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v2.4.0.6
SEGMENT REPORTING
9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 11 - SEGMENT REPORTING

 

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has two reportable segments: Marina Towers, LLC and FCID Medical, Inc.

 

The Marina Towers, LLC segment derives revenue from the operating leases of its owned building, whereas FCID Medical segment derives revenue for medical procedures performed.

 

Information concerning the operations of the Company's reportable segments is as follows:

 

Summary Statement of Operations for the nine months ended September 30, 2012:

 

    Marina     FCID           Intercompany        
    Towers     Medical     Corporate     Eliminations     Total  
Revenue:                                        
Net Patient Service Revenue   $ -     $ 1,707,694     $ -     $ -     $ 1,707,694  
Rental revenue     1,094,466       -       -       (211,287 )     883,179  
Total Revenue     1,094,466       1,707,694       -       (211,287 )     2,590,873  
                                         
Operating expenses:                                        
Practice salaries & benefits     -       795,375       -       -       795,375  
Practice supplies and other operating expenses     -       510,792       -       (211,287 )     299,505  
General and administrative     351,920       408,162       752,033       -       1,512,115  
Depreciation and amortization     121,095       66,325       -       -       187,420  
Total operating expenses     473,015       1,780,654       752,033       (211,287 )     2,794,415  
                                         
Net income (loss) from operations:     621,451       (72,960 )     (752,033 )     -       (203,542 )
                                         
Interest expense     (348,227 )     (18,858 )     (5,430 )     -       (372,515 )
Amortization of financing costs     (43,011 )     -       -       -       (43,011 )
Other income (expense)     2,250       -       -       -       2,250  
Net Income (loss):     232,463       (91,818 )     (757,463 )     -       (616,818 )
                                         
Income taxes     (8,707 )     3,439       28,371       -       23,103  
                                         
Net income (loss)   $ 223,756     $ (88,379 )   $ (729,092 )   $ -     $ (593,715 )

 

Summary Statement of Operations for the three months ended September 30, 2012:

 

    Marina     FCID           Intercompany        
    Towers     Medical     Corporate     Eliminations     Total  
Revenue:                                        
Net Patient Service Revenue   $ -     $ 798,077     $ -     $ -     $ 798,077  
Rental revenue     364,081       -       -       (93,534 )     270,547  
Total Revenue     364,081       798,077       -       (93,534 )     1,068,624  
                                         
Operating expenses:                                        
Practice salaries & benefits     -       406,055       -       -       406,055  
Practice supplies and other operating expenses     -       319,039       -       (147,675 )     171,364  
General and administrative     124,468       173,525       199,737       54,141       551,871  
Depreciation and amortization     40,365       33,153       -       -       73,518  
Total operating expenses     164,833       931,772       199,737       (93,534 )     1,202,808  
                                         
Net income (loss) from operations:     199,248       (133,695 )     (199,737 )     -       (134,184 )
                                         
Interest expense     (116,576 )     (16,989 )     (2,087 )     -       (135,652 )
Amortization of financing costs     (14,337 )     -       -       -       (14,337 )
Other income (expense)     750       -       -       -       750  
                                         
Net Income (loss):     69,085       (150,684 )     (201,824 )     -       (283,423 )
                                         
Income taxes     -       -       -       -       -  
                                         
Net income (loss)   $ 69,085     $ (150,684 )   $ (201,824 )   $ -     $ (283,423 )

 

Summary Statement of Operations for the nine months ended September 30, 2011:

 

    Marina     FCID           Intercompany        
    Towers     Medical     Corporate     Eliminations     Total  
Revenue:                                        
Rental Revenue   $ 1,008,576     $       -     $ -     $ (29,091 )   $ 979,485  
Total Revenue     1,008,576       -       -       (29,091 )     979,485  
                                         
Operating expenses:                                        
General and administrative     312,415       -       386,086       (29,091 )     669,410  
Depreciation and amortization     121,095       -       -       -       121,095  
Total operating expenses     433,510       -       386,086       (29,091 )     790,505  
                                         
Net income (loss) from operations:     575,066       -       (386,086 )     -       188,980  
                                         
Interest expense     (221,387 )     -       (14,226 )     -       (235,613 )
Amortization of finance costs     (4,779 )     -       -       -       (4,779 )
Other income (expense)     41,012       -       67,365       -       108,377  
                                         
Net Income (loss):     389,912       -       (332,947 )     -       56,965  
                                         
Income taxes     (78,030 )     -       66,630       -       (11,400 )
                                         
Net income (loss)   $ 311,882     $ -     $ (266,317 )   $ -     $ 45,565  

 

Summary Statement of Operations for the three months ended September 30, 2011:

 

    Marina     FCID           Intercompany        
    Towers     Medical     Corporate     Eliminations     Total  
Revenue:                                        
Rental Revenue   $ 351,996     $      -     $ -     $ (29,091 )   $ 322,905  
Total Revenue     351,996       -       -       (29,091 )     322,905  
                                         
Operating expenses:                                        
General and administrative     100,470       -       171,014       (29,091 )     242,393  
Depreciation and amortization     40,365       -       -       -       40,365  
Total operating expenses     140,835       -       171,014       (29,091 )     282,758  
                                         
Net income (loss) from operations:     211,161       -       (171,014 )     -       40,147  
                                         
Interest expense     (72,507 )     -       (10,776 )     -       (83,283 )
Amortization of financing costs     (4,779 )     -       -       -       (4,779 )
Other income (expense)     -       -       -       -       -  
                                         
Net Income (loss):     133,875       -       (181,790 )     -       (47,915 )
                                         
Income taxes     (26,823 )     -       36,423       -       9,600  
                                         
Net income (loss)   $ 107,052     $ -     $ (145,367 )   $ -     $ (38,315 )

 

Assets:

 

    Marina     FCID           Intercompany        
    Towers     Medical     Corporate     Eliminations     Total  
Assets:                                        
At September 30, 2012:   $ 4,923,496     $ 5,347,160     $ 9,295     $          -     $ 10,279,951  
At December 31, 2011:   $ 4,956,962     $ -     $ 1,815,238     $ -     $ 6,772,200