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IMAC Holdings Inc. (BACK-0.01%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $15,750 from collaborations with biopharmaceutical companies. The company has shifted its focus to precision medicine in cancer treatment, utilizing activated protein analysis.
Operating expenses for the quarter were $1,345,692, with general and administrative expenses accounting for $1,345,692. The company reported a net loss of $1,383,404 for the quarter.
Cash used in operating activities was $930,128, while cash used in investing activities was $375,000. Cash provided by financing activities was $1,974,227, primarily from the issuance of notes payable and preferred stock.
As of June 30, 2024, IMAC Holdings had $890,610 in cash and a working capital deficit of $3.3 million. The company acknowledges the need for additional capital to fund future operations.
The filing also details the acquisition of laboratory capabilities from Theralink Technologies, Inc., which is expected to enhance the company's precision medicine offerings.
IMAC Holdings has issued preferred stock and warrants, raising $1.35 million in gross proceeds during the six months ended June 30, 2024. The preferred stock carries dividends at 10% per annum.
The company is addressing material weaknesses in its internal controls over financial reporting, citing insufficient resources in its accounting department.
IMAC Holdings continues to focus on expanding its precision medicine services and is seeking additional financing to support its growth and operational needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IMAC Holdings Inc. quarterly 10-Q report dated December 18, 2024. To report an error, please email earnings@qz.com.