IMAC Holdings Files 10-Q for Period Ending June 30, 2024
Ticker: BACK · Form: 10-Q · Filed: Dec 18, 2024 · CIK: 1729944
| Field | Detail |
|---|---|
| Company | Imac Holdings, INC. (BACK) |
| Form Type | 10-Q |
| Filed Date | Dec 18, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, healthcare
TL;DR
IMAC Holdings 10-Q filed for Q2 2024. Financials out.
AI Summary
IMAC Holdings, Inc. filed a 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which operates in the specialty outpatient facilities sector. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This 10-Q filing provides crucial financial and operational insights into IMAC Holdings, Inc. for the second quarter of 2024, allowing investors to assess the company's performance and make informed decisions.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company's specific financial health and market position, not detailed here, would determine the true risk level.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-12-18 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- IMAC Holdings, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20241218 (date) — Date of filing
- 8093 (number) — Standard Industrial Classification code for Services-Specialty Outpatient Facilities, NEC
FAQ
What is the primary business of IMAC Holdings, Inc. as indicated by its SIC code?
IMAC Holdings, Inc. is classified under SIC code 8093, which pertains to Services-Specialty Outpatient Facilities, NEC.
For which fiscal period is this 10-Q filing?
This 10-Q filing is for the period ended June 30, 2024.
When was this 10-Q report filed with the SEC?
The report was filed on December 18, 2024.
What is the company's fiscal year end?
IMAC Holdings, Inc.'s fiscal year ends on December 31.
What is the company's business address?
The business address is 3401 Mallory Lane, Suite 100, Franklin, TN 37067.
Filing Stats: 4,559 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2024-12-18 10:07:28
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share BACK NASDAQ Capital Mark
Filing Documents
- form10-q.htm (10-Q) — 933KB
- ex3-1.htm (EX-3.1) — 2679KB
- ex31-1.htm (EX-31.1) — 19KB
- ex31-2.htm (EX-31.2) — 19KB
- ex32-1.htm (EX-32.1) — 9KB
- ex32-2.htm (EX-32.2) — 9KB
- 0001493152-24-050544.txt ( ) — 6986KB
- back-20240630.xsd (EX-101.SCH) — 29KB
- back-20240630_cal.xml (EX-101.CAL) — 51KB
- back-20240630_def.xml (EX-101.DEF) — 104KB
- back-20240630_lab.xml (EX-101.LAB) — 251KB
- back-20240630_pre.xml (EX-101.PRE) — 190KB
- form10-q_htm.xml (XML) — 367KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 4
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 20
Controls and Procedures
Item 4. Controls and Procedures 20
OTHER INFORMATION
PART II. OTHER INFORMATION 21
Legal Proceedings
Item 1. Legal Proceedings 21
Risk Factors
Item 1A. Risk Factors 21
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 32
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 32
Other Information
Item 5. Other Information 32
Exhibits
Item 6. Exhibits 32 2 Important Information Regarding Forward-Looking Statements Portions of this Quarterly Report on Form 10-Q (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 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q, as well as other portions of this Quarterly Report on Form 10-Q. 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 statements were made. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from those projected, anticipated, or implied in the forward-looking in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission on May 2, 2024. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 890,610 $ 221,511 Accounts receivable, net 15,750 - Prepaid expenses and other current assets 213,016 94,711 Note receivable, net - 731,067 Assets of discontinued operations 95,041 96,830 Total curr
financial statements
financial statements. 7 IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 2024 2023 Six Months Ended June 30, 2024 2023 Cash flows from operating activities: Net loss $ ( 1,790,623 ) $ ( 5,101,960 ) Net income (loss) from discontinued operations 71,382 ( 2,646,200 ) Net loss from continuing operations ( 1,862,005 ) ( 2,455,760 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 34,795 309,618 Interest expense - OID 14,444 - Share based compensation, net - 131,060 Loss on disposition or impairment of assets - 1,695,161 Bad debt expense (recovery) - 6,795 Changes in operating assets and liabilities: Accounts receivable ( 15,750 ) 546,496 Prepaid expenses and other current assets ( 55,073 ) 68,780 Security deposits - 85,304 Right of use lease liability - ( 94,532 ) Accounts payable and accrued expenses 882,079 738,521 Patient deposits - ( 55,527 ) Net cash provided (used) in operating activities from continuing operations ( 1,001,510 ) 975,916 Net cash provided (used) in operating activities from discontinued operations 71,382 ( 2,646,200 ) Net cash used in operating activities ( 930,128 ) ( 1,670,284 ) Cash flows from investing activities: Proceeds from sale of Chicago - 80,000 Proceeds from sale of fixed assets - 1,050,000 Note receivable ( 375,000 ) - Net cash used in investing activities ( 375,000 ) 1,130,000 Cash flows from financing activities: Proceeds from issuance of common stock - 64,032 Proceeds from issuance of preferred stock, net of offering costs 975,951 - Payments on notes payable - ( 30,117 ) Proceeds from notes payable 1,000,000 - Payments on finance lease obligation ( 1,724 ) ( 9,840 ) Net cash provided in financing activities 1,974,227 24,075 Net increase (decrease) in cash 669,099 ( 516,209 ) Cash, beginning of period 221,51