0001493152-20-021037.txt : 20201112 0001493152-20-021037.hdr.sgml : 20201112 20201112091445 ACCESSION NUMBER: 0001493152-20-021037 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 75 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201112 DATE AS OF CHANGE: 20201112 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: 201303870 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 SEPTEMBER 30, 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 November 12, 2020 the registrant had 11,839,972 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 32
Item 4. Controls and Procedures 32
   
PART II. OTHER INFORMATION 33
Item 1. Legal Proceedings 33
Item 1A. Risk Factors 33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33
Item 3. Defaults Upon Senior Securities 34
Item 4. Mine Safety Disclosures 34
Item 5. Other Information 34
Item 6. Exhibits 34

 

2

 

 

Important Information Regarding Forward-Looking Statements

 

Portions of this Quarterly Report on Form 10-Q (including information incorporated by reference) include “forward-looking statements” based on our current beliefs, expectations, and projections regarding our business strategies, market potential, future financial performance, industry, and other matters. This includes, in particular, “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q, as well as other portions of this Quarterly Report on Form 10-Q. The words “believe,” “expect,” “anticipate,” “project,” “could,” “would,” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from those projected, anticipated, or implied in the forward-looking 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.

 

3

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

IMAC HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   September 30, 2020   December 31, 2019 
ASSETS          
Current assets:          
Cash  $1,664,304   $373,689 
Accounts receivable, net   1,433,457    1,258,325 
Deferred compensation, current portion   241,946    312,258 
Other assets   452,741    633,303 
Total current assets   3,792,448    2,577,575 
           
Property and equipment, net   1,861,879    3,692,009 
           
Other assets:          
Goodwill   2,040,696    2,040,696 
Intangible assets, net   6,846,385    7,169,072 
Deferred equity costs   143,655    170,274 
Deferred compensation, net of current portion   310,006    549,563 
Security deposits   413,407    499,488 
Right of use asset   3,965,755    3,719,401 
Total other assets   13,719,904    14,148,494 
           
Total assets  $19,374,231   $20,418,078 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities:          
Accounts payable and accrued expenses  $2,367,438   $2,909,666 
Patient deposits   373,678    189,691 
Notes payable, current portion, net of deferred loan costs   1,839,306    1,422,554 
Finance lease obligation, current portion   18,047    17,473 
Line of credit   79,961    79,961 
Liability to issue common stock, current portion   310,575    421,044 
Operating lease liability, current portion   1,051,964    1,025,247 
Total current liabilities   6,040,969    6,065,636 
           
Long-term liabilities:          
Notes payable, net of current portion   2,671,333    2,109,065 
Finance lease obligation, net of current portion   52,957    66,565 
Liability to issue common stock, net of current portion   378,760    578,866 
Operating lease liability, net of current portion   3,723,398    3,660,654 
Other non-current liabilities   15,000    - 
           
Total liabilities   12,882,417    12,480,786 
           
Stockholders’ equity:          
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at September 30, 2020 and December 31, 2019, respectively   -    - 
Common stock - $0.001 par value, 30,000,000 authorized, 11,839,972 and 8,913,258 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively   11,834    8,907 
Additional paid-in capital   24,119,889    20,050,634 
Accumulated deficit   (15,235,941)   (10,042,050)
Non-controlling interest   (2,403,968)   (2,080,199)
Total stockholders’ equity   6,491,814    7,937,292 
           
Total liabilities and stockholders’ equity  $19,374,231   $20,418,078 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

4

 

 

IMAC HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2020   2019   2020   2019 
                 
Patient revenues, net  $3,477,841   $4,355,904   $9,359,490   $10,882,487 
Management fees   -    -    12,487    - 
Total revenue   3,477,841    4,355,904    9,371,977    10,882,487 
                     
Operating expenses:                    
Patient expenses   428,615    950,517    1,213,799    2,314,424 
Salaries and benefits   2,622,266    2,878,391    7,882,665    7,536,223 
Share-based compensation   108,377    112,959    311,406    288,298 
Advertising and marketing   234,694    317,800    650,861    1,014,144 
Grant funds   -    -    (415,978)   - 
General and administrative   961,521    1,311,315    3,406,116    3,718,506 
Depreciation and amortization   430,121    422,405    1,334,267    1,104,961 
Total operating expenses   4,785,594    5,993,387    14,383,136    15,976,556 
                     
Operating loss   (1,307,753)   (1,637,483)   (5,011,159)   (5,094,069)
                     
Other income (expense):                    
Interest income   6,028    120    6,067    125 
Other income (expenses)   6    (94)   6    (15,384)
Beneficial conversion interest expense   -    -    -    (639,159)
Gain (loss) on extinguishment of debt   9,783    -    (99,761)   - 
Loss on disposal of assets   (39,047)   -    (60,272)   - 
Interest expense   (141,416)   (74,456)   (352,541)   (190,337)
Total other (expenses)   (164,646)   (74,430)   (506,501)   (844,755)
                     
Net loss before income taxes   (1,472,399)   (1,711,913)   (5,517,660)   (5,938,824)
                     
Income taxes   -    -    -    - 
                     
Net loss   (1,472,399)   (1,711,913)   (5,517,660)   (5,938,824)
                     
Net loss attributable to the non-controlling interest   42,741    162,951    323,769    889,907 
                     
Net loss attributable to IMAC Holdings, Inc.  $(1,429,658)  $(1,548,962)  $(5,193,891)  $(5,048,917)
                     
Net loss per share attributable to common stockholders                    
Basic and diluted  $(0.12)  $(0.19)  $(0.49)  $(0.68)
                     
Weighted average common shares outstanding                    
Basic and diluted   11,839,972    8,366,287    10,549,899    7,472,738 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

5

 

 

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         4,533,623   $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 
Issuance of common stock in connection with acquisitions   1,002,306    1,002    4,072,436    -    -    4,073,438 
Exercise of warrants   61,569    62    307,783    -    -    307,845 
Issuance of employee stock options   -    -    16,216    -    -    16,216 
Net loss   -    -    -    (295,733)   (1,900,768)   (2,196,501)
Balance, June 30, 2019   8,316,798    8,317    18,676,639    (2,352,796)   (7,044,775)   9,287,385 
Issuance of common stock   133,297    133    150,652    -    -    150,785 
Issuance of employee stock options   -    -    35,963    -    -    35,963 
Net loss   -    -    -    (162,951)   (1,548,962)   (1,711,913)
Balance, September 30, 2019   8,450,095   $8,450   $18,863,254   $(2,515,747)  $(8,593,737)  $7,762,220 

 

   Common Stock   Additional   Non-         
   Number of
Shares
   Par   Paid-In-
Capital
   Controlling
Interest
   Accumulated Deficit   Total 
                         
Balance, December 31, 2019   8,913,257   $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   10,009,097    10,003    21,465,115    (2,416,803)   (11,775,595)   7,282,720 
Issuance of common stock   1,830,875    1,831    2,576,820    -    -    2,578,651 
Issuance of employee stock options   -    -    37,569    -    -    37,569 
Net income (loss)   -    -    -    55,576    (2,030,688)   (1,975,112)
Balance, June 30, 2020   11,839,972    11,834    24,079,504    (2,361,227)   (13,806,283)   7,923,828 
Issuance of employee stock options   -    -    40,385    -    -    40,385 
Net loss   -    -    -    (42,741)   (1,429,658)   (1,472,399)
Balance, September 30, 2020   11,839,972   $11,834   $24,119,889   $(2,403,968)  $(15,235,941)  $6,491,814 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6

 

 

IMAC HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

  

Nine Months Ended

September 30,

 
   2020   2019 
Cash flows from operating activities:          
Net loss  $(5,517,660)  $(5,938,824)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   1,334,267    1,104,961 
Beneficial conversion interest expense   -    639,159 
Share based compensation   311,406    288,298 
Loss on disposition of assets   1,959    - 
Non cash expense   -    150,785 
(Increase) decrease in operating assets:          
Accounts receivable, net   (154,292)   64,046 
Other assets   251,976    (53,450)
Security deposits   86,081    (59,966)
Increase (decrease) in operating liabilities:          
Accounts payable and accrued expenses   (518,074)   736,704 
Patient deposits   183,987    358,906 
Lease incentive obligation   -    (85,894)
Net cash used in operating activities   (4,020,350)   (2,795,275)
           
Cash flows from investing activities:          
Purchase of property and equipment   (52,626)   (688,312)
Purchase of license fee   (243,750)   - 
Acquisition of IMAC Florida (Note 6)   (200,000)   - 
Net cash used in investing activities   (496,376)   (688,312)
           
Cash flows from financing activities:          
Proceeds from initial public offering, net of related fees   -    3,839,482 
Proceeds from warrants exercised   -    357,345 
Proceeds from issuance of common stock   3,736,613    - 
Proceeds from notes payable   2,891,520    212,800 
Payments on notes payable   (737,758)   (86,958)
Payments of debt issuance costs   (70,000)   - 
Proceeds from line of credit   -    20,000 
Payments on line of credit   -    (300,000)
Payments on finance lease obligation   (13,034)   (12,487)
Net cash provided by financing activities   5,807,341    4,030,182 
           
Net increase in cash   1,290,615    546,595 
           
Cash, beginning of period   373,689    194,316 
           
Cash, end of period  $1,664,304   $740,911 
           
Supplemental cash flow information:          
Interest paid  $63,152   $97,147 
Taxes paid   -   $18,533 
Non cash financing and investing:          
Debt discount notes payable  $115,000   $- 
Debt payment by sale of property and equipment  $1,232,500   $- 
Business acquisition via stock issuance  $-   $3,771,978 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

7

 

 

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 thirteen (13) medical clinics located in Kentucky, Missouri, Illinois and Florida at September 30, 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 12 – 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; however as of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.

 

8

 

 

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.

 

COVID-19 Pandemic

 

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 beyond the results presented in these condensed consolidated financial statements and this quarterly report.

 

CARES Act

 

The Company is continuing to closely monitor legislative actions at the federal, state and local levels including the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and other governmental assistance that might be available in response to the COVID-19 pandemic. As part of the CARES Act, the United States government initially announced that it would offer $100 billion of relief to eligible health care providers. On April 7, 2020, Centers for Medicare and Medicaid Services (“CMS”) officials indicated they would distribute $30 billion of direct grants to hospitals, ASCs and other health care providers based on how much they bill Medicare. Payments received from these grants are not required to be repaid provided the recipients attest to and comply with certain terms and conditions, including limitations on balance billing and not using funds received from the grants to reimburse expenses or losses that other sources are obligated to reimburse.

 

The Company received approximately $416,000 of the grant funds distributed under the CARES Act Provider Relief Fund program in April 2020. Based on an analysis of the compliance and reporting requirements and the impact of the COVID-19 pandemic on our operating results through the end of the third quarter, these funds were recognized as a reduction in operating expenses under the line item “Grant funds” in the condensed consolidated statements of operations for the nine months ended September 30, 2020. The recognition of amounts received is conditioned upon certification that payment will be used to prevent, prepare for and respond to the COVID-19 pandemic and shall reimburse the recipient only for healthcare related expenses or lost revenues that are attributable to the COVID-19 pandemic. Amounts are recognized as a reduction to operating costs and expenses only to the extent the Company is reasonably assured that underlying conditions are met.

 

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 for the three and nine months ended September 30, 2020 and September 30, 2019:

 

   Three Months Ended   Nine Months Ended 
   September 30, 2020   September 30, 2019   September 30, 2020   September 30, 2019 
                 
Patient revenues  $8,191,160   $8,712,495   $20,938,380   $24,889,336 
Contractual adjustments   (4,713,319)   (4,356,591)   (11,578,890)   (14,006,849)
Patient revenue, net  $3,477,841   $4,355,904   $9,359,490   $10,882,487 

 

9

 

 

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 September 30, 2020 and December 31, 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 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.

 

10

 

 

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, and when events or circumstances indicate the fair value of a reporting unit may be 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 $234,694 and $317,800 for the three months ended September 30, 2020 and 2019, respectively and was $650,861 and $1,014,144 for the nine months ended September 30, 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.

 

11

 

 

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 until its disposal on December 31, 2019, BioFirma was 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 September 30, 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 $2.2 million and $3.5 million at September 30, 2020 and December 31, 2019. The Company had a net loss of approximately $5.2 million and $5.0 million at September 30, 2020 and 2019, respectively, and used cash in operations of approximately $4.0 million and $2.8 million at September 30, 2020 and 2019, respectively. 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 September 30, 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.

 

12

 

 

Note 4 – Concentration of Credit Risks

 

Cash

 

The Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally-insured limits of $250,000. As of September 30, 2020, the Company had approximately $150,956 of cash in excess of federally insured limits.

 

Revenue and Accounts Receivable

 

As of September 30, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:

 

   September 30, 2020   December 31, 2019 
   % of Revenue   % of Accounts Receivable   % of Revenue   % of Accounts Receivable 
   (Unaudited)         
Patient payment   34%   30%   47%   40%
Medicare payment   40%   26%   27%   26%
Insurance payment   26%   44%   26%   34%

 

Note 5 – Accounts Receivable

 

As of September 30, 2020 and December 31, 2019, the Company’s accounts receivable consisted of the following:

 

   September 30, 2020   December 31, 2019 
     (Unaudited)       
Gross accounts receivable  $1,462,439   $1,285,228 
Less: allowance for doubtful accounts   (28,982)   (26,903)
Accounts receivable, net  $1,433,457   $1,258,325 

 

Note 6 – 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. As of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.

 

13

 

 

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 acquisition of the IMAC Florida business:

 

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

 

Note 7 – Property and Equipment

 

The Company’s property and equipment consisted of the following at September 30, 2020 and December 31, 2019:

 

   Estimated
Useful Life in Years
  September 30, 2020   December 31, 2019 
            
Land and building  40 (Building)  $-   $1,175,000 
Leasehold improvements  Shorter of asset or lease term   2,007,805    2,262,398 
Equipment  1.5 - 7   1,991,182    1,948,347 
Total property and equipment      3,998,987    5,385,745 
              
Less: accumulated depreciation      (2,162,007)   (1,693,736)
       1,836,980    3,692,009 
Construction in progress      24,899    - 
Total property and equipment, net     $1,861,879   $3,692,009 

 

Depreciation was $195,288 and $198,812 for the three months ended September 30, 2020 and 2019, respectively and $632,949 and $527,088 for the nine months ended September 30, 2020 and 2019, respectively.

 

Note 8 – Intangibles Assets and Goodwill

 

The Company’s intangible assets and goodwill consisted of the following at September 30, 2020 and December 31, 2019:

 

      September 30, 2020 
   Estimated      Accumulated     
   Useful Life  Cost   Amortization   Net 
                
Intangible assets:                  
Management service agreements  10 years  $7,940,398   $(1,507,868)  $6,432,530 
Non-compete agreements  3 years   301,000    (232,056)   68,944 
Customer lists  3 years   134,882    (33,721)   101,161 
Definite lived assets      8,376,280    (1,773,645)   6,602,635 
Research and development      243,750    -    243,750 
Goodwill      2,040,696    -    2,040,696 
Total intangible assets and goodwill     $10,660,726   $(1,773,645)  $8,887,081 

 

14

 

 

      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 $234,833 and $223,593 for the three months ended September 30, 2020 and 2019, respectively, and $701,318 and $577,873 for the nine months ended September 30, 2020 and 2019, respectively.

 

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

 

Years Ending December 31,    
     
2020 (three months)  $234,833 
2021   882,861 
2022   839,000 
2023   794,040 
2024   794,040 
Thereafter   3,057,861 
   $6,602,635 

 

Note 9 – 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:

 

   September 30, 2020   December 31, 2019 
         
Non-current assets          
Right of use assets, net of amortization  $3,965,755   $3,719,401 

 

15

 

 

Total operating lease cost

 

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

 

  

Nine Months
Ended

September 30, 2020

  

Nine Months
Ended

September 30, 2019

 
           
Operating lease expense  $942,351   $751,175 

 

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 (three months)  $296,690 
2021   1,165,714 
2022   1,160,098 
2023   1,069,971 
2024   731,468 
Thereafter   664,081 
Total   5,088,022 
Amount representing imputed interest   (312,660)
Total operating lease liability   4,775,362 
Current portion of operating lease liability   (1,051,964)
Operating lease liability, non-current  $3,723,398 

 

Note 10 – 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 September 30, 2020 and December 31, 2019.

 

Note 11 – 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. See “Note 16 – Subsequent Events” for information regarding a subsequent note transaction with the Holder in October 2020.

 

On April 16, 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 16, 2020 and matures on April 16, 2022. The PPP Note bears interest at a rate of 1.000% per annum, with the first six months of payments deferred. On October 20, 2020, IMAC submitted a loan forgiveness application to the U.S. Small Business Administration (“SBA”). However, principal and interest on the Loan will be payable monthly following a determination by the SBA that any amount under the PPP Note not be forgiven. 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 used all of the Loan amount for such qualifying expenses. The Loan was deemed not to be a 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.

 

16

 

 

Set forth below is a summary of the Company’s outstanding debt as of September 30, 2020 and December 31, 2019:

 

   September 30,   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 September 2020 and all outstanding balances are due January 5, 2022.  $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.   79,221    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. As of June 30, 2020, it was due on demand, with interest being paid monthly. This mortgage was repaid on July 24, 2020.   -    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.   84,468    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.   30,550    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.   87,181    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.   95,866    129,182 
           
Note payable to a financial institution in the amount of $1,691,520 dated April 16, 2020. Any amounts under this note which are not determined to be forgivable by the SBA shall be repaid in 18 equal monthly installments, commencing after the SBA makes such determination. The note matures on April 16, 2022.   1,691,520    - 
           
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.   709,075    - 
           
Unamortized debt issuance costs   (57,242)   - 
           
    4,510,639    3,531,619 
Less: current portion:   (1,839,306)   (1,422,554)
   $2,671,333   $2,109,065 

 

17

 

 

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

 

Years Ending December 31,  Amount 
     
2020 (three months)  $780,126 
2021   1,391,632 
2022   2,234,184 
2023   51,657 
2024   27,631 
Thereafter   25,409 
Total  $4,510,639 

 

Note 12 – 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 Merger Agreement and issued 1,002,306 shares of its common stock in 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 September 30, 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).

 

On June 18, 2020, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with institutional accredited investors (the “Purchasers”) pursuant to which the Company offered for sale to the Purchasers an aggregate of 1,764,000 shares (the “Shares”) of its common stock, in a registered direct offering (the “Registered Direct Offering”). The Shares were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-237455) originally filed with the SEC on March 27, 2020 (as amended, the “Registration Statement”), which was declared effective on April 3, 2020. The purchase price for one Share in the Registered Direct Offering was $1.50, and closing of the Registered Direct Offering occurred on June 22, 2020. The Company received $2.644 million in gross proceeds from the Registered Direct Offering. The Company used approximately $0.5 million of the gross proceeds for the repayment of certain indebtedness, and the remaining proceeds to the Company will be used to finance the costs of developing and acquiring additional outpatient medical clinics as part of the Company’s growth and expansion strategy and for working capital.

 

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.

 

18

 

 

Stock Options

 

As of September 30, 2020, the Company had issued stock options to purchase 411,518 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 directors of the Company, the terms of which vest over various periods between the date of grant and May 21, 2023. On August 13, 2019, 30,000 shares of common stock were issued pursuant to previously granted RSUs which had vested as of such date. On May 21, 2020, the Company granted 10,000 RSUs to a director of the Company, which vested immediately. On June 30, 2020, 66,875 shares of common stock were issued pursuant to previously granted RSUs which had vested as of such date.

 

Note 13 – 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 $31,879 and $20,042 during the three months ended September 30, 2020 and 2019, respectively, and $71,674 and $40,804 during the nine months ended September 30, 2020 and 2019, respectively.

 

Note 14 – 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 September 30, 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 September 30, 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 15 – 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.

 

19

 

 

Note 16 - Subsequent Events

 

On October 5, 2020, the Company launched an at-the-market offering (the “Offering”) of up to $5,000,000 worth of shares of the Company’s common stock, par value $0.001 per share, pursuant to an At-The-Market Issuance Sales Agreement, dated October 5, 2020, by and between the Company and Ascendiant Capital Markets, LLC. To date, no shares have been sold and issued pursuant to the Offering.

 

On October 21, 2020, David Ellwanger, George Hampton and Gerard Hayden, directors of the Company, delivered emails notifying the Company of their intention to resign from the Board of Directors of the Company (the “Board”) and from all of their Board committee positions, effective as of the earlier of November 30, 2020 or the appointment of their respective replacements to the Board.

 

On October 31, 2020, the Board of the Company appointed Maurice E. (Mo) Evans, Michael D. Pruitt and Cary W. Sucoff as directors of the Company, effective on that date. Effective as of the appointments of Messrs. Evans, Pruitt and Sucoff, the resignations of directors David Ellwanger, George Hampton and Gerard Hayden were also effective.

 

On October 29, 2020, the Company entered into a note purchase agreement (the “October 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 (the “October Note”) in an initial principal amount of $2,690,000 (the “October Principal Amount”), which is payable on or before April 29, 2022. The October Principal Amount includes an original discount of $175,000 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 October Note, the Holder paid a purchase price of $2,500,000. The October Purchase Agreement also provides for indemnification of the Holder and its affiliates in the event that they incur loss or damage related to, amount other things, breach by the Company of any of its representations, warranties or covenants under the October Purchase Agreement. In connection with the October Purchase Agreement and the October Note, the Company entered into a Security Agreement with the Holder (the “October Security Agreement”), pursuant to which the obligations of the Company is secured by all of the assets of the Company, excluding the Company’s accounts receivable and intellectual property. Upon an event of default under the October Note, the October Security Agreement entitles the Holder to take possession of such collateral; provided that the Holder’s security interest and remedies with respect to the collateral are junior in priority to the security interest previously granted by the Company to the Holder in connection with a separate financing entered into by them on March 25, 2020, for which the Holder holds a senior, first-priority security interest in the same collateral.

 

On November 9, 2020, the Company consummated an agreement for the acquisition of assets of Lockwood Chiropractic, LLC in Webster Groves, Missouri, effective November 14, 2020. The transaction was completed as an all-cash asset purchase for $2,000.

 

20

 

 

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 six and manage two 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 to own the clinic. Accordingly, our managed clinics are owned exclusively by a medical professional within a professional service corporation (formed as a limited liability company or corporation) and are under common control with us in order to comply with state laws regulating the ownership of medical practices. We are compensated under management services agreements through service fees based on the cost of the services provided, plus a specified markup percentage, and a discretionary annual bonus determined in the sole discretion of each professional service corporation.

 

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.

 

21

 

 

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.

 

Significant financial metrics

 

Significant financial metrics of the Company for the third quarter of 2020 are set forth in the bullets below.

 

  Net loss of $1.4 million in the third quarter of 2020 compared to a net loss of $1.5 million in the third quarter of 2019.
  Adjusted EBITDA1 of ($727,000) in the third quarter of 2020 compared to ($939,000) in the third quarter of 2019.
     
  (1) Adjusted EBITDA is a non-GAAP financial measure most closely comparable to the GAAP measure of net loss. See “Reconciliation of Non-GAAP Financial Matters” below for a full reconciliation of the GAAP and non-GAAP measures.

 

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 lease for this clinic expired June 30, 2020 and was not renewed.

 

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, beginning in the month of March 2020 we began to terminate or furlough employees to reduce costs associated with non-essential personnel, which resulted in a 27% reduction in workforce. As of September 30, 2020, 98% of the full and part-time workforce had returned from furlough.

 

CARES Act

 

The Company is continuing to closely monitor legislative actions at the federal, state and local levels including the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and other governmental assistance that might be available in response to the COVID-19 pandemic. As part of the CARES Act, the United States government initially announced that it would offer $100 billion of relief to eligible health care providers. On April 7, 2020, Centers for Medicare and Medicaid Services (“CMS”) officials indicated they would distribute $30 billion of direct grants to hospitals, ASCs and other health care providers based on how much they bill Medicare. Payments received from these grants are not required to be repaid provided the recipients attest to and comply with certain terms and conditions, including limitations on balance billing and not using funds received from the grants to reimburse expenses or losses that other sources are obligated to reimburse.

 

The Company received approximately $416,000 of the grant funds distributed under the CARES Act Provider Relief Fund program in April 2020. Based on an analysis of the compliance and reporting requirements and the impact of the COVID-19 pandemic on our operating results through the end of the third quarter, these funds were recognized as a reduction in operating expenses under the line item “Grant funds” in the condensed consolidated statements of operations for the nine months ended September 30, 2020. The recognition of amounts received is conditioned upon certification that payment will be used to prevent, prepare for and respond to the COVID-19 pandemic and shall reimburse the recipient only for healthcare related expenses or lost revenues that are attributable to the COVID-19 pandemic. Amounts are recognized as a reduction to operating costs and expenses only to the extent the Company is reasonably assured that underlying conditions are met.

 

22

 

 

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

 

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.

 

23

 

 

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. No impairments of goodwill were recorded for the nine months ended September 30, 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.

 

24

 

 

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. BioFirma discontinued operations as of December 31, 2019. 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 September 30, 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 and Nine Months Ended September 30, 2020 Compared to the Three and Nine Months Ended September 30, 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.

 

25

 

 

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.”

 

Revenues for the three months ended September 30, 2020 and 2019 were as follows:

 

  

Three Months Ended

September 30,

 
   2020   2019 
   (in thousands, unaudited) 
Revenues:          
Outpatient facility services  $3,356   $4,356 
Memberships   122    - 
Total revenues  $3,478   $4,356 

 

Revenues for the nine months ended September 30, 2020 and 2019 were as follows:

 

  

Nine Months Ended

September 30,

 
   2020   2019 
   (in thousands, unaudited) 
Revenues:          
Outpatient facility services  $9,057   $10,882 
Memberships   302    - 
Total revenues  $9,359   $10,882 

 

26

 

 

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

 

  

Nine Months Ended

September 30,

 
   2020   2019 
     
Revenues:          
Medical treatments   66%   59%
Physical therapy   31%   36%
Chiropractic care   3%   5%
    100%   100%

 

Patient service revenues decreased 20% to $3.5 million for the three months ended September 30, 2020, compared to $4.4 million for the three months ended September 30, 2019. During the three months ended September 30, 2020, chiropractic visits and physical therapy visits recovered from the COVID-19 outbreak; however, medical treatment visits did not recover, resulting in the 20% decrease in patient service revenues during such period. Patient service revenues decreased 14% to $9.4 million for the nine months ended September 30, 2020, compared to $10.9 million for the nine months ended September 30, 2019. This decrease is attributable to the IMAC Chicago and IMAC Florida acquisitions that occurred in April 2019 and January 2020, respectively, along with the impacts of the COVID-19 outbreak.

 

Visits to our clinics are an indication of business activity. Visits increased 10% for the three months ended September 30, 2020 compared to the three months ended September 30, 2019. Visits increased from 35,749 visits in the three months ended September 30, 2019 to 39,345 visits in the three months ended September 30, 2020. However, during the quarter ended September 30, 2020, some visits were determined to not be billable and therefore are not included in the following visits total. Billable visits increased 8% to 37,992 visits for the three months ended September 30, 2020, compared to 35,061 visits for the three months ended September 30, 2019. The charge per visit decreased by 26% from $124.24 per visit for the three months ended September 30, 2019 to $91.55 per visit for the three months ended September 30, 2020. This decrease in charges per visit is due to the change in procedure mix.

 

Starting in January 2020, we implemented wellness maintenance programs on a subscription basis. As of September 30, 2020, there were 762 active memberships. All active memberships at our Kentucky locations were paused in April 2020 due to an order of the governor of Kentucky to close all elective care facilities in Kentucky. Therefore, similar to visits, there was a significant decrease in memberships in April 2020. Memberships increased by 20% to 762 as of September 2020, as compared to 637 active memberships as of June 2020.

 

Operating Expenses

 

Operating expenses consist of patient expenses, salaries and benefits, share based compensation, advertising and marketing, general and administrative expenses and depreciation expenses.

 

Patient expenses consist of medical supplies for services rendered.

 

Patient Expenses  2020   2019   Change from Prior Year   Percent Change from Prior Year 
                 
Three Months Ended September 30  $429,000   $951,000   $(522,000)   (55)%
Nine Months Ended September 30   1,214,000    2,314,000    (1,100,00)   (48)%

 

Cost of revenues (patient expense) decreased for the three and nine months ended September 30, 2020 as compared to September 30, 2019. The decrease in the three months ended September 30, 2020 was driven by improvements in supply management and changes in the patient mix of services provided, as knee-oriented care dropped 44% as compared to the three months ended September 30, 2019 and is a high cost service compared to other services provided.

 

27

 

 

Salaries and benefits consist of payroll, benefits and related party contracts.

 

Salaries and Benefits  2020   2019   Change from Prior Year   Percent Change from Prior Year 
                 
Three Months Ended September 30  $2,622,000   $2,878,000   $(256,000)   (9)%
Nine Months Ended September 30   7,883,000    7,536,000    347,000    5%

 

Salaries and benefits expenses for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019, decreased due to the reduction in workforce as a result of the COVID-19 outbreak. For the nine months ended September 30, 2020, as compared to the nine months ended September 30, 2019, salaries and benefits expenses increased due to our April 2019 acquisition of clinics in the Chicago, Illinois areas.

 

Share-based compensation consists of the value of equity incentive grants issued to employees, directors and board members which have vested during the period.

 

Share-based Compensation  2020   2019   Change from Prior Year   Percent Change from Prior Year 
                 
Three Months Ended September 30  $108,000   $113,000   $(5,000)   (4)%
Nine Months Ended September 30   311,000    288,000    23,000    8%

 

Share-based compensation was relatively consistent for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019. Share-based compensation increased $23,000 for the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019 since share-based compensation began to be awarded in May 2019.

 

Advertising and marketing consist of marketing, business promotion and brand recognition.

 

Advertising and Marketing  2020   2019   Change from Prior Year   Percent Change from Prior Year 
                 
Three Months Ended September 30  $235,000   $318,000   $(83,000)   (26)%
Nine Months Ended September 30   651,000    1,014,000    (363,000)   (36)%

 

Advertising and marketing expenses decreased $83,000 for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019. The decrease was attributable to a shift to more cost-effective marketing strategies.

 

Advertising and marketing expenses decreased $363,000 for the nine months ended September 30, 2020, as compared to the nine months ended September 30, 2019. The decrease was due to reduced marketing spending as a result of the impact of the COVID-19 outbreak and a shift to more cost-effective marketing strategies.

 

General and administrative expense (“G&A”) consist of all other costs than advertising and marketing, salaries and benefits, patient expenses and depreciation.

 

General and Administrative  2020   2019   Change from Prior Year   Percent Change from Prior Year 
                 
Three Months Ended September 30  $962,000   $1,311,000   $(349,000)   (27)%
Nine Months Ended September 30   3,406,000    3,719,000    (313,000)   (8)%

 

G&A decreased in the three months ended September 30, 2020 as compared to the three months ended September 30, 2019. Due to the COVID-19 outbreak, travel expenses have decreased in 2020 compared to 2019. For example, travel expenses for the three months ended September 30, 2020 were $27,000 compared to $75,000 for the three months ended September 30, 2019. Travel expenses for the nine months ended September 30, 2020 were $100,000 compared to $207,000 for the nine months ended September 30, 2019. Also, in 2020 centralized purchasing was implemented in order to streamline supply ordering for all markets which has resulted in a reduction in other expenses and accelerated expense synergies.

 

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  2020   2019   Change from Prior Year   Percent Change from Prior Year 
                 
Three Months Ended September 30,  $430,000   $422,000   $8,000    2%
Nine Months Ended September 30,   1,334,000    1,105,000    229,000    21%

 

Depreciation and amortization increased for the three and nine months ended September 30, 2020 compared to the three and nine months ended September 30, 2019. For the three months ended September 30, 2020, the increase is attributable to the January 2020 acquisition of CHSF. For the nine months ended September 30, 2020, the increase in depreciation and amortization expense resulted from the April 2019 acquisition of the clinics managed by IMAC of Illinois and the January 2020 acquisition of CHSF.

 

28

 

 

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 nine months ended September 30, 2020, net cash used in operations increased to $4.0 million compared to $2.8 million for the nine months ended September 30, 2019. This difference was primarily attributable to the change in accounts payable and accrued expenses during the nine months ended September 30, 2020.

 

Net cash used in investing activities during the nine months ended September 30, 2020 and 2019 was $496,000 and $688,000, respectively. This was primarily driven by the acquisition of CHSF in January 2020 and the acquisition of the proprietary license fee.

 

Net cash provided by financing activities during the nine months ended September 30, 2020 was $5.8 million, including proceeds from notes payable, net of related fees, which totaled $2.9 million, and proceeds from the issuance of common stock of $3.8 million. Net cash provided by financing activities during the nine months ended September 30, 2019 was $4.0 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.

 

   Three Months Ended   Nine Months Ended 
   September 30,
2020
   September 30,
2019
   September 30,
2020
   September 30,
2019
 
GAAP loss attributable to IMAC Holdings, Inc.  $(1,429,658)  $(1,548,962)  $(5,193,891)  $(5,048,917)
Interest income   (6,028)   (120)   (6,067)   (125)
Interest expense   141,416    74,456    352,541    190,337 
Beneficial conversion interest expense   -    -    -    639,159 
Share-based compensation expense   108,377    112,959    311,406    288,298 
Depreciation and amortization   430,121    422,405    1,334,267    1,104,961 
(Gain) loss on extinguishment of debt   (9,783)   -    99,761    - 
Loss on sale of assets   39,047    -    60,272    - 
Adjusted EBITDA  $(726,508)  $(939,262)  $(3,041,711)  $(2,826,287)

 

29

 

 

Liquidity and Capital Resources

 

As of September 30, 2020, we had $1.7 million in cash and deficiency in working capital of $2.2 million. As of December 31, 2019, we had cash of $374,000 and deficiency in working capital of $3.5 million. The decrease in working capital deficiency was primarily due to the increase in current assets.

 

We believe our cash at September 30, 2020, including proceeds from the Iliad Note, PPP Note and the Registered Direct Offering, will be sufficient to meet our cash, operational and liquidity requirements for at least 12 months.

 

As of September 30, 2020, we had approximately $6.0 million in current liabilities. The Note represents $652,000 and the PPP Note represents $1.0 million of our current liabilities. Of our remaining current liabilities as of September 30, 2020, approximately $1.0 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. Lastly, accrued wages, taxes, 401k contributions and paid time off represent approximately $788,000 of the remaining current liabilities.

 

As of September 30, 2020, we had an accumulated deficit of $15.2 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.

 

30

 

 

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 September 30, 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). No shares were sold during the three months ended September 30, 2020.

 

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.

 

On June 18, 2020, the Company entered into the Securities Purchase Agreement with institutional accredited investors pursuant to which the Company offered for sale to the Purchasers an aggregate of 1,764,000 shares of its common stock in a registered direct offering. The Shares were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-237455) originally filed with the SEC on March 27, 2020 and declared effective on April 3, 2020. The purchase price for one Share in the Registered Direct Offering was $1.50, and closing of the Registered Direct Offering occurred on June 22, 2020. The Company received $2.644 million in gross proceeds from the Registered Direct Offering. The Company used approximately $0.5 million of the gross proceeds for the repayment of certain indebtedness, and the remaining proceeds to the Company will be used to finance the costs of developing and acquiring additional outpatient medical clinics as part of the Company’s growth and expansion strategy and for working capital.

 

On October 29, 2020, the Company entered into the October 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 initial principal amount of $2,690,000, which is payable on or before April 29, 2022. The October Principal Amount includes an original discount of $175,000 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 October Note, the Holder paid a purchase price of $2,500,000. The October Purchase Agreement also provides for indemnification of the Holder and its affiliates in the event that they incur loss or damage related to, amount other things, breach by the Company of any of its representations, warranties or covenants under the October Purchase Agreement. In connection with the October Purchase Agreement and the October Note, the Company entered into a Security Agreement with the Holder, pursuant to which the obligations of the Company is secured by all of the assets of the Company, excluding the Company’s accounts receivable and intellectual property. Upon an event of default under the October Note, the October Security Agreement entitles the Holder to take possession of such collateral; provided that the Holder’s security interest and remedies with respect to the collateral are junior in priority to the security interest previously granted by the Company to the Holder in connection with a separate financing entered into by them on March 25, 2020, for which the Holder holds a senior, first-priority security interest in the same collateral.

 

Contractual Obligations

 

The following table summarizes our contractual obligations by period as of September 30, 2020:

 

   Payments Due by Period 
   Total   Less Than 1 Year   1-3 Years   4-5 Years   More Than 5 Years 
Short-term obligations  $1,114,456   $1,114,456   $-   $-   $- 
Long-term obligations, including interest   4,022,495    -    3,966,518    46,221    9,756 
Finance lease obligations, including interest   80,871    5,451    65,417    10,003    - 
Operating lease obligations   5,088,021    296,690    3,395,782    1,107,671    287,878 
   $10,305,843   $1,416,597   $7,427,717   $1,163,895   $297,634 

 

Off-Balance Sheet Arrangements

 

As of September 30, 2020, the Company did not have any off-balance sheet arrangements.

 

31

 

 

Impact of Inflation

 

We believe that inflation has not had a material impact on our results of operations for the three and nine months ended September 30, 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 September 30, 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 September 30, 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.

 

32

 

 

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.

 

33

 

 

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
     
1.1   At-The Market Issuance Sales Agreement, dated October 5, 2020, by and between IMAC Holdings, Inc. and Ascendiant Capital Markets, LLC (filed as Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 5, 2020 and incorporated herein by reference).
     
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).

 

34

 

 

10.1  

Note Purchase Agreement, dated as of October 29, 2020 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 3, 2020 and incorporated herein by reference).

     
10.2  

Promissory Note, dated as of October 29, 2020 (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on November 3, 2020 and incorporated herein by reference).

     
10.3  

Security Agreement, dated as of October 29, 2020 (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on November 3, 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.
     
101.INS*   XBRL Instance Document
     
101.SCH*   XBRL Taxonomy Extension Schema
     
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase
     
101.LAB*   XBRL Taxonomy Extension Labels Linkbase
     
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase
     
101.DEF*   XBRL Taxonomy Extension Definition Linkbase

 

* 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.

 

35

 

 

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: November 12, 2020 By: /s/ Jeffrey S. Ervin
    Jeffrey S. Ervin
   

Chief Executive Officer

(Principal Executive Officer, Duly Authorized Officer)

 

36

 

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.

 

November 12, 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.

 

November 12, 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 September 30, 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 September 30, 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 September 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.

 

November 12, 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 September 30, 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 September 30, 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 September 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.

 

November 12, 2020

 

/s/ Sheri Gardzina  
Sheri Gardzina  

Interim Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

A signed copy of this written statement required by Section 906 has been provided to IMAC Holdings, Inc. and will be retained by IMAC Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

EX-101.INS 6 imac-20200930.xml XBRL INSTANCE FILE 0001729944 2020-01-01 2020-09-30 0001729944 2019-12-31 0001729944 2020-09-30 0001729944 us-gaap:CommonStockMember 2018-12-31 0001729944 us-gaap:CommonStockMember 2019-12-31 0001729944 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001729944 us-gaap:NoncontrollingInterestMember 2018-12-31 0001729944 us-gaap:NoncontrollingInterestMember 2019-12-31 0001729944 us-gaap:RetainedEarningsMember 2018-12-31 0001729944 us-gaap:RetainedEarningsMember 2019-12-31 0001729944 us-gaap:HealthCarePatientServiceMember 2019-01-01 2019-09-30 0001729944 us-gaap:HealthCarePatientServiceMember 2020-01-01 2020-09-30 0001729944 us-gaap:ManagementServiceMember 2019-01-01 2019-09-30 0001729944 us-gaap:ManagementServiceMember 2020-01-01 2020-09-30 0001729944 IMAC:AdvantageHandTherapyAndOrthopedicRehabilitationLLCMember 2018-08-31 0001729944 IMAC:BioFirmaLLCMember 2018-08-31 0001729944 us-gaap:SalesRevenueNetMember IMAC:PatientPaymentMember 2019-01-01 2019-12-31 0001729944 us-gaap:AccountsReceivableMember IMAC:PatientPaymentMember 2019-01-01 2019-12-31 0001729944 us-gaap:SalesRevenueNetMember IMAC:MedicarePaymentMember 2019-01-01 2019-12-31 0001729944 us-gaap:AccountsReceivableMember IMAC:MedicarePaymentMember 2019-01-01 2019-12-31 0001729944 us-gaap:SalesRevenueNetMember IMAC:InsurancePaymentMember 2019-01-01 2019-12-31 0001729944 us-gaap:AccountsReceivableMember IMAC:InsurancePaymentMember 2019-01-01 2019-12-31 0001729944 us-gaap:SalesRevenueNetMember IMAC:PatientPaymentMember 2020-01-01 2020-09-30 0001729944 us-gaap:AccountsReceivableMember IMAC:PatientPaymentMember 2020-01-01 2020-09-30 0001729944 us-gaap:SalesRevenueNetMember IMAC:MedicarePaymentMember 2020-01-01 2020-09-30 0001729944 us-gaap:AccountsReceivableMember IMAC:MedicarePaymentMember 2020-01-01 2020-09-30 0001729944 us-gaap:SalesRevenueNetMember IMAC:InsurancePaymentMember 2020-01-01 2020-09-30 0001729944 us-gaap:AccountsReceivableMember IMAC:InsurancePaymentMember 2020-01-01 2020-09-30 0001729944 IMAC:BioFirmaLLCMember 2018-08-01 2018-08-02 0001729944 IMAC:BioFirmaLLCMember 2019-12-31 0001729944 us-gaap:LandAndBuildingMember 2020-09-30 0001729944 us-gaap:LeaseholdImprovementsMember 2020-09-30 0001729944 us-gaap:EquipmentMember 2020-09-30 0001729944 us-gaap:LandAndBuildingMember 2019-12-31 0001729944 us-gaap:LeaseholdImprovementsMember 2019-12-31 0001729944 us-gaap:EquipmentMember 2019-12-31 0001729944 us-gaap:LandAndBuildingMember 2020-01-01 2020-09-30 0001729944 us-gaap:LeaseholdImprovementsMember 2020-01-01 2020-09-30 0001729944 us-gaap:EquipmentMember srt:MinimumMember 2020-01-01 2020-09-30 0001729944 us-gaap:EquipmentMember srt:MaximumMember 2020-01-01 2020-09-30 0001729944 IMAC:ManagementServiceAgreementMember 2020-09-30 0001729944 IMAC:NonCompeteAgreementMember 2020-09-30 0001729944 IMAC:ManagementServiceAgreementMember 2019-12-31 0001729944 IMAC:NonCompeteAgreementMember 2019-12-31 0001729944 IMAC:DefiniteLivedAssetsMember 2020-09-30 0001729944 IMAC:DefiniteLivedAssetsMember 2019-12-31 0001729944 IMAC:AdvantageTheraphyMember 2020-09-30 0001729944 IMAC:AdvantageTheraphyMember 2020-01-01 2020-09-30 0001729944 IMAC:NotesPayableMember 2019-12-31 0001729944 IMAC:NotesPayableMember 2020-09-30 0001729944 IMAC:NotesPayableOneMember 2019-12-31 0001729944 IMAC:NotesPayableOneMember 2020-09-30 0001729944 IMAC:NotesPayableTwoMember 2019-12-31 0001729944 IMAC:NotesPayableTwoMember 2020-09-30 0001729944 IMAC:NotesPayableThreeMember 2019-12-31 0001729944 IMAC:NotesPayableThreeMember 2020-09-30 0001729944 IMAC:NotesPayableFourMember 2019-12-31 0001729944 IMAC:NotesPayableFourMember 2020-09-30 0001729944 IMAC:NotesPayableFiveMember 2019-12-31 0001729944 IMAC:NotesPayableFiveMember 2020-09-30 0001729944 IMAC:NotesPayableSixMember 2019-12-31 0001729944 IMAC:NotesPayableSixMember 2020-09-30 0001729944 IMAC:NotesPayableSevenMember 2019-12-31 0001729944 IMAC:NotesPayableSevenMember 2020-09-30 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableOneMember 2017-11-15 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableOneMember 2017-11-14 2017-11-15 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableThreeMember 2016-08-01 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableThreeMember 2016-07-31 2016-08-01 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableFourMember 2016-05-04 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableFourMember 2016-05-03 2016-05-04 0001729944 IMAC:EmployeeMember IMAC:NotesPayableFiveMember 2017-03-08 0001729944 IMAC:EmployeeMember IMAC:NotesPayableFiveMember 2017-03-07 2017-03-08 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableSevenMember 2019-09-25 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableSevenMember 2019-09-24 2019-09-25 0001729944 2018-05-30 2018-06-01 0001729944 2018-06-01 0001729944 2019-02-11 2019-02-12 0001729944 us-gaap:IPOMember us-gaap:CommonStockMember 2019-02-01 2019-02-28 0001729944 us-gaap:IPOMember IMAC:WarrantsToPurchaseCommonStockMember 2019-02-01 2019-02-28 0001729944 us-gaap:IPOMember IMAC:StockOptionsMember 2019-02-01 2019-02-28 0001729944 2019-02-01 2019-02-28 0001729944 IMAC:FourPercentConvertibleNotesMember 2019-02-01 2019-02-28 0001729944 IMAC:FourPercentConvertibleNotesMember 2019-02-28 0001729944 IMAC:TwoThousandEighteenBusinessAcquisitionsMember 2019-02-01 2019-02-28 0001729944 IMAC:FourZeroOnePlanMember 2020-01-01 2020-09-30 0001729944 IMAC:ManagementServiceAgreementMember 2020-01-01 2020-09-30 0001729944 IMAC:ManagementServiceAgreementMember 2019-01-01 2019-12-31 0001729944 us-gaap:CommonStockMember 2019-09-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001729944 2019-09-30 0001729944 2019-01-01 2019-09-30 0001729944 IMAC:MergerAgreementMember 2019-04-18 2019-04-19 0001729944 IMAC:EdwardSBredniakMember IMAC:NotesPayableMember 2020-09-30 0001729944 IMAC:EdwardSBredniakMember IMAC:NotesPayableMember 2020-09-01 2020-09-30 0001729944 IMAC:NonCompeteAgreementMember 2020-01-01 2020-09-30 0001729944 IMAC:NonCompeteAgreementMember 2019-01-01 2019-12-31 0001729944 IMAC:TwoThousandEighteenIncentiveCompensationPlanMembeMember 2018-05-31 0001729944 IMAC:NonQualifiedStockOptionsMember IMAC:VariousEmployeesMember 2020-01-01 2020-09-30 0001729944 us-gaap:RestrictedStockUnitsRSUMember 2019-05-20 2019-05-21 0001729944 us-gaap:RestrictedStockUnitsRSUMember 2019-08-12 2019-08-13 0001729944 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001729944 us-gaap:CommonStockMember 2019-06-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001729944 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001729944 us-gaap:NoncontrollingInterestMember 2019-09-30 0001729944 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001729944 us-gaap:RetainedEarningsMember 2019-09-30 0001729944 2019-07-01 2019-09-30 0001729944 2019-03-31 0001729944 IMAC:NotesPayableEightMember 2019-12-31 0001729944 IMAC:NotesPayableNineMember 2019-12-31 0001729944 IMAC:AdvantageTherapyLLCMember IMAC:NotesPayableSixMember 2019-03-01 0001729944 IMAC:AdvantageTherapyLLCMember IMAC:NotesPayableSixMember 2019-02-27 2019-03-01 0001729944 IMAC:NotesPayableNineMember 2020-03-25 0001729944 IMAC:NotesPayableNineMember 2020-03-24 2020-03-25 0001729944 IMAC:PurchaseAgreementMember IMAC:LincolnParkCapitalFundLLCMember 2019-07-14 2019-07-15 0001729944 2019-06-30 0001729944 IMAC:BioFirmaMember 2019-09-28 2019-10-01 0001729944 IMAC:PurchaseAgreementMember IMAC:LincolnParkCapitalFundLLCMember 2020-01-01 2020-09-30 0001729944 IMAC:AssetPurchaseAgreementMember IMAC:SelfCareRegenerationLLCMember 2019-12-31 0001729944 IMAC:NotesPayableEightMember 2020-09-30 0001729944 2020-11-12 0001729944 us-gaap:CommonStockMember 2020-09-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001729944 us-gaap:NoncontrollingInterestMember 2020-09-30 0001729944 us-gaap:RetainedEarningsMember 2020-09-30 0001729944 2018-12-31 0001729944 IMAC:BioFirmaLLCMember 2019-10-01 0001729944 IMAC:ContractualAdjustmentsMember 2020-01-01 2020-09-30 0001729944 IMAC:ContractualAdjustmentsMember 2019-01-01 2019-09-30 0001729944 IMAC:IMACManagementOfIllinoisLLCMember 2019-04-18 2019-04-19 0001729944 IMAC:IMACManagementOfFloridaLLCMember 2020-01-13 0001729944 stpr:FL 2020-09-30 0001729944 us-gaap:CustomerListsMember 2020-01-01 2020-09-30 0001729944 us-gaap:CustomerListsMember 2020-09-30 0001729944 IMAC:IliadResearchAndTradingLPMember IMAC:SecuredPromissoryNoteMember 2020-03-24 2020-03-25 0001729944 IMAC:IliadResearchAndTradingLPMember IMAC:SecuredPromissoryNoteMember 2020-03-25 0001729944 IMAC:IliadResearchAndTradingLPMember IMAC:SecuredPromissoryNoteMember srt:MaximumMember 2020-03-24 2020-03-25 0001729944 IMAC:IliadResearchAndTradingLPMember IMAC:SecuredPromissoryNoteMember srt:MaximumMember 2020-03-25 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableTwoMember 2020-09-30 0001729944 IMAC:FinancialInstitutionMember IMAC:NotesPayableTwoMember 2020-01-01 2020-09-30 0001729944 IMAC:FourZeroOnePlanMember 2019-01-01 2019-09-30 0001729944 us-gaap:HealthCarePatientServiceMember 2020-07-01 2020-09-30 0001729944 us-gaap:HealthCarePatientServiceMember 2019-07-01 2019-09-30 0001729944 us-gaap:ManagementServiceMember 2020-07-01 2020-09-30 0001729944 us-gaap:ManagementServiceMember 2019-07-01 2019-09-30 0001729944 2020-07-01 2020-09-30 0001729944 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001729944 us-gaap:CommonStockMember 2020-06-30 0001729944 us-gaap:CommonStockMember 2019-03-31 0001729944 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001729944 us-gaap:NoncontrollingInterestMember 2020-07-01 2020-09-30 0001729944 us-gaap:NoncontrollingInterestMember 2020-06-30 0001729944 us-gaap:NoncontrollingInterestMember 2019-06-30 0001729944 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001729944 us-gaap:RetainedEarningsMember 2020-06-30 0001729944 us-gaap:RetainedEarningsMember 2019-06-30 0001729944 2020-06-30 0001729944 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001729944 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001729944 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001729944 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001729944 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001729944 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001729944 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001729944 2020-01-01 2020-03-31 0001729944 2019-01-01 2019-03-31 0001729944 IMAC:ContractualAdjustmentsMember 2020-07-01 2020-09-30 0001729944 IMAC:ContractualAdjustmentsMember 2019-07-01 2019-09-30 0001729944 us-gaap:ResearchAndDevelopmentExpenseMember 2020-09-30 0001729944 IMAC:PinnacleBankMember IMAC:PaycheckProtectionProgramNoteMember 2020-04-16 0001729944 IMAC:PinnacleBankMember IMAC:PaycheckProtectionProgramNoteMember 2020-04-15 2020-04-16 0001729944 IMAC:NotesPayableNineMember 2020-09-30 0001729944 IMAC:NotesPayableEightMember 2020-04-16 0001729944 IMAC:NotesPayableEightMember 2020-04-15 2020-04-16 0001729944 IMAC:SecuritiesPurchaseAgreementMember IMAC:RegisteredDirectOfferingMember 2020-06-17 2020-06-18 0001729944 IMAC:SecuritiesPurchaseAgreementMember IMAC:RegisteredDirectOfferingMember 2020-06-18 0001729944 IMAC:FourZeroOnePlanMember 2020-07-01 2020-09-30 0001729944 IMAC:FourZeroOnePlanMember 2019-07-01 2019-09-30 0001729944 IMAC:AdvantageTheraphyMember 2019-12-31 0001729944 IMAC:CARESActProviderReliefFundMember IMAC:EligibleHealthCareProvidersMember 2020-04-01 2020-04-30 0001729944 IMAC:CARESActProviderReliefFundMember IMAC:CentersForMedicareAndMedicaidServicesMember 2020-04-06 2020-04-07 0001729944 us-gaap:CommonStockMember 2020-03-31 0001729944 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001729944 us-gaap:NoncontrollingInterestMember 2019-03-31 0001729944 us-gaap:NoncontrollingInterestMember 2020-03-31 0001729944 us-gaap:RetainedEarningsMember 2019-03-31 0001729944 us-gaap:RetainedEarningsMember 2020-03-31 0001729944 2020-03-31 0001729944 us-gaap:SubsequentEventMember IMAC:AtTheMarketIssuanceSalesAgreementMember 2020-10-04 2020-10-05 0001729944 us-gaap:SubsequentEventMember IMAC:OctoberPurchaseAgreementMember IMAC:SecuredPromissoryNoteMember 2020-10-29 0001729944 us-gaap:SubsequentEventMember IMAC:OctoberPurchaseAgreementMember 2020-10-28 2020-10-29 0001729944 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001729944 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001729944 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001729944 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001729944 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0001729944 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001729944 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001729944 2019-04-01 2019-06-30 0001729944 2020-04-01 2020-06-30 0001729944 us-gaap:SubsequentEventMember IMAC:LockwoodChiropracticLLCMember 2020-11-08 2020-11-09 0001729944 2020-06-29 2020-06-30 0001729944 us-gaap:SubsequentEventMember IMAC:AtTheMarketIssuanceSalesAgreementMember 2020-10-05 0001729944 us-gaap:SubsequentEventMember IMAC:OctoberPurchaseAgreementMember IMAC:SecuredPromissoryNoteMember 2020-10-28 2020-10-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure IMAC:Integer IMAC Holdings, Inc. 0001729944 10-Q 2020-09-30 false --12-31 true false Non-accelerated Filer true Q3 2020 11839972 79961 79961 100000 0.001 0.001 0.001 0.001 0.001 5000000 5000000 30000000 30000000 8913258 11839972 8913258 11839972 9371977 10882487 9359490 12487 10882487 4355904 3477841 4355904 3477841 850000 1700000 34000 1002306 133297 1095840 1764000 1830875 449217 449217 1410183 1410183 1002306 737758 86958 15000 15000 4356815 3839482 2644000 1.00 0.70 1.00 0.30 3500000 2200000 250000 0.47 0.40 0.27 0.26 0.26 0.34 0.34 0.30 0.40 0.26 0.26 0.44 200000 10000000 0.70 1000 50358 20840 200000 632949 527088 198812 195288 5385745 3998987 2007805 1991182 1175000 2262398 1948347 1693736 2162007 P40Y P1Y6M P7Y 7940398 301000 8019199 301000 8376280 8320199 134882 243750 -1507868 -232056 -994321 -156806 -1773645 -1151127 -33721 6602635 6432530 68944 7024878 144194 6602635 7169072 101161 243750 9209768 8887081 10360895 10660726 942351 751175 2020-11-20 0.060 3531619 4510639 1750000 1750000 99628 79221 1232500 93652 84468 63913 30550 60000 40000 102744 87181 129182 95866 200000 131400 200000 101906 140000 379676 112800 1115000 1691520 709075 1691520 2000000 1115000 1200000 2690000 0.05 0.05 0.0425 0.05 0.0539 0.04 0.10 0.05 0.10 0.10 0.0335 0.01000 2652 1394 3881 23350 4225 2129 60000 2023-05-15 2026-07-01 2021-05-04 2021-12-31 2022-09-19 2022-01-05 2024-06-01 2021-09-25 2020-07-24 2022-04-16 2022-04-16 2022-04-29 66 120 60 5 36 60 18 6582737 0.001 1.50 4533623 0.50 0.06 71674 40804 31879 20042 0.21 -0.21 0.00 P10Y P10Y P3Y P3Y P3Y Yes Yes false 1002306 701318 577873 223593 234833 373689 1664304 740911 194316 1000000 0.25 0.322 0.024 P10Y 10000 30000 277500 4100000 1669359 1602294 0.22 The loan matured in 2019 10000000 60006 0.1999 Shorter of asset or lease term P4Y 2424053 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 BioFirms' membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma. 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. 320800 250000 200000 79961 79961 P18M 100000 175000 1000000 2500000 200000 1000000 400 365 365 1691520 57242 7937292 6491814 4534 8907 1233966 20050634 -1625840 -2080199 -3544820 -10042050 8450 18863254 7762220 8317 18676639 -2515747 -8593737 7086387 9287385 11834 24119889 -2403968 -15235941 -3932160 11834 7253 24079504 14280204 -2361227 -2352796 -13806283 -7044775 7923828 10003 21465115 -2057063 -2416803 -5144007 -11775595 7282720 4553623 8913257 8450095 8316798 11839972 11839972 7252923 10009097 850 3503314 3504164 850000 449 2245636 2246085 1410 7247798 7249208 1002 4072436 4073438 10 49490 49500 62 307783 307845 9900 61569 -5517660 -5938824 -162951 -1548962 -1711913 -1472399 -42741 -1429658 -336604 -431223 -1733545 -1599187 -2070149 -2030410 -295733 55576 -1900768 -2030688 -2196501 -1975112 133 150652 150785 1096 1376122 1377218 1831 2576820 2578651 35963 35963 40385 40385 38359 38359 16216 37569 16216 37569 3700000 100000000000 30000000000 -5193891 -5048917 -1548962 -1429658 -5517660 -5938824 -1711913 -1472399 -506501 -844755 -74430 -164646 352541 190337 74456 141416 639159 6 -15384 -94 6 -5011159 -5094069 -1637483 -1307753 14383136 15976556 5993387 4785594 1334267 1104961 422405 430121 3406116 3718506 1311315 961521 650861 1014144 317800 234694 311406 288298 112959 108377 7882665 7536223 2878391 2622266 1213799 2314424 950517 428615 -0.49 -0.68 -0.19 -0.12 10549899 7472738 8366287 11839972 6067 125 120 6028 -99761 9783 -60272 -39047 9359490 24889336 20938380 10882487 4355904 -11578890 -14006849 8191160 8712495 3477841 -4713319 -4356591 128802 24899 3692009 1836980 500000 66875 -323769 -889907 -162951 -42741 -415978 20418078 19374231 -2080199 -2403968 -10042050 -15235941 20050634 24119889 8907 11834 12480786 12882417 15000 3660654 3723398 578866 378760 66565 52957 2109065 2671333 6065636 6040969 1025247 1051964 421044 310575 17473 18047 1422554 1839306 189691 373678 2909666 2367438 20418078 19374231 14148494 13719904 3719401 3965755 499488 413407 549563 310006 170274 143655 7169072 6846385 2040696 2040696 3692009 1861879 2577575 3792448 633303 452741 312258 241946 373689 1664304 3771978 115000 63152 97147 1290615 546595 5807341 4030182 13034 12487 300000 20000 70000 2891520 212800 3736613 357345 -496376 -688312 243750 52626 688312 -4020350 -2795275 -85894 183987 358906 -518074 736704 86081 -59966 -251976 53450 154292 -64046 -1959 18533 1232500 150785 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 1 &#8211; Description of Business</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IMAC Holdings, Inc. and its affiliates (collectively, the &#8220;Company&#8221;) 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 thirteen (13) medical clinics located in Kentucky, Missouri, Illinois and Florida at September 30, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During February 2019, the Company completed an initial public offering (&#8220;IPO&#8221;) of securities. See Note 12 &#8211; Stockholder&#8217;s Equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 2 &#8211; Summary of Significant Accounting Policies</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Principles of Consolidation</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) in the United States of America (&#8220;U.S.&#8221;) as promulgated by the Financial Accounting Standards Board (&#8220;FASB&#8221;), Accounting Standards Codification (&#8220;ASC&#8221;) and with the rules and regulations of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221; or the &#8220;Commission&#8221;). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company&#8217;s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 26, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (&#8220;IMAC Holdings&#8221;) 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 (&#8220;IMAC Management&#8221;), IMAC Regeneration Management, LLC (&#8220;IMAC Texas&#8221;), IMAC Regeneration Management of Nashville, LLC (&#8220;IMAC Nashville&#8221;), IMAC Management of Illinois, LLC (&#8220;IMAC Illinois&#8221;) and IMAC Management of Florida, LLC (&#8220;IMAC Florida&#8221;); the following entity which is consolidated with IMAC Regeneration Management of Nashville, LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (&#8220;IMAC Nashville PC&#8221;); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (&#8220;IMAC St. Louis&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;CMA of KY&#8221;), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (&#8220;IMAC Kentucky&#8221;) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (&#8220;Advantage Therapy&#8221;) and 70% of BioFirma LLC (&#8220;BioFirma&#8221;). 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&#8217;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; however as of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;ISDI Holdings II&#8221;), and PHR Holdings, Inc., an Illinois corporation (&#8220;PHR Holdings&#8221;), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (&#8220;Progressive&#8221;) and Illinois Spine and Disc Institute, Ltd (&#8220;ISDI&#8221;) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (&#8220;CHSF&#8221;) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Use of Estimates</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>COVID-19 Pandemic</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;COVID-19 outbreak&#8221;) 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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 beyond the results presented in these condensed consolidated financial statements and this quarterly report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>CARES Act</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is continuing to closely monitor legislative actions at the federal, state and local levels including the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;) and other governmental assistance that might be available in response to the COVID-19 pandemic. As part of the CARES Act, the United States government initially announced that it would offer $100 billion of relief to eligible health care providers. On April 7, 2020, Centers for Medicare and Medicaid Services (&#8220;CMS&#8221;) officials indicated they would distribute $30 billion of direct grants to hospitals, ASCs and other health care providers based on how much they bill Medicare. Payments received from these grants are not required to be repaid provided the recipients attest to and comply with certain terms and conditions, including limitations on balance billing and not using funds received from the grants to reimburse expenses or losses that other sources are obligated to reimburse.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company received approximately $416,000 of the grant funds distributed under the CARES Act Provider Relief Fund program in April 2020. Based on an analysis of the compliance and reporting requirements and the impact of the COVID-19 pandemic on our operating results through the end of the third quarter, these funds were recognized as a reduction in operating expenses under the line item &#8220;Grant funds&#8221; in the condensed consolidated statements of operations for the nine months ended September 30, 2020. The recognition of amounts received is conditioned upon certification that payment will be used to prevent, prepare for and respond to the COVID-19 pandemic and shall reimburse the recipient only for healthcare related expenses or lost revenues that are attributable to the COVID-19 pandemic. Amounts are recognized as a reduction to operating costs and expenses only to the extent the Company is reasonably assured that underlying conditions are met.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Revenue Recognition</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;CPM&#8221;). 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 &#8220;MSA&#8221; &#8211; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s patient revenue consisted of the following for the three and nine months ended September 30, 2020 and September 30, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three Months Ended</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine Months Ended</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%; text-align: justify"><font style="font-size: 10pt">Patient revenues</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,191,160</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,712,495</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,938,380</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">24,889,336</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Contractual adjustments</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,713,319</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,356,591</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(11,578,890</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(14,006,849</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Patient revenue, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,477,841</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,355,904</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,359,490</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,882,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Patient Deposits</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Fair Value of Financial Instruments</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Cash and Cash Equivalents</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 September 30, 2020 and December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Accounts Receivable</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s ability to collect outstanding receivables is critical to its results of operations and cash flows. Accordingly, accounts receivable reported in the Company&#8217;s condensed consolidated financial statements is recorded at the net amount expected to be received. The Company&#8217;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&#8217; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;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&#8217;s facilities&#8217; 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&#8217;s financial condition or results of operations. The Company&#8217;s collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient account. The Company analyzes accounts receivable at each of the facilities to ensure the proper collection and aged category. The operating systems generate reports that assist in the collection efforts by prioritizing patient accounts. Collection efforts include direct contact with insurance carriers or patients and written correspondence.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Allowance for Doubtful Accounts, Contractual and Other Discounts</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">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&#8217;s estimates. The Company&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Property and Equipment</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Intangible Assets</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Goodwill</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company tests goodwill for impairment on an annual basis, and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Long-Lived Assets</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Advertising and Marketing</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses advertising and marketing to promote its services. Advertising and marketing costs are expensed as incurred. Advertising and marketing expense was $234,694 and $317,800 for the three months ended September 30, 2020 and 2019, respectively and was $650,861 and $1,014,144 for the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Net Loss Per Share</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Income Taxes</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the Company&#8217;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 until its disposal on December 31, 2019, BioFirma was 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 September 30, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 3 &#8211; Capital Requirements, Liquidity and Going Concern Considerations</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;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 $2.2 million and $3.5 million at September 30, 2020 and December 31, 2019. The Company had a net loss of approximately $5.2 million and $5.0 million at September 30, 2020 and 2019, respectively, and used cash in operations of approximately $4.0 million and $2.8 million at September 30, 2020 and 2019, respectively. The Company expects to continue to incur significant expenditures to develop and expand its owned and managed outpatient medical clinics.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management recognizes that the Company must obtain additional resources to successfully integrate its acquired and managed clinics and implement its business plans. Through September 30, 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&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 4 &#8211; Concentration of Credit Risks</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Cash</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally-insured limits of $250,000. As of September 30, 2020, the Company had approximately $150,956 of cash in excess of federally insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Revenue and Accounts Receivable</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Revenue</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Accounts Receivable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Revenue</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Accounts Receivable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; text-align: justify"><font style="font-size: 10pt">Patient payment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">34</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">30</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">47</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">40</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Medicare payment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">40</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Insurance payment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">44</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">34</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 5 &#8211; Accounts Receivable</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2020 and December 31, 2019, the Company&#8217;s accounts receivable consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Gross accounts receivable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">1,462,439</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,285,228</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: allowance for doubtful accounts</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(28,982</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(26,903</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Accounts receivable, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,433,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,258,325</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 6 &#8211; Business Acquisitions</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>BioFirma</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has included the financial results of BioFirma in the condensed consolidated financial statements from August 1, 2018, the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s membership interests which were not previously held by the Company, resulting in the Company owning 100% of the membership interests of BioFirma.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2019, the Company and BioFirma consummated the sale of substantially all of BioFirma&#8217;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&#8217;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. As of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>IMAC Illinois</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2019, the Company and its wholly owned subsidiary IMAC Illinois entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) 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&#8217;s common stock (the &#8220;Merger Consideration&#8221;) 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>IMAC Florida</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 $200,000. The Company has included the financial results of IMAC Florida, which controls CHSF, from January 13, 2020, the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the acquisition of the IMAC Florida business:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Florida</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify"><font style="font-size: 10pt">Property &#38; equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">50,358</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Customer lists</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">128,802</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Other assets</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">20,840</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">200,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 7 &#8211; Property and Equipment</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s property and equipment consisted of the following at September 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Estimated<br /> Useful Life in Years</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 37%"><font style="font-size: 10pt">Land and building</font></td> <td style="width: 1%">&#160;</td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">40 (Building)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,175,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Leasehold improvements</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Shorter of asset or lease term</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,007,805</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,262,398</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Equipment</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">1.5 - 7</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,991,182</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,948,347</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Total property and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,998,987</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,385,745</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,162,007</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,693,736</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,836,980</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,692,009</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Construction in progress</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,899</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total property and equipment, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,861,879</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,692,009</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation was $195,288 and $198,812 for the three months ended September 30, 2020 and 2019, respectively and $632,949 and $527,088 for the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 8 &#8211; Intangibles Assets and Goodwill</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s intangible assets and goodwill consisted of the following at September 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt"><b>Estimated</b></font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Useful Life</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><u>Intangible assets:</u></font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 34%; padding-left: 10pt"><font style="font-size: 10pt">Management service agreements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">10 years</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">7,940,398</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(1,507,868</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">6,432,530</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Non-compete agreements</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">3 years</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">301,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(232,056</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">68,944</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Customer lists</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">3 years</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">134,882</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(33,721</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">101,161</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Definite lived assets</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,376,280</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,773,645</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,602,635</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Research and development</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">243,750</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">243,750</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Goodwill</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total intangible assets and goodwill</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,660,726</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,773,645</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,887,081</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt"><b>Estimated</b></font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Useful Life</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><u>Intangible assets:</u></font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 34%; padding-left: 10pt"><font style="font-size: 10pt">Management service agreements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">10 years</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">8,019,199</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(994,321</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">7,024,878</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Non-compete agreements</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">3 years</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">301,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(156,806</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">144,194</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Definite lived assets</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,320,199</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,151,127</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,169,072</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Goodwill</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total intangible assets and goodwill</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,360,895</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,151,127</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,209,768</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization was $234,833 and $223,593 for the three months ended September 30, 2020 and 2019, respectively, and $701,318 and $577,873 for the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s estimated future amortization of intangible assets was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ending December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center"><font style="font-size: 10pt">2020 (three months)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">234,833</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">882,861</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">839,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">794,040</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">794,040</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,057,861</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,602,635</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 9 &#8211; Operating Leases</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s leases consist of operating leases that mostly relate to real estate rental agreements. Most of the value of the Company&#8217;s lease portfolio relates to real estate lease agreements that were entered into starting March 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Discount Rate Applied to Operating Leases</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;incremental borrowing rate&#8221; or &#8220;IBR&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Right of Use Assets</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Right of use assets included in the Company&#8217;s condensed consolidated balance sheet were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%"><font style="font-size: 10pt"><b>Non-current assets</b></font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Right of use assets, net of amortization</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3,965,755</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3,719,401</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Total operating lease cost</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Individual components of the total lease cost incurred by the Company were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine Months<br /> Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30, 2020</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine Months<br /> Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30, 2019</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Operating lease expense</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">942,351</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">751,175</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Minimum rental payments under operating leases are recognized on a straight light basis over the term of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Maturity of operating leases</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s amount of future minimum lease payments under operating leases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Operating<br /> Leases</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Undiscounted future minimum lease payments:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 77%"><font style="font-size: 10pt">2020 (three months)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">296,690</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,165,714</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,160,098</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,069,971</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">731,468</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">664,081</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,088,022</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amount representing imputed interest</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(312,660</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Total operating lease liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,775,362</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Current portion of operating lease liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,051,964</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Operating lease liability, non-current</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,723,398</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 10 &#8211; Line of Credit</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s assets. This line of credit had a balance of $79,961 at September 30, 2020 and December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 11 &#8211; Notes Payable</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 25, 2020, the Company entered into a note purchase agreement with Iliad Research &#38; Trading, L.P. (the &#8220;Holder&#8221;), pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the &#8220;Note&#8221;) in an aggregate initial principal amount of $1,115,000 (the &#8220;Initial Principal Amount&#8221;), which is payable on or before the date that is 18 months from the issuance date (the &#8220;Maturity Date&#8221;). 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&#8217;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&#8217;s owned real property, intellectual property and accounts receivable, pursuant to a security agreement. See &#8220;Note 16 &#8211; Subsequent Events&#8221; for information regarding a subsequent note transaction with the Holder in October 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 16, 2020, the Company entered into a loan with Pinnacle Bank as the lender (&#8220;Lender&#8221;) in an aggregate principal amount of $1,691,520 (the &#8220;Loan&#8221;) pursuant to the Paycheck Protection Program (the &#8220;PPP&#8221;) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Loan is evidenced by a promissory note (the &#8220;PPP Note&#8221;) dated April 16, 2020 and matures on April 16, 2022. The PPP Note bears interest at a rate of 1.000% per annum, with the first six months of payments deferred. On October 20, 2020, IMAC submitted a loan forgiveness application to the U.S. Small Business Administration (&#8220;SBA&#8221;). However, principal and interest on the Loan will be payable monthly following a determination by the SBA that any amount under the PPP Note not be forgiven. 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 used all of the Loan amount for such qualifying expenses. The Loan was deemed not to be a restricted issuance pursuant to the terms of the note purchase agreement entered into by the Company and Iliad Research &#38; Trading, L.P. on March 25, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Set forth below is a summary of the Company&#8217;s outstanding debt as of September 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <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: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>September 30,</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">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 $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in September 2020 and all outstanding balances are due January 5, 2022.</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,750,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,750,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">79,221</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">99,628</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$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. As of June 30, 2020, it was due on demand, with interest being paid monthly. This mortgage was repaid on July 24, 2020.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,232,500</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">84,468</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">93,652</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">30,550</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,913</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">40,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">60,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">87,181</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">102,744</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">95,866</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">129,182</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Note payable to a financial institution in the amount of $1,691,520 dated April 16, 2020. Any amounts under this note which are not determined to be forgivable by the SBA shall be repaid in 18 equal monthly installments, commencing after the SBA makes such determination. The note matures on April 16, 2022.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,691,520</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">709,075</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Unamortized debt issuance costs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(57,242</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,510,639</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,531,619</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: current portion:</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,839,306</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,422,554</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,671,333</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,109,065</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal maturities of the Company&#8217;s notes payable are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ending December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center"><font style="font-size: 10pt">2020 (three months)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">780,126</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,391,632</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,234,184</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">51,657</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27,631</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">25,409</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,510,639</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 12 &#8211; Stockholders&#8217; Equity</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the Company&#8217;s conversion to a corporation, the Company had 400 member units authorized with 365 units issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s conversion from a limited liability company to a corporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s certificate of incorporation. The reverse split has been given retrospective treatment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 19, 2019, the Company consummated the Merger Agreement and issued 1,002,306 shares of its common stock in Merger Consideration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 15, 2019, the Company signed a $10 million share purchase agreement (the &#8220;Purchase Agreement&#8221;) with Lincoln Park Capital Fund, LLC (&#8220;Lincoln Park&#8221;), 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 September 30, 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).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 18, 2020, the Company entered into a securities purchase agreement (the &#8220;Securities Purchase Agreement&#8221;) with institutional accredited investors (the &#8220;Purchasers&#8221;) pursuant to which the Company offered for sale to the Purchasers an aggregate of 1,764,000 shares (the &#8220;Shares&#8221;) of its common stock, in a registered direct offering (the &#8220;Registered Direct Offering&#8221;). The Shares were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-237455) originally filed with the SEC on March 27, 2020 (as amended, the &#8220;Registration Statement&#8221;), which was declared effective on April 3, 2020. The purchase price for one Share in the Registered Direct Offering was $1.50, and closing of the Registered Direct Offering occurred on June 22, 2020. The Company received $2.644 million in gross proceeds from the Registered Direct Offering. The Company used approximately $0.5 million of the gross proceeds for the repayment of certain indebtedness, and the remaining proceeds to the Company will be used to finance the costs of developing and acquiring additional outpatient medical clinics as part of the Company&#8217;s growth and expansion strategy and for working capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>2018 Incentive Compensation Plan</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s board of directors and holders of a majority of outstanding shares approved and adopted the Company&#8217;s 2018 Incentive Compensation Plan (&#8220;2018 Plan&#8221;) 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 (&#8220;ISOs&#8221;), 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&#8217;s non-employee directors and consultants, and affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Stock Options</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2020, the Company had issued stock options to purchase 411,518 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Restricted Stock Units</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On May 21, 2019, the Company granted an aggregate of 277,500 Restricted Stock Units (&#8220;RSUs&#8221;) to certain employees, executives and directors of the Company, the terms of which vest over various periods between the date of grant and May 21, 2023. On August 13, 2019, 30,000 shares of common stock were issued pursuant to previously granted RSUs which had vested as of such date. On May 21, 2020, the Company granted 10,000 RSUs to a director of the Company, which vested immediately. On June 30, 2020, 66,875 shares of common stock were issued pursuant to previously granted RSUs which had vested as of such date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 13 &#8211; Retirement Plan</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 $31,879 and $20,042 during the three months ended September 30, 2020 and 2019, respectively, and $71,674 and $40,804 during the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 14 &#8211; Income Taxes</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">Deferred tax benefit at the federal statutory rate</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">21</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Valuation allowance</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-21</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 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 September 30, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 15 &#8211; Commitments and Contingencies</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s financial condition, results of operations or liquidity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Note 16 - Subsequent Events</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 5, 2020, the Company launched an at-the-market offering (the &#8220;Offering&#8221;) of up to $5,000,000 worth of shares of the Company&#8217;s common stock, par value $0.001 per share, pursuant to an At-The-Market Issuance Sales Agreement, dated October 5, 2020, by and between the Company and Ascendiant Capital Markets, LLC. To date, no shares have been sold and issued pursuant to the Offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 21, 2020, David Ellwanger, George Hampton and Gerard Hayden, directors of the Company, delivered emails notifying the Company of their intention to resign from the Board of Directors of the Company (the &#8220;Board&#8221;) and from all of their Board committee positions, effective as of the earlier of November 30, 2020 or the appointment of their respective replacements to the Board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 31, 2020, the Board of the Company appointed Maurice E. (Mo) Evans, Michael D. Pruitt and Cary W. Sucoff as directors of the Company, effective on that date. Effective as of the appointments of Messrs. Evans, Pruitt and Sucoff, the resignations of directors David Ellwanger, George Hampton and Gerard Hayden were also effective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 29, 2020, the Company entered into a note purchase agreement (the &#8220;October Purchase Agreement&#8221;) with Iliad Research &#38; Trading, L.P., pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the &#8220;October Note&#8221;) in an initial principal amount of $2,690,000 (the &#8220;October Principal Amount&#8221;), which is payable on or before April 29, 2022. The October Principal Amount includes an original discount of $175,000 and $15,000 that the Company agreed to pay to the Holder to cover the Holder&#8217;s legal fees, accounting costs, due diligence and other transaction costs. In exchange for the October Note, the Holder paid a purchase price of $2,500,000. The October Purchase Agreement also provides for indemnification of the Holder and its affiliates in the event that they incur loss or damage related to, amount other things, breach by the Company of any of its representations, warranties or covenants under the October Purchase Agreement. In connection with the October Purchase Agreement and the October Note, the Company entered into a Security Agreement with the Holder (the &#8220;October Security Agreement&#8221;), pursuant to which the obligations of the Company is secured by all of the assets of the Company, excluding the Company&#8217;s accounts receivable and intellectual property. Upon an event of default under the October Note, the October Security Agreement entitles the Holder to take possession of such collateral; provided that the Holder&#8217;s security interest and remedies with respect to the collateral are junior in priority to the security interest previously granted by the Company to the Holder in connection with a separate financing entered into by them on March 25, 2020, for which the Holder holds a senior, first-priority security interest in the same collateral.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 9, 2020, the Company consummated an agreement for the acquisition of assets of Lockwood Chiropractic, LLC in Webster Groves, Missouri, effective November 14, 2020. The transaction was completed as an all-cash asset purchase for $2,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Principles of Consolidation</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) in the United States of America (&#8220;U.S.&#8221;) as promulgated by the Financial Accounting Standards Board (&#8220;FASB&#8221;), Accounting Standards Codification (&#8220;ASC&#8221;) and with the rules and regulations of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221; or the &#8220;Commission&#8221;). The information contained in these condensed consolidated financial statements should be read in conjunction with the Company&#8217;s consolidated financial statements and notes thereto for the fiscal year ended December 31, 2019 included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 26, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial statements include the accounts of IMAC Holdings, Inc. (&#8220;IMAC Holdings&#8221;) 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 (&#8220;IMAC Management&#8221;), IMAC Regeneration Management, LLC (&#8220;IMAC Texas&#8221;), IMAC Regeneration Management of Nashville, LLC (&#8220;IMAC Nashville&#8221;), IMAC Management of Illinois, LLC (&#8220;IMAC Illinois&#8221;) and IMAC Management of Florida, LLC (&#8220;IMAC Florida&#8221;); the following entity which is consolidated with IMAC Regeneration Management of Nashville, LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (&#8220;IMAC Nashville PC&#8221;); and the following which prior to June 1, 2018 was held as a minority interest, IMAC Regeneration Center of St. Louis, LLC (&#8220;IMAC St. Louis&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;CMA of KY&#8221;), an entity which consolidates Integrated Medical and Chiropractic Regeneration Center, PSC (&#8220;IMAC Kentucky&#8221;) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the Company acquired 100% of Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (&#8220;Advantage Therapy&#8221;) and 70% of BioFirma LLC (&#8220;BioFirma&#8221;). 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&#8217;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; however as of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;ISDI Holdings II&#8221;), and PHR Holdings, Inc., an Illinois corporation (&#8220;PHR Holdings&#8221;), entities which consolidate the results of Progressive Health and Rehabilitation, Ltd (&#8220;Progressive&#8221;) and Illinois Spine and Disc Institute, Ltd (&#8220;ISDI&#8221;) due to control by contract. These entities are included in the condensed consolidated financial statements from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (&#8220;CHSF&#8221;) in Bonita Springs, Florida. This entity is included in the condensed consolidated financial statements from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Use of Estimates</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>COVID-19 Pandemic</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;COVID-19 outbreak&#8221;) 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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 beyond the results presented in these condensed consolidated financial statements and this quarterly report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>CARES Act</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is continuing to closely monitor legislative actions at the federal, state and local levels including the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;) and other governmental assistance that might be available in response to the COVID-19 pandemic. As part of the CARES Act, the United States government initially announced that it would offer $100 billion of relief to eligible health care providers. On April 7, 2020, Centers for Medicare and Medicaid Services (&#8220;CMS&#8221;) officials indicated they would distribute $30 billion of direct grants to hospitals, ASCs and other health care providers based on how much they bill Medicare. Payments received from these grants are not required to be repaid provided the recipients attest to and comply with certain terms and conditions, including limitations on balance billing and not using funds received from the grants to reimburse expenses or losses that other sources are obligated to reimburse.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company received approximately $416,000 of the grant funds distributed under the CARES Act Provider Relief Fund program in April 2020. Based on an analysis of the compliance and reporting requirements and the impact of the COVID-19 pandemic on our operating results through the end of the third quarter, these funds were recognized as a reduction in operating expenses under the line item &#8220;Grant funds&#8221; in the condensed consolidated statements of operations for the nine months ended September 30, 2020. The recognition of amounts received is conditioned upon certification that payment will be used to prevent, prepare for and respond to the COVID-19 pandemic and shall reimburse the recipient only for healthcare related expenses or lost revenues that are attributable to the COVID-19 pandemic. Amounts are recognized as a reduction to operating costs and expenses only to the extent the Company is reasonably assured that underlying conditions are met.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Revenue Recognition</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;CPM&#8221;). 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 &#8220;MSA&#8221; &#8211; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s patient revenue consisted of the following for the three and nine months ended September 30, 2020 and September 30, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three Months Ended</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine Months Ended</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%; text-align: justify"><font style="font-size: 10pt">Patient revenues</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,191,160</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,712,495</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,938,380</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">24,889,336</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Contractual adjustments</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,713,319</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,356,591</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(11,578,890</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(14,006,849</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Patient revenue, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,477,841</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,355,904</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,359,490</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,882,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Patient Deposits</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Fair Value of Financial Instruments</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Cash and Cash Equivalents</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 September 30, 2020 and December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Accounts Receivable</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s ability to collect outstanding receivables is critical to its results of operations and cash flows. Accordingly, accounts receivable reported in the Company&#8217;s condensed consolidated financial statements is recorded at the net amount expected to be received. The Company&#8217;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&#8217; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;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&#8217;s facilities&#8217; 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&#8217;s financial condition or results of operations. The Company&#8217;s collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient account. The Company analyzes accounts receivable at each of the facilities to ensure the proper collection and aged category. The operating systems generate reports that assist in the collection efforts by prioritizing patient accounts. Collection efforts include direct contact with insurance carriers or patients and written correspondence.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Allowance for Doubtful Accounts, Contractual and Other Discounts</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">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&#8217;s estimates. The Company&#8217;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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Property and Equipment</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Intangible Assets</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Goodwill</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company tests goodwill for impairment on an annual basis, and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Long-Lived Assets</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Advertising and Marketing</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses advertising and marketing to promote its services. Advertising and marketing costs are expensed as incurred. Advertising and marketing expense was $234,694 and $317,800 for the three months ended September 30, 2020 and 2019, respectively and was $650,861 and $1,014,144 for the nine months ended September 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Net Loss Per Share</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><u>Income Taxes</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.05pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the Company&#8217;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 until its disposal on December 31, 2019, BioFirma was 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 September 30, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s patient revenue consisted of the following for the three and nine months ended September 30, 2020 and September 30, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Three Months Ended</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Nine Months Ended</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%; text-align: justify"><font style="font-size: 10pt">Patient revenues</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,191,160</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,712,495</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">20,938,380</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">24,889,336</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Contractual adjustments</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,713,319</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,356,591</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(11,578,890</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(14,006,849</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Patient revenue, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,477,841</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,355,904</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,359,490</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,882,487</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Revenue</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Accounts Receivable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Revenue</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>% of Accounts Receivable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; text-align: justify"><font style="font-size: 10pt">Patient payment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">34</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">30</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">47</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">40</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Medicare payment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">40</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Insurance payment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">44</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">34</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2020 and December 31, 2019, the Company&#8217;s accounts receivable consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <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: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Gross accounts receivable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 22%; text-align: right"><font style="font-size: 10pt">1,462,439</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,285,228</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: allowance for doubtful accounts</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(28,982</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(26,903</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Accounts receivable, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,433,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,258,325</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the fair value of consideration paid and the allocation of purchase price to the fair value of net assets acquired for the acquisition of the IMAC Florida business:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Florida</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: justify"><font style="font-size: 10pt">Property &#38; equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">50,358</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Customer lists</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">128,802</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Other assets</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">20,840</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">200,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s property and equipment consisted of the following at September 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Estimated<br /> Useful Life in Years</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 37%"><font style="font-size: 10pt">Land and building</font></td> <td style="width: 1%">&#160;</td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">40 (Building)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,175,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Leasehold improvements</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Shorter of asset or lease term</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,007,805</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,262,398</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Equipment</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">1.5 - 7</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,991,182</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,948,347</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Total property and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,998,987</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,385,745</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,162,007</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,693,736</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,836,980</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,692,009</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Construction in progress</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,899</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total property and equipment, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,861,879</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,692,009</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s intangible assets and goodwill consisted of the following at September 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt"><b>Estimated</b></font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Useful Life</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><u>Intangible assets:</u></font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 34%; padding-left: 10pt"><font style="font-size: 10pt">Management service agreements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">10 years</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">7,940,398</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(1,507,868</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">6,432,530</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Non-compete agreements</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">3 years</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">301,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(232,056</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">68,944</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Customer lists</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">3 years</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">134,882</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(33,721</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">101,161</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Definite lived assets</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,376,280</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,773,645</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,602,635</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Research and development</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">243,750</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">243,750</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Goodwill</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total intangible assets and goodwill</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,660,726</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,773,645</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8,887,081</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt"><b>Estimated</b></font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Useful Life</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><u>Intangible assets:</u></font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 34%; padding-left: 10pt"><font style="font-size: 10pt">Management service agreements</font></td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: center"><font style="font-size: 10pt">10 years</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">8,019,199</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(994,321</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">7,024,878</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Non-compete agreements</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">3 years</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">301,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(156,806</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">144,194</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Definite lived assets</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,320,199</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,151,127</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,169,072</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Goodwill</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,040,696</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total intangible assets and goodwill</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,360,895</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,151,127</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,209,768</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s estimated future amortization of intangible assets was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ending December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center"><font style="font-size: 10pt">2020 (three months)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">234,833</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">882,861</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">839,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">794,040</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">794,040</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,057,861</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,602,635</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Right of use assets included in the Company&#8217;s condensed consolidated balance sheet were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30, 2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%"><font style="font-size: 10pt"><b>Non-current assets</b></font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Right of use assets, net of amortization</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3,965,755</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3,719,401</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Individual components of the total lease cost incurred by the Company were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine Months<br /> Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30, 2020</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine Months<br /> Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>September 30, 2019</b></p></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Operating lease expense</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">942,351</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">751,175</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s amount of future minimum lease payments under operating leases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Operating<br /> Leases</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Undiscounted future minimum lease payments:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 77%"><font style="font-size: 10pt">2020 (three months)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">296,690</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,165,714</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,160,098</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,069,971</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">731,468</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">664,081</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Total</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,088,022</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amount representing imputed interest</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(312,660</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Total operating lease liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,775,362</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Current portion of operating lease liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,051,964</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Operating lease liability, non-current</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,723,398</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Set forth below is a summary of the Company&#8217;s outstanding debt as of September 30, 2020 and December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <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: center">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>September 30,</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">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 $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. The Note was amended in September 2020 and all outstanding balances are due January 5, 2022.</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,750,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,750,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">79,221</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">99,628</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$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. As of June 30, 2020, it was due on demand, with interest being paid monthly. This mortgage was repaid on July 24, 2020.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,232,500</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">84,468</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">93,652</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">30,550</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,913</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">40,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">60,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">87,181</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">102,744</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">95,866</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">129,182</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Note payable to a financial institution in the amount of $1,691,520 dated April 16, 2020. Any amounts under this note which are not determined to be forgivable by the SBA shall be repaid in 18 equal monthly installments, commencing after the SBA makes such determination. The note matures on April 16, 2022.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,691,520</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">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.</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">709,075</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Unamortized debt issuance costs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(57,242</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,510,639</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,531,619</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: current portion:</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,839,306</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,422,554</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,671,333</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,109,065</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal maturities of the Company&#8217;s notes payable are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ending December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center"><font style="font-size: 10pt">2020 (three months)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">780,126</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,391,632</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,234,184</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">51,657</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center"><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">27,631</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">25,409</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4,510,639</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">Deferred tax benefit at the federal statutory rate</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">21</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Valuation allowance</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-21</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr> </table> 10000 150956 1258325 1433457 26903 28982 1285228 1462439 3057861 794040 794040 839000 882861 234833 4775362 312660 5088022 664081 731468 1069971 1160098 1165714 296690 4510639 25409 27631 51657 2234184 1391632 780126 411518 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 September 30, 2020. 5000000 27500 1.00 312000 2000 EX-101.SCH 7 imac-20200930.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Description of Business link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Capital Requirements, Liquidity and Going Concern Considerations link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Concentration of Credit Risks link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Accounts Receivable link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Business Acquisitions link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Intangibles Assets and Goodwill link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Operating Leases link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Line of Credit link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Retirement Plan link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Concentration of Credit Risks (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Accounts Receivable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Business Acquisitions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Intangibles Assets and Goodwill (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Operating Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Summary of Significant Accounting Policies - Schedule of Patient Revenue, Net (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Concentration of Credit Risks (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Concentration of Credit Risks - Schedule of Concentration Risk (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Accounts Receivable - Schedule of Accounts Receivable (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Business Acquisitions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Intangibles Assets and Goodwill (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Intangibles Assets and Goodwill - Schedule of Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Intangibles Assets and Goodwill - Schedule of Future Amortization of Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Operating Leases (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Operating Leases - Schedule of Operating Lease Right of Use Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Operating Leases - Schedule of Operating Lease Cost (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Operating Leases - Schedule of Future Minimum Lease Payments (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Lines of Credit (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Notes Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Notes Payable - Schedule of Principal Maturities of Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Retirement Plan (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 imac-20200930_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 imac-20200930_def.xml XBRL DEFINITION FILE EX-101.LAB 10 imac-20200930_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock [Member] Additional Paid-In Capital [Member] Non-Controlling Interest [Member] Accumulated Deficit [Member] Product and Service [Axis] Patient Revenues [Member] Management Fees [Member] Business Acquisition [Axis] Advantage Hand Therapy and Orthopedic Rehabilitation, LLC [Member] BioFirma LLC [Member] Concentration Risk Benchmark [Axis] Revenue [Member] Concentration Risk Type [Axis] Patient Payment [Member] Accounts Receivable [Member] Medicare Payment [Member] Insurance Payment [Member] Property, Plant and Equipment, Type [Axis] Land and Building [Member] Leasehold Improvements [Member] Equipment [Member] Range [Axis] Minimum [Member] Maximum [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Management Service Agreement [Member] Non-Compete Agreement [Member] Finite-Lived Intangible Assets by Major Class [Axis] Definite Lived Assets [Member] Related Party [Axis] Advantage Theraphy [Member] Debt Instrument [Axis] Notes Payable [Member] Notes Payable One [Member] Notes Payable Two [Member] Notes Payable Three [Member] Notes Payable Four [Member] Notes Payable Five [Member] Notes Payable Six [Member] Notes Payable Seven [Member] Short-term Debt, Type [Axis] Financial Institution [Member] Title of Individual [Axis] Employee [Member] Sale of Stock [Axis] Initial Public Offering [Member] Warrants to Purchase Common Stock [Member] Stock Options [Member] 4% Convertible Notes [Member] 2018 Business Acquisitions [Member] Retirement Plan Name [Axis] 401(k) Plan [Member] Merger Agreement [Member] Edward S. 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] Notes Payable Nine [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] Research and Development [Member] Pinnacle Bank [Member] Paycheck Protection Program Note [Member] Securities Purchase Agreement [Member] Registered Direct Offering [Member] CARES Act Provider Relief Fund [Member] Eligible Health Care Providers [Member] Centers for Medicare and Medicaid Services [Member] Subsequent Event Type [Axis] Subsequent Event [Member] At-The-Market Issuance Sales Agreement [Member] October Purchase Agreement [Member] Lockwood Chiropractic, LLC [Member] Cover [Abstract] 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 September 30, 2020 and December 31, 2019, respectively Common stock - $0.001 par value, 30,000,000 authorized, 11,839,972 and 8,913,258 shares issued and outstanding at September 30, 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 Grant funds General and administrative Depreciation and amortization Total operating expenses Operating loss Other income (expense): Interest income Other income (expenses) Beneficial conversion interest expense Gain (loss) on extinguishment of debt Loss on disposal of assets 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 employee stock options Issuance of common stock Issuance of common stock, shares Net income (loss) Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Beneficial conversion interest expense Share based compensation Loss on disposition of assets Non cash expense (Increase) decrease in operating assets: Accounts receivable, net Other assets Security deposits Increase (decrease) in operating liabilities: Accounts payable and accrued expenses Patient deposits Lease incentive obligation Net cash used in operating activities Cash flows from investing activities: Purchase of property and equipment Purchase of license fee Acquisition of IMAC Florida (Note 6) Net cash used in investing activities Cash flows from financing activities: Proceeds from initial public offering, net of related fees Proceeds from warrants exercised Proceeds from issuance of common stock Proceeds from notes payable Payments on notes payable Payments of debt issuance costs Proceeds from line of credit Payments on line of credit Payments on finance lease obligation Net cash provided by financing activities Net increase in cash Cash, beginning of period Cash, end of period Supplemental cash flow information: Interest paid Taxes paid Non cash financing and investing: Debt discount notes payable Debt payment by sale of property and equipment Business acquisition via stock issuance Accounting Policies [Abstract] Description of Business Summary of Significant Accounting Policies Organization, Consolidation and Presentation of Financial Statements [Abstract] Capital Requirements, Liquidity and Going Concern Considerations Risks and Uncertainties [Abstract] Concentration of Credit Risks Receivables [Abstract] Accounts Receivable Business Combinations [Abstract] Business Acquisitions Property, Plant and Equipment [Abstract] Property and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Intangibles Assets and Goodwill Leases [Abstract] Operating Leases Debt Disclosure [Abstract] Line of Credit Notes Payable Equity [Abstract] Stockholders' Equity Retirement Benefits [Abstract] Retirement Plan Income Tax Disclosure [Abstract] Income Taxes Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Principles of Consolidation Use of Estimates Covid-19 Pandemic Cares Act Revenue Recognition Patient Deposits Fair Value of Financial Instruments Cash and Cash Equivalents Accounts Receivable Allowance for Doubtful Accounts, Contractual and Other Discounts Property and Equipment Intangible Assets Goodwill Long-lived Assets Advertising and Marketing Net Loss Per Share Income Taxes Schedule of Patient Revenue, Net Schedule of Concentration Risk Schedule of Accounts Receivable Schedule of Assets Acquired and Liabilities Assumed Schedule of Property and Equipment Schedule of Intangible Assets Schedule of Future Amortization of Intangible Assets Schedule of Operating Lease Right of Use Assets Schedule of Operating Lease Cost Schedule of Future Minimum Lease Payments Schedule of Notes Payable Schedule of Principal Maturities of Notes Payable Schedule of Statutory Federal Income Tax Rate Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Percentage of voting interest acquired Acquirer of the assets Acquirer of the assets paid in kind Debt reserve, percentage Remaining selling price Releif fund received Cash equivalents Advertising and marketing expense Uncertain tax positions Patient revenue, net Working capital Net loss Net cash (used in) operating activities FDIC insured amount Cash and cash equivalents in excess of FDIC Concentration of credit risk, percentage Gross accounts receivable Less: allowance for doubtful accounts Accounts receivable, net Trading Activity [Axis] Cash and Cash Equivalents [Axis] Percentage of outstanding membership units Payments to acquire business gross Membership interests description Business acquisition, purchase price Number of restricted stock issued, shares Number of restricted stock issued, value Purchase price of acquisition Property & equipment Customer lists Other assets Net Assets Acquired Depreciation Long-Lived Tangible Asset [Axis] Statistical Measurement [Axis] Estimated Useful Life in Years Estimated Useful Life Total property and equipment, gross Less: accumulated depreciation Property and equipment Construction in progress Total property and equipment, net Amortization of intangible assets Intangible assets, estimated useful life Intangible assets, cost Intangible assets, Accumulated Amortization Intangible assets, net Intangible assets, including goodwill, cost Total intangible assets and goodwill 2020 (three months) 2021 2022 2023 2024 Thereafter Total Mortgage interest rate term Right of use assets, net of amortization Operating lease expense 2020 (three months) 2021 2022 2023 2024 Thereafter Total Amount representing imputed interest Total operating lease liability Current portion of operating lease liability Operating lease liability, non-current Variable Rate [Axis] Line of credit, maturity date Line of credit, interest rate Line of credit balance Initial principal amount Debt maturity term Original issue discount Repayments of notes payable Purchase price of notes Note interest rate Prepayment of redemption premium Default interest rate Debt issuances cost Proceeds from future sales of equity Loans payable principal amount Loan maturity date Notes payable Unamortized debt issuance costs Less: current portion Debt instrument face amount Debt instrument interest rate Debt instrument maturity date Number of installments Debt instrument, periodic payment Debt instrument balloon payment Debt instrument maturity date, description 2020 (three months) 2021 2022 2023 2024 Thereafter Total Number of units authorized Number of units issued Number of units outstanding Conversion of units into shares, shares Shares issued price per share Reverse split of common stock outstanding Number of shares issued during period, shares Gross proceeds from initial public offering Stock issued during period, conversion of securities Debt instrument, interest rate Stock issued during period, acquisitions Payment in purchase agreement Value of common stock as commitment fee Number of shares of common stock of commitment fee Sale of shares Outstanding shares percentage Number of common stock share sold, value Payment for indebteness Reserving for issuance Outstanding stock options to purchase stock Vesting period Vesting percentage Vesting description Volatility rate Risk free rate Expected term Outstanding restricted stock of its common stock Number of shares vested Share issued pursuant to previous grand RSUs Matching contributions, percentage of match Matching contributions, percent of employees' gross pay Matching contributions, amount Operating loss carryforward, net Operating loss carryforward, description Deferred tax benefit at the federal statutory rate Valuation allowance Statutory federal income tax rate Number of common stock issued Common stock par value Original discount Payments of notes payable All-cash asset purchase amount Advantage Hand Therapy and Orthopedic Rehabilitation, LLC [Member] Advantage Theraphy [Member] Advantage Therapy and BioFirma [Member] Asset Purchase Agreement [Member] BioFirma LLC [Member] BioFirma [Member]. Business acquisition, purchase price. CMA of Kentucky and IMAC St. Louis [Member] Chicago [Member] Chiropractic Equipment [Member] Contractual Adjustments [Member] Deferred compensation, current. Deferred compensation, net of current portion. Definite Lived Assets [Member] Edward S. Bredniak [Member]. 4% Convertible Notes [Member] 401(k) Plan [Member] Illinois [Member]. IMAC Kentucky [Member] IMAC Management of Progressive, LLC [Member] IMAC Nashville [Member] IMAC of St. Louis, LLC [Member] IMAC Regeneration Center of Kentucky [Member] IMAC Regeneration Center of Nashville, P.C [Member] IMAC St. Louis, LLC [Member] IMAC St. Louis [Member] ISDI Holdings II and PHR Holdings [Member] Iliad Research &amp; Trading, L.P. [Member] Increase decrease in lease incentive obligation. Increase decrease in patient deposits. Insurance Payment [Member] Intangible assets, including goodwill, cost. Integrated Medicine and Chiropractic Regeneration Center PSC [Member] Lexington Kentucky [Member] Liability to issue common stock, current portion. Liability to issue common stock, net of current portion. Lincoln Park Capital Fund, LLC [Member]. Lines of Credit [Text Block] Management Service Agreement [Member] Medical Equipment [Member] Medicare Payment [Member] Merger Agreement [Member] Mortgage interest rate term. Non Compete Agreement [Member] Non-Qualified Stock Options [Member] Notes Payable Eight [Member] Notes Payable Five [Member] Notes Payable Four [Member] Notes Payable [Member] Notes Payable Nine [Member]. Notes Payable One [Member] Notes Payable Seven [Member] Notes Payable Six [Member] Notes Payable Three [Member] Notes Payable Two [Member] Number of installments. Outstanding shares percentage. Patient deposits [Policy Text Block] Patient expenses. Patient Payment [Member] Percentage of outstanding membership units. Physical Therapy Equipment [Member] Progressive [Member] Purchase Agreement [Member] Schedule of Operating Lease Right of Use Assets [Table Text Block] Schedule of Patient Revenue, Net [Table Text Block] Self Care Regeneration LLC [Member] Signs [Member] SpeakLife [Member] Springfield, Missouri [Member] Number of shares of common stock of commitment fee . Number of shares of stock issued for exercise of warrants. Value of common stock as commitment fee. Value of shares of stock issued for exercise of warrants. Stock Options [Member] 2018 Business Acquisitions [Member] 2018 Incentive Compensation Plan [Member] UCI [Member] Various Employees [Member] Warrants to Purchase Common Stock [Member] Working capital. Debt discount notes payable. IMAC Management of Illinois, LLC [Member] IMAC Management of Florida, LLC [Member] Secured Promissory Note [Member] Financial Institution [Member] Employee [Member] Advantage Therapy, LLC [Member] Pinnacle Bank [Member] Paycheck Protection Program Note [Member] Patient revenue, net CARES Act Provider Relief Fund [Member]. Payment To Purchase License Fee. Customer lists. Property and equipment. Securities Purchase Agreement [Member] Registered Direct Offering [Member] Grant funds. COVID-19 Pandemic [Policy Text Block] Eligible Health Care Providers [Member] Centers for Medicare and Medicaid Services [Member] Debt payment by sale of property and equipment. Non cash expense. Cares Act [Policy Text Block] Debt reserve percentage. Acquirer of the assets paid in kind. Remaining selling price. October Purchase Agreement [Member] Cash asset purchase amount. Lockwood Chiropractic, LLC [Member] At-The-Market Issuance Sales Agreement [Member] Assets, Current Other Assets Assets Liabilities, Current Liabilities Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Operating Expenses Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Net Income (Loss) Attributable to Noncontrolling Interest Shares, Outstanding Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Increase (Decrease) in Accounts Receivable Increase (Decrease) in Other Current Assets Increase (Decrease) in Security Deposits Increase (Decrease) in Accounts Payable and Accrued Liabilities IncreaseDecreaseInPatientDeposits Payments to Acquire Property, Plant, and Equipment PaymentToPurchaseLicenseFee Net Cash Provided by (Used in) Investing Activities Payments of Debt Issuance Costs Repayments of Lines of Credit Repayments of Debt and Lease Obligation Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Accounts Receivable [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Accounts Receivable, Allowance for Credit Loss, Current Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment PropertyPlantAndEquipmentIncludingAccumulatedDepreciation Finite-Lived Intangible Assets, Net Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year Lessee, Operating Lease, Liability, to be Paid, Year One Lessee, Operating Lease, Liability, to be Paid, Year Two Lessee, Operating Lease, Liability, to be Paid, Year Three Lessee, Operating Lease, Liability, to be Paid, Year Four Lessee, Operating Lease, Liability, to be Paid, after Year Five Lessee, Operating Lease, Liability, to be Paid Lessee, Operating Lease, Liability, Undiscounted Excess Amount Unamortized Debt Issuance Expense Long-Term Debt, Maturity, Remainder of Fiscal Year Long-Term Debt, Maturity, Year One Long-Term Debt, Maturity, Year Two Long-Term Debt, Maturity, Year Three Long-Term Debt, Maturity, Year Four Long-Term Debt, Maturity, after Year Five Long-term Debt Effective Income Tax Rate Reconciliation, Percent EX-101.PRE 11 imac-20200930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2020
Nov. 12, 2020
Cover [Abstract]    
Entity Registrant Name IMAC Holdings, Inc.  
Entity Central Index Key 0001729944  
Document Type 10-Q  
Document Period End Date Sep. 30, 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   11,839,972
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2020  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 1,664,304 $ 373,689
Accounts receivable, net 1,433,457 1,258,325
Deferred compensation, current portion 241,946 312,258
Other assets 452,741 633,303
Total current assets 3,792,448 2,577,575
Property and equipment, net 1,861,879 3,692,009
Other assets:    
Goodwill 2,040,696 2,040,696
Intangible assets, net 6,846,385 7,169,072
Deferred equity costs 143,655 170,274
Deferred compensation, net of current portion 310,006 549,563
Security deposits 413,407 499,488
Right of use asset 3,965,755 3,719,401
Total other assets 13,719,904 14,148,494
Total assets 19,374,231 20,418,078
Current liabilities:    
Accounts payable and accrued expenses 2,367,438 2,909,666
Patient deposits 373,678 189,691
Notes payable, current portion, net of deferred loan costs 1,839,306 1,422,554
Finance lease obligation, current portion 18,047 17,473
Line of credit 79,961 79,961
Liability to issue common stock, current portion 310,575 421,044
Operating lease liability, current portion 1,051,964 1,025,247
Total current liabilities 6,040,969 6,065,636
Long-term liabilities:    
Notes payable, net of current portion 2,671,333 2,109,065
Finance lease obligation, net of current portion 52,957 66,565
Liability to issue common stock, net of current portion 378,760 578,866
Operating lease liability, net of current portion 3,723,398 3,660,654
Other non-current liabilities 15,000
Total liabilities 12,882,417 12,480,786
Stockholders' equity:    
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at September 30, 2020 and December 31, 2019, respectively
Common stock - $0.001 par value, 30,000,000 authorized, 11,839,972 and 8,913,258 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 11,834 8,907
Additional paid-in capital 24,119,889 20,050,634
Accumulated deficit (15,235,941) (10,042,050)
Non-controlling interest (2,403,968) (2,080,199)
Total stockholders' equity 6,491,814 7,937,292
Total liabilities and stockholders' equity $ 19,374,231 $ 20,418,078
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 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 11,839,972 8,913,258
Common stock, shares outstanding 11,839,972 8,913,258
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Total revenue $ 3,477,841 $ 4,355,904 $ 9,371,977 $ 10,882,487
Operating expenses:        
Patient expenses 428,615 950,517 1,213,799 2,314,424
Salaries and benefits 2,622,266 2,878,391 7,882,665 7,536,223
Share-based compensation 108,377 112,959 311,406 288,298
Advertising and marketing 234,694 317,800 650,861 1,014,144
Grant funds (415,978)
General and administrative 961,521 1,311,315 3,406,116 3,718,506
Depreciation and amortization 430,121 422,405 1,334,267 1,104,961
Total operating expenses 4,785,594 5,993,387 14,383,136 15,976,556
Operating loss (1,307,753) (1,637,483) (5,011,159) (5,094,069)
Other income (expense):        
Interest income 6,028 120 6,067 125
Other income (expenses) 6 (94) 6 (15,384)
Beneficial conversion interest expense (639,159)
Gain (loss) on extinguishment of debt 9,783 (99,761)
Loss on disposal of assets (39,047) (60,272)
Interest expense (141,416) (74,456) (352,541) (190,337)
Total other (expenses) (164,646) (74,430) (506,501) (844,755)
Net loss before income taxes (1,472,399) (1,711,913) (5,517,660) (5,938,824)
Income taxes
Net loss (1,472,399) (1,711,913) (5,517,660) (5,938,824)
Net loss attributable to the non-controlling interest 42,741 162,951 323,769 889,907
Net loss attributable to IMAC Holdings, Inc. $ (1,429,658) $ (1,548,962) $ (5,193,891) $ (5,048,917)
Net loss per share attributable to common stockholders Basic and diluted $ (0.12) $ (0.19) $ (0.49) $ (0.68)
Weighted average common shares outstanding Basic and diluted 11,839,972 8,366,287 10,549,899 7,472,738
Patient Revenues [Member]        
Total revenue $ 3,477,841 $ 4,355,904 $ 9,359,490 $ 10,882,487
Management Fees [Member]        
Total revenue $ 12,487
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.2
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 income (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, 2018 $ 4,534 1,233,966 (1,625,840) (3,544,820) (3,932,160)
Balance, shares at Dec. 31, 2018 4,553,623        
Net income (loss)         (5,938,824)
Balance at Sep. 30, 2019 $ 8,450 18,863,254 (2,515,747) (8,593,737) 7,762,220
Balance, shares at Sep. 30, 2019 8,450,095        
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        
Issuance of common stock in connection with acquisitions $ 1,002 4,072,436 4,073,438
Issuance of common stock in connection with acquisitions, shares 1,002,306        
Exercise of warrants $ 62 307,783 307,845
Exercise of warrants, shares 61,569        
Issuance of employee stock options 16,216 16,216
Net income (loss) (295,733) (1,900,768) (2,196,501)
Balance at Jun. 30, 2019 $ 8,317 18,676,639 (2,352,796) (7,044,775) 9,287,385
Balance, shares at Jun. 30, 2019 8,316,798        
Issuance of employee stock options 35,963 35,963
Issuance of common stock $ 133 150,652 150,785
Issuance of common stock, shares 133,297        
Net income (loss) (162,951) (1,548,962) (1,711,913)
Balance at Sep. 30, 2019 $ 8,450 18,863,254 (2,515,747) (8,593,737) 7,762,220
Balance, shares at Sep. 30, 2019 8,450,095        
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 8,913,257        
Issuance of employee stock options 38,359 38,359
Issuance of common stock $ 1,096 1,376,122 1,377,218
Issuance of common stock, shares 1,095,840        
Net income (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 10,009,097        
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 8,913,257        
Net income (loss)         (5,517,660)
Balance at Sep. 30, 2020 $ 11,834 24,119,889 (2,403,968) (15,235,941) 6,491,814
Balance, shares at Sep. 30, 2020 11,839,972        
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 10,009,097        
Issuance of employee stock options 37,569 37,569
Issuance of common stock $ 1,831 2,576,820 2,578,651
Issuance of common stock, shares 1,830,875        
Net income (loss) 55,576 (2,030,688) (1,975,112)
Balance at Jun. 30, 2020 $ 11,834 24,079,504 (2,361,227) (13,806,283) 7,923,828
Balance, shares at Jun. 30, 2020 11,839,972        
Issuance of employee stock options 40,385 40,385
Net income (loss) (42,741) (1,429,658) (1,472,399)
Balance at Sep. 30, 2020 $ 11,834 $ 24,119,889 $ (2,403,968) $ (15,235,941) $ 6,491,814
Balance, shares at Sep. 30, 2020 11,839,972        
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (5,517,660) $ (5,938,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,334,267 1,104,961
Beneficial conversion interest expense 639,159
Share based compensation 311,406 288,298
Loss on disposition of assets 1,959
Non cash expense 150,785
(Increase) decrease in operating assets:    
Accounts receivable, net (154,292) 64,046
Other assets 251,976 (53,450)
Security deposits 86,081 (59,966)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (518,074) 736,704
Patient deposits 183,987 358,906
Lease incentive obligation (85,894)
Net cash used in operating activities (4,020,350) (2,795,275)
Cash flows from investing activities:    
Purchase of property and equipment (52,626) (688,312)
Purchase of license fee (243,750)
Acquisition of IMAC Florida (Note 6) (200,000)
Net cash used in investing activities (496,376) (688,312)
Cash flows from financing activities:    
Proceeds from initial public offering, net of related fees 3,839,482
Proceeds from warrants exercised 357,345
Proceeds from issuance of common stock 3,736,613
Proceeds from notes payable 2,891,520 212,800
Payments on notes payable (737,758) (86,958)
Payments of debt issuance costs (70,000)
Proceeds from line of credit 20,000
Payments on line of credit (300,000)
Payments on finance lease obligation (13,034) (12,487)
Net cash provided by financing activities 5,807,341 4,030,182
Net increase in cash 1,290,615 546,595
Cash, beginning of period 373,689 194,316
Cash, end of period 1,664,304 740,911
Supplemental cash flow information:    
Interest paid 63,152 97,147
Taxes paid 18,533
Non cash financing and investing:    
Debt discount notes payable 115,000
Debt payment by sale of property and equipment 1,232,500
Business acquisition via stock issuance $ 3,771,978
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Description of Business
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Description of Business

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 thirteen (13) medical clinics located in Kentucky, Missouri, Illinois and Florida at September 30, 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 12 – Stockholder’s Equity.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 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; however as of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.

 

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.

 

COVID-19 Pandemic

 

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 beyond the results presented in these condensed consolidated financial statements and this quarterly report.

 

CARES Act

 

The Company is continuing to closely monitor legislative actions at the federal, state and local levels including the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and other governmental assistance that might be available in response to the COVID-19 pandemic. As part of the CARES Act, the United States government initially announced that it would offer $100 billion of relief to eligible health care providers. On April 7, 2020, Centers for Medicare and Medicaid Services (“CMS”) officials indicated they would distribute $30 billion of direct grants to hospitals, ASCs and other health care providers based on how much they bill Medicare. Payments received from these grants are not required to be repaid provided the recipients attest to and comply with certain terms and conditions, including limitations on balance billing and not using funds received from the grants to reimburse expenses or losses that other sources are obligated to reimburse.

 

The Company received approximately $416,000 of the grant funds distributed under the CARES Act Provider Relief Fund program in April 2020. Based on an analysis of the compliance and reporting requirements and the impact of the COVID-19 pandemic on our operating results through the end of the third quarter, these funds were recognized as a reduction in operating expenses under the line item “Grant funds” in the condensed consolidated statements of operations for the nine months ended September 30, 2020. The recognition of amounts received is conditioned upon certification that payment will be used to prevent, prepare for and respond to the COVID-19 pandemic and shall reimburse the recipient only for healthcare related expenses or lost revenues that are attributable to the COVID-19 pandemic. Amounts are recognized as a reduction to operating costs and expenses only to the extent the Company is reasonably assured that underlying conditions are met.

 

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 for the three and nine months ended September 30, 2020 and September 30, 2019:

 

    Three Months Ended     Nine Months Ended  
    September 30, 2020     September 30, 2019     September 30, 2020     September 30, 2019  
                         
Patient revenues   $ 8,191,160     $ 8,712,495     $ 20,938,380     $ 24,889,336  
Contractual adjustments     (4,713,319 )     (4,356,591 )     (11,578,890 )     (14,006,849 )
Patient revenue, net   $ 3,477,841     $ 4,355,904     $ 9,359,490     $ 10,882,487  

 

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 September 30, 2020 and December 31, 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 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, and when events or circumstances indicate the fair value of a reporting unit may be 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 $234,694 and $317,800 for the three months ended September 30, 2020 and 2019, respectively and was $650,861 and $1,014,144 for the nine months ended September 30, 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 until its disposal on December 31, 2019, BioFirma was 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 September 30, 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.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Capital Requirements, Liquidity and Going Concern Considerations
9 Months Ended
Sep. 30, 2020
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 $2.2 million and $3.5 million at September 30, 2020 and December 31, 2019. The Company had a net loss of approximately $5.2 million and $5.0 million at September 30, 2020 and 2019, respectively, and used cash in operations of approximately $4.0 million and $2.8 million at September 30, 2020 and 2019, respectively. 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 September 30, 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.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Concentration of Credit Risks
9 Months Ended
Sep. 30, 2020
Risks and Uncertainties [Abstract]  
Concentration of Credit Risks

Note 4 – Concentration of Credit Risks

 

Cash

 

The Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally-insured limits of $250,000. As of September 30, 2020, the Company had approximately $150,956 of cash in excess of federally insured limits.

 

Revenue and Accounts Receivable

 

As of September 30, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:

 

    September 30, 2020     December 31, 2019  
    % of Revenue     % of Accounts Receivable     % of Revenue     % of Accounts Receivable  
    (Unaudited)              
Patient payment     34 %     30 %     47 %     40 %
Medicare payment     40 %     26 %     27 %     26 %
Insurance payment     26 %     44 %     26 %     34 %
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Receivable
9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Accounts Receivable

Note 5 – Accounts Receivable

 

As of September 30, 2020 and December 31, 2019, the Company’s accounts receivable consisted of the following:

 

    September 30, 2020     December 31, 2019  
      (Unaudited)        
Gross accounts receivable   $ 1,462,439     $ 1,285,228  
Less: allowance for doubtful accounts     (28,982 )     (26,903 )
Accounts receivable, net   $ 1,433,457     $ 1,258,325  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Business Acquisitions
9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Business Acquisitions

Note 6 – 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. As of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.

 

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 acquisition of the IMAC Florida business:

 

    Florida  
Property & equipment   $ 50,358  
Customer lists     128,802  
Other assets     20,840  
    $ 200,000  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment
9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7 – Property and Equipment

 

The Company’s property and equipment consisted of the following at September 30, 2020 and December 31, 2019:

 

    Estimated
Useful Life in Years
  September 30, 2020     December 31, 2019  
                 
Land and building   40 (Building)   $ -     $ 1,175,000  
Leasehold improvements   Shorter of asset or lease term     2,007,805       2,262,398  
Equipment   1.5 - 7     1,991,182       1,948,347  
Total property and equipment         3,998,987       5,385,745  
                     
Less: accumulated depreciation         (2,162,007 )     (1,693,736 )
          1,836,980       3,692,009  
Construction in progress         24,899       -  
Total property and equipment, net       $ 1,861,879     $ 3,692,009  

 

Depreciation was $195,288 and $198,812 for the three months ended September 30, 2020 and 2019, respectively and $632,949 and $527,088 for the nine months ended September 30, 2020 and 2019, respectively.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Intangibles Assets and Goodwill
9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles Assets and Goodwill

Note 8 – Intangibles Assets and Goodwill

 

The Company’s intangible assets and goodwill consisted of the following at September 30, 2020 and December 31, 2019:

 

        September 30, 2020  
    Estimated         Accumulated        
    Useful Life   Cost     Amortization     Net  
                       
Intangible assets:                            
Management service agreements   10 years   $ 7,940,398     $ (1,507,868 )   $ 6,432,530  
Non-compete agreements   3 years     301,000       (232,056 )     68,944  
Customer lists   3 years     134,882       (33,721 )     101,161  
Definite lived assets         8,376,280       (1,773,645 )     6,602,635  
Research and development         243,750       -       243,750  
Goodwill         2,040,696       -       2,040,696  
Total intangible assets and goodwill       $ 10,660,726     $ (1,773,645 )   $ 8,887,081  

 

        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 $234,833 and $223,593 for the three months ended September 30, 2020 and 2019, respectively, and $701,318 and $577,873 for the nine months ended September 30, 2020 and 2019, respectively.

 

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

 

Years Ending December 31,      
       
2020 (three months)   $ 234,833  
2021     882,861  
2022     839,000  
2023     794,040  
2024     794,040  
Thereafter     3,057,861  
    $ 6,602,635  
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Operating Leases
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Operating Leases

Note 9 – 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:

 

    September 30, 2020     December 31, 2019  
             
Non-current assets                
Right of use assets, net of amortization   $ 3,965,755     $ 3,719,401  

 

Total operating lease cost

 

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

 

   

Nine Months
Ended

September 30, 2020

   

Nine Months
Ended

September 30, 2019

 
                 
Operating lease expense   $ 942,351     $ 751,175  

 

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 (three months)   $ 296,690  
2021     1,165,714  
2022     1,160,098  
2023     1,069,971  
2024     731,468  
Thereafter     664,081  
Total     5,088,022  
Amount representing imputed interest     (312,660 )
Total operating lease liability     4,775,362  
Current portion of operating lease liability     (1,051,964 )
Operating lease liability, non-current   $ 3,723,398  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Line of Credit
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Line of Credit

Note 10 – 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 September 30, 2020 and December 31, 2019.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Notes Payable

Note 11 – 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. See “Note 16 – Subsequent Events” for information regarding a subsequent note transaction with the Holder in October 2020.

 

On April 16, 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 16, 2020 and matures on April 16, 2022. The PPP Note bears interest at a rate of 1.000% per annum, with the first six months of payments deferred. On October 20, 2020, IMAC submitted a loan forgiveness application to the U.S. Small Business Administration (“SBA”). However, principal and interest on the Loan will be payable monthly following a determination by the SBA that any amount under the PPP Note not be forgiven. 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 used all of the Loan amount for such qualifying expenses. The Loan was deemed not to be a 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.

 

Set forth below is a summary of the Company’s outstanding debt as of September 30, 2020 and December 31, 2019:

 

    September 30,     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 September 2020 and all outstanding balances are due January 5, 2022.   $ 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.     79,221       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. As of June 30, 2020, it was due on demand, with interest being paid monthly. This mortgage was repaid on July 24, 2020.     -       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.     84,468       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.     30,550       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.     87,181       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.     95,866       129,182  
                 
Note payable to a financial institution in the amount of $1,691,520 dated April 16, 2020. Any amounts under this note which are not determined to be forgivable by the SBA shall be repaid in 18 equal monthly installments, commencing after the SBA makes such determination. The note matures on April 16, 2022.     1,691,520       -  
                 
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.     709,075       -  
                 
Unamortized debt issuance costs     (57,242 )     -  
                 
      4,510,639       3,531,619  
Less: current portion:     (1,839,306 )     (1,422,554 )
    $ 2,671,333     $ 2,109,065  

 

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

 

Years Ending December 31,   Amount  
       
2020 (three months)   $ 780,126  
2021     1,391,632  
2022     2,234,184  
2023     51,657  
2024     27,631  
Thereafter     25,409  
Total   $ 4,510,639  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' Equity

Note 12 – 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 Merger Agreement and issued 1,002,306 shares of its common stock in 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 September 30, 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).

 

On June 18, 2020, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with institutional accredited investors (the “Purchasers”) pursuant to which the Company offered for sale to the Purchasers an aggregate of 1,764,000 shares (the “Shares”) of its common stock, in a registered direct offering (the “Registered Direct Offering”). The Shares were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-237455) originally filed with the SEC on March 27, 2020 (as amended, the “Registration Statement”), which was declared effective on April 3, 2020. The purchase price for one Share in the Registered Direct Offering was $1.50, and closing of the Registered Direct Offering occurred on June 22, 2020. The Company received $2.644 million in gross proceeds from the Registered Direct Offering. The Company used approximately $0.5 million of the gross proceeds for the repayment of certain indebtedness, and the remaining proceeds to the Company will be used to finance the costs of developing and acquiring additional outpatient medical clinics as part of the Company’s growth and expansion strategy and for working capital.

 

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 September 30, 2020, the Company had issued stock options to purchase 411,518 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 directors of the Company, the terms of which vest over various periods between the date of grant and May 21, 2023. On August 13, 2019, 30,000 shares of common stock were issued pursuant to previously granted RSUs which had vested as of such date. On May 21, 2020, the Company granted 10,000 RSUs to a director of the Company, which vested immediately. On June 30, 2020, 66,875 shares of common stock were issued pursuant to previously granted RSUs which had vested as of such date.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Retirement Plan
9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Retirement Plan

Note 13 – 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 $31,879 and $20,042 during the three months ended September 30, 2020 and 2019, respectively, and $71,674 and $40,804 during the nine months ended September 30, 2020 and 2019, respectively.

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – 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 September 30, 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 September 30, 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.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 15 – 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.

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 16 - Subsequent Events

 

On October 5, 2020, the Company launched an at-the-market offering (the “Offering”) of up to $5,000,000 worth of shares of the Company’s common stock, par value $0.001 per share, pursuant to an At-The-Market Issuance Sales Agreement, dated October 5, 2020, by and between the Company and Ascendiant Capital Markets, LLC. To date, no shares have been sold and issued pursuant to the Offering.

 

On October 21, 2020, David Ellwanger, George Hampton and Gerard Hayden, directors of the Company, delivered emails notifying the Company of their intention to resign from the Board of Directors of the Company (the “Board”) and from all of their Board committee positions, effective as of the earlier of November 30, 2020 or the appointment of their respective replacements to the Board.

 

On October 31, 2020, the Board of the Company appointed Maurice E. (Mo) Evans, Michael D. Pruitt and Cary W. Sucoff as directors of the Company, effective on that date. Effective as of the appointments of Messrs. Evans, Pruitt and Sucoff, the resignations of directors David Ellwanger, George Hampton and Gerard Hayden were also effective.

 

On October 29, 2020, the Company entered into a note purchase agreement (the “October 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 (the “October Note”) in an initial principal amount of $2,690,000 (the “October Principal Amount”), which is payable on or before April 29, 2022. The October Principal Amount includes an original discount of $175,000 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 October Note, the Holder paid a purchase price of $2,500,000. The October Purchase Agreement also provides for indemnification of the Holder and its affiliates in the event that they incur loss or damage related to, amount other things, breach by the Company of any of its representations, warranties or covenants under the October Purchase Agreement. In connection with the October Purchase Agreement and the October Note, the Company entered into a Security Agreement with the Holder (the “October Security Agreement”), pursuant to which the obligations of the Company is secured by all of the assets of the Company, excluding the Company’s accounts receivable and intellectual property. Upon an event of default under the October Note, the October Security Agreement entitles the Holder to take possession of such collateral; provided that the Holder’s security interest and remedies with respect to the collateral are junior in priority to the security interest previously granted by the Company to the Holder in connection with a separate financing entered into by them on March 25, 2020, for which the Holder holds a senior, first-priority security interest in the same collateral.

 

On November 9, 2020, the Company consummated an agreement for the acquisition of assets of Lockwood Chiropractic, LLC in Webster Groves, Missouri, effective November 14, 2020. The transaction was completed as an all-cash asset purchase for $2,000.

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 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; however as of September 30, 2020, the acquirer of the assets had paid $10,000 in cash and gave the Company medical supplies valued at $27,500 as a payment in-kind. The Company has established a bad debt reserve of 100% of the remaining selling price, $312,000.

 

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.

Covid-19 Pandemic

COVID-19 Pandemic

 

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 beyond the results presented in these condensed consolidated financial statements and this quarterly report.

Cares Act

CARES Act

 

The Company is continuing to closely monitor legislative actions at the federal, state and local levels including the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and other governmental assistance that might be available in response to the COVID-19 pandemic. As part of the CARES Act, the United States government initially announced that it would offer $100 billion of relief to eligible health care providers. On April 7, 2020, Centers for Medicare and Medicaid Services (“CMS”) officials indicated they would distribute $30 billion of direct grants to hospitals, ASCs and other health care providers based on how much they bill Medicare. Payments received from these grants are not required to be repaid provided the recipients attest to and comply with certain terms and conditions, including limitations on balance billing and not using funds received from the grants to reimburse expenses or losses that other sources are obligated to reimburse.

 

The Company received approximately $416,000 of the grant funds distributed under the CARES Act Provider Relief Fund program in April 2020. Based on an analysis of the compliance and reporting requirements and the impact of the COVID-19 pandemic on our operating results through the end of the third quarter, these funds were recognized as a reduction in operating expenses under the line item “Grant funds” in the condensed consolidated statements of operations for the nine months ended September 30, 2020. The recognition of amounts received is conditioned upon certification that payment will be used to prevent, prepare for and respond to the COVID-19 pandemic and shall reimburse the recipient only for healthcare related expenses or lost revenues that are attributable to the COVID-19 pandemic. Amounts are recognized as a reduction to operating costs and expenses only to the extent the Company is reasonably assured that underlying conditions are met.

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 for the three and nine months ended September 30, 2020 and September 30, 2019:

 

    Three Months Ended     Nine Months Ended  
    September 30, 2020     September 30, 2019     September 30, 2020     September 30, 2019  
                         
Patient revenues   $ 8,191,160     $ 8,712,495     $ 20,938,380     $ 24,889,336  
Contractual adjustments     (4,713,319 )     (4,356,591 )     (11,578,890 )     (14,006,849 )
Patient revenue, net   $ 3,477,841     $ 4,355,904     $ 9,359,490     $ 10,882,487  
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 September 30, 2020 and December 31, 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 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, and when events or circumstances indicate the fair value of a reporting unit may be 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 $234,694 and $317,800 for the three months ended September 30, 2020 and 2019, respectively and was $650,861 and $1,014,144 for the nine months ended September 30, 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 until its disposal on December 31, 2019, BioFirma was 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 September 30, 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.

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Schedule of Patient Revenue, Net

The Company’s patient revenue consisted of the following for the three and nine months ended September 30, 2020 and September 30, 2019:

 

    Three Months Ended     Nine Months Ended  
    September 30, 2020     September 30, 2019     September 30, 2020     September 30, 2019  
                         
Patient revenues   $ 8,191,160     $ 8,712,495     $ 20,938,380     $ 24,889,336  
Contractual adjustments     (4,713,319 )     (4,356,591 )     (11,578,890 )     (14,006,849 )
Patient revenue, net   $ 3,477,841     $ 4,355,904     $ 9,359,490     $ 10,882,487  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Concentration of Credit Risks (Tables)
9 Months Ended
Sep. 30, 2020
Risks and Uncertainties [Abstract]  
Schedule of Concentration Risk

As of September 30, 2020 and December 31, 2019, the Company had the following revenue and accounts receivable concentrations:

 

    September 30, 2020     December 31, 2019  
    % of Revenue     % of Accounts Receivable     % of Revenue     % of Accounts Receivable  
    (Unaudited)              
Patient payment     34 %     30 %     47 %     40 %
Medicare payment     40 %     26 %     27 %     26 %
Insurance payment     26 %     44 %     26 %     34 %
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Receivable (Tables)
9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Schedule of Accounts Receivable

As of September 30, 2020 and December 31, 2019, the Company’s accounts receivable consisted of the following:

 

    September 30, 2020     December 31, 2019  
      (Unaudited)        
Gross accounts receivable   $ 1,462,439     $ 1,285,228  
Less: allowance for doubtful accounts     (28,982 )     (26,903 )
Accounts receivable, net   $ 1,433,457     $ 1,258,325  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Business Acquisitions (Tables)
9 Months Ended
Sep. 30, 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 acquisition of the IMAC Florida business:

 

    Florida  
Property & equipment   $ 50,358  
Customer lists     128,802  
Other assets     20,840  
    $ 200,000  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

The Company’s property and equipment consisted of the following at September 30, 2020 and December 31, 2019:

 

    Estimated
Useful Life in Years
  September 30, 2020     December 31, 2019  
                 
Land and building   40 (Building)   $ -     $ 1,175,000  
Leasehold improvements   Shorter of asset or lease term     2,007,805       2,262,398  
Equipment   1.5 - 7     1,991,182       1,948,347  
Total property and equipment         3,998,987       5,385,745  
                     
Less: accumulated depreciation         (2,162,007 )     (1,693,736 )
          1,836,980       3,692,009  
Construction in progress         24,899       -  
Total property and equipment, net       $ 1,861,879     $ 3,692,009  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Intangibles Assets and Goodwill (Tables)
9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

The Company’s intangible assets and goodwill consisted of the following at September 30, 2020 and December 31, 2019:

 

        September 30, 2020  
    Estimated         Accumulated        
    Useful Life   Cost     Amortization     Net  
                       
Intangible assets:                            
Management service agreements   10 years   $ 7,940,398     $ (1,507,868 )   $ 6,432,530  
Non-compete agreements   3 years     301,000       (232,056 )     68,944  
Customer lists   3 years     134,882       (33,721 )     101,161  
Definite lived assets         8,376,280       (1,773,645 )     6,602,635  
Research and development         243,750       -       243,750  
Goodwill         2,040,696       -       2,040,696  
Total intangible assets and goodwill       $ 10,660,726     $ (1,773,645 )   $ 8,887,081  

 

        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 (three months)   $ 234,833  
2021     882,861  
2022     839,000  
2023     794,040  
2024     794,040  
Thereafter     3,057,861  
    $ 6,602,635  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Operating Leases (Tables)
9 Months Ended
Sep. 30, 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:

 

    September 30, 2020     December 31, 2019  
             
Non-current assets                
Right of use assets, net of amortization   $ 3,965,755     $ 3,719,401  
Schedule of Operating Lease Cost

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

 

   

Nine Months
Ended

September 30, 2020

   

Nine Months
Ended

September 30, 2019

 
                 
Operating lease expense   $ 942,351     $ 751,175  
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 (three months)   $ 296,690  
2021     1,165,714  
2022     1,160,098  
2023     1,069,971  
2024     731,468  
Thereafter     664,081  
Total     5,088,022  
Amount representing imputed interest     (312,660 )
Total operating lease liability     4,775,362  
Current portion of operating lease liability     (1,051,964 )
Operating lease liability, non-current   $ 3,723,398  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Set forth below is a summary of the Company’s outstanding debt as of September 30, 2020 and December 31, 2019:

 

    September 30,     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 September 2020 and all outstanding balances are due January 5, 2022.   $ 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.     79,221       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. As of June 30, 2020, it was due on demand, with interest being paid monthly. This mortgage was repaid on July 24, 2020.     -       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.     84,468       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.     30,550       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.     87,181       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.     95,866       129,182  
                 
Note payable to a financial institution in the amount of $1,691,520 dated April 16, 2020. Any amounts under this note which are not determined to be forgivable by the SBA shall be repaid in 18 equal monthly installments, commencing after the SBA makes such determination. The note matures on April 16, 2022.     1,691,520       -  
                 
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.     709,075       -  
                 
Unamortized debt issuance costs     (57,242 )     -  
                 
      4,510,639       3,531,619  
Less: current portion:     (1,839,306 )     (1,422,554 )
    $ 2,671,333     $ 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 (three months)   $ 780,126  
2021     1,391,632  
2022     2,234,184  
2023     51,657  
2024     27,631  
Thereafter     25,409  
Total   $ 4,510,639  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of Statutory Federal Income Tax Rate

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 %
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Apr. 07, 2020
Apr. 30, 2020
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Oct. 01, 2019
Aug. 31, 2018
Acquirer of the assets         $ 10,000        
Acquirer of the assets paid in kind         $ 27,500        
Debt reserve, percentage         100.00%        
Remaining selling price         $ 312,000        
Grant funds     (415,978)      
Cash equivalents            
Advertising and marketing expense     234,694 $ 317,800 650,861 $ 1,014,144      
Uncertain tax positions            
CARES Act Provider Relief Fund [Member] | Centers for Medicare and Medicaid Services [Member]                  
Releif fund received $ 30,000,000,000                
CARES Act Provider Relief Fund [Member] | Eligible Health Care Providers [Member]                  
Releif fund received   $ 100,000,000,000              
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%
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies - Schedule of Patient Revenue, Net (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Patient revenue, net $ 3,477,841 $ 4,355,904 $ 9,359,490 $ 10,882,487
Patient Revenues [Member]        
Patient revenue, net 8,191,160 8,712,495 20,938,380 24,889,336
Contractual Adjustments [Member]        
Patient revenue, net $ (4,713,319) $ (4,356,591) $ (11,578,890) $ (14,006,849)
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Working capital $ 2,200,000   $ 2,200,000   $ 3,500,000
Net loss $ (1,429,658) $ (1,548,962) (5,193,891) $ (5,048,917)  
Net cash (used in) operating activities     $ (4,020,350) $ (2,795,275)  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Concentration of Credit Risks (Details Narrative)
Sep. 30, 2020
USD ($)
Risks and Uncertainties [Abstract]  
FDIC insured amount $ 250,000
Cash and cash equivalents in excess of FDIC $ 150,956
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Concentration of Credit Risks - Schedule of Concentration Risk (Details)
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Revenue [Member] | Patient Payment [Member]    
Concentration of credit risk, percentage 34.00% 47.00%
Revenue [Member] | Medicare Payment [Member]    
Concentration of credit risk, percentage 40.00% 27.00%
Revenue [Member] | Insurance Payment [Member]    
Concentration of credit risk, percentage 26.00% 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 26.00% 26.00%
Accounts Receivable [Member] | Insurance Payment [Member]    
Concentration of credit risk, percentage 44.00% 34.00%
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Receivables [Abstract]    
Gross accounts receivable $ 1,462,439 $ 1,285,228
Less: allowance for doubtful accounts (28,982) (26,903)
Accounts receivable, net $ 1,433,457 $ 1,258,325
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Business Acquisitions (Details Narrative) - USD ($)
9 Months Ended
Oct. 01, 2019
Apr. 19, 2019
Aug. 02, 2018
Sep. 30, 2020
Jan. 13, 2020
Dec. 31, 2019
Acquirer of the assets       $ 10,000    
Acquirer of the assets paid in kind       $ 27,500    
Debt reserve, percentage       100.00%    
Remaining selling price       $ 312,000    
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 BioFirms' 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  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Florida [Member]
Sep. 30, 2020
USD ($)
Property & equipment $ 50,358
Customer lists 128,802
Other assets 20,840
Net Assets Acquired $ 200,000
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Property, Plant and Equipment [Abstract]        
Depreciation $ 195,288 $ 198,812 $ 632,949 $ 527,088
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Total property and equipment, gross $ 3,998,987 $ 5,385,745
Less: accumulated depreciation (2,162,007) (1,693,736)
Property and equipment 1,836,980 3,692,009
Construction in progress 24,899
Total property and equipment, net $ 1,861,879 3,692,009
Land and Building [Member]    
Estimated Useful Life in Years 40 years  
Total property and equipment, gross 1,175,000
Leasehold Improvements [Member]    
Estimated Useful Life Shorter of asset or lease term  
Total property and equipment, gross $ 2,007,805 2,262,398
Equipment [Member]    
Total property and equipment, gross $ 1,991,182 $ 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  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Intangibles Assets and Goodwill (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 234,833 $ 223,593 $ 701,318 $ 577,873
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Intangibles Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Intangible assets, net $ 6,602,635  
Intangible assets, including goodwill, cost 10,660,726 $ 10,360,895
Goodwill 2,040,696 2,040,696
Total intangible assets and goodwill $ 8,887,081 9,209,768
Customer Lists [Member]    
Intangible assets, estimated useful life 3 years  
Intangible assets, cost $ 134,882  
Intangible assets, Accumulated Amortization (33,721)  
Intangible assets, net 101,161  
Definite Lived Assets [Member]    
Intangible assets, cost 8,376,280 8,320,199
Intangible assets, Accumulated Amortization (1,773,645) (1,151,127)
Intangible assets, net 6,602,635 $ 7,169,072
Research and Development [Member]    
Intangible assets, cost 243,750  
Intangible assets, Accumulated Amortization  
Intangible assets, net $ 243,750  
Management Service Agreement [Member]    
Intangible assets, estimated useful life 10 years 10 years
Intangible assets, cost $ 7,940,398 $ 8,019,199
Intangible assets, Accumulated Amortization (1,507,868) (994,321)
Intangible assets, net $ 6,432,530 $ 7,024,878
Non-Compete Agreement [Member]    
Intangible assets, estimated useful life 3 years 3 years
Intangible assets, cost $ 301,000 $ 301,000
Intangible assets, Accumulated Amortization (232,056) (156,806)
Intangible assets, net $ 68,944 $ 144,194
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Intangibles Assets and Goodwill - Schedule of Future Amortization of Intangible Assets (Details)
Sep. 30, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2020 (three months) $ 234,833
2021 882,861
2022 839,000
2023 794,040
2024 794,040
Thereafter 3,057,861
Total $ 6,602,635
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Operating Leases (Details Narrative)
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Mortgage interest rate term 10 years
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Operating Leases - Schedule of Operating Lease Right of Use Assets (Details) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Leases [Abstract]    
Right of use assets, net of amortization $ 3,965,755 $ 3,719,401
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Operating Leases - Schedule of Operating Lease Cost (Details) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Leases [Abstract]    
Operating lease expense $ 942,351 $ 751,175
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Operating Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Leases [Abstract]    
2020 (three months) $ 296,690  
2021 1,165,714  
2022 1,160,098  
2023 1,069,971  
2024 731,468  
Thereafter 664,081  
Total 5,088,022  
Amount representing imputed interest (312,660)  
Total operating lease liability 4,775,362  
Current portion of operating lease liability (1,051,964) $ (1,025,247)
Operating lease liability, non-current $ 3,723,398 $ 3,660,654
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Lines of Credit (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2020
Dec. 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
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Details Narrative) - USD ($)
9 Months Ended
Apr. 16, 2020
Mar. 25, 2020
Sep. 30, 2020
Sep. 30, 2019
Repayments of notes payable     $ 737,758 $ 86,958
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%    
Pinnacle Bank [Member] | Paycheck Protection Program Note [Member]        
Note interest rate 1.00%      
Loans payable principal amount $ 1,691,520      
Loan maturity date Apr. 16, 2022      
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable - Schedule of Notes Payable (Details) - USD ($)
Sep. 30, 2020
Apr. 16, 2020
Mar. 25, 2020
Dec. 31, 2019
Notes payable $ 4,510,639     $ 3,531,619
Unamortized debt issuance costs (57,242)    
Less: current portion (1,839,306)     (1,422,554)
Notes payable, net of current portion 2,671,333     2,109,065
Notes Payable [Member]        
Notes payable 1,750,000     1,750,000
Notes Payable One [Member]        
Notes payable 79,221     99,628
Notes Payable Two [Member]        
Notes payable     1,232,500
Notes Payable Three [Member]        
Notes payable 84,468     93,652
Notes Payable Four [Member]        
Notes payable 30,550     63,913
Notes Payable Five [Member]        
Notes payable 40,000     60,000
Notes Payable Six [Member]        
Notes payable 87,181     102,744
Notes Payable Seven [Member]        
Notes payable 95,866     129,182
Notes Payable Eight [Member]        
Notes payable 1,691,520 $ 1,691,520  
Notes Payable Nine [Member]        
Notes payable $ 709,075   $ 1,115,000
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable - Schedule of Notes Payable (Details) (Parenthetical)
1 Months Ended 9 Months Ended
Apr. 16, 2020
USD ($)
Integer
Mar. 25, 2020
USD ($)
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
Sep. 30, 2020
USD ($)
Sep. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Notes payable                 $ 4,510,639 $ 4,510,639 $ 3,531,619
Notes Payable [Member]                      
Notes payable                 1,750,000 1,750,000 1,750,000
Notes Payable One [Member]                      
Notes payable                 79,221 79,221 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
Notes Payable Two [Member] | Financial Institution [Member]                      
Debt instrument face amount                 $ 1,200,000 $ 1,200,000  
Debt instrument interest rate                 3.35% 3.35%  
Debt instrument maturity date                   Jul. 24, 2020  
Debt instrument maturity date, description                   The loan matured in 2019  
Notes Payable Three [Member]                      
Notes payable                 $ 84,468 $ 84,468 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                 30,550 30,550 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 40,000 60,000
Notes Payable Six [Member]                      
Notes payable                 87,181 87,181 102,744
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                 95,866 95,866 129,182
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 $ 1,691,520               1,691,520 1,691,520
Debt instrument maturity date Apr. 16, 2022                    
Number of installments | Integer 18                    
Notes Payable Nine [Member]                      
Notes payable   $ 1,115,000             709,075 709,075
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 2,000,000  
Notes payable                 $ 379,676 $ 379,676  
Debt instrument interest rate                 10.00% 10.00%  
Debt instrument maturity date                 Jan. 05, 2022    
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          
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable - Schedule of Principal Maturities of Notes Payable (Details)
Sep. 30, 2020
USD ($)
Debt Disclosure [Abstract]  
2020 (three months) $ 780,126
2021 1,391,632
2022 2,234,184
2023 51,657
2024 27,631
Thereafter 25,409
Total $ 4,510,639
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2020
Jun. 18, 2020
Aug. 13, 2019
Jul. 15, 2019
May 21, 2019
Apr. 19, 2019
Feb. 12, 2019
Jun. 01, 2018
Feb. 28, 2019
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 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  
Share issued pursuant to previous grand RSUs 66,875                                
Restricted Stock Units (RSUs) [Member]                                  
Outstanding restricted stock of its common stock         $ 277,500                        
Number of shares vested     30,000   10,000                        
Non-Qualified Stock Options [Member] | Various Employees [Member]                                  
Outstanding stock options to purchase stock                             411,518    
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                   1,830,875 1,095,840 133,297          
Stock issued during period, conversion of securities                           449,217      
Stock issued during period, acquisitions                         1,002,306 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                
Registered Direct Offering [Member] | Securities Purchase Agreement [Member]                                  
Shares issued price per share   $ 1.50                              
Number of shares issued during period, shares   1,764,000                              
Gross proceeds from initial public offering   $ 2,644,000                              
Payment for indebteness   $ 500,000                              
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.20.2
Retirement Plan (Details Narrative) - 401(k) Plan [Member] - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Matching contributions, percentage of match     50.00%  
Matching contributions, percent of employees' gross pay     6.00%  
Matching contributions, amount $ 31,879 $ 20,042 $ 71,674 $ 40,804
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Details Narrative)
9 Months Ended
Sep. 30, 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 September 30, 2020.
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details)
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Deferred tax benefit at the federal statutory rate 21.00%
Valuation allowance (21.00%)
Statutory federal income tax rate 0.00%
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events (Details Narrative) - USD ($)
9 Months Ended
Nov. 09, 2020
Oct. 29, 2020
Oct. 05, 2020
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Common stock par value       $ 0.001   $ 0.001
Payments of notes payable       $ 737,758 $ 86,958  
Subsequent Event [Member] | Lockwood Chiropractic, LLC [Member]            
All-cash asset purchase amount $ 2,000          
Subsequent Event [Member] | At-The-Market Issuance Sales Agreement [Member]            
Number of common stock issued     $ 5,000,000      
Common stock par value     $ 0.001      
Subsequent Event [Member] | October Purchase Agreement [Member]            
Payments of notes payable   $ 15,000        
Purchase price of notes   2,500,000        
Subsequent Event [Member] | October Purchase Agreement [Member] | Secured Promissory Note [Member]            
Initial principal amount   2,690,000        
Original discount   $ 175,000        
Debt instrument maturity date   Apr. 29, 2022        
EXCEL 71 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( -1);%$'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " #426Q11M*5H.X K @ $0 &1O8U!R;W!S+V-O&ULS9+! M3L,P#(9?!>7>NLD0@JC+!<0))"0F@;A%CK=%:]HH,6KW]K1EZX3@ 3C&_O/Y ML^0:H\8NT4OJ(B7VE*^&T+198UR+/7/4 !GW%&PNQT0[-K=="I;'9]I!M'BP M.P)553<0B*VS;&$"%G$A"E,[U)C((<+/GZF9H8Y!&HH4,L99"E!F&EB M/ Y-#1? !&-*(7\7R"W$N?HG=NZ ."6'[)=4W_=EOYISXPX2WI^?7N=U"]]F MMBW2^"M[S<=(:W&>_+:Z?]@\"J,J5152%E)MJCLMK[6Z_9A621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYBZ(:(E/)X M8-DOV]:[MR_>X%#BVR]*+ M41B1%G\@M MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(WXV(]ZMOFCU7 MH5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76>)7 \:V< M/!T3$LV4"P9!AI@S M&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y \FIS_I,C0' MHYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_T=HWPJOX@L Y M?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RSTS0LS0[=R2^JVE+ZU)CA* M]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZG=PZ.)Z8D;D* MTU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'NH8:8S\-# MAWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)256 Q6\8#*Y"B M?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5'<]56_*P MOFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN>B)V^I=W MP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5' 86%S+D4.Z2 MD 83 >LX=SFWJXPD6L_UC6'ODRWSEPVSK> U[F M$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\U*M:I60K$3]+ M!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHSU8NL.8T*;T'5 M0.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L#!!0 ( M -1);%$.!AP^P0, )T- 8 >&PO=V]R:W-H965T&UL MC9=1;YLZ%,>?MT]A\=P$#&G33$FDE+5WU=2N:[9=35=[<,$)5@WFVB9IO_V. M#8&T(DY>$@R6W*BG+::&8*)"DJYFWP)]B/#$!]HU? MC&[5WC4R77D2XMDT;M.9%Q@BRFFBC02!OPV-*>=&"3C^;T2]]ILF2**QH+_RU*=S;Q+#Z5T12JN'\7V"VTZ=&[T$L&5_47;^MT1?#&IE!9Y M$PSMG!7U/WEI$K$7$(8' L(F('P7@$<' J(F(+(=K93*;9(FK=! MS5S8W-AHZ TKS# NM82G#.+T_+-(*A@5C4B1HNM",_V*;HMZ>I@T#Y#*B*1J MZFOXFHGQDT;YJE8.#RA/T)TH=*9 -:7IVW@?*%O4<(=Z%3H%E[0R=!!=][2G9]"%\-LD82# M:DI?T%?ZVL?G5@J" (_#R60T"[@V+<4HQ/ MHWB@D@FSE%($"[(7R*VTF^8?/WPX,E,O6[9+I^("P%(+=\/)NH_(';\B7%$' MQZ3EF#AUXDI*2\%4 A/H-R72F2>WVF" PT&$'5PXZ$PP.&EJ-X"/M!12P^)! M2TUTU6]^;L7?[RWS+=F>/>-3R&X+366]Y9ETD1UJ+YE;\0A9V)&%IY#=, XV M&,,0KH7L]8(C.O>B&) D@8U=@DA:"[H(.X/&T2F$RYQPCJXJ!8^5.K@&CHAI M6;G6 .X\'I]D\M*9.0M\JK3044S"T?35*HWQNE4V-O9EC?!E-)N-PZF_ZJ#J7QVZ;;K>@QE^; MG>@&;O<[F%ON>^3*5>?YV&W3[ZFLZQ]F/1:VXO:[U^N#RQTQRU(A3E<0&@S',%2R/@O4#2U*6TX_"0W%N;W,X/Q$ MI7D!GJ^$T+N&^4![(IO_!5!+ P04 " #426Q1=G_=1D4' #3'@ & M 'AL+W=OJF?:8EVBM$*ZH2UX[[]1UJY=5:O$1%@3[8J\N0.C,KK3'MV\VF+[9J)_LWNE4-O+G7W4X:N.T>-GW;*5D.C7;U MAF*<;G:R:E:7Y\.SF^[R7.]-737JID/]?K>3W?-[5>NGBQ59O3SXK7K8&OM@ MR@=UJ\RG]J:#N\VQE[+:J::O=(,Z=7^Q>D?>7O&AP6#Q1Z6>^I-K9%VY MT_JSO?E07JRP1:1J51C;A82?1W6EZMKV!#C^&CM=';]I&YY>O_3^P^ \.',G M>W6EZS^KTFPO5OD*E>I>[FOSFW[Z28T.);:_0M?]\!\]C;9XA8I];_1N; P( M=E5S^)5?QD"<-" \T(".#>C2!FQLP 9'#\@&MZZED9?GG7Y"G;6&WNS%$)NA M-7A3-788;TT';RMH9RZO=%/"H*@2P56OZZJ4!F[>RUHVA4*WMN,>??>ID?NR M@C??HS/TZ?8:???-]^<; P!L-YMB_-C[P\=HX&.WJGV#&%XCBBGV-+^*-[]6 M!30GMCD1KYMOP.VC[_3H.QWZ8R'?]UVG&H-DWX.3;R,]LF./;.B1AWJ4_=87 MED.K=&AE)];C)4E3SC _WSR>^N_:L8REN3B:O4+%CZAX%-6[HM#[!H:Q4X6J M'N5=K=:H4<:']-!33G-'$#S4Y0DVB4*_5O8)!*5&A=\!4 MO;1S?0T3X3!2K>[L Q_PQ %$.1$\G>%VS1BA@-P/.SW"3J.P?S5;U8UYY .7 M.E_E"A7G3@39UYAG)ID3JKWW5@EJ88*+F;@+F*IF*?W L/7\$YT@D3A?6B, M;!XJX([1Z^#(C!V]2N.^#:)5PD:8!< MR"0N)*XNMPI0VB"7JM5]%8BSJQ><,([GLN*S$X+G 7XFDZZ0N+ ,]:D-Z;X? M$]@+TR,/(@5J<_+!8YB!W& 2 #HI"8E+R8&M]5<$A;A202P X904/DM.>,Y% M*'3 M !"QK*IJY;,<:!%T2Q9%M[>\\\5.9N4/BW"=96G&V5QH?88"BS0-D#F=M(;& MM>8&:,8&)39EJ2LEMAC-YB@]=B07J0C,!#HI#HTKSB_:J&-TG1KPR)'E"X/6 M6C9AIJ>NV)"<">80I<^00XF8!.8+/5ENQ%7IAZH9%E6U@G4GTG=U];"\OJ4> M!T]+2R'7WPJ!0EF(I M7Z$"AI1H'L8<>2&MYV7P75$"]$2D+U[/> M@6(5N&..UV>80NT2(L))PF@658>/NGDX,ZK;+=4'.@D/C:]G9O2UO**C[I*% MIAF!E> \+!Y#@@5$)A"62=MH7-O"3/4OW'#5*Z'"V4CPF*4PM $7V"1Q+"YQ M7^6#Y9XPGQ+F68KGNS>N79+E>4BNV:2$+*Z$$5KX%UZXNL8RRIB8"[K/,+7S M+4!O;!) %A? PZ*YTH>U>H2 MQ;;[3O;[XK)XX+NO>>%*'J%Y3CF93P:O);=E<"B')GUD/,ITMS;KM[HN5==_ M.ZZ+HUN>DVBQN&C=="\5V#"ST!GZ!K_!F #W=>A1UGM@OV0-HV;_D-R;K>ZJ MOU4)R5O5AZE9#L6SWIO>P(5-=&G0K6J-VMU!QKQL&0]6UZH8GXX[P6L$@]JJ MX3R@?O8.0-2!1?DQCL]_[^AUD"=A97%AO3KA+F^$&?:&F) U5+EKD=$A>/E: M$+:F28[ZK02(_T_X/4M0J+V=S6_7+!)9?)7ZKH2"%3@1YFDKJ_*L M@D6";"N8MUZLGI4H)T3D^;PH\5EBG."4A7AR*AU8O'2 I>5^MZ^'DQA8WE2% MO^)FKOZ?D82R1#@[RUY3C#D%P &T4[' XL7"+Y;/=6,Z7=5S_'9499N)B!XA[^N3?AO%8!K9A-B06/-%:8/:2%"$MH=)%17;P[0'-[EM+!P[LYV6 M[=?O.@E9"^D7]*&QG7O./>?:CCU:2_6D,P!#GG,N]-C)C"FN7514]V0! M M\LI,JIP:Y:NKI00-,*E',W\+PK-Z=,./&H&INJ>"1+PYF J2*ZS'.J_MP" ME^NQXSLO P]LF1D[X,:C@BYA!N:QF"KLN2U+RG(0FDE!%"S&SHU_/?$]"Z@B MOC-8ZXTVL5;F4C[9SM=T['A6$7!(C*6@^%C!!#BW3*CC=T/JM#DM<+/]PGY? MF4*;DFRD8CFVU4M:G0 MZ(8).XTSH_ M0YR))U*D."F0$FQIR5E*#79N*:3/71N':^[4G6=@F"ZMDESN237'%@E)8;ISFY.F"%%21%>4E=-6QYAI47'9S MKF*OYWG^R%UMENM0U);0RU;HY6E"Z]DFM#295.POI%V":\[^AI2^5_U>23X< MMR6ZWXKNOTLTT[KL%KR7SWY/KW5!$Q@[^,'4H%;@Q*1KR7Z<9\OP56OXZEV& M\>.M#14I$\LNUWM)3W#]<9XMUX/6]6"OZXG,<]R8Q^R@P5$[Z%#4ELIAJW)X M@LJCML_PS;8(O<[]R/#]81A%@^"5WK>!P\@/@_ZP M6Z[O_3_*O-,%'UC]#>41LCLBNW6[&Z>QO0I]HVK)A"8<%HCT>@.D4/7MHNX8 M650']%P:/.ZK9H8W,E V -\OI#0O'7OFMW>\^!]02P,$% @ U$EL4>(U MG0^M!P X2( !@ !X;"]W;W)KUV6E;D8KK3=7X[%:K.1:J,MZ(ROX M95DW:Z'AL'D:JTTC1=X:KB M^>M.EO7+S8B.WDY\*9Y6VIP8WUYOQ)-\E/KKYG,#1^.]E[Q8RTH5=44:N;P9 M?:)7,\Z,08OX=R%?U,%W8D*9U_4W)8369;&$US' MGYW3T7Y,8WCX_J_4]>=MB$C\ABJW2][HSA"M9%M?L4KQT1!P;@!S=@G0&S#<(! ]X9\%-' M"#N#\-01HLZ@#7V\B[TE;BJTN+UNZA?2X,U]:]EMKX*NH3*(\Z@9^+:Q'P,%>Q[8 M&P]WS.OP46XN"0]^)BQ@ 7(]DY/-:8:%\V.CS_[OT8_(X/NDX*V_<,#?OVHM M2F@#S[+:2NSF[LSCUMRTHN=;'B9)&M+K\?,A:2XNY%&4!>$Q;NKB,I[0+$F. M<3,71X,T96': X\"#O6A,=I[C;PT?@:74$)[ MGQB3.P_1(4,LC6ED$>G"LBB(J,7/U(511GF291:/+HYQ&H8LQ&F,]P''WH ? M12F:0BHBJIS,9267A4:CCMWQ8\98'%MA([@T27EFY=G4Q260%G%LT3A#=[*/._''O1*-O##S54X6]=K<[;9=8J$G[BT*4FYG^@2!499%UHV.@-+Y)4T58W"F2TU-LKO M2FW$0MZ,0-HIV3S+T2W!IIPS^9EF#@L7(8VR)+78^O'QCMBD0:]! C^?T"H: MF'%,$HD<5$ZAM.G'S^CDTSD[:H;0,9D]^2 X"M7![>8Z18 <:HA2NXPP8$+3 MZ*#>CADX4&'4R\!4 J>+0NS$LZ%A74-I_3W81CI_1Q,'#ZA+ H)C+ P<#EP< MY3QDL3T%8T :A-E![1USP'H.V FJHW:F8C1\YH:5I" M['Z" *,LXSRUITX$ M2$.>.'>+F?(@@7G,CAQ#QCP)4VZ' MCB"C@%)J3S[B1Z/W M.G[')'TN1]-S.9I15^U=Q*"9HZ$:[?4>]0N^7T51D0^F-7TDP+-\-:UJ6ZB5 M62DP"P6YG&N4;5>(@?QP.I9W]/=0Z0YWD4&'MN7A&08\9K(7D-2O('\'#@V% M>:$VM3+3WI((I23^N$01!/] M"37.7+EV8=2_K>LF&# )P\C"33$HP?P?PI\=/0*$Z+D]KV$XD+Z@%.SH$6 :ADDT,+VQ7B(ROT3\A]2M M,B)SN:P;^3;1:?&*RT3F2C7(@(1Q>T5D@B(32C-JJR4,&44TB>/ Y@%#9MPL M6 T0T0M%YA>*]]\+W&O^CNGM7(ZFYW(T.X.C8])[BXK#022$4%@^LGK)>3C._G/ZCW<64.1'PY"*>Y)X6 MPQG(PZU6&O@PA74:.*S._5G[;1OFRVX]2Y#\/]3..GK.3Y./7:OT.>G,O1 MM'-T1/41S]T=^?'Q=IR.#[;LU[)Y:M^54- !MI7>;=3NS^[?Q_C4OH5@G;^C M5Q.*G)_2J]GN;8O>_>[ECP?1/!65(J5I]@=Z'K3OC PK[6N MU^W7E130I T ?E_6M7X[, /LWVJY_1]02P,$% @ U$EL43W"L@9,"@ MU$ !@ !X;"]W;W)KX^ 5-@3L$EZ;]4/2#UN9FA=B23Y*SR;\OY75,F1S2TE;I?;XZ#==D80$K-=EA>3NYOC[SY4=S?EH=GFA?Y0)?5AM\NJ M[^_TMGRZG>#)CU_\D7]^;-I?S.YN]MEG_5$WG_8?*G,U.VO9Y#M=U'E9))5^ MN)W\BM^N!&H''"7^F>NGNO,Y:6_EOBR_M!?O-[<3U%JDMWK=M"HR\^.KGNOM MMM5D[/CSI'1R_LYV8/?S#^VKX\V;F[G/:CTOM__*-\WC[22=)!O]D!VVS1_E MT]_TZ89XJV]=;NOCO\G3219-DO6A;LK=:;"Q8)<7SS^S;R='= 80$AA 3@.( M,X"*P !Z&D#= 2PP@)T&,-O/I49(=-;J1_2:;)IX^+Y-5? M?KF9-<:H5O5L?3+@W;,!)&C ;FZ;F(JEU?L7*\/ MN\/VZ.2%?LC7>53;*J[M'Z6YPLSK]W)\H4PH50)<2FW\.6F6!">,G0I MN 0$*6%6BW(BB%_:_._E<_Q?^Q M2%&>J>T\X#2P86%D*1-%C5U^T]4ZKX_&/F55E1FR!%D1^9'@QL%)YB*>%5.. MV")NT8 X&$O1"C2L3MQ\U'OC!12)7A^C4N85;MCG$9R:%4>XM]Y]R2GAF$LF MW< !)%/C 4F]]0[0D!2$D%#<6!S"<1X"XN:ZQWS@:3V&5 #EB04>$@>>(7F: M^- #Y&GBTT,@3P.2@3P-2<)Y&I",YFEBZ87$Z>4E>9KX!!/-TZ33"(M#S)A5 M#0&Z8 @1=UY]6&#(5 A>&1RW? #0CJ5H!9M.&0V4-L1B#HECSL\H;@@ .F8Z M*!(!:RUJD#AJ]*UNB-]8$UXX TJ)&5*W6@8J[$VEJ(5;+G)IP'W6G8B<78: M6M\0'TX$YD(%[+!D0OHWR?1NORV_:WT*RW(?S@(CM9WFQ(<<@W'82Q-CMPP6J,^PQM=$!>H:VCDOCB-LK]TIKF/(>AM)T8("K3NS M6RN.G90+"G*6*A=I5Z"DQ%CAT*JRY$U[-?EZ%?L4.-;VVR/4I]A >P20#+1' M($FX/0)(1MLCU$(T[=6 '-0>HY!UOAGR6GRFU0S"EP M*HN028ANXW0!2$X)2LVW*W?> $E3,C*"W+!9 :+23#!1). J2[DT3KE7^J&P MRWP>3,UJ(SR4U2P.TOZGO@.P8J2SU#GUZ8VF9G]VIWBL,^"Q%*VN&GXY'Q8Z MZE5 BW@;V$!+&ICSESJSE( MDB"), NL+&9ADO5^)K+3CVXW8L#78*<7NKCQG^:*2I$2&X()9UF6#'XZ\[C.P'8L4"J$WZSP?V9L*KVZ5#*!" MGRZ8SV4!N@ D W0!20;H A"-T@6S6,@&8^%UEP%8&*,+9K&0Q;&PUVDK ZB, M- _$I_S>/4.Z9G/HJ9A8Q5FKK0 DB:-8^H!DFED29+T:@X&"(N SH/5G?*:4# 6R!2'6J_O6+_5 M( 2D:Q\G0NG:EPRE:T RE*Y]T6BZYI9F>*_#Z4'IFD,T$TO7W.(,[]\:ZU]3 MQ)4.X!ON,P25W>.BYSD>Z_N68RE:737\P\% 9)30MNRWNU60I*8ID@0]R&$%2 J%:$I"13< MW)(@'_P4X'6? >?,4;K@%@QY_WJJ MX9?S8>&3Q^&S7[8:J^LXEJ(%!XZI&9$NM2\A.]- MU%?!G@-$#:4K7RQ0# &2@6((D@P40X!HM!@2EJC%8**^ZC,!$#60!$C2 M#2NP=L&R;I]EB8ZYRI)&TGGLK]^14D1;HIAX73\TDLS'W?%XOSM*YX^-^"8W MC*G@:5O5\F*Q4:H]6RYEL6';7'YH6E;#+^M&;',%M^)^*5O!\M)TVE9+'(;Q MG%Y;I[=BLOS9J? ;O]\H_6!Y>=[F M]^R.J:_MK8"[Y3!*R;>LEKRI \'6%XLK='9#(]W!M/B#LT>Y=QUH559-\TW? M?"HO%J&6B%6L4'J('/X\L!M657HDD./O?M#%,*?NN'_],OI/1GE09I5+=M-4 M?_)2;2X6Z2(HV3K?5>JWYO%GUBMD!"R:2IK_@\>N;1(O@F(G5;/M.X,$6UYW M?_.GWA!['6 <=P?<=\#C#G2F ^D[$*-H)YE1ZV.N\LMST3P&0K>&T?2%L8WI M#=KP6B_CG1+P*X=^ZO*FJ4M8%%8&<"6;BI>Y@IL[!7]@M90,FG5PD\M-\!.L MN Q.OM;YKN30YEUP&GR]^QB<_/#N?*E %#W@LNBGO>ZFQ3/39L'GIE8;&?P( MTY>'_9>@PJ '?M'C&GL'O&/MAX"$[P,&3.K-IB M:V.QM6BV 6P[D2M>WW=^RQ5G\LPS#QWFH68>.C//%]CH52.E:P6ZGK'IJ7?S MP^5I%*$DCL$^#_NF<37,2)IB.C0\$"X:A(N\1K@J_P('[KQ(-;#IBZ8N>,6" MNI=:/]77A;;63CLAKX\V53Q($WM-]9%!G"MXWD6/N@SR;2,4_\<\<-FO&R[: M,PLBA.(X&9G/T0Z%-(N1VWK)(&_BE?>:U6S-0> J +L],&$B)Z\5$TRJ@#VU M>M^Z!/>.J[EP)MN\8!<+,(ADXH$M+@/7EDDFBL4D0U'FUBL=]$J]>MUM,Y_B&.<)U^H -; M1&&21NXE07NX0MZ8P=P+J[&@4-LSR^@(&PG0Q[3795%,U.1R\( M'(P_Y*N*O=+RS[WZP M2R*4)>/-Y&AW&A$:A3,"6E0A/ZON6+$37#W#PIG]Y):23F9/XS!%8R&GS8!9 M63QG18LLY&?6BWL%)R_N]>[0ORJ>KWCU*I60Q1+RF-T*;20(/7IOL;]WO-59J!PE7>WB-"4(SUC(0@?[ MH;,O=\4+O?V#-7/B&CN8@RE))@OJG_+XK -;*F$_E:X*L+9-GCY]OKK1E:2 M.C,X^=(H%L3.\A$[*(1#_6^LFG?^_Z":Y1E^O?8ZV(@N7W;JYH 7U MD@F)7 M0Z^36R8X(SWC*1 )8HNF<:2T4\2M0/%#X,1<0F&,)[')T1#A-)Q)I8FE M*/'7)U/JXP/+ M'"JT=V3I1_6^4[U!G>_G;J^.@_0D]"AD 4W\@-Y7J ,<"RI3#?AK .+ +B(A M&==5SG:8[I4VAX);.I/H;9D%Y*T/O 0>KIZ=B'9*'TVDBJ H)'1<0SL:TI"$ M: Z!Q#*?^)FOY>>U/9W1NCA%=1R=8BCY4#06==HPHG&4S6"-6%@3/ZQU'O0^ M6+%[7M?:M+I6@(RD<5*:.. *)$O'1WR.=BBC!,V4LL1"F/@AW$G+H(;QRSDE M+HIC2L*) T\;)C3,T,S)-;% )9DWO;S;M6UEWA_IT^N77!-O&GL$1I1,B,^!9Q%'N7<3@RWHL]=6GK'.\B6NY0/W<^ZHR@Y-(<@[V>SM I M+Q"*IIF!?];C,P.Z]T[.SQVC4-O!1T=NF5='GD+0*5D0)CB:*NF5Y#\H:1E% M_8RZWDEX(B70R%;X#SSO"H$APW-JYQWY&+^/)F\N(:]%63+.6)=[+\BW3-R; M[P9D8#RN>\<\/!V^3;@R;^1'SZ_1V4WWA8$=IOO@X7,N "(2$HPU#!E^2$ V MT7U#T-VHIC6OX5>-4LW67&Y87C*A&\#OZP8\O[_1$PQ?32:_C"NES?#T.)[-W>FQ;4*I#<\=^::JE+L_ MY])N3X;3X>[@5J^*( ?CT^-:K7C!X8]Z[K ;]RB9KMAX;0TYSD^&9].WYP:P-RF*#]<[ M]*O('5R6RO.%+?_262A.AH=#RCA731EN[?8]=WQ>"5YJ2Q]_:=O*[L-BVOA@ MJTX9^TJ;]E]]Z>+P0.%P\H3"K%.81;];0]'+2Q74Z;&S6W(B#3191*I1&\YI M(TE9!(>O&GKA]))]ZG0=(V1S.F\\!+P_'@> B\@X[8#.6Z#9$T!OZ,::4'AZ M9S+.OML]G.L_/9LX +KD>T/TEH-IE-GL';[YGN1[S])_#.TM0V)FBS MHKDM=:K9T]]G2Q\<*N.?9PP<] 8.HH&#_Q_*YX%^MX%I2C__=#B;3H_H"5RZ MOCF[H/>VS$#))W1MTA$IDY$.GE2>ZU*K (Y[*)'8 QLN[Y-!*#@BSR9'%[:J ME;F/N^G1"ZJ=W>B,R;I0H.LSG1*DG:HE5*%PMED5$3TMT.WB2W3AEE=L(!8= MO& 3V/D1W3V4M\8CY!G\R0;B(G]N=+@GNS6,#9(28"*)LA@<-:!P2)6XH$I* M$2"=^MX_@6.W44(I(6/-2VTVRF/7JP0,J(#9 "RI@[5#[8Z%.CD=(TC M;1):&^9N^9L'"MK[)OJ7 M:8E&# -3%V15O0PKEUF&((G<-Z MEX]*&;@4'96@Z!0:*\?M7S;2HH)/0I4*Z:>[ *:$["^1++M?1FQN]9KK48:W$ M>0F/]+74SZ.8)JU]1;G%-"6%H$DZI3R@L7-"FT]@S,C7NSQO>X5^;0RZ4/A- M#Q-IA)X?\@LV4LNYL]7C/OSPX0+F=O%$&8$,PH!N7*(E@ZBW,"C,'[:PL%1; MY:20'/R+C96 0(D;%$C+>\@X":CG 2X(%+*O@2R1N.*E:W"YBM=O8E8\ZN'; MY$/GFA6ZN5!@N)3"6(&K7*_!65]WU/ON$4AA+A6-BQC&'[8RY=HHDVI4%+(8 MVI(;T25""5/?N?(X@%5=%Q$@32'0 GO8L!%FBT2Q(S M,S(RXL69_.&^ZS_;M3%#^J6I6_OC@_4P;+Y[\L06:]/D=M9M3$N_++N^R0?Z MV*^>V$UO\I('-?63\]/39T^:O&H?_/0#?W?3__1#-PYUU9J;/K5CT^3]]J6I MN_L?'YP]<%]\JE;K 5\\^>F'3;XRMV;X;7/3TZ[/\\<'\ M[+N7EWB>'_A;9>YM]'>*G2RZ[C,^O"M_?' *@DQMB@$SY/3/G;DV=8V)B(Q_ MZ)P/_)(8&/_M9G_#>Z>]+')KKKOZ]ZHR[.7%P_28K1#U^A@HJ"I6ODW_Z)\B 91=LOTMEJUU;(J\G9( MYT71C>U0M:OTIJNKHC+VAR<#K8=13PJ=^Z7,?7YD[A?IAZX=UC9]W9:FG(Y_ M0G1Z8L\=L2_/OSKAK=G,THO3+#T_/3_]RGP7?O,7/-_%D?D.[#+]K_G"#CT) MRW]_98%+O\ E+W#Y+^'NU^?^I1M,>I[^Q[]=G9^=?9\>7BHYM,6;OFJ+:E/3 MG_3T===:^J7,64M^71O2E*)K-GF[Q:BBH\-KK2GQESY('Y95F],D>9W8@;X@ M-1ULNL[O3+HPIDT)(#9Y3\]5+4_7E_2T(=D>UNG/IC5]7M=;\,%L,%M,92#N M$?9V?OK]S_/Y#?]Y]OUC3#@0C;^U%0;>8G&;T#;FC>EIRW[0;[/;F1^46Z*H M:\9ZQ<0OMCS'&[>'>'V:L2WSOK3IRX[^\?.]F=^^=/-E!PC$FJ:R M-E[E]K5;)>EZGD%_",\Z*F9\QE4K@(Y)Z& '@F\Y+1IKS3\]]30Z=;ONQIJ8 M2ELBJY!4/.'?QU9@U^_W6F2*Y?7Y]_9/3(Q-MR3E%N-[,W3I4C>WK&Q!SVY- MWJ<&X)*^,H5I%J9/+LX #VDCG9= M;;!\SL+0TU28Z*YC":_:@=AOZ=$^[7 4:0];9]-53Q!#.Z3)1@LE QVTCDE7 MHN,I@O[^>LB \ M%122?_AD9%T6O/#4_A3)K^9+;O_<:!#Z2V[7=U5=FP/4^-]VIIO.\ X<[2K9 M3C*9P/TT.=$#4[RINYY.\ )^HN;X/M#\K!5::BFFI>PE'_C_E6 5%0 I_PG M&Q-:EH_%5Z3Q*X-@1% M]&\.9XFX0OMVXGOHF#UMR>TP2]]W8W5(X/QO 4/?M;(V%LYB?&'NPA9#,0K3 M UD3XDUK\T(@GF@AEU$42_7_'S1WQ02I5I#[;&%7^/CHUV@;P(YT2A;SZ9JD MJ"KB@YM;VQ'NJ('\ZW].=W;]89[RUT%N\W8J*Y&@6-KQ8$CAL:T/IJR O[SL MNNJ[#%C_ 6SKJVQV!_RO],!:?MU[@C\L3HZPU =( 9KO(_@W&*EF2&\"# M\ PC7F ^G^I\7)'7?>!<^4&X-&>GI_\.B9F7=P1_Q.ST+1A!A/;Y9LM,^=@/ M:XJ;2F;).E]4=34P4Z9'$&;0P1,(>,[+I"^K[DU%IGHRTGWI!3)Y26'-^0R-3:3!!T1 ;ZG M3W AX(_>5=UHR>EDA% /4-?)]G7244",PK=ZYOQ36"_2R8BP67([+J"]0\5> M+OU/U-Q:,WU2Z"/>E:E9+@T'J-Z329TG\WVZ[N[-'7V3\^A;^,SRA(9"68"1 MGEP@I5/76^?*[:4KPAG219TR/$E7Q15Q29TF *G$D"S6( MH\FPL^;%/.T-$@C@- 7L+(8$\079B8<79^>@6G23OJP/B,F_&G(9<6]?O?/. M5_KNG?AFC)G.@!,=/3F3K.@!\7;&Q6A;IC=O/^UX>T=G]+H?CPFS39V^)-)] M93 XP/)STW0#N9M,F7- 96;^ TJA@ W4L/U/73.N[N3&.CZ M[>V;.!?PLFM)8DG^>E$A'35+OL[(;PIPORX^$#&P\;'ST)0Y-_-H!R71R[(+,R-AO!U6%-=B%GTZ4H@V :$M#XB%;, M4);4E+/58,/6,Y4@C"+?SF*O=:Y^4$6BWW."*R__3MYC M2%]L^NZNLLPK;*;LQL6P'.O$A?P3N\GIY9UUD7@@21ZZGF$$K.HKPTO1]/3C M7=[#L5$?;?]P>D@96?([(56R-)8 :D$>VTAL%!8755^,#0P@22L)=3$@.>*L M1L$9'A#4BT]35G3HO=,,L,-3/$NO/_[MW:N3LQ?I#=%H&M+OCP$YIC[+[UU/ M$ZOZ?^Q7Y+S^H?;S][W(X"^*:*?)1U"1/ M6W.?(G];J6;TM-.[J@>#R'^%FJD7\/NXSLG*$0RU>?HHSI@I]0DAT8)X]7DO MT])7]K--%2I9W5N'^:3WS=A"M=0QEK6E8*([J$'RMM/)-B2('&,+?>P3?DR+FHZ78$;]8<]F1ZCSS(3I&8L3RP@3G6\J $R!XV?S0[+4D=P: M3Y8((XEGG58DD,7@7*/]E6!)*BAP0FPP=UU]9]0[C7'RFW.))'C$K+%8D[H- M@&V, 'D7^$P5V@KU$;HBV$X3A[,'3^3:P2ETO8&%VN*ER3/9C5 AO M6>>/<.<095E$1.9\]9Y EEQQPI]>2$<]C%"G,+/T9Z*KU;.IZBT?V1A[OP>$ M2054R24&;#I&:?@48[]@FD6P)P@*1B#D L#@60<,$OBQK;#'5U5>'&1W=I@K MA*OAR&B_29P=9@6*U,U-O$$@T@[_VYRW,(=V^@\"-0( 8JG8/D*_^:?7MP#0 M";1+V@TZPT)!+*P)-8.H)+595195 &B2ABTJV$M3(J[.A !>N^ZPPYI0O;83 MRX05 ^;-*SJ;3X#_I<0;KXF(#CJBM84M$PKX2QS\.?(GL"?6945N@'W)[TC$^/2KUHN-4UY_XDY;6>61,7!AJR<@VR_T1!30Y)4+ ML+V18$((.>[97G5LHRCL)0D@2%!I[YD=+)DU(2[H%).2%.(JD,4F?EM&8HDX MGSN3)2DML>62!.OE/.0# :Q+6T=IMEO/22*H@B3AR/#\($B^%7J3DOC95PL* MFRCLG="L61M.O; "DLG=D-];DT[,;Z]M=$9J'J=[":9@W=VG#0&LK(LE_$9F MR8T$]5"_PE3P&)SK2P>HB^>:45&',3@5G&/0%9VN%=6F$GT9!OCT]"PHA7=< MJ_?I\)WXVMA$?E75GCA=<)('5R1KG6,M3**?M5:4CA:?EN38'-A%Q,#>5,UB M[.&X..\32MA91CB(D;#3=F-?: C:+4A@G,_G)YBZ<'[-?$.\^,+(1UM]>'GV M#&D,)^1,B)(9CKU,@T,68.1&3U$5.7TSBF-)2L79\BC,\D-VC5QD$'W OE=2 M.M&:[:=""".("W(B)2';8X<0P/DH@U2>[)PYC0]G7G1V MV(D4F59=Q'P9.%J=6EL?Y6PY*.J==6"YJ7V]5H F 36-(>O]2?9%_X9SC/3; MNY#(\F!5*WCO^ 'GA^8/J--V[0FMON+HC926K-2(,)LVAR!<,JNL2./@YG0Y MV((K.AI(ZF^()@7!)+5$^JQ!Y-*0-X[C@__LZ!(^ R1QB!5#FK+-S0@!$NT\ M@1G>0O90M@G0ZPT$K'#O JBCJ:"$H*-F=4(1W=1U:RSR"HB46@9M!2\&\ISH M7=BBKSAJE8B<-P21ZB&CO9GDW#<$_%9LNRO22S2*S8A'!)1U!P..F!PU0QJW MA]4B?G;W&)W!9/5D&5,G-F0V)CD#$LM"3F6A:4OB=\)6@O5>9$$Y[KW'*<=I MUR'+(UD=3M8A#I^D%7"@4^H<6K -)9^<5!I18J*HYY1X,J/+S^VD(,BE8*H[ M=,"$7>-(2=@&2A?(^F[C]>JS%I%WH<]O=MR[7 MX(H%)F2928X836"_O$=Z\R'4L7\+#L?-!XH1D@4\*"AL7'JH.#*K(LJP@ MI3U= )I&!O=MHBO),\?T5!EY8?;N?,P7!_> M@1:6=.Z4[7& :D)&%;S8R0Y"02:I1[=74'J%;R\6.XI,4 M92>FJ8<[A-;YGQ51M.56..X]GU'0>"163V M56OO=H9I2.A(3I1-H4'%N8QBMS@L^1/.(S^X^_79B^^27WF:N(\V_07SQ=\D M!^;;G^O0JOM/40PXV:I-'Z97V=F+L^SLV2G__?SL/+M\\93^)KO_XN(JN[C" M#^>7V=75B^SBXEER?<1R/;JDP1?9!='R&!\NGC[+GKXXPX>SL^SI\ZOLZL4I M?[JD6.E9=G5)#^X2E*6M&6B]B^SR^7-ZY(S^QE1/LQ>GE_0WD?#T!1$(FLY. MB2:B]NIYZF9Y15$/>U#NB])]L6L)_*&K=;4PISDZ-@17O1B7)&)W(L,?R9%S M6H"P).KSZW/Q-;4PV/M.F3OC$706-=!$7T=^(ZM%3_^KMU+47VRCZ@,Y:3WR M@-P UAL213.%SF&[ >!RMDKK/>/FA'8;MAF"9;=_2'1,;A(4&#K&M3]R9+;R MN10??L'-K3:D";3CPOO-SIKM43]#(R;%W8U_F/"_H"DD(^S,8Q(!.4KW,"XD M(&7764 9@ ;/.;U(D+M/HZB(OS_!C!=3MR,#7;$88EDV'@4^3M M[/+1(9S$O!PQB;MCI-"5!YCQ,HD68VD>B4('SNRX\"$ACTA[XKB0$/-8IY%H M*(ZNCP0OQ/F\ZM._H>.#&PY]YA/U_'X4+69C0$=]-7%Z. ED^ MW/<>TZ_ 3U.$,*7$BXSDZOVSBAL2X";6",D!N([J@^\0 M.PTTT);4=@=V-$RM4N+-XUYCU,RUX5N$ZT[HY@<$,00GRF$;)6?8UU-MW8W) MTD<(X..\]^-LF@;7YZ382\N)F$UC/57 'M8;U@MKPU]@YS:)"\-!7303Z@UI M6=D#)6/OH4AM746,,6C2T!1X8=G5Q;4";DOIDJ/EEB!Q2Z+5"K=[3%=OL_20 MOOOR_Y&6^\,5EN1@A27FF49]8)T"SDZXY])K1[PW/OUM#,Y2P@62/JH>)Q[L ML?\[UO:J\>T56'8W *7?&6%<^EDJ(/E6.;G;12CT<1J;]6.=N\A<=ABI;D84 M58_3F"2(H+/.FB?C13A)T#3DR"L:.4/JND"5 V0(6CR!Y^N\:BRO$2V2:,Y1 M19:3C@2+M<3A#4R(G]QY0S[%IUNDH-:%#T=)8JVR$,R3;GE"?$6%4FE*I,81 MTGI*#FB]0[Y ,O$JE)N\@+1#C+C8KPC,1Z YT@EUK-[$];)V93(40"=GF$PC M>!) .[(#A_08'3=J=7G;(C7VZ"XZH"GORD[Z3?/M='V)"BJXA_42IQE:@Q[Y M3%NBCE0V]:+4R^)T?:C8,MMXL8)E=NH+2MGNT=U71(EY$I(O;@M'\.6 NG.^ MY !FNM1NC'E0\!LA9=*G%SYE,.AVB=IFACRH0NUM:D@Q)/Y+3 M$P:[.(FS"\+WA)N&9'=I#P)@PKW.V:3WE6+]%%=I2USWRB3OA;G7U<9*]G)B M0=3+8R2D?50%G_6" #,WTNGU,&QXR8=-K$ ;4;CJ>FW;\>62 MQ&XM&5&K=[ &9Y;=X7+9/A3$0G9VN>2G%ENY7D/4_,&-V-,]HK]K?Y + !L_R5E4:J!\5N2 MO:^7,*V-JNF2,:CW55[JTDOPS@<N9<-":S(Q2!$Y(PVG\O8HU"4&-<(PR;"BONBO9_.1A$"(/%0ZSW$*-TZSW/6; M^\HB/Z797LL%?EU+?."Q=:,Y /PM_ACU(?<3HLABY0ACI_N;HK=&U% 6FR%Q MZ.=FPX1L<:)W;!B3&_AG?_@':O19KG&W9[*T7,QJ-M+N89VLL1N[6@\GG+MH M#.% R;%(R']$UZ>\XS-: Q%$ M+W>3B@-M$N"VSXA/BZ?;X?0GBV7D-CT M#DC792$)YF8[PF?)2)JFFS3:3,)8B8#<#1P6..TCL+X*L)1R'3=[,/BJ##W2 MDO]CGUA'6]\L?8VOZ7PY*;KDFV:AOJSM+7FESBCY,?U*1%.G0QQ%*P ,2N0+ M*4Z65K"YL&.2)/'B8-56NX01^%?YL5X8W*4UVDM434/+J?-DH@7=(.0#18)< M=6[WKK6%RE?!1'P!35))LI=KY"8VMT.]QV& M)G[I-1=BV96);D4D>ZG-_" KO--?Y'K-'U!(QV6-5II=Z.EKYIF^F@6W(B<._4[ MD,1E]I^[KN30&E6"E?O0&VU%M5J+0F'=J;)C1J+,<'@P%4&7&R%[V**1*(_E MZI\+(T3!D^.)=5BZKY'%LS99LZ+X+3+95A"H9\5[+OZ&'% MMUM:>%7!H_C+6*ZDQ1.'PLWEH#]QUH\;4):P@-I&V?%=4WT[!JI\PN[FL)!-S&\0Z,MTI#!JVDL0Q*-DORR5V?TA32?=:&C6C#>$B< M9>ET4%[2,5H3T1MS&45:J+4@\(BK.B0>[!M#"N7242+],;CPWG;A\*+=Q6@9 M=3M/%7_@JZM^.,9$4T"-H:'\F@R]*:/M"W"5I%VNWV&V:VP](*9YU'*(.Q+. M1UK@S5#2 >_2^3P&E]O;UA3 M[NX;^^/KMM$>0^Q]=+ON:M).20*;1&"\\&Z0).CU!.6";=RCB?A##6HDW-7O^S%V9_=#7%->[QMHRZE- M/3[2F6!([\/SB\OLV8M+/J>'%V?/LZO3TYT:^I\IG/3W- MKIZ=\1V^!$Y;G,4KHW2C1VZXC.\2>[F%I-^SZ\< M,^5)#JDB*&E'=\D^7M%.*@'EZ*^E2&/&+'E5U>R-?I7FJ-$D>*U[%'S;TIDF M %$#T-,H00N,N4L<+2<I\]?2Q%MC<\)T23)-\F2 UZ$ZV=DT_$-V?G_-O] * M;WQOR9&:BMLQ7T]^1=;N7H*,J'^KU1=:'.RCX9?A9+OO%'%7O%BO<>*U.=&W M.' OO@G>X#:4'))']R2E]5;BHYWW+#Q.?;=P6=G>K').$?M[WBP$^1>X/9O. M:B9/,^IX)Q,!$]][!922D57GA;C+%Z_DIF_B;_KF^ M?4N17BD6%QUIB*_1GCC:9]%;'MC_/<:T+8:YKG=]=0:<28IQ_#LA=EZ2H7T! M@&JBA99#<:?=?P=6MDO#'N7;/9[/]GJKP(OT^B26)RUJ'KA4':IZSE'?42KO$_>&8!=VKX$^+$-H2$,>87^'> M--FN:,7A;KC"3315;'-P8J,V5D=\O7M=I!W@OIO_1M5Y_(BT?"X MO(Z5_,@5$C6U6=+0T]GSIP_D#4#NP]!M^+6BBVZ@2)C_7!N*G'L\0+\O.W(G M]0,6\.^9_>E_ %!+ P04 " #426Q140WF$CP% "E# & 'AL+W=O M9E>\9VFL=, MW7KB/@Z='B!B):(! 08 (RN_OM\N*5IR'$_:0R\B">SCV_?J9!WBAU01975; M.Y].1U7.S8OI-)45U3I-0D,>-\L0:YWQ&5?3U$321IAJ-YW/9C],:VW]Z.Q$ MSJ[CV4EHL[.>KJ-*;5WKN+D@%]:GHX/1]N"]7569#Z9G)XU>T0WEWYKKB*_I M(,78FGRRP:M(R]/1^<&+BR.F%X+?+:W3SKMB2Q8A?."/=^9T-&- Y*C,+$'C M\8DNR3D6!!@?>YFC024S[KYOI;\6VV'+0B>Z#.X/:W)U.GHV4H:6NG7Y?5B_ MI=Z>8Y97!I?D5ZU[VME(E6W*H>Z9@:"VOGOJV]X/W\(P[QGF@KM3)"A?Z:S/ M3F)8J\C4D,8O8JIP YSU')2;''%KP9?/+G5CLW;J/7UL;22X.Z>Q^LGBR]B\ M4=H;]298OU*7P9<4/3^3-10U>S6=3#-0L*QIV6N\Z#3.OZ+QN;H*/E=)_>@- MF7W^*= /)LRW)ES,'Q5X0\U$'<[&:CZ;SQZ1=SBXY%#D'7Y%WB]QI;W]+/:- MQ=S@K-%=$L$=UY$2W-0=A*5Z;;WVI843;W#8N5#]>;Y(.2+G_GH$T=& Z$@0 M'?V/07INM8PB@QU.J'1 M--L@:;42?&6/#Y5LX<-U9W-]!@AS2L0@8*43FX<;9_7" M.ILM)8;%O)Z;A8/,-B9BFD6;X-V4)NIM6-,GBF,(5*D*:[_E87/$.8!8/.P7 M]9!?QL+=.U95+!8M ZT8]*E%!FJ?F<,%6)#4,H9:H9]OHP)<<"#_-$-V5]H4 MFON:+2WYD!GQX\GW"F%'<&&03.8S2Q 0^H/;ZO]G@R^P:UK&F,(*>& M9"BXS5C.6W&Z3E4!HW?\]*7BHUT]K'@^>?:?%$]V2T/1+5\@!X/DI/4M*;PC M0BT&J5UYB[ @ID+H47HM9#&%05ZYT(@2W/'#(F.18K"(OVKM,6.-PEQN8!62 M1]5D( R9BN*W)=+S2F@XL0"Q#-#VF:57L&A/'UB=\70KJKB M2P]_60RP@N!EU$[KI2_TY<:[# ?5HM 6J"V1SZKYTJ)O2&,! :JR1D QA_X1,/?#%+5%Q;,ND38-D=<6*5M(0P3W](F7FB;$+'<[Z0:40\8L:(-VL-,Z M?)#.%EEH*I ,(%$K6.F[2*VY(SK'IW=!F*AWR][7G6,3Y&2E%TZ 9ZQ9KNOB M>X'K#-J)\;8!W+>NV+6LB\,0Q:%7Y@=FP%YTQSL]CIN@'9H2<@M;EA3BCI^V M=G)11C"Y3:&72Q00&2DK8/\7O529($[II@C,1A)I\S>2O;N.A/D@PR6H;D:4 M 1'I^G_GO-(A-%*B#+ 6B:*AI.=1XC2=6A]/TGVB>\/$XEES2LE6^B)@X*E MF<=&Z\Q>IN.^]=M0#OFH4W%OYDT>VD2F.ZMC37$E"S+/9N#LMLCA=-C!S[O5 M\XZ\6^"O=%Q9A,71$JRSR=/CD8K=4MQ]Y-#((KH(&6NMO%;X'T&1"7"_#-@Z M^@]6,/PS.?L'4$L#!!0 ( -1);%'G]K% & , ! ' 9 >&PO=V]R M:W-H965T7 M6FDWCROOF^LD<46%M7!CTZ"FE8VQM?!DVFWB&HNB#$&U2K(T/4]J(76\F 7? MG5W,3.N5U'AGP;5U+>S^!I79S>-)?'#*DYD-Y\)96)<7YQ[J:CRT[07<&MT;YR\%F76'X;GY"T05]VT'>3O4OX@,T8IND(LC1+W^&; M#O5. ]_T!%^H"X0NX9$*MYZNK9?HX*_EVM$N%/[O=Y+D0Y(\),G_KTU]G^XW MXQ%R^.&[RVPR^1E.L$==:2OA*OB]0H+5C=![X)?)93J0WD'!RY)?0V%:[5TD M/&RD%KJ00M&"\]*W3.Q&L*MD45'\?@2$\O06R8DO!6()&RS1"J7V/U%,2P) MR9H3D)X/V5DZ2M-T#,M@TQEZK-=HAX,<@7]5&%6B!-$TUKQ(>F:H]O!A0@Q7 M9^<U!,"/A&N\T[8.[D: M14T[WY145 'E^@#+S6X\H.>I2-=IMZ,5T(UEVU[ &[]#NEUV7>X5W_XI; M8;=\HQ5N*#0=7U!WM5W_[0QOFM#SUL93!PW3BGY9:!E ZQM#;ZHW.,'P$UQ\ M!5!+ P04 " #426Q1G+58YID" "W!0 &0 'AL+W=O M#!P!%6QFFZ3][V<;2C(US@GV^^WSO'-_-MEP\R@)1P5-=,3EW"J6:J>?) MM,":RC/>(-,G.18<6W\^EEFJI@[L0,9YK2MU!W??L&^GLCP4EY)^PO;SI<$ M#J2M5+SN@W4&=SJA(2ORDM6*' 7>8W,&@>\"\8E_A!<,50:6%[S!VQ4GX=*W;< ME.N>DPHS@S=!.:]T\Y9L/1T=4'NE-#IY8+3-2DTX'7T67!Z6>0]C-SPG;AA, M[)K$D4M(//J&4DZ!&DG*4J,N(.-MHO*VVH%.2.Q.8@*G>G7N3OP 3D?+URHN M,#W9K%00N&%TT4E%L1N0" Z] &^OF6H4:SLR)%ARUU>#=9A*RZX9=^[=2+NA M8ETR"17F.M0_NX@<$-V8Z#:*-[8U$ZYTH]MEH2O(#QOV WENVD27,#$G=!4S1KT.SR,.R! MEFB+*$6J)!4G^_7[#D7)/90*NW.!H7W MU?%X[+)"E-SMF4IH?%D:6W*/5[L:N\H*G@>A4HVG:?IZ7'*I!^>G8>W6GI^: MVBNIQ:UEKBY+;A\OA3+KL\%DT"Y\DJO"T\+X_+3B*W$G_&_5K<7;N-.2RU)H M)XUF5BS/!A>3X\M]VA\V_"[%VO6>&46R,.8SO5SG9X.4'!)*9)XT M]&5&N?#+ULW>V6S LMIY4T9A>%!*W?SSAXA#3^ H?49@&@6FP>_&4/#R+??\ M_-2:-;.T&]KH(80:I.&0MF_/6"B?W.Q'XPL?]_H7Q1#57AL:MX M)LX&*#,G[+T8G/]BO&"OV0_?'4TGDQ.VTQ2[E.9*@JGLHV87]0KD81,"<'(T M8KX0%'K%]2,3V@LK%D ME*9I4G%)OK",NZ*1;AV%!GS(5 U.!?DE,JT@ M@B=GE,RYQ\M&%K'X$*]C2VO*G5B13 A_ _ >X?HQ\P;QQ\UOFLV%43G6L)W> M9@&XA!Y[8&U"[[L,4)]-#3ZR"^?D2H?3#Q0[/'&[?6]TK?'&M/'(KKB7IG8*N1(J9XO'OIU1 MS!)HD\3;X5U(4K_Z+'7^ M=2<"(?E"2^SZ MYF+.KNFCD2XT;6Q1[%EFRU" !JQ-4#_P@I@LDYU;QP*<; M85< ]T>R0YR:IB=QJ=L?EBX8&1E35T1P7Q< M)6)#(\O@G\QE MI/AI&-M82A08]-#TF8YFZ6M*H4=R2+DKX()KDQ@ENH*#$R7,XU26?4YVX#9' MRY%YK/L.NPWA>%59\R"I)Z'U#/?W)CC3(78:+M\V^&C";.5\%"L?7<];' J# M6(-ZA/D5@=NF8!1'7\.X-WW*[1Q]P=:5,A;3E*CZGNN:>#>9]0OVF]C::GO: MI_N9AQOS=W=7Z&XL*Z0UD6T;UH%)EP;G$,[N$(I>(;"HMT$4ISOM>+@!)-LT M:HJ^[58QX9U>XOL0-YNF4K\Y-UL1QM0D76J:D$("=N.X,P7DQ!)XFC5U%>I% M(MZEY-^BR?>22]O0C8HSZ[.QZ9CM>0/#PF2\A?A)SXY%M%%&>S0:?.R_W?%A M1U.(0"9;&5[$X^IQ$E>26Z02@^V1_<#+ZH0)R%>A=0S903J:'1PE\W#W04VA MX\+F9'J$,3E-/D*Y;1VAT;F?)D,6$\5VG>+'OW# ":A@4]LTW7]_8Y.EJ6Z3/MP#B<&_C6M4(O_=J8_C8(=%GSCNF9[+G -SNI.F;05/M ]XJSRH&Z-J!A. \Z MU@A_M7![&[5:R,&TC> ;!7KH.J:>UKR5AZ4?^<\;'YM];>Q&L%KT;,\?N?FC MWRBT@HFE:CHN=",%*+Y;^G?1[3JQ_L[ASX8?],D:;"9;*3];X_=JZ8=6$&]Y M:2P#P[^O_)ZWK25"&5^.G/X4T@)/U\_LO[K<,9MG\UE:F7?NY#Q7=L M:,U'>?B-'_-)+5\I6^U^X3#Z)ABQ'+21W1&,=M>(\9]].];A!)"'9P#T"*!. M]QC(J7S+#%LME#R LM[(9AA MZ;'B9A$8Y+8>07GD68\\] Q/ >^E,+6&!U'QZD=\@)HF8?19V)I>)'SD_0SB MD -:7B!+YX2C1U?_)-$"6Q:)LR/^<+?=UMM%%Z1?RZ$2J90B0N5_.^:7N;Y M( V'#'YYE=,H>@,OT\*GFL.]['HFGIQG]D9#?^K*GUV]4F(S:<,KD#LPB-O) M%KNR$7M@!K#BAG=;KJ:R._A;7AYW([L;%;?>@S8--@3RO(#YC[_WSM+89SLT M;66C)2%\>QS6K95M!TF,E7;L5K>*RE,LB+VIG6 M.*^D@M:Z NYV0!&;D3Q,<47GE,1%[GVO4C1+,4J&48H"(^74KI*.A,0ZH15L=>80"@"&ULQ59;;]LV M%'[7KR"T8,@ -J9(75/;@)-T6X E"))VPS#L@98H6Z@DJB0=-_OU.Z1DV6GC M= \%!OC"0Y[SG?LAIUNI/NJU$ 9];NI6S_RU,=WY9*+SM6BX/I.=:.&DE*KA M!DBUFNA."5XXH::>4$+B2<.KUI]/W=Z=FD_EQM15*^X4TINFX>KI0M1R._,# M?[=Q7ZW6QFY,YM..K\2#,!^Z.P749$0IJD:TNI(M4J*<^8O@_"*T_([A]TIL M]<$:64^64GZTQ'4Q\XDU2-0B-Q:!P]^CN!1U;8' C$\#IC^JM(*'ZQWZS\YW M\&7)M;B4]1]58=8S/_51(4J^JD;/RBAL^GRJY1=-!A7M38I M#T;!:05R9G[=&MZNJF4M-%IH+8Q&O"W0+U(6VZJNIQ,#2BSK)!\ +WI >@0P M0S>R-6N-WK6%*)[+3\"XT4*ZL_""O@KX(+HSQ A&E%#R"AX;/68.CQW!V[GF M_-R[O_/^JM)Y+?5&"?378JF-@KKY^Q6UX:@V=&K#[Q?H5P%MMY[KCN=BYD,[ M:J$>A3^_E4:@%/WX0TJ#X"UZ6:DWAN#]6J!+V72\?7(BR5N-JGU(^-[.U2#B MY1(:4AM1(%DB _*EK*&SJW:%N$&0+".:I5!CQISTEQUEL#W=K[[TTO/Y!L N". M"1@?]W';&W4"UJ9I@DEJO?DB[?]+BE,,FG&09=;4+ LQ'%ABK*ER8^SS"EOHZCC0)\^M$%M?2G2S/<6':,'5:MYZPY/8R)#>X00'L:(.ADF!F!)2A* M669+Q1(,)5!LD%)+A",!+L#KJ316 4R+Q,F>[)L9O7393 YN>)@G*_>.T2B7 MF];TE_VX.SZ5%OT+8<_>O[-NN%I5K4:U*$&4G"61CU3_=ND)(SOW7EA* \/+ M+=?PW!/*,L!Y*>&2&0BK8'Q SO\%4$L#!!0 ( -1);%$2&SB4% 8 , - M 9 >&PO=V]R:W-H965T]^<]ONN6,M:N!/32(V=I;&U\)C:5=\U5HHR M"-55?Y!EDWXME.Y=G(6UC_;BS+2^4EI^M.3:NA9V>R4KLSGOY;V'A1NU6GM> MZ%^<-6(E;Z7_U'RTF/5W6DI52^V4T63E\KQWF9]>C?A\./"GDAMW,"9&LC#F MCB=OR_->Q@;)2A:>-0C\WRX.'X0?LO 3NP+(23UZ;Z M2Y5^?=Z;]:B42]%6_L9L?I4=GC'K*TSEPB]MXMD5-WPK"@5CK^BR^= M'PX$9MEW! :=P"#8'2\*5KX17ER<6;,ARZ>AC0VCEO7[1:;B*&@;?T3"G=T;[M:.?=2G+Q_)]6+,S:?!@ MTM7@686WLCFA89;2(!MDS^@;[B .@[[A=_1%8/3WY<)YBRSXYQF=HYW.4= Y M^A]N>U8#D^W4-:*0YSVPR4E[+WL7[XV7-*>??I@-\OPU'=]"'S3])G0+]E#. M_LGG*?FUI&M3-T)O292F\;*DR]OK9#8:4.M8F$_4IE1+A2TKO36ND8$-5$N_ M-B6)IJEXTQNJXDU^+3QMI)6D-#45["0L'%U^0C?2(?T=H3J0V5F+@3*E2Q9R MI;3F%;'TTAZ+DX#Z %ZST2WRQ[+I!--3VJQ5Q=L*JJ-"$K5I-6YC.6T\X/X+ MAD!4Z)(*9*'2K600"PFP#UU7&^>K+:RHA)<)3$+%K$@ZCRG&VF,F M5E9*%#A457 H:N-8W8L*,+K)DP808UN:2IGN!D='5\1C^QN2?4#9VQ9.4QHR M.&V#\>^$+=82%RS%81UDKY4N;(@3]$6C MV!T,)AQ *8"?NK-OKVZZQ9>/4G0?B#(8!$Y; _JP1R"3++:D2ERAEMO 2&ZI M\!&3(GB-.52+N[ 7>!6!! =Z<2=COH3$+T/ X+:ETF 5BZ#N8,%%)DKK\1R( M+GG%M0:EIT@*98NV1L+A2F0\FFJP\[$9CR/=N@Z,EYJV$JZLD?@KO!;V$68I M%"+NOASY3XC"I7,2IN_66J9"7(.GJ[8,V?\4O1+@@Y/X6D8*AI7"AW2H0OF( M#Z5 (\'96^%1XTX3M"POZP62Y:%OT1M9="M=#B?OC7Y5M);)WUF3/&%A2EJ& M)<%0U=?HZ!]IF,XGXW0Z'H?Q%)P893GXQRESQ""8#K^\U:6Z5R6G: &01H=P M=E7%![G]:53)8!J0;A]S[1CJ>V9ZU_&_A?WL-GSPX&+51A@'NL^ MJC6G24@XU!,4>Q"$??\2?AS,)^EDGO%NCD*:<_KD(YX.PC1+L_F,IT-,L\D\ MG4]SGHYHBIP=368) *.GA-8]F8S2;)8G,>'&&,]2*$HN(WYTVUCX&9NJF];' M!A,I^F*8#]+))*.7R=,)6RFQ4!7[?91.I^-T.!DDUQU5N-4Q!;Z-R('8"R! MVLPG(]QQG&2[8^#6 0<#CP;#=#B?T5-/PO[!J[J6=A6^';CU W!\8.]6=Y\G ME_%5OC\>OVW07/$2XN:]A&AV,AWWR,;OA3CQI@EO](7Q>/&'X1J?6-+R >PO M#5Z&W80OV'VT7?P'4$L#!!0 ( -1);%$<_"G-NP( +@% 9 >&PO M=V]R:W-H965T+:[:W!9Y(;\\L;M^4D2KP@5%B09Q#\6^$5*N6) M6,;OGC/:'>F!^^LM^Z>0.^>2"X=71GV7)563Z#R"$A>B5?1HUC?8YW/J^0JC M7/C"NHO-AA$4K2-3]V!64$O=_<5S7X<]P'GR"B#K 5G0W1T45%X+$M.Q-6NP M/IK9_"*D&M L3FI_*4]D>59:FE_"2#V;E M2FCBMP%?*K2BV4 E' @X3)/D*$D24'U\$>(/UI(JWEY(+70AA0*I'4EJ0_]3 M)8@[A[@(#MB^-RNL<[1U\^[&TJQ[C7_#NYEV M)^R2[P 4+AB:#(:G$=AN3G0&F2:\S=P0O_2PK'BTHO4!O+\PW"&]X0_8#>OI M'U!+ P04 " #426Q1VNR&3)L+ #-'@ &0 'AL+W=O1@20W)B7+B8@6CEZW.Z9P "E*AXUWFPAUMK=U>6E66U5)DV_V*D<;]9%F4F+VW)S:7:ED@EORM++>#"87&92Y[VW MK_G9;?GV=5'95.?JMA2FRC)9/ERKM-B_Z46]^L%GO=E:>G#Y]O5.;M2=LK_N M;DO<7392$IVIW.@B%Z5:O^DMHJOK$:WG!;]IM3>M:T&6+(OB"]U\3-[T!J20 M2M7*D@2)/_?JG4I3$@0U?O\V1M+%]74O_&]L.6Y;2J'=%^G>=V.V;WJPG M$K6656H_%_L?E+=G3/)616KX?[%W:^-I3ZPJ8XO,;X8&F<[=7_G5^Z&U838X ML2'V&V+6VQW$6KZ75KY]719[4=)J2*,+-I5W0SF=4U#N;(FW&OOLVY\*JXRX ME0]RF:K7EQ8BZ<7ERF^_=MOC$]OGXE.1VZT1'_)$)=W]EU"ET2>N];F.GQ5X MIW9],1R$(A[$@V?D#1O[ABQO>$+>>[6TXKTVJ[0P5:G$/Q=+8TM@X5_/"!\U MPDBQ3HXB\(H&H>#P: C[Z/? MWO%6308 ML+7D[C-G>@;2Z&J!9*:9:5, ](49(0[(H&+\2.P)?G5<::=@-- MNSM!HM"S,7MM% ,0UI<)A=>E4GV>BR*?G,&U2U)5D2'!\J$3@O-F&\[EE(1> MDE9GNLH 0+^]5+]7FM+#[S]$B5\FE,_-RUHXN;3:T:*SV'DG(',9H4*NK8^N MT5]?^F=YCLI8&A1ETJ,-W_J>;3HWU?+?J*:,$E5:E'PJ@*HL@8N2RI^!ZMZA M[;55E\WO2-D1&ZDIA ;6-)E M&%:,1*UU:6R HE\9R42TKBR5A(1*1&VP8?WK73XY>">\.7;9!5DP!,XZBU"2 MTY34P#-0V J)Y4G "\=1D$D[$$G[< 2$EDWD,L^%?HTT1EE31\#O"!T2Q7%6 M-UE:['.(0']&E(C>K;380VY-J1&J9!K4CYVE+I$-=JR4OJ<EY41"YV$J.JI5FN7BQ]618[:ND+,?!S/WRT^?[B[ M"!8KZP!(JA$ U;U.B+X9@O+9F@Q%1*'92"6/D !J/DN#CI\4[@EZF M+2GOL0&$$HODRH ,=KM4KQBO=:A^[=\!_YE$,W-=&,!,P%1Y5+=N'#PA?:F:JL2FI43M*:8HES*)PD80/."D\37""?%!;2F79%2TIK3 >=JFKDEHN2,$J^5)J\MA9:E6%7G* M!:LRV$2)#LU+*%MW!_S'O>46@UJ'2@6;L@#!;T%6B.9*EH2"7*TU;+-&*L&M,RP'D,G8K;:.Y=L-16:Q=]!K7K]0+%17S$R&V5:R;67!$:NUN1[YV7@ M&XJCF0'X@J;B'E.#T]D??:JC;W/<<3] YO[O9C\HCD<+8GDV$+%9TO1.%"'K M\?VH+M7UA[QI+(XD1W D)"N/NH.NYI1$^C^5707=E>$/ V M6A4PBNOL@,GDZ _)'O5$(#NOX8I5NVYQDB1\J)A\?"SH;3>3B93@1" C\I:G.S)0.*H\%A4_LCL3Q@ /&E=EW] MH\:GTZ6V^@1"DLRH*I'\EE\;GS)26U%8RM1W-M3LH$W_4>8517#L>5B3SV">^\?15X2>,%*QCQ$=&4V\2WN$9, M)I24U&S0=YJ&\N@<6.3XG$6'DW'L)R(RKU6"VW0 #AR_\'5"D@_2 IJVVNVS MB5/1A8+&AYN_T;HF<*&M0V\#826KE& ML.Z MQ^.!F S#>31\[#G4A&R7%@]*/06<013.!Y/&6U0Y9Z?9K44\:Z(WHG4?D2Z[ M#:8M-C5>.Y\SYB/PQDJ.04N MFGT/&QV&Z* M"2"?9\@=B2KR*W$>A;/A/!R"R"_H9A2CH1B/Q$5P)M!H3E'1AT-!UQ&I M,AFWOLU[H[0Z_D;7S$(Y_W93^X+PB(;&S?#F*O@'?_#XX)KT#F>[K_YNW#FW M6_1P_N/&!529S@;@Q0F]!96AXX"!PSC@%(_1$8V0>".Z'8HQ7HVG=#T2\13+ M(OKD4BJ'5@1\-)@'OQ2 -.0>O/;4+V.7K9\8,U5N^(=4(_CCH?NUL7G:_%:[ M<#]1'I:['WJ!4;2A]'O"&EL'_>FXYSZWUC>VV/$/ELO"VB+CRZV22'%:@/?K M G[U-W1 \POVV_\"4$L#!!0 ( -1);%&TUZ#4YPH +(< 9 >&PO M=V]R:W-H965T?&]*FOWYFCC_?;EZ:G+-ZJ2;F2VJL:;E;&5]/AJUZ=N:Y4LF*@J3[/Q M>'%:25T?O7W-SZ[MV]>F\:6NU;45KJDJ:7?O5&GNWAQ-CMH'G_5ZX^G!Z=O7 M6[E6-\I_V5Y;?#OMN!2Z4K73IA96K=X<74Y>OIO1>3[P=ZWN7.^S($N6QGRE M+Q^*-T=C4DB5*O?$0>+/K;I294F,H,:WR/.H$TF$_<\M]_=L.VQ92J>N3/D/ M7?C-FZ/S(U&HE6Q*_]G<_45%>^;$+S>EX__%73B;06+>.&^J2(SOE:[#7_D] MXM C.!\_0I!%@HSU#H)8RY^EEV]?6W,G+)T&-_K IC(UE-,U.>7&6[S5H/-O M;[S)OVY,62CK?A*_?&NTW[T^]>!,[T_SR.5=X)(]PN5"?#2UWSCQ2UVH8DA_ M"HTZM;)6K7?9DPQOU'8DIN-49.-L_ 2_:6?FE/E-'^$7#!/_O%PZ;Q$)_WJ" MYZSC.6.>L_\3NJ>Y_&:\$I-,_/E/Y]ED\DKTN?*SLU>1M[BVVECAC? ;):Y, MM97U+AYQ(C?U+4@HTKU))+[;K;&20C_M$XB-+,1L/!:5JI;*BJ;6W@G9^(VQ M^M^J0/SYC9@NYO&-=J[!4UD7 CGM/#[H>CT2GVKQUZ:&ZN2CR?E01E#&@PXL M$F+6HQU*UC4,6J3S\RP]FYX)MY%6.6%6X%%5,,81'D$I*9Z-1^/Q1&RE%;>R M;)38-M8ULO8_1B5965.!1:DK38J56BYU2;#F46FP&,#&-KY72]N@6L%%;.C% MH:'5ME3@!\2M(E%*N"W8D@5DW@\M@]19.I].TT4V?>Q,'[R^Q1)5#06RP#^? M@.A!!. 'O=*Y1)B13O7 PK^!8JCW1CJQ5*H6:U1+JKO>&K=57#R%1]WW)&TD M?FXLJ=/A\R0V->1JKV4)]9>ESJ')2C$]5'(J!R^O83A%60RX\_DX'2-,]Y 0 MG'U84B%+ Q8<&Y/T;!P([J2UP,<10 KAT$J&(HQ(=?+X6CO M['F;2WI9*E&C6 24)NEL,DXGYUW,P P'I[K5CIJ2LI:2-D?A<)K,! )HI"@J M['ADT$X20UT3_SJV2$:2Q%)&BV7C4*M@;8^-XZ2XW%I="O+W0UZON<&3W^GY M1V772/;+M56*(J?OXPG0SM+I>/&$ETG%R..J;T*L0"4R<_Z0'DZO:X) /)N, MDTJ7)1G(8O;NEIU2QT1*.9.-7UVWKSN=^<7DU8L T*^40V4MKJ7]*J[D5GO$ M]?NF+E+QZZ]7XCBRZ1]K&:24"A^@2VVT>[P4C<0']DO/810BT"0D#==,TABV MB=:VSI@A#A%J$$2%$M9[0;]@;))B8Z3 M!>*RK90/V-#4)07\L7P16(0^+.06"8^& S"%67J,N@%1QE94!C'E-_"L:W)T MJFA\!#U*#U@D_[7TME*NJ!MU!:J0._='%!N)2\89 MTZ7G&21I1\STWB1Q'^"#^H+0X :\QOMU[*Z(8A2T[&+V:$@.FO2]1"#S]@R[ M+C,<;KCI9.DL0[.:3\4QO%TV;"P=&B;VO>P/<@[R.D%>O^B-=.\"E9XO!5-!7X(8?=<(?'%+0OV@V7&L7\"LT M@M/O)Z ^5)_WQWX.QS[%8ZT,+K])D"N0V:JS:;D;F-H'@I3"BEBNHAZQIZ X M^N N?*$=5]R<()[>:P#SF\'^-9V>9-.SV7P.TZQ>:S@%V;3"^R)A?Y' FU^N MB!X)"K"SLQ Z**$NS*:J"&$TL# J<-,JT/7'Z+,[4!*:7IB8 M-UD6C!_.@52*H'R!G!TM9K.N7T.S@V&2-Y2GA0Y8)XVC"8>:TW==A MB8@V'(J)-10-5>Z"^U>\)J"O0:M"+9%Q5%<#(.$HW>^$NMW5I*0?;G<0B;U! ML$H(N16"IC6XIVLI9&V8)/8/X8+1Y'$O9U>2%')WY$U?A=Z['X4 MB74D#!5QM98%MA%5/+C!_5#!=N*D@PD]Z0H2SQ:Y:_4S3B,8]/C12OL M+>NPFQ$DT,+2T$(026QMA0O1S?:R80001N!]R#)U7&,C'$,1+10?;CZY_=!= MXQ5*30,_[88$:3OH;FEDT %42S=YC@'S*"GDEWB*M7S@!5UE=&^WRO)E*50\ MH0O#(AE2!\/I".,0$FP0K&[3842V(;AVE&X,")>@DB\P%%9NLU,* MQRZ1D"PJ"82')/W3U*7:(0+]!&74MMG_\+T*$#UIJ8V6^!2]=3"-B?TT=GAA%??HH;/[F_ML,DGGB)LG%DD9U*8I6:]TY[L> MMUMIM6G<'I>#>6V4(#XILB,)S20".8RAC=RE#9>$%8VT.R4)0NZ2V?PY'^5* MM_(J]"L=1G[Q4(\5H_:;S.D6!/,P;$I,^40P782CP1/4 M_V(V\I[!TV5/4:_JH&?K%X[6823RI-3'*<$.1.KQAB^D[^4E+5>11QSB5U*W M-W4HY'E3,E'CVB+TKI3YUY.;''438%?*;TP1F[JR)V%;W_,@=U#3Z7D RO08 M#V0/>)]\1+VB>P^D+5]!FD*5HIMA]@A*!%H5F+\$6+<&G,-N;L- F$RS4?8< M-4 [S.N88ML7(AO-GG<.10=27"#@[HKGR'&+]>=]]0BP?^&+T$^Q5D\>NLUH MD_9P.LW.SM(Y*O:>9]+GV9;#SS=?]E-JKWKW"@ ")6^HHH;8V>?T, 6"6F04 MOPGCVCX/8@8E(BK[1=OMORKU-)X M;RK^N%$2TQ,=P/N5,;[]0@*ZGRG?_@=02P,$% @ U$EL40&ULG55+;]LP#+[W5Q!> M-VQ $#_B-FF7!&BZ#=NA0]'N<1AV4&(F%BI+KD0W[;\?):=NUK49T(LE2N3' MCQ1)C]?&7KD2D>"V4MI-HI*H/HYCMRBQ$JYO:M1\LS2V$L2B7<6NMBB*8%2I M.$N2P[@24D?3<3@[M].Q:4A)C><67%-5PM[-4)GU)$JC^X,+N2K)'\33<2U6 M>(GTO3ZW+,4=2B$KU$X:#1:7D^@D/9[E7C\H_)"X=EM[\)',C;GRPI=B$B6> M$"I2D]H]R299O)=O1] ))6N0L$YPKH<X>#O'.0!P?YRU.X&^"K(81T &]> MC;(T?0^/ .%;B7!JJEKH.S#+)5H' O(D?7OU#FJO0*4@6)@;OME#)5=RKA"P MJI6Y0W3] ! 4:VMN9($.N)OAQJA&$W34.JN MQVX?>$G'+7K=,.]BCPQ7Z!7RAQ:EU"NFILG*>>--'8< !\EKOS0UL.XA!($, M"<6J%<\;)T++>AI4&K?%P2-[R,>4^]M9VJM$@?]ZW1^DO='P"(0N8#]+>DF> M0=%8#^=#H=(BDVZK&7TU ]J,DWW:@^=U?B-]_JD[CK;:OT*["<',<-S]K.P&ZTVY^GK1CXT&]';YG MPJXD9TGADDV3_O @ ML.M%8@4XTBQR*;IHV:1M#Q&I7IM\DR.4U\D/O:^8ETMVG%'A_0_='>$X_2D:64#6HKC0;":IM< M+2^OUSX^!'R2V-O)-_A*HE"=B&7\/G,F8 MT@.GWR?VMZ%VKB47%F^,^E.6KMXF%PF46(E.N0^F?X=#/2\]7V&4#;_0Q]C5 M*H&BL\XT Y@5-%+'?W$8?)@ +A8_ &0#( NZ8Z*@\E8XL=N0Z8%\-+/YCU!J M0+,XJ?VF/#CB5:%=;^$V7 M6'Z+3UG)*"<[R;G.SA(^8#N'U>(Y9(ML<89O-9:W"GRK_RP/;J4ME+$=(?QU ME5M'?" ^GTFQ'E.L0XKU_W3P//IWXQ"6:_CEIXMLN7P#4S;X6".T9!YEN )\ M T'&91>62UE52!8J,LW,<:QH3*<=<$C;.2PA/X)H6W64>@]^W3KA.F?H"!66 M2$)-^( $*W'F-)4CYSN7?A[D6=-1@78F=!E8D"45SH*I0L8H$36'@& ZP6J- MXDY@+V>WR$N$$9>CQDHZ$"[@3OJ>% =YV1*>S3X)U8EXI3V38')X$586\ RN M'/ AAY(;]@7H8]0BQ($:'0S[FW,Z^WADV&A$$1'KK,75/H*V#PR M!\EW']41?E[-7_$55.KDQDFDK]T+9;.=Q5H(V#SF+IE+-&$N?_;OTFK&9*/2NE-8> 3C(_X[BM02P,$% @ U$EL4>I&4]/\ P G@@ !D M !X;"]W;W)K&ULK59-;]M&$+WK5PQ8H"=!E&B[ M<1-9@.TT: XNC#AM#T4/2W(D;KW7DO7O^V9)*0J0Z%#T(G[-O'GS9F9' MRYWSSZ%ACO3:&AMNLB;&[FV>AZKA5H69Z]CBR]KY5D4\^DT>.L^J3DZMR8OY M_*>\5=IFJV5Z]^A72]='HRT_>@I]VRJ_OV/C=C?9(CN\^*0W3907^6K9J0T_ M_1XRH\HM6[9!NTL>5[?9+>+MW>78I\,_M"\"R?W))F4SCW+P\?Z)IL+ M(39<14%0N&SYGHT1(-!X&3&S8TAQ/+T_H'](N2.74@6^=^9/7!5SH3T2[O!]JK(J.I#=.WH# :MML-5O8XZG#A(]!$HLWZNH5DOO=N3%&FARDU)-WB"GK13E*7I\U?"+JWO7MCI"Y1A(V9KN MG8W:;MA6FL,RCP@AAGDUPMT-<,5WX'ZF!P T@7ZQ-==?^^>@=N17'/C=%6Y'P+OY+OO1>A\JXT'NFOV[+$#V:YN\S42^/42]3 MU,O_2^7S<+^YR+2XHA]_N"X6BW=T/JG/#8M%I^R>=,#XE?]@)"@ZXMF-TKF9#K1MC)]#7]J6)G8D+901-GJU"Q0K3U@N"85286*?<01(%X1\537 M>==YK1" 0R"WAJ]NR]X'%IY3PA&RY423UE[U=2*NRC[P1.X<4/Q.AR\Q8?@5 MQ(P^(P.;BE4A/:.%XI2VRFO7AQ/6H++5-7NA 3ZPMG4/!1!5CXIY?NDY1.H0 M"-@3I.9\/7Q+5*AV53\H#.%"WW7.1ZJ,TFV2%/J+%N4^I7^0&X,1X>]L :AASL9O31)N\DS"0V(JP=6,(CX)R1K"!\J#P#/U57#SX' MPF.N]?2;^;=J3R4"0/=HAO#H :\Z!X5Y!$J!)J";"IFBPZY5STQNR_Z03XWM M8!%1SD2(!*)R=$&ISG5CDTC.HT3(1H@Z%)1?%0XR^(S44X@9??"NI8@#7Z(- MUQ,E!^:H,Q\:>")F#1:1M%AJGQQJJP"1I1)C7#1#D-898T$C;;%\T /21T(0 M-X2VT]*G,WI0%KLH)8A9L0XEV"F?# <:*+,/4V(M78%9J36T[94Q>X ?4]IL MT+9@-J6AC%Z$5<%95<+0Z&?&!0DT"L.G!)8Q+(8TLD5G.GN:?!KS-^\"K<$= M58>=M+ >QO70&9)*QWZ<3G Q^J77L-K/OG6"Y2<[ ]VW29LQB"XV#NOC^/:X M?&^'G?/%?-C<#\IOT&UD> W7^>S-549^V(;#0W1=VD"EBVCU=(NC!;TB!OB^ M=CC0Q@<);(_'0< "T1 9 >&PO M=V]R:W-H965TTALB>2]Y]Y[[B'ITY6Q M]RXG\N)'H4MW-LB]KWX=CUV:4R'=R%148F1A;"$]'NUR["I+,@N+"CV>32:O MQH54Y>#\-+R[M>>GIO9:E71KA:N+0MKU)6FS.AM,!^V++VJ9>WXQ/C^MY)+N MR/]1W5H\C3LKF2JH=,J4PM+B;' Q_?7RB.>'"7\J6KG>=\&1S(VYYX>/V=E@ MPH!(4^K9@L3' UV1UFP(,+XW-@>=2U[8_]Y:_RW$CECFTM&5T=]4YO.SP9N! MR&@A:^V_F-4':N(Y9GNIT2[\%ZLX=_9V(-+:>5,TBX&@4&7\E#^://06O)D\ ML6#6+)@%W-%10/E.>GE^:LU*6)X-:_PEA!I6 YPJN2AWWF)489T_OZOGCK[7 M5'IQ_8#_[G3L898'QVECXC*:F#UAXJVX,:7/G;@N,\JVUX\!I\,T:S%=SIXU M>$?52!Q.AF(VF4V>L7?8Q7@8[!W^UQC%7Q=SYRT8\?'S M)GXWGL3TE3@0NU@_E^)SZLVS6)!5Y5+\PO-__NG-;#8Y^=R\#(_3DY>8)>I*>"->' \GDPG_<2?Y MG$=<+BTY_M9SR4NGKT^<2$U1H+- TO1^*"IIDP>I:Q(O)J/)9"HJ0 X&,%9; M5TL$!3^R%!?^X"MPWD2<'QV/I23NI(:SBZ4E0M_[HR7))=BC>$R23D@^RJ#S+$"R_)RMM M)C[(=48EHE06&F7LXSQCA#0TRP(%I%AI!\!>+=9W9!SUHU:,#T$ MT7.,+)98AISSJ@V6)V@H=FF81!J*%7B&\CJSP;U-\;?[U =X S^!W222^4G< M,4B=@[6VD[<5J#%XVT[K&KZCVTI!?CYJ)3/QA1QXD^;B9R _$5^MS$!_-/+H M=K2M*ZL<%4OZX(+_C,="+X>@<2#0+7$^H-4!1.)E6G,4%2B.J08U#I'L@\U: MW0%5G$G\!^VA,A5T(565U(DL3!T9_&(V?/4VJNK>)+1+Q$58TEH>QG '+JZ MEG,=2(0FF1-.8L@9?.FV)C-(&BO38YM)M E\J:XSJ)QD$VJI2OC+E$L[D-/7 M0?Q#AEY,X_? V/WI!*1'.<13BIZVO7?M-I%H6L+?@@A$EFEPR@J6&L>*G*$P MF=)J2;P%, #&S!DP7P9SVYAZDA\+ 7] &? :+%H!*-?EF$?4271 +(C8U*% M)H\5.8[[W*.T[? QM@-(@5Y"]MBEPAFG*-5"I:'KVO9MF<3;!AI8+A:(",WN MF"$\@7@S3]J4KKDDM17:.,=%S62!$S#:68<-SQLDJF%0S$6.A"%7S8Z/TUB][7.[K)-\^SH0O!OYJ#91BW[.42? MM2+ IXMNEX/"._)[M/T'M]2CC;@[LYV*DI!Y"^R(M"6\XFB\D=5 +7*VL M7X_$'U50Y$B2H./Q6K&G1!N:/YT&SJ_R?)3:;E O[]$&H!SVEH:[KD9J<(=@ MWEFI3UJR9YONWV[FF"5VIT(17:RWA>,,#(N%:_;K5B(V]@7.6LD_=:E")[%> MFF"KF;AK&U1^4*9V>BV63.)8GG[AMF5([;*5U1U'4P 0"P@?E+%<)EL,C!8+ M%MB;L-7,NI,FMWS'G]9)C@\7['(@F*2L\P==,+M1-!K@9-%/1MA=NX/0WMT5 ML83;,N+&R;:WG[;J)]/OM8J'KB #'5D_X4B^,@8'EER!9WS746DX_C*:;X3[ M#YR^1[4IG'6PZ0%T_\S2(9L>16BCA-6R+\LK&>X E28NC S["UKG()4NCU@V M9P%&#.5EU=UWYQKWKK %X:3"%W6VCC:*M]GN;?=;P$6\ F^FQQ\24$/L<$YH M6F#I9/3Z>"!LO)S'!V^J<"&>&X_K=?B:DT1E>0+&%P9-UCRP@^X7DO-_ 5!+ M P04 " #426Q1'$GI=/H> 7P &0 'AL+W=OQY 8Z33+*;3(QX9@>'P_W0 M(EL2-WQHV:0=S5]_]57UBQ*E)+.WP &#B26QNZNKZ_'5H_G#?=M],BNM^_1S M737FQP>KOE]_]^2)R5>Z5N:X7>N&?EFT7:UZ^M@MGYAUIU7!@^KJR>G)R;,G MM2J;!S_]P-_==#_]T Y]53;ZIDO-4->JV[S057O_XX/9 _?%QW*YZO'%DY]^ M6*NEOM7];^N;CCX]\;,49:T;4[9-VNG%CP^N9M^].#W! '[B[Z6^-]'?*;8R M;]M/^/"V^/'!"2C2E-C-7 M1E^WU>]ET:]^?'#Q("WT0@U5_[&]?Z/MAIYBOKRM#/\_O9=GGSU]D.:#Z=O: M#B8*ZK*1?]5GRXAHP,7)G@&G=L ITRT+,94O5:]^^J%K[],.3]-L^(.WRJ.) MN++!J=SV'?U:TKC^IULYC;1=I+?ELBD79:Z:/KW*\W9H^K)9IC=M5>:E-NDC M]]?C'Y[TM#0F>)+;95[(,J=[EKE,W[=-OS+IJZ;0Q7C\$R+9TWWJZ'YQ>G#" M6[T^3L].LO3TY/3DP'QGG@]G/-_9GOFF-OS?5W/3=R0W_W-@@7._P#DO<+YG M@9NN;/)R7=&\Q.OKMC&T3*$@FE/L_-.3I;^N-,EZWM9KU6RPG[PEGC=&%_C+ M/D@?%F6C:!)5)::G+TC3>I.NU)U.YUHW*>GX6G7T7-GP=%U!3VN2SGZ5_JP; MW:FJVD!.]!JSQ?P+Q#WZS[]?/_SU=4-_SG[_C$F[(G&WYH2 V^QN$EH M&U>U[DCZ_*#?CF^/_2!EB**V'JHE$S_?\!ROW1[B]6G&IE!=8=(7+?WCYWM] M=?O"S9=-#DBNVX(U@!GIQEW=7@#A6/X@/A[1'UZ:W. MAZ[L2_O8J\_Y2C5+32=6UZ4Q\2JWK]PJ2=OQ#/:'\*RCXIC/N&S$)F,2.MB> M++"<%HTU^HNGGD:G;E;M4!%3:4MDV).2)_S'T(CA]/N]%ID"&;/GWYNOF!B; M;EHZ7XSO=-^F"[NY16ER>G:C59=JV(3TI=?DJ/7TF5N/X7U,52QW/ MKT28^/#?OK^Z3M^T54$3FBQ]V^3'_I!'OXV$BGG25N0D00AT:EH_$5Z3Q*XTF2*Z%\%N$-Q?6'N A9!,7+=P;(FQ)O&J%Q,/-%"H$\4R^K_/VGND@FR6D$( MV,"O\/'1K]$V8#O2,5G,IVN2HC*/#^[*F);LCG60?_NO\$M'?;LE\'^C'X;\T\8+_'YY M8BMK=#!I,&;;EOT;G%6R(!C @_ ,6[S ?#[5JV%)N'GB7/E!0)K9R4&6.15GY/@TXL:_W^@G!XQ^.F7TC],/3?HA[UO\8MWV M'I[CR[,Q/[PCEZFQF23HB CP/7T"A >O2O;P1#H9 MA$:!=)]O524ZSOZ1O'H6V!F><)&,%DP(QU!($NG76^E"CJ1LD@?SDZRDY,3[# G:\LR MM@1BC_=;6]4VPWI=09#N5#70 :@^?7CZ/'M*X]FZKM6&;4S9''TJFT+0D)TD M6=$CQ!4UKTJ*+6DPA;XD@7K>@]'DV%GS8IYV&CD <)I";A9#,O$Y^8F'9[-3 M4"VZ25]6$V+R[S:Y;'%O7[[UX"M]^U:P&=M,Y\")CH[ )"MZL'A;XV)K6Z0W M;SYNH;V],WK=C\>$V<:@+XETWS(8'&#YN>G:)7TT$+8W6E6]B,*.H>I#\!,- M&:,41^?MFN('_NHE07/:B"%JAEYG23P->/'_TNC_TMZ)1HELC6!9RFZ,%^[; M1(E)$P>KB"GR%P(3.KNL=K*?$?M*/;?Z)!A:97PL[ MEQ59_,SVKI-OB6S%Q$WL4S*,H:*(G@]69TD'5)&/63*C< M"#=8,81Q(S5UA\ MKLB\FRCYQ4;#1H5D]RHD/@2AQ28I";D2796$57EYB9U#.N;X0.KHJ4\=/3V8 M[?G-,,VO2"-Q.F8J7_1M,["MEPR/J0[@RN+$W8\$C?-<.6>90% GN*HH MZ= [IYU@AZ?XD-X\\WKS[*#47Q/7BJ/997I#N]1UF4\ISA>F^/#WMR_C*0!X MG0D=@[??VXYV9^W@AVY)*/X/"R1^?_,!WK:AP\H93"VKENP* 5E^F$2L(^2= MT]'I7 VBJRIM]'V*_'-IU;,C=M^5'4Z)@#SLC85#OP\K1>Z>['&CTD=QZM!2 MGY!)GM.!?=I).76E^612ZS/8[C7.^9$!K(<&^FTC!%E;BC]V!Q5(WK1VLC5I M R<;A#X.#CCEEIQ:3@FCWGQ(\XIDC.RM#0P\FQVA#J(*TS.6:194)EJM2UC: M'#+(?I@$NB7ET9XLT0C2D2HM22ORWF'$W97@4DM8D838H._:ZDY;F!X[C&]. MJI+T$[.&?$4ZW\-_X>P9V#(_A>-,8*W(]?3DVA)OF=S&R;32 ^QHVND<*)W2 MG!._@08060H"K$JRQP6?(0SAT(-'$9"D"%<< )$;T@X)\A$[DQ1ED5$9"YHZ(R)K^SR;_A3FTTW^242,# M0"P5!WS(!#_W)OCY8?NI@ ;(#TR9WB\,O?KXZA9#1\Y-DI]06)9(.K^*_$:0 MTZ32R]*@%@,UML&CU:J%+I#=R&3WO/&J!7LK\FN5&?EFK!@,[E5)@O$1#G A M4=\K(J*%@MH*SX8)A>U-G.UUY(]LKOC7)04K70/V(\@@0R@>4WQMC20-/*RZ M(_EFT2L;+[/.>G2'-Y#,2%DMN[98[?L MI1]2M)\2]JJLJG7,#E:+BLP]Z!1_EN0"EN!]29/9#4C<_]SY2TDL"IJ15&0G MYR$?R+J[XD&4[+SUG"2"2H@QC@S/]^)&-D)O4A _NW).P6OZ\&Q$L\V=<0*, MM9] QYJBCXH4\NKVVD1G9'WS>"_!#ZU(#VJR[K(NEO ;.4YN)+4"W<]U"KDM1UKY'9$7/@E+$*)7%W\ZY$%]KD\BO MUJZ,8"="E=Z5*AL7W@B3Z&=;L4L'@T\+@G83NX@8V.FRG@\=H)O#WU#"UK!Y MA1@).TT[=+E-!+1S$AB'>OT$8Q#KUU1KXL5G-KNTU8?GLV=()CDA9T(LF>'8 MBS1 TF!&;NPI6D5.7P\"K6F.&BKFU@X\_!^9:U=N)O9.1?XF\ MRLC;^1"LP1*U=()(U72 MG(RC2+T&(U*WYM"13*.-Z6SZI[!VMMAK9ODALT)&.(@^S+Y74CK1BIVW-2%L M05R8%RD)^1[3AQ#6QUFDXBS%#G3LL_:6(VITYLG6F=/X<.9Y:_JM6)EIM8OH MSSW'ZV-OZ^.\#8>%G?,.+#>5KYJ+H4E 3:T/0H<+#QTN#OK_C\(9TE8O"5,@ MXN DZ&G[SI "ZA\?K&WB^L'4S+'M\=@:>4!PQ(@O8CQ2)))[9R4?>C>GR]+G7/.S8;[]#;&^6%=)/I*ML2'^0E.8 M M%"8.'H$AF 8> E6QN[9&Z&2'<8CF. !$VT L4]H);\,X+"*%SD>7>9&%" M9JUB54>;A:ZJ1AMD?1!"-NQ0K&%E)Z.(WKG)NY)S"I(OX0U!W#OH3Z='59DU M.24CN,.U<4BN )L1M 8/X X&'-$*564:M^-'1#7,]C$Z9\ZF@^7?HON0=QIE M=$AEH0=(WR2>0$*M=E&5)+C^/N1U;98 MEV6ZJ86(FL3#.X\G)22QQYJ/&LH^->U]XY(PKIRD0QV"Y(BM"7RK1\LW[T.G MPV\!#-V\I_@EF0/=06'CXE3)D:3-L8LLRPI2_+4+0--(3EHV_"H8*'&JO"O\ MNQ#)(2'TY4B[?Q0A+&H990NS:=[#T:JB)L8B%<91W1;7/0E'*(D7Z$MQT(G( M>O?N6H2?OMYNG#E07GE$0RTKW]]>.?3#GH'^G6AR2J^7*M30<^+JK.#.4@& "10C%XD=/D]Y^ M(F/BTD@,!1R(]CS*MXVF!>\3BN66M>9']O=L9IB&A(SFQ; HM3 [. MBM_BD.DK@"T_N/WU[/*[Y%>>)FZ03G_!?/$WR<1\NW--K;K[%,6GHZV:]&%Z MD]?GEUD9Q?XX?0\N[BXS,[.GB77>SS7HW,: M?):=$2V/\>'LZ;/LZ>4,'V:S[.GSB^SB\H0_G5,<]RR[.*<'MPG*TD;WM-Y9 M=O[\.3TRH[\QU=/L\N2<_B82GEX2@:!I=D(T$;47S],#H//2@\[+PXW5EI"7 M%-0!A$TASF^;(75?%.Z+;7?D)<^Z> .?KM!8),;=ZU)!45?1^"5=;.C_U4;Z3V9;Z("%2'%#EE:[E/L M-.F#'MOO?K.&U>=FK?W#Y(1RFD+R]".A0>SD["S963@YKV6I5=^GVDI$P $\2Z[[GF17O@PY+?"Q[#CM8+O'%B" >[9\ PAX;5:$>8X8 M_J?DZH;.)LRVZ'#.BI,YB#!$[%PC_A0)9L^29<>H0?>ABZKCTFS$E3+B"M(" MR;J%GY5\,@5]_W U?6\86@DLFM[EA@*1K ;6[2+6P"T2G@B/N'XW_@.Z3O3Z M0,MQ. FVHV1?J%W99_N-56'92LO[D7*/@C/?/N69 7SEU/O2RN=/6 MRTK+-^R1%()10^RE#,''S]&T@ ?DF8#T;3:AHB&JM[)DHX\A!@K6PV\%\^@B9 MG[B8\S@;UW;L<]+#0\M F;0Q071RKT>V --5VVR=,H2 M^JZ>/;=YIFN6R63-,N:931> ==84;^4)7,YX#^SGT]_$#E6:(N#]'I6/$^^@ ML?\[MH-E[;NFL.QVYH)^9]OK:BI2UE,;R\GM!F6ACVLSK*DKY5(ZLL/(J&5$ M4?DXC4F""#I$99._O AGE^J:(D!KIQWX<0WFE@/DO!L\@>=0NCHBOJ/E;FA(I MW(5J7!M) M>X\\B$7F; EI'V5.Y_'[JB1NR[U2%LC 3%^@XES3/BJ;2U3-1JH/;LE[=W<42;I:HLXLC@NE* ]9Y$8FY3L ;0O-OM:FB0Z9E"/$ MR?:E*;D,IT6XU%[J'G$RSK1;*BAR9<4G[K2DS8:S8-8V2NTL$E9O#Z),6RA& MV.#'R@(:FJ,()7U;.>Y'OW9P"SG@$D*!7%%0@66VKLR@O'$2:X=;_[.PP1G0VA8_M MI0-:#B9FZ2C/A7MAG!!]Z?#6)"S]OULRF5@R3HGZ=EE&*6HT<[Y%N:1R/5(, M4@^,%YG%R6+.R-BQ:0F6B@\RL34JKG%!Y$+N9N@IB)&,0!-UMDARJMJU5-(C MLL"1^PBRE1B4O+?TKDA 2Q).H2;K-XNO-!@'E!7@"'X==QOO6HO0>SSMY$;< MW<'DJ J'[J"I7NLLG0_]Z&(&ZG"]^L1V6P)C#OU<_X).;9Y?>=F02)F0$1ER MKN#PN0P="J.)=DUI[-F,H"[;B>Z0C2HHLE/YQMF6+^R*<'WC/C!^(CMO]1&> M3OH'U**7^E(2(DD"UG2>P]A*.H/@+B3>EP:I4%O=,-QL8]<2Z#XT;C0B^O2W M^&-T,Z,;$46.5B$O,=[?,9?[[W 6[#NB^X3QAD:3"K===WZ.3*%'LEV8C9L> MB+$'35)X3\CL2^_V@+6V+;O($JPA+).&YL],E(Z^UOYK97&%1%2H#V4)QR-T M(D,]B)X6&B5"43D2C<*V?4@<6T.UMJ2ILY#\ M=;/MX;-DXG7=CCKP1JD B2+=!4F6?MM@9'P);B&UL&"W%#VQTR$6I15@F8J#>A$N0H M-%K0#4(^7B39E7C'HLG=,5XRB8( .)V!'TEEYE[546U<;Y[4L(,H^JJZ)//E M2G!(OVYOAQNCPSTKN0XDQ#(LC2[/)3NE!37)"A_ Y-, M9M_!AKB[-#E\\^KEM"Z1:)H7\ZX9RD7#I/G3:WA,P MMAZ.YAYGT=Q9)/8LG%D<:X!+LQ%&:=!HJ6*Q_K(N0!(].2[^B$R:&Y;$PZ02 MYQ*T44<1IVF8LG6E\A"_27<*Q=7^RHCO>&3[9S:T\+($ROOK4"RE!1XRP3=_ M0'_B$ DWP2V 2FR;>')@(=PJ9DN8WL:A M,P"5%<8,1H'&LFTV6:)&-U(+G4MW;A,V8F_SA!QLEHX'J8*.T>B(WIC+:!2! M51%'-. R)XD'AUE0 KD:FTB/'E[+TK3A\*+=Q4XCNHHRMCL]OV#!#\>8: I8 M$1@(?IF3O4MI6Z@ 7Z6=N-MBMFO\GQ!3%;5DXP*;PZUSO()0KB>YFAF/.:BP MX:++[/!UE7=T>D<5%_4/N*>OF.-=-$<:S>IP! 1(WH8V :^FK:$DQ.R5U&*; M_^ SOYPBXG5()^UEN[M$NU5_!+.1ZYE[B,S5.-OM:5_G$2W/-JC:V>8^N3IT M5J&S>':XM?@*FM&7QEUX>,]E3OHT>69_K=VCB<#E&@5:OHKF M>^6V9_=#7#-WYR]>%"/(=6"D0VC0ZH>G9^?9L\MSEIN'9[/GV<7)R59_T]>T M-[8 M^85KAZT@"^>[YW:.Z.%)0-[+US>#>U1.O:$95 MOV+PESJE>^\X>5E6'#4=I#GJ1@S1U0X%W[9T9I/]J/=9L2A "\">2Q(O1AR( M"]29*]QB4G])IX'WXU!1NLXA447A6P19.\!:O-1&W-7V)I*O82,!*?AOLYZ9+$N>2$X?_Z\NCK4T?DN_3T"=S>KBCY:T$>K^JS].OCOB&X>EK MWP.YIX3KF,XO6GE)B.A>XO&HS[BQK^::[/?DU_IEVV]'TV<9!Z"I]9-]' MQ??9= A8-J'"F3RZ)T6I-I)*V'ICU./4W[@I2M/II>**E'9OK&$Y5)\!C=>M ML84#6\##VR7)2//;,^#F"(A9@$L'S#>GY9TEB7]GB9*[F3OOAY17H^R\16S[ M!3:^]=6^'$6B2*0/#]&>.-J/H_=5<8BVCVD;#',WQ^Q+P!#O'*>O_-NMME[W M95O'X+:(%EH.M>1F]VV>V38-.Y1O=GA^O-,##%ZDUT>Q/-D>BHG7PX0F CFB M7>XS(;B;0I97H5ARA7*L .LYH:(%6J_H-Q'UI)D2X6H M.LXZCOHBFC:\RT-@F"A7S\K%70U1GL9NXVO?RK)[\07W.U1TR%@QO(: .=T: MF\)CM.T['^?B=5A#Q!4@C.$=.XCA$EB)[;J@F&/T7I!-2%QP'D0ZR+@$H!M5 ML:".WG[B.('Z8,_57 Z^-EDH,6Y?;H34MHV6MK=H!@MQB/O]/C2QT[HTKGG: M7J@X#7* >^/:GK56G)$)+X(AFDIV>SBQP5X BF[CD@\#-"^Q9&39/65 M3T0$3(ZUR;+:(LB]*['TTC7;#7Q;Y3B]EKI 9\K.5)]%)R?L$)7KW.+X%I>GD_N?_6 MO][]2EYJ'AZ7=\,3IEXBIUGI!0T].7[^](&\R]!]Z-LUO^)\WO9]6_.?*ZT( M(N$!^GW1$K2V'[" ?^G]3_\+4$L#!!0 ( -1);%%J"0FW]0( %T& 9 M >&PO=V]R:W-H965TLM9; VU2DNP&_SU.NBL#=O>RVH[]^;,3>[.]TM]- M@VCA9]=*,P\::_N+,#15@QTW9ZI'22<;I3MN2=7;T/0:>>V#NC9,HN@\[+B0 MP6+F;4N]F*F=;87$I0:SZSJN?UUAJ_;S( [N#3=BVUAG"!>SGF]QA?9CO]2D MA2-*+3J41B@)&C?SX#*^N,JW.%5JC7^%_:#;YX$4.V,5=TAF!AT0@Y?_O/0AZ. (GH@(#D$))[WD,BS M?,4M7\RTVH-VWH3F!%^JCR9R0KI+65E-IX+B[&(U7 :H#:S$5HJ-J+BT<%E5 M:B>MD%M8JE94 @T\O^7K%LV+66@IL0L/JT.2JR%)\D"2$MXK:1L#KV6-]=_Q M(1$>62?WK*^21P%7V)]!&C%(HB1Z!"\=NY!ZO/0!O%/E?KE<&ZOIU7Q])$$V M)LA\@NPAPC1,]:Y%U^H[ M#!:W#<*UZGHN?SU[4B3Q]*6!_I!.#^F@4C11QF(](2Z6 C:JI=%TM=.,>XMM M-")P68.DK- -EX?N\H!:;[%;HQ[[[QW_-36PQQ?/7QP>,>6R0F\_[%. M9?W?:[+\NU0#3Z%@<1FS^#SR\C1.6%;F)"<1*]."I84[2#)6%"5+T_/)-7%S ME[[C+?#Z&PT@;2!+CS^CX)2EQ.6%4]+\G.5E[)0X9OFT8$49>2UCM ]9D9'C MOX082%JS3R%EV71*+C')#BIG99213!3RD@@Z3G%$G(AM,853[R\\&OD.]=8O M-@/^&0_3/UK'W7DYK(P_[L/B?<_U5D@#+6XH-#J;Y@'H89D-BE6]7R!K96D= M>;&A_8_:.=#Y1BE[K[@$XS_*XC=02P,$% @ U$EL4&ULC51-;]LP#+W[5P@&!K3 M4#NV^XDD0))N6 \%@G3=#L,.BDS'0O7A27+3_OM1LN.F6!/L(HLTW^,C;7*\ MU>;)U@".O$BA["2NG6MNDL2R&B2U9[H!A6\J;21U:)I-8AL#M P@*9(L32\2 M2;F*I^/@6YKI6+=.< 5+0VPK)36O4+9Z&9>^/@0\(/#UN[=B:]DK?63-^[*29QZ02" .<] M\?$,"Q#"$Z&,/SUG/*3TP/W[COUKJ!UK65,+"RU^\M+5D_@J)B54M!5NI;?? MH*_GW/,Q+6PXR;:+S:]CPEKKM.S!J$!RU3WI2]^'/@"0]8 LZ.X2!96W MU-'IV.@M,3X:V?PEE!K0*(XK_U$>G,&W''%NNM"*@7*&AA[IBBP,E-R1%;=/ MEIQ\IVL!]G2<.,SE$0GK>><=;W: ]YK<:^5J2[ZH$LKW^ 0U#D*SG=!Y=I3P M 9HSDJ>?299FZ1&^?"@\#WSY ;ZN0*I*\H@=, [_7\?!DE^SM<5V,/?[2))B M2%*$),4AT3A#92L@-/9=IWWZC[IZG&]F/1.VPH%<@QGZ$>JX!=9[1]X[NOX< MN1HPKVRH>B4U+8FW*RUP$KG:X$P]@VHA@"ECNE7.HI,!?_:?G;!]Q?8F^B#O M/SFC3U[AJF<.QFQ'O7JC_J^HZ.11T1;_1BA/HR6J0#&DH:_2/_,"<7F*1W'I M#[Q%]_CK,FI@"/)>DEWXX[*_17?*MH9B94-4""B*7:AG_NC;)WM3)L%LPBZQ M),CN!F[P#NMJUDWI6WBWZ^ZIV7!EB8 *H>G9Y7E,3+<_.L/I)LSL6CO< .%: MX\H%XP/P?:6UVQD^P;#$IW\!4$L#!!0 ( -1);%';J0?+G0( *D% 9 M >&PO=V]R:W-H965T\/E\]WUW%[Z;KJ5Z MTCFB@9>J%'KFY<;4DR#028X5U^>R1D$OF505-W15JT#7"GGJDJHR8&%X$52\ M$-Y\ZGQW:CZ5C2D+@7<*=%-57+U>82G7,V_@;1WWQ2HWUA',IS5?X0.:Q_I. MT2WH4-*B0J$+*4!A-O,6@\G5T,:[@)\%KO6>#;:3I91/]O(MG7FA+0A+3(Q% MX'0\XS66I06B,OYN,+V.TB;NVUOTSZYWZF7)-5[+\E>1FGSFQ1ZDF/&F-/=R M_14W_8PL7B)+[7YAW<9&S(.DT496FV2JH"I$>_*7S1SV$N+P2 +;)#!7=TOD MJKSAAL^G2JY!V6A"LX9KU653<86P'^7!*'HM*,_,%TDB&V$TW&."Q3-?E@AG M/^RA^]/ $(.-"Y(-VE6+QHZ@C>%6"I-K^"123/_/#ZBRKCRV+>^*G01\P/H< MHM '%K+P!%[4M1LYO.@(WJY+#;\72VT4_2W^G >=L!#!SP\5BBI)6UH>#*# M S,]-,J3@%:,$UWS!&<>J4VC>D9OOM 6GX9BL%JBZB8#7*1P0VRM=V"]@['? M,SG"M:QJ+EX_O(O9X/*C)AULJE.[+YY(4IDVF%IXFY3)DN1:B-6D=X#M#5/O M[%'P)BT(H=_[HJ0^3/,>!O[P@OG#:.QL%H]\QN+>=]1Z MQ2'XY\D"UBZ&]&%D[,2ZE M(6D[,Z==BLH&T'LFI=E>+$&WG>?_ %!+ P04 " #426Q1B9;A>;@" "J M!0 &0 'AL+W=O DU\::$V>VLV[\>LYVFI6)E9?$/M_WW7=G MWTUW2M^: M'"0RDK,XL*:^M)')NLP)*;4U5C12<;I4MN::NWL:DU\MR#2ADG MC+V-2RZJ:#[UMK6>3U5CI:APK<$T9<=;R+0-?\@+?>[A4E2T,?*IRS/_&QZ2M$YCL!2Z3HX37 M6)_"@/4A80D[PC?H$AYXOL'_$EZI,A45#PG_7*3&:GHBOXZ$&'8AAC[$\"7) MU#EY(Q'4!A;&H&VKJS$'7N7P1?!42"HU&G?>E,\+%>IR-(AKUHFI>8:SB+K1 MH+[':'Y3(&R4I$X3U1:LN\2VW<1O"F;=,1<:[KELL$?R,DI>Y*A]&:#F(BAT MCIQHLF GQ[K164&O'VHM,@2KGI$YGXIF" _Y\GV^-#8"V]/STO99)K[7TUIHFC[:/\(J7]0= PMB\D8?WQD/5.:,'ZC#'XU_W&!_U#?%L_)0P5IZEL:*7.V@VB M1>B_)_&ULA55-;]LX$+W[5PRTBT4"J-&G+Z"EL464$E62BIM_OT/*5EULXAXD#:EY;]X,-:/%0:JOND8T\+T1 MK5YZM3'=/ AT66/#](WLL*4W.ZD:9FBI]H'N%++*@1H1Q&$X"QK&6V^U<'L; MM5K(W@C>XD:![IN&J>I%WVOC(][6Q&\%JT;$]/J#YI]LH6@4C2\4; M;#67+2C<+;W;:+Y.K;]S^,3QH,]LL)ELI?QJ%W]72R^T@E!@:2P#H\<3WJ$0 MEHAD?#MR>F-("SRW3^SO7.Z4RY9IO)/B,Z],O?1R#RK)X:P_EP2AZRPEG5AM%YZO,,["V@OMO/>^HX@:N'ME6H+Y> M!(:"6->@/!*N!\+X%<("/LC6U!KNVPJKG_$!B1L5QB>%Z_@BX0-V-Y"$/L1A M'%[@2\:,$\>7_")C'S:"4:H_)_[E=JN-HF_EWPNATC%4ZD*EKTFG%JIZ@2!W M\'*A7ZKO14[;I'/=L1*7'G6A1O6$WNJQ1KB33F()X7 M,/_SG[RW-/;:]EQ4-EH:PM7ZN+B&W^$-79$?95,_#,/)>Z16JZ6H@#>4R1-: M\1H>:JD,\9)VIC7-+*E 6%>@W09BPF9^'D[)BF>QGQ3YY,?91C=3BI)1E**@ M2'ELK33WDS2;/$K#Q"LU@X0 N5_D&4S]))_Z63HE@5K/::B4?=,+5X<*Z4!* MSMRTN8K]:.;DP#5<1?ZL2/PLF<'U)/+S9$9D(='."NM23.[H4(SJAT'%6ZMC M3X>K(4[]O"C@S45]/K14"5N]?$975I ]0[S0H! %@H !D !X M;"]W;W)K&ULQ59M;]LV$/ZN7T%HP9 ";$11[YEM MP$G:+,GTFU[R#G5JJEAF8JF6@UXJSR@FU34 ) M28.6BQ",)NLV9+? M<_-I?:M@%HQ:*M'R3@O9(<7KJ3\/SR\2>]X=^$WPC3X8(^O)0LK/=G)=37UB M ?&&E\9J8/!YX)>\::PB@/%EJ],?35K!P_%.^WOG._BR8)I?RN9W49G5U,]] M5/&:]8VYDYM?^-8?!["4C7;_:#.<32(?E;TVLMT* X)6=,.7?=W&X4 @)R\( MT*T =;@'0P[E%3-L-E%R@Y0]#=KLP+GJI &9:LJ M7CV5#P#E")7NH%[0HPKO^?H,100C2B@YHB\:78^SL3,;O^0&U%75@QU9/[?ZO3 ?56>+]ERO6.//^0TS'[22.QML3W1RVT0O%)"H6G#*XO+@'PM M&ZA8T2T1,PAB;WB[X&HDP$E?\7*[&MK5L#CWGI_TWFDCH'Y ];PL^[9O[-C[ MI'G=-^A745NLVJ!Y*Y41?S-7K1^X\:Z_17SNW; .6@4T!8.LJZ*$K:7B;D6C MD*!'SI1&)RC#14QP5.0P/@UQ0C*:@-_8N76&"CPV$;"\01C'.+= :%,E2L7[(H_0 ]= M.^=I#!82@M[N1MZ8S0 5/$^+U&[NQMY':5CS+SD L0GA=$H ?#K$;0_J!-#F M>89);KWYAO;_A>(<@V4<%H6%6A0QCES(+?>$ A%9_FJ"PR3%.;$$AW$,*N.7 M":/$F838A G\: 9"&7!<8)+1_XZ%"%C(BV1@86_I!!68D@)GD,M'>E$R]J+D MU;WH?6]LKWM"T6M;U%$KKV]1?,RB>@###L!X .9YY#8,HJ>WS0JRYP]'+%PY MMG$=YJGGFM:I64$6H-;=3#:^7#7 M[X\/+Z8;II:BTZCA-8B2LPQH4,,K9)@8N78W_T(::%=NN(*'&U?V .S74IK= MQ!H8GX*S?P!02P,$% @ U$EL44J:%+_9 P 2PD !D !X;"]W;W)K M&ULG5;?;^,V#'[W7R%XP] "7OW;B;,D0)K;80>L MM^+:;@_#'A2;282S)4^2FV9__2C9\:5M$@Q[242)_$A^)"5/=T)^55L 35[J MBJN9N]6ZF?B^*K904W4C&N!XLA:RIAI%N?%5(X&6UJBN_"@(,K^FC+OSJ=V[ ME_.I:'7%.-Q+HMJZIG)_"Y78S=S0/6Q\89NM-AO^?-K0#3R ?FKN)4K^@%*R M&KAB@A,)ZYF["">WF=&W"K\SV*FC-3&9K(3X:H1/Y3 M&KQ"5,K^DEVGFZ!RT2HMZMX8(Z@9[_[I2\_#D<$X.&,0]0:1C;MS9*/\0#6= M3Z78$6FT$5K>Q_#&F*+#K'=1A_+F F V9B,9-S,>*4E&T%1*S)&RZ)[7!S M\(3"0BG0ZA2K%QV8H9RHAA8P)Q0?06R%+4 M#>7['[X;1^'H)^44 LO"%2K@2HF*E52CL*(5Y060[@K8@32 9"TJ'%, Z=1]M:*:[''@(YBRY_"98F;G-C==-J M>R>@)2A-KN(P\K(L(->]_1L>2,7HBE5,[TGBC4:I%V>1L^QGNS%SBS.+%)\W MN\(,L+'R+$$?;]MP4,/+X.C2L(,?Q5Z-IL'-""=>=D]W)VC1V.=R)30^OG:YQ:\=D$8! MS]="Z(-@' S?3_-_ 5!+ P04 " #426Q1VUNSW4H' 1$P &0 'AL M+W=OQ"B)P40=$/P]TAN?"^,C,K6OWU/7=FN2(C4E7K?)"XCYG[./?-*VL\6;5J$H8W*KU5+=*BMQNJLII MZ/OIM!)%/;Z^M,_NU/5ETYFRJ.6=(MU5E5"/M[)LME?C8+Q[\'.QWAA^,+V^ M;,5:WDOS2WNG<#<=I.1%)6M=-#4IN;H:WP07MPFOMPM^+>16[UT3>[)LFB]\ M\V-^-?;9(%G*S+ $@9\'^5Z6)0N"&;_W,L>#2MZX?[V3_KWU';XLA9;OF_(? M16XV5^/YF'*Y$EUI?FZV/\C>'VM@UI3:_J>M6YOX8\HZ;9JJWPP+JJ)VO^)K MC\/>AOFI#6&_(;1V.T76R@_"B.M+U6Q)\6I(XPOKJMT-XXJ:@W)O%-X6V&>N M_]X8J>E./(IE*>GM9_[1YY=3 ]F\8IKUA,=6>'S*6.1*W@' 9D4'B!X#\D51G(07NA69O!HCR[14#W(, M, PA (0.U$75>U&O0%,X+ MS4N!JY'54JH!7,(B^B"S_FG 3X/%Q>APY?Z"D=W&JT;L+;4]?4Q#GV')=_E6 MJ)SN)W2K9%X7X@M]5J R%;6U5%1-5QLVIFMYSUGH^;[/?Q.ZJ4E^+;1AJ^M] MV=L"WIL-/)>U*$YI"N!J+;.."R95G-?EH]4# MC^"QT4ZTER8A'F=E9]UK%:Z+%B:Q\P..PE#RQG/Q$XQ!VA" MP;"VHL@)BW[J:KDS=;YG*HIQQY9BR2?QV*\((\\IUL2V@WFT?+1P('JZJ6'7 M&F@+V"6M YE4!EUKESC@7>^RGA"8%(8!+4"H<#XZ"R8ABF]9,L85\G"-?D5E M [KT;AT-A[/8+A-K):5UF/UK5+'&AA*H(JLI?5>YVLGFGZ1B-(F2-WLB'0B6 M>YR)2!WKE<5LE]H>%4XCLPVVY^CH==X'8Q"_E#9\#'H?;%8#' =768223V&! MX6'L5$SH'8@:1J&7?!-1 ]25>"#J3;?F@N%J47J,I0&2["0U R]:Q*^DYG%> M61^M^C ]QBM!I3008XF$9X69T#SVXG1.BX@3XT_+669X?!J'] 48(F\^#UX% M0SP)3R$QZ ^#4PG&MK26W?S^_T@W\#5)?$HC;Q%$SY%#3ZC:LGF4\AAQ_,!; M^.F ED(1F9^N;GN%9\7EC?UKNXUX63?WT,*1*]L<#%Z0/(ZKR?1X@0'GDP*%J[-'ZTFSY-F-]?]6F22 M[B"MR'O>WG8:4XW6X-<#QL%VQ^>]*7!"B\2;HY-SX(+YMU2CP$L7@9>$0VD& M#"4%Z:[\WR"7W7*F=0Y'[91F<7 MG<<=W((30*RR QDL6$IN?NOBP9K45Y+[ MVQO2&QZOSO$[QA( ::0/2:ZI',L9)0&?7M9!Y7H_DL)&.0SZH:!VS30 MK'%*K1"19:KC(0'L.SZH[DBVIXMW6V]Y>L[M)K0O/%7;0ENG(!9%AF?4W;CM M]&$>\A>>/TL Q"^UX+&@^#><[,L(UQULR1H-"KQ-9EX8AW2.M;&7!+Z71@N* MO 0U,,6!X2.(>X&3K5+,VI9%-?4%O0V\>;3P(A3R<[Z)0PP424SGHS/"H#E# M1X\BXNN 34D3>N'8E@S'MN35Q[:[(;D_.8P*U[;^ZW'N117'CW-/NJH#7<>. M<;75OPLCIQ)FL56#*7JK+T:_2:'LF9NY?]!N;BPYW4GMK=E@_'3)H\^!XFSN MHZ2G_!95&,,28A.%(UN=0@QS,6I&S+<1)7B5S/@ZIG"&9<&(^XYTB0:NQOYB M]+E!-D+N4\"/16>Z]YFBDFIM/\9H\ :&NB\6P]/A>\^-^\SQM-Q]+$)Z88+6 MZ',K;/4G,T1!N0\P[L8TK?WHL6R,:2I[N9$"U8D7X/VJ :[]#2L8OH)=_P=0 M2P,$% @ U$EL462\ZFN- @ E@4 !D !X;"]W;W)K&ULA53?3]LP$'[O7W&*A+1)6Q/2PAAJ*U$8&@](B#+V,.W!22Z- MA6-G]H72_WYG)PV=!-U+X_OQ??>=W;O9QM@G5R$2O-1*NWE4$37G<>SR"FOA MQJ9!S9'2V%H0FW8=N\:B* *H5G&:)*=Q+:2.%K/@N[.+F6E)28UW%EQ;U\)N MEZC,9AX=1SO'O5Q7Y!WQ8M:(-:Z0?C1WEJUX8"EDC=I)H\%B.8\NCL^74Y\? M$AXE;MS>&7PGF3%/WK@IYE'B!:'"G#R#X,\S7J)2GHAE_.DYHZ&D!^Z?=^S7 MH7?N)1,.+XWZ*0NJYM%9! 66HE5T;S;?L>_GQ//E1KGP"YLN=WH:0=XZ,G4/ M9@6UU-U7O/3WL NSF*D]H^R M(LM1R3A:W.CE[DGE@BE8AF!)6)*@E8[=PC05:H6!/P+T@?.N*#],_ M5 B--<\RS ./(\B.DL+;%;(LT3HHK:E'Q+FB-JTFX)2F)2P@VX)H&K65>@T^ M[@:)92_QE0\L2P0R.U>&7.]0^3%X>>DQ'(T>A6I%-]^>23 Y? Z1 M!([>>M1X;U9JM.NP$1Q?$U]6-S:#=U@Z%]VLO:9W&^M6V+74#A26#$W&7TXB ML-T6Z PR39B\S!#/<3A6O#C1^@2.E\;0SO %AE6\^ M02P,$% @ U$EL M44:#FS.*! -A( !D !X;"]W;W)K&ULK5A= M;^(X%/TK5K0KS4B=)N8K4%&D%MIAJND.*MO=A]4^F.1"K(8X8QOH2/OC]SJD M 4IB,M/R0#[/\?7QL>]U^ALAGU0$H,GS,D[4I1-IG5ZXK@HB6#)U+E)(\,E< MR"73>"D7KDHEL# #+6.WX7D==\EXX@SZV;V)'/3%2L<\@8DD:K5<,OGC&F*Q MN72H\W+C@2\B;6ZX@W[*%C %_9A.)%ZY!4O(EY H+A(B87[I7-&+.^H;0/;& M7QPV:N^ZNC2Z3HDA#E;Q?I!;,:0=ZAM^ (1J^R?;/)W/8<$*Z7% M,@=C!$N>;(_L.1=B#T [%8!&#FB\!O@5@&8.:+X&M"H K1S0J@MHYX!V74 G M!W3J OPQDY+W/0=L@SOXR89H.^%!LBS?O(9TXR MTV5XM E/S/R8:HE/.>+T8+J=%T3,R90O$C[G 4LTN0H"L4HT3Q9D(F(><%#D MPP@TX[$B?S IF;'U1_*)/$Y'Y,-O'_NNQF@,IQOD+5]O6VY4M'R5RG/B^6>D MX36\$OBP!KSI5<)'=O@44BO\IC:<]DK@MV]K_?/;6A_;X2,($$XKX5_L\&^! MQH&KAM^=&+C5HFB]>PAWT;R%@QN%@QL97ZN*+_B^XA*DL;".@#"E0*NR,=GR M=#(>DS?6 ^KAK^^N2YIO%LTW?Z%YDC(>$IZ0)YZ$9;$TCV)I^.VJ6%I%+"UK M+".8:4Q:"N0:SD@*,H!$8Y8K"\#.A,*<>][OEN%I%S&UK4P/8+*T64@P*<;F MF$H>E(;4/M*D21N5 ]0I NA8 _@LS8(V7R5AF2E&5K"I3BY4R@*X=-)<6&= MRM:+=^*YW?*T]T3XU*+MGM\M5-BN$&]O[T!-OU#3MZHY9"HB@)9?LQC-52JI ME>$GI'@GGO';>0ZDZA92=>TK0[@&J;DRGF=)B&E;/D&64N$9RUM5-@=&W:/A M;S1;G5[K_N396M@L=LG;;7[=!77CIFHQYMT5:K?.;U"@%Z5@$> MDP %P-E/-'LFJ5# \6HMRO'//O\NGJXF6+YIP4A/+.@Q\'FVH&*N"0#KP+(,=YW3''C4*W[ESJ*[I$_M6;^^ M3C#-349DB/TS_U3HJS*P.H/7OCRL.R MQ$_&QA!_1B!9^B,SQS>I(]Q,PU,]/RC'S].JREQB[S4WOJGQ0% MB"F.UB);^[AQ+2B-.^.L<"K3Y^X$\>GJA.ZJ VHO#ZZYN.6XT:[=_5VFI/94 M^7+!*B22/F:MH=.4:-N#],>'+A)O(*=V:;I_OUL("PA M-(JVOB38G'/NO8>++_T=%\]R Z#0:YXQ.; V2FWO;5LF&\B)O.-;8/K.BHN< M*+T4:UMN!9"T).69[3E.S\X)9=:P7^[-Q;#/"Y51!G.!9)'G1/P>0\9W \NU M]AN/=+U19L,>]K=D#0M03]NYT"N[44EI#DQ2SI" U< :N?>ST.!+P%<*.WEP MC4PE2\Z?S>)S.K R M)!(F//M&4[496)&%4EB1(E./?/<)ZGH"HY?P3):_:%=C'0LEA50\K\DZ@YRR MZI^\UCX<$+1.-\&K"5Z;@-\@^#7!OS0"K@GXT@A!32A+MZO:2^.F1)%A7_ = M$@:MU2,E'#YRIC40SED+:P9^>Y\=G^+:VI_'(VWLT]LX*+F![ MAWSG!GF.YW3D,[F8[L9=Y?Q?]-D_1S\RPV\:QB_U\!MZ^^IZQI5* MKU0QA]7+T,=A&&&W;[\<>G>*PWX0Q X^QDU/<;$?Q#AVCG&S4YSK1)&'H[ ! M'M6-F[KQ1777_2[1]P?(ER!^G/$T:+2#=_&T4@D.:HOIO:;PWMG")_I%%7I6%"1#H_2G/N[T"%(7 M>1LV(<)W\38\Z9M;'+J^;UZ:(W.[@'[0"^)69T\[@*X;A-JWMKU=2*P'?83C MEK_VP4F?@UB7(U:B\K"NWN%FMYGBHW)XM?;'[OW$[=B?ZJE?#>F_\M4GPP,1 M:\HDRF"E0SEWH6X'48WA:J'XMIPS2Z[TU"HO-_K+!80!Z/LKSM5^80(TWT+# M/U!+ P04 " #426Q1DU_S0A<# #>" &0 'AL+W=OBYRKGK/0>GGANBI= M0$'5N5@"QS%[B%I1QI]^ULAO9[XJ5SAF'&TG4 MJBBH?!E +C8]QW=>!;=LOM!&X/:[2SJ'*>B[Y8W$G5NS9*P KIC@1,*LYUSZ M%Y/$Z%N%GPPV:FM-3"0/0CR:S;>LYWC&(<@AU8:!XF,-0\AS0X1N/%6<3FW2 M +?7K^P3&SO&\D 5#$5^SS*]Z#EMAV0PHZM$N8_J%4)Z1+X+Q.1D*GH+DYJE8!I*:RE#D9 2:LER1:RJ- M; VGY#.YFX[(R:?3KJO11V/)32M_!J4_P3O^A.1*<+U09,PSR!KPH\/XS@&\ MB[FI$Q2\)F@0'"2#3<[S2%\S'KXX]9GQR&CR!%N-\$ MW\EE6!=;:/G"=_A^R#GE[(^MG#-;2")G&2U;#!;:C02%!5@*Q(Q,&*<\95B> M4Q26Q4E^73XH+;$C_3[@451[%%F/HG<\NL>V9XH[+:]!4[V6!(DE,&UZW0^P M:^.OZZZW#_)(OU=N))*XCB0]&SYWJ 8M#IQT(KW?'>W^F\!ZAZ,,F$6#AVUG: OGW' M3HC0%I8#F;'G^QE[DN2D],%4 ):<:R'-/*BL;1XI-7D%-3,CU8#$G5+IFEE, M]9Z:1@,K/*@6- K#&:T9ET&:^+653A/56L$EK#0Q;5TS_79!Z R!@-PZ!H:/(V0@A"-"&Z\]9S!(.N!U?&%_]KUC+SMF(%/B%R]L M-0^^!*2 DK7"KM7I&_3]Q(XO5\+X?W+J:N,P('EKK*I[,#JHN>R>[-R?PQ4@ M&M\!1#T@\KX[(>]RR2Q+$ZU.1+MJ9'.!;]6CT1R7[E(V5N,N1YQ-,R5SD%8S M?T:J))F&@ENRYN9@R,,2+./"D!],NY(C?$RH15D'IGDOL>@DHCL2&VA&9!)^ M(E$8A=O-DCQ\>,-"T?3@/!J<1YYVV<\AD0;;8@D:?TG(PY/?3SF _N?WS MCLAD$)EXD>D=D>?E2T:X-"V>"F&U:J6]=0 =RF]]@Q$5 B,!Q]C@.BN]GN$JL:/T\[97$Z?5CAYP"T*\#]4BE[2=R(#A^8 M]!]02P,$% @ U$EL4;*_L\SJ @ ,PP !D !X;"]W;W)K&ULM5==;]HP%/TK5J1)F]21S_)1 5)+-ZT/2 BT[6':@TDN MQ&IB9[936FD_?K8# =;$B%:\X/CCG.MS[.1>AAO&'T4*(-%SGE$Q&C&9GP\9*7,"(49 M1Z+,<\Q?[B!CFY'C.[N!.5FG4@^XXV&!U[ ^;V8<=5S:Y:$Y$ %811Q6(V< M6_]FXD<:8%;\(+ 1!\](2UDR]J@[#\G(\?2.((-8:@JLFB>80)9I)K6//UM2 MIXZI@8?/._:O1KP2L\0")BS[21*9CIR^@Q)8X3*3<[;Y!EM!UYHO9IDPOVA3 MK>V%#HI+(5F^!:L=Y(16+7[>&G$ 4#S-@& +"/X'=%L X180&J'5SHRL>RSQ M>,C9!G&]6K'I!^.-02LUA.IC7$BN9HG"R?&$T1BHY-B8RE9HPB$A$LV)>!3H M,UJH>Y.4&9BIH[5Z!?IX#Q*33'P:NE+M1G.Z\3;R714Y:(D\0%-&92K0%YI MTH"?V/%^8"%PE0VU%\'.B[O RKB HH-"[PH%7N U;<@.OX=8P7T-]P>6[83U MT82&+VKAF\,3T!+0KRGD2^"_T5\T4]:K$U#M2Z[;W90E6E1'BZS17EV$N+H( M7!WS%2J ZUGU8C<=M)TYC#J>]Z')3SLNZKW&'4F[KJ5=GVOD5&F+,8=SG.S6 MX;H7<]+.''EM3MIQP2DG>[6TWKE./E!1USDF]/2B>\?=/7P-_G*/]R2>H$==2: MI4X F]);)<\]*,MRX&M3K0ID#*PJM'JTKHAO31WH[I=7Y?04\S6A F6P4E"O MTU,9CU<5:M61K#!%WI))53*:QU15]<#U C6_8DSN.CI _3]A_ ]02P,$% M @ U$EL4:XT]_%; @ W 4 !D !X;"]W;W)K&ULC51=;]HP%/TK5K2'5FI)S#)#5AUXLQVH/WW MNW;2C+* ]D*N[7/./??BZ]E!JF>] S#DI1"EGGL[8ZJI[^MT!P73 UE!B2>Y M5 4SN%1;7U<*6.9(A?!I$(S\@O'22V9N[T$E,UD;P4MX4$371<'4ZST(>9A[ M0^]MXY%O=\9N^,FL8EM8@WFJ'A2N_$XEXP64FLN2*,CGWF(X7<86[P#?.1ST M44QL)1LIG^WB2S;W FL(!*3&*C#\[&$)0E@AM/&[U?2ZE)9X'+^I?W2U8RT; MIF$IQ0^>F=W<&WLD@YS5PCS*PV=HZW$&4RFT^R6'!GL7>22MM9%%2T8'!2^; M+WMI^W!$&)XCT)9 _Y<0MH30%=HXEJS&4.:D#W&U L.XT->(?5JOR-6' MZYEOT(X5]=,V]7V3FIY)O89J0,+@AM" !CWTY67Z"E*D#RU].'E/][$)72=H MUPGJ],(S>G_+T^3G8J.-PBOVZX)PV F'3C@Z(_Q)2:WQOK9M5%V>OI8U4B,G M92=PGPRC$8U"K'!_W)L>'!W'E(X[W#NO4>T^V&@2A/VNX\YU?-'UXM_>WI 23)_1N*?! M81C%=R=.>W T'H??>^,;7EI28"&PO=V]R:W-H965T$8<.PER]"T1H)N'X9]H*6S140B59*R&V _?D=*EI5%8HWE0RQ*?)X[ MWG.\(^='(9]5 J#)]RSEZKJ7:)U_]#P5)9!1-1 Y/;)]H\\); MS'.ZAR?07_.-Q)%7L\0L ZZ8X$3"[KJW##[>!5,#L#/^8'!4C6=BEK(5XMD, M[N/KGF\\@A0B;2@H_AQ@!6EJF-"/;Q5IK[9I@,WG$_NM73PN9DL5K$3Z)XMU MIKT:@(XR85G[3$KPQQ>G%3*'RC%%E&WPJFF,D/1=ZO M05.6*O*92DE-LGP@OY"O3VOR_J+%'ZZ&%SUK@O[KA3Y /R- W\-!O@=^ZX;]3CLX/ M.^%W;O@:(K3>&CH/I:[U#FN]0\LWZ@J&D5F")&)'= *$*@5:M46EY)E8'E/0 M#HO Q[^Y=V@Q/ZS-#_^'>9)3%A/&R3/C<9LOPS>^A--QER^CVI>1TY$ M%T]AFT)&"1XSR'(O 6SL+\C*J]J3*W>FGSH?/7<^JU=ILVO?W5V]W7>A/^O: M=X%_;L3^93NO&0O'.H-&BP^,%9:Q]8_X!\^J/2 M%YQ;4^#N31OZ8D169J]4.X-L3RKMI5#M_K4WJ@XYSHTJ<'>J^X?EBCQ0CE&S MF6>VN:G(@JG^Q1*=6U'@[B"?"\-EC)A=AZFGL2C@X2]Z)@Q+#<1]HA+<-6T1 M6%7P)HDN:NP-UJ-J\*@K'5J!>MQ\'IV\-*V[*]QJ'=W/H>J-PS/'NGL$.@ M/YAB_&1YD2H'6N3V'+\5&F\%]C'!RR=(,P&_[X30IX&Y&M37V<6_4$L#!!0 M ( -1);%%W5&660P( !<% 9 >&PO=V]R:W-H965T['/MPXD:J1UT &/(L>*GG7F%,=>W[.BU 4#V2%92XDTLE MJ,&IVONZ4D S!Q+<#X/@RA>4E5X2N[6-2F)9&\Y*V"BB:R&H>ED"E\W<&WO' MA7NV+XQ=\).XHGO8@GFH-@IG?L^2,0&E9K(D"O*YMQA?+R,;[P)^,6CTR9C8 M3'92/MK)]VSN!=80<$B-9:#X.< *.+=$:..IX_1Z20L\'1_9;USNF,N.:EA) M_IMEIIA[,X]DD-.:FWO9?(,N'VQ1:?*9;/'VLYH#D3E9: VFBU"0$5IFY);1'>,8#MKNUP+7+]9@ M*./Z$O$W7"J64?+G#L0.U-_8-^C6:OIIYVS9.@O/.-M"-2*3X!,)@S!XV*[) MQ8?+_UE\S+5/..P3#AWM] SM1F%!*_-"/E)1?26 .5589&;(8,MTY9AL=1^2 M*)A$L]@_#!B8] 8F[QI8N4L%13C31@_)MOCH1'870ZK3-ZIA,)L&PZ)1+QJ]*_H#V\JK\AG2CMX<-#85?%Z)^R=U;EO&'55[ MAN7*(4=@,/J"/*K]#=N)D94K_9TT>.9N6&#G F4#<#^7TAPG]F_J>V'R#U!+ M P04 " #426Q1EHVB<6T" "3!@ &0 'AL+W=OL: \@,9Q?A1:ED6C3:7M@JJC8'J8]N,FUL7#L M8+L4_GML)\U:"!W:7A+[?-]]OO/Y<[(5\EZ5 !H]58RKL5=J75]AK/(2*J+. M10WJ& Y]_P)7A'(O39QM+M-$;#2C'.82J4U5$?D\ M 2:V8R_P=H9;NBZU-> TJ5N%K0/P.(&H!T4<9XA80?Y1AT )I%N>V3A99FE1J<3N?2M)S4SXCP LT>-K0V3:#1 M20::4*;0=R(EL6=YBCZCNT6&3CZ=)E@;9HO'>'05N(>TV T"(?#!#_NGTZ?VW 8A(=NV5NWBR@^1 M-JGBO5M6@5P[>5,H%QNNFV)WUDY!KYUPO+)/@JMIT&//C.(V ODG?"/7-T2N M*5>(P>71@1D(X'-1(O:W?&ET$8QW+ TKP9(ZV#65T+HW<02=.]0^@)0 M2P,$% @ U$EL4;Q[Z$'J P 6@X !D !X;"]W;W)K&ULM5?;;MLX$/T50MB'%F@C4;)N@6V@<5)L@08PZLTN%HM]8*2Q M350259*R$V _?DE)EGR1&:>7A\0B-7-TYL(9SGC+^%>Q!I#H*<\*,;'64I;7 MMBV2->1$7+$2"O5FR7A.I%KRE2U*#B2ME?+,=ATGL'-""VLZKO?F?#IFEL.>CDNR@@7(AW+.U*BL&.2V:7_+4.F)/P<-G%-Q6P3U2P*,S"EZKX-6&-LQJ MLVZ))-,Q9UO$M;1"TP^U;VIM90TM=!@7DJNW5.G)Z9RKC.#R&9$B17??*EJJ M&$GT'BU4PJ15!H@MT1FA-[<@"M1QWID9/T9A+A69RRI\BHC$E)U-%292"C1AV^(<(/G M[Q%Y[^) 59-CQ@.".(B]T N&*?L=9=](>3[HXB&J_@D#''E!'#E'3$_EE)2R M*!XF&G1$ R/1&2N$Y%53QFBA'KG!]UG"-S8FN6^N^FHEE* MBQ7ZYQ[R1^#_&AP2=^"Q$?Q.2)K7I^5!P++*T&>Z!!WBOX'PP?B:\48.>C[5 M/*"&G;[0.[^B$)E1+TJN)J MT,&QPZ'O.,YP1/%>"\,O%"O5Q]1-PK/.*3O%-C<*DX=@OY#][2@>95?Y*.^E&-S+7]]Z7H!$->E M"P4HKZ]W)I)][<;FXCWL#O)TL3OZ0HY_=B5_ 3 \7\GMO=M[#GQ5#S4"):PJ M9'.1[W:[P>E#/2[8O7@S==T3OJ*%4!5EJ52=JU!E)F\&F68A65G/ H],JLFB M?ERKX0^X%E#OEXS)W4)_H!LGI_\#4$L#!!0 ( -1);%'4*@-U@@( +T& M 9 >&PO=V]R:W-H965TICTX?XVI=# M7'/Q( L A9Y*RN3$*92JKEQ79@646%[P"IA>67-18J6G8N/*2@#.+:BD;N!Y M0[?$A#E);&.W(HGY5E'"X%8@N2U++)YG0'D]<7QG%[@CFT*9@)O$%=[ $M1] M=2OTS.U8$O5 M':^_0EO/P/!EG$K[1'63.PP^*D]AP. YND'!"T@> V( MC@#"%A"^5R%J =%[%08MP);N-K7;@TNQPDDL>(V$R=9L9F!/WZ+U>1%F^F2I MA%XE&J>2:Z8PVY 5!8FF4H*2"+,$\KPFEZ"P%A0F5Z!L6 IM+/4>?T/TR M16_!IZ?QER?PKBZ]JS_8U3\+ M3A(NH;I H?<1!5[@]>QG_FZX?]E7SO^I+_Y9_<5AA%TSA)8O/,+7W;II@7UG M[!HC)3*C7&X%H)_3E51"?^6_3LA&G6QD9:,CLM.2"T7^8.LM*"<'#Y*BU]FS;R_- ?OTQ;O$T;C$;CT9ZM MJ=\]^!Y+$!MKA!)E?,M4^*I]N;&2O?TC;'?8+$A M3"(*:RWE78RT78C&+)N)XI5U@Q57VEOLL-#_%Q F0:^O.5>[B1'H_EC)7U!+ M P04 " #426Q1_F._,,\$ #J% &0 'AL+W=OV@<3>2X%F$<3;]F&Q#XHTMHE* MHE>D[7:_?BE9EFQ=F*B;?;$E>>;XS&CF#,G)@>=?Q09 HF]IDHFIL9%R>VN: M(MI &HH;OH5,_;+B>1I*=9NO3;'-(8Q+IS0Q*<:NF88L,V:3\MEC/IOPG4Q8 M!H\Y$KLT#?/O]Y#PP]0@QNG!$UMO9/' G$VVX1J6(#]M'W-U9]8H,4LA$XQG M*(?5U+@CMW,:% ZEQ6<&!W%VC8I0GCG_6MQ\B*<&+AA! I$L($+UM8V7Y:;E [WYZ/S&E M(E; FU%%XOY(@@Z0"- #S^1&H)^S&.(>_[G>GU -@*DR4J>%GM)R3[6(2]C> M( M?(8HI[B.D=U] I-Q)X4X"#1VK?DM6B6>_^)906.;]"F4@^Q)]Q'%+G**% M]S/7Q=2UG(FY[R%@UP3LL018%B6[F&5KM*Z*Y0I%7/2R.H([9ZP(5KP\ZM:T MCFFU._0)MESL!P/\G9J_H^5_JN<^"R%NRC:I;ND3-1=RG/)_@F+8=FKR+A3%]>6Y5$R MP.MLH) WTJH*Z%(6"'&'*-"& M526,"*94R"JLU]D8IC0[VB1$DCR&2T(@\5 M0(5T'J9O>2[U<:M3>PV+"1(,)*11;S):OD?52E>_KXGG6:[MM$/HLR0.(=0; MB*%1<**7\!%UU57J]A"LV#J=WO2(&ZBY-$"VT72B%_4G$$IIHDVIX@O8J^7R M5BU^Y:N*L)%@HM?@,47H=:>7;7D.'HBT$6LR6JU'E986O=C$W(IM&,'44+L4 M ?D>C!G2):]1<#):PH?JJ2OANMS11L*I7L(?PDQMEL8MJ'=47%-'.SY;B>$'LL@L*VA04^;H4)'#Y6!!J+=9;VK M&#A6>P+V&'J8VKXWL%BES?2@^NGQ.\^NYSS=@AS;8XWF4[WF_Z<>TT/W+ERK ME/V YV6 S;BA;S9N*J3S%VEA@G'GA;]H=\FU&4OT?QU+%?I%UU"U%G/:F\(^ M0^*X/A[8%=)F/M&WFD^T.Y]G8AMD\!N,37/3I/4!F]='K()]:IW MF3P>+-5/ZX.\N_+XRFS,CZ> #V&^9IE ":R4*[[Q5)[RX\':\4;R;7DV]G/T+4$L#!!0 ( -1);%&>^3G#>P( M +4& 9 >&PO=V]R:W-H965TBK':RU*[=RRP5+7)6P[TDJJTJ*G]? Q?=W)DX^X4'MBW1++A9VM M MK ?FWNI9^Z@DK,*:L5$3204F?UVPS<&G3H8$Y-D+<23F=SE<\03:M05+MB[:!B=7^E+[MS."CP)R<*_%V! M;WWW(.MR29%FJ10=D6:W5C,#&]56:W.L-@]EA5+?9;H.L[L::;UE:PZ*+)0" M5(36.?DD1-XQSLE'LM+O0=YR(*(@MRVV$LBB$A+9'VK/52__$]EK7"P!*>/J M?>JB=FE8[F;GZ+IWY)]PM(+FD@3>!^)[OO>X6I*+=Z]47)UQ".H/07TK&YR0 M'1*9>,>&ETQMN% FW8_%6J'4K\O/-[#!@ TL-CR!-2'(!982@%2BQG+\2'J1 MV(J8_]%SY@=A$@2I^SP"#P=X> X^&:/U5=$!+4G\))Z,TZ*!%IVC^6.TZ)@6 MS#S/&Z?% RT^1PO&:/$1;3H+O? $;3K0IN=HX1AM^E^T9* E;]*^EJ ;;($@ MQYC)$3/PHNG)QS<;H+.WH0(I'^/-CM[-./;\.(A>\=R#+F0:^AHV9X>E_JZ -!OT_4((W$],KQN^5-E?4$L#!!0 M ( -1);%$7H:9P_0$ %D$ 9 >&PO=V]R:W-H965T;JSZ M*2ML%LG[A%6P$WN%#[;[#$,];P.OM,K'7];UN;.KA)5[CU8/8G*@I>F_XGDX MAR,!<4X+LD&01=_]1M'EK4!1Y,YVS(5LHH5!+#6JR9PTX5(VZ&A5D@Z+;RTX M@=+4["M0<9Z]N@444GEV+UQ8>8+7.4?:*>3SFIVAOJ!W5F#C6;V<'F*KL(W$ [8;/T#L;N0_0MK%YMA:I%>.P MH;&PO=V]R:W-H965TP&3>*:'6 +9E=O%$9T M8,EX"97FLB(*\H6W#.Y7D:UW!=\YM/IL36PG>RF?;/ Y6WB^%00"4F,9&+Z. ML (A+!'*^-US>L,G+?!\?6+_Z'K'7O9,PTJ*'SPSQ<+[X)$,21MM9-F#44')J^[-GGL?S@#!^ H@[ 'A_P*B'N"&PO=V]R:W-H965T")DW2+5VED?H! HD5U58+!\3!;2:)M8X=;&=;_CUC)PVEM(5+XAG/ M>S-O['&RD^I9EP"&["LN]-0KC:GO?5]O2ZBH'L@:!.[D4E74H*D*7]<*:.9 M%??#(+CS*\J$ER;.MU)I(AO#F8"5(KJI*JI^SH'+W=0;>@?'(RM*8QU^FM2T M@#68IWJET/)[EHQ5(#23@BC(I]YL>+^(;;P+^,)@IX_6Q"K92/ELC8_9U ML M0D>7;2J[=E^S:V''HD6VCC:PZ,%90,='^Z;[KPQ$ >"G]9+MXG#"XDGY$$*4VKR3F20_8GW442O)#PHF8=7"==0#T@4O"9A$ 9GZEG\ M-WPXN5).U#X&PO=V]R:W-H965T??]]@P3+:89/#O<@[P'>9' MJ7[H@G.#?E9EK1=!84SS+@SUMN 5T[>RX35U[*XR(@PW& MJTVLNK!X* 2=??/?O:-. &09 (0 M]8#HOP+B'N Z%W;.7%D/S+#E7,DC4G8WL-D#UQN'AFI$;6_CVBBX*@!GEE\: MKI@1]0%]XM -C6[0&AZ575MR)/?H?6M:Q=%G48NJK;H]Z)$]PXTT&ET]<,-$ MJ:\!]6W]@*[>7,]# ZXL=[CM'=QW#J()!VO>W*(8OT41CK 'OCH/?^!;@!,+ M)_F_X2'T8FA(-#0D,C^/L,9#YRQXTPF.&UEZ,H4BG-4 MR=H4VMNGCH0Z$OOZ/2VCG-(22./&I=:CT1(T0FF8D\7C^12/)NYN^W3(_@U M@?!9Q;M*MK6!F0!S2$.NV# 25=,:OD.BAN*Y-MY8P2-'-S&)*)UX83$O[J?*9J8.H-3C; Q+?9M JU4W_;F%DXP;H M1AH8Q^ZP@"\FKNP&N+Z7TKPL[$P>OL&6OP!02P,$% @ U$EL45Y7<72, M @ -@< !D !X;"]W;W)K&ULI55=;]HP%'WN M?H45;5(K=>0#"%"%2"ULVJ2UJLJZ/4Q[,,F%6$WLS+Y ^?>SG9#1%=)5XR'Q M=>XY/N=B7T<;(1]4!H#DLW4D=NPY*R KAB@A,)B[%SZ5],AB;?)GQCL%%[8V*O>EC78<]@'\, M$-2 X&] [PB@6P.ZUFBES-J:4J1Q),6&2).MVFO*OK@ M"/V(7 N.F2(?> KI4[RKI39Z@YW>JZ"5< 9EAW2][$>N.W@WG;TY.GF^I)P('C<#!JP0RCB!!(9%'!+;3 MA1W/>]7)03W#?]JR+V55(MV]UE2 7-J.K4@B5ARK+M7, M-I?"I>V%[I_TZD:YIG+)N"(Y+#34ZPST_I)5EZX"%*5M='.!NFW:8:8O-I F M07]?"(&[P"S07)7Q;U!+ P04 " #426Q1T<,K&N4# "M#0 &0 'AL M+W=O_@A#:(@%22Y2_4]M MO$[0 -G46#?MH>B!EIYM8D52(:GU&NB/[Z.LE;U=B?8A%UL?G-%P^#AZFNR5 MOC<[ $L>12;---A9F[\+0Y/L0##343E(O+-16C"+IWH;FEP#2TN0R,(XB@:A M8%P<EY;:EG$U78C$M8:F(*(9@^S"%3^VE @Z<+=WR[L^Y".)OD; LKL%_S MI<:SL&9)N0!IN))$PV8:O*?O/M"1 Y0C_N2P-V?'Q$UEK=2]._F43H/(*8(, M$NLH&/X]P UDF6-"'=\JTJ!^I@.>'S^Q?RPGCY-9,P,W*ON+IW8W#48!26'# MBLS>J?UO4$VH[_@2E9GRE^RKL5% DL)8)2HP*A!<'O_98V7$&8 .6@!Q!8C_ M#^BU +H5H'LMH%M<"^A6@G'IXG'MIW()9-IMHM2?:C48V=U"Z7Z+1+RY= MH:RLQKL<<7;V15DP9,D.;)T!>;T RWAFR!>F-7-+^(;\0KZN%N3UCV\FH<4' M.EB85.3S(WG<0OX^UQU"!V])',51 _S&#[]E"(_[K?"%'[Z"O$.Z42O\P]5P M.GX.#]'DVNFX=CHN^7HM?'>0LP-N,6N(VA!9^IX??6^:VY%L4)*YW?XP&W:' MP_YH$CZK:?GUR.YY2PCN>8R MX3D>,:$*:9M*JO?"$$II/XJB9DOZM82^5\("UA;WG2TTMP=B08NFA_LYZ(@( M)>W.>"P9U'H&7J[?-=]RB4Z@Y060E)NDS9'!2T>BJ-6082U@^!W+^>9(UC\7 MT;XHHUK#R*MA66!YXEO"%48"M8ZFYX]:3&A1,*X5C+T*RDKG$NL!C"48F8V3 M]W/0J!-%/WEJ@D:G,(\N5ZFK""837(]$F<:*J%C.W8C[[6;0LY<)]2^(5@E M:L@&PX!L"MPN0 S+H"P2^%;@YFD41%^6AV]YZ"ETJ3]UOVN4X9!;]LA%(:Y) M-WJ*6^K/VZ5^VDS.)E0 (B_;*.S]!"\:HZ:B?+:&/L=.64O]8;LX=EF7J_H" M3QQ?*NM3]E)_<"ZYE"S!_F3.Y/WY:F#?@IUSDS;K/&3/+6+/[QZA2U;W&12>-;IN@\9;!'Q-6A(!ANDC#I#+"1]_#8XGEB5 ME\WO6EELI&PO=V]R:W-H965T$\V))US^4Y)^21J,F!BQ]RRYA"+VF2R:FU52J_M6VYVK*4RAN>LTQ?V7"1 M4J5/Q;,M<\'HN@"EB8T=Q[=3&F?6;%+\]BAF$[Y329RQ1X'D+DVI^/F9)?PP MM%[_+Q5Y@=[-LGI,ULP]90_"GUF5UW6<FHYAA%+V$J9%E1_[=D=2Q+32?/XMVQJ56,:X.GQ M:_>'0KP6LZ22W?'DKWBMME,KM-":;>@N4=_YX5=6"BH(KG@BBT]T.-;ZV$*K MG50\+<&:01IGQV_Z4AIQ @"O!X!+ !X+<$N .Q;@E0!O+("4@$*Z?=1>&#>G MBLXF@A^0,-6ZFSDHW"_0VJ\X,Q-EH82^&FN-$OM=53XLY>O?+^XFM- 73R%Z5PWT^#H=[AENP_ :YS@>$ M'>QTP.^&X9]R<8/ [X7/A^%?J89CT@N_'X;/V4J3!P.'Z!QN:]LK[W'E/2[Z M>8/>YT=_N[P\POT";E;\?N81<'Q7#[X_I=VNAA3(C7 M;3VIF)+Q4^,#RO0=0R_($F2B7\&_G5!U3BX;JT$+4$0$$?_-82_77?&+ZSXA1<(_ST;)3ZJFD?7B8]: MHH((8VA(;U=%D8_#;N'@U'<0YP+I?QSX&.EPE29G^T)X;V,6D M;VY '?0P)NDKB[:"C9H?4"XQH Y>&$[> M^$Z,TE_')5R0EYWZVX'G.H0TTZ&C3-]NP>W17\)3^.AWA MRGB$=NYY'>G84>;WAR/4Z0B7Q.,B?ADEO\Y'N#(@H9U]80!A,R$[RL#!@==S M-\=U1N)+,G+!]BP;XP"N4Q)?F9*X'6X1"?WF TU'&> (PIX$P"?/NI=$X+W9 MOXURH(Y ?&4$XG:V@1\!P8U%<%<6^F\5W@\SNOPY%M=YBB_)TV_QN.<-7.*)X7NR/EUSIW79QN&5TS80IT-&PO=V]R:W-H965TEIO&81_^8Q3E9^QM\F3\-TG3!_41BMPB&T;3I<^4$TN#@K/KM+ M+L[B318&$;M+K'2S6OG)ZR4+XY?S 1CL/O@2/"VS_(/AQ=G:?V+W+/NVODOX MN^%>91&L6)0&<60E[/%\\ &\GSDH-RA:_!FPE[3RVLJ[\A#'W_,WD\7YP,X] M8B&;9[F$S_\\LRL6AKD2]^/?4G2POV9N6'V]4[\N.L\[\^"G["H._PH6V?)\ MX ZL!7OT-V'V)7ZY966'2*XWC\.T^-]ZV;:EO/%\DV;QJC3F'JR":/O7_U$& MHF( NPQ@:0 /#4"' 2H-D.X5<&F =0U(:4!T#6AI0'4-G-+ T35P2P/WT,#I M,/!* T\WK,#>W3G[T(1TF>QO=N-N=UYE=[M!<;^'VX%5C,J1G_D79TG\8B5Y M>ZZ7ORB&=F'/!V,0Y;/P/DOXMP&WRRX^QQE+K3O_U7\(F?6[=<^G^6+#7\:/ M5OV[MR.6^4&8OK/>WOD)B[(ERX*Y'[X[&V;KF]*.RXZ(=UF)!&]K?[D?6V]_>3:*,/;&D1>Q*+O;)YV*0U,1:5$9RE7NVWJD 3^G26,,E M&VB*7]MVD2K&)RK-7R\::6E.-FXEL MU9#X>!25F5QEQ.96/*/)$!X+XS[ M!6AK3BH= @ZQ^;^# &FVFZG;U?I!]OT@!@'Z(](*$MV+TWY!HHU..1Z$X"!$ M6JUFS5:>1Z';'AYGWP/G)\-C_6==!Y$?S0,_M"91F@79IBC\-.+G[J_N]HK? MM=N8-=#N'A/>_K*>]+(C]I!9 >]2LN$%47SF D<[%2[P#Y+=OD-S\O;W(_ M_3#,'4WY8)$E:- 8NI2VWT(@ [D!#^(U8FU9DD0+X)Y/I[R3UH]:6(84@([ M?!$0!G(*']ZW!QZ7F$\5F2>HX0GM'ME 8!OH<'LWH;^^Q#KS%0B: AV<2H@G MM\\7Q>_3M3]GYP.^ZDU9\LP&%U9K<7$DH5DI5,LL$$'2&6M!?Z"#_[98]X$G M$.P&R(%O2MZI0@^=(O*F M=?08V]5[)%(),,LE*F1_5.A--R%?2.&2V;:LU!5I!?9(*R?6@J7S)%CGX[/- M887XUR6SPMB/MJILP2]4U.HRST6V@8IL4Y]ARX1IU6^PL@SHNPYH9@P78^H> M+@.TFLW*9K4B#G4F("@2$#19!M3CU(=%4.0=V&^]<%O:UZ"" .YB"A0I"ET'6\2GJ-^])Z@EGI?4LB@RK:+6<6O@LY$ MH8=/H;0@00+$2 YB4^A,%'KY&G)7C@"9AP+82+&&,&?.!#6+>-IU$P6?D1&? MM9 S*35K.WFN"SI\$2!&)ALQU\&S5J&#!%Y1OZV6:6E?C3!N61OH-9NU-),L M;Y$@,S(A\WWP0VO/4X 9]P0S;J+4=8![N*.GUVS6T@S8T,$="0P+,F,3,E?# MQ*?9A\6S'V7^4UXHLL1?OYY8L]F55B %F7$_,H]QD\P 0+=KA&!!9GQ<,H\5 M>JIR$%=VU(]+YK%";[J)1#F(92X*-..CHWF,]=&,!9KQ\=$\QDTT0P [3EBP M0#,V0?,]>V9:90P6;,8]V8R;-/6(6]E#+:FCU6S6THQ'";@=JU LX(R-X%P+ M5)^"D A^DW[\'I7V->Q@R2F3("Z1$]<4.R.%'CE%G@P[1*"8&&V4*[$S4N@5 MY[K *[D#93X*:!/%_H4Y=T:E9&WQTW&J0 2CB1&CM;@S(LVM#0PAZ?"E%'W88SN>M:V__UJ C< M$[-===5\N53H[9[6T9@O(F,01<8PGR^7I 7[':?'1""?F"#_3.VX^0*E(-?2XJ>9*H0=L18E+1:ZA MQ\TU5PJ]W6-EZNT'*G(-E>>:\>+%3Q;6_:EUF;!%%/C?JT6*\0,U5.06:E;_ M*X[K:/.)F.W>U2%3-1K6/189B/8\[2WM:YLACD>=P\I4W:[N8>4!'+,M=N6! MHD*O;2Z473 WK/=))"!ZW 0T5>A-?;Y.)!KYAXK\0^7Y9[Q:A_%K_9#IYW:P MJ$@U5"?5= _&F]*^E@ILX-D=@\P12<@Q.S]5#;(;A9YJ2\$1J< Q2P6JH7*C MU-L^;:GFK2-R@J/8"C*O56Z^1V]JG#>Y)L?]"P?9/%Z^*A\H8C_;R3?Z<^OYG)1?_ U!+ P04 " #426Q1&OWUS'$" "$!@ &0 M 'AL+W=O)0U M@$+/#6OEPJN5ZJY\7Y8U-$1>\@Y:?5)QT1"E0['S92> ;*VH83X.@M1O"&V] M(K=[*U'DO%>,MK 22/9-0\3+#3"^7WBA][IQ3W>U,AM^D7=D!VM0#]U*Z,B? M7+:T@592WB(!U<*[#J]NYB;?)ORDL)<':V0ZV7#^:()OVX47F(* 0:F, ]&/ M)[@%QHR1+N/OZ.E-2",\7+^Z?[&]ZUXV1,(M9[_H5M4+;^:A+52D9^J>[[_" MV$]B_$K.I/U$^R$W2SU4]E+Q9A3K"AK:#D_R/'X/!P(*[UR!1"OR0C8,T&>TUK>^[?62 M5V@E:%O2CC!T1U0OJ*(Z5>__K[E8@B*4R8^YKW1!QM8O1_C- ,HDN/KQQ\74[4T]XZ@E;V^B$[1(V"BVI+!F7O0#T^WHCE=#W_^<= M\V@RCZQY?,+3_#X'#QT MT095SV(U+)UQZ#A>Y<.D1+@G3)'/# ML@F6G8/%+EAVW%N61J$;-IM@LW=A/VK0$[-2(%S(V3$RB8.Y&SF?D//WD5P1 MYJ+-CWZ9<1(&:?26YQ\,%3.?[XC8T58B!I56!I>9+E@,,V\(%._LG-EPI:>6 M7=;Z-0'").CSBNNY,09F=$TOGN(?4$L#!!0 ( -1);%&E3&%HU@@ )(H M 9 >&PO=V]R:W-H965T1!&B<])';)+[)MO?#8C\P,FT3D267I))FL3]^AY)LVA%%R\A531]F:I_#-/),KIN&M M7/356G(V*XQ629\$P:"_8B+MG1X7GTWEZ7&6ZT2D?"J1RE)(]G?1P M;_/!K5@LM?F@?WJ\9@M^Q_6/]53"N_YVEIE8\52)+$62ST]ZG_#'VX@8@V+$ M3\&?U,YK9)9RGV4/YLVWV4DO,(AXPF-MIF#P[Y%/>)*8F0#'KVK2WM:G,=Q] MO9G]<[%X6,P]4WR2)7^)F5Z>]$8]-.-SEB?Z-GOZRJL%16:^.$M4\1<]E6.' M,#C.E)Q+?--M84WJ<=%[OOE5BSV\3G3 M[/189D](FO$PGWE1D$%A#]M7I(:W[K2$;P78Z=,[G<4/RRR9<:G^CBY^Y4(_ MH[?G7#.1*'3-I&2&6-ZA#^C'W3EZ^[=WQWT-?HUU/ZY\G)4^2(./RSP]0C1X MCTA H?YI(,Y'C6:G_O-/^4+,*?&'(\=YA=MWA,PCQK-/_O-K]@S(KC1^DL+ M]K4$Y^-&\Z]^\\_\'LQ)H_FW#H$/2O CA_EE!^]DU.C]C]=5S?>VP$/H*&XT MO_*;W_'UQKL3_'5G\$[SF\[@G>;3SN"=:__S=6N_;2]YZJR:/I#3EJ'(EJ%( M,5W8,-UUOKKG$F5SE*="*\1RO?N0)3SA45[?$T#" $CPX = N M'@1 *)6[G=.:BK-TIE(%RX$87<$T19!Y$4PR=)'$ ?3 M9-H0I#I#:LDD5^^K_RYZB6IH!M&(#.G0C6BP133P(KHK'%9Y0&LI8H[6$*0" MB M'.=UP!T=P% 38C6*X13'THKCE)BP3%]D9E2$)$LYGRFT%QF*\B5T((E:)W?)R(&H',NW:@NR\D' MNZAH-!AA6T%EE7E!F)/61[5F,3_IP5%*Z?(14-U?W1$Q^&(N*,PWD9A M[(W"E#W#R4K#RF'1,E["L0:QA>3,:#CCV!3N\4<+U>NVT[+WEX,#V M:$%[P6_K/9D?< ML@64AMVG 5711Z(?!3N\-3C>H7]><<-=__*%P(H ]JO C=U/<%S>NJTVVQP9 MO[L;T-FID7J>A\.H21^P%0C<52%*+D2/@- I$>?8H1'U4OOL&(;WANTCM6J" M6^0D2S_\F;-$S,4V:3=KUDM$HC?%4..>S;79:BDO1B!#>WK) M@1/,)9T9,-P9# K ?T&Y(^ %O4R>X0,HO"0Q0J!*Q\9XGB5)]F0,Z* ORWQ!_H=A]8L;M ]4\+7$>55O)W*#-# ^M>:I8<3%G;/9K7"ADX*V8(3"F M"P2&OS6:P4?5'&!9(&-"HD>6Y!S%+(GSI##*E<%JOC]+6/SPX2Z&$SQLTA6' MUGAVY$NWU5#L%]&?&?@2B;D.D.#4F6K_#)0<$6_M$2N Q"^ MT(]0#?#>2.6 ME@G(4>B'8C6/^#7OXO>:%](#9;AR(O';XZ"5(\C.T3 MW<*;)BSM0MO$RASQR]QMT=68TC-%;=H1!JY=!T32(%]- D:L@!&_@%UQN8!= M^VG3SG5:H14FXA>FFI!7/=>+Z0N3;!P0H-!P\*M-A&_M$PWLEA? M.@CV=Y'&60))9_(!3=A: ,NASWD*8+]_GW0*DA4FXM>40]OKBVJ^0;T:FLK! MBA)I$:6"&E\>OEC9"PI=X)QS5XU>D/KIHP65Y4[B9[Y:&=5.A_,N ,?UKAW M-502M61*6TX3+.$6F\LSK9\7\& PIM'XQ4'0.3 @9!PV@+0T2_TTN=MWA(P]1-PV>BX>9'M>'7=+]#Z]10.,0!O M6KTE;NHG[O -*N^IM#"-VG6FNYU9J.5?VG+IY%EWO'=%IG@,7VOAW%N7E9N] MPTLX)KCA3HQ:6J9^6C[G][KH;V5N6.6]N:3CYJCS0S[&OH(;K:FI?XU2A=PST<4AH>3WT\_JW MZJ)T6EZ4WE07I;MMUJ&%'%KZ#@^\0CJPD"_#>LL]BIJ;F7#G 82?\#N$Y2_S MF-B@87-8K "$?@&XY0NAC!K-T+F0<'YV1V9+6\ASVO%%RNI&Z->-0Q\A M3:KY1KLE<]3T9,U2>N2G]-1SJ#KX:;E=8*H=]N1:YOW=WX_8WZM=\7D CHIE/ Y& 9' M0XBO+'\ 5[[1V;KX29+2M'\_2G;%31#%:@KZNEQ)W;LJ2L@%(Q41()F['SQ;^<]XV_ M=?C)8*<.UL1DLA;BQFR^IV/',X* 0Z(- \77+4R!DL*%;KJ_$[ALT^5B!B>#*/LFN]AU<."39*BV* M!HP*"E;6;WK7U.$ @#S=@* !!$\!T0N L &$KXT0-8#HM1'Z#<"F[M:YV\+- MJ*;Q2(H=D<8;V,L3I^ HTDX ?7I,EIR4YF8&FC"OR M@TI)S4<\)9])Y/DG-Z>UQ^\%%&N0?]!\O9J1DP^G(U>C$L/G)DW421TU>"%J M2!:BU+DB\S*%M ,_.XZ_.()WL0)M&8)]&2;!4<(55#T2>F%&P?1"Q MP4N(7EVY'B?O>SW/^WA$9=2JC-ZCTDB$HN+B'D!](ID42I&*WG[ZB6J^@>4S#?\V#OWS(7[BV\.K^=P+AT04//::/?<:^H-A M]-AK_MPK\LZ]!Z\Z@WQ0@,]OH%>:%>=37K+6VL^2+;:%/[!/_^I1\4!?#ZX%E1DK%>&PP5!>;XB*93T,ZHT6E>UV:Z&Q=]IECO,3I'' \XT0 M>K\Q =J)'/\#4$L#!!0 ( -1);%%)PWB1? ( *D% 9 >&PO=V]R M:W-H965TNDGW "-,V&]="M M:-;M,.R@V$PL5)8\B4[2?S]*3KP42#)@.<2BQ/?X2(G,5L:^NA*18%TI[891 M253?QK'+2ZR$ZYD:-9_,C:T$L6D7L:LMBB* *A6G27(95T+J:)2%O2<[RDQ# M2FI\LN":JA+V;8S*K(;1>;3=>):+DOQ&/,IJL< ITDO]9-F*.Y9"5JB=-!HL MSH?1W?GM^,+[!X?O$E=N9PT^DYDQK]YX*(91X@6APIP\@^#/$N]1*4_$,GYO M.*,NI ?NKK?LGT+NG,M,.+PWZH-HF>S^HR;?(+ W"@7_F'5 M^@XX8MXX,M4&S'8E=?L5ZTT==@#7R0% N@&D07<;**B<"!*CS)H56._-;'X1 M4@UH%B>UOY0I63Z5C*/1@\Y-A?!-K-'!R01)2.7@B[!6^'*=9C%Q%.\;YQO& M<CJ73P41=8O,?'K*Z3F&XECM.CA%.L>]!/SB!-TN1E.H&3#Z=' M:/M=YOU V_]GYC"1+E?&-1;AY]W,D>6W\NM(B$$78A!"# Z$^%JC+Z-> +,[ MR+FJ;]Q'*V&+,]!(^XK;,EX&1M]1RU'_*O&_+%[ND7+12;GX?RD%NMS*VK?) M/DG'F1_FH U!XY"9J)3OR?DY*P4S7$@-9 #7M>0JL\&7>=.#;R7Z'D)KL0#B MJQ#.\22RJ%JQ#"%V,8?50RD<\Z.&>:/4&T,=VB6S"0)^.835#&WW?'K[;C7> M:9\*[2(,"8YB&DUM)W6[W1RZ:]OOKWL[Q!Z%Y4P=*)PS-.E=<>UL.QA:@TP= MFG%FB%L[+$N>I6B] Y_/C:&MX0-TTWGT!U!+ P04 " #426Q1J2^B-50" M #*!0 &0 'AL+W=O0AJ%)Q MFB23N!)21_-I.'NP\ZEI2$F-#Q9<4U7"OBQ0F>TL.HOV!X]R4Y(_B.?36FQP MA?2C?K!LQ3U*+BO43AH-%HM9='UVM9AX_^#P)''K#O;@,UD;\^R-NWP6)5X0 M*LS((PA>_N(-*N6!6,:?#C/J*7W@X7Z/?AMRYUS6PN&-43]E3N4L^AQ!CH5H M%#V:[3?L\KGP>)E1+GQAV_I>,F/6.#)5%\QV)76[BEU7AX, QGD_(.T"TJ"[ M)0HJEX+$?&K-%JSW9C2_":F&:!8GM7^4%5F^E1Q'\SN=F0KAN]BA@T^PXD?/ M&X5@"EB1H(:,?8%;S-$*!6_.\"@(X62))*1RI].86(M'C+..=]'RID=XO\"] MT50Z^*ISS/^-CSF'/I%TG\@B'01<83V"6?Z7? Q3G/<5YH#@_0K'$ JW%'(A)UJBQD 2"@$J$HBNYZQ_! MK$7@T!/0C6B;23%G2QT]JZ:89"35L[I@)Y)KV*#_JK0;L(4<9"91E/;:OUI/ZBNV_Y\MFB] ]\7QM#>\ 3]^)Z_ M E!+ P04 " #426Q1>/F#SK@# #C# &0 'AL+W=O;[QQ)GLA7Q0,8 FWQ*>JJD5 M:YV]LFT5QI!0U1,9I/AD(V1"-4[EUE:9!!H5H(3;GN,,[82RU)I-BGM+.9N( M7'.6PE(2E2<)E8?7P,5^:KG6Z<9'MHVUN6'/)AG=P@KTYVPI<6977B*60*J8 M2(F$S=2Z=E^]=7T#*"R^,-BKVIB8I:R%>#"3VVAJ.881< BU<4'Q;P=SX-QX M0AY?2Z=6%=, Z^.3]YMB\;B8-54P%_PO%NEX:HTL$L&&YEQ_%/MW4"ZH(!@* MKHHKV9>VCD7"7&F1E&!DD+#T^$^_E8FH =Q!"\ K =[W@&$+H%\"^I=&&)2 MP:4 OP3XEP*&)6!X*2 H 4$AUC&[A30+JNEL(L6>2&.-WLR@T+= HR(L-:6X MTA*?,L3IV2I?*_B:0ZK)FQU>%7F^ $T95^2>2DE-H;P@5^3S:D&>__EB8FL, M:J!V6 9X?0S@M02X%[L><<8OB>=X3@-\W@W_$.H>\=KABPO@CM\*?],-7T'6 M(WVG%7YS,=P=-\#?=L,7$"+<;8+;*'.EM5=I[17^!BW^YB))27-)#4M2AV)!4:%#( M]$#7O)'GT=6PQB#H!X$_>DSTYJG9:#BN63TB.JB(#CJ)?K]SR-_O(5F#_(?\ M2^XPPWLA(C*/F129- TW?$GN[N:558>>?L7 [V1PS?E52%5,J%+XTLIR&<;8 ME0E-1)[JIJWJ/TD$OK*RH?D."M4CE-0R KRE'7 MZZT$2.J(CIP$%9N@D\U];CR9X@GKU+\MIT\+WW5=7#]5A7B4HCA:,GO[X[_(Y2<,]]U^UNO/]3#;1:09A+B,A2B@1K6<@#N<=U M7"38N?.ZW:WW-F6:46Y2E88LPU%K)YF7KAXE:SCN2-:YK;K=??6#9%N68O"( MJ; U_.!IN00=]7)NJ6YW3UW 6A.6*BWS0@,\[.:2Z0.)J&XNW!_TZ$P6YY<_ MGCW#,X37I)-=.[V9XS]V2TR (APVZ-+I!1A!'D_4QXD667&@6PN-Q\-B&.-7 M"$AC@,\W DNCG)@S8O5=,_L/4$L#!!0 ( -1);%&*ACY/,P( -L) - M >&PO^[5N4=7PE+O?_52GW]#OEQ\F$R"1_/K_?Q,Q* MVED%X92M/3RU0":95$B;#3)B(HLT3SX<><_N7<_#J9#*U?85_'?9I^\%-IX5 M2!D;!$ZQ!]*X)EJ#$K?&<A4MJNE*ZJ^M68UPOCTK<*^@H)WSNV*H?X@] M.LQ.ZIJMOS!:"@Y^[4<73&.RF8B3J69/2F8 4!BM0&F:C9'?BM0+Z/3F M-'7%8]5-,]!/+LZ#+TF2_/2 MVN$W^3D4I&5Z,003O+5_0$Y;?C5DW=M&]%E;^[M=7C1W!;?/N?0/4$L#!!0 M ( -1);%&7BKL

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end XML 72 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 73 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 74 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.2 html 211 369 1 false 71 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://imacregeneration.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Sheet http://imacregeneration.com/role/BalanceSheets Condensed Consolidated Balance Sheets (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Sheet http://imacregeneration.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://imacregeneration.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Sheet http://imacregeneration.com/role/StatementsOfStockholdersEquity Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://imacregeneration.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Description of Business Sheet http://imacregeneration.com/role/DescriptionOfBusiness Description of Business Notes 7 false false R8.htm 00000008 - Disclosure - Summary of Significant Accounting Policies Sheet http://imacregeneration.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 00000009 - Disclosure - Capital Requirements, Liquidity and Going Concern Considerations Sheet http://imacregeneration.com/role/CapitalRequirementsLiquidityAndGoingConcernConsiderations Capital Requirements, Liquidity and Going Concern Considerations Notes 9 false false R10.htm 00000010 - Disclosure - Concentration of Credit Risks Sheet http://imacregeneration.com/role/ConcentrationOfCreditRisks Concentration of Credit Risks Notes 10 false false R11.htm 00000011 - Disclosure - Accounts Receivable Sheet http://imacregeneration.com/role/AccountsReceivable Accounts Receivable Notes 11 false false R12.htm 00000012 - Disclosure - Business Acquisitions Sheet http://imacregeneration.com/role/BusinessAcquisitions Business Acquisitions Notes 12 false false R13.htm 00000013 - Disclosure - Property and Equipment Sheet http://imacregeneration.com/role/PropertyAndEquipment Property and Equipment Notes 13 false false R14.htm 00000014 - Disclosure - Intangibles Assets and Goodwill Sheet http://imacregeneration.com/role/IntangiblesAssetsAndGoodwill Intangibles Assets and Goodwill Notes 14 false false R15.htm 00000015 - Disclosure - Operating Leases Sheet http://imacregeneration.com/role/OperatingLeases Operating Leases Notes 15 false false R16.htm 00000016 - Disclosure - Line of Credit Sheet http://imacregeneration.com/role/LineOfCredit Line of Credit Notes 16 false false R17.htm 00000017 - Disclosure - Notes Payable Notes http://imacregeneration.com/role/NotesPayable Notes Payable Notes 17 false false R18.htm 00000018 - Disclosure - Stockholders' Equity Sheet http://imacregeneration.com/role/StockholdersEquity Stockholders' Equity Notes 18 false false R19.htm 00000019 - Disclosure - Retirement Plan Sheet http://imacregeneration.com/role/RetirementPlan Retirement Plan Notes 19 false false R20.htm 00000020 - Disclosure - Income Taxes Sheet http://imacregeneration.com/role/IncomeTaxes Income Taxes Notes 20 false false R21.htm 00000021 - Disclosure - Commitments and Contingencies Sheet http://imacregeneration.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 21 false false R22.htm 00000022 - Disclosure - Subsequent Events Sheet http://imacregeneration.com/role/SubsequentEvents Subsequent Events Notes 22 false false R23.htm 00000023 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://imacregeneration.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://imacregeneration.com/role/SummaryOfSignificantAccountingPolicies 23 false false R24.htm 00000024 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://imacregeneration.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://imacregeneration.com/role/SummaryOfSignificantAccountingPolicies 24 false false R25.htm 00000025 - Disclosure - Concentration of Credit Risks (Tables) Sheet http://imacregeneration.com/role/ConcentrationOfCreditRisksTables Concentration of Credit Risks (Tables) Tables http://imacregeneration.com/role/ConcentrationOfCreditRisks 25 false false R26.htm 00000026 - Disclosure - Accounts Receivable (Tables) Sheet http://imacregeneration.com/role/AccountsReceivableTables Accounts Receivable (Tables) Tables http://imacregeneration.com/role/AccountsReceivable 26 false false R27.htm 00000027 - Disclosure - Business Acquisitions (Tables) Sheet http://imacregeneration.com/role/BusinessAcquisitionsTables Business Acquisitions (Tables) Tables http://imacregeneration.com/role/BusinessAcquisitions 27 false false R28.htm 00000028 - Disclosure - Property and Equipment (Tables) Sheet http://imacregeneration.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://imacregeneration.com/role/PropertyAndEquipment 28 false false R29.htm 00000029 - Disclosure - Intangibles Assets and Goodwill (Tables) Sheet http://imacregeneration.com/role/IntangiblesAssetsAndGoodwillTables Intangibles Assets and Goodwill (Tables) Tables http://imacregeneration.com/role/IntangiblesAssetsAndGoodwill 29 false false R30.htm 00000030 - Disclosure - Operating Leases (Tables) Sheet http://imacregeneration.com/role/OperatingLeasesTables Operating Leases (Tables) Tables http://imacregeneration.com/role/OperatingLeases 30 false false R31.htm 00000031 - Disclosure - Notes Payable (Tables) Notes http://imacregeneration.com/role/NotesPayableTables Notes Payable (Tables) Tables http://imacregeneration.com/role/NotesPayable 31 false false R32.htm 00000032 - Disclosure - Income Taxes (Tables) Sheet http://imacregeneration.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://imacregeneration.com/role/IncomeTaxes 32 false false R33.htm 00000033 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://imacregeneration.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://imacregeneration.com/role/SummaryOfSignificantAccountingPoliciesTables 33 false false R34.htm 00000034 - Disclosure - Summary of Significant Accounting Policies - Schedule of Patient Revenue, Net (Details) Sheet http://imacregeneration.com/role/SummaryOfSignificantAccountingPolicies-ScheduleOfPatientRevenueNetDetails Summary of Significant Accounting Policies - Schedule of Patient Revenue, Net (Details) Details 34 false false R35.htm 00000035 - Disclosure - Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) Sheet http://imacregeneration.com/role/CapitalRequirementsLiquidityAndGoingConcernConsiderationsDetailsNarrative Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) Details http://imacregeneration.com/role/CapitalRequirementsLiquidityAndGoingConcernConsiderations 35 false false R36.htm 00000036 - Disclosure - Concentration of Credit Risks (Details Narrative) Sheet http://imacregeneration.com/role/ConcentrationOfCreditRisksDetailsNarrative Concentration of Credit Risks (Details Narrative) Details http://imacregeneration.com/role/ConcentrationOfCreditRisksTables 36 false false R37.htm 00000037 - Disclosure - Concentration of Credit Risks - Schedule of Concentration Risk (Details) Sheet http://imacregeneration.com/role/ConcentrationOfCreditRisks-ScheduleOfConcentrationRiskDetails Concentration of Credit Risks - Schedule of Concentration Risk (Details) Details 37 false false R38.htm 00000038 - Disclosure - Accounts Receivable - Schedule of Accounts Receivable (Details) Sheet http://imacregeneration.com/role/AccountsReceivable-ScheduleOfAccountsReceivableDetails Accounts Receivable - Schedule of Accounts Receivable (Details) Details 38 false false R39.htm 00000039 - Disclosure - Business Acquisitions (Details Narrative) Sheet http://imacregeneration.com/role/BusinessAcquisitionsDetailsNarrative Business Acquisitions (Details Narrative) Details http://imacregeneration.com/role/BusinessAcquisitionsTables 39 false false R40.htm 00000040 - Disclosure - Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) Sheet http://imacregeneration.com/role/BusinessAcquisitions-ScheduleOfAssetsAcquiredAndLiabilitiesAssumedDetails Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) Details 40 false false R41.htm 00000041 - Disclosure - Property and Equipment (Details Narrative) Sheet http://imacregeneration.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://imacregeneration.com/role/PropertyAndEquipmentTables 41 false false R42.htm 00000042 - Disclosure - Property and Equipment - Schedule of Property and Equipment (Details) Sheet http://imacregeneration.com/role/PropertyAndEquipment-ScheduleOfPropertyAndEquipmentDetails Property and Equipment - Schedule of Property and Equipment (Details) Details 42 false false R43.htm 00000043 - Disclosure - Intangibles Assets and Goodwill (Details Narrative) Sheet http://imacregeneration.com/role/IntangiblesAssetsAndGoodwillDetailsNarrative Intangibles Assets and Goodwill (Details Narrative) Details http://imacregeneration.com/role/IntangiblesAssetsAndGoodwillTables 43 false false R44.htm 00000044 - Disclosure - Intangibles Assets and Goodwill - Schedule of Intangible Assets (Details) Sheet http://imacregeneration.com/role/IntangiblesAssetsAndGoodwill-ScheduleOfIntangibleAssetsDetails Intangibles Assets and Goodwill - Schedule of Intangible Assets (Details) Details 44 false false R45.htm 00000045 - Disclosure - Intangibles Assets and Goodwill - Schedule of Future Amortization of Intangible Assets (Details) Sheet http://imacregeneration.com/role/IntangiblesAssetsAndGoodwill-ScheduleOfFutureAmortizationOfIntangibleAssetsDetails Intangibles Assets and Goodwill - Schedule of Future Amortization of Intangible Assets (Details) Details 45 false false R46.htm 00000046 - Disclosure - Operating Leases (Details Narrative) Sheet http://imacregeneration.com/role/OperatingLeasesDetailsNarrative Operating Leases (Details Narrative) Details http://imacregeneration.com/role/OperatingLeasesTables 46 false false R47.htm 00000047 - Disclosure - Operating Leases - Schedule of Operating Lease Right of Use Assets (Details) Sheet http://imacregeneration.com/role/OperatingLeases-ScheduleOfOperatingLeaseRightOfUseAssetsDetails Operating Leases - Schedule of Operating Lease Right of Use Assets (Details) Details 47 false false R48.htm 00000048 - Disclosure - Operating Leases - Schedule of Operating Lease Cost (Details) Sheet http://imacregeneration.com/role/OperatingLeases-ScheduleOfOperatingLeaseCostDetails Operating Leases - Schedule of Operating Lease Cost (Details) Details 48 false false R49.htm 00000049 - Disclosure - Operating Leases - Schedule of Future Minimum Lease Payments (Details) Sheet http://imacregeneration.com/role/OperatingLeases-ScheduleOfFutureMinimumLeasePaymentsDetails Operating Leases - Schedule of Future Minimum Lease Payments (Details) Details 49 false false R50.htm 00000050 - Disclosure - Lines of Credit (Details Narrative) Sheet http://imacregeneration.com/role/LinesOfCreditDetailsNarrative Lines of Credit (Details Narrative) Details 50 false false R51.htm 00000051 - Disclosure - Notes Payable (Details Narrative) Notes http://imacregeneration.com/role/NotesPayableDetailsNarrative Notes Payable (Details Narrative) Details http://imacregeneration.com/role/NotesPayableTables 51 false false R52.htm 00000052 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) Notes http://imacregeneration.com/role/NotesPayable-ScheduleOfNotesPayableDetails Notes Payable - Schedule of Notes Payable (Details) Details 52 false false R53.htm 00000053 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) Notes http://imacregeneration.com/role/NotesPayable-ScheduleOfNotesPayableDetailsParenthetical Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) Details 53 false false R54.htm 00000054 - Disclosure - Notes Payable - Schedule of Principal Maturities of Notes Payable (Details) Notes http://imacregeneration.com/role/NotesPayable-ScheduleOfPrincipalMaturitiesOfNotesPayableDetails Notes Payable - Schedule of Principal Maturities of Notes Payable (Details) Details 54 false false R55.htm 00000055 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://imacregeneration.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://imacregeneration.com/role/StockholdersEquity 55 false false R56.htm 00000056 - Disclosure - Retirement Plan (Details Narrative) Sheet http://imacregeneration.com/role/RetirementPlanDetailsNarrative Retirement Plan (Details Narrative) Details http://imacregeneration.com/role/RetirementPlan 56 false false R57.htm 00000057 - Disclosure - Income Taxes (Details Narrative) Sheet http://imacregeneration.com/role/IncomeTaxesDetailsNarrative Income Taxes (Details Narrative) Details http://imacregeneration.com/role/IncomeTaxesTables 57 false false R58.htm 00000058 - Disclosure - Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details) Sheet http://imacregeneration.com/role/IncomeTaxes-ScheduleOfStatutoryFederalIncomeTaxRateDetails Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details) Details 58 false false R59.htm 00000059 - Disclosure - Subsequent Events (Details Narrative) Sheet http://imacregeneration.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://imacregeneration.com/role/SubsequentEvents 59 false false All Reports Book All Reports imac-20200930.xml imac-20200930.xsd imac-20200930_cal.xml imac-20200930_def.xml imac-20200930_lab.xml imac-20200930_pre.xml http://fasb.org/srt/2020-01-31 http://xbrl.sec.gov/stpr/2018-01-31 http://fasb.org/us-gaap/2020-01-31 http://xbrl.sec.gov/dei/2020-01-31 true true ZIP 76 0001493152-20-021037-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-20-021037-xbrl.zip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

0/,JDY^!AE6>@K)0.-4J9%OD(,#(/T MV$P#%9#E_?LLB[_01&=;][5/4HQ!]9G0? ?&_2- TB,<]=J2 M7XUD?%)+":_/H8$ &+*H4&D7VWSFPB8Q$9?UN!GS9%,!0 MR@6EE!F;2_$N:%O4TQL@#.M6@_;U8K"UMF6-#6O+3P:FWO#+@.X#&WP>>0O'U+\1--Q&L/LS06@=&K+.$9L:_$5-NR%^>N[I,Q4XWJ<\I5 M%\Q -!&PE KO9O;NYO;F\88GV_]XB1X>YQ=__GE^>WEU__ [=/673S>/_P:. MJFX182:%0'1TB W32T.DW+0HL:13!+*7W$1ZW.%7'N7!6A#[)-^26+;1$E[B M5$*(8)X)IJEB>QS4P1!S.F9MY,^F*D*IW1: '.UP+R')@ M.&4 )RTRF:@X>A&RQTK)W_#Z,>-/2I#>-7'#X9V+EK_D_,XF=!GZK2K!"3,- MI\R=6A&5&:)A-"K>]B,!;#M9-?^?MA6&4=V\[#!QM/C+?3=UE5>D$ M(I,>OH97L@*8'LL%I?S"3;H\+TF^!KCGRK$],FC]!;'.=*6H5TX9P ZHI)"# MPR ].,O> ^28*>6BMFLA4Y;"?:W@FPVR"=;]ADX%#.?<<+KO.AR'B=/7DN98 M4$=%""M*0V2HDU9PIDV&.GEI";GWTZQCK/V?@QZ =::Y#[0J!>?F5*03%IR@ M2\_HAS=GB)-"2%V2J/[T M+?_T[8]GB-F^(>(EG>0@6_?@_OA>D^\/9CV]_./O^]W] 1968_+=)VUD< MB[RS.+G#-+Y)+_"&LAF&Q@5:::^1M&;(@ZA9M2@82IOQ2=&PK32C,XW/:8JB M2@$&E^Y)B6E*XBNI'51],DP=T/Z9+-K@>&= M,U1%0'8CR ,>N20,[GV@:98W[_*10LUH:-4B742W;A4H=6!QU1&O= M6!1K&+AL'.Y6W.%\GHNG-6*Q-KPCN7A/RFFK0Z\<;@?)9I!^4TFG"68B,0FN M9>OIK%O80Z1E]:;9K-UE<*H162D<#74&Z.DWU@!*.PU,*]WJS:!NXP@N[40 MQA3*-0JAZ38$;J-:)0V:9@.(KA2K]AOATDO_ *>S5FBB:9[@=%0!33G[(YPZ MWF6'?8#SH" &W+Q.>N76.JDS:@0BG:" MGYGAJ/PK+5<76];YK4G>/EG!4[JR_XL?\8LVNF&'DOS&E^QLZC#@9'(Q8"B[ M.W;UP55>E0>#RNUUH:LZ1:'M#2V]?)#+7SK8RDM?8V$P%+,AU%_R:C)+[AT& MK[G/6N2E[3HAD>-_38E MK_&S3@8,HFF-&F!(Y@13O@[0"HH>:]T4297UTR]Q=6+:_/P+J9 M,'@=UJP2G$S3<$HDJ[2J//H#/1B#@R*2=L"KML'@3=CG#9A8(6BZ^!I'E^3]E^ M$>8F97-ZR@ MY_>1#T=,%7I)"_%NH6AXU0O7;PWU8E+R34&[ 6/^Z35 D<\*4WX2 MHB@XY6*APK<_%J">(F]FK+9A>2058@5A'&('(O &4A4\[>(!U, X=>$ 9,TP M:;D 8Z5@W2Z;NE*H]UO%>@'>0J'9\6MB0VFZ97;5&WU96KPCBRPGE=PC?B$% M&^]SG.4Q37'^*D*:)Z5M.NHO^NT/CUYUP[[U:#\'JWD=WU IB1HIQ7XV>A(% M-XOZDA<-J9DR6^N>IEK2F9N80MI_\]!"EJDMB8*9<9KQR?,':.RYRS,&UW"2 MUA?PFR5B#&R8$*+Y%E8')>'2]2B M/GI9#=R(NVMA/OF\G\%]FN]6$ACV[P5_W"B:PA"N2FN;@)3H8EI#."(1P"?, M_MXK55AO1K/XH<1Y:1JG#VR;=*",$_Y.+8R^T37;3N 4.TYY=<(FTW$EEV,R MG9HE31X=(&SA+:/*-'6YS7E[$$:+A'FF^#T'/>_O"+B8(?5X)B4PHYXK4N-C M5/4+4HN,1VG1DH>_;+9/"1O6LL6"\%+1)L\B0N*B?5ETMYIXM@<2,4G#,[=[E@F \]/,=^W"K05" M;RF3K)!.75AQ?+HA7@)%> \?)Q\@YEFQD%;S.D,,[.(+8"K(,%=1I2A.H#6H#7*=9SHZT)G MN [P/ES&O>) T[?.M;TS?U7Z BL-\NYYSXE"FL1'XK#A^J*-7EH3"WSZH7D M$2W(?/%7G/.$*LI<-5-+\);/9C?3VIPWT]2#\W1WS&.F-H*,\W+XZ;]NPGZ?I^# MGVC6\(%X1^7@5-T5L6E0)^M-DKT24@_KV0;^%%2,"Q_)%_'-+LNGGBZ J:?: M'->%4ZL(AIU3T+I.-T'SL1HE=B2DI R D1J#G%=")\-)-5Q74KH,[1#BU/U& M@YC(.]G_/\9''0?S0X PC*O4&.=]8,MVB/"!%RL3(A3+YB8M MR!.)EJD?L)DO+G"QNDZR+[;'-1/64%,@Y8" M&^P;CH--FGO"G4,3,KBL])@=IF\YSD\%V\ [<&5I]_H.]#M@>K C&B>_.]'^ M%+^UE#<_)H+_Q!4G]BG_.^*=X9:_A4)34#VAIZQ]<-;>TS$?/F7?L9=G^SPV MY-=3#B.>!:?RW2$$]=TA8WXT3058=,#DK5.1S*@ [7Z^"UAS[CJA<;CT=9IS M]X]9RHOI+DGU M[_X41A#0,F&>H.\Y.]$TLT;YBMR4@[-O5\1C;G[=%/ -BNLB1K-,40J8M/QC M:V=1E&W9#)I-U0E][K]*;ZTHE6I8INJ-,9-4UH,V.D[ +"V3:D&^0*HEQ?TH MJ(P402,7VSQG"SOCU,Q--7#?J37&TFU*>O 9J<6L?B 5I+AL3'U)9'72R)F MENXE?;!G&C4[/K(A=ZS1 ML4F.9F[@JN1M7\C9@':KR*H!A6R3T(Y)54L=;"K@S)_;ZE\1^W'Z3.9/"5VJ MGA:>K!V043:3#-32J08?PG?#*VU2UWM"M3S*6@48 [5[S,G>02M0HXGVBR(" MEXEV&FY5!(OUQ!PT=6_29U(<(C#.6! *CL8ZD!I0RG!N^"]H=L"XVA3@FLX MB,?'"?!K<[V.7VK/";.>-<7R]8Y95++9,P]OWW 17;C:A *\/FXPV;!!@*"S M-K0MT\G(I0DK [7"U=W>3:TK5D*D43S2%+9&_I@U"&YIQ)=^V!4T)?S[S?6YXE<6J%K0[TQAA[,1& M.E!(-Q&OO&W39F/A_!,/'5PG64YCC+[^F)4$_7<@S[VY3S#VGJ% G3KN-V4\ MB560'K=U%:2:*(*F[C5-<1H=8!5D+ @ E1T,=:"TH13HJR [=-LJ:-&4 ' 5 M5.?TY4\>-I?@;ZK\OW^\SOZK&[G<]3T_\#;-K-$=*3=E,,R=BEB:Q=;Z MS:)=F?\9<++ROOUU J M1%(U-7[-AN<,$4 M3A;:?I %IQQI40GSRUH :777VL*OH#;=\456:.-^C1HA-A\-T%7[C@IQ:!2S M0]6S;(%BIM,-CQ'7 L*U7I=\R[=0V:B?DUC[9+U!/M2PJ(2M&Q<'PB '1A5" M\\C(2JRF7$(%!J_Z/;(+KPSRH09'*Z^TPM#Z+AM0T_@(G5R\-YZE<9WB5T2W M=3%PNO%R2@&AZ.=FF(Z/9FW(!'5";F)LM7M,4"(B'4\DOE&Q:;[WKCO4XY#] MCD%.XF1/CUM[LK>IBT!/K\H#$!CTY<:*% E_W])GG!!QY;Q M79/ONP+N'WT#K;RNBRJB#D_=YMMTP#?;?/.^D![%<%0IRA)[*D:YS2\ M4N*,GG:U?N+Q8VRVU!8 )&"L><*!OT3%)G::RI"D_*8*4$(Z86)0:,'S#S_B%WY6:6:&+.@YCX0&Z"A'Q$@*$$4TT,8L$2* *,*? M@F$=6Q]6J<3#$X8%W1C!IJEY),\&8 8<<].!0RAVLDF'UX1P_F6#+R"/> M]SWXFY1O=8N/@4B@]R7?JD:X_O?!"60 );V$4-_ [#]YCYXIKA_1;6*?8#"D MSM\E'N%+:.3PG(Q!P>NC,%;@@Z==M-)@F&6%J$F]QN=!C0:X%]*:MG!)BBBG MXOEHUM6^PP4M>.=+"KYMP3]])"_ENT1_"6*7@GS2<7=#^S2=7@H8^NX,71YG MVP+X\-J4"X//#W29T@6->%H0J;W:..RJ['40GF308'AVT@3#STEPY3W6]1KG MKYR/O7*0H@>&0=-YOL0I_8=H;Q=96C!P,:Z;9+\MSA?U"APG[9N;M@G @_#1RD8#!-Y)#62*GE>V6?H4'I8N'4+Y\WL_874/<3X&8W#]LG_DHR MO_)\F6V?RME3MBW?9ZP_N."DS*VSFBD%^#U\FVK8\/S-51L,]2=#EH^&19 N MNBR_8EIO#HCR4%V@: ,T;LZ<81#ZGA:?"];:/W&()::I0W(2 MBX[7H'$7^(,X<9,"&'*ZH!SS4>@(U@VTP'6AHC6D9=4*.&B^YYMDQ38GML[3 M3=5KW-H$8P;!/0YZ8-@X :S42?95Q=ONXBH-$F2%P2]'M%1@MU M>!=&$@/#)3TVJ3_K),'U8;<93@MQ1O68XY@_GR >4NI!=N_4=BS+)^_V,K?/ MS)T* L/=?=!K7]'HM&%0N]E]N\C63VQ%)J:JEG[1K!)B3]8$7K7[JI('0SL' MD-H#J;X.N%Y489A[M^FJ')A^CAVCFR9D2KIW?2TY>REI@^\ZX?>G0%*_3H?9;%7VB2,,MNTI*AIOQE.?&T;&>@I2.=6(9/RNYD7I^S MDPH 0]I=4(]9VY0A6-N5@JIB4%<.N$[8R7I;-SRU$'"L-G;%TTHX+5[;NN-. MLVC(7!W[5&7#X+!((V-;PX^%O&XO*0$.]HT&$F XI(2E?'00WN+[EK\80KH' MD 5*ZUZE1S8I.&JSGEX M 2CGX9#,MD%**QVN(S$.2QK1X-QQPR??V>07\>X@Y93F^R3EJV7T&0OY)(L: M8)\C0PDPU%#"&C.B$@(W 1;WNE99$I.\J"!RZKIW,Q/TO=^QFV*6= '/11D, M Z_J_0U4),/AYD:TW)"V:<.Q[4M91ILX3ZDDE^(V:FVS:,'C.61T, M3Z=CEN.A&A7TCJ1D00&&QX^LO%IODNR5D!HO/_>P;C%,*R(@:YV,,]#6J ^5 MMRZ@#<3E\C"8VF;&<>Y-C1I!LA*Y]98&<3 LLV.4=]ZY!F(JD(^/%';9^C^S M2F">&?LWDSQDIMD/>1JJ0=E6Y6_3T;*ZA)?&%R*?Y9*D_#;JE,GAE#(\#[33 MS1N-M.X%@*'F+JCE^Q9M&>(D.D0L"1VC9_G%#":=':?H_( MP&L8#.872LG?MPSBU;/#I7J]N.]KOR;0XTN^*EDP3+, E%,\-.*HD@?7*8X- M[96\*/[M5IY M,,1R "G'_U(VY&UXO!D_H^T7 (-EGPHR7UP5)5WC4ON,UUC()Y/4 /O<&4J M88L2UI@?GPIQ>-^*'2E^XX(_U_7VQSLV%2-K&IE[$R<-;_$<;M#;N ZS>'!R MN&.49]1,Z?SMCZA1.Q95,+-U%I4N'-&)^B.'&6S'"K4<$#H8PO!P! M"?6Y)VS*M"7W),J6*76?JCCH^KR6+?+$FR+_S5 MANLL%PE"%]NDD3(2][ _$2B]W,$J1Y.7;N_RP73?1S!*:DV-(EID.6I4FUSD MA4BN+(ZMMKBZ8B\ H.8M)2"#@3;[A=L$Q5T=1!X3AVF*JRZT@6$B[E-*83+. M!, F^[0DM_29Q,8^WT'/\Z.F;F:,GCDU*X'IR@(]VA'#A]Z^[@I9OD3.D\X5J@NMM9S)IQ20OQTD/A2E^K MEM>7\-Q,&#R'9U8!PS\WG-(*J=,2T\H/./],>( H#,I=X3QE8(H[DC^L<$[< M*&?5\GI%WC"XUEYP<1R6M>)!KAJY M#*\:66@S00O.8]XRTIR)/T0K$F_%(\C5T6I]',^H_,@WJ(S'XQ.4O9V43S:H M/31WU@S>2^T$5PI)KO7Y 69SK%X7<898(3"ZK@8ESU74?S=FON#/Q;Q[Y?^\ MQA'[=6L@_"XE>0V1W]W40?#\]&*"$WI_["9V#Q\IJLXOT-QX+B_NPVF-@#V]+4SNPX _ >);V+6 M7.F"-GL+XE&(G/U7&M]2_$03*MZ^*XKMFL3&:05VIGK;J>M\(CL#-4XS0=\S-JU MU-[1W?BX9&)?/Z&D,/WY9%/5?;9S,6#HO#MV$[^!'N8V$#.3L=?;DJ?R6&=Y M63^0?O7"LVR129P_S$^$: R'K!Q5*SE$^>":SP&-,K6KJB34+^HHSY448/=R%U,56YE3B@E.[_VQFU@\>@X!B0+Y%_R"-*3Q M0L#C)YU.7;]6VOMS+7K(TKLMLFAP\KGAFT(P7@@,1HT>#IDOJO=$W+-H32G M)^^F&]:GHKLV&'9.ANPPKG]@L_E4J8A9X> MO'I%)\N#8: #2!/G +X%T5GT ;,&(?;IJOBV1Y*O=^"=:S%AN#C-2#4_W:[;<'?,*N.[XHJX0S)>: '7K):^27CL^2;M"2L\KM#/DU- M[EJ8SYYL/X/[]-ZM)#"]UU[PI:N'K2;ON9Z%+J*U,L*U,@S*-TNSQZPVJJD) M4GPDY7PATD:8B3ZM"*]'N#L8-SC,G: /ALH[@);S*HBOASTSS2$3A M:ZI[4I#\F70]K,HFC: W>AB!MLQ02L$@A0F:\E'?O!(^0YM6_$@DN"=K3/D] MF@>2,.DE6S-'2A)H!+V1P BT)8%2"@8)3-#DA(NU+"HJ8;3ATC"F.!\Y2YFC'(4693"LZUJ4AEZB6$+M!BRQ:< M>2T*A'?#5&NSDMF6O[+&(9+\Z:K!HN0[,Y[=@'%*/+T&'*ZYP%0FP2-NN>^. MZ)3VSO$LC7OWD>LX')53S!KPMJ <\=HN9Z^;8A"I-&'T"I_2O T;?\0OS1NK MFKK02GM]R\ ,>?"H@5H43,LWXY.>.6!5DY=L9H-*_()$>F":I<=:"$MW+E6S M,H60[XS1,L!QDNA.(KCCC;!TJ:#SYLYJNO^=58VS_YKEGWGR";RA)5:"'DMX M<[,:6NOCX=2]$T;#=0Q:49BH"BCQJ;-+Q^-UMC\ M1(&\1*00<5"<5T"(U$__P+,_=-OD;W6U853Q_,BA%?SHD4.M/!RRV4'*P2O] M'!Z,7Q'C*66S?Z9]R)., ^43E!)]O\_9/.MBF^=$VXW9E+QF$W0R8)!,T*@! MAGI.,*4$K%R$S:WJ%!HYL!0:IB3RG9T6\DTKPRL7=S%O0,TI!?AAZH\54U.R MQ"6)31NLNX"7LJZR,?DGA =/!L3-DP$-K0,M F5;^!II2C_3R7M>Z)59B1.C M[URP:M])Z;J9@^QM'>[YGFZ=^OKNE<>@]L-H1U5@D/?]3(\1]OAI'J4PF%', MAG#,J5H>-0J@ GG5CUT9.&52"/\8F8Y5>FDPM+)"='YK[$ $TQV^]*)]Y]NR M*!D$1N\/9/U$\F)%-VPE*YW23=+T=TPSR93N[,9)+3BQIF,UAV=GG3I:M_IH MFX)Y"E0*Z+VE:\JF>'X"6CRJK M(E"9-3<*T%,=Z(V6N>4$QF-.>@:M?/U RE46WZ3/S"(.^Y(444XW51[6]MJC M?#@SJK=="_.:P7XO@P>)[7)L)N,)OYP VA>#DFH)RS*%&K>HO*[TSM*DU(44L/Y19]/FF*+8D MOMSF//::Y#2+Q?,/;.5?E PJ&RZ$V.P+SF.QFZAIA[L6YO5&]5X&#^Y2[U12 M<%X?!+YTK+_EG2:?Y.:M)BJX*J+B)\Y0(0H&S7H1DWL@TMO* L!Y-W,=*&\N M"#KCG=#O0/AG7BX,OBN&,9[>BR=KKVYG7J4EFT$]YC@M>!!.];6.\3N7%OB^ M^123+1?.78H"P_O]\$O+P<$LAK> WB0'%MTOLO433:MS>BF!.FY3C1I3J&M3 M5ULJ^\B_':(I>:E.5<,[Z@^#:Z8^K-4^8?W/>+WYHXB+.DAV=3O.[ISHV&JOQ6..B\D>AW=/T9?"XX5:IQ Z3DP9>LY7O_1WM5TZU M28YN'A[I)V#%?1W'.-5%H-%K4S!:V"79Y"2JN8BU>,AVL>Z(\J4<1E^76Y?R,X!S(MUEK7 M@F_,?-:&_$PL P0_3>8Y,555 'S.&E [L1 3SW0D M_,@75FC3?Z6TW4<_@Q0H.8NB[7J;\$;1GW>SOQ/"_^#)L'J/Y4T] 3M<\9[O MC!ZT4D:WO@Y2-KC;?8>U2W/QK_L1%#LN$_>YG:$#>9-&R;:ZMZ2T6G72L$=A M_NYP[&MP=ZUCUY)@['\=Q ;MP>I@.( Q#EQD:5'F6Q'Q<<-;YY+59V&:?!@U M/">6L$$?Y970B8.9<]@Q*K)*M!I\/;:I=:!MH&DVT4WRT.Y".V&=-B$$N(1UDZI_^MFX? MNJGZ9. 48_H\=-$#P\8)8,>.$24'#",PKUP:;>DN.?N\^O7*T!0%AIL501ZYJ2CD%]IJA._"Y M5P#JEP">X_I@))L2$.YJ5CEF#2BGTI/0.M#P>-G,E?U]NSGS/LOB+S11;NVX M:GK;>9MF2KO-YJ86O+>;CM6!5[111@% M)^<.8-6[.]+J6FSS-.2$04O3?*,W1:A?O:D>6(OY.XW7M(APPL,\=IC).)<, M9/R>6A6NDU''8L$TB'N*Q.=-^_%+=I"J:LN"2_.1N;NS MNR[H1$D]1*_@\OC.9%G3*G>_@5K/[A5%E]S>KU M8)54%0:;TWV#]Z,T+^F$&=V#KR#TOYPBH6>+DN3"-J9PD(H:E0B7VDK3=^?W MH+@3);G*!FE;9D5R@KE@H#"H@Q\1 N%!VJI[;N5MP07 MY)XN5^5\\:FHR*QJJ$8%.%=,I\$=^TG(\<"Q;3$XSQ.9WL"=* ]M'#U-;ZR/ M5M;G%, (5T^UYD'ZT.W>!9V40Z5]WC7APHA4TC#HPZ^8$#(TI\EB\=HDOI]R M(K)/@3Z)N+_A?;;N7AJT/G-O2T[FT,/)TLNMZW''[L6!H[W!Z,FD5Y1UDI37 MVP'W=,/5,/.YQN12(/+9<)8QL8A39>^I'&-,LL=P@+%#.6")JSNTF%S(29/W M),XKIEAD.*F87@Q4\NI.)Z:6<#7(XD=BP+(H>MQQ [%72J;#[< M"00\8N]9-3#INP]C89V[3$1]E/,7#X3\E,:T$&^(D_CJ)>+/EJSY?^U2*_JR MP%#59JXS;W4%0YVV MUWO2X8XJ),CZPXI6%.AQQ1B?^F)'-CJV2!HM$(>5K0T751;["5ZI-7P=5[KW M#(YXY<[KE* ?.)L@VPX)6X^=H31+SVMU&'WY M+S@7Z>]YO$,_Z?2H,F0QG[VW#F2?86,9,/VU!MB8-(T8XG*@4F/?TI3,%Q#D+RX/'6 MH2+"\<[&*Y"\<>(%>L+L6R@OU5^2I_)&)+SD.UV,^,2X,:07]_M>CQGT\.T> MM2P8 ED RND[:$E% DR:1G3#_L)"'"*=%-'B)L%P%!K'B>NE@-+&$"'.!;LI ME"TP/!15/J5U%#2)+^O-2B?#E7KAB&0P0\\KA1)0FNF12EL/.5W2E*=R*8HM M0_=U7UW#5.,&O<0+KI@.#D1L)31 MGV%9\3U*-J^)2,M2..SL#.FO"OF+FFQC?/'W!"Y@O^"(TVALA%T?-;D8Z&C-X(LFB!(9PS M5,4384(1\0I#BVVYS0DJF)Y8 A.A"H.,MQE.QQL2XT.&@8C7,QD%N,&93.][ M,*11@)+?6V @ M$1/@(J.M2-4+TE8#+9B*PY3OM[ ##]QY3MAM[G3>KCJ%N2]PARFQVAQTT!FQ M)FWEQ^WZB>>0XE!QDHA3[Y%%!CEOZ2I-,-M4E2JAX#-?&S)I^BM$JT=S.V$8 M\^ AIZOH7AK5]WZ=VH&D$VZAK8&O[V]&"L&9-06EI:LY0YM:#=4G<2= .![% M5[QC+23+TN:C[!VYPU1WB6#WXL#0U,%H9P8;RCH-N328$[V2A3'MP= M"X/-:&U&W)U*.GU6GT9NW*EFF1+D[E86:%9K4^7N4M#)<_HTDN:Z6^64-W?G MXH 2VYX]=\>R3IC>)YE#MV>>0PV$XZ.-8\!RVLK( .>MO8.9,/010%7S9F>($#BR.AL[,DZ M#1@4>BBSZ'/5 /J)X!Y6F%5;E_9@ON#VZK:]IQ;BDW2[&=AGX[02P-!T)]A2 MMN16KM<#IF6&"E',6?UO(%P66"J3[WBV#6:Q^$Q70WIYKPRUP1Z042<,AW<6 MA&.*5?+UN%IG2=FP/E,P"PBQ3$WIGO 60H3,PR;9L9=4E0*FF]2;Z-Q/RD7 M(>Q.N.5,5$(0%5Q(),44TP14<$W7<3^4@S^2+^*KZ7YM->&%=4_$K9^Z%8,> M*A9EU5&8+@/@$9VJND1>Y]&\VSXE-)HO%B37S+*=E>&Y=CKTL7??YUE1L-&F M?Y>>-AE(11',\U49$!ML?_Y6IR2C3PEY(%&]E;K71%99(CP6',@>:4(B>FQU M:X\&\^&B+0S$G9PC7K+ZP>]&,!])39[? ;DUK!["'2LCHV?1W[>TH#RT='KS M[BN?6$M60I_2:'&O@% #=7VN]9@):W+R;EO0E+]M5HB12#D^6W0 Y6UUABHE MLZF3R=&4C;IUHDR\S DY1(B_YAZ=AFR_X&1+^-X>+<6E6RE$:*JRMQMWDPUJ MK^$Y:P9GVDYPY1> F*"T-L.%^.]*&2W(L>YO6J8K/?C*:YV3U$-SSV24C7TJ M7=#\,P"V+BJEC8+%@T&#;'"R. *4 MWDCH-)I^;M/J@.O0+MBR@,:D>K[MGD2$/I-X/JU'"8/'_9!)0[2A+.8W.;H:I.YU$N^1AR9.:8#I M5K*++$?\;N132?@"& 9+JI"5JEW@#2UQTIQN%21G[>(ZRZ]%(MEF,]T8^C*I M'/\!1CN8*0"9;%35JMW 9[;ZHXAD/_DO>XDN-4E121 M;<OSKL3YQ$TS-4 MSD':G*+\TV]L>J.D#>!*J#X9 M20GNQF/YG,OJ?+5:G?&CGR;WEO6L>J+JF- M'?J'8#6V(UEG:'6P]H .T>%4=7#,+JWYA9,;P(95<_#QJRH>5HLZJ$VZ=@0N MQ]C.IE]CFHM#V1E;9%8OR14\$WQ4DOB7+&'%)+1\O=<_#.+EET^BX4VORH,T M2/>?/?V&.ME6J0&W0H#>G3MH==S3XO-U3D@_),^'&]2_>[(-UU2-1VNVJA_] M;39:@Z727B@310N>O!!8B]UE[F[JP'A>!>-&S)%^\"36CLX5=Y %I/778+7* M8YHX;HZ-#&(-U_C8L/\@;6'./>M-"3B9XV]$,TT9XWFIW MT7'\!G+_8!Y0E[S+\%0]]=G=92CFY8KDCRNG?-^.=_&ZU;7:E^6O?PM_\? M:-U*@Y4Y'MH4#]N<1Y24XF0[)\\TVQ9HR8J)T?W#)R 14Y=D05->6RF;@3QM MN:EWS*2K]2;)7DG^ 9?1BDU1!M]7QQOSA?A2XX@#E.OW09 #5A8)I M5H>R9-Q>&D5^W[C5+,YZ)VA\I%QSJ5-O+@>OV5-I((=M&;^!)K%;6^ -@52% MD^)W;!P1>1WP*^AV\0&_T/5V/4O3+4[Z7_+#]+JJ1@_9NE7SI((!M),=*L*A MO4PH%7J[F6Z*:_NQOP[LM9F0/"?Q(WZ9%05AL\R-N+F1+F]9<[[ >?ZZR'(^ M'RU$@H=9&M\R-(:ZW+$XSTUB+Z-'#6&GLB#1?Q\#I%W$1ALE?#R(>OIG*"5 M:*^W\9:N:2G6:,4\_53HSE"G%."3VM,-ZY/971L,?2=#GD18< $_5XL%B4KZ M3&[2*%L3UFCY$>H]X=2@":TV%\IKPN_?);R];AF0UX&PIB(/4K)/JA^P*OIM MX #%@FDIGS;U4XK765[R M-X\N:1'I]U@M2O ![]8D6J2JH@T>2E7X"<[7.-(R<8N<+$2T^"[^L:]\@S&+.HMR9@%;)M@ M3",7?(AT #?F UN3G$=, V&NTDL9:SW+.)839O$S%@?R/^,TYL]0XLWK+(WG M>;G*-B2FT3U9X2=^YT?,46]O+SX0/II+7MJUH%_C+/+F1O9;HDL5$%3NW-,* MR=]-<8B7A^H"$?^[*Q(-RSQ#K%3TMZK<_Q.4$Q7>U:O-Y4,YH!Y5@M0[K!%W M\L0>7?8('V?;.YI=TWR-A]5N,$JEY*T;=S9 QQM9 S2#M'!M7*K:?:,:MH4/ M1JPF7[G.709A8)ZR(Y6<) ;B1@>U2D'=TW!$/]I*$K \BP] M%N3NR:DODGJ=;X/4U6O^=C[-N;2!> M%#2Z:Y\%XX?9?/%G9M0V^LP'-O[A0WF;,1SZV8>#DK]%I*L!W7+2I@&+5*YP MI8V[#S.^Z]!HBKD'UT4/Y;=(J!][9GNQHA%>9@8>#07\<48%K.-'_UM@7%! MD_Q>R7AP;IYMV$,^':'MP@S PW]B1*EZL;E103R>H=YH@B_[=NXLM^T2Q M6VN0A>4;.U!MM%;44SE#4:449$:M,N+C-.=\/"'_2%@=7922ZDGC2A=M^'%: MEH;R&'^GE=SR]QRJD"5--Z>5!."86@S84;\N\DS^8I$3>\]-Z1I.!Y1 =1\L*;MU]__@9QN6,OK?@_ M;A(FEYDV8512WA92>HBM_V416,[7XAM[OA%RZQ[W]'NS76/V^UC*J]_5$ =^ M'XK \[L2G^1WOEG6;I]Y:/,?<(JK9";SQ5V>+9GY!9LB28= 8VOL>E[YX6K& M@#$V)7@<N6!'NJ "K(8/#9H,2H)P3J']K3&6]=P3Y8D MK:^D7!">8;@[?S(3Q473*W'<31D0R:X&CUC.F)5$ZVNC2GUP>!B(=FV'>&?I MHAR5@Y-/:Y"5?Y+F:5!0!WL*"]LRSM#=MUZZ0->1,?"XZ#0JPA\3IXR(_H=# M:S2,0B@$"^P4 .[_"P[MX_)+-TOCNY_OF P,37-3\<6!.?1O6:VF4$UR02U+]^R:] MK?[%#WWH,YD_)70YJ);.@^SW619_80L[A5=Y?F;)1_ [#YO=RX,')OWM43!\;I(U)0IYMR#:&35%A K^-@+OEOR MPEI:F:7VC6ZMJ#?*6L"V;-3(P2*:&>280ZWTM*WIHWF"5O?V7Q\SD0NIEVA' M%X%K5P'F'U>\DJL:1?Y,BDCU-,C^= 8B&-=@G2&*VDGK9-QHC:FV>A)0=/4M M3XV7L-5+_OD";VB)D^MM&NMWR"WRT)SH E9VG]!"7 W5>H@K#K?00[F+%//% M12G?L5'[L\I+"C%PSM%C5/B$B*10E3CZ&U= 0B/(0-8%)-6I_&PY M(6P*L'SCB%9^>:(-TZKU)N:'V&-&*J;(.'&X6JF3]#8?-4/M**,4 T84$T:) M'I4PD!N4%9K%KPD_.UEGFB9O\8M.T$C",P/9I22*VIQ1&MYD1Q:O#0>9'+'%Q;\ M%F9IG4UH)6'YPP93RGO,][ J!2 -A"'ZRQ8G=$'K!\WK1U#U?C&(@W..':O" M0^>M%A)JJ-8+[*P57:[T#4I2\YT8 MW-J7,)H]P,7#;E?VP<^=W#"'[X4Q1+,3YBF($^@+&!8\KML)T<$)/#JX;9)!F1PAY.*[XHDLNJ90" M[(8OYF23(R=\<4L[>307B'>FY@O^= Y.$I$W3_: 0@B8 _0(]2]KT9YPD+G1 M?%LR!"F/6!0O2A5UKB.\E-,Z&V1AN<(.5'J J=- A5!!FU8GB&-&D=QW64*C M5_U9NUD'Q#_7B-0R2*3<-;1(H;](Y<1G%@I'+! M*I&I5FH?(IH6LK(/B;K<5@;>R$+^J*(#V+%C+ &,$!IX$@W[F.E]\*NJ;;(]B)T"[8-BM&%A^ MW,L&Z;WVNC ^<+?%(5$>$@7R+SYQ&M2IKQ^KW9.PRX^N"NKIXCW?8-Z2CZ1T M)H!%$ZK/W6";W-S,L.LBSA K!(I?2;*XP#GIWZS3WX62IN'@97VXYN#N2TRRNSA3X74PJ7GFZ)HI]WPFZ MP-PV&;C^>*L^2N&W3'M73YO_K@I""T)0D"UEHZ57+R2/:,'FF7_%>8Y59Y(3 M]4_(S5KP+JZN?"QN',=HD>6(U*7Q+[_4Y4%R^"\XJ:Y6M\QV=;6L>1).UL(> MNU<(2LT7%Z/F"\Z9NS=>C?KIN-6YZ;:^/9F6:[[U OVFB_/M%CCW61Z_9(^K M;%O@-!8W.@A)%8]EZQPR21N6KW:!/G;C]V_>_@&UCX3WU:#YM,WZV'^SL7U: MR]V[+N6 ]_,$(Y0>;_51OP O+Y!]NKC1+W%[7WI;TDJ 6O:TW\#BPQC6V,/L M^Z"-]Q?,QOEM<;7>)-DKT3ZQJ!:#5=5&C/)<10BC5CJH%YJ)U6/6' WV\C)I M7.*@ \L_[H#'SFHT>=ZI]NRT4J[OZ@9U7I9_9C/F.J.2[*?!U\!HNK]3XLMKUTF6TQB[.VVL -MG&K0.+JLU MPWOL@43;G,1W[!-^>)&_\KY">V"OE87E)SM0^;!>:*!.13Q^'?;M:YKB-*(X MX9=S:+GEUFH\HQ>%Y1@KSK%?6@74TPCJE68VK_'$\&M8M:_$-J[Q1BAH)<_B M9RP"TNL@8OT HI6$5?4VF&,OM/)-&'7XD>*.IBF.$O(.I[KUHBP"RPM:?%+T M;"V(N&386L>OT8I$G]G 5))(;.OQX&J\-HS3#CK _.(,6+YN5&FB3A75NN$' M<"G64^&ID00TOZCAZ2Y]Y4U(:DK*$!5^,;N_>IA%)6/ ,XU)?D\22A8\_[2F MI=@48+G#$>W8.T(-,3W4**)*4V3F#IOEIKXFV.W7W=*(7]=4A3,89&'YR0Y4 MT8V)E>%C;_.Q5D+7@4(5FE/ BVS]Q&;AW-A[$F7+E/Z#Q#635@^@A8!?S[LF2=0V$]3*7K*N) MROEB0?+VYKCD+[,X+&JL+/AE^^^,=ZS?)FD:V9#5F<5AU[X15FBS,?[FY/'_[(VK4H&2K MN4JH>*_R9X*3JA2KVX:M:M .JWI/L;C. M\N;=C%E:O>^(:5R_<*/SW@1=6'Z<#EQJ@U4)(HZY?7"$3^R:4IK7@<)ZET<+ MU&O6=Z\/6%QLKJ>A_1FM,G3"00^65Z>!5@96;.KU_=,K*G!UC7L#9]K.WYK MQ:I.J"4Y;?@U+-\HL:G>QHB85),++,QL@]]7X)MWMFF&6@Y6M9M!2IV:N*K! M-R"!3"AXF[PG!>M)B2%SI%(*EA],$)4=45X)A\X36>]LY?-%M=-UQT:VF_3/ M-(WE UZM*"Q76'%*1[RU A\,RE7S&#L;*M@@3U/TF6D&\5 M+>]R&LF-0RD%RR,FB/*ROY9%127,QFL4IK; M2@G:SAF?=XBFWEJSYK&SB@%=*0?+,6:0\H#.)E.BOT*;QBE8*(1YV9?-([YD M67RQHFQ2G>.HI)'A&6:3-"RON$"5GONM=5!?*7STT*Q\7)$/./],2GX'&#-I MOI0J;+V;HQXLOTT#+4T,RG.F?E[IHZ8 )$H(W_=MB_,EQIM?JUF.XMEZI<"O MW_^:/"7>/#3 77O&C$MR@I Z0[5LXEA7D%157'O:T 5K$(EC>EN8"JE%+90:MQEYD@J$SD*4 5:\!G#2Z=J*A^X8>%$N-PZQJESH.5+7B MPNC_JPL<_JT+47RSNPC*S)+2U8\7SHV3RBKO'*8 MDG_]%S ./;!!RK0B=?&_0]4/G*'V)U#]&ZC_(_P*[_!G4/,[X9OJ+(WE*K.T M7Z4.S$9MAFIHZ>(8I!(/-==JTB>K7D71"@%R@QZ;-/MJ,T4WHJ'KG+7H;$UN ML\)(7WB>R3+'6<[F'SA_O2G)NG"?_QWQYP!1PX>5(.QEU/XRZ7T9/ MXJ<;_HD?/P,V7_Q(RJX*=UUJ3"X$$(%VQR[U.7P+=4 -V$N%*I5M[PDOY2IR M+/3K#V!V$Y!GJR0:J]/>8IIP<\_22%N*E1M93- ?Y*@<8%0"U(S>< M4F VTVI:"UM;]U3%^R--X)JXP-(][W7&)EC-LGQ.$[&@>X\+-+B?\DA%ZN7F MLW"#?LZ?R+DDU;]OTEDD$A\5]R0B]'F<]FF*'B#O3X*K&$^%$OJZ4?^&AZ4T M):"N"#!.%(<*]::LONVZZ(%VH@&NHQ.KTY>ZB+"G,+)Y]5VIU^:E73U +UM%_C3YJ"@#CO*9[J)/-S=*8?9)O26PYK=BM)-!.GF3 U-ZW+E2,J76Q M*-RY294<3:J!T9/94FR'50/ M'8B4)T?M9J!6FY]GZ%XS.HP5.VM9%5K==<& MU$)W *U)TR"2Q-:%M%/9LVH^?-8>9(BB3CFG!I#&YP)1XRB53K@M'1XU65_. MB]^]?BI(?)/>I,^D*,6=_Y(^:X='=VU #6X'T*K=&Q%LVA3";U!]S.-*U M184?Z3A*<>>6S7&?<4+$=F)1YC0J22SND:3Q\(.>9/7FE[PJJC>.KU[8;"U= MDGM*8T_&RA4D)!BLZ,? MX]<@0QP:JK"=(O=;BZH#%9R\S[/MAFF(9QK$436)NX/J@S-_XN\#6/\%-?MH MK.^8W2!" I+0[(/J12T$XOMCCF.^T1MNZ+$/*[_"\>_[+(N_T"1AMMZD M);.$MAE$FZ_T#=59&9"'IV.6(AQJ,>';K@S4W/IKO@?H[39FSJ'UZF0!^=(* M41/GQS0 .F>6)-D7OMEUG>67V?:I7&P3>30Q79J=4@ @-^Z&VV$(?,YBSF'3P2T1:]LWM'C%D?ZB=\H-_N6>6+B1^\/=+0C MA3JY.?L[(>*Z:!K/UOQ6YS]P_1",>US"HL5K6D0X^3>"B*()Z[D,XRZ=/%:K2@?\1^ M3))+_D;92_GXA23/Y$.6EBMU9I0=RSHU@IA,V)<>G IHGH:*IG.UG\-\_)+M MPX*ZB!-T_ACY07S."CP%GZ]RHKS!-;F04_7[ /MA/,^+/ '?7[-*W]?UO(P3 M]?P ^D$=00Z=F-/;729(FPRJ]LL73Z2?,TQ?A-ZHF6*N:;=FAW).U>O6?1NSLP/NT$RV4KM-LU-))^UP\X:-Q>4A MMV:F6JK=G]FEH%-VN7FGQNSQD'LR[G;:MV5V+.LTW>ZX.:/U/)!MF)[!-I\" M]9.Y[LNF[@-5<'7#C3FXC8WF%]]46515U>^N#<@Y.X"6WL)NBNAE=JUN#/)@ M.=8 DR:NJ7XI4^'=_D>W["_V&UL[7WK<^/(D>?W MB[C_@3L;Y_!&6-.M[AG;/;9O@WJU%2N)M*2>N=TO$Q!0),L- C0>E#1__57A M08) /;) @)50T^&8T4B5A'D_'#^?7U=Z,X<0+/\<. _.V[(/SN/__O__Y?(_:_O_[;R/K3C^__!_C1Q$G2>//1]R_OB__EY'_U M:?#U)_Z/)R?KN_]W>/+@+LG1.:,"1 M?ZR8;#E&7YCC=ZQX!*ER1(QH%W&20T>>6H1G).I8?NER MZ42O## Z#^B,*3^;2UPW3-ED$LRGH4]=2O0"->JE6P[.G15-'/^>,"V+N(2NG2?>IWJ$E2:GVY HK;=CN8N3 C;];Q"[%/4MNMUW'RW<9@=QCW;$N;3 M_Y1M%W6C$K?NVA+9C^31>='KM:!IUZO2 MZSS%;#%G'[Q<\Z_J=S7B]C9V8-WNQ/K=D<'&\,@GDX[XV>WK4/LN& =0^K[W M8+#1ZNCZWX_!QJFG[']O!ANIGO)P^S38B.$]]+IG@PU62=3?C@DV.#E%;SL" M*,02 ALKP05)'.K'=T[$Z=?:W>A^O=K@\(0[RKW49UOZ*>N S0#WA&TI4G)' MDF*#[MS2@RW29_94=P+-SPMX\@KON_MXH+C?)IM8&(N[/3V(Z M7 AM?Z.M8"T8B,G883W9XL0H3&K/;@_"XS2B@4M7CG_K,!/-]N)=0FC:?=]W MH\8>,W /?=Z=FHX:1MV;)]5\DZXE[6VL%5W-PGR3,'J](MSWY6]:W3L)U SV M[[G?FUMSCS&,7C7J541B1IN-C"VJ7W=(R$M" H]X94=\U!U%_K)?\[Z*6.W3 MT*.]B5.VCX*#DP0_=G6'[/#0ZC';%QT<=LV%G = Q<;^?A^MW M'J'ON$CY#YEL3]Z?%N'/_\Y^]>MYN";1^"E.(L?=!*SXSA/QLZ_\RMK4FKP[ MV-ARN=R3.>7?#A(>#B\>HKAE?:1531A'[BB,F#DPA,H^G+?* M%LP3=T']C>K,HG IDUDAGU SX*H8V:<.+^OSS&W+)@B/O/P7>54)N]$4*.U3 M>^*6<&=%WN4$\,CZ%8MYMP50NA]L2%?$BU6A3DE$0S8S>_SYC5JZM:9 ,7^T M*68A=U;D/6;#\?B0KGQG+I9SK0E0OC_8D*^0&RMR/4\CSLL5C=EY[+^)$RE5 M6=X:*.T?;4A;QZ/-53 ?VCU9<5=M,,\?X"D70PD%$( _6EP3E;Q:!.$Z2 @? M.=OE,[5PBG&J0)!1 $'XDST0U+Q:!"%[@7O.K'+.3H\JV=<: D7^9WLB%W)F M4=(/2\?WZT_&1)*N-01*^I,]20LYLRCIRR6)YFRF^QR%S\F"ORYW J5N2PC MYQU[HE>R:A."ET=VZ,U#-/+=K%+^@M90X5L\;C3;(%]O-YR+X3Q,3C/\6A3SWV-V]4]#3*NQK]_DO@I!YE?_F/ MUA<8I6;-G/@I0RF-3^:.L\K5B_A)7/ZFKF?%KW_=C'LRNZ(!&Q]E=A#FZ[#B MHJ,@AU&WMIS]V2LBS+2,U-O9N@PQDNNN54DXZ6X>ZPJ-XL .!:71W-K5B5K" M(A@DK.) @^>$X4^2V;]XM,3:\?FE\3@Y=Z+HE6U L@Q: MN>0YB9+"VF6/B=2U7&"RC4FR8)O0*EMRBQ"UM78AU,(.Y+SBP ((0SL$NK\1 M:C,3:83/QI[;S4W.M72$V?"2,''\K*55V,KW1#PT,:D^*F*SK!Q%-96U&R:3 M_1N$<1R65;%\_99:V-C:_9,)( HV<>!0S_35%/ZVA;5[*( P0\F8,7EB^NGW&^JQP%&;>_&RA@D$W'@ '"[AXP3D6.S:%=K9N\>RQ@2(8,'/(C< MM3F+W)D?1WJXQ8++&L(')JU_("Y_5_-Z05;YC@TF1OZ65$'E2E*/9_J0H/CV=L#?X_;,5$XX9LK*J,&7:RH:*(*]>02,89"BB/H& MKKR\*)Y7,U;9;Z*4>$T&]'0! ([[@,9 1#G"+_6\YS%7!G& M,$&D@ .OFVKB'2U.XM90?'IS;ACCH^*Z)R??1@T>P^LX3DDE=%CMZ(,00A'H MS8$!1P#*$B8CV76ZP* M(8 53- (-ZM;_@QW[55"*&"'\%: 0.*X_#;1.V5,) 6'!Z, A4#QC 9E62C M!#$K "D4PD,X+L"&!18)$@3Y#9^03\UMIH0&BMDAO!APS+1"P %698B@W2 < MCD,X+?;<^[V537Z;:\T.+C(_'L(KT@;BH5Q?3DMERP:L>78F; Q%JC='B#$V M"IYQ@%+9(^D> C9:0N'HS?-A#(>,6QQ8C#TO"UYP_*E#O>N@J ZFN!.6$4"1 MZ3$VPQ 9#>\X +KGF98#XETZ4< VJ/'8==-EZO-G_Q=D1EU5K">$%@I;;YX+ M8]C@$L&!X"T-PJA,+D=B!5[-EE!T>G-3&*,CXQ8'%DUVKH/B-<.4YUUD4DV2 MB#ZE259Q-.2'BC!(F+S84.9Z!+OJ'_QB%PWNW4IVZ.<%W?8:=!*44$)UXQ > MECV/ATK9=*H#*'+\B,N[["3\^;AOPI_1[W>^B9+X,@8ML9 MC/9 TD XZ-"$+W]*(MO9CKI!#_?"UQBH;M63$MC.C-0E6AC7.\.4U#+6VJQT M&-]%MDQ4;>M O^$TWI1L9@=S\6'^!]AA?MOE*)R-MITBR>.;5ZG<#%)_>G@*XX5.V+/O-SYB.*+<.G00"E[47/+ $AE*X- Q,/636EQ#OH[(*%:/'I.\/CN]$>7S"+VPF5AU4&BUMNZK!*$@Y0(4$=PF=.?%N M%DX%'I+VMEW0QJ@H^<:!S:T3?26<)YXYR5N3**'QED/5'DU-9]L!;8H53 X] MK16?(R=(KM+ DRT3U0:VW<1&*T23,QQJ_SGS"OL9V$L:4,X!KQBMU7LMH>UL M^::*#Y0$#M@N"!.G2W-ALA$O>53J;YKE1$ED/=6^(5P ">" JL&8P3$#0W9] M0URD[ X]"GK#6'Y_<1,**ZK7I5!M;#TMO_E9L "I M]6H 8(C!V@L;62P/ )=ZH6B)C'0->!E[K\8!ZPLU[,)#N9Y3\GO$[.!7E*M#@:=&&]\D![(S04 MD_DZ^2E?)P,RYX$T]E?*SPX-8K[TDW@27+YPB:4T7N2!49QCQ>%03VJ]ND%; M30"+!8=]\^'RT4Z""QJOBBBVR2POVW"JAE!%9[UZP3[XZ06" [QRZ0=,P;6& MUDL3[+O;>7/3:8L-4@=[H][\-6WQ-=D6#?* N3TREU?D-$@9L]M0V#,R"R.2 MMWMT7DC,5I'(88C1P(E>LT.;Z5/]7C]JO:X"^%![ -F_#?5DK!=F=T8",E/E M79$26*_J8*@64IYQK/73*&1C4KL5JVVL5VL B[_)V="-Z(XDVZEFOR0K+;JR M7@<"[F1L*Z'VH) MK9>@ ,+E &.1?,7PBNS$F^\9AN\.;E+>6CQ9)8-O/+T#HQCV_ZLU[ P[N? MQ)"^753D7=IYP_ACFS>,U/[9'(5GDK:;ZEW!V; M],UDN?L2-T>&BDKCZMM),4.5$'4'F9K*]O.O-I!!Y( #L7K6<1U6LO:VGX>U04G-.PY\ MWEAF;_M7$$@2>J](1$./C3I*[#L[#?)U84Y'J84>D(=KR"ARSWMA\9=V*F8/&AUH1<<[M7!7"_MI]%=V/Z;T,9,KT>NVS#F8<9 MMYP!=GNP_;"Z$V,7"04UE$7"Y'VP%'5A^]EU-];:!YJ2%!$JI;I\(9%+8S*9 M_>)$/.&"+(V$:2?67V'K86K#E@V@Q;&O) #6$^G;3' ML$%O_4EV-_L5I"CV] 2@O]?4W3P!L&TWZ"]:?OV X+WT@>]:.,^=^.DO P2O M ?:Y:S%!'X%71S3\GH#$$'I\[L2+*S]\EE1-^6.;B&/>YRCK%%^(\89?H\AB M 97=MSE\0&Q16E.&_MGK%P;(=;#)>C5V$[K.:_KJDT*UZ MHS0>H;R1%L_G: MIZ7$<*SS?>VL>GM=WU[>O;V]7)/H*8R)_<5TYYA]3]CFP:4^V7F0]AAV9N#] M?,UVY$QG"M8G&#CF#FNY5GOSA/2*V4#3M*+,@]:;&^6 &K!/YC3;)[8WD*O_ M@$B#T_P/=-^AS!PFUPP-F>W8G0,J"$B -E,_2*XR[\* "T"^ /!6]4:VXW . M@:N(;TR3.&,U(FQ"NB#YOZO,94H'JO\*[<)V8,Y!%W5#P6+5A['KABD3&!,7 MH6OU^W(8M>V('G-H=-#*933\-#T":?$+^O,TXJ+6+>TP:NO10]VKA%Q(;U$E MBJC35W:8Y9L6(X5HTEJ/4.I>'60"&OZ>7R&K&^H\41_H133MQWK0$X[-A$+& MV'<44^>5+Y76Z4Y/_RV7CIVLR>?+I7.8S%#,O[\!ZH%^PLW'@\1#(%6^BB#PQZ,-^88_V@(6MN;;O6Y!6M\^8 M> RG:>0NV()V0UWN![\BLGL")87]LAY[HZOET3Z6/5G^61K3@/#"4)\C=:29 MEM)ZR8W^K%PBI>'K UQD7:SZ".IO=*8CYI)[HSO%*QHX@=O-3E'9%Y[B(7OO M% $R0[)3C$*7$"\K3<1?G[%1L^,O&[#C3U-V^G4G,Z;(RK&#NWC&7;[K5@>A*ZBLEP?I!529=/#A6*H?#V'_NKF,E-^H JQZ&=8_LI!TQRP]<6N/"Z<(O!M>70SW'-M<5<'/*',5\@2_;.,MAZ[1$ I1?Y&:AO*N MO],0,HX%%?Y Z=%YX1YP+3#-ME!L^BNPL"16?< M-"O=C;;]C38='BVVB^5-A1G 2J'T0[-,,[D@LL;BNOF>9.]WLJOH&\I^]FBV MR_H<,C[.V?: 1 %/:D^]AI-ZQT _U0VTZ']4_< ?1IM/C)S &V4?&15?&=4^ M8T_7)]'<"8I\MMN$_OF<6YUL)[-BL^3XVU3_>@OOJ'NK7L\G7@B"!^M?A.E3 M,GX*TZ2J,9 )P: /RY-"I_K0<)&:BA+3'!)FB1ZB@OL\O.F>QE_%D\3I^\8D M4>T@*Y*1=3'*^[ 8V,2_S]#]PB%('!K 'FUIR&S>Q54%S8>YA0%@JS!JRU8* MPJQ^\64@%D1VI\C=N&-OIW5[*PE'%4J;X8/E(""V)6ILT:)N0B>(,\_A8^1X M/(=5ECZQ,DPC$VO9G6V;DR-8L[2]Q(7(],J3N+ X\H[Q?:@;7TDZVJ&U[X0Y M#Y=/;-^2#4=OAVHJ!#ZERL",+!!*;]GD(*A)O$4IA[B<*O6?J^V*S_*%NEI4N1GD?A2.HZ,5B'9!B"(RG[2#S(6XYT-NJ83\D&]L>Z\6ZH1@69Q=-7-@"] M.=;;V3PP\O18I"9YR,E00V?9GL1(U$]_(-X1&0CKAS3>:^Y8QQ_KUL%)MBY, MB[91AC9!ERQ9^R[CGFZJ#V!52L];RQI;UG2U7*L!3&IN$:FY,/)M1\T;<3$9 MR:BD^4:UO \6 $N!E& 0EJ%C IUU9-%MB]!GLHOY42UY%=M(,SBE0O@[9Q7& M?QD5]/:4+1^ WD[J[6R'5.[(GT\^1A9CT(5E&Q+C(XJW-)$((FNZ)TD1!\+= M'V)+:D21;(E&&97-&]1M]=/L.5PY,)-%R*@3J]?%.^.\7*[\\)60,P;KC&;X M04XN9KU8MK\6^#8ND\V%AL@^*T^,A,;YH1&]D5.,&R9]*-W85//U+8TF?4C_W%SQSGYO+70G2(S)B'8I)_I:S;RS7G0FR[C;". M+=FHH+,;F%ME 9)_0$9A.;ZX.BA@.+&$Q+)MZ3 1! 0K>4=E,9 7/]$!D@./%\9>83&:7<<+L M,U'E3*RW U7NB?\QR+IY^F;!M.EM356P>A&!*S]9%SF$FW[E MS_B)QVX"%+RL-3B/, Z)JYG&,=_<$[8A20DO&SX/J-$2 2 %IQ.Q#AB 5 =X#^.B.!G=3Z0Q_.JF_"&#;&IJ0 M&[HFGFZ. )!"-0"/]P8L#QSFK'C;4?Y)!Z-!%U X$7B&S)E[,Q:]7+%32I;N M-2J3G$]F-V$PS[0X9QX\V[?K#:HH"!Q:>_&):2H8>TP%$QIGR7AB XBUA% T M\7B[@++ =RE$P5LH+RXS,."B0,,G)80"AP"!QF4)4S ;0*_X+.IE (*%1Y? MF([[CE=2W%$#C]E941PST'A6;A(SD'?\S4<,2&X5'MP%\=(LY7;N7"^N.>Y( MD@E.=\%@0#^8R !#OJ03*KXT?2HC:SS_5B;KPV!7;RYK7ZET_"WI+H9\S&>O M_)]7;)!A!(F0:].9[?QB+7+Z[2$T1#;;](NJ;+7Q&%V0Z ^%A0XYX]]V"2BE MF[V%SC+;50LG5""#6V6K3FU;)SC[7P>B0V2;HAR *NMLO*$79@+$8)]O+"7@ M5NV**)W?B'?M,75@!X32 Y5!P#8R3 UOJ/-$_;P@[H0\-+ M,MB3K!&9O2@;H<<)]K63QVVGDB0LSVITH_J++#1E(! M31)"# ;YS64CW"X?E?OA^IC-EV.#SMY 7L(]A(C#_U\R$*H8N$H3+HIE&"5% M48[+%YYX@9BJ1S=?L?VN)!^6+QL9'DHI[T$L/J<-#LE]J+ M@EWIWM/Y(IG,OL30.7O7NV[6&>K0F7,[ M;?/!F1\[1%1#RM$)X1_'1+@=Z:W#MJ>90S&/,GPDT;(=>M">;"]G+2$U$Q2B M*;*2H4XU0S8R]%3SU&&8(-]4PKJM7EW.9L1-V,EQ,]1[)\G>1PX45CZ"81,DB7!&/NO=DD8>"Y%N0 MF_-;LGPBD0 AWE_[[FR?UL Z6?4?[RN]GG(/G='PBD9+1X>6H)UM3V(K&*3\ MXG""/+(/3&9CML<-YMG4K5Z ),UQ3&N@Y4?"045W;#X;W0Z+AZC42.I#7I;^N2CK^2RM"WY7VBR8 J21PPOZ.HQO&0'[>15NNL6<:7K MQ#):Q47 4GI*(OYAUYFQ>_3GD+O)KSAR)MX]WC%QGH/YL M%^B0NM'U/C0#>>' ?.J\9H>!Q[ 87\D4B>](,IEE65RU2)OU8MOS!@:XC7!Z M\K 5GXG803I/E,7FDNO@OV@@0B7S%"H(;/O<] #H..A5UCSXY9Y))%J3K3U+ MQ"QI:[O< $S"2D9[$NX]X>LFFQ@?B._S*]>(+8<2X4K:VBX- !.NDE$)H'BZ$GD_@<.4'"'6BB$QUO M46U@VX,(4_XF2T@T?C<;_3AAH$>OS#JSF@,*==?0V<[.#]=UD !P@'7K1%\) MWT.S\U,EWV3QRDP.EH[.=@)^,%@P 0P_H>Z7(-KDB'AT7HH*V:H29C("VWGP MP=!J6!Y<\.:)(B%>$76YX6TGGG.?W(VL>G@>XGE-!$[#UDH'>BJ&V1% M<_MWQ2H5:D(@XF'/&YQNYJ#*#6F^[A:CU 4QZ>BL.8?5,A=.3C 9].0U. ^# M;.GBT0;>/],XR5P6ZBLV)8DUK[")Y/5L]"KTQMY6(FE!._2W6I)QHSN0G#LK MFCC^/ P!Z8-?-M-&"N.-+5FMJ^3>X%* MS"HRL+@SN8B/\\Y>O\0\1]@FZ8#66):3V6EI. M+;B-9/6:PA*H5M,W5V."Z^'5Q?7Y=<#1\,9+[C%37XP)FMO.1-^B3H22<1Q3 M+A_BEX#"D6DTMKU6M@5&PO4@9L'*UF+7/SY;!O1%H5U#E>BGPSER+F2U1]ACM[/2.!NU@ZT5?U*V0]Y8 0TC.#(S%& M[R1=+<]JX0JH7U:5#%/(X= M>[-LF_:1OY3"=MAS2Y1T(L !E&":X'D+C)>L+1&.Z:_M:K7E T<2C<80^0"- MUZ@J$0Y\ 'JG ZO*5#^/.XM;P>(YE/**6=P4W0+3U![!+:B0WYXNELNGHA 9 M2]K:=I ;"EG)<4]2SGQ[#ALF1,RRQK;?=AG*6? MGV0 F$?DZ&SNYTZ:Y5RW?U1Z.!LE$45UBG?]FL)*QA@G4 M ,LV\C%_1/4IGPX#,F?SO&?_$56311Y58&[!52K;6\I]#+C)?>N'4^5#>,!Q(WA,E8\F M57[_6=5Q);?O+:NZS!O(O9!.X.39CR>S:YZG)Z2Q3MX .MNY;UK)'RR/ ^%Q MY8<1];3JKR>SG3.G$S1DTL#AE'B,'&\;J/X*N3U5D.!8)F"E!^1.*QBG^KB_;9KU<< .O5M@;V?DQW8*K'Q.O'Q.MO)?%Z>6@"G1"MAXH TJ>+ M&>KIR/% _%F>]W/K:]>=-S0TUL)# +(%L8OD0/%ZK&%6F8Q_/-8PLWK84&DC MSAIF6=+T:1JY"RDF01>M?!FN2IQ"Y([$9TE3_DGD8T<.G*\2'Y3-KV M9SO.!@SU?@+K:6H5U>$IYGA5=0D]F>T5#S:?0MG'87*("PY9+!C2BJU>CPRDX-!#$KI?K^,X)=Y%&O$QDHB&WL."22'> M7@MDS<;/3N1E4?CR9:!M?X.I +*?P%"#GA6#J0RRE[AP("[8D9Z' M<<*?A^5[E]Q/7?'9\#^;Q7W".@2?H:W#OJ?,$#T0%+U0J#X1S/96)5?CP+NA MSA/ULX,B^UNZ9'JO>#/XPWO8,X;:J\'LHZ/RJUG.YLIW1\6'4;PD/#YY.#YY MZ!.'QDQT?/)P?/)P?/)P?/)PR"G4C$CG["_^#S6I*6A79B+48+,8C;&7?=[\IV'GM,;[HC'*#!1QGIE&X M(E'R.O5YZ#FN3-RBL-,5))/#R8XXF PM$YD@J;B=Y>B M$E?AZP$3DS)^%F-"^N)\3]W#E$2GW -4EW]0$IT?3NO>Y[*KS*6\Z0Q9%AWI MGD?O5P:06IQ'+@A3#Y=F\,IYV&UE>=,+QJ)FSR)6$=WZB$RJ+S@Z<@I4P0F^=%]7(5A>O\:9\6*!61;5_1'G#I98$#M U+.J :#6V[3MJ#(^&Y%T! UZ_W M_-VK_-*[\F<<"X[VDKLR8GN7VMD@I&I=CA+)R_1=H8D%VF'.G'82O:4!7:9+ ME4QK3:Q-$G69-20JY,7>%'#KO&A%N]O$VC,XO6A%O.!8[J2+QI>8S%+_ALX4 M+@\0\5 NX0TD@1RZRSBA2UZUH1SY6O6HV[ ;VR>&_?%4B0:H_^AO%^?6^!=7JW;R.!;AC$291FK^.N MN<[/&4ZQ9DU0$N%_5@_A M-J(%5291B/F@K_^WP0&ST8H:UH@&O67S"G6>&N M/+PH\#Z'H?=,?1\6:/.Q?O]?Z;)\SLDO^D47BLQ/0V!J.)Y?C"UY]W MGFWKLC&&F)YOSLJ''>O3A3$?XWYLQY,@COLY)JW&%,US3%H]N*35VX)7#R1: M4Q>8N%I/9MLKWT'R:JAL>GJ_>,_$FAI31IW@F/I BY<17SB*N2F&O!WPG;/4!JL:=X0# MUQ;Z# ==S#B*8-;-ZV/^^%BW71$VMGVUV5)SZVYNN1QZR\T[VXZ\&*]JV5.T MM^VFWA,"#7>8ECV>8YB-@5>1NR!KXH=Y7,/+B@2Q/,"OH 81V\X@VXTY&<@) M![!RMB'A6##JH<1CF<@".WJZ2UH]I>T#7@>P8;RN58RV$DQ0O>%H!:*T+]M' MQ2Y@U0@*/=#*FWD=G>U]9Q< =G$[WT'J%905>(J3#O;<&S[LWVFMZ,0 M55D.41_&LX1$&2.5MQ/[*D6M4]M^AL-KAE"JZ-7C$)[9WCP5/8/\UIY435;9 MKX)YEBDJAKVB^F/=B['I991W@^S95#XHO:NAWJ[3&%0V.='ESRV=XL2QW(DHUG")R^]6TO^+IV_W+/9TODLGL2PSQ\?U):QV[ M3KW:GT?9Q_@?V.J\9N\>E.;UR="\BMNN MXCN%C95?.MI9VR&S%8#L8EN69GDMA6MX-[5/GT.PV/UE9C/ YX!ZC,MJ[*N..;-]2=:H@\@NH;T$OU-=6+;JR?6'5O6Y([J*^ M >U0WV"9]V3[[JISW9!<2[UQU0!>9K7LSO8U5J=*HKNA>N.:LK]RV+_QZE0? M>KG*P2V7^^V\#XVV,41G" 9Y'E>MMH8F@T=$*%/&!&J,?]F#6];GMP8YRHI MV$>$$>NF#-[(5=T-+QX^F9VST5-8;>P?W]=O#;(^^/U W@NR6),+\I28/&^1 MM<>0]7&0Z3C5 !SS;AX.B:'GW;PGV>OZJ1,EK]7\;6>OU;^HLYR9]#$@U$S8 MPI&VLSHN71HS45LQ][:8?*9D\<%VP:L%J_*!%?2UK;O M^N1Z4XUYU#"+XU3UL BCA$=B\B62IW%53UV2YC@, ;:VB#G D72Q,3C=K"0E M0(*(2KMTP*!*B_BS$U&N53QP66TBS99(L(!81W/PE:M/).+7V82H+0X(9$JD M &5$>R2\4_&*8^GF(RP'>.6XF9/H\F5%<__*!>/S5 V.EMCV M/LL(+* H\&)7?1MSD48TF$])1$//#$1Y+[8#H/9"4R<]0*%H78 M;;F1[\*$Q%/GE:^<,"_R:=V+G'4Q*OHX^I"//N2C#_GH0S[ZD(\^Y*,/&8\/ M^=JGCE=))\^&RQ-)WDR5OF0ME>VS#LRG#&2^IPH54QH$CNN3,R?XJI2VJ*'M M$%F8@.4LXCAA\%W(=5: 6U_T3]06QW0#6@M$P\?AIM\=&:0(DIP"!R!RM5*" MTF'U(LF4\T!V5P 0$ U'TLD#$45*9E]A_U>^3..V48]_>^.N)?[)[A4I=I>CA))(=9=H8D%VE%!U?82O75>>-8&E4QK M3:PY1^LR:TA4R O&/>*5XQ+=4Q8YQ5"NZW0\8T1&DNI-R)%1GC?[%W)R1C$" M\25P\CR=Q+LH7C9!<1&2#N:F#2P&'*C=DU7Q*G$RJU[WJ#QN,HK!7+OIF,8! M#=>D\S!8DRBFO& U_RGAJ5(W9\IL.E9$),![L/TBW\B\3(2"!\KM$*L7[QGC MWI1$+LD"6Z&3I+H/V\?!EK,E1# X +TG'EFN\K,K6=)4L>D0-+7]E-U@HI2P MB0,%N?9+ @F[^]O**!$[A92E%UOG0I@>W7 MX@9H*5G&@#WXE[_*".>]Q-N"N.B3Q&0AXC(8^1D-:1&'HDY#&:!4$$XS&: MY6#1+-4E6AE'(6IH^_+')&Q"SFA/(2O5#TX"N' K;6W?VK25;X/= XCX\3D$ MB[C2UO:E2UL1-]@]A(AY"F>XD*NM;5^0M!9SD^4#")KG0P;+N=K8]L5%6S$W M&3Z$E.D:KLW5QK;O'UI+N<'P :3\0%_ 0JZTM7U+T%;N/(6*R)@%K @MYI;=LSWU;0 I8/(.@[:K!AKC:V[G-O*^;RRM(X'LQA+T;.V1STV3V77@T37U4L>7/[64-!V"[.6C M[^6:LIWD?Z')(DODP).3+.CJ,;P,$JK(O"+B2M>)_:><2HU3 :9CK9]KS4OO MV8F\AS.VD0RHHTX-(FEK[:S41HI-YX)2 CVY<"Z7*S]\U=P1U1O9"\GK2-!" MIG'X$8[1+,?<++T[.8_1+,=HE@ZC6="%6KR]:!9T]_]O,YH%W>7TVXQF07=G M^B:C6?I[$G,,9]D*&=WB]S;C64[1K8!O-:#E%-TB^$8C6M"M@E@C6H[UY3"5 MT3K6E^N^OIQD.LHS(U#'Y]9,DY0+1CDEJ0AL'^8U>E.=E/1\XYB8CD48NBS" M\,.Q",,W582A5MOV]>;FW*24;[6]]<-:JVJ^38YQ3&O'W*_*W*_ @,>/>4S; MFD1/84SL!SSV&!=N/_H8;V XTDR(]J.+]\J$.% ;M)0+X?I8_5^8+$C:U_89:#X]\['CGT+QH*W6G>4ICJ.4TR&Q?O;8T M'@G[ T"*'_[C,Z9B81B4OPK/R-2ABOK$[7NT_>B[&WP!0L,(?76*OR"Q&]$L MJVZ;96Z'W/9%?@O#3E1R' M?\8QD,1U<,=FJ<=GXJ_);1@D"X6??,]N;7LR^E(FN0B_,4WB1O3X'':D0)O> M;+M3^M.;FL"^177AP95=*DS>GVVG3,\J4Q7:-Z@T/%2T0YW)N[/M*.I79:HB M^Z8T9CQ+2)1)@*Z[F6AJ/=IV8?6E-T+!O2W5@:F#?2]6:XCWABT)$\>O@6;+ M*_*0A.[71>@S6<=YM9/"_7#G1+QM14MW'!\_UAT?U8Y^YZS"^"^CO+^-0V.T MZ=*F:R,?E-ZE46^'(;G%(-.+B 5^3"N"+*X-<2&$A_0IIAYUHM>\*E,VU6A" MI>4D0\)$S@6.Z@B58?%H_,FL$IFGC9X&T"+!2J=_==@ G/519MX8ONOI1!J8 M6+2I-+&])XPVD:N0LG M)A!9,:9^,*NG&U).&[ 8<,Q29VE, Q+'8Y?- MNS'-)*J<#Q#%8T//YC1+2S%X 4!TX:O0, 5F.KGTGM\3E\ M7(1I[ 1>E@*%D$ P%O4$9]B']=128/6K3GNM!(5C"N2)$":S,=^USXE^KR9I MCL.L0-.?A(/*X=4B&I5AQ>/ NPL#9_N;ZG-ZW?'=N",<""JUL0:D,8O]3)*W M))J3:#QG$T3VT$(U&4K:0B>]WH(\6ZI==0I4BJ&GHW[I8H )7]K:>O*&#L2O M$45?OA;B%E%49E Z*S?IW0 "E@\76P%XG+UB8G[_3Q]D-]O6&_ M^O6&S!W_,DM5+UGS6:M&(QSKA'JE%XV[XB$]G(@OU74]6)-+3$4[1')K2/;R M +4X;FC@AGXP=:*OY\Z*)HY_E0:>+C^/ELK>1-^06W.R /*,X]0P]9V >X+4 MAX7=5D.8.80#KSC]$8A69>C=@O5G/A2M6)XU3PT12.":J"Q+1=1;,O'5AW]-8$Y:HIL)A4<"[*14C ME5+M*" Z#X,L^!B2U%5-A0,BB/)) 1.QU5<)G. ?J>/3&24>^/9<1P2=X/[< MW[657JUV$U%#I(!C5COF?>TR[^NG8][7;RKOZ\].1-F^IJS"IY[G9(VMSV^P MC*]J7G',9F->=K*>^%QPI;';#(?:@^:DVLBQ/)I:, ;/G)AXU=U\U>UY]KIM M4Z3^REC9\A-XT&-I/U_#H01"!6YD[N^#?Q11Q?>$;6ZIFQ3[IB\!3>+[AR^Z M*TH-F?4J)GW:1V/M T@0QV2=A_/R$8[39!%&]+?M6V99%'F]]5!R6H A8!<'(MDP2'3,Z*.;#].Z\;XY"(: +YW MY#G[4UM8*_2VW[MU@V9#(,//(#6-0I<0+[YB$N.\.8%+KMDJ01U_FC[YU"T? MD"LNJ.%=V'Z.!U8#8[$,7Q/ FXC*0Z!M0%P'NRY)OT"=Z M^AL86*TJ8XD<%IER\U 9B*QBF%$/UI_([(6.2BI(SM65Y%U%-;2JQ^*-4 MNJUC$C'UN0JCJS1)(U+ZP'3WH$9=60^Y,[PD;2$G'#!K(U]D@2]%R/3G+ 7< M=9#OOC3'M5X^9C]XR.ABKQ]9#UR9LG_\3.)DLX\_[4&+A%\!1V,,5WT4TD6D M-T]ZSIY4G-WSAVOJ/7I5D-U_#JI)]EU-O)COSZ'/NO%I\LJO#: MX;!X@\K'GYY>1814;Q(/I'KB3T,5#X$'\E X(%*[-GL!E9WQNFRZ'7Q/WX0J M&H+HP-XECT3#%/=HM=?(KI%R>/2R'QB. *J5]9_6A44$R=?7&]:XOSX8NUD< U47[ M+O=#HR+015NU8>])0J.,1_[8%%87]H_UNK#;3D:\%V358'H1>9W9WL]#DH9>T'A(:,!1RU99NCTR5!47$K2U_?!?IS'U@D)2=G&:'+=#D.@M3QJW_DE^9EEK;Q,DQ;*()1WX-).-*=(!$=V:\#]B-Y M=%Y(##NO_ZE^7L][&&5=(#NL;Y@S.9PKB>S:<>8O9R,;QS%)XLDJ0S.8WX1Q M?,[D_3H+(^Y(BC.59D?>&S8:7VF]+7NTO)8#<&W:[E["PS&5RP=]0Y0?2>N&'@ M4I_F5I84<&SPV6DL9[J3S@A)UI@5B1]7:)"R];)8.)49+4SZL'VJZPI^E83:)SD)$\>OQ;+8 MVG0\I$\Q^5?*NKU<\TMGV"GP4WUKL>UFE/>#["A89U._;9!38+CZ&^2-K Z$ MX_4KL@L_Q->O-5W25VV0$@P)#QD/.&Y@!H!054BHC4]7 M&4'2W/;>7JMG:E0PWMUR'J3UYIO 2)HC,1G(5";AH'(NL%D(J%W);4&I(-.. M<""HU,9Z32%3%OL)1QDGCPMRZT1?25+FLN Y9F)8'7@PM>VIKX-B\(:2ZBM_ ME9N$["N:>O3U%%8:(MN%#SI !R87'(O6;EY8727;9EL^1?6&.?_U51@]D&A-W18%(F3=#"4 NI5T< !; M270K<$2R&&X1MC-7,P/R7$4^=5?5LM MIQA,640=T\.'=5>#;YV$UW]ZO5!&(:IH!E,G4<_XVP!W6^FKJ//%\YYLO##9 MTJ+(F@7O83 E%4V%TI.G_-R)%UF0X<8G+-O;\.;2UOA+&"J'+Q6Q/'"N^ O_ M!\]2QG[S_P%02P$"% ,4 " #426Q1Z\Q.';[- !+XP@ $0 M @ $ :6UA8RTR,#(P,#DS,"YX;6Q02P$"% ,4 " #426Q1E<\^ M!AX2 !0R $0 @ 'MS0 :6UA8RTR,#(P,#DS,"YX&UL4$L! A0#% @ U$EL48SF]WN/+0 M>_\" !4 ( !K_8 &EM86,M,C R,# Y,S!?9&5F+GAM;%!+ M 0(4 Q0 ( -1);%&1D$-$ F$ !E\!0 5 " 7$D 0!I M;6%C+3(P,C P.3,P7VQA8BYX;6Q02P$"% ,4 " #426Q1C7;A%!M! #. M6 0 %0 @ &FA0$ :6UA8RTR,#(P,#DS,%]P&UL4$L% 3!@ & 8 B@$ /3& 0 $! end