IMAC Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>IMAC Holdings, Inc. has filed its 2023 annual report (10-K) detailing its operations in specialty outpatient facilities.</b>

AI Summary

IMAC Holdings, Inc. (BACK) filed a Annual Report (10-K) with the SEC on April 16, 2024. IMAC Holdings, Inc. filed its 2023 Form 10-K on April 16, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Specialty Outpatient Facilities (SIC 8093). IMAC Holdings, Inc. was formerly known as IMAC HOLDINGS LLC until January 31, 2018. The company's business address is located at 1605 Westgate Circle, Brentwood, TN 37027.

Why It Matters

For investors and stakeholders tracking IMAC Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of IMAC Holdings' financial performance and operational status for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. Understanding the company's SIC code (8093) and its former name provides context for its industry positioning and historical development.

Risk Assessment

Risk Level: medium — IMAC Holdings, Inc. shows moderate risk based on this filing. The company's filing is a standard 10-K, which typically contains a mix of positive and negative information, and lacks specific financial performance data in the provided snippet, necessitating a neutral sentiment and medium risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to make an informed investment decision.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-04-16 — Filing Date (FILED AS OF DATE)
• 8093 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 001-38797 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• IMAC Holdings, Inc. (company) — COMPANY CONFORMED NAME
• IMAC HOLDINGS LLC (company) — FORMER COMPANY
• Brentwood (location) — BUSINESS ADDRESS CITY
• TN (location) — BUSINESS ADDRESS STATE
• 37027 (location) — BUSINESS ADDRESS ZIP

FAQ

Industry Context

IMAC Holdings operates within the Specialty Outpatient Facilities sector, providing healthcare services.

Regulatory Implications

The company is subject to SEC regulations for its public filings, including the annual 10-K report.

What Investors Should Do

1. Analyze the full financial statements within the 10-K for revenue, expenses, and profitability.
2. Examine the Management's Discussion and Analysis section for insights into operational performance and strategic initiatives.
3. Review the Risk Factors section for potential challenges and uncertainties facing the company.

Year-Over-Year Comparison

This is the initial filing data provided for the 2023 10-K. Comparative data from previous filings is not available in this snippet.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share BACK The NASDAQ Stock Mar
• $1,000,000 — from the Company up to an aggregate of $1,000,000 with an initial borrowing of $350,000.
• $350,000 — $1,000,000 with an initial borrowing of $350,000. While we remain committed to acquiring
• $900,000 — ted in gross proceeds to the Company of $900,000. See Note 14 – Subsequent Events. Our
• $450,000 — assumption of lease liability exceeded $450,000. In March 2018, we purchased a medica
• $1.2 million — ce building in Lexington, Kentucky, for $1.2 million. The Lexington, Kentucky clinic was our
• $600,000 — e of assets and liabilities valued over $600,000. IMAC of St. Louis opened a satellite

Filing Documents

• form10-k.htm (10-K) — 1656KB
• ex21-1.htm (EX-21.1) — 18KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex97-1.htm (EX-97.1) — 23KB
• audit_001.jpg (GRAPHIC) — 43KB
• 0001493152-24-014857.txt (&nbsp;) — 7497KB
• back-20231231.xsd (EX-101.SCH) — 52KB
• back-20231231_cal.xml (EX-101.CAL) — 79KB
• back-20231231_def.xml (EX-101.DEF) — 183KB
• back-20231231_lab.xml (EX-101.LAB) — 429KB
• back-20231231_pre.xml (EX-101.PRE) — 309KB
• form10-k_htm.xml (XML) — 1132KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 20 Item 1B Unresolved Staff Comments 41 Item 2

Properties

Properties 41 Item 3

Legal Proceedings

Legal Proceedings 41 Item 4 Mine Safety Disclosures 41 PART II 42 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6 [Reserved] 42 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 79 Item 9A

Controls and Procedures

Controls and Procedures 79 Item 9B Other Information 79 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III 80 Item 10 Directors, Executive Officers and Corporate Governance 80 Item 11

Executive Compensation

Executive Compensation 86 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90 Item 13 Certain Relationships and Related Transactions, and Director Independence 91 Item 14 Principal Accounting Fees and Services 93 PART IV 95 Item 15 Exhibits, Financial Statement Schedules 95 Item 16 Form 10-K Summary 96

Signatures

Signatures 97 PART I Cautionary Portions of this Annual Report on Form 10-K (including information incorporated by reference) include "forward-looking statements" based on our current beliefs, expectations, and projections regarding our business strategies, market potential, future financial performance, industry, and other matters. This includes, in particular, "Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K, as well as other portions of this Annual Report on Form 10-K. The words "believe," "expect," "anticipate," "project," "could," "would," and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date the that could cause our actual results to differ materially from those projected, anticipated, or implied in the forward-looking statements. The most significant of these risks, uncertainties, and other factors are described in "Item 1A — Risk Factors" of this Annual Report on Form 10-K. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Unless the context requires otherwise, references herein to "we," "us," "our," "our company," "our business" or "IMAC Holdings" are to IMAC Holdings, Inc., a Delaware corporation, and prior to the Corporate Conversion discussed herein, IMAC Holdings, LLC, a Kentucky limited liability company, and in each case, their consolidated subsidiaries. ITEM 1.

BUSINESS

BUSINESS Overview We were a provider and manager of value-based, conservative medical care combining life science advancements with traditional medical care for movement-restricting diseases and conditions in IMAC Regeneration Centers and BackSpace clinics. Our Innovative Medical Advancements and Care (IMAC) Regeneration Centers combine medical and physical procedures to improve patient experiences and outcomes and reduce healthcare costs as compared to other available treatment options. As of December 31, 2023, we closed or sold our outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. Our treatments were performed by licensed medical practitioners through our regenerative rehabilitation protocols designed to improve the physical health, to advance the quality of life and to lessen the pain of our patients. We did not prescribe opioids, but instead offered an alternative to conventional surgery or joint replacement surgery by delivering minimally invasive medical treatments to help patients with sports injuries, back pain, knee pain, joint pain, ligament and tendon damage, and other related soft tissue conditions. Our employees focused on providing exceptional customer service to give our patients a memorable and caring experience. 1 Our licensed healthcare professionals have historically provided each patient a custom treatment plan that integrated innovative regenerative medicine protocols (representing 9% of our revenue) with traditional, minimally invasive (minimizing skin punctures) medical procedures (representing 63% of our revenue) in combination with physical therapies (representing 22% of our revenue), chiropractic care (representing 5% of our revenue) and the remaining 1% of our revenue from memberships based on historical averages. We did not use or offer opioid-based prescriptions as part of our treatment options in order to help our patients avoid the dangers of opioid abuse and addiction. We

View Full Filing

View this 10-K filing on SEC EDGAR