Post-effective amendment to a registration statement that is not immediately effective upon filing

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Dec. 03, 2021
Dec. 02, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:                  
Cash       $ 100,935     $ 179,512    
TOTAL CURRENT ASSETS       456,123     179,512    
LONG-TERM ASSETS:                  
TOTAL ASSETS (1)       316,723,259     394,960    
CURRENT LIABILITIES:                  
TOTAL CURRENT LIABILITIES       21,449,750     372,246    
LONG-TERM LIABILITIES:                  
TOTAL LIABILITIES (1)       34,663,009     372,246    
COMMITMENTS AND CONTINGENCIES (NOTE 23)              
STOCKHOLDERS' EQUITY:                  
Additional Paid in Capital             24,209    
Accumulated Deficit       (34,190,624)     (2,286)    
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS' EQUITY       316,723,259     394,960    
P3 Health Partners Inc.                  
CURRENT ASSETS:                  
Cash $ 63,145,379 $ 140,477,586   5,300,842 $ 16,322,893   36,261,104 $ 32,592,496  
Restricted Cash 753,920 356,286   54,095 223,872   3,641,843 312,352  
Health Plan Receivables, Net 99,806,410 50,251,004         44,962,787    
Clinic Fees and Insurance Receivables, Net 1,931,291 1,090,104         675,954    
Other Receivables 261,935 726,903         146,117    
Prepaid Expenses and Other Current Assets 5,080,149 6,959,067         5,192,782    
TOTAL CURRENT ASSETS 170,979,084 199,860,950         90,880,587    
LONG-TERM ASSETS:                  
Property and Equipment, Net 9,630,761 8,230,250         7,743,414    
Less: Accumulated Depreciation (1,337,796) (182,321)         (1,592,827)    
Property, Plant and Equipment, Net 8,292,965 8,047,929         6,150,587    
Goodwill 458,294,462 1,309,750,216 $ 1,278,452,778 3,805,628     871,128 741,128  
Intangible Assets, Net 793,553,591 835,838,605 $ 835,400,000 2,011,208          
Notes Receivable, Net 3,579,220 3,590,715         3,804,662    
Right of Use Asset 9,510,518 7,020,045         4,728,242    
TOTAL LONG-TERM ASSETS 1,273,230,756 2,164,247,510         15,554,619    
TOTAL ASSETS (1) 1,444,209,840 [1] 2,364,108,460 [1],[2]         106,435,206 [2]    
CURRENT LIABILITIES:                  
Accounts Payable and Accrued Expenses 20,693,070 17,730,683         11,793,125    
Accrued Payroll 3,263,338 6,304,362         4,003,373    
Health Plans Settlements Payable 18,022,395 22,548,694         13,742,775    
Claims Payable 139,322,367 101,958,324         56,934,400    
Premium Deficiency Reserve 35,021,557 37,835,642         0    
Accrued Interest 11,329,930 8,771,065         4,052,406    
Current Portion of Long-Term Debt   46,101         89,988    
Short-Term Debt 1,178,229 3,578,561              
TOTAL CURRENT LIABILITIES 228,830,886 198,773,432         90,616,067    
LONG-TERM LIABILITIES:                  
Right of Use Liability 10,575,753 6,296,883         3,634,429    
Warrant Liabilities 5,429,009 11,382,826         6,316,605    
Contingent Consideration 3,674,192 3,486,593              
Long-Term Debt 80,000,000 80,000,000         45,387,986    
TOTAL LONG-TERM LIABILITIES 99,678,954 101,166,302         55,339,020    
TOTAL LIABILITIES (1) 328,509,840 [1] 299,939,734 [1],[2]         145,955,087 [2]    
COMMITMENTS AND CONTINGENCIES (NOTE 23)            
Redeemable Non-Controlling Interest 1,007,075,525 1,790,617,285              
STOCKHOLDERS' EQUITY:                  
Additional Paid in Capital 312,945,752 312,945,752              
Accumulated Deficit (204,345,577) (39,418,124)         (130,485,179)    
TOTAL STOCKHOLDERS' EQUITY 108,624,475 273,551,441   (272,916,391) $ (183,308,520) $ (154,407,902) (130,217,705) $ (99,073,637) $ (55,684,119)
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS' EQUITY 1,444,209,840 2,364,108,460         $ 106,435,206    
Common Class A                  
STOCKHOLDERS' EQUITY:                  
Common stock       $ 874          
Common Class A | P3 Health Partners Inc.                  
STOCKHOLDERS' EQUITY:                  
Common stock 4,158 4,158              
Common Class V | P3 Health Partners Inc.                  
STOCKHOLDERS' EQUITY:                  
Common stock $ 20,142 $ 19,655              
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 25: 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 condensed consolidated balance sheets include total assets that can be used only to settle obligations of the P3 LLC’s VIEs totaling $9.2 million and $8.1 million as of June 30, 2022 and December 31, 2021, respectively, and total liabilities of the P# LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $7.8 million and $6.1 million as of June 30, 2022 and December 31, 2021, respectively. These VIE assets and liabilities do not include $6.0 million of investment in affiliates as of June 30, 2022 and December 31, 2021, and $28.6 million and $24.1 million of amounts due to affiliates as of June 30, 2022 and December 31, 2021, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets. See Note 25 “Variable Interest Entities.”
[2] 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.”