Company: PIII
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015305
Chunk: 64

Company: P3 Health Partners Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 64
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 the Company’s MA-related business operated out of Eagle Park, Florida (the “Florida Assets”) on a cash-free, debt-free basis for a purchase price of approximately $15.0 million less a $0.3 million working capital adjustment, subject to further adjustment, and an adjustment for certain payment obligations totaling $0.2 million. The asset sale closed on November 30, 2024 simultaneously with the execution of the asset purchase agreement. The Company recognized a $13.3 million net gain on asset sale on the consolidated statement of operations for the year ended December 31, 2024.The major classes of assets and liabilities disposed of as part of the Florida Assets sale are summarized as follows (in thousands):Assets:Prepaid expenses and other current assets$25 Property and equipment, net41Intangible assets, net232Other long-term assets1,202 Total assets disposed$1,500 Liabilities:Operating lease liability$243 Total liabilities disposed$243 Net assets disposed$1,257 The Company expects to close on the sale of the remaining Florida assets during the first half of fiscal year 2025. As of December 31, 2024, the Company determined that the carrying value of the assets was less than the fair value and a loss on impairment of assets held for sale was recognized on the consolidated statement of operations for the year ended December 31, 2024. The fair value was determined based on a quoted market price less costs to sell. Net assets classified as 

P3 Health Partners Inc. | 2024 Form 10-K | 96

held for sale for the Company’s remaining Florida operations are summarized as follows as of December 31, 2024 (in thousands):Assets:Property and equipment, net$571 Intangible assets, net7,576 Other long-term assets314 Impairment(8,058)Total assets$403 Liabilities:Accrued expenses and other current liabilities$56 Operating lease liability297 Total liabilities$353 Net assets$50 

Note 7: Intangible AssetsIntangible assets, net consisted of the following as of:December 31,20242023Gross CarryingAmountAccumulatedAmortizationNet CarryingAmountGross CarryingAmountAccumulatedAmortizationNet CarryingAmount(in thousands)Indefinite lived intangible assets:Medical licenses$700 $— $700 $700 $— $700