Company: PIII
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-026021
Chunk: 77

Company: P3 Health Partners Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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ic fees, insurance and other receivable3,012 2,440 Health plan receivable— — Prepaid expenses and other current assets450 447 Property and equipment, net32 37 Other long-term assets2,075 1,116 TOTAL ASSETS$10,662 $9,256 LIABILITIES AND MEMBERS’ DEFICITAccounts payable$4,319 $4,521 Accrued expenses and other current liabilities1,685 677 Accrued payroll4,338 3,795 Claims payable4,456 5,004 Other long-term liabilities840 919 Due to consolidated entities of P341,070 40,264 TOTAL LIABILITIES56,708 55,180MEMBERS’ DEFICIT(46,046)(45,924)TOTAL LIABILITIES AND MEMBERS’ DEFICIT$10,662 $9,256 

P3 Health Partners Inc. | Q1 2025 Form 10-Q | 20

Three Months Ended March 31,20252024(in thousands)Revenue$8,159 $9,764 Expense8,154 9,897 Net loss$5 $(133)

Note 14: Income TaxesThe Company’s tax rate is affected primarily by the recognition of a valuation allowance and the portion of income and expense allocated to the non-controlling interest. It is also affected by discrete items that may occur in any given year such as benefits from changes in the fair value of private placement and public warrants. During the three months ended March 31, 2025, the Company’s tax rate was impacted by the valuation allowance placed on deferred tax assets in prior periods and state taxes.

Note 15: Subsequent EventsReverse Stock SplitOn April 11, 2025, the Company effected a 1-for-50 reverse stock split of its Class A common stock and Class V common stock, $0.0001 par value. See Note 12 “Capitalization” included in this Form 10-Q for additional information related to the reverse stock split.Asset sale

On May 1, 2025, the Company’s subsidiary, P3 Health Partners-Florida, LLC (“P3 Florida”), entered into an asset purchase agreement with Invictus Equity Group, LLC (“Invictus”) for the purchase of assets previously held for sale. See Note 6 “Property and Equipment” for additional information. Pursuant to the asset