Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 151

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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 an entity in which Chicago Pacific Founders (“CPF”), the Company’s principal stockholder, has an ownership interest (the “Buyers”), which was amended on December 30, 2024, effective as of December 5, 2024 (as amended, the “Florida Asset Purchase Agreement”). Pursuant to the Florida Asset Purchase Agreement, the Sellers sold to the Buyers all of the assets, clinical and non-clinical, exclusively or primarily used by the Company’s MA-related business operated out of Eagle Park, Florida (the “Florida Assets”). 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 the remaining assets previously held for sale. Pursuant to the asset purchase agreement, P3 Florida sold to Invictus the assets, clinical and non-clinical, exclusively or primarily used by the MA-related businesses operated out of Apollo Beach and Clearwater, Florida, for a purchase price of approximately $0.1 million. An immaterial loss on disposal was recognized and is included in other income (expenses) in the Company’s condensed consolidated statements of operations.Net assets classified as held for sale for the Company’s remaining Florida operations are summarized as follows:June 30, 2025December 31, 2024(in thousands)Assets:Property and equipment, net$— $571 Intangible assets, net— 7,576 Other long-term assets— 314 Accumulated impairment— (8,058)Total assets$— $403 Liabilities:Accrued expenses and other current liabilities$— $56 Operating lease liability— 297 Total liabilities$— $353 Net assets$— $50 

Note 7: Intangible AssetsIntangible assets, net consisted of the following:June 30, 2025December 31, 2024Gross CarryingAmountAccumulatedAmortizationNet CarryingAmountGross CarryingAmountAccumulatedAmortizationNet CarryingAmount(in thousands)Indefinite lived intangible assets:Medical licenses$700 $— $700 $700 $— $700 Definite lived intangible assets:      Customer relationships671,819 (240,156)431,663 671,819 (206,951)464,868