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Boca Oncology Partners
 3 Months Ended
Mar. 31, 2022
Boca Oncology Partners [Abstract]  
Boca Oncology Partners
Note E – Boca Oncology Partners

During the quarter ended June 30, 2011, the Company, through the formation of a joint venture, in which it had a noncontrolling interest, participated in the formation of Boca Oncology Partners, LLC (“BOP”), for the purpose of owning and operating a cancer center in Boca Raton, Florida.  In June 2011, Boca Oncology Partners RE, LLC (“BOPRE”,) an affiliated entity, purchased a 20% interest in Boca West IMP, owner of a medical office building in West Boca, Florida in which BOP operates.  BOP occupies 6,000 square feet of the 32,000 square foot building.  The Company invested $225,000 initially and had a 22.5% interest in BOP and BOPRE. In February 2014, the Company and other members sold their interests in BOP.

In June 2012, BOPRE purchased an additional 3.75% of Boca West IMP from another investor bringing its total interest to 23.75%. BOPRE accounts for this investment under the cost method since it does not exercise significant influence over Boca West, IMP.

During the years ended December 31, 2018 and 2017, several investors relinquished part of their ownership interest in BOPRE, and those interests were distributed among the remaining investors in relationship to their percentages owned. During 2021 and 2022 additional members relinquished its ownership to USNC. As a result, the Company now holds a 24.36% ownership interest in BOPRE, which it accounts for under the equity method. The Company’s recorded investment in BOPRE is $145,000 and $151,000 at March 31, 2022 and December 31, 2021, respectively.

The following tables present the summarized financial information of BOPRE:

BOPRE Condensed Income Statement Information
 
Three Months Ended
March 31,
  
 
2022
  
2021
  
         
Rental Income
  
$
-
    
$
-
  
                 
Net income
  
$
17,000
    
$
18,000
  
                 
USNC’s equity in earnings of BOPRE
  
$
4,000
    
$
3,000
  


BOPRE Condensed Balance Sheet Information
   
March 31,
2022
    
December 31,
2021
  
             
Current assets
  
$
80,000
    
$
112,000
  
                 
Noncurrent assets
    
757,000
      
757,000
  
                 
Total assets
  
$
837,000
    
$
869,000
  
                 
Current liabilities
  
$
-
    
$
-
  
                 
Noncurrent liabilities
    
-
      
-
  
                 
Equity
    
837,000
      
869,000
  
                 
Total liabilities and equity
  
$
837,000
    
$
869,000