Two healthcare diagnostics stocks are seeing a big spike in their Benzinga Edge Rankings Growth scores, indicating renewed strength and fervor over the past week.2 Diagnostics Stocks With Surging Growth ScoresIn Benzinga’s Edge Rankings, the Growth score is assessed based on the pace at which a company grows its revenue and earnings. The rankings give equal importance to both long-term trends as well as recent performances of a company to arrive at a balanced figure.See Also: 3 Undervalued Energy Stocks Tur ...

PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) FONAR operates in medical equipment and physician management services, known for pioneering 'open' MRI, with a privatization offer [General](index=4&type=section&id=GENERAL) FONAR Corporation, incorporated in 1978, operates in medical equipment and physician management segments - FONAR Corporation, incorporated July 17, 1978, is based in Melville, New York[14](index=14&type=chunk) - The company conducts business in two segments: medical equipment (FONAR) and physician management and diagnostic services (HMCA)[15](index=15&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=5&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD%20LOOKING%20STATEMENTS) Forward-looking statements are subject to risks and uncertainties, with no public update commitment - The report contains forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially from expectations[20](index=20&type=chunk)[21](index=21&type=chunk) - The company does not undertake to publicly update or revise any forward-looking statement unless required by law[23](index=23&type=chunk) [Physician and Diagnostic Services Management Segment](index=5&type=section&id=PHYSICIAN%20AND%20DIAGNOSTIC%20SERVICES%20MANAGEMENT%20SEGMENT) HMCA provides non-medical management services to diagnostic imaging facilities, with **$95.4 million** revenue in fiscal 2025 - HMCA provides comprehensive non-medical management services to diagnostic imaging facilities, including administrative, billing, IT, personnel, and marketing services[26](index=26&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - As of June 30, 2025, HMCA managed **44 MRI scanners** (26 in NY, 18 in FL), with revenues increasing to **$95.4 million** in fiscal 2025 from **$94.6 million** in fiscal 2024[29](index=29&type=chunk) - HMCA's growth strategy focuses on upgrading and expanding existing facilities and increasing the number of owned or managed facilities, including adding high field MRI scanners, extremity scanners, and x-ray machines[32](index=32&type=chunk) - Aggregate active management fees increased from **$4,960,733 per month** in fiscal 2024 to **$5,160,735 per month** in fiscal 2025[43](index=43&type=chunk) - Patient fees net of contractual allowances and discounts for HMCA-owned Florida facilities decreased from **$33,815,796** in fiscal 2024 to **$33,179,446** in fiscal 2025[45](index=45&type=chunk) - HMCA's clients receive reimbursements from various sources, including Medicare (**2.6% of revenues** in FY25, down from 2.7% in FY24) and Medicaid (**0.05%** in FY25, down from 0.06% in FY24)[51](index=51&type=chunk)[55](index=55&type=chunk)[58](index=58&type=chunk) - The healthcare industry is highly regulated by federal laws (False Claims Act, Stark Law, Anti-Kickback, HIPAA) and state laws, which can significantly impact permissible activities and reimbursement[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - Approximately **58.0%** of client receipts in fiscal 2025 and 2024 were from no-fault insurance, and **9.1%** (FY25) and **8.8%** (FY24) from workers' compensation programs[82](index=82&type=chunk) [Medical Equipment Segment](index=13&type=section&id=MEDICAL%20EQUIPMENT%20SEGMENT) FONAR's Upright® MRI scanner offers unique weight-bearing imaging, with **$8.4 million** service revenue in fiscal 2025 - The Upright® MRI scanner is FONAR's primary product, offering whole-body scanning in various postures (sitting, standing, bending, lying down) and a non-claustrophobic experience[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The Upright® MRI operates at a mid-field strength of **0.6 T**, providing diagnostically versatile images and unique advantages for conditions like spondylolisthesis, scoliosis, and Chiari malformation by imaging in weight-bearing positions[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[100](index=100&type=chunk) - Service and maintenance revenues from the external installed base increased to **$8.4 million** in fiscal 2025 from **$7.6 million** in fiscal 2024[105](index=105&type=chunk) - FONAR distributes AIRS Medical USA, Inc.'s SwiftMR product to improve image quality and efficiency and formed Opus Diagnostic Management, LLC in 2024 to service MRI scanners from other manufacturers[109](index=109&type=chunk)[110](index=110&type=chunk) - Research and development expenditures decreased by **9.2%** from **$1,735,949** in fiscal 2024 to **$1,576,086** in fiscal 2025, focusing on software improvements and new clinical protocols for the Upright® MRI[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[222](index=222&type=chunk) - FONAR holds **245 patents** as of June 30, 2025, including new patents for a next-generation patient positioning system and methods for monitoring treatment effectiveness and assessing cerebral palsy risk[119](index=119&type=chunk) - FONAR competes with major MRI manufacturers (Siemens, GE, Philips) primarily in the high-field market, but believes its Upright® MRI offers a competitive advantage due to higher field strength, larger dimensions, and diverse patient positioning[120](index=120&type=chunk)[121](index=121&type=chunk) - The FDA regulates FONAR's MRI scanners as Class II medical devices, requiring compliance with pre-market (510(k) clearance, labeling) and post-market (Quality Systems Regulation, Medical Device Reporting) requirements[129](index=129&type=chunk)[130](index=130&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - FONAR has initiated six voluntary recalls between 1987 and 2016 (five Class II, one Class III) involving minor product corrections[148](index=148&type=chunk) - The company complies with foreign regulatory requirements for export sales, including the EU's new medical device regulation (EU 2017/745)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) [Employees](index=22&type=section&id=EMPLOYEES) FONAR and HMCA employed approximately **535 individuals** across various functions as of August 7, 2025 - FONAR and HMCA had approximately **535 employees** as of August 7, 2025, across various functions including production, customer support, R&D, IT, marketing, sales, billing, and administrative roles[161](index=161&type=chunk) - FONAR operates in two segments: medical equipment (MRI scanners) and physician management/diagnostic services (HMCA)[15](index=15&type=chunk) - FONAR pioneered the first MRI scanner (1977), first commercial MRI (1980), and first 'open' MRI (1980), focusing on the Upright® Multi-Position™ MRI[16](index=16&type=chunk)[17](index=17&type=chunk) - A non-binding proposal was received on July 7, 2025, from a group led by the CEO and COO to acquire all outstanding common stock and other securities not currently owned by the group, aiming to de-list the company from NASDAQ[19](index=19&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from reduced reimbursement, inflation, cybersecurity, and intense competition - Reduced reimbursement rates from Medicare, other government programs, and private insurance companies negatively impact scanning center revenues and profitability[162](index=162&type=chunk) - Inflation has drastically increased costs for materials and labor, making organic growth more difficult and extending the time for new centers to achieve profitability[164](index=164&type=chunk) - Cybersecurity threats, including breaches and ransomware, pose a material risk to operations, data integrity, and could result in significant response costs and regulatory investigations[165](index=165&type=chunk) - The company is highly dependent on patient referrals from unaffiliated physicians and third parties; a reduction in referrals would decrease net revenue and operating margins[166](index=166&type=chunk) - Recent changes to Florida insurance law (House Bill 837, Tort Reform Act) negatively impact Florida diagnostic imaging facilities through more unpaid bills, higher administrative costs, and lower reimbursement rates[167](index=167&type=chunk) - The diagnostic imaging industry is highly competitive, with hospitals and independent imaging centers as principal competitors, particularly intense in the Florida market[168](index=168&type=

Core Viewpoint - FONAR Corporation's fiscal 2025 results showed mixed performance with modest revenue growth but significant pressure on profitability, leading to declines in net income and earnings per share [2][8]. Financial Performance - Net revenues increased by 1.4% to $104.4 million from $102.9 million, primarily driven by diagnostic imaging management services and product-related fees [2][3]. - Total costs and expenses rose by 7.4% to $92.8 million from $86.3 million, resulting in compressed margins [2]. - Income from operations decreased by 29.9% to $11.6 million from $16.5 million year-over-year [2]. - Net income fell by 24.3% to $10.7 million from $14.1 million, and diluted earnings per share declined by 19.6% to $1.23 from $1.53 [2]. Segment Performance - Revenues from the management of diagnostic imaging centers increased by 1% to $95.4 million in fiscal 2025 from $94.6 million in fiscal 2024 [3]. - Product sales and service/repair fees rose to $9 million in fiscal 2025 from $8.3 million in fiscal 2024 [3]. Key Business Metrics - Cash and cash equivalents remained stable at $56.3 million at the end of fiscal 2025 [4]. - Working capital increased to $127.5 million as of June 30, 2025, compared to $122.5 million a year earlier [4]. - Stockholders' equity rose to $160.1 million as of June 30, 2025, from $156.8 million a year ago [4]. - Operating cash flow decreased to $11.3 million in fiscal 2025 from $14.1 million in the prior year [4]. Operational Highlights - FONAR's subsidiary, Health Management Company of America (HMCA), was the primary income driver, with scan volume reaching a record 216,317, a 3.3% increase from the previous year [5]. - New York operations saw a 4.4% growth in scans, while Florida experienced muted growth of 1.6% due to regulatory changes affecting MRI demand [5][8]. Management Insights - CEO Timothy Damadian emphasized the expansion of HMCA's MRI operations, including the addition of high-field MRIs and plans for a new center in Nassau County [6]. - Management acknowledged margin pressures due to increased reserves and rising administrative expenses [7]. Future Outlook - FONAR did not provide formal financial guidance for fiscal 2026 but indicated plans for strategic network growth, including the installation of another high-field MRI and the opening of an additional HMCA-managed center [10]. - The company has an active stock repurchase plan, with $6.1 million spent on repurchasing shares, although repurchases have been suspended due to a potential "take private" transaction [11].

Core Insights - FONAR Corporation reported a 1% increase in total net revenues to $104.4 million for the fiscal year ended June 30, 2025, compared to $102.9 million for the previous fiscal year [3][7] - The company experienced a 30% decrease in income from operations, falling to $11.6 million, and a 24% decrease in net income to $10.7 million for the same period [9][12] - The diagnostic imaging management subsidiary, Health Management Company of America (HMCA), continues to grow, managing 44 MRI scanners and achieving a record scan volume of 216,317 in Fiscal 2025, a 3.3% increase from the previous year [13][14] Financial Performance - Total revenues increased by 1% to $104.4 million for the fiscal year ended June 30, 2025, compared to $102.9 million for the fiscal year ended June 30, 2024 [3][7] - Total costs and expenses rose by 7% to $92.8 million, up from $86.3 million in the previous fiscal year [3] - Income from operations decreased by 30% to $11.6 million, down from $16.5 million in the previous fiscal year [9] - Net income decreased by 24% to $10.7 million, compared to $14.1 million in the previous fiscal year [9][12] - Diluted net income per common share fell by 20% to $1.23 from $1.53 in the previous fiscal year [9] Revenue Breakdown - Revenues from the management of the diagnostic imaging center segment increased by 1% to $95.4 million for the fiscal year ended June 30, 2025, compared to $94.6 million for the previous fiscal year [4] - Revenues from product sales and upgrades, as well as service and repair fees, totaled $9.0 million, an increase from $8.3 million in the previous fiscal year [5] Cash and Assets - Cash and cash equivalents remained stable at $56.3 million as of June 30, 2025, compared to the previous fiscal year [7][10] - Total assets increased to $216.9 million from $214.2 million in the previous fiscal year [10] - Total stockholders' equity rose to $160.1 million from $156.8 million in the previous fiscal year [12] Operational Highlights - The company added two MRI scanners in Fiscal 2025, bringing the total to 44, with locations in New York and Florida [7][14] - Scan volume in New York increased by 4.4%, while Florida saw a modest increase of 1.6%, impacted by tort reform affecting MRI providers [13] - Research and development expenses decreased by 9% to $1.6 million, while selling, general, and administrative expenses increased by 11% to $29.7 million [8] Stock Repurchase and Future Plans - The stock repurchase plan initiated in September 2022 has repurchased 373,942 shares at a cost of approximately $6.07 million [15] - The company has temporarily suspended share repurchases due to a potential "Take Private" transaction announced in July 2025 [15]

Core Insights - FONAR Corporation's stock has gained 5% over the past three months, outperforming the industry average of 2.5% and the sector's 0.6% gain, but underperforming the S&P 500's 8.6% increase [1][2][8] Recent Developments - FONAR received a proposal from a group led by Timothy Damadian to take the company private by purchasing all outstanding shares [2] - The company announced strong third-quarter fiscal 2025 results, showing significant improvements in revenue and earnings, although product sales experienced a decline [2] Business Model and Technology - FONAR combines high-field MRIs with Stand-Up MRIs, which helps attract a wider physician referral base and reduces patient backlogs [3] - The company's signature product, the Upright MRI, allows whole-body imaging in various positions, providing a competitive edge in the MRI market [9][13] Financial Strengths - FONAR's diagnostic imaging management business, Health Management Company of America (HMCA), has expanded its MRI center network, providing a reliable source of recurring revenue [11] - The company maintains a conservative financial structure with minimal debt and ample liquidity, allowing it to navigate fluctuations in operating costs [12] Market Position and Valuation - FONAR's trailing 12-month EV/Sales ratio is 0.4X, significantly lower than the industry average of 6.4X, indicating potential for growth [15][17] - The company's differentiated technology and strong fundamentals position it favorably for future growth opportunities [18][19] Challenges - FONAR faces challenges such as reliance on no-fault and personal injury claims, which can lead to cash flow pressures and regulatory risks [14] - Rising operating expenses have eroded margins, making it difficult for the company to convert scan volume growth into sustained profitability [14]

Core Viewpoint - FONAR Corporation has received a supplemental proposal from a Proposed Acquisition Group led by Timothy Damadian, aiming to acquire all outstanding shares not currently owned by them at a price of $17.25 per share, representing a 27% premium over the average closing price for the 90 trading days ending June 30, 2025 [1]. Group 1: Acquisition Proposal - The Special Committee of FONAR's Board of Directors was formed to review the acquisition interest expressed by the Proposed Acquisition Group [2]. - The proposed acquisition price of $17.25 per share indicates a significant premium, suggesting the group is serious about pursuing the transaction [1]. - The Special Committee will consult with independent financial and legal advisors to determine the best course of action for FONAR and its shareholders [2]. Group 2: Company Background - FONAR, established in 1978, is recognized as the inventor of MR Scanning and is the oldest MRI company in the industry [5]. - The company is known for its FONAR UPRIGHT® Multi-Position™ MRI, which allows for imaging in various weight-bearing positions, providing advantages over traditional lie-down MRI scanners [7]. - FONAR's primary source of income is its subsidiary, Health Management Company of America (HMCA) [9]. Group 3: Technological Innovations - FONAR is developing new technology to visualize and quantify cerebrospinal fluid (CSF) dynamics, which could benefit patients with neck injuries [8]. - The company holds numerous patents related to its MRI technology, including those for full weight-bearing imaging [10].

Core Viewpoint - FONAR Corporation's Board of Directors has received a non-binding proposal from a Proposed Acquisition Group led by Timothy Damadian to acquire all outstanding shares of FONAR not currently owned by the group, with an anticipated premium of at least 10% over the average closing market price for the 90 trading days prior to July 1, 2025 [1][2]. Group 1: Proposal Details - The Proposed Acquisition Group currently owns approximately 5.01% of FONAR's outstanding stock [1]. - A special committee of independent directors has been established to review the proposal and determine the best course of action for the company and its shareholders [2]. Group 2: Company Background - FONAR, incorporated in 1978 and went public in 1981, is recognized as the inventor of MR Scanning and has a long history in the MRI industry [5]. - The company's flagship product is the FONAR UPRIGHT® Multi-Position™ MRI, which allows for imaging in various weight-bearing positions, providing advantages over traditional lie-down MRI scanners [6][8]. Group 3: Technological Innovations - FONAR is developing new technology to visualize and quantify cerebrospinal fluid dynamics, which could benefit patients with neck injuries [9]. - The company holds numerous patents related to its MRI technology, including those for full weight-bearing imaging [11].

Core Viewpoint - FONAR Corporation has appointed Mr. Robert M. Carrino as an independent director to its board, filling a vacancy left by the retirement of Ms. Claudette J.V. Chan, which reflects the company's commitment to enhancing its governance and expertise in the field of diagnostic imaging [1][2]. Group 1: Company Overview - FONAR Corporation, established in 1978 and publicly traded since 1981, is recognized as the inventor of MR scanning and has a long history in the MRI industry [3]. - The company is known for its FONAR UPRIGHT® Multi-Position™ MRI, which allows for imaging in various weight-bearing positions, providing unique diagnostic capabilities compared to traditional lie-down MRI scanners [4][8]. Group 2: Business Operations - The primary source of income and growth for FONAR is its subsidiary, Health Management Company of America (HMCA), which has expanded from managing 9 MRI scanners in 2009 to 44 MRI scanners today, completing over 200,000 MRI scans annually [2][7]. - FONAR is transitioning to accelerated filer status, which indicates a growth phase and increased regulatory requirements, highlighting the importance of Mr. Carrino's accounting expertise [2]. Group 3: Technological Advancements - FONAR is developing new technology to visualize and quantify the flow of cerebrospinal fluid (CSF) in the central nervous system, which could significantly benefit patients with neck injuries [6]. - The company holds numerous patents related to its MRI technology, particularly for full weight-bearing imaging, which is crucial for assessing gravity-sensitive regions of the human anatomy [8].

Core Viewpoint - FONAR Corporation's stock has significantly outperformed the S&P 500 Index following the release of its fiscal third-quarter earnings, indicating strong market confidence in the company's performance and growth potential [1]. Financial Performance Overview - For the quarter ended March 31, 2025, FONAR reported a 5.6% year-over-year increase in total net revenues, reaching $27.2 million compared to $25.7 million in the prior year [2]. - Net income attributable to the company increased by 25.8% to $3.1 million from $2.5 million a year earlier, despite a 2.2% decline in income from operations [2]. - Diluted net income per common share surged 37% to $0.37, up from $0.27 in the third quarter of fiscal 2024 [2]. - Management and other fees rose 6.4% to $12.9 million, while service and repair fees increased by 26.2% to $2.3 million [2]. - Patient fee revenues increased by 2.8% to $8.9 million, but product sales dropped 50% to $55,000 [2]. Operational Efficiency and Business Metrics - Total costs and expenses increased by 6.9% to $23.5 million, with SG&A expenses rising 5.2% to $7.9 million [3]. - Despite the increase in expenses, FONAR reported a solid net margin improvement due to revenue growth and a lower tax provision of $1 million, down from $1.8 million [3]. Balance Sheet and Liquidity - Total assets slightly increased to $214.9 million as of March 31, 2025, while total liabilities declined to $54.7 million [4]. - The current ratio improved to 10.0, indicating robust short-term liquidity [4]. - Working capital increased by 4% to $127.1 million, and net book value per common share rose by 5% to $25.98 [4]. Cash Flow and Management Commentary - Operating cash flow for the nine months ended March 31, 2025, was $7 million, down from $9.5 million in the prior year [5]. - Chairman and CEO Timothy Damadian highlighted record-setting scan volumes as a key driver of revenue growth, with 54,612 MRI scans completed in the third quarter, a 2.8% sequential increase [6]. - The hybrid model of combining high-field MRIs with Stand-Up MRIs is attracting a broader physician referral base and alleviating patient backlogs [7]. Drivers Behind Financial Performance - The increase in net income was primarily driven by lower income tax provisions and stable investment income, despite modest revenue gains [8]. - Careful expense management and optimized operational efficiencies contributed to bolstering the bottom line [8]. - Revenue diversification through services and management fees contributed to a more balanced earnings profile [9]. Challenges and Other Developments - FONAR faced challenges from rising SG&A expenses and a decline in product sales, attributed to utility charges and receivables-related reserves [10]. - Under a stock repurchase plan, FONAR has repurchased 373,942 shares at a cost of approximately $6.1 million as of March 31, 2025 [11].

Financial Performance - Total revenues for the three months ended March 31, 2025, were $27.165 million, an increase of 5.7% compared to $25.718 million for the same period in 2024[19] - Consolidated net income attributable to FONAR for the three months ended March 31, 2025, was $2.506 million, representing a 33.9% increase from $1.872 million in the prior year[19] - Basic net income per common share available to common stockholders increased to $0.38 for the three months ended March 31, 2025, compared to $0.28 for the same period in 2024[19] - Total revenues for the nine months ended March 31, 2025, were $77,075 million, a slight increase from $76,941 million in the same period in 2024, representing a growth of 0.2%[21] - Consolidated net income for the nine months ended March 31, 2025, was $9,329 million, down from $12,463 million, a decrease of 25.5%[21] - Basic net income per common share available to common stockholders was $1.14, compared to $1.42 in the prior year, a decline of 19.7%[21] Assets and Liabilities - Total current assets as of March 31, 2025, were $141.101 million, slightly up from $140.324 million as of June 30, 2024[10] - Total assets increased to $214.923 million as of March 31, 2025, compared to $214.246 million as of June 30, 2024[16] - Total liabilities decreased to $54.664 million as of March 31, 2025, from $57.458 million as of June 30, 2024[13] - The company reported a total equity of $160.259 million as of March 31, 2025, up from $156.788 million as of June 30, 2024[16] Expenses - Total costs and expenses for the nine months ended March 31, 2025, were $66,371 million, up from $61,739 million, indicating an increase of 7.5%[21] - Selling, general, and administrative expenses rose to $20,055 million from $18,046 million, an increase of 11.1%[21] - Research and development expenses for the three months ended March 31, 2025, were $441 thousand, compared to $414 thousand in the same period of 2024[19] - The company reported an interest expense of $21 million, down from $67 million, indicating a decrease of 68.7%[21] Cash Flow - The company had cash and cash equivalents of $54.257 million as of March 31, 2025, compared to $56.341 million as of June 30, 2024[10] - The net cash provided by operating activities for the nine months ended March 31, 2025, was $7,045,000, compared to $9,496,000 in 2024, reflecting a decrease of approximately 25.9%[35] - The company reported a net cash used in investing activities of $3,157,000 for the nine months ended March 31, 2025, compared to $501,000 in 2024[35] Shareholder Information - The weighted average diluted shares outstanding decreased to 6,372 million from 6,538 million[21] - The company repurchased 115 shares at a cost of $1,806 during the nine months ended March 31, 2025, compared to 116 shares at a cost of $1,885 in the same period of 2024[92] - The total net carrying amount of other intangible assets as of March 31, 2025, was $3,230, an increase from $2,870 as of June 30, 2024[80] Revenue Sources - Patient fee revenue decreased to $24,284 million from $25,511 million, reflecting a decline of 4.8% year-over-year[21] - Management and other fees increased to $37,447 million from $36,585 million, showing a growth of 2.4%[21] - Approximately 58.8% of net revenues for the three months ended March 31, 2025, were derived from no-fault and personal injury protection claims, up from 56.3% for the same period in 2024[68] Accounting and Compliance - The company identified three immaterial errors in its financial statements, resulting in an out-of-period charge to expenses of $116,000 for the nine months ended March 31, 2025[53] - The company is evaluating the impact of new accounting standards issued by FASB, which may affect disclosures in future financial statements[54][55] - The company has established a current expected credit loss (CECL) model to address credit risk associated with accounts receivable[60] Taxation - The company recorded an income tax expense of $3,018 for the nine months ended March 31, 2025, down from $4,884 in the same period of 2024, a decrease of 38.2%[96] - The Inflation Reduction Act imposed a 1% excise tax on share repurchases and a 15% corporate alternative minimum tax, but did not have a material impact on the company's financial statements as of March 31, 2025[100] Miscellaneous - The company sold non-controlling interests to a minority shareholder for $132,000 during the nine months ended March 31, 2025[38] - The company recorded $39,000 in investment income from a promissory note during the nine months ended March 31, 2025, with a total sales price of $577,000 for an MRI scanner sold to a related party[105]