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10-Q - FORM 10-Q - First Choice Healthcare Solutions, Inc.v326903_10q.htm
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EX-31.1 - EXHIBIT 31.1 - First Choice Healthcare Solutions, Inc.v326903_ex31-1.htm
EX-32.2 - EXHIBIT 32.2 - First Choice Healthcare Solutions, Inc.v326903_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - First Choice Healthcare Solutions, Inc.v326903_ex32-1.htm
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EXCEL - IDEA: XBRL DOCUMENT - First Choice Healthcare Solutions, Inc.Financial_Report.xls
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v2.4.0.6
NOTE PAYABLE
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Long-term Debt [Text Block]

NOTE 7 - NOTES PAYABLE

 

Notes payable as of September 30, 2012 and December 31, 2011 are comprised of the following:

 

    September 30, 
2012 
(unaudited)
    December 31. 
2011
 
Mortgage payable   $ 7,466,818     $ 7,527,811  
Note payable, GE Capital (construction), MRI     456,749       -  
Note payable, GE Capital (construction), 2     150,092       -  
Note Payable, GE Capital (MRI)     1,771,390          
Note Payable, GE Capital (X-ray)     200,989          
Note payable, Auto     28,586       -  
Note payable, HS Real, LLC.     300,000       -  
Note payable, Dr. Anthony J. Lombardo   109,757          
Note payable, Dr. Richard  Newman     20,000       -  
      10,504,381       7,527,811  
Less: current portion     (827,917 )     (92,392 )
    $ 9,676,464     $ 7,435,419  

 

Mortgage payable

 

On August 12, 2011, the Company refinanced its existing mortgage note payable as described below providing additional working capital funds. The aggregate amount of the note of $7,550,000 bears 6.10% interest per annum with monthly payments of $45,752.61 beginning in October 2011 based on a 30 year amortization schedule with all remaining principal and interest due in full on September 16, 2016.  The note is secured by land and the building along with first priority assignment of leases and rents.  In addition, the Company's Chief Executive Officer provided a limited personal guarantee.

 

In connection with the refinancing of the mortgage note payable, the Company incurred financing costs of $286,723.  The capitalized financing costs are amortized ratably over the term of the mortgage note payable.

 

Note payable, equipment financing

 

On May 21, 2012, the Company completed a financing with GE Healthcare Financial Services (“GE Capital”) for approximately $2.4 million.

 

The financing consists of a master lease for equipment having a total value of approximately $1,990,000 and $600,000 of construction loans.

 

As of September 30, 2012, the Company drew down $450,000 against the construction loan. The construction loan is payable in 35 monthly payments (first three payments are $nil) including interest at 7.38%, beginning the earlier of a) December 2012 or b) total advances have been made ($450,000). Interest of $6,749 has accrued in addition to the principal balance.

 

On September 24, 2012, the Company drew down $150,000 against a second construction loan. The construction loan is payable in 35 monthly payments (first three payments are $nil) including interest at 7.38%, beginning the earlier of a) December 2012 or b) total advances have been made in the amount of $150,000. Interest of $92 has accrued in addition to the principal balance.

 

The Company entered into an aggregate of $2,288,679 equipment finance leases subject to delivery and acceptance. All notes and finance leases have been personally guaranteed by the Company's Chief Executive Officer.

 

On August 22, 2012, the Company accepted the delivery of x-ray equipment under the equipment finance leases discussed above. As such, the component piece accepted of $199,668 is due over 60 months at $-0- the first three months; $4,300 for the remaining 57 months including interest at 7.9375% per annum.

 

On September 27, 2012, the Company accepted the delivery of MRI equipment under the equipment finance leases discussed above. As such, the component piece accepted of $1,771,390 is due over 60 months at $-0- the first three months; $38,152 for the remaining 57 months including interest at 7.9375% per annum.

 

Note payable, Auto

 

On May 21, 2012, the Company issued a note payable, due in monthly installments of $593 including interest of 6.99%, due to mature in June 2017, secured by related equipment.

 

Promissory note dated May 17, 2012

 

On May 17, 2012, subsequently amended on August 17, 2012, the Company issued a promissory note to HS Real LLC for an aggregate of $300,000 due December 31, 2012 with interest paid monthly beginning September 2012, at a rate of 12% per annum, unsecured.

 

Note payable, Newman

 

In connection with the acquisition as described in Note 1 above, the Company assumed a $45,000 non interest bearing, unsecured note payable to Dr. Richard Newman at $5,000 per month, and maturing on January 1, 2013.

 

Note payable Lombardo

 

On April 2, 2012, the company issued a note payable in the amount of $88,794 to Dr. Anthony Lombardo in connection with the acquisition of the First Choice Medical Group of Brevard LLC. The note matures on April 2, 2015 at an annual interest rate of 3.54% beginning April 2, 2012. Subject to the terms of the acquisition agreement the principal amount would be adjusted for post-closing entries. As of September 30, 2012 the principal balance of this note has been adjusted for $20,963 of a post-closing entry.

 

The minimum future cash flow for the note payable at September 30, 2012 is as follows:

 

    Amount  
Three months ending December 31, 2012   $ 321,543  
Year ended December 31, 2013     681,615  
Year ended December 31, 2014     729,093  
Year ended December 31, 2015     804,670  
Year ended December 31, 2016 and thereafter     7,967,460  
Total   $ 10,504,381