| Restatement of Quarterly Financial Information (Unaudited) |
Note 30: Restatement of Quarterly Financial Information (Unaudited)
We have restated herein our previously issued unaudited condensed consolidated financial statements for each interim period within the fiscal years ended December 31, 2021 and December 31, 2020. See Note 2 “Restatement of Previously Issued Financial Statements” for additional information.
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As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Revenue |
|
|
|
|
|
Reported |
|
Adjustments |
|
Adjustments |
|
Adjustment |
|
Adjustments |
|
As Restated |
Condensed Consolidated Balance Sheet as of September 30, 2021 (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
Class A Units Subject to Possible Redemption |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
43,656,270 |
|
$ |
— |
|
$ |
43,656,270 |
Class D Units Subject to Possible Redemption |
|
|
54,936,716 |
|
|
— |
|
|
(7,895,162) |
|
|
— |
|
|
— |
|
|
47,041,554 |
Contributed Capital |
|
|
41,764,270 |
|
|
— |
|
|
— |
|
|
(41,764,270) |
|
|
— |
|
|
— |
Class A Preferred Returns |
|
|
6,594,660 |
|
|
— |
|
|
(6,594,660) |
|
|
— |
|
|
— |
|
|
— |
Accumulated Equity-Based Compensation |
|
|
2,747,960 |
|
|
— |
|
|
— |
|
|
(921,092) |
|
|
— |
|
|
1,826,868 |
Retained Loss from Non-Controlling Interests |
|
|
(26,231,059) |
|
|
26,231,059 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Accumulated Deficit (formerly Accumulated Loss from Controlling Interest) |
|
|
(203,942,517) |
|
|
(26,231,059) |
|
|
14,489,765 |
|
|
(970,908) |
|
|
— |
|
|
(216,654,719) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2021 (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
447,137,121 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(3,539,071) |
|
$ |
443,598,050 |
Other Patient Service Revenue |
|
|
12,366,111 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,893,823) |
|
|
8,472,288 |
Total Operating Revenue |
|
|
459,503,232 |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,432,894) |
|
|
452,070,338 |
Medical Expenses |
|
|
459,233,085 |
|
|
— |
|
|
— |
|
|
— |
|
|
(899,940) |
|
|
458,333,145 |
Total Operating Expenses |
|
|
520,053,309 |
|
|
— |
|
|
— |
|
|
— |
|
|
(899,940) |
|
|
519,153,369 |
Operating Loss |
|
|
(60,550,077) |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,532,954) |
|
|
(67,083,031) |
Interest Expense, net |
|
|
(13,130,628) |
|
|
— |
|
|
6,107,441 |
|
|
— |
|
|
— |
|
|
(7,023,187) |
Total Other Expenses |
|
|
(25,193,893) |
|
|
— |
|
|
6,107,441 |
|
|
— |
|
|
— |
|
|
(19,086,452) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(8,043,678) |
|
|
8,043,678 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(77,700,292) |
|
|
(8,043,678) |
|
|
6,107,441 |
|
|
— |
|
|
(6,532,954) |
|
|
(86,169,483) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2021 (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Capitated Revenue |
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$ |
152,276,992 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
796,003 |
|
$ |
153,072,995 |
Other Patient Service Revenue |
|
|
4,243,263 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,130,303) |
|
|
3,112,960 |
Total Operating Revenue |
|
|
156,520,255 |
|
|
— |
|
|
— |
|
|
— |
|
|
(334,300) |
|
|
156,185,955 |
Medical Expenses |
|
|
161,662,423 |
|
|
— |
|
|
— |
|
|
— |
|
|
(334,300) |
|
|
161,328,123 |
Total Operating Expenses |
|
|
184,643,797 |
|
|
— |
|
|
— |
|
|
— |
|
|
(334,300) |
|
|
184,309,497 |
Interest Expense, net |
|
|
(4,643,254) |
|
|
— |
|
|
2,114,063 |
|
|
— |
|
|
— |
|
|
(2,529,191) |
Total Other Expenses |
|
|
(6,044,940) |
|
|
— |
|
|
2,114,063 |
|
|
— |
|
|
— |
|
|
(3,930,877) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(2,801,965) |
|
|
2,801,965 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(31,366,517) |
|
|
(2,801,965) |
|
|
2,114,063 |
|
|
— |
|
|
— |
|
|
(32,054,419) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Members' Deficit for the Nine Months Ended September 30, 2021 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Preferred Return at 8% for Class A Units |
|
$ |
2,779,619 |
|
$ |
— |
|
$ |
(2,779,619) |
|
$ |
— |
|
|
— |
|
$ |
— |
Net Loss |
|
|
(85,743,970) |
|
|
— |
|
|
6,107,441 |
|
|
— |
|
|
(6,532,954) |
|
|
(86,169,483) |
Balance as of September 30, 2021 |
|
|
(179,246,686) |
|
|
— |
|
|
7,895,167 |
|
|
(43,656,331) |
|
|
— |
|
|
(215,007,850) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Members' Deficit for the Three Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
962,163 |
|
$ |
— |
|
$ |
(962,163) |
|
$ |
— |
|
|
— |
|
$ |
— |
Net Loss |
|
|
(34,168,482) |
|
|
— |
|
|
2,114,063 |
|
|
— |
|
|
— |
|
|
(32,054,419) |
Balance as of September 30, 2021 |
|
|
(179,246,686) |
|
|
— |
|
|
7,895,167 |
|
|
(43,656,331) |
|
|
— |
|
|
(215,007,850) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2021 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(85,743,970) |
|
$ |
— |
|
$ |
6,107,441 |
|
$ |
— |
|
|
(6,532,954) |
|
$ |
(86,169,483) |
Health Plan Settlements Receivable/Premiums Receivable |
|
|
(7,417,477) |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,954 |
|
|
(884,523) |
Class A and Class D Preferred Returns |
|
|
6,107,441 |
|
|
— |
|
|
(6,107,441) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Revenue |
|
|
|
|
|
Reported |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
Adjustment |
|
As Restated |
Condensed Consolidated Balance Sheet as of June 30, 2021 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Units Subject to Possible Redemption |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
43,656,270 |
|
$ |
— |
|
$ |
43,656,270 |
Class D Units Subject to Possible Redemption |
|
|
53,784,760 |
|
|
— |
|
|
(6,743,207) |
|
|
— |
|
|
— |
|
|
47,041,553 |
Contributed Capital |
|
|
41,764,270 |
|
|
— |
|
|
— |
|
|
(41,764,270) |
|
|
— |
|
|
— |
Class A Preferred Returns |
|
|
5,632,496 |
|
|
— |
|
|
(5,632,496) |
|
|
— |
|
|
— |
|
|
— |
Accumulated Equity-Based Compensation |
|
|
2,392,875 |
|
|
— |
|
|
— |
|
|
(921,092) |
|
|
— |
|
|
1,471,783 |
Retained Loss from Non-Controlling Interests |
|
|
(23,429,094) |
|
|
23,429,094 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Accumulated Deficit (formerly Accumulated Loss from Controlling Interest) |
|
|
(172,576,003) |
|
|
(23,429,094) |
|
|
12,375,705 |
|
|
(970,908) |
|
|
— |
|
|
(184,600,300) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2021 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
294,860,130 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(4,335,073) |
|
$ |
290,525,057 |
Other Patient Service Revenue |
|
|
8,122,849 |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,763,520) |
|
|
5,359,329 |
Total Operating Revenue |
|
|
302,982,979 |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,098,593) |
|
|
295,884,386 |
Medical Expenses |
|
|
297,570,662 |
|
|
— |
|
|
— |
|
|
— |
|
|
(565,640) |
|
|
297,005,022 |
Total Operating Expenses |
|
|
335,409,517 |
|
|
— |
|
|
— |
|
|
— |
|
|
(565,640) |
|
|
334,843,877 |
Operating Loss |
|
|
(32,426,538) |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,532,953) |
|
|
(38,959,491) |
Interest Expense, net |
|
|
(8,487,374) |
|
|
— |
|
|
3,993,325 |
|
|
— |
|
|
— |
|
|
(4,494,049) |
Total Other Expenses |
|
|
(19,148,953) |
|
|
— |
|
|
3,993,325 |
|
|
— |
|
|
— |
|
|
(15,155,628) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(5,241,713) |
|
|
5,241,713 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(46,333,778) |
|
|
(5,241,713) |
|
|
3,993,325 |
|
|
— |
|
|
(6,532,953) |
|
|
(54,115,119) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2021 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
147,159,665 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(5,598,799) |
|
$ |
141,560,866 |
Other Patient Service Revenue |
|
|
4,258,933 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,233,356) |
|
|
3,025,577 |
Total Operating Revenue |
|
|
151,418,598 |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,832,155) |
|
|
144,586,443 |
Medical Expenses |
|
|
150,679,717 |
|
|
— |
|
|
— |
|
|
— |
|
|
(299,200) |
|
|
150,380,517 |
Total Operating Expenses |
|
|
170,856,707 |
|
|
— |
|
|
— |
|
|
— |
|
|
(299,200) |
|
|
170,557,507 |
Operating Loss |
|
|
(19,438,108) |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,532,955) |
|
|
(25,971,063) |
Interest Expense, net |
|
|
(4,406,240) |
|
|
— |
|
|
2,036,476 |
|
|
— |
|
|
— |
|
|
(2,369,764) |
Total Other Expenses |
|
|
(5,529,823) |
|
|
— |
|
|
2,036,476 |
|
|
— |
|
|
— |
|
|
(3,493,347) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(1,959,421) |
|
|
1,959,421 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(23,008,510) |
|
|
(1,959,421) |
|
|
2,036,476 |
|
|
— |
|
|
(6,532,955) |
|
|
(29,464,410) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Members' Deficit for the Six Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
1,817,564 |
|
$ |
— |
|
$ |
(1,817,564) |
|
$ |
— |
|
|
— |
|
$ |
— |
Net Loss |
|
|
(51,575,491) |
|
|
— |
|
|
3,993,325 |
|
|
— |
|
|
(6,532,953) |
|
|
(54,115,119) |
Balance as of June 30,2021 |
|
|
(146,395,455) |
|
|
— |
|
|
6,743,106 |
|
|
(43,656,170) |
|
|
— |
|
|
(183,308,519) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Members' Deficit for the Three Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
926,852 |
|
$ |
— |
|
$ |
(926,852) |
|
$ |
— |
|
|
— |
|
$ |
— |
Net Loss |
|
|
(24,967,931) |
|
|
— |
|
|
2,036,476 |
|
|
— |
|
|
(6,532,955) |
|
|
(29,464,410) |
Balance as of June 30,2021 |
|
|
(146,395,455) |
|
|
— |
|
|
6,743,106 |
|
|
(43,656,170) |
|
|
— |
|
|
(183,308,519) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(51,575,491) |
|
$ |
— |
|
$ |
3,993,325 |
|
$ |
— |
|
|
(6,532,953) |
|
$ |
(54,115,119) |
Health Plan Settlements Receivable/Premiums Receivable |
|
|
(5,320,861) |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,953 |
|
|
1,212,092 |
Class A and Class D Preferred Returns |
|
|
3,993,325 |
|
|
— |
|
|
(3,993,325) |
|
|
— |
|
|
— |
|
|
— |
*Rounding may cause variances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Revenue |
|
|
|
|
|
Reported |
|
Adjustment |
|
Adjustment |
|
Adjustments |
|
Adjustment |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheet as of March 31, 2021 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Plan Settlement Receivables |
|
$ |
3,687,918 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,532,954 |
|
$ |
10,220,872 |
Total Current Assets |
|
|
78,762,484 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,954 |
|
|
85,295,438 |
Total Assets |
|
|
94,189,692 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,954 |
|
|
100,722,646 |
Class A Units Subject to Possible Redemption |
|
|
— |
|
|
— |
|
|
— |
|
|
43,656,270 |
|
|
— |
|
|
43,656,270 |
Class D Units Subject to Possible Redemption |
|
|
52,675,137 |
|
|
— |
|
|
(5,633,583) |
|
|
— |
|
|
— |
|
|
47,041,554 |
Contributed Capital |
|
|
41,764,270 |
|
|
— |
|
|
— |
|
|
(41,764,270) |
|
|
— |
|
|
— |
Class A Preferred Returns |
|
|
4,705,644 |
|
|
— |
|
|
(4,705,644) |
|
|
— |
|
|
— |
|
|
— |
Accumulated Equity-Based Compensation |
|
|
1,829,084 |
|
|
— |
|
|
— |
|
|
(921,092) |
|
|
— |
|
|
907,992 |
Retained Loss from Non-Controlling Interests |
|
|
(21,469,673) |
|
|
21,469,673 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Accumulated Deficit (formerly Accumulated Loss from Controlling Interest) |
|
|
(149,567,493) |
|
|
(21,469,673) |
|
|
10,339,227 |
|
|
(970,908) |
|
|
6,532,954 |
|
|
(155,135,893) |
Total Liabilities, Mezzanine Equity & Members' Equity (Deficit) |
|
|
94,189,692 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,532,954 |
|
|
100,722,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2021 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
147,700,465 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,263,725 |
|
$ |
148,964,190 |
Other Patient Service Revenue |
|
|
3,863,915 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,530,165) |
|
|
2,333,750 |
Total Operating Revenue |
|
|
151,564,380 |
|
|
— |
|
|
— |
|
|
— |
|
|
(266,440) |
|
|
151,297,940 |
Medical Expenses |
|
|
146,890,945 |
|
|
— |
|
|
— |
|
|
— |
|
|
(266,440) |
|
|
146,624,505 |
Total Operating Expenses |
|
|
164,552,810 |
|
|
— |
|
|
— |
|
|
— |
|
|
(266,440) |
|
|
164,286,370 |
Interest Expense, net |
|
|
(4,081,134) |
|
|
— |
|
|
1,956,848 |
|
|
— |
|
|
— |
|
|
(2,124,286) |
Total Other Expenses |
|
|
(13,619,130) |
|
|
— |
|
|
1,956,848 |
|
|
— |
|
|
— |
|
|
(11,662,282) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(3,282,292) |
|
|
3,282,292 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(23,325,268) |
|
|
(3,282,292) |
|
|
1,956,848 |
|
|
— |
|
|
— |
|
|
(24,650,712) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Changes in Members' Deficit for the 3 Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
890,612 |
|
$ |
— |
|
$ |
(890,612) |
|
$ |
— |
|
|
— |
|
$ |
— |
Net Loss |
|
|
(26,607,560) |
|
|
— |
|
|
1,956,848 |
|
|
— |
|
|
— |
|
|
(24,650,712) |
Balance as of March 31,2021 |
|
|
(122,918,168) |
|
|
— |
|
|
5,633,581 |
|
|
(43,656,269) |
|
|
6,532,954 |
|
|
(154,407,902) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the 3 Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(26,607,560) |
|
$ |
— |
|
$ |
1,956,848 |
|
|
— |
|
|
— |
|
$ |
(24,650,712) |
Class A and Class D Preferred Returns |
|
|
1,956,848 |
|
|
— |
|
|
(1,956,848) |
|
|
— |
|
|
— |
|
|
— |
*Rounding may cause variances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Capitated Revenue |
|
|
|
|
|
Reported |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2020 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
351,018,290 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,630,111 |
|
$ |
352,648,401 |
Other Patient Service Revenue |
|
|
9,645,990 |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,230,451) |
|
|
7,415,539 |
Total Operating Revenue |
|
|
360,664,280 |
|
|
— |
|
|
— |
|
|
— |
|
|
(600,340) |
|
|
360,063,940 |
Medical Expenses |
|
|
348,258,272 |
|
|
— |
|
|
— |
|
|
— |
|
|
(600,340) |
|
|
347,657,932 |
Total Operating Expenses |
|
|
384,971,257 |
|
|
— |
|
|
— |
|
|
— |
|
|
(600,340) |
|
|
384,370,917 |
Interest Expense, net |
|
|
(6,877,619) |
|
|
— |
|
|
5,577,812 |
|
|
— |
|
|
— |
|
|
(1,299,807) |
Total Other Expenses |
|
|
(6,877,619) |
|
|
— |
|
|
5,577,812 |
|
|
— |
|
|
— |
|
|
(1,299,807) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(3,449,955) |
|
|
3,449,955 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(27,734,641) |
|
|
(3,449,955) |
|
|
5,577,812 |
|
|
— |
|
|
— |
|
|
(25,606,784) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Three Months Ended September 30, 2020 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
124,461,275 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
721,351 |
|
$ |
125,182,626 |
Other Patient Service Revenue |
|
|
4,379,716 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,018,851) |
|
|
3,360,865 |
Total Operating Revenue |
|
|
128,840,991 |
|
|
— |
|
|
— |
|
|
— |
|
|
(297,500) |
|
|
128,543,491 |
Medical Expenses |
|
|
127,015,976 |
|
|
— |
|
|
— |
|
|
— |
|
|
(297,500) |
|
|
126,718,476 |
Total Operating Expenses |
|
|
142,355,570 |
|
|
— |
|
|
— |
|
|
— |
|
|
(297,500) |
|
|
142,058,070 |
Interest Expense, net |
|
|
(2,316,579) |
|
|
— |
|
|
1,859,270 |
|
|
— |
|
|
— |
|
|
(457,309) |
Total Other Expenses |
|
|
(2,316,579) |
|
|
— |
|
|
1,859,270 |
|
|
— |
|
|
— |
|
|
(457,309) |
Net Income Attributable to Non-Controlling Interests |
|
|
875,560 |
|
|
(875,560) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(16,706,718) |
|
|
875,560 |
|
|
1,859,270 |
|
|
— |
|
|
— |
|
|
(13,971,888) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Changes in Members' Deficit for the 9 Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
2,534,853 |
|
$ |
— |
|
$ |
(2,534,853) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
|
|
(31,184,596) |
|
|
— |
|
|
5,577,812 |
|
|
— |
|
|
— |
|
|
(25,606,784) |
Balance as of September 30, 2020 |
|
|
(84,110,848) |
|
|
— |
|
|
3,558,027 |
|
|
(43,656,271) |
|
|
— |
|
|
(124,209,092) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Changes in Members' Deficit for the 3 Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
840,805 |
|
$ |
— |
|
$ |
(840,805) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
|
|
(15,831,158) |
|
|
— |
|
|
1,859,270 |
|
|
— |
|
|
— |
|
|
(13,971,888) |
Balance as of September 30, 2020 |
|
|
(84,110,848) |
|
|
— |
|
|
3,558,027 |
|
|
(43,656,271) |
|
|
— |
|
|
(124,209,092) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the 9 Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(31,184,596) |
|
$ |
— |
|
$ |
5,577,812 |
|
$ |
— |
|
$ |
— |
|
$ |
(25,606,784) |
Class A and Class D Preferred Returns |
|
|
5,577,812 |
|
|
— |
|
|
(5,577,812) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Captital Revenue |
|
|
|
|
|
Reported |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2020 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
226,557,015 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
908,759 |
|
$ |
227,465,774 |
Other Patient Service Revenue |
|
|
5,266,273 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,211,599) |
|
|
4,054,674 |
Total Operating Revenue |
|
|
231,823,288 |
|
|
— |
|
|
— |
|
|
— |
|
|
(302,840) |
|
|
231,520,448 |
Medical Expenses |
|
|
221,242,295 |
|
|
— |
|
|
— |
|
|
— |
|
|
(302,840) |
|
|
220,939,455 |
Total Operating Expenses |
|
|
242,615,687 |
|
|
— |
|
|
— |
|
|
— |
|
|
(302,840) |
|
|
242,312,847 |
Interest Expense, net |
|
|
(4,561,039) |
|
|
— |
|
|
3,718,542 |
|
|
— |
|
|
— |
|
|
(842,497) |
Total Other Expenses |
|
|
(4,561,039) |
|
|
— |
|
|
3,718,542 |
|
|
— |
|
|
— |
|
|
(842,497) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(4,325,515) |
|
|
4,325,515 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(11,027,923) |
|
|
(4,325,515) |
|
|
3,718,542 |
|
|
— |
|
|
— |
|
|
(11,634,896) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2020 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
114,042,681 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
472,742 |
|
$ |
114,515,423 |
Other Patient Service Revenue |
|
|
2,821,811 |
|
|
— |
|
|
— |
|
|
— |
|
|
(624,782) |
|
|
2,197,029 |
Total Operating Revenue |
|
|
116,864,492 |
|
|
— |
|
|
— |
|
|
— |
|
|
(152,040) |
|
|
116,712,452 |
Medical Expenses |
|
|
105,777,973 |
|
|
— |
|
|
— |
|
|
— |
|
|
(152,040) |
|
|
105,625,933 |
Total Operating Expenses |
|
|
121,527,179 |
|
|
— |
|
|
— |
|
|
— |
|
|
(152,040) |
|
|
121,375,139 |
Interest Expense, net |
|
|
(2,249,977) |
|
|
— |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(390,706) |
Total Other Expenses |
|
|
(2,299,977) |
|
|
— |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(440,706) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(2,774,562) |
|
|
2,774,562 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(4,188,102) |
|
|
(2,774,562) |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(5,103,393) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Changes in Members' Deficit for the 6 Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
1,694,048 |
|
$ |
— |
|
$ |
(1,694,048) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
|
|
(15,353,438) |
|
|
— |
|
|
3,718,542 |
|
|
— |
|
|
— |
|
|
(11,634,896) |
Balance as of June 30, 2020 |
|
|
(69,173,164) |
|
|
— |
|
|
2,539,562 |
|
|
(43,656,272) |
|
|
— |
|
|
(110,289,874) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Changes in Members' Deficit for the 3 Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
847,048 |
|
$ |
— |
|
$ |
(847,048) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
|
|
(6,962,664) |
|
|
— |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(5,103,393) |
Balance as of June 30, 2020 |
|
|
(69,173,164) |
|
|
— |
|
|
2,539,562 |
|
|
(43,656,272) |
|
|
— |
|
|
(110,289,874) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the 6 Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(15,353,438) |
|
$ |
— |
|
$ |
3,718,542 |
|
$ |
— |
|
$ |
— |
|
$ |
(11,634,896) |
Class A and Class D Preferred Returns |
|
|
3,718,542 |
|
|
— |
|
|
(3,718,542) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Capitated Revenue |
|
|
|
|
|
Reported |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2020 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitated Revenue |
|
$ |
112,514,334 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
436,017 |
|
$ |
112,950,351 |
Other Patient Service Revenue |
|
|
2,444,462 |
|
|
— |
|
|
— |
|
|
— |
|
|
(586,817) |
|
|
1,857,645 |
Total Operating Revenue |
|
|
114,958,796 |
|
|
— |
|
|
— |
|
|
— |
|
|
(150,800) |
|
|
114,807,996 |
Medical Expenses |
|
|
115,464,322 |
|
|
— |
|
|
— |
|
|
— |
|
|
(150,800) |
|
|
115,313,522 |
Total Operating Expenses |
|
|
121,088,507 |
|
|
— |
|
|
— |
|
|
— |
|
|
(150,800) |
|
|
120,937,707 |
Interest Expense, net |
|
|
(2,261,063) |
|
|
— |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(401,792) |
Total Other Expenses |
|
|
(2,261,063) |
|
|
— |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(401,792) |
Net Loss Attributable to Non-Controlling Interests |
|
|
(1,550,953) |
|
|
1,550,953 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net Loss (formerly Net Loss Attributable to Controlling Interests) |
|
|
(6,839,821) |
|
|
(1,550,953) |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(6,531,503) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Changes in Members' Deficit for the 3 Months Ended March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Return at 8% for Class A Units |
|
$ |
846,999 |
|
$ |
— |
|
$ |
(846,999) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Net Loss |
|
|
(8,390,774) |
|
|
— |
|
|
1,859,271 |
|
|
— |
|
|
— |
|
|
(6,531,503) |
Balance as of March 31, 2020 |
|
|
(63,212,106) |
|
|
— |
|
|
1,527,340 |
|
|
(43,656,272) |
|
|
— |
|
|
(105,341,038) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the 3 Months Ended March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(8,390,774) |
|
$ |
— |
|
$ |
1,859,271 |
|
$ |
— |
|
$ |
— |
|
$ |
(6,531,503) |
Class A and Class D Preferred Returns |
|
|
1,859,271 |
|
|
— |
|
|
(1,859,271) |
|
|
— |
|
|
— |
|
|
— |
|