Restatement of Previously Issued Financial Statements

3 Months Ended

Mar. 31, 2022

Restatement of Previously Issued Financial Statements [Abstract]

Restatement of Previously Issued Financial Statements

Note J - Restatement of Previously Issued Financial Statements

During the quarter ended March 31, 2022, the Company determined that in March 2021, pursuant to an agreement with New York University ("NYU"), ownership of all of the gamma knife equipment at the NYU Medical Center transferred from the Company to NYU, resulting in the recognition of a gain on the sale and transfer of the gamma knife property on the Company's December 31, 2021 income tax returns. The Company previously received insurance proceeds with the Gamma Knife facility, which was destroyed as a result of flooding from Hurricane Sandy. For tax purposes, the resulting gain becomes taxable when the replacement property is sold or disposed of, which occurred in 2021. As a result, the Company recorded this tax liability and restated its consolidated financial statements as of and for the year ended December 31, 2021 and each of the quarters during the year ended December 31, 2021 on Form 10-K/A for the year ended December 31, 2021.

The restatement tables below present a reconciliation from the previously reported to the restated values as of and for the three months ended March 31, 2020. The values as previously reported were derived from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed on May 17, 2021.

CONDENSED CONSOLIDATD STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2020

	As previously		Restatement
	Reported		Impacts			As Restated
Income tax provision	$	5,000	$	247,000		$	252,000
Net income	$	539,000	$	(247,000	)	$	292,000
Basic and diluted net income per share	$	0.07	$	(0.03	)	$	0.04

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

For the Three Months Ended March 31, 2020

Net income	$	539,000	$	(247,000	)	$	292,000
Change in: Income taxes receivable/payable	$	5,000	$	247,000		$	252,000