FONAR Corp Files 10-Q for Period Ending March 31, 2024
Ticker: FONR · Form: 10-Q · Filed: May 15, 2024 · CIK: 355019
Sentiment: neutral
Topics: 10-Q, FONAR Corp, Financial Report, Quarterly Filing, Medical Devices
TL;DR
<b>FONAR Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>
AI Summary
FONAR CORP (FONR) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. FONAR Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of the fiscal year. The company is incorporated in Delaware. Its Standard Industrial Classification is ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]. The business and mailing address is 110 Marcus Drive, Melville, NY 11747.
Why It Matters
For investors and stakeholders tracking FONAR CORP, this filing contains several important signals. This filing provides investors with updated financial and operational information for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and performance trends.
Risk Assessment
Risk Level: low — FONAR CORP shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any unusual or significant events.
Analyst Insight
Monitor future filings for revenue trends, net income, and any changes in the company's financial position.
Key Numbers
- 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
- 2024-05-15 — Filed As Of Date (FILED AS OF DATE)
- 2024-03-31 — Fiscal Year End (FISCAL YEAR END)
- 110 MARCUS DR — Business Address (BUSINESS ADDRESS)
- 6316942929 — Business Phone (BUSINESS PHONE)
Key Players & Entities
- FONAR CORP (company) — FILER
- 110 MARCUS DR (company) — BUSINESS ADDRESS
- MELVILLE (company) — CITY
- NY (company) — STATE
- 11747 (company) — ZIP
- 6316942929 (company) — BUSINESS PHONE
- DE (company) — STATE OF INCORPORATION
- 3845 (company) — STANDARD INDUSTRIAL CLASSIFICATION
FAQ
When did FONAR CORP file this 10-Q?
FONAR CORP filed this Quarterly Report (10-Q) with the SEC on May 15, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by FONAR CORP (FONR).
Where can I read the original 10-Q filing from FONAR CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FONAR CORP.
What are the key takeaways from FONAR CORP's 10-Q?
FONAR CORP filed this 10-Q on May 15, 2024. Key takeaways: FONAR Corp filed a 10-Q report for the period ending March 31, 2024.. The filing covers the third quarter of the fiscal year.. The company is incorporated in Delaware..
Is FONAR CORP a risky investment based on this filing?
Based on this 10-Q, FONAR CORP presents a relatively low-risk profile. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any unusual or significant events.
What should investors do after reading FONAR CORP's 10-Q?
Monitor future filings for revenue trends, net income, and any changes in the company's financial position. The overall sentiment from this filing is neutral.
How does FONAR CORP compare to its industry peers?
FONAR Corp operates in the electromedical and electrotherapeutic apparatus industry, focusing on medical imaging technology.
Are there regulatory concerns for FONAR CORP?
The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.
Industry Context
FONAR Corp operates in the electromedical and electrotherapeutic apparatus industry, focusing on medical imaging technology.
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
- Review the full 10-Q filing for detailed financial statements and management discussion.
- Analyze revenue and profitability trends in subsequent filings.
- Track any disclosures related to product development or market expansion.
Year-Over-Year Comparison
This is the initial filing analyzed for the period ending March 31, 2024. No prior period comparison is available from this specific document.
Filing Stats: 4,659 words · 19 min read · ~16 pages · Grade level 18.4 · Accepted 2024-05-15 16:24:01
Filing Documents
- fonar_10-q.htm (10-Q) — 819KB
- fonar_logo.jpg (GRAPHIC) — 14KB
- fonar_exhibit-31.htm (EX-31.1) — 23KB
- fonar_exhibit-32.htm (EX-32.1) — 9KB
- 0000355019-24-000022.txt ( ) — 4567KB
- fonr-20240331.xsd (EX-101.SCH) — 35KB
- fonr-20240331_cal.xml (EX-101.CAL) — 66KB
- fonr-20240331_def.xml (EX-101.DEF) — 151KB
- fonr-20240331_lab.xml (EX-101.LAB) — 292KB
- fonr-20240331_pre.xml (EX-101.PRE) — 242KB
- fonar_10-q_htm.xml (XML) — 702KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION PAGE
Financial Statements
Item 1. Financial Statements Condensed Consolidated Balance Sheets - March 31, 2024 (Unaudited) and June 30, 2023 3 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Income for the Nine Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 7 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 8 Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 9 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 11
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31
- OTHER INFORMATION
PART II - OTHER INFORMATION 32
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 35
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 35
Other Information
Item 5. Other Information 35
Exhibits
Item 6. Exhibits 35
Signatures
Signatures 35 Page 2 FONAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts and shares in thousands, except per share amounts) (UNAUDITED) ASSETS March 31, 2024 June 30, 2023 * Current Assets: Cash and cash equivalents $ 53,982 $ 51,280 Short-term investments 134 33 Accounts receivable – net 3,309 3,861 Accounts receivable - related party 30 — Medical receivable – net 23,583 21,259 Management and other fees receivable – net 40,954 35,888 Management and other fees receivable – related medical practices – net 9,590 9,162 Inventories 2,935 2,570 Prepaid expenses and other current assets 1,310 1,608 Total Current Assets 135,827 125,661 Accounts receivable – long term 576 710 Note receivable – related party 590 — Deferred income tax asset 7,039 10,042 Property and equipment – net 19,253 22,146 Right-of-use Asset – operating lease 37,779 33,069 Right-of-use Asset – financing lease 580 729 Goodwill 4,269 4,269 Other intangible assets – net 3,179 3,432 Other assets 539 524 Total Assets $ 209,631 $ 200,582 *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 March 31, 2024 June 30, 2023 * Current Liabilities: Current portion of long-term debt $ 46 $ 44 Accounts payable 1,676 1,579 Other current liabilities 4,897 5,444 Unearned revenue on service contracts 3,444 3,832 Unearned revenue on service contracts – related party 28 — Operating lease liability - current portion 3,635 3,905 Financing lease liability - current portion 224 218 Customer deposits 553 602 Total Current Liabilities 14,503 15,624 Long-Term Liabilities: Unearned revenue on service contracts