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IMAC Holdings, Inc.

CIK:0001729944|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenues, net	$ 21,223	$ 56,300	$ 22,723	$ 72,050
Cost of revenues	123,877	122,077	329,392	194,079
Gross profit	(102,654)	(65,777)	(306,669)	(122,029)
Operating expenses:
General and administrative	1,750,844	1,930,314	5,707,843	3,684,636
Loss on impairment	748,101		748,101
Total operating expenses	2,498,945	1,930,314	6,455,944	3,684,636
Operating loss	(2,601,599)	(1,996,091)	(6,762,613)	(3,806,665)
Other income (expense):
Interest income	39	1,453	224	2,448
Interest expense	(466,599)	(106,636)	(626,217)	(159,062)
Total other income (expenses)	(466,560)	(105,183)	(625,993)	(156,614)
Net loss before income taxes	(3,068,159)	(2,101,274)	(7,388,606)	(3,963,279)
Income taxes
Net loss from continuing operations	(3,068,159)	(2,101,274)	(7,388,606)	(3,963,279)
Net loss from discontinued operations	(10,374)	(103,374)	(10,060)	(31,992)
Net loss	(3,078,533)	(2,204,648)	(7,398,666)	(3,995,271)
Preferred dividends	(1,271,828)	(1,158,777)	(3,729,555)	(1,886,258)
Net loss available to common stockholders	$ (4,350,361)	$ (3,363,425)	$ (11,128,221)	$ (5,881,529)
Net loss per share from continuing operations available to common stockholders - Basic	$ (1.15)	$ (1.71)	$ (3.11)	$ (4.14)
Net loss per share from continuing operations available to common stockholders - Diluted	(1.15)	(1.71)	(3.11)	(4.14)
Loss per share from discontinued operations - Basic	0.00	(0.05)	0.00	(0.02)
Loss per share from discontinued operations - Diluted	0.00	(0.05)	0.00	(0.02)
Net loss per share - Basic	(1.15)	(1.76)	(3.11)	(4.16)
Net loss per share - Diluted	$ (1.15)	$ (1.76)	$ (3.11)	$ (4.16)
Weighted average common shares outstanding - Basic	3,784,934	1,909,588	3,575,047	1,414,912
Weighted average common shares outstanding - Diluted	3,784,934	1,909,588	3,575,047	1,414,912

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (7,398,666)	$ (3,995,271)
Net income (loss) from discontinued operations	(10,060)	(31,992)
Net loss from continuing operations	(7,388,606)	(3,963,279)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	156,579	86,988
Interest expense - OID	625,546	121,080
Share based compensation, net		3,562
Loss on impairment of property and equipment	748,101
Changes in operating assets and liabilities:
Accounts receivable	28,030	(41,700)
Prepaid expenses and other current assets	(112,879)	(115,584)
Accounts payable and accrued expenses	2,191,101	1,915,698
Net cash used in operating activities from continuing operations	(3,752,128)	(1,993,235)
Net cash used in operating activities from discontinued operations	(10,060)	(31,992)
Net cash used in operating activities	(3,762,188)	(2,025,227)
Cash flows from investing activities:
Note receivable		(375,000)
Net cash used in investing activities		(375,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	100,000
Proceeds from issuance of preferred stock, net of offering costs		975,951
Proceeds from notes payable	3,203,053	1,400,000
Payments on finance lease obligation		(1,724)
Net cash provided in financing activities	3,303,053	2,374,227
Net decrease in cash	(459,135)	(26,000)
Cash, beginning of period	504,189	221,511
Cash, end of period	45,054	195,511
Non-cash investing and financial activities:
Preferred stock conversion	4	2
Converted accrued C-1 dividends		29,000
Preferred dividends accrued – C-1 & C-2	217,000	210,000
Preferred dividends accrued – B-1		88,000
Preferred dividends accrued converted into C-1 & C-2	(178,000)	(218,000)
Capitalized dividends – D, E F & G	3,512,000	1,588,000
Settlement of notes receivable in connection with asset purchase agreement		$ 1,083,000

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash	$ 45,054	$ 504,189
Accounts receivable, net		28,030
Prepaid expenses and other current assets	265,001	152,122
Total current assets	310,055	684,341
Property and equipment, net		904,680
Total assets	310,055	1,589,021
Current liabilities:
Accounts payable and accrued expenses	4,913,914	2,714,105
Dividends payable	535,210	495,521
Note payable, net	3,828,599
Liabilities of discontinued operations	4,009,212	4,017,920
Total current liabilities	13,286,935	7,227,546
Commitment and Contingencies – Note 12
Stockholders’ deficit:
Preferred stock - $0.001 par value, 5,000,000 authorized, 46,047 Preferred stock at September 30, 2025 and 50,502 Preferred stock at December 31, 2024 issued and outstanding.	47	51
Common stock - $0.001 par value, 120,000,000 authorized; 3,784,966 at September 30, 2025 and 2,029,864 at December 31, 2024 issued and outstanding.	1,337	1,168
Additional paid-in capital	59,404,554	59,344,408
Accumulated deficit	(72,382,818)	(64,984,152)
Total stockholders’ deficit	(12,976,880)	(5,638,525)
Total liabilities and stockholders’ deficit	$ 310,055	$ 1,589,021