| Summary of the effects of the restatement on each financial statement line item affected by the restatement as of the dates, and for the periods |
The following tables summarize the restatement adjustments on each financial statement line item affected by the restatement as of the dates, and for the periods, indicated:
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As Previously |
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Network |
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Preferred Returns |
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Class A Units |
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Revenue |
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Reported |
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Adjustments |
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Adjustments |
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Adjustments |
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Adjustment |
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As Restated |
Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2021 (Unaudited) |
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Capitated Revenue |
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$ |
447,137,121 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(3,539,071) |
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$ |
443,598,050 |
Other Patient Service Revenue |
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12,366,111 |
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— |
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— |
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— |
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(3,893,823) |
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8,472,288 |
Total Operating Revenue |
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459,503,232 |
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— |
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— |
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— |
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(7,432,894) |
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452,070,338 |
Medical Expenses |
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459,233,085 |
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— |
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— |
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— |
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(899,940) |
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458,333,145 |
Total Operating Expenses |
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520,053,309 |
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— |
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— |
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— |
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(899,940) |
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519,153,369 |
Operating Loss |
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(60,550,077) |
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— |
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— |
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— |
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(6,532,954) |
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(67,083,031) |
Interest Expense, net |
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(13,130,628) |
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— |
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6,107,441 |
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— |
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— |
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(7,023,187) |
Total Other Expenses |
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(25,193,893) |
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— |
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6,107,441 |
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— |
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— |
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(19,086,452) |
Net Loss Attributable to Non-Controlling Interests |
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(8,043,678) |
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8,043,678 |
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— |
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— |
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— |
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— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
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(77,700,292) |
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(8,043,678) |
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6,107,441 |
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— |
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(6,532,954) |
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(86,169,483) |
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Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2021 (Unaudited) |
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Capitated Revenue |
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$ |
152,276,992 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
796,003 |
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$ |
153,072,995 |
Other Patient Service Revenue |
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4,243,263 |
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— |
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— |
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— |
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(1,130,303) |
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3,112,960 |
Total Operating Revenue |
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156,520,255 |
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— |
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— |
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— |
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(334,300) |
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156,185,955 |
Medical Expenses |
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161,662,423 |
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— |
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— |
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— |
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(334,300) |
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161,328,123 |
Total Operating Expenses |
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184,643,797 |
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— |
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— |
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— |
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(334,300) |
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184,309,497 |
Interest Expense, net |
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(4,643,254) |
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— |
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2,114,121 |
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— |
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— |
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(2,529,133) |
Total Other Expenses |
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(6,044,940) |
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— |
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2,114,121 |
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— |
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(3,930,819) |
Net Loss Attributable to Non-Controlling Interests |
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(2,801,965) |
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2,801,965 |
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— |
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— |
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— |
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— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
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(31,366,517) |
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(2,801,965) |
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2,114,121 |
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— |
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— |
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(32,054,361) |
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Condensed Consolidated Statement of Changes in Members' Deficit for the Nine Months Ended September 30, 2021 |
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Preferred Return at 8% for Class A Units |
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$ |
2,779,619 |
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$ |
— |
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$ |
(2,779,619) |
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$ |
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$ |
— |
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$ |
— |
Net Loss |
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(85,743,970) |
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— |
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6,107,441 |
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— |
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(6,532,954) |
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(86,169,483) |
Balance as of September 30, 2021 |
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(179,246,686) |
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— |
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7,895,224 |
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(43,656,331) |
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— |
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(215,007,793) |
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Condensed Consolidated Statement of Changes in Members' Deficit for the Three Months Ended September 30, 2021 |
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Preferred Return at 8% for Class A Units |
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$ |
962,163 |
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$ |
— |
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$ |
(962,163) |
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$ |
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$ |
— |
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$ |
— |
Net Loss |
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(34,168,482) |
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— |
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2,114,121 |
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— |
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— |
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(32,054,361) |
Balance as of September 30, 2021 |
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(179,246,686) |
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— |
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7,895,224 |
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(43,656,331) |
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— |
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(215,007,793) |
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Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2021 |
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Net Loss |
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$ |
(85,743,970) |
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$ |
— |
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$ |
6,107,441 |
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$ |
— |
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$ |
(6,532,954) |
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$ |
(86,169,483) |
Health Plan Settlements Receivable/Premiums Receivable |
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(7,417,477) |
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— |
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— |
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— |
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6,532,954 |
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(884,523) |
Class A and Class D Preferred Returns |
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6,107,441 |
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— |
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(6,107,441) |
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— |
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— |
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— |
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Condensed Consolidated Statement of Changes in Members' Deficit for the Three Months Ended June 30, 2021 |
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Preferred Return at 8% for Class A Units |
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$ |
926,852 |
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$ |
— |
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$ |
(926,852) |
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$ |
— |
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$ |
— |
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$ |
— |
Net Loss |
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(24,967,931) |
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— |
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2,036,476 |
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— |
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(6,532,955) |
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(29,464,410) |
Balance as of June 30, 2021 |
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(146,395,455) |
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— |
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6,743,106 |
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(43,656,170) |
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— |
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(183,308,519) |
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Condensed Consolidated Statements of Changes in Members' Deficit for the 3 Months Ended March 31, 2021 |
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Preferred Return at 8% for Class A Units |
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$ |
890,612 |
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$ |
— |
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$ |
(890,612) |
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$ |
— |
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$ |
— |
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$ |
— |
Net Loss |
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(26,607,560) |
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— |
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1,956,848 |
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— |
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— |
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(24,650,712) |
Balance as of March 31, 2021 |
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(122,918,168) |
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— |
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5,633,581 |
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(43,656,269) |
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6,532,954 |
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(154,407,902) |
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Consolidated Statements of Changes in Members' Deficit for the Year Ended December 31, 2020 |
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Balance as of December 31, 2020 |
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$ |
(97,661,735) |
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$ |
— |
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$ |
4,567,346 |
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$ |
(43,656,270) |
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$ |
6,532,954 |
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$ |
(130,217,705) |
*Rounding may cause variances
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