| Summary of the effects of the restatement on each financial statement line item affected by the restatement as of the dates, and for the periods |
The following tables summarize the restatement adjustments on each financial statement line item affected by the restatement as of the dates, and for the periods, indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Previously |
|
Network |
|
Preferred Returns |
|
Class A Units |
|
Revenue |
|
|
|
|
|
Reported |
|
Adjustments |
|
Adjustments |
|
Adjustments |
|
Adjustment |
|
As Restated |
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) |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Changes in Members' Deficit for the Year Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2020 |
|
$ |
(97,661,735) |
|
$ |
— |
|
$ |
4,567,346 |
|
$ |
(43,656,270) |
|
$ |
6,532,954 |
|
$ |
(130,217,705) |
*Rounding may cause variances
|