XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Investments in Other Entities (Tables)
 6 Months Ended
Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Equity Method Investment Summary
Investments in other entities – equity method consisted of the following:
 
June 30,
2019
 
December 31,
2018
LaSalle Medical Associates – IPA Line of Business
$
6,827,190

 
$
7,054,888

Pacific Medical Imaging & Oncology Center, Inc.
1,511,276

 
1,359,494

Universal Care, Inc.
8,159,432

 
2,635,945

Accountable Health Care IPA- related party
665,372

 
4,977,957

Diagnostic Medical Group
2,434,938

 
2,257,346

Pacific Ambulatory Surgery Center, LLC
—

 
285,198

531 W. College, LLC – related party
16,238,833

 
16,273,152

MWN, LLC – related party
66,000

 
33,000

 
$
35,903,041

 
$
34,876,980

LMA’s summarized balance sheets at June 30, 2019 and December 31, 2018 and summarized statements of operations for the six months ended June 30, 2019 and 2018 with respect to its IPA line of business are as follows:
Balance Sheets
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
6,338,344

 
$
18,444,702

Receivables, net
6,864,902

 
2,897,337

Other current assets
3,526,319

 
5,459,442

Loan receivable
2,250,000

 
1,250,000

Restricted cash
676,774

 
667,414

 
 
 
 
Total assets
$
19,656,339

 
$
28,718,895

Liabilities and Stockholders’ (Deficit) Equity
 
June 30,
2019
 
December 31,
2018
Current liabilities
$
23,536,048

 
$
26,837,814

Stockholders’ (deficit) equity
(3,879,709
)
 
1,881,081

 
 
 
 
Total liabilities and stockholders’ (deficit) equity
$
19,656,339

 
$
28,718,895

Statements of Operations
 
Six Months
Ended
June 30,
2019
 
Six Months
Ended
June 30,
2018
Revenues
$
93,434,476

 
$
110,311,466

Expenses
102,845,266

 
113,744,898

 
 
 
 
Net loss
$
(9,410,790
)
 
$
(3,433,432
)
Accountable Health Care’s balance sheets at June 30, 2019 and December 31, 2018 and statements of operations for the six months ended June 30, 2019 are as follows:
Balance Sheets
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
 
 
 
 
Cash
$
3,501,839

 
$
5,582,837

Receivables, net
—

 
11,246,477

Other current assets
30,940

 
30,940

Other assets
1,312,768

 
1,312,768

Property and equipment, net
138,690

 
138,690

 
 
 
 
Total Assets
$
4,984,237

 
$
18,311,712

Liabilities and Stockholders’ Deficit
 
June 30,
2019
 
December 31,
2018
Current Liabilities
$
20,793,426

 
$
16,824,083

Other Liabilities
19,500,000

 
19,500,000

Stockholders’ deficit
(35,309,189
)
 
(18,012,371
)
 
 
 
 
Total liabilities and stockholders’ deficit
$
4,984,237

 
$
18,311,712

Statement of Operation
 
Six Months
Ended
June 30,
2019
Revenues
$
46,813,524

Expenses
64,063,864

 
 
Loss before provision for income taxes
(17,250,340
)
Provision for income taxes
—

 
 
Net loss*
$
(17,250,340
)
*
APC’s allocation of net loss commenced on September 21, 2018.
UCI’s balance sheets at June 30, 2019 and December 31, 2018 and statements of income for the six months ended June 30, 2019 and 2018 are as follows:
Balance Sheets
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
 
 
 
 
Cash
$
44,503,392

 
$
27,812,520

Receivables, net
48,820,720

 
46,978,703

Other current assets
37,563,651

 
18,670,350

Other assets
673,893

 
661,621

Property and equipment, net
3,071,398

 
2,786,996

 
 
 
 
Total assets
$
134,633,054

 
$
96,910,190

Liabilities and Stockholders’ Deficit
 
June 30,
2019
 
December 31,
2018
Current liabilities
$
115,966,346

 
$
89,731,133

Other liabilities
25,005,609

 
25,024,043

Stockholders’ deficit
(6,338,901
)
 
(17,844,986
)
 
 
 
 
Total liabilities and stockholders’ deficit
$
134,633,054

 
$
96,910,190

Statements of Income
 
Six Months
Ended
June 30,
2019
 
Six Months
Ended
June 30,
2018
Revenues
$
247,517,017

 
$
149,825,595

Expenses
239,388,926

 
146,614,334

 
 
 
 
Income before benefit from income taxes
8,128,091

 
3,211,261

Benefit from income taxes
(3,167,384
)
 
(289,200
)
 
 
 
 
Net income (loss)
$
11,295,475

 
$
3,500,461

531 W. College LLC’s balance sheets at June 30, 2019 and December 31, 2018 and statements of operations for the six months ended June 30, 2019 are as follows:
Balance Sheet
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
 
 
 
 
Cash
141,616

 
158,088

Other current assets
—

 
16,137

Other assets
70,000

 
70,000

 
 
 
 
Property and equipment, net
$
33,394,792

 
$
33,394,792

 
 
 
 
Total assets
$
33,606,408

 
$
33,639,017

 
 
 
 
Liabilities and Members’ Equity
 
 
 
 
 
 
 
Current liabilities
$
1,128,741

 
$
1,007,413

Stockholders’ equity
32,477,667

 
32,631,604

 
 
 
 
Total liabilities and members’ equity
$
33,606,408

 
$
33,639,017

Statements of Operation
 
June 30,
2019
Revenues
—

Expenses
538,437

Loss from operations
(538,437
)
 
 
Other Income
$
384,500

 
 
Net loss*
$
(153,937
)
*
The Company’s investment in 531 W. College, LLC commenced on June 27, 2018.