Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financial Designation, Predecessor and Successor [Fixed List] Successor Predecessor
CURRENT ASSETS:    
Cash $ 140,477,586 $ 36,261,104
Restricted Cash 356,286 3,641,843
Health Plan Receivables 50,251,004 44,962,787
Clinic Fees and Insurance Receivables, Net 1,090,104 675,954
Other Receivables 726,903 146,117
Prepaid Expenses and Other Current Assets 6,959,067 5,192,782
TOTAL CURRENT ASSETS 199,860,950 90,880,587
LONG-TERM ASSETS:    
Property and Equipment 8,230,250 7,743,414
Less: Accumulated Depreciation (182,321) (1,592,827)
Property and Equipment, Net 8,047,929 6,150,587
Goodwill 1,309,750,216 871,128
Intangible Assets, Net 835,838,605  
Notes Receivable, Net 3,590,715 3,804,662
Right of Use Asset 7,020,045 4,728,242
TOTAL LONG-TERM ASSETS 2,164,247,510 15,554,619
TOTAL ASSETS [1] 2,364,108,460 106,435,206
CURRENT LIABILITIES:    
Accounts Payable and Accrued Expenses 17,730,683 11,793,125
Accrued Payroll 6,304,362 4,003,373
Health Plans Settlements Payable 22,548,694 13,742,775
Claims Payable 101,958,324 56,934,400
Premium Deficiency Reserve 37,835,642 0
Accrued Interest 8,771,065 4,052,406
Current Portion of Long-Term Debt 46,101 89,988
Short-Term Debt 3,578,561  
TOTAL CURRENT LIABILITIES 198,773,432 90,616,067
LONG-TERM LIABILITIES:    
Right of Use Liability 6,296,883 3,634,429
Warrant Liabilities 11,382,826 6,316,605
Contingent Consideration 3,486,593  
Long-Term Debt 80,000,000 45,387,986
TOTAL LONG-TERM LIABILITIES 101,166,302 55,339,020
TOTAL LIABILITIES (1) [1] 299,939,734 145,955,087
COMMITMENTS AND CONTINGENCIES (NOTE 26)
Redeemable Non-Controlling Interest 1,790,617,285  
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):    
Accumulated Equity-Based Compensation (Predecessor)   447,474
Redemption of Profits Interests (Predecessor)   (180,000)
Additional Paid in Capital 312,945,752  
Accumulated Deficit (39,418,124) (130,485,179)
TOTAL STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT) 273,551,441 (130,217,705)
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT) 2,364,108,460 106,435,206
Class D Units Subject To Possible Redemption    
LONG-TERM LIABILITIES:    
Units Subject to Possible Redemption (Predecessor)   47,041,554
Class A Units Subject to Possible Redemption    
LONG-TERM LIABILITIES:    
Units Subject to Possible Redemption (Predecessor)   $ 43,656,270
Class A Common    
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):    
Common stock 4,158  
Class V Common    
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):    
Common stock $ 19,655  
[1] The Company’s consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 28: 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 numbers below refer only to VIEs held at the P3 LLC level. The consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $8.1 million and $0.8 million as of December 31, 2021 and December 31, 2020, respectively, and total liabilities of P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $6.1 million and $1.7 million as of December 31, 2021 and December 31, 2020, respectively. These VIE assets and liabilities do not include $6.0 million of investment in affiliates and $24.1 million of amounts due to affiliates as of December 31, 2021 and $19.4 million of amounts due to affiliates as of December 31, 2020 as these are eliminated in consolidation and not presented within the consolidated balance sheets. See Note 28 “Variable Interest Entities.”