Hygea Holdings Corp.

CIK:0001469628|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Medical revenues
Fixed fee arrangements	$ 9,406,946	$ 7,662,008
Fee for service arrangements	2,012,671	1,665,384
Total medical revenues	11,419,617us-gaap_HealthCareOrganizationRevenue	9,327,392us-gaap_HealthCareOrganizationRevenue
License fees and non-medical revenues	482,964us-gaap_LicenseAndMaintenanceRevenue	100,000us-gaap_LicenseAndMaintenanceRevenue
Total revenues	11,902,581us-gaap_Revenues	9,427,392us-gaap_Revenues
Healthcare expenses
Physician and other provider expenses	6,868,274	5,797,462
Gross profit	5,034,307us-gaap_GrossProfit	3,629,930us-gaap_GrossProfit
Administrative and other operating expenses
Salaries and benefits	881,691us-gaap_LaborAndRelatedExpense	469,882us-gaap_LaborAndRelatedExpense
General and administrative	1,487,061us-gaap_GeneralAndAdministrativeExpense	1,044,262us-gaap_GeneralAndAdministrativeExpense
Medical risk adjustment reserve	1,095,677	0
Professional fees	901,294us-gaap_ProfessionalFees	1,173,688us-gaap_ProfessionalFees
Total administrative and other operating expenses	4,365,723us-gaap_OperatingExpenses	2,687,832us-gaap_OperatingExpenses
Net operating income	668,584us-gaap_OperatingIncomeLoss	942,098us-gaap_OperatingIncomeLoss
Other income (expenses)
Gain on acquisition	0cik0001469628_GainOnAcquisitionContract	7,660cik0001469628_GainOnAcquisitionContract
Interest expense	(144,085)us-gaap_InterestExpense	(163,340)us-gaap_InterestExpense
Other	(65,653)us-gaap_OtherNonoperatingIncomeExpense	(61,115)us-gaap_OtherNonoperatingIncomeExpense
Total other income (expenses)	(209,738)us-gaap_NonoperatingIncomeExpense	(216,795)us-gaap_NonoperatingIncomeExpense
Net income before income taxes and non-controlling interest	458,846	725,303
Income tax benefit (expense)	(173,711)us-gaap_IncomeTaxExpenseBenefit	(165,912)us-gaap_IncomeTaxExpenseBenefit
Income attributable to non-controlling interest	(177,250)	(167,516)
Net income	$ 107,885us-gaap_NetIncomeLoss	$ 391,875us-gaap_NetIncomeLoss
Earnings per common share:
Basic (in dollars per share)	$ 0.00us-gaap_EarningsPerShareBasic	$ 0.00us-gaap_EarningsPerShareBasic
Diluted (in dollars per share)	$ 0.00us-gaap_EarningsPerShareBasicAndDiluted	$ 0.00us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of common shares outstanding:
Basic (in shares)	164,322,680	148,295,243
Diluted (in shares)	164,322,680	162,452,779

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 107,885us-gaap_NetIncomeLoss	$ 391,875us-gaap_NetIncomeLoss
Non-controlling interest	177,250	167,516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	76,988us-gaap_Depreciation	53,172us-gaap_Depreciation
Amortization	261,584us-gaap_AdjustmentForAmortization	142,874us-gaap_AdjustmentForAmortization
Medical risk adjustment reserve	933,488	0
Changes in operating assets and liabilities:
Accounts receivable	(2,192,703)	(2,420,855)
Deferred taxes	0	78,271
Prepaid expenses and other assets	269,941	(269,940)
Accounts payable and accrued liabilities	(340,585)	379,824
Deferred revenue	(100,000)	(100,000)
Taxes payable	184,464	84,448
Net cash used in operating activities	(621,688)	(1,492,815)
Cash flows from investing activities:
Capital expenditures	(14,995)	(105,389)
Proceeds from related party loans receivable	70,145	0
Acquisitions, net of cash acquired	0	(54,768)
Net cash used in investing activities	55,150	(160,157)
Cash flows from financing activities:
Borrowings from stockholders and related parties	151,681	512,438
Proceeds from issuance of loans payable	610,300us-gaap_ProceedsFromIssuanceOfDebt	721,700us-gaap_ProceedsFromIssuanceOfDebt
Repayment of loans payable	0us-gaap_RepaymentsOfDebt	(100,000)us-gaap_RepaymentsOfDebt
Proceeds from issuance of stock	58,500	305,000
Net cash provided by financing activities	820,481	1,439,138
Net increase (decrease) in cash and cash equivalents	253,943	(213,834)
Cash and cash equivalents, beginning of period	13,097	226,931
Cash and cash equivalents, end of period	267,040	13,097
Supplemental cash flow information:
Cash paid for interest	0us-gaap_InterestPaid	0us-gaap_InterestPaid
Cash paid for taxes	$ 0us-gaap_IncomeTaxesPaidNet	$ 0us-gaap_IncomeTaxesPaidNet

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 267,040	$ 13,097
Accounts receivable	5,925,957us-gaap_AccountsReceivableNetCurrent	4,666,742us-gaap_AccountsReceivableNetCurrent
Prepaid and other current assets	0	107,249
Note receivable - related party - current	60,000	60,000
Total current assets	6,252,997us-gaap_AssetsCurrent	4,847,088us-gaap_AssetsCurrent
Property and equipment, net	230,451us-gaap_PropertyPlantAndEquipmentNet	292,444us-gaap_PropertyPlantAndEquipmentNet
Goodwill	1,159,900us-gaap_Goodwill	1,159,900us-gaap_Goodwill
Intangible assets, net	1,938,781	2,200,364
Note receivable - related party	212,223	282,368
Other assets	4,200us-gaap_OtherAssetsNoncurrent	166,891us-gaap_OtherAssetsNoncurrent
Total assets	9,798,552us-gaap_Assets	8,949,055us-gaap_Assets
Current liabilities
Accounts payable and accrued liabilities	450,241	790,826
Convertible notes payable - current	95,769us-gaap_ConvertibleNotesPayableCurrent	1,431,018us-gaap_ConvertibleNotesPayableCurrent
Notes payable	664,700us-gaap_OtherNotesPayableCurrent	264,700us-gaap_OtherNotesPayableCurrent
Notes payable - related parties	636,840	805,627
Deferred revenue - current	0us-gaap_DeferredRevenueCurrent	100,000us-gaap_DeferredRevenueCurrent
Common stock to be issued	566,667cik0001469628_CommonStockToBeIssued	850,000cik0001469628_CommonStockToBeIssued
Taxes payable	268,913us-gaap_TaxesPayableCurrent	84,448us-gaap_TaxesPayableCurrent
Total current liabilities	2,683,130us-gaap_LiabilitiesCurrent	4,326,619us-gaap_LiabilitiesCurrent
Convertible notes payable	0us-gaap_ConvertibleLongTermNotesPayable	332,000us-gaap_ConvertibleLongTermNotesPayable
Notes Payable	607,500us-gaap_LongTermNotesPayable	125,000us-gaap_LongTermNotesPayable
Total liabilities	3,290,630us-gaap_Liabilities	4,783,619us-gaap_Liabilities
Commitments and contingencies
Stockholders’ Equity
Preferred stock - 10,000,000 shares of $.0001 par value, no shares issued and outstanding	0us-gaap_PreferredStockValue	0us-gaap_PreferredStockValue
Common stock - 250,000,000 shares of $.0001 par value, 164,322,680 and 148,295,243 shares issued and outstanding, respectively	16,433us-gaap_CommonStockValue	14,830us-gaap_CommonStockValue
Additional paid-in capital	3,767,327us-gaap_AdditionalPaidInCapital	1,711,579us-gaap_AdditionalPaidInCapital
Non-controlling interest	2,427,426us-gaap_MinorityInterest	2,250,176us-gaap_MinorityInterest
Retained earnings	296,736	188,851
Total Stockholders’ equity	6,507,922	4,165,436
Total liabilities and Stockholders’ equity	$ 9,798,552	$ 8,949,055