Note C - Boca Oncology Partners

6 Months Ended

Jun. 30, 2024

Boca Oncology Partners, LLC (“BOP”) [Member]

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note C– Boca Oncology Partners

During the first quarter of 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, 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 $32,000 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 their ownership to USNC. As a result, the Company now holds a 23.10% ownership interest in BOPRE, which it accounts for under the equity method.

In June 2024, the Company offered its interest in BOPRE for sale to the remaining members at its fair market value, which will be determined pursuant to the shareholders agreement. The Company’s recorded investment in BOPRE is $193,000 and $189,000 at each of June 30, 2024, and December 31, 2023, respectively

The following tables present the summarized financial information of BOPRE:

BOPRE Condensed Income Statement Information

	Six Months Ended
	June 30,
	2024		2023
Rental Income	$	-	$	-
Net income	$	17,000	$	18,000
USNC's equity in earnings of BOPRE	$	4,000	$	4,000

BOPRE Condensed Balance Sheet Information

	June 30,		December 31,
	2024		2023
Current assets	$	45,000	$	27,000
Noncurrent assets		789,000		792,000
Total assets	$	834,000	$	819,000
Current liabilities			$	2,000
Noncurrent liabilities		-		-
Equity		834,000		817,000
Total liabilities and equity	$	834,000	$	819,000