The Southern California Regional Gamma Knife Center

3 Months Ended

Mar. 31, 2023

Investments in Unconsolidated Entities [Abstract]

The Southern California Regional Gamma Knife Center

Note B – The Southern California Regional Gamma Knife Center

During 2007, the Company, through a noncontrolling interest in joint ventures, managed the formation of the Southern California Regional Gamma Knife Center at San Antonio Regional Hospital (“SARH”) in Upland, California.  Corona Gamma Knife, LLC (“CGK”) is party to a 14-year agreement with SARH to renovate space in the hospital and install and operate a Leksell PERFEXION gamma knife.  CGK leases the gamma knife from NeuroPartners LLC, which holds the gamma knife equipment.  In addition to returns on its ownership interests, USNC expects to receive fees for management services relating to the facility.

USNC is a 20% owner of NeuroPartners LLC and owns 39% of CGK.

Construction of the SARH gamma knife center was completed in December 2008 and the first patient was treated in January 2009.  The project has been funded principally by outside investors.  While the Company, through its joint ventures, has led the effort in organizing the business and overseeing the development and operation of the SARH center, its investment to date in the SARH center has been minimal.

At March 31, 2023, and December 31, 2022, the Company had no recorded investment of NeuroPartners LLC and CGK. For the three months ended March 31, 2023, and 2022, the Company’s equity in loss of NeuroPartners LLC and CGK was $25,000 and $10,000, respectively, but was not recorded due to prior losses, resulting in no recorded investment at March 31, 2023 and December 31, 2022.  At March 31, 2023, and December 31, 2022, amounts due from related parties was $19,000 and $7,000, respectively.

The following tables present the aggregation of summarized financial information of NeuroPartners LLC and CGK:

NeuroPartners LLC and CGK Condensed Combined Income Statement Information

	Three Months Ended
	March 31,
	2023			2022
Patient revenue	$	96,000		$	122,000
Net loss	$	(37,000	)	$	(30,000	)
USNC’s equity in (loss) earnings of NeuroPartners LLC and CGK	$	(25,000	)	$	10,000

NeuroPartners LLC and CGK Condensed Combined Balance Sheet Information

	March 31,			December 31,
	2023			2022
Current assets	$	339,000		$	375,000
Noncurrent assets		-			42,000
Total assets	$	339,000		$	417,000
Current liabilities	$	591,000		$	632,000
Noncurrent liabilities		-			-
Equity		(252,000	)		(215,000	)
Total liabilities and equity	$	339,000		$	417,000