CB Oncology Partners

6 Months Ended

Jun. 30, 2019

CB Oncology Partners [Abstract]

CB Oncology Partners

Note G - CB Oncology Partners

CBOP was organized September 1, 2017, to acquire the rights of the new center from FOP. USNC has a 24% equity interest in CBOP.  Beginning in October of 2017, CBOP began paying the remainder of the costs associated with opening the center. CBOP had no assets at the end of 2017. The medical center opened and treated its first patient in January of 2018.

The Company has not yet contributed equity to CBOP and, accordingly has not recorded an investment in the entity. The Company to date has advanced $1,914,000 to CBOP to assist with the funding of the build out and operations of the entity and has recorded an allowance against it of $761,000. During the six months ended June 30, 2019 and 2018, the Company recorded $258,000 and $37,000 in allowances. These charges have been recorded as losses from investments in unconsolidated entities.

Due to loans made to CBOP, CBOP is considered to be a variable interest entity of the Company.  However, as the Company is not deemed to be the primary beneficiary of CBOP, since it does not have the power to direct the operating activities that most significantly affect CBOP’s economic performance, the entity is not consolidated, but certain disclosures are provided herein.

The following table presents the summarized financial information of CBOP

CBOP Condensed Income Statement Information

	Six Months Ended June 30,
	2019			2018
Patient revenue	$	748,000		$	488,000
Net loss	$	(573,000	)	$	(501,000	)
USNC's equity in loss in CBOP	$	(139,000	)	$	(121,000	)

	Three Months Ended June 30,
	2019			2018
Patient revenue	$	335,000		$	376,000
Net loss	$	(340,000	)	$	(160,000	)
USNC's equity in loss in CBOP	$	(83,000	)	$	(38,000	)

CBOP Condensed Balance Sheet Information

	June 30, 2019			December 31, 2018
Current assets	$	255,000		$	140,000
Noncurrent assets		-			-
Total assets	$	255,000		$	140,000
Current liabilities	$	2,306,000		$	1,618,000
Noncurrent liabilities		-			-
Deficit		(2,051,000	)		(1,478,000	)
Total liabilities and equity	$	255,000		$	140,000