 | | |
$ | 1,514 | | |
$ | 1,677 | |
Capital expenditures | |
$ | 359 | | |
$ | 92 | | |
$ | 451 | |
| |
| | | |
| | | |
| | |
For the six months ended December 31, 2014 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 6,690 | | |
$ | 28,387 | | |
$ | 35,077 | |
Inter-segment net revenues | |
$ | 1,002 | | |
$ | — | | |
$ | 1,002 | |
Income from operations | |
$ | 824 | | |
$ | 6,212 | | |
$ | 7,036 | |
Depreciation and amortization | |
$ | 151 | | |
$ | 1,625 | | |
$ | 1,776 | |
Capital expenditures | |
$ | 67 | | |
$ | 55 | | |
$ | 122 | |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 9– SUPPLEMENTAL CASH FLOW INFORMATION
During the six months ended December 31, 2015
and December 31, 2014, the Company paid $194 and $284 for interest, respectively.
During the six months ended December 31, 2015
and December 31, 2014, the Company paid $90 and $69 for income taxes, respectively.
NOTE 10 – COMMITMENTS AND CONTINGENCIES
Litigation
The Company is subject to legal proceedings
and claims arising from the ordinary course of its business, including personal injury, customer contract and employment claims.
In the opinion of management, the aggregate liability, if any, with respect to such actions, will not have a material adverse effect
on the consolidated financial position or results of operations of the Company.
There were no material changes in litigation
from that reported in our Form 10-K for the fiscal year ended June 30, 2015 and our form 10-Q for the first quarter of fiscal 2016.
Other Matters
The Company is also delinquent in filing sales
tax returns for certain states, for which the Company has transacted business. As of December 31, 2015, the Company has recorded
tax obligations of approximately $2,578 plus interest and penalties of approximately $2,604. The Company is in the process of determining
the regulatory requirements in order to become compliant.
The Company maintains a self-funded health insurance
program with a stop-loss umbrella policy with a third party insurer to limit the maximum potential liability for individual claims
to $100 per person and for a maximum potential claim liability based on member enrollment. With respect to this program, the Company
considers historical and projected medical utilization data when estimating its health insurance program liability and related
expense. As of December 31, 2015 and June 30, 2015, the Company had approximately $377 and $510, respectively, in reserve for its
self-funded health insurance programs. The reserves are included in “Other current liabilities” in the condensed consolidated
balance sheets.
The Company regularly analyzes its reserves
for incurred but not reported claims, and for reported but not paid claims related to its reinsurance and self-funded insurance
programs. The Company believes its reserves are adequate. However, significant judgment is involved in assessing these reserves
such as assessing historical paid claims, average lags between the claims’ incurred date, reported dates and paid dates,
and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and
any resulting adjustments are included in expense once a probable amount is known. There were no significant adjustments recorded
in the periods covered by this report
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 11 - INCOME TAXES
ASC topic 740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken
in a corporate tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon
examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit
recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized
(or amount of net operating loss carryforward or amount of tax refundable is reduced) for an unrecognized tax benefit because it
represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized
as a result of applying the provisions of ASC topic 740.
In accordance with ASC topic 740, interest costs
related to unrecognized tax benefits are required to be calculated (if applicable) and would be classified as “Interest expense,
net”. Penalties if incurred would be recognized as a component of “Selling, general and administrative” expenses.
The Company files corporate income tax returns
in the United States (federal) and in various state and local jurisdictions. In most instances, the Company is no longer subject
to federal, state and local income tax examinations by tax authorities for years prior to 2009.
The Company recorded a deferred tax asset of
$8,423 and a deferred tax liability of $510 as of December 31, 2015, primarily relating to net operating loss carryforwards of
approximately $122,926 available to offset future taxable income through 2034. The net operating losses begin to expire in 2019
for federal tax purposes and in 2015 for state income tax purposes.
The ultimate realization of deferred tax assets
is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible.
The Company considers projected future taxable income and tax planning strategies in making this assessment. At present, the Company
does have a sufficient history of income and anticipates profitability in the coming years and has concluded that it is more-likely-than-not
that the Company will be able to realize a portion of its tax benefits in the near future and therefore a valuation allowance was
established for the partial value of the deferred tax asset.
A valuation allowance will be maintained until
sufficient positive evidence exists to support the reversal of the remainder of the valuation. Should the Company continue to remain
profitable in future periods with supportable trends, the valuation allowance will be reversed accordingly.
NOTE 12- SUBSEQUENT EVENTS
The Company has evaluated events that occurred
subsequent to December 31, 2015 and through the date the condensed consolidated financial statements were issued.
On January 4, 2016 the Company opened a new
MRI center located in Nassau County, New York. The scanner and certain assets are being leased from Turnkey of Great Neck LLC.
Certain employees of the company are members of this LLC. The lease is for a term of 48 months with monthly payments of $23,778.
These payments are to commence one year after the signing of the lease. The lease can be renewed for an additional 36 months and
the Company has the option to purchase the equipment at the end of the lease for $100,000.
FONAR CORPORATION AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
For the six month period ended December 31,
2015, we reported a net income of $7.6 million on revenues of $36.0 million as compared to net income of $6.7 million on revenues
of $35.1 million for the six month period ended December 31, 2014. Operating income increased 11.4% from $7.0 million for the six
month period ended December 31, 2014 to $7.8 million for the six month period ended December 31, 2015.
For the three month period ended December 31,
2015, we reported net income of $4.1 million on revenues of $18.4 million as compared to net income of $3.5 million of revenues
of $17.1 million for the three month period ended December 31, 2014.
The revenue increase of 2.6%, from $35.1 million
for the first six months of fiscal 2015 to $36.0 million for the first six months of fiscal 2016, was due to an increase in patient
fee revenue (net of contractual allowances and discounts) from $13.4 million for the first six months of fiscal 2014 to $15.9 million
for the first six months of fiscal 2015.
Offsetting these increases, however, net product
sales decreased by 53.8% to $760,000 for the first six months of fiscal 2016 from $1.6 million for the first six months of fiscal
2015. Service and repair fees also decreased by 8.4% to $4.6 million for the first six months of fiscal 2016 from $5.0 million
for the first six months of fiscal 2015.
The increase in the amount of our revenues was
higher than the increase in the amount of our costs and expenses, and as a result, our operating income of $7.8 million for the
six months ended December 31, 2015 was higher than our operating income of $7.0 million for the six months ended December 31, 2014.
In terms of percentages, costs and expenses increased 0.3% from $28.0 million in the first six months of fiscal 2015 to $28.1 million
in the first six months of fiscal 2016, while revenues increased 2.6%, from $35.1 million in the first six months of fiscal 2015
to $36.0 million in the first six months of fiscal 2016.
Fonar’s wholly-owned subsidiary, Health
Management Corporation of America (“HMCA”), is the controlling, but not sole owner of two limited liability companies,
Imperial Management Services, LLC (“Imperial”) and Health Diagnostics Management, LLC (“HDM”). Effective
July 1, 2015, the Company restructured the corporate organization of the management of diagnostic imaging centers segment of the
business. The reorganization was structured to more completely integrate the operations of HMCA and HDM. Imperial Management Services
LLC contributed all of its assets (which had been utilized in the business of HMCA) to HDM and received a 24.2% interest in HDM.
HMCA retained a direct ownership interest of 45.8% in HDM, and the original investors in HDM retained a 30.0% ownership interest
in the newly expanded HDM. The entire management of diagnostic imaging centers business segment is now being conducted by HDM,
operating under the name “Health Management Company of America”. For the sake of simplicity, HMCA, Imperial and HDM
are referred to as “HMCA”, unless otherwise indicated.
FONAR CORPORATION AND SUBSIDIARIES
Forward Looking Statements
Certain statements made in this Quarterly Report
on Form 10-Q are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of
1995) regarding the plans and objectives of Management for future operations. Such statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements
included herein are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives are based,
in part, on assumptions involving the expansion of business. Assumptions relating to the foregoing involve judgments with respect
to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult
or impossible to predict accurately and many of which are beyond our control. Although we believe that our assumptions underlying
the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance
that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statement included herein, the inclusion of such information should not be regarded as a representation
by us or any other person that our objectives and plans will be achieved.
Results of Operations
We operate in two industry segments: the manufacture
and servicing of medical (MRI) equipment, our traditional business, which is conducted directly by Fonar, and diagnostic facilities
management services, which is conducted through HMCA and its subsidiaries.
Manufacturing and Service of MRI Equipment
Revenues from MRI product sales decreased 53.8%
to $760,000 for the first six months of fiscal 2016 from $1.6 million for the first six months of fiscal 2015. Costs related to
product sales also decreased, by 48.9%, from $1.3 million for the six month period ended December 31, 2014 to $676,000 for the
six month period ended December 31, 2015. The decreases in sales revenues, expressed as percentages, reflect the volatility resulting
from low sales volume. During the first six months of fiscal 2015 we sold two scanners; during the first six months of fiscal 2016
we sold one scanner. Continuing tight credit and economic uncertainty, together with lower reimbursement rates for MRI scans, have
depressed the market for our MRI scanner products.
Service revenues decreased 8.4% from $5.0 million
for the six month period ended December 31, 2014 to $4.6 million for the six month period ended December 31, 2015. Service revenues
also decreased 8.7% from $2.5 million for the three month period ended December 31, 2014 to $2.3 million for the three month period
ended December 31, 2015. Continuing lower sales volumes have been a factor ultimately contributing to decreasing service revenues,
as the number of older scanners being taken out of service has been greater than the number of new scanners being placed under
service agreements following the expiration of their warranties.
Costs relating to providing service for the
first six months of fiscal 2016 increased slightly by 1.0% from $992,000 in the first six months of fiscal 2015 to $1.0 million
in the first six months of fiscal 2016. However, costs relating to providing service for the three month period ending December
31, 2015 decreased by 5.6% to $452,000 from $479,000 for the three month period ending December 31, 2014. We believe that an important
factor in controlling our service costs is our ability to monitor the performance of customers’ scanners from our facilities
in Melville, New York on a daily basis, and to detect and repair any irregularities before more serious problems result.
There were approximately $259,000 in foreign
revenues for the first six months of fiscal 2016 as compared to approximately $1.7 million in foreign revenues for the first six
months of fiscal 2015, representing a decrease in foreign revenues of 85%. We do not regard this as a material trend, but as part
of a normal although sometimes volatile variation resulting from low volumes of foreign sales.
FONAR CORPORATION AND SUBSIDIARIES
We recognize MRI scanner sales revenues on the
“percentage of completion” basis, which means the revenues are recognized as the scanner is manufactured. Revenues
recognized in a particular quarter do not necessarily reflect new orders or progress payments made by customers in that quarter.
We build the scanner as the customer meets certain benchmarks in its site preparation in order to minimize the time lag between
incurring costs of manufacturing and our receipt of the cash progress payments from the customer which are due upon delivery. Consequently,
there can be a disparity between the revenues recognized in a fiscal period and the number of product sales. Generally, the revenues
from a scanner sale are recognized in a fiscal quarter or quarters following the quarter in which the sale was made.
Revenues for the medical equipment segment as
a whole decreased by 19.6% to $5.4 million for the six months of fiscal 2016 from $6.7 million for the first six months of fiscal
2015. Operating results for our medical equipment segment decreased to an operating income of $225,000 for the first six months
of fiscal 2016 as compared to an operating income of $824,000 for the first six months of fiscal 2015. For the first six months
of fiscal 2016, our medical equipment segment recognized a net income of $126,000, compared to a net income of $784,000 in the
same period of fiscal 2015.
Diagnostic Facilities Management Services
HMCA revenues increased in the first six months
of fiscal 2016 by 7.8% to $30.6 million from $28.4 million for the first six months of fiscal 2015. The percentage of our revenues
derived from our diagnostic facilities management segment relative to the percentage of our revenues derived from our medical equipment
segment increased to 85.0% for the first six months of fiscal 2016 from 80.9% for the first six months of fiscal 2015).
The increase in HMCA revenues is principally
due to HMCA’s success in marketing the scanning services of the facilities managed or owned by HMCA, notwithstanding the
decrease in reimbursement rates paid for MRI scans by insurers, Medicare and other government programs. These developments are
not unique to HMCA or HMCA’s clients but are being experienced by the industry in general.
HMCA’s efforts are countering effect of
lower reimbursement rates by increasing the scan volume of the facilities it owns or manages.
As a result of our vigorous marketing efforts,
the number of scans performed at our centers and at our client’s centers increased from 70,676 in the first six months of
fiscal 2015 to 76,468 in the first six months of fiscal 2016.
We manage twenty-five sites, twenty-four of
which are equipped with Fonar Upright® MRI scanners (our Upright® MRI Scanners are also called Stand-Up® MRI Scanners).
HMCA experienced an operating income of $7.6 million for the first six months of fiscal 2016 compared to operating income of $6.2
million for the first six months of fiscal 2015.
HMCA’s cost of revenues for the first
six months of fiscal 2016 as compared to the first six months of fiscal 2015 increased by 4.8% from $16.8 million to $17.6 million.
Consolidated
For the first six months of fiscal 2016, our
consolidated net revenues increased by 2.6% to $36.0 million from $35.1 million for the first six months of fiscal 2015, and total
costs and expenses increased by 0.3% to $28.1 million for the first six months of fiscal 2016 from $28.0 million for the first
six months of fiscal 2015. As a result, our operating income increased 11.4% to $7.8 million in the first six months of fiscal
2016 from $7.0 million in the first six months of fiscal 2015.
Selling, general and administrative expenses
increased by 6.6% to $7.9 million in the first six months of fiscal 2016 from $7.4 million in the first six months of fiscal 2015.
The compensatory element of stock issuances, which is included in selling, general and administrative expenses, decreased, by 100%,
to $0 for the first six months of fiscal 2016 from $53,200 for the first six months of fiscal 2015.
FONAR CORPORATION AND SUBSIDIARIES
Research and development expenses increased
by 12.3% to $849,000 for the first six months of fiscal 2016 from $756,000 for the first six months of fiscal to 2015.
Interest expense in the first six months of
fiscal 2016 decreased by 23.1% to $289,000 from $376,000 in the first six months of fiscal 2015. The decrease was due to the repayment
of debt incurred by Fonar in connection with the acquisition of HDM.
Inventories increased to $2.3 million at December
31, 2015 as compared to $2.2 million at June 30, 2015. This represents our purchase of raw materials and components in our business
operations.
Net Management fee and medical receivables increased
by 4.6% to $27.9 million at December 31, 2015 from $26.6 million at June 30, 2015 due to slower collections. The slower collections
were primarily due to an increase in workers’ compensation revenue, which typically takes longer to collect.
The results of operations for the first six
months of fiscal 2016 reflect an increase in revenues from management, patient and other fees, as compared to the first six months
of fiscal 2015 ($30.6 million for the first six months of fiscal 2016 as compared to $28.4 million for the first six months of
fiscal 2015), and an decrease in MRI equipment segment revenues ($5.4 million as compared to $6.7 million). Revenues were 15.0%
from the MRI equipment segment as compared to 85.0% from HMCA, for the first six months of fiscal 2016, as compared to 19.1% from
the MRI equipment segment and 80.9% from HMCA for the first six months of fiscal 2015.
The implementation of the Patient Protection
and Affordable Care Act (PPACA) is likely to have a profound impact on the healthcare industry. We are experiencing some impact
of the Act on our business in the reduction of reimbursement rates and fewer sales of our MRI equipment, but are unable to predict
the degree of the effect of the new legislative mandates and regulations on our MRI equipment segment or HMCA segment in the future.
We are committed to improving our operating
results and dealing with the challenges posed by new legislative and regulatory requirements. Nevertheless, factors beyond our
control, such as the timing and rate of market growth, which depend on economic conditions, such as the availability of credit
and payor reimbursement rates, and unexpected expenditures or the timing of such expenditures, make it difficult to forecast future
operating results.
As mentioned, one of the effects of the
PPACA on our business has been the reduction in Medicare reimbursement rates for MRI scans. This also has resulted in a
reduction in the reimbursement rates by commercial insurers and government programs which tie their reimbursement rates to
the Medicare rates. Nevertheless, the increased patient volume of the scanning centers has enabled us to maintain a healthy
profitability in spite of these challenges. We believe we are pursuing the correct policies to cope with these problems and
to improve the Company’s operating results. However, our future revenues and results of operations may be adversely
impacted by future reductions in reimbursement rates.
Our Upright® MRI (also referred to as the
Stand-Up® MRI), together with our works-in-progress, are intended to significantly improve our competitive position.
The Upright® MRI scanner, which operates
at 6000 gauss (.6 Tesla) field strength, allows patients to be scanned while standing, sitting, reclining and in multiple flexion
and extension positions. It is common in visualizing the spine that abnormalities are visualized in some positions and not others.
This enables surgical corrections that heretofore would be unaddressable for lack of visualizing the symptom causing the pathology
and therefore, in general enables the treating physician to achieve a better treatment outcome for his patient. A floor-recessed
elevator brings the patient to the height appropriate for the targeted image region. A custom-built multi-position adjustable bed
will allow patients to sit or lie on their backs, sides or stomachs at any angle. This allows the MRI technologist to ask the patient
to position himself/herself in the exact position that generates his/her pain so that images of the patient in the position that
explicitly generates the patient’s pain can be nailed down. Full-range-of-motion studies of the joints in virtually any direction
are possible, a particularly promising feature for sports injuries.
FONAR CORPORATION AND SUBSIDIARIES
In addition FONAR has announced the publication
of a new book “THE CRANIOCERVICAL SYNDROME and MRI” that highlights the unique attributes of FONAR UPRIGHT® MRI
Imaging (S. Karger, A.G. based in Basel, Switzerland- www.karger.com/Book/Home/261956) which has been published by S. Karger, a
125 year old company and an academic publisher of scientific and medical journals and books. The seven chapter monograph examines
the rapid advances in MRI made possible by the FONAR UPRIGHT® Multi-Position MRI that are transforming the treatment of patients
suffering from the craniocervical syndrome (CCS). It is written by leading international experts in the field to practitioners
with a better understanding of the subtle anatomy and MRI appearances at the craniocervical junction, along with insight into the
clinical significance of cerebrospinal fluid (CSF) flow measurements and its potential role in generating the devastating impairments
of the neurodegenerative diseases: Alzheimer’s (5.1 million patients in the United States), childhood and adult Autism (3.0
million), Parkinson’s (1.0 million), Multiple Sclerosis (250,000-350,000) and Amyotrophic Lateral Sclerosis (ALS) (30,000).
It calls attention to the revolutionary importance of FONAR’s new UPRIGHT® MRI imaging technology and the prospect of
significantly relieving the suffering of the above totaled 9.38 million patients afflicted with these disorders.
Fonar also announced a major diagnostic breakthrough
in multiple sclerosis achieved with advanced Upright® MRI. Medical researchers at FONAR published a paper reporting a diagnostic
breakthrough in multiple sclerosis (MS), based on observations made possible by the Company’s unique Upright® Multi-Position™
MRI scanner. The findings reveal that the cause of multiple sclerosis may be biomechanical and related to earlier trauma to the
neck, which can result in obstruction of the flow of cerebrospinal fluid (CSF), which is produced and stored in the central anatomic
structures of the brain known as the ventricles. Since the ventricles produce a large net volume of CSF each day (500 cc), the
obstruction can result in a build up of pressure within the ventricles, resulting in leakage of the CSF and the antigenic polypeptides
it contains into the surrounding brain tissue. This leakage could be responsible for generating the brain lesions of multiple sclerosis.
The paper, titled “The Possible Role of
Cranio-Cervical Trauma and Abnormal CSF Hydrodynamics in the Genesis of Multiple Sclerosis," appears in the of the journal
Physiological Chemistry and Physics and Medical NMR (Sept. 20, 2011).
This capability of the Fonar Upright® technology
has demonstrated its key value on patients with the Arnold-Chiari syndrome [Cerebellar Tonsil Extopia (CTE)], which is believed
to affect 200,000 to 500,000 Americans. In this syndrome, brain stem compression and subsequent severe neurological symptoms occur
in these patients, because the brain stem descends and is compressed at the base of the skull in the foramen magnum, which is the
circular bony opening at the base of the skull where the spinal cord exits the skull. Conventional lie-down MRI scanners cannot
make an adequate evaluation of this pathology since the patient's pathology is most visible and the symptoms most acute when the
patient is scanned in the upright fully weight-bearing position.
A combined study of 1,200 neck pain patients
published in “Brain Injury” (July 2010) by eight university medical centers reported that cerebellar tonsil ectopia
(CTE) of 1mm or greater was found and visualized 2.5 times (250%) more frequently when patients who had sustained automobile whiplash
injuries were scanned upright rather than lying down.
The Upright® MRI has also demonstrated its
value for patients suffering from scoliosis. Scoliosis patients have been typically subjected to routine x-ray exams for years
and must be imaged upright for an adequate evaluation of their scoliosis. Because the patient must be standing for a complete evaluation
of the extent of the patient’s scoliosis, an x-ray machine has been the only modality that could provide that service. The
Upright® MRI is the only MRI scanner which allows the patient to stand during the MRI exam. Fonar has developed an RF receiver
and scanning protocol that for the first time allows scoliosis patients to obtain diagnostic pictures of their spines without the
risks of x-rays. A study by the National Cancer Institute (2000) of 5,466 women with scoliosis reported a 70% increase in breast
cancer resulting from 24.7 chest x-rays these patients received on the average in the course of their scoliosis treatment. The
Upright® MRI examination of scoliosis enables the needed imaging evaluation of the degree of spine scoliosis without exposing
the patient to the risk of breast cancer from x-radiation. Currently scoliosis affects more than 3,000,000 American women.
FONAR CORPORATION AND SUBSIDIARIES
In addition, the University of California, Los
Angeles (UCLA) reported their results of their study of 1,302 patients utilizing the Fonar Upright® MRI at the 22nd Annual
Meeting of the North American Spine Society on October 23, 2007. The UCLA study showed the superior ability of the Fonar Upright®
MRI to detect spine pathology, including spondylolisthesis, disc herniations and disc degeneration, as compared to visualizations
of the spine produced by traditional single position static MRIs.
The UCLA study by MRI of 1,302 back pain patients
when they were in the Fonar Upright® MRI and examined in a full range of flexion and extension positions made possible by Fonar’s
new Upright® technology established that significant “misses” of pathology were occurring with static single position
MRI imaging. At L4-5, the vertebral level responsible for 49.8% of lumbar disc herniations, 35.1% of the spondylolistheses (vertebral
instabilities) visualized by the Upright® MRI, were being missed by static single position MRI (510 patients). Since this vertebral
segment is responsible for the majority of all disc herniations, the finding may reveal a significant cause of failed back surgeries.
The UCLA study further showed the “miss-rate” of vertebral instabilities by static only MRI was even higher, 38.7%,
at the L3-4 vertebral segment. Additionally, the UCLA study showed that MRI examinations of the cervical spine that did not perform
extension images of the neck “missed” disc bulges 23.75% of the time (163 patients).
The UCLA study further reported that they were
able to quantitatively measure the dimensions of the central spinal canal with the “highest accuracy” using the FONAR
Upright® MRI thereby enabling the extent of spinal canal stenosis that existed in patients to be measured. Spinal canal stenosis
gives rise to the symptom complex intermittent neurogenic claudication manifest as debilitating pain in the back and lower extremities,
weakness and difficulties in ambulation and leg paresthesias. Spinal canal stenosis is a spinal compression syndrome separate and
distinct from the more common nerve compression syndrome of the spinal nerves as they exit the vertebral column through the bony
neural foramen.
The Fonar Upright® MRI can also be useful
for MRI directed emergency neuro-surgical procedures as the surgeon would have unhindered access to the patient’s head when
the patient is supine with no restrictions in the vertical direction. This easy-entry, mid-field-strength scanner could prove ideal
for trauma centers where a quick MRI-screening within the first critical hour of treatment will greatly improve patients’
chances for survival and optimize the extent of recovery.
Liquidity and Capital Resources
Cash and cash equivalents increased by 37.1%
from $9.4 million at June 30, 2015 to $13.0 million at December 31, 2015, primarily as a result of the increased profitability
of HMCA.
Cash provided by operating activities for the
first six months of fiscal 2016 was $7.9 million. Cash provided by operating activities was attributable principally to net income
of $7.6 million, a increase in other current liabilities of $1.0 million, and depreciation and amortization of $1.7 million, offset
by an increase in accounts, management fees and medical receivables of $2.2 million.
Cash used in investing activities for the first
six months of fiscal 2016 was $451,000. The principal uses of cash used in investing activities during the first six months of
fiscal 2015 consisted of patent costs of $42,000 and the purchase of property and equipment of $409,000.
Cash used in financing activities for the first
six months of fiscal 2016 was $4.0 million. The principal uses of cash in financing activities during the first six months of fiscal
2016 were the repayment of principal on long-term debt and capital lease obligations of $1.2 million and distributions to non-controlling
interests of $2.7 million.
Total liabilities decreased by 3.6% to $24.8
million at December 31, 2015 from $25.7 million at June 30, 2015. “Other” current liabilities increased by 5.8% to
$8.7 million at December 31, 2015 from $8.3 million at June 30, 2015, offset by a decrease in long-term debt and capital lease
obligations from $5.7 million to $4.5 million. The current portion of our unearned revenue on service contracts increased from
$4.2 million to $4.8 million. Customer deposits decreased from $1.9 million at June 30, 2015 to $1.5 million at December 31, 2015.
FONAR CORPORATION AND SUBSIDIARIES
As of December 31, 2015, the total of $8.8 million
in “other” current liabilities included accrued salaries and payroll taxes of $993,000, and sales taxes of $2.6 million
plus accrued interest and penalties of $2.6 million.
Our working capital increased to $29.7 million
at December 31, 2015 from $24.8 million at June 30, 2015. This resulted from an increase in current assets ($43.6 million at June
30, 2015 as compared to $48.7 million at December 31, 2015), and a smaller increase in current liabilities from $18.8 million at
June 30, 2015 to $19.0 million at December 31, 2015.
The ultimate realization of deferred tax assets
is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible.
The Company considers projected future taxable income and tax planning strategies in making this assessment. A valuation allowance
will be maintained until sufficient positive evidence exists to support the reversal of any portion or all of the valuation allowance.
Should the Company continue to remain profitable in the future periods with supportable trends, the valuation allowance will be
reversed accordingly.
Fonar has not committed to making any significant
capital expenditures for the remainder of the 2016 fiscal year.
Critical to our business plan are the improvement
and expansion of the MRI facilities managed or owned by HMCA, and increasing the number of scans performed at those facilities.
In addition, our business plan calls for a continuing commitment to providing our customers with enhanced equipment service and
maintenance capabilities and delivering state-of-the-art, innovative and high quality equipment and upgrades at competitive prices.
In furtherance of our business plan, HMCA began
managing a twenty-fifth MRI scanning facility located in Great Neck, New York, in the last week of December, 2015.
Management is seeking to promote wider market
recognition of Fonar’s scanner products, and to increase demand for Upright® scanning at the facilities HMCA owns or
manages. Given the liquidity and credit constraints in the markets, and the uncertainty resulting for the Patient Protection and
Affordable Care Act, the sale of medical equipment has and may continue to suffer.
Management anticipates that Fonar’s capital
resources will continue to improve if (1) Fonar’s MRI scanner products gain wider market recognition and acceptance resulting
in increased product sales, (2) service and maintenance revenues increase as warranties on scanners expire and (3) HMCA revenues
are increased through the Company’s vigorous marketing efforts. If our marketing efforts to increase revenues fail, and we
are unable to raise debt or equity capital, we may experience a shortfall in cash, and it may be necessary to reduce operating
expenses to attempt to avoid the need to curtail our operations. Current economic, credit and political conditions have contributed
to a challenging business environment for our company. The precise impact of these conditions can not be fully predicted. There
can be no assurance that we would be able to secure additional funds if needed.
The Company believes that its business plan
has been responsible for the past four consecutive fiscal years and past two fiscal quarters of profitability (fiscal 2012, fiscal
2013, fiscal 2014, fiscal 2015 and the first six months of fiscal 2016) and that its capital resources will be adequate to support
operations at current levels through at least December 31, 2016. In the past, the Company experienced periods of working capital
deficits and prior to fiscal 2011, losses. The future effects on our business of healthcare reform legislation, the Deficit Reduction
Act, the 2.3% excise tax on sales of medical equipment, reimbursement rates and the general economic and business climate are not
known at the present time. Nevertheless, there is a possibility of adverse consequences to our business operations from these causes.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk
The Company maintains its funds in liquid accounts.
None of our investments are in fixed rate instruments.
All of our revenue, expense and capital purchasing
activities are transacted in United States dollars.
FONAR CORPORATION AND SUBSIDIARIES
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company maintains “disclosure controls
and procedures,” as such term is defined under Rule 13a-15(e) of the Exchange Act, that are designed to provide reasonable
assurance that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized
and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and
communicated to the Company’s management, including its Principal Executive Officer and Acting Principal Financial Officer,
as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and
procedures, management recognized that any control and procedures, no matter how well designed and operated, can provide only reasonable
assurance of achieving the desired control objective.
As required by SEC Rule 13a-15(b), the Company
carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s
Principal Executive Officer and Acting Principal Financial Officer, of the effectiveness of the design and operation of the Company’s
disclosure controls and procedures as of December 31, 2015. Based on this evaluation, the Company’s Principal Executive Officer
and Acting Principal Financial Officer concluded that the Company’s disclosure controls and procedures were not effective
as of December 31, 2015 because of the material weakness in our internal control over financial reporting described in our Annual
Report on Form 10-K. The Company’s plan is to implement changes in information technology general controls in order to improve
controls over segregation of duties, restricted access to programs and data, and to change management activities in order to address
the previously reported internal control deficiencies in our Form 10-K. The Company is engaging the services of independent consultants
to assist in addressing and reviewing its internal controls, including information technology general controls.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s
internal control over financial reporting, during the fiscal quarter ended December 31, 2015, that have materially affected, or
are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1 – Legal Proceedings: There were
no material changes in litigation from that reported in our Form 10-K for the fiscal year ended June 30, 2015 and our Form 10-Q
for the fiscal quarter ended December 31, 2015.
Item 1A – Risk Factors: An investment
in the securities of the Company is subject to various risks, the most significant of which are summarized below.
1. Reduced Reimbursement Rates. Most of our
revenues are derived from our scanning center business conducted by HMCA. We are experiencing lower reimbursement rates from Medicare,
other government programs and private insurance companies. To date, we have been able to counter the impact of these reductions
by increasing our volume of scans, thereby maintaining profitability in this business segment. There is, however, no assurance
that we will be able to continue to do so.
2. Demand for MRI Scanners. The reduced reimbursement
rates also affects our sales of MRI scanners negatively. With lower revenue projections, fewer prospective customers will be able
to operate and demand lower prices for scanners. Although the reduced reimbursements may not affect foreign demand, a lower number
of sales in the aggregate could reduce economies of scale and consequently, profit margins.
FONAR CORPORATION AND SUBSIDIARIES
3. Manufacturing Competition. Many if not most
of our competing scanner manufacturers have significantly greater financial resources, production capacity, and other resources
than we do. Such competitors would include General Electric, Siemens, Hitachi and Phillips. Although Fonar is the only company
which can manufacture and sell the unique Stand-Up® (Upright®) MRI scanner, potential customers must be convinced that
the purchase of a Fonar scanner is their best choice. We believe that with time, that objective will be reached, particularly with
customers scanning patients having neck, back, knee and various orthopedic issues who would benefit from being scanned in weight-bearing
positions.
4. Dependence on Referrals. HMCA derives substantially
all of its revenue, directly or indirectly, from fees charged for the diagnostic imaging services performed at the facilities.
We depend on referrals of patients from unaffiliated physicians and other third parties to the facilities we manage or own for
the services we perform. If these physicians and other third parties were to reduce the number of patients they refer or discontinue
referring patients, scan volumes could decrease, which would reduce our net revenue and operating margins.
5. Pressure to Control Healthcare Costs. One
of the principal objectives of health maintenance organizations and preferred provider organizations is to control the cost of
healthcare services. Healthcare providers participating in managed care plans may be required to refer diagnostic imaging tests
to certain providers depending on the plan in which a covered patient is enrolled. In addition, managed care contracting has become
very competitive. The expansion of health maintenance organizations, preferred provider organizations and other managed care organizations
within New York or Florida could have a negative impact on the utilization and pricing of services performed at the facilities
HMCA manages or owns to the extent these organizations exert control over patients’ access to diagnostic imaging services,
selections of the provider of such services and reimbursement rates for those services.
6. Scanning Facility Competition. The market
for diagnostic imaging services is highly competitive. The facilities we manage or own compete for patients on the basis of reputation,
location and the quality of diagnostic imaging services. Groups of radiologists, established hospitals, clinics and other independent
organizations that own and operate imaging equipment are the principal competitors.
7. Eligibility Changes to Insurance Programs.
Due to potential decreased availability of healthcare through private employers, the number of patients who are uninsured or participate
in governmental programs may increase. Healthcare reform legislation will increase the participation of individuals in the Medicaid
program in states that elect to participate in the expanded Medicaid coverage. A shift in payor mix from managed care and other
private payors to government payors or an increase in the number of uninsured patients may result in a reduction in the rates of
reimbursement or an increase in uncollectible receivables or uncompensated care, with a corresponding decrease in net revenue.
Changes in the eligibility requirements for governmental programs such as the Medicaid program and state decisions on whether to
participate in the expansion of such programs also could increase the number of patients who participate in such programs and the
number of uninsured patients. Even for those patients who remain in private insurance plans, changes to those plans could increase
patient financial responsibility, resulting in a greater risk of uncollectible receivables. These factors and events could have
a material adverse effect on our business, financial condition, and results of operations.
8. Proposed Reduction of New York Workers’
Compensation Benefits. A proposal has been published by the New York State Workers’ Compensation Board (“NYSWCB”)
to change the fee schedule for Workers’ Compensation payments. In brief, the fees would be set at 130% of the Medicare fees.
This would reduce fees for the most commonly billed radiology procedures by 60%. Further, since the Workers’ Compensation
fees are coupled with the New York State No Fault Program, radiology providers will suffer similar reductions for No-Fault fees.
Although we and the HMCA clients have written to the NYSWCB to argue against this proposal, and other affected parties are commenting
as well, there can be no assurance that the NYSWCB will modify this proposal, or if they elect to do so, the extent to which the
NYSWCB would modify their proposal. A significant reduction in Workers’ Compensation and No-Fault fees could have a material
adverse impact on our business.
FONAR CORPORATION AND SUBSIDIARIES
9. Federal and state privacy and information
security laws. We must comply with numerous federal and state laws and regulations governing the collection, dissemination, access,
use, security and privacy of PHI, including HIPAA and its implementing privacy and security regulations, as amended by the federal
HITECH Act and collectively referred to as HIPAA. If we fail to comply with applicable privacy and security laws, regulations and
standards, properly maintain the integrity of our data, protect our proprietary rights to our systems, or defend against cybersecurity
attacks, our business, reputation, results of operations, financial position and cash flows could be materially and adversely affected.
Information security risks have significantly
increased in recent years in part because of the proliferation of new technologies, the use of the internet and telecommunications
technologies to conduct our operations, and the increased sophistication and activities of organized crime, hackers, terrorists
and other external parties, including foreign state agents. Our operations rely on the secure processing, transmission and storage
of confidential, proprietary and other information in our computer systems and networks.
10. Changes in Domestic and Worldwide Economic
Conditions. We are subject to risk arising from adverse changes in general domestic and global economic conditions, including recession
or economic slowdown and disruption of credit markets. Turbulence and uncertainty in the United States and international markets
and economies may adversely affect our liquidity, financial condition, revenues, profitability and business operations generally.
Item 2 – Unregistered Sales of Equity
Securities and Use of Proceeds: The Company has not
issued any unregistered shares of its Common
Stock during the first six months of fiscal 2016.
Item 3 - Defaults Upon Senior Securities: None
Item 4 - Mine Safety Disclosure: Not Applicable
Item 5 - Other Information: None
Item 6 - Exhibits and Reports on Form 8-K:
a) Exhibit 31.1 Certification.
See Exhibits
b) Exhibit 32.1 Certification.
See Exhibits
c) Report on Form 8-K filed
on November 14, 2015, Item 2.02: Results of
Operations and Financial Condition for the fiscal
quarter ended September 31, 2015.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FONAR CORPORATION
(Registrant)
By: /s/ Raymond V. Damadian
Raymond V. Damadian
President & Chairman
Dated: February 9, 2016
Exhibit 31.1
CERTIFICATION
I, Raymond V. Damadian, certify that:
1. I have reviewed this report on Form 10-Q
of Fonar Corporation;
2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. I am responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls
and procedures or caused such disclosure controls over procedures to be designed under my supervision to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b) designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of
the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of
the disclosure controls and procedures as of the end of the period covered by this report; and
d) disclosed in this report any change
in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. I have disclosed, based on my most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: February 9, 2016
/s/ Raymond V. Damadian
Raymond V. Damadian
President, Principal Executive Officer and Acting
Principal
Financial Officer
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of FONAR
Corporation and Subsidiaries (the “Company”) on Form 10Q for the fiscal quarter ended December 31, 2015, as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Dr. Raymond V. Damadian, President, Chief
Executive Officer, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to
ss. 906 of the Sarbanes-Oxley Act of 2002, that:
The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
/s/Dr. Raymond V. Damadian
________________________
Dr. Raymond V. Damadian
President, Chief Executive Officer
and Chief Financial Officer
February 9, 2016
A signed original of this written statement
required by Section 906 has been provided to Fonar Corporation and will be retained by Fonar Corporation and furnished to the Securities
and Exchange Commission or its staff upon request.
v3.3.1.900
Document and Entity Information - shares
|
6 Months Ended |
|
Dec. 31, 2015 |
Jan. 31, 2016 |
Entity Registrant Name |
Fonar Corporation
|
|
Entity Central Index Key |
0000355019
|
|
Document Type |
10-Q
|
|
Document Period End Date |
Dec. 31, 2015
|
|
Amendment Flag |
false
|
|
Current Fiscal Year End Date |
--06-30
|
|
Is Entity a Well-known Seasoned Issuer? |
No
|
|
Is Entity a Voluntary Filer? |
No
|
|
Is Entity's Reporting Status Current? |
Yes
|
|
Entity Filer Category |
Accelerated Filer
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2016
|
|
Common Stock |
|
|
Entity Common Stock, Shares Outstanding |
|
6,050,840
|
Class B Common Stock |
|
|
Entity Common Stock, Shares Outstanding |
|
146
|
Class C Common Stock |
|
|
Entity Common Stock, Shares Outstanding |
|
382,513
|
Preferred Stock Class A |
|
|
Entity Common Stock, Shares Outstanding |
|
313,438
|
X |
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v3.3.1.900
Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 12,954
|
$ 9,449
|
Accounts receivable - net |
4,557
|
$ 3,791
|
Accounts receivable - Related party |
60
|
|
Medical receivables -net |
9,567
|
$ 9,082
|
Management and other fees receivable -net |
14,656
|
14,058
|
Management and other fees receivable - related medical practices -net |
3,644
|
3,507
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
279
|
682
|
Inventories |
2,259
|
2,192
|
Prepaid expenses and other current assets |
767
|
860
|
Total Current Assets |
48,743
|
43,621
|
Deferred income tax asset |
8,423
|
8,423
|
Property and equipment - net |
12,277
|
12,901
|
Goodwill |
1,767
|
1,767
|
Other intangible assets - net |
8,348
|
8,950
|
Other assets |
864
|
830
|
Total Assets |
80,422
|
76,492
|
Current Liabilities: |
|
|
Current portion of long-term debt and capital leases |
2,467
|
2,490
|
Accounts payable |
1,291
|
1,783
|
Other current liabilities |
8,733
|
8,253
|
Unearned revenue on service contracts |
4,700
|
4,187
|
Unearned revenue on service contracts - related parties |
55
|
|
Customer advances |
1,501
|
1,938
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
255
|
142
|
Total Current Liabilities |
19,002
|
18,793
|
Long-Term Liabilities: |
|
|
Deferred income tax liability |
510
|
510
|
Due to related medical practices |
247
|
237
|
Long-term debt and capital leases, less current portion |
4,475
|
5,699
|
Other liabilities |
544
|
469
|
Total Long-Term Liabilities |
5,776
|
6,915
|
Total Liabilities |
24,778
|
25,708
|
STOCKHOLDERS' EQUITY: |
|
|
Common Stock |
1
|
1
|
Paid-in capital in excess of par value |
175,448
|
175,448
|
Accumulated deficit |
(129,994)
|
(136,349)
|
Notes receivable from employee stockholders |
(28)
|
(32)
|
Treasury stock, at cost - 12 shares of common stock at December 31, 2015 and June 30, 2015 |
(675)
|
(675)
|
Total Fonar Corporation's Stockholders' Equity |
44,752
|
38,393
|
Non controlling interests |
10,892
|
12,391
|
Total Stockholders' Equity |
55,644
|
50,784
|
Total Liabilities and Stockholders' Equity |
$ 80,422
|
$ 76,492
|
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- DefinitionAccounts receivable from service and repair fees of Non Related MRI scanner customers; net of allowances for doubtful accounts
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Class A NonVoting Preferred Stock |
|
|
Preferred Stock, Par Value |
$ 0.0001
|
$ 0.0001
|
Preferred Stock, Authorized |
453,000
|
453,000
|
Preferred Stock, Issued |
313,000
|
313,000
|
Preferred Stock, Outstanding |
313,000
|
313,000
|
Preferred Stock |
|
|
Preferred Stock, Par Value |
$ 0.001
|
$ 0.001
|
Preferred Stock, Authorized |
567,000
|
567,000
|
Preferred Stock, Issued |
|
|
Preferred Stock, Outstanding |
|
|
Common Stock |
|
|
Common Stock, Par Value |
$ 0.0001
|
$ 0.0001
|
Common Stock, Authorized |
8,500,000
|
8,500,000
|
Common Stock, Issued |
6,062,000
|
6,062,000
|
Common Stock, Outstanding |
6,051,000
|
6,051,000
|
Class B Common Stock |
|
|
Common Stock, Par Value |
$ 0.0001
|
$ 0.0001
|
Common Stock, Authorized |
227,000
|
227,000
|
Common Stock, Issued |
146
|
146
|
Common Stock, Outstanding |
146
|
146
|
Class C Common Stock |
|
|
Common Stock, Par Value |
$ 0.0001
|
$ 0.0001
|
Common Stock, Authorized |
567,000
|
567,000
|
Common Stock, Issued |
383,000
|
383,000
|
Common Stock, Outstanding |
383,000
|
383,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
REVENUES |
|
|
|
|
Product sales - net |
$ 742
|
$ 375
|
$ 760
|
$ 1,646
|
Service and repair fees - net |
2,280
|
2,499
|
4,564
|
4,989
|
Service and repair fees - related parties - net |
28
|
28
|
55
|
55
|
Patient fee revenue, net of contractual allowances and discounts |
7,786
|
6,629
|
15,901
|
13,416
|
Provision for bad debts for patient fee |
(3,270)
|
(2,897)
|
(6,778)
|
(6,042)
|
Management and other fees - net |
8,958
|
8,613
|
17,786
|
17,351
|
Management and other fees - related medical practices - net |
1,845
|
1,845
|
3,691
|
3,662
|
Total Revenues - Net |
18,369
|
17,092
|
35,979
|
35,077
|
COSTS AND EXPENSES |
|
|
|
|
Costs related to product sales |
564
|
237
|
676
|
1,322
|
Costs related to service and repair fees |
447
|
474
|
990
|
981
|
Costs related to service and repair fees - related parties |
5
|
5
|
12
|
11
|
Costs related to patient fee revenue |
2,238
|
1,902
|
4,466
|
3,801
|
Costs related to management and other fees |
5,597
|
5,180
|
11,015
|
10,379
|
Costs related to management and other fees - related medical practices |
1,012
|
1,240
|
2,070
|
2,609
|
Research and development |
412
|
359
|
849
|
756
|
Selling, general and administrative |
4,117
|
3,824
|
7,892
|
7,403
|
Provision for bad debts |
(248)
|
273
|
169
|
779
|
Total Costs and Expenses |
14,144
|
13,494
|
28,139
|
28,041
|
INCOME |
|
|
|
|
Income From Operations |
4,225
|
3,598
|
7,840
|
7,036
|
Interest Expense |
(139)
|
(172)
|
(289)
|
(376)
|
Investment Income |
58
|
60
|
107
|
122
|
Other Expense |
0
|
(2)
|
1
|
(2)
|
Income Before Provision for Income Taxes and Noncontrolling Interests |
4,144
|
3,484
|
7,659
|
6,780
|
Provision for Income Taxes |
40
|
29
|
90
|
69
|
Net Income |
4,104
|
3,455
|
7,569
|
6,711
|
Net Income - Noncontrolling Interests |
(611)
|
(797)
|
(1,214)
|
(1,518)
|
Net Income - Controlling Interests |
$ 3,493
|
$ 2,658
|
$ 6,355
|
$ 5,193
|
Basic Net Income Per Common Share |
$ 0.58
|
$ 0.44
|
$ 1.05
|
$ 0.86
|
Weighted Average Basic Shares Outstanding |
6,051,000
|
6,051,000
|
6,051,000
|
6,050,000
|
Common Stock |
|
|
|
|
INCOME |
|
|
|
|
Net Income - Controlling Interests |
$ 3,266
|
$ 2,485
|
$ 5,942
|
$ 4,856
|
Basic Net Income Per Common Share |
$ 0.54
|
$ 0.41
|
$ 0.98
|
$ 0.80
|
Diluted Net Income Per Common Share |
$ 0.53
|
$ 0.40
|
$ 0.96
|
$ 0.79
|
Weighted Average Basic Shares Outstanding |
6,051,000
|
6,051,000
|
6,051,000
|
6,050,000
|
Weighted Average Diluted Shares Outstanding |
6,179,000
|
6,179,000
|
6,179,000
|
6,178,000
|
Preferred Stock Class A |
|
|
|
|
INCOME |
|
|
|
|
Net Income - Controlling Interests |
$ 169
|
$ 129
|
$ 308
|
$ 251
|
Class C Common Stock |
|
|
|
|
INCOME |
|
|
|
|
Net Income - Controlling Interests |
$ 58
|
$ 44
|
$ 105
|
$ 86
|
Basic Net Income Per Common Share |
$ 0.15
|
$ 0.12
|
$ 0.27
|
$ 0.22
|
Diluted Net Income Per Common Share |
$ 0.15
|
$ 0.12
|
$ 0.27
|
$ 0.22
|
Weighted Average Basic Shares Outstanding |
383,000
|
383,000
|
383,000
|
383,000
|
Weighted Average Diluted Shares Outstanding |
383,000
|
383,000
|
383,000
|
383,000
|
X |
- DefinitionTotal costs related to goods produced and sold during the reporting period.
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v3.3.1.900
Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash Flows from Operating Activities: |
|
|
Net income |
$ 7,569
|
$ 6,711
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
1,677
|
1,776
|
Provision for bad debts |
169
|
779
|
Stock issued for costs and expenses |
|
76
|
Compensatory element of stock issuances |
|
53
|
(Increase) decrease in operating assets, net: |
|
|
Accounts, medical receivable(s) and management fee |
(2,215)
|
(3,319)
|
Notes receivable |
17
|
103
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
403
|
34
|
Inventories |
(67)
|
80
|
Prepaid expenses and other current assets |
77
|
131
|
Other assets |
(35)
|
8
|
Increase (decrease) in operating liabilities, net: |
|
|
Accounts payable |
(491)
|
(84)
|
Other current liabilities |
1,047
|
(178)
|
Customer advances |
(436)
|
(108)
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
112
|
26
|
Other liabilities |
75
|
(169)
|
Due to related medical practices |
10
|
(6)
|
Net cash provided by operating activities |
7,912
|
5,913
|
Cash Flows from Investing Activities: |
|
|
Purchases of property and equipment |
(409)
|
(55)
|
Cost of patents |
(42)
|
(67)
|
Net cash used in investing activities |
(451)
|
(122)
|
Cash Flows from Financing Activities: |
|
|
Repayment of borrowings and capital lease obligations |
(1,247)
|
(1,543)
|
Distributions to noncontrolling interests |
(2,713)
|
(2,530)
|
Repayment of notes receivable from employee stockholders |
4
|
4
|
Net cash used in financing activities |
(3,956)
|
(4,069)
|
Net Increase in Cash and Cash Equivalents |
3,505
|
1,722
|
Cash and Cash Equivalents - Beginning of Period |
9,449
|
9,952
|
Cash and Cash Equivalents - End of Period |
$ 12,954
|
$ 11,674
|
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v3.3.1.900
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (USD $)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 1 DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Effective July 1, 2015, the Company restructured the corporate organization
of the management of diagnostic imaging centers segment of our business. The reorganization was structured to more completely integrate
the operations of Health Management Corporation of America and HDM. Imperial contributed all of its assets (which were utilized
in the business of Health Management Corporation of America) to HDM and received a 24.2% interest in HDM. Health Management Corporation
of America retained a direct ownership interest of 45.8% in HDM, and the original investors in HDM retained a 30.0% ownership interest
in the newly expanded HDM. The entire management of diagnostic imaging centers business segment is now being conducted by HDM,
operating under the name Health Management Company of America.
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three and six months ended December 31, 2015, are not necessarily indicative of the
results that may be expected for the fiscal year ending June 30, 2016. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on Form 10-K filed on September 29, 2015 for the fiscal
year ended June 30, 2015.
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v3.3.1.900
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (USD $)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited condensed consolidated financial statements include
the accounts of FONAR Corporation, its majority and wholly-owned subsidiaries and partnerships (collectively the Company).
All significant intercompany accounts and transactions have been eliminated in consolidation.
Earnings Per Share
Basic earnings per share (EPS)
is computed based on weighted average number of shares common stock and stock equivalents outstanding, net of common stock. In
accordance with ASC topic 260-10, Participating Securities and the Two-Class method, the Company used the Two-Class
method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for
the three and six months ended December 31, 2015 and December 31, 2014.
Diluted EPS reflects the potential dilution
from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares
outstanding during the period. For the three and six months ended December 31, 2015 and December 31, 2014, diluted EPS for common
shareholders includes 128 shares upon conversion of Class C Common.
| |
Three months ended
December 31, 2015 | |
Three months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 3,493 | | |
$ | 3,266 | | |
$ | 58 | | |
$ | 2,658 | | |
$ | 2,485 | | |
$ | 44 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,051 | | |
| 6,051 | | |
| 383 | |
Basic income per common share | |
$ | 0.58 | | |
$ | 0.54 | | |
$ | 0.15 | | |
$ | 0.44 | | |
$ | 0.41 | | |
$ | 0.12 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,051 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| | | |
| | | |
| 128 | | |
| | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,179 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.53 | | |
$ | 0.15 | | |
| | | |
$ | 0.40 | | |
$ | 0.12 | |
| |
Six months ended
December 31, 2015 | |
Six months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 6,355 | | |
$ | 5,942 | | |
$ | 105 | | |
$ | 5,193 | | |
$ | 4,856 | | |
$ | 86 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,050 | | |
| 6,050 | | |
| 383 | |
Basic income per common share | |
$ | 1.05 | | |
$ | 0.98 | | |
$ | 0.27 | | |
$ | 0.86 | | |
$ | 0.80 | | |
$ | 0.22 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,050 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| | | |
| | | |
| 128 | | |
| | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,178 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.96 | | |
$ | 0.27 | | |
| | | |
$ | 0.79 | | |
$ | 0.22 | |
Recent Accounting Pronouncements
In November 2015, the FASB issued ASU No. 2015-17,
Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets and deferred tax liabilities
as non-current in a classified balance sheet. The ASU simplified the current guidance, which requires entities to separately present
deferred tax assets and deferred tax liabilities as current and non-current in a classified balance sheet. This standard is effective
for annual periods and interim periods within those fiscal years, beginning after December 15, 2016 but permits entities to early
adopt at the beginning of any interim or annual period. During the quarter ended December 31, 2015, the Company elected to early
adopt ASU No. 2015-17 and applied the change retrospectively to all periods present. As a result, the Company has presented all
deferred assets and liabilities as non-current in its consolidated balance sheet. The adoption of this ASU did not result in a
reclassification of the Companys net deferred tax assets and liabilities as of June 30, 2015. As of December 31, 2015, there
was no impact on the Companys results of operations as a result of the adoption of ASU No. 2015-17.
The FASB has issued ASU No. 2014-09, Revenue
from Contracts with Customers. This ASU supercedes the revenue recognition requirements in Accounting Standards Codification
605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity
recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting
periods beginning after December 15, 2017, as deferred including interim periods within the reporting period and should be applied
retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the
ASU recognized at the date of initial application. The Company is currently evaluating the effect that this ASU will have on its consolidated financial statements
and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard
on its ongoing financial reporting.
In July 2015, the FASB issued Accounting Standards
Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires
an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices
in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement
is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method. It is effective
for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application
permitted as of the beginning of an interim or annual reporting period.
FASB, the Emerging Issues Task Force and the
SEC have issued certain other accounting standards, updates, and regulations as of December 31, 2015 that will become effective
in subsequent periods; however, management does not believe that any of those updates would have significantly affected our financial
accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements
will have a significant impact on our condensed consolidated financial statements at the time they become effective.
Reclassifications
Certain prior year amounts have been reclassified
to conform to the current year presentation. The reclassifcations did not have any effect on reported consolidated net income for
any periods presented.
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v3.3.1.900
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $)
|
6 Months Ended |
Dec. 31, 2015 |
Receivables [Abstract] |
|
NOTE 3 - ACCOUNTS RECEIVABLE. MEDICAL RECEIVABLES AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $) |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 3 ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT
AND OTHER FEES RECEIVABLE
Receivables, net is comprised of the following
at December 31, 2015:
| |
Gross Receivable | |
Allowance for doubtful accounts | |
Net |
Accounts receivable | |
$ | 4,845 | | |
$ | 288 | | |
$ | 4,557 | |
Accounts receivable - related party | |
$ | 60 | | |
$ | | | |
$ | 60 | |
Medical receivable | |
$ | 31,804 | | |
$ | 22,237 | | |
$ | 9,567 | |
Management and other fees receivable | |
$ | 28,097 | | |
$ | 13,441 | | |
$ | 14,656 | |
Management and other fees receivable from related medical practices ("PCs") | |
$ | 4,047 | | |
$ | 403 | | |
$ | 3,644 | |
Receivables, net is comprised of the following
at June 30, 2015:
| |
Gross Receivable | |
Allowance for doubtful accounts | |
Net |
Accounts receivable | |
$ | 4,153 | | |
$ | 362 | | |
$ | 3,791 | |
Accounts receivable - related party | |
$ | | | |
$ | | | |
$ | | |
Medical receivable | |
$ | 24,541 | | |
$ | 15,459 | | |
$ | 9,082 | |
Management and other fees receivable | |
$ | 27,330 | | |
$ | 13,272 | | |
$ | 14,058 | |
Management and other fees receivable from related medical practices ("PCs") | |
$ | 3,910 | | |
$ | 403 | | |
$ | 3,507 | |
The Company's customers are concentrated in
the healthcare industry.
Accounts Receivable
Credit risk with respect to the Companys
accounts receivable related to product sales and service and repair fees is limited due to the customer advances received prior
to the commencement of work performed and the billing of amounts to customers as sub-assemblies are completed. Service and repair
fees are billed on a monthly or quarterly basis and the Company does not continue providing these services if accounts receivable
become past due. The Company controls credit risk with respect to accounts receivable from service and repair fees through its
credit evaluation process, credit limits, monitoring procedures and reasonably short collection terms. The Company performs ongoing
credit authorizations before a product sales contract is entered into or service and repair fees are provided.
Medical Receivables
Medical receivables are due under fee-for-service
contracts from third party payors, such as hospitals, government sponsored healthcare programs, patients legal counsel
and directly from patients. Substantially all the revenue relates to patients residing in Florida. The carrying amount of the
medical receivable is reduced by an allowance that reflects managements best estimate of the amounts that will not be collected.
The Company continuously monitors collections from its clients and maintains an allowance for bad debts based upon the Companys
historical collection experience. The Company determines allowances for contractual adjustments and uncollectible accounts based
on specific agings, specific payor collection issues that have been identified and based on payor classifications and historical
experience at each site.
Management and Other Fees Receivable
The Company's receivables from the related and
non-related professional corporations (PC's) substantially consist of fees outstanding under management agreements. Payment of
the outstanding fees is dependent on collection by the PC's of fees from third party medical reimbursement organizations, principally
insurance companies and health management organizations.
Payment of the management fee receivables from
the PCs may be impaired by the inability of the PCs to collect in a timely manner their medical fees from the third
party payors, particularly insurance carriers covering automobile no-fault and workers compensation claims due to longer payment
cycles and rigorous informational requirements and certain other disallowed claims. Approximately 60% and 52% of the PCs
net revenues for the three months ended December 31, 2015 and 2014, respectively, were derived from no-fault and personal injury
protection claims. Approximately 60% and 53% of the PCs net revenues for the six months ended December 31, 2015 and 2014,
respectively, were derived from no-fault and personal injury protection claims. The Company considers the aging of its accounts
receivable in determining the amount of allowance for doubtful accounts. The Company generally takes all legally available steps
to collect its receivables. Credit losses associated with the receivables are provided for in the condensed consolidated financial
statements and have historically been within management's expectations.
Net revenues from management and other fees
charged to the related PCs accounted for approximately 10.0% and 10.8% of the consolidated net revenues for the three months ended
December 31, 2015 and 2014, respectively. Net revenues from management and other fees charged to the related PCs accounted for
approximately 10.3% and 10.4% of the consolidated net revenues for the six months ended December 31, 2015 and 2014, respectively.
Tallahassee Magnetic Resonance Imaging, PA,
Stand Up MRI of Boca Raton, PA and Stand Up MRI & Diagnostic Center, PA (all related medical practices) entered into a guaranty
agreement, pursuant to which they cross guaranteed all management fees which are payable to the Company, which have arisen under
each individual management agreement.
The Companys patient fee revenue, net
of contractual allowances and discounts less the provision for bad debts for the three and six months ended December 31, 2015 and
2014 are summarized in the following tables.
| |
For the Three Months Ended December 31, |
| |
2015 | |
2014 |
Commercial Insurance/ Managed Care | |
$ | 1,122 | | |
$ | 1,074 | |
Medicare/Medicaid | |
| 267 | | |
| 307 | |
Workers' Compensation/Personal Injury | |
| 4,888 | | |
| 3,146 | |
Other | |
| 1,509 | | |
| 2,102 | |
Patient Fee Revenue, net of contractual allowances and discounts | |
| 7,786 | | |
| 6,629 | |
Provision for Bad Debts | |
| (3,270 | ) | |
| (2,897 | ) |
Net Patient Fee for Revenue | |
$ | 4,516 | | |
$ | 3,732 | |
| |
For the Six Months Ended December 31, |
| |
2015 | |
2014 |
Commercial Insurance/ Managed Care | |
$ | 2,193 | | |
$ | 2,154 | |
Medicare/Medicaid | |
| 542 | | |
| 604 | |
Workers' Compensation/Personal Injury | |
| 10,196 | | |
| 6,841 | |
Other | |
| 2,970 | | |
| 3,817 | |
Patient Fee Revenue, net of contractual allowances and discounts | |
| 15,901 | | |
| 13,416 | |
Provision for Bad Debts | |
| (6,778 | ) | |
| (6,042 | ) |
Net Patient Fee for Revenue | |
$ | 9,123 | | |
$ | 7,374 | |
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.3.1.900
NOTE 4 - INVENTORIES
|
6 Months Ended |
Dec. 31, 2015 |
Inventory Disclosure [Abstract] |
|
NOTE 4 - INVENTORIES |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 4 - INVENTORIES
Inventories included in the accompanying condensed consolidated
balance sheet consist of the following:
| |
December 31, 2015 | |
June 30, 2015 |
Purchased parts, components and supplies | |
$ | 2,164 | | |
$ | 2,043 | |
Work-in-process | |
| 95 | | |
| 149 | |
Total Inventories | |
$ | 2,259 | | |
$ | 2,192 | |
|
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- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 5 COSTS AND ESTIMATED EARNINGS
ON UNCOMPLETED CONTRACTS
Information relating
to uncompleted contracts is as follows:
| |
December 31, 2015 | |
June 30, 2015 |
Costs incurred on uncompleted contracts | |
$ | 2,310 | | |
$ | 1,862 | |
Estimated earnings | |
| 1,622 | | |
| 1,371 | |
Subtotal | |
| 3,932 | | |
| 3,233 | |
Less: Billings to date | |
| 3,908 | | |
| 2,693 | |
Total Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 24 | | |
$ | 540 | |
Included in the accompanying
condensed consolidated balance sheets under the following captions:
| |
December 31, 2015 | |
June 30, 2015 |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 279 | | |
$ | 682 | |
Less: Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 255 | | |
| 142 | |
Total
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 24 | | |
$ | 540 | |
|
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v3.3.1.900
NOTE 6 - OTHER INTANGIBLE ASSETS
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
NOTE 6 - OTHER INTANGIBLE ASSETS |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 6 OTHER INTANGIBLE ASSETS
Other intangible assets, net of accumulated
amortization, in the accompanying condensed consolidated balance sheet consist of the following:
| |
December 31,
2015 | |
June 30,
2015 |
Capitalized software development costs | |
$ | 7,005 | | |
$ | 7,005 | |
Patents and copyrights | |
| 4,589 | | |
| 4,547 | |
Non-compete | |
| 4,100 | | |
| 4,100 | |
Customer relationships | |
| 3,800 | | |
| 3,800 | |
Gross Other intangible assets | |
| 19,494 | | |
| 19,452 | |
Less: Accumulated amortization | |
| 11,146 | | |
| 10,502 | |
Other Intangible Assets - net | |
$ | 8,348 | | |
$ | 8,950 | |
Amortization
of patents and copyrights for the three months ended December 31, 2015 and 2014 amounted to $47 and $46, respectively.
Amortization
of capitalized software development costs for the three months ended December 31, 2015 and 2014 amounted to $81 and $81, respectively.
Amortization
of non-compete for the three months ended December 31, 2015 and 2014 amounted to $147 and $147, respectively.
Amortization
of customer relationships for the three months ended December 31, 2015 and 2014 amounted to $47 and $47, respectively.
Amortization
of patents and copyrights for the six months ended December 31, 2015 and 2014 amounted to $94 and $91, respectively.
Amortization
of capitalized software development costs for the six months ended December 31, 2015 and 2014 amounted to $162 and $164 respectively.
Amortization
of non-compete for the six months ended December 31, 2015 and 2014 amounted to $293 and $293, respectively.
Amortization
of customer relationships for the six months ended December 31, 2015 and 2014 amounted to $95 and $95, respectively.
|
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- DefinitionThe entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
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NOTE 7 - OTHER CURRENT LIABILITIES
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
NOTE 7 - OTHER CURRENT LIABILITIES |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 7 OTHER CURRENT LIABILITIES
Other current liabilities in the accompanying
condensed consolidated balance sheet consist of the following:
| |
December 31, 2015 | |
June 30, 2015 |
Accrued salaries, commissions and payroll taxes | |
$ | 993 | | |
$ | 992 | |
Accrued interest | |
| 117 | | |
| 117 | |
Litigation accruals | |
| 494 | | |
| 521 | |
Sales tax payable | |
| 2,578 | | |
| 2,539 | |
Legal and other professional fees | |
| 318 | | |
| 344 | |
Accounting fees | |
| 144 | | |
| 235 | |
Self-funded health insurance reserve | |
| 377 | | |
| 510 | |
Interest and penalty - sales tax | |
| 2,604 | | |
| 2,509 | |
Other | |
| 1,108 | | |
| 486 | |
Total Other Current Liabilities | |
$ | 8,733 | | |
$ | 8,253 | |
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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v3.3.1.900
NOTE 8 - SEGMENT AND RELATED INFORMATION
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
NOTE 8 - SEGMENT AND RELATED INFORMATION |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 8 - SEGMENT AND RELATED INFORMATION
The Company operates in two industry segments
- manufacturing and the servicing of medical equipment and management of diagnostic imaging centers.
The accounting policies of the segments are
the same as those described in the summary of significant accounting policies as disclosed in the Companys 10-K as of June
30, 2015. All inter-segment sales are market-based. The Company evaluates performance based on income or loss from operations.
Summarized financial information concerning
the Company's reportable segments is shown in the following table:
| |
Medical Equipment | |
Management Of Diagnostic Imaging Centers | |
Totals |
For the three months ended December 31, 2015 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 3,050 | | |
$ | 15,319 | | |
$ | 18,369 | |
Inter-segment net revenues | |
$ | 524 | | |
$ | | | |
$ | 524 | |
Income from operations | |
$ | 288 | | |
$ | 3,937 | | |
$ | 4,225 | |
Depreciation and amortization | |
$ | 85 | | |
$ | 763 | | |
$ | 848 | |
Capital expenditures | |
$ | 341 | | |
$ | 46 | | |
$ | 387 | |
| |
| | | |
| | | |
| | |
For the three months ended December 31, 2014 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 2,902 | | |
$ | 14,190 | | |
$ | 17,092 | |
Inter-segment net revenues | |
$ | 501 | | |
$ | | | |
$ | 501 | |
Income from operations | |
$ | 446 | | |
$ | 3,152 | | |
$ | 3,598 | |
Depreciation and amortization | |
$ | 75 | | |
$ | 813 | | |
$ | 888 | |
Capital expenditures | |
$ | 21 | | |
$ | 29 | | |
$ | 50 | |
| |
| | | |
| | | |
| | |
For the six months ended December 31, 2015 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 5,379 | | |
$ | 30,600 | | |
$ | 35,979 | |
Inter-segment net revenues | |
$ | 1,048 | | |
$ | | | |
$ | 1,048 | |
Income from operations | |
$ | 225 | | |
$ | 7,615 | | |
$ | 7,840 | |
Depreciation and amortization | |
$ | 163 | | |
$ | 1,514 | | |
$ | 1,677 | |
Capital expenditures | |
$ | 359 | | |
$ | 92 | | |
$ | 451 | |
| |
| | | |
| | | |
| | |
For the six months ended December 31, 2014 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 6,690 | | |
$ | 28,387 | | |
$ | 35,077 | |
Inter-segment net revenues | |
$ | 1,002 | | |
$ | | | |
$ | 1,002 | |
Income from operations | |
$ | 824 | | |
$ | 6,212 | | |
$ | 7,036 | |
Depreciation and amortization | |
$ | 151 | | |
$ | 1,625 | | |
$ | 1,776 | |
Capital expenditures | |
$ | 67 | | |
$ | 55 | | |
$ | 122 | |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION
|
6 Months Ended |
Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] |
|
NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 9 SUPPLEMENTAL CASH FLOW INFORMATION
During the six months ended December 31, 2015
and December 31, 2014, the Company paid $194 and $284 for interest, respectively.
During the six months ended December 31, 2015
and December 31, 2014, the Company paid $90 and $69 for income taxes, respectively.
|
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.3.1.900
NOTE 10 - COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
NOTE 10 - COMMITMENTS AND CONTINGENCIES |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 10 COMMITMENTS AND CONTINGENCIES
Litigation
The Company is subject to legal proceedings
and claims arising from the ordinary course of its business, including personal injury, customer contract and employment claims.
In the opinion of management, the aggregate liability, if any, with respect to such actions, will not have a material adverse effect
on the consolidated financial position or results of operations of the Company.
There were no material changes in litigation
from that reported in our Form 10-K for the fiscal year ended June 30, 2015 and our form 10-Q for the first quarter of fiscal 2016.
Other Matters
The Company is also delinquent in filing sales
tax returns for certain states, for which the Company has transacted business. As of December 31, 2015, the Company has recorded
tax obligations of approximately $2,578 plus interest and penalties of approximately $2,604. The Company is in the process of determining
the regulatory requirements in order to become compliant.
The Company maintains a self-funded health insurance
program with a stop-loss umbrella policy with a third party insurer to limit the maximum potential liability for individual claims
to $100 per person and for a maximum potential claim liability based on member enrollment. With respect to this program, the Company
considers historical and projected medical utilization data when estimating its health insurance program liability and related
expense. As of December 31, 2015 and June 30, 2015, the Company had approximately $377 and $510, respectively, in reserve for its
self-funded health insurance programs. The reserves are included in Other current liabilities in the condensed consolidated
balance sheets.
The Company regularly analyzes its reserves
for incurred but not reported claims, and for reported but not paid claims related to its reinsurance and self-funded insurance
programs. The Company believes its reserves are adequate. However, significant judgment is involved in assessing these reserves
such as assessing historical paid claims, average lags between the claims incurred date, reported dates and paid dates,
and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and
any resulting adjustments are included in expense once a probable amount is known. There were no significant adjustments recorded
in the periods covered by this report
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
NOTE 11 - INCOME TAXES
|
6 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
NOTE 11 - INCOME TAXES |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 11 - INCOME TAXES
ASC topic 740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken
in a corporate tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon
examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit
recognized and measured pursuant to the interpretation are referred to as unrecognized benefits. A liability is recognized
(or amount of net operating loss carryforward or amount of tax refundable is reduced) for an unrecognized tax benefit because it
represents an enterprises potential future obligation to the taxing authority for a tax position that was not recognized
as a result of applying the provisions of ASC topic 740.
In accordance with ASC topic 740, interest costs
related to unrecognized tax benefits are required to be calculated (if applicable) and would be classified as Interest expense,
net. Penalties if incurred would be recognized as a component of Selling, general and administrative expenses.
The Company files corporate income tax returns
in the United States (federal) and in various state and local jurisdictions. In most instances, the Company is no longer subject
to federal, state and local income tax examinations by tax authorities for years prior to 2009.
The Company recorded a deferred tax asset of
$8,423 and a deferred tax liability of $510 as of December 31, 2015, primarily relating to net operating loss carryforwards of
approximately $122,926 available to offset future taxable income through 2034. The net operating losses begin to expire in 2019
for federal tax purposes and in 2015 for state income tax purposes.
The ultimate realization of deferred tax assets
is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible.
The Company considers projected future taxable income and tax planning strategies in making this assessment. At present, the Company
does have a sufficient history of income and anticipates profitability in the coming years and has concluded that it is more-likely-than-not
that the Company will be able to realize a portion of its tax benefits in the near future and therefore a valuation allowance was
established for the partial value of the deferred tax asset.
A valuation allowance will be maintained until
sufficient positive evidence exists to support the reversal of the remainder of the valuation. Should the Company continue to remain
profitable in future periods with supportable trends, the valuation allowance will be reversed accordingly.
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v3.3.1.900
NOTE 12 - SUBSEQUENT EVENTS
|
6 Months Ended |
Dec. 31, 2015 |
Subsequent Events [Abstract] |
|
NOTE 12 - SUBSEQUENT EVENTS |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 12- SUBSEQUENT EVENTS
The Company has evaluated events that occurred
subsequent to December 31, 2015 and through the date the condensed consolidated financial statements were issued.
On January 4, 2016 the Company opened a new
MRI center located in Nassau County, New York. The scanner and certain assets are being leased from Turnkey of Great Neck LLC.
Certain employees of the company are members of this LLC. The lease is for a term of 48 months with monthly payments of $23,778.
These payments are to commence one year after the signing of the lease. The lease can be renewed for an additional 36 months and
the Company has the option to purchase the equipment at the end of the lease for $100,000.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Dec. 31, 2015 |
Note 2 - Summary Of Significant Accounting Policies Policies |
|
Principles of Consolidation |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited condensed consolidated financial statements include
the accounts of FONAR Corporation, its majority and wholly-owned subsidiaries and partnerships (collectively the Company).
All significant intercompany accounts and transactions have been eliminated in consolidation.
|
Earnings Per Share |
Earnings Per Share
Basic earnings per share (EPS)
is computed based on weighted average number of shares common stock and stock equivalents outstanding, net of common stock. In
accordance with ASC topic 260-10, Participating Securities and the Two-Class method, the Company used the Two-Class
method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for
the three and six months ended December 31, 2015 and December 31, 2014.
Diluted EPS reflects the potential dilution
from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares
outstanding during the period. For the three and six months ended December 31, 2015 and December 31, 2014, diluted EPS for common
shareholders includes 128 shares upon conversion of Class C Common.
| |
Three months ended
December 31, 2015 | |
Three months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 3,493 | | |
$ | 3,266 | | |
$ | 58 | | |
$ | 2,658 | | |
$ | 2,485 | | |
$ | 44 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,051 | | |
| 6,051 | | |
| 383 | |
Basic income per common share | |
$ | 0.58 | | |
$ | 0.54 | | |
$ | 0.15 | | |
$ | 0.44 | | |
$ | 0.41 | | |
$ | 0.12 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,051 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| | | |
| | | |
| 128 | | |
| | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,179 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.53 | | |
$ | 0.15 | | |
| | | |
$ | 0.40 | | |
$ | 0.12 | |
| |
Six months ended
December 31, 2015 | |
Six months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 6,355 | | |
$ | 5,942 | | |
$ | 105 | | |
$ | 5,193 | | |
$ | 4,856 | | |
$ | 86 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,050 | | |
| 6,050 | | |
| 383 | |
Basic income per common share | |
$ | 1.05 | | |
$ | 0.98 | | |
$ | 0.27 | | |
$ | 0.86 | | |
$ | 0.80 | | |
$ | 0.22 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,050 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| | | |
| | | |
| 128 | | |
| | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,178 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.96 | | |
$ | 0.27 | | |
| | | |
$ | 0.79 | | |
$ | 0.22 | |
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In November 2015, the FASB issued ASU No. 2015-17,
Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets and deferred tax liabilities
as non-current in a classified balance sheet. The ASU simplified the current guidance, which requires entities to separately present
deferred tax assets and deferred tax liabilities as current and non-current in a classified balance sheet. This standard is effective
for annual periods and interim periods within those fiscal years, beginning after December 15, 2016 but permits entities to early
adopt at the beginning of any interim or annual period. During the quarter ended December 31, 2015, the Company elected to early
adopt ASU No. 2015-17 and applied the change retrospectively to all periods present. As a result, the Company has presented all
deferred assets and liabilities as non-current in its consolidated balance sheet. The adoption of this ASU did not result in a
reclassification of the Companys net deferred tax assets and liabilities as of June 30, 2015. As of December 31, 2015, there
was no impact on the Companys results of operations as a result of the adoption of ASU No. 2015-17.
The FASB has issued ASU No. 2014-09, Revenue
from Contracts with Customers. This ASU supercedes the revenue recognition requirements in Accounting Standards Codification
605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity
recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting
periods beginning after December 15, 2017, as deferred including interim periods within the reporting period and should be applied
retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the
ASU recognized at the date of initial application. The Company is currently evaluating the effect that this ASU will have on its consolidated financial statements
and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard
on its ongoing financial reporting.
In July 2015, the FASB issued Accounting Standards
Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires
an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices
in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement
is unchanged for inventory measured using last-in, first-out (LIFO) or the retail inventory method. It is effective
for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application
permitted as of the beginning of an interim or annual reporting period.
FASB, the Emerging Issues Task Force and the
SEC have issued certain other accounting standards, updates, and regulations as of December 31, 2015 that will become effective
in subsequent periods; however, management does not believe that any of those updates would have significantly affected our financial
accounting measures or disclosures had they been in effect during 2015 or 2014, and it does not believe that any of those pronouncements
will have a significant impact on our condensed consolidated financial statements at the time they become effective.
|
Reclassifications |
Reclassifications
Certain prior year amounts have been reclassified
to conform to the current year presentation. The reclassifcations did not have any effect on reported consolidated net income for
any periods presented.
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v3.3.1.900
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
Earnings Per Share |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Earnings Per Share
Basic earnings per share (EPS)
is computed based on weighted average number of shares common stock and stock equivalents outstanding, net of common stock. In
accordance with ASC topic 260-10, Participating Securities and the Two-Class method, the Company used the Two-Class
method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for
the three and six months ended December 31, 2015 and December 31, 2014.
Diluted EPS reflects the potential dilution
from the exercise or conversion of all dilutive securities into common stock based on the average market price of common shares
outstanding during the period. For the three and six months ended December 31, 2015 and December 31, 2014, diluted EPS for common
shareholders includes 128 shares upon conversion of Class C Common.
| |
Three months ended
December 31, 2015 | |
Three months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 3,493 | | |
$ | 3,266 | | |
$ | 58 | | |
$ | 2,658 | | |
$ | 2,485 | | |
$ | 44 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,051 | | |
| 6,051 | | |
| 383 | |
Basic income per common share | |
$ | 0.58 | | |
$ | 0.54 | | |
$ | 0.15 | | |
$ | 0.44 | | |
$ | 0.41 | | |
$ | 0.12 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,051 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| | | |
| | | |
| 128 | | |
| | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,179 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.53 | | |
$ | 0.15 | | |
| | | |
$ | 0.40 | | |
$ | 0.12 | |
| |
Six months ended
December 31, 2015 | |
Six months ended
December 31, 2014 |
| |
Total | |
Common Stock | |
Class C Common Stock | |
Total | |
Common Stock | |
Class C Common Stock |
Basic Numerator: Net income available to common stockholders | |
$ | 6,355 | | |
$ | 5,942 | | |
$ | 105 | | |
$ | 5,193 | | |
$ | 4,856 | | |
$ | 86 | |
Denominator: Weighted average shares outstanding | |
| 6,051 | | |
| 6,051 | | |
| 383 | | |
| 6,050 | | |
| 6,050 | | |
| 383 | |
Basic income per common share | |
$ | 1.05 | | |
$ | 0.98 | | |
$ | 0.27 | | |
$ | 0.86 | | |
$ | 0.80 | | |
$ | 0.22 | |
Diluted Denominator: Weighted average shares outstanding | |
| | | |
| 6,051 | | |
| 383 | | |
| | | |
| 6,050 | | |
| 383 | |
Convertible Class C Stock | |
| | | |
| 128 | | |
| | | |
| | | |
| 128 | | |
| | |
Total Denominator for diluted earnings per share | |
| | | |
| 6,179 | | |
| 383 | | |
| | | |
| 6,178 | | |
| 383 | |
Diluted income per common share | |
| | | |
$ | 0.96 | | |
$ | 0.27 | | |
| | | |
$ | 0.79 | | |
$ | 0.22 | |
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v3.3.1.900
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $) (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Receivables [Abstract] |
|
Receivables - net |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 3 ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT
AND OTHER FEES RECEIVABLE
Receivables, net is comprised of the following
at December 31, 2015:
| |
Gross Receivable | |
Allowance for doubtful accounts | |
Net |
Accounts receivable | |
$ | 4,845 | | |
$ | 288 | | |
$ | 4,557 | |
Accounts receivable - related party | |
$ | 60 | | |
$ | | | |
$ | 60 | |
Medical receivable | |
$ | 31,804 | | |
$ | 22,237 | | |
$ | 9,567 | |
Management and other fees receivable | |
$ | 28,097 | | |
$ | 13,441 | | |
$ | 14,656 | |
Management and other fees receivable from related medical practices ("PCs") | |
$ | 4,047 | | |
$ | 403 | | |
$ | 3,644 | |
Receivables, net is comprised of the following
at June 30, 2015:
| |
Gross Receivable | |
Allowance for doubtful accounts | |
Net |
Accounts receivable | |
$ | 4,153 | | |
$ | 362 | | |
$ | 3,791 | |
Accounts receivable - related party | |
$ | | | |
$ | | | |
$ | | |
Medical receivable | |
$ | 24,541 | | |
$ | 15,459 | | |
$ | 9,082 | |
Management and other fees receivable | |
$ | 27,330 | | |
$ | 13,272 | | |
$ | 14,058 | |
Management and other fees receivable from related medical practices ("PCs") | |
$ | 3,910 | | |
$ | 403 | | |
$ | 3,507 | |
|
Patient fee revenue - net |
Management and Other Fees Receivable
(Amounts and shares in thousands, except per
share amounts) (UNAUDITED)
The Companys patient fee revenue, net
of contractual allowances and discounts less the provision for bad debts for the three and six months ended December 31, 2015 and
2014 are summarized in the following tables.
| |
For the Three Months Ended December 31, |
| |
2015 | |
2014 |
Commercial Insurance/ Managed Care | |
$ | 1,122 | | |
$ | 1,074 | |
Medicare/Medicaid | |
| 267 | | |
| 307 | |
Workers' Compensation/Personal Injury | |
| 4,888 | | |
| 3,146 | |
Other | |
| 1,509 | | |
| 2,102 | |
Patient Fee Revenue, net of contractual allowances and discounts | |
| 7,786 | | |
| 6,629 | |
Provision for Bad Debts | |
| (3,270 | ) | |
| (2,897 | ) |
Net Patient Fee for Revenue | |
$ | 4,516 | | |
$ | 3,732 | |
| |
For the Six Months Ended December 31, |
| |
2015 | |
2014 |
Commercial Insurance/ Managed Care | |
$ | 2,193 | | |
$ | 2,154 | |
Medicare/Medicaid | |
| 542 | | |
| 604 | |
Workers' Compensation/Personal Injury | |
| 10,196 | | |
| 6,841 | |
Other | |
| 2,970 | | |
| 3,817 | |
Patient Fee Revenue, net of contractual allowances and discounts | |
| 15,901 | | |
| 13,416 | |
Provision for Bad Debts | |
| (6,778 | ) | |
| (6,042 | ) |
Net Patient Fee for Revenue | |
$ | 9,123 | | |
$ | 7,374 | |
|
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v3.3.1.900
NOTE 4 - INVENTORIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Inventory Disclosure [Abstract] |
|
Inventories |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 4 - INVENTORIES
Inventories included in the accompanying condensed consolidated
balance sheet consist of the following:
| |
December 31, 2015 | |
June 30, 2015 |
Purchased parts, components and supplies | |
$ | 2,164 | | |
$ | 2,043 | |
Work-in-process | |
| 95 | | |
| 149 | |
Total Inventories | |
$ | 2,259 | | |
$ | 2,192 | |
|
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v3.3.1.900
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
Information relating to uncompleted contracts |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 5 COSTS AND ESTIMATED EARNINGS
ON UNCOMPLETED CONTRACTS
Information relating
to uncompleted contracts is as follows:
| |
December 31, 2015 | |
June 30, 2015 |
Costs incurred on uncompleted contracts | |
$ | 2,310 | | |
$ | 1,862 | |
Estimated earnings | |
| 1,622 | | |
| 1,371 | |
Subtotal | |
| 3,932 | | |
| 3,233 | |
Less: Billings to date | |
| 3,908 | | |
| 2,693 | |
Total Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 24 | | |
$ | 540 | |
|
Included in the accompanying condensed consolidated balance sheets |
Included in the accompanying
condensed consolidated balance sheets under the following captions:
| |
December 31, 2015 | |
June 30, 2015 |
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 279 | | |
$ | 682 | |
Less: Billings in excess of costs and estimated earnings on uncompleted contracts | |
| 255 | | |
| 142 | |
Total
Costs and estimated earnings in excess of billings on uncompleted contracts | |
$ | 24 | | |
$ | 540 | |
|
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v3.3.1.900
NOTE 6 - OTHER INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Other intangible assets - net |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 6 OTHER INTANGIBLE ASSETS
Other intangible assets, net of accumulated
amortization, in the accompanying condensed consolidated balance sheet consist of the following:
| |
December 31,
2015 | |
June 30,
2015 |
Capitalized software development costs | |
$ | 7,005 | | |
$ | 7,005 | |
Patents and copyrights | |
| 4,589 | | |
| 4,547 | |
Non-compete | |
| 4,100 | | |
| 4,100 | |
Customer relationships | |
| 3,800 | | |
| 3,800 | |
Gross Other intangible assets | |
| 19,494 | | |
| 19,452 | |
Less: Accumulated amortization | |
| 11,146 | | |
| 10,502 | |
Other Intangible Assets - net | |
$ | 8,348 | | |
$ | 8,950 | |
|
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NOTE 7 - OTHER CURRENT LIABILITIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
Other current liabilities |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 7 OTHER CURRENT LIABILITIES
Other current liabilities in the accompanying
condensed consolidated balance sheet consist of the following:
| |
December 31, 2015 | |
June 30, 2015 |
Accrued salaries, commissions and payroll taxes | |
$ | 993 | | |
$ | 992 | |
Accrued interest | |
| 117 | | |
| 117 | |
Litigation accruals | |
| 494 | | |
| 521 | |
Sales tax payable | |
| 2,578 | | |
| 2,539 | |
Legal and other professional fees | |
| 318 | | |
| 344 | |
Accounting fees | |
| 144 | | |
| 235 | |
Self-funded health insurance reserve | |
| 377 | | |
| 510 | |
Interest and penalty - sales tax | |
| 2,604 | | |
| 2,509 | |
Other | |
| 1,108 | | |
| 486 | |
Total Other Current Liabilities | |
$ | 8,733 | | |
$ | 8,253 | |
|
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v3.3.1.900
NOTE 8 - SEGMENT AND RELATED INFORMATION (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment information |
FONAR CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 and 2014
(Amounts and shares in thousands,
except per share amounts)
(UNAUDITED)
NOTE 8 - SEGMENT AND RELATED INFORMATION
The Company operates in two industry segments
- manufacturing and the servicing of medical equipment and management of diagnostic imaging centers.
Summarized financial information concerning
the Company's reportable segments is shown in the following table:
| |
Medical Equipment | |
Management Of Diagnostic Imaging Centers | |
Totals |
For the three months ended December 31, 2015 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 3,050 | | |
$ | 15,319 | | |
$ | 18,369 | |
Inter-segment net revenues | |
$ | 524 | | |
$ | | | |
$ | 524 | |
Income from operations | |
$ | 288 | | |
$ | 3,937 | | |
$ | 4,225 | |
Depreciation and amortization | |
$ | 85 | | |
$ | 763 | | |
$ | 848 | |
Capital expenditures | |
$ | 341 | | |
$ | 46 | | |
$ | 387 | |
| |
| | | |
| | | |
| | |
For the three months ended December 31, 2014 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 2,902 | | |
$ | 14,190 | | |
$ | 17,092 | |
Inter-segment net revenues | |
$ | 501 | | |
$ | | | |
$ | 501 | |
Income from operations | |
$ | 446 | | |
$ | 3,152 | | |
$ | 3,598 | |
Depreciation and amortization | |
$ | 75 | | |
$ | 813 | | |
$ | 888 | |
Capital expenditures | |
$ | 21 | | |
$ | 29 | | |
$ | 50 | |
| |
| | | |
| | | |
| | |
For the six months ended December 31, 2015 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 5,379 | | |
$ | 30,600 | | |
$ | 35,979 | |
Inter-segment net revenues | |
$ | 1,048 | | |
$ | | | |
$ | 1,048 | |
Income from operations | |
$ | 225 | | |
$ | 7,615 | | |
$ | 7,840 | |
Depreciation and amortization | |
$ | 163 | | |
$ | 1,514 | | |
$ | 1,677 | |
Capital expenditures | |
$ | 359 | | |
$ | 92 | | |
$ | 451 | |
| |
| | | |
| | | |
| | |
For the six months ended December 31, 2014 | |
| | | |
| | | |
| | |
Net revenues from external customers | |
$ | 6,690 | | |
$ | 28,387 | | |
$ | 35,077 | |
Inter-segment net revenues | |
$ | 1,002 | | |
$ | | | |
$ | 1,002 | |
Income from operations | |
$ | 824 | | |
$ | 6,212 | | |
$ | 7,036 | |
Depreciation and amortization | |
$ | 151 | | |
$ | 1,625 | | |
$ | 1,776 | |
Capital expenditures | |
$ | 67 | | |
$ | 55 | | |
$ | 122 | |
|
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v3.3.1.900
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Basic Numerator: Net income available to common stockholders |
$ 3,493
|
$ 2,658
|
$ 6,355
|
$ 5,193
|
Basic Denominator: Weighted average shares outstanding |
6,051,000
|
6,051,000
|
6,051,000
|
6,050,000
|
Basic Income Per Common Share |
$ 0.58
|
$ 0.44
|
$ 1.05
|
$ 0.86
|
Common Stock |
|
|
|
|
Basic Numerator: Net income available to common stockholders |
$ 3,266
|
$ 2,485
|
$ 5,942
|
$ 4,856
|
Basic Denominator: Weighted average shares outstanding |
6,051,000
|
6,051,000
|
6,051,000
|
6,050,000
|
Basic Income Per Common Share |
$ 0.54
|
$ 0.41
|
$ 0.98
|
$ 0.80
|
Convertible Class C Stock |
128,000
|
128,000
|
128,000
|
128,000
|
Total Denominator for diluted earnings per share |
6,179,000
|
6,179,000
|
6,179,000
|
6,178,000
|
Diluted Income Per Share |
$ 0.53
|
$ 0.40
|
$ 0.96
|
$ 0.79
|
Class C Common Stock |
|
|
|
|
Basic Numerator: Net income available to common stockholders |
$ 58
|
$ 44
|
$ 105
|
$ 86
|
Basic Denominator: Weighted average shares outstanding |
383,000
|
383,000
|
383,000
|
383,000
|
Basic Income Per Common Share |
$ 0.15
|
$ 0.12
|
$ 0.27
|
$ 0.22
|
Convertible Class C Stock |
|
|
|
|
Total Denominator for diluted earnings per share |
383,000
|
383,000
|
383,000
|
383,000
|
Diluted Income Per Share |
$ 0.15
|
$ 0.12
|
$ 0.27
|
$ 0.22
|
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v3.3.1.900
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - Receivables, Net - (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Accounts receivable |
$ 4,557
|
$ 3,791
|
Accounts receivable - Related party |
60
|
|
Medical Receivables |
9,567
|
$ 9,082
|
Management and other fees receivable |
14,656
|
14,058
|
Management and other fees receivable from related medical practices ("PC's") |
3,644
|
3,507
|
Gross Receivabe |
|
|
Accounts receivable |
4,845
|
$ 4,153
|
Accounts receivable - Related party |
60
|
|
Medical Receivables |
31,804
|
$ 24,541
|
Management and other fees receivable |
28,097
|
27,330
|
Management and other fees receivable from related medical practices ("PC's") |
4,047
|
3,910
|
Allowance for Doubtful Accounts |
|
|
Accounts receivable |
$ 288
|
$ 362
|
Accounts receivable - Related party |
|
|
Medical Receivables |
$ 22,237
|
$ 15,459
|
Management and other fees receivable |
13,441
|
13,272
|
Management and other fees receivable from related medical practices ("PC's") |
$ 403
|
$ 403
|
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NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - Patient Fees Revenue - (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Patient fee revenue, net of contractual allowances and discounts |
$ 7,786
|
$ 6,629
|
$ 15,901
|
$ 13,416
|
Provision for bad debts for patient fee |
(3,270)
|
(2,897)
|
(6,778)
|
(6,042)
|
Net patient fee revenue |
4,516
|
3,732
|
9,123
|
7,374
|
Commercial Insurance / Managed Care |
|
|
|
|
Patient fee revenue, net of contractual allowances and discounts |
1,122
|
1,074
|
2,193
|
2,154
|
Medicare/Medicaid |
|
|
|
|
Patient fee revenue, net of contractual allowances and discounts |
267
|
307
|
542
|
604
|
Workers Compensation/Personal Injury |
|
|
|
|
Patient fee revenue, net of contractual allowances and discounts |
4,888
|
3,146
|
10,196
|
6,841
|
Other |
|
|
|
|
Patient fee revenue, net of contractual allowances and discounts |
$ 1,509
|
$ 2,102
|
$ 2,970
|
$ 3,817
|
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NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Information relating to uncompleted contracts - (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Notes to Financial Statements |
|
|
Costs incurred on uncompleted contracts |
$ 2,310
|
$ 1,862
|
Estimated earnings |
1,622
|
1,371
|
Subtotal |
3,932
|
3,233
|
Less: Billings to date |
3,908
|
2,693
|
Total Costs and estimated earnings in excess of billings on uncompleted contracts |
$ 24
|
$ 540
|
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NOTE 6 - OTHER INTANGIBLE ASSETS - (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Gross Other intangible assets |
$ 19,494
|
$ 19,452
|
Accumulated amortization |
11,146
|
10,502
|
Other Intangible Assets - net |
8,348
|
8,950
|
Capitalized software development costs |
|
|
Gross Other intangible assets |
7,005
|
7,005
|
Patents and copyrights |
|
|
Gross Other intangible assets |
4,589
|
4,547
|
Non-compete |
|
|
Gross Other intangible assets |
4,100
|
4,100
|
Customer relationships |
|
|
Gross Other intangible assets |
$ 3,800
|
$ 3,800
|
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- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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Dec. 31, 2015 |
Jun. 30, 2015 |
Payables and Accruals [Abstract] |
|
|
Accrued salaries, commissions and payroll taxes |
$ 993
|
$ 992
|
Accrued interest |
117
|
117
|
Litigation accruals |
494
|
521
|
Sales tax payable |
2,578
|
2,539
|
Legal and other professional fees |
318
|
344
|
Accounting fees |
144
|
235
|
Self-funded health insurance reserve |
377
|
510
|
Interest and penalty - sales tax |
2,604
|
2,509
|
Other |
1,108
|
486
|
Total Other current liabilities |
$ 8,733
|
$ 8,253
|
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NOTE 8 - SEGMENT AND RELATED INFORMATION - Segment Information - (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net revenues from external customers |
$ 18,369
|
$ 17,092
|
$ 35,979
|
$ 35,077
|
Inter-segment net revenues |
524
|
501
|
1,048
|
1,002
|
Income from operations |
4,225
|
3,598
|
7,840
|
7,036
|
Depreciation and amortization |
848
|
888
|
1,677
|
1,776
|
Capital expenditures |
387
|
50
|
451
|
122
|
Medical Equipment |
|
|
|
|
Net revenues from external customers |
3,050
|
2,902
|
5,379
|
6,690
|
Inter-segment net revenues |
524
|
501
|
1,048
|
1,002
|
Income from operations |
288
|
446
|
225
|
824
|
Depreciation and amortization |
85
|
75
|
163
|
151
|
Capital expenditures |
341
|
21
|
359
|
67
|
Management Of Diagnostic Imaging Centers |
|
|
|
|
Net revenues from external customers |
15,319
|
14,190
|
30,600
|
28,387
|
Income from operations |
3,937
|
3,152
|
7,615
|
6,212
|
Depreciation and amortization |
763
|
813
|
1,514
|
1,625
|
Capital expenditures |
$ 46
|
$ 29
|
$ 92
|
$ 55
|
X |
- DefinitionFuture cash outflow to pay for purchases of fixed assets that have occurred.
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