Broward Oncology Partners

6 Months Ended

Jun. 30, 2014

Broward Oncology Partners [Abstract]

Broward Oncology Partners

Note F – Broward Oncology Partners

In early 2013, the Company formed Broward Oncology Partners, LLC (“BROP”) with other outside investors. The Company invested $50,000 for a 12.5% ownership interest in BROP.  BROP operates a radiation oncology center in Fort Lauderdale, Florida under a lease from Tenet Health Services. BROP began operations in February 2013.  The facility is undergoing renovation and continues to operate on a limited basis during construction.

BROP had no income recorded for the second quarter of 2014 and in May 2014, the Company and other members sold their interests in BROP. The Company’s proceeds from the sale of BROP were allocated as follows:

Proceeds from sale	$	160,000
Payoff of loans to BROP		60,000
Net proceeds		100,000
Less:  Investment in BROP		(67,000	)
Gain from sale	$	33,000

The following tables present the summarized financial information of BROP:

BROP Condensed Income Statement Information

	Six Months Ended
	June 30,
	2014		2013
Patient revenue	$	505,000	$	-
Net income (loss)	$	255,000	$	(100,000	)
USNC's equity in income (loss) in BROP	$	32,000	$	(13,000	)

	Three Months Ended  June 30,
	2013
Patient revenue	$	-
Net loss	$	(100,000	)
USNC's equity in loss in BROP	$	(13,000	)

BROP Condensed Balance Sheet Information

	December 31,
	2013
Current assets	$	360,000
Noncurrent assets		239,000
Total assets	$	599,000
Current liabilities	$	319,000
Equity		280,000
Total liabilities and equity	$	599,000