U.S. NeuroSurgical Holdings Reports Q2 2024 Results

TL;DR

USNH Q2 2024: Acquired Elite Health Plan, formed CB Oncology Partners. Growth focus.

AI Summary

U.S. NeuroSurgical Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its business operations. Key events include the acquisition of Elite Health Plan, Inc. and the formation of CB Oncology Partners, CBOP, indicating strategic growth initiatives.

Why It Matters

This filing provides insight into the financial health and strategic direction of U.S. NeuroSurgical Holdings, Inc., including recent acquisitions and partnerships that could impact its future growth.

Risk Assessment

Risk Level: medium — The company is undergoing significant strategic changes with acquisitions and new partnerships, which carry inherent risks and uncertainties.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-01-01 — Fiscal Year Start Date (Marks the beginning of the fiscal year for which the report is filed.)
• 2023-11-28 — Private Placement Date (Refers to a specific financing event that occurred in the prior fiscal year.)

Key Players & Entities

• U.S. NeuroSurgical Holdings, Inc. (company) — Filer
• Elite Health Plan, Inc. (company) — Acquired Entity
• CB Oncology Partners, CBOP (company) — New Partnership
• 20240630 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of June 30, 2

Filing Documents

• usnu20240630_10q.htm (10-Q) — 604KB
• ex_707453.htm (EX-31.1) — 11KB
• ex_707454.htm (EX-32.1) — 5KB
• 0001437749-24-025847.txt ( ) — 3556KB
• usnu-20240630.xsd (EX-101.SCH) — 32KB
• usnu-20240630_def.xml (EX-101.DEF) — 238KB
• usnu-20240630_lab.xml (EX-101.LAB) — 176KB
• usnu-20240630_pre.xml (EX-101.PRE) — 254KB
• usnu-20240630_cal.xml (EX-101.CAL) — 26KB
• usnu20240630_10q_htm.xml (XML) — 479KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations. 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 17

Controls and Procedures

Item 4. Controls and Procedures 18

– OTHER INFORMATION

PART II – OTHER INFORMATION 19

Legal Proceedings

Item 1. Legal Proceedings 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 20

Submission of Matters to a Vote of Security Holders

Item 4. Submission of Matters to a Vote of Security Holders 20

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements U.S. NEUROSURGICAL HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $ 2,195,000 $ 466,000 Other current assets 46,000 61,000 Total current assets 2,241,000 527,000 Other assets: Due from related parties 524,000 520,000 Investments in unconsolidated entities 193,000 189,000 Total other assets 717,000 709,000 Property and equipment: Operating lease right-of-use asset 74,000 85,000 Total property and equipment 74,000 85,000 TOTAL ASSETS $ 3,032,000 $ 1,321,000 LIABILITIES Current liabilities: Operating lease right-of-use liability - current portion $ 28,000 $ 27,000 Accounts payable and accrued expenses 48,000 59,000 Income taxes payable - 166,000 Share application money pending allotment 900,000 355,000 Total current liabilities 976,000 607,000 Operating lease right-of-use liability - net of current portion 47,000 58,000 Guarantee liability 11,000 11,000 Total liabilities 1,034,000 676,000 EQUITY Common stock - par value $ .01 ; 25,000,000 shares authorized; 13,484,924 and 9,284,924 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively. 135,000 93,000 Additional paid-in capital 5,000,000 2,942,000 Accumulated deficit ( 3,137,000 ) ( 2,390,000 ) Total stockholders' equity 1,998,000 645,000 TOTAL LIABILITIES AND EQUITY $ 3,032,000 $ 1,321,000 See accompanying notes to the consolidated financial statements 3 Table of Contents U.S. NEUROSURGICAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue $ - $ - - - Costs and expenses: Selling, general and administrative 437,000 242,000 913,000 371,0

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View this 10-Q filing on SEC EDGAR