Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Results of Operations (Unaudited) [Abstract]

Quarterly Results of Operations (Unaudited)

Note M – Quarterly Results of Operations (Unaudited)

In the first quarter of 2021, the disposition of the Company’s business at New York University Medical Center occurred, which resulted in the recognition of a gain on the sale and transfer of the gamma knife property at that time.

A summary of the unaudited results of operations for the year ended December 31 is as follows:

	2021
	As Restated
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenue	$	1,061,000		$	-		$	-		$	-
Cost and expenses:
Patient expenses		86,000			-			-			-
Selling, general and administrative		298,000			249,000			268,000			248,000
Total		384,000			249,000			268,000			248,000
Operating (loss) income		677,000			(249,000	)		(268,000	)		(248,000	)
Total other (expense) income
Interest expense		(2,000	)		(1,000	)		-			-
Other income		-			-			9,000			(9,000	)
Interest income - sales-type sublease		8,000			-			-			-
Loss from investment in unconsolidated entities, net		(139,000	)		(135,000	)		(77,000	)		(119,000	)
Total other expense		(133,000	)		(136,000	)		(68,000	)		(128,000	)
(Loss) income before income taxes		544,000			(385,000	)		(336,000	)		(376,000	)
Income tax provision		252,000			232,000			16,000			(80,000	)
Net (loss) income		292,000			(617,000	)		(352,000	)		(296,000	)
Net loss attributable to noncontrolling interests		-			-			-			92,000
Net (loss) income attributable to U.S. NeuroSurgical Holdings, Inc.	$	292,000		$	(617,000	)	$	(352,000	)	$	(204,000	)
Basic and diluted net (loss) income per share attributable to U.S. NeuroSurigical Holdings, Inc.	$	0.04		$	(0.08	)	$	(0.05	)	$	(0.03	)

In lieu of filing amended reports on Form 10-Q, the following tables represent the Company's restated unaudited consolidated financial statements for each of the quarters during the year ended December 31, 2021. See Note L, Restatement of Previously Issued Consolidated Financial Statements, for additional information.

	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	As Restated
	December 31, 2021			September 30, 2021						June 30, 2021						March 31, 2021
	Three Months Ended			Three Months Ended			Nine Months Ended			Three Months Ended			Six Months Ended			Three Months Ended
Revenue	$	-		$	-		$	1,061,000		$	-		$	1,061,000		$	1,061,000
Cost and expenses:
Patient expenses		-			-			86,000			-			86,000			86,000
Selling, general and administrative		248,000			268,000			815,000			249,000			547,000			298,000
Total		248,000			268,000			901,000			249,000			633,000			384,000
Operating (loss) income		(248,000	)		(268,000	)		160,000			(249,000	)		428,000			677,000
Total other (expense) income
Interest expense		-			-			(3,000	)		(1,000	)		(3,000	)		(2,000	)
Other income		(9,000	)		9,000			9,000			-			-			-
Interest income - sales-type sublease		-			-			8,000			-			8,000			8,000
Loss from investment in unconsolidated entities, net		(119,000	)		(77,000	)		(351,000	)		(135,000	)		(274,000	)		(139,000	)
Total other expense		(128,000	)		(68,000	)		(337,000	)		(136,000	)		(269,000	)		(133,000	)
(Loss) income before income taxes		(376,000	)		(336,000	)		(177,000	)		(385,000	)		159,000			544,000
Income tax provision		(80,000	)		16,000			500,000			232,000			484,000			252,000
Net (loss) income		(296,000	)		(352,000	)		(677,000	)		(617,000	)		(325,000	)		292,000
Net loss attributable to noncontrolling interests		92,000			-			-			-			-			-
Net (loss) income attributable to U.S. NeuroSurgical Holdings, Inc.	$	(204,000	)	$	(352,000	)	$	(677,000	)	$	(617,000	)	$	(325,000	)	$	292,000
Basic and diluted net (loss) income per share attributable to U.S. NeuroSurigical Holdings, Inc.	$	(0.03	)	$	(0.05	)	$	(0.09	)	$	(0.08	)	$	(0.04	)	$	0.04

	CONDENSED CONSOLIDATED BALANCE SHEETS
	As Restated
	September 30, 2021			June 30, 2021		March 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	2,567,000		$	2,820,000	$	2,543,000
Accounts receivable		-			-		828,000
Other current assets		67,000			89,000		80,000
Total current assets		2,634,000			2,909,000		3,451,000
Other assets:
Due from related parties		918,000			923,000		916,000
Investments in unconsolidated entities		152,000			164,000		161,000
Total other assets		1,070,000			1,087,000		1,077,000
Property and equipment:
Operating lease right-of-use asset		68,000			77,000		86,000
Total property and equipment		68,000			77,000		86,000
TOTAL ASSETS	$	3,772,000		$	4,073,000	$	4,614,000
LIABILITIES
Current liabilities:
Operating lease right-of-use liability - current portion	$	42,000		$	41,000	$	40,000
Accounts payable and accrued expenses		180,000			135,000		166,000
Income taxes payable		496,000			480,000		363,000
Total current liabilities		718,000			656,000		569,000
Operating lease right-of-use liability - net of current portion		34,000			45,000		56,000
Guarantee liabliity		11,000			11,000		11,000
Total long-term liabilities		45,000			56,000		67,000
Total liabilities		763,000			712,000		636,000
EQUITY
Common stock		78,000			78,000		78,000
Additional paid-in capital		3,100,000			3,100,000		3,100,000
(Accumulated deficit) retained earnings		(169,000	)		183,000		800,000
Total equity		3,009,000			3,361,000		3,978,000
TOTAL LIABILITIES AND EQUITY	$	3,772,000		$	4,073,000	$	4,614,000

The restatement corrections impact certain components within operating cash flows of the Consolidated Statements of Cash Flows. Total operating cash flows, investing activities, financing activities, and cash and cash equivalents are unchanged as a result of the restatements.