$FCHS
First Choice Healthcare Solutions Inc

2014 Q4 Form 10-Q Financial Statement

#000114420414068563 Filed on November 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.870M $263.9K $259.1K
YoY Change 15.43% 1.84% -75.78%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.490M $548.6K $298.6K
YoY Change 31.05% 83.76% -45.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $140.0K $120.8K $130.9K
YoY Change -6.67% -7.74% 63.61%
% of Gross Profit
Operating Expenses $3.260M $2.032M $1.512M
YoY Change 34.16% 34.4% 91.38%
Operating Profit -$140.9K $142.9K
YoY Change -198.62% -209.9%
Interest Expense -$240.0K $214.8K $302.6K
YoY Change -91.67% -29.01% -301.73%
% of Operating Profit 211.8%
Other Income/Expense, Net $0.00 -$234.7K -$326.3K
YoY Change -28.06%
Pretax Income -$1.630M -$375.6K -$183.4K
YoY Change -60.72% 104.8% -34.5%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.630M -$375.6K -$183.4K
YoY Change -60.72% 104.8% -34.5%
Net Earnings / Revenue -87.17% -142.34% -70.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.09 -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 17.71M shares 17.59M shares 12.85M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $280.0K $140.0K $200.0K
YoY Change -62.16% -30.0% 0.0%
Cash & Equivalents $279.1K $137.0K $197.0K
Short-Term Investments
Other Short-Term Assets $540.0K $660.0K $470.0K
YoY Change 20.0% 40.43% 23.68%
Inventory
Prepaid Expenses
Receivables $1.805M $2.115M $1.170M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.624M $2.914M $1.840M
YoY Change 6.42% 58.37% 49.59%
LONG-TERM ASSETS
Property, Plant & Equipment $8.294M $8.425M $8.710M
YoY Change -4.25% -3.27% 1.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $450.0K
YoY Change
Other Assets $552.7K $594.4K $150.0K
YoY Change -19.4% 296.25% -21.05%
Total Long-Term Assets $8.847M $9.020M $9.870M
YoY Change -5.36% -8.61% 9.06%
TOTAL ASSETS
Total Short-Term Assets $2.624M $2.914M $1.840M
Total Long-Term Assets $8.847M $9.020M $9.870M
Total Assets $11.47M $11.93M $11.71M
YoY Change -2.9% 1.91% 13.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.460M $1.080M $870.0K
YoY Change 217.39% 24.14% 89.13%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $220.0K $50.00K $0.00
YoY Change
Long-Term Debt Due $4.120M $3.590M $1.730M
YoY Change 167.53% 107.51% 108.43%
Total Short-Term Liabilities $6.376M $4.794M $2.640M
YoY Change 184.15% 81.58% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $8.257M $8.939M $9.760M
YoY Change -27.28% -8.41% -0.2%
Other Long-Term Liabilities $70.00K $70.00K $270.0K
YoY Change 0.0% -74.07%
Total Long-Term Liabilities $8.257M $8.939M $10.03M
YoY Change -27.28% -10.88% 2.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.376M $4.794M $2.640M
Total Long-Term Liabilities $8.257M $8.939M $10.03M
Total Liabilities $14.63M $13.73M $12.68M
YoY Change 7.6% 8.3% 14.23%
SHAREHOLDERS EQUITY
Retained Earnings -$15.85M -$14.22M
YoY Change 18.63%
Common Stock $17.95K $17.69K
YoY Change 7.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.163M -$1.799M -$970.0K
YoY Change
Total Liabilities & Shareholders Equity $11.47M $11.93M $11.71M
YoY Change -2.9% 1.91% 13.91%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$1.630M -$375.6K -$183.4K
YoY Change -60.72% 104.8% -34.5%
Depreciation, Depletion And Amortization $140.0K $120.8K $130.9K
YoY Change -6.67% -7.74% 63.61%
Cash From Operating Activities $130.0K $60.00K -$100.0K
YoY Change -114.13% -160.0% -37.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $60.00K $50.00K
YoY Change -100.0% 20.0% -97.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$60.00K -$50.00K
YoY Change -100.0% 20.0% -97.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 60.00K 250.0K
YoY Change -98.69% -76.0% -90.49%
NET CHANGE
Cash From Operating Activities 130.0K 60.00K -100.0K
Cash From Investing Activities 0.000 -60.00K -50.00K
Cash From Financing Activities 20.00K 60.00K 250.0K
Net Change In Cash 150.0K 60.00K 100.0K
YoY Change -72.73% -40.0% -44.44%
FREE CASH FLOW
Cash From Operating Activities $130.0K $60.00K -$100.0K
Capital Expenditures $0.00 $60.00K $50.00K
Free Cash Flow $130.0K $0.00 -$150.0K
YoY Change -113.0% -100.0% -93.88%

Facts In Submission

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us-gaap Concentration Risk Credit Risk
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Concentrations of Credit Risk</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s financial instruments that are exposed to a concentration of credit risk are cash and accounts receivable.&#160;&#160; Generally, the Company&#8217;s cash and cash equivalents in interest-bearing accounts may exceed FDIC insurance limits. The financial stability of these institutions is periodically reviewed by senior management.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13005773 shares
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
First Choice Healthcare Solutions, Inc.
us-gaap Depreciation Nonproduction
DepreciationNonproduction
373803 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
38110 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
83256 USD
dei Entity Central Index Key
EntityCentralIndexKey
0001416876
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
FCHS
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
17713804 shares
us-gaap Depreciation Nonproduction
DepreciationNonproduction
411575 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
280125 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
365712 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
137001 USD
us-gaap Share Based Compensation
ShareBasedCompensation
155875 USD
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
0 USD
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
187351 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1208082 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
646621 USD
us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
84426 USD
us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
37163 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
757131 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
306412 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-32835 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1322 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
145645 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
319762 USD
us-gaap Increase Decrease In Other Deposits
IncreaseDecreaseInOtherDeposits
0 USD
us-gaap Increase Decrease In Other Deposits
IncreaseDecreaseInOtherDeposits
12757 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-145645 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-307005 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-11882 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
257000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
552000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1086404 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
152659 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
569228 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
702954 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
360341 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67045 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
197020 USD
us-gaap Interest Paid
InterestPaid
651228 USD
us-gaap Interest Paid
InterestPaid
703841 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
486557 USD
us-gaap Stock Issued1
StockIssued1
166340 USD
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-489267 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-344247 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
286500 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
50000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2014Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
57663 USD
CY2013Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
54255 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
145645 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
319762 USD
fchs Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Of Shares Issued
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueOfSharesIssued
0 USD
fchs Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Of Shares Issued
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueOfSharesIssued
450000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
vest in two (2) equal annual installments on the first and second anniversaries of his employment.

Files In Submission

Name View Source Status
0001144204-14-068563-index-headers.html Edgar Link pending
0001144204-14-068563-index.html Edgar Link pending
0001144204-14-068563.txt Edgar Link pending
0001144204-14-068563-xbrl.zip Edgar Link pending
fchs-20140930.xml Edgar Link completed
fchs-20140930.xsd Edgar Link pending
fchs-20140930_cal.xml Edgar Link unprocessable
fchs-20140930_def.xml Edgar Link unprocessable
fchs-20140930_lab.xml Edgar Link unprocessable
fchs-20140930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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v393576_10q.htm Edgar Link pending
v393576_ex31-1.htm Edgar Link pending
v393576_ex31-2.htm Edgar Link pending
v393576_ex32-1.htm Edgar Link pending
v393576_ex32-2.htm Edgar Link pending