Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivable

v3.19.3.a.u2
Accounts Receivable
6 Months Ended
Jun. 30, 2019
Receivables [Abstract]  
Accounts Receivable

Note 4 – Accounts Receivable

 

Accounts receivable at June 30, 2019 and December 31, 2018 consisted of the following:

 

    June 30, 2019     December 31, 2018  
Accounts receivable - Clinical Laboratory Operations   $ 272,369     $ 622,009  
Accounts receivable - Hospital Operations     40,295,551       31,607,644  
Accounts receivable- Other     (14,141 )     -  
Total accounts receivable     40,553,779       32,229,653  
Less:                
Amount purchased by factor     (1,017,769 )     -  
Allowance for discounts - Clinical Laboratory Operations     (236,898 )     (573,584 )
Allowance for discounts - Hospital Operations     (31,998,359 )     (25,066,799 )
Allowance for bad debts     (2,392,159 )     (2,777,521 )
Accounts receivable, net   $ 4,908,594     $ 3,811,749  

 

For the three months ended June 30, 2019 and 2018, bad debt expense was $2.3 million and $0.7 million, respectively. For the six months ended June 30, 2019 and 2018, bad debt expense was $3.9 million and $1.3 million, respectively.

 

Accounts Receivable Factoring Arrangements

 

During the six months ended June 30, 2019, the Company entered into three accounts receivable factoring arrangements. Under the terms of the arrangements, the aggregate amount of accounts receivable sold on a non-recourse basis, was $1.8 million. The aggregate purchase price paid to the Company was $0.8 million, the total origination and other fees incurred by the Company were $0.1 million and the Company recorded a loss on sale of the receivables of $0.7 million. As of June 30, 2019, $1.0 million of the outstanding accounts receivable were purchased but not yet paid to the factor. Subsequent to June 30, 2019, the Company entered into two additional factoring arrangements as more fully discussed in Note 19.