U.S. NeuroSurgical Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>U.S. NeuroSurgical Holdings, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational information.</b>

AI Summary

U.S. NeuroSurgical Holdings, Inc. (EHSI) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. U.S. NeuroSurgical Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 2400 Research Blvd, Suite 325, Rockville, MD 20850. The company was formerly known as US NEUROSURGICAL INC until June 30, 1999. The filing includes financial data for various periods, including Q1 2024, Q1 2023, and the full year 2023.

Why It Matters

For investors and stakeholders tracking U.S. NeuroSurgical Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for U.S. NeuroSurgical Holdings, Inc., crucial for assessing the company's current performance and future prospects. The detailed financial statements and disclosures within the 10-Q allow stakeholders to understand the company's financial health, including revenue, expenses, and balance sheet items, as well as any significant events or risks.

Risk Assessment

Risk Level: low — U.S. NeuroSurgical Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or high-risk events based on the provided header information.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Q1 2024 period)
• 2023-03-31 — Prior Year Q1 End Date (Q1 2023 period)

Key Players & Entities

• U.S. NeuroSurgical Holdings, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• Rockville, MD (location) — Business address city and state
• US NEUROSURGICAL INC (company) — Former company name

FAQ

Industry Context

The company operates within the specialty outpatient facilities sector, specifically focusing on neurosurgery services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to Q1 2023.
2. Examine any disclosed selling, general, and administrative expenses.
3. Review the balance sheet for changes in assets, liabilities, and equity from the previous reporting period.

Key Dates

• 2024-03-31: Quarterly Report Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the latest quarterly financial information.

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of March 31,
• $476,000 — , general and administrative expense of $476,000 for the first quarter of 2024 was 266%
• $130,000 — uarter of 2024 was 266% higher than the $130,000 incurred during the comparable period i

Filing Documents

• ef20026325_10q.htm (10-Q) — 778KB
• ef20026325_ex31-1.htm (EX-31.1) — 10KB
• ef20026325_ex32-1.htm (EX-32.1) — 4KB
• 0001140361-24-026235.txt (&nbsp;) — 4105KB
• usnu-20240331.xsd (EX-101.SCH) — 26KB
• usnu-20240331_cal.xml (EX-101.CAL) — 44KB
• usnu-20240331_def.xml (EX-101.DEF) — 154KB
• usnu-20240331_lab.xml (EX-101.LAB) — 304KB
• usnu-20240331_pre.xml (EX-101.PRE) — 220KB
• ef20026325_10q_htm.xml (XML) — 645KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 20

– OTHER INFORMATION

PART II – OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 22 Item 4. Submission of Matters to a Vote of Security Holders 22 Item 5. Other Information 22 Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 Table of Content PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements U.S. NEUROSURGICAL HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $ 1,750,000 $ 466,000 Other current assets 56,000 61,000 Total current assets 1,806,000 527,000 Other assets: Due from related parties 523,000 520,000 Investments in unconsolidated entities 191,000 189,000 Total other assets 714,000 709,000 Property and equipment: Operating lease right-of-use asset 80,000 85,000 Total property and equipment 80,000 85,000 TOTAL ASSETS $ 2,600,000 $ 1,321,000 LIABILITIES Current liabilities: Operating lease right-of-use liability - current portion $ 27,000 $ 27,000 Accounts payable and accrued expenses 75,000 59,000 Income taxes payable - 166,000 Share application money pending allotment 2,100,000 355,000 Total current liabilities 2,202,000 607,000 Operating lease right-of-use liability - net of current portion 54,000 58,000 Guarantee liability 11,000 11,000 Total liabilities 2,267,000 676,000 EQUITY Common stock - par value $ 0.01 ; 25,000,000 shares authorized; 9,284,924 shares issued and outstanding at March 31 , 2024 and December 31 , 2023 . 93,000 93,000 Additional paid-in capital 2,942,000 2,942,000 Accumulated deficit ( 2,702,000 ) ( 2,390,000 ) Total stockholders' equity 333,000 645,000 TOTAL LIABILITIES AND EQUITY $ 2,600,000 $ 1,321,000 See accompanying notes to the consolidated financial statements 3 Table of Content U.S. NEUROSURGICAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2024 2023 Revenue $ - $ - Costs and expenses: Selling, general and administrative 476,000 130,000 Total 476,000 130,000 Operating loss ( 476,000 ) ( 130,000 ) Total other (expense)

Financial Statements

Financial Statements. Consolidated results of operations for interim periods are not necessarily indicative of those to be achieved for full fiscal years. The only change to the Company's equity in the three months ended March 31, 2024 and 2023 was net loss for the periods and issuance of common stock during the quarter ended March 31, 2024. 7 Table of Content The Company applies the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, Consolidation to noncontrolling interests in consolidated financial statements. The guidance requires noncontrolling interests to be reported as a component of equity separate from the parent's equity and purchases and sales of equity interests, that do not result in a change in control, to be accounted for as equity transactions. In addition, net (loss) income attributable to noncontrolling interests are to be included in net (loss) income and, upon a loss of control, the interest sold, as well as any interest retained, is to be recorded at fair value, with any gain or loss recognized in net (loss) income. The Company recognizes revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Accounting Standards Codification ("ASC") Topic 842, Leases. However, the Company generated no revenue in the quarters ended March 31, 2024 or 2023. On January 16, 2024, the Company held an initial closing of a private placement of shares of the Company's common stock to raise gross proceeds of not less than $ 1,000,000 , and up to $ 2,000,000 , at a price of $ 0.50 per share. Since the initial closing, the Company amended the terms of the private placement to raise up to $ 3,000,000 maximum and, as of April 15, 2024, raised proceeds of an aggregate of $ 2,100,000 . As a result of these issuances, as of April 15, 2024, there were outstanding 9,284,924 shares of the Company's Common Stock. Basic loss per share has been computed using the weighted-average nu

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