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Variable Interest Entities (VIEs) | 6 Months Ended
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Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VIE Assets |
16. | Variable Interest Entities (VIEs)
A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company’s VIEs include APC and other immaterial entities. Assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. The following table includes assets that can only be used to settle the liabilities of APC and the creditors of APC have no recourse to the Company. These assets and liabilities, with the exception of the investment in a privately held entity that does not report net asset value per share and amounts due to affiliate, which are eliminated upon consolidation with the NMM, are included in the accompanying consolidated balance sheets.
|  | June 30, 2018 |  |  | December 31, 2017 |
Assets |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 46,405,310 |  |  | $ | 54,686,370 |
Restricted cash – short-term |  |  | 8,040,870 |  |  |  | 18,005,661 |
Fiduciary cash |  |  | 1,294,503 |  |  |  | 2,017,437 |
Investment in marketable securities |  |  | 1,061,022 |  |  |  | 1,057,090 |
Receivables, net |  |  | 28,601,680 |  |  |  | 15,183,483 |
Prepaid expenses and other current assets |  |  | 1,531,872 |  |  |  | 1,821,328 |
Total current assets |  |  | 86,935,257 |  |  |  | 92,771,369 |
Noncurrent assets |  |  |  |  |  |  |  |
Land, property and equipment, net |  |  | 9,990,830 |  |  |  | 10,167,689 |
Intangible assets, net |  |  | 64,683,046 |  |  |  | 70,841,907 |
Goodwill |  |  | 60,012,316 |  |  |  | 60,012,316 |
Loans receivable – related parties |  |  | 7,500,000 |  |  |  | 5,000,000 |
Loan receivable |  |  | 5,000,000 |  |  |  | 5,000,000 |
Investment in a privately held entity that does not report net asset value per share |  |  | 4,725,000 |  |  |  | 4,320,000 |
Investments in other entities – equity method |  |  | 23,545,361 |  |  |  | 21,903,524 |
Investment in joint venture – equity method |  |  | 8,336,920 |  |  |  | - |
Restricted cash – long-term |  |  | 745,352 |  |  |  | 745,235 |
Other assets |  |  | 1,063,539 |  |  |  | 1,371,664 |
Total noncurrent assets |  |  | 185,602,364 |  |  |  | 179,362,335 |
Total assets |  | $ | 272,537,621 |  |  | $ | 272,133,704 |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 3,895,202 |  |  | $ | 3,625,610 |
Incentives payable |  |  | 5,000,000 |  |  |  | 21,500,000 |
Fiduciary accounts payable |  |  | 1,294,503 |  |  |  | 2,017,437 |
Medical liabilities |  |  | 20,243,608 |  |  |  | 25,186,240 |
Income taxes payable |  |  | 2,882,773 |  |  |  | 1,463,540 |
Amount due to affiliate |  |  | 17,624,486 |  |  |  | 24,889,717 |
Bank loan, short-term |  |  | 278,017 |  |  |  | 510,391 |
Capital lease obligations |  |  | 100,228 |  |  |  | 98,738 |
Total current liabilities |  |  | 51,318,817 |  |  |  | 79,291,673 |
Noncurrent liabilities |  |  |  |  |  |  |  |
Deferred tax liability |  |  | 24,033,663 |  |  |  | 20,970,766 |
Liability for unissued equity shares |  |  | 1,185,025 |  |  |  | 1,185,025 |
Dividend payable |  |  | 617,210 |  |  |  | - |
Capital lease obligations, net of current portion |  |  | 568,512 |  |  |  | 619,001 |
Total noncurrent liabilities |  |  | 26,404,410 |  |  |  | 22,774,792 |
Total liabilities |  | $ | 77,723,227 |  |  | $ | 102,066,465 |
The assets of the Company’s other consolidated VIEs were not considered significant. As of June 30, 2018 and December 31, 2017, approximately $8,000,000 and $18,000,000, respectively, of restricted cash is related to an amount that, as a result of the Merger between ApolloMed and NMM (see Note 3), was held for distribution to former NMM shareholders.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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