$ASTH
Astrana Health, Inc.

2012 Q3 Form 10-Q Financial Statement

#000114420412051332 Filed on September 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $1.649M $1.094M
YoY Change 50.81% 9.37%
Cost Of Revenue $1.206M $939.3K
YoY Change 28.35% 4.37%
Gross Profit $443.8K $154.4K
YoY Change 187.47% -22.81%
Gross Profit Margin 26.9% 14.11%
Selling, General & Admin $500.0K $200.0K
YoY Change 150.0% 0.0%
% of Gross Profit 112.67% 129.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.946K $2.580K
YoY Change 91.71% -74.2%
% of Gross Profit 1.11% 1.67%
Operating Expenses $506.8K $237.7K
YoY Change 113.2% 18.86%
Operating Profit -$63.03K -$83.34K
YoY Change -24.37%
Interest Expense $224.9K $31.60K
YoY Change 611.66%
% of Operating Profit
Other Income/Expense, Net -$3.139M -$39.49K
YoY Change 7848.04%
Pretax Income -$3.202M -$122.8K
YoY Change 2506.81% 22.83%
Income Tax $800.00 $0.00
% Of Pretax Income
Net Earnings -$3.203M -$122.8K
YoY Change 2507.46% 22.83%
Net Earnings / Revenue -194.18% -11.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.032M -$34.48K
COMMON SHARES
Basic Shares Outstanding 31.05M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $300.0K
YoY Change 0.0% -40.0%
Cash & Equivalents $259.1K $343.2K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory
Prepaid Expenses $42.37K
Receivables $998.3K $700.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.352M $1.100M
YoY Change 22.91% -8.33%
LONG-TERM ASSETS
Property, Plant & Equipment $44.19K $0.00
YoY Change
Goodwill $32.00K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.450K $0.00
YoY Change -100.0%
Total Long-Term Assets $115.6K $600.0K
YoY Change -80.73% 500.0%
TOTAL ASSETS
Total Short-Term Assets $1.352M $1.100M
Total Long-Term Assets $115.6K $600.0K
Total Assets $1.468M $1.700M
YoY Change -13.67% 30.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.89K $0.00
YoY Change -100.0%
Accrued Expenses $100.0K $200.0K
YoY Change -50.0%
Deferred Revenue
YoY Change
Short-Term Debt $300.0K $0.00
YoY Change
Long-Term Debt Due $900.0K
YoY Change
Total Short-Term Liabilities $4.471M $600.0K
YoY Change 645.2% 500.0%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $1.200M
YoY Change -83.33% 0.0%
Other Long-Term Liabilities $500.0K
YoY Change
Total Long-Term Liabilities $700.0K $1.200M
YoY Change -41.67% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.471M $600.0K
Total Long-Term Liabilities $700.0K $1.200M
Total Liabilities $5.076M $2.100M
YoY Change 141.7% 31.25%
SHAREHOLDERS EQUITY
Retained Earnings -$5.478M
YoY Change
Common Stock $31.05K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.746M -$400.0K
YoY Change
Total Liabilities & Shareholders Equity $1.468M $1.700M
YoY Change -13.67% 30.77%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$3.203M -$122.8K
YoY Change 2507.46% 22.83%
Depreciation, Depletion And Amortization $4.946K $2.580K
YoY Change 91.71% -74.2%
Cash From Operating Activities $70.00K $60.00K
YoY Change 16.67% 100.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 70.00K 60.00K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash 70.00K 60.00K
YoY Change 16.67% 100.0%
FREE CASH FLOW
Cash From Operating Activities $70.00K $60.00K
Capital Expenditures $0.00 $0.00
Free Cash Flow $70.00K $60.00K
YoY Change 16.67% 100.0%

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dei Trading Symbol
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dei Entity Registrant Name
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APOLLO MEDICAL HOLDINGS, INC.
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<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Concentrations</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The Company had three major customers during the three month period ended July 31, 2012 which contributed 25.8%, 11.0% and 10.7% of revenue, respectively, and during the three month period ended July 31, 2011 which contributed 40.9%, 14.1% and 8.4%, of revenue, respectively.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The Company had three major customers during the six month period ended July 31, 2012 which contributed 26.0%, 10.7% and 9.7% of revenue, respectively, and during the six month period ended July 31, 2011 which contributed 41.4 %, 21.7 % and 9.1 %, of revenue, respectively.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Receivables from these customers amounted to 14.4 %, 8.9%, and 10.1% of total accounts receivable at July 31, 2012, respectively, and 14.1%, 9.0% and 4.2% of total accounts receivable as of January 31, 2012, respectively.</p> </div>
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10662
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
94734
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
853405
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1450
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-64605
us-gaap Income Taxes Paid
IncomeTaxesPaid
9040
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
40895
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
82508
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
450
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4137
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3355382
us-gaap Nature Of Operations
NatureOfOperations
<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>1.</b> &#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <b>Description of Business</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">Apollo Medical Holdings, Inc. (&#x201C;Apollo&#x201D; or the &#x201C;Company&#x201D;) is a leading provider of hospitalist services in Los Angeles, California area. Hospitalist medicine is organized around the admission and care of patients in an inpatient facility such as a hospital or skilled nursing facility and is focused on providing, managing and coordinating the care of hospitalized patients. Apollo operates as a medical management holding company that focuses on managing the provision of hospital-based medicine through the following wholly-owned subsidiary management companies, Apollo Medical Management, Inc. (&#x201C;AMM&#x201D;), Pulmonary Critical Care Management, Inc. (&#x201C;PCCM&#x201D;), and ApolloMed ACO, Inc. (&#x201C;ApolloMedACO&#x201D;). Through AMM and PCCM, the Company manages affiliated medical groups, which primarily consists of ApolloMed Hospitalists (&#x201C;AMH") and Los Angeles Lung Center (&#x201C;LALC&#x201D;). AMM and PCCM operate as a Physician Practice Management Company (PPM) and is in the business of providing management services to Physician Practice Companies (PPC) under long-term management service agreements.&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On July 10, 2012, ApolloMedACO was notified that it had been selected by the Centers for Medicare and Medicaid Services (&#x201C;CMS&#x201D;) to participate in the Medicare Shared Savings Program (&#x201C;MSSP&#x201D;). The Medicare Shared Savings Program model is designed to encourage the development of Accountable Care Organizations (&#x201C;ACOs&#x201D;), which can be comprised of hospitals, doctors and other health care providers who work together and are accountable for quality outcomes and the overall patient experience, while reducing the growth in Medicare expenditures. Through the MSSP model, ApolloMedACO will work with CMS on a program for Medicare beneficiaries to enhance the engagement between patients and their medical providers through the coordination of care and services across all aspects of their healthcare needs. The goal of the program is to improve the quality of the patient&#x2019;s care and outcomes through more efficient and coordinated approach among providers.</p> </div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
170000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
9516
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
us-gaap Operating Expenses
OperatingExpenses
863142
us-gaap Cost Of Services
CostOfServices
2534332
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
us-gaap Revenues
Revenues
3281295
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
100000
us-gaap Depreciation
Depreciation
9737
us-gaap Gross Profit
GrossProfit
746963
us-gaap Interest Paid
InterestPaid
15000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30780543 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Use of Estimates</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</p> </div>
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
326916
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
102556
us-gaap Net Income Loss
NetIncomeLoss
-3360182
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
270000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3239203
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1000000 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4800
us-gaap Increase Decrease In Due To Officers And Stockholders Current
IncreaseDecreaseInDueToOfficersAndStockholdersCurrent
6342
us-gaap Interest Expense
InterestExpense
408047
ameh Issuance Of Common Stock Value In Payment Of Financing Cost
IssuanceOfCommonStockValueInPaymentOfFinancingCost
25661
ameh Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
-2790711
ameh Issuance Of Common Stock Value For Stock Based Compensation
IssuanceOfCommonStockValueForStockBasedCompensation
47520
ameh Number Of Warrants Exercised
NumberOfWarrantsExercised
shares
ameh Class Of Warrant Or Right Cancelled In Period
ClassOfWarrantOrRightCancelledInPeriod
shares
ameh Number Of Customers
NumberOfCustomers
3 Customer
ameh Service Agreement Term
ServiceAgreementTerm
P20Y
CY2012 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
600000 shares
CY2012 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
90000
CY2012Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
300000 shares
ameh Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Exercise Of Derivative Warrants
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityExerciseOfDerivativeWarrants
ameh Class Of Warrant Or Right Granted Intrinsic Value
ClassOfWarrantOrRightGrantedIntrinsicValue
CY2009Q4 ameh Class Of Warrant Or Right Issued In Period
ClassOfWarrantOrRightIssuedInPeriod
1500000 shares
CY2012Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
210000
CY2012Q1 ameh Increase Decrease In Fair Value Of Contingent Consideration
IncreaseDecreaseInFairValueOfContingentConsideration
-367500
ameh Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset And Liabilities Derivative Adjustment
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetAndLiabilitiesDerivativeAdjustment
-2790711
ameh Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledInPeriodIntrinsicValue
ameh Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodIntrinsicValue
ameh Number Of Warrants Granted
NumberOfWarrantsGranted
shares
ameh Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodIntrinsicValue
ameh Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Additions
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetAdditions
ameh Class Of Warrant Or Right Outstanding Intrinsic Value Beginning Balance
ClassOfWarrantOrRightOutstandingIntrinsicValueBeginningBalance
ameh Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodWeightedAverageRemainingContractualTerm
P9Y6M
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3202026
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
CY2012Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
19685
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
501858
CY2012Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
26000
CY2012Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
455
CY2012Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
41560
CY2012Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
25661
CY2012Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
216000 shares
CY2012Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
400000 shares
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-83339
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2011Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
9375
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
235130
CY2011Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1484
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-122833
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
237710
CY2011Q3 us-gaap Cost Of Services
CostOfServices
939336
CY2011Q3 us-gaap Revenues
Revenues
1093708
CY2011Q3 us-gaap Depreciation
Depreciation
2580
CY2011Q3 us-gaap Gross Profit
GrossProfit
154371
CY2011Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28985774 shares
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-122833
CY2011Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-39494
CY2011Q3 us-gaap Interest Expense
InterestExpense
31603
CY2011Q3 ameh Number Of Customers
NumberOfCustomers
3 Customer
CY2012Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
200000 shares
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-63026
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
506804
CY2012Q3 us-gaap Cost Of Services
CostOfServices
1205673
CY2012Q3 us-gaap Revenues
Revenues
1649451
CY2012Q3 us-gaap Depreciation
Depreciation
4946
CY2012Q3 us-gaap Gross Profit
GrossProfit
443778
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31015904 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-3202826
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3139000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800
CY2012Q3 us-gaap Interest Expense
InterestExpense
205221
CY2012Q3 ameh Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
-2914549
CY2012Q3 ameh Number Of Customers
NumberOfCustomers
3 Customer

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