Company: PIII
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015305
Chunk: 220

Company: P3 Health Partners Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 220
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3 LLC identifies itself as the primary beneficiary of the Network VIEs. Practice shareholders, who are employees of P3 LLC, retain equity ownership in the Network VIEs, which represents nominal non-controlling interests; however, the non-controlling interests do not participate in the profit or loss of the Network VIEs.P3 LLC, directly or indirectly via its wholly owned subsidiaries, may not use or access any net assets of the Network VIEs to settle its obligations or the obligations of its wholly owned subsidiaries. Additionally, the creditors of the Network VIEs do not have recourse to the net assets of P3 LLC.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.December 31,20242023(in thousands)ASSETSCash$5,216 $6,491 Clinic fees, insurance and other receivable2,440 138 Health plan receivable— 571 Prepaid expenses and other current assets447 1,261 Property and equipment, net37 23 Other long-term assets1,116 153 TOTAL ASSETS$9,256 $8,637 LIABILITIES AND MEMBERS’ DEFICITAccounts payable$4,521 $5,073 Accrued expenses and other current liabilities677 515 Accrued payroll3,795 3,141 Claims payable5,004 3,973 Other long-term liabilities919 946 Due to consolidated entities of P340,264 44,200 TOTAL LIABILITIES55,180 57,848MEMBERS’ DEFICIT(45,924)(49,211)TOTAL LIABILITIES AND MEMBERS’ DEFICIT$9,256 $8,637 Year Ended December 31,20242023(in thousands)Revenue$36,187 $39,551 Expense39,520 45,999 Net loss$(3,333)$(6,448)

Note 21: Subsequent Events

VGS 4 Promissory NoteOn February 13, 2025, P3 LLC entered into a related party financing transaction with VBC Growth SPV 4, LLC (“VGS 4”), consisting of the issuance by P3 LLC of (i) an unsecured promissory note (the “VGS 4 Promissory Note