Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivable

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Accounts Receivable
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Accounts Receivable

Note 4 – Accounts Receivable

 

Accounts receivable at September 30, 2019 (unaudited) and December 31, 2018 consisted of the following:

 

    September 30,     December 31,  
    2019     2018  
Accounts receivable - Clinical Laboratory Operations   $ 41,750     $ 622,009  
Accounts receivable - Hospital Operations     45,804,056       31,607,644  
Accounts receivable - Other     (52,296 )     -  
Total accounts receivable     45,793,510       32,229,653  
Less:                
Amount purchased by factors     (1,572,000 )     -  
Allowance for discounts - Clinical Laboratory Operations     (26,182 )     (573,584 )
Allowance for discounts - Hospital Operations     (36,298,972 )     (25,066,799 )
Allowance for bad debts     (2,787,894 )     (2,777,521 )
Accounts receivable, net   $ 5,108,462     $ 3,811,749  

 

Accounts Receivable Factoring Arrangements

 

During the nine months ended September 30, 2019, the Company entered into five accounts receivable factoring arrangements. Under the terms of the arrangements, the aggregate amount of accounts receivable sold on a non-recourse basis, was $3.9 million. The aggregate purchase price paid to the Company was $2.7 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 $1.2 million. As of September 30, 2019, $1.6 million of the outstanding accounts receivable were purchased but not yet paid to the factors.