Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 and 2022
| Assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
41,176,979 |
|
$ |
70,172,638 |
| Investments |
|
|
153,571,904 |
|
|
148,499,911 |
| Receivables, net |
|
|
282,831,902 |
|
|
269,484,830 |
| Other assets |
|
|
24,255,569 |
|
|
19,761,169 |
| Total current assets |
|
|
501,836,354 |
|
|
507,918,548 |
| Property and equipment, net |
|
|
38,419,327 |
|
|
32,569,545 |
| Operating lease right of use asset |
|
|
43,850,470 |
|
|
60,174,164
|
| Restricted investments |
|
|
90,666,543 |
|
|
85,430,666 |
| Federal program receivable |
|
|
1,597,187 |
|
|
4,351,851 |
| Alternative investments |
|
|
2,389,141 |
|
|
3,019,961 |
| Goodwill, net |
|
|
66,420,129 |
|
|
74,722,646 |
| Intangible assets, net |
|
|
-
|
|
|
182,648 |
| Other long term assets |
|
|
2,238,199 |
|
|
3,078,561 |
| Total assets |
|
$ |
747,417,350 |
|
$ |
771,448,590 |
| Liabilities |
|
|
|
|
|
|
| Claims payable |
|
$ |
297,676,808 |
|
$ |
268,834,314 |
| Reserve for claims adjustment expenses |
|
|
6,398,363 |
|
|
6,188,890 |
| Premium deficiency reserves |
|
|
10,915,000 |
|
|
18,013,000 |
| Accounts payable and accrued expenses |
|
|
80,413,114 |
|
|
76,660,102 |
| Current portion due to related party |
|
|
639,997 |
|
|
- |
| Current portion of finance lease liabilities |
|
|
151,167 |
|
|
236,537
|
| Current portion of operating lease liabilities |
|
|
11,225,828 |
|
|
12,463,880 |
| Line of credit |
|
|
-
|
|
|
50,000,000 |
| Physicians' withholding |
|
|
33,722,147 |
|
|
33,174,703 |
| Premiums received in advance |
|
|
3,569,929 |
|
|
2,581,062 |
| Total current liabilities |
|
|
444,712,353 |
|
|
468,152,488 |
| Lease incentives |
|
|
2,999,154 |
|
|
1,408,891 |
| Federal program payable |
|
|
5,941,400 |
|
|
9,517,155 |
| Long term due to related party |
|
|
2,883,909 |
|
|
- |
| Long term finance lease liabilities |
|
|
255,127 |
|
|
406,295 |
| Long term operating lease liabilities |
|
|
33,171,288 |
|
|
48,250,146
|
| Accrued long term incentive |
|
|
888,235 |
|
|
309,055 |
| Total liabilities |
|
|
490,851,466 |
|
|
528,044,030 |
| Net Assets |
|
|
|
|
|
|
| Net assets |
|
|
256,565,884 |
|
|
243,404,560 |
| Total net assets |
|
|
256,565,884 |
|
|
243,404,560 |
| Total liabilities and net assets |
|
$ |
747,417,350 |
|
$ |
771,448,590 |