Private company
IMAC Holdings, Inc.
IMAC Holdings, Inc. is an American specialty outpatient facilities services company based in Franklin.2
Last updated Oct 20, 2026.
Overview
- IndustryServices-Specialty Outpatient Facilities, NEC2
- HeadquartersBrentwood, United States2
- Incorporated inDE3
- Business address3401 Mallory Lane, Suite 100, Franklin, Tn 370673
- Filer categoryNon-accelerated filer, Smaller reporting company3
- Legal formCorporation2
- LEI549300TXY4OF7MHCTD622
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O National Registered Agents, Inc., 19904 Dover, United States2
- Registered withDivision of Corporations, Department of State, 68989792
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HER2-driven pathway activation and signaling coherence. The study is published at https://pmc.ncbi.nlm.nih.gov/articles/PMC8571284/.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024
Where the money goes
Where each dollar of revenue went, fiscal 2024
- Cost of revenue100¢$305.2K
Out of $72.0K in revenue.5 The company lost money this year.
Financial statements
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | $6.7M6 | $15.1M7 | $12.8M8 | $14.4M9 | $16.2M9 | $72.0K5 | |
| Cost of revenue | $305.2K5 | ||||||
| Gross profit | -$233.2K5 | ||||||
| Operating expenses | $24.5M9 | $11.8M10 | $6.4M5 | $5.4M5 | |||
| Operating income | -$3.6M6 | -$6.2M7 | -$6.5M8 | -$10.1M9 | -$11.8M10 | -$6.4M5 | -$5.6M5 |
| Interest | $153.8K6 | $258.5K7 | $563.1K8 | $504.1K9 | $3.2K10 | $125.0K10 | |
| Income before tax | -$10.5M9 | -$11.8M10 | -$6.5M5 | -$6.3M5 | |||
| Net income | -$3.1M6 | -$6.5M7 | -$5.5M8 | -$10.5M9 | -$18.3M10 | -$9.4M5 | -$9.0M5 |
| Earnings per share | -$0.479 | -$19.4310 | -$8.475 | -$7.765 | |||
| Earnings per share (diluted) | -$19.4310 | -$8.475 | -$7.765 | ||||
| Shares (weighted, basic) | 22.6M shares9 | 942.5K shares10 | 1.1M shares5 | 1.6M shares5 | |||
| Shares (weighted, diluted) | 942.5K shares10 | 1.1M shares5 | 1.6M shares5 |
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash | $194.3K6 | $373.7K7 | $2.6M8 | $7.1M9 | $763.2K10 | $221.5K10 | |
| Receivables | $1.2M9 | $2.9M10 | $28.0K5 | ||||
| Current assets | $668.1K6 | $2.6M7 | $4.8M8 | $9.1M9 | $10.8M10 | $1.1M5 | $684.3K5 |
| Property, plant and equipment | $2.3M9 | $5.4K10 | $904.7K5 | ||||
| Goodwill | $4.7M9 | ||||||
| Intangible assets | $5.8M9 | $243.8K10 | |||||
| Total assets | $11.1M6 | $20.4M7 | $19.7M8 | $27.2M9 | $11.1M10 | $1.1M5 | $1.6M5 |
| Short-term debt | $3.0M10 | $3.0M5 | |||||
| Current liabilities | $13.8M6 | $6.1M7 | $6.0M8 | $4.9M9 | $6.4M10 | $1.9M5 | $7.2M5 |
| Long-term debt | $3.5M6 | $4.5M7 | $359.2K8 | $2.7M9 | |||
| Total liabilities | $15.0M6 | $12.5M7 | $11.9M8 | $9.3M9 | $6.4M10 | $1.9M5 | $7.2M5 |
| Retained earnings | -$28.2M9 | -$46.5M10 | -$55.9M5 | -$65.0M5 | |||
| Shareholders’ equity | -$3.9M7 | $7.9M8 | $7.8M9 | $18.0M10 | $4.7M5 | -$752.6K5 | -$5.6M5 |
| Shares outstanding | 4.5M shares6 | 8.9M shares7 | 12.7M shares8 | 26.2M shares9 | 1.1M shares10 | 1.1M shares5 | 2.0M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -$1.8M6 | -$4.1M7 | -$6.0M8 | -$7.6M9 | -$10.3M10 | -$2.8M5 | -$3.2M5 |
| Depreciation and amortization | $1.6M9 | $1.6M10 | $403.6K5 | $139.2K5 | |||
| Stock-based compensation | $570.5K9 | $444.5K10 | $83.0K5 | $35.4K5 | |||
| Capital spending | $1.6M6 | $1.2M7 | $126.0K8 | $694.4K9 | $331.4K10 | ||
| Free cash flow | -$3.4M | -$5.3M | -$6.1M | -$8.3M | -$10.6M | ||
| Cash from investing | -$2.5M9 | -$260.0K10 | -$1.8M5 | -$375.0K5 | |||
| Cash from financing | $14.5M9 | $4.2M10 | $4.0M5 | $3.8M5 |
Corporate structure
IMAC Holdings, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of IMAC Holdings, Inc.
- Jorge Ruiz Filed SCHEDULE 13G/A on IMAC Holdings, Inc., latest Mar 18, 2025 (2 filings since Mar 13, 2025)
- ALPHA CAPITAL ANSTALT Filed SC 13G/A on IMAC Holdings, Inc., latest Feb 7, 2023 (2 filings since Jan 19, 2022)
- Peter S. Lynch Filed SC 13G on IMAC Holdings, Inc., latest Jan 23, 2023 (2 filings since May 18, 2022)
- Nantahala Capital Management, LLC Filed SC 13G/A on IMAC Holdings, Inc., latest Sep 9, 2022 (2 filings since Feb 14, 2022)
- IMAC Holdings, Inc. Brentwood, Tennessee, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What IMAC Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $76210 Dec 31, 2023 | $5.1M10 Dec 31, 2022 | −100.0% |
| Accumulated depreciation | $139.0K5 Dec 31, 2024 | $3.5M10 Dec 31, 2022 | −96.0% |
| Property and equipment, net | $904.7K5 Dec 31, 2024 | $5.4K10 Dec 31, 2022 | +16696.9% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $221.5K10 Dec 31, 2023 | $763.2K10 Dec 31, 2022 | −71.0% |
Properties, in its own words
We manage our business operations from our principal executive office in Franklin, Tennessee and laboratory space in Golden, Colorado. We are in the process of having the lease for the laboratory space we use in Golden, Colorado assigned to us. Our executive office lease and our laboratory lease are on a month-to-month basis. Our total rent expense was $0.1 million under our office and laboratory lease for 2024.
We believe our present office space are adequate for our current operations.
Item 2 of the 10-K filed Apr 15, 2025.4
Leadership
Who has led IMAC Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerFaith Zaslavsky May 31, 2024 to May 31, 202414
- Chief executive officerJeffrey S. Ervin Feb 15, 2019 to May 25, 202215
- Chief financial officerSheri Gardzina Jun 5, 2020 to May 25, 202216
- Chief financial officerDwight Anthony Bond Feb 15, 2019 to Feb 15, 201917
- Chief operating officerMatthew C. Wallis Feb 21, 2019 to Apr 9, 202118
Board members and other officers (11)
- Board memberPeter Beitsch Jul 9, 2024 to Jan 2, 202519
- Board memberJeffrey Busch Oct 7, 2024 to Jan 2, 202520
- Board memberGerard M. Hayden Jr. Feb 20, 2020 to Jun 24, 202021
- Board memberCary Sucoff Nov 4, 2020 to Sep 11, 202422
- Board memberMaurice E. Evans Nov 4, 2020 to Jan 2, 202523
- Board memberMichael D. Pruitt Nov 5, 2020 to Jan 2, 202524
- Board memberDean Weiland Feb 15, 2019 to Jun 26, 201925
- Board memberGeorge P. Hampton Feb 15, 2019 to Jun 24, 202026
- Board memberJeffrey S. Ervin Feb 15, 2019 to May 25, 202215
- Board memberMatthew C. Wallis Feb 21, 2019 to Apr 9, 202118
- Board memberDavid Ellwanger Feb 25, 2019 to Jun 24, 202027
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Executive OfficerBen C. Lerner named Aug 25, 202228
Former names
- IMAC HOLDINGS LLCMar 16, 2018 to Aug 9, 20183
Timeline
- Mar 19, 20268-K Entered a material agreement; Unregistered sale of shares29
- Feb 27, 20268-K Entered a material agreement; New debt or obligation30
- Feb 18, 20268-K Entered a material agreement; New debt or obligation31
- Jan 30, 20268-K Entered a material agreement; New debt or obligation32
- Jan 16, 20268-K Entered a material agreement; New debt or obligation33
- Dec 30, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares34
- Dec 29, 20258-K Entered a material agreement; New debt or obligation35
- Dec 16, 20258-K Entered a material agreement; New debt or obligation36
- Dec 1, 20258-K Entered a material agreement; New debt or obligation37
- Nov 20, 20258-K Entered a material agreement; New debt or obligation38
- Oct 31, 20258-K Entered a material agreement; New debt or obligation39
- Oct 20, 20258-K Entered a material agreement; New debt or obligation40
- May 31, 2024New chief executive Faith Zaslavsky becomes CEO14
- Feb 15, 2019New chief executive Jeffrey S. Ervin becomes CEO15
Filings
208 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 93 major events, 32 insider forms, 8 large holders, 2 private raises, 52 other. The latest 20:
- Mar 31, 202615-12G EDGAR
- Mar 19, 20268-K EDGAR
- Feb 27, 20268-K EDGAR
- Feb 18, 20268-K EDGAR
- Jan 30, 20268-K EDGAR
- Jan 16, 20268-K EDGAR
- Dec 30, 20258-K EDGAR
- Dec 29, 20258-K EDGAR
- Dec 17, 202510-Q EDGAR
- Dec 16, 20258-K EDGAR
- Dec 1, 20258-K EDGAR
- Nov 20, 20258-K EDGAR
- Nov 14, 2025NT 10-Q EDGAR
- Oct 31, 20258-K EDGAR
- Oct 20, 20258-K EDGAR
- Oct 3, 20258-K EDGAR
- Sep 18, 20258-K EDGAR
- Sep 10, 20258-K EDGAR
- Aug 19, 20258-K EDGAR
- Aug 14, 202510-Q EDGAR
The 208 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
5 open-market trades by officers, directors and large owners since October 2021: 2 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 5, 2024 | Ruiz Jorge10% owner | Buy | 1 | $2.69 | $3 | Form 4 |
| Mar 27, 2024 | Ruiz Jorge10% owner | Sale | 5,000 | $3.00 | $15.0K | Form 4 |
| Mar 25, 2024 | Ruiz Jorge10% owner | Sale | 2,156 | $2.45 | $5.3K | Form 4 |
| Mar 22, 2024 | Ruiz Jorge10% owner | Buy | 164,872 | $3.58 | $590.2K | Form 4 |
| Mar 22, 2024 | Ruiz Jorge10% owner | Sale | 16,487 | $2.42 | $39.9K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Jorge RuizSCHEDULE 13G/A, 2 filings Mar 13, 2025 to Mar 18, 202541
- ALPHA CAPITAL ANSTALTSC 13G/A, 2 filings Jan 19, 2022 to Feb 7, 202342
- Peter S. LynchSC 13G, 2 filings May 18, 2022 to Jan 23, 202343
- Nantahala Capital Management, LLCSC 13G/A, 2 filings Feb 14, 2022 to Sep 9, 202244
Money raised
Private offerings the company reported to the SEC on Form D.
SEC filer profile
How IMAC Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARIMAC Holdings, Inc.1
- CIK0001729944
- Employer ID (EIN)83-07846914
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)8093 Services-Specialty Outpatient Facilities, NEC1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address3401 Mallory Lane, Suite 100, Franklin, TN 370671
- Phone844-266-46221
- Shares outstanding3,784,966 as of Dec 16, 202512
- Public float$3.1M as of Jun 30, 20244
- AuditorMarcum LLP, New York, NY PCAOB ID 688; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceMar 16, 20181
- Filings357 in all: 8-K (123), 4 (57), 10-Q (21), 3 (17), S-1/A (17), CORRESP (16), NT 10-Q (8), UPLOAD (8)1
All 42 form types
10-K (7), 424B5 (6), DEF 14A (6), EFFECT (6), SC 13G (6), DEFA14A (5), PRE 14A (5), 8-K/A (4), NT 10-K (4), S-1 (4), SC 13G/A (4), D (3), S-4/A (3), 10-K/A (2), 10-Q/A (2), 25-NSE (2), 424B4 (2), FWP (2), S-3 (2), 15-12G (1), 424B3 (1), 425 (1), 5 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), RW (1), S-3/A (1), S-4 (1), S-8 (1), SC 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (10-K) Apr 15, 2025
Quarterly report (10-Q) Dec 17, 2025
Proxy statement (DEF 14A) Feb 11, 2025
Latest 8-K (8-K) Mar 19, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | BACK | NASDAQ |
From the cover page of the 10-K filed Apr 15, 2025 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks IMAC Holdings, Inc. names in Item 1A of its 10-K filed Apr 15, 2025: 31 risks under these headings, as written.4
- Risks Relating to Our Business
- We recorded a net loss for the years ended December 31, 2024 and December 31, 2023 and there can be no assurance that our future operations will result in net income; we received a going concern qualification.
- If we are unable to successfully integrate the assets we purchased from Theralink, our financial results could be adversely affected.
- We may fail completely to implement key elements of our growth and expansion strategy, which could adversely affect our operations and financial performance.
- If we fail to achieve and sustain commercial success for our services, our business will suffer, our future prospects may be harmed, and our stock price would likely decline.
- Our competitors may develop and market products that are less expensive, more effective, safer or reach the market sooner, which may diminish or eliminate the commercial success of any products we may commercialize.
- Many universities and private and public research institutes may in the future become active in cancer research, which may be in direct competition with us.
- We could face competition from other technologies and products that could impact our profitability.
- We must rely on relationships with third-party suppliers to supply necessary resources used in our technology. These relationships are not easy to replace.
- Our prospective revenues will be diminished if payors do not adequately cover or reimburse our services.
- We are susceptible to risks relating to investigation or audit by the Centers for Medicare & Medicaid Services (“CMS”), health insurance providers and the IRS.
- Regulatory changes, such as proposed government regulation of LDTs, could require us to conduct additional clinical trials or result in delays, increased costs, or the failure to obtain necessary regulatory approvals, which could harm our business.
The other 20 risks
- We are exposed to potential product liability claims, and insurance against these claims may not be adequate and may not be available to us at a reasonable rate in the future.
- We have exposure to general uncertainty and complex matters regarding the patents we license.
- If we are unable to protect the proprietary rights we license or to defend against infringement claims, we may not be able to compete effectively or operate profitably.
- We may be subject to litigation with respect to the ownership and use of intellectual property that will be costly to defend. The outcome of such a defense in uncertain.
- Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
- We may not be able to protect our intellectual property rights throughout the world.
- If our product were to become the subject of concerns related to its efficacy, safety, or otherwise, our ability to generate revenues from our product could be seriously harmed.
- Our product in clinical development may be limited in use if we do not maintain or gain required regulatory approvals.
- We use hazardous materials in our business and must comply with environmental laws and regulations, which can be expensive.
- Our management has identified material weaknesses in our internal controls over our financial reporting.
- Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
- Our financial results could be adversely affected by liabilities from our discontinued operations.
- Risks Related to Our Securities
- Our stock price is volatile and an investment could decline in value.
- Our issuance of preferred stock could adversely affect holders of Common Stock.
- The Company’s common stock has been suspended from trading on Nasdaq and currently trades on the OTC Pink Market, which may adversely affect the flexibility of holders of common stock to resell their securities in the secondary market.
- We do not expect to pay any dividends on our common stock for the foreseeable future.
- We may issue additional shares of common stock, warrants or other securities to finance our growth.
- Anti-takeover provisions in our charter documents could discourage, delay or prevent a change in control of our company and may affect the trading price of our common stock.
- General Risk Factors
- Failure to retain key personnel could impede our ability to develop our technology and to obtain new collaborations or other sources of funding.
- If we are unable to safeguard against security breaches with respect to our information systems, our business may be adversely affected.
Legal proceedings
Lincoln Gardens Partners, LLC d/b/a Twin Lakes Office Park (“Landlord”), filed a complaint against the Company, IMAC Management of Florida (“IMAC Florida”), and Mr. Marty Willmitch on March 14, 2025 in the Circuit Court of the Thirteenth Judicial Circuit, in and for Hillsborough County, Florida relating to an alleged default in a foreclosure action regarding a lease by Landlord of the Company’s former clinic location in Tampa, Florida. The Company has surrendered the premises and is in discussions with the Landlord regarding outstanding amounts and a potential settlement. The Landlord alleges that the Company may owe approximately $0.15 million for accelerated lease payments, commissions, costs of tenant improvements, and interest owed in accordance with certain lease agreements.
From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of our business. 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. Refer to Note 12, Commitments and Contingencies, to our Consolidated Financial Statements included in “Part II, Item 8. Financial Statements” of this Form 10-K for a description of current legal proceedings.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 19SEC EDGARPeter Beitsch, Board member
- 20SEC EDGARJeffrey Busch, Board member
- 21SEC EDGARGerard M. Hayden Jr., Board member
- 22SEC EDGARCary Sucoff, Board member
- 23SEC EDGARMaurice E. Evans, Board member
- 24SEC EDGARMichael D. Pruitt, Board member
- 25SEC EDGARDean Weiland, Board member
- 26SEC EDGARGeorge P. Hampton, Board member
- 27SEC EDGARDavid Ellwanger, Board member
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