Investments in Other Entities - Equity Method (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

531 W. College LLC’s balance sheets at September 30, 2019 and December 31, 2018 and statements of operations for the nine months ended September 30, 2019 and 2018 are as follows:

Balance Sheet

	September 30, 2019		December 31, 2018
Assets
Cash	$	31,986	$	158,088
Other current assets	24,750		16,137
Other assets	70,000		70,000
Property and equipment, net	$	33,412,652	$	33,394,792
Total assets	$	33,539,388	$	33,639,017
Liabilities and Members’ Equity
Current liabilities	$	1,261,243	$	1,007,413
Stockholders’ equity	32,278,145		32,631,604
Total liabilities and members’ equity	$	33,539,388	$	33,639,017

Statements of Operation

	Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018
Revenues	—			—
Expenses	779,958			181,359
Loss from operations	(779,958		)	(181,359		)
Other Income	$	426,500		$	25,650
Net loss	$	(353,458	)	$	(155,709	)

UCI’s balance sheets at September 30, 2019 and December 31, 2018 and statements of income for the nine months ended September 30, 2019 and 2018 are as follows:

Balance Sheets

	September 30, 2019		December 31, 2018
Assets
Cash	$	29,568,915	$	27,812,520
Receivables, net	62,787,671		46,978,703
Other current assets	33,786,968		18,670,350
Other assets	10,799,827		661,621
Property and equipment, net	3,319,680		2,786,996
Total assets	$	140,263,061	$	96,910,190

Liabilities and Stockholders’ Deficit

	September 30, 2019			December 31, 2018
Current liabilities	$	120,698,226		$	89,731,133
Other liabilities	25,067,577			25,024,043
Stockholders’ deficit	(5,502,742		)	(17,844,986		)
Total liabilities and stockholders’ deficit	$	140,263,061		$	96,910,190

Statements of Income

	Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018
Revenues	$	372,181,425		$	240,633,955
Expenses	370,597,312			246,765,335
Income before benefit from income taxes	1,584,113			(6,131,380		)
Benefit from income taxes	(11,010,394		)	(130,023		)
Net income (loss)	$	12,594,507		$	(6,001,357	)

LMA’s summarized balance sheets at September 30, 2019 and December 31, 2018 and summarized statements of operations for the nine months ended September 30, 2019 and 2018 with respect to its IPA line of business are as follows:

Balance Sheets

	September 30, 2019		December 31, 2018
Assets
Cash and cash equivalents	$	3,237,833	$	18,444,702
Receivables, net	7,778,735		2,897,337
Other current assets	3,526,319		5,459,442
Loan receivable	2,250,000		1,250,000
Restricted cash	680,216		667,414
Total assets	$	17,473,103	$	28,718,895

Liabilities and Stockholders’ (Deficit) Equity

	September 30, 2019			December 31, 2018
Current liabilities	$	22,953,961		$	26,837,814
Stockholders’ (deficit) equity	(5,480,858		)	1,881,081
Total liabilities and stockholders’ (deficit) equity	$	17,473,103		$	28,718,895

Statements of Operations

	Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018
Revenues	$	144,569,818		$	177,696,760
Expenses	155,581,757			180,445,655
Net loss	$	(11,011,939	)	$	(2,748,895	)

Equity Method Investment Summary

Investments in other entities – equity method consisted of the following:

	September 30, 2019		December 31, 2018
LaSalle Medical Associates – IPA Line of Business	$	6,426,903	$	7,054,888
Pacific Medical Imaging & Oncology Center, Inc.	1,542,506		1,359,494
Universal Care, Inc.	8,794,659		2,635,945
Accountable Health Care - related party	—		4,977,957
Diagnostic Medical Group	2,714,008		2,257,346
Pacific Ambulatory Surgery Center, LLC	—		285,198
531 W. College, LLC – related party	16,139,073		16,273,152
MWN, LLC – related party	222,956		33,000
	$	35,840,105	$	34,876,980