Consumer sentiment remains down in the dumps in August and pessimism reigns
Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements, and its ability to protect its intellectual property. Drink this rum
IMAC owns or manages 16 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It owns or manages 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. Download Yahoo Finance and enjoy it on your iPhone, iPad, and iPod touch. IMAC's one year PEG ratio, measuring expected growth in earnings next year relative to current common stock price is 0.22 -- higher than merely 4.42% of US-listed equities with positive expected earnings growth. These forward-looking statements, and terms such as “anticipate,” “expect,” “believe,” “may,” “will,” “should” or other comparable terms, are based largely on IMAC's expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC's control. IMAC Holdings, Inc. provides orthopedic therapies through a chain of innovative medical advancements and care regeneration centers in the United States.
In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur.IMAC Press Contact: Laura Fristoe lfristoe@imacrc.comInvestors: Bret Shapiro (516) 222-2560 brets@coreir.com IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2020 December 31, 2019 ASSETS Current assets: Cash $2,802,769 $373,689 Accounts receivable, net 1,489,872 1,258,325 Deferred compensation, current portion 263,859 312,258 Other assets 336,958 633,303 Total current assets 4,893,458 2,577,575 Property and equipment, net 3,293,992 3,692,009 Other assets: Goodwill 2,040,696 2,040,696 Intangible assets, net 7,081,218 7,169,072 Deferred equity costs 143,655 170,274 Deferred compensation, net of current portion 356,085 549,563 Security deposits 451,284 499,488 Right of use asset 3,600,198 3,719,401 Total other assets 13,673,136 14,148,494 Total assets $21,860,586 $20,418,078 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $2,543,165 $2,909,666 Patient deposits 351,142 189,691 Notes payable, current portion, net of deferred loan costs 4,471,874 1,422,554 Finance lease obligation, current portion 17,853 17,473 Line of credit 79,961 79,961 Liability to issue common stock, current portion 326,356 421,044 Operating lease liability, current portion 980,967 1,025,247 Total current liabilities 8,771,318 6,065,636 Long-term liabilities: Notes payable, net of current portion 1,232,677 2,109,065 Finance lease obligation, net of current portion 57,542 66,565 Liability to issue common stock, net of current portion 362,979 578,866 Operating lease liability, net of current portion 3,482,242 3,660,654 Other non-current liabilities 30,000 - Total liabilities 13,936,758 12,480,786 Stockholders’ equity: Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at June 30, 2020 and December 31, 2019 - - Common stock - $0.001 par value, 30,000,000 authorized, 11,839,973 and 8,913,258 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 11,834 8,907 Additional paid-in capital 24,079,504 20,050,634 Accumulated deficit (13,806,283) (10,042,050) Non-controlling interest (2,361,227) (2,080,199) Total stockholders’ equity 7,923,828 7,937,292 Total liabilities and stockholders’ equity $21,860,586 $20,418,078 See accompanying notes to the unaudited condensed consolidated financial statements.IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Patient revenues, net $2,572,580 $3,756,755 $5,881,649 $6,526,583 Management fees - - 12,487 - Total revenue 2,572,580 3,756,755 5,894,136 6,526,583 Operating expenses: Patient expenses 405,367 927,778 785,184 1,363,907 Salaries and benefits 2,334,249 2,593,209 5,260,399 4,657,832 Share-based compensation 121,945 171,590 203,029 175,339 Advertising and marketing 174,350 349,328 416,167 696,344 Grant funds (415,978) - (415,978) - General and administrative 1,208,457 1,429,822 2,444,595 2,407,191 Depreciation and amortization 453,651 396,989 904,146 682,556 Total operating expenses 4,282,041 5,868,716 9,597,542 9,983,169 Operating loss (1,709,461) (2,111,961) (3,703,406) (3,456,586) Other income (expense): Interest income 39 5 39 5 Other income (expenses) - 665 - (15,290) Beneficial conversion interest expense - - - (639,159) Loss on extinguishment of debt (109,544) - (109,544) - Loss on disposal of assets (21,225) - (21,225) - Interest expense (134,921) (85,210) (211,125) (115,881) Total other (expenses) (265,651) (84,540) (341,855) (770,325) Net loss before income taxes (1,975,112) (2,196,501) (4,045,261) (4,226,911) Income taxes - - - - Net loss (1,975,112) (2,196,501) (4,045,261) (4,226,911) Net loss (income) attributable to the non-controlling interest (55,576) 295,733 281,028 726,956 Net loss attributable to IMAC Holdings, Inc. $(2,030,688) $(1,900,768) $(3,764,233) $(3,499,955) Net loss per share attributable to common stockholders Basic and diluted $(0.20) $(0.23) $(0.38) $(0.50) Weighted average common shares outstanding Basic and diluted 10,184,294 8,106,177 9,897,773 7,018,559 See accompanying notes to the unaudited condensed consolidated financial statements.
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