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Basis of Preparation
3 Months Ended
Mar. 31, 2023
Basis of Preparation [Abstract]  
Basis of Preparation
Note A - Basis of Preparation


The accompanying Condensed Consolidated Financial Statements of U.S. NeuroSurgical Holdings, Inc. and Subsidiaries (the “Company”) as of March 31, 2023, and 2022, are unaudited.  However, in the opinion of management, such statements include all adjustments necessary for a fair statement of the information presented therein.  The Consolidated Balance Sheet at December 31, 2022, has been derived from the audited Consolidated Financial Statements at that date appearing in the Company’s Annual Report on Form 10-K. All amounts are shown in nearest thousands in the Consolidated Financial Statements and accompanying notes therein.


Pursuant to accounting requirements of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, the accompanying Condensed Consolidated Financial Statements and notes do not include all disclosures required by accounting principles generally accepted in the United States of America for complete financial statements.  Accordingly, these statements should be read in conjunction with the Company’s most recent annual Consolidated Financial Statements.


Consolidated results of operations for interim periods are not necessarily indicative of those to be achieved for full fiscal years.  The only change to the Company’s equity in the three months ended March 31, 2023 and 2022 was net loss for the periods.


The Company applies the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation to noncontrolling interests in consolidated financial statements.  The guidance requires noncontrolling interests to be reported as a component of equity separate from the parent’s equity and purchases and sales of equity interests, that do not result in a change in control, to be accounted for as equity transactions.  In addition, net (loss) income attributable to noncontrolling interests are to be included in net (loss) income and, upon a loss of control, the interest sold, as well as any interest retained, is to be recorded at fair value, with any gain or loss recognized in net (loss) income.



The Company recognizes revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Accounting Standards Codification (“ASC”) Topic 842, Leases.  However, the Company generated no revenue in 2022 or in the first quarter of 2023.



The tables below present financial information associated with our leases.


 
Classification
 
March 31, 2023
   
March 31,
2022
 
Assets
             
Long-term
             
Operating lease assets
Operating lease right-of-use asset
 
$
10,000
   
$
49,000
 
Total leased assets
    
$
10,000
   
$
49,000
 
                   
Liabilities
                 
Current
                 
Operating lease liabilities
Operating lease right-of-use liability - current portion
 
$
12,000
   
$
44,000
 
                   
Long-term
                 
Operating lease liabilities
Operating lease right-of-use liability - net of current portion
 
$
12,000
   
$
12,000
 
Total lease liabilities
    
$
24,000
   
$
56,000
 
                   
Lease Cost
                 
Operating lease cost
Selling, general and administrative
 
$
10,000
   
$
10,000
 
                   
Finance lease cost
                 
Interest on lease liabilities
Interest expense
   
-
     
-
 
                   
Sublease income
Interest income - sales-type sublease
   
-
     
-
 
Net lease expense
   
$
10,000
   
$
10,000
 

Maturity of lease liabilities (as of March 31, 2023)
 
Operating lease
 
2023
  $
12,000
 
Total
 

12,000
 
Less amount representing interest
   
-
 
Present value of lease liabilities
 
$
12,000
 
Discount rate
   
5.850
%