Company: EHSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017141
Chunk: 27

Company: Elite Health Systems Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 building in West Boca, Florida in which BOP operates. BOP occupies 6,000 square feet of the 32,000 square foot building. The Company invested $32,000 initially and had a 22.5% interest in BOP and BOPRE. In February 2014, the Company and other members sold their interests in BOP.

In June 2012, BOPRE purchased an additional 3.75% of Boca West IMP from another investor bringing its total interest to 23.75%. BOPRE accounts for this investment under the cost method since it does not exercise significant influence over Boca West, IMP.

During the years ended December 31, 2018, and 2017, several investors relinquished part of their ownership interest in BOPRE, and those interests were distributed among the remaining investors in relationship to their percentages owned. During 2021 and 2022, additional members relinquished their ownership to EHSHI. As a result, the Company now holds a 23.10% ownership interest in BOPRE, which it accounts for under the equity method.

In September 2024, the Company sold its interest in BOPRE to the remaining members for $1,210,840, resulting in a gain of $97,000 during the quarter ended September 30, 2024

The following tables present the summarized financial information of BOPRE:

BOPRE Condensed Income Statement Information

			Three Months Ended

			March 31,

			2025

			2024

			Rental Income

			$
			-

			$
			-

			Net income

			$
			-

			$
			11,000

			EHSHI's equity in earnings of BOPRE

			$
			-

			$
			2,000

BOPRE Condensed Balance Sheet Information

			March 31,

			December 31,

			2025

			2024

			Current assets

			$
			-

			$
			-

			Noncurrent assets

			-

			-

			Total assets

			$
			-

			$
			-

			Current liabilities

			$
			-

			Noncurrent liabilities

			-

			-

			Equity

			-

			-

			Total liabilities and equity

			$
			-