| Summary of the effects of the restatement adjustments on each financial statement line item affected by the restatement as of the dates, and for the periods |
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As Previously |
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Network |
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Preferred Returns |
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Class A Units |
|
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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Adjustments |
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As Restated |
Consolidated Balance Sheet as of December 31, 2020 |
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Health Plan Settlement Receivable |
|
$ |
38,429,833 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,532,954 |
|
$ |
44,962,787 |
Total Current Assets |
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84,347,633 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,954 |
|
|
90,880,587 |
Total Assets |
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|
99,902,252 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,954 |
|
|
106,435,206 |
Class A Units Subject to Possible Redemption |
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— |
|
|
— |
|
|
— |
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43,656,270 |
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— |
|
|
43,656,270 |
Class D Units Subject to Possible Redemption |
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51,608,900 |
|
|
— |
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(4,567,346) |
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— |
|
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— |
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47,041,554 |
Contributed Capital |
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41,764,270 |
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— |
|
|
— |
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(41,764,270) |
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|
— |
|
|
— |
Class A Preferred Returns |
|
|
3,815,034 |
|
|
— |
|
|
(3,815,034) |
|
|
— |
|
|
— |
|
|
— |
Accumulated Equity-Based Compensation |
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|
1,368,567 |
|
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— |
|
|
— |
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(921,092) |
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— |
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|
447,475 |
Retained Loss from Non-Controlling Interests |
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(18,187,381) |
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|
18,187,381 |
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— |
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— |
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— |
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— |
Accumulated Deficit (formerly Accumulated Loss from Controlling Interest) |
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(126,242,225) |
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(18,187,381) |
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8,382,381 |
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(970,908) |
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6,532,954 |
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(130,485,179) |
Total Member’s Deficit |
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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) |
Total Liabilities, Mezzanine Equity & Members' Equity (Deficit) |
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99,902,252 |
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— |
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— |
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— |
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6,532,954 |
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106,435,206 |
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Consolidated Statement of Operations for the Year Ended December 31, 2020 |
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Capitated Revenue |
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$ |
471,551,241 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
9,188,336 |
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$ |
480,739,577 |
Other Patient Service Revenue |
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13,990,050 |
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— |
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— |
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— |
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(3,666,102) |
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10,323,948 |
Total Operating Revenue |
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485,541,291 |
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— |
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— |
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— |
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5,522,234 |
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491,063,525 |
Medical Expenses |
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485,513,143 |
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— |
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— |
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— |
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(1,010,720) |
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|
484,502,423 |
Total Operating Expenses |
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520,661,923 |
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— |
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— |
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— |
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(1,010,720) |
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519,651,203 |
Operating Loss |
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(35,120,632) |
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— |
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— |
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— |
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6,532,954 |
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(28,587,678) |
Interest Expense, net |
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(9,970,260) |
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— |
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7,437,080 |
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— |
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— |
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(2,533,180) |
Total Other Income (Expense) |
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(10,260,944) |
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— |
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7,437,080 |
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— |
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— |
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(2,823,864) |
Net Loss Attributable to Non-Controlling Interests |
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(4,307,071) |
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4,307,071 |
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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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(41,074,505) |
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(4,307,071) |
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|
7,437,080 |
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— |
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6,532,954 |
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(31,411,542) |
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Consolidated Statements of Changes in Members' Deficit for the Year Ended December 31, 2020 |
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Preferred Return(s) at 8% (Class A + Class D Units) |
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$ |
7,437,080 |
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$ |
— |
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$ |
(7,437,080) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
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(45,381,576) |
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— |
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7,437,080 |
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— |
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6,532,954 |
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|
(31,411,542) |
Balance as of December 31, 2020 |
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(97,661,735) |
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— |
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|
4,567,346 |
|
|
(43,656,270) |
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6,532,954 |
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|
(130,217,705) |
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Consolidated Statements of Cash Flows for the Year Ended December 31 2020 |
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Net Loss |
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$ |
(45,381,576) |
|
$ |
— |
|
$ |
7,437,080 |
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$ |
— |
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$ |
6,532,954 |
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$ |
(31,411,542) |
Health Plan Settlements Receivable/Premiums Receivable |
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(20,974,286) |
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— |
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— |
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|
— |
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(6,532,954) |
|
|
(27,507,240) |
Class A and Class D Preferred Returns |
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|
7,437,080 |
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— |
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(7,437,080) |
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— |
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— |
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— |
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Consolidated Balance Sheet as of December 31, 2019 |
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Class A Units Subject to Possible Redemption |
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$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
43,656,270 |
|
$ |
— |
|
$ |
43,656,270 |
Class D Units Subject to Possible Redemption |
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|
47,556,622 |
|
|
— |
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(515,068) |
|
|
— |
|
|
— |
|
|
47,041,554 |
Contributed Capital |
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|
41,764,270 |
|
|
— |
|
|
— |
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(41,764,270) |
|
|
— |
|
|
— |
Class A Preferred Returns |
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|
430,230 |
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|
— |
|
|
(430,230) |
|
|
— |
|
|
— |
|
|
— |
Accumulated Equity-Based Compensation |
|
|
921,092 |
|
|
— |
|
|
— |
|
|
(921,092) |
|
|
— |
|
|
— |
Retained Loss from Non-Controlling Interests |
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|
(13,880,310) |
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|
13,880,310 |
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|
— |
|
|
— |
|
|
— |
|
|
— |
Accumulated Deficit (formerly Accumulated Loss from Controlling Interest) |
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(85,167,716) |
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(13,880,310) |
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|
945,297 |
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(970,908) |
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— |
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(99,073,637) |
Total Member’s Deficit |
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(55,932,434) |
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— |
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|
515,068 |
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(43,656,271) |
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— |
|
|
(99,073,637) |
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Consolidated Statement of Operations for the Year Ended December 31, 2019 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Capitated Revenue |
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$ |
138,727,943 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
604,764 |
|
$ |
139,332,707 |
Other Patient Service Revenue |
|
|
7,166,889 |
|
|
— |
|
|
— |
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|
— |
|
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(1,017,484) |
|
|
6,149,405 |
Total Operating Revenue |
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|
145,894,832 |
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|
— |
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|
— |
|
|
— |
|
|
(412,720) |
|
|
145,482,112 |
Medical Expenses |
|
|
141,442,457 |
|
|
— |
|
|
— |
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|
— |
|
|
(412,720) |
|
|
141,029,737 |
Total Operating Expenses |
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|
185,430,503 |
|
|
— |
|
|
— |
|
|
— |
|
|
(412,720) |
|
|
185,017,783 |
Interest Expense, net |
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|
(3,479,139) |
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|
— |
|
|
945,297 |
|
|
— |
|
|
— |
|
$ |
(2,533,842) |
Total Other Income (Expense) |
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|
(3,381,184) |
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|
— |
|
|
945,297 |
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|
— |
|
|
— |
|
|
(2,435,887) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(7,907,592) |
|
|
7,907,592 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(35,009,263) |
|
|
(7,907,592) |
|
|
945,297 |
|
|
— |
|
|
— |
|
|
(41,971,558) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Consolidated Statements of Changes in Members' Deficit for the Year Ended December 31, 2019 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return(s) at 8% (Class A + Class D Units) |
|
$ |
945,298 |
|
$ |
— |
|
$ |
(945,298) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
|
|
(42,916,855) |
|
|
— |
|
|
945,297 |
|
|
— |
|
|
— |
|
|
(41,971,558) |
Conversion of Debt to Class A Units |
|
|
3,764,025 |
|
|
— |
|
|
— |
|
|
(3,764,025) |
|
|
— |
|
|
— |
Class A Units Issued |
|
|
11,184,468 |
|
|
— |
|
|
— |
|
|
(11,184,468) |
|
|
— |
|
|
— |
Redemption of Class A Units |
|
|
(15,000,000) |
|
|
— |
|
|
— |
|
|
15,000,000 |
|
|
— |
|
|
— |
Modification of Class A |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,892,002) |
|
|
— |
|
|
(1,892,002) |
Balance as of December 31, 2019 |
|
|
(55,932,434) |
|
|
— |
|
|
515,068 |
|
|
(43,656,271) |
|
|
— |
|
|
(99,073,637) |
|
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|
|
|
|
|
|
|
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Consolidated Statements of Cash Flows for the Year Ended December 31 2019 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Net Loss |
|
$ |
(42,916,855) |
|
$ |
— |
|
$ |
945,297 |
|
$ |
— |
|
$ |
— |
|
$ |
(41,971,558) |
Class A and Class D Preferred Returns |
|
|
945,297 |
|
|
— |
|
|
(945,297) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Consolidated Statements of Changes in Members' Deficit for the Year Ended December 31, 2018 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2018 |
|
$ |
(13,868,589) |
|
$ |
— |
|
$ |
— |
|
$ |
(41,815,530) |
|
$ |
— |
|
$ |
(55,684,119) |
|