0000355019-17-000004.txt : 20170209 0000355019-17-000004.hdr.sgml : 20170209 20170209155123 ACCESSION NUMBER: 0000355019-17-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170209 DATE AS OF CHANGE: 20170209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FONAR CORP CENTRAL INDEX KEY: 0000355019 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 112464137 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10248 FILM NUMBER: 17587450 BUSINESS ADDRESS: STREET 1: 110 MARCUS DR CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6316942929 MAIL ADDRESS: STREET 1: 110 MARCUS DRIVE CITY: MELVILLE STATE: NY ZIP: 11747 10-Q 1 fonar_10q-20161231.htm 10-Q FOR PERIOD ENDED DECEMBER 31, 2016

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, 2016

 

[ ] 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, 2017
Common Stock, par value $.0001   6,159,358 
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, 2016 (Unaudited) and June 30, 2016   3 
      
Condensed Consolidated Statements of Income for the Three Months Ended December 31, 2016 and December 31, 2015 (Unaudited)   6 
      
Condensed Consolidated Statements of Income for the Six Months Ended December 31, 2016 and December 31, 2015 (Unaudited)   7 
      
Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2016 and December 31, 2015 (Unaudited)   8 
      
Notes to Condensed Consolidated Financial Statements (Unaudited)   9 
      
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations   23  
      
Item 3. Quantitative and Qualitative Disclosures About Market Risk   29  
      
Item 4. Controls and Procedures   29  
      
PART II - OTHER INFORMATION   30  
      
Item 1. Legal Proceedings   30  
      
Item 1A. Risk Factors   30  
      
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   31  
      
Item 3. Defaults Upon Senior Securities   31  
      
Item 4. Mine Safety Disclosures   31  
      
Item 5. Other Information   31  
      
Item 6. Exhibits   32  
      
Signatures   32  

 

 

   

 Page 2 

 

FONAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

ASSETS

 

   December 31,
2016
  June 30,
2016 *
Cash and cash equivalents  $7,692   $8,528 
 Accounts receivable – net   4,325    4,370 
 Accounts receivable - related party   60    —   
 Medical receivable – net   10,824    10,127 
 Management and other fees receivable – net   17,420    15,638 
 Management and other fees receivable – related medical practices – net   4,464    4,064 
 Inventories   2,735    2,074 
 Prepaid expenses and other current assets   926    759 
 Total Current Assets   48,446    45,560 
 Deferred income tax asset   13,842    13,042 
 Property and equipment - net   14,914    14,513 
 Goodwill   3,322    3,322 
 Other intangible assets - net   7,202    7,719 
 Other assets   560    732 
 Total Assets  $88,286   $84,888 

 

 

 

 

*Condensed from audited financial statements.

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

  

 

 Page 3 

 

FONAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

   December 31, 2016 

June 30,

2016 *

Current Liabilities:          
Current portion of long-term debt and capital leases  $1,674   $2,448 
Accounts payable   1,470    1,254 
Other current liabilities   8,109    10,827 
Unearned revenue on service contracts   4,752    4,679 
Unearned revenue on service contracts - related party   55    —   
Customer advances   1,036    1,199 
Billings in excess of costs and estimated earnings on uncompleted contracts   176    207 

 

Total Current Liabilities

   17,272    20,614 

 

Long-Term Liabilities:

          
Deferred income tax liability   482    482 
Due to related medical practices   228    245 
Long-term debt and capital leases, less current portion   411    2,059 
Other liabilities   883    712 

 

Total Long-Term Liabilities

   2,004    3,498 

 

Total Liabilities

   19,276    24,112 

 

 

 

 

 

*Condensed from audited financial statements.

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 Page 4 

 

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, 2016 

June 30,

2016 *

STOCKHOLDERS' EQUITY:          

 

Class A non-voting preferred stock $.0001 par value; 453 shares authorized at December 31, 2016 and June 30, 2016, 313 issued and outstanding at December 31, 2016 and June 30, 2016

  $—     $—   

 

Preferred stock $.001 par value; 567 shares authorized at December 31, 2016 and June 30, 2016, issued and outstanding – none

   —      —   

 

Common Stock $.0001 par value; 8,500 shares authorized at December 31, 2016 and June 30, 2016, 6,171 and 6,062 issued at December 31, 2016 and June 30, 2016; 6,159 and 6,051 outstanding at December 31, 2016 and June 30, 2016

   1    1 

 

Class B Common Stock (10 votes per share) $ .0001 par value; 227 shares authorized at December 31, 2016 and June 30, 2016, .146 issued and outstanding at December 31, 2016 and June 30, 2016

   —      —   

 

Class C Common Stock (25 votes per share) $.0001 par value; 567 shares authorized at December 31, 2016 and June 30, 2016, 383 issued and outstanding at December 31, 2016 and June 30, 2016

   —      —   

 

Paid-in capital in excess of par value

   175,970    173,702 
Accumulated deficit   (112,812)   (120,624)
Notes receivable from employee stockholders   (20)   (24)
Treasury stock, at cost - 12 shares of common stock at December 31, 2016 and June 30, 2016   (675)   (675)
Total Fonar Corporation Stockholder Equity   62,464    52,380 
Non controlling interests   6,546    8,396 

 

Total Stockholders' Equity

   69,010    60,776 

 

Total Liabilities and Stockholders' Equity

  $88,286   $84,888 

 

  

 

*Condensed from audited financial statements.

 

See accompanying notes to condensed consolidated financial statements.

 

 

 Page 5 

 

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  2016  2015
Product sales – net  $93   $742 
Service and repair fees – net   2,356    2,280 
Service and repair fees – related parties - net   28    28 
Patient fee revenue, net of contractual allowances and discounts   8,657    7,786 
Provision for bad debts and bad debt expense for patient fee   (4,002)   (3,270)
Management and other fees – net   9,364    8,958 
Management and other fees – related medical practices – net   1,907    1,845 
Total Revenues – Net   18,403    18,369 

COSTS AND EXPENSES

          
Costs related to product sales   (34)   564 
Costs related to service and repair fees   683    447 
Costs related to service and repair fees – related parties   8    5 
Costs related to patient fee revenue   2,323    2,238 
Costs related to management and other fees   5,257    5,597 
Costs related to management and other fees – related medical practices   1,127    1,012 
Research and development   361    412 
Selling, general and administrative   4,069    3,869 
Total Costs and Expenses   13,794    14,144 
Income From Operations   4,609    4,225 
Interest Expense   (77)   (139)
Investment Income   49    58 

 

Income Before Benefit/(Provision) for Income Taxes and Non Controlling Interests

   4,581    4,144 
Benefit/(Provision) for Income Taxes   353    (40)
Net Income   4,934    4,104 
Net Income - Non Controlling Interests   (692)   (611)
Net Income - Controlling Interests  $4,242   $3,493 
Net Income Available to Common Stockholders  $3,971   $3,266 
Net Income Available to Class A Non-Voting Preferred Stockholders  $202   $169 
Net Income Available to Class C Common Stockholders  $69   $58 
Basic Net Income Per Common Share Available to Common Stockholders  $0.64   $0.54 
Diluted Net Income Per Common Share Available to Common Stockholders  $0.63   $0.53 
Basic and Diluted Income Per Share-Class C Common  $0.18   $0.15 
Weighted Average Basis Shares Outstanding-Common Stockholders   6,158    6,051 
Weighted Average Diluted Shares Outstanding-Common Stockholders   6,286    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.

 

 Page 6 

 

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,
   2016  2015
REVENUES      
Product sales – net  $335   $760 
Service and repair fees – net   4,708    4,564 
Service and repair fees – related parties - net   55    55 
Patient fee revenue, net of contractual allowances and discounts   17,481    15,901 
Provision for bad debts and bad debt expense for patient fee   (7,880)   (6,778)
Management and other fees – net   18,625    17,786 
Management and other fees – related medical practices – net   3,814    3,691 
Total Revenues – Net   37,138    35,979 

COSTS AND EXPENSES

          
Costs related to product sales   179    676 
Costs related to service and repair fees   1,339    990 
Costs related to service and repair fees – related parties   16    12 
Costs related to patient fee revenue   4,737    4,466 
Costs related to management and other fees   10,518    11,015 
Costs related to management and other fees – related medical practices   2,080    2,070 
Research and development   773    849 
Selling, general and administrative   8,135    8,061 
Total Costs and Expenses   27,777    28,139 
Income From Operations   9,361    7,840 
Interest Expense   (174)   (289)
Investment Income   97    107 
Other (Expense) Income   (3)   1 

 

Income Before Benefit/(Provision) for Income Taxes and Non Controlling Interests

   

 

9, 281

    7,659 
Benefit/(Provision) for Income Taxes   153    (90)
Net Income   9,434    7,569 
Net Income - Non Controlling Interests   (1,622)   (1,214)
Net Income - Controlling Interests  $7,812   $6,355 
Net Income Available to Common Stockholders  $7,313   $5,942 
Net Income Available to Class A Non-Voting Preferred Stockholders  $372   $308 
Net Income Available to Class C Common Stockholders  $127   $105 
Basic Net Income Per Common Share Available to Common Stockholders  $1.19   $0.98 
Diluted Net Income Per Common Share Available to Common Stockholders  $1.17   $0.96 
Basic and Diluted Income Per Share-Class C Common  $0.33   $0.27 
Weighted Average Basic Shares Outstanding-Common Stockholders   6,131    6,051 
Weighted Average Diluted Shares Outstanding-Common Stockholders   6,259    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.

 

 Page 7 

 

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,
   2016  2015
Cash Flows from Operating Activities:          
Net income  $9,434   $7,569 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   1,719    1,677 
Deferred income tax benefit – net   (800)   —   
Provision for bad debts   (194)   169 
Stock issued for costs and expenses   2,239    —   
Compensatory element of stock issuances   27    —   
Stock option exercised   2    —   
(Increase) decrease in operating assets, net:          
Accounts, medical receivable and management fee(s)   (2,701)   (2,215)
Notes receivable   12    17 
Costs and estimated earnings in excess of billings on uncompleted contracts   —      403 
Inventories   (661)   (67)
Prepaid expenses and other current assets   (178)   77 
Other assets   172    (35)
Increase (decrease) in operating liabilities, net:          
Accounts payable   216    (491)
Other current liabilities   (2,590)   1,047 
Customer advances   (163)   (436)
Billings in excess of costs and estimated earnings on uncompleted contracts   (30)   112 
Other liabilities   170    75 
Due to related medical practices   (17)   10 
Net cash provided by operating activities   6,657    7,912 

 

Cash Flows from Investing Activities:

          
Purchases of property and equipment   (1,507)   (409)
Cost of patents   (96)   (42)
Net cash used in investing activities   (1,603)   (451)

 

Cash Flows from Financing Activities:

          
Repayment of borrowings and capital lease obligations   (2,422)   (1,247)
Distributions to non controlling interests   (3,472)   (2,713)
Repayment of notes receivable from employee stockholders   4    4 
Net cash used in financing activities   (5,890)   (3,956)
Net (Decrease) Increase in Cash and Cash Equivalents   (836)   3,505 
Cash and Cash Equivalents – Beginning of Period   8,528    9,449 
Cash and Cash Equivalents - End of Period  $7,692   $12,954 

 

See accompanying notes to condensed consolidated financial statements.

 

 Page 8 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2017. 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 28, 2016 for the fiscal year ended June 30, 2016.

 

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, 2016 and December 31, 2015.

 

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, 2016 and December 31, 2015, diluted EPS for common shareholders includes 128 shares upon conversion of Class C Common.

 

  

 

 Page 9 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016

 

Three months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $4,242   $3,971   $69   $3,493   $3,266   $58 
Denominator:                              
Weighted average shares  outstanding   6,158    6,158    383    6,051    6,051    383 
Basic income per common  share  $0.69   $0.64   $0.18   $0.58   $0.54   $0.15 
                               

Diluted

                              
Denominator:                              
Weighted average shares outstanding        6,158    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,286    383         6,179    383 
Diluted income per common share       $0.63   $0.18        $0.53   $0.15 

 

 

 

 

 Page 10 

 

 FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Earnings Per Share (Continued)

 

  

Six months ended

December 31, 2016

 

Six months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $7,812   $7,313   $127   $6,355   $5,942   $105
Denominator:                              
Weighted average shares  outstanding   6,131    6,131    383    6,051    6,051    383 
Basic income per common  share  $1.27   $1.19   $0.33   $1.05   $0.98   $0.27 
                               

Diluted

                              
Denominator:                              
Weighted average shares outstanding        6,131    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,259    383         6,179    383 
Diluted income per common share       $1.17   $0.33        $0.96   $0.27 

 

Recent Accounting Pronouncements

 

In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other (Topic 350). The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements.

 

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements.

 

 Page 11 

 

 FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Recent Accounting Pronouncements (Continued)

 

In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This update includes provisions intended to simplify various aspects of accounting for share-based compensation. ASU No. 2016-09 will take effect for public companies for the annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of ASU No. 2016-09 on the Company’s consolidated condensed financial statements.

 

During February 2016, FAS issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based upon the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Lease with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new guidance will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and is applied retrospectively. Early adoption is permitted. The Company is currently in the process of assessing the impact the adoption of this guidance will have on the Company’s consolidated condensed financial statements.

 

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, 2016, 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 condensed 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 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, 2016 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 2016 or 2015, 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.

 

 Page 12 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016:

   Gross Receivable  Allowance for doubtful accounts  Net
Accounts receivable  $4,609   $284   $4,325 
Accounts receivable - related party  $60    —     $60 
Medical receivable  $29,794   $18,970   $10,824 
Management and other fees receivable  $30,296   $12,876   $17,420 
Management and other fees receivable from related medical practices ("PC’s")  $4,857   $393   $4,464 

 

 

Receivables, net is comprised of the following at June 30, 2016:

   Gross Receivable  Allowance for doubtful accounts  Net
Accounts receivable  $4,654   $284   $4,370 
Accounts receivable - related party  $—      —     $—   
Medical receivable  $27,579   $17,452   $10,127 
Management and other fees receivable  $29,584   $13,946   $15,638 
Management and other fees receivable from related medical practices ("PC’s")  $4,457   $393   $4,064 

 

 

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.

 

 

 Page 13 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (CONTINUED)

 

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.

 

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 62% and 60% of the PCs’ net revenues for the three months ended December 31, 2016 and 2015, respectively, were derived from no-fault and personal injury protection claims. Approximately 63% and 60% of the PCs’ net revenues for the six months ended December 31, 2016 and 2015, 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 10.4% and 10.0% of the consolidated net revenues for the three months ended December 31, 2016 and 2015, respectively. Net revenues from management and other fees charged to the related PCs accounted for approximately 10.3% and 10.3% of the consolidated net revenues for the six months ended December 31, 2016 and 2015, 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.

  

 Page 14 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 3 – ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (CONTINUED)

 

 

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, 2016 and 2015 are summarized in the following tables.

 

  

For the Three Months Ended

December 31,

   2016  2015
Commercial Insurance/ Managed Care  $1,158   $1,122 
Medicare/Medicaid   299    267 
Workers' Compensation/Personal Injury   5,404    4,888 
Other   1,796    1,509 
Patient Fee Revenue, net of contractual allowances and discounts   8,657    7,786 
Provision for Bad Debts and bad debt expense   (4,002)   (3,270)
Net Patient Fee for Revenue  $4,655   $4,516 

 

 

 

 

 

  

For the Six Months Ended

December 31,

   2016  2015
Commercial Insurance/ Managed Care  $2,422   $2,193 
Medicare/Medicaid   599    542 
Workers' Compensation/Personal Injury   11,084    10,196 
Other   3,376    2,970 
Patient Fee Revenue, net of contractual allowances and discounts   17,481    15,901 
Provision for Bad Debts and bad debt expense   (7,880)   (6,778)
Net Patient Fee for Revenue  $9,601   $9,123 

 

 

 

 Page 15 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016 

June 30,

2016

Purchased parts, components   and supplies  $2,472   $1,862 
Work-in-process   263    212 
Total Inventories  $2,735   $2,074 

 

NOTE 5 – COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

 

Information relating to uncompleted contracts is as follows:

 

   December 31, 2016 

June 30,

2016

Costs incurred on uncompleted contracts  $723   $894 
Estimated earnings   594    491 
Subtotal   1,317    1,385 
Less: Billings to date   1,493    1,592 
Total Costs and estimated earnings in excess of billings on uncompleted contracts  $(176)  $(207)

 

Included in the accompanying condensed consolidated balance sheets under the following captions:

 

   December 31, 2016 

June 30,

2016

Costs and estimated earnings in excess of billings on uncompleted contracts  $—     $—   
Less: Billings in excess of costs and estimated earnings on uncompleted contracts   176    207 
Total Costs and estimated earnings in excess of billings on uncompleted contracts  $(176)  $(207)

 

 

 

 

 Page 16 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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,

2016

 

June 30,

2016

Capitalized software development costs  $7,005   $7,005 
Patents and copyrights   4,668    4,571 
Non-compete   4,100    4,100 
Customer relationships   3,800    3,800 
Gross Other intangible assets   19,573    19,476 
Less: Accumulated amortization   12,371    11,757 
Other Intangible Assets – net  $7,202   $7,719 

 

Amortization of patents and copyrights for the three months ended December 31, 2016 and 2015 amounted to $49 and $47, respectively.

 

Amortization of capitalized software development costs for the three months ended December 31, 2016 and 2015 amounted to $65 and $81, respectively.

 

Amortization of non-compete for the three months ended December 31, 2016 and 2015 amounted to $147 and $147, respectively.

 

Amortization of customer relationships for the three months ended December 31, 2016 and 2015 amounted to $47 and $47, respectively.

 

Amortization of patents and copyrights for the six months ended December 31, 2016 and 2015 amounted to $96 and $94, respectively.

 

Amortization of capitalized software development costs for the six months ended December 31, 2016 and 2015 amounted to $130 and $162 respectively.

 

Amortization of non-compete for the six months ended December 31, 2016 and 2015 amounted to $293 and $293, respectively.

 

Amortization of customer relationships for the six months ended December 31, 2016 and 2015 amounted to $95 and $95, respectively.

 

 Page 17 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016 

June 30,

2016

Accrued salaries, commissions and payroll taxes  $1,085   $3189 
Accrued interest   45    45 
Litigation accruals   245    545 
Sales tax payable   2,344    2,402 
Legal and other professional fees   374    385 
Accounting fees   92    242 
Self-funded health insurance reserve   4    392 
Interest and penalty - sales tax   2,538    2,487 
Other   1,382    1,140 
Total Other Current Liabilities  $8,109   $10,827 

 

 

 

NOTE 8 – STOCKHOLDERS EQUITY

 

Common Stock

 

During the six months ended December 31, 2016, the Company issued 1 shares of common stock to employees and consultants as compensation valued at $27 under a stock bonus plan.

 

During the six months ended December 31, 2016, the Company issued 107 shares of common stock for costs and expenses of $2,239.

 

During the six months ended December 31, 2016, an option for .2 shares of common stock pursuant to a incentive stock option plan were exercised for $2.

 

 Page 18 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 9 – BUSINESS COMBINATIONS

 

Acquisitions

 

On June 30, 2016, the Company purchased 100% interest in TK2 Equipment Management, LLC and Turnkey Services of New York, LLC. The consideration and net assets acquired is as follows:

 

Cash Paid  $4,224 
Net assets at Fair Value   2,862 
Goodwill  $1,555 

 

Pro forma Results

 

The following unaudited pro forma results of operations for the three and six months ended December 31, 2015 assumes that the above acquisitions were made at the beginning of the year prior to acquisition. The unaudited pro forma information does not purport to be indicative of the results that would have been obtained if the acquisitions had actually occurred at the beginning of the year prior to acquisition, nor of the results that may be reported in the future.

 

   Three months ended December 31, 2015
Total Revenues – Net   18,369 
Net Income - Controlling Interests   3,584 
Net Income Available to Common Stockholders   3,350 
Net Income Available to Class A Non-Voting   Preferred Stockholders   174 
Net Income Available to Class C Common Stockholders   60 
Basic Net Income Per Common Share Available to Common Stockholders   0.55 
Diluted Net Income Per Common Share Available to Common Stockholders   0.54 
Basic and Diluted Income Per Share - Common C   0.16 
Weighted Average Basic Shares Outstanding   6,051 
Weighted Average Diluted Shares Outstanding   6,179 
Weighted Average Basic and Diluted Shares Outstanding - Class C Common   383 

 

 

   Six months ended December 31, 2015
Total Revenues – Net   35,980 
Net Income - Controlling Interests   6,536 
Net Income Available to Common Stockholders   6,112 
Net Income Available to Class A Non-Voting   Preferred Stockholders   316 
Net Income Available to Class C Common Stockholders   108 
Basic Net Income Per Common Share Available to Common Stockholders   1.01 
Diluted Net Income Per Common Share Available to Common Stockholders   0.99 
Basic and Diluted Income Per Share - Common C   0.28 
Weighted Average Basic Shares Outstanding   6,051 
Weighted Average Diluted Shares Outstanding   6,179 
Weighted Average Basic and Diluted Shares Outstanding - Class C Common   383 

 

 Page 19 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 10 - 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, 2016. 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, 2016               
Net revenues from external customers  $2,477   $15,926   $18,403 
Inter-segment net revenues  $382   $—     $382 
Income from operations  $89   $4,520   $4,609 
Depreciation and amortization  $81   $782   $863 
Capital expenditures  $53   $908   $961 
                
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 six months ended December 31, 2016               
Net revenues from external customers  $5,098   $32,040   $37,138 
Inter-segment net revenues  $763   $—     $763 
(Loss) income from operations  $(58)  $9,419   $9,361 
Depreciation and amortization  $161   $1,558   $1,719 
Capital expenditures  $96   $1,507   $1,603 
                
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 

 

 

 Page 20 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 11– SUPPLEMENTAL CASH FLOW INFORMATION

 

During the six months ended December 31, 2016 and December 31, 2015, the Company paid $119 and $194 for interest, respectively.

 

During the six months ended December 31, 2016 and December 31, 2015, the Company paid $740 and $90 for income taxes, respectively.

 

 

NOTE 12 – 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, 2016 and our form 10-Q for the first quarter of fiscal 2017.

 

 

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, 2016, the Company has recorded tax obligations of approximately $2,344 plus interest and penalties of approximately $2,538. 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, 2016 and June 30, 2016, the Company had approximately $4 and $392, 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

 

 Page 21 

 

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 13 - 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 2010.

 

The Company has recorded a deferred tax asset of $13,842 and a deferred tax liability of $482 as of December 31, 2016, primarily relating to net operating loss carryforwards of approximately $110,029 available to offset future taxable income through 2031. The net operating losses begin to expire in 2021 for federal tax purposes and in 2016 for state income tax purposes.

  

During the three and six months ended December 31, the Company recorded an increase in its deferred tax asset of $800 for 2016 and $0 for 2015, in its condensed consolidated balance sheets. During the three months ended December 31, the Company recorded a net benefit of $353 ($800 benefit offset by a $447 provision) for 2016 and a net provision of $40 for 2015, in its condensed consolidated statements of income. During the six months ended December 31, the Company recorded a net benefit of $153 ($800 benefit offset by a $647 provision) for 2016 and a net provision of $90 for 2015, in its consolidated statements of income.

 

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 14- SUBSEQUENT EVENTS

 

The Company has evaluated events that occurred subsequent to December 31, 2016 and through the date the condensed consolidated financial statements were issued.

 

 Page 22 

 

 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, 2016, we reported a net income of $9.4 million on revenues of $37.1 million as compared to net income of $7.6 million on revenues of $36.0 million for the six month period ended December 31, 2015. Operating income increased 19.4% from $7.8 million for the six month period ended December 31, 2015 to $9.4 million for the six month period ended December 31, 2016.

 

For the three month period ended December 31, 2016, we reported net income of $4.9 million on revenues of $18.4 million as compared to net income of $4.1 million of revenues of $18.4 million for the three month period ended December 31, 2015.

 

The revenue increase of 3.2%, from $36.0 million for the first six months of fiscal 2016 to $37.1 million for the first six months of fiscal 2017, was primarily due to an increase in patient fee revenue (net of contractual allowances and discounts) from $9.1 million for the first six months of fiscal 2016 to $9.6 million for the first six months of fiscal 2017 and increases in net management fees of $962,000, from $21.5 million for the first six months of fiscal 2016 to $22.4 million for the first six months of fiscal 2017. Revenues from product sales and service repair fees decreased from the first six months of fiscal 2016 to the first six months of fiscal 2017, by $281,000 from $5.4 million for the first six months of fiscal 2016 to $5.1 million for the first six months of fiscal 2017.

 

While our revenues increased, our costs and expenses decreased, resulting in an operating income of $9.4 million for the six months ended December 31, 2016, compared to our operating income of $7.8 million for the six months ended December 31, 2015. In terms of percentages, costs and expenses decreased 1.3% from $28.1 in the first six months of fiscal 2016 as compared to $27.8 million in the first six months of fiscal 2017, while revenues increased 3.2%, from $36.0 million in the first six months of fiscal 2016 to $37.1 million in the first six months of fiscal 2017.

 

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 the 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.

 

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.

 

 Page 23 

 

FONAR CORPORATION AND SUBSIDIARIES

 

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 to $335,000 for the first six months of fiscal 2017 from $760,000 for the first six months of fiscal 2016. Costs related to product sales decreased, from $676,000 for the six month period ended December 31, 2015 to $179,000 for the six month period ended December 31, 2016. The decrease in sales revenues, reflects the volatility resulting from low sales volume. 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 increased 3.1% from $4.6 million for the six month period ended December 31, 2015 to $4.8 million for the six month period ended December 31, 2016. Continuing lower sales volumes have been a factor ultimately contributing to the small increase in 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 2017 increased by 35.2% from $1.0 million in the first six months of fiscal 2016 to $1.4 million in the first six months of fiscal 2017. 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 $398,000 in foreign revenues for the first six months of fiscal 2017 as compared to approximately $259,000 million in foreign revenues for the first six months of fiscal 2016, representing an increase in foreign revenues of 53.7%. 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.

 

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 5.2% to $5.1 million for the six months of fiscal 2017 from $5.4 million for the first six months of fiscal 2016. Operating results for our medical equipment segment decreased to an operating loss of $58,000 for the first six months of fiscal 2017 as compared to an operating income of $225,000 for the first six months of fiscal 2016.

 

Diagnostic Facilities Management Services

 

HMCA revenues increased in the first six months of fiscal 2017 by 4.7% to $32.0 million from $30.6 million for the first six months of fiscal 2016. 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 86.2% for the first six months of fiscal 2017, from 85.0% for the first six months of fiscal 2016.

 

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. The reductions in reimbursement rates are not unique to HMCA or HMCA’s clients but are being experienced by the industry in general.

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HMCA’s efforts are countering the effects 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 76,468 in the first six months of fiscal 2016 to 79,351 in the first six months of fiscal 2017.

 

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 $9.4 million for the first six months of fiscal 2017 compared to operating income of $7.6 million for the first three months of fiscal 2016.

 

HMCA’s cost of revenues for the first six months of fiscal 2017 as compared to the first six months of fiscal 2016 decreased by 1.2% from $17.6 million to $17.3 million.

 

Consolidated

 

For the first six months of fiscal 2016, our consolidated net revenues increased by 3.2% to $37.1 million from $36.0 million for the first six months of fiscal 2016, and total costs and expenses decreased by 1.3% to $27.8 million from $28.1 million for the first six months of fiscal 2017 and for the first six months of fiscal 2016 respectively. As a result, our operating income increased 19.4% to $9.4 million in the first six months of fiscal 2017 from $7.8 million in the first six months of fiscal 2016.

 

Selling, general and administrative expenses increased by 0.9% to $8.1 million in the first six months of fiscal 2017 from $8.1 million in the first six months of fiscal 2016. The compensatory element of stock issuances, which is included in selling, general and administrative expenses, increased, $26,814 for the first six months of fiscal 2017 from $0 for the first six months of fiscal 2016.

 

Research and development expenses decreased by 9.0% to $773,000 for the first six months of fiscal 2017 from $849,000 for the first six months of fiscal 2016.

 

Interest expense in the first six months of fiscal 2017 decreased by 39.8% to $174,000 from $289,000 in the first three months of fiscal 2016. The decrease was due to the repayment of debt incurred by Fonar in connection with the acquisition of HDM.

 

Inventories increased to $2.7 million at December 31, 2016 from $2.1 million at June 30, 2016. This represents our use of raw materials and components in our business operations.

 

Net Management fee and medical receivables increased by 9.7% to $32.7 million at December 31, 2016 from $29.8 million at June 30, 2016 as a result of slower collections. The slower collections were primarily due to an increase in no-fault and workers’ compensation revenue, which typically takes longer to collect.

 

The results of operations for the first six months of fiscal 2017 reflect an increase in revenues from management, patient and other fees, as compared to the first six months of fiscal 2016 ($32.0 million for the first six months of fiscal 2017 as compared to $30.6 million for the first six months of fiscal 2016), and an decrease in MRI equipment segment revenues ($5.1 million as compared to $5.4 million). Revenues were 13.7% from the MRI equipment segment as compared to 86.3% from HMCA, for the first six months of fiscal 2017, as compared to 13.3% from the MRI equipment segment and 86.7% from HMCA for the first six months of fiscal 2016.

 

The implementation of the Patient Protection and Affordable Care Act (PPACA) is having a profound impact on the healthcare industry. We are experiencing some of the 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 ultimate effect of the legislative mandates and regulations on our MRI equipment segment or HMCA segment in the future.

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FONAR CORPORATION AND SUBSIDIARIES

 

We are committed to improving our operating results and dealing with the challenges posed by legislative and regulatory requirements. Nevertheless, factors beyond our control, such as the timing and rate of market growth, economic conditions, the availability of credit and payor reimbursement rates, or unexpected expenditures and 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 we manage or own 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.

 

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.

 

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FONAR CORPORATION AND SUBSIDIARIES

 

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.

 

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.

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FONAR CORPORATION AND SUBSIDIARIES

 

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 decreased by 9.8% from $8.5 million at June 30, 2016 to $7.7 million at December 31, 2016, primarily as a result of the increased purchases of property and equipment.

 

Cash provided by operating activities for the first six months of fiscal 2017 was $6.7 million. Cash provided by operating activities was attributable principally to net income of $9.4 million and depreciation and amortization of $1.7 million, offset by an increase in accounts, management fee receivables and medical receivables of $2.7 million and a decrease in other current liabilities of $2.6 million.

 

Cash used in investing activities for the first six months of fiscal 2017 was $1.6 million. The principal uses of cash used in investing activities during the first six months of fiscal 2017 consisted of patent costs of $96,000 and the purchase of property and equipment of $1.5 million.

 

Cash used in financing activities for the first six months of fiscal 2017 was $5.9 million. The principal uses of cash in financing activities during the first six months of fiscal 2017 were the repayment of principal on long-term debt and capital lease obligations of $2.4 million and distributions to non-controlling interests of $3.5 million.

 

Total liabilities decreased by 20.1% to $19.3 million at December 31, 2016 from $24.1 million at June 30, 2016. “Other” current liabilities decreased by 25.1% to $8.1 million at December 31, 2016 from $10.8 million at June 30, 2016. Long-term debt and capital lease obligations decreased from $2.1 million to $411,000. The current portion of our unearned revenue on service contracts increased from $4.7 million to $4.8 million. Customer deposits decreased from $1.2 million at June 30, 2016 to $1.0 million at December 31, 2016 as a result of reduced sales.

 

As of December 31, 2016, the total of $8.1 million in “other” current liabilities included accrued salaries and payroll taxes of $1.1 million, and sales taxes of $2.3 million plus accrued interest and penalties of $2.5 million.

 

Our working capital increased to $31.2 million at December 31, 2016 from $24.9 million at June 30, 2016. This resulted from an increase in current assets ($45.6 million at June 30, 2016 as compared to $48.4 million at December 31, 2016), and a decrease in current liabilities from $20.6 million at June 30, 2016 to $17.3 million at December 31, 2016.

 

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.

 

During the three and six month periods ended December 31, 2016, the Company recorded an increase in its deferred tax asset of $800,000 compared to no increase for the corresponding periods in the prior years. During the three months ended December 31, 2016 the Company recorded a net tax benefit of $353,000 ($800,000 benefit offset by a $447,000 provision for estimated income taxes) and a tax provision of $40,000 for the three months ended December 31, 2015, in its condensed consolidated statements of income. During the six months ended December 31, 2016 the Company recorded a net tax benefit of $153,000 ($800,000 benefit offset by a $647,000 tax provision) and a net tax provision of $90,000 for the six months ended December 31, 2015, in its condensed consolidated statements of income.

 

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FONAR CORPORATION AND SUBSIDIARIES

 

Fonar has not committed to making any significant capital expenditures for the remainder of the 2017 fiscal year. A new scanner was acquired by HMCA and placed in service to a site in Florida managed by HMCA. HMCA is also in the process of negotiating the acquisition of a new facility in White Plains, New York.

 

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.

 

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, fiscal 2016 and the first three months of fiscal 2017) and that its capital resources will be adequate to support operations at current levels through at least December 31, 2017. 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.

 

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the ‘‘Exchange Act’’). Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based upon our evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective, as of December 31, 2016, in ensuring that material information that we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our system of internal control over financial reporting during the three months ended December 31, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

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FONAR CORPORATION AND SUBSIDIARIES

 

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, 2016.

 

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. Our scanning center clients and the Florida facilities owned by HMCA are experiencing lower reimbursement rates from Medicare, other government programs and private insurance companies. To date, the impact of these reductions has been countered by increasing scanning volume, 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.

 

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 MRI scanning services performed. 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 have the effect of reducing our net revenue, from both management and scanning fees, 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.

 

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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. A proposal was published by the New York State Workers’ Compensation Board (“NYSWCB”) in 2014 to change the fee schedule for Workers’ Compensation payments. Initially, the fees proposed would be set at approximately 130% of the Medicare fees. This would reduce fees for the most commonly billed radiology procedures by approximately 60%. Further, since the Workers’ Compensation fees are coupled with the New York State No Fault Program, radiology providers would suffer similar reductions for No-Fault fees. Although we and the HMCA clients wrote to the NYSWCB to argue against this proposal, and other affected parties commented as well, there can be no assurance that the NYSWCB will withdraw or modify this proposal, or if they elect to do so, the extent to which the NYSWCB would modify their proposal. No further action, however, has been taken by the NYSWCB to advance this proposal for approximately two years. A significant reduction in Workers’ Compensation and No-Fault fees could have a material adverse impact on our business.

 

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 2017.

 

Item 3 - Defaults Upon Senior Securities: None

 

Item 4 - Mine Safety Disclosure: Not Applicable

 

Item 5 - Other Information: None

 

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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 10, 2016, Item 2.02: Results of Operations and Financial Condition for the fiscal quarter ended September 30, 2016.

 

 

 

 

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/ Timothy Damadian

Timothy Damadian

President and Principal Executive Officer

 

/s/ Raymond V. Damadian

Raymond V. Damadian

Chairman of the Board, Treasurer and Acting Principal Financial Officer

 

 

Dated: February 9, 2017

 

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EX-31.1 2 fonar_ex-31.htm CERTIFICATION

FONAR CORPORATION AND SUBSIDIARIES

Exhibit 31.1

CERTIFICATION

 

Timothy Damadian, and Raymond V. Damadian each 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, 2017

 

/s/ Timothy Damadian

Timothy Damadian

President and Principal Executive Officer

 

/s/ Raymond V. Damadian

Raymond V. Damadian

Chairman of the Board, Treasurer and

Acting Principal Financial Officer

EX-32 3 fonar_ex-32.htm CERTIFICATION

FONAR CORPORATION AND SUBSIDIARIES

 

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, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Timothy Damadian, President and Chief Executive Officer, and I, Raymond V. Damadian, Chairman of the Board, Treasurer 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/Timothy Damadian

----------------------------------

Timothy Damadian

President and Chief Executive Officer

 

/s/ Raymond V. Damadian

-----------------------------------

Raymond V. Damadian

Chairman of the Board, Treasurer and

Chief Financial Officer

 

 

February 9, 2017

 

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.

 

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Mgmt & Turnkey Svc of NY acquisition Total Revenues - Net Net Income (Proforma) Weighted Average Shares Outstanding - Basic Weighted Average Shares Outstanding - Diluted Operating Activities [Axis] Net revenues from external customers Inter-segment net revenues Income from operations Depreciation and amortization Capital expenditures Note 1 - Description Of Business And Basis Of Presentation - Details Narrative The ownership interest of Imperial Management Services after reorganization of newly expanded HDM (percent). The ownership interest of Health Management Corporation of America after reorganization of newly expanded HDM (percent). The ownership interest of the original investors of HDM after reorganization of newly expanded HDM (percent). 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Organization, Consolidation and Presentation of Financial Statements [Abstract] Company ownership percentage of TK2 Equipment Management & Turnkey Services Note 11 - Supplemental Cash Flow Information - Details Narrative Interest paid Income Taxes Paid Recorded tax obligations Tax interest and penalties Maximum limit for individual claims under stop-loss umbrella policy for health insurance Net deferred operating loss carryforwards Accounts receivable from service and repair fees of Related Party MRI scanner customers; net of allowances for doubtful accounts Accounts receivable from service and repair fees of Non Related MRI scanner customers; net of allowances for doubtful accounts Class A NonVoting Preferred Stock Commercial Insurance Managed Care Member Costs And EstimatedEarningsOn Uncompleted Contracts And Customer Advances Costs incurred on uncompleted contracts. Costs related to the management and other fees - related medical practices Costs incurred and are directly related to generatingmaintenance revenues. Also includes costs of maintenance on client contracts - for related parties Table of total customer advances Estimated earnings. 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, &#8221;Health Management Company of America&#8221;. Table of balance sheet items Revenue, comprised of base and incentive revenue derived from the management of joint ventures, managing third-party properties, or another entity's operations - for related medical practices - net Management of, and other fees receivable from MRI Centers owned by non-related parties, - net of allowances for doubtful accounts Management of Diagnostic Imaging Centers - Member - Custom element Management of, and other fees receivable from MRI Centers owned by related medical practices - net of allowances for doubtful accounts 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 $100,000 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. Medical equipment - Member - Custom element Medical receivable from management of specific centers - net of allowances for doubtful accounts Medicare Medicaid Approximate per cent ofthePCs net revenues derived from no-fault and personal injury protection claims Net revenues from Management and other fees charged to related PCs Other Revenue Source 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, &#8221;Health Management Company of America&#8221;. 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, &#8221;Health Management Company of America&#8221;. Patents and copyrights - Member - Custom elements Preferred stock class A - Member - Custom element Provision for bad debts used for calculationof cash flow statements. Revenue derived from maintenance services provided under contracts or arrangements with clients for related parties - net The calculation of the subtotal of costs, estimated earnings, and billings on uncompleted contracts plus costs incurred on uncompleted contracts. Workers Compensation Personal Injury TK2 Equipment Management, LLC proforma results On June 30, 2016, the Company purchased 100% interest in TK2 Equipment Management, LLC and Turnkey Services of New York, LLC. On June 30, 2016, the Company purchased 100% interest in TK2 Equipment Management, LLC and Turnkey Services of New York, LLC. TK2 Equipment Management, LLC proforma results The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. On May 1, 2014 and on May 1, 2013, the Company returned a portion of the Class A Members capital contribution in the amount of $1,125,100 and $1,424,900, respectively. As of June 30, 2014, the Companys subsidiary, HMCA, now owns approximately a 91% interest in Imperial Management Services. Pro forma results of operations for TK2 Equip. Mgmt & Turnkey Svc of NY acquisition for the 3 month and 6 month periods ended Dec. 31, 2016 and 2015. During the six months ended December 31, 2016, the Company issued 107,000 shares of common stock for costs and expenses valued at $2,239,000. During the six months ended December 31, 2016, the Company issued 1,000 shares of common stock to employees and consultants as compensation valued at $27,000 under a stock bonus plan. During the six months ended December 31, 2016, the Company issued 107,000 shares of common stock for costs and expenses valued at $2,239,000. Assets, Current Net Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent, Not Allowable for Net Capital Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance Liabilities and Equity Costs and Expenses Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense Increase (Decrease) in Other Noncurrent Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Other Current Liabilities Increase (Decrease) in Customer Advances Increase (Decrease) in Other Noncurrent Liabilities Increase (Decrease) in Accounts Payable, Related Parties Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, at Carrying Value Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Inventory, Current [Table Text Block] Schedule of Intangible Assets and Goodwill [Table Text Block] Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] Health Care Organization, Patient Service Revenue Less Provision for Bad Debts SubtotalCostsEstimatedEarningsAndBillingsOnUncompletedContractsPlusCostsIncurredOnUncompletedContracts Costs in Excess of Billings, Current Other Sundry Liabilities, Current Depreciation, Depletion and Amortization NetRevenuesFromManagementAndOtherFeesChargedToRelatedPcs EX-101.PRE 9 fonr-20160930_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.6.0.2
Document and Entity Information - shares
6 Months Ended
Dec. 31, 2016
Jan. 31, 2017
Entity Registrant Name Fonar Corporation  
Entity Central Index Key 0000355019  
Document Type 10-Q  
Document Period End Date Dec. 31, 2016  
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 2017  
Common Shares    
Entity Common Stock, Shares Outstanding   6,159,538
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
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Current Assets:    
Cash and cash equivalents $ 7,692 $ 8,528
Accounts receivable - net 4,325 4,370
Accounts receivable - Related party 60
Medical receivables -net 10,824 10,127
Management and other fees receivable -net 17,420 15,638
Management and other fees receivable - related medical practices -net 4,464 4,064
Inventories 2,735 2,074
Prepaid expenses and other current assets 926 759
Total Current Assets 48,446 45,560
Deferred income tax asset 13,842 13,042
Property and equipment - net 14,914 14,513
Goodwill 3,322 3,322
Other intangible assets - net 7,202 7,719
Other assets 560 732
Total Assets 88,286 84,888
Current Liabilities:    
Current portion of long-term debt and capital leases 1,674 2,448
Accounts payable 1,470 1,254
Other current liabilities 8,109 10,827
Unearned revenue on service contracts 4,752 4,679
Unearned revenue on service contracts - related parties 55
Customer advances 1,036 1,199
Billings in excess of costs and estimated earnings on uncompleted contracts 176 207
Total Current Liabilities 17,272 20,614
Long-Term Liabilities:    
Deferred income tax liability 482 482
Due to related medical practices 228 245
Long-term debt and capital leases, less current portion 411 2,059
Other liabilities 883 712
Total Long-Term Liabilities 2,004 3,498
Total Liabilities 19,276 24,112
STOCKHOLDERS' EQUITY:    
Common Stock 1 1
Paid-in capital in excess of par value 175,970 173,702
Accumulated deficit (112,812) (120,624)
Notes receivable from employee stockholders (20) (24)
Treasury stock, at cost - 12 shares of common stock at December 31, 2016 and June 30, 2016 (675) (675)
Total Fonar Corporation Stockholders' Equity 62,464 52,380
Non controlling interests 6,546 8,396
Total Stockholders' Equity 69,010 60,776
Total Liabilities and Stockholders' Equity $ 88,286 $ 84,888
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2016
Jun. 30, 2016
Class A Non-Voting Preferred    
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 Shares    
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 6,159,000 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
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
REVENUES        
Product sales - net $ 93 $ 742 $ 335 $ 760
Service and repair fees - net 2,356 2,280 4,708 4,564
Service and repair fees - related parties - net 28 28 55 55
Patient fee revenue, net of contractual allowances and discounts 8,657 7,786 17,481 15,901
Provision for bad debts and bad debt expense for patient fee (4,002) (3,270) (7,880) (6,778)
Management and other fees - net 9,364 8,958 18,625 17,786
Management and other fees - related medical practices - net 1,907 1,845 3,814 3,691
Total Revenues - net 18,403 18,369 37,138 35,979
COSTS AND EXPENSES        
Costs related to product sales (34) 564 179 676
Costs related to service and repair fees 683 447 1,339 990
Costs related to service and repair fees - related parties 8 5 16 12
Costs related to patient fee revenue 2,323 2,238 4,737 4,466
Costs related to management and other fees 5,257 5,597 10,518 11,015
Costs related to management and other fees - related medical practices 1,127 1,012 2,080 2,070
Research and development 361 412 773 849
Selling, general and administrative 4,069 3,869 8,135 8,061
Total Costs and Expenses 13,794 14,144 27,777 28,139
INCOME        
Income From Operations 4,609 4,225 9,361 7,840
Interest Expense (77) (139) (174) (289)
Investment Income 49 58 97 107
Other (Expense) Income     (3) 1
Income Before Provision for Income Taxes and Noncontrolling Interests 4,581 4,144 9,281 7,659
Benefit/(Provision) for Income Taxes 353 (40) 153 (90)
Net Income 4,934 4,104 9,434 7,569
Net Income - Noncontrolling Interests (692) (611) (1,622) (1,214)
Net Income - Controlling Interests $ 4,242 $ 3,493 $ 7,812 $ 6,355
Basic Net Income Per Common Share $ 0.69 $ 0.58 $ 1.27 $ 1.05
Weighted Average Basic Shares Outstanding 6,158,000 6,051,000 6,131,000 6,051,000
Common Shares        
INCOME        
Net Income - Controlling Interests $ 3,971 $ 3,266 $ 7,313 $ 5,942
Basic Net Income Per Common Share $ 0.64 $ 0.54 $ 1.19 $ 0.98
Diluted Net Income Per Common Share $ 0.63 $ 0.53 $ 1.17 $ 0.96
Weighted Average Basic Shares Outstanding 6,158,000 6,051,000 6,131,000 6,051,000
Weighted Average Diluted Shares Outstanding 6,286,000 6,179,000 6,259,000 6,179,000
Preferred Stock Class A        
INCOME        
Net Income - Controlling Interests $ 202 $ 169 $ 372 $ 308
Class C Common Stock        
INCOME        
Net Income - Controlling Interests $ 69 $ 58 $ 127 $ 105
Basic Net Income Per Common Share $ 0.18 $ 0.15 $ 0.33 $ 0.27
Diluted Net Income Per Common Share $ 0.18 $ 0.15 $ 0.33 $ 0.27
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
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:    
Net income $ 9,434 $ 7,569
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,719 1,677
Deferred income tax benefit- net (800)
Provision for bad debts (194) 169
Stock issued for costs and expenses 2,239
Compensatory element of stock issuances $ 27
Stock option exercised 2
(Increase) decrease in operating assets, net:    
Accounts, medical and management fee receivable(s) $ (2,701) $ (2,215)
Notes receivable 12 17
Costs and estimated earnings in excess of Billings on uncompleted contracts 403
Inventories (661) (67)
Prepaid expenses and other current assets (178) 77
Other assets 172 (35)
Increase (decrease) in operating liabilities, net:    
Accounts payable 216 (491)
Other current liabilities (2,590) 1,047
Customer advances (163) (436)
Billings in excess of costs and estimated earnings on uncompleted contracts 403
Other liabilities 170 75
Due to related medical practices (17) 10
Net cash provided by operating activities 6,657 7,912
Cash Flows from Investing Activities:    
Purchases of property and equipment (1,507) (409)
Cost of patents (96) (42)
Net cash used in investing activities (1,603) (451)
Cash Flows from Financing Activities:    
Repayment of borrowings and capital lease obligations (2,422) (1,247)
Distributions to noncontrolling interests (3,472) (2,713)
Repayment of notes receivable from employee stockholders 4 4
Net cash used in financing activities (5,890) (3,956)
Net Increase in Cash and Cash Equivalents (836) 3,505
Cash and Cash Equivalents - Beginning of Period 8,528 9,449
Cash and Cash Equivalents - End of Period $ 7,692 $ 12,954
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (USD $)
6 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

FONAR CORPORATION AND SUBSIDIARIES 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2017. 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 28, 2016 for the fiscal year ended June 30, 2016.

 

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (USD $)
6 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

FONAR CORPORATION AND SUBSIDIARIES 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016 and December 31, 2015.

 

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, 2016 and December 31, 2015, diluted EPS for common shareholders includes 128 shares upon conversion of Class C Common.

 

  

 

  

Three months ended

December 31, 2016

 

Three months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $4,242   $3,971   $69   $3,493   $3,266   $58 
Denominator:                              
Weighted average shares  outstanding   6,158    6,158    383    6,051    6,051    383 
Basic income per common  share  $0.69   $0.64   $0.18   $0.58   $0.54   $0.15 
                               

Diluted

                              
Denominator:                               
Weighted average shares outstanding        6,158    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,286    383         6,179    383 
Diluted income per common share       $0.63   $0.18        $0.53   $0.15 

 

 

 

  

Six months ended

December 31, 2016

 

Six months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $7,812   $7,313   $127   $6,355   $5,942   $105
Denominator:                              
Weighted average shares  outstanding   6,131    6,131    383    6,051    6,051    383 
Basic income per common  share  $1.27   $1.19   $0.33   $1.05   $0.98   $0.27 
                               

Diluted

                              
Denominator:                               
Weighted average shares outstanding        6,131    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,259    383         6,179    383 
Diluted income per common share       $1.17   $0.33        $0.96   $0.27 

 

Recent Accounting Pronouncements

 

In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other (Topic 350). The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements.

 

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements.

 

In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This update includes provisions intended to simplify various aspects of accounting for share-based compensation. ASU No. 2016-09 will take effect for public companies for the annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of ASU No. 2016-09 on the Company’s consolidated condensed financial statements.

 

During February 2016, FAS issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based upon the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Lease with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new guidance will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and is applied retrospectively. Early adoption is permitted. The Company is currently in the process of assessing the impact the adoption of this guidance will have on the Company’s consolidated condensed financial statements.

 

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, 2016, 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 condensed 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 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, 2016 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 2016 or 2015, 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.

 

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $)
6 Months Ended
Dec. 31, 2016
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, 2016 and 2015

(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, 2016:

   Gross Receivable  Allowance for doubtful accounts  Net
Accounts receivable  $4,609   $284   $4,325 
Accounts receivable - related party  $60    —     $60 
Medical receivable  $29,794   $18,970   $10,824 
Management and other fees receivable  $30,296   $12,876   $17,420 
Management and other fees receivable from related medical practices ("PC’s")  $4,857   $393   $4,464 

 

 

Receivables, net is comprised of the following at June 30, 2016:

   Gross Receivable  Allowance for doubtful accounts  Net
Accounts receivable  $4,654   $284   $4,370 
Accounts receivable - related party  $—      —     $—   
Medical receivable  $27,579   $17,452   $10,127 
Management and other fees receivable  $29,584   $13,946   $15,638 
Management and other fees receivable from related medical practices ("PC’s")  $4,457   $393   $4,064 

 

 

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.

 

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 62% and 60% of the PCs’ net revenues for the three months ended December 31, 2016 and 2015, respectively, were derived from no-fault and personal injury protection claims. Approximately 63% and 60% of the PCs’ net revenues for the six months ended December 31, 2016 and 2015, 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 10.4% and 10.0% of the consolidated net revenues for the three months ended December 31, 2016 and 2015, respectively. Net revenues from management and other fees charged to the related PCs accounted for approximately 10.3% and 10.3% of the consolidated net revenues for the six months ended December 31, 2016 and 2015, 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, 2016 and 2015 are summarized in the following tables.

 

  

For the Three Months Ended

December 31,

   2016  2015
Commercial Insurance/ Managed Care  $1,158   $1,122 
Medicare/Medicaid   299    267 
Workers' Compensation/Personal Injury   5,404    4,888 
Other   1,796    1,509 
Patient Fee Revenue, net of contractual allowances and discounts   8,657    7,786 
Provision for Bad Debts and Bad Debt Expense   (4,002)   (3,270)
Net Patient Fee for Revenue  $4,655   $4,516 

  

 

  

For the Six Months Ended

December 31,

   2016  2015
Commercial Insurance/ Managed Care  $2,422   $2,193 
Medicare/Medicaid   599    542 
Workers' Compensation/Personal Injury   11,084    10,196 
Other   3,376    2,970 
Patient Fee Revenue, net of contractual allowances and discounts   17,481    15,901 
Provision for Bad Debts and Bad Debt Expense   (7,880)   (6,778)
Net Patient Fee for Revenue  $9,601   $9,123 

  

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 4 - INVENTORIES
6 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
NOTE 4 - INVENTORIES

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016 

June 30,

2016

Purchased parts, components   and supplies  $2,472   $1,862 
Work-in-process   263    212 
Total Inventories  $2,735   $2,074 

 

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
6 Months Ended
Dec. 31, 2016
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, 2016 and 2015

(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, 2016 

June 30,

2016

Costs incurred on uncompleted contracts  $723   $894 
Estimated earnings   594    491 
Subtotal   1,317    1,385 
Less: Billings to date   1,493    1,592 
Total Costs and estimated earnings in excess of billings on uncompleted contracts  $(176)  $(207)

 

Included in the accompanying condensed consolidated balance sheets under the following captions:

 

   December 31, 2016 

June 30,

2016

Costs and estimated earnings in excess of billings on uncompleted contracts  $—     $—   
Less: Billings in excess of costs and estimated earnings on uncompleted contracts   176    207 
Total Costs and estimated earnings in excess of billings on uncompleted contracts  $(176)  $(207)

 

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 6 - OTHER INTANGIBLE ASSETS
6 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
NOTE 6 - OTHER INTANGIBLE ASSETS

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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,

2016

 

June 30,

2016

Capitalized software development costs  $7,005   $7,005 
Patents and copyrights   4,668    4,571 
Non-compete   4,100    4,100 
Customer relationships   3,800    3,800 
Gross Other intangible assets   19,573    19,476 
Less: Accumulated amortization   12,371    11,757 
Other Intangible Assets – net  $7,202   $7,719 

 

Amortization of patents and copyrights for the three months ended December 31, 2016 and 2015 amounted to $49 and $47, respectively.

 

Amortization of capitalized software development costs for the three months ended December 31, 2016 and 2015 amounted to $65 and $81, respectively.

 

Amortization of non-compete for the three months ended December 31, 2016 and 2015 amounted to $147 and $147, respectively.

 

Amortization of customer relationships for the three months ended December 31, 2016 and 2015 amounted to $47 and $47, respectively.

 

Amortization of patents and copyrights for the six months ended December 31, 2016 and 2015 amounted to $96 and $94, respectively.

 

Amortization of capitalized software development costs for the six months ended December 31, 2016 and 2015 amounted to $130 and $162 respectively.

 

Amortization of non-compete for the six months ended December 31, 2016 and 2015 amounted to $293 and $293, respectively.

 

Amortization of customer relationships for the six months ended December 31, 2016 and 2015 amounted to $95 and $95, respectively.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 7 - OTHER CURRENT LIABILITIES
6 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
NOTE 7 - OTHER CURRENT LIABILITIES

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(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, 2016 

June 30,

2016

Accrued salaries, commissions and payroll taxes  $1,085   $3189 
Accrued interest   45    45 
Litigation accruals   245    545 
Sales tax payable   2,344    2,402 
Legal and other professional fees   374    385 
Accounting fees   92    242 
Self-funded health insurance reserve   4    392 
Interest and penalty - sales tax   2,538    2,487 
Other   1,382    1,140 
Total Other Current Liabilities  $8,109   $10,827 

 

 

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 8 - STOCKHOLDERS EQUITY
6 Months Ended
Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]  
NOTE 8 - STOCKHOLDERS EQUITY

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 8 – STOCKHOLDERS EQUITY

 

Common Stock

 

During the six months ended December 31, 2016, the Company issued 1 shares of common stock to employees and consultants as compensation valued at $27 under a stock bonus plan.

 

During the six months ended December 31, 2016, the Company issued 107 shares of common stock for costs and expenses of $2,239.

 

During the six months ended December 31, 2016, an option for .2 shares of common stock pursuant to a incentive stock option plan were exercised for $2.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 9 - BUSINESS COMBINATIONS
6 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
NOTE 9 - BUSINESS COMBINATIONS

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 9 – BUSINESS COMBINATIONS

 

Acquisitions

 

On June 30, 2016, the Company purchased 100% interest in TK2 Equipment Management, LLC and Turnkey Services of New York, LLC. The consideration and net assets acquired is as follows:

 

Cash Paid  $4,224 
Net assets at Fair Value   2,862 
Goodwill  $1,555 

 

Pro forma Results

 

The following unaudited pro forma results of operations for the three and six months ended December 31, 2015 assumes that the above acquisitions were made at the beginning of the year prior to acquisition. The unaudited pro forma information does not purport to be indicative of the results that would have been obtained if the acquisitions had actually occurred at the beginning of the year prior to acquisition, nor of the results that may be reported in the future.

 

   Three months ended December 31, 2015
Total Revenues – Net   18,369 
Net Income - Controlling Interests   3,584 
Net Income Available to Common Stockholders   3,350 
Net Income Available to Class A Non-Voting   Preferred Stockholders   174 
Net Income Available to Class C Common Stockholders   60 
Basic Net Income Per Common Share Available to Common Stockholders   0.55 
Diluted Net Income Per Common Share Available to Common Stockholders   0.54 
Basic and Diluted Income Per Share - Common C   0.16 
Weighted Average Basic Shares Outstanding   6,051 
Weighted Average Diluted Shares Outstanding   6,179 
Weighted Average Basic and Diluted Shares Outstanding - Class C Common   383 

 

 

   Six months ended December 31, 2015
Total Revenues – Net   35,980 
Net Income - Controlling Interests   6,536 
Net Income Available to Common Stockholders   6,112 
Net Income Available to Class A Non-Voting   Preferred Stockholders   316 
Net Income Available to Class C Common Stockholders   108 
Basic Net Income Per Common Share Available to Common Stockholders   1.01 
Diluted Net Income Per Common Share Available to Common Stockholders   0.99 
Basic and Diluted Income Per Share - Common C   0.28 
Weighted Average Basic Shares Outstanding   6,051 
Weighted Average Diluted Shares Outstanding   6,179 
Weighted Average Basic and Diluted Shares Outstanding - Class C Common   383 

 

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 10 - SEGMENT AND RELATED INFORMATION
6 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
NOTE 10 - SEGMENT AND RELATED INFORMATION

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 10 - 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, 2016. 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, 2016               
Net revenues from external customers  $2,477   $15,926   $18,403 
Inter-segment net revenues  $382   $—     $382 
Income from operations  $89   $4,520   $4,609 
Depreciation and amortization  $81   $782   $863 
Capital expenditures  $53   $908   $961 
                
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 six months ended December 31, 2016               
Net revenues from external customers  $5,098   $32,040   $37,138 
Inter-segment net revenues  $763   $—     $763 
(Loss) income from operations  $(58)  $9,419   $9,361 
Depreciation and amortization  $161   $1,558   $1,719 
Capital expenditures  $96   $1,507   $1,603 
                
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 

 

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION
6 Months Ended
Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]  
NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 11– SUPPLEMENTAL CASH FLOW INFORMATION

 

During the six months ended December 31, 2016 and December 31, 2015, the Company paid $119 and $194 for interest, respectively.

 

During the six months ended December 31, 2016 and December 31, 2015, the Company paid $740 and $90 for income taxes, respectively.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 12 - COMMITMENTS AND CONTINGENCIES
6 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
NOTE 12 - COMMITMENTS AND CONTINGENCIES

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

NOTE 12 – 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, 2016 and our form 10-Q for the first quarter of fiscal 2017.

 

 

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, 2016, the Company has recorded tax obligations of approximately $2,344 plus interest and penalties of approximately $2,538. 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, 2016 and June 30, 2016, the Company had approximately $4 and $392, 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

 

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 13 - INCOME TAXES
6 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
NOTE 13 - INCOME TAXES

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

 

NOTE 13 - 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 2010.

 

The Company has recorded a deferred tax asset of $13,842 and a deferred tax liability of $482 as of December 31, 2016, primarily relating to net operating loss carryforwards of approximately $110,029 available to offset future taxable income through 2031. The net operating losses begin to expire in 2021 for federal tax purposes and in 2016 for state income tax purposes.

  

During the three and six months ended December 31, the Company recorded an increase in its deferred tax asset of $800 for 2016 and $0 for 2015, in its condensed consolidated balance sheets. During the three months ended December 31, the Company recorded a net benefit of $353 ($800 benefit offset by a $447 provision) for 2016 and a net provision of $40 for 2015, in its condensed consolidated statements of income. During the six months ended December 31, the Company recorded a net benefit of $153 ($800 benefit offset by a $647 provision) for 2016 and a net provision of $90 for 2015, in its consolidated statements of income.

 

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.

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 14 - SUBSEQUENT EVENTS
6 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
NOTE 14 - SUBSEQUENT EVENTS

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2016 and 2015

(Amounts and shares in thousands, except per share amounts)

(UNAUDITED)

 

NOTE 14- SUBSEQUENT EVENTS

 

The Company has evaluated events that occurred subsequent to December 31, 2016 and through the date the condensed consolidated financial statements were issued.

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Dec. 31, 2016
Note 2 - Summary Of Significant Accounting Policies Policies  
Principles of Consolidation

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, 2016 and December 31, 2015.

 

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, 2016 and December 31, 2015, diluted EPS for common shareholders includes 128 shares upon conversion of Class C Common.

 

  

 

  

Three months ended

December 31, 2016

 

Three months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $4,242   $3,971   $69   $3,493   $3,266   $58 
Denominator:                              
Weighted average shares  outstanding   6,158    6,158    383    6,051    6,051    383 
Basic income per common  share  $0.69   $0.64   $0.18   $0.58   $0.54   $0.15 
                               

Diluted

                              
Denominator:                               
Weighted average shares outstanding        6,158    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,286    383         6,179    383 
Diluted income per common share       $0.63   $0.18        $0.53   $0.15 

 

 

 

  

Six months ended

December 31, 2016

 

Six months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $7,812   $7,313   $127   $6,355   $5,942   $105
Denominator:                              
Weighted average shares  outstanding   6,131    6,131    383    6,051    6,051    383 
Basic income per common  share  $1.27   $1.19   $0.33   $1.05   $0.98   $0.27 
                               

Diluted

                              
Denominator:                               
Weighted average shares outstanding        6,131    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,259    383         6,179    383 
Diluted income per common share       $1.17   $0.33        $0.96   $0.27 

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other (Topic 350). The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements.

 

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements.

 

In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This update includes provisions intended to simplify various aspects of accounting for share-based compensation. ASU No. 2016-09 will take effect for public companies for the annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of ASU No. 2016-09 on the Company’s consolidated condensed financial statements.

 

During February 2016, FAS issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based upon the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Lease with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new guidance will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and is applied retrospectively. Early adoption is permitted. The Company is currently in the process of assessing the impact the adoption of this guidance will have on the Company’s consolidated condensed financial statements.

 

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, 2016, 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 condensed 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 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, 2016 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 2016 or 2015, 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.

 

XML 30 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Earnings Per Share

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Earnings Per Share

 

  

 

  

Three months ended

December 31, 2016

 

Three months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $4,242   $3,971   $69   $3,493   $3,266   $58 
Denominator:                              
Weighted average shares  outstanding   6,158    6,158    383    6,051    6,051    383 
Basic income per common  share  $0.69   $0.64   $0.18   $0.58   $0.54   $0.15 
                               

Diluted

                              
Denominator:                               
Weighted average shares outstanding        6,158    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,286    383         6,179    383 
Diluted income per common share       $0.63   $0.18        $0.53   $0.15 

 

 

 

  

Six months ended

December 31, 2016

 

Six months ended

December 31, 2015

Basic  Total  Common Stock  Class C Common Stock  Total  Common Stock  Class C Common Stock
Numerator:                  
Net income available to common stockholders  $7,812   $7,313   $127   $6,355   $5,942   $105
Denominator:                              
Weighted average shares  outstanding   6,131    6,131    383    6,051    6,051    383 
Basic income per common  share  $1.27   $1.19   $0.33   $1.05   $0.98   $0.27 
                               

Diluted

                              
Denominator:                               
Weighted average shares outstanding        6,131    383         6,051    383 
Convertible Class C Stock        128    —           128    —   
Total Denominator for diluted earnings per share        6,259    383         6,179    383 
Diluted income per common share       $1.17   $0.33        $0.96   $0.27 

 

XML 31 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE (USD $) (Tables)
6 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Receivables - net

Receivables, net is comprised of the following at December 31, 2016:

   Gross Receivable  Allowance for doubtful accounts  Net
Accounts receivable  $4,609   $284   $4,325 
Accounts receivable - related party  $60    —     $60 
Medical receivable  $29,794   $18,970   $10,824 
Management and other fees receivable  $30,296   $12,876   $17,420 
Management and other fees receivable from related medical practices ("PC’s")  $4,857   $393   $4,464 

 

 

Receivables, net is comprised of the following at June 30, 2016:

   Gross Receivable  Allowance for doubtful accounts  Net
Accounts receivable  $4,654   $284   $4,370 
Accounts receivable - related party  $—      —     $—   
Medical receivable  $27,579   $17,452   $10,127 
Management and other fees receivable  $29,584   $13,946   $15,638 
Management and other fees receivable from related medical practices ("PC’s")  $4,457   $393   $4,064 

 

Patient fee revenue - net

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, 2016 and 2015 are summarized in the following tables.

 

  

For the Three Months Ended

December 31,

   2016  2015
Commercial Insurance/ Managed Care  $1,158   $1,122 
Medicare/Medicaid   299    267 
Workers' Compensation/Personal Injury   5,404    4,888 
Other   1,796    1,509 
Patient Fee Revenue, net of contractual allowances and discounts   8,657    7,786 
Provision for Bad Debts and Bad Debt Expense   (4,002)   (3,270)
Net Patient Fee for Revenue  $4,655   $4,516 

  

 

  

For the Six Months Ended

December 31,

   2016  2015
Commercial Insurance/ Managed Care  $2,422   $2,193 
Medicare/Medicaid   599    542 
Workers' Compensation/Personal Injury   11,084    10,196 
Other   3,376    2,970 
Patient Fee Revenue, net of contractual allowances and discounts   17,481    15,901 
Provision for Bad Debts and Bad Debt Expense   (7,880)   (6,778)
Net Patient Fee for Revenue  $9,601   $9,123 

 

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 4 - INVENTORIES (Tables)
6 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
Inventories

Inventories included in the accompanying condensed consolidated balance sheet consist of the following:

 

   December 31, 2016 

June 30,

2016

Purchased parts, components   and supplies  $2,472   $1,862 
Work-in-process   263    212 
Total Inventories  $2,735   $2,074 

 

XML 33 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Tables)
6 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Information relating to uncompleted contracts

Information relating to uncompleted contracts is as follows:

 

   December 31, 2016 

June 30,

2016

Costs incurred on uncompleted contracts  $723   $894 
Estimated earnings   594    491 
Subtotal   1,317    1,385 
Less: Billings to date   1,493    1,592 
Total Costs and estimated earnings in excess of billings on uncompleted contracts  $(176)  $(207)

 

Included in the accompanying condensed consolidated balance sheets

Included in the accompanying condensed consolidated balance sheets under the following captions:

 

   December 31, 2016 

June 30,

2016

Costs and estimated earnings in excess of billings on uncompleted contracts  $—     $—   
Less: Billings in excess of costs and estimated earnings on uncompleted contracts   176    207 
Total Costs and estimated earnings in excess of billings on uncompleted contracts  $(176)  $(207)

 

XML 34 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 6 - OTHER INTANGIBLE ASSETS (Tables)
6 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Other intangible assets - net

Other Intangible Assets - net

 

  

December 31,

2016

 

June 30,

2016

Capitalized software development costs  $7,005   $7,005 
Patents and copyrights   4,668    4,571 
Non-compete   4,100    4,100 
Customer relationships   3,800    3,800 
Gross Other intangible assets   19,573    19,476 
Less: Accumulated amortization   12,371    11,757 
Other Intangible Assets – net  $7,202   $7,719 

 

XML 35 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 7 - OTHER CURRENT LIABILITIES (Tables)
6 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
Other current liabilities

Other current liabilities in the accompanying condensed consolidated balance sheet consist of the following:

 

   December 31, 2016 

June 30,

2016

Accrued salaries, commissions and payroll taxes  $1,085   $3189 
Accrued interest   45    45 
Litigation accruals   245    545 
Sales tax payable   2,344    2,402 
Legal and other professional fees   374    385 
Accounting fees   92    242 
Self-funded health insurance reserve   4    392 
Interest and penalty - sales tax   2,538    2,487 
Other   1,382    1,140 
Total Other Current Liabilities  $8,109   $10,827 
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 9 - Business Combinations (Tables)
6 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Consideration and Net Assets for TK2 Equip. Mgmt And Turnkey Service Of NY Acquisition

On June 30, 2016, the Company purchased 100% interest in TK2 Equipment Management, LLC and Turnkey Services of New York, LLC. The consideration and net assets acquired is as follows:

 

Cash Paid  $4,224 
Net assets at Fair Value   2,862 
Goodwill  $1,555 

 

Pro Forma Results Of Operations For TK2 Equip. Mgmt And Turnkey Service Of NY Acquisition

The following unaudited pro forma results of operations for the three and six months ended December 31, 2015 assumes that the above acquisitions (TK2 Equipment Management, LLC and Turnkey Services of New York, LLC.) were made at the beginning of the year prior to acquisition.

 

   Three months ended December 31, 2015
Total Revenues – Net   18,369 
Net Income - Controlling Interests   3,584 
Net Income Available to Common Stockholders   3,350 
Net Income Available to Class A Non-Voting   Preferred Stockholders   174 
Net Income Available to Class C Common Stockholders   60 
Basic Net Income Per Common Share Available to Common Stockholders   0.55 
Diluted Net Income Per Common Share Available to Common Stockholders   0.54 
Basic and Diluted Income Per Share - Common C   0.16 
Weighted Average Basic Shares Outstanding   6,051 
Weighted Average Diluted Shares Outstanding   6,179 
Weighted Average Basic and Diluted Shares Outstanding - Class C Common   383 

 

 

   Six months ended December 31, 2015
Total Revenues – Net   35,980 
Net Income - Controlling Interests   6,536 
Net Income Available to Common Stockholders   6,112 
Net Income Available to Class A Non-Voting   Preferred Stockholders   316 
Net Income Available to Class C Common Stockholders   108 
Basic Net Income Per Common Share Available to Common Stockholders   1.01 
Diluted Net Income Per Common Share Available to Common Stockholders   0.99 
Basic and Diluted Income Per Share - Common C   0.28 
Weighted Average Basic Shares Outstanding   6,051 
Weighted Average Diluted Shares Outstanding   6,179 
Weighted Average Basic and Diluted Shares Outstanding - Class C Common   383 

 

XML 37 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 10 - SEGMENT AND RELATED INFORMATION (Tables)
6 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment 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, 2016               
Net revenues from external customers  $2,477   $15,926   $18,403 
Inter-segment net revenues  $382   $—     $382 
Income from operations  $89   $4,520   $4,609 
Depreciation and amortization  $81   $782   $863 
Capital expenditures  $53   $908   $961 
                
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 six months ended December 31, 2016               
Net revenues from external customers  $5,098   $32,040   $37,138 
Inter-segment net revenues  $763   $—     $763 
(Loss) income from operations  $(58)  $9,419   $9,361 
Depreciation and amortization  $161   $1,558   $1,719 
Capital expenditures  $96   $1,507   $1,603 
                
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 

 

XML 38 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
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, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Basic Numerator: Net income available to common stockholders $ 4,242 $ 3,493 $ 7,812 $ 6,355
Basic Denominator: Weighted average shares outstanding 6,158,000 6,051,000 6,131,000 6,051,000
Basic Income Per Common Share $ 0.69 $ 0.58 $ 1.27 $ 1.05
Common Shares        
Basic Numerator: Net income available to common stockholders $ 3,971 $ 3,266 $ 7,313 $ 5,942
Basic Denominator: Weighted average shares outstanding 6,158,000 6,051,000 6,131,000 6,051,000
Basic Income Per Common Share $ 0.64 $ 0.54 $ 1.19 $ 0.98
Convertible Class C Stock 128,000 128,000 128,000 128,000
Total Denominator for diluted earnings per share 6,286,000 6,179,000 6,259,000 6,179,000
Diluted Income Per Share $ 0.63 $ 0.53 $ 1.17 $ 0.96
Class C Common Stock        
Basic Numerator: Net income available to common stockholders $ 69 $ 58 $ 127 $ 105
Basic Denominator: Weighted average shares outstanding 383,000 383,000 383,000 383,000
Basic Income Per Common Share $ 0.18 $ 0.15 $ 0.33 $ 0.27
Convertible Class C Stock
Total Denominator for diluted earnings per share 383,000 383,000 383,000 383,000
Diluted Income Per Share $ 0.18 $ 0.15 $ 0.33 $ 0.27
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - Receivables, Net - (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Accounts receivable $ 4,325 $ 4,370
Accounts receivable - Related party 60
Medical Receivables 10,824 10,127
Management and other fees receivable 17,420 15,638
Management and other fees receivable from related medical practices ("PC's") 4,464 4,064
Gross Receivabe    
Accounts receivable 4,609 4,654
Accounts receivable - Related party 60
Medical Receivables 29,794 27,579
Management and other fees receivable 30,296 29,584
Management and other fees receivable from related medical practices ("PC's") 4,857 4,457
Allowance for Doubtful Accounts    
Accounts receivable 284 284
Accounts receivable - Related party
Medical Receivables 18,970 17,452
Management and other fees receivable 12,876 13,946
Management and other fees receivable from related medical practices ("PC's") $ 393 $ 393
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
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, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Patient fee revenue, net of contractual allowances and discounts $ 8,657 $ 7,786 $ 17,481 $ 15,901
Provision for bad debts for patient fee and bad debt expense (4,002) (3,270) (7,880) (6,778)
Net patient fee revenue 4,655 4,516 9,601 9,123
Commercial Insurance / Managed Care        
Patient fee revenue, net of contractual allowances and discounts 1,158 1,122 2,422 2,193
Medicare/Medicaid        
Patient fee revenue, net of contractual allowances and discounts 299 267 599 542
Workers Compensation/Personal Injury        
Patient fee revenue, net of contractual allowances and discounts 5,404 4,888 11,084 10,196
Other        
Patient fee revenue, net of contractual allowances and discounts $ 1,796 $ 1,509 $ 3,376 $ 2,970
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 4 - INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Inventory Disclosure [Abstract]    
Purchased parts, components and supplies $ 2,472 $ 1,862
Work-in-process 263 212
Total inventories $ 2,735 $ 2,074
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Information relating to uncompleted contracts - (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Notes to Financial Statements    
Costs incurred on uncompleted contracts $ 723 $ 894
Estimated earnings 594 491
Subtotal 1,317 1,385
Less: Billings to date 1,493 1,592
Total Costs and estimated earnings in excess of billings on uncompleted contracts $ (176) $ (207)
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 5 - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Balance Sheet Items - (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Notes to Financial Statements    
Costs and estimated earnings in excess of billings on uncompleted contracts
Less: Billings in excess of costs and estimated earnings on uncompleted contracts 176 207
Total Costs and estimated earnings in excess of billings on uncompleted contracts $ (176) $ (207)
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 6 - OTHER INTANGIBLE ASSETS - (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Gross Other intangible assets $ 19,573 $ 19,476
Accumulated amortization 12,371 11,757
Other Intangible Assets - net 7,202 7,719
Capitalized software development costs    
Gross Other intangible assets 7,005 7,005
Patents and copyrights    
Gross Other intangible assets 4,668 4,571
Non-compete    
Gross Other intangible assets 4,100 4,100
Customer relationships    
Gross Other intangible assets $ 3,800 $ 3,800
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 7 - OTHER CURRENT LIABILITIES - (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Payables and Accruals [Abstract]    
Accrued salaries, commissions and payroll taxes $ 1,085 $ 3,189
Accrued interest 45 45
Litigation accruals 245 545
Sales tax payable 2,344 2,402
Legal and other professional fees 374 385
Accounting fees 92 242
Self-funded health insurance reserve 4 392
Interest and penalty - sales tax 2,538 2,487
Other 1,382 1,140
Total Other current liabilities $ 8,109 $ 10,827
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 9 - BUSINESS COMBINATIONS - Acquisition (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Goodwill $ 3,322 $ 3,322
TK2 Equipment Management    
Cash Paid   4,224
Net assets at Fair Value   2,862
Goodwill   $ 1,555
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 9 - BUSINESS COMBINATIONS - Proforma Results (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Total Revenues - Net $ 18,403 $ 18,369 $ 37,138 $ 35,979
Basic Net Income Per Common Share $ 0.69 $ 0.58 $ 1.27 $ 1.05
Weighted Average Shares Outstanding - Basic 6,158,000 6,051,000 6,131,000 6,051,000
Common Shares        
Basic Net Income Per Common Share $ 0.64 $ 0.54 $ 1.19 $ 0.98
Diluted Net Income Per Common Share $ 0.63 $ 0.53 $ 1.17 $ 0.96
Weighted Average Shares Outstanding - Basic 6,158,000 6,051,000 6,131,000 6,051,000
Weighted Average Shares Outstanding - Diluted 6,286,000 6,179,000 6,259,000 6,179,000
Class C Common Stock        
Basic Net Income Per Common Share $ 0.18 $ 0.15 $ 0.33 $ 0.27
Diluted Net Income Per Common Share $ 0.18 $ 0.15 $ 0.33 $ 0.27
Weighted Average Shares Outstanding - Basic 383,000 383,000 383,000 383,000
Weighted Average Shares Outstanding - Diluted 383,000 383,000 383,000 383,000
TK2 Equip. Mgmt & Turnkey Svc of NY acquisition        
Total Revenues - Net   $ 18,369   $ 35,980
Net Income (Proforma)   $ 3,584   $ 6,536
Weighted Average Shares Outstanding - Basic   6,051,000   6,051,000
Weighted Average Shares Outstanding - Diluted   6,179,000   6,179,000
TK2 Equip. Mgmt & Turnkey Svc of NY acquisition | Common Shares        
Net Income (Proforma)   $ 3,350   $ 6,112
Basic Net Income Per Common Share   $ 0.55   $ 1.01
Diluted Net Income Per Common Share   $ 0.54   $ 0.99
TK2 Equip. Mgmt & Turnkey Svc of NY acquisition | Class A Non-Voting Preferred        
Net Income (Proforma)   $ 174   $ 316
TK2 Equip. Mgmt & Turnkey Svc of NY acquisition | Class C Common Stock        
Net Income (Proforma)   $ 60   $ 108
Basic Net Income Per Common Share   $ 0.16   $ 0.28
Diluted Net Income Per Common Share   $ 0.16   $ 0.28
Weighted Average Shares Outstanding - Basic   383,000   383,000
Weighted Average Shares Outstanding - Diluted   383,000   383,000
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 10 - SEGMENT AND RELATED INFORMATION - Segment Information - (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Net revenues from external customers $ 18,403 $ 18,369 $ 37,138 $ 35,979
Inter-segment net revenues 382 524 763 1,048
Income from operations 4,609 4,225 9,361 7,840
Depreciation and amortization 863 848 1,719 1,677
Capital expenditures 961 387 1,603 451
Medical Equipment        
Net revenues from external customers 2,477 3,050 5,098 5,379
Inter-segment net revenues 382 524 763 1,048
Income from operations 89 288 (58) 225
Depreciation and amortization 81 85 161 163
Capital expenditures 53 341 96 359
Management Of Diagnostic Imaging Centers        
Net revenues from external customers 15,926 15,319 32,040 30,600
Inter-segment net revenues
Income from operations 4,520 3,937 9,419 7,615
Depreciation and amortization 782 763 1,558 1,514
Capital expenditures $ 908 $ 46 $ 1,507 $ 92
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - (Details Narrative)
Jul. 02, 2015
Note 1 - Description Of Business And Basis Of Presentation - Details Narrative  
The ownership interest of Imperial Management Services after reorganization of newly expanded HDM (percent). 24.20%
The ownership interest of Health Management Corporation of America after reorganization of newly expanded HDM (percent). 45.80%
The ownership interest of the original investors of HDM after reorganization of newly expanded HDM (percent). 30.00%
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details Narrative) - shares
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Common Shares        
Shares included upon conversion of Class C Common to calculate a diluted EPS 128,000 128,000 128,000 128,000
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 3 - ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE - (Details Narrative)
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Note 3 - Accounts Receivable Medical Receivable And Management And Other Fees Receivable - Details Narrative        
Net revenues derived from no-fault and personal injury protection claims 62.00% 60.00% 62.00% 60.00%
Net revenues from management and other fees charged to related PCs 10.40% 10.00% 10.30% 10.30%
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 6 - OTHER INTANGIBLE ASSETS - (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Patents and copyrights        
Amortization of intangible assets $ 49 $ 47 $ 96 $ 94
Capitalized software development costs        
Amortization of intangible assets 65 81 130 162
Non-compete        
Amortization of intangible assets 147 147 293 293
Customer relationships        
Amortization of intangible assets $ 47 $ 47 $ 95 $ 95
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 8 - STOCKHOLDERS EQUITY - (Details Narrative)
$ in Thousands
6 Months Ended
Dec. 31, 2016
USD ($)
shares
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]  
Shares of common stock issued to employees as compensation (Shares). | shares 1,000
Value of Shares Issued to employees as compensation (Value). | $ $ 27
Shares of common stock issued in settlement of liabilities (Shares). | shares 107,000
Value of Shares Issued in Settlement of Liabilities (Value). | $ $ 2,239
Shares issued pursuant to incentive stock option plan (shares). | shares 200
Value of shares issued pursuant to incentive stock option plan (value). | $ $ 2
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 9 - BUSINESS COMBINATIONS (Details Narrative)
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Company ownership percentage of TK2 Equipment Management & Turnkey Services 100.00%
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION ($)- (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Note 11 - Supplemental Cash Flow Information - Details Narrative    
Interest paid $ 119 $ 194
Income Taxes Paid $ 740 $ 90
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 12 - COMMITMENTS AND CONTINGENCIES - (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]    
Recorded tax obligations $ 2,344  
Tax interest and penalties 2,538  
Maximum limit for individual claims under stop-loss umbrella policy for health insurance 100  
Self-funded health insurance reserve $ 4 $ 392
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.6.0.2
NOTE 13 - INCOME TAXES - (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2016
Jun. 30, 2016
Income Tax Disclosure [Abstract]    
Deferred income tax asset $ 13,842 $ 13,042
Deferred income tax liability 482 $ 482
Net deferred operating loss carryforwards $ 110,029  
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