Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Financial Statements (Details)

v3.22.2.2
Restatement of Previously Issued Financial Statements (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 02, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Consolidated Balance Sheet                              
Health Plan Settlement Receivables $ 50,251,004                       $ 44,962,787    
Total Current Assets 199,860,950                       90,880,587    
Total Assets [1] 2,364,108,460                       106,435,206    
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests) (39,418,124)                       (130,485,179)    
Total Member's Deficit 273,551,441                     $ (272,916,391) (130,217,705) $ (99,073,637) $ (55,684,119)
Total Liabilities, Mezzanine Equity & Members' Equity (Deficit) 2,364,108,460                       106,435,206    
Consolidated Statement of Operations                              
Total Operating Revenue 58,762,397                     578,602,418 491,063,525 145,482,112  
Medical Expenses 66,877,005                     592,465,049 484,502,423 141,029,737  
Total Operating Expenses 117,650,063                     707,660,010 519,651,203 185,017,783  
Operating Loss (58,887,666)                     (129,057,592) (28,587,678) (39,535,671)  
Interest Expense, net (1,321,922)                     (9,677,477) (2,533,180) (2,533,842)  
Total Other Income (Expense) 949,737                     (17,342,346) (2,823,864) (2,435,887)  
Net Loss Attributable to Noncontrolling Interest (47,856,729)                            
Net Loss (formerly Net Loss Attributable to Controlling Interests) (10,081,200)                     (146,399,938) (31,411,542) (41,971,558)  
Consolidated Statements of Changes in Members' Deficit                              
Total Member's Deficit 273,551,441                     (272,916,391) (130,217,705) (99,073,637) (55,684,119)
Net Loss 57,937,929                     146,399,938 31,411,542 41,971,558  
Redemption of Units                         (180,000)    
Modification                           (1,892,002)  
Consolidated Statements of Cash Flows                              
Net Loss 57,937,929                     146,399,938 31,411,542 41,971,558  
Capitated Revenue                              
Restatement of Previously Issued Financial Statements                              
Total RAF adjustments                         6,532,954    
Consolidated Balance Sheet                              
Health Plan Settlement Receivables 50,251,004                       44,962,787    
Consolidated Statement of Operations                              
Total Operating Revenue 57,224,539                     567,735,297 480,739,577 139,332,707  
Other Patient Service Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue $ 1,537,858                     10,867,121 $ 10,323,948 $ 6,149,405  
Class A and Class D Units                              
Consolidated Statements of Changes in Members' Deficit                              
Preferred return                         8.00% 8.00%  
Class A Units Subject to Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption                         $ 43,656,270    
Class D Units Subject To Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption                         47,041,554    
Class A Preferred Units                              
Consolidated Statements of Changes in Members' Deficit                              
Preferred return                           8.00%  
Class D Units Subject To Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption                       $ 47,041,554 47,041,554 $ 47,041,554  
As Previously Reported                              
Consolidated Balance Sheet                              
Health Plan Settlement Receivables       $ 3,687,918                 38,429,833    
Total Current Assets       78,762,484                 84,347,633    
Total Assets       94,189,692                 99,902,252    
Contributed Capital   $ 41,764,270 $ 41,764,270 41,764,270       $ 41,764,270   $ 41,764,270     41,764,270 41,764,270  
Class A Preferred Returns   6,594,660 5,632,496 4,705,644       5,632,496   6,594,660     3,815,034 430,230  
Accumulated Equity-Based Compensation   2,747,960 2,392,875 1,829,084       2,392,875   2,747,960     1,368,567 921,092  
Accumulated Loss from Controlling Interests     (23,429,094)         (23,429,094)              
Retained Loss from Non-Controlling Interests   (26,231,059)   (21,469,673)           (26,231,059)     (18,187,381) (13,880,310)  
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests)   (203,942,517) (172,576,003) (149,567,493)       (172,576,003)   (203,942,517)     (126,242,225) (85,167,716)  
Total Member's Deficit   (179,246,686) (146,395,455) (122,918,168) $ (84,110,848) $ (69,173,164) $ 63,212,106 (146,395,455) $ (69,173,164) (179,246,686) $ (84,110,848)   (97,661,735) (55,932,434) (13,868,589)
Total Liabilities, Mezzanine Equity & Members' Equity (Deficit)       94,189,692                 99,902,252    
Consolidated Statement of Operations                              
Total Operating Revenue   156,520,255 151,418,598 151,564,380 128,840,991 116,864,492 114,958,796 302,982,979 231,823,288 459,503,232 360,664,280   485,541,291 145,894,832  
Medical Expenses   161,662,423 150,679,717 146,890,945 127,015,976 105,777,973 115,464,322 297,570,662 221,242,295 459,233,085 348,258,272   485,513,143 141,442,457  
Total Operating Expenses                         520,661,923 185,430,503  
Operating Loss     (19,438,108)         (32,426,538)   (60,550,077)     (35,120,632)    
Interest Expense, net                         (9,970,260) (3,479,139)  
Total Other Income (Expense)                         (10,260,944) (3,381,184)  
Net Loss Attributable to Noncontrolling Interest   (2,801,965) (1,959,421) (3,282,292) 875,560 (2,774,562) (1,550,953) (5,241,713) (4,325,515) (8,043,678) (3,449,955)   (4,307,071) (7,907,592)  
Net Loss (formerly Net Loss Attributable to Controlling Interests)                         (41,074,505) (35,009,263)  
Consolidated Statements of Changes in Members' Deficit                              
Total Member's Deficit   (179,246,686) (146,395,455) (122,918,168) (84,110,848) (69,173,164) 63,212,106 (146,395,455) (69,173,164) (179,246,686) (84,110,848)   (97,661,735) (55,932,434) (13,868,589)
Net Loss                         (45,381,576) (42,916,855)  
Consolidated Statements of Cash Flows                              
Net Loss                         (45,381,576) (42,916,855)  
Health Plan Settlements Receivable/Premiums Receivable                         (20,974,286)    
Class A and Class D Preferred Returns       1,956,848     (1,859,271) 3,993,325 3,718,542 6,107,441 5,577,812   7,437,080 945,297  
As Previously Reported | Capitated Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue   152,276,992 147,159,665 147,700,465 124,461,275 114,042,681 112,514,334   226,557,015 447,137,121 351,018,290   471,551,241 138,727,943  
As Previously Reported | Other Patient Service Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue   4,243,263 4,258,933 3,863,915 4,379,716 2,821,811 2,444,462 8,122,849 5,266,273 12,366,111 9,645,990   13,990,050 7,166,889  
As Previously Reported | Class A and Class D Units                              
Consolidated Statements of Changes in Members' Deficit                              
Preferred Return(s) at 8%                         7,437,080 945,298  
As Previously Reported | Class D Units Subject To Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption   54,936,716 53,784,760 52,675,137       53,784,760   54,936,716     51,608,900 47,556,622  
As Previously Reported | Class A Preferred Units                              
Consolidated Statements of Changes in Members' Deficit                              
Conversion of Debt to Units                           3,764,025  
Units Issued                           11,184,468  
Redemption of Units                           (15,000,000)  
Network Adjustments                              
Consolidated Balance Sheet                              
Accumulated Loss from Controlling Interests     23,429,094         23,429,094              
Retained Loss from Non-Controlling Interests   26,231,059   21,469,673           26,231,059     18,187,381 13,880,310  
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests)   (26,231,059) (23,429,094) (21,469,673)       (23,429,094)   (26,231,059)     (18,187,381) (13,880,310)  
Consolidated Statement of Operations                              
Net Loss Attributable to Noncontrolling Interest   2,801,965 1,959,421 3,282,292 (875,560) 2,774,562 1,550,953 5,241,713 4,325,515 8,043,678 3,449,955   4,307,071 7,907,592  
Net Loss (formerly Net Loss Attributable to Controlling Interests)                         (4,307,071) (7,907,592)  
Preferred Returns Adjustments                              
Consolidated Balance Sheet                              
Class A Preferred Returns   (6,594,660) (5,632,496) (4,705,644)       (5,632,496)   (6,594,660)     (3,815,034) (430,230)  
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests)   14,489,765 12,375,705 10,339,227       12,375,705   14,489,765     8,382,381 945,297  
Total Member's Deficit   7,895,167 6,743,106 5,633,581 3,558,027 2,539,562 (1,527,340) 6,743,106 2,539,562 7,895,167 3,558,027   4,567,346 515,068  
Consolidated Statement of Operations                              
Interest Expense, net                         7,437,080 945,297  
Total Other Income (Expense)                         7,437,080 945,297  
Net Loss (formerly Net Loss Attributable to Controlling Interests)                         7,437,080 945,297  
Consolidated Statements of Changes in Members' Deficit                              
Total Member's Deficit   7,895,167 6,743,106 5,633,581 3,558,027 2,539,562 (1,527,340) 6,743,106 2,539,562 7,895,167 3,558,027   4,567,346 515,068  
Net Loss                         7,437,080 945,297  
Consolidated Statements of Cash Flows                              
Net Loss                         7,437,080 945,297  
Class A and Class D Preferred Returns       (1,956,848)     1,859,271 (3,993,325) (3,718,542) (6,107,441) (5,577,812)   (7,437,080) (945,297)  
Preferred Returns Adjustments | Class A and Class D Units                              
Consolidated Statements of Changes in Members' Deficit                              
Preferred Return(s) at 8%                         (7,437,080) (945,298)  
Preferred Returns Adjustments | Class D Units Subject To Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption   (7,895,162) (6,743,207) (5,633,583)       (6,743,207)   (7,895,162)     (4,567,346) (515,068)  
Class A Units Adjustments                              
Consolidated Balance Sheet                              
Contributed Capital   (41,764,270) (41,764,270) (41,764,270)       (41,764,270)   (41,764,270)     (41,764,270) (41,764,270)  
Accumulated Equity-Based Compensation   (921,092) (921,092) (921,092)       (921,092)   (921,092)     (921,092) (921,092)  
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests)   (970,908) (970,908) (970,908)       (970,908)   (970,908)     (970,908) (970,908)  
Total Member's Deficit   (43,656,331) (43,656,170) (43,656,269) (43,656,271) (43,656,272) 43,656,272 (43,656,170) (43,656,272) (43,656,331) (43,656,271)   (43,656,270) (43,656,271) (41,815,530)
Consolidated Statements of Changes in Members' Deficit                              
Total Member's Deficit   (43,656,331) (43,656,170) (43,656,269) (43,656,271) (43,656,272) 43,656,272 (43,656,170) (43,656,272) (43,656,331) (43,656,271)   (43,656,270) (43,656,271) (41,815,530)
Class A Units Adjustments | Class A Units Subject to Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption   43,656,270 43,656,270 43,656,270       43,656,270   43,656,270     43,656,270 43,656,270  
Class A Units Adjustments | Class A Preferred Units                              
Consolidated Statements of Changes in Members' Deficit                              
Conversion of Debt to Units                           (3,764,025)  
Units Issued                           (11,184,468)  
Redemption of Units                           15,000,000  
Modification                           (1,892,002)  
Revenue Adjustments                              
Consolidated Balance Sheet                              
Health Plan Settlement Receivables       6,532,954                 6,532,954    
Total Current Assets       6,532,954                 6,532,954    
Total Assets       6,532,954                 6,532,954    
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests)       6,532,954                 6,532,954    
Total Member's Deficit       6,532,954                 6,532,954    
Total Liabilities, Mezzanine Equity & Members' Equity (Deficit)       6,532,954                 6,532,954    
Consolidated Statement of Operations                              
Total Operating Revenue   (334,300) (6,832,155) (266,440) (297,500) (152,040) (150,800) (7,098,593) (302,840) (7,432,894) (600,340)   5,522,234 (412,720)  
Medical Expenses   (334,300) (299,200) (266,440) (297,500) (152,040) (150,800) (565,640) (302,840) (899,940) (600,340)   (1,010,720) (412,720)  
Total Operating Expenses                         (1,010,720) (412,720)  
Operating Loss     (6,532,955)         (6,532,953)   (6,532,954)     6,532,954    
Net Loss (formerly Net Loss Attributable to Controlling Interests)                         6,532,954    
Consolidated Statements of Changes in Members' Deficit                              
Total Member's Deficit       6,532,954                 6,532,954    
Net Loss                         6,532,954    
Consolidated Statements of Cash Flows                              
Net Loss                         6,532,954    
Health Plan Settlements Receivable/Premiums Receivable                         (6,532,954)    
Revenue Adjustments | Capitated Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue   796,003 (5,598,799) 1,263,725 721,351 472,742 436,017   908,759 (3,539,071) 1,630,111   9,188,336 604,764  
Revenue Adjustments | Other Patient Service Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue   (1,130,303) (1,233,356) (1,530,165) (1,018,851) (624,782) (586,817) (2,763,520) (1,211,599) (3,893,823) (2,230,451)   (3,666,102) (1,017,484)  
As Restated                              
Consolidated Balance Sheet                              
Health Plan Settlement Receivables       10,220,872                 44,962,787    
Total Current Assets       85,295,438                 90,880,587    
Total Assets       100,722,646                 106,435,206    
Accumulated Equity-Based Compensation   1,826,868 1,471,783 907,992       1,471,783   1,826,868     447,475    
Accumulated Deficit (formerly Accumulated Loss from Controlling Interests)   (216,654,719) (184,600,300) (155,135,893)       (184,600,300)   (216,654,719)     (130,485,179) (99,073,637)  
Total Member's Deficit   (215,007,850) (183,308,519) (154,407,902) (124,209,092) (110,289,874) 105,341,038 (183,308,519) (110,289,874) (215,007,850) (124,209,092)   (130,217,705) (99,073,637) (55,684,119)
Total Liabilities, Mezzanine Equity & Members' Equity (Deficit)       100,722,646                 106,435,206    
Consolidated Statement of Operations                              
Total Operating Revenue   156,185,955 144,586,443 151,297,940 128,543,491 116,712,452 114,807,996 295,884,386 231,520,448 452,070,338 360,063,940   491,063,525 145,482,112  
Medical Expenses   161,328,123 150,380,517 146,624,505 126,718,476 105,625,933 115,313,522 297,005,022 220,939,455 458,333,145 347,657,932   484,502,423 141,029,737  
Total Operating Expenses                         519,651,203 185,017,783  
Operating Loss     (25,971,063)         (38,959,491)   (67,083,031)     (28,587,678)    
Interest Expense, net                         (2,533,180) (2,533,842)  
Total Other Income (Expense)                         (2,823,864) (2,435,887)  
Net Loss (formerly Net Loss Attributable to Controlling Interests)                         (31,411,542) (41,971,558)  
Consolidated Statements of Changes in Members' Deficit                              
Total Member's Deficit   (215,007,850) (183,308,519) (154,407,902) (124,209,092) (110,289,874) 105,341,038 (183,308,519) (110,289,874) (215,007,850) (124,209,092)   (130,217,705) (99,073,637) $ (55,684,119)
Net Loss                         (31,411,542) (41,971,558)  
Consolidated Statements of Cash Flows                              
Net Loss                         (31,411,542) (41,971,558)  
Health Plan Settlements Receivable/Premiums Receivable                         (27,507,240)    
As Restated | Capitated Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue   153,072,995 141,560,866 148,964,190 125,182,626 114,515,423 112,950,351   227,465,774 443,598,050 352,648,401   480,739,577 139,332,707  
As Restated | Other Patient Service Revenue                              
Consolidated Statement of Operations                              
Total Operating Revenue   3,112,960 3,025,577 2,333,750 $ 3,360,865 $ 2,197,029 $ 1,857,645 5,359,329 $ 4,054,674 8,472,288 $ 7,415,539   10,323,948 6,149,405  
As Restated | Class A Units Subject to Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption   43,656,270 43,656,270 43,656,270       43,656,270   43,656,270     43,656,270 43,656,270  
As Restated | Class D Units Subject To Possible Redemption                              
Consolidated Balance Sheet                              
Units subject to possible redemption   $ 47,041,554 $ 47,041,553 $ 47,041,554       $ 47,041,553   $ 47,041,554     $ 47,041,554 47,041,554  
As Restated | Class A Preferred Units                              
Consolidated Statements of Changes in Members' Deficit                              
Modification                           $ (1,892,002)  
[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.”