Business
United American Healthcare Corporation’s Subsidiaries show strong Third Quarter Fiscal Year 2017 Results
United American Healthcare Corporation’s Subsidiaries show strong Third Quarter Fiscal Year 2017 Results.
About this update from United American Healthcare Corp.
[{"type":"text","content":"\n\n CHICAGO, Dec. 29, 2017 (GLOBE NEWSWIRE) -- United American Healthcare Corporation (the “Company”), today announced that it plans to release its consolidated financial operational results for the three and nine months ended September 30, 2017 by December 31, 2017.\n UAHC Ventures, LLC The Company’s wholly-owned subsidiary, UAHC Ventures, LLC (“UAHC Ventures”), was formed on July 21, 2017 with the purpose of pursuing strategic investment opportunities in growth industries such as digital currency.  On August 23, 2017, the Company announced that UAHC Ventures partnered with MGT Capital Investments, Inc. (“MGTI”) by investing $2 million in MGTI through the purchase of a Secured Convertible Promissory Note (“Note”) and Warrant to Purchase Common Stock (“Warrant”), the proceeds of which were to be utilized by MGTI to further expand and develop its Bitcoin mining operations. UAHC Ventures purchased the $2,410,000 face value Note at a $400,000 discount (the “Note Discount”). Additionally, transaction costs of $10,000 were included in the initial principal balance of the Note.  Generally Accepted Accounting Principles (“GAAP”) require the Company to recognize periodic interest income related to the Note Discount over the expected life of the investment at the Effective Interest Rate of the Note, which is 99.9%.  Additionally, the convertible features of the Note and the structure of the Warrant, including conversion and exercise prices that are at a discount to MGTI’s market price as of September 30, 2017, have implied values that have also been recorded in accordance with GAAP in the Company’s third quarter fiscal year 2017 consolidated financial statements. The captured value of the Note Discount and implied values of the Note and Warrant have had a positive impact on the Company’s financial results. Pulse Systems, LLC The Company’s wholly-owned subsidiary, Pulse Systems, LLC (“Pulse”), is a contract manufacturing company that provides services to the medical device industry. Pulse’s Sales Income grew by 17.8% year over year for the nine months beginning January 1st and ending September 30th. This increase in Sales Income combined with reductions in Pulse’s cost of goods sold duri...