Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
 3 Months Ended
Dec. 31, 2021
Mar. 31, 2022
ASSETS    
Financial Designation, Predecessor and Successor [Fixed List] Successor Successor
CURRENT ASSETS:    
Cash $ 140,477,586 $ 110,345,801
Restricted Cash 356,286 356,242
Health Plan Receivables 50,251,004 94,587,702
Clinic Fees and Insurance Receivables, Net 1,090,104 767,396
Other Receivables 726,903 587,833
Prepaid Expenses and Other Current Assets 6,959,067 6,743,525
TOTAL CURRENT ASSETS 199,860,950 213,388,499
LONG-TERM ASSETS:    
Property and Equipment 8,230,250 9,085,895
Less: Accumulated Depreciation (182,321) (757,158)
Property and Equipment, Net 8,047,929 8,328,737
Goodwill 1,309,750,216 1,309,750,216
Intangible Assets, Net 835,838,605 814,677,323
Notes Receivable, Net 3,590,715 3,561,508
Right of Use Asset 7,020,045 6,933,928
TOTAL LONG-TERM ASSETS 2,164,247,510 2,143,251,712
TOTAL ASSETS (1) [1] 2,364,108,460 2,356,640,211
CURRENT LIABILITIES:    
Accounts Payable and Accrued Expenses 17,730,683 21,726,910
Accrued Payroll 6,304,362 7,686,205
Health Plans Settlements Payable 22,548,694 18,640,013
Claims Payable 101,958,324 137,407,952
Premium Deficiency Reserve 37,835,642 36,511,129
Accrued Interest 8,771,065 10,011,573
Current Portion of Long-Term Debt 46,101 23,144
Short-Term Debt 3,578,561 2,394,079
TOTAL CURRENT LIABILITIES 198,773,432 234,401,005
LONG-TERM LIABILITIES:    
Right of Use Liability 6,296,883 6,327,733
Warrant Liabilities 11,382,826 17,244,101
Contingent Consideration 3,486,593 3,577,417
Long-Term Debt 80,000,000 80,000,000
TOTAL LONG-TERM LIABILITIES 101,166,302 107,149,251
TOTAL LIABILITIES (1) [1] 299,939,734 341,550,256
COMMITMENTS AND CONTINGENCIES (NOTE 23)
Redeemable Non-Controlling Interest 1,790,617,285 1,752,115,963
STOCKHOLDERS' EQUITY:    
Additional Paid in Capital 312,945,752 312,945,752
Accumulated Deficit (39,418,124) (49,995,628)
TOTAL STOCKHOLDERS' EQUITY 273,551,441 262,973,992
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS' EQUITY 2,364,108,460 2,356,640,211
Common Class A [Member]    
STOCKHOLDERS' EQUITY:    
Common stock 4,158 4,158
Common Class V [Member]    
STOCKHOLDERS' EQUITY:    
Common stock $ 19,655 $ 19,710
[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 P3 LLC's VIEs totaling $9.2 million and $8.1 million as of March 31, 2022, and December 31, 2021, respectively, and total liabilities of the P3 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 March 31, 2022, and December 31, 2021, respectively. These VIE assets and liabilities do not include $6.0 million of investment in affiliates as of March 31, 2022, and December 31, 2021, and $25.5 million and $24.1 million of amounts due to affiliates as of March 31, 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."