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BACK:Installment
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 |
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Commission
file number: 001-38797
IMAC
Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
83-0784691 |
(State
or Other Jurisdiction of |
|
(I.R.S.
Employer |
Incorporation
or Organization) |
|
Identification
No.) |
3401
Mallory Lane, Suite 100, Franklin, Tennessee |
|
37067 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(844)
266-4622
(Registrant’s
Telephone Number, Including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
BACK |
|
NASDAQ
Capital Market |
Warrants
to Purchase Common Stock |
|
IMACW |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
|
|
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 21, 2023, the registrant had 33,280,049 shares of common stock, par value $0.001 per share, outstanding.
IMAC
HOLDINGS, INC.
TABLE
OF CONTENTS
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 statements. The most significant
of these risks, uncertainties, and other factors are those related to our proposed Theralink Technologies merger and those described
in “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed
with the U.S. Securities and Exchange Commission on March 31, 2023. 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.
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
IMAC
HOLDINGS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, | |
| |
(Unaudited) | | |
2022 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 247,002 | | |
$ | 763,211 | |
Accounts receivable, net | |
| 678,603 | | |
| 2,881,239 | |
Deferred compensation, current portion | |
| 102,153 | | |
| 196,119 | |
Other assets | |
| 248,578 | | |
| 367,358 | |
Total current assets | |
| 1,276,336 | | |
| 4,207,927 | |
| |
| | | |
| | |
Property and equipment, net | |
| 565,843 | | |
| 1,584,714 | |
Other assets: | |
| | | |
| | |
Intangible assets, net | |
| 901,893 | | |
| 1,365,457 | |
| |
| | | |
| | |
Security deposits | |
| 215,126 | | |
| 300,430 | |
Right of use asset | |
| 1,685,802 | | |
| 3,623,078 | |
Total other assets | |
| 2,802,821 | | |
| 5,288,965 | |
| |
| | | |
| | |
Total assets | |
$ | 4,645,000 | | |
$ | 11,081,606 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 2,441,261 | | |
$ | 1,702,740 | |
Patient deposits | |
| 186,139 | | |
| 241,666 | |
Notes payable, current portion | |
| 39,435 | | |
| 51,657 | |
Finance lease obligation, current portion | |
| 16,853 | | |
| 19,898 | |
Liability to issue common stock, current portion | |
| 292,246 | | |
| 329,855 | |
Operating lease liability, current portion | |
| 947,657 | | |
| 1,368,016 | |
Total current liabilities | |
| 3,923,591 | | |
| 3,713,832 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Notes payable, net of current portion | |
| 35,144 | | |
| 53,039 | |
Finance lease obligation, net of current portion | |
| 2,580 | | |
| 9,375 | |
| |
| | | |
| | |
Operating lease liability, net of current portion | |
| 1,042,655 | | |
| 2,654,104 | |
| |
| | | |
| | |
Total liabilities | |
| 5,003,970 | | |
| 6,430,350 | |
| |
| | | |
| | |
Commitment and Contingencies – Note 14 | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ equity (deficit): | |
| | | |
| | |
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at June 30, 2023 and December 31, 2022, respectively. | |
| - | | |
| - | |
Common stock - $0.001 par value, 60,000,000 authorized; 33,280,758 and 33,017,758 shares issued at June 30, 2023 and December 31, 2022, respectively; and 33,280,049 and 32,935,294 outstanding at June 30, 2023 and December 31, 2022, respectively. | |
| 33,280 | | |
| 32,935 | |
Additional paid-in capital | |
| 51,229,450 | | |
| 51,138,061 | |
Accumulated deficit | |
| (51,621,700 | ) | |
| (46,519,740 | ) |
Total stockholders’ equity (deficit) | |
| (358,970 | ) | |
| 4,651,256 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity (deficit) | |
$ | 4,645,000 | | |
$ | 11,081,606 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
IMAC
HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Patient revenues, net | |
$ | 1,343,975 | | |
$ | 5,033,088 | | |
$ | 3,437,337 | | |
$ | 8,928,075 | |
Total revenue | |
| 1,343,975 | | |
| 5,033,088 | | |
| 3,437,337 | | |
| 8,928,075 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Patient expenses | |
| 175,748 | | |
| 397,235 | | |
| 441,980 | | |
| 857,708 | |
Salaries and benefits | |
| 1,251,842 | | |
| 3,863,089 | | |
| 3,564,903 | | |
| 7,762,487 | |
Advertising and marketing | |
| 36,761 | | |
| 242,562 | | |
| 111,305 | | |
| 613,050 | |
General and administrative | |
| 886,632 | | |
| 1,857,915 | | |
| 2,391,506 | | |
| 3,673,162 | |
Depreciation and amortization | |
| 119,795 | | |
| 438,612 | | |
| 309,618 | | |
| 885,384 | |
Loss on disposal or impairment of assets | |
| 254,147 | | |
| 34,832 | | |
| 1,695,161 | | |
| 82,261 | |
Total operating expenses | |
| 2,724,925 | | |
| 6,834,245 | | |
| 8,514,473 | | |
| 13,874,052 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (1,380,950 | ) | |
| (1,801,157 | ) | |
| (5,077,136 | ) | |
| (4,945,977 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 1 | | |
| 1,321 | | |
| 1 | | |
| 1,321 | |
Other expense | |
| - | | |
| (39,530 | ) | |
| - | | |
| (52,704 | ) |
Interest expense | |
| (22,358 | ) | |
| (4,733 | ) | |
| (24,825 | ) | |
| (8,864 | ) |
Total other expenses | |
| (22,357 | ) | |
| (42,942 | ) | |
| (24,824 | ) | |
| (60,247 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (1,403,307 | ) | |
| (1,844,099 | ) | |
| (5,101,960 | ) | |
| (5,006,224 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share attributable to common stockholders | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | (0.04 | ) | |
$ | (0.07 | ) | |
$ | (0.15 | ) | |
$ | (0.19 | ) |
Net loss per share attributable to common stockholders basic | |
$ | (0.04 | ) | |
$ | (0.07 | ) | |
$ | (0.15 | ) | |
$ | (0.19 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 33,141,324 | | |
| 26,800,926 | | |
| 33,077,598 | | |
| 26,584,532 | |
Weighted average common shares outstanding, basic | |
| 33,141,324 | | |
| 26,800,926 | | |
| 33,077,598 | | |
| 26,584,532 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
IMAC
HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
| |
Number of Shares | | |
Par | | |
Paid-In Capital | | |
Accumulated Deficit | | |
Total | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of Shares | | |
Par | | |
Paid-In Capital | | |
Accumulated Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2021 | |
| 26,218,167 | | |
$ | 26,218 | | |
$ | 46,133,777 | | |
$ | (28,206,934 | ) | |
$ | 17,953,061 | |
Issuance of common stock | |
| 167,000 | | |
| 167 | | |
| 148,393 | | |
| - | | |
| 148,560 | |
Share based compensation, net | |
| - | | |
| - | | |
| 32,587 | | |
| - | | |
| 32,587 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (3,162,125 | ) | |
| (3,162,125 | ) |
Balance, March 31, 2022 | |
| 26,385,167 | | |
$ | 26,385 | | |
$ | 46,314,757 | | |
$ | (31,369,059 | ) | |
$ | 14,972,083 | |
Issuance of common stock | |
| 904,744 | | |
| 905 | | |
| 934,757 | | |
| - | | |
| 935,662 | |
Issuance of employee stock options | |
| - | | |
| - | | |
| 31,114 | | |
| - | | |
| 31,114 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,844,099 | ) | |
| (1,844,099 | ) |
Balance, June 30, 2022 | |
| 27,289,911 | | |
$ | 27,290 | | |
$ | 47,280,628 | | |
$ | (33,213,158 | ) | |
$ | 14,094,760 | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of Shares | | |
Par | | |
Paid-In Capital | | |
Accumulated Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2022 | |
| 32,935,294 | | |
$ | 32,935 | | |
$ | 51,138,061 | | |
$ | (46,519,740 | ) | |
$ | 4,651,256 | |
Issuance of common stock | |
| 81,755 | | |
| 82 | | |
| 16,568 | | |
| - | | |
| 16,650 | |
Share based compensation, net | |
| - | | |
| - | | |
| 27,702 | | |
| - | | |
| 27,702 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (3,698,653 | ) | |
| (3,698,653 | ) |
Balance, March 31, 2023 | |
| 33,017,049 | | |
$ | 33,017 | | |
$ | 51,182,331 | | |
$ | (50,218,393 | ) | |
$ | 996,955 | |
Issuance of common stock | |
| 263,000 | | |
| 263 | | |
| 47,119 | | |
| - | | |
| 47,382 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,403,307 | ) | |
| (1,403,307 | ) |
Balance, June 30, 2023 | |
| 33,280,049 | | |
$ | 33,280 | | |
$ | 51,229,450 | | |
$ | (51,621,700 | ) | |
$ | (358,970 | ) |
See
accompanying notes to unaudited condensed consolidated financial statements.
IMAC
HOLDINGS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2023 | | |
2022 | |
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (5,101,960 | ) | |
$ | (5,006,224 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 309,618 | | |
| 885,384 | |
Share based compensation, net | |
| 131,060 | | |
| 269,691 | |
Loss on disposition or impairment of assets | |
| 1,695,161 | | |
| 82,261 | |
Bad debt expense | |
| 6,795 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 546,496 | | |
| (1,845,684 | ) |
Other assets | |
| 68,780 | | |
| 18,767 | |
Security deposits | |
| 85,304 | | |
| 5,231 | |
Right of use/lease liability | |
| (94,532 | ) | |
| (40,541 | ) |
Accounts payable and accrued expenses | |
| 738,521 | | |
| (417,271 | ) |
Patient deposits | |
| (55,527 | ) | |
| 185,578 | |
Net cash from operating activities | |
| (1,670,284 | ) | |
| (5,862,808 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Proceeds from sale of Louisiana Orthopedic operations | |
| 1,050,000 | | |
| (256,279 | ) |
Proceeds from sale of Ricardo Knight, PC operations | |
| 80,000 | | |
| - | |
Proceeds from sale of property and equipment | |
| - | | |
| 2,060 | |
Net cash from investing activities | |
| 1,130,000 | | |
| (254,219 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock | |
| 64,032 | | |
| 829,663 | |
Payments on notes payable | |
| (30,117 | ) | |
| (208,004 | ) |
Payments on finance lease obligation | |
| (9,840 | ) | |
| (9,422 | ) |
Net cash from financing activities | |
| 24,075 | | |
| 612,237 | |
| |
| | | |
| | |
Net decrease in cash | |
| (516,209 | ) | |
| (5,504,790 | ) |
| |
| | | |
| | |
Cash, beginning of period | |
| 763,211 | | |
| 7,118,980 | |
| |
| | | |
| | |
Cash, end of period | |
$ | 247,002 | | |
$ | 1,614,190 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Interest paid | |
$ | 24,826 | | |
$ | 8,864 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
IMAC
HOLDINGS, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note
1 – Description of Business
IMAC
Holdings, Inc. is a holding company for IMAC Regeneration Centers and our Investigational New Drug division. IMAC Holdings, Inc. and
its affiliates (collectively, the “Company”) provide movement, orthopedic and neurological therapies through its chain of
IMAC Regeneration Centers. Through its consolidated and equity owned entities, its outpatient medical clinics provide conservative, non-invasive
medical treatments to help patients with back pain, knee pain, joint pain, ligament and tendon damage, and other related soft tissue
conditions. As of June 30, 2023, the Company had owned or operated through management service agreements three medical clinics located
in Kentucky and Missouri. The Company delivers sports medicine treatments without opioids. The Company’s Investigational New Drug division is conducting
a clinical trial for its investigational compound utilizing umbilical cord-derived allogenic mesenchymal stem cells for the treatment
of bradykinesia due to Parkinson’s disease.
As
outlined in Note 2, given the Company’s current financial position, during the first six months of 2023 the Company decided to
close five underperforming locations and sold its Louisiana Orthopedic and Illinois practices as well as The BackSpace, LLC operations
in an effort to raise sufficient capital to support on-going operations. Management has been actively exploring various strategic alternatives
in an effort to support operations in 2023 and beyond.
On
May 23, 2023, IMAC Holdings, Inc., a Delaware corporation (Nasdaq: BACK) (the “Company”) entered into an Agreement and Plan
of Merger (the “Merger Agreement”) with Theralink Technologies, Inc. (OTC: THER), a Nevada corporation (“Theralink”),
and IMAC Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of the Company (“Merger Sub”).
Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Theralink (the “Merger”),
with Theralink continuing as the surviving entity (the “Surviving Entity”) and a wholly owned subsidiary of the Company.
On May 22, 2023, the board of directors of the Company, and the board of directors of Theralink unanimously approved the Merger Agreement.
At
the effective time of the Merger (the “Effective Time”), each share of Theralink’s common stock (“Theralink Common
Stock”) and each share of Theralink’s preferred stock (together with the Theralink Common Stock, “Theralink Shares”)
issued and outstanding as of immediately prior to the Effective Time will be converted into and will thereafter represent the right to
receive a portion of a share of the Company’s common stock (the “Company Shares”) such that the total number of Company
Shares issued to the holders of Theralink Shares shall equal 85% of the total number of Company Shares outstanding as of the Effective
Time (the “Merger Consideration”).
At
the Effective Time, each award of Theralink stock options (each, a “Theralink Stock Option”), whether or not then vested
or exercisable, that is outstanding immediately prior to the Effective Time, will be assumed by the Company and converted into a stock
option relating to a number of Company Shares equal to the product of: (i) the number of shares of Theralink Common Stock subject to
such Theralink Stock Option; and (ii) the ratio which results from dividing one share of Theralink Common Stock by the portion of a Company
Share issuable for such share as finally determined at the Effective Time (the “Exchange Ratio”), at an exercise price per
Company Share (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (A) the exercise price per share of Theralink
Common Stock of such Theralink Stock Option by (B) the Exchange Ratio.
The
Company and Theralink have each agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals. However, if such party receives an unsolicited, bona fide acquisition proposal that
did not result from a material breach of the non-solicitation provisions of the Merger Agreement and the Company’s or Theralink’s
board of directors, or any committee thereof, as applicable, concludes, after consultation with its financial advisors and outside legal
counsel, that such unsolicited, bona fide acquisition proposal constitutes, or could reasonably be expected to result in, a superior
offer, such party may furnish non-public information regarding it or any of its subsidiaries and engage in discussions and negotiations
with such third party in response to such unsolicited, bona fide acquisition proposal; provided that each party provides
notice and furnishes any non-public information provided to the maker of the acquisition proposal to each party substantially concurrently
with providing such non-public information to the maker of the acquisition proposal.
The
completion of the Merger is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption of the Merger
Agreement by holders of a majority of the outstanding Theralink Shares; (ii) approval of the issuance of Company Shares in connection
with the Merger by a majority of the outstanding shares of the Company’s common stock; (iii) absence of any court order or regulatory
injunction prohibiting completion of the Merger; (iv) expiration or termination of (a) all waiting periods under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and (b) any agreement with any governmental entity not to
consummate the transactions contemplated by the Merger Agreement; (v) effectiveness of the Company’s registration statement on
Form S-4 to register the Company Shares to be issued in the Merger; (vi) subject to specified materiality standards, the accuracy of
the representations and warranties of the other party; (vii) the authorization for listing of Company Shares to be issued in the Merger
on Nasdaq; (viii) compliance by the other party in all material respects with its covenants; and (ix) the completion of satisfactory
due diligence by both parties.
The
Company and Theralink have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of the Company’s and
Theralink’s business between the date of the signing of the Merger Agreement and the closing date of the Merger and (ii) the efforts
of the parties to cause the Merger to be completed, including actions which may be necessary to cause the expiration or termination of
any waiting periods under the HSR Act.
The
Merger Agreement is attached hereto as Exhibit 2.1 and is incorporated by reference. The foregoing summary has been included to provide
investors and security holders with information regarding the terms of the Merger Agreement and is qualified in its entirety by the terms
and conditions of the Merger Agreement. It is not intended to provide any other factual information about the Company, Theralink or their
respective subsidiaries and affiliates. The Merger Agreement contains representations and warranties by each of the parties to the Merger
Agreement, which were made only for purposes of the Merger Agreement and as of specified dates. The representations, warranties and covenants
in the Merger Agreement (i) were made solely for the benefit of the parties to the Merger Agreement; (ii) may be subject to limitations
agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual
risk between the parties to the Merger Agreement instead of establishing these matters as facts; and (iii) may be subject to standards
of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the
representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition
of the Company, Theralink or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter
of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may
or may not be fully reflected in the Company’s or Theralink’s public disclosures.
Note
2 – Summary of Significant Accounting Policies
Principles
of Consolidation
The
accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles
(“GAAP”) in the United States of America (“U.S.”) as promulgated by the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) and with the rules and regulations of the U.S. Securities
and Exchange Commission (“SEC”).
The
accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. and the following entities which
are consolidated due to direct ownership of a controlling voting interest or other rights granted to us as the sole general partner or
managing member of the entity: IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”), IMAC Management Services, LLC
(“IMAC Management”), IMAC Regeneration Management, LLC (“IMAC Texas”) IMAC Regeneration Management of Nashville,
LLC (“IMAC Nashville”) IMAC Management of Illinois, LLC (“IMAC Illinois”), Advantage Hand Therapy and Orthopedic
Rehabilitation, LLC (“Advantage Therapy”), IMAC Management of Florida, LLC (“IMAC Florida”), Louisiana Orthopaedic
& Sports Rehab (“IMAC Louisiana”) and The Back Space, LLC (“BackSpace”); the following entity which is consolidated
with IMAC Regeneration Management of Nashville, LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (“IMAC
Nashville PC”); the following entities which are consolidated with IMAC Management of Illinois, LLC due to control by contract:
Progressive Health and Rehabilitation, Ltd., Illinois Spine and Disc Institute, Ltd. and Ricardo Knight, P.C.; the following entities
which is consolidated with IMAC Management Services, LLC due to control by contract: Integrated Medicine and Chiropractic Regeneration
Center PSC (“Kentucky PC”) and IMAC Medical of Kentucky PSC (“Kentucky PSC”); the following entities which are
consolidated with IMAC Florida due to control by contract: Willmitch Chiropractic, P.A. and IMAC Medical of Florida, P.A.; the following
entity which is consolidated with Louisiana Orthopaedic & Sports Rehab due to control by contract: IMAC Medical of Louisiana, a Medical
Corporation; and the following entities which are consolidated with BackSpace due to control by contract: ChiroMart LLC, ChiroMart Florida
LLC, and ChiroMart Missouri LLC.
During
January of 2023, the Company closed operations at four underperforming clinic locations: Webster Groves, Lexington, Fort
Pierce and Tampa.
On
January 27, 2023, the Company executed an agreement to sell all assets of IMAC of Louisiana, PC and Louisiana Orthopaedic & Sports
Rehab, LLC for a total of $1.05 million in cash. In addition, the deal included the assignment of the associated real estate lease to
the purchaser.
On
March 1, 2023, the Company executed an agreement to sale The BackSpace, LLC to Curis Express, LLC. This sale eliminated IMAC Holdings,
Inc. retail chiropractic division. In addition, the deal included all associated real estate leases and the rights to certain future
potential expansion locations.
On
April 1 2023, the Company executed an agreement to sell all the assets of Ricardo Knight, PC.
During
May of 2023, the Company closed operations at Springfield, MO, due to significant staff departures and inflationary pressure on replacement personnel. Most assets were sold in
June.
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, revenues and expenses at the date and for the periods that the condensed consolidated
financial statements are prepared. On an ongoing basis, the Company evaluates its estimates, including those related to insurance adjustments
and provisions for doubtful accounts. The Company bases its estimates on historical experience and on various other assumptions that
are believed to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations. Specifically, we reclassified share-based compensation to salaries and benefits.
Revenue
Recognition
The
Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics. The fees
for such services are billed either to the patient or a third-party payer, including Medicare.
The
Company recognizes service revenues based upon the estimated amounts the Company expects to be entitled to receive from patients and
third-party payers. Estimates of contractual adjustments are based upon the payment terms specified in the related contractual agreements.
The Company also records estimated implicit price concessions (based primarily on historical collection experience) related to uninsured
accounts to record these revenues at the estimated amounts expected to be collected.
Starting
in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are currently four membership plans
offered with different levels of service for each plan. The Company recognizes membership revenue on a monthly basis. Enrollment in the
wellness maintenance program can occur at any time during the month and can be dis-enrolled at any time.
Starting
in June 2021, the Company introduced BackSpace and began offering outpatient chiropractic and spinal care services as well as memberships
services in Walmart retail locations. The fees for such services were paid and recognized as incurred.
Starting
in September 2022, the Company introduced hormone replacement therapy “HRT” and medical weight loss programs. The Company
recognizes HRT and medical weight loss revenue as the services are provided.
Other
management service fees are derived from management services where the Company provides billings and collections support to the clinics
and where management services are provided based on state specific regulations known as the corporate practice of medicine (“CPM”).
Under the CPM, a business corporation is precluded from practicing medicine or employing a physician to provide professional medical
services. In these circumstances, the Company provides all administrative support to the physician-owned PC through a LLC. The PC is
consolidated due to control by contract (an “MSA” – Management Services Agreement). The fees we derive from these management
arrangements are either based on a predetermined percentage of the revenue of each clinic or a percentage mark up on the costs of the
LLC. The company recognizes other management service revenue in the period in which services are rendered. These revenues are earned
by IMAC Nashville, IMAC Management, IMAC Illinois, IMAC Florida, IMAC Louisiana and the Back Space and are eliminated in consolidation
to the extent owned.
Patient
Deposits
Patient
deposits are derived from patient payments in advance of services delivered. Our service lines include traditional and regenerative medicine.
Regenerative medicine procedures are rarely paid by insurance carriers; therefore, the Company typically requires up-front payment from
the patient for regenerative services and any co-pays and deductibles as required by the patient specific insurance carrier. For some
patients, credit is provided through an outside vendor. In this case, the Company is paid from the credit card company and the risk is
transferred to the credit card company for collection from the patient. These funds are accounted for as patient deposits until the procedures
are performed at which point the patient deposit is recognized as patient service revenue.
Fair
Value of Financial Instruments
The
carrying amount of accounts receivable and accounts payable approximate their respective fair values due to the short-term nature. The
carrying amount of the line of credit and note payable approximates fair values due to their market interest rates. Financial instruments
that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.
Variable
Interest Entities
Certain
states prohibit the “corporate practice of medicine,” which restricts business corporations from practicing medical care
by exercising control over clinical decisions by doctors. In states which prohibit the corporate practice of medicine, the Company enters
into long-term management agreements with professional corporations (“PCs”) that are owned by licensed doctors, which, in
turn employ or contract with doctors who provide professional care in its clinics. Under these management agreements with PCs, the Company
provides, on an exclusive basis, all non-clinical services of the practice.
The
condensed consolidated financial statements include the accounts of variable interest entities (“VIE”) in which the Company
is the primary beneficiary under the provisions of the FASB Accounting Standards Codification 810, “Consolidation”.
The Company has the power to direct the activities that most significantly impact a VIE’s economic performance. Additionally, the
Company would absorb substantially all of the expected losses from any of these entities should such expected losses occur. As of June
30, 2023, the Company’s consolidated VIE’s include 12 PCs.
Accounts
Receivable
Accounts
receivable primarily consists of amounts due from third-party payers (non-governmental), governmental payers and private pay patients
and is recorded net of allowances for doubtful accounts and contractual discounts. The Company’s ability to collect outstanding
receivables is critical to its results of operations and cash flows. Accordingly, accounts receivable reported in the Company’s
condensed consolidated financial statements is recorded at the net amount expected to be received.
The
Company’s accounts receivable from third-party payers are recorded net of estimated contractual adjustments and allowances from
third-party payers, which are estimated based on the historical trend of the Company’s facilities’ cash collections and contractual
write-offs, accounts receivable aging, established fee schedules, relationships with payers and procedure statistics. While changes in
estimated reimbursement from third-party payers remain a possibility, the Company expects that any such changes would be minimal and,
therefore, would not have a material effect on the Company’s financial condition or results of operations. The Company’s
collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient
account. The Company analyzes accounts receivable at each of the facilities to ensure the proper collection and aged category. The operating
systems generate reports that assist in the collection efforts by prioritizing patient accounts. Collection efforts include direct contact
with insurance carriers or patients and written correspondence.
Allowance
for Contractual, Other Discounts and Doubtful Accounts
Management
estimates the allowance for contractual and other discounts based on its historical collection experience and contracted relationship
with the payers. The services authorized and provided and related reimbursement are often subject to interpretation and negotiation that
could result in payments that differ from the Company’s estimates.
In
June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses.” This
ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses
rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. As
a result, the Company changed its accounting policy for allowance for doubtful accounts using an expected losses model rather than using
incurred losses. The new model is based on the credit losses expected to arise over the life of the asset based on the Company’s
expectations as of the balance sheet date through analyzing historical customer data as well as taking into consideration current economic
trends.
As
a smaller reporting Company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes became effective
for the Company on January 1, 2023. The adoption of ASU 2016-13 did not have a material financial impact on the Company’s condensed
consolidated financial statements.
The
roll forward of the allowance for doubtful accounts for the six-months ended June 30. 2023 was as follows:
Schedule
of Allowance for Doubtful Accounts
| |
June 30, 2023 | |
| |
| (Unaudited) | |
Beginning balance | |
$ | 163,479 | |
Bad debt expense | |
| 6,795 | |
Write-offs | |
| (95,414 | ) |
Ending balance | |
$ | 74,860 | |
Property
and Equipment
Property
and equipment are stated at cost, less accumulated depreciation. Additions and improvements to property and equipment are capitalized
at cost. Depreciation of owned assets are computed using the straight-line method over the estimated useful lives and amortization of
leasehold improvements are computed using the straight-line method over the shorter of the estimated useful lives of the related assets
or the lease term. The cost of assets sold or retired, and the related accumulated depreciation are removed from the accounts and any
resulting gains or losses are reflected in other income (expense) for the year. Expenditures for maintenance and repairs are charged
to expense as incurred.
Intangible
Assets
The
Company capitalizes the fair value of intangible assets acquired in business combinations. Intangible assets are amortized on a straight-line
basis over their estimated economic useful lives, generally the contract term. The Company performs valuations of assets acquired and
liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of each acquired business
to its respective net tangible and intangible assets. The Company records an impairment loss when the carrying amount of the asset is
not recoverable and exceeds its fair value. As of June 30, 2023, the Company has sold the assets of the Louisiana market, Illinois
market and the BackSpace retail stores. The Louisiana market had a total intangible carrying amount of approximately $61,000, the Illinois
market had a total intangible carrying amount of approximately $265,000 and the BackSpace retail stores had a total intangible carrying
amount of approximately $60,000 which was written off with the transaction. As of June 30, 2022, the Company closed a clinic
in Florida with a total intangible carrying amount of approximately $30,000. The Company recorded a noncash impairment loss for this
amount during the six months ended June 30, 2022.
Long-Lived
Assets
Long-lived
assets such as property and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. There were no impairments of long-lived assets for the years presented.
Advertising
and Marketing
The
Company uses advertising and marketing to promote its services. Advertising and marketing costs are expensed as incurred. Advertising
and marketing expense was approximately $37,000 and $243,000 for the three months ended June 30, 2023 and 2022, respectively and was
approximately $111,000 and $613,000 for the six months ended June 30, 2023 and 2022, respectively.
Net
Loss Per Share
Basic
net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common
shares outstanding during the year. Diluted net loss per common share is determined using the weighted-average of common shares outstanding
during the year, adjusted for the dilutive effect of common stock equivalents, consisting of the conversion option embedded in convertible
debt. The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would have an
anti-dilutive effect.
Income
Taxes
Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Deferred
tax assets are required to be reduced by a valuation allowance to the extent that, based on the weight of available evidence, it is more
likely than not that the deferred tax assets will not be realized.
Newly
Adopted Accounting Pronouncement
Topic
326 was effective for the Company beginning on January 1, 2023. This update requires a financial asset (or a group of financial assets)
measured at amortized cost basis, to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation
account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected
to be collected on the financial asset. The Company has evaluated the impact of Topic 326 and has determined it does not have a material
financial impact.
Note
3 – Capital Requirements, Liquidity and Going Concern Considerations
The
Company’s condensed consolidated financial statements are prepared in accordance with GAAP and includes the assumption of a going
concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However,
as shown in the accompanying condensed consolidated financial statements, the Company has sustained substantial losses from operations
since inception. The Company had negative working capital of approximately $2.6 million at June 30, 2023 and $0.5 million at December
31, 2022. For the six months ended June 30, 2023, the Company had a net loss of approximately $5.1 million and used cash in operations
of approximately $1.7 million.
Management
recognizes that the Company may need to obtain additional resources to successfully implement its business plans. No assurances can
be given that we will be successful. If management is not able to timely and successfully raise additional capital if needed, the
implementation of the Company’s business plan, financial condition and results of operations will be materially affected.
These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a
going concern.
Note
4 – Concentration of Credit Risks
Cash
The
Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally-insured limits of $250,000.
Revenue
and Accounts Receivable
As
of June 30, 2023 and December 31, 2022, the Company had the following revenue and accounts receivable concentrations:
Schedule
of Concentration Risk
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
% of Revenue | | |
% of Accounts Receivable | | |
% of Revenue | | |
% of Accounts Receivable | |
| |
(Unaudited) | | |
| | |
| |
Medicare payment | |
| 25 | % | |
| 20 | % | |
| 32 | % | |
| 18 | % |
Note
5 – Accounts Receivable
As
of June 30, 2023 and December 31, 2022, the Company’s accounts receivable consisted of the following:
Schedule
of Accounts Receivable
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| (Unaudited) | | |
| | |
Gross accounts receivable | |
$ | 753,463 | | |
$ | 3,044,718 | |
Less: allowance for doubtful accounts | |
| (74,860 | ) | |
| (163,479 | ) |
Accounts receivable, net | |
$ | 678,603 | | |
$ | 2,881,239 | |
Note
6 – Property and Equipment
The
Company’s property and equipment consisted of the following at June 30, 2023 and December 31, 2022:
Schedule of Property and Equipment
| |
Estimated Useful Life in Years | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| (Unaudited) | | |
| | |
Leasehold improvements | |
Shorter of asset or lease term | |
$ | 1,712,019 | | |
$ | 2,233,603 | |
Equipment | |
1.5 - 7 | |
| 1,989,567 | | |
| 2,820,166 | |
Total property and equipment | |
| |
| 3,701,586 | | |
| 5,053,769 | |
| |
| |
| | | |
| | |
Less: accumulated depreciation | |
| |
| (3,135,743 | ) | |
| (3,476,977 | ) |
Property and equipment, excluding
construction in progress | |
| |
| 565,843 | | |
| 1,576,792 | |
Construction in progress | |
| |
| - | | |
| 7,922 | |
Total property and equipment, net | |
| |
$ | 565,843 | | |
$ | 1,584,714 | |
Depreciation
was approximately $87,000 and $239,000 for the three months ended June 30, 2023 and 2022, respectively and approximately $233,000 and
$473,000 for the six months ended June 30, 2023 and 2022, respectively.
Note
7 – Intangibles Assets and Goodwill
The
Company’s intangible assets and goodwill consisted of the following at June 30, 2023 and December 31, 2022:
Schedule of Intangible Assets and Goodwill
| |
| |
June 30, 2023 (Unaudited) | |
| |
Estimated | |
| | |
Accumulated | | |
| |
| |
Useful Life | |
Cost | | |
Amortization | | |
Net | |
| |
| |
| | |
| | |
| |
Intangible assets: | |
| |
| | | |
| | | |
| | |
Management service agreements | |
10 years | |
$ | 4,224,113 | | |
$ | (3,565,970 | ) | |
$ | 658,143 | |
Definite lived assets | |
| |
| 4,224,113 | | |
| (3,565,970 | ) | |
| 658,143 | |
Research and development | |
| |
| 243,750 | | |
| - | | |
| 243,750 | |
Total intangible assets and goodwill | |
| |
$ | 4,467,863 | | |
$ | (3,565,970 | ) | |
$ | 901,893 | |
| |
| |
December 31, 2022 | |
| |
Estimated | |
| | |
Accumulated | | |
| |
| |
Useful Life | |
Cost | | |
Amortization | | |
Net | |
| |
| |
| | |
| | |
| |
Intangible assets: | |
| |
| | | |
| | | |
| | |
Management service agreements | |
10 years | |
$ | 7,940,398 | | |
$ | (6,939,916 | ) | |
$ | 1,000,482 | |
Non-compete agreements | |
3 years | |
| 391,000 | | |
| (359,125 | ) | |
| 31,875 | |
Customer lists | |
3 years | |
| 77,000 | | |
| (48,125 | ) | |
| 28,875 | |
Brand development | |
15 years | |
| 69,071 | | |
| (8,596 | ) | |
| 60,475 | |
Definite lived assets | |
| |
| 8,477,469 | | |
| (7,355,762 | ) | |
| 1,121,707 | |
Research and development | |
| |
| 243,750 | | |
| - | | |
| 243,750 | |
Goodwill | |
| |
| 4,499,796 | | |
| (4,499,796 | ) | |
| - | |
Total intangible assets and goodwill | |
| |
$ | 13,221,015 | | |
$ | (11,855,558 | ) | |
$ | 1,365,457 | |
In
January 2023, the Company sold the Louisiana Market which had a total intangible carrying amount of approximately $61,000 which was written
off as impaired.
In
February 2023, the Company sold the BackSpace retail clinics which had a total intangible carrying amount of approximately $60,000 which
was written off as impaired.
On April
1, 2023, the Company executed an agreement to sell all the assets of Ricardo Knight, PC which had a total intangible carrying amount
of approximately $265,000 which was written off as impaired.
In
March 2022 the Company decided to close a clinic in Florida with a total intangible carrying amount of approximately $34,000, which was
written off as impaired. As a result, the Company recorded a noncash impairment loss for this amount during the three months ended March
31, 2022. Due to a significant drop in share price in the three months ended September 20, 2022, the Company determined that a triggering
event occurred. It was determined that there was an impairment loss of $2,128,000 on the IMAC Illinois MSA and $1,672,000 on the IMAC
Kentucky MSA.
The
Company performs its annual impairment test during the fourth quarter of the fiscal year. For the year ended December 31, 2022, the Company
performed a qualitative impairment test and, based on the totality of information available for the reporting units, the Company concluded
that it was more-likely-than-not that the carrying value is greater than the estimated fair values of the reporting units as of December
31, 2022. A goodwill impairment loss of $4.5
million was recorded in December 2022.
Amortization
was approximately $33,000
and $200,000
for the three months ended June 30, 2023 and 2022, respectively and $77,000
and $412,000
for the six months ended June 30, 2023 and 2022, respectively.
The
Company’s estimated future amortization of intangible assets was as follows:
Schedule of Future Amortization of Intangible Assets
Years Ending December 31, | |
| |
(Unaudited) | |
| | |
2023 (six months) | |
$ | 65,814 | |
2024 | |
| 131,629 | |
2025 | |
| 131,629 | |
2026 | |
| 131,629 | |
2027 | |
| 131,629 | |
Thereafter | |
| 65,813 | |
Total | |
$ | 658,143 | |
Note
8 – Operating Leases
On
January 1, 2019, the Company adopted ASC 842 using the modified retrospective method applied to leases that were in place at January
1, 2019. Results for operating periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not
adjusted and continue to be reported in accordance with our historic accounting under ASC 840. The Company’s leases consist of
operating leases that mostly relate to real estate rental agreements. Most of the value of the Company’s lease portfolio relates
to real estate lease agreements that were entered into starting March 2017.
Discount
Rate Applied to Operating Leases
To
determine the present value of minimum future lease payments for operating leases at January 1, 2019, the Company was required to estimate
a rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments
in a similar economic environment (the “incremental borrowing rate” or “IBR”).
The
Company determined the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing
options and certain lease-specific circumstances. For the reference rate of leases added as of June 30, 2023 and December 31, 2022, the
Company used a weighted average interest rate.
Total
operating lease cost
Individual
components of the total lease cost incurred by the Company were as follows:
Schedule of Operating Lease Cost
| |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
| |
| (Unaudited) | | |
| (Unaudited) | |
Operating lease expense | |
$ | 747,698 | | |
$ | 830,373 | |
Minimum
rental payments under operating leases are recognized on a straight light basis over the term of the lease.
Maturity
of operating leases
The
Company’s amount of future minimum lease payments under operating leases are as follows:
Schedule of Future Minimum Lease Payments
| |
Operating Leases | |
| |
| (Unaudited) | |
Undiscounted future minimum lease payments: | |
| | |
2023 (six months) | |
$ | 538,112 | |
2024 | |
| 734,612 | |
2025 | |
| 468,745 | |
2026 | |
| 236,609 | |
2027 | |
| 73,823 | |
Thereafter | |
| 81,691 | |
Total | |
| 2,133,592 | |
Amount representing imputed interest | |
| (143,280 | ) |
Total operating lease liability | |
| 1,990,312 | |
Current portion of operating lease liability | |
| (947,657 | ) |
Operating lease liability, non-current | |
$ | 1,042,655 | |
Note
9 – Notes Payable
Set
forth below is a summary of the Company’s outstanding debt as of June 30, 2023 and December 31, 2022:
Schedule of Notes Payable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| (Unaudited) | | |
| | |
Note payable | |
$ | - | | |
$ | 13,093 | |
Note payable to a financial institution in the amount of $200,000 dated November 15, 2017. The note requires 66 consecutive monthly installments of $2,652 including principal and interest at 5%, with a balloon payment of $60,000 which was paid on June 15, 2018. The note matured and has been paid in full. | |
$ | - | | |
$ | 13,093 | |
| |
| | | |
| | |
Note payable to a financial institution in the amount of $131,400 dated August 1, 2016. The note requires 120 monthly installments of $1,394 including principal and interest at 5%. The note matures on July 1, 2026, and is secured by a letter of credit. | |
| 47,697 | | |
| 54,763 | |
| |
| | | |
| | |
$112,800 payable to a landlord of Advantage Therapy, LLC pursuant to a lease dated March 1, 2019. The debt is payable in 60 monthly installments of $2,129, including principal and interest at 5%. The debt matures on June 1, 2024. | |
| 26,882 | | |
| 36,840 | |
| |
| | | |
| | |
Notes payable | |
| 74,579 | | |
| 104,696 | |
Less: current portion: | |
| (39,435 | ) | |
| (51,657 | ) |
Notes
payable, net of current portion | |
$ | 35,144 | | |
$ | 53,039 | |
Principal
maturities of the Company’s notes payable are as follows:
Schedule of Principal Maturities of Notes Payable
Years Ending December 31, | |
Amount | |
| |
| |
2023 (six months) | |
$ | 21,540 | |
2024 | |
| 27,631 | |
2025 | |
| 15,813 | |
2026 | |
| 9,595 | |
Total | |
$ | 74,579 | |
Note
10 – Stockholders’ Equity (Deficit)
On
July 6, 2022, the Company’s shareholders approved the Board of Directors’ proposal to increase the number of authorized shares
of the Company’s common stock to 60,000,000 shares from 30,000,000 shares.
On August 16, 2022, the Company entered into a securities
purchase agreement (the “Securities Purchase Agreement”) with institutional accredited investors (the “Purchasers”)
pursuant to which the Company offered for sale to the Purchasers an aggregate of 5,164,474 shares (the “Shares”) of its common
stock at a purchase price of $0.76, in a registered direct offering (the “Registered Direct Offering”). In a concurrent private
placement, the Company also agreed to issue to the investors Series 1 warrants to purchase 5,164,474 shares of common stock that will
become exercisable on the date that is six months following the date of issuance of the shares of common stock in the Registered Direct
Offering (the “Exercise Date”) and expire on the five year anniversary of the Exercise Date, at an exercise price of $0.95
per share, and Series 2 warrants to purchase 5,164,474 shares of common stock that will become exercisable on the Exercise Date and expire
on the one year anniversary of the Exercise Date, at an exercise price of $0.95 per share. The Shares were offered by the Company pursuant
to its shelf registration statement on Form S-3 originally filed with the SEC on March 27, 2020 (as amended, the “Registration Statement”),
which was declared effective on April 3, 2020. The Company received gross proceeds of both transactions of $3.9 million. The Company used
the net proceeds from this offering for working capital and other general corporate purposes, including financing the costs of implementing
the Company’s strategic alternative activities.
2018
Incentive Compensation Plan
The
Company’s board of directors and holders of a majority of outstanding shares approved and adopted the Company’s 2018 Incentive
Compensation Plan (“2018 Plan”) in May 2018, reserving the issuance of up to 1,000,000 shares of common stock (subject to
certain adjustments) upon exercise of stock options and grants of other equity awards. The 2018 Plan provides for the grant of incentive
stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock
unit awards, performance-based stock awards, other forms of equity compensation and performance cash awards. ISOs may be granted only
to employees. All other awards may be granted to employees, including officers, and to the Company’s non-employee directors and
consultants, and affiliates. The 2018 Plan was amended July 6, 2022 to increase the 1,000,000 shares of common stock to 2,000,000 share
of common stock.
Stock
Options
As
of June 30, 2023, the Company had issued stock options to purchase 131,050 shares of its common stock as non-qualified stock options
to various employees of the Company. Most options vest over a period of four years, with 25% vesting after one year and the remaining
75% vesting in equal monthly installments over the following 36 months and are exercisable for a period of ten years. One award granted
in 2021 vests over a period of one year and is exercisable for a period of ten years. Stock based compensation for stock options is estimated
at the grant date based on the fair value calculated using the Black-Scholes method. The per-share fair values of these options is calculated
based on the Black-Scholes-Merton pricing model.
Restricted
Stock Units
On
February 21, 2022, the Company granted 100,000 RSUs to an executive that vested immediately.
On
October 15, 2022, the Company granted an aggregate of 300,000 RSUs to Board members with these RSUs vesting immediately.
On May 19, 2023, the Company granted an aggregate of 263,000 RSUs to Board members with these RSU’s vesting
immediately.
Note
11 – Retirement Plan
The
Company offers a 401(k) plan that covers eligible employees. The plan provides for voluntary salary deferrals for eligible employees.
Additionally, the Company is required to make matching contributions of 50% of up to 6 % of total compensation for those employees making
salary deferrals. The Company made contributions of $17,106 and $35,954 during the three months ended June 30, 2023 and 2022, respectively
and $43,927 and $70,763 during the six months ended June 30, 2023 and 2022, respectively.
Note
12 – Income Taxes
ASC
740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of all available positive and negative
evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management assessed all
available evidence to estimate if sufficient future taxable income will be generated in the appropriate period and of the appropriate
character to realize deferred tax assets. For the six months ended June 30, 2023 and June 30, 2022, no income tax expense or benefit
was recorded related to income taxes due to the Company’s overall operating results and the full valuation allowance.
The
Company performed a comprehensive review of its uncertain tax positions and determined that no adjustments were necessary relating to
unrecognized tax benefits as December 31, 2022. As of June 30, 2023, the Company had no unrecognized tax benefits recorded. The Company
is subject to taxation by federal, state, and local taxing authorities. The Company’s federal, state, and local income tax returns
are subject to examination by taxing authorities for three years after the returns are filed, and the Company’s federal, state,
and local income tax returns for 2019 through 2022 remain open to examination.
Note
13 – Commitments and Contingencies
The
Company accrues a liability and charges operations for the estimated costs of contingent liabilities, including adjudication or settlement
of various asserted and unasserted claims existing as of the balance sheet date, where there is a reasonable possibility that a loss
has been incurred and the loss (or range of probable loss) is estimable.
From
time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. Other
than the matter described below, management is not aware of any matters, either individually or in the aggregate, that are reasonably
likely to have a material impact on the Company’s financial condition, results of operations or liquidity.
Third
Party Audit
On April 15, 2021, the Company received notification
from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are recommending to
CMS that the Company was overpaid in the amount of $2,921,868. This amount represents a statistical extrapolation of $ of charges
from a sample of 40 claims for the periods February 2017 to November 2020.
On June 3, 2021, the Company received a request for
payment from CMS in the amount of $2,918,472. The Company began its own internal audit process and initiated the appropriate appeals.
The Company received a notification dated September 30, 2021, from CMS that they “found the request to be favorable by reversing
the extrapolation to actual”. The Company received a separate notification stating “the extrapolated overpayment was reduced
to the actual overpayment amount for the sampled denied claims $5,327.73,” which had been paid as of December 31, 2021.
On October 21, 2021, the Company received notification
from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are recommending to
CMS that the Company was overpaid in the amount of $2,716,056.33. This amount represents a statistical extrapolation of $ of charges
from a sample of 38 claims for the periods July 2017 to November 2020 for Progressive Health & Rehabilitation, Ltd (“Progressive
Health”). The Company entered into a management agreement with Progressive Health in April 2019 and therefore liable for only a
portion of the sampled claims. There were a total of 38 claims reviewed, 25 of these claims were from the period prior to the management
agreement with the Company and the remaining 13 claims were related to the period that Progressive Health was managed by the Company.
In December 2021, the Company received a request for payment from CMS in the amount of $2,709,265. The Company has begun its own internal
audit process and has initiated the appropriate appeals. The Company submitted
a reconsideration request February 26, 2023. On July 5, 2023, the Company received a reconsideration decision from the second appeal.
The Qualified Independent Contractor provided a “partially favorable” decision that medical necessity supported 15 of 38 appealed
claims. The Company intends to file a written appeal to an Administrative Law Judge prior to the August 30 deadline.
On May 17, 2022, the Company received
notification from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are
recommending to CMS that the Company was overpaid in the amount of $492,086.22
related to Advantage Therapy. This amount represents a statistical extrapolation of charges from a sample, the actual amount found
to be overpaid was $10,420.22.
The Company has accrued the actual sample amount found for this potential overpayment. On May 27, 2022 the Company received a
request for payment from CMS in the amount of $481,666.00.
The Company has begun its own internal audit process and has initiated the appropriate appeals. Prior to this May 2022 notification,
CMS had implemented a pre-payment audit for Advantage Therapy. As of June 30, 2023, this audit had resulted in a recoupment balance
of approximately $0.1
million of Medicare accounts receivable. The Company submitted a reconsideration request in May 2023. On August 4, 2023, the Company
received a reconsideration decision from the second appeal. The Qualified Independent Contractor provided a “partially
favorable” decision supporting 31 of 65 appealed claims. The Company intends to file a written appeal to an Administrative Law
Judge prior to the October 2 deadline.
On December 9, 2022, the Company received a suspension
of payment notification from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, for IMAC
Regeneration Center of Kentucky. On December 22, 2022, the Company responded to the payment suspension with a Rebuttal of Notice. The
suspension of payment will remain in effect until the Rebuttal of Notice is answered. Guidelines suggest a 30 to 45 day response time,
although no response has been provided nor any explanation regarding the payment suspension as of the date of this filing, over 200 days
later.
Note
14 – Merger Agreement
On
May 23, 2023, IMAC Holdings, Inc., a Delaware corporation (Nasdaq: BACK) (the “Company”) entered into an Agreement and Plan
of Merger (the “Merger Agreement”) with Theralink Technologies, Inc. (OTC: THER), a Nevada corporation (“Theralink”),
and IMAC Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of the Company (“Merger Sub”).
Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Theralink (the “Merger”),
with Theralink continuing as the surviving entity (the “Surviving Entity”) and a wholly owned subsidiary of the Company.
On May 22, 2023, the board of directors of the Company, and the board of directors of Theralink unanimously approved the Merger Agreement.
At
the effective time of the Merger (the “Effective Time”), each share of Theralink’s common stock (“Theralink Common
Stock”) and each share of Theralink’s preferred stock (together with the Theralink Common Stock, “Theralink Shares”)
issued and outstanding as of immediately prior to the Effective Time will be converted into and will thereafter represent the right to
receive a portion of a share of the Company’s common stock (the “Company Shares”) such that the total number of Company
Shares issued to the holders of Theralink Shares shall equal 85% of the total number of Company Shares outstanding as of the Effective
Time (the “Merger Consideration”).
At
the Effective Time, each award of Theralink stock options (each, a “Theralink Stock Option”), whether or not then vested
or exercisable, that is outstanding immediately prior to the Effective Time, will be assumed by the Company and converted into a stock
option relating to a number of Company Shares equal to the product of: (i) the number of shares of Theralink Common Stock subject to
such Theralink Stock Option; and (ii) the ratio which results from dividing one share of Theralink Common Stock by the portion of a Company
Share issuable for such share as finally determined at the Effective Time (the “Exchange Ratio”), at an exercise price per
Company Share (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (A) the exercise price per share of Theralink
Common Stock of such Theralink Stock Option by (B) the Exchange Ratio.
The
Company and Theralink have each agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals. However, if such party receives an unsolicited, bona fide acquisition proposal that
did not result from a material breach of the non-solicitation provisions of the Merger Agreement and the Company’s or Theralink’s
board of directors, or any committee thereof, as applicable, concludes, after consultation with its financial advisors and outside legal
counsel, that such unsolicited, bona fide acquisition proposal constitutes, or could reasonably be expected to result in, a superior
offer, such party may furnish non-public information regarding it or any of its subsidiaries and engage in discussions and negotiations
with such third party in response to such unsolicited, bona fide acquisition proposal; provided that each party provides
notice and furnishes any non-public information provided to the maker of the acquisition proposal to each party substantially concurrently
with providing such non-public information to the maker of the acquisition proposal.
The
completion of the Merger is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption of the Merger
Agreement by holders of a majority of the outstanding Theralink Shares; (ii) approval of the issuance of Company Shares in connection
with the Merger by a majority of the outstanding shares of the Company’s common stock; (iii) absence of any court order or regulatory
injunction prohibiting completion of the Merger; (iv) expiration or termination of (a) all waiting periods under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and (b) any agreement with any governmental entity not to
consummate the transactions contemplated by the Merger Agreement; (v) effectiveness of the Company’s registration statement on
Form S-4 to register the Company Shares to be issued in the Merger; (vi) subject to specified materiality standards, the accuracy of
the representations and warranties of the other party; (vii) the authorization for listing of Company Shares to be issued in the Merger
on Nasdaq; (viii) compliance by the other party in all material respects with its covenants; and (ix) the completion of satisfactory
due diligence by both parties.
The
Company and Theralink have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of the Company’s and
Theralink’s business between the date of the signing of the Merger Agreement and the closing date of the Merger and (ii) the efforts
of the parties to cause the Merger to be completed, including actions which may be necessary to cause the expiration or termination of
any waiting periods under the HSR Act.
The
Merger Agreement is attached hereto as Exhibit 2.1 and is incorporated by reference. The foregoing summary has been included to provide
investors and security holders with information regarding the terms of the Merger Agreement and is qualified in its entirety by the terms
and conditions of the Merger Agreement. It is not intended to provide any other factual information about the Company, Theralink or their
respective subsidiaries and affiliates. The Merger Agreement contains representations and warranties by each of the parties to the Merger
Agreement, which were made only for purposes of the Merger Agreement and as of specified dates. The representations, warranties and covenants
in the Merger Agreement (i) were made solely for the benefit of the parties to the Merger Agreement; (ii) may be subject to limitations
agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual
risk between the parties to the Merger Agreement instead of establishing these matters as facts; and (iii) may be subject to standards
of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the
representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition
of the Company, Theralink or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter
of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may
or may not be fully reflected in the Company’s or Theralink’s public disclosures.
Note 15 - Subsequent Events
On July 25, 2023, the Company entered
into a definitive securities purchase agreement with several institutional and accredited investors, including existing significant investors
of Theralink Technologies, Inc., its previously announced merger partner (OTC:THER) (“Theralink”), and Theralink’s
Chairman, for the sale of its preferred stock and warrants. IMAC sold
an aggregate of 2,500 shares of its Series A-1 Convertible Preferred Stock, stated value $1,000 per share, 1,800 shares of
its Series A-2 Convertible Preferred Stock, stated value $1,000 per share, and Warrants to purchase up to 62,271,063 shares
of its common stock for aggregate gross proceeds of $4.3 million before deducting placement agent fees and other offering expenses.
The shares of A-1 Convertible Preferred Stock, shall bear a 12% dividend, and are initially convertible into an aggregate of 22,893,773
shares of common stock of the Company, and the shares of Series A-2 Convertible Preferred Stock are initially convertible into an aggregate
of 16,483,517 shares of common stock of the Company, in each case, at a conversion price of $0.1092 per share. The Warrants
have an exercise price of $0.1092 per share, are exercisable immediately, and will expire five years from the date of shareholder
approval of this private placement. It is expected that approximately $3.0 million of the proceeds of the offering will be
used to make a loan to Theralink for investment into sales and marketing efforts and general working capital purposes as the companies
continue to take formal steps together in advancing their merger previously announced on May 23, 2023.
The Company
also entered into a Registration Rights Agreement, pursuant to which it agreed to file a registration statement with the Securities and
Exchange Commission (the “SEC”) covering the resale of the shares of the Company’s common stock underlying the Series
A-1 Convertible Preferred Stock, Series A-2 Convertible Preferred Stock and Warrants no later than 45 days following the closing of the
planned merger.
The foregoing summary is
qualified in its entirety by reference to the full text of each of the Certificate of Designation for the Series A-1
Convertible Preferred Stock and Series A-2 Convertible Preferred Stock, the Warrants, the Securities Purchase Agreement and
the Registration Rights Agreement, attached as Exhibits 3.1, 3.2, 4.1, 10.1 and 10.2, respectively, each of which is incorporated herein
in its entirety.
ITEM
2. |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Special
Note Regarding Forward-Looking Information
The
following discussion and analysis of the results of operations and financial condition as of June
30, 2023 and for the six months ended June 30, 2023 and 2022 should be read in conjunction with our financial statements and the notes
to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report contains forward-looking
statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this
Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits
or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections
involving anticipated revenues, earnings or other aspects of our operating results. The words “may,” “will,”
“expect,” “believe,” “anticipate,” “project,” “plan,” “intend,”
“estimate,” and “continue,” and their opposites and similar expressions, are intended to identify forward-looking
statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties,
risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections
upon which the statements are based. Factors that may affect our results include, but are not limited to, the risks and uncertainties
set forth under Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as discussed
elsewhere in this Quarterly Report, particularly in Part II, Item IA - Risk Factors.
Any
one or more of these uncertainties, risks and other influences, could materially affect our results of operations and whether forward-looking
statements made by us ultimately prove to be accurate. Our actual results, performance and achievements could differ materially from
those expressed or implied in these forward-looking statements. Except as required by federal securities laws, we undertake no obligation
to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.
References
in this MD&A to “we,” “us,” “our,” “our company,” “our business” and
“IMAC Holdings” are to IMAC Holdings, Inc., a Delaware corporation and prior to the Corporate Conversion (defined below),
IMAC Holdings, LLC, a Kentucky limited liability company, and the following entities which are consolidated due to direct ownership of
a controlling voting interest or other rights granted to us as the sole general partner or managing member of the entity: IMAC Regeneration
Center of St. Louis, LLC (“IMAC St. Louis”), IMAC Management Services, LLC (“IMAC Management”), IMAC Regeneration
Management, LLC (“IMAC Texas”) IMAC Regeneration Management of Nashville, LLC (“IMAC Nashville”) IMAC Management
of Illinois, LLC (“IMAC Illinois”), Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”),
IMAC Management of Florida, LLC (“IMAC Florida”), Louisiana Orthopaedic & Sports Rehab (“IMAC Louisiana”)
and The Back Space, LLC (“BackSpace”); the following entity which is consolidated with IMAC Regeneration Management of Nashville,
LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (“IMAC Nashville PC”); the following entities which
are consolidated with IMAC Management of Illinois, LLC due to control by contract: Progressive Health and Rehabilitation, Ltd., Illinois
Spine and Disc Institute, Ltd. and Ricardo Knight, P.C.; the following entities which is consolidated with IMAC Management Services,
LLC due to control by contract: Integrated Medicine and Chiropractic Regeneration Center PSC (“Kentucky PC”) and IMAC Medical
of Kentucky PSC (“Kentucky PSC”); the following entities which are consolidated with IMAC Florida due to control by contract:
Willmitch Chiropractic, P.A. and IMAC Medical of Florida, P.A.; the following entity which is consolidated with Louisiana Orthopaedic
& Sports Rehab due to control by contract: IMAC Medical of Louisiana, a Medical Corporation; and the following entities which are
consolidated with BackSpace due to control by contract: ChiroMart LLC, ChiroMart Florida LLC, and ChiroMart Missouri LLC.
Overview
We
are a provider of movement and orthopedic therapies and minimally invasive procedures performed through our regenerative and rehabilitative
medical treatments to improve the physical health of our patients at our chain of IMAC Regeneration Centers which
we own or manage. Our outpatient medical clinics provide conservative, minimally invasive medical treatments to help patients with back
pain, knee pain, joint pain, ligament and tendon damage, and other related soft tissue conditions. Our licensed healthcare professionals
evaluate each patient and provide a custom treatment plan that integrates traditional medical procedures and innovative regenerative
medicine procedures in combination with physical medicine. We do 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. The original IMAC Regeneration Center opened in
Kentucky in August 2000 and remains the flagship location of our current business, which was formally organized in March 2015.
Given
the Company’s current financial position, during the first half of 2023 the Company decided to close five underperforming
locations and in addition sold its Louisiana Orthopedic and Chicago practices as well as The BackSpace, LLC operations in an effort
to raise sufficient capital to support on-going operations. Management has been actively exploring various strategic alternatives in
an effort to support operations in 2023 and beyond.
We
own our medical clinics directly or have entered into long-term management services agreements to operate and control certain of our
medical clinics by contract. Our preference is to own the clinics; however, some state laws restrict the corporate practice of medicine
and require a licensed medical practitioner to own the clinic. Accordingly, our managed clinics are owned exclusively by a medical professional
within a professional service corporation (formed as a limited liability company or corporation) and are under common control with us
in order to comply with state laws regulating the ownership of medical practices. We are compensated under management services agreements
through service fees based on the cost of the services provided, plus a specified markup percentage, and a discretionary annual bonus
determined in the sole discretion of each professional service corporation.
Recent
Developments
Significant
recent developments of the company for the second quarter of 2023 are set forth in the bullets below.
| ● | On
May 23, 2023, IMAC Holdings, Inc., a Delaware corporation (Nasdaq: BACK) (the “Company”)
entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Theralink
Technologies, Inc. (OTC: THER), a Nevada corporation (“Theralink”), and IMAC
Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of the
Company (“Merger Sub”). Upon the terms and subject to the conditions set forth
in the Merger Agreement, Merger Sub will merge with and into Theralink (the “Merger”),
with Theralink continuing as the surviving entity (the “Surviving Entity”) and
a wholly owned subsidiary of the Company. On May 22, 2023, the board of directors of the
Company, and the board of directors of Theralink unanimously approved the Merger Agreement. |
At
the effective time of the Merger (the “Effective Time”), each share of Theralink’s common stock (“Theralink Common
Stock”) and each share of Theralink’s preferred stock (together with the Theralink Common Stock, “Theralink Shares”)
issued and outstanding as of immediately prior to the Effective Time will be converted into and will thereafter represent the right to
receive a portion of a share of the Company’s common stock (the “Company Shares”) such that the total number of Company
Shares issued to the holders of Theralink Shares shall equal 85% of the total number of Company Shares outstanding as of the Effective
Time (the “Merger Consideration”).
At
the Effective Time, each award of Theralink stock options (each, a “Theralink Stock Option”), whether or not then vested
or exercisable, that is outstanding immediately prior to the Effective Time, will be assumed by the Company and converted into a stock
option relating to a number of Company Shares equal to the product of: (i) the number of shares of Theralink Common Stock subject to
such Theralink Stock Option; and (ii) the ratio which results from dividing one share of Theralink Common Stock by the portion of a Company
Share issuable for such share as finally determined at the Effective Time (the “Exchange Ratio”), at an exercise price per
Company Share (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (A) the exercise price per share of Theralink
Common Stock of such Theralink Stock Option by (B) the Exchange Ratio.
The
Company and Theralink have each agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals. However, if such party receives an unsolicited, bona fide acquisition proposal that
did not result from a material breach of the non-solicitation provisions of the Merger Agreement and the Company’s or Theralink’s
board of directors, or any committee thereof, as applicable, concludes, after consultation with its financial advisors and outside legal
counsel, that such unsolicited, bona fide acquisition proposal constitutes, or could reasonably be expected to result in, a superior
offer, such party may furnish non-public information regarding it or any of its subsidiaries and engage in discussions and negotiations
with such third party in response to such unsolicited, bona fide acquisition proposal; provided that each party provides
notice and furnishes any non-public information provided to the maker of the acquisition proposal to each party substantially concurrently
with providing such non-public information to the maker of the acquisition proposal.
The
completion of the Merger is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption of the Merger
Agreement by holders of a majority of the outstanding Theralink Shares; (ii) approval of the issuance of Company Shares in connection
with the Merger by a majority of the outstanding shares of the Company’s common stock; (iii) absence of any court order or regulatory
injunction prohibiting completion of the Merger; (iv) expiration or termination of (a) all waiting periods under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and (b) any agreement with any governmental entity not to
consummate the transactions contemplated by the Merger Agreement; (v) effectiveness of the Company’s registration statement on
Form S-4 to register the Company Shares to be issued in the Merger; (vi) subject to specified materiality standards, the accuracy of
the representations and warranties of the other party; (vii) the authorization for listing of Company Shares to be issued in the Merger
on Nasdaq; (viii) compliance by the other party in all material respects with its covenants; and (ix) the completion of satisfactory
due diligence by both parties.
The
Company and Theralink have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of the Company’s and
Theralink’s business between the date of the signing of the Merger Agreement and the closing date of the Merger and (ii) the efforts
of the parties to cause the Merger to be completed, including actions which may be necessary to cause the expiration or termination of
any waiting periods under the HSR Act.
The
Merger Agreement is attached hereto as Exhibit 2.1 and is incorporated by reference. The foregoing summary has been included to provide
investors and security holders with information regarding the terms of the Merger Agreement and is qualified in its entirety by the terms
and conditions of the Merger Agreement. It is not intended to provide any other factual information about the Company, Theralink or their
respective subsidiaries and affiliates. The Merger Agreement contains representations and warranties by each of the parties to the Merger
Agreement, which were made only for purposes of the Merger Agreement and as of specified dates. The representations, warranties and covenants
in the Merger Agreement (i) were made solely for the benefit of the parties to the Merger Agreement; (ii) may be subject to limitations
agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual
risk between the parties to the Merger Agreement instead of establishing these matters as facts; and (iii) may be subject to standards
of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the
representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition
of the Company, Theralink or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter
of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may
or may not be fully reflected in the Company’s or Theralink’s public disclosures.
| ● | On
July 25, 2023, the Company entered into a definitive
securities purchase agreement with several institutional and accredited investors, including
existing significant investors of Theralink Technologies, Inc., its previously announced
merger partner (OTC:THER) (“Theralink”), and Theralink’s Chairman, for
the sale of its preferred stock and warrants. IMAC sold
an aggregate of 2,500 shares of its Series A-1 Convertible Preferred Stock, stated value $1,000 per
share, 1,800 shares of its Series A-2 Convertible Preferred Stock, stated value $1,000 per
share, and Warrants to purchase up to 62,271,063 shares of its common stock for aggregate
gross proceeds of $4.3 million before deducting placement agent fees and other offering
expenses. The shares of A-1 Convertible Preferred Stock, shall bear a 12% dividend, and are
initially convertible into an aggregate of 22,893,773 shares of common stock of the Company,
and the shares of Series A-2 Convertible Preferred Stock are initially convertible into an
aggregate of 16,483,517 shares of common stock of the Company, in each case, at a conversion
price of $0.1092 per share. The Warrants have an exercise price of $0.1092 per
share, are exercisable immediately, and will expire five years from the date of shareholder
approval of this private placement. It is expected that approximately $3.0 million of
the proceeds of the offering will be used to make a loan to Theralink for investment into
sales and marketing efforts and general working capital purposes as the companies continue
to take formal steps together in advancing their merger previously announced on May
23, 2023. |
The
Company also entered into a Registration Rights Agreement, pursuant to which it agreed to file a registration statement with the Securities
and Exchange Commission (the “SEC”) covering the resale of the shares of the Company’s common stock underlying the
Series A-1 Convertible Preferred Stock, Series A-2 Convertible Preferred Stock and Warrants no later than 45 days following the closing
of the planned merger.
The
foregoing summary is qualified in its entirety by reference to the full text of each of the Certificate of Designation for the Series A-1
Convertible Preferred Stock and Series A-2 Convertible Preferred Stock, the Warrants, the Securities Purchase Agreement and
the Registration Rights Agreement, attached as Exhibits 3.1, 3.2, 4.1, 10.1 and 10.2, respectively, each of which is incorporated herein
in its entirety.
Significant financial metrics
Significant
financial metrics of the Company for the second quarter of 2023 are set forth in the bullets below.
|
● |
Net
patient revenue decreased to $1.3 million for the second quarter of 2023 from $2.1 million for the first quarter of 2023. |
|
● |
Working
capital is ($2.6 million) as of June 30, 2023 compared to working capital of $0.5 million as of December 31, 2022. |
|
● |
Adjusted
EBITDA1 of ($1.0 million) in the second quarter of 2023 compared to ($1.3 million) in the second quarter of 2022. |
|
● |
Sold
the Illinois market during the second quarter of 2023. |
|
● |
Closed two under performing locations during the second quarter of 2023
and sold another location. |
|
(1) |
Adjusted
EBITDA is a non-GAAP financial measure most closely comparable to the GAAP measure of net loss. See “Reconciliation of Non-GAAP
Financial Matters” below for a full reconciliation of the GAAP and non-GAAP measures. |
Matters
that May or Are Currently Affecting Our Business
We
believe that our future success depends on various opportunities, challenges, trends and other factors,
including the following:
|
● |
Our
need to hire additional healthcare professionals in order to operate the existing clinics; |
|
|
|
|
● |
Our
ability to enhance revenue at each facility on an ongoing basis through additional patient volume and new services; |
|
|
|
|
● |
Our
ability to attract competent, skilled medical and sales personnel for our operations at acceptable prices to manage our overhead; |
|
|
|
|
● |
Our
ability to control our operating expenses; our ability to consummate the proposed Theralink Technologies merger
and, if consummated, whether it will prove to be beneficial to our Company and stockholders. |
Results
of Operations for the Three and Six Months Ended June 30, 2023 Compared to the Three and Six Months Ended June 30, 2022
We
own our medical clinics directly or have entered into long-term management services agreements to operate and control these medical clinics
by contract. Our preference is to own the clinics; however, some state laws restrict the corporate practice of medicine and require a
licensed medical practitioner to own the clinic. Accordingly, our managed clinics are owned exclusively by a medical professional within
a professional service corporation (formed as a corporation or a limited liability company) under common control with us or eligible
members of our company in order to comply with state laws regulating the ownership of medical practices. We are compensated under management
services agreements through service fees based on the cost of the services provided, plus a specified markup percentage, and a discretionary
annual bonus determined in the sole discretion of each professional service corporation.
Revenues
Our
revenue mix is diversified between medical treatments and physiological treatments. Our medical treatments are further segmented into
traditional medical and regenerative medicine practices. We are an in-network provider for traditional physical medical treatments, such
as physical therapy, chiropractic services and medical evaluations, with most private health insurance carriers. Regenerative medical
treatments are typically not covered by insurance, but paid by the patient. For more information on our revenue recognition policies,
see “Notes to the Consolidated Financial Statements” that were included in the Form 10-K.
Revenues
for the three months ended June 30, 2023 and 2022 were as follows:
| |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
(in thousands, unaudited) | |
Revenues: | |
| | |
| |
Outpatient facility services | |
$ | 1,204 | | |
$ | 4,744 | |
Memberships | |
| 140 | | |
| 289 | |
Total revenues | |
$ | 1,344 | | |
$ | 5,033 | |
Revenues
for the six months ended June 30, 2023 and 2022 were as follows:
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
(in thousands, unaudited) | |
Revenues: | |
|
| | |
| |
Outpatient facility services | |
$ |
3,041 | | |
$ | 8,405 | |
Memberships | |
|
396 | | |
| 523 | |
Total revenues | |
$ |
3,437 | | |
$ | 8,928 | |
See
the table below for more information regarding our revenue breakdown by service type.
| |
Three Months Ended June 30, | |
| |
2023 | |
|
2022 | |
| |
(Unaudited) | |
Revenues: | |
| | |
|
| | |
Medical treatments | |
| 61 | % |
|
| 66 | % |
Physical therapy | |
| 22 | % |
|
| 26 | % |
Chiropractic care | |
| 5 | % |
|
| 2 | % |
Memberships | |
| 12 | % |
|
| 6 | % |
| |
| 100 | % |
|
| 100 | % |
| |
Six Months Ended June 30, | |
| |
2023 | |
|
2022 | |
| |
(Unaudited) | |
|
| |
Revenues: | |
| | |
|
| | |
Medical treatments | |
| 62 | % |
|
| 66 | % |
Physical therapy | |
| 22 | % |
|
| 26 | % |
Chiropractic care | |
| 3 | % |
|
| 2 | % |
Memberships | |
| 13 | % |
|
| 6 | % |
| |
| 100 | % |
|
| 100 | % |
Consolidated
Results
For the three months ended June
30, 2023, total revenues decreased approximately $3.7 million due to sale of the Louisiana market, Chicago market and BackSpace retail stores and
the closure of underperforming stores.
For
the six months ended June 30, 2023, total revenues decreased approximately $5.5 million due to the sale of the Louisiana market,
Chicago market and the BackSpace retail stores and the closure of underperforming stores.
IMAC
Clinics
Of
the total revenue decrease, approximately $4.4 million is attributed to the sale or closure of IMAC Clinics.
Retail
Clinics
The
Company began opening retail clinics in Walmart in June 2021. On March 1, 2023, we executed an agreement to sale The BackSpace, LLC to
Curis Express, LLC. This sale eliminated IMAC Holdings, Inc. retail chiropractic division. During the first quarter of 2023, 75% of the
BackSpace revenue was related to memberships.
Memberships
A
wellness membership program was implemented at IMAC Clinics in January 2020 and this wellness program has different plan levels that
include services for chiropractic care and medical treatments on a monthly subscription basis. Therefore, memberships could have multiple
visits in one month, however only one payment is received for these visits.
Operating
Expenses
Operating
expenses consist of patient expenses, salaries and benefits, share based compensation, advertising and marketing, general and administrative
expenses and depreciation expenses.
Patient
expenses consist of medical supplies for services rendered.
Patient Expenses | |
2023 | | |
2022 | | |
Change from Prior Year | | |
Percent Change from Prior Year | |
| |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
$ | 176,000 | | |
$ | 397,000 | | |
$ | (221,000 | ) | |
| (56 | )% |
Six Months Ended June 30 | |
$ | 442,000 | | |
$ | 858,000 | | |
$ | (415,000 | ) | |
| (48 | )% |
Cost
of revenues (patient expense) decreased for the six months ended June 30, 2023 as compared to June 30, 2022, due to the closure of
the underperforming clinics and the sale of Louisiana and the retail stores. Patient expense as a percent of revenue has remained
relatively consistent from 13.1% for the second quarter of 2023 compared to 7.9% for the second quarter of 2022. The increase during the second quarter is partially due to a temporary medical service mix shift and purchasing power
decrease to achieve purchase volume discounts.
Salaries
and benefits consist of payroll, benefits and related party contracts.
Salaries and Benefits | |
2023 | | |
2022 | | |
Change from Prior Year | | |
Percent Change from Prior Year | |
| |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
$ | 1,252,000 | | |
$ | 3,863,000 | | |
$ | (2,611,000 | ) | |
| (68 | )% |
Six Months Ended June 30 | |
$ | 3,565,000 | | |
$ | 7,762,000 | | |
$ | (4,198,000 | ) | |
| (54 | )% |
Salaries
and benefits expenses for the six months ended June 30, 2023, as compared to the six months ended June 30, 2022, decreased due
to the closure of the underperforming clinics and the sale of Louisiana and the retail stores. Same store clinics have also experienced
a decrease in employees.
Advertising
and marketing consist of marketing, business promotion and brand recognition.
Advertising and Marketing | |
2023 | | |
2022 | | |
Change from Prior Year | | |
Percent Change from Prior Year | |
| |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
$ | 37,000 | | |
$ | 242,000 | | |
$ | (206,000 | ) | |
| (85 | )% |
Six Months Ended June 30 | |
$ | 111,000 | | |
$ | 613,000 | | |
$ | (502,000 | ) | |
| (82 | )% |
Advertising
and marketing expenses decreased $206,000 for the three months ended June 30, 2023, as compared to the three months ended June 30,
2022. This decrease is attributable to the decrease of clinics.
General
and administrative expense (“G&A”) consist of all other costs than advertising and marketing, salaries and benefits,
patient expenses and depreciation.
General and Administrative | |
2023 | | |
2022 | | |
Change from Prior Year | | |
Percent Change from Prior Year | |
| |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
$ | 887,000 | | |
$ | 1,858,000 | | |
$ | (971,000 | ) | |
| (52 | )% |
Six Months Ended June 30 | |
$ | 2,392,000 | | |
$ | 3,673,000 | | |
$ | (1,282,000 | ) | |
| (35 | )% |
G&A
decreased $1,282,000 in the six months ended June 30, 2023 as compared to the six months ended June 30, 2022. There was a $363,000
decrease in rent expense from the first six months of 2022 compared to the first six months of 2023 due to the sale and closure of seven IMAC clinic
locations as well as the 10 Backspace locations. The Company had a decrease of $276,000 in contract labor and consulting expenses in the first six months of 2023
compared to the first six months of 2022.
FDA
Clinical Trial
In
August 2020, the United States Food and Drug Administration (the “FDA”) approved the Company’s investigational new
drug application. The Company completed the third cohort of Phase 1 of the clinical trial during 2022. The Company incurred $34,000 in G&A expenses related to consultants, supplies, software and travel for the clinic trial
during the six months ended June 30, 2023 compared to $205,000 in the six months ended June 30, 2022.
Depreciation
is related to our property and equipment purchases to use in the course of our business activities. Amortization is related to our business
acquisitions.
Depreciation and Amortization | |
2023 | | |
2022 | | |
Change from Prior Year | | |
Percent Change from Prior Year | |
| |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
$ | 120,000 | | |
$ | 439,000 | | |
$ | (319,000 | ) | |
| (73 | )% |
Six Months Ended June 30 | |
$ | 310,000 | | |
$ | 885,000 | | |
$ | (576,000 | ) | |
| (65 | )% |
Depreciation
and amortization decreased for the six months ended June 30, 2023 compared to the six months ended June 30, 2022. The decrease
is attributable to the impairment recorded of the intangibles, the sale of Louisiana and the retail clinics and the sale of medical equipment.
Depreciation
is related to our property and equipment purchases to use in the course of our business activities. Amortization is related to our business
acquisitions.
Loss on disposal and impairment | |
2023 | | |
2022 | | |
Change from Prior Year | | |
Percent Change from Prior Year | |
| |
| | | |
| | | |
| | | |
| | |
Three Months Ended June 30 | |
$ | 254,000 | | |
$ | 35,000 | | |
$ | 219,000 | | |
| 630 | % |
Six Months Ended June 30 | |
$ | 1,695,000 | | |
$ | 82,000 | | |
$ | 1,613,000 | | |
| 1,961 | % |
Loss
on disposal and impairment increased $1,613,000 for the six months ended June 30, 2023 compared to the six months ended June 30,
2023 due to the sale of Ricardo Knight, PC, Louisiana Orthopedic and the retail stores, the closure of the underperforming clinics
and sales of equipment.
Analysis
of Cash Flows
The
primary source of our operating cash flow is the collection of accounts receivable from patients, private insurance companies, government
programs, self-insured employers and other payers.
During
the six months ended June 30, 2023, net cash used in operations was approximately $1.7 million, which was primarily attributable to
the loss on disposition of assets related to the sale of Louisiana and closure of clinics. Of that total, roughly $0.25 million of net cash used for operations was incurred in the three months ending June
30, 2023.
Net
cash provided by investing activities during the six months ended June 30, 2023 was approximately $1.1 million, which was attributed
to the sale of Ricardo Knight, PC and Louisiana Orthopedic operations during the period.
Net
cash used in financing activities during the six months ended June 30, 2023 was approximately $24,000, which mostly consisted of debt
payments of approximately $30,000.
Reconciliation
of Non-GAAP Financial Measures
This
report contains certain non-GAAP financial measures, including non-GAAP net income and adjusted EBITDA, which are used by management
in analyzing our financial results and ongoing operational performance.
In
order to better assess the Company’s financial results, management believes that net income before interest, income taxes, stock
based compensation, and depreciation and amortization (“adjusted EBITDA”) is a useful measure for evaluating the operating
performance of the Company because adjusted EBITDA reflects net income adjusted for certain non-cash and/or non-operating items. We also
believe that adjusted EBITDA is useful to many investors to assess the Company’s ongoing results from current operations. Adjusted
EBITDA is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. Because adjusted EBITDA
is not a measurement determined in accordance with GAAP, such non-GAAP financial measures are susceptible to varying calculations. Accordingly,
adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies.
This
non-GAAP financial measure should not be considered as a substitute for, or superior to, measures of financial performance which are
prepared in accordance with US GAAP and may be different from non-GAAP financial measures used by other companies and have limitations
as analytical tools.
A
reconciliation of adjusted EBITDA to the most directly comparable GAAP measure is set forth below.
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
June 30,
2023 | | |
June 30,
2022 | | |
June 30,
2023 | | |
June 30,
2022 | |
GAAP
loss attributable to IMAC Holdings, Inc. | |
$ | (1,403,000 | ) | |
$ | (1,844,000 | ) | |
$ | (5,102,000 | ) | |
$ | (5,006,000 | ) |
Interest
income | |
| - | | |
| (1,000 | ) | |
| - | | |
| (1,000 | ) |
Interest
expense | |
| 22,000 | | |
| 5,000 | | |
| 25,000 | | |
| 9,000 | |
Other expense | |
| - | | |
| 40,000 | | |
| - | | |
| 53,000 | |
Share-based
compensation expense | |
| 46,000 | | |
| 81,000 | | |
| 131,000 | | |
| 270,000 | |
Depreciation
and amortization | |
| 120,000 | | |
| 439,000 | | |
| 310,000 | | |
| 885,000 | |
Loss
on disposition and impairment of assets | |
| 254,000 | | |
| 35,000 | | |
| 1,695,000 | | |
| 82,000 | |
Adjusted
EBITDA | |
$ | (961,000 | ) | |
$ | (1,245,000 | ) | |
$ | (2,941,000 | ) | |
$ | (3,708,000 | ) |
Liquidity
and Capital Resources
As
of June 30, 2023, we had $0.2 million in cash and negative working capital of $2.6 million. As of December 31, 2022, we had cash of
$0.8 million and working capital of $0.5 million. The decrease in working capital was primarily due to the use of cash for operating
expenses during the six months ended June 30, 2023.
As
of June 30, 2023, we had approximately $3.9 million in current liabilities. Operating leases represent $0.9 million of our current liabilities.
Of our remaining current liabilities as of June 30, 2023, approximately $1.2 million in current liabilities outstanding to our vendors,
which we have historically paid down in the normal course of our business and accrued expenses represent approximately $1.0 million of
the balance. Lastly, accrued wages, taxes, 401k contributions and paid time off represent approximately $0.3 million of the remaining
current liabilities.
Contractual
Obligations
The
following table summarizes our contractual obligations by period as of June 30, 2023:
| |
Payments
Due by Period | |
| |
Total | | |
Less
Than 1
Year | | |
1-3
Years | | |
4-5
Years | |
Short-term
obligations | |
$ | 23,263 | | |
$ | 23,263 | | |
$ | - | | |
$ | - | |
Long-term
obligations, including interest | |
| 55,971 | | |
| - | | |
| 55,971 | | |
| - | |
Finance
lease obligations, including interest | |
| 20,905 | | |
| 18,176 | | |
| 2,729 | | |
| - | |
Operating
lease obligations | |
| 2,133,592 | | |
| 1,013,030 | | |
| 1,001,894 | | |
| 118,668 | |
| |
$ | 2,233,731 | | |
$ | 1,054,469 | | |
$ | 1,060,594 | | |
$ | 118,668 | |
Off-Balance
Sheet Arrangements
As
of June 30, 2023, the Company did not have any off-balance sheet arrangements.
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK |
Not
applicable.
ITEM 4. |
CONTROLS AND PROCEDURES |
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities Exchange
Act of 1934 (the “Exchange Act”) reports is recorded, processed, summarized, and reported within the time periods specified
in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our chief executive
officer and chief financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating
the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can
provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating
the cost-benefit relationship of possible controls and procedures.
As
further discussed below, we carried out an evaluation, under the supervision and with the participation of our management, including
our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls
and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation, our chief executive officer
and chief financial officer concluded that, because of certain material weaknesses in our internal control over financial reporting our
disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act were not effective as of June 30,
2023. The material weaknesses relate to the absence of in-house accounting personnel with the ability to properly account for complex
transactions and a lack of separation of duties between accounting and other functions.
We
hired a consulting firm to advise on technical issues related to U.S. GAAP as related to the maintenance of our accounting books and
records and the preparation of our consolidated financial statements. Although we are aware of the risks associated with not having dedicated
accounting personnel, we are also at an early stage in the development of our business. We anticipate expanding our accounting functions
with dedicated staff and improving our internal accounting procedures and separation of duties when we can absorb the costs of such expansion
and improvement with additional capital resources. In the meantime, management will continue to observe and assess our internal accounting
function and make necessary improvements whenever they may be required. If our remedial measures are insufficient to address the material
weakness, or if additional material weaknesses or significant deficiencies in our internal control over financial reporting are discovered
or occur in the future, our consolidated financial statements may contain material misstatements, and we could be required to restate
our financial results. In addition, if we are unable to successfully remediate this material weakness and if we are unable to produce
accurate and timely financial statements, our stock price may be adversely affected and we may be unable to maintain compliance with
applicable stock exchange listing requirements.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Under the supervision and with the participation of our management, including our
chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our internal control over financial
reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (“COSO”). Because of its inherent limitations, internal control over financial reporting may not
prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial
statement preparation and presentation. Based on our evaluation under the framework in Internal Control—Integrated Framework
(2013), our management concluded that, because of certain material weaknesses in our internal control over financial reporting our
disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act were not effective as of June 30,
2023.
Changes
in Internal Control over Financial Reporting
There
has been no change in our internal control over financial reporting identified in connection with the evaluation required by paragraph
(d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during our most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM 1. |
LEGAL PROCEEDINGS |
From
time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of our business, as
described below. Litigation is, however, subject to inherent uncertainties, and an adverse result in these or other matters may arise
from time to time that may harm our business. We are currently not aware of any legal proceedings or claims that we believe would or
could have, individually or in the aggregate, a material adverse effect on us. Regardless of final outcomes, however, any such proceedings
or claims may nonetheless impose a significant burden on management and employees and may come with costly defense costs or unfavorable
preliminary interim rulings.
In
addition to the information set forth under Item 1A of Part I to our Annual Report on Form 10-K for the year ended December 31, 2022,
the information set forth at the beginning of Management’s Discussion and Analysis entitled “Special Note Regarding Forward-Looking
Information,” and updates noted below, you should consider that there are numerous and varied risks, known and unknown, that may
prevent us from achieving our goals. If any of these risks actually occur, our business, financial condition or results of operation
may be materially and adversely affected. In such case, the trading price of our securities could decline and investors could lose all
or part of their investment. These risk factors may not identify all risks that we face and our operations could also be affected by
factors that are not presently known to us or that we currently consider to be immaterial to our operations.
We
recorded a net loss for the six months ended June 30, 2023 and June 30, 2022 and there can be no assurance that our future operations
will result in net income; we received a going concern qualification.
For
the six months ended June 30, 2023 and June 30, 2022, we had net revenue of approximately $3,437,000 and $8,928,000, respectively, and
we had net loss of approximately $5,102,000 and $5,006,000, respectively. There can be no assurance that our future operations will result
in net income. Our failure to increase our revenues or improve our gross margins will harm our business. We may not be able to sustain
or increase profitability on a quarterly or annual basis in the future. If our revenues grow more slowly than we anticipate, our gross
margins fail to improve or our operating expenses exceed our expectations, our operating results will suffer. The fee we charge for our
management services may decrease, which would reduce our revenues and harm our business. If we are unable to sell our services at acceptable
prices relative to our costs, or if we fail to develop and introduce new services on a timely basis and services from which we can derive
additional revenues, our financial results will suffer.
Our
stock price is below $1.00 per share, and if it continues, our common stock may be subject to delisting from The Nasdaq Capital Market.
Our
common stock closed below the required minimum $1.00 per share for 30 consecutive business days and we received a deficiency notice from
Nasdaq regarding our failure to comply with Nasdaq Marketplace Rule 5550(a)(2) on September 21, 2022. When the notice was received, pursuant
to Marketplace Rule 5810(c)(3)(A), we become subject to a period of 180 calendar days to regain compliance with Rule 5550(a)(2). If at
any time the bid price of our common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, we will regain
compliance with Rule 5550(a)(2). We did not regain compliance with Rule 5550(a)(2) prior to the expiration of the Nasdaq compliance period.
We appealed the delisting determination to a Nasdaq hearing panel and the panel stayed the delisting. The Company received an extension
through September 18, 2023. We are currently evaluating our alternatives to resolve any listing deficiency. To the extent that we are
unable to resolve a listing deficiency, there is a risk that our common stock may be delisted from Nasdaq, which would adversely impact
liquidity of our common stock and potentially result in even lower bid prices for our common stock. If shares of our common stock become
subject to the penny stock rules, it would become more difficult to trade them.
On
May 31, 2023, the Company received notice from Nasdaq that the Company has failed to maintain a required minimum of $2,500,000 in stockholders’
equity for continued listing, as required under Listing Rule 5550(b)(1) (the “Minimum Equity Rule”). On August 3, 2023, the
Company submitted a plan to Nasdaq to grant the Company an extension of time until November 27, 2023 to provide evidence of compliance
with the Minimum Equity Rule, and by filing this Current Report on Form 8-K, which includes (1) disclosure of Nasdaq’s deficiency
letter and the specific deficiency or deficiencies cited; (2) a description of the completed transaction or event that enabled the Company
to satisfy the stockholders’ equity requirement for continued listing; (3) an affirmative statement that, as of the date of the
report, the Company believes it has regained compliance with the stockholders’ equity requirement based upon the specific transaction
or event referenced in item (2) above; and (4) a disclosure stating that Nasdaq will continue to monitor the Company’s ongoing
compliance with the stockholders’ equity requirement and, if at the time of its next periodic report the Company does not evidence
compliance, that it may be subject to delisting.
As
previously disclosed by the Company, on July 25, 2023, the Company completed a financing transaction pursuant to a Securities Purchase
Agreement for the sale of its Convertible Preferred Stock and Warrants. The Company sold an aggregate of 2,500 shares of its Series A-1
Convertible Preferred Stock, stated value $1,000 per share, 1,800 shares of its Series A-2 Convertible Preferred Stock, stated value
$1,000 per share, and Warrants to purchase up to 62,271,063 shares of the Company’s Common Stock for aggregate gross proceeds of
$4,300,000, before deducting placement agent fees and other offering expenses. The shares of Series A-1 Convertible Preferred Stock bear
a 12% dividend and are initially convertible into an aggregate of 22,893,773 shares of Common Stock of the Company, and the shares of
Series A-2 Convertible Preferred Stock are initially convertible into an aggregate of 16,483,517 shares of Common Stock of the Company,
in each case, at a conversion price of $0.1092 per share. The Series A-1 and Series A-2 Convertible Preferred Stock cannot be converted
at the option of the holder into shares of the Company’s Common Stock until shareholder approval is received in compliance with
the applicable rules and regulations of The Nasdaq Stock Market. The Warrants have an exercise price of $0.1092 per share, are exercisable
on or after the date that shareholder approval of the financing transaction is received and will expire five years from the date such
shareholder approval is received.
The
Company believes its total stockholders’ equity as of March 31, 2023 of $996,955 on the Company’s consolidated balance sheet
would be, on an as adjusted basis, $4,816,000 as of March 31, 2023, after giving effect to the financing transaction described above.
As
of August 3, 2023, the Company believes it has regained compliance with the stockholders’ equity requirement based upon the specific
transactions and events referenced above. Nasdaq will continue to monitor the Company’s ongoing compliance with the stockholders’
equity requirement, and if at the time of the Company’s next periodic report in which the financing transaction is included (i.e.,
for the quarterly period ending September 30, 2023) the Company does not evidence compliance, it may be subject to delisting.
We
have 5,000,000 authorized and 4,995,700 unissued shares of preferred stock, and our board has the ability to designate the rights
and preferences of this preferred stock without your vote.
Our
certificate of incorporation authorizes our board of directors to issue “blank check” preferred stock and to fix the rights,
preferences, privileges and restrictions, including voting rights, of these shares, without further stockholder approval. The rights
of the holders of common stock will be subject to and may be adversely affected by the rights of holders of any preferred stock that
may be issued in the future. As indicated in the preceding risk factor, the ability to issue preferred stock without stockholder approval
could have the effect of making it more difficult for a third party to acquire a majority of the voting stock of our company thereby
discouraging, delaying or preventing a change in control of our company. We currently have 4,300 outstanding shares of preferred stock,
or plans to issue any such shares in the future.
On
July 25, 2023, the Company entered into a definitive Securities Purchase Agreement with several institutional and accredited investors,
including existing significant investors of Theralink Technologies, Inc., its previously announced merger partner (“Theralink”),
and Theralink’s Chairman, for the sale of its convertible preferred stock and warrants (the “Private Placement”). The
Company sold an aggregate of 2,500 shares of its Series A-1 Convertible Preferred Stock, stated value $1,000 per share (“Series
A-1 Convertible Preferred Stock”), 1,800 shares of its Series A-2 Convertible Preferred Stock, stated value $1,000 per share (“Series
A-2 Convertible Preferred Stock”), and warrants (“Warrants”) to purchase up to 62,271,063 shares of the Company’s
common stock for aggregate gross proceeds of $4,300,000, before deducting placement agent fees and other offering expenses. The shares
of Series A-1 Convertible Preferred Stock bear a 12% dividend and are initially convertible into an aggregate of 22,893,773 shares of
common stock of the Company, and the shares of Series A-2 Convertible Preferred Stock are initially convertible into an aggregate of
16,483,517 shares of common stock of the Company, in each case, at a conversion price of $0.1092 per share. The Series A-1 and Series
A-2 Convertible Preferred Stock cannot be converted at the option of the holder into shares of the Company’s common stock until
shareholder approval is received in compliance with the applicable rules and regulations of The Nasdaq Stock Market. The Warrants have
an exercise price of $0.1092 per share, are exercisable on or after the date that shareholder approval of the Private Placement is received
and will expire five years from the date such shareholder approval is received. It is expected that approximately $3.0 million of the
proceeds of the Private Placement will be used to make a loan to Theralink for investment into sales and marketing efforts and general
working capital purposes as the companies continue to take formal steps together in advancing their planned merger previously announced
on May 23, 2023.
The
Company also entered into a Registration Rights Agreement, pursuant to which it agreed to file a registration statement with the Securities
and Exchange Commission (the “SEC”) covering the resale of the shares of the Company’s common stock underlying the
Series A-1 Convertible Preferred Stock, Series A-2 Convertible Preferred Stock and Warrants no later than 45 days following the closing
of the planned merger.
The
foregoing summary is qualified in its entirety by reference to the full text of each of the Certificate of Designation for the Series A-1
Convertible Preferred Stock and Series A-2 Convertible Preferred Stock, the Warrants, the Securities Purchase Agreement and
the Registration Rights Agreement, attached as Exhibits 3.1, 3.2, 4.1, 10.1 and 10.2, respectively, each of which is incorporated herein
in its entirety.
On
July 27, 2023, the Company filed Certificates of Designation of Preferences, Rights and Limitations establishing two series of preferred
stock designated as the Series A-1 Convertible Preferred Stock and the Series A-2 Convertible Preferred Stock with the Secretary of the
State of Delaware.
There
are a number of risks and uncertainties that could impact the completion of the IMAC Merger with Theralink.
The
Merger is structured as a stock for stock reverse merger whereby all of Theralink’s outstanding equity interests are to be
exchanged for shares of IMAC common stock. Theralink stakeholders are expected to own approximately 85% of the combined company, and
pre-merger IMAC equity holders are expected to own approximately 15% of the combined company, on a fully diluted basis calculated
using the treasury stock method, subject to certain adjustments provided for in the Merger Agreement. The boards of directors of
both companies have unanimously approved the Merger Agreement. However, there can be no guarantee of the dilutive impact to
shareholders prior to or as part of the Merger process. Additionally, there is a risk that cost savings, synergies and growth
from the proposed Merger may not be fully realized or may take longer to realize than expected; the possibility that shareholders of
IMAC may not approve the issuance of new shares of IMAC common stock in the proposed Merger or that shareholders
of IMAC may not approve the proposed Merger; the risk that a condition to closing of the proposed Merger may not be
satisfied, that either party may terminate the Merger Agreement or that the closing of the proposed Merger might be delayed or not
occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the
announcement or completion of the proposed Merger; the occurrence of any other event, change or other circumstances that could give
rise to the termination of the Merger Agreement relating to the proposed Merger; the risk that changes in IMAC’s capital
structure and governance could have adverse effects on the market value of its securities and its ability to access the capital
markets; the ability of IMAC to retain its Nasdaq listing; the ability of Theralink to retain customers and
retain and hire key personnel and maintain relationships with their suppliers and customers and on Theralink’s operating
results and business generally; the risk the proposed Merger could distract management from ongoing business operations or
cause IMAC and/or Theralink to incur substantial costs; the risk that Theralink may be unable to
reduce expenses; the impact of any related economic downturn; the risk of changes in regulations effecting the healthcare industry;
and other important factors that could cause actual results to differ materially from those projected. All such factors are
difficult to predict and may be beyond IMAC’s or Theralink’s control.
ITEM 2. |
UNREGISTERED SALES OF
EQUITY SECURITIES AND USE OF PROCEEDS |
None.
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
None.
ITEM 4. |
MINE SAFETY DISCLOSURES |
Not
applicable.
ITEM 5. |
OTHER INFORMATION |
None.
Exhibit
Number |
|
Description |
|
|
|
2.1 |
|
Agreement and Plan of Merger dated as of May 23, 2023, by and among IMAC Holdings, Inc. IMAC Merger Sub, LLC and Theralink Technologies, Inc. |
|
|
|
3.1 |
|
Certificate of Incorporation of IMAC Holdings, Inc. (filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 17, 2018 and incorporated herein by reference). |
|
|
|
3.2 |
|
Certificate of Amendment to the Certificate of Incorporation of IMAC Holdings, Inc. (filed as Exhibit 3.2 to the Company’s Registration Statement on Form S-1/A filed with the SEC on December 10, 2018 and incorporated herein by reference). |
|
|
|
3.3 |
|
Certificate of Correction of the Certificate of Incorporation of IMAC Holdings, Inc. filed with the Delaware Secretary of State on August 8, 2019 (filed as Exhibit 3.4 to the Company’s Current Report on Form 8-K filed with the SEC on August 9, 2019 and incorporated herein by reference). |
|
|
|
3.4 |
|
Bylaws of IMAC Holdings, Inc. (filed as Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 17, 2018 and incorporated herein by reference). |
|
|
|
3.5 |
|
Certificate of Designation of Preferences, Rights and Limitations of Series A-1 Convertible Preferred Stock of IMAC Holdings, Inc. (the “Company”). |
|
|
|
3.6 |
|
Certificate of Designation of Preferences, Rights and Limitations of Series A-2 Convertible Preferred Stock of the Company. |
|
|
|
4.1 |
|
Specimen Common Stock Certificate (filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on September 17, 2018 and incorporated herein by reference). |
|
|
|
4.2 |
|
Form of Common Stock Warrant certificate (filed as Exhibit 4.2 to the Company’s Registration Statement on Form S-1/A filed with the SEC on December 3, 2018 and incorporated herein by reference). |
|
|
|
4.3 |
|
Form of Warrant Agency Agreement between IMAC Holdings, Inc. and Equity Stock Transfer, LLC (filed as Exhibit 4.3 to the Company’s Registration Statement on Form S-1/A filed with the SEC on December 3, 2018 and incorporated herein by reference). |
|
|
|
4.4 |
|
Form of Underwriters’ Unit Purchase Option (filed as Exhibit 4.4 to the Company’s Registration Statement on Form S-1/A filed with the SEC on February 8, 2019 and incorporated herein by reference). |
* |
Filed herewith. |
|
|
** |
This certification is being
furnished solely to accompany this quarterly report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of IMAC Holdings,
Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
|
IMAC HOLDINGS, INC. |
|
|
|
Date: August 21, 2023 |
By: |
/s/ Jeffrey
S. Ervin |
|
|
Jeffrey S. Ervin |
|
|
Chief
Executive Officer
(Principal
Executive Officer) |
|
|
|
Date: August 21, 2023 |
By: |
/s/ Sheri
Gardzina |
|
|
Sheri Gardzina |
|
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
EXHIBIT
31.1
CERTIFICATION
OF
PRINCIPAL
EXECUTIVE OFFICER
PURSUANT
TO SECTION 302
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Jeffrey S. Ervin, certify that:
1. |
I have reviewed this quarterly
report on Form 10-Q of IMAC Holdings, Inc.; |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. |
The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
|
|
a) |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
August 21, 2023
/s/
Jeffrey S. Ervin |
|
Jeffrey S. Ervin |
|
Chief
Executive Officer
(Principal
Executive Officer) |
|
EXHIBIT
31.2
CERTIFICATION
OF
PRINCIPAL
FINANCIAL OFFICER
PURSUANT
TO SECTION 302
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Sheri Gardzina, certify that:
1. |
I have reviewed this quarterly
report on Form 10-Q of IMAC Holdings, Inc.; |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. |
The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
a) |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
August 21, 2023
/s/
Sheri Gardzina |
|
Sheri Gardzina |
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
|
EXHIBIT
32.1
CERTIFICATION
OF
PRINCIPAL
EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
(SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002)
In
connection with the accompanying Quarterly Report on Form 10-Q of IMAC Holdings, Inc. for the period ended June 30, 2023, I, Jeffrey
S. Ervin, Chief Executive Officer of IMAC Holdings, Inc., hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
|
(1) |
such Quarterly Report on
Form 10-Q of IMAC Holdings, Inc. for the period ended June 30, 2023, fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
(2) |
the information contained
in such Quarterly Report on Form 10-Q of IMAC Holdings, Inc. for the period ended June 30, 2023, fairly presents, in all material
respects, the financial condition and results of operations of IMAC Holdings, Inc. at the dates and for the periods indicated. |
This
certification has not been, and shall not be deemed, “filed” with the Securities and Exchange Commission.
August 21, 2023
/s/
Jeffrey S. Ervin |
|
Jeffrey S. Ervin |
|
Chief
Executive Officer
(Principal
Executive Officer) |
|
A
signed copy of this written statement required by Section 906 has been provided to IMAC Holdings, Inc. and will be retained by IMAC Holdings,
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT
32.2
CERTIFICATION
OF
PRINCIPAL
FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
(SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002)
In
connection with the accompanying Quarterly Report on Form 10-Q of IMAC Holdings, Inc. for the period ended June 30, 2023, I, Sheri Gardzina,
Chief Financial Officer of IMAC Holdings, Inc., hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
|
(1) |
such Quarterly Report on
Form 10-Q of IMAC Holdings, Inc. for the period ended June 30, 2023, fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
(2) |
the information contained
in such Quarterly Report on Form 10-Q of IMAC Holdings, Inc. for the period ended June 30, 2023, fairly presents, in all material
respects, the financial condition and results of operations of IMAC Holdings, Inc. at the dates and for the periods indicated. |
This
certification has not been, and shall not be deemed, “filed” with the Securities and Exchange Commission.
August 21, 2023
/s/
Sheri Gardzina |
|
Sheri Gardzina |
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
|
A
signed copy of this written statement required by Section 906 has been provided to IMAC Holdings, Inc. and will be retained by IMAC Holdings,
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 21, 2023 |
Document Type |
10-Q
|
|
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|
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|
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-38797
|
|
Entity Registrant Name |
IMAC
Holdings, Inc.
|
|
Entity Central Index Key |
0001729944
|
|
Entity Tax Identification Number |
83-0784691
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
3401
Mallory Lane
|
|
Entity Address, Address Line Two |
Suite 100
|
|
Entity Address, City or Town |
Franklin
|
|
Entity Address, State or Province |
TN
|
|
Entity Address, Postal Zip Code |
37067
|
|
City Area Code |
(844)
|
|
Local Phone Number |
266-4622
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
33,280,049
|
Common Stock Par Value 0.001 Per Share [Member] |
|
|
Title of 12(b) Security |
Common
Stock, par value $0.001 per share
|
|
Trading Symbol |
BACK
|
|
Security Exchange Name |
NASDAQ
|
|
Warrants to Purchase Common Stock [Member] |
|
|
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Warrants
to Purchase Common Stock
|
|
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IMACW
|
|
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NASDAQ
|
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 247,002
|
$ 763,211
|
Accounts receivable, net |
678,603
|
2,881,239
|
Deferred compensation, current portion |
102,153
|
196,119
|
Other assets |
248,578
|
367,358
|
Total current assets |
1,276,336
|
4,207,927
|
Property and equipment, net |
565,843
|
1,584,714
|
Other assets: |
|
|
Intangible assets, net |
901,893
|
1,365,457
|
Security deposits |
215,126
|
300,430
|
Right of use asset |
1,685,802
|
3,623,078
|
Total other assets |
2,802,821
|
5,288,965
|
Total assets |
4,645,000
|
11,081,606
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
2,441,261
|
1,702,740
|
Patient deposits |
186,139
|
241,666
|
Notes payable, current portion |
39,435
|
51,657
|
Finance lease obligation, current portion |
16,853
|
19,898
|
Liability to issue common stock, current portion |
292,246
|
329,855
|
Operating lease liability, current portion |
947,657
|
1,368,016
|
Total current liabilities |
3,923,591
|
3,713,832
|
Long-term liabilities: |
|
|
Notes payable, net of current portion |
35,144
|
53,039
|
Finance lease obligation, net of current portion |
2,580
|
9,375
|
Operating lease liability, net of current portion |
1,042,655
|
2,654,104
|
Total liabilities |
5,003,970
|
6,430,350
|
Commitment and Contingencies – Note 14 |
|
|
Stockholders’ equity (deficit): |
|
|
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at June 30, 2023 and December 31, 2022, respectively. |
|
|
Common stock - $0.001 par value, 60,000,000 authorized; 33,280,758 and 33,017,758 shares issued at June 30, 2023 and December 31, 2022, respectively; and 33,280,049 and 32,935,294 outstanding at June 30, 2023 and December 31, 2022, respectively. |
33,280
|
32,935
|
Additional paid-in capital |
51,229,450
|
51,138,061
|
Accumulated deficit |
(51,621,700)
|
(46,519,740)
|
Total stockholders’ equity (deficit) |
(358,970)
|
4,651,256
|
Total liabilities and stockholders’ equity (deficit) |
$ 4,645,000
|
$ 11,081,606
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, shares issued |
|
|
Preferred stock, shares outstanding |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
60,000,000
|
60,000,000
|
Common stock, shares issued |
33,280,758
|
33,017,758
|
Common stock, shares outstanding |
33,280,049
|
32,935,294
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Patient revenues, net |
$ 1,343,975
|
$ 5,033,088
|
$ 3,437,337
|
$ 8,928,075
|
Total revenue |
1,343,975
|
5,033,088
|
3,437,337
|
8,928,075
|
Operating expenses: |
|
|
|
|
Patient expenses |
175,748
|
397,235
|
441,980
|
857,708
|
Salaries and benefits |
1,251,842
|
3,863,089
|
3,564,903
|
7,762,487
|
Advertising and marketing |
36,761
|
242,562
|
111,305
|
613,050
|
General and administrative |
886,632
|
1,857,915
|
2,391,506
|
3,673,162
|
Depreciation and amortization |
119,795
|
438,612
|
309,618
|
885,384
|
Loss on disposal or impairment of assets |
254,147
|
34,832
|
1,695,161
|
82,261
|
Total operating expenses |
2,724,925
|
6,834,245
|
8,514,473
|
13,874,052
|
Operating loss |
(1,380,950)
|
(1,801,157)
|
(5,077,136)
|
(4,945,977)
|
Other income (expense): |
|
|
|
|
Interest income |
1
|
1,321
|
1
|
1,321
|
Other expense |
|
(39,530)
|
|
(52,704)
|
Interest expense |
(22,358)
|
(4,733)
|
(24,825)
|
(8,864)
|
Total other expenses |
(22,357)
|
(42,942)
|
(24,824)
|
(60,247)
|
Net loss before income taxes |
(1,403,307)
|
(1,844,099)
|
(5,101,960)
|
(5,006,224)
|
Income taxes |
|
|
|
|
Net loss |
$ (1,403,307)
|
$ (1,844,099)
|
$ (5,101,960)
|
$ (5,006,224)
|
Net loss per share attributable to common stockholders |
|
|
|
|
Net loss per share attributable to common stockholders basic |
$ (0.04)
|
$ (0.07)
|
$ (0.15)
|
$ (0.19)
|
Net loss per share attributable to common stockholders, diluted |
$ (0.04)
|
$ (0.07)
|
$ (0.15)
|
$ (0.19)
|
Weighted average common shares outstanding |
|
|
|
|
Weighted average common shares outstanding, basic |
33,141,324
|
26,800,926
|
33,077,598
|
26,584,532
|
Weighted average common shares outstanding, diluted |
33,141,324
|
26,800,926
|
33,077,598
|
26,584,532
|
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 26,218
|
$ 46,133,777
|
$ (28,206,934)
|
$ 17,953,061
|
Beginning balance, shares at Dec. 31, 2021 |
26,218,167
|
|
|
|
Issuance of common stock |
$ 167
|
148,393
|
|
148,560
|
Issuance of common stock, shares |
167,000
|
|
|
|
Share based compensation, net |
|
32,587
|
|
32,587
|
Net loss |
|
|
(3,162,125)
|
(3,162,125)
|
Ending balance, value at Mar. 31, 2022 |
$ 26,385
|
46,314,757
|
(31,369,059)
|
14,972,083
|
Ending balance, shares at Mar. 31, 2022 |
26,385,167
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 26,218
|
46,133,777
|
(28,206,934)
|
17,953,061
|
Beginning balance, shares at Dec. 31, 2021 |
26,218,167
|
|
|
|
Net loss |
|
|
|
(5,006,224)
|
Ending balance, value at Jun. 30, 2022 |
$ 27,290
|
47,280,628
|
(33,213,158)
|
14,094,760
|
Ending balance, shares at Jun. 30, 2022 |
27,289,911
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 26,385
|
46,314,757
|
(31,369,059)
|
14,972,083
|
Beginning balance, shares at Mar. 31, 2022 |
26,385,167
|
|
|
|
Issuance of common stock |
$ 905
|
934,757
|
|
935,662
|
Issuance of common stock, shares |
904,744
|
|
|
|
Share based compensation, net |
|
31,114
|
|
31,114
|
Net loss |
|
|
(1,844,099)
|
(1,844,099)
|
Ending balance, value at Jun. 30, 2022 |
$ 27,290
|
47,280,628
|
(33,213,158)
|
14,094,760
|
Ending balance, shares at Jun. 30, 2022 |
27,289,911
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 32,935
|
51,138,061
|
(46,519,740)
|
4,651,256
|
Beginning balance, shares at Dec. 31, 2022 |
32,935,294
|
|
|
|
Issuance of common stock |
$ 82
|
16,568
|
|
16,650
|
Issuance of common stock, shares |
81,755
|
|
|
|
Share based compensation, net |
|
27,702
|
|
27,702
|
Net loss |
|
|
(3,698,653)
|
(3,698,653)
|
Ending balance, value at Mar. 31, 2023 |
$ 33,017
|
51,182,331
|
(50,218,393)
|
996,955
|
Ending balance, shares at Mar. 31, 2023 |
33,017,049
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 32,935
|
51,138,061
|
(46,519,740)
|
4,651,256
|
Beginning balance, shares at Dec. 31, 2022 |
32,935,294
|
|
|
|
Net loss |
|
|
|
(5,101,960)
|
Ending balance, value at Jun. 30, 2023 |
$ 33,280
|
51,229,450
|
(51,621,700)
|
(358,970)
|
Ending balance, shares at Jun. 30, 2023 |
33,280,049
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 33,017
|
51,182,331
|
(50,218,393)
|
996,955
|
Beginning balance, shares at Mar. 31, 2023 |
33,017,049
|
|
|
|
Issuance of common stock |
$ 263
|
47,119
|
|
47,382
|
Issuance of common stock, shares |
263,000
|
|
|
|
Net loss |
|
|
(1,403,307)
|
(1,403,307)
|
Ending balance, value at Jun. 30, 2023 |
$ 33,280
|
$ 51,229,450
|
$ (51,621,700)
|
$ (358,970)
|
Ending balance, shares at Jun. 30, 2023 |
33,280,049
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (5,101,960)
|
$ (5,006,224)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
309,618
|
885,384
|
Share based compensation, net |
131,060
|
269,691
|
Loss on disposition or impairment of assets |
1,695,161
|
82,261
|
Bad debt expense |
6,795
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
546,496
|
(1,845,684)
|
Other assets |
68,780
|
18,767
|
Security deposits |
85,304
|
5,231
|
Right of use/lease liability |
(94,532)
|
(40,541)
|
Accounts payable and accrued expenses |
738,521
|
(417,271)
|
Patient deposits |
(55,527)
|
185,578
|
Net cash from operating activities |
(1,670,284)
|
(5,862,808)
|
Cash flows from investing activities: |
|
|
Proceeds from sale of Louisiana Orthopedic operations |
1,050,000
|
(256,279)
|
Proceeds from sale of Ricardo Knight, PC operations |
80,000
|
|
Proceeds from sale of property and equipment |
|
2,060
|
Net cash from investing activities |
1,130,000
|
(254,219)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock |
64,032
|
829,663
|
Payments on notes payable |
(30,117)
|
(208,004)
|
Payments on finance lease obligation |
(9,840)
|
(9,422)
|
Net cash from financing activities |
24,075
|
612,237
|
Net decrease in cash |
(516,209)
|
(5,504,790)
|
Cash, beginning of period |
763,211
|
7,118,980
|
Cash, end of period |
247,002
|
1,614,190
|
Supplemental cash flow information: |
|
|
Interest paid |
$ 24,826
|
$ 8,864
|
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v3.23.2
Description of Business
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Business |
Note
1 – Description of Business
IMAC
Holdings, Inc. is a holding company for IMAC Regeneration Centers and our Investigational New Drug division. IMAC Holdings, Inc. and
its affiliates (collectively, the “Company”) provide movement, orthopedic and neurological therapies through its chain of
IMAC Regeneration Centers. Through its consolidated and equity owned entities, its outpatient medical clinics provide conservative, non-invasive
medical treatments to help patients with back pain, knee pain, joint pain, ligament and tendon damage, and other related soft tissue
conditions. As of June 30, 2023, the Company had owned or operated through management service agreements three medical clinics located
in Kentucky and Missouri. The Company delivers sports medicine treatments without opioids. The Company’s Investigational New Drug division is conducting
a clinical trial for its investigational compound utilizing umbilical cord-derived allogenic mesenchymal stem cells for the treatment
of bradykinesia due to Parkinson’s disease.
As
outlined in Note 2, given the Company’s current financial position, during the first six months of 2023 the Company decided to
close five underperforming locations and sold its Louisiana Orthopedic and Illinois practices as well as The BackSpace, LLC operations
in an effort to raise sufficient capital to support on-going operations. Management has been actively exploring various strategic alternatives
in an effort to support operations in 2023 and beyond.
On
May 23, 2023, IMAC Holdings, Inc., a Delaware corporation (Nasdaq: BACK) (the “Company”) entered into an Agreement and Plan
of Merger (the “Merger Agreement”) with Theralink Technologies, Inc. (OTC: THER), a Nevada corporation (“Theralink”),
and IMAC Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of the Company (“Merger Sub”).
Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Theralink (the “Merger”),
with Theralink continuing as the surviving entity (the “Surviving Entity”) and a wholly owned subsidiary of the Company.
On May 22, 2023, the board of directors of the Company, and the board of directors of Theralink unanimously approved the Merger Agreement.
At
the effective time of the Merger (the “Effective Time”), each share of Theralink’s common stock (“Theralink Common
Stock”) and each share of Theralink’s preferred stock (together with the Theralink Common Stock, “Theralink Shares”)
issued and outstanding as of immediately prior to the Effective Time will be converted into and will thereafter represent the right to
receive a portion of a share of the Company’s common stock (the “Company Shares”) such that the total number of Company
Shares issued to the holders of Theralink Shares shall equal 85% of the total number of Company Shares outstanding as of the Effective
Time (the “Merger Consideration”).
At
the Effective Time, each award of Theralink stock options (each, a “Theralink Stock Option”), whether or not then vested
or exercisable, that is outstanding immediately prior to the Effective Time, will be assumed by the Company and converted into a stock
option relating to a number of Company Shares equal to the product of: (i) the number of shares of Theralink Common Stock subject to
such Theralink Stock Option; and (ii) the ratio which results from dividing one share of Theralink Common Stock by the portion of a Company
Share issuable for such share as finally determined at the Effective Time (the “Exchange Ratio”), at an exercise price per
Company Share (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (A) the exercise price per share of Theralink
Common Stock of such Theralink Stock Option by (B) the Exchange Ratio.
The
Company and Theralink have each agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals. However, if such party receives an unsolicited, bona fide acquisition proposal that
did not result from a material breach of the non-solicitation provisions of the Merger Agreement and the Company’s or Theralink’s
board of directors, or any committee thereof, as applicable, concludes, after consultation with its financial advisors and outside legal
counsel, that such unsolicited, bona fide acquisition proposal constitutes, or could reasonably be expected to result in, a superior
offer, such party may furnish non-public information regarding it or any of its subsidiaries and engage in discussions and negotiations
with such third party in response to such unsolicited, bona fide acquisition proposal; provided that each party provides
notice and furnishes any non-public information provided to the maker of the acquisition proposal to each party substantially concurrently
with providing such non-public information to the maker of the acquisition proposal.
The
completion of the Merger is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption of the Merger
Agreement by holders of a majority of the outstanding Theralink Shares; (ii) approval of the issuance of Company Shares in connection
with the Merger by a majority of the outstanding shares of the Company’s common stock; (iii) absence of any court order or regulatory
injunction prohibiting completion of the Merger; (iv) expiration or termination of (a) all waiting periods under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and (b) any agreement with any governmental entity not to
consummate the transactions contemplated by the Merger Agreement; (v) effectiveness of the Company’s registration statement on
Form S-4 to register the Company Shares to be issued in the Merger; (vi) subject to specified materiality standards, the accuracy of
the representations and warranties of the other party; (vii) the authorization for listing of Company Shares to be issued in the Merger
on Nasdaq; (viii) compliance by the other party in all material respects with its covenants; and (ix) the completion of satisfactory
due diligence by both parties.
The
Company and Theralink have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of the Company’s and
Theralink’s business between the date of the signing of the Merger Agreement and the closing date of the Merger and (ii) the efforts
of the parties to cause the Merger to be completed, including actions which may be necessary to cause the expiration or termination of
any waiting periods under the HSR Act.
The
Merger Agreement is attached hereto as Exhibit 2.1 and is incorporated by reference. The foregoing summary has been included to provide
investors and security holders with information regarding the terms of the Merger Agreement and is qualified in its entirety by the terms
and conditions of the Merger Agreement. It is not intended to provide any other factual information about the Company, Theralink or their
respective subsidiaries and affiliates. The Merger Agreement contains representations and warranties by each of the parties to the Merger
Agreement, which were made only for purposes of the Merger Agreement and as of specified dates. The representations, warranties and covenants
in the Merger Agreement (i) were made solely for the benefit of the parties to the Merger Agreement; (ii) may be subject to limitations
agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual
risk between the parties to the Merger Agreement instead of establishing these matters as facts; and (iii) may be subject to standards
of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the
representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition
of the Company, Theralink or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter
of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may
or may not be fully reflected in the Company’s or Theralink’s public disclosures.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 – Summary of Significant Accounting Policies
Principles
of Consolidation
The
accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles
(“GAAP”) in the United States of America (“U.S.”) as promulgated by the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) and with the rules and regulations of the U.S. Securities
and Exchange Commission (“SEC”).
The
accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. and the following entities which
are consolidated due to direct ownership of a controlling voting interest or other rights granted to us as the sole general partner or
managing member of the entity: IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”), IMAC Management Services, LLC
(“IMAC Management”), IMAC Regeneration Management, LLC (“IMAC Texas”) IMAC Regeneration Management of Nashville,
LLC (“IMAC Nashville”) IMAC Management of Illinois, LLC (“IMAC Illinois”), Advantage Hand Therapy and Orthopedic
Rehabilitation, LLC (“Advantage Therapy”), IMAC Management of Florida, LLC (“IMAC Florida”), Louisiana Orthopaedic
& Sports Rehab (“IMAC Louisiana”) and The Back Space, LLC (“BackSpace”); the following entity which is consolidated
with IMAC Regeneration Management of Nashville, LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (“IMAC
Nashville PC”); the following entities which are consolidated with IMAC Management of Illinois, LLC due to control by contract:
Progressive Health and Rehabilitation, Ltd., Illinois Spine and Disc Institute, Ltd. and Ricardo Knight, P.C.; the following entities
which is consolidated with IMAC Management Services, LLC due to control by contract: Integrated Medicine and Chiropractic Regeneration
Center PSC (“Kentucky PC”) and IMAC Medical of Kentucky PSC (“Kentucky PSC”); the following entities which are
consolidated with IMAC Florida due to control by contract: Willmitch Chiropractic, P.A. and IMAC Medical of Florida, P.A.; the following
entity which is consolidated with Louisiana Orthopaedic & Sports Rehab due to control by contract: IMAC Medical of Louisiana, a Medical
Corporation; and the following entities which are consolidated with BackSpace due to control by contract: ChiroMart LLC, ChiroMart Florida
LLC, and ChiroMart Missouri LLC.
During
January of 2023, the Company closed operations at four underperforming clinic locations: Webster Groves, Lexington, Fort
Pierce and Tampa.
On
January 27, 2023, the Company executed an agreement to sell all assets of IMAC of Louisiana, PC and Louisiana Orthopaedic & Sports
Rehab, LLC for a total of $1.05 million in cash. In addition, the deal included the assignment of the associated real estate lease to
the purchaser.
On
March 1, 2023, the Company executed an agreement to sale The BackSpace, LLC to Curis Express, LLC. This sale eliminated IMAC Holdings,
Inc. retail chiropractic division. In addition, the deal included all associated real estate leases and the rights to certain future
potential expansion locations.
On
April 1 2023, the Company executed an agreement to sell all the assets of Ricardo Knight, PC.
During
May of 2023, the Company closed operations at Springfield, MO, due to significant staff departures and inflationary pressure on replacement personnel. Most assets were sold in
June.
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, revenues and expenses at the date and for the periods that the condensed consolidated
financial statements are prepared. On an ongoing basis, the Company evaluates its estimates, including those related to insurance adjustments
and provisions for doubtful accounts. The Company bases its estimates on historical experience and on various other assumptions that
are believed to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations. Specifically, we reclassified share-based compensation to salaries and benefits.
Revenue
Recognition
The
Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics. The fees
for such services are billed either to the patient or a third-party payer, including Medicare.
The
Company recognizes service revenues based upon the estimated amounts the Company expects to be entitled to receive from patients and
third-party payers. Estimates of contractual adjustments are based upon the payment terms specified in the related contractual agreements.
The Company also records estimated implicit price concessions (based primarily on historical collection experience) related to uninsured
accounts to record these revenues at the estimated amounts expected to be collected.
Starting
in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are currently four membership plans
offered with different levels of service for each plan. The Company recognizes membership revenue on a monthly basis. Enrollment in the
wellness maintenance program can occur at any time during the month and can be dis-enrolled at any time.
Starting
in June 2021, the Company introduced BackSpace and began offering outpatient chiropractic and spinal care services as well as memberships
services in Walmart retail locations. The fees for such services were paid and recognized as incurred.
Starting
in September 2022, the Company introduced hormone replacement therapy “HRT” and medical weight loss programs. The Company
recognizes HRT and medical weight loss revenue as the services are provided.
Other
management service fees are derived from management services where the Company provides billings and collections support to the clinics
and where management services are provided based on state specific regulations known as the corporate practice of medicine (“CPM”).
Under the CPM, a business corporation is precluded from practicing medicine or employing a physician to provide professional medical
services. In these circumstances, the Company provides all administrative support to the physician-owned PC through a LLC. The PC is
consolidated due to control by contract (an “MSA” – Management Services Agreement). The fees we derive from these management
arrangements are either based on a predetermined percentage of the revenue of each clinic or a percentage mark up on the costs of the
LLC. The company recognizes other management service revenue in the period in which services are rendered. These revenues are earned
by IMAC Nashville, IMAC Management, IMAC Illinois, IMAC Florida, IMAC Louisiana and the Back Space and are eliminated in consolidation
to the extent owned.
Patient
Deposits
Patient
deposits are derived from patient payments in advance of services delivered. Our service lines include traditional and regenerative medicine.
Regenerative medicine procedures are rarely paid by insurance carriers; therefore, the Company typically requires up-front payment from
the patient for regenerative services and any co-pays and deductibles as required by the patient specific insurance carrier. For some
patients, credit is provided through an outside vendor. In this case, the Company is paid from the credit card company and the risk is
transferred to the credit card company for collection from the patient. These funds are accounted for as patient deposits until the procedures
are performed at which point the patient deposit is recognized as patient service revenue.
Fair
Value of Financial Instruments
The
carrying amount of accounts receivable and accounts payable approximate their respective fair values due to the short-term nature. The
carrying amount of the line of credit and note payable approximates fair values due to their market interest rates. Financial instruments
that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.
Variable
Interest Entities
Certain
states prohibit the “corporate practice of medicine,” which restricts business corporations from practicing medical care
by exercising control over clinical decisions by doctors. In states which prohibit the corporate practice of medicine, the Company enters
into long-term management agreements with professional corporations (“PCs”) that are owned by licensed doctors, which, in
turn employ or contract with doctors who provide professional care in its clinics. Under these management agreements with PCs, the Company
provides, on an exclusive basis, all non-clinical services of the practice.
The
condensed consolidated financial statements include the accounts of variable interest entities (“VIE”) in which the Company
is the primary beneficiary under the provisions of the FASB Accounting Standards Codification 810, “Consolidation”.
The Company has the power to direct the activities that most significantly impact a VIE’s economic performance. Additionally, the
Company would absorb substantially all of the expected losses from any of these entities should such expected losses occur. As of June
30, 2023, the Company’s consolidated VIE’s include 12 PCs.
Accounts
Receivable
Accounts
receivable primarily consists of amounts due from third-party payers (non-governmental), governmental payers and private pay patients
and is recorded net of allowances for doubtful accounts and contractual discounts. The Company’s ability to collect outstanding
receivables is critical to its results of operations and cash flows. Accordingly, accounts receivable reported in the Company’s
condensed consolidated financial statements is recorded at the net amount expected to be received.
The
Company’s accounts receivable from third-party payers are recorded net of estimated contractual adjustments and allowances from
third-party payers, which are estimated based on the historical trend of the Company’s facilities’ cash collections and contractual
write-offs, accounts receivable aging, established fee schedules, relationships with payers and procedure statistics. While changes in
estimated reimbursement from third-party payers remain a possibility, the Company expects that any such changes would be minimal and,
therefore, would not have a material effect on the Company’s financial condition or results of operations. The Company’s
collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient
account. The Company analyzes accounts receivable at each of the facilities to ensure the proper collection and aged category. The operating
systems generate reports that assist in the collection efforts by prioritizing patient accounts. Collection efforts include direct contact
with insurance carriers or patients and written correspondence.
Allowance
for Contractual, Other Discounts and Doubtful Accounts
Management
estimates the allowance for contractual and other discounts based on its historical collection experience and contracted relationship
with the payers. The services authorized and provided and related reimbursement are often subject to interpretation and negotiation that
could result in payments that differ from the Company’s estimates.
In
June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses.” This
ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses
rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. As
a result, the Company changed its accounting policy for allowance for doubtful accounts using an expected losses model rather than using
incurred losses. The new model is based on the credit losses expected to arise over the life of the asset based on the Company’s
expectations as of the balance sheet date through analyzing historical customer data as well as taking into consideration current economic
trends.
As
a smaller reporting Company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes became effective
for the Company on January 1, 2023. The adoption of ASU 2016-13 did not have a material financial impact on the Company’s condensed
consolidated financial statements.
The
roll forward of the allowance for doubtful accounts for the six-months ended June 30. 2023 was as follows:
Schedule
of Allowance for Doubtful Accounts
| |
June 30, 2023 | |
| |
| (Unaudited) | |
Beginning balance | |
$ | 163,479 | |
Bad debt expense | |
| 6,795 | |
Write-offs | |
| (95,414 | ) |
Ending balance | |
$ | 74,860 | |
Property
and Equipment
Property
and equipment are stated at cost, less accumulated depreciation. Additions and improvements to property and equipment are capitalized
at cost. Depreciation of owned assets are computed using the straight-line method over the estimated useful lives and amortization of
leasehold improvements are computed using the straight-line method over the shorter of the estimated useful lives of the related assets
or the lease term. The cost of assets sold or retired, and the related accumulated depreciation are removed from the accounts and any
resulting gains or losses are reflected in other income (expense) for the year. Expenditures for maintenance and repairs are charged
to expense as incurred.
Intangible
Assets
The
Company capitalizes the fair value of intangible assets acquired in business combinations. Intangible assets are amortized on a straight-line
basis over their estimated economic useful lives, generally the contract term. The Company performs valuations of assets acquired and
liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of each acquired business
to its respective net tangible and intangible assets. The Company records an impairment loss when the carrying amount of the asset is
not recoverable and exceeds its fair value. As of June 30, 2023, the Company has sold the assets of the Louisiana market, Illinois
market and the BackSpace retail stores. The Louisiana market had a total intangible carrying amount of approximately $61,000, the Illinois
market had a total intangible carrying amount of approximately $265,000 and the BackSpace retail stores had a total intangible carrying
amount of approximately $60,000 which was written off with the transaction. As of June 30, 2022, the Company closed a clinic
in Florida with a total intangible carrying amount of approximately $30,000. The Company recorded a noncash impairment loss for this
amount during the six months ended June 30, 2022.
Long-Lived
Assets
Long-lived
assets such as property and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. There were no impairments of long-lived assets for the years presented.
Advertising
and Marketing
The
Company uses advertising and marketing to promote its services. Advertising and marketing costs are expensed as incurred. Advertising
and marketing expense was approximately $37,000 and $243,000 for the three months ended June 30, 2023 and 2022, respectively and was
approximately $111,000 and $613,000 for the six months ended June 30, 2023 and 2022, respectively.
Net
Loss Per Share
Basic
net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common
shares outstanding during the year. Diluted net loss per common share is determined using the weighted-average of common shares outstanding
during the year, adjusted for the dilutive effect of common stock equivalents, consisting of the conversion option embedded in convertible
debt. The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would have an
anti-dilutive effect.
Income
Taxes
Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Deferred
tax assets are required to be reduced by a valuation allowance to the extent that, based on the weight of available evidence, it is more
likely than not that the deferred tax assets will not be realized.
Newly
Adopted Accounting Pronouncement
Topic
326 was effective for the Company beginning on January 1, 2023. This update requires a financial asset (or a group of financial assets)
measured at amortized cost basis, to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation
account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected
to be collected on the financial asset. The Company has evaluated the impact of Topic 326 and has determined it does not have a material
financial impact.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
Capital Requirements, Liquidity and Going Concern Considerations
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Capital Requirements, Liquidity and Going Concern Considerations |
Note
3 – Capital Requirements, Liquidity and Going Concern Considerations
The
Company’s condensed consolidated financial statements are prepared in accordance with GAAP and includes the assumption of a going
concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However,
as shown in the accompanying condensed consolidated financial statements, the Company has sustained substantial losses from operations
since inception. The Company had negative working capital of approximately $2.6 million at June 30, 2023 and $0.5 million at December
31, 2022. For the six months ended June 30, 2023, the Company had a net loss of approximately $5.1 million and used cash in operations
of approximately $1.7 million.
Management
recognizes that the Company may need to obtain additional resources to successfully implement its business plans. No assurances can
be given that we will be successful. If management is not able to timely and successfully raise additional capital if needed, the
implementation of the Company’s business plan, financial condition and results of operations will be materially affected.
These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification
of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a
going concern.
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v3.23.2
Concentration of Credit Risks
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Concentration of Credit Risks |
Note
4 – Concentration of Credit Risks
Cash
The
Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally-insured limits of $250,000.
Revenue
and Accounts Receivable
As
of June 30, 2023 and December 31, 2022, the Company had the following revenue and accounts receivable concentrations:
Schedule
of Concentration Risk
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
% of Revenue | | |
% of Accounts Receivable | | |
% of Revenue | | |
% of Accounts Receivable | |
| |
(Unaudited) | | |
| | |
| |
Medicare payment | |
| 25 | % | |
| 20 | % | |
| 32 | % | |
| 18 | % |
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
Accounts Receivable
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
Accounts Receivable |
Note
5 – Accounts Receivable
As
of June 30, 2023 and December 31, 2022, the Company’s accounts receivable consisted of the following:
Schedule
of Accounts Receivable
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| (Unaudited) | | |
| | |
Gross accounts receivable | |
$ | 753,463 | | |
$ | 3,044,718 | |
Less: allowance for doubtful accounts | |
| (74,860 | ) | |
| (163,479 | ) |
Accounts receivable, net | |
$ | 678,603 | | |
$ | 2,881,239 | |
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.2
Property and Equipment
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
6 – Property and Equipment
The
Company’s property and equipment consisted of the following at June 30, 2023 and December 31, 2022:
Schedule of Property and Equipment
| |
Estimated Useful Life in Years | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| (Unaudited) | | |
| | |
Leasehold improvements | |
Shorter of asset or lease term | |
$ | 1,712,019 | | |
$ | 2,233,603 | |
Equipment | |
1.5 - 7 | |
| 1,989,567 | | |
| 2,820,166 | |
Total property and equipment | |
| |
| 3,701,586 | | |
| 5,053,769 | |
| |
| |
| | | |
| | |
Less: accumulated depreciation | |
| |
| (3,135,743 | ) | |
| (3,476,977 | ) |
Property and equipment, excluding
construction in progress | |
| |
| 565,843 | | |
| 1,576,792 | |
Construction in progress | |
| |
| - | | |
| 7,922 | |
Total property and equipment, net | |
| |
$ | 565,843 | | |
$ | 1,584,714 | |
Depreciation
was approximately $87,000 and $239,000 for the three months ended June 30, 2023 and 2022, respectively and approximately $233,000 and
$473,000 for the six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
Intangibles Assets and Goodwill
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangibles Assets and Goodwill |
Note
7 – Intangibles Assets and Goodwill
The
Company’s intangible assets and goodwill consisted of the following at June 30, 2023 and December 31, 2022:
Schedule of Intangible Assets and Goodwill
| |
| |
June 30, 2023 (Unaudited) | |
| |
Estimated | |
| | |
Accumulated | | |
| |
| |
Useful Life | |
Cost | | |
Amortization | | |
Net | |
| |
| |
| | |
| | |
| |
Intangible assets: | |
| |
| | | |
| | | |
| | |
Management service agreements | |
10 years | |
$ | 4,224,113 | | |
$ | (3,565,970 | ) | |
$ | 658,143 | |
Definite lived assets | |
| |
| 4,224,113 | | |
| (3,565,970 | ) | |
| 658,143 | |
Research and development | |
| |
| 243,750 | | |
| - | | |
| 243,750 | |
Total intangible assets and goodwill | |
| |
$ | 4,467,863 | | |
$ | (3,565,970 | ) | |
$ | 901,893 | |
| |
| |
December 31, 2022 | |
| |
Estimated | |
| | |
Accumulated | | |
| |
| |
Useful Life | |
Cost | | |
Amortization | | |
Net | |
| |
| |
| | |
| | |
| |
Intangible assets: | |
| |
| | | |
| | | |
| | |
Management service agreements | |
10 years | |
$ | 7,940,398 | | |
$ | (6,939,916 | ) | |
$ | 1,000,482 | |
Non-compete agreements | |
3 years | |
| 391,000 | | |
| (359,125 | ) | |
| 31,875 | |
Customer lists | |
3 years | |
| 77,000 | | |
| (48,125 | ) | |
| 28,875 | |
Brand development | |
15 years | |
| 69,071 | | |
| (8,596 | ) | |
| 60,475 | |
Definite lived assets | |
| |
| 8,477,469 | | |
| (7,355,762 | ) | |
| 1,121,707 | |
Research and development | |
| |
| 243,750 | | |
| - | | |
| 243,750 | |
Goodwill | |
| |
| 4,499,796 | | |
| (4,499,796 | ) | |
| - | |
Total intangible assets and goodwill | |
| |
$ | 13,221,015 | | |
$ | (11,855,558 | ) | |
$ | 1,365,457 | |
In
January 2023, the Company sold the Louisiana Market which had a total intangible carrying amount of approximately $61,000 which was written
off as impaired.
In
February 2023, the Company sold the BackSpace retail clinics which had a total intangible carrying amount of approximately $60,000 which
was written off as impaired.
On April
1, 2023, the Company executed an agreement to sell all the assets of Ricardo Knight, PC which had a total intangible carrying amount
of approximately $265,000 which was written off as impaired.
In
March 2022 the Company decided to close a clinic in Florida with a total intangible carrying amount of approximately $34,000, which was
written off as impaired. As a result, the Company recorded a noncash impairment loss for this amount during the three months ended March
31, 2022. Due to a significant drop in share price in the three months ended September 20, 2022, the Company determined that a triggering
event occurred. It was determined that there was an impairment loss of $2,128,000 on the IMAC Illinois MSA and $1,672,000 on the IMAC
Kentucky MSA.
The
Company performs its annual impairment test during the fourth quarter of the fiscal year. For the year ended December 31, 2022, the Company
performed a qualitative impairment test and, based on the totality of information available for the reporting units, the Company concluded
that it was more-likely-than-not that the carrying value is greater than the estimated fair values of the reporting units as of December
31, 2022. A goodwill impairment loss of $4.5
million was recorded in December 2022.
Amortization
was approximately $33,000
and $200,000
for the three months ended June 30, 2023 and 2022, respectively and $77,000
and $412,000
for the six months ended June 30, 2023 and 2022, respectively.
The
Company’s estimated future amortization of intangible assets was as follows:
Schedule of Future Amortization of Intangible Assets
Years Ending December 31, | |
| |
(Unaudited) | |
| | |
2023 (six months) | |
$ | 65,814 | |
2024 | |
| 131,629 | |
2025 | |
| 131,629 | |
2026 | |
| 131,629 | |
2027 | |
| 131,629 | |
Thereafter | |
| 65,813 | |
Total | |
$ | 658,143 | |
|
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v3.23.2
Operating Leases
|
6 Months Ended |
Jun. 30, 2023 |
Operating Leases |
|
Operating Leases |
Note
8 – Operating Leases
On
January 1, 2019, the Company adopted ASC 842 using the modified retrospective method applied to leases that were in place at January
1, 2019. Results for operating periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not
adjusted and continue to be reported in accordance with our historic accounting under ASC 840. The Company’s leases consist of
operating leases that mostly relate to real estate rental agreements. Most of the value of the Company’s lease portfolio relates
to real estate lease agreements that were entered into starting March 2017.
Discount
Rate Applied to Operating Leases
To
determine the present value of minimum future lease payments for operating leases at January 1, 2019, the Company was required to estimate
a rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments
in a similar economic environment (the “incremental borrowing rate” or “IBR”).
The
Company determined the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing
options and certain lease-specific circumstances. For the reference rate of leases added as of June 30, 2023 and December 31, 2022, the
Company used a weighted average interest rate.
Total
operating lease cost
Individual
components of the total lease cost incurred by the Company were as follows:
Schedule of Operating Lease Cost
| |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
| |
| (Unaudited) | | |
| (Unaudited) | |
Operating lease expense | |
$ | 747,698 | | |
$ | 830,373 | |
Minimum
rental payments under operating leases are recognized on a straight light basis over the term of the lease.
Maturity
of operating leases
The
Company’s amount of future minimum lease payments under operating leases are as follows:
Schedule of Future Minimum Lease Payments
| |
Operating Leases | |
| |
| (Unaudited) | |
Undiscounted future minimum lease payments: | |
| | |
2023 (six months) | |
$ | 538,112 | |
2024 | |
| 734,612 | |
2025 | |
| 468,745 | |
2026 | |
| 236,609 | |
2027 | |
| 73,823 | |
Thereafter | |
| 81,691 | |
Total | |
| 2,133,592 | |
Amount representing imputed interest | |
| (143,280 | ) |
Total operating lease liability | |
| 1,990,312 | |
Current portion of operating lease liability | |
| (947,657 | ) |
Operating lease liability, non-current | |
$ | 1,042,655 | |
|
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v3.23.2
Notes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
9 – Notes Payable
Set
forth below is a summary of the Company’s outstanding debt as of June 30, 2023 and December 31, 2022:
Schedule of Notes Payable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| (Unaudited) | | |
| | |
Note payable | |
$ | - | | |
$ | 13,093 | |
Note payable to a financial institution in the amount of $200,000 dated November 15, 2017. The note requires 66 consecutive monthly installments of $2,652 including principal and interest at 5%, with a balloon payment of $60,000 which was paid on June 15, 2018. The note matured and has been paid in full. | |
$ | - | | |
$ | 13,093 | |
| |
| | | |
| | |
Note payable to a financial institution in the amount of $131,400 dated August 1, 2016. The note requires 120 monthly installments of $1,394 including principal and interest at 5%. The note matures on July 1, 2026, and is secured by a letter of credit. | |
| 47,697 | | |
| 54,763 | |
| |
| | | |
| | |
$112,800 payable to a landlord of Advantage Therapy, LLC pursuant to a lease dated March 1, 2019. The debt is payable in 60 monthly installments of $2,129, including principal and interest at 5%. The debt matures on June 1, 2024. | |
| 26,882 | | |
| 36,840 | |
| |
| | | |
| | |
Notes payable | |
| 74,579 | | |
| 104,696 | |
Less: current portion: | |
| (39,435 | ) | |
| (51,657 | ) |
Notes
payable, net of current portion | |
$ | 35,144 | | |
$ | 53,039 | |
Principal
maturities of the Company’s notes payable are as follows:
Schedule of Principal Maturities of Notes Payable
Years Ending December 31, | |
Amount | |
| |
| |
2023 (six months) | |
$ | 21,540 | |
2024 | |
| 27,631 | |
2025 | |
| 15,813 | |
2026 | |
| 9,595 | |
Total | |
$ | 74,579 | |
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v3.23.2
Stockholders’ Equity (Deficit)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity (Deficit) |
Note
10 – Stockholders’ Equity (Deficit)
On
July 6, 2022, the Company’s shareholders approved the Board of Directors’ proposal to increase the number of authorized shares
of the Company’s common stock to 60,000,000 shares from 30,000,000 shares.
On August 16, 2022, the Company entered into a securities
purchase agreement (the “Securities Purchase Agreement”) with institutional accredited investors (the “Purchasers”)
pursuant to which the Company offered for sale to the Purchasers an aggregate of 5,164,474 shares (the “Shares”) of its common
stock at a purchase price of $0.76, in a registered direct offering (the “Registered Direct Offering”). In a concurrent private
placement, the Company also agreed to issue to the investors Series 1 warrants to purchase 5,164,474 shares of common stock that will
become exercisable on the date that is six months following the date of issuance of the shares of common stock in the Registered Direct
Offering (the “Exercise Date”) and expire on the five year anniversary of the Exercise Date, at an exercise price of $0.95
per share, and Series 2 warrants to purchase 5,164,474 shares of common stock that will become exercisable on the Exercise Date and expire
on the one year anniversary of the Exercise Date, at an exercise price of $0.95 per share. The Shares were offered by the Company pursuant
to its shelf registration statement on Form S-3 originally filed with the SEC on March 27, 2020 (as amended, the “Registration Statement”),
which was declared effective on April 3, 2020. The Company received gross proceeds of both transactions of $3.9 million. The Company used
the net proceeds from this offering for working capital and other general corporate purposes, including financing the costs of implementing
the Company’s strategic alternative activities.
2018
Incentive Compensation Plan
The
Company’s board of directors and holders of a majority of outstanding shares approved and adopted the Company’s 2018 Incentive
Compensation Plan (“2018 Plan”) in May 2018, reserving the issuance of up to 1,000,000 shares of common stock (subject to
certain adjustments) upon exercise of stock options and grants of other equity awards. The 2018 Plan provides for the grant of incentive
stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock
unit awards, performance-based stock awards, other forms of equity compensation and performance cash awards. ISOs may be granted only
to employees. All other awards may be granted to employees, including officers, and to the Company’s non-employee directors and
consultants, and affiliates. The 2018 Plan was amended July 6, 2022 to increase the 1,000,000 shares of common stock to 2,000,000 share
of common stock.
Stock
Options
As
of June 30, 2023, the Company had issued stock options to purchase 131,050 shares of its common stock as non-qualified stock options
to various employees of the Company. Most options vest over a period of four years, with 25% vesting after one year and the remaining
75% vesting in equal monthly installments over the following 36 months and are exercisable for a period of ten years. One award granted
in 2021 vests over a period of one year and is exercisable for a period of ten years. Stock based compensation for stock options is estimated
at the grant date based on the fair value calculated using the Black-Scholes method. The per-share fair values of these options is calculated
based on the Black-Scholes-Merton pricing model.
Restricted
Stock Units
On
February 21, 2022, the Company granted 100,000 RSUs to an executive that vested immediately.
On
October 15, 2022, the Company granted an aggregate of 300,000 RSUs to Board members with these RSUs vesting immediately.
On May 19, 2023, the Company granted an aggregate of 263,000 RSUs to Board members with these RSU’s vesting
immediately.
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v3.23.2
Retirement Plan
|
6 Months Ended |
Jun. 30, 2023 |
Retirement Benefits [Abstract] |
|
Retirement Plan |
Note
11 – Retirement Plan
The
Company offers a 401(k) plan that covers eligible employees. The plan provides for voluntary salary deferrals for eligible employees.
Additionally, the Company is required to make matching contributions of 50% of up to 6 % of total compensation for those employees making
salary deferrals. The Company made contributions of $17,106 and $35,954 during the three months ended June 30, 2023 and 2022, respectively
and $43,927 and $70,763 during the six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
12 – Income Taxes
ASC
740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of all available positive and negative
evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management assessed all
available evidence to estimate if sufficient future taxable income will be generated in the appropriate period and of the appropriate
character to realize deferred tax assets. For the six months ended June 30, 2023 and June 30, 2022, no income tax expense or benefit
was recorded related to income taxes due to the Company’s overall operating results and the full valuation allowance.
The
Company performed a comprehensive review of its uncertain tax positions and determined that no adjustments were necessary relating to
unrecognized tax benefits as December 31, 2022. As of June 30, 2023, the Company had no unrecognized tax benefits recorded. The Company
is subject to taxation by federal, state, and local taxing authorities. The Company’s federal, state, and local income tax returns
are subject to examination by taxing authorities for three years after the returns are filed, and the Company’s federal, state,
and local income tax returns for 2019 through 2022 remain open to examination.
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
13 – Commitments and Contingencies
The
Company accrues a liability and charges operations for the estimated costs of contingent liabilities, including adjudication or settlement
of various asserted and unasserted claims existing as of the balance sheet date, where there is a reasonable possibility that a loss
has been incurred and the loss (or range of probable loss) is estimable.
From
time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. Other
than the matter described below, management is not aware of any matters, either individually or in the aggregate, that are reasonably
likely to have a material impact on the Company’s financial condition, results of operations or liquidity.
Third
Party Audit
On April 15, 2021, the Company received notification
from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are recommending to
CMS that the Company was overpaid in the amount of $2,921,868. This amount represents a statistical extrapolation of $ of charges
from a sample of 40 claims for the periods February 2017 to November 2020.
On June 3, 2021, the Company received a request for
payment from CMS in the amount of $2,918,472. The Company began its own internal audit process and initiated the appropriate appeals.
The Company received a notification dated September 30, 2021, from CMS that they “found the request to be favorable by reversing
the extrapolation to actual”. The Company received a separate notification stating “the extrapolated overpayment was reduced
to the actual overpayment amount for the sampled denied claims $5,327.73,” which had been paid as of December 31, 2021.
On October 21, 2021, the Company received notification
from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are recommending to
CMS that the Company was overpaid in the amount of $2,716,056.33. This amount represents a statistical extrapolation of $ of charges
from a sample of 38 claims for the periods July 2017 to November 2020 for Progressive Health & Rehabilitation, Ltd (“Progressive
Health”). The Company entered into a management agreement with Progressive Health in April 2019 and therefore liable for only a
portion of the sampled claims. There were a total of 38 claims reviewed, 25 of these claims were from the period prior to the management
agreement with the Company and the remaining 13 claims were related to the period that Progressive Health was managed by the Company.
In December 2021, the Company received a request for payment from CMS in the amount of $2,709,265. The Company has begun its own internal
audit process and has initiated the appropriate appeals. The Company submitted
a reconsideration request February 26, 2023. On July 5, 2023, the Company received a reconsideration decision from the second appeal.
The Qualified Independent Contractor provided a “partially favorable” decision that medical necessity supported 15 of 38 appealed
claims. The Company intends to file a written appeal to an Administrative Law Judge prior to the August 30 deadline.
On May 17, 2022, the Company received
notification from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are
recommending to CMS that the Company was overpaid in the amount of $492,086.22
related to Advantage Therapy. This amount represents a statistical extrapolation of charges from a sample, the actual amount found
to be overpaid was $10,420.22.
The Company has accrued the actual sample amount found for this potential overpayment. On May 27, 2022 the Company received a
request for payment from CMS in the amount of $481,666.00.
The Company has begun its own internal audit process and has initiated the appropriate appeals. Prior to this May 2022 notification,
CMS had implemented a pre-payment audit for Advantage Therapy. As of June 30, 2023, this audit had resulted in a recoupment balance
of approximately $0.1
million of Medicare accounts receivable. The Company submitted a reconsideration request in May 2023. On August 4, 2023, the Company
received a reconsideration decision from the second appeal. The Qualified Independent Contractor provided a “partially
favorable” decision supporting 31 of 65 appealed claims. The Company intends to file a written appeal to an Administrative Law
Judge prior to the October 2 deadline.
On December 9, 2022, the Company received a suspension
of payment notification from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, for IMAC
Regeneration Center of Kentucky. On December 22, 2022, the Company responded to the payment suspension with a Rebuttal of Notice. The
suspension of payment will remain in effect until the Rebuttal of Notice is answered. Guidelines suggest a 30 to 45 day response time,
although no response has been provided nor any explanation regarding the payment suspension as of the date of this filing, over 200 days
later.
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v3.23.2
Merger Agreement
|
6 Months Ended |
Jun. 30, 2023 |
Merger Agreement |
|
Merger Agreement |
Note
14 – Merger Agreement
On
May 23, 2023, IMAC Holdings, Inc., a Delaware corporation (Nasdaq: BACK) (the “Company”) entered into an Agreement and Plan
of Merger (the “Merger Agreement”) with Theralink Technologies, Inc. (OTC: THER), a Nevada corporation (“Theralink”),
and IMAC Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of the Company (“Merger Sub”).
Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Theralink (the “Merger”),
with Theralink continuing as the surviving entity (the “Surviving Entity”) and a wholly owned subsidiary of the Company.
On May 22, 2023, the board of directors of the Company, and the board of directors of Theralink unanimously approved the Merger Agreement.
At
the effective time of the Merger (the “Effective Time”), each share of Theralink’s common stock (“Theralink Common
Stock”) and each share of Theralink’s preferred stock (together with the Theralink Common Stock, “Theralink Shares”)
issued and outstanding as of immediately prior to the Effective Time will be converted into and will thereafter represent the right to
receive a portion of a share of the Company’s common stock (the “Company Shares”) such that the total number of Company
Shares issued to the holders of Theralink Shares shall equal 85% of the total number of Company Shares outstanding as of the Effective
Time (the “Merger Consideration”).
At
the Effective Time, each award of Theralink stock options (each, a “Theralink Stock Option”), whether or not then vested
or exercisable, that is outstanding immediately prior to the Effective Time, will be assumed by the Company and converted into a stock
option relating to a number of Company Shares equal to the product of: (i) the number of shares of Theralink Common Stock subject to
such Theralink Stock Option; and (ii) the ratio which results from dividing one share of Theralink Common Stock by the portion of a Company
Share issuable for such share as finally determined at the Effective Time (the “Exchange Ratio”), at an exercise price per
Company Share (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (A) the exercise price per share of Theralink
Common Stock of such Theralink Stock Option by (B) the Exchange Ratio.
The
Company and Theralink have each agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals. However, if such party receives an unsolicited, bona fide acquisition proposal that
did not result from a material breach of the non-solicitation provisions of the Merger Agreement and the Company’s or Theralink’s
board of directors, or any committee thereof, as applicable, concludes, after consultation with its financial advisors and outside legal
counsel, that such unsolicited, bona fide acquisition proposal constitutes, or could reasonably be expected to result in, a superior
offer, such party may furnish non-public information regarding it or any of its subsidiaries and engage in discussions and negotiations
with such third party in response to such unsolicited, bona fide acquisition proposal; provided that each party provides
notice and furnishes any non-public information provided to the maker of the acquisition proposal to each party substantially concurrently
with providing such non-public information to the maker of the acquisition proposal.
The
completion of the Merger is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption of the Merger
Agreement by holders of a majority of the outstanding Theralink Shares; (ii) approval of the issuance of Company Shares in connection
with the Merger by a majority of the outstanding shares of the Company’s common stock; (iii) absence of any court order or regulatory
injunction prohibiting completion of the Merger; (iv) expiration or termination of (a) all waiting periods under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and (b) any agreement with any governmental entity not to
consummate the transactions contemplated by the Merger Agreement; (v) effectiveness of the Company’s registration statement on
Form S-4 to register the Company Shares to be issued in the Merger; (vi) subject to specified materiality standards, the accuracy of
the representations and warranties of the other party; (vii) the authorization for listing of Company Shares to be issued in the Merger
on Nasdaq; (viii) compliance by the other party in all material respects with its covenants; and (ix) the completion of satisfactory
due diligence by both parties.
The
Company and Theralink have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of the Company’s and
Theralink’s business between the date of the signing of the Merger Agreement and the closing date of the Merger and (ii) the efforts
of the parties to cause the Merger to be completed, including actions which may be necessary to cause the expiration or termination of
any waiting periods under the HSR Act.
The
Merger Agreement is attached hereto as Exhibit 2.1 and is incorporated by reference. The foregoing summary has been included to provide
investors and security holders with information regarding the terms of the Merger Agreement and is qualified in its entirety by the terms
and conditions of the Merger Agreement. It is not intended to provide any other factual information about the Company, Theralink or their
respective subsidiaries and affiliates. The Merger Agreement contains representations and warranties by each of the parties to the Merger
Agreement, which were made only for purposes of the Merger Agreement and as of specified dates. The representations, warranties and covenants
in the Merger Agreement (i) were made solely for the benefit of the parties to the Merger Agreement; (ii) may be subject to limitations
agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual
risk between the parties to the Merger Agreement instead of establishing these matters as facts; and (iii) may be subject to standards
of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the
representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition
of the Company, Theralink or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter
of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may
or may not be fully reflected in the Company’s or Theralink’s public disclosures.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note 15 - Subsequent Events
On July 25, 2023, the Company entered
into a definitive securities purchase agreement with several institutional and accredited investors, including existing significant investors
of Theralink Technologies, Inc., its previously announced merger partner (OTC:THER) (“Theralink”), and Theralink’s
Chairman, for the sale of its preferred stock and warrants. IMAC sold
an aggregate of 2,500 shares of its Series A-1 Convertible Preferred Stock, stated value $1,000 per share, 1,800 shares of
its Series A-2 Convertible Preferred Stock, stated value $1,000 per share, and Warrants to purchase up to 62,271,063 shares
of its common stock for aggregate gross proceeds of $4.3 million before deducting placement agent fees and other offering expenses.
The shares of A-1 Convertible Preferred Stock, shall bear a 12% dividend, and are initially convertible into an aggregate of 22,893,773
shares of common stock of the Company, and the shares of Series A-2 Convertible Preferred Stock are initially convertible into an aggregate
of 16,483,517 shares of common stock of the Company, in each case, at a conversion price of $0.1092 per share. The Warrants
have an exercise price of $0.1092 per share, are exercisable immediately, and will expire five years from the date of shareholder
approval of this private placement. It is expected that approximately $3.0 million of the proceeds of the offering will be
used to make a loan to Theralink for investment into sales and marketing efforts and general working capital purposes as the companies
continue to take formal steps together in advancing their merger previously announced on May 23, 2023.
The Company
also entered into a Registration Rights Agreement, pursuant to which it agreed to file a registration statement with the Securities and
Exchange Commission (the “SEC”) covering the resale of the shares of the Company’s common stock underlying the Series
A-1 Convertible Preferred Stock, Series A-2 Convertible Preferred Stock and Warrants no later than 45 days following the closing of the
planned merger.
The foregoing summary is
qualified in its entirety by reference to the full text of each of the Certificate of Designation for the Series A-1
Convertible Preferred Stock and Series A-2 Convertible Preferred Stock, the Warrants, the Securities Purchase Agreement and
the Registration Rights Agreement, attached as Exhibits 3.1, 3.2, 4.1, 10.1 and 10.2, respectively, each of which is incorporated herein
in its entirety.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles
(“GAAP”) in the United States of America (“U.S.”) as promulgated by the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) and with the rules and regulations of the U.S. Securities
and Exchange Commission (“SEC”).
The
accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. and the following entities which
are consolidated due to direct ownership of a controlling voting interest or other rights granted to us as the sole general partner or
managing member of the entity: IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”), IMAC Management Services, LLC
(“IMAC Management”), IMAC Regeneration Management, LLC (“IMAC Texas”) IMAC Regeneration Management of Nashville,
LLC (“IMAC Nashville”) IMAC Management of Illinois, LLC (“IMAC Illinois”), Advantage Hand Therapy and Orthopedic
Rehabilitation, LLC (“Advantage Therapy”), IMAC Management of Florida, LLC (“IMAC Florida”), Louisiana Orthopaedic
& Sports Rehab (“IMAC Louisiana”) and The Back Space, LLC (“BackSpace”); the following entity which is consolidated
with IMAC Regeneration Management of Nashville, LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (“IMAC
Nashville PC”); the following entities which are consolidated with IMAC Management of Illinois, LLC due to control by contract:
Progressive Health and Rehabilitation, Ltd., Illinois Spine and Disc Institute, Ltd. and Ricardo Knight, P.C.; the following entities
which is consolidated with IMAC Management Services, LLC due to control by contract: Integrated Medicine and Chiropractic Regeneration
Center PSC (“Kentucky PC”) and IMAC Medical of Kentucky PSC (“Kentucky PSC”); the following entities which are
consolidated with IMAC Florida due to control by contract: Willmitch Chiropractic, P.A. and IMAC Medical of Florida, P.A.; the following
entity which is consolidated with Louisiana Orthopaedic & Sports Rehab due to control by contract: IMAC Medical of Louisiana, a Medical
Corporation; and the following entities which are consolidated with BackSpace due to control by contract: ChiroMart LLC, ChiroMart Florida
LLC, and ChiroMart Missouri LLC.
During
January of 2023, the Company closed operations at four underperforming clinic locations: Webster Groves, Lexington, Fort
Pierce and Tampa.
On
January 27, 2023, the Company executed an agreement to sell all assets of IMAC of Louisiana, PC and Louisiana Orthopaedic & Sports
Rehab, LLC for a total of $1.05 million in cash. In addition, the deal included the assignment of the associated real estate lease to
the purchaser.
On
March 1, 2023, the Company executed an agreement to sale The BackSpace, LLC to Curis Express, LLC. This sale eliminated IMAC Holdings,
Inc. retail chiropractic division. In addition, the deal included all associated real estate leases and the rights to certain future
potential expansion locations.
On
April 1 2023, the Company executed an agreement to sell all the assets of Ricardo Knight, PC.
During
May of 2023, the Company closed operations at Springfield, MO, due to significant staff departures and inflationary pressure on replacement personnel. Most assets were sold in
June.
|
Use of Estimates |
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, revenues and expenses at the date and for the periods that the condensed consolidated
financial statements are prepared. On an ongoing basis, the Company evaluates its estimates, including those related to insurance adjustments
and provisions for doubtful accounts. The Company bases its estimates on historical experience and on various other assumptions that
are believed to be reasonable under the circumstances. Actual results could materially differ from those estimates.
|
Reclassifications |
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations. Specifically, we reclassified share-based compensation to salaries and benefits.
|
Revenue Recognition |
Revenue
Recognition
The
Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics. The fees
for such services are billed either to the patient or a third-party payer, including Medicare.
The
Company recognizes service revenues based upon the estimated amounts the Company expects to be entitled to receive from patients and
third-party payers. Estimates of contractual adjustments are based upon the payment terms specified in the related contractual agreements.
The Company also records estimated implicit price concessions (based primarily on historical collection experience) related to uninsured
accounts to record these revenues at the estimated amounts expected to be collected.
Starting
in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are currently four membership plans
offered with different levels of service for each plan. The Company recognizes membership revenue on a monthly basis. Enrollment in the
wellness maintenance program can occur at any time during the month and can be dis-enrolled at any time.
Starting
in June 2021, the Company introduced BackSpace and began offering outpatient chiropractic and spinal care services as well as memberships
services in Walmart retail locations. The fees for such services were paid and recognized as incurred.
Starting
in September 2022, the Company introduced hormone replacement therapy “HRT” and medical weight loss programs. The Company
recognizes HRT and medical weight loss revenue as the services are provided.
Other
management service fees are derived from management services where the Company provides billings and collections support to the clinics
and where management services are provided based on state specific regulations known as the corporate practice of medicine (“CPM”).
Under the CPM, a business corporation is precluded from practicing medicine or employing a physician to provide professional medical
services. In these circumstances, the Company provides all administrative support to the physician-owned PC through a LLC. The PC is
consolidated due to control by contract (an “MSA” – Management Services Agreement). The fees we derive from these management
arrangements are either based on a predetermined percentage of the revenue of each clinic or a percentage mark up on the costs of the
LLC. The company recognizes other management service revenue in the period in which services are rendered. These revenues are earned
by IMAC Nashville, IMAC Management, IMAC Illinois, IMAC Florida, IMAC Louisiana and the Back Space and are eliminated in consolidation
to the extent owned.
|
Patient Deposits |
Patient
Deposits
Patient
deposits are derived from patient payments in advance of services delivered. Our service lines include traditional and regenerative medicine.
Regenerative medicine procedures are rarely paid by insurance carriers; therefore, the Company typically requires up-front payment from
the patient for regenerative services and any co-pays and deductibles as required by the patient specific insurance carrier. For some
patients, credit is provided through an outside vendor. In this case, the Company is paid from the credit card company and the risk is
transferred to the credit card company for collection from the patient. These funds are accounted for as patient deposits until the procedures
are performed at which point the patient deposit is recognized as patient service revenue.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
carrying amount of accounts receivable and accounts payable approximate their respective fair values due to the short-term nature. The
carrying amount of the line of credit and note payable approximates fair values due to their market interest rates. Financial instruments
that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.
|
Variable Interest Entities |
Variable
Interest Entities
Certain
states prohibit the “corporate practice of medicine,” which restricts business corporations from practicing medical care
by exercising control over clinical decisions by doctors. In states which prohibit the corporate practice of medicine, the Company enters
into long-term management agreements with professional corporations (“PCs”) that are owned by licensed doctors, which, in
turn employ or contract with doctors who provide professional care in its clinics. Under these management agreements with PCs, the Company
provides, on an exclusive basis, all non-clinical services of the practice.
The
condensed consolidated financial statements include the accounts of variable interest entities (“VIE”) in which the Company
is the primary beneficiary under the provisions of the FASB Accounting Standards Codification 810, “Consolidation”.
The Company has the power to direct the activities that most significantly impact a VIE’s economic performance. Additionally, the
Company would absorb substantially all of the expected losses from any of these entities should such expected losses occur. As of June
30, 2023, the Company’s consolidated VIE’s include 12 PCs.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable primarily consists of amounts due from third-party payers (non-governmental), governmental payers and private pay patients
and is recorded net of allowances for doubtful accounts and contractual discounts. The Company’s ability to collect outstanding
receivables is critical to its results of operations and cash flows. Accordingly, accounts receivable reported in the Company’s
condensed consolidated financial statements is recorded at the net amount expected to be received.
The
Company’s accounts receivable from third-party payers are recorded net of estimated contractual adjustments and allowances from
third-party payers, which are estimated based on the historical trend of the Company’s facilities’ cash collections and contractual
write-offs, accounts receivable aging, established fee schedules, relationships with payers and procedure statistics. While changes in
estimated reimbursement from third-party payers remain a possibility, the Company expects that any such changes would be minimal and,
therefore, would not have a material effect on the Company’s financial condition or results of operations. The Company’s
collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient
account. The Company analyzes accounts receivable at each of the facilities to ensure the proper collection and aged category. The operating
systems generate reports that assist in the collection efforts by prioritizing patient accounts. Collection efforts include direct contact
with insurance carriers or patients and written correspondence.
|
Allowance for Contractual, Other Discounts and Doubtful Accounts |
Allowance
for Contractual, Other Discounts and Doubtful Accounts
Management
estimates the allowance for contractual and other discounts based on its historical collection experience and contracted relationship
with the payers. The services authorized and provided and related reimbursement are often subject to interpretation and negotiation that
could result in payments that differ from the Company’s estimates.
In
June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses.” This
ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses
rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. As
a result, the Company changed its accounting policy for allowance for doubtful accounts using an expected losses model rather than using
incurred losses. The new model is based on the credit losses expected to arise over the life of the asset based on the Company’s
expectations as of the balance sheet date through analyzing historical customer data as well as taking into consideration current economic
trends.
As
a smaller reporting Company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes became effective
for the Company on January 1, 2023. The adoption of ASU 2016-13 did not have a material financial impact on the Company’s condensed
consolidated financial statements.
The
roll forward of the allowance for doubtful accounts for the six-months ended June 30. 2023 was as follows:
Schedule
of Allowance for Doubtful Accounts
| |
June 30, 2023 | |
| |
| (Unaudited) | |
Beginning balance | |
$ | 163,479 | |
Bad debt expense | |
| 6,795 | |
Write-offs | |
| (95,414 | ) |
Ending balance | |
$ | 74,860 | |
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost, less accumulated depreciation. Additions and improvements to property and equipment are capitalized
at cost. Depreciation of owned assets are computed using the straight-line method over the estimated useful lives and amortization of
leasehold improvements are computed using the straight-line method over the shorter of the estimated useful lives of the related assets
or the lease term. The cost of assets sold or retired, and the related accumulated depreciation are removed from the accounts and any
resulting gains or losses are reflected in other income (expense) for the year. Expenditures for maintenance and repairs are charged
to expense as incurred.
|
Intangible Assets |
Intangible
Assets
The
Company capitalizes the fair value of intangible assets acquired in business combinations. Intangible assets are amortized on a straight-line
basis over their estimated economic useful lives, generally the contract term. The Company performs valuations of assets acquired and
liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of each acquired business
to its respective net tangible and intangible assets. The Company records an impairment loss when the carrying amount of the asset is
not recoverable and exceeds its fair value. As of June 30, 2023, the Company has sold the assets of the Louisiana market, Illinois
market and the BackSpace retail stores. The Louisiana market had a total intangible carrying amount of approximately $61,000, the Illinois
market had a total intangible carrying amount of approximately $265,000 and the BackSpace retail stores had a total intangible carrying
amount of approximately $60,000 which was written off with the transaction. As of June 30, 2022, the Company closed a clinic
in Florida with a total intangible carrying amount of approximately $30,000. The Company recorded a noncash impairment loss for this
amount during the six months ended June 30, 2022.
|
Long-Lived Assets |
Long-Lived
Assets
Long-lived
assets such as property and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. There were no impairments of long-lived assets for the years presented.
|
Advertising and Marketing |
Advertising
and Marketing
The
Company uses advertising and marketing to promote its services. Advertising and marketing costs are expensed as incurred. Advertising
and marketing expense was approximately $37,000 and $243,000 for the three months ended June 30, 2023 and 2022, respectively and was
approximately $111,000 and $613,000 for the six months ended June 30, 2023 and 2022, respectively.
|
Net Loss Per Share |
Net
Loss Per Share
Basic
net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common
shares outstanding during the year. Diluted net loss per common share is determined using the weighted-average of common shares outstanding
during the year, adjusted for the dilutive effect of common stock equivalents, consisting of the conversion option embedded in convertible
debt. The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would have an
anti-dilutive effect.
|
Income Taxes |
Income
Taxes
Income
taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Deferred
tax assets are required to be reduced by a valuation allowance to the extent that, based on the weight of available evidence, it is more
likely than not that the deferred tax assets will not be realized.
|
Newly Adopted Accounting Pronouncement |
Newly
Adopted Accounting Pronouncement
Topic
326 was effective for the Company beginning on January 1, 2023. This update requires a financial asset (or a group of financial assets)
measured at amortized cost basis, to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation
account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected
to be collected on the financial asset. The Company has evaluated the impact of Topic 326 and has determined it does not have a material
financial impact.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Allowance for Doubtful Accounts |
The
roll forward of the allowance for doubtful accounts for the six-months ended June 30. 2023 was as follows:
Schedule
of Allowance for Doubtful Accounts
| |
June 30, 2023 | |
| |
| (Unaudited) | |
Beginning balance | |
$ | 163,479 | |
Bad debt expense | |
| 6,795 | |
Write-offs | |
| (95,414 | ) |
Ending balance | |
$ | 74,860 | |
|
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v3.23.2
Concentration of Credit Risks (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Schedule of Concentration Risk |
As
of June 30, 2023 and December 31, 2022, the Company had the following revenue and accounts receivable concentrations:
Schedule
of Concentration Risk
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
% of Revenue | | |
% of Accounts Receivable | | |
% of Revenue | | |
% of Accounts Receivable | |
| |
(Unaudited) | | |
| | |
| |
Medicare payment | |
| 25 | % | |
| 20 | % | |
| 32 | % | |
| 18 | % |
|
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v3.23.2
Accounts Receivable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
Schedule of Accounts Receivable |
As
of June 30, 2023 and December 31, 2022, the Company’s accounts receivable consisted of the following:
Schedule
of Accounts Receivable
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| (Unaudited) | | |
| | |
Gross accounts receivable | |
$ | 753,463 | | |
$ | 3,044,718 | |
Less: allowance for doubtful accounts | |
| (74,860 | ) | |
| (163,479 | ) |
Accounts receivable, net | |
$ | 678,603 | | |
$ | 2,881,239 | |
|
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v3.23.2
Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
The
Company’s property and equipment consisted of the following at June 30, 2023 and December 31, 2022:
Schedule of Property and Equipment
| |
Estimated Useful Life in Years | |
June 30, 2023 | | |
December 31, 2022 | |
| |
| |
| (Unaudited) | | |
| | |
Leasehold improvements | |
Shorter of asset or lease term | |
$ | 1,712,019 | | |
$ | 2,233,603 | |
Equipment | |
1.5 - 7 | |
| 1,989,567 | | |
| 2,820,166 | |
Total property and equipment | |
| |
| 3,701,586 | | |
| 5,053,769 | |
| |
| |
| | | |
| | |
Less: accumulated depreciation | |
| |
| (3,135,743 | ) | |
| (3,476,977 | ) |
Property and equipment, excluding
construction in progress | |
| |
| 565,843 | | |
| 1,576,792 | |
Construction in progress | |
| |
| - | | |
| 7,922 | |
Total property and equipment, net | |
| |
$ | 565,843 | | |
$ | 1,584,714 | |
|
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v3.23.2
Intangibles Assets and Goodwill (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets and Goodwill |
The
Company’s intangible assets and goodwill consisted of the following at June 30, 2023 and December 31, 2022:
Schedule of Intangible Assets and Goodwill
| |
| |
June 30, 2023 (Unaudited) | |
| |
Estimated | |
| | |
Accumulated | | |
| |
| |
Useful Life | |
Cost | | |
Amortization | | |
Net | |
| |
| |
| | |
| | |
| |
Intangible assets: | |
| |
| | | |
| | | |
| | |
Management service agreements | |
10 years | |
$ | 4,224,113 | | |
$ | (3,565,970 | ) | |
$ | 658,143 | |
Definite lived assets | |
| |
| 4,224,113 | | |
| (3,565,970 | ) | |
| 658,143 | |
Research and development | |
| |
| 243,750 | | |
| - | | |
| 243,750 | |
Total intangible assets and goodwill | |
| |
$ | 4,467,863 | | |
$ | (3,565,970 | ) | |
$ | 901,893 | |
| |
| |
December 31, 2022 | |
| |
Estimated | |
| | |
Accumulated | | |
| |
| |
Useful Life | |
Cost | | |
Amortization | | |
Net | |
| |
| |
| | |
| | |
| |
Intangible assets: | |
| |
| | | |
| | | |
| | |
Management service agreements | |
10 years | |
$ | 7,940,398 | | |
$ | (6,939,916 | ) | |
$ | 1,000,482 | |
Non-compete agreements | |
3 years | |
| 391,000 | | |
| (359,125 | ) | |
| 31,875 | |
Customer lists | |
3 years | |
| 77,000 | | |
| (48,125 | ) | |
| 28,875 | |
Brand development | |
15 years | |
| 69,071 | | |
| (8,596 | ) | |
| 60,475 | |
Definite lived assets | |
| |
| 8,477,469 | | |
| (7,355,762 | ) | |
| 1,121,707 | |
Research and development | |
| |
| 243,750 | | |
| - | | |
| 243,750 | |
Goodwill | |
| |
| 4,499,796 | | |
| (4,499,796 | ) | |
| - | |
Total intangible assets and goodwill | |
| |
$ | 13,221,015 | | |
$ | (11,855,558 | ) | |
$ | 1,365,457 | |
|
Schedule of Future Amortization of Intangible Assets |
The
Company’s estimated future amortization of intangible assets was as follows:
Schedule of Future Amortization of Intangible Assets
Years Ending December 31, | |
| |
(Unaudited) | |
| | |
2023 (six months) | |
$ | 65,814 | |
2024 | |
| 131,629 | |
2025 | |
| 131,629 | |
2026 | |
| 131,629 | |
2027 | |
| 131,629 | |
Thereafter | |
| 65,813 | |
Total | |
$ | 658,143 | |
|
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v3.23.2
Operating Leases (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Operating Leases |
|
Schedule of Operating Lease Cost |
Individual
components of the total lease cost incurred by the Company were as follows:
Schedule of Operating Lease Cost
| |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
| |
| (Unaudited) | | |
| (Unaudited) | |
Operating lease expense | |
$ | 747,698 | | |
$ | 830,373 | |
|
Schedule of Future Minimum Lease Payments |
The
Company’s amount of future minimum lease payments under operating leases are as follows:
Schedule of Future Minimum Lease Payments
| |
Operating Leases | |
| |
| (Unaudited) | |
Undiscounted future minimum lease payments: | |
| | |
2023 (six months) | |
$ | 538,112 | |
2024 | |
| 734,612 | |
2025 | |
| 468,745 | |
2026 | |
| 236,609 | |
2027 | |
| 73,823 | |
Thereafter | |
| 81,691 | |
Total | |
| 2,133,592 | |
Amount representing imputed interest | |
| (143,280 | ) |
Total operating lease liability | |
| 1,990,312 | |
Current portion of operating lease liability | |
| (947,657 | ) |
Operating lease liability, non-current | |
$ | 1,042,655 | |
|
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v3.23.2
Notes Payable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
Set
forth below is a summary of the Company’s outstanding debt as of June 30, 2023 and December 31, 2022:
Schedule of Notes Payable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| (Unaudited) | | |
| | |
Note payable | |
$ | - | | |
$ | 13,093 | |
Note payable to a financial institution in the amount of $200,000 dated November 15, 2017. The note requires 66 consecutive monthly installments of $2,652 including principal and interest at 5%, with a balloon payment of $60,000 which was paid on June 15, 2018. The note matured and has been paid in full. | |
$ | - | | |
$ | 13,093 | |
| |
| | | |
| | |
Note payable to a financial institution in the amount of $131,400 dated August 1, 2016. The note requires 120 monthly installments of $1,394 including principal and interest at 5%. The note matures on July 1, 2026, and is secured by a letter of credit. | |
| 47,697 | | |
| 54,763 | |
| |
| | | |
| | |
$112,800 payable to a landlord of Advantage Therapy, LLC pursuant to a lease dated March 1, 2019. The debt is payable in 60 monthly installments of $2,129, including principal and interest at 5%. The debt matures on June 1, 2024. | |
| 26,882 | | |
| 36,840 | |
| |
| | | |
| | |
Notes payable | |
| 74,579 | | |
| 104,696 | |
Less: current portion: | |
| (39,435 | ) | |
| (51,657 | ) |
Notes
payable, net of current portion | |
$ | 35,144 | | |
$ | 53,039 | |
|
Schedule of Principal Maturities of Notes Payable |
Principal
maturities of the Company’s notes payable are as follows:
Schedule of Principal Maturities of Notes Payable
Years Ending December 31, | |
Amount | |
| |
| |
2023 (six months) | |
$ | 21,540 | |
2024 | |
| 27,631 | |
2025 | |
| 15,813 | |
2026 | |
| 9,595 | |
Total | |
$ | 74,579 | |
|
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
Jan. 27, 2023 |
Jan. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Apr. 01, 2023 |
Dec. 31, 2022 |
Proceeds from sale of Louisiana Orthopedic operations |
$ 1,050,000.00
|
|
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
$ 901,893
|
|
$ 901,893
|
|
|
$ 1,365,457
|
Impairments of long-lived assets |
|
|
|
|
|
0
|
|
|
|
Advertising and marketing expense |
|
|
|
36,761
|
$ 242,562
|
111,305
|
$ 613,050
|
|
|
FLORIDA |
|
|
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
|
$ 30,000
|
|
$ 30,000
|
|
|
Intangible assets written off |
|
|
$ 34,000
|
|
|
|
|
|
|
Louisiana Market [Member] |
|
|
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
61,000
|
|
61,000
|
|
|
|
Intangible assets written off |
|
$ 61,000
|
|
|
|
|
|
|
|
Illinois Market [Member] |
|
|
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
$ 265,000
|
|
265,000
|
|
$ 265,000
|
|
Back Space Retail Stores [Member] |
|
|
|
|
|
|
|
|
|
Intangible assets written off |
|
|
|
|
|
$ 60,000
|
|
|
|
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v3.23.2
Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
Working capital |
$ 2,600,000
|
|
|
|
$ 2,600,000
|
|
$ 500,000
|
Net loss |
$ 1,403,307
|
$ 3,698,653
|
$ 1,844,099
|
$ 3,162,125
|
5,101,960
|
$ 5,006,224
|
|
Net cash provided by used in operating activities |
|
|
|
|
$ 1,670,284
|
$ 5,862,808
|
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
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v3.23.2
Schedule of Accounts Receivable (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Receivables [Abstract] |
|
|
Gross accounts receivable |
$ 753,463
|
$ 3,044,718
|
Less: allowance for doubtful accounts |
(74,860)
|
(163,479)
|
Accounts receivable, net |
$ 678,603
|
$ 2,881,239
|
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v3.23.2
Schedule of Property and Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 3,701,586
|
$ 5,053,769
|
Less: accumulated depreciation |
(3,135,743)
|
(3,476,977)
|
Property and equipment, excluding construction in progress |
565,843
|
1,576,792
|
Construction in progress |
|
7,922
|
Total property and equipment, net |
565,843
|
1,584,714
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 1,712,019
|
2,233,603
|
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] |
Useful Life, Shorter of Lease Term or Asset Utility [Member]
|
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 1,989,567
|
$ 2,820,166
|
Equipment [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated useful life |
1 year 6 months
|
|
Equipment [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated useful life |
7 years
|
|
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v3.23.2
Schedule of Intangible Assets and Goodwill (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Definite lived assets, cost |
$ 4,224,113
|
$ 8,477,469
|
Definite lived assets, accumulated amortization |
(3,565,970)
|
(7,355,762)
|
Definite lived assets, net |
658,143
|
1,121,707
|
Total intangible assets and goodwill, cost |
4,467,863
|
13,221,015
|
Total intangible assets and goodwill, accumulated amortization |
(3,565,970)
|
(11,855,558)
|
Total intangible assets and goodwill, net |
901,893
|
1,365,457
|
Goodwill, cost |
|
4,499,796
|
Goodwill, accumulated amortization |
|
(4,499,796)
|
Goodwill, net |
|
|
Research and Development Expense [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Indefinite lived assets |
$ 243,750
|
$ 243,750
|
Customer Lists [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, estimated useful life |
|
3 years
|
Definite lived assets, cost |
|
$ 77,000
|
Definite lived assets, accumulated amortization |
|
(48,125)
|
Definite lived assets, net |
|
$ 28,875
|
Brand Development [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, estimated useful life |
|
15 years
|
Definite lived assets, cost |
|
$ 69,071
|
Definite lived assets, accumulated amortization |
|
(8,596)
|
Definite lived assets, net |
|
$ 60,475
|
Management Service Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, estimated useful life |
10 years
|
10 years
|
Definite lived assets, cost |
$ 4,224,113
|
$ 7,940,398
|
Definite lived assets, accumulated amortization |
(3,565,970)
|
(6,939,916)
|
Definite lived assets, net |
$ 658,143
|
$ 1,000,482
|
Noncompete Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, estimated useful life |
|
3 years
|
Definite lived assets, cost |
|
$ 391,000
|
Definite lived assets, accumulated amortization |
|
(359,125)
|
Definite lived assets, net |
|
$ 31,875
|
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v3.23.2
Schedule of Future Amortization of Intangible Assets (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2023 (six months) |
$ 65,814
|
|
2024 |
131,629
|
|
2025 |
131,629
|
|
2026 |
131,629
|
|
2027 |
131,629
|
|
Thereafter |
65,813
|
|
Total |
$ 658,143
|
$ 1,121,707
|
X |
- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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v3.23.2
Intangibles Assets and Goodwill (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Feb. 28, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Sep. 20, 2022 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Apr. 01, 2023 |
Intangible assets carrying amount |
|
|
$ 1,365,457
|
|
$ 901,893
|
|
|
$ 901,893
|
|
|
Goodwill, Impairment Loss |
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
|
|
33,000
|
|
$ 200,000
|
77,000
|
$ 412,000
|
|
FLORIDA |
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
|
|
|
$ 34,000
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
|
|
|
$ 30,000
|
|
$ 30,000
|
|
Louisiana Market [Member] |
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
|
$ 61,000
|
|
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
|
61,000
|
|
|
61,000
|
|
|
BackSpace Retail Clinics [Member] |
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
$ 60,000
|
|
|
|
|
|
|
|
|
|
Illinois Market [Member] |
|
|
|
|
|
|
|
|
|
|
Intangible assets carrying amount |
|
|
|
|
$ 265,000
|
|
|
$ 265,000
|
|
$ 265,000
|
IMAC Illinois MSA [Member] |
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
|
|
|
|
|
$ 2,128,000
|
|
|
|
|
IMAC Kentucky MSA [Member] |
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
|
|
|
|
|
$ 1,672,000
|
|
|
|
|
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v3.23.2
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v3.23.2
Schedule of Future Minimum Lease Payments (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Operating Leases |
|
|
2023 (six months) |
$ 538,112
|
|
2024 |
734,612
|
|
2025 |
468,745
|
|
2026 |
236,609
|
|
2027 |
73,823
|
|
Thereafter |
81,691
|
|
Total |
2,133,592
|
|
Amount representing imputed interest |
(143,280)
|
|
Total operating lease liability |
1,990,312
|
|
Current portion of operating lease liability |
(947,657)
|
$ (1,368,016)
|
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$ 1,042,655
|
$ 2,654,104
|
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Schedule of Notes Payable (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 74,579
|
$ 104,696
|
Less: current portion |
(39,435)
|
(51,657)
|
Notes payable, net of current portion |
35,144
|
53,039
|
Notes Payable One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
|
13,093
|
Notes Payable Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
47,697
|
54,763
|
Notes Payable Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 26,882
|
$ 36,840
|
X |
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v3.23.2
Schedule of Notes Payable (Details) (Parenthetical) - USD ($)
|
Mar. 01, 2019 |
Nov. 15, 2017 |
Aug. 01, 2016 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 15, 2018 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
|
|
|
$ 74,579
|
$ 104,696
|
|
Notes Payable One [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
|
|
|
|
13,093
|
|
Notes Payable Two [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
|
|
|
47,697
|
54,763
|
|
Notes Payable Three [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
|
|
|
$ 26,882
|
$ 36,840
|
|
Financial Institution [Member] | Notes Payable One [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
|
$ 200,000
|
|
|
|
|
Frequency of installments |
|
66 consecutive monthly installments
|
|
|
|
|
Debt instrument, periodic payment |
|
$ 2,652
|
|
|
|
|
Debt instrument interest rate |
|
5.00%
|
|
|
|
|
Balloon payment paid |
|
|
|
|
|
$ 60,000
|
Financial Institution [Member] | Notes Payable Two [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
|
|
$ 131,400
|
|
|
|
Frequency of installments |
|
|
120 monthly installments
|
|
|
|
Debt instrument, periodic payment |
|
|
$ 1,394
|
|
|
|
Debt instrument interest rate |
|
|
5.00%
|
|
|
|
Debt instrument maturity date |
|
|
Jul. 01, 2026
|
|
|
|
Advantage Therapy LLC [Member] | Notes Payable Three [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Notes payable |
$ 112,800
|
|
|
|
|
|
Frequency of installments |
60 monthly installments
|
|
|
|
|
|
Debt instrument, periodic payment |
$ 2,129
|
|
|
|
|
|
Debt instrument interest rate |
5.00%
|
|
|
|
|
|
Debt instrument maturity date |
Jun. 01, 2024
|
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v3.23.2
Stockholders’ Equity (Deficit) (Details Narrative) - USD ($) $ / shares in Units, $ in Millions |
|
|
|
|
6 Months Ended |
|
|
|
|
May 19, 2023 |
Oct. 15, 2022 |
Aug. 16, 2022 |
Feb. 21, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jul. 06, 2022 |
Jul. 05, 2022 |
May 31, 2018 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
60,000,000
|
60,000,000
|
60,000,000
|
30,000,000
|
|
Non-qualified Stock Options [Member] | Various Employees [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares, granted |
|
|
|
|
131,050
|
|
|
|
|
Vesting period |
|
|
|
|
4 years
|
|
|
|
|
vesting percentage |
|
|
|
|
25.00%
|
|
|
|
|
Remaining vesting percentage |
|
|
|
|
75.00%
|
|
|
|
|
2018 Incentive Compensation Plan Member [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock reserved for future issuance |
|
|
|
|
|
|
2,000,000
|
1,000,000
|
1,000,000
|
Accredited Investors [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Issuance of common stock, shares |
|
|
5,164,474
|
|
|
|
|
|
|
Share price |
|
|
$ 0.76
|
|
|
|
|
|
|
Warrants to purchase common shares |
|
|
5,164,474
|
|
|
|
|
|
|
Warrants exercise price |
|
|
$ 0.95
|
|
|
|
|
|
|
Proceeds from issuance of warrant |
|
|
$ 3.9
|
|
|
|
|
|
|
Executive [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
100,000
|
|
|
|
|
|
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|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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|
|
|
|
|
|
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Number of shares granted |
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300,000
|
|
|
|
|
|
|
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Retirement Plan (Details Narrative) - 401(k) Plan [Member] - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Contributions description |
|
|
Additionally, the Company is required to make matching contributions of 50% of up to 6 % of total compensation for those employees making
salary deferrals
|
|
Maximum annual contributions per employee, amount |
$ 17,106
|
$ 35,954
|
$ 43,927
|
$ 70,763
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Commitments and Contingencies (Details Narrative) - Contractor [Member] - Covent Bridge Group [Member] - USD ($)
|
May 17, 2022 |
Oct. 21, 2021 |
Apr. 15, 2021 |
Mar. 31, 2023 |
May 27, 2022 |
Dec. 31, 2021 |
Jun. 03, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
Overpaid amount |
$ 10,420.22
|
$ 2,716,056.33
|
$ 2,921,868
|
|
|
|
|
Statistical extrapolation amount |
|
$ 6,791.33
|
$ 11,530
|
|
|
|
|
Accounts payable |
|
|
|
|
$ 481,666.00
|
$ 2,709,265
|
$ 2,918,472
|
Actual overpayment amount |
|
|
|
|
|
$ 5,327.73
|
|
Recoupment balance amount |
|
|
|
$ 100,000
|
|
|
|
Advantage Therapy [Member] |
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
Overpaid amount |
$ 492,086.22
|
|
|
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v3.23.2
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Millions |
Jul. 25, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
Preferred Stock, stated value |
|
$ 0.001
|
$ 0.001
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Warrants to purchase shares |
62,271,063
|
|
|
Proceeds from issuance of stock |
$ 4.3
|
|
|
Conversion price |
$ 0.1092
|
|
|
Warrant exercise price |
$ 0.1092
|
|
|
Warrant term |
5 years
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Series A-1 Convertible Preferred Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued |
2,500
|
|
|
Preferred Stock, stated value |
$ 1,000
|
|
|
Dividend percentage |
12.00%
|
|
|
Number of shares converted |
22,893,773
|
|
|
Proceeds from offering |
$ 3.0
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Series A-2 Convertible Preferred Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued |
1,800
|
|
|
Preferred Stock, stated value |
$ 1,000
|
|
|
Number of shares converted |
16,483,517
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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