 BRENTWOOD, Tenn., Aug. 14, 2020 GLOBE NEWSWIRE -- IMAC Holdings, Inc. Nasdaq: IMAC IMAC or the Company, a provider of innovative medical advancements and care, specializing in regenerative rehabilitation treatments without the use of surgery or opioids, today announces its financial results for its second quarter ended June 30, 2020. Recent Financial and Select Corporate Highlights: Completed a 2.65 million offering of common stock Received more than 2.1 million in financial aid from the US Department of Health and Human Services and Small Business Administration Announced results from an internal analysis of treatment outcomes for musculoskeletal conditions showing over 80 of IMAC patients reported improvement in movement Wellness Membership subscribers increased 30 during the quarter to 637 members Headcount was 133 employees at June 30, down 16 for the year On July 24, 2020, sold real estate in Lexington, Kentucky in a sale-leaseback transaction for a sale price of 1,300,000, eliminating 1,232,000 of liabilities, while entering into a five-year lease of the property with the purchaser Received U.S. Food and Drug Administration authorization to initiate a clinical study of its umbilical cord-derived allogenic mesenchymal stem cells for the treatment of bradykinesia due to Parkinsons diseaseThe COVID-19 pandemic impacted on our day-to-day business, as reflected in decreases in key financial measurements compared to the previous quarter and the same period during 2019. While there was a decrease in patient visits and revenue, our implementation of advanced telemedicine therapy, acceleration of expense synergies, and utilization of government-sponsored aid helped us avoid a catastrophic reduction in business. We have already witnessed a recovery in business as evidenced in same-store visit growth of 7 in June 2020 as compared to June 2019, noted Jeffrey Ervin, IMACs Chief Executive Officer.In addition, we received clearance to initiate a Phase 1 clinical trial of our umbilical cord-derived allogenic mesenchymal stem cells to improve movement for Parkinsons disease patients. We appreciate the FDA for authorizing the trial to be conducted in IMAC clinics and our medical doctors are excited to be part of the process, which will significantly reduce trial costs. We are working to combine our already established movement and balance services with proprietary neurological services to expand our patient profile and competitive advantage beyond traditional rehabilitation centers. Furthermore, we believe our stem cell product could provide us with revenue expansion opportunities if our trial is successful.Results of Operations for the Three and Six Months Ended June 30, 2020Patient service revenues decreased 32 to 2.6 million for the three months ended June 30, 2020, compared to 3.8 million for the three months ended June 30, 2019. This decrease was primarily due to the impact of COVID-19. Patient service revenues decreased 10 to 5.9 million for the six months ended June 30, 2020, compared to 6.5 million for the six months ended June 30, 2019. This decrease is attributable to the IMAC Chicago and IMAC Florida acquisitions that occurred in April 2019 and January 2020, respectively, along with the impact of COVID-19.Net cash provided by financing activities during the six months ended June 30, 2020 was 5.9 million, including proceeds from notes payable, net of related fees and payments, which totaled 2.1 million, and proceeds from the issuance of common stock of 3.8 million. Net cash provided by financing activities during the six months ended June 30, 2019 was 4.1 million, including proceeds from our initial public offering, net of related fees.About IMAC Holdings, Inc.IMAC Holdings was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement-restricting diseases and conditions. It owns or manages 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening two Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, one Tony Delk IMAC Regeneration Center, and three IMAC Regeneration Centers sponsored by Mike Ditka. IMACs outpatient medical clinics emphasize its focus around treating sports and orthopedic injuries without surgery or opioids. More information about IMAC Holdings, Inc. is available at Harbor StatementThis press release contains forward-looking statements. These forward-looking statements, and terms such as anticipate, expect, believe, may, will, should or other comparable terms, are based largely on IMACs expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMACs control. 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. IMAC encourages you to review other factors that may affect its future results in its registration statement and in its other filings with the Securities and Exchange Commission. 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 Bret Shapiro 516 222-2560 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. 