FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED)
ASSETS September 30, June 30,
2009 2009
(UNAUDITED)
----------- -----------
Current Assets:
Cash and cash equivalents $ 1,372 $ 1,226
Marketable securities 27 23
Accounts receivable - net 5,156 5,392
Accounts receivable - related parties - net 179 -
Medical receivables - net 316 374
Management fee receivable - net 3,304 3,274
Management fee receivable - related medical
practices - net 2,020 2,196
Costs and estimated earnings in excess
of billings on uncompleted contracts 1,212 1,476
Inventories 3,452 3,172
Current portion of advances and notes to related
medical practices 166 165
Current portion of notes receivable 1,664 518
Prepaid expenses and other current assets 345 472
----------- -----------
Total Current Assets 19,213 18,288
----------- -----------
Property and equipment - net 2,696 2,892
Advances and notes to related medical practices -
net 45 89
Notes receivable - net 156 1,779
Other intangible assets - net 4,951 4,920
Other assets 391 391
----------- -----------
Total Assets $ 27,452 $ 28,359
=========== ===========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED)
LIABILITIES AND STOCKHOLDERS' DEFICIENCY September 30, June 30,
2009 2009
(UNAUDITED)
----------- -----------
Current Liabilities:
Current portion of long-term debt and
capital leases $ 267 $ 277
Current portion of long-term debt-related party 82 80
Accounts payable 3,816 3,519
Other current liabilities 8,429 8,460
Unearned revenue on service contracts 5,423 5,526
Unearned revenue on service
contracts - related parties 165 -
Customer advances 9,264 9,238
Billings in excess of costs and estimated
earnings on uncompleted contracts 2,536 2,026
----------- -----------
Total Current Liabilities 29,982 29,126
Long-Term Liabilities:
Accounts payable 156 184
Due to related medical practices 658 643
Long-term debt and capital leases,
less current portion 731 759
Long-term debt less current portion-related
party 139 160
Other liabilities 379 364
----------- -----------
Total Long-Term Liabilities 2,063 2,110
----------- -----------
Total Liabilities 32,045 31,236
Minority interest 64 64
----------- -----------
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED, except share data)
LIABILITIES AND STOCKHOLDERS' DEFICIENCY September 30, June 30,
(continued) 2009 2009
(UNAUDITED)
----------- -----------
STOCKHOLDERS' DEFICIENCY:
Class A non-voting preferred stock $.0001 par
value; 1,600,000 authorized, 313,451 issued and
outstanding at September 30, 2009 and June 30, 2009 - -
Preferred stock $.001 par value; 2,000,000 shares
authorized, issued and outstanding none - -
Common Stock $.0001 par value; 30,000,000 shares
authorized at September 30, 2009 and June 30, 2009,
4,927,918 and 4,917,918 issued at September 30, 2009
and June 30, 2009, respectively; 4,916,275 and
4,906,275 outstanding at September 30, 2009 and
June 30, 2009, respectively 1 1
Class B Common Stock $.0001 par value; 800,000
shares authorized, (10 votes per share), 158
issued and outstanding at September 30, 2009 and
June 30, 2009 - -
Class C Common Stock $.0001 par value; 2,000,000
shares authorized, (25 votes per share), 382,513
issued and outstanding at September 30, 2009 and
June 30, 2009 - -
Paid-in capital in excess of par value 172,299 172,280
Accumulated other comprehensive loss (17) (21)
Accumulated deficit (176,000) (174,259)
Notes receivable from employee stockholders (265) (267)
Treasury stock, at cost - 11,643 shares of common
stock at September 30, 2009 and June 30, 2009 (675) (675)
----------- -----------
Total Stockholders' Deficiency (4,657) (2,941)
----------- -----------
Total Liabilities and Stockholders'
Deficiency $ 27,452 $ 28,359
=========== ===========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(000's OMITTED, except per share data)
FOR THE THREE MONTHS ENDED
SEPTEMBER 30,
------------------------
2009 2008
----------- -----------
REVENUES
Product sales - net $ 1,563 $ 1,413
Service and repair fees - net 2,757 2,545
Service and repair fees - related parties - net 55 55
Management and other fees - net 1,736 2,047
Management and other fees - related medical
practices - net 795 724
License fees and royalties 585 -
----------- -----------
Total Revenues - Net 7,491 6,784
----------- -----------
COSTS AND EXPENSES
Costs related to product sales 1,657 1,442
Costs related to service and repair fees 941 1,010
Costs related to service and repair
fees - related parties 19 22
Costs related to management and other fees 1,268 1,203
Costs related to management and other
fees - related medical practices 761 656
Research and development 854 880
Selling, general and administrative 3,233 3,265
Provision for bad debts 180 154
----------- -----------
Total Costs and Expenses 8,913 8,632
----------- -----------
Loss From Operations (1,422) (1,848)
Interest Expense (79) (79)
Interest Expense - Related Party (14) -
Investment Income 87 33
Interest Income - Related Party 4 6
Other Income 33 1
Minority Interest in Income of Partnerships - (11)
Gain on Sale of Consolidated Subsidiary - 1,448
Loss on Note Receivable (350) -
----------- -----------
NET LOSS $ (1,741) $ (450)
=========== ===========
Basic and Diluted Loss Per Common Share $ (0.35) $ (0.09)
=========== ===========
Weighted Average Number of Common Shares
Outstanding 4,907,942 4,904,275
=========== ===========
Contact Information: Contact: Daniel Culver FONAR Corporation Tel: 631-694-2929 Fax: 631-390-1709 www.fonar.com