0001493152-20-008750.txt : 20200514 0001493152-20-008750.hdr.sgml : 20200514 20200514160659 ACCESSION NUMBER: 0001493152-20-008750 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200514 DATE AS OF CHANGE: 20200514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMAC Holdings, Inc. CENTRAL INDEX KEY: 0001729944 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093] IRS NUMBER: 473579961 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38797 FILM NUMBER: 20877765 BUSINESS ADDRESS: STREET 1: 1605 WESTGATE CIRCLE CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 844-266-4622 MAIL ADDRESS: STREET 1: 1605 WESTGATE CIRCLE CITY: BRENTWOOD STATE: TN ZIP: 37027 FORMER COMPANY: FORMER CONFORMED NAME: IMAC HOLDINGS LLC DATE OF NAME CHANGE: 20180131 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

[ ]	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

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

1605 Westgate Circle, Brentwood, Tennessee		37027
(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	IMAC	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 [X] 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 [X] 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	[X]	Smaller reporting company	[X]

		Emerging growth company	[X]

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 [X]

As of May 14, 2020 the registrant had 10,009,098 shares of common stock (par value $0.001 per share) outstanding.

IMAC HOLDINGS, INC.

TABLE OF CONTENTS

	Page
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS	3

PART I. FINANCIAL INFORMATION	4
Item 1. Financial Statements (Unaudited)	4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3. Quantitative and Qualitative Disclosures about Market Risk	31
Item 4. Controls and Procedures	31

PART II. OTHER INFORMATION	32
Item 1. Legal Proceedings	32
Item 1A. Risk Factors	32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3. Defaults Upon Senior Securities	33
Item 4. Mine Safety Disclosures	33
Item 5. Other Information	33
Item 6. Exhibits	33

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 described in “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission on March 26, 2020. 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

(Unaudited)

	March 31, 2020			December 31, 2019
ASSETS
Current assets:
Cash	$	1,281,940		$	373,689
Accounts receivable, net		1,421,131			1,258,325
Deferred compensation, current portion		265,677			312,258
Other assets		572,559			633,303
Total current assets		3,541,307			2,577,575

Property and equipment, net		3,530,767			3,692,009

Other assets:
Goodwill		2,040,696			2,040,696
Intangible assets, net		7,072,302			7,169,072
Deferred equity costs		143,655			170,274
Deferred compensation, net of current portion		422,544			549,563
Security deposits		551,284			499,488
Right of use asset		3,800,997			3,719,401
Total other assets		14,031,478			14,148,494

Total assets	$	21,103,552		$	20,418,078

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	3,278,967		$	2,909,666
Patient deposits		292,475			189,691
Notes payable, current portion, net of deferred loan costs		4,089,567			1,422,554
Finance lease obligation, current portion		17,662			17,473
Line of credit		79,961			79,961
Liability to issue common stock, current portion		501,844			421,044
Operating lease liability, current portion		1,024,491			1,025,247
Total current liabilities		9,284,967			6,065,636

Long-term liabilities:
Notes payable, net of current portion		320,352			2,109,065
Finance lease obligation, net of current portion		62,078			66,565
Liability to issue common stock, net of current portion		417,266			578,866
Operating lease liability, net of current portion		3,691,169			3,660,654
Other non-current liabilities		45,000			-

Total liabilities		13,820,832			12,480,786

Stockholders’ equity:
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at March 31, 2020 and December 31, 2019		-			-
Common stock - $0.001 par value, 30,000,000 authorized, 10,009,098 and 8,913,258 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively		10,003			8,907
Additional paid-in capital		21,465,115			20,050,634
Accumulated deficit		(11,775,595	)		(10,042,050	)
Non-controlling interest		(2,416,803	)		(2,080,199	)
Total stockholders’ equity		7,282,720			7,937,292

Total liabilities and stockholders’ equity	$	21,103,552		$	20,418,078

See accompanying notes to the unaudited condensed consolidated financial statements.

IMAC HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,
	2020			2019
Patient revenues, net	$	3,309,069		$	2,769,828

Management fees		12,487			-
Total revenue		3,321,556			2,769,828

Operating expenses:
Patient expenses		379,817			436,129
Salaries and benefits		2,926,150			2,064,623
Share-based compensation		81,084			3,749
Advertising and marketing		241,817			347,016
General and administrative		1,236,138			977,369
Depreciation and amortization		450,495			285,567
Total operating expenses		5,315,501			4,114,453

Operating loss		(1,993,945	)		(1,344,625	)

Other expenses:
Other expenses		-			(15,955	)
Beneficial conversion interest expense		-			(639,159	)
Interest expense		(76,204	)		(30,671	)
Total other expenses		(76,204	)		(685,785	)

Net loss before income taxes		(2,070,149	)		(2,030,410	)

Income taxes		-			-

Net loss		(2,070,149	)		(2,030,410	)

Net loss attributable to the non-controlling interest		336,604			431,223

Net loss attributable to IMAC Holdings, Inc.	$	(1,733,545	)	$	(1,599,187	)

Net loss per share attributable to common stockholders
Basic and diluted	$	(0.18	)	$	(0.27	)

Weighted average common shares outstanding
Basic and diluted		9,611,252			5,919,856

See accompanying notes to the unaudited condensed consolidated financial statements.

IMAC HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

	Common Stock				Additional		Non-
	Number of Shares		Par		Paid-In- Capital		Controlling Interest			Accumulated Deficit			Total

Balance, December 31, 2018		4,553,623	$	4,534	$	1,233,966	$	(1,625,840	)	$	(3,544,820	)		(3,932,160	)
Common stock issued for initial public offering proceeds, net of related fees		850,000		850		3,503,314								3,504,164
Issuance of common stock in connection with convertible notes		449,217		449		2,245,636								2,246,085
Issuance of common stock in connection with acquisitions		1,410,183		1,410		7,247,798								7,249,208
Exercise of warrants		9,900		10		49,490								49,500
Net loss								(431,223	)		(1,599,187	)		(2,030,410	)
Balance, March 31, 2019		7,252,923	$	7,253	$	14,280,204	$	(2,057,063	)	$	(5,144,007	)	$	7,086,387

	Common Stock				Additional		Non-
	Number of Shares		Par		Paid-In- Capital		Controlling Interest			Accumulated Deficit			Total

Balance, December 31, 2019		8,913,258	$	8,907	$	20,050,634	$	(2,080,199	)	$	(10,042,050	)		7,937,292
Issuance of common stock		1,095,840		1,096		1,376,122								1,377,218
Issuance of employee stock options						38,359								38,359
Net loss								(336,604	)		(1,733,545	)		(2,070,149	)
Balance, March 31, 2020		10,009,098	$	10,003	$	21,465,115	$	(2,416,803	)	$	(11,775,595	)	$	7,282,720

See accompanying notes to unaudited condensed consolidated financial statements.

IMAC HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
	2020			2019
Cash flows from operating activities:
Net loss	$	(2,070,149	)	$	(2,030,410	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		450,495			285,567
Beneficial conversion interest expense		-			639,159
Share based compensation		81,084			-
Deferred rent		-			(12,969	)
(Increase) decrease in operating assets:
Accounts receivable, net		(141,966	)		(361,450	)
Other assets		64,120			(230,796	)
Security deposits		(51,796	)		(3,310	)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		408,221			361,428
Patient deposits		102,784			485,392
Lease incentive obligation		-			(26,759	)
Net cash used in operating activities		(1,157,207	)		(894,149	)

Cash flows from investing activities:
Purchase of property and equipment		(7,243	)		(42,426	)
Acquisition of IMAC Florida (Note 7)		(200,000	)		-
Net cash used in investing activities		(207,243	)		(42,426	)

Cash flows from financing activities:
Proceeds from initial public offering, net of related fees		-			3,839,482
Proceeds from warrants exercised		-			49,500
Proceeds from issuance of common stock		1,403,837			-
Proceeds from notes payable		1,200,000			100,000
Payments on notes payable		(256,838	)		(27,053	)
Payments of debt issuance costs		(70,000	)		-
Payments on line of credit		-			(150,000	)
Payments on finance lease obligation		(4,298	)		(4,118	)
Net cash provided by financing activities		2,272,701			3,807,811

Net increase in cash		908,251			2,871,237

Cash, beginning of period		373,689			194,316

Cash, end of period	$	1,281,940		$	3,065,553

Supplemental cash flow information:
Interest paid	$	27,412		$	30,671
Non cash financing and investing:
Debt discount notes payable	$	115,000		$	-

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. and its affiliates (collectively, the “Company”) provide orthopedic 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. The Company had open two (2) medical clinics located in Tennessee and opened or acquired through management service agreements fourteen (14) medical clinics located in Kentucky, Missouri, Illinois and Florida at March 31, 2020. The Company has partnered with several well-known sports stars such as Ozzie Smith, David Price, Tony Delk and Mike Ditka in opening its medical clinics, with a focus around treating sports injuries.

Effective June 1, 2018, the Company converted from IMAC Holdings, LLC a Kentucky limited liability company to IMAC Holdings, Inc. a Delaware corporation, followed by a reverse stock split in February 2019. These accounting changes have been given retrospective treatment in the condensed consolidated financial statements.

During February 2019, the Company completed an initial public offering (“IPO”) of securities. See Note 13 – Stockholder’s Equity.

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” or the “Commission”). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2020.

The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (“IMAC Holdings”) 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 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”) and IMAC Management of Florida, LLC (“IMAC Florida”); 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”); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”).

In June 2018, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interests in IMAC St. Louis and Clinic Management Associates of KY, LLC (“CMA of KY”), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (“IMAC Kentucky”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.

In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”) and 70% of BioFirma LLC (“BioFirma”). Both companies 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. On October 1, 2019, the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma. Substantially all the assets of BioFirma were sold effective December 31, 2019.

In April 2019, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in ISDI Holdings II, Inc., an Illinois corporation (“ISDI Holdings II”), and PHR Holdings, Inc., an Illinois corporation (“PHR Holdings”), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (“Progressive”) and Illinois Spine and Disc Institute, Ltd (“ISDI”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.

In November 2019, IMAC Illinois entered into a management agreement for an occupational and physical therapy practice in Rockford, Illinois. This entity is included in the condensed consolidated financial statements due to control by contract from the date of entry into the management agreement.

In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.

All significant intercompany balances and transactions have been eliminated in consolidation.

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.

Revenue Recognition

The Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics and patient visits to physicians. The fees for such services are billed either to the patient or a third-party payer, including Medicare. Starting in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are three membership plans offered with different levels of service for each plan. 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.

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 an 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 recognize other management service revenue in the period in which services are rendered. These revenues are earned by IMAC Nashville, IMAC Management and IMAC Illinois and are eliminated in consolidation to the extent owned.

The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:

	March 31, 2020			March 31, 2019

Patient revenues	$	7,151,942		$	7,289,022
Contractual adjustments		(3,842,873	)		(4,519,194	)
Patient revenue, net	$	3,309,069		$	2,769,828

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.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 and 2019.

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 primary collection risks are (i) the risk of overestimation of net revenues at the time of billing that may result in the Company receiving less than the recorded receivable, (ii) the risk of non-payment as a result of commercial insurance companies’ denial of claims, (iii) the risk that patients will fail to remit insurance payments to the Company when the commercial insurance company pays out-of-network claims directly to the patient, (iv) resource and capacity constraints that may prevent the Company from handling the volume of billing and collection issues in a timely manner, (v) the risk that patients do not pay the Company for their self-pay balances (including co-pays, deductibles and any portion of the claim not covered by insurance) and (vi) the risk of non-payment from uninsured patients.

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 operating systems used to manage the Company’s patient accounts provide for an aging schedule in 30-day increments, by payer, physician and patient. 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 Doubtful Accounts, Contractual and Other Discounts

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. The Company’s allowance for doubtful accounts is based on historical experience, but management also takes into consideration the age of accounts, creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. An account may be written-off only after the Company has pursued collection efforts or otherwise determines an account to be uncollectible. Uncollectible balances are written-off against the allowance. Recoveries of previously written-off balances are credited to income when the recoveries are made.

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 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. Acquired intangible assets include trade names, non-compete agreements, customer relationships and contractual agreements.

Goodwill

Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may include, among others, a significant decline in expected future cash flows, a significant adverse change in the business climate, and unforeseen competition. There was no goodwill impairment for the years presented.

The Company tests goodwill for impairment on an annual basis, or when events or circumstances indicate the fair value of a reporting unit is below its carrying value.

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 $241,817 and $347,016 for the three months ended March 31, 2020 and 2019, 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 period. Diluted net loss per common share is determined using the weighted-average of common shares outstanding during the period, 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

Following the Company’s conversion to a Delaware corporation in 2018, IMAC Nashville, IMAC Texas, IMAC St. Louis continued as single-member limited liability companies (wholly owned by the Company) that are disregarded entities for tax purposes and do not file separate returns. Their activity is included as part of IMAC Holdings Inc. Advantage Therapy, IMAC Illinois and IMAC Florida are also disregarded entities for tax purposes. BioFirma was a limited liability company taxed as a partnership. Effective October 1, 2019, BioFirma became wholly owned by IMAC Holdings and is a disregarded entity for tax purposes. IMAC Management is a C-corporation and is included in the consolidated return of IMAC Holdings as a subsidiary.

Any future benefit arising from losses have been offset by a valuation allowance. Accordingly, no provision for income taxes is reflected in the condensed consolidated financial statements. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. Interest and penalties related to income tax matters, if any, would be recognized as a component of income tax expense. At March 31, 2020 and December 31, 2019, the Company had no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Currently, the tax years subsequent to 2017 are open and subject to examination by the taxing authorities.

Note 3 – Capital Requirements, Liquidity and Going Concern Considerations

The Company’s condensed consolidated financial statements are prepared in accordance with GAAP including 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 and had a deficiency in working capital of approximately $5.7 million at March 31, 2020. The Company had a net loss of approximately $2.1 million at March 31, 2020, and used cash in operations of approximately $1.2 million at March 31, 2020. The Company expects to continue to incur significant expenditures to develop and expand its owned and managed outpatient medical clinics.

Management recognizes that the Company must obtain additional resources to successfully integrate its acquired and managed clinics and implement its business plans. Through March 31, 2020, the Company has received funding in the form of indebtedness and the issuance of common stock. Management plans to continue to raise funds and/or refinance our indebtedness to support our operations in 2020 and beyond. However, no assurances can be given that we will be successful. If management is not able to timely and successfully raise additional capital and/or refinance indebtedness, 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 - Global Pandemic and Management’s Plans

On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spread globally beyond the point of origin. On March 20, 2020 the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of these condensed consolidated financial statements. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s combined financial condition, liquidity and future results of operations. Management is actively monitoring the impact of the global situation on its consolidated financial condition, liquidity, operations, suppliers, industry and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020.

Note 5 – 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. The Company had approximately $802,932 of cash in excess of federally insured limits.

Revenue and Accounts Receivable

As of March 31, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:

	March 31, 2020						December 31, 2019
	% of Revenue			% of Accounts Receivable			% of Revenue			% of Accounts Receivable
				(Unaudited)
Patient payment		39	%		30	%		47	%		40	%
Medicare payment		34	%		29	%		27	%		26	%
Insurance payment		27	%		41	%		26	%		34	%

Note 6 – Accounts Receivable

The Company’s accounts receivable consisted of the following:

	March 31, 2020			December 31, 2019
	(Unaudited)
Gross accounts receivable	$	1,450,113		$	1,285,228
Less: allowance for doubtful accounts		(28,982	)		(26,903	)
Accounts receivable, net	$	1,421,131		$	1,258,325

Note 7 – Business Acquisitions

BioFirma

On August 1, 2018, the Company entered into an agreement to purchase 70% of all outstanding membership units of BioFirma LLC. The purchase price for the interests was $1,000 paid in cash.

The Company has included the financial results of BioFirma in the condensed consolidated financial statements from August 1, 2018, the date of acquisition.

On October 1, 2019, the holder of the 30% of the membership interests of BioFirma and the Company entered into an Assignment and Assumption of Interests of BioFirma LLC, pursuant to which the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma.

On December 31, 2019, the Company and BioFirma consummated the sale of substantially all of BioFirma’s assets pursuant to an asset purchase agreement with Self Care Regeneration LLC for a purchase price of $320,800, plus the assumption of certain of BioFirma’s liabilities, all of which were due to be paid to us no later than March 30, 2020. On March 31, 2020, the due date for the payment of the asset sale purchase price was extended to June 30, 2020.

IMAC Illinois

On April 1, 2019, the Company and its wholly owned subsidiary IMAC Illinois entered into an Agreement and Plan of Merger (the “Merger Agreement”) for the acquisition of a practice management group that manages three clinics in the Chicago, Illinois area. The acquisition was completed on April 19, 2019. Pursuant to the Merger Agreement, the Company issued 1,002,306 restricted shares of the Company’s common stock (the “Merger Consideration”) valued at approximately $4.1 million. The Company has included the financial results of IMAC Illinois, which controls the three Chicago-area clinics, from April 19, 2019, the date of acquisition.

IMAC Florida

On January 13, 2020, the Company and its wholly owned subsidiary IMAC Florida consummated the acquisition of CHSF, a chiropractic practice in Bonita Springs, Florida. The transaction was completed as a purchase of the practice for $200,000. The Company has included the financial results of IMAC Florida, which controls CHSF, from January 13, 2020, the date of acquisition.

The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the business acquisitions since January 1, 2019:

	Florida
Property & equipment	$	50,358
Intangible assets		128,802
Other assets		20,840
	$	200,000

Note 8 – Property and Equipment

The Company’s property and equipment consisted of the following at March 31, 2020 and December 31, 2019:

	Estimated
	Useful Life in Years	March 31, 2020			December 31, 2019

Land and building	40 (Building)	$	1,175,000		$	1,175,000
Leasehold improvements	Shorter of asset or lease term		2,264,798			2,262,398
Equipment	1.5 - 7		2,003,549			1,948,347
Total property and equipment			5,443,347			5,385,745

Less: accumulated depreciation			(1,912,580	)		(1,693,736	)
Total property and equipment, net		$	3,530,767		$	3,692,009

Depreciation was $218,843 and $154,881 for the three months ended March 31, 2020 and 2019, respectively.

Note 9 – Intangibles Assets and Goodwill

The Company’s intangible assets and goodwill consisted of the following at March 31, 2020 and December 31, 2019:

		March 31, 2020
	Estimated			Accumulated
	Useful Life	Cost		Amortization			Net

Intangible assets:
Management service agreements	10 years	$	7,940,398	$	(1,110,849	)	$	6,829,549
Non-compete agreements	3 years		301,000		(181,889	)		119,111
Customer lists	3 years		134,882		(11,240	)		123,642
Definite lived assets			8,376,280		(1,303,978	)		7,072,302
Goodwill			2,040,696		-			2,040,696
Total intangible assets and goodwill		$	10,416,976	$	(1,303,978	)	$	9,112,998

		December 31, 2019
	Estimated			Accumulated
	Useful Life	Cost		Amortization			Net

Intangible assets:
Management service agreements	10 years	$	8,019,199	$	(994,321	)	$	7,024,878
Non-compete agreements	3 years		301,000		(156,806	)		144,194
Definite lived assets			8,320,199		(1,151,127	)		7,169,072
Goodwill			2,040,696		-			2,040,696
Total intangible assets and goodwill		$	10,360,895	$	(1,151,127	)	$	9,209,768

Amortization was $231,652 and $130,686 for the three months ended March 31, 2020 and 2019, respectively.

The Company’s estimated future amortization of intangible assets was as follows:

Years Ending December 31,

2020 (nine months)	$	704,500
2021		882,861
2022		839,000
2023		794,040
2024		794,040
Thereafter		3,057,861
	$	7,072,302

Note 10 – 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, the Company used the ten year mortgage interest rate.

Right of Use Assets

Right of use assets included in the Company’s condensed consolidated balance sheet were as follows:

	March 31, 2020		December 31, 2019

Non-current assets
Right of use assets, net of amortization	$	3,800,997	$	3,719,401

Total operating lease cost

Individual components of the total lease cost incurred by the Company were as follows:

Three Months Ended

March 31, 2020

Three Months Ended

March 31, 2019

Operating lease expense

306,632

211,674

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:

	Operating Leases

Undiscounted future minimum lease payments:
2020 (nine months)	$	887,150
2021		1,017,114
2022		1,022,348
2023		939,971
2024		601,468
Thereafter		588,246
Total		5,056,297
Amount representing imputed interest		(340,637	)
Total operating lease liability		4,715,660
Current portion of operating lease liability		(1,024,491	)
Operating lease liability, non-current	$	3,691,169

Note 11 – Line of Credit

Advantage Therapy has a $100,000 line of credit with a financial institution that matures on November 20, 2020. The line accrues interest at a variable rate which is currently 6.0% per annum. The line is secured by substantially all of IMAC Holding’s assets. This line of credit had a balance of $79,961 at March 31, 2020 and December 31, 2019.

Note 12 – Notes Payable

On March 25, 2020, the Company entered into a note purchase agreement with Iliad Research & Trading, L.P. (the “Holder”), pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the “Note”) in an aggregate initial principal amount of $1,115,000 (the “Initial Principal Amount”), which is payable on or before the date that is 18 months from the issuance date (the “Maturity Date”). The Initial Principal Amount includes an original issue discount of $100,000 and $15,000 that the Company agreed to pay to the Holder to cover the Holder’s legal fees, accounting costs, due diligence and other transaction costs. In exchange for the Note, the Holder paid an aggregate purchase price of $1,000,000. Interest on the Note accrues at a rate of 10% per annum and is payable on the Maturity Date or otherwise in accordance with the Note. The Note may be prepaid by the Company (with the payment of a premium), may be required by the Holder to be redeemed by the Company for up to $200,000 per month after the six-month anniversary of the issuance of the Note (subject to certain deferral rights), and is subject to customary event of default (with a default interest rate of up to 22%). The Note transaction documents also give the Holder a right of first refusal to future debt issuances and a right to the first $250,000 of every $1 million of proceeds from future sales of equity by the Company. The Note is secured by the assets of the Company, other that the Company’s owned real property, intellectual property and accounts receivable, pursuant to a security agreement.

Set forth below is a summary of the Company’s outstanding debt as of:

	March 31,			December 31,
	2020			2019

Note payable to The Edward S. Bredniak Trust in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in June 2019 and all outstanding balances are due January 5, 2021.	$	1,750,000		$	1,750,000

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 matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives.		92,904			99,628

$1.2 million mortgage loan with a financial institution. The loan agreement was originally for 6-months and carries an interest rate 3.35%. The loan matured in 2019. It is currently due on demand, with interest being paid monthly.		1,232,500			1,232,500

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.		90,629			93,652

Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note matures on May 4, 2021, and is secured by the equipment and personal guarantees of certain Company executives.		52,910			63,913

Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payment of five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured.		40,000			60,000

$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.		97,621			102,744

Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company.		118,217			129,182

Note payable in the amount of $1,115,000, dated March 25, 2020. The note is payable on or before September 25, 2021. The interest on the note accrues at a rate of 10% per annum and is payable on the maturity date or otherwise in accordance with the note.		1,115,000			-

Unamortized debt issuance costs		(179,862	)		-

		4,409,919			3,531,619
Less: current portion:		(4,089,567	)		(1,422,554	)
	$	320,352		$	2,109,065

Principal maturities of the Company’s notes payable are as follows:

Years Ending December 31,	Amount

2020 (nine months)	$	2,073,216
2021		2,127,820
2022		104,186
2023		51,657
2024		27,631
Thereafter		25,409
Total	$	4,409,919

Note 13 – Stockholders’ Equity

Prior to the Company’s conversion to a corporation, the Company had 400 member units authorized with 365 units issued and outstanding.

On June 1, 2018, the Company converted its 365 outstanding member units into 6,582,737 shares of common stock with a $0.001 par value pursuant to the Company’s conversion from a limited liability company to a corporation.

On February 12, 2019, the Company completed a reverse split of its 6,582,737 shares of common stock to 4,533,623 shares of common stock outstanding pursuant to an amendment of the Company’s certificate of incorporation. The reverse split has been given retrospective treatment.

During February 2019, the Company completed an initial public offering of securities and issued 850,000 shares of its common stock, along with 1,700,000 warrants to purchase common stock and an option to purchase 34,000 shares of common stock for gross proceeds of $4,356,815. The Company also issued 449,217 shares of common stock for the conversion of its 4% convertible notes and 1,410,183 shares to satisfy deferred acquisition consideration payable in connection with its 2018 business acquisitions.

On April 19, 2019, the Company consummated the transaction contemplated by the Merger Agreement and issued 1,002,306 shares of its common stock as Merger Consideration.

On July 15, 2019, the Company signed a $10 million share purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), an Illinois limited liability company. In consideration for entering into the $10 million agreement, the Company issued to Lincoln Park 60,006 shares of Company common stock as a commitment fee. The Purchase Agreement limits our sales of shares of common stock to Lincoln Park to 1,669,359 shares of common stock, representing 19.99% of the shares of common stock outstanding on the date of the Purchase Agreement unless (a) stockholder approval is obtained to issue more than such amount or (b) the average price of all applicable sales of our common stock to Lincoln Park under the Purchase Agreement equals or exceeds the lower of (i) the closing price of our common stock on the Nasdaq Capital Market immediately preceding July 15, 2019 or (ii) the average of the closing price of our common stock on the Nasdaq Capital Market for the five business days immediately preceding July 15, 2019. As of March 31, 2020, pursuant to the Purchase Agreement, the Company sold an aggregate of 1,602,294 shares of common stock of the Company to Lincoln Park for aggregate proceeds to the Company of $2,424,053 (excluding the 60,006 shares issued to Lincoln Park as a commitment fee).

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.

Stock Options

As of March 31, 2020, the Company had issued stock options to purchase 452,872 shares of its common stock as non-qualified stock options to various employees of the Company. These 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. 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 with the following assumptions: a volatility rate of 32.2%, risk free rate of 2.4% and the expected term of 10 years.

Restricted Stock Units

On May 21, 2019, the Company granted an aggregate of 277,500 Restricted Stock Units (“RSUs”) to certain employees, executives and Board members, the terms of which vest over various periods between the date of grant and four years following the date of grant. On August 13, 2019, 30,000 shares of common stock were issued pursuant to granted RSUs which had vested as of such date.

Note 14 – 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 $19,690 and $7,407 during the three months ended March 31, 2020 and 2019, respectively.

Note 15 – Income Taxes

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

Deferred tax benefit at the federal statutory rate	21	%
Valuation allowance	-21	%
	0	%

At March 31, 2020, the Company had a net operating loss carryforward of approximately $3.7 million for federal and state purposes. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2029. The deferred tax asset relating to the operating loss carryforward has been fully reserved at March 31, 2020. The principal differences between the operating loss for income tax purposes and reporting purposes are shares issued for services and share-based compensation and a temporary difference in depreciation expense.

Note 16 – Commitments and Contingencies

The Company is subject to extensive regulation, including health insurance regulations directed at ascertaining the appropriateness of reimbursement, preventing fraud and abuse and otherwise regulating reimbursement. To ensure compliance, various insurance providers often conduct audits and request patient records and other documents to support claims submitted by the Company for payment of services rendered to customers. In the event that an audit results in discrepancies in the records provided, insurance providers may be entitled to extrapolate the results of the audit to make overpayment demands based on a wider population of claims than those examined in the audit.

From time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. 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.

Note 17 - Subsequent Events

On April 21, 2020, the Company entered into a loan with Pinnacle Bank as the lender (“Lender”) in an aggregate principal amount of $1,691,520 (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Loan is evidenced by a promissory note (the “PPP Note”) dated April 21, 2020 and matures on April 21, 2022. The PPP Note bears interest at a rate of 1.000% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing on November 21, 2020 and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. In order to be entitled to forgiveness, funds from the Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent utilities, and interest on other debt obligations under the terms and conditions outlined by the PPP. The Company intends to use all or a significant majority of the Loan amount for the qualifying expenses. The Loan will not be deemed restricted issuance pursuant to the terms of the note purchase agreement entered into by the Company and Iliad Research & Trading, L.P. on March 25, 2020.

In April 2020, the Company received approximately $400,000 from the CARES Act Provider Relief Fund, a federal fund allocated for general distribution to Medicare facilities and providers impacted by the COVID-19 outbreak. Further allocations of funds provided for in the CARES Act may be received in future periods. However, we are not able to estimate the amount of additional funds we may receive. These government payments are currently expected to be recognized in our operations during the second quarter of 2020 and will not be subject to repayment, provided the Company is able to attest to and comply with the terms and conditions of the funding.

Further legislation enacted on April 24, 2020 provides for an additional $75 billion in emergency appropriations to eligible healthcare providers which respond to the COVID-19 outbreak. Recipients will not be required to repay the government for such funds received, provided they comply with the terms and conditions of federal legislation and the rules and regulations promulgated thereunder, which have not yet been finalized.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth previously under the caption “Risk Factors.” This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this report.

The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods.

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 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”) and IMAC Management of Florida, LLC (“IMAC Florida”); 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”); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”).

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 fast-growing 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. To date, we have opened seven, acquired eight and manage one outpatient medical clinics in Kentucky, Missouri, Tennessee, Illinois and Florida, and plan to further expand the reach of our facilities to other strategic locations throughout the United States. We have partnered with several active and former professional athletes, including Ozzie Smith, David Price, Tony Delk and Mike Ditka, in the branding of our IMAC Regeneration Centers. Our outpatient medical clinics emphasize our focus around treating sports and orthopedic injuries as an alternative to traditional surgeries for repair or joint replacement.

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 or 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.

Corporate Conversion

Prior to June 1, 2018, we were a Kentucky limited liability company named IMAC Holdings, LLC. Effective June 1, 2018, we converted into a Delaware corporation pursuant to a statutory merger (the “Corporate Conversion”) and changed our name to IMAC Holdings, Inc. All of our outstanding membership interests were exchanged on a proportional basis into shares of common stock of IMAC Holdings, Inc.

Following the Corporate Conversion, IMAC Holdings, Inc. continues to hold all of the property and assets of IMAC Holdings, LLC and all of the debts and obligations of IMAC Holdings, LLC continue as the debts and obligations of IMAC Holdings, Inc. The purpose of the Corporate Conversion was to reorganize our corporate structure so that the top tier entity in our corporate structure is a corporation rather than a limited liability company and so that our existing owners own shares of our common stock rather than membership interests in a limited liability company. Except as otherwise noted herein, the consolidated financial statements included herein are those of IMAC Holdings, Inc. and its consolidated subsidiaries.

Initial Public Offering

On February 15, 2019, we completed our initial public offering of 850,000 units, with each unit consisting one share of our common stock and two warrants each to purchase one share of our common stock, at a combined initial public offering price of $5.125 per unit. The exercise price of the warrants is $5.00 per warrant. The units immediately and automatically separated upon issuance, and the common stock and warrants trade on The NASDAQ Capital Market under the ticker symbols “IMAC” and “IMACW,” respectively.

We received aggregate gross proceeds of $4,356,250 from our initial public offering, before deducting underwriting discounts, commissions and other related expenses. Proceeds from the offering have been used for financing the costs of leasing, developing and acquiring new clinic locations, funding research and new product development activities, and for working capital and general corporate purposes.

In addition, upon the closing of our initial public offering, we issued unit purchase options to Dawson James Securities, Inc., as representative of the several underwriters, and its affiliates entitling them to purchase a number of our securities equal to 4% of the securities sold in the initial public offering. The unit purchase options have an exercise price equal to 120% of the public offering price of the units (or $6.15 per share and two warrants) and may be exercised on a cashless basis. The unit purchase options are not redeemable by us.

Impacts of and Response to COVID-19 Outbreak

In March 2020, federal, state and local government authorities issued orders and guidance in order to combat the spread of the COVID-19 outbreak. These actions have required or encouraged our patients to remain at home except for essential activities and may reduce patient visits to our clinics. For example, the governor of Kentucky ordered all chiropractic facilities in the state of Kentucky to close effective March 20, 2020, which caused us to close our Kentucky chiropractic facilities until such order was lifted on May 4, 2020. The full extent and duration of such actions and their impacts over the longer term remain uncertain and dependent on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the COVID-19 outbreak and the extent and effectiveness of containment actions taken.

Our response plan has multiple facets and continues to evolve as the pandemic unfolds. As a precautionary measure, we have taken steps to enhance our operational and financial flexibility to react to the risks the COVID-19 outbreak presents to our business, including the following:

	●	Launched telemedicine communications for remote patient engagement;
	●	Suspended operations in three Kentucky clinics to comply with government orders until we were allowed to resume operations on May 4, 2020; and
	●	Suspended operations at one clinic in Cook County, Illinois to comply with government orders until such order is lifted.

The COVID-19 outbreak appears likely to cause significant economic harm across the United States, and the negative economic conditions that may result in reduced patient demand in our industry. We may experience a material loss of patients, revenue and market share as a result of the suspension of any operations. Initiatives to implement telehealth engagement with patients may not be adopted by existing and new patients. Patient habits may also be altered in the medium to long term. Negative economic conditions, a decrease in our revenue and consequent longer term trends harmful to our business may all exert pressure on our company during the pendency of emergency restrictions on our operations and beyond. Due to such conditions, we terminated the employment of 11% of our employees on March 20, 2020, to reduce costs associated with non-essential personnel. Additional furloughs were conducted through March 31, 2020, resulting in a 19% reduction in staff and company-wide salary reductions of approximately 10%.

We cannot predict with certainty when public health and economic conditions will return to normal. A decline in patient visits and/or the possible suspension of operations mandated in response to the COVID-19 outbreak, and the consequent loss of revenue and cash flow during this period may make it difficult for us to obtain capital necessary to fund our operations.

Matters that May or Are Currently Affecting Our Business

We believe that the growth of our business and our future success depend on various opportunities, challenges, trends and other factors, including the following:

	●	Our ability to identify, contract with, install equipment and operate a large number of outpatient medical clinics and attract new patients to them;

	●	Our need to hire additional healthcare professionals in order to operate the large number of clinics we intend to open;

	●	Our ability to enhance revenue at each facility on an ongoing basis through additional patient volume and new services;

	●	Our ability to obtain additional financing for the projected costs associated with the acquisition, management and development of new clinics, and the personnel involved, if and when needed;

	●	Our ability to attract competent, skilled medical and sales personnel for our operations at acceptable prices to manage our overhead; and

	●	Our ability to control our operating expenses as we expand our organization into neighboring states.

Critical Accounting Policies and Estimates

The preparation of our 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, we evaluate our estimates, including those related to insurance adjustments and provisions for doubtful accounts. We base our 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.

We believe that, of the significant accounting policies discussed in our Notes to the Condensed Consolidated Financial Statements (Unaudited), the following accounting policies require our most difficult, subjective or complex judgments in the preparation of our financial statements.

Intangible Assets

Goodwill

The Company tests goodwill for impairment on an annual basis, or when events or circumstances indicate the fair value of a reporting unit is below its carrying value. No impairments of goodwill were recorded for the three months ended March 31, 2020.

Revenue Recognition

Our patient service revenue is derived from minimally invasive procedures performed at our outpatient medical clinics and patient visits to physicians. The fees for such services are billed either to the patient or a third-party payer, including Medicare. Starting in January 2020, we implemented wellness maintenance programs on a subscription basis. There are three membership plans offered with different levels of service for each plan. We recognize patient service revenue, net of contractual adjustments, which we estimate based on the historical trend of our cash collections and contractual write-offs in the period in which services are performed. Contractual adjustments represent discounts offered for patients serviced within a negotiated third-party payer contract.

Other management service fees are derived from management services where we provide 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, we provide all administrative support to the physician-owned professional corporation (“PC”) through a limited liability company. The PC is consolidated due to control by contract (an “SMA” or Service Management Agreement). The fees we derive from these management arrangements are based on a percentage mark-up on the costs of the LLC. We recognize other management service revenue in the period in which services are rendered. These revenues are eliminated in consolidation.

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 not paid by insurance carriers; therefore, we typically require 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, we are paid from the outsourced credit vendor and the risk is transferred to the credit vendor 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.

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. Our ability to collect outstanding receivables is critical to our results of operations and cash flows. Accordingly, accounts receivable reported in our consolidated financial statements are recorded at the net amount expected to be received. Our primary collection risks are (i) the risk of overestimation of net revenues at the time of billing that may result in our receiving less than the recorded receivable, (ii) the risk of non-payment as a result of commercial insurance companies’ denial of claims, (iii) the risk that patients will fail to remit insurance payments to us when the commercial insurance company pays out-of-network claims directly to the patient, (iv) resource and capacity constraints that may prevent us from handling the volume of billing and collection issues in a timely manner, (v) the risk that patients do not pay us for their self-pay balances (including co-pays, deductibles and any portion of the claim not covered by insurance), and (vi) the risk of non-payment from uninsured patients.

Our accounts receivables 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 our 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, we expect that any such changes would be minimal and, therefore, would not have a material effect on our financial condition or results of operations. Our collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient account. The operating systems used to manage our patient accounts provide for an aging schedule in 30-day increments, by payer, physician and patient. We analyze 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.

Income Taxes

IMAC Holdings was taxed as a partnership through May 31, 2018. As a result, income tax liabilities were passed through to the individual members. Accordingly, no provision for income taxes were reflected in the consolidated financial statements for periods prior to May 31, 2018, at which time the Company converted from a limited liability company to a Delaware corporation. Subsequent to the Company converting to a Delaware corporation, IMAC Nashville, IMAC Texas, IMAC St. Louis continued as single-member limited liability companies that are disregarded entities for tax purposes and do not file separate returns. Their activity is included as part of IMAC Holdings Inc. Advantage Therapy, IMAC Illinois and IMAC Florida are also disregarded entities for tax purposes. BioFirma was a limited liability company taxed as a partnership. Effective October 1, 2019, BioFirma became wholly owned by IMAC Holdings and is a disregarded entity for tax purposes. IMAC Management is a C-corporation and is included in the consolidated return of IMAC Holdings as a subsidiary.

Any future benefit arising from losses have been offset by a valuation allowance. Accordingly, no provision for income taxes is reflected in the consolidated financial statements. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. Interest and penalties related to income tax matters, if any, would be recognized as a component of income tax expense. At March 31, 2020 and December 31, 2019, the Company had no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Currently, the tax years subsequent to 2017 are open and subject to examination by the taxing authorities.

Results of Operations for the Three Months Ended March 31, 2020 Compared to the Three Months Ended March 31, 2019

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 limited liability company or corporation) 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.

The following table sets forth a summary of IMAC Holdings, Inc.’s statements of operations for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020			2019

Patient revenues	$	7,151,942		$	7,289,022
Contractual adjustments		(3,842,873	)		(4,519,194	)
Total patient revenue, net		3,309,069			2,769,828

Management fees		12,487			-
Total revenue		3,321,556			2,769,828

Operating expenses:
Patient expenses		379,817			436,129
Salaries and benefits		2,926,150			2,064,623
Share-based compensation		81,084			3,749
Advertising and marketing		241,817			347,016
General and administrative		1,236,138			977,369
Depreciation and amortization		450,495			285,567
Total operating expenses		5,315,501			4,114,453

Operating loss		(1,993,945	)		(1,344,626	)

Other expense:
Other expenses		-			(15,955	)
Beneficial conversion interest expense		-			(639,159	)
Interest expense		(76,204	)		(30,671	)
Total other expenses		(76,204	)		(685,785	)

Net loss before income taxes		(2,070,149	)		(2,030,411	)

Income taxes		-			-

Net loss		(2,070,149	)		(2,030,411	)

Net loss attributable to the non-controlling interest		336,604			431,223

Net loss attributable to IMAC Holdings, Inc.	$	(1,733,545	)	$	(1,599,188	)

Net loss per share attributable to common stockholders
Basic and diluted	$	(0.18	)	$	(0.27	)

Weighted average common shares outstanding
Basic and diluted		9,611,252			5,919,856

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 “Critical Accounting Policies and Estimates - Revenue Recognition.”

See the table below for more information regarding our revenue breakdown by service type.

	Three Months Ended March 31,
	2020			2019

Revenues:
Medical treatments		67	%		64	%
Physical therapy		30	%		33	%
Chiropractic care		3	%		3	%
		100	%		100	%

Patient service revenues increased 19% to $3.3 million for the three months ended March 31, 2020, compared to $2.8 million for the three months ended March 31, 2019. These increases were primarily due to the 2019 acquisitions of ISDI Holdings II and PHR Holdings. We expect to see a negative impact on patient service revenue due to the COVID-19 outbreak in the quarter, ending June 30, 2020.

Visits to our clinics are an indication of business activity. Visits increased 2% for the three months ended March 31, 2020 compared to the three months ended March 31, 2019. Visits increased from 30,824 in the three months ended March 31, 2019 to 31,603 in the three months ended March 31, 2020. Charges per visit also increased from $89.86 per visit to $109.54 per visit from March 31, 2019 to March 31, 2020, respectively. We expect to see a negative impact on patient service revenue due to the COVID-19 outbreak in the quarter ending June 30, 2020.

Starting in January 2020, we implemented wellness maintenance programs on a subscription basis. As of March 31, 2020, the following markets had active memberships: 320 memberships at IMAC Management (Kentucky), 32 memberships at IMAC Nashville, 127 memberships at IMAC St. Louis and eight memberships at IMAC Illinois. All active memberships at IMAC Management were paused in April 2020 due to an order of the governor of Kentucky to close all elective care facilities in Kentucky.

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. Cost of revenues (patient expense) decreased $56,000 to $380,000 for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019, driven by improvements in supply management and changes in the patient mix of services provided.

Salaries and benefits consist of payroll, benefits and related party contracts. Salaries and benefits expenses for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019, increased $0.9 million to $2.9 million, which was attributable to our 2019 acquisitions in the Chicago and Rockford, Illinois areas.

Share-based compensation. Share-based compensation increased from $4,000 to $81,000 for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019.

Advertising and marketing. Advertising and marketing expenses decreased $105,000, or 30%, to $242,000 for the three months ended March 31, 2020, as compared to $347,000 for the three months ended March 31, 2019. The decrease was due to reduced marketing spending as a result of the impact of the COVID-19 outbreak on consumer engagement.

General and administrative expense. General and administrative expense (“G&A”) consists of all other costs other than advertising and marketing, salaries and wages, patient expenses and depreciation. G&A increased 26% from $977,000 to $1.2 million in the three months ended March 31, 2020 and 2019, respectively. G&A increase was primarily due to travel, rent, insurance and service fees related to the April 2019 acquisition of the clinics managed by IMAC of Illinois and the January 2020 acquisition of CHSF. The aggregate average monthly rent of our clinics for the three months ended March 31, 2020 and 2019 was $111,200 and $78,200, respectively.

Depreciation and amortization. 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 increased from $286,000 for the three months ended March 31, 2019 to $450,000 for the three months ended March 31, 2020. The increase in depreciation and amortization expense resulted from the 2019 acquisition of the clinics managed by IMAC of Illinois and the January 2020 acquisition of CHSF.

Net loss attributable to the non-controlling interest. Net loss attributable to the non-controlling interest is the amount of net income (loss) for the period allocated to non-controlling partners of IMAC Holdings, Inc. that is included in the entity’s consolidated financial statements.

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 three months ended March 31, 2020, net cash used in operations increased to $1.2 million compared to $0.9 million for the three months ended March 31, 2019. This difference was primarily attributable to lower beneficial conversion interest expense during the three months ended March 31, 2019.

Net cash used in investing activities during the three months ended March 31, 2020 and 2019 was $207,000 and $42,000, respectively. This was primarily driven by the acquisition of CHSF in January 2020.

Net cash provided by financing activities during the three months ended March 31, 2020 was $2.3 million, including proceeds from notes payable, net of related fees, which totaled $1.2 million, and proceeds from the issuance of common stock of $1.1 million. Net cash provided by financing activities during the three months ended March 31, 2019 was $3.8 million, including proceeds from our initial public offering, net of related fees.

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.

	March 31, 2020			March 31, 2019
GAAP loss attributable to IMAC Holdings, Inc.	$	(1,733,545	)	$	(1,599,187	)
Interest expense		76,204			30,671
Beneficial conversion interest expense		-			639,159
Share-based compensation expense		81,084			3,749
Depreciation and amortization		450,495			285,567
Adjusted EBITDA	$	(1,125,762	)	$	(640,041	)

Liquidity and Capital Resources

As of March 31, 2020, we had $1.3 million in cash and deficiency in working capital of $5.7 million. As of December 31, 2019, we had cash of $373,689 and deficiency in working capital of $3.5 million. The increase in working capital deficiency was primarily due to the increase in the current portion of notes payable for 2020.

We believe our cash at March 31, 2020, proceeds from the Iliad Note and offerings of securities anticipated to be made pursuant our effective registration statement on Form S-3, will be sufficient to meet our cash, operational and liquidity requirements for at least 12 months.

As of March 31, 2020, we had approximately $9.2 million in current liabilities. The Iliad Note represents $935,000 of our current liabilities. Of our remaining current liabilities as of March 31, 2020, approximately $1.2 million represents a mortgage on our Lexington, Kentucky property, and $1.8 million owed under the note payable to The Edward S. Bredniak Trust. Lastly, we have approximately $2.1 million in current liabilities outstanding to our vendors and under operating lines of credit, which we have historically paid down in the normal course of our business.

As of March 31, 2020, we had an accumulated deficit of $11.8 million. Prior to our initial public offering, we funded our operations primarily through the sale and issuance of convertible notes, bridge loans, and the use of funds from operations. Accordingly, we anticipate that we will need to raise additional capital to fund future operations. However, we may be unable to raise additional funds or enter into such arrangements when needed or favorable terms, or at all, which would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our development or acquisition activity. Failure to receive additional funding could also cause us to cease operations, in part or in full. Furthermore, even if we believe we have sufficient funds for our current of future operating plans, we may seek additional capital due to favorable market conditions or strategic considerations. Our independent registered public accounting firm has indicated that our financial condition raises substantial doubt as to our ability to continue as a going concern.

On July 15, 2019, we signed the $10 million Purchase Agreement with Lincoln Park. We also entered into a registration rights agreement (the “Registration Agreement”) with Lincoln Park in which we agreed to file a registration statement related to the transaction with the SEC covering the shares of our common stock that may be issued to Lincoln Park under the Purchase Agreement.

Pursuant to the Purchase Agreement, we have the right, in our sole discretion, over a 36-month period to sell shares of common stock to Lincoln Park, subject to certain limitations contained in the Purchase Agreement, in amounts up to 50,000 shares per regular sale, which may be increased to up to 100,000 shares depending on certain conditions as set forth in the Purchase Agreement (and subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction as provided in the Purchase Agreement), up to the aggregate commitment of $10 million (“Regular Purchases”). In addition to Regular Purchases and subject to the terms and conditions of the Purchase Agreement, we in our sole discretion may direct Lincoln Park on each purchase date to make “accelerated purchases” and “additional accelerated purchases” on the following business day as provided in the Purchase Agreement. However, in no event may we sell any number of shares that would result in Lincoln Park beneficially owning more than 4.99% of our outstanding common stock.

There are no upper limits on the per share price Lincoln Park may pay to purchase our common stock; however, we may not sell more than $1,000,000 in shares of common stock to Lincoln Park per Regular Purchase. The purchase price of the shares related to the $10 million of future funding will be based on the prevailing market prices of our shares without any fixed discount. Furthermore, we control the timing and amount of any future sales, if any, of shares of common stock to Lincoln Park.

The Purchase Agreement limits our sales of shares of common stock to Lincoln Park to 1,669,359 shares of common stock, representing 19.99% of the shares of common stock outstanding on the date of the Purchase Agreement unless (a) stockholder approval is obtained to issue more than such amount or (b) the average price of all applicable sales of our common stock to Lincoln Park under the Purchase Agreement equals or exceeds the lower of (i) the closing price of our common stock on the Nasdaq Capital Market immediately preceding July 15, 2019 or (ii) the average of the closing price of our common stock on the Nasdaq Capital Market for the five Business Days immediately preceding July 15, 2019.

The Purchase Agreement contains customary representations, warranties, covenants, closing conditions and indemnification and termination provisions by, among and for the benefit of the parties. Additionally, Lincoln Park has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of our common stock. The Purchase Agreement does not limit our ability to raise capital from other sources at our sole discretion, provided that we have agreed not to enter into any “variable rate” transactions with any third party for the 36-month period following the execution of the Purchase Agreement.

In consideration for entering into the $10 million agreement, we issued to Lincoln Park 60,006 shares of our common stock as a commitment fee and will issue up to an additional 60,006 shares pro rata, when and if Lincoln Park purchases, at the Company’s sole discretion, the $10 million aggregate commitment. The Purchase Agreement may be terminated by us at any time at our discretion without any cost to us. The proceeds received by us under the Purchase Agreement may be used for any corporate purpose at our sole discretion.

As of March 31, 2020, pursuant to the Purchase Agreement, the Company sold an aggregate of 1,602,294 shares of common stock of the Company to Lincoln Park for aggregate proceeds to the Company of $2,424,053 (excluding the 60,006 shares previously issued to Lincoln Park as a commitment fee).

On March 25, 2020, the Company entered into a note purchase agreement with Iliad Research & Trading, L.P., pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note in an aggregate initial principal amount of $1,115,000, which is payable on or before the date that is 18 months from the issuance date. The Initial Principal Amount includes an original issue discount of $100,000 and $15,000 that the Company agreed to pay to the Holder to cover the Holder’s legal fees, accounting costs, due diligence and other transaction costs. In exchange for the Note, the Holder paid an aggregate purchase price of $1,000,000. Interest on the Note accrues at a rate of 10% per annum and is payable on the Maturity Date or otherwise in accordance with the Note. The Note may be prepaid by the Company (with the payment of a premium), may be required by the Holder to be redeemed by the Company for up to $200,000 per month after the six-month anniversary of the issuance of the Note (subject to certain deferral rights), and is subject to customary events of default (with a default interest rate of up to 22%). The Note transaction documents also give the Holder a right of first refusal to future debt issuances and a right to the first $250,000 of every $1 million of proceeds from future sales of equity by the Company. The Note is secured by the assets of the Company, other than the Company’s owned real property, intellectual property and accounts receivable, pursuant to a security agreement. The Company will use the proceeds of the Note for certain growth initiatives including an IND filing with the FDA.

Contractual Obligations

The following table summarizes our contractual obligations by period as of March 31, 2020:

	Payments Due by Period
	Total		Less Than 1 Year		1-3 Years		4-5 Years		More Than 5 Years
Short-term obligations	$	2,440,412	$	2,440,412	$	-	$	-	$	-
Long-term obligations, including interest		2,637,126		-		2,581,149		46,221		9,756
Finance lease obligations, including interest		91,774		16,354		65,417		10,003		-
Operating lease obligations		5,056,297		887,150		2,979,432		901,837		287,878
	$	10,225,609	$	3,343,916	$	5,625,998	$	958,061	$	297,634

Off-Balance Sheet Arrangements

As of March 31, 2020, the Company did not have any off-balance sheet arrangements.

Impact of Inflation

We believe that inflation has not had a material impact on our results of operations for the three months ended March 31, 2020 and 2019. We cannot assure you that future inflation will not have an adverse impact on our operating results and financial condition.

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 interim 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 interim 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 interim 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 March 31, 2020. 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 interim 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 March 31, 2020.

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.

ITEM 1A.

RISK FACTORS

Investors should carefully review and consider the information regarding certain factors which could materially affect our business, operating results, cash flows, and financial condition set forth under Item 1A, Risk Factors, in our fiscal 2019 Annual Report on Form 10-K filed with the SEC on March 26, 2020. There have been no material changes to such risk factors, except as set forth below. The risk factors set forth below supplement, and should be read together with, that section for disclosures regarding what we believe are the more significant risks and uncertainties related to our businesses. We do not believe that there have been any other material additions or changes to the risk factors previously disclosed in our fiscal 2019 Annual Report on Form 10-K, although we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.

Our business and results of operations will be, and our financial condition may be, impacted by the COVID-19 outbreak and such impact could be materially adverse.

The global spread of the COVID-19 outbreak has created significant volatility, uncertainty and economic disruption. The extent to which the COVID-19 outbreak impacts our business, operations and financial results is uncertain and will depend on numerous evolving factors that we may be able to accurately predict, including:

	●	the duration and scope of the pandemic;
	●	governmental, business and individual actions taken in response to the pandemic and the impact of those actions on national and global economic activity;
	●	the actions taken in response to economic disruption;
	●	the impact of business disruptions and reductions in employment levels on our patients and the resulting impact on their demand for our orthopedic therapies and other medical treatments;
	●	the increase in business failures amount suppliers and other businesses with which we collaborate;
	●	our patients’ ability to pay for orthopedic therapies and other medical treatments; and
	●	our ability to provide our orthopedic therapies and other medical treatments, including as a result of our employees or our patients working remotely and/or closures of our medical clinics.

Any of these factors could cause or contribute to the risks and uncertainties identified in our Annual Report on Form 10-K for the year ended December 31, 2019 and could materially adversely affect our business, financial condition and results of operations.

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.

ITEM 6.

EXHIBITS

Exhibit Number		Description

2.1		Agreement and Plan of Merger, dates as of April 1, 2019, by and among IMAC Holdings Inc., IMAC Management of Illinois, LLC, ISDI Holdings Inc. and Jason Hui (filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 3, 2019 and incorporated herein by reference).

2.2		Amendment to Agreement and Plan of Merger, dated April 19, 2019, by and among IMAC Holdings Inc., IMAC Management of Illinois, LLC, ISDI Holdings, Inc., ISDI Holdings II, Inc., PHR Holdings, Inc., and Jason Hui (filed as Exhibit 2.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 25, 2019 and incorporated herein by reference).

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).

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).

10.1		Form of 10% Promissory Note issued by IMAC Holdings, Inc. (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 9, 2020 and incorporated herein by reference).

10.2		Note Purchase Agreement, dated March 25, 2020 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 30, 2020 and incorporated herein by reference).

10.3		Promissory Note, dated March 25, 2020 (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 30, 2020 and incorporated herein by reference).

10.4		Security Agreement, dated March 25, 2020 (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on March 30, 2020 and incorporated herein by reference).

31.1*		Certification of the Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated pursuant to the Securities Exchange Act of 1934, as amended.

31.2*		Certification of the Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated pursuant to the Securities Exchange Act of 1934, as amended.

32.1**		Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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101.LAB*		XBRL Taxonomy Extension Labels Linkbase

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*	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: May 14, 2020	By:	/s/ Jeffrey S. Ervin
		Jeffrey S. Ervin
		Chief Executive Officer (Principal Executive Officer, Duly Authorized Officer)

EX-31.1 2 ex31-1.htm

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.	I am 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.	I have disclosed, based on my 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.

May 14, 2020

/s/ Jeffrey S. Ervin

Jeffrey S. Ervin

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

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 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 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.

May 14, 2020

/s/ Sheri Gardzina

Sheri Gardzina

Interim Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1 4 ex32-1.htm

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 March 31, 2020, 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 March 31, 2020, 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 March 30, 2020, 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.

May 14, 2020

/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.

EX-32.2 5 ex32-2.htm

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 March 31, 2020, I, Sheri Gardzina, Interim 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 March 31, 2020, 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 March 31, 2020, 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.

May 14, 2020

/s/ Sheri Gardzina

Sheri Gardzina

Interim Chief Financial Officer

(Principal Financial and Accounting Officer)

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Note 1 – Description of Business   IMAC Holdings, Inc. and its affiliates (collectively, the “Company”) provide orthopedic 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. The Company had open two (2) medical clinics located in Tennessee and opened or acquired through management service agreements fourteen (14) medical clinics located in Kentucky, Missouri, Illinois and Florida at March 31, 2020. The Company has partnered with several well-known sports stars such as Ozzie Smith, David Price, Tony Delk and Mike Ditka in opening its medical clinics, with a focus around treating sports injuries.   Effective June 1, 2018, the Company converted from IMAC Holdings, LLC a Kentucky limited liability company to IMAC Holdings, Inc. a Delaware corporation, followed by a reverse stock split in February 2019. These accounting changes have been given retrospective treatment in the condensed consolidated financial statements.   During February 2019, the Company completed an initial public offering (“IPO”) of securities. See Note 13 – Stockholder’s Equity.

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” or the “Commission”). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2020.   The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (“IMAC Holdings”) 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 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”) and IMAC Management of Florida, LLC (“IMAC Florida”); 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”); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”).   In June 2018, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interests in IMAC St. Louis and Clinic Management Associates of KY, LLC (“CMA of KY”), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (“IMAC Kentucky”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.   In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”) and 70% of BioFirma LLC (“BioFirma”). Both companies 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. On October 1, 2019, the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma. Substantially all the assets of BioFirma were sold effective December 31, 2019.   In April 2019, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in ISDI Holdings II, Inc., an Illinois corporation (“ISDI Holdings II”), and PHR Holdings, Inc., an Illinois corporation (“PHR Holdings”), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (“Progressive”) and Illinois Spine and Disc Institute, Ltd (“ISDI”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.   In November 2019, IMAC Illinois entered into a management agreement for an occupational and physical therapy practice in Rockford, Illinois. This entity is included in the condensed consolidated financial statements due to control by contract from the date of entry into the management agreement.   In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.   All significant intercompany balances and transactions have been eliminated in consolidation.   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.   Revenue Recognition   The Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics and patient visits to physicians. The fees for such services are billed either to the patient or a third-party payer, including Medicare. Starting in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are three membership plans offered with different levels of service for each plan. 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.   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 an 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 recognize other management service revenue in the period in which services are rendered. These revenues are earned by IMAC Nashville, IMAC Management and IMAC Illinois and are eliminated in consolidation to the extent owned.   The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Patient revenues</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">7,151,942</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">7,289,022</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Contractual adjustments</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,842,873</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(4,519,194</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Patient revenue, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,309,069</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,769,828</td> <td> </td></tr> </table>    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.   Cash and Cash Equivalents   The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 and 2019.   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 primary collection risks are (i) the risk of overestimation of net revenues at the time of billing that may result in the Company receiving less than the recorded receivable, (ii) the risk of non-payment as a result of commercial insurance companies’ denial of claims, (iii) the risk that patients will fail to remit insurance payments to the Company when the commercial insurance company pays out-of-network claims directly to the patient, (iv) resource and capacity constraints that may prevent the Company from handling the volume of billing and collection issues in a timely manner, (v) the risk that patients do not pay the Company for their self-pay balances (including co-pays, deductibles and any portion of the claim not covered by insurance) and (vi) the risk of non-payment from uninsured patients.   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 operating systems used to manage the Company’s patient accounts provide for an aging schedule in 30-day increments, by payer, physician and patient. 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 Doubtful Accounts, Contractual and Other Discounts   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. The Company’s allowance for doubtful accounts is based on historical experience, but management also takes into consideration the age of accounts, creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. An account may be written-off only after the Company has pursued collection efforts or otherwise determines an account to be uncollectible. Uncollectible balances are written-off against the allowance. Recoveries of previously written-off balances are credited to income when the recoveries are made.   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 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. Acquired intangible assets include trade names, non-compete agreements, customer relationships and contractual agreements.   Goodwill   Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may include, among others, a significant decline in expected future cash flows, a significant adverse change in the business climate, and unforeseen competition. There was no goodwill impairment for the years presented.   The Company tests goodwill for impairment on an annual basis, or when events or circumstances indicate the fair value of a reporting unit is below its carrying value.   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 $241,817 and $347,016 for the three months ended March 31, 2020 and 2019, 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 period. Diluted net loss per common share is determined using the weighted-average of common shares outstanding during the period, 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   Following the Company’s conversion to a Delaware corporation in 2018, IMAC Nashville, IMAC Texas, IMAC St. Louis continued as single-member limited liability companies (wholly owned by the Company) that are disregarded entities for tax purposes and do not file separate returns. Their activity is included as part of IMAC Holdings Inc. Advantage Therapy, IMAC Illinois and IMAC Florida are also disregarded entities for tax purposes. BioFirma was a limited liability company taxed as a partnership. Effective October 1, 2019, BioFirma became wholly owned by IMAC Holdings and is a disregarded entity for tax purposes. IMAC Management is a C-corporation and is included in the consolidated return of IMAC Holdings as a subsidiary.   Any future benefit arising from losses have been offset by a valuation allowance. Accordingly, no provision for income taxes is reflected in the condensed consolidated financial statements. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. Interest and penalties related to income tax matters, if any, would be recognized as a component of income tax expense. At March 31, 2020 and December 31, 2019, the Company had no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Currently, the tax years subsequent to 2017 are open and subject to examination by the taxing authorities.

Note 3 – Capital Requirements, Liquidity and Going Concern Considerations   The Company’s condensed consolidated financial statements are prepared in accordance with GAAP including 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 and had a deficiency in working capital of approximately $5.7 million at March 31, 2020. The Company had a net loss of approximately $2.1 million at March 31, 2020, and used cash in operations of approximately $1.2 million at March 31, 2020. The Company expects to continue to incur significant expenditures to develop and expand its owned and managed outpatient medical clinics.   Management recognizes that the Company must obtain additional resources to successfully integrate its acquired and managed clinics and implement its business plans. Through March 31, 2020, the Company has received funding in the form of indebtedness and the issuance of common stock. Management plans to continue to raise funds and/or refinance our indebtedness to support our operations in 2020 and beyond. However, no assurances can be given that we will be successful. If management is not able to timely and successfully raise additional capital and/or refinance indebtedness, 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 15 – Income Taxes   The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 80%">Deferred tax benefit at the federal statutory rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">21</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Valuation allowance</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-21</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0</td> <td>%</td></tr> </table>   At March 31, 2020, the Company had a net operating loss carryforward of approximately $3.7 million for federal and state purposes. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2029. The deferred tax asset relating to the operating loss carryforward has been fully reserved at March 31, 2020. The principal differences between the operating loss for income tax purposes and reporting purposes are shares issued for services and share-based compensation and a temporary difference in depreciation expense.

Goodwill   Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may include, among others, a significant decline in expected future cash flows, a significant adverse change in the business climate, and unforeseen competition. There was no goodwill impairment for the years presented.   The Company tests goodwill for impairment on an annual basis, or when events or circumstances indicate the fair value of a reporting unit is below its carrying value.

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 period. Diluted net loss per common share is determined using the weighted-average of common shares outstanding during the period, 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.

Right of use assets included in the Company’s condensed consolidated balance sheet were as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-current assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Right of use assets, net of amortization</td> <td> </td> <td>$</td> <td style="text-align: right">3,800,997</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3,719,401</td> <td> </td></tr> </table>

Individual components of the total lease cost incurred by the Company were as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Three Months Ended March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Three Months Ended March 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 67%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating lease expense</td> <td> </td> <td>$</td> <td style="text-align: right">306,632</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">211,674</td> <td> </td></tr> </table>

The sources and tax effects of the differences are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 80%">Deferred tax benefit at the federal statutory rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: right">21</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Valuation allowance</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-21</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0</td> <td>%</td></tr> </table>

1.00

0.70

1.00

0.30

5700000

250000

802932

0.47

0.40

0.27

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0.34

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5443347

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2020-11-20

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101906

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1200000

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0.10

0.0335

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1394

3881

23350

4225

2129

60000

2023-05-15

2026-07-01

2021-05-04

2021-12-31

2022-09-19

2021-01-05

2024-06-01

2021-09-25

2022-04-21

66 120 60 5 36 60

Note 5 – 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. The Company had approximately $802,932 of cash in excess of federally insured limits.   Revenue and Accounts Receivable   As of March 31, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Revenue</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Accounts Receivable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Revenue</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Accounts Receivable</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">(Unaudited)</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; text-align: justify">Patient payment</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">39</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">30</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">47</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">40</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Medicare payment</td> <td> </td> <td> </td> <td style="text-align: right">34</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">29</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">27</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">26</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Insurance payment</td> <td> </td> <td> </td> <td style="text-align: right">27</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">41</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">26</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">34</td> <td>%</td></tr> </table>

Note 6 – Accounts Receivable   The Company’s accounts receivable consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="padding-left: 20pt">(Unaudited)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%">Gross accounts receivable</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">1,450,113</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">1,285,228</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less: allowance for doubtful accounts</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(28,982</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(26,903</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Accounts receivable, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,421,131</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,258,325</td> <td> </td></tr> </table>

Note 7 – Business Acquisitions   BioFirma   On August 1, 2018, the Company entered into an agreement to purchase 70% of all outstanding membership units of BioFirma LLC. The purchase price for the interests was $1,000 paid in cash.   The Company has included the financial results of BioFirma in the condensed consolidated financial statements from August 1, 2018, the date of acquisition.   On October 1, 2019, the holder of the 30% of the membership interests of BioFirma and the Company entered into an Assignment and Assumption of Interests of BioFirma LLC, pursuant to which the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma.   On December 31, 2019, the Company and BioFirma consummated the sale of substantially all of BioFirma’s assets pursuant to an asset purchase agreement with Self Care Regeneration LLC for a purchase price of $320,800, plus the assumption of certain of BioFirma’s liabilities, all of which were due to be paid to us no later than March 30, 2020. On March 31, 2020, the due date for the payment of the asset sale purchase price was extended to June 30, 2020.   IMAC Illinois   On April 1, 2019, the Company and its wholly owned subsidiary IMAC Illinois entered into an Agreement and Plan of Merger (the “Merger Agreement”) for the acquisition of a practice management group that manages three clinics in the Chicago, Illinois area. The acquisition was completed on April 19, 2019. Pursuant to the Merger Agreement, the Company issued 1,002,306 restricted shares of the Company’s common stock (the “Merger Consideration”) valued at approximately $4.1 million. The Company has included the financial results of IMAC Illinois, which controls the three Chicago-area clinics, from April 19, 2019, the date of acquisition.   IMAC Florida   On January 13, 2020, the Company and its wholly owned subsidiary IMAC Florida consummated the acquisition of CHSF, a chiropractic practice in Bonita Springs, Florida. The transaction was completed as a purchase of the practice for $200,000. The Company has included the financial results of IMAC Florida, which controls CHSF, from January 13, 2020, the date of acquisition.   The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the business acquisitions since January 1, 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Florida</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%; text-align: justify">Property & equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 24%; text-align: right">50,358</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Intangible assets</td> <td> </td> <td> </td> <td style="text-align: right">128,802</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Other assets</td> <td> </td> <td> </td> <td style="text-align: right">20,840</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">200,000</td> <td> </td></tr> </table>

Note 8 – Property and Equipment   The Company’s property and equipment consisted of the following at March 31, 2020 and December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Useful Life in Years</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%">Land and building</td> <td style="width: 2%"> </td> <td style="width: 25%; text-align: center">40 (Building)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1,175,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1,175,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Leasehold improvements</td> <td> </td> <td style="text-align: center">Shorter of asset or lease term</td> <td> </td> <td> </td> <td style="text-align: right">2,264,798</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,262,398</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Equipment</td> <td> </td> <td style="text-align: center">1.5 - 7</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,003,549</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,948,347</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total property and equipment</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,443,347</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,385,745</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less: accumulated depreciation</td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,912,580</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,693,736</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total property and equipment, net</td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,530,767</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,692,009</td> <td> </td></tr> </table>   Depreciation was $218,843 and $154,881 for the three months ended March 31, 2020 and 2019, respectively.

Note 10 – 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, the Company used the ten year mortgage interest rate.   Right of Use Assets   Right of use assets included in the Company’s condensed consolidated balance sheet were as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-current assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Right of use assets, net of amortization</td> <td> </td> <td>$</td> <td style="text-align: right">3,800,997</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3,719,401</td> <td> </td></tr> </table>   Total operating lease cost   Individual components of the total lease cost incurred by the Company were as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Three Months Ended March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Three Months Ended March 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 67%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating lease expense</td> <td> </td> <td>$</td> <td style="text-align: right">306,632</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">211,674</td> <td> </td></tr> </table>   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:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Undiscounted future minimum lease payments:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 78%">2020 (nine months)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">887,150</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">1,017,114</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">1,022,348</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">939,971</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2024</td> <td> </td> <td> </td> <td style="text-align: right">601,468</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">588,246</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">5,056,297</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Amount representing imputed interest</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(340,637</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total operating lease liability</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,715,660</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current portion of operating lease liability</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,024,491</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Operating lease liability, non-current</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,691,169</td> <td> </td></tr> </table>

Note 11 – Line of Credit   Advantage Therapy has a $100,000 line of credit with a financial institution that matures on November 20, 2020. The line accrues interest at a variable rate which is currently 6.0% per annum. The line is secured by substantially all of IMAC Holding’s assets. This line of credit had a balance of $79,961 at March 31, 2020 and December 31, 2019.

Note 12 – Notes Payable   On March 25, 2020, the Company entered into a note purchase agreement with Iliad Research & Trading, L.P. (the “Holder”), pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the “Note”) in an aggregate initial principal amount of $1,115,000 (the “Initial Principal Amount”), which is payable on or before the date that is 18 months from the issuance date (the “Maturity Date”). The Initial Principal Amount includes an original issue discount of $100,000 and $15,000 that the Company agreed to pay to the Holder to cover the Holder’s legal fees, accounting costs, due diligence and other transaction costs. In exchange for the Note, the Holder paid an aggregate purchase price of $1,000,000. Interest on the Note accrues at a rate of 10% per annum and is payable on the Maturity Date or otherwise in accordance with the Note. The Note may be prepaid by the Company (with the payment of a premium), may be required by the Holder to be redeemed by the Company for up to $200,000 per month after the six-month anniversary of the issuance of the Note (subject to certain deferral rights), and is subject to customary event of default (with a default interest rate of up to 22%). The Note transaction documents also give the Holder a right of first refusal to future debt issuances and a right to the first $250,000 of every $1 million of proceeds from future sales of equity by the Company. The Note is secured by the assets of the Company, other that the Company’s owned real property, intellectual property and accounts receivable, pursuant to a security agreement.    Set forth below is a summary of the Company’s outstanding debt as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%">Note payable to The Edward S. Bredniak Trust in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in June 2019 and all outstanding balances are due January 5, 2021.</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,750,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,750,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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 matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives.</td> <td> </td> <td> </td> <td style="text-align: right">92,904</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,628</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$1.2 million mortgage loan with a financial institution. The loan agreement was originally for 6-months and carries an interest rate 3.35%. The loan matured in 2019. It is currently due on demand, with interest being paid monthly.</td> <td> </td> <td> </td> <td style="text-align: right">1,232,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,232,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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.</td> <td> </td> <td> </td> <td style="text-align: right">90,629</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">93,652</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note matures on May 4, 2021, and is secured by the equipment and personal guarantees of certain Company executives.</td> <td> </td> <td> </td> <td style="text-align: right">52,910</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,913</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payment of five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured.</td> <td> </td> <td> </td> <td style="text-align: right">40,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">60,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$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.</td> <td> </td> <td> </td> <td style="text-align: right">97,621</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">102,744</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company.</td> <td> </td> <td> </td> <td style="text-align: right">118,217</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">129,182</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable in the amount of $1,115,000, dated March 25, 2020. The note is payable on or before September 25, 2021. The interest on the note accrues at a rate of 10% per annum and is payable on the maturity date or otherwise in accordance with the note.</td> <td> </td> <td> </td> <td style="text-align: right">1,115,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Unamortized debt issuance costs</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(179,862</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,409,919</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,531,619</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Less: current portion:</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(4,089,567</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,422,554</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">320,352</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,109,065</td> <td> </td></tr> </table>   Principal maturities of the Company’s notes payable are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Years Ending December 31,</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amount</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-align: center">2020 (nine months)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">2,073,216</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2021</td> <td> </td> <td> </td> <td style="text-align: right">2,127,820</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2022</td> <td> </td> <td> </td> <td style="text-align: right">104,186</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2023</td> <td> </td> <td> </td> <td style="text-align: right">51,657</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2024</td> <td> </td> <td> </td> <td style="text-align: right">27,631</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">25,409</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,409,919</td> <td> </td></tr> </table>

Note 13 – Stockholders’ Equity   Prior to the Company’s conversion to a corporation, the Company had 400 member units authorized with 365 units issued and outstanding.   On June 1, 2018, the Company converted its 365 outstanding member units into 6,582,737 shares of common stock with a $0.001 par value pursuant to the Company’s conversion from a limited liability company to a corporation.   On February 12, 2019, the Company completed a reverse split of its 6,582,737 shares of common stock to 4,533,623 shares of common stock outstanding pursuant to an amendment of the Company’s certificate of incorporation. The reverse split has been given retrospective treatment.   During February 2019, the Company completed an initial public offering of securities and issued 850,000 shares of its common stock, along with 1,700,000 warrants to purchase common stock and an option to purchase 34,000 shares of common stock for gross proceeds of $4,356,815. The Company also issued 449,217 shares of common stock for the conversion of its 4% convertible notes and 1,410,183 shares to satisfy deferred acquisition consideration payable in connection with its 2018 business acquisitions.   On April 19, 2019, the Company consummated the transaction contemplated by the Merger Agreement and issued 1,002,306 shares of its common stock as Merger Consideration.   On July 15, 2019, the Company signed a $10 million share purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), an Illinois limited liability company. In consideration for entering into the $10 million agreement, the Company issued to Lincoln Park 60,006 shares of Company common stock as a commitment fee. The Purchase Agreement limits our sales of shares of common stock to Lincoln Park to 1,669,359 shares of common stock, representing 19.99% of the shares of common stock outstanding on the date of the Purchase Agreement unless (a) stockholder approval is obtained to issue more than such amount or (b) the average price of all applicable sales of our common stock to Lincoln Park under the Purchase Agreement equals or exceeds the lower of (i) the closing price of our common stock on the Nasdaq Capital Market immediately preceding July 15, 2019 or (ii) the average of the closing price of our common stock on the Nasdaq Capital Market for the five business days immediately preceding July 15, 2019. As of March 31, 2020, pursuant to the Purchase Agreement, the Company sold an aggregate of 1,602,294 shares of common stock of the Company to Lincoln Park for aggregate proceeds to the Company of $2,424,053 (excluding the 60,006 shares issued to Lincoln Park as a commitment fee).   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.    Stock Options   As of March 31, 2020, the Company had issued stock options to purchase 452,872 shares of its common stock as non-qualified stock options to various employees of the Company. These 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. 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 with the following assumptions: a volatility rate of 32.2%, risk free rate of 2.4% and the expected term of 10 years.   Restricted Stock Units   On May 21, 2019, the Company granted an aggregate of 277,500 Restricted Stock Units (“RSUs”) to certain employees, executives and Board members, the terms of which vest over various periods between the date of grant and four years following the date of grant. On August 13, 2019, 30,000 shares of common stock were issued pursuant to granted RSUs which had vested as of such date.

Note 14 – 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 $19,690 and $7,407 during the three months ended March 31, 2020 and 2019, respectively.

Note 16 – Commitments and Contingencies   The Company is subject to extensive regulation, including health insurance regulations directed at ascertaining the appropriateness of reimbursement, preventing fraud and abuse and otherwise regulating reimbursement. To ensure compliance, various insurance providers often conduct audits and request patient records and other documents to support claims submitted by the Company for payment of services rendered to customers. In the event that an audit results in discrepancies in the records provided, insurance providers may be entitled to extrapolate the results of the audit to make overpayment demands based on a wider population of claims than those examined in the audit.   From time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. 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.

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” or the “Commission”). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2020.   The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (“IMAC Holdings”) 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 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”) and IMAC Management of Florida, LLC (“IMAC Florida”); 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”); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”).   In June 2018, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interests in IMAC St. Louis and Clinic Management Associates of KY, LLC (“CMA of KY”), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (“IMAC Kentucky”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.   In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”) and 70% of BioFirma LLC (“BioFirma”). Both companies 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. On October 1, 2019, the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma. Substantially all the assets of BioFirma were sold effective December 31, 2019.   In April 2019, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in ISDI Holdings II, Inc., an Illinois corporation (“ISDI Holdings II”), and PHR Holdings, Inc., an Illinois corporation (“PHR Holdings”), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (“Progressive”) and Illinois Spine and Disc Institute, Ltd (“ISDI”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.   In November 2019, IMAC Illinois entered into a management agreement for an occupational and physical therapy practice in Rockford, Illinois. This entity is included in the condensed consolidated financial statements due to control by contract from the date of entry into the management agreement.   In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.   All significant intercompany balances and transactions have been eliminated in consolidation.

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.

Revenue Recognition   The Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics and patient visits to physicians. The fees for such services are billed either to the patient or a third-party payer, including Medicare. Starting in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are three membership plans offered with different levels of service for each plan. 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.   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 an 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 recognize other management service revenue in the period in which services are rendered. These revenues are earned by IMAC Nashville, IMAC Management and IMAC Illinois and are eliminated in consolidation to the extent owned.   The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Patient revenues</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">7,151,942</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">7,289,022</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Contractual adjustments</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,842,873</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(4,519,194</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Patient revenue, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,309,069</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,769,828</td> <td> </td></tr> </table>

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.

Cash and Cash Equivalents   The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 and 2019.

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 primary collection risks are (i) the risk of overestimation of net revenues at the time of billing that may result in the Company receiving less than the recorded receivable, (ii) the risk of non-payment as a result of commercial insurance companies’ denial of claims, (iii) the risk that patients will fail to remit insurance payments to the Company when the commercial insurance company pays out-of-network claims directly to the patient, (iv) resource and capacity constraints that may prevent the Company from handling the volume of billing and collection issues in a timely manner, (v) the risk that patients do not pay the Company for their self-pay balances (including co-pays, deductibles and any portion of the claim not covered by insurance) and (vi) the risk of non-payment from uninsured patients.   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 operating systems used to manage the Company’s patient accounts provide for an aging schedule in 30-day increments, by payer, physician and patient. 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 Doubtful Accounts, Contractual and Other Discounts   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. The Company’s allowance for doubtful accounts is based on historical experience, but management also takes into consideration the age of accounts, creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. An account may be written-off only after the Company has pursued collection efforts or otherwise determines an account to be uncollectible. Uncollectible balances are written-off against the allowance. Recoveries of previously written-off balances are credited to income when the recoveries are made.

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 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.

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 $241,817 and $347,016 for the three months ended March 31, 2020 and 2019, respectively.

Income Taxes   Following the Company’s conversion to a Delaware corporation in 2018, IMAC Nashville, IMAC Texas, IMAC St. Louis continued as single-member limited liability companies (wholly owned by the Company) that are disregarded entities for tax purposes and do not file separate returns. Their activity is included as part of IMAC Holdings Inc. Advantage Therapy, IMAC Illinois and IMAC Florida are also disregarded entities for tax purposes. BioFirma was a limited liability company taxed as a partnership. Effective October 1, 2019, BioFirma became wholly owned by IMAC Holdings and is a disregarded entity for tax purposes. IMAC Management is a C-corporation and is included in the consolidated return of IMAC Holdings as a subsidiary.   Any future benefit arising from losses have been offset by a valuation allowance. Accordingly, no provision for income taxes is reflected in the condensed consolidated financial statements. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. Interest and penalties related to income tax matters, if any, would be recognized as a component of income tax expense. At March 31, 2020 and December 31, 2019, the Company had no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Currently, the tax years subsequent to 2017 are open and subject to examination by the taxing authorities.

As of March 31, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Revenue</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Accounts Receivable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Revenue</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">% of Accounts Receivable</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">(Unaudited)</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; text-align: justify">Patient payment</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">39</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">30</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">47</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: right">40</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Medicare payment</td> <td> </td> <td> </td> <td style="text-align: right">34</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">29</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">27</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">26</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Insurance payment</td> <td> </td> <td> </td> <td style="text-align: right">27</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">41</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">26</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">34</td> <td>%</td></tr> </table>

The Company’s accounts receivable consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="padding-left: 20pt">(Unaudited)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%">Gross accounts receivable</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">1,450,113</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">1,285,228</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less: allowance for doubtful accounts</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(28,982</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(26,903</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Accounts receivable, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,421,131</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,258,325</td> <td> </td></tr> </table>

The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the business acquisitions since January 1, 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Florida</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 73%; text-align: justify">Property & equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 24%; text-align: right">50,358</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Intangible assets</td> <td> </td> <td> </td> <td style="text-align: right">128,802</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Other assets</td> <td> </td> <td> </td> <td style="text-align: right">20,840</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">200,000</td> <td> </td></tr> </table>

The Company’s property and equipment consisted of the following at March 31, 2020 and December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Useful Life in Years</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 36%">Land and building</td> <td style="width: 2%"> </td> <td style="width: 25%; text-align: center">40 (Building)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1,175,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1,175,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Leasehold improvements</td> <td> </td> <td style="text-align: center">Shorter of asset or lease term</td> <td> </td> <td> </td> <td style="text-align: right">2,264,798</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,262,398</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Equipment</td> <td> </td> <td style="text-align: center">1.5 - 7</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,003,549</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,948,347</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Total property and equipment</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,443,347</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,385,745</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less: accumulated depreciation</td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,912,580</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,693,736</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total property and equipment, net</td> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,530,767</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,692,009</td> <td> </td></tr> </table>

The Company’s intangible assets and goodwill consisted of the following at March 31, 2020 and December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Accumulated</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Useful Life</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Cost</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amortization</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Net</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets:</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 41%; padding-left: 10pt">Management service agreements</td> <td style="width: 2%"> </td> <td style="width: 12%; text-align: center">10 years</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,940,398</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(1,110,849</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">6,829,549</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Non-compete agreements</td> <td> </td> <td style="text-align: center">3 years</td> <td> </td> <td> </td> <td style="text-align: right">301,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(181,889</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">119,111</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer lists</td> <td> </td> <td style="text-align: center">3 years</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">134,882</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(11,240</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">123,642</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Definite lived assets</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,376,280</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,303,978</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,072,302</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total intangible assets and goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,416,976</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,303,978</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,112,998</td> <td> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Accumulated</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Useful Life</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Cost</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amortization</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Net</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets:</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 41%; padding-left: 10pt">Management service agreements</td> <td style="width: 2%"> </td> <td style="width: 12%; text-align: center">10 years</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">8,019,199</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(994,321</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,024,878</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Non-compete agreements</td> <td> </td> <td style="text-align: center">3 years</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">301,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(156,806</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">144,194</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Definite lived assets</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,320,199</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,151,127</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,169,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total intangible assets and goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,360,895</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,151,127</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,209,768</td> <td> </td></tr> </table>

The Company’s estimated future amortization of intangible assets was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Years Ending December 31,</td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center">2020 (nine months)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">704,500</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2021</td> <td> </td> <td> </td> <td style="text-align: right">882,861</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2022</td> <td> </td> <td> </td> <td style="text-align: right">839,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2023</td> <td> </td> <td> </td> <td style="text-align: right">794,040</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2024</td> <td> </td> <td> </td> <td style="text-align: right">794,040</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,057,861</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,072,302</td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2020</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%">Note payable to The Edward S. Bredniak Trust in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in June 2019 and all outstanding balances are due January 5, 2021.</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,750,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,750,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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 matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives.</td> <td> </td> <td> </td> <td style="text-align: right">92,904</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,628</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$1.2 million mortgage loan with a financial institution. The loan agreement was originally for 6-months and carries an interest rate 3.35%. The loan matured in 2019. It is currently due on demand, with interest being paid monthly.</td> <td> </td> <td> </td> <td style="text-align: right">1,232,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,232,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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.</td> <td> </td> <td> </td> <td style="text-align: right">90,629</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">93,652</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note matures on May 4, 2021, and is secured by the equipment and personal guarantees of certain Company executives.</td> <td> </td> <td> </td> <td style="text-align: right">52,910</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">63,913</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payment of five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured.</td> <td> </td> <td> </td> <td style="text-align: right">40,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">60,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$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.</td> <td> </td> <td> </td> <td style="text-align: right">97,621</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">102,744</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company.</td> <td> </td> <td> </td> <td style="text-align: right">118,217</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">129,182</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable in the amount of $1,115,000, dated March 25, 2020. The note is payable on or before September 25, 2021. The interest on the note accrues at a rate of 10% per annum and is payable on the maturity date or otherwise in accordance with the note.</td> <td> </td> <td> </td> <td style="text-align: right">1,115,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Unamortized debt issuance costs</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(179,862</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,409,919</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,531,619</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Less: current portion:</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(4,089,567</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,422,554</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">320,352</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,109,065</td> <td> </td></tr> </table>

Principal maturities of the Company’s notes payable are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Years Ending December 31,</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amount</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-align: center">2020 (nine months)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">2,073,216</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2021</td> <td> </td> <td> </td> <td style="text-align: right">2,127,820</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2022</td> <td> </td> <td> </td> <td style="text-align: right">104,186</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2023</td> <td> </td> <td> </td> <td style="text-align: right">51,657</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2024</td> <td> </td> <td> </td> <td style="text-align: right">27,631</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">25,409</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">Total</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,409,919</td> <td> </td></tr> </table>

6582737

0.001

4533623

0.50

0.06

19690

7407

0.21

-0.21

0.00

P10Y

P3Y

141966

361450

Yes Yes false

908251

2871237

1002306

Note 17 - Subsequent Events   On April 21, 2020, the Company entered into a loan with Pinnacle Bank as the lender (“Lender”) in an aggregate principal amount of $1,691,520 (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Loan is evidenced by a promissory note (the “PPP Note”) dated April 21, 2020 and matures on April 21, 2022. The PPP Note bears interest at a rate of 1.000% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing on November 21, 2020 and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. In order to be entitled to forgiveness, funds from the Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent utilities, and interest on other debt obligations under the terms and conditions outlined by the PPP. The Company intends to use all or a significant majority of the Loan amount for the qualifying expenses. The Loan will not be deemed restricted issuance pursuant to the terms of the note purchase agreement entered into by the Company and Iliad Research & Trading, L.P. on March 25, 2020.   In April 2020, the Company received approximately $400,000 from the CARES Act Provider Relief Fund, a federal fund allocated for general distribution to Medicare facilities and providers impacted by the COVID-19 outbreak. Further allocations of funds provided for in the CARES Act may be received in future periods. However, we are not able to estimate the amount of additional funds we may receive. These government payments are currently expected to be recognized in our operations during the second quarter of 2020 and will not be subject to repayment, provided the Company is able to attest to and comply with the terms and conditions of the funding.   Further legislation enacted on April 24, 2020 provides for an additional $75 billion in emergency appropriations to eligible healthcare providers which respond to the COVID-19 outbreak. Recipients will not be required to repay the government for such funds received, provided they comply with the terms and conditions of federal legislation and the rules and regulations promulgated thereunder, which have not yet been finalized.

231652

130686

373689

1281940

3065553

194316

882861

839000

794040

3057861

If not used, this carryforward will begin to expire in 2029. The deferred tax asset relating to the operating loss carryforward has been fully reserved at March 31, 2020.

-76204

-685785

-15955

1000000

452872

0.25

0.322

0.024

P10Y

30000

277500

4100000

1669359

1602294

0.22

The loan matured in 2019

2127820

104186

51657

27631

25409

4409919

10000000 60006 0.1999

Shorter of asset or lease term

P4Y

2424053

1403837

P10Y

These 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. Stock based compensation for stock options is estimated at the grant date based on the fair value calculated using the Black-Scholes method.

-0.18

-0.27

336604

431223

4298

4118

Note 9 – Intangibles Assets and Goodwill   The Company’s intangible assets and goodwill consisted of the following at March 31, 2020 and December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Accumulated</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Useful Life</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Cost</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amortization</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Net</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets:</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 41%; padding-left: 10pt">Management service agreements</td> <td style="width: 2%"> </td> <td style="width: 12%; text-align: center">10 years</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,940,398</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(1,110,849</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">6,829,549</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Non-compete agreements</td> <td> </td> <td style="text-align: center">3 years</td> <td> </td> <td> </td> <td style="text-align: right">301,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(181,889</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">119,111</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Customer lists</td> <td> </td> <td style="text-align: center">3 years</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">134,882</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(11,240</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">123,642</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Definite lived assets</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,376,280</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,303,978</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,072,302</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total intangible assets and goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,416,976</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,303,978</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,112,998</td> <td> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2019</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center">Estimated</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Accumulated</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Useful Life</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Cost</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Amortization</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Net</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Intangible assets:</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 41%; padding-left: 10pt">Management service agreements</td> <td style="width: 2%"> </td> <td style="width: 12%; text-align: center">10 years</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">8,019,199</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">(994,321</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,024,878</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Non-compete agreements</td> <td> </td> <td style="text-align: center">3 years</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">301,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(156,806</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">144,194</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Definite lived assets</td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,320,199</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,151,127</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,169,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,040,696</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total intangible assets and goodwill</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">10,360,895</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1,151,127</td> <td>)</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,209,768</td> <td> </td></tr> </table>   Amortization was $231,652 and $130,686 for the three months ended March 31, 2020 and 2019, respectively.   The Company’s estimated future amortization of intangible assets was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Years Ending December 31,</td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center">2020 (nine months)</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">704,500</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2021</td> <td> </td> <td> </td> <td style="text-align: right">882,861</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2022</td> <td> </td> <td> </td> <td style="text-align: right">839,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">2023</td> <td> </td> <td> </td> <td style="text-align: right">794,040</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center">2024</td> <td> </td> <td> </td> <td style="text-align: right">794,040</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">Thereafter</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,057,861</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,072,302</td> <td> </td></tr> </table>

320800

250000

373689

1281940

1258325

1421131

312258 265677

633303

572559

2577575

3541307

3692009

3530767

7169072

7072302

170274

143655

549563 422544

499488

551284

3719401

3800997

14148494

14031478

20418078

21103552

2909666

3278967

189691

292475

1422554

4089567

17473

17662

421044 501844

1025247

1024491

6065636

9284967

2109065

320352

66565

62078

578866 417266

3660654

3691169

12480786

13820832

8907

10003

20050634

21465115

-10042050

-11775595

-2080199

-2416803

20418078

21103552

45000

115000 Note 4 - Global Pandemic and Management’s Plans   On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spread globally beyond the point of origin. On March 20, 2020 the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.   The full impact of the COVID-19 outbreak continues to evolve as of the date of these condensed consolidated financial statements. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s combined financial condition, liquidity and future results of operations. Management is actively monitoring the impact of the global situation on its consolidated financial condition, liquidity, operations, suppliers, industry and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020.

200000

704500

79961

P18M

100000

1000000

200000

1000000

2073216

400

365

1691520

70000

179862

7937292

7282720

4534

8907

1233966

20050634

-1625840

-2080199

-3544820

-10042050

7253

14280204

-2057063

-5144007

7086387

10003

21465115

-2416803

-11775595

-3932160

4553623

8913258

7252923

10009098

850

3503314

3504164

850000

449

2245636

2246085

1410

7247798

7249208

10 49490 49500 9900

-2070149

-431223

-1599187

-2030410

-336604

-1733545

1377218

1096

1376122

38359

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. Acquired intangible assets include trade names, non-compete agreements, customer relationships and contractual agreements.

The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2020</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; text-align: justify">Patient revenues</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">7,151,942</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">7,289,022</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Contractual adjustments</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,842,873</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(4,519,194</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Patient revenue, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,309,069</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,769,828</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The Company’s amount of future minimum lease payments under operating leases are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Undiscounted future minimum lease payments:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%">2020 (nine months)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">887,150</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">1,017,114</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">1,022,348</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">939,971</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2024</td> <td> </td> <td> </td> <td style="text-align: right">601,468</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Thereafter</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">588,246</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">5,056,297</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Amount representing imputed interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(340,637</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Total operating lease liability</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,715,660</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Current portion of operating lease liability</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,024,491</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Operating lease liability, non-current</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,691,169</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

3309069 7289022 7151942 2769828 -3842873 -4519194

887150

1017114

1022348

939971

601468

588246

5056297

340637

4715660

3700000

400000

Further legislation enacted on April 24, 2020 provides for an additional $75 billion in emergency appropriations to eligible healthcare providers which respond to the COVID-19 outbreak.

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Bredniak [Member] Plan Name [Axis] 2018 Incentive Compensation Plan [Member] Derivative Instrument [Axis] Non-Qualified Stock Options [Member] Various Employees [Member] Award Type [Axis] Restricted Stock Units (RSUs) [Member] Notes Payable Eight [Member] Advantage Therapy, LLC [Member] Purchase Agreement [Member] Legal Entity [Axis] Lincoln Park Capital Fund, LLC [Member] BioFirma [Member] Asset Purchase Agreement [Member] Self Care Regeneration LLC [Member] Contractual Adjustments [Member] IMAC Management of Illinois, LLC [Member] IMAC Management of Florida, LLC [Member] Geographical [Axis] Florida [Member] Customer Lists [Member] Iliad Research & Trading, L.P [Member] Secured Promissory Note [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Pinnacle Bank [Member] Paycheck Protection Program Note [Member] CARES Act Provider Relief Fund [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Ex Transition Period Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash Accounts receivable, net Deferred compensation, current portion Other assets Total current assets Property and equipment, net Other assets: Goodwill Intangible assets, net Deferred equity costs Deferred compensation, net of current portion Security deposits Right of use asset Total other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses Patient deposits Notes payable, current portion, net of deferred loan costs Finance lease obligation, current portion Line of credit Liability to issue common stock, current portion Operating lease liability, current portion Total current liabilities Long-term liabilities: Notes payable, net of current portion Finance lease obligation, net of current portion Liability to issue common stock, net of current portion Operating lease liability, net of current portion Other non-current liabilities Total liabilities Stockholders' equity: Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at March 31, 2020 and December 31, 2019 Common stock - $0.001 par value, 30,000,000 authorized, 10,009,098 and 8,913,258 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively Additional paid-in capital Accumulated deficit Non-controlling interest Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement [Table] Statement [Line Items] Total revenue Operating expenses: Patient expenses Salaries and benefits Share-based compensation Advertising and marketing General and administrative Depreciation and amortization Total operating expenses Operating loss Other expenses: Other expenses Beneficial conversion interest expense Interest expense Total other expenses Net loss before income taxes Income taxes Net loss Net loss attributable to the non-controlling interest Net loss attributable to IMAC Holdings, Inc. Net loss per share attributable to common stockholders Basic and diluted Weighted average common shares outstanding Basic and diluted Balance Balance, shares Common stock issued for initial public offering proceeds, net of related fees Common stock issued for initial public offering proceeds, net of related fees, shares Issuance of common stock in connection with convertible notes Issuance of common stock in connection with convertible notes, shares Issuance of common stock in connection with acquisitions Issuance of common stock in connection with acquisitions, shares Exercise of warrants Exercise of warrants, shares Issuance of common stock Issuance of common stock, shares Issuance of employee stock options Net loss Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: EX-101.PRE 11 imac-20200331_pre.xml XBRL PRESENTATION FILE XML 12 R7.htm IDEA: XBRL DOCUMENT

Description of Business

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Description of Business

Note 1 – Description of Business

During February 2019, the Company completed an initial public offering (“IPO”) of securities. See Note 13 – Stockholder’s Equity.

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	30,000,000	30,000,000
Common stock, shares issued	10,009,098	8,913,258
Common stock, shares outstanding	10,009,098	8,913,258

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Intangibles Assets and Goodwill (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 231,652	$ 130,686

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Business Acquisitions (Details Narrative) - USD ($)	Oct. 01, 2019	Apr. 19, 2019	Aug. 02, 2018	Jan. 13, 2020	Dec. 31, 2019
BioFirma [Member]
Membership interests description	On October 1, 2019, the holder of the 30% of the membership interests of BioFirma and the Company entered into an Assignment and Assumption of Interests of BioFirma LLC, pursuant to which the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma.
Self Care Regeneration LLC [Member] \| Asset Purchase Agreement [Member]
Business acquisition, purchase price					$ 320,800
BioFirma LLC [Member]
Percentage of outstanding membership units			70.00%
Payments to acquire business gross			$ 1,000
IMAC Management of Illinois, LLC [Member]
Number of restricted stock issued, shares		1,002,306
Number of restricted stock issued, value		$ 4,100,000
IMAC Management of Florida, LLC [Member]
Purchase price of acquisition				$ 200,000

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Operating Leases - Schedule of Operating Lease Right of Use Assets (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right of use assets, net of amortization	$ 3,800,997	$ 3,719,401

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Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The Company’s property and equipment consisted of the following at March 31, 2020 and December 31, 2019:

	Estimated
	Useful Life in Years	March 31, 2020			December 31, 2019

Land and building	40 (Building)	$	1,175,000		$	1,175,000
Leasehold improvements	Shorter of asset or lease term		2,264,798			2,262,398
Equipment	1.5 - 7		2,003,549			1,948,347
Total property and equipment			5,443,347			5,385,745

Less: accumulated depreciation			(1,912,580	)		(1,693,736	)
Total property and equipment, net		$	3,530,767		$	3,692,009

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Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 15 – Income Taxes

Deferred tax benefit at the federal statutory rate	21	%
Valuation allowance	-21	%
	0	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of Patient Revenue, Net

The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:

	March 31, 2020			March 31, 2019

Patient revenues	$	7,151,942		$	7,289,022
Contractual adjustments		(3,842,873	)		(4,519,194	)
Patient revenue, net	$	3,309,069		$	2,769,828

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Oct. 01, 2019	Aug. 31, 2018
Cash equivalents
Advertising and marketing expense	241,817	$ 347,016
Uncertain tax positions
Advantage Hand Therapy and Orthopedic Rehabilitation, LLC [Member]
Percentage of voting interest acquired					100.00%
BioFirma LLC [Member]
Percentage of voting interest acquired			100.00%	30.00%	70.00%

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Intangibles Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The Company’s intangible assets and goodwill consisted of the following at March 31, 2020 and December 31, 2019:

		March 31, 2020
	Estimated			Accumulated
	Useful Life	Cost		Amortization			Net

Intangible assets:
Management service agreements	10 years	$	7,940,398	$	(1,110,849	)	$	6,829,549
Non-compete agreements	3 years		301,000		(181,889	)		119,111
Customer lists	3 years		134,882		(11,240	)		123,642
Definite lived assets			8,376,280		(1,303,978	)		7,072,302
Goodwill			2,040,696		-			2,040,696
Total intangible assets and goodwill		$	10,416,976	$	(1,303,978	)	$	9,112,998

		December 31, 2019
	Estimated			Accumulated
	Useful Life	Cost		Amortization			Net

Intangible assets:
Management service agreements	10 years	$	8,019,199	$	(994,321	)	$	7,024,878
Non-compete agreements	3 years		301,000		(156,806	)		144,194
Definite lived assets			8,320,199		(1,151,127	)		7,169,072
Goodwill			2,040,696		-			2,040,696
Total intangible assets and goodwill		$	10,360,895	$	(1,151,127	)	$	9,209,768

Schedule of Future Amortization of Intangible Assets

The Company’s estimated future amortization of intangible assets was as follows:

Years Ending December 31,

2020 (nine months)	$	704,500
2021		882,861
2022		839,000
2023		794,040
2024		794,040
Thereafter		3,057,861
	$	7,072,302

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Concentration of Credit Risks - Schedule of Concentration Risk (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Revenue [Member] \| Patient Payment [Member]
Concentration of credit risk, percentage	39.00%	47.00%
Revenue [Member] \| Medicare Payment [Member]
Concentration of credit risk, percentage	34.00%	27.00%
Revenue [Member] \| Insurance Payment [Member]
Concentration of credit risk, percentage	27.00%	26.00%
Accounts Receivable [Member] \| Patient Payment [Member]
Concentration of credit risk, percentage	30.00%	40.00%
Accounts Receivable [Member] \| Medicare Payment [Member]
Concentration of credit risk, percentage	29.00%	26.00%
Accounts Receivable [Member] \| Insurance Payment [Member]
Concentration of credit risk, percentage	41.00%	34.00%

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Business Acquisitions

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Business Acquisitions

Note 7 – Business Acquisitions

BioFirma

On August 1, 2018, the Company entered into an agreement to purchase 70% of all outstanding membership units of BioFirma LLC. The purchase price for the interests was $1,000 paid in cash.

The Company has included the financial results of BioFirma in the condensed consolidated financial statements from August 1, 2018, the date of acquisition.

IMAC Illinois

IMAC Florida

The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the business acquisitions since January 1, 2019:

	Florida
Property & equipment	$	50,358
Intangible assets		128,802
Other assets		20,840
	$	200,000

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Note 11 – Line of Credit

Advantage Therapy has a $100,000 line of credit with a financial institution that matures on November 20, 2020. The line accrues interest at a variable rate which is currently 6.0% per annum. The line is secured by substantially all of IMAC Holding’s assets. This line of credit had a balance of $79,961 at March 31, 2020 and December 31, 2019.

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Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details)
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Deferred tax benefit at the federal statutory rate 21.00%

Valuation allowance (21.00%)

Statutory federal income tax rate 0.00%

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Lines of Credit (Details Narrative) - USD ($)
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Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Line of credit $ 79,961 $ 79,961

Advantage Theraphy [Member]

Line of credit $ 100,000

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Notes Payable - Schedule of Principal Maturities of Notes Payable (Details)

Mar. 31, 2020

USD ($)

Debt Disclosure [Abstract]

2020 (nine months) $ 2,073,216

2021 2,127,820

2022 104,186

2023 51,657

2024 27,631

Thereafter 25,409

Total $ 4,409,919

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Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Receivables [Abstract]

Gross accounts receivable $ 1,450,113 $ 1,285,228

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Accounts receivable, net $ 1,421,131 $ 1,258,325

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Summary of Significant Accounting Policies - Schedule of Patient Revenue, Net (Details) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Patient revenue, net $ 3,309,069 $ 2,769,828

Patient Revenues, Net [Member]

Patient revenue, net 7,151,942 7,289,022

Contractual Adjustments [Member]

Patient revenue, net $ (3,842,873) $ (4,519,194)

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Operating Leases (Tables)
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Operating Lease Right of Use Assets

Right of use assets included in the Company’s condensed consolidated balance sheet were as follows:

March 31, 2020 December 31, 2019

Non-current assets

Right of use assets, net of amortization $ 3,800,997 $ 3,719,401

Schedule of Operating Lease Cost

Individual components of the total lease cost incurred by the Company were as follows:

Three Months Ended

March 31, 2020

Three Months Ended

March 31, 2019

Operating lease expense $ 306,632 $ 211,674

Schedule of Future Minimum Lease Payments

The Company’s amount of future minimum lease payments under operating leases are as follows:

Operating Leases

Undiscounted future minimum lease payments:

2020 (nine months) $ 887,150

2021 1,017,114

2022 1,022,348

2023 939,971

2024 601,468

Thereafter 588,246

Total 5,056,297

Amount representing imputed interest (340,637 )

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Accounts Receivable
3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Accounts Receivable

Note 6 – Accounts Receivable

The Company’s accounts receivable consisted of the following:

March 31, 2020 December 31, 2019

(Unaudited)

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Operating Leases
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Operating Leases

Note 10 – 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

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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, the Company used the ten year mortgage interest rate.

Right of Use Assets

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March 31, 2020 December 31, 2019

Non-current assets

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Three Months Ended

March 31, 2020

Three Months Ended

March 31, 2019

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Minimum rental payments under operating leases are recognized on a straight light basis over the term of the lease.

Maturity of operating leases

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Operating Leases

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2021 1,017,114

2022 1,022,348

2023 939,971

2024 601,468

Thereafter 588,246

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Mar. 31, 2020

Dec. 31, 2019

Leases [Abstract]

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2021 1,017,114

2022 1,022,348

2023 939,971

2024 601,468

Thereafter 588,246

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Notes Payable - Schedule of Notes Payable (Details) (Parenthetical)
1 Months Ended 3 Months Ended

Mar. 25, 2020

USD ($)

Sep. 25, 2019

USD ($)

Integer

Mar. 01, 2019

USD ($)

Integer

Nov. 15, 2017

USD ($)

Integer

Mar. 08, 2017

USD ($)

Integer

Aug. 01, 2016

USD ($)

Integer

May 04, 2016

USD ($)

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Mar. 31, 2020

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Dec. 31, 2019

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Notes payable $ 4,409,919 $ 3,531,619

Notes Payable [Member]

Notes payable 1,750,000 1,750,000

Notes Payable One [Member]

Notes payable 92,904 99,628

Notes Payable One [Member] | Financial Institution [Member]

Notes payable $ 200,000

Debt instrument interest rate 5.00%

Debt instrument maturity date May 15, 2023

Number of installments | Integer 66

Debt instrument, periodic payment $ 2,652

Debt instrument balloon payment $ 60,000

Notes Payable Two [Member]

Notes payable 1,232,500 1,232,500

Notes Payable Two [Member] | Financial Institution [Member]

Debt instrument face amount $ 1,200,000

Debt instrument interest rate 3.35%

Debt instrument maturity date, description The loan matured in 2019

Notes Payable Three [Member]

Notes payable $ 90,629 93,652

Notes Payable Three [Member] | Financial Institution [Member]

Notes payable $ 131,400

Debt instrument interest rate 5.00%

Debt instrument maturity date Jul. 01, 2026

Number of installments | Integer 120

Debt instrument, periodic payment $ 1,394

Notes Payable Four [Member]

Notes payable 52,910 63,913

Notes Payable Four [Member] | Financial Institution [Member]

Notes payable $ 200,000

Debt instrument interest rate 4.25%

Debt instrument maturity date May 04, 2021

Number of installments | Integer 60

Debt instrument, periodic payment $ 3,881

Notes Payable Five [Member]

Notes payable 40,000 60,000

Notes Payable Six [Member]

Notes payable 97,621 102,744

Notes Payable Six [Member] | Advantage Therapy, LLC [Member]

Notes payable $ 112,800

Debt instrument interest rate 5.00%

Debt instrument maturity date Jun. 01, 2024

Number of installments | Integer 60

Debt instrument, periodic payment $ 2,129

Notes Payable Seven [Member]

Notes payable 118,217 129,182

Notes Payable Seven [Member] | Financial Institution [Member]

Notes payable $ 140,000

Debt instrument interest rate 5.39%

Debt instrument maturity date Sep. 19, 2022

Number of installments | Integer 36

Debt instrument, periodic payment $ 4,225

Notes Payable Eight [Member]

Notes payable $ 1,115,000 1,115,000

Debt instrument interest rate 10.00%

Debt instrument maturity date Sep. 25, 2021

Edward S. Bredniak [Member] | Notes Payable [Member]

Debt instrument face amount 2,000,000

Notes payable $ 379,676

Debt instrument interest rate 10.00%

Debt instrument maturity date Jan. 05, 2021

Employee [Member] | Notes Payable Five [Member]

Notes payable $ 101,906

Debt instrument interest rate 5.00%

Debt instrument maturity date Dec. 31, 2021

Number of installments | Integer 5

Debt instrument, periodic payment $ 23,350

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Income Taxes (Details Narrative)
3 Months Ended

Mar. 31, 2020

USD ($)

Income Tax Disclosure [Abstract]

Operating loss carryforward, net $ 3,700,000

Operating loss carryforward, description If not used, this carryforward will begin to expire in 2029. The deferred tax asset relating to the operating loss carryforward has been fully reserved at March 31, 2020.

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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Cash flows from operating activities:

Net loss $ (2,070,149) $ (2,030,410)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 450,495 285,567

Beneficial conversion interest expense 639,159

Share based compensation 81,084 3,749

Deferred rent (12,969)

(Increase) decrease in operating assets:

Accounts receivable, net (141,966) (361,450)

Other assets 64,120 (230,796)

Security deposits (51,796) (3,310)

Increase (decrease) in operating liabilities:

Accounts payable and accrued expenses 408,221 361,428

Patient deposits 102,784 485,392

Lease incentive obligation (26,759)

Net cash used in operating activities (1,157,207) (894,149)

Cash flows from investing activities:

Purchase of property and equipment (7,243) (42,426)

Acquisition of IMAC Florida (Note 7) (200,000)

Net cash used in investing activities (207,243) (42,426)

Cash flows from financing activities:

Proceeds from initial public offering, net of related fees 3,839,482

Proceeds from warrants exercised 49,500

Proceeds from issuance of common stock 1,403,837

Proceeds from notes payable 1,200,000 100,000

Payments on notes payable (256,838) (27,053)

Payments of debt issuance costs (70,000)

Payments on line of credit (150,000)

Payments on finance lease obligation (4,298) (4,118)

Net cash provided by financing activities 2,272,701 3,807,811

Net increase in cash 908,251 2,871,237

Cash, beginning of period 373,689 194,316

Cash, end of period 1,281,940 3,065,553

Supplemental cash flow information:

Interest paid 27,412 30,671

Non cash financing and investing:

Debt discount notes payable $ 115,000

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Current assets:

Cash $ 1,281,940 $ 373,689

Accounts receivable, net 1,421,131 1,258,325

Deferred compensation, current portion 265,677 312,258

Other assets 572,559 633,303

Total current assets 3,541,307 2,577,575

Property and equipment, net 3,530,767 3,692,009

Other assets:

Goodwill 2,040,696 2,040,696

Intangible assets, net 7,072,302 7,169,072

Deferred equity costs 143,655 170,274

Deferred compensation, net of current portion 422,544 549,563

Security deposits 551,284 499,488

Right of use asset 3,800,997 3,719,401

Total other assets 14,031,478 14,148,494

Total assets 21,103,552 20,418,078

Current liabilities:

Accounts payable and accrued expenses 3,278,967 2,909,666

Patient deposits 292,475 189,691

Notes payable, current portion, net of deferred loan costs 4,089,567 1,422,554

Finance lease obligation, current portion 17,662 17,473

Line of credit 79,961 79,961

Liability to issue common stock, current portion 501,844 421,044

Operating lease liability, current portion 1,024,491 1,025,247

Total current liabilities 9,284,967 6,065,636

Long-term liabilities:

Notes payable, net of current portion 320,352 2,109,065

Finance lease obligation, net of current portion 62,078 66,565

Liability to issue common stock, net of current portion 417,266 578,866

Operating lease liability, net of current portion 3,691,169 3,660,654

Other non-current liabilities 45,000

Total liabilities 13,820,832 12,480,786

Stockholders' equity:

Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at March 31, 2020 and December 31, 2019

Common stock - $0.001 par value, 30,000,000 authorized, 10,009,098 and 8,913,258 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 10,003 8,907

Additional paid-in capital 21,465,115 20,050,634

Accumulated deficit (11,775,595) (10,042,050)

Non-controlling interest (2,416,803) (2,080,199)

Total stockholders' equity 7,282,720 7,937,292

Total liabilities and stockholders' equity $ 21,103,552 $ 20,418,078

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Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Florida [Member]

Mar. 31, 2020

USD ($)

Property & equipment $ 50,358

Intangible assets 128,802

Other assets 20,840

Net Assets Acquired $ 200,000

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Retirement Plan
3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Retirement Plan

Note 14 – 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 $19,690 and $7,407 during the three months ended March 31, 2020 and 2019, respectively.

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Summary of Significant Accounting Policies (Policies)
3 Months Ended

Mar. 31, 2020

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” or the “Commission”). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2020.

The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (“IMAC Holdings”) 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 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”) and IMAC Management of Florida, LLC (“IMAC Florida”); 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”); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”).

In June 2018, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interests in IMAC St. Louis and Clinic Management Associates of KY, LLC (“CMA of KY”), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (“IMAC Kentucky”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.

In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”) and 70% of BioFirma LLC (“BioFirma”). Both companies 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. On October 1, 2019, the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma. Substantially all the assets of BioFirma were sold effective December 31, 2019.

In April 2019, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in ISDI Holdings II, Inc., an Illinois corporation (“ISDI Holdings II”), and PHR Holdings, Inc., an Illinois corporation (“PHR Holdings”), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (“Progressive”) and Illinois Spine and Disc Institute, Ltd (“ISDI”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.

In November 2019, IMAC Illinois entered into a management agreement for an occupational and physical therapy practice in Rockford, Illinois. This entity is included in the condensed consolidated financial statements due to control by contract from the date of entry into the management agreement.

In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.

All significant intercompany balances and transactions have been eliminated in consolidation.

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.

Revenue Recognition

Revenue Recognition

The Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics and patient visits to physicians. The fees for such services are billed either to the patient or a third-party payer, including Medicare. Starting in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are three membership plans offered with different levels of service for each plan. 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.

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 an 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 recognize other management service revenue in the period in which services are rendered. These revenues are earned by IMAC Nashville, IMAC Management and IMAC Illinois and are eliminated in consolidation to the extent owned.

The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:

March 31, 2020 March 31, 2019

Patient revenues $ 7,151,942 $ 7,289,022

Contractual adjustments (3,842,873 ) (4,519,194 )

Patient revenue, net $ 3,309,069 $ 2,769,828

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.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 and 2019.

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 primary collection risks are (i) the risk of overestimation of net revenues at the time of billing that may result in the Company receiving less than the recorded receivable, (ii) the risk of non-payment as a result of commercial insurance companies’ denial of claims, (iii) the risk that patients will fail to remit insurance payments to the Company when the commercial insurance company pays out-of-network claims directly to the patient, (iv) resource and capacity constraints that may prevent the Company from handling the volume of billing and collection issues in a timely manner, (v) the risk that patients do not pay the Company for their self-pay balances (including co-pays, deductibles and any portion of the claim not covered by insurance) and (vi) the risk of non-payment from uninsured patients.

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 operating systems used to manage the Company’s patient accounts provide for an aging schedule in 30-day increments, by payer, physician and patient. 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 Doubtful Accounts, Contractual and Other Discounts

Allowance for Doubtful Accounts, Contractual and Other Discounts

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. The Company’s allowance for doubtful accounts is based on historical experience, but management also takes into consideration the age of accounts, creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. An account may be written-off only after the Company has pursued collection efforts or otherwise determines an account to be uncollectible. Uncollectible balances are written-off against the allowance. Recoveries of previously written-off balances are credited to income when the recoveries are made.

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 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. Acquired intangible assets include trade names, non-compete agreements, customer relationships and contractual agreements.

Goodwill

Goodwill

Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may include, among others, a significant decline in expected future cash flows, a significant adverse change in the business climate, and unforeseen competition. There was no goodwill impairment for the years presented.

The Company tests goodwill for impairment on an annual basis, or when events or circumstances indicate the fair value of a reporting unit is below its carrying value.

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 $241,817 and $347,016 for the three months ended March 31, 2020 and 2019, 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 period. Diluted net loss per common share is determined using the weighted-average of common shares outstanding during the period, 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

Following the Company’s conversion to a Delaware corporation in 2018, IMAC Nashville, IMAC Texas, IMAC St. Louis continued as single-member limited liability companies (wholly owned by the Company) that are disregarded entities for tax purposes and do not file separate returns. Their activity is included as part of IMAC Holdings Inc. Advantage Therapy, IMAC Illinois and IMAC Florida are also disregarded entities for tax purposes. BioFirma was a limited liability company taxed as a partnership. Effective October 1, 2019, BioFirma became wholly owned by IMAC Holdings and is a disregarded entity for tax purposes. IMAC Management is a C-corporation and is included in the consolidated return of IMAC Holdings as a subsidiary.

Any future benefit arising from losses have been offset by a valuation allowance. Accordingly, no provision for income taxes is reflected in the condensed consolidated financial statements. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. Interest and penalties related to income tax matters, if any, would be recognized as a component of income tax expense. At March 31, 2020 and December 31, 2019, the Company had no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Currently, the tax years subsequent to 2017 are open and subject to examination by the taxing authorities.

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XML 46 R28.htm IDEA: XBRL DOCUMENT v3.20.1

Business Acquisitions (Tables)
3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the business acquisitions since January 1, 2019:

Florida

Property & equipment $ 50,358

Intangible assets 128,802

Other assets 20,840

$ 200,000

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Notes Payable
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

Note 12 – Notes Payable

On March 25, 2020, the Company entered into a note purchase agreement with Iliad Research & Trading, L.P. (the “Holder”), pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the “Note”) in an aggregate initial principal amount of $1,115,000 (the “Initial Principal Amount”), which is payable on or before the date that is 18 months from the issuance date (the “Maturity Date”). The Initial Principal Amount includes an original issue discount of $100,000 and $15,000 that the Company agreed to pay to the Holder to cover the Holder’s legal fees, accounting costs, due diligence and other transaction costs. In exchange for the Note, the Holder paid an aggregate purchase price of $1,000,000. Interest on the Note accrues at a rate of 10% per annum and is payable on the Maturity Date or otherwise in accordance with the Note. The Note may be prepaid by the Company (with the payment of a premium), may be required by the Holder to be redeemed by the Company for up to $200,000 per month after the six-month anniversary of the issuance of the Note (subject to certain deferral rights), and is subject to customary event of default (with a default interest rate of up to 22%). The Note transaction documents also give the Holder a right of first refusal to future debt issuances and a right to the first $250,000 of every $1 million of proceeds from future sales of equity by the Company. The Note is secured by the assets of the Company, other that the Company’s owned real property, intellectual property and accounts receivable, pursuant to a security agreement.



Set forth below is a summary of the Company’s outstanding debt as of:

March 31, December 31,

2020 2019

Note payable to The Edward S. Bredniak Trust in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in June 2019 and all outstanding balances are due January 5, 2021. $ 1,750,000 $ 1,750,000

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 matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives. 92,904 99,628

$1.2 million mortgage loan with a financial institution. The loan agreement was originally for 6-months and carries an interest rate 3.35%. The loan matured in 2019. It is currently due on demand, with interest being paid monthly. 1,232,500 1,232,500

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. 90,629 93,652

Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note matures on May 4, 2021, and is secured by the equipment and personal guarantees of certain Company executives. 52,910 63,913

Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payment of five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured. 40,000 60,000

$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. 97,621 102,744

Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company. 118,217 129,182

Note payable in the amount of $1,115,000, dated March 25, 2020. The note is payable on or before September 25, 2021. The interest on the note accrues at a rate of 10% per annum and is payable on the maturity date or otherwise in accordance with the note. 1,115,000 -

Unamortized debt issuance costs (179,862 ) -

4,409,919 3,531,619

Less: current portion: (4,089,567 ) (1,422,554 )

$ 320,352 $ 2,109,065

Principal maturities of the Company’s notes payable are as follows:

Years Ending December 31, Amount

2020 (nine months) $ 2,073,216

2021 2,127,820

2022 104,186

2023 51,657

2024 27,631

Thereafter 25,409

Total $ 4,409,919

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Global Pandemic and Management's Plans
3 Months Ended

Mar. 31, 2020

Global Pandemic And Managements Plans

Global Pandemic and Management's Plans

Note 4 - Global Pandemic and Management’s Plans

On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spread globally beyond the point of origin. On March 20, 2020 the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of these condensed consolidated financial statements. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s combined financial condition, liquidity and future results of operations. Management is actively monitoring the impact of the global situation on its consolidated financial condition, liquidity, operations, suppliers, industry and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020.

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Property and Equipment
3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 8 – Property and Equipment

The Company’s property and equipment consisted of the following at March 31, 2020 and December 31, 2019:

Estimated

Useful Life in Years March 31, 2020 December 31, 2019

Land and building 40 (Building) $ 1,175,000 $ 1,175,000

Leasehold improvements Shorter of asset or lease term 2,264,798 2,262,398

Equipment 1.5 - 7 2,003,549 1,948,347

Total property and equipment 5,443,347 5,385,745

Less: accumulated depreciation (1,912,580 ) (1,693,736 )

Total property and equipment, net $ 3,530,767 $ 3,692,009

Depreciation was $218,843 and $154,881 for the three months ended March 31, 2020 and 2019, respectively.

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Concentration of Credit Risks (Details Narrative)

Mar. 31, 2020

USD ($)

Risks and Uncertainties [Abstract]

FDIC insured amount $ 250,000

Cash and cash equivalents in excess of FDIC $ 802,932

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Income Taxes (Tables)
3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Statutory Federal Income Tax Rate

The sources and tax effects of the differences are as follows:

Deferred tax benefit at the federal statutory rate 21 %

Valuation allowance -21 %

0 %

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Notes Payable (Details Narrative) - USD ($)
3 Months Ended

Mar. 25, 2020

Mar. 31, 2020

Mar. 31, 2019

Repayments of notes payable $ 256,838 $ 27,053

Iliad Research & Trading, L.P [Member] | Secured Promissory Note [Member]

Initial principal amount $ 1,115,000

Debt maturity term 18 months

Original issue discount $ 100,000

Repayments of notes payable 15,000

Purchase price of notes $ 1,000,000

Note interest rate 10.00%

Debt issuances cost $ 250,000

Proceeds from future sales of equity 1,000,000

Iliad Research & Trading, L.P [Member] | Secured Promissory Note [Member] | Maximum [Member]

Prepayment of redemption premium $ 200,000

Default interest rate 22.00%

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Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended

Aug. 13, 2019

Jul. 15, 2019

May 21, 2019

Apr. 19, 2019

Feb. 12, 2019

Jun. 01, 2018

Feb. 28, 2019

Mar. 31, 2020

Mar. 31, 2019

May 31, 2018

Number of units authorized 400

Number of units issued 365

Number of units outstanding 365

Conversion of units into shares, shares 6,582,737

Shares issued price per share $ 0.001

Reverse split of common stock outstanding 4,533,623

Gross proceeds from initial public offering $ 4,356,815 $ 3,839,482

Payment in purchase agreement $ 200,000

Restricted Stock Units (RSUs) [Member]

Outstanding restricted stock of its common stock $ 277,500

Number of shares vested 30,000

Non-Qualified Stock Options [Member] | Various Employees [Member]

Outstanding stock options to purchase stock 452,872

Vesting period 4 years

Vesting percentage 25.00%

Vesting description These 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. Stock based compensation for stock options is estimated at the grant date based on the fair value calculated using the Black-Scholes method.

Volatility rate 32.20%

Risk free rate 2.40%

Expected term 10 years

2018 Incentive Compensation Plan [Member]

Reserving for issuance 1,000,000

Merger Agreement [Member]

Number of shares issued during period, shares 1,002,306

Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member]

Payment in purchase agreement $ 10,000,000

Value of common stock as commitment fee $ 10,000,000

Number of shares of common stock of commitment fee 60,006

Sale of shares 1,669,359 1,602,294

Outstanding shares percentage 19.99%

Number of common stock share sold, value $ 2,424,053

2018 Business Acquisitions [Member]

Stock issued during period, acquisitions 1,410,183

4% Convertible Notes [Member]

Stock issued during period, conversion of securities 449,217

Debt instrument, interest rate 4.00%

Common Stock [Member]

Number of shares issued during period, shares 1,095,840

Stock issued during period, conversion of securities 449,217

Stock issued during period, acquisitions 1,410,183

Initial Public Offering [Member] | Common Stock [Member]

Number of shares issued during period, shares 850,000

Initial Public Offering [Member] | Warrants to Purchase Common Stock [Member]

Number of shares issued during period, shares 1,700,000

Initial Public Offering [Member] | Stock Options [Member]

Number of shares issued during period, shares 34,000

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Dec. 31, 2019

Total property and equipment, gross $ 5,443,347 $ 5,385,745

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Total property and equipment, gross $ 1,175,000 1,175,000

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Estimated Useful Life Shorter of asset or lease term

Total property and equipment, gross $ 2,264,798 2,262,398

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Mar. 31, 2019

Total revenue $ 3,321,556 $ 2,769,828

Operating expenses:

Patient expenses 379,817 436,129

Salaries and benefits 2,926,150 2,064,623

Share-based compensation 81,084 3,749

Advertising and marketing 241,817 347,016

General and administrative 1,236,138 977,369

Depreciation and amortization 450,495 285,567

Total operating expenses 5,315,501 4,114,453

Operating loss (1,993,945) (1,344,625)

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Other expenses (15,955)

Beneficial conversion interest expense (639,159)

Interest expense (76,204) (30,671)

Total other expenses (76,204) (685,785)

Net loss before income taxes (2,070,149) (2,030,410)

Income taxes

Net loss (2,070,149) (2,030,410)

Net loss attributable to the non-controlling interest 336,604 431,223

Net loss attributable to IMAC Holdings, Inc. $ (1,733,545) $ (1,599,187)

Net loss per share attributable to common stockholders Basic and diluted $ (0.18) $ (0.27)

Weighted average common shares outstanding Basic and diluted 9,611,252 5,919,856

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Summary of Significant Accounting Policies
3 Months Ended

Mar. 31, 2020

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” or the “Commission”). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2020.

The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (“IMAC Holdings”) 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 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”) and IMAC Management of Florida, LLC (“IMAC Florida”); 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”); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”).

In June 2018, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interests in IMAC St. Louis and Clinic Management Associates of KY, LLC (“CMA of KY”), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (“IMAC Kentucky”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.

In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”) and 70% of BioFirma LLC (“BioFirma”). Both companies 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. On October 1, 2019, the Company acquired the 30% of BioFirma’s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma. Substantially all the assets of BioFirma were sold effective December 31, 2019.

In April 2019, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in ISDI Holdings II, Inc., an Illinois corporation (“ISDI Holdings II”), and PHR Holdings, Inc., an Illinois corporation (“PHR Holdings”), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (“Progressive”) and Illinois Spine and Disc Institute, Ltd (“ISDI”) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.

In November 2019, IMAC Illinois entered into a management agreement for an occupational and physical therapy practice in Rockford, Illinois. This entity is included in the condensed consolidated financial statements due to control by contract from the date of entry into the management agreement.

In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.

All significant intercompany balances and transactions have been eliminated in consolidation.

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.

Revenue Recognition

The Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics and patient visits to physicians. The fees for such services are billed either to the patient or a third-party payer, including Medicare. Starting in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are three membership plans offered with different levels of service for each plan. 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.

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 an 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 recognize other management service revenue in the period in which services are rendered. These revenues are earned by IMAC Nashville, IMAC Management and IMAC Illinois and are eliminated in consolidation to the extent owned.

The Company’s patient revenue consisted of the following as of March 31, 2020 and 2019:

March 31, 2020 March 31, 2019

Patient revenues $ 7,151,942 $ 7,289,022

Contractual adjustments (3,842,873 ) (4,519,194 )

Patient revenue, net $ 3,309,069 $ 2,769,828



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.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 and 2019.

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 primary collection risks are (i) the risk of overestimation of net revenues at the time of billing that may result in the Company receiving less than the recorded receivable, (ii) the risk of non-payment as a result of commercial insurance companies’ denial of claims, (iii) the risk that patients will fail to remit insurance payments to the Company when the commercial insurance company pays out-of-network claims directly to the patient, (iv) resource and capacity constraints that may prevent the Company from handling the volume of billing and collection issues in a timely manner, (v) the risk that patients do not pay the Company for their self-pay balances (including co-pays, deductibles and any portion of the claim not covered by insurance) and (vi) the risk of non-payment from uninsured patients.

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 operating systems used to manage the Company’s patient accounts provide for an aging schedule in 30-day increments, by payer, physician and patient. 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 Doubtful Accounts, Contractual and Other Discounts

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. The Company’s allowance for doubtful accounts is based on historical experience, but management also takes into consideration the age of accounts, creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. An account may be written-off only after the Company has pursued collection efforts or otherwise determines an account to be uncollectible. Uncollectible balances are written-off against the allowance. Recoveries of previously written-off balances are credited to income when the recoveries are made.

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 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. Acquired intangible assets include trade names, non-compete agreements, customer relationships and contractual agreements.

Goodwill

Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may include, among others, a significant decline in expected future cash flows, a significant adverse change in the business climate, and unforeseen competition. There was no goodwill impairment for the years presented.

The Company tests goodwill for impairment on an annual basis, or when events or circumstances indicate the fair value of a reporting unit is below its carrying value.

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 $241,817 and $347,016 for the three months ended March 31, 2020 and 2019, 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 period. Diluted net loss per common share is determined using the weighted-average of common shares outstanding during the period, 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

Following the Company’s conversion to a Delaware corporation in 2018, IMAC Nashville, IMAC Texas, IMAC St. Louis continued as single-member limited liability companies (wholly owned by the Company) that are disregarded entities for tax purposes and do not file separate returns. Their activity is included as part of IMAC Holdings Inc. Advantage Therapy, IMAC Illinois and IMAC Florida are also disregarded entities for tax purposes. BioFirma was a limited liability company taxed as a partnership. Effective October 1, 2019, BioFirma became wholly owned by IMAC Holdings and is a disregarded entity for tax purposes. IMAC Management is a C-corporation and is included in the consolidated return of IMAC Holdings as a subsidiary.

Any future benefit arising from losses have been offset by a valuation allowance. Accordingly, no provision for income taxes is reflected in the condensed consolidated financial statements. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. Interest and penalties related to income tax matters, if any, would be recognized as a component of income tax expense. At March 31, 2020 and December 31, 2019, the Company had no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. Currently, the tax years subsequent to 2017 are open and subject to examination by the taxing authorities.

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Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)
1 Months Ended

Apr. 21, 2020

Apr. 30, 2020

CARES Act Provider Relief Fund [Member]

Releif fund received $ 400,000

Emergency appropriations description Further legislation enacted on April 24, 2020 provides for an additional $75 billion in emergency appropriations to eligible healthcare providers which respond to the COVID-19 outbreak.

Pinnacle Bank [Member] | Paycheck Protection Program Note [Member]

Loans payable principal amount $ 1,691,520

Note interest rate 1.00%

Loan maturity date Apr. 21, 2022

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Commitments and Contingencies
3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16 – Commitments and Contingencies

The Company is subject to extensive regulation, including health insurance regulations directed at ascertaining the appropriateness of reimbursement, preventing fraud and abuse and otherwise regulating reimbursement. To ensure compliance, various insurance providers often conduct audits and request patient records and other documents to support claims submitted by the Company for payment of services rendered to customers. In the event that an audit results in discrepancies in the records provided, insurance providers may be entitled to extrapolate the results of the audit to make overpayment demands based on a wider population of claims than those examined in the audit.

From time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. 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.

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Concentration of Credit Risks (Tables)
3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk

As of March 31, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:

March 31, 2020 December 31, 2019

% of Revenue % of Accounts Receivable % of Revenue % of Accounts Receivable

(Unaudited)

Patient payment 39 % 30 % 47 % 40 %

Medicare payment 34 % 29 % 27 % 26 %

Insurance payment 27 % 41 % 26 % 34 %

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Intangibles Assets and Goodwill - Schedule of Future Amortization of Intangible Assets (Details)

Mar. 31, 2020

USD ($)

Goodwill and Intangible Assets Disclosure [Abstract]

2020 (nine months) $ 704,500

2021 882,861

2022 839,000

2023 794,040

2024 794,040

Thereafter 3,057,861

Total $ 7,072,302

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Mar. 31, 2019

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Capital Requirements, Liquidity and Going Concern Considerations
3 Months Ended

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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 including 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 and had a deficiency in working capital of approximately $5.7 million at March 31, 2020. The Company had a net loss of approximately $2.1 million at March 31, 2020, and used cash in operations of approximately $1.2 million at March 31, 2020. The Company expects to continue to incur significant expenditures to develop and expand its owned and managed outpatient medical clinics.

Management recognizes that the Company must obtain additional resources to successfully integrate its acquired and managed clinics and implement its business plans. Through March 31, 2020, the Company has received funding in the form of indebtedness and the issuance of common stock. Management plans to continue to raise funds and/or refinance our indebtedness to support our operations in 2020 and beyond. However, no assurances can be given that we will be successful. If management is not able to timely and successfully raise additional capital and/or refinance indebtedness, 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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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)

Common Stock [Member]

Additional Paid-In Capital [Member]

Non-Controlling Interest [Member]

Accumulated Deficit [Member]

Total

Balance at Dec. 31, 2018 $ 4,534 $ 1,233,966 $ (1,625,840) $ (3,544,820) $ (3,932,160)

Balance, shares at Dec. 31, 2018 4,553,623

Common stock issued for initial public offering proceeds, net of related fees $ 850 3,503,314 3,504,164

Common stock issued for initial public offering proceeds, net of related fees, shares 850,000

Issuance of common stock in connection with convertible notes $ 449 2,245,636 2,246,085

Issuance of common stock in connection with convertible notes, shares 449,217

Issuance of common stock in connection with acquisitions $ 1,410 7,247,798 7,249,208

Issuance of common stock in connection with acquisitions, shares 1,410,183

Exercise of warrants $ 10 49,490 49,500

Exercise of warrants, shares 9,900

Net loss (431,223) (1,599,187) (2,030,410)

Balance at Mar. 31, 2019 $ 7,253 14,280,204 (2,057,063) (5,144,007) 7,086,387

Balance, shares at Mar. 31, 2019 7,252,923

Balance at Dec. 31, 2019 $ 8,907 20,050,634 (2,080,199) (10,042,050) 7,937,292

Balance, shares at Dec. 31, 2019 8,913,258

Issuance of common stock $ 1,096 1,376,122 1,377,218

Issuance of common stock, shares 1,095,840

Issuance of employee stock options 38,359 38,359

Net loss (336,604) (1,733,545) (2,070,149)

Balance at Mar. 31, 2020 $ 10,003 $ 21,465,115 $ (2,416,803) $ (11,775,595) $ 7,282,720

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Subsequent Events
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Subsequent Events

Note 17 - Subsequent Events

On April 21, 2020, the Company entered into a loan with Pinnacle Bank as the lender (“Lender”) in an aggregate principal amount of $1,691,520 (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Loan is evidenced by a promissory note (the “PPP Note”) dated April 21, 2020 and matures on April 21, 2022. The PPP Note bears interest at a rate of 1.000% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing on November 21, 2020 and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. In order to be entitled to forgiveness, funds from the Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent utilities, and interest on other debt obligations under the terms and conditions outlined by the PPP. The Company intends to use all or a significant majority of the Loan amount for the qualifying expenses. The Loan will not be deemed restricted issuance pursuant to the terms of the note purchase agreement entered into by the Company and Iliad Research & Trading, L.P. on March 25, 2020.

In April 2020, the Company received approximately $400,000 from the CARES Act Provider Relief Fund, a federal fund allocated for general distribution to Medicare facilities and providers impacted by the COVID-19 outbreak. Further allocations of funds provided for in the CARES Act may be received in future periods. However, we are not able to estimate the amount of additional funds we may receive. These government payments are currently expected to be recognized in our operations during the second quarter of 2020 and will not be subject to repayment, provided the Company is able to attest to and comply with the terms and conditions of the funding.

Further legislation enacted on April 24, 2020 provides for an additional $75 billion in emergency appropriations to eligible healthcare providers which respond to the COVID-19 outbreak. Recipients will not be required to repay the government for such funds received, provided they comply with the terms and conditions of federal legislation and the rules and regulations promulgated thereunder, which have not yet been finalized.

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March 31, 2020 December 31, 2019

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Gross accounts receivable $ 1,450,113 $ 1,285,228

Less: allowance for doubtful accounts (28,982 ) (26,903 )

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Concentration of Credit Risks

Note 5 – 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. The Company had approximately $802,932 of cash in excess of federally insured limits.

Revenue and Accounts Receivable

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Patient payment 39 % 30 % 47 % 40 %

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Intangibles Assets and Goodwill
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Intangibles Assets and Goodwill

Note 9 – Intangibles Assets and Goodwill

The Company’s intangible assets and goodwill consisted of the following at March 31, 2020 and December 31, 2019:

March 31, 2020

Estimated Accumulated

Useful Life Cost Amortization Net

Intangible assets:

Management service agreements 10 years $ 7,940,398 $ (1,110,849 ) $ 6,829,549

Non-compete agreements 3 years 301,000 (181,889 ) 119,111

Customer lists 3 years 134,882 (11,240 ) 123,642

Definite lived assets 8,376,280 (1,303,978 ) 7,072,302

Goodwill 2,040,696 - 2,040,696

Total intangible assets and goodwill $ 10,416,976 $ (1,303,978 ) $ 9,112,998



December 31, 2019

Estimated Accumulated

Useful Life Cost Amortization Net

Intangible assets:

Management service agreements 10 years $ 8,019,199 $ (994,321 ) $ 7,024,878

Non-compete agreements 3 years 301,000 (156,806 ) 144,194

Definite lived assets 8,320,199 (1,151,127 ) 7,169,072

Goodwill 2,040,696 - 2,040,696

Total intangible assets and goodwill $ 10,360,895 $ (1,151,127 ) $ 9,209,768

Amortization was $231,652 and $130,686 for the three months ended March 31, 2020 and 2019, respectively.

The Company’s estimated future amortization of intangible assets was as follows:

Years Ending December 31,

2020 (nine months) $ 704,500

2021 882,861

2022 839,000

2023 794,040

2024 794,040

Thereafter 3,057,861

$ 7,072,302

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Stockholders' Equity
3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders’ Equity

Note 13 – Stockholders’ Equity

Prior to the Company’s conversion to a corporation, the Company had 400 member units authorized with 365 units issued and outstanding.

On June 1, 2018, the Company converted its 365 outstanding member units into 6,582,737 shares of common stock with a $0.001 par value pursuant to the Company’s conversion from a limited liability company to a corporation.

On February 12, 2019, the Company completed a reverse split of its 6,582,737 shares of common stock to 4,533,623 shares of common stock outstanding pursuant to an amendment of the Company’s certificate of incorporation. The reverse split has been given retrospective treatment.

During February 2019, the Company completed an initial public offering of securities and issued 850,000 shares of its common stock, along with 1,700,000 warrants to purchase common stock and an option to purchase 34,000 shares of common stock for gross proceeds of $4,356,815. The Company also issued 449,217 shares of common stock for the conversion of its 4% convertible notes and 1,410,183 shares to satisfy deferred acquisition consideration payable in connection with its 2018 business acquisitions.

On April 19, 2019, the Company consummated the transaction contemplated by the Merger Agreement and issued 1,002,306 shares of its common stock as Merger Consideration.

On July 15, 2019, the Company signed a $10 million share purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), an Illinois limited liability company. In consideration for entering into the $10 million agreement, the Company issued to Lincoln Park 60,006 shares of Company common stock as a commitment fee. The Purchase Agreement limits our sales of shares of common stock to Lincoln Park to 1,669,359 shares of common stock, representing 19.99% of the shares of common stock outstanding on the date of the Purchase Agreement unless (a) stockholder approval is obtained to issue more than such amount or (b) the average price of all applicable sales of our common stock to Lincoln Park under the Purchase Agreement equals or exceeds the lower of (i) the closing price of our common stock on the Nasdaq Capital Market immediately preceding July 15, 2019 or (ii) the average of the closing price of our common stock on the Nasdaq Capital Market for the five business days immediately preceding July 15, 2019. As of March 31, 2020, pursuant to the Purchase Agreement, the Company sold an aggregate of 1,602,294 shares of common stock of the Company to Lincoln Park for aggregate proceeds to the Company of $2,424,053 (excluding the 60,006 shares issued to Lincoln Park as a commitment fee).

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.



Stock Options

As of March 31, 2020, the Company had issued stock options to purchase 452,872 shares of its common stock as non-qualified stock options to various employees of the Company. These 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. 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 with the following assumptions: a volatility rate of 32.2%, risk free rate of 2.4% and the expected term of 10 years.

Restricted Stock Units

On May 21, 2019, the Company granted an aggregate of 277,500 Restricted Stock Units (“RSUs”) to certain employees, executives and Board members, the terms of which vest over various periods between the date of grant and four years following the date of grant. On August 13, 2019, 30,000 shares of common stock were issued pursuant to granted RSUs which had vested as of such date.

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Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Working capital $ 5,700,000

Net loss (1,733,545) $ (1,599,187)

Net cash (used in) operating activities $ (1,157,207) $ (894,149)

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Notes Payable (Tables)
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Notes Payable

March 31, December 31,

2020 2019

Note payable to The Edward S. Bredniak Trust in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in June 2019 and all outstanding balances are due January 5, 2021. $ 1,750,000 $ 1,750,000

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 matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives. 92,904 99,628

$1.2 million mortgage loan with a financial institution. The loan agreement was originally for 6-months and carries an interest rate 3.35%. The loan matured in 2019. It is currently due on demand, with interest being paid monthly. 1,232,500 1,232,500

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. 90,629 93,652

Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note matures on May 4, 2021, and is secured by the equipment and personal guarantees of certain Company executives. 52,910 63,913

Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payment of five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured. 40,000 60,000

$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. 97,621 102,744

Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company. 118,217 129,182

Note payable in the amount of $1,115,000, dated March 25, 2020. The note is payable on or before September 25, 2021. The interest on the note accrues at a rate of 10% per annum and is payable on the maturity date or otherwise in accordance with the note. 1,115,000 -

Unamortized debt issuance costs (179,862 ) -

4,409,919 3,531,619

Less: current portion: (4,089,567 ) (1,422,554 )

$ 320,352 $ 2,109,065

Schedule of Principal Maturities of Notes Payable

Principal maturities of the Company’s notes payable are as follows:

Years Ending December 31, Amount

2020 (nine months) $ 2,073,216

2021 2,127,820

2022 104,186

2023 51,657

2024 27,631

Thereafter 25,409

Total $ 4,409,919

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Mar. 25, 2020

Dec. 31, 2019

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Mar. 31, 2020

Mar. 31, 2019

Matching contributions, percentage of match 50.00%

Matching contributions, percent of employees' gross pay 6.00%

Matching contributions, amount $ 19,690 $ 7,407

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Period Type:

Lines of Credit (Details Narrative) - USD ($)	3 Months Ended
Lines of Credit (Details Narrative) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Line of credit	$ 79,961	$ 79,961
Advantage Theraphy [Member]
Line of credit	$ 100,000
Line of credit, maturity date	Nov. 20, 2020
Line of credit, interest rate	6.00%
Line of credit balance	$ 79,961		$ 79,961

Notes Payable - Schedule of Principal Maturities of Notes Payable (Details)	Mar. 31, 2020 USD ($)
Debt Disclosure [Abstract]
2020 (nine months)	$ 2,073,216
2021	2,127,820
2022	104,186
2023	51,657
2024	27,631
Thereafter	25,409
Total	$ 4,409,919

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Gross accounts receivable	$ 1,450,113	$ 1,285,228
Less: allowance for doubtful accounts	(28,982)	(26,903)
Accounts receivable, net	$ 1,421,131	$ 1,258,325

Operating Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (nine months)	$ 887,150
2021	1,017,114
2022	1,022,348
2023	939,971
2024	601,468
Thereafter	588,246
Total	5,056,297
Amount representing imputed interest	(340,637)
Total operating lease liability	4,715,660
Current portion of operating lease liability	(1,024,491)	$ (1,025,247)
Operating lease liability, non-current	$ 3,691,169	$ 3,660,654

Notes Payable - Schedule of Notes Payable (Details) (Parenthetical)								1 Months Ended	3 Months Ended
	Mar. 25, 2020 USD ($)	Sep. 25, 2019 USD ($) Integer	Mar. 01, 2019 USD ($) Integer	Nov. 15, 2017 USD ($) Integer	Mar. 08, 2017 USD ($) Integer	Aug. 01, 2016 USD ($) Integer	May 04, 2016 USD ($) Integer	Jun. 30, 2019	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Notes payable									$ 4,409,919	$ 3,531,619
Notes Payable [Member]
Notes payable									1,750,000	1,750,000
Notes Payable One [Member]
Notes payable									92,904	99,628
Notes Payable One [Member] \| Financial Institution [Member]
Notes payable				$ 200,000
Debt instrument interest rate				5.00%
Debt instrument maturity date				May 15, 2023
Number of installments \| Integer				66
Debt instrument, periodic payment				$ 2,652
Debt instrument balloon payment				$ 60,000
Notes Payable Two [Member]
Notes payable									1,232,500	1,232,500
Notes Payable Two [Member] \| Financial Institution [Member]
Debt instrument face amount									$ 1,200,000
Debt instrument interest rate									3.35%
Debt instrument maturity date, description									The loan matured in 2019
Notes Payable Three [Member]
Notes payable									$ 90,629	93,652
Notes Payable Three [Member] \| Financial Institution [Member]
Notes payable						$ 131,400
Debt instrument interest rate						5.00%
Debt instrument maturity date						Jul. 01, 2026
Number of installments \| Integer						120
Debt instrument, periodic payment						$ 1,394
Notes Payable Four [Member]
Notes payable									52,910	63,913
Notes Payable Four [Member] \| Financial Institution [Member]
Notes payable							$ 200,000
Debt instrument interest rate							4.25%
Debt instrument maturity date							May 04, 2021
Number of installments \| Integer							60
Debt instrument, periodic payment							$ 3,881
Notes Payable Five [Member]
Notes payable									40,000	60,000
Notes Payable Six [Member]
Notes payable									97,621	102,744
Notes Payable Six [Member] \| Advantage Therapy, LLC [Member]
Notes payable			$ 112,800
Debt instrument interest rate			5.00%
Debt instrument maturity date			Jun. 01, 2024
Number of installments \| Integer			60
Debt instrument, periodic payment			$ 2,129
Notes Payable Seven [Member]
Notes payable									118,217	129,182
Notes Payable Seven [Member] \| Financial Institution [Member]
Notes payable		$ 140,000
Debt instrument interest rate		5.39%
Debt instrument maturity date		Sep. 19, 2022
Number of installments \| Integer		36
Debt instrument, periodic payment		$ 4,225
Notes Payable Eight [Member]
Notes payable	$ 1,115,000								1,115,000
Debt instrument interest rate	10.00%
Debt instrument maturity date	Sep. 25, 2021
Edward S. Bredniak [Member] \| Notes Payable [Member]
Debt instrument face amount									2,000,000
Notes payable									$ 379,676
Debt instrument interest rate									10.00%
Debt instrument maturity date								Jan. 05, 2021
Employee [Member] \| Notes Payable Five [Member]
Notes payable					$ 101,906
Debt instrument interest rate					5.00%
Debt instrument maturity date					Dec. 31, 2021
Number of installments \| Integer					5
Debt instrument, periodic payment					$ 23,350

Income Taxes (Details Narrative)	3 Months Ended
Income Taxes (Details Narrative)	Mar. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Operating loss carryforward, net	$ 3,700,000
Operating loss carryforward, description	If not used, this carryforward will begin to expire in 2029. The deferred tax asset relating to the operating loss carryforward has been fully reserved at March 31, 2020.

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (2,070,149)	$ (2,030,410)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	450,495	285,567
Beneficial conversion interest expense		639,159
Share based compensation	81,084	3,749
Deferred rent		(12,969)
(Increase) decrease in operating assets:
Accounts receivable, net	(141,966)	(361,450)
Other assets	64,120	(230,796)
Security deposits	(51,796)	(3,310)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	408,221	361,428
Patient deposits	102,784	485,392
Lease incentive obligation		(26,759)
Net cash used in operating activities	(1,157,207)	(894,149)
Cash flows from investing activities:
Purchase of property and equipment	(7,243)	(42,426)
Acquisition of IMAC Florida (Note 7)	(200,000)
Net cash used in investing activities	(207,243)	(42,426)
Cash flows from financing activities:
Proceeds from initial public offering, net of related fees		3,839,482
Proceeds from warrants exercised		49,500
Proceeds from issuance of common stock	1,403,837
Proceeds from notes payable	1,200,000	100,000
Payments on notes payable	(256,838)	(27,053)
Payments of debt issuance costs	(70,000)
Payments on line of credit		(150,000)
Payments on finance lease obligation	(4,298)	(4,118)
Net cash provided by financing activities	2,272,701	3,807,811
Net increase in cash	908,251	2,871,237
Cash, beginning of period	373,689	194,316
Cash, end of period	1,281,940	3,065,553
Supplemental cash flow information:
Interest paid	27,412	30,671
Non cash financing and investing:
Debt discount notes payable	$ 115,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 1,281,940	$ 373,689
Accounts receivable, net	1,421,131	1,258,325
Deferred compensation, current portion	265,677	312,258
Other assets	572,559	633,303
Total current assets	3,541,307	2,577,575
Property and equipment, net	3,530,767	3,692,009
Other assets:
Goodwill	2,040,696	2,040,696
Intangible assets, net	7,072,302	7,169,072
Deferred equity costs	143,655	170,274
Deferred compensation, net of current portion	422,544	549,563
Security deposits	551,284	499,488
Right of use asset	3,800,997	3,719,401
Total other assets	14,031,478	14,148,494
Total assets	21,103,552	20,418,078
Current liabilities:
Accounts payable and accrued expenses	3,278,967	2,909,666
Patient deposits	292,475	189,691
Notes payable, current portion, net of deferred loan costs	4,089,567	1,422,554
Finance lease obligation, current portion	17,662	17,473
Line of credit	79,961	79,961
Liability to issue common stock, current portion	501,844	421,044
Operating lease liability, current portion	1,024,491	1,025,247
Total current liabilities	9,284,967	6,065,636
Long-term liabilities:
Notes payable, net of current portion	320,352	2,109,065
Finance lease obligation, net of current portion	62,078	66,565
Liability to issue common stock, net of current portion	417,266	578,866
Operating lease liability, net of current portion	3,691,169	3,660,654
Other non-current liabilities	45,000
Total liabilities	13,820,832	12,480,786
Stockholders' equity:
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at March 31, 2020 and December 31, 2019
Common stock - $0.001 par value, 30,000,000 authorized, 10,009,098 and 8,913,258 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	10,003	8,907
Additional paid-in capital	21,465,115	20,050,634
Accumulated deficit	(11,775,595)	(10,042,050)
Non-controlling interest	(2,416,803)	(2,080,199)
Total stockholders' equity	7,282,720	7,937,292
Total liabilities and stockholders' equity	$ 21,103,552	$ 20,418,078

Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Florida [Member]	Mar. 31, 2020 USD ($)
Property & equipment	$ 50,358
Intangible assets	128,802
Other assets	20,840
Net Assets Acquired	$ 200,000

Concentration of Credit Risks (Details Narrative)	Mar. 31, 2020 USD ($)
Risks and Uncertainties [Abstract]
FDIC insured amount	$ 250,000
Cash and cash equivalents in excess of FDIC	$ 802,932

Notes Payable (Details Narrative) - USD ($)		3 Months Ended
Notes Payable (Details Narrative) - USD ($)	Mar. 25, 2020	Mar. 31, 2020	Mar. 31, 2019
Repayments of notes payable		$ 256,838	$ 27,053
Iliad Research & Trading, L.P [Member] \| Secured Promissory Note [Member]
Initial principal amount	$ 1,115,000
Debt maturity term	18 months
Original issue discount	$ 100,000
Repayments of notes payable	15,000
Purchase price of notes	$ 1,000,000
Note interest rate	10.00%
Debt issuances cost	$ 250,000
Proceeds from future sales of equity	1,000,000
Iliad Research & Trading, L.P [Member] \| Secured Promissory Note [Member] \| Maximum [Member]
Prepayment of redemption premium	$ 200,000
Default interest rate	22.00%

Stockholders' Equity (Details Narrative) - USD ($)							1 Months Ended	3 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Aug. 13, 2019	Jul. 15, 2019	May 21, 2019	Apr. 19, 2019	Feb. 12, 2019	Jun. 01, 2018	Feb. 28, 2019	Mar. 31, 2020	Mar. 31, 2019	May 31, 2018
Number of units authorized								400
Number of units issued								365
Number of units outstanding								365
Conversion of units into shares, shares						6,582,737
Shares issued price per share						$ 0.001
Reverse split of common stock outstanding					4,533,623
Gross proceeds from initial public offering							$ 4,356,815		$ 3,839,482
Payment in purchase agreement								$ 200,000
Restricted Stock Units (RSUs) [Member]
Outstanding restricted stock of its common stock			$ 277,500
Number of shares vested	30,000
Non-Qualified Stock Options [Member] \| Various Employees [Member]
Outstanding stock options to purchase stock								452,872
Vesting period								4 years
Vesting percentage								25.00%
Vesting description								These 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. Stock based compensation for stock options is estimated at the grant date based on the fair value calculated using the Black-Scholes method.
Volatility rate								32.20%
Risk free rate								2.40%
Expected term								10 years
2018 Incentive Compensation Plan [Member]
Reserving for issuance										1,000,000
Merger Agreement [Member]
Number of shares issued during period, shares				1,002,306
Purchase Agreement [Member] \| Lincoln Park Capital Fund, LLC [Member]
Payment in purchase agreement		$ 10,000,000
Value of common stock as commitment fee		$ 10,000,000
Number of shares of common stock of commitment fee		60,006
Sale of shares		1,669,359						1,602,294
Outstanding shares percentage		19.99%
Number of common stock share sold, value								$ 2,424,053
2018 Business Acquisitions [Member]
Stock issued during period, acquisitions							1,410,183
4% Convertible Notes [Member]
Stock issued during period, conversion of securities							449,217
Debt instrument, interest rate							4.00%
Common Stock [Member]
Number of shares issued during period, shares								1,095,840
Stock issued during period, conversion of securities									449,217
Stock issued during period, acquisitions									1,410,183
Initial Public Offering [Member] \| Common Stock [Member]
Number of shares issued during period, shares							850,000
Initial Public Offering [Member] \| Warrants to Purchase Common Stock [Member]
Number of shares issued during period, shares							1,700,000
Initial Public Offering [Member] \| Stock Options [Member]
Number of shares issued during period, shares							34,000

Operating Leases (Details Narrative)	3 Months Ended
Operating Leases (Details Narrative)	Mar. 31, 2020
Leases [Abstract]
Mortgage interest rate term	10 years

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Total property and equipment, gross	$ 5,443,347	$ 5,385,745
Less: accumulated depreciation	(1,912,580)	(1,693,736)
Total property and equipment, net	$ 3,530,767	3,692,009
Land and Building [Member]
Estimated Useful Life in Years	40 years
Total property and equipment, gross	$ 1,175,000	1,175,000
Leasehold Improvements [Member]
Estimated Useful Life	Shorter of asset or lease term
Total property and equipment, gross	$ 2,264,798	2,262,398
Equipment [Member]
Total property and equipment, gross	$ 2,003,549	$ 1,948,347
Equipment [Member] \| Minimum [Member]
Estimated Useful Life in Years	1 year 6 months
Equipment [Member] \| Maximum [Member]
Estimated Useful Life in Years	7 years

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)		1 Months Ended
	Apr. 21, 2020	Apr. 30, 2020
CARES Act Provider Relief Fund [Member]
Releif fund received		$ 400,000
Emergency appropriations description		Further legislation enacted on April 24, 2020 provides for an additional $75 billion in emergency appropriations to eligible healthcare providers which respond to the COVID-19 outbreak.
Pinnacle Bank [Member] \| Paycheck Protection Program Note [Member]
Loans payable principal amount	$ 1,691,520
Note interest rate	1.00%
Loan maturity date	Apr. 21, 2022

Intangibles Assets and Goodwill - Schedule of Future Amortization of Intangible Assets (Details)	Mar. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (nine months)	$ 704,500
2021	882,861
2022	839,000
2023	794,040
2024	794,040
Thereafter	3,057,861
Total	$ 7,072,302

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 218,843	$ 154,881

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Non-Controlling Interest [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 4,534	$ 1,233,966	$ (1,625,840)	$ (3,544,820)	$ (3,932,160)
Balance, shares at Dec. 31, 2018	4,553,623
Common stock issued for initial public offering proceeds, net of related fees	$ 850	3,503,314			3,504,164
Common stock issued for initial public offering proceeds, net of related fees, shares	850,000
Issuance of common stock in connection with convertible notes	$ 449	2,245,636			2,246,085
Issuance of common stock in connection with convertible notes, shares	449,217
Issuance of common stock in connection with acquisitions	$ 1,410	7,247,798			7,249,208
Issuance of common stock in connection with acquisitions, shares	1,410,183
Exercise of warrants	$ 10	49,490			49,500
Exercise of warrants, shares	9,900
Net loss			(431,223)	(1,599,187)	(2,030,410)
Balance at Mar. 31, 2019	$ 7,253	14,280,204	(2,057,063)	(5,144,007)	7,086,387
Balance, shares at Mar. 31, 2019	7,252,923
Balance at Dec. 31, 2019	$ 8,907	20,050,634	(2,080,199)	(10,042,050)	7,937,292
Balance, shares at Dec. 31, 2019	8,913,258
Issuance of common stock	$ 1,096	1,376,122			1,377,218
Issuance of common stock, shares	1,095,840
Issuance of employee stock options		38,359			38,359
Net loss			(336,604)	(1,733,545)	(2,070,149)
Balance at Mar. 31, 2020	$ 10,003	$ 21,465,115	$ (2,416,803)	$ (11,775,595)	$ 7,282,720
Balance, shares at Mar. 31, 2020	10,009,098

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 14, 2020
Document And Entity Information
Entity Registrant Name	IMAC Holdings, Inc.
Entity Central Index Key	0001729944
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,009,098
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ 5,700,000
Net loss	(1,733,545)	$ (1,599,187)
Net cash (used in) operating activities	$ (1,157,207)	$ (894,149)

Retirement Plan (Details Narrative) - 401(k) Plan [Member] - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Matching contributions, percentage of match	50.00%
Matching contributions, percent of employees' gross pay	6.00%
Matching contributions, amount	$ 19,690	$ 7,407