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IMAC Holdings Inc. (BACK-0.01%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $56,300 from continuing operations, primarily from collaborations with biopharmaceutical companies. The company reported a net loss of $2,204,648 for the quarter.
Operating expenses for the quarter were $1,930,314, which included salaries, benefits, and general administrative expenses. The company attributed higher expenses to the acquisition of laboratory capabilities from Theralink Technologies, Inc.
The company reported a working capital deficit of $5.5 million as of September 30, 2024, compared to a deficit of $0.8 million as of December 31, 2023.
Cash used in operating activities was $2,025,227 for the nine months ended September 30, 2024. Cash used in investing activities was $375,000, primarily due to note receivables.
During the nine months ended September 30, 2024, the company issued promissory notes totaling $1.4 million and sold preferred stock for gross proceeds of $1.35 million.
The company identified material weaknesses in its internal controls over financial reporting, citing insufficient resources in the accounting department and lack of segregation of duties.
IMAC Holdings continues to focus on its precision medicine operations, particularly in cancer treatment based on activated protein analysis, following the discontinuation of its clinic locations and retail stores in 2023.
The company has disclosed ongoing legal proceedings related to audits by the Center for Medicare & Medicaid Services, with potential liabilities under appeal.
IMAC Holdings anticipates needing additional capital to fund future operations and acknowledges substantial doubt about its ability to continue as a going concern.
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 January 17, 2025. To report an error, please email earnings@qz.com.