Florida Oncology Partners

9 Months Ended

Sep. 30, 2022

Florida Oncology Partners [Abstract]

Florida Oncology Partners

Note D – Florida Oncology Partners

During 2010, through the formation of a joint venture, in which it had a noncontrolling interest, the Company expanded its market strategy to include opportunities to develop cancer centers featuring radiation therapy. In 2010, the Company formed FOP in partnership with local physicians and other investors. USNC owned a 24% interest in the venture. FOP abandoned its operations on June 28, 2019, due to continued losses at the site of operations and lack of success in good faith efforts to renegotiate an agreement with the party from whom FOP leased a facility and equipment, after several months of discussion.  Due to the circumstances, FOP derecognized the associated assets and liabilities and calculated a contingent liability equal to the net liabilities derecognized. On November 24, 2021, the lessor filed a Voluntary Motion to Dismiss its lawsuit against FOP, and on December 11, 2021, it was accepted and recorded by the court. There can be no guarantee the lessor will not reinstitute any future claims against FOP.

The Company’s recorded investment in FOP prior to dissolution had been reduced to zero due to losses incurred in prior years. No equity in earnings had been recorded by the Company due to FOP’s deficit equity.

On September 21, 2021, FOP filed Articles of Dissolution with the Florida Department of State that were recorded on September 22, 2021. FOP is now fully dissolved.