Annual report pursuant to Section 13 and 15(d)

Restatement of Quarterly Financial Information (Unaudited) - Condensed (Details)

v3.22.2.2
Restatement of Quarterly Financial Information (Unaudited) - Condensed (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
Condensed 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 Liabilities, Mezzanine Equity & Members' Equity (Deficit) 2,364,108,460                       106,435,206  
Condensed 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
Operating Loss (58,887,666)                     (129,057,592) (28,587,678) (39,535,671)
Net Loss Attributable to Noncontrolling Interest (47,856,729)                          
Condensed Consolidated Statements of Changes in Members' Deficit                            
Balance at the end 273,551,441                     (272,916,391) (130,217,705) (99,073,637)
Condensed Consolidated Statements of Cash Flows                            
Health Plan Receivables / Premiums 3,236,036                     (2,770,246) (27,507,240) (9,653,991)
Capitated Revenue                            
Condensed Consolidated Balance Sheet                            
Health Plan Settlement Receivables 50,251,004                       44,962,787  
Condensed Consolidated Statement of Operations                            
Total Operating Revenue 57,224,539                     567,735,297 480,739,577 139,332,707
Other Patient Service Revenue                            
Condensed Consolidated Statement of Operations                            
Total Operating Revenue $ 1,537,858                     $ 10,867,121 10,323,948 $ 6,149,405
Class A Units Subject to Possible Redemption                            
Condensed Consolidated Balance Sheet                            
Units subject to possible redemption                         43,656,270  
Class D Units Subject To Possible Redemption                            
Condensed Consolidated Balance Sheet                            
Units subject to possible redemption                         $ 47,041,554  
Class A and Class D Units                            
Condensed Consolidated Statements of Changes in Members' Deficit                            
Preferred return                         8.00% 8.00%
Class A Units                            
Condensed Consolidated Statements of Changes in Members' Deficit                            
Preferred return   8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%      
As Previously Reported                            
Condensed 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 Liabilities, Mezzanine Equity & Members' Equity (Deficit)       94,189,692                 99,902,252  
Condensed 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   184,643,797 170,856,707 164,552,810 142,355,570 121,527,179 121,088,507 335,409,517 242,615,687 520,053,309 384,971,257      
Operating Loss     (19,438,108)         (32,426,538)   (60,550,077)     (35,120,632)  
Interest Expense, net   (4,643,254) (4,406,240) (4,081,134) (2,316,579) (2,249,977) (2,261,063) (8,487,374) (4,561,039) (13,130,628) (6,877,619)      
Total Other Expense   (6,044,940) (5,529,823) (13,619,130) (2,316,579) (2,299,977) (2,261,063) (19,148,953) (4,561,039) (25,193,893) (6,877,619)      
Net Loss   34,168,482 24,967,931 26,607,560 15,831,158 6,962,664 8,390,774 51,575,491 15,353,438 85,743,970 31,184,596      
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)   (31,366,517) (23,008,510) (23,325,268) (16,706,718) (4,188,102) (6,839,821) (46,333,778) (11,027,923) (77,700,292) (27,734,641)      
Condensed Consolidated Statements of Changes in Members' Deficit                            
Net Loss   34,168,482 24,967,931 26,607,560 15,831,158 6,962,664 8,390,774 51,575,491 15,353,438 85,743,970 31,184,596      
Balance at the end   (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)
Condensed Consolidated Statements of Cash Flows                            
Net Loss   34,168,482 24,967,931 26,607,560 15,831,158 6,962,664 8,390,774 51,575,491 15,353,438 85,743,970 31,184,596      
Health Plan Receivables / Premiums               (5,320,861)   (7,417,477)        
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                            
Condensed 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
Interest Expense, net               294,860,130            
As Previously Reported | Other Patient Service Revenue                            
Condensed 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 D Units Subject To Possible Redemption                            
Condensed 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 and Class D Units                            
Condensed Consolidated Statements of Changes in Members' Deficit                            
Preferred Return(s) at 8%                         7,437,080 945,298
As Previously Reported | Class A Units                            
Condensed Consolidated Statements of Changes in Members' Deficit                            
Preferred Return(s) at 8%   962,163 926,852 890,612 840,805 847,048 846,999 1,817,564 1,694,048 2,779,619 2,534,853      
Network Adjustments                            
Condensed 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)
Condensed 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)   (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)      
Preferred Returns Adjustments                            
Condensed 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
Condensed Consolidated Statement of Operations                            
Interest Expense, net   2,114,063 2,036,476 1,956,848 1,859,270 1,859,271 1,859,271 3,993,325 3,718,542 6,107,441 5,577,812      
Total Other Expense   2,114,063 2,036,476 1,956,848 1,859,270 1,859,271 1,859,271 3,993,325 3,718,542 6,107,441 5,577,812      
Net Loss   (2,114,063) (2,036,476) (1,956,848) (1,859,270) (1,859,271) (1,859,271) (3,993,325) (3,718,542) (6,107,441) (5,577,812)      
Net Loss (formerly Net Loss Attributable to Controlling Interests)   2,114,063 2,036,476 1,956,848 1,859,270 1,859,271 1,859,271 3,993,325 3,718,542 6,107,441 5,577,812      
Condensed Consolidated Statements of Changes in Members' Deficit                            
Net Loss   (2,114,063) (2,036,476) (1,956,848) (1,859,270) (1,859,271) (1,859,271) (3,993,325) (3,718,542) (6,107,441) (5,577,812)      
Balance at the end   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
Condensed Consolidated Statements of Cash Flows                            
Net Loss   (2,114,063) (2,036,476) (1,956,848) (1,859,270) (1,859,271) (1,859,271) (3,993,325) (3,718,542) (6,107,441) (5,577,812)      
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 D Units Subject To Possible Redemption                            
Condensed 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)
Preferred Returns Adjustments | Class A and Class D Units                            
Condensed Consolidated Statements of Changes in Members' Deficit                            
Preferred Return(s) at 8%                         (7,437,080) (945,298)
Preferred Returns Adjustments | Class A Units                            
Condensed Consolidated Statements of Changes in Members' Deficit                            
Preferred Return(s) at 8%   (962,163) (926,852) (890,612) (840,805) (847,048) (846,999) (1,817,564) (1,694,048) (2,779,619) (2,534,853)      
Class A Units Adjustment                            
Condensed 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)
Condensed Consolidated Statements of Changes in Members' Deficit                            
Balance at the end   (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)
Class A Units Adjustment | Class A Units Subject to Possible Redemption                            
Condensed 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
Revenue Adjustment                            
Condensed 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 Liabilities, Mezzanine Equity & Members' Equity (Deficit)       6,532,954                 6,532,954  
Condensed 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   (334,300) (299,200) (266,440) (297,500) (152,040) (150,800) (565,640) (302,840) (899,940) (600,340)      
Operating Loss     (6,532,955)         (6,532,953)   (6,532,954)     6,532,954  
Net Loss     6,532,955         6,532,953   6,532,954        
Net Loss (formerly Net Loss Attributable to Controlling Interests)     (6,532,955)         (6,532,953)   (6,532,954)        
Condensed Consolidated Statements of Changes in Members' Deficit                            
Net Loss     6,532,955         6,532,953   6,532,954        
Balance at the end       6,532,954                 6,532,954  
Condensed Consolidated Statements of Cash Flows                            
Net Loss     6,532,955         6,532,953   6,532,954        
Health Plan Receivables / Premiums               6,532,953   6,532,954        
Revenue Adjustment | Capitated Revenue                            
Condensed 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
Interest Expense, net               (4,335,073)            
Revenue Adjustment | Other Patient Service Revenue                            
Condensed 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                            
Condensed 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 Liabilities, Mezzanine Equity & Members' Equity (Deficit)       100,722,646                 106,435,206  
Condensed 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   184,309,497 170,557,507 164,286,370 142,058,070 121,375,139 120,937,707 334,843,877 242,312,847 519,153,369 384,370,917      
Operating Loss     (25,971,063)         (38,959,491)   (67,083,031)     (28,587,678)  
Interest Expense, net   (2,529,191) (2,369,764) (2,124,286) (457,309) (390,706) (401,792) (4,494,049) (842,497) (7,023,187) (1,299,807)      
Total Other Expense   (3,930,877) (3,493,347) (11,662,282) (457,309) (440,706) (401,792) (15,155,628) (842,497) (19,086,452) (1,299,807)      
Net Loss   32,054,419 29,464,410 24,650,712 13,971,888 5,103,393 6,531,503 54,115,119 11,634,896 86,169,483 25,606,784      
Net Loss (formerly Net Loss Attributable to Controlling Interests)   (32,054,419) (29,464,410) (24,650,712) (13,971,888) (5,103,393) (6,531,503) (54,115,119) (11,634,896) (86,169,483) (25,606,784)      
Condensed Consolidated Statements of Changes in Members' Deficit                            
Net Loss   32,054,419 29,464,410 24,650,712 13,971,888 5,103,393 6,531,503 54,115,119 11,634,896 86,169,483 25,606,784      
Balance at the end   (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)
Condensed Consolidated Statements of Cash Flows                            
Net Loss   32,054,419 29,464,410 24,650,712 13,971,888 5,103,393 6,531,503 54,115,119 11,634,896 86,169,483 25,606,784      
Health Plan Receivables / Premiums               1,212,092   (884,523)        
As Restated | Capitated Revenue                            
Condensed 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
Interest Expense, net               290,525,057            
As Restated | Other Patient Service Revenue                            
Condensed 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                            
Condensed 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                            
Condensed 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
[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.”