Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Summary of balance sheet and income statement of VIEs

Since P3 LLC represents substantially all the assets and liabilities of the Company, the following tables provide a summary of the assets, liabilities, and operating performance of only VIEs held at the P3 LLC level.


	June 30, 2024		December 31, 2023
	(in thousands)
ASSETS
Cash	$	7,865	$	6,491
Clinic fees, insurance and other receivable	1,557		138
Health plan receivable	576		571
Prepaid expenses and other current assets	931		1,261
Property and equipment, net	46		23
Other long-term assets	129		153

TOTAL ASSETS	$	11,104	$	8,637
LIABILITIES AND MEMBERS’ DEFICIT
Accounts payable	$	4,393	$	5,073
Accrued expenses and other current liabilities	955		515
Accrued payroll	3,433		3,141
Claims payable	4,600		3,973
Other long-term liabilities	934		946
Due to consolidated entities of P3	47,018		44,200
TOTAL LIABILITIES	61,333		57,848
MEMBERS’ DEFICIT	(50,229)		(49,211)
TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	11,104	$	8,637


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Revenue	$	9,354	$	9,511	$	19,118	$	20,350
Expense	9,803		11,847		19,700		25,522
Net loss	$	(449)	$	(2,336)	$	(582)	$	(5,172)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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