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

CONSOLIDATED BALANCE SHEETS

v3.22.2.2
CONSOLIDATED BALANCE SHEETS - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 02, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 03, 2021
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 26)                    
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):                        
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.                        
Financial Designation, Predecessor and Successor [Fixed List] Successor Successor Successor Predecessor Predecessor Successor Predecessor Predecessor Predecessor Predecessor    
CURRENT ASSETS:                        
Cash $ 140,477,586 $ 140,477,586 $ 63,145,379 $ 16,322,893   $ 63,145,379 $ 16,322,893 $ 5,300,842 $ 36,261,104 $ 32,592,496    
Restricted Cash 356,286 356,286 753,920 223,872   753,920 223,872 54,095 3,641,843 312,352    
Health Plan Receivables 50,251,004 50,251,004 99,806,410     99,806,410     44,962,787      
Clinic Fees and Insurance Receivables, Net 1,090,104 1,090,104 1,931,291     1,931,291     675,954      
Other Receivables 726,903 726,903 261,935     261,935     146,117      
Prepaid Expenses and Other Current Assets 6,959,067 6,959,067 5,080,149     5,080,149     5,192,782      
TOTAL CURRENT ASSETS 199,860,950 199,860,950 170,979,084     170,979,084     90,880,587      
LONG-TERM ASSETS:                        
Property and Equipment, Net 8,230,250 8,230,250 9,630,761     9,630,761     7,743,414      
Less: Accumulated Depreciation (182,321) (182,321) (1,337,796)     (1,337,796)     (1,592,827)      
Property and Equipment, Net 8,047,929 8,047,929 8,292,965     8,292,965     6,150,587      
Goodwill 1,309,750,216 1,309,750,216 458,294,462     458,294,462   3,805,628 871,128 741,128 $ 1,278,452,778  
Intangible Assets, Net 835,838,605 835,838,605 793,553,591     793,553,591   2,011,208     $ 835,400,000  
Notes Receivable, Net 3,590,715 3,590,715 3,579,220     3,579,220     3,804,662      
Right of Use Asset 7,020,045 7,020,045 9,510,518     9,510,518     4,728,242      
TOTAL LONG-TERM ASSETS 2,164,247,510 2,164,247,510 1,273,230,756     1,273,230,756     15,554,619      
TOTAL ASSETS (1) 2,364,108,460 [1],[2] 2,364,108,460 [1],[2] 1,444,209,840 [1]     1,444,209,840 [1]     106,435,206 [2]      
CURRENT LIABILITIES:                        
Accounts Payable and Accrued Expenses 17,730,683 17,730,683 20,693,070     20,693,070     11,793,125      
Accrued Payroll 6,304,362 6,304,362 3,263,338     3,263,338     4,003,373      
Health Plans Settlements Payable 22,548,694 22,548,694 18,022,395     18,022,395     13,742,775      
Claims Payable 101,958,324 101,958,324 139,322,367     139,322,367     56,934,400      
Premium Deficiency Reserve 37,835,642 37,835,642 35,021,557     35,021,557     0      
Accrued Interest 8,771,065 8,771,065 11,329,930     11,329,930     4,052,406      
Current Portion of Long-Term Debt 46,101 46,101             89,988      
Short-Term Debt 3,578,561 3,578,561 1,178,229     1,178,229            
TOTAL CURRENT LIABILITIES 198,773,432 198,773,432 228,830,886     228,830,886     90,616,067      
LONG-TERM LIABILITIES:                        
Right of Use Liability 6,296,883 6,296,883 10,575,753     10,575,753     3,634,429      
Warrant Liabilities 11,382,826 11,382,826 5,429,009     5,429,009     6,316,605      
Contingent Consideration 3,486,593 3,486,593 3,674,192     3,674,192            
Long-Term Debt 80,000,000 80,000,000 80,000,000     80,000,000     45,387,986      
TOTAL LONG-TERM LIABILITIES 101,166,302 101,166,302 99,678,954     99,678,954     55,339,020      
TOTAL LIABILITIES (1) 299,939,734 [1],[2] 299,939,734 [1],[2] 328,509,840 [1]     328,509,840 [1]     145,955,087 [2]      
COMMITMENTS AND CONTINGENCIES (NOTE 26)              
Redeemable Non-Controlling Interest 1,790,617,285 1,790,617,285 1,007,075,525     1,007,075,525            
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):                        
Accumulated Equity-Based Compensation (Predecessor)                 447,474      
Redemption of Profits Interests (Predecessor)                 (180,000)      
Additional Paid in Capital 312,945,752 312,945,752 312,945,752     312,945,752            
Accumulated Deficit (39,418,124) (39,418,124) (204,345,577)     (204,345,577)     (130,485,179)      
TOTAL STOCKHOLDERS' EQUITY 273,551,441 273,551,441 108,624,475 $ (183,308,520) $ (154,407,902) 108,624,475 $ (183,308,520) (272,916,391) (130,217,705) $ (99,073,637)   $ (55,684,119)
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS' EQUITY 2,364,108,460 2,364,108,460 1,444,209,840     1,444,209,840     106,435,206      
Class D Units Subject To Possible Redemption | P3 Health Partners Inc.                        
LONG-TERM LIABILITIES:                        
Units Subject to Possible Redemption (Predecessor)                 47,041,554      
Class A Units Subject to Possible Redemption | P3 Health Partners Inc.                        
LONG-TERM LIABILITIES:                        
Units Subject to Possible Redemption (Predecessor)                 $ 43,656,270      
Common Class A                        
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):                        
Common stock               $ 874        
Common Class A | P3 Health Partners Inc.                        
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):                        
Common stock 4,158 4,158 4,158     4,158            
Common Class V | P3 Health Partners Inc.                        
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT):                        
Common stock $ 19,655 $ 19,655 $ 20,142     $ 20,142            
[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.”