As a result of the 2017 Merger, NMM became a wholly owned subsidiary of ApolloMed. NMM is the larger entity in terms of assets, revenues and earnings. APAACO has participated in the NGACO Model of CMS since January 2017. We have determined that AMM is the primary beneficiary of such entities. Hospitalists tend to focus exclusively on inpatient care. In Arrangement B, the ACO takes 100% of Medicare Part A and Part B risk. Capitation rates are generally based on local costs and average utilization of services. These laws and regulations often are interpreted broadly and enforced aggressively. We may need to raise additional capital to grow, which might not be available. We primarily operate in California. There can be no assurance that we will be successful. We may incur material liabilities for past activities from strategic relationships. The interpretation and enforcement of these laws vary significantly from state to state. Our operations are dependent on a concentrated number of payors. The healthcare industry is highly competitive. We may have difficulty collecting payments from third-party payors in a timely manner. We assume the financial risks relating to uncollectible and delayed payments. Risks Relating to Regulatory Compliance. California is one of the states that prohibit the corporate practice of medicine. There are significant costs involved in complying with these laws and regulations. We currently do not hold any Knox-Keene license. Despite our efforts to prevent privacy and security breaches, it may still occur.