Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash $ 34,357,237 $ 140,477,586
Restricted Cash 1,003,307 356,286
Health Plan Receivables, Net 81,497,703 50,251,004
Clinic Fees and Insurance Receivables, Net 1,049,253 1,090,104
Other Receivables 2,736,184 726,903
Prepaid Expenses and Other Current Assets 3,523,867 6,959,067
TOTAL CURRENT ASSETS 124,167,551 199,860,950
LONG-TERM ASSETS:    
Property and Equipment 11,509,656 8,230,250
Less: Accumulated Depreciation (1,994,380) (182,321)
Property and Equipment, Net 9,515,276 8,047,929
Goodwill 463,496,191 1,309,750,216
Intangible Assets, Net 772,411,083 835,838,605
Notes Receivable, Net 3,563,462 3,590,715
Right of Use Asset 9,977,886 7,020,045
TOTAL LONG-TERM ASSETS 1,258,963,898 2,164,247,510
TOTAL ASSETS (1) [1] 1,383,131,449 2,364,108,460
CURRENT LIABILITIES:    
Accounts Payable and Accrued Expenses 24,072,391 17,730,683
Accrued Payroll 7,358,102 6,304,362
Health Plans Settlements Payable 20,626,836 22,548,694
Claims Payable 134,705,426 101,958,324
Premium Deficiency Reserve 27,719,928 37,835,642
Accrued Interest 12,655,918 8,771,065
Current Portion of Long-Term Debt   46,101
Short-Term Debt 0 3,578,561
TOTAL CURRENT LIABILITIES 227,138,601 198,773,432
LONG-TERM LIABILITIES:    
Right of Use Liability 11,156,949 6,296,883
Warrant Liabilities 7,996,432 11,382,826
Contingent Consideration 4,684,503 3,486,593
Long-Term Debt 80,000,000 80,000,000
TOTAL LONG-TERM LIABILITIES 103,837,884 101,166,302
TOTAL LIABILITIES (1) [1] 330,976,485 299,939,734
COMMITMENTS AND CONTINGENCIES (NOTE 23)
Redeemable Non-Controlling Interest 974,078,949 1,790,617,285
STOCKHOLDERS' EQUITY:    
Additional Paid in Capital 293,570,464 312,945,752
Accumulated Deficit (215,518,760) (39,418,124)
TOTAL STOCKHOLDERS' EQUITY 78,076,015 273,551,441
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS' EQUITY 1,383,131,449 2,364,108,460
Common Class A    
STOCKHOLDERS' EQUITY:    
Common stock 4,158 4,158
Common Class V    
STOCKHOLDERS' EQUITY:    
Common stock $ 20,153 $ 19,655
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 25 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the P3 LLC’s VIEs totaling $6.8 million and $8.1 million as of September 30, 2022 and December 31, 2021, respectively, and total liabilities of the P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $9.9 million and $6.1 million as of September 30, 2022 and December 31, 2021, respectively. These VIE assets and liabilities do not include $6.0 million of investment in affiliates as of September 30, 2022 and December 31, 2021, and $27.0 million and $24.1 million of amounts due to affiliates as of September 30, 2022 and December 31, 2021, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets. See Note 25 “Variable Interest Entities.”