XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 8,213,802 $ 23,583,248
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 8,872,152 9,976,590
Loss on disposal of property and equipment 0 41,782
Provision for doubtful accounts (1,363,415) 0
Share-based compensation 675,515 1,036,326
Unrealized (gain) loss from investment in equity securities (14,549) 16,060
Income from equity method investments 891,939 (1,641,837)
Deferred tax (549,198) 706,813
Changes in operating assets and liabilities, net of business combinations:    
Receivable, net 587,637 4,410,363
Receivable, net – related parties (12,665,493) (7,234,874)
Other receivables (11,897,078) 0
Prepaid expenses and other current assets (2,740,403) (2,772,749)
Right-of-use assets 1,098,111 0
Other assets (243,112) (95,258)
Accounts payable and accrued expenses 3,340,115 (692,000)
Dividends payable 0 617,210
Incentives payable 0 (16,395,926)
Fiduciary accounts payable 260,209 (722,934)
Medical liabilities (3,818,517) 2,881,017
Income taxes payable (11,621,861) (298,439)
Lease liabilities (1,043,927) 0
Net cash (used in) provided by operating activities (22,018,073) 13,415,392
Cash flows from investing activities    
Payments for business acquisition, net of cash acquired (41,518,084) 0
Advances on loans receivable (6,425,000) (2,500,000)
Purchases of marketable securities (8,177) (3,932)
Purchases of investment - equity method (2,158,000) (16,673,840)
Purchases of a privately held entity that does not report net asset value per share 0 (405,000)
Purchases of property and equipment (376,419) (682,712)
Dividend received 240,000 0
Net cash used in investing activities (50,245,680) (20,265,484)
Cash flows from financing activities    
Repayment of bank loan (8,040,257) (257,374)
Dividends paid (10,941,588) (12,000,000)
Change in noncontrolling interest capital 0 27,500
Payment of capital lease obligations (50,490) (48,999)
Proceeds from the exercise of stock options and warrants 898,102 2,347,329
Repurchase of shares (40,000) 0
Borrowings on line of credit 39,600,000 8,000,000
Proceeds from common stock offering 205,000 200,000
Net cash provided by (used in) financing activities 21,630,767 (1,731,544)
Net decrease in cash, cash equivalents and restricted cash (50,632,986) (8,581,636)
Cash, cash equivalents and restricted cash, beginning of period 107,636,973 118,500,095
Cash, cash equivalents and restricted cash, end of period 57,003,987 109,918,459
Supplementary disclosures of cash flow information:    
Cash paid for income taxes 16,700,000 11,612,590
Cash paid for interest 438,976 144,544
Supplemental disclosures of non-cash investing and financing activities    
Cashless exercise of stock options 0 47
Deferred tax liability adjustment to goodwill 8,355,343 1,110,456
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 52,726,305 101,132,237
Restricted cash – short-term - distributions to former NMM shareholders 0 8,040,870
Restricted cash – letters of credit 4,277,682 745,352
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 107,636,973 $ 118,500,095