0001493152-22-009946 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Apr. 12, 2022	Jun. 30, 2021
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-38797
Entity Registrant Name	IMAC Holdings, Inc.
Entity Central Index Key	0001729944
Entity Tax Identification Number	83-0784691
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1605 Westgate Circle
Entity Address, City or Town	Brentwood
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37027
City Area Code	844
Local Phone Number	266-4622
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float				$ 17
Entity Common Stock, Shares Outstanding			26,485,167
Documents Incorporated by Reference	None.
ICFR Auditor Attestation Flag	false
Auditor Firm ID	677	229
Auditor Name	Cherry Bekaert LLP	Daszkal Bolton LLP
Auditor Location	Nashville, Tennessee	Boca Raton, Florida
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IMAC
Security Exchange Name	NASDAQ
warrants to purchase common stock [Member]
Title of 12(b) Security	Warrants to Purchase Common Stock
Trading Symbol	IMACW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 7,118,980	$ 2,623,952
Accounts receivable, net	1,209,333	1,513,683
Deferred compensation, current portion	191,657	309,375
Other assets	547,536	310,359
Total current assets	9,067,506	4,757,369
Property and equipment, net	2,323,163	1,777,042
Other assets:
Goodwill	4,661,796	2,040,696
Intangible assets, net	5,797,469	6,611,551
Deferred compensation, net of current portion	73,816	354,906
Security deposits	357,050	388,407
Right of use asset	4,948,393	3,816,035
Total other assets	15,838,524	13,211,595
Total assets	27,229,193	19,746,006
Current liabilities:
Accounts payable and accrued expenses	2,523,332	1,692,283
Patient deposits	320,917	295,071
Notes payable, current portion	254,487	2,527,324
Finance lease obligation, current portion	19,050	18,242
Liability to issue common stock, current portion	337,935	339,375
Operating lease liability, current portion	1,478,140	1,078,107
Total current liabilities	4,933,861	5,950,402
Long-term liabilities:
Notes payable, net of current portion	104,697	1,958,883
Finance lease obligation, net of current portion	29,273	48,323
Liability to issue common stock, net of current portion	189,375	468,760
Operating lease liability, net of current portion	4,018,926	3,506,484
Total liabilities	9,276,132	11,932,852
Commitment and Contingencies – Note 14
Stockholders’ equity:
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at December 31, 2021 and 2020
Common stock; $0.001 par value, 30,000,000 authorized; 26,876,409 and 12,839,972 shares issued at December 31, 2021 and 2020, respectively; 26,218,167 and 12,747,055 shares outstanding at December 31, 2021 and 2020, respectively.	26,218	12,747
Additional paid-in capital	46,133,777	25,465,094
Accumulated deficit	(28,206,934)	(17,664,687)
Total stockholders’ equity	17,953,061	7,813,154
Total liabilities and stockholders’ equity	$ 27,229,193	$ 19,746,006

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	26,876,409	12,839,972
Common stock, shares outstanding	26,218,167	12,747,055

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 14,385,828	$ 12,835,198
Operating expenses:
Patient expenses	1,628,206	1,623,999
Salaries and benefits	12,739,283	10,495,284
Share-based compensation	570,513	392,050
Advertising and marketing	1,324,715	933,338
Grant funds		(415,978)
General and administrative	6,422,818	4,556,554
Depreciation and amortization	1,649,187	1,722,465
Loss on disposal of assets	149,464	63,779
Total operating expenses	24,484,186	19,371,491
Operating loss	(10,098,358)	(6,536,293)
Other income (expense):
Interest income	2,885	6,073
Other income	57,329	6
Gain on extinguishment of debt		1,550,843
Interest expense	(504,103)	(563,067)
Total other income (expenses)	(443,889)	993,855
Net loss before income taxes	(10,542,247)	(5,542,438)
Income taxes
Net loss	$ (10,542,247)	$ (5,542,438)
Net loss per share attributable to common stockholders
Basic and diluted	$ (0.47)	$ (0.50)
Weighted average common shares outstanding
Basic and diluted	22,551,699	11,050,144
Health Care, Patient Service [Member]
Total revenue	$ 14,163,668	$ 12,822,711
Others income [Member]
Total revenue	6,092
Management Service [Member]
Total revenue	$ 216,068	$ 12,487

Consolidated Statement of Stockholder's Equity - USD ($)	Previously Reported [Member] Common Stock [Member]	Previously Reported [Member] Additional Paid-in Capital [Member]	Previously Reported [Member] Noncontrolling Interest [Member]	Previously Reported [Member] Retained Earnings [Member]	Previously Reported [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, December 31, 2020, as revised at Dec. 31, 2019	$ 8,907	$ 20,050,634	$ (2,080,199)	$ (10,042,050)	$ 7,937,292	$ 8,907	$ 20,050,634	$ (12,122,249)	$ 7,937,292
Beginning Balance, shares at Dec. 31, 2019	8,913,258					8,913,258
Correction of immaterial error related to non-controlling interest			$ 2,080,199	$ (2,080,199)
Issuance of common stock						$ 3,833	5,264,381		5,268,215
Stock Issued During Period, Shares, New Issues						3,833,798
Issuance of employee stock options							150,085		150,085
Net loss								(5,542,438)	(5,542,438)
Ending balance, value at Dec. 31, 2020					$ 7,813,154	$ 12,747	25,465,094	(17,664,687)	7,813,154
Ending balance, shares at Dec. 31, 2020						12,747,055
Issuance of common stock						$ 13,471	20,514,828		20,528,299
Stock Issued During Period, Shares, New Issues						13,471,113
Issuance of employee stock options							153,855		153,855
Net loss								(10,542,247)	(10,542,247)
Ending balance, value at Dec. 31, 2021						$ 26,218	$ 46,133,777	$ (28,206,934)	$ 17,953,061
Ending balance, shares at Dec. 31, 2021						26,218,167

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (10,542,247)	$ (5,542,438)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,649,187	1,722,465
Share based compensation	570,513	392,050
Loss on disposition of assets	149,464	63,779
Gain on extinguishment of debt		(1,550,843)
Gain on lease modification	(57,086)
Amortization of debt issuance expense	312,857	237,143
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, net	304,350	(234,518)
(Increase) decrease in other assets	(158,834)	162,891
(Increase) decrease in security deposits	36,357	111,081
Decrease in right of use/lease liability	(162,797)	(197,944)
Increase (decrease) in accounts payable and accrued expenses	281,428	(1,262,432)
Increase in patient deposits	25,846	105,380
Net cash from operating activities	(7,590,962)	(5,993,386)
Cash flows from investing activities:
Purchase of property and equipment	(694,376)	(125,987)
Brand development	(69,070)
Purchase of license fee		(243,750)
Acquisitions	(1,718,500)	(200,000)
Proceeds from sale of property and equipment	24,450
Net cash from investing activities	(2,457,496)	(569,737)
Cash flows from financing activities:
Proceeds from issuance of common stock	19,005,323	5,181,855
Proceeds from notes payable		5,391,520
Payments on notes payable	(4,436,375)	(1,505,055)
Payments of debt issuance costs		(157,500)
Payments on line of credit		(79,961)
Payments on finance lease obligation	(25,462)	(17,473)
Net cash from financing activities	14,543,486	8,813,386
Net increase in cash	4,495,028	2,250,263
Cash, beginning of period	2,623,952	373,689
Cash, end of period	7,118,980	2,623,952
Supplemental cash flow information:
Interest paid	239,011	63,152
Non Cash Financing and Investing:
Business acquisition via stock issuance	1,200,000
Debt discount notes payable		305,000
Debt payments by sale of property and equipment		1,232,500
Gain on extinguishment of debt		$ 1,700,603

Description of Business

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business

Note 1 – Description of Business

IMAC Holdings, Inc. is a holding company for IMAC Regeneration Centers, The Back Space retail stores and our Investigational New Drug division. IMAC Holdings, Inc. and its affiliates (collectively, the “Company”) provide movement, orthopedic and neurological therapies through its chain of IMAC Regeneration Centers. Through its consolidated and equity owned entities, its outpatient medical clinics provide conservative, non-invasive medical treatments to help patients with back pain, knee pain, joint pain, ligament and tendon damage, and other related soft tissue conditions. The Company has opened or acquired through management service agreements seventeen (17) medical clinics located in Florida, Illinois, Kentucky, Louisiana, Missouri and Tennessee as of December 31, 2021. The Company has partnered with several well-known sports stars such as Ozzie Smith, David Price, Tony Delk and Mike Ditka in opening its medical clinics, with a focus on delivering sports medicine treatments without opioids. The Back Space operates a healthcare center specializing in chiropractic and spinal care services inside Walmart retail locations. As of December 31, 2021, the Back Space has opened four retail clinic locations in Missouri and Tennessee. The Company’s Investigational New Drug division is conducting a clinical trial for its investigational compound utilizing umbilical cord-derived allogenic mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s disease.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (“U.S.”) as promulgated by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

The accompanying consolidated financial statements include the accounts of IMAC Holdings, Inc. and the following entities which are consolidated due to direct ownership of a controlling voting interest or other rights granted to us as the sole general partner or managing member of the entity: IMAC Regeneration Center of St. Louis, LLC (“IMAC St. Louis”), IMAC Management Services, LLC (“IMAC Management”), IMAC Regeneration Management, LLC (“IMAC Texas”) IMAC Regeneration Management of Nashville, LLC (“IMAC Nashville”) IMAC Management of Illinois, LLC (“IMAC Illinois”), Advantage Hand Therapy and Orthopedic Rehabilitation, LLC (“Advantage Therapy”), IMAC Management of Florida, LLC (“IMAC Florida”), Louisiana Orthopaedic & Sports Rehab (“IMAC Louisiana”) and The Back Space, LLC (“BackSpace”); the following entity which is consolidated with IMAC Regeneration Management of Nashville, LLC due to control by contract: IMAC Regeneration Center of Nashville, PC (“IMAC Nashville PC”); the following entities which are consolidated with IMAC Management of Illinois, LLC due to control by contract: Progressive Health and Rehabilitation, Ltd., Illinois Spine and Disc Institute, Ltd. and Ricardo Knight, P.C.; the following entity which is consolidated with IMAC Management Services, LLC due to control by contract: Integrated Medicine and Chiropractic Regeneration Center PSC (Kentucky PC); the following entities which are consolidated with IMAC Florida due to control by contract: Willmitch Chiropractic, P.A. and IMAC Medical of Florida, P.A.; the following entity which is consolidated with Louisiana Orthopaedic & Sports Rehab due to control by contract: IMAC Medical of Louisiana, a Medical Corporation; and the following entities which are consolidated with BackSpace due to control by contract: ChiroMart LLC, ChiroMart Florida LLC, and ChiroMart Missouri LLC.

In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida.

In February 2021, the Company completed the asset purchase of and signed a Management Services Agreement with Willmitch Chiropractic, P.A. in Tampa, Florida.

In March 2021, the Company completed the asset purchase of NHC Chiropractic, PLLC dba Synergy Healthcare in Orlando, Florida.

In June 2021, the Company completed the asset purchase of Fort Pierce Chiropractic in Fort Pierce, Florida and Active Medical Center in Naperville, Illinois.

In October 2021, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in Louisiana Orthopaedic & Sports Rehab Institute, Inc, an entity which presents the results of Louisiana Medical due to control by contract.

These acquisitions are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation.

Correction of Immaterial Error

In connection with the evaluation of the accounting treatment for a new management agreement that was entered into during the fourth quarter of 2021, the Company reviewed the accounting of our existing management agreements with our PC entities combined with our current business practices. As a result of our review, we identified an accounting error related to recording of non-controlling interest. Management has determined that the previously recognized non-controlling interest should not have been included as part of our results.

In accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the error and determined that the related impact did not materially misstate previously issued consolidated financial statements. Although the Company concluded that the misstatement was not material to its previously issued consolidated financial statements, the Company has determined it is appropriate to adjust its previously issued consolidated financial statements to correct for the error in the context of comparative financial statements. The following are the relevant line items from the Company’s consolidated financial statements which illustrate the effect of the corrections to the periods presented:

	December 31, 2020
	As Previously Reported			Adjustments			As Revised
Consolidated balance sheet
Accumulated deficit	$	(15,045,783	)	$	(2,618,904	)	$	(17,664,687	)
Non-controlling interest		(2,618,904	)		2,618,904			-
Total stockholder’s equity		7,813,154			-			7,813,154

Consolidated statement of income
Net loss attributable to non-controlling interest		(538,705	)		538,705			-
Net loss attributable to IMAC Holdings, Inc.		(5,003,733	)		(538,705	)		(5,542,438	)

Basic and diluted loss per common share		(0.45	)		(0.05	)		(0.50	)

	December 31, 2019
	As Previously Reported			Adjustments			As Revised
Consolidated statement of stockholders’ equity
Accumulated deficit	$	(10,042,050	)	$	(2,080,199	)	$	(12,122,249	)
Non-controlling interest		(2,080,199	)		2,080,199			-
Total stockholders’ equity		7,937,292			-			7,937,292

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses at the date and for the periods that the consolidated financial statements are prepared. On an ongoing basis, the Company evaluates its estimates, including those related to insurance adjustments and provisions for doubtful accounts. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could materially differ from those estimates.

COVID-19 Pandemic

On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spread globally beyond the point of origin. On March 20, 2020 the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of these consolidated financial statements. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s combined financial condition, liquidity and future results of operations. Management is actively monitoring the impact of the global situation on its consolidated financial condition, liquidity, operations, suppliers, industry and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021 beyond the results presented in these consolidated financial statements.

Due to the impacts of COVID-19 we have seen an increase in recruiting and labor costs as well as delays in supply chain.

Revenue Recognition

The Company’s patient service revenue is derived from non-surgical procedures performed at our outpatient medical clinics. The fees for such services are billed either to the patient or a third-party payer, including Medicare.

The Company recognizes service revenues based upon the estimated amounts the Company expects to be entitled to receive from patients and third-party payers. Estimates of contractual adjustments are based upon the payment terms specified in the related contractual agreements. The Company also records estimated implicit price concessions (based primarily on historical collection experience) related to uninsured accounts to record these revenues at the estimated amounts expected to be collected.

Starting in January 2020, the Company implemented wellness maintenance programs on a subscription basis. There are five membership plans offered with different levels of service for each plan. The Company recognizes membership revenue on a monthly basis. Enrollment in the wellness maintenance program can occur at any time during the month and can be dis-enrolled at any time.

Other management service fees are derived from management services where the Company provides billings and collections support to the clinics and where management services are provided based on state specific regulations known as the corporate practice of medicine (“CPM”). Under the CPM, a business corporation is precluded from practicing medicine or employing a physician to provide professional medical services. In these circumstances, the Company provides all administrative support to the physician-owned PC through a LLC. The PC is consolidated due to control by contract (an “MSA” – Management Services Agreement). The fees we derive from these management arrangements are either based on a predetermined percentage of the revenue of each clinic or a percentage mark up on the costs of the LLC. The company recognize other management service revenue in the period in which services are rendered. These revenues are earned by IMAC Nashville, IMAC Management, IMAC Illinois, IMAC Florida, IMAC Louisiana and the Back Space and are eliminated in consolidation to the extent owned.

Patient Deposits

Patient deposits are derived from patient payments in advance of services delivered. Our service lines include traditional and regenerative medicine. Regenerative medicine procedures are rarely paid by insurance carriers; therefore, the Company typically requires up-front payment from the patient for regenerative services and any co-pays and deductibles as required by the patient specific insurance carrier. For some patients, credit is provided through an outside vendor. In this case, the Company is paid from the credit card company and the risk is transferred to the credit card company for collection from the patient. These funds are accounted for as patient deposits until the procedures are performed at which point the patient deposit is recognized as patient service revenue.

Fair Value of Financial Instruments

The carrying amount of accounts receivable and accounts payable approximate their respective fair values due to the short-term nature. The carrying amount of the line of credit and note payable approximates fair values due to their market interest rates. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.

Variable Interest Entities

Certain states prohibit the “corporate practice of medicine,” which restricts business corporations from practicing medical care by exercising control over clinical decisions by doctors. In states which prohibit the corporate practice of medicine, the Company enters into long-term management agreements with professional corporations (“PCs”) that are owned by licensed doctors, which, in turn employ or contract with doctors who provide professional care in its clinics. Under these management agreements with PCs, the Company provides, on an exclusive basis, all non-clinical services of the practice.

The consolidated financial statements include the accounts of variable interest entities (“VIE”) in which the Company is the primary beneficiary under the provisions of the FASB Accounting Standards Codification 810, “Consolidation”. The Company has the power to direct the activities that most significantly impact a VIE’s economic performance. Additionally, the Company would absorb the majority of the expected losses from any of these entities should such expected losses occur. As of December 31, 2021, the Company’s consolidated VIE’s include 8 PCs.

The total assets (excluding goodwill and intangible assets, net) of the consolidated VIEs included in the accompanying consolidated balance sheets as of December 31, 2021 and 2020, were approximately $2.2 million and $1.7 million respectively, and the total liabilities of the consolidated VIEs were approximately $666,000 and $661,000, respectively.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at December 31, 2021 and 2020.

Accounts Receivable

Accounts receivable primarily consists of amounts due from third-party payers (non-governmental), governmental payers and private pay patients and is recorded net of allowances for doubtful accounts and contractual discounts. The Company’s ability to collect outstanding receivables is critical to its results of operations and cash flows. Accordingly, accounts receivable reported in the Company’s consolidated financial statements is recorded at the net amount expected to be received.

The Company’s accounts receivable from third-party payers are recorded net of estimated contractual adjustments and allowances from third-party payers, which are estimated based on the historical trend of the Company’s facilities’ cash collections and contractual write-offs, accounts receivable aging, established fee schedules, relationships with payers and procedure statistics. While changes in estimated reimbursement from third-party payers remain a possibility, the Company expects that any such changes would be minimal and, therefore, would not have a material effect on the Company’s financial condition or results of operations. The Company’s collection policies and procedures are based on the type of payor, size of claim and estimated collection percentage for each patient account. The Company analyzes accounts receivable at each of the facilities to ensure the proper collection and aged category. The operating systems generate reports that assist in the collection efforts by prioritizing patient accounts. Collection efforts include direct contact with insurance carriers or patients and written correspondence.

Allowance for Doubtful Accounts, Contractual and Other Discounts

Management estimates the allowance for contractual and other discounts based on its historical collection experience and contracted relationship with the payers. The services authorized and provided and related reimbursement are often subject to interpretation and negotiation that could result in payments that differ from the Company’s estimates. The Company’s allowance for doubtful accounts is based on historical experience, but management also takes into consideration the age of accounts, creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. An account may be written-off only after the Company has pursued collection efforts or otherwise determines an account to be uncollectible. Uncollectible balances are written-off against the allowance. Recoveries of previously written-off balances are credited to income when the recoveries are made.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Additions and improvements to property and equipment are capitalized at cost. Depreciation of owned assets are computed using the straight-line method over the estimated useful lives and amortization of leasehold improvements are computed using the straight-line method over the shorter of the estimated useful lives of the related assets or the lease term. The cost of assets sold or retired, and the related accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in other income (expense) for the year. Expenditures for maintenance and repairs are charged to expense as incurred.

Intangible Assets

The Company capitalizes the fair value of intangible assets acquired in business combinations. Intangible assets are amortized on a straight-line basis over their estimated economic useful lives, generally the contract term. The Company performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of each acquired business to its respective net tangible and intangible assets.

Goodwill

Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired and liabilities assumed in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may include, among others, a significant decline in expected future cash flows, a significant adverse change in the business climate, and unforeseen competition.

The goodwill test is performed at least annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The annual impairment test includes an option to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value; the qualitative test may be performed prior to, or as an alternative to, performing a quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company is required to perform the quantitative goodwill impairment test. Otherwise, no further analysis is required.

The Company operates under one reporting unit. The quantitative impairment test involves the comparison of the fair value of the reporting unit to its carrying value. The Company calculates the fair value of each reporting unit using either (i) a discounted cash flows analysis that converts future cash flow amounts into a single discounted present value amount or (ii) a market approach. The Company assesses the valuation methodology based upon the relevance and availability of the data at the time that the valuation is performed. The Company compares the estimate of fair value for the reporting unit to the carrying value of the reporting unit. If the carrying value is greater than the estimate of fair value, an impairment loss will be recognized in the amount of the excess.

The Company performs its annual impairment test during the fourth quarter of the fiscal year. For the year ended December 31, 2020 and 2021, the Company performed a qualitative impairment test and, based on the totality of information available for the reporting units, the Company concluded that it was more-likely-than-not that the estimated fair values of the reporting units were greater than the carrying values of the reporting units and, as such, no further analysis was required. There was no goodwill impairment for the years presented.

Long-Lived Assets

Long-lived assets such as property and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. There were no triggering events and no impairments of long-lived assets for the years presented.

Advertising and Marketing

The Company uses advertising and marketing to promote its services. Advertising and marketing costs are expensed as incurred. Advertising and marketing expense was approximately $1,325,000 and $933,000 for the years ended December 31, 2021 and 2020, respectively.

Net Loss Per Share

Basic net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the year. Diluted net loss per common share is determined using the weighted-average of common shares outstanding during the year, adjusted for the dilutive effect of common stock equivalents, consisting of the conversion option embedded in convertible debt. The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would have an anti-dilutive effect.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets are required to be reduced by a valuation allowance to the extent that, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized.

Capital Requirements, Liquidity and Going Concern Considerations

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Capital Requirements, Liquidity and Going Concern Considerations

Note 3 – Capital Requirements, Liquidity and Going Concern Considerations

The Company’s consolidated financial statements are prepared in accordance with GAAP and includes the assumption of a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, as shown in the accompanying consolidated financial statements, the Company has sustained substantial losses from operations since inception. The Company had working capital of approximately $4.1 million at December 31, 2021 and a deficiency in working capital of approximately $1.2 million at December 31, 2020. The Company had a net loss of approximately $10.5 million at December 31, 2021, and used cash in operations of approximately $7.6 million for the year ended December 31, 2021. The Company expects to continue to incur significant expenditures to develop and expand its owned and managed outpatient medical clinics.

Management recognizes that the Company must obtain additional resources to successfully integrate its acquired and managed clinics and implement its business plans. Management plans to continue to raise funds and/or refinance our indebtedness to support our operations in 2022 and beyond. However, no assurances can be given that we will be successful. If management is not able to timely and successfully raise additional capital, the implementation of the Company’s business plan, financial condition and results of operations will be materially affected. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Concentration of Credit Risks

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Concentration of Credit Risks

Note 4 – Concentration of Credit Risks

Cash

The Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally-insured limits of $250,000.

Revenue and Accounts Receivable Concentration

As of December 31, 2021 and 2020, the Company had revenue and accounts receivable concentration related to payments from Medicare as outlined in the table below:

Schedule of Concentration Risk

	2021						2020
	% of Revenue			% of Accounts Receivable			% of Revenue			% of Accounts Receivable

Medicare payments		37	%		16	%		40	%		16	%

Accounts Receivable

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable

Note 5 – Accounts Receivable

Accounts receivable consisted of the following at December 31:

Schedule of Accounts Receivable

	2021			2020

Accounts receivable, net of contractual adjustments	$	1,290,312		$	1,542,665
Less: allowance for doubtful accounts		(80,979	)		(28,982	)
Accounts receivable, net	$	1,209,333		$	1,513,683

Business Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

Note 6 – Business Acquisitions

IMAC Florida

On January 13, 2020, the Company and its wholly owned subsidiary IMAC Florida consummated the acquisition of CHSF, a chiropractic practice in Bonita Springs, Florida. The transaction was completed as a purchase of the practice for $200,000. The Company has included the financial results of IMAC Florida, which controls CHSF, from January 13, 2020, the date of acquisition. A total of $128,802 was allocated to customer lists, $50,358 to property and equipment and $20,840 to other assets.

In February 2021, the Company completed the acquisition of and signed Management Services Agreement with Willmitch Chiropractic, P.A. in Tampa, Florida. The transaction was completed for $421,000. Willmitch Chiropractic’s founder, Martin Willmitch, will remain with the Company and serve as Vice President of Managed Care of IMAC Holdings. A total of $7,400 was allocated to property and equipment with the remaining $413,600, being allocated to goodwill.

In March 2021, the Company completed the asset purchase of NHC Chiropractic, PLLC dba Synergy Healthcare in Orlando, Florida. The transaction was completed as an asset purchase for $142,500. A total of $149,720 was allocated to property and equipment and $7,220 being allocated to acquired payables.

In June 2021, the Company completed an asset purchase of Fort Pierce Chiropractic in Fort Pierce, Florida. The transaction was completed as an asset purchase for $50,000. A total of $45,000 was allocated to property and equipment with the remaining $5,000 being allocated to customer lists.

IMAC Chicago

In June 2021, the Company also completed an asset purchase of Active Medical Center in Naperville, Illinois. The transaction was completed as an asset purchase for $205,000. A total of $200,000 was allocated to property and equipment with the remaining $5,000 being allocated to deposits.

IMAC Louisiana

In October 2021, the Company consummated certain transactions resulting in the acquisition of the outstanding equity interest in Louisiana Orthopaedic & Sports Rehab Institute, Inc. The transaction was completed for $1,200,000 and $1,200,000 stock.

The Company is in the process of completing its formal valuation analysis to identify and determine the fair value of identifiable tangible assets acquired related to this acquisition. Thus, the final allocation of the purchase price may differ from the preliminary allocation at December 31, 2021 based on completion of the valuation of the identifiable intangible assets. A total of $192,500 has been allocated to property and equipment with the remaining $2,207,500 allocated to goodwill. Changes in the estimated valuation will likely result in adjustments to goodwill. The Company does not expect the adjustments to be material.

The acquired businesses contributed revenues of approximately $928,000 and losses of approximately $3,000 to the Company from the periods acquired to December 31, 2021. The following unaudited pro forma summary presents consolidated information of the Company as if the business transactions had occurred on January 1, 2020.

	Pro forma year ended December 31, 2021 (unaudited)			Pro forma year ended December 31, 2020 (unaudited)

Revenue	$	15,893,773		$	15,657,944
Loss		(10,769,552	)		(5,588,396	)

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7 – Property and Equipment

Property and equipment consisted of the following at December 31:

Schedule of Property and Equipment

	Estimated
	Useful Life in Years		2021			2020

Leasehold improvements		Shorter of asset or lease term	$	2,127,762		$	2,064,669
Equipment		1.5 – 10		2,810,028			2,012,276
Total property and equipment				4,937,790			4,076,945

Less: accumulated depreciation				(2,990,902	)		(2,302,273	)
property and equipment				1,946,888			1,774,672

Construction in progress				376,275			2,370
Total property and equipment, net			$	2,323,163		$	1,777,042

Depreciation was $761,034 and $786,313 for the years ended December 31, 2021 and 2020, respectively.

Intangibles Assets and Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles Assets and Goodwill

Note 8 – Intangibles Assets and Goodwill

Intangible assets that were acquired in connection with the acquisition transactions (Note 6) during 2021 and 2020:

			December 31, 2021
	Estimated				Accumulated
	Useful Life		Cost		Amortization			Net

Intangible assets:
Management service agreements		10 years	$	7,940,398	$	(2,500,418	)	$	5,439,980
Non-compete agreements		3 years		306,000		(302,458	)		3,542
Customer lists		3 years		134,882		(89,921	)		44,961
Brand development		15 years		69,071		(3,835	)		65,236
Definite lived assets				8,450,351		(2,896,632	)		5,553,719
Research and development				243,750		-			243,750
Goodwill				4,661,796		-			4,661,796
Total intangible assets and goodwill			$	13,355,897	$	(2,896,632	)	$	10,459,265

			December 31, 2020
	Estimated				Accumulated
	Useful Life		Cost		Amortization			Net

Intangible assets:
Management service agreements		10 years	$	7,940,398	$	(1,706,379	)	$	6,234,019
Non-compete agreements		3 years		301,000		(257,139	)		43,861
Customer lists		3 years		134,882		(44,961	)		89,921
Definite lived assets				8,376,280		(2,008,479	)		6,367,081
Research and development				243,750		-			243,750
Goodwill				2,040,696		-			2,040,696
Total intangible assets and goodwill			$	10,660,726	$	(2,008,479	)	$	8,652,247

Amortization was $888,153 and $936,152 for the years ended December 31, 2021 and 2020, respectively.

The Company’s estimated future amortization of intangible assets is as follows:

Years Ending December 31,

2022	$	846,260
2023		799,686
2024		798,645
2025		798,645
2026		798,645
Thereafter		1,511,838
Total	$	5,553,719

Operating Leases

12 Months Ended

Dec. 31, 2021

Operating Leases

Operating Leases

Note 9 – Operating Leases

On January 1, 2019, the Company adopted Topic ASC 842 using the modified retrospective method applied to leases that were in place at January 1, 2019. The Company’s leases consist of operating leases that relate to real estate rental agreements. All of the value of the Company’s lease portfolio upon adoption relates to real estate lease agreements that were entered into starting March 2017.

Discount Rate Applied to Property Operating Lease

To determine the present value of minimum future lease payments for operating leases at January 1, 2019, the Company was required to estimate a rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment (the “incremental borrowing rate” or “IBR”).

The Company determined the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing options and certain lease-specific circumstances. For the reference rate of leases added during the year ended December 31, 2021, the Company used a weighted average interest rate.

Right of Use Assets

Right of use assets are included in the consolidated Balance Sheet as follows:

	December 31, 2021		December 31, 2020

Non-current assets
Right of use assets, net of amortization	$	4,948,393	$	3,816,035

Total operating lease cost

Individual components of the total lease cost incurred by the Company is as follows:

Schedule of Operating Lease Cost

Year Ended

December 31,
2021

Year Ended

December 31,
2020

Operating lease expense

1,333,916

1,236,180

Minimum rental payments under operating leases are recognized on a straight light basis over the term of the lease.

Maturity of operating leases

The amount of future minimum lease payments under operating are as follows:

	Operating Leases

Undiscounted future minimum lease payments:
2022	$	1,711,749
2023		1,612,648
2024		1,223,487
2025		869,279
2026		539,902
Thereafter		155,514
Total		6,112,579
Amount representing imputed interest		(615,513	)
Total operating lease liability		5,497,066
Current portion of operating lease liability		(1,478,140	)
Operating lease liability, non-current	$	4,018,926

Notes Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Notes Payable

Note 10 – Notes Payable

Set forth below is a summary of the Company’s outstanding debt as of December 31, 2021 and December 31, 2020:

Schedule of Notes Payable

	December 31,			December 31,
	2021			2020

Note payable to Edward S. Bredniak in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. This note was amended in September 2020 and all outstanding balances are due January 5, 2022. This note was paid in full on March 29, 2021.	$	-		$	1,750,000
Note payable to Edward S. Bredniak in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. This note was amended in September 2020 and all outstanding balances are due January 5, 2022. This note was paid in full on March 29, 2021.	$	-		$	1,750,000

Note payable to a financial institution in the amount of $200,000 dated November 15, 2017. The note requires 66 consecutive monthly installments of $2,652 including principal and interest at 5%, with a balloon payment of $60,000 which was paid on June 15, 2018. The note matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives.		43,413			72,238

Note payable to a financial institution in the amount of $131,400 dated August 1, 2016. The note requires 120 monthly installments of $1,394 including principal and interest at 5%. The note matures on July 1, 2026, and is secured by a letter of credit.		68,378			81,330

Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note is secured by the equipment and personal guarantees of certain Company executives. This note was paid in full on May 4, 2021.		-			19,191

Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payments in five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured. This note was paid in full on June 8, 2021.		-			20,000

$112,800 payable to a landlord of Advantage Therapy, LLC pursuant to a lease dated March 1, 2019. The debt is payable in 60 monthly installments of $2,129, including principal and interest at 5%. The debt matures on June 1, 2024.		59,913			81,862

Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company.		37,179			84,444

Note payable in the amount of $2,690,000, dated October 29, 2020. The note is payable on or before April 29, 2022. The interest on the note accrues at a rate of 7% per annum and is payable on the maturity date or otherwise in accordance with the note.		150,301			2,690,000

Unamortized debt issuance costs		-			(312,858	)

		359,184			4,486,207
Less: current portion:		(254,487	)		(2,527,324	)
	$	104,697		$	1,958,883

Principal maturities of notes payable are as follows:

Years Ending December 31, Amount

2022 $ 254,487

2023 51,657

2024 27,631

2025 15,813

2026 9,596

Thereafter -

Total $ 359,184

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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+ Details

Shareholders’ Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders’ Equity

Note 11 – Shareholders’ Equity

On June 18, 2020, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with institutional accredited investors (the “Purchasers”) pursuant to which the Company offered for sale to the Purchasers an aggregate of 1,764,000 shares (the “Shares”) of its common stock, in a registered direct offering (the “Registered Direct Offering”). The purchase price for one Share in the Registered Direct Offering was $1.50, and closing of the Registered Direct Offering occurred on June 22, 2020. The Company received $2.644 million in gross proceeds from the Registered Direct Offering. The Company used approximately $0.5 million of the gross proceeds for the repayment of certain indebtedness, and the remaining proceeds to the Company will be used to finance the costs of developing and acquiring additional outpatient medical clinics as part of the Company’s growth and expansion strategy and for working capital.

On October 5, 2020, the Company launched an at-the-market offering of up to $5,000,000 worth of shares of the Company’s common stock pursuant to an At-The-Market Issuance Sales Agreement, dated October 5, 2020, by and between the Company and Ascendiant Capital Markets, LLC. Since the launch and as of December 31, 2021, pursuant to the Agreement, the Company had sold 1,541,758 shares of common stock through Ascendiant Capital Markets for aggregate proceeds to the Company of $2.9 million.

During March 2021, the Company completed a public offering by issuing 10,625,000 shares of common stock for gross proceeds of $17.0 million and incurring $1.2 million in expenses related to public offering. The Company used approximately $1.8 million for the repayment of certain indebtedness and is using the remaining proceeds for the repayment of certain other indebtedness, to finance the costs of developing and acquiring additional outpatient medical clinics and healthcare centers as part of the Company’s growth and expansion strategy and for working capital.

On April 7, 2021 the Company closed on the sale of an additional 1,193,750 shares of common stock at the recent public offering price of $1.60 per share, pursuant to the 15% over-allotment option exercised in full by the underwriters in connection with its public offering that closed March 2021. The Company received gross proceeds of $1.91 million and incurred approximately $115,000 in additional expenses.

On October 1, 2021, the Company completed a stock purchase agreement and issued 810,811 shares of its common stock as consideration. This transaction was part of the $1,200,000 in stock consideration for the Louisiana acquisition.

2018 Incentive Compensation Plan

The Company’s board of directors and holders of a majority of outstanding shares approved and adopted the Company’s 2018 Incentive Compensation Plan (“2018 Plan”) in May 2018, reserving the issuance of up to 1,000,000 shares of common stock (subject to certain adjustments) upon exercise of stock options and grants of other equity awards. The 2018 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, other forms of equity compensation and performance cash awards. ISOs may be granted only to employees. All other awards may be granted to employees, including officers, and to the Company’s non-employee directors and consultants, and affiliates.

Stock Options

As of December 30, 2021, the Company had issued non-qualified stock options to purchase 367,051 shares of its common stock to various employees of the Company. Most options vest over a period of four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the following 36 months and are exercisable for a period of ten years. One award granted in 2021 vests over a period of one year and is exercisable for a period of ten years. Stock based compensation for stock options is estimated at the grant date based on the fair value calculated using the Black-Scholes method. The per-share fair values of these options is calculated based on the Black-Scholes-Merton pricing model.

The information below summarizes the stock options:

Schedule of Stock Option Activity

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding at December 31, 2019		306,202		$	4.04		3.38
Granted		90,500			1.24		3.07
Exercised		-			-		-
Cancelled		(36,533	)		2.12		2.87
Outstanding at December 31, 2020		360,169		$	3.43		3.35
Granted		49,000			1.60		3.40
Exercised		-			-		-
Cancelled		(42,118	)		3.92		1.44
Outstanding at December 31, 2021		367,051		$	3.23		3.58

Restricted Stock Units

On May 21, 2019, the Company granted an aggregate of 277,500 Restricted Stock Units (“RSUs”) to certain employees, executives and Board members, the terms of which vest over various periods between the date of grant and four years following the date of grant. On August 13, 2019, 30,000 shares of common stock were issued pursuant to granted RSUs which had vested as of such date.

On May 21, 2020, the Company granted 10,000 RSUs to a Board member that vested immediately.

On October 20, 2020, the Company granted an aggregate of 300,000 RSUs to Board members with these RSUs vesting in eight equal quarterly installments commencing on February 1, 2021, provided the Board members remain directors of the Company. Effective October 2021, the vesting schedule was amended to a one-year vesting period. As of December 31, 2021, 150,000 RSUs had vested and were issued to the Board members.

On January 30, 2021, the Company granted an aggregate of 17,000 RSUs to non-executive staff and contractors with these RSUs vesting after one year.

On October 27, 2021 the Company granted 10,000 shares to a consultant that vested immediately.

Schedule of Restricted Stock Units

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019		247,500		$	4.04
Granted		310,000			0.83
Vested		(76,875	)		3.72
Cancelled		(40,000	)		4.04
Outstanding at December 31, 2020		440,625		$	1.83
Granted		27,000			1.56
Vested		(206,875	)		1.56
Cancelled		-			-
Outstanding at December 31, 2021		260,750		$	2.02

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Retirement Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement Plan

Note 12 – Retirement Plan

The Company offers a 401(k) plan that covers eligible employees. The plan provides for voluntary salary deferrals for eligible employees. Additionally, the Company is required to make matching contributions of 50% of up to 6% of total compensation for those employees making salary deferrals. The Company made contributions of $139,870 and $103,902 during 2021 and 2020, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

For the year ended December 31, 2021, and December 31, 2020, no income tax expense or benefit was recorded related to income taxes due to the Company’s overall operating results and the change in the valuation allowance. The components of income tax expense (benefit) for the year ended December 31, 2021, and December 31, 2020, are as follows:

		December 31, 2021		December 31, 2020
Current income tax expense (refund) - federal	$	-	$	-
Current income tax expense (refund) - state		-		-
Total current income tax expense (refund)		-		-

Deferred income tax expense (benefit) - federal		-		-
Deferred income tax expense (benefit) - state		-		-
Total deferred income tax expense (benefit)		-		-

Total provision for income taxes	$	-	$	-

The reconciliation of the income tax expense (benefit) to the U.S. federal statutory income tax rate is as follows:

	December 31, 2021			December 31, 2020
Federal statutory income tax		21.00	%		21.00	%
Permanent differences		(0.01	)%		(0.04	)%
Change in valuation allowance		(25.77	)%		(25.73	)%
State income taxes, net of federal benefit		4.78	%		4.77	%
Total		0.00	%		0.00	%

The tax effects of temporary differences which give rise to the significant portions of deferred tax assets or liabilities at December 31, 2021 and 2020 are as follows:

	December 31, 2021			December 31, 2020
Deferred tax assets:
Reserves & allowances	$	20,880		$	73,758
Charitable contribution carry-forward		3,020			3,020
Net operating loss carry-forward - federal		6,049,391			3,826,275
Net operating loss carry-forward - state		1,887,147			1,182,423
Non-qualified stock options		349,328			202,222
Total deferred tax assets	$	8,309,766		$	5,287,698

Deferred tax liabilities:
Depreciation	$	(200,738	)	$	(161,956	)
Amortization		(119,004	)		(58,951	)
Total deferred tax liabilities	$	(319,742	)	$	(220,907	)

Less valuation allowance		(7,990,024	)		(5,066,791	)
Total net deferred tax assets	$	-		$	-

The Company has federal net operating loss carry-forward of approximately $28.8 million and state and local net operating losses of approximately $30.1 million. There is no expiration of the federal loss carry-forwards as all federal net operating loss carry-forwards were generated after 2017. The state and local operating loss carry-forwards are subject to expiration beginning in 2031.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management assessed all available evidence to estimate if sufficient future taxable income will be generated in the appropriate period and of the appropriate character to realize deferred tax assets. Based on Management’s assessment, on December 31, 2021, and 2020, a full valuation allowance of $8.0 million and $5.1 million, respectively, was required. The current year increase in valuation allowance is $2.9 million primarily related to the increase in deferred tax assets for net operating losses generated by current year operations.

The Company performed a comprehensive review of its uncertain tax positions and determined that no adjustments were necessary relating to unrecognized tax benefits as December 31, 2021. The Company had no unrecognized tax benefits recorded as of December 31, 2021, and December 31, 2020. The Company is subject to taxation by federal, state, and local taxing authorities. The Company’s federal, state, and local income tax returns are subject to examination by taxing authorities for three years after the returns are filed, and the Company’s federal, state, and local income tax returns for 2018 through 2020 remain open to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 17
-Subparagraph (b)
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14 – Commitments and Contingencies

The Company accrues a liability and charges operations for the estimated costs of contingent liabilities, including adjudication or settlement of various asserted and unasserted claims existing as of the balance sheet date, where there is a reasonable possibility that a loss has been incurred and the loss (or range of probable loss) is estimable.

From time to time the Company may become subject to threatened and/or asserted claims arising in the ordinary course of our business. Other than the matter described below, management is not aware of any matters, either individually or in the aggregate, that are reasonably likely to have a material impact on the Company’s financial condition, results of operations or liquidity.

Third Party Audit

From time to time, in the ordinary course of business, we are subject to audits under various governmental programs in which third party firms engaged by the Center for Medicare & Medicaid Services (“CMS”) conduct extensive reviews of claims data to identify potential improper payments. We cannot predict the ultimate outcome of any regulatory reviews or other governmental audits and investigations.

On June 3, 2021, the Company received a request for payment from CMS in the amount of $2,918,472. The Company initiated the appropriate appeals and then the Company received a notification dated September 30, 2021, from CMS that they “found the request to be favorable by reversing the extrapolation to actual”. The Company received a separate notification stating “the extrapolated overpayment was reduced to the actual overpayment amount for the sampled denied claims $5,327.73,” which had been paid as of December 31, 2021.

This amount represented a statistical extrapolation of $11,530 of charges from a sample of 40 claims for the periods February 2017 to November 2020. The Company began its own internal audit process and disagrees with the interpretation of the medical records and the extrapolation techniques used to derive the balance. The Company continued the appeals process to the second level appeal related to the error rate and are anticipating a third appeal on the remaining $5,327.73 amount.

At this stage of the appeals process, based on the information currently available to the Company, the Company is unable to predict the timing and ultimate outcome of this matter and therefore is unable to estimate the range of possible loss. Any potential loss may be classified as errors and omissions for which insurance coverage was in place during a majority of the years being evaluated.

On October 21, 2021, the Company received notification from Covent Bridge Group, a Center for Medicare & Medicaid Services (“CMS”) contractor, that they are recommending to CMS that the Company was overpaid in the amount of $2,716,056.33. This amount represents a statistical extrapolation of $6,791.33 of charges from a sample of 38 claims for the periods July 2017 to November 2020 for Progressive Health & Rehabilitation, Ltd (“Progressive Health”). The Company entered into a management agreement with Progressive Health in April 2019 and therefore liable for only a portion of the sampled claims. There were a total of 38 claims reviewed, 25 of these claims were from the period prior to the management agreement with the Company and the remaining 13 claims were related to the period that Progressive Health was managed by the Company. In December 2021, the Company received a request for payment from CMS in the amount of $2,709,265. The Company has begun its own internal audit process and has initiated the appropriate appeals.

As of December 31, 2021, the Company has not recorded a provision for this claim, as management does not believe that an estimate of a possible loss or range of loss can reasonably be made at this time.

Quarterly Data – Unaudited

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Data – Unaudited

Note 15 – Quarterly Data – Unaudited

Revised Interim Financial Information

The following tables present amounts previously reported and revised as a result of the error associated with the accounting for our managed PCs. See Note 2 for additional information.

	As of and For the Three Months Ended March 31, 2020
	As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(11,775,595	)	$	(14,192,398	)
Non-controlling interests		(2,416,803	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(336,604	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,733,545	)		(2,070,149	)

Basic and diluted loss per common share		(0.18	)		(0.22	)

	As of and For the Three Months Ended June 30, 2020						As of and For the Six Months Ended June 30, 2020
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(13,806,283	)	$	(16,167,510	)	$	(13,806,283	)	$	(16,167,510	)
Non-controlling interests		(2,361,227	)		-			(2,361,227	)		-

Consolidated statement of income
Net (loss) income attributable to non-controlling interest		55,576			-			(281,028	)		-
Net loss attributable to IMAC Holdings, Inc.		(2,030,688	)		(1,975,112	)		(3,764,233	)		(4,045,261	)

Basic and diluted loss per common share		(0.20	)		(0.19	)		(0.38	)		(0.41	)

	As of and For the Three Months Ended September 30, 2020						As of and For the Nine Months Ended September 30, 2020
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(15,235,941	)	$	(17,639,909	)	$	(15,235,941	)	$	(17,639,909	)
Non-controlling interests		(2,403,968	)		-			(2,403,968	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(42,741	)		-			(323,769	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,429,658	)		(1,472,399	)		(5,193,891	)		(5,517,660	)

Basic and diluted loss per common share		(0.12	)		(0.12	)		(0.49	)		(0.52	)

	As of and For the Three Months Ended March 31, 2021
	As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(17,035,818	)	$	(19,894,110	)
Non-controlling interests		(2,858,292	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(239,388	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,990,035	)		(2,229,423	)

Basic and diluted loss per common share		(0.15	)		(0.17	)

	As of and For the Three Months Ended June 30, 2021						As of and For the Six Months Ended June 30, 2021
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(19,031,862	)	$	(22,432,851	)	$	(19,031,862	)	$	(22,432,851	)
Non-controlling interests		(3,400,989	)		-			(3,400,989	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(542,697	)		-			(782,085	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,996,044	)		(2,538,741	)		(3,986,079	)		(4,768,164	)

Basic and diluted loss per common share		(0.08	)		(0.10	)		(0.20	)		(0.24	)

	As of and For the Three Months Ended September 30, 2021						As of and For the Nine Months Ended September 30, 2021
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(20,752,598	)	$	(25,325,482	)	$	(20,752,598	)	$	(25,325,482	)
Non-controlling interests		(4,572,884	)		-			(4,572,884	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(1,171,895	)		-			(1,953,980	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,720,736	)		(2,892,631	)		(5,706,815	)		(7,660,795	)

Basic and diluted loss per common share		(0.07	)		(0.11	)		(0.27	)		(0.36	)

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 16 – Subsequent Events

In February 2022 the Company announced Dr. Ben Lerner had become the Chief Operating Officer and Dr. Matt Wallis, current COO, will continue with the Company as President and Executive Director.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

In January 2020, the Company consummated an agreement for the acquisition of Chiropractic Health of Southwest Florida, Inc. (“CHSF”) in Bonita Springs, Florida.

In February 2021, the Company completed the asset purchase of and signed a Management Services Agreement with Willmitch Chiropractic, P.A. in Tampa, Florida.

In March 2021, the Company completed the asset purchase of NHC Chiropractic, PLLC dba Synergy Healthcare in Orlando, Florida.

In June 2021, the Company completed the asset purchase of Fort Pierce Chiropractic in Fort Pierce, Florida and Active Medical Center in Naperville, Illinois.

These acquisitions are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation.

Correction of Immaterial Error

Correction of Immaterial Error

	December 31, 2020
	As Previously Reported			Adjustments			As Revised
Consolidated balance sheet
Accumulated deficit	$	(15,045,783	)	$	(2,618,904	)	$	(17,664,687	)
Non-controlling interest		(2,618,904	)		2,618,904			-
Total stockholder’s equity		7,813,154			-			7,813,154

Consolidated statement of income
Net loss attributable to non-controlling interest		(538,705	)		538,705			-
Net loss attributable to IMAC Holdings, Inc.		(5,003,733	)		(538,705	)		(5,542,438	)

Basic and diluted loss per common share		(0.45	)		(0.05	)		(0.50	)

	December 31, 2019
	As Previously Reported			Adjustments			As Revised
Consolidated statement of stockholders’ equity
Accumulated deficit	$	(10,042,050	)	$	(2,080,199	)	$	(12,122,249	)
Non-controlling interest		(2,080,199	)		2,080,199			-
Total stockholders’ equity		7,937,292			-			7,937,292

Use of Estimates

Use of Estimates

COVID-19 Pandemic

COVID-19 Pandemic

Due to the impacts of COVID-19 we have seen an increase in recruiting and labor costs as well as delays in supply chain.

Revenue Recognition

Revenue Recognition

Patient Deposits

Patient Deposits

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Variable Interest Entities

Variable Interest Entities

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at December 31, 2021 and 2020.

Accounts Receivable

Accounts Receivable

Allowance for Doubtful Accounts, Contractual and Other Discounts

Allowance for Doubtful Accounts, Contractual and Other Discounts

Property and Equipment

Property and Equipment

Intangible Assets

Intangible Assets

Goodwill

Goodwill

Long-Lived Assets

Long-Lived Assets

Advertising and Marketing

Advertising and Marketing

Net Loss Per Share

Net Loss Per Share

Income Taxes

Income Taxes

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Financial Statements Error Correction

	December 31, 2020
	As Previously Reported			Adjustments			As Revised
Consolidated balance sheet
Accumulated deficit	$	(15,045,783	)	$	(2,618,904	)	$	(17,664,687	)
Non-controlling interest		(2,618,904	)		2,618,904			-
Total stockholder’s equity		7,813,154			-			7,813,154

Consolidated statement of income
Net loss attributable to non-controlling interest		(538,705	)		538,705			-
Net loss attributable to IMAC Holdings, Inc.		(5,003,733	)		(538,705	)		(5,542,438	)

Basic and diluted loss per common share		(0.45	)		(0.05	)		(0.50	)

	December 31, 2019
	As Previously Reported			Adjustments			As Revised
Consolidated statement of stockholders’ equity
Accumulated deficit	$	(10,042,050	)	$	(2,080,199	)	$	(12,122,249	)
Non-controlling interest		(2,080,199	)		2,080,199			-
Total stockholders’ equity		7,937,292			-			7,937,292

Concentration of Credit Risks (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk

As of December 31, 2021 and 2020, the Company had revenue and accounts receivable concentration related to payments from Medicare as outlined in the table below:

Schedule of Concentration Risk

	2021						2020
	% of Revenue			% of Accounts Receivable			% of Revenue			% of Accounts Receivable

Medicare payments		37	%		16	%		40	%		16	%

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following at December 31:

Schedule of Accounts Receivable

	2021			2020

Accounts receivable, net of contractual adjustments	$	1,290,312		$	1,542,665
Less: allowance for doubtful accounts		(80,979	)		(28,982	)
Accounts receivable, net	$	1,209,333		$	1,513,683

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisition, Pro Forma Information

	Pro forma year ended December 31, 2021 (unaudited)			Pro forma year ended December 31, 2020 (unaudited)

Revenue	$	15,893,773		$	15,657,944
Loss		(10,769,552	)		(5,588,396	)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following at December 31:

Schedule of Property and Equipment

	Estimated
	Useful Life in Years		2021			2020

Leasehold improvements		Shorter of asset or lease term	$	2,127,762		$	2,064,669
Equipment		1.5 – 10		2,810,028			2,012,276
Total property and equipment				4,937,790			4,076,945

Less: accumulated depreciation				(2,990,902	)		(2,302,273	)
property and equipment				1,946,888			1,774,672

Construction in progress				376,275			2,370
Total property and equipment, net			$	2,323,163		$	1,777,042

Intangibles Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Intangible assets that were acquired in connection with the acquisition transactions (Note 6) during 2021 and 2020:

			December 31, 2021
	Estimated				Accumulated
	Useful Life		Cost		Amortization			Net

Intangible assets:
Management service agreements		10 years	$	7,940,398	$	(2,500,418	)	$	5,439,980
Non-compete agreements		3 years		306,000		(302,458	)		3,542
Customer lists		3 years		134,882		(89,921	)		44,961
Brand development		15 years		69,071		(3,835	)		65,236
Definite lived assets				8,450,351		(2,896,632	)		5,553,719
Research and development				243,750		-			243,750
Goodwill				4,661,796		-			4,661,796
Total intangible assets and goodwill			$	13,355,897	$	(2,896,632	)	$	10,459,265

			December 31, 2020
	Estimated				Accumulated
	Useful Life		Cost		Amortization			Net

Intangible assets:
Management service agreements		10 years	$	7,940,398	$	(1,706,379	)	$	6,234,019
Non-compete agreements		3 years		301,000		(257,139	)		43,861
Customer lists		3 years		134,882		(44,961	)		89,921
Definite lived assets				8,376,280		(2,008,479	)		6,367,081
Research and development				243,750		-			243,750
Goodwill				2,040,696		-			2,040,696
Total intangible assets and goodwill			$	10,660,726	$	(2,008,479	)	$	8,652,247

Schedule of Future Amortization of Intangible Assets

The Company’s estimated future amortization of intangible assets is as follows:

Years Ending December 31,

2022	$	846,260
2023		799,686
2024		798,645
2025		798,645
2026		798,645
Thereafter		1,511,838
Total	$	5,553,719

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2021

Operating Leases

Schedule of Operating Lease Right of Use Assets

Right of use assets are included in the consolidated Balance Sheet as follows:

	December 31, 2021		December 31, 2020

Non-current assets
Right of use assets, net of amortization	$	4,948,393	$	3,816,035

Schedule of Operating Lease Cost

Individual components of the total lease cost incurred by the Company is as follows:

Schedule of Operating Lease Cost

Year Ended

December 31,
2021

Year Ended

December 31,
2020

Operating lease expense

1,333,916

1,236,180

Schedule of Future Minimum Lease Payments

The amount of future minimum lease payments under operating are as follows:

	Operating Leases

Undiscounted future minimum lease payments:
2022	$	1,711,749
2023		1,612,648
2024		1,223,487
2025		869,279
2026		539,902
Thereafter		155,514
Total		6,112,579
Amount representing imputed interest		(615,513	)
Total operating lease liability		5,497,066
Current portion of operating lease liability		(1,478,140	)
Operating lease liability, non-current	$	4,018,926

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Notes Payable

Set forth below is a summary of the Company’s outstanding debt as of December 31, 2021 and December 31, 2020:

Schedule of Notes Payable

	December 31,			December 31,
	2021			2020

Note payable to Edward S. Bredniak in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. This note was amended in September 2020 and all outstanding balances are due January 5, 2022. This note was paid in full on March 29, 2021.	$	-		$	1,750,000
Note payable to Edward S. Bredniak in the amount of up to $2,000,000. An existing note payable with this entity in the amount of $379,676 has been combined into the new note payable which carries an interest rate of 10% per annum. This note was amended in September 2020 and all outstanding balances are due January 5, 2022. This note was paid in full on March 29, 2021.	$	-		$	1,750,000

Note payable to a financial institution in the amount of $200,000 dated November 15, 2017. The note requires 66 consecutive monthly installments of $2,652 including principal and interest at 5%, with a balloon payment of $60,000 which was paid on June 15, 2018. The note matures on May 15, 2023, and is secured by the personal guarantees of certain Company executives.		43,413			72,238

Note payable to a financial institution in the amount of $131,400 dated August 1, 2016. The note requires 120 monthly installments of $1,394 including principal and interest at 5%. The note matures on July 1, 2026, and is secured by a letter of credit.		68,378			81,330

Note payable to a financial institution in the amount of $200,000 dated May 4, 2016. The note requires 60 monthly installments of $3,881 including principal and interest at 4.25%. The note is secured by the equipment and personal guarantees of certain Company executives. This note was paid in full on May 4, 2021.		-			19,191

Note payable to an employee in the amount of $101,906 dated March 8, 2017. The note requires payments in five annual installments of $23,350, including principal and interest at 5%. The note matures on December 31, 2021, and is unsecured. This note was paid in full on June 8, 2021.		-			20,000

$112,800 payable to a landlord of Advantage Therapy, LLC pursuant to a lease dated March 1, 2019. The debt is payable in 60 monthly installments of $2,129, including principal and interest at 5%. The debt matures on June 1, 2024.		59,913			81,862

Note payable to a financial institution in the amount of $140,000, dated September 25, 2019. The note requires 36 consecutive monthly installments of $4,225 including principal and interest at 5.39%. The note matures on September 19, 2022 and is secured by a personal guarantee of the Vice President of Business Development of the Company.		37,179			84,444

Note payable in the amount of $2,690,000, dated October 29, 2020. The note is payable on or before April 29, 2022. The interest on the note accrues at a rate of 7% per annum and is payable on the maturity date or otherwise in accordance with the note.		150,301			2,690,000

Unamortized debt issuance costs		-			(312,858	)

		359,184			4,486,207
Less: current portion:		(254,487	)		(2,527,324	)
	$	104,697		$	1,958,883

Schedule of Principal Maturities of Notes Payable

Principal maturities of notes payable are as follows:

Years Ending December 31, Amount

2022 $ 254,487

2023 51,657

2024 27,631

2025 15,813

2026 9,596

Thereafter -

Total $ 359,184

Shareholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stock Option Activity

The information below summarizes the stock options:

Schedule of Stock Option Activity

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding at December 31, 2019		306,202		$	4.04		3.38
Granted		90,500			1.24		3.07
Exercised		-			-		-
Cancelled		(36,533	)		2.12		2.87
Outstanding at December 31, 2020		360,169		$	3.43		3.35
Granted		49,000			1.60		3.40
Exercised		-			-		-
Cancelled		(42,118	)		3.92		1.44
Outstanding at December 31, 2021		367,051		$	3.23		3.58

Schedule of Restricted Stock Units

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019		247,500		$	4.04
Granted		310,000			0.83
Vested		(76,875	)		3.72
Cancelled		(40,000	)		4.04
Outstanding at December 31, 2020		440,625		$	1.83
Granted		27,000			1.56
Vested		(206,875	)		1.56
Cancelled		-			-
Outstanding at December 31, 2021		260,750		$	2.02

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefits

		December 31, 2021		December 31, 2020
Current income tax expense (refund) - federal	$	-	$	-
Current income tax expense (refund) - state		-		-
Total current income tax expense (refund)		-		-

Deferred income tax expense (benefit) - federal		-		-
Deferred income tax expense (benefit) - state		-		-
Total deferred income tax expense (benefit)		-		-

Total provision for income taxes	$	-	$	-

Schedule of Company’s Effective Income Tax Rate Reconciliation

The reconciliation of the income tax expense (benefit) to the U.S. federal statutory income tax rate is as follows:

	December 31, 2021			December 31, 2020
Federal statutory income tax		21.00	%		21.00	%
Permanent differences		(0.01	)%		(0.04	)%
Change in valuation allowance		(25.77	)%		(25.73	)%
State income taxes, net of federal benefit		4.78	%		4.77	%
Total		0.00	%		0.00	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences which give rise to the significant portions of deferred tax assets or liabilities at December 31, 2021 and 2020 are as follows:

	December 31, 2021			December 31, 2020
Deferred tax assets:
Reserves & allowances	$	20,880		$	73,758
Charitable contribution carry-forward		3,020			3,020
Net operating loss carry-forward - federal		6,049,391			3,826,275
Net operating loss carry-forward - state		1,887,147			1,182,423
Non-qualified stock options		349,328			202,222
Total deferred tax assets	$	8,309,766		$	5,287,698

Deferred tax liabilities:
Depreciation	$	(200,738	)	$	(161,956	)
Amortization		(119,004	)		(58,951	)
Total deferred tax liabilities	$	(319,742	)	$	(220,907	)

Less valuation allowance		(7,990,024	)		(5,066,791	)
Total net deferred tax assets	$	-		$	-

Quarterly Data – Unaudited (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables present amounts previously reported and revised as a result of the error associated with the accounting for our managed PCs. See Note 2 for additional information.

	As of and For the Three Months Ended March 31, 2020
	As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(11,775,595	)	$	(14,192,398	)
Non-controlling interests		(2,416,803	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(336,604	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,733,545	)		(2,070,149	)

Basic and diluted loss per common share		(0.18	)		(0.22	)

	As of and For the Three Months Ended June 30, 2020						As of and For the Six Months Ended June 30, 2020
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(13,806,283	)	$	(16,167,510	)	$	(13,806,283	)	$	(16,167,510	)
Non-controlling interests		(2,361,227	)		-			(2,361,227	)		-

Consolidated statement of income
Net (loss) income attributable to non-controlling interest		55,576			-			(281,028	)		-
Net loss attributable to IMAC Holdings, Inc.		(2,030,688	)		(1,975,112	)		(3,764,233	)		(4,045,261	)

Basic and diluted loss per common share		(0.20	)		(0.19	)		(0.38	)		(0.41	)

	As of and For the Three Months Ended September 30, 2020						As of and For the Nine Months Ended September 30, 2020
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(15,235,941	)	$	(17,639,909	)	$	(15,235,941	)	$	(17,639,909	)
Non-controlling interests		(2,403,968	)		-			(2,403,968	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(42,741	)		-			(323,769	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,429,658	)		(1,472,399	)		(5,193,891	)		(5,517,660	)

Basic and diluted loss per common share		(0.12	)		(0.12	)		(0.49	)		(0.52	)

	As of and For the Three Months Ended March 31, 2021
	As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(17,035,818	)	$	(19,894,110	)
Non-controlling interests		(2,858,292	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(239,388	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,990,035	)		(2,229,423	)

Basic and diluted loss per common share		(0.15	)		(0.17	)

	As of and For the Three Months Ended June 30, 2021						As of and For the Six Months Ended June 30, 2021
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(19,031,862	)	$	(22,432,851	)	$	(19,031,862	)	$	(22,432,851	)
Non-controlling interests		(3,400,989	)		-			(3,400,989	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(542,697	)		-			(782,085	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,996,044	)		(2,538,741	)		(3,986,079	)		(4,768,164	)

Basic and diluted loss per common share		(0.08	)		(0.10	)		(0.20	)		(0.24	)

	As of and For the Three Months Ended September 30, 2021						As of and For the Nine Months Ended September 30, 2021
	As Previously Reported			As Revised			As Previously Reported			As Revised
Consolidated balance sheet
Accumulated deficit	$	(20,752,598	)	$	(25,325,482	)	$	(20,752,598	)	$	(25,325,482	)
Non-controlling interests		(4,572,884	)		-			(4,572,884	)		-

Consolidated statement of income
Net loss attributable to non-controlling interest		(1,171,895	)		-			(1,953,980	)		-
Net loss attributable to IMAC Holdings, Inc.		(1,720,736	)		(2,892,631	)		(5,706,815	)		(7,660,795	)

Basic and diluted loss per common share		(0.07	)		(0.11	)		(0.27	)		(0.36	)

Schedule of Financial Statements Error Correction (Details) - USD ($)	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated deficit	$ (25,325,482)	$ (22,432,851)	$ (19,894,110)	$ (17,639,909)	$ (16,167,510)	$ (14,192,398)	$ (22,432,851)	$ (16,167,510)	$ (25,325,482)	$ (17,639,909)	$ (28,206,934)	$ (17,664,687)	$ (12,122,249)
Non-controlling interest
Total stockholders' equity											$ 17,953,061	7,813,154	7,937,292
Net loss attributable to non-controlling interest
Net loss attributable to IMAC Holdings, Inc.	$ (2,892,631)	$ (2,538,741)	$ (2,229,423)	$ (1,472,399)	$ (1,975,112)	$ (2,070,149)	$ (4,768,164)	$ (4,045,261)	$ (7,660,795)	$ (5,517,660)		$ (5,542,438)
Basic and diluted loss per common share	$ (0.11)	$ (0.10)	$ (0.17)	$ (0.12)	$ (0.19)	$ (0.22)	$ (0.24)	$ (0.41)	$ (0.36)	$ (0.52)	$ (0.47)	$ (0.50)
Previously Reported [Member]
Accumulated deficit	$ (20,752,598)	$ (19,031,862)	$ (17,035,818)	$ (15,235,941)	$ (13,806,283)	$ (11,775,595)	$ (19,031,862)	$ (13,806,283)	$ (20,752,598)	$ (15,235,941)		$ (15,045,783)	(10,042,050)
Non-controlling interest	(4,572,884)	(3,400,989)	(2,858,292)	(2,403,968)	(2,361,227)	(2,416,803)	(3,400,989)	(2,361,227)	(4,572,884)	(2,403,968)		(2,618,904)	(2,080,199)
Total stockholders' equity												7,813,154	7,937,292
Net loss attributable to non-controlling interest	(1,171,895)	(542,697)	(239,388)	(42,741)	55,576	(336,604)	(782,085)	(281,028)	(1,953,980)	(323,769)		(538,705)
Net loss attributable to IMAC Holdings, Inc.	$ (1,720,736)	$ (1,996,044)	$ (1,990,035)	$ (1,429,658)	$ (2,030,688)	$ (1,733,545)	$ (3,986,079)	$ (3,764,233)	$ (5,706,815)	$ (5,193,891)		$ (5,003,733)
Basic and diluted loss per common share	$ (0.07)	$ (0.08)	$ (0.15)	$ (0.12)	$ (0.20)	$ (0.18)	$ (0.20)	$ (0.38)	$ (0.27)	$ (0.49)		$ (0.45)
Revision of Prior Period, Adjustment [Member]
Accumulated deficit												$ (2,618,904)	(2,080,199)
Non-controlling interest												2,618,904	2,080,199
Total stockholders' equity
Net loss attributable to non-controlling interest												538,705
Net loss attributable to IMAC Holdings, Inc.												$ (538,705)
Basic and diluted loss per common share												$ (0.05)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets	$ 27,229,193	$ 19,746,006
Liabilities	9,276,132	11,932,852
Cash Equivalents, at Carrying Value	0	0
Goodwill impairment loss	0	0
Marketing and Advertising Expense	1,324,715	933,338
Variable Interest Entities [Member]
Assets	2,200,000	1,700,000
Liabilities	$ 666,000	$ 661,000

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Capital Requirements, Liquidity and Going Concern Considerations (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
[custom:WorkingCapital-0]	$ 4,100,000	$ 1,200,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	10,542,247	5,542,438
Net Cash Provided by (Used in) Operating Activities	$ 7,590,962	$ 5,993,386

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Schedule of Concentration Risk (Details) - Medicare Payment [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration of credit risk, percentage	37.00%	40.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration of credit risk, percentage	16.00%	16.00%

Concentration of Credit Risks (Details Narrative)	Dec. 31, 2021 USD ($)
Risks and Uncertainties [Abstract]
Cash FDIC isured amount	$ 250,000

Schedule of Accounts Receivable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable, net of contractual adjustments	$ 1,290,312	$ 1,542,665
Less: allowance for doubtful accounts	(80,979)	(28,982)
Accounts receivable, net	$ 1,209,333	$ 1,513,683

Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 15,893,773	$ 15,657,944
Loss	$ (10,769,552)	$ (5,588,396)

Business Acquisitions (Details Narrative) - USD ($)		12 Months Ended
Business Acquisitions (Details Narrative) - USD ($)	Jan. 13, 2020	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Feb. 28, 2021
Business Acquisition [Line Items]
Goodwill		$ 4,661,796	$ 2,040,696
Finite-Lived Intangible Assets, Net		5,553,719
Loss		(10,542,247)	(5,542,438)
IMAC Louisiana [Member]
Business Acquisition [Line Items]
Revenues		928,000
Loss		3,000
Customer Lists [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Net		$ 44,961	$ 89,921
MAC management of florida LLC [Member] \| Bonita springs [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest	$ 200,000
Business Combination, Consideration Transferred	128,802
Business combination property and equipment	50,358
Business combination other assets	$ 20,840
Willmitch Chiropractic PA [Member] \| Tampa [Member] \| Management Services Agreement [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest							$ 421,000
Business combination property and equipment							7,400
Goodwill							$ 413,600
Nhc Chiropractic Pllc [Member] \| Orlando [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest						$ 142,500
Business combination property and equipment						149,720
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable						$ 7,220
Fort Pierce Chiropractic [Member] \| Fort Pierce [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest					$ 50,000
Business combination property and equipment					45,000
Fort Pierce Chiropractic [Member] \| Fort Pierce [Member] \| Customer Lists [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Net					5,000
Active Medical Center [Member] \| Naperville [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest					205,000
Business combination property and equipment					200,000
Remaining deposits					$ 5,000
Louisiana orthopaedic [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest				$ 1,200,000
Business combination property and equipment				192,500
Goodwill				2,207,500
Sports rehab institute [Member]
Business Acquisition [Line Items]
Acquisition on outstanding equity interest				$ 1,200,000

Schedule of Property and Equipment (Details) - USD ($)	12 Months Ended
Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,937,790	$ 4,076,945
Less: accumulated depreciation	(2,990,902)	(2,302,273)
property and equipment	1,946,888	1,774,672
Construction in progress	376,275	2,370
Total property and equipment, net	$ 2,323,163	1,777,042
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	Shorter of asset or lease term
Total property and equipment	$ 2,127,762	2,064,669
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,810,028	$ 2,012,276
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year 6 months
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 761,034	$ 786,313

Schedule of Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 5,553,719
Goodwill, cost	4,661,796
Goodwill, Accumulated Amortization
Goodwill, net	4,661,796	2,040,696
Total intangible assets and goodwill, cost	13,355,897
Total intangible assets and goodwill, Accumulated Amortization	(2,896,632)	(2,008,479)
Total intangible assets and goodwill, net	$ 10,459,265	8,652,247
Intangible assets, including goodwill, cost		$ 10,660,726
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	3 years	3 years
Intangible assets, cost	$ 134,882	$ 134,882
Intangible assets, Accumulated Amortization	(89,921)	(44,961)
Intangible assets, net	$ 44,961	89,921
Brand Development [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	15 years
Intangible assets, cost	$ 69,071
Intangible assets, Accumulated Amortization	(3,835)
Intangible assets, net	65,236
Definite Lived Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost	8,450,351	8,376,280
Intangible assets, Accumulated Amortization	(2,896,632)	(2,008,479)
Intangible assets, net	5,553,719	6,367,081
Research and Development Expense [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, cost		243,750
Intangible assets, Accumulated Amortization
Intangible assets, net	$ 243,750	$ 243,750
Management Service Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	10 years	10 years
Intangible assets, cost	$ 7,940,398	$ 7,940,398
Intangible assets, Accumulated Amortization	(2,500,418)	(1,706,379)
Intangible assets, net	$ 5,439,980	$ 6,234,019
Non Compete Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	3 years	3 years
Intangible assets, cost	$ 306,000	$ 301,000
Intangible assets, Accumulated Amortization	(302,458)	(257,139)
Intangible assets, net	$ 3,542	$ 43,861

Schedule of Future Amortization of Intangible Assets (Details)	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 846,260
2023	799,686
2024	798,645
2025	798,645
2026	798,645
Thereafter	1,511,838
Total	$ 5,553,719

Intangibles Assets and Goodwill (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 888,153	$ 936,152

Schedule of Operating Lease Right of Use Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
Right of use assets, net of amortization	$ 4,948,393	$ 3,816,035

Schedule of Operating Lease Cost (Details) - USD ($)	12 Months Ended
Schedule of Operating Lease Cost (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
Operating lease expense	$ 1,333,916	$ 1,236,180

Schedule of Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 1,711,749
2023	1,612,648
2024	1,223,487
2025	869,279
2026	539,902
Thereafter	155,514
Total	6,112,579
Amount representing imputed interest	(615,513)
Total operating lease liability	5,497,066
Current portion of operating lease liability	(1,478,140)	$ (1,078,107)
Operating lease liability, non-current	$ 4,018,926	$ 3,506,484

Schedule of Notes Payable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Notes payable	$ 359,184	$ 4,486,207
Unamortized debt issuance costs		(312,858)
Less: current portion:	(254,487)	(2,527,324)
Notes payable, net of current portion	104,697	1,958,883
Notes Payable [Member]
Short-term Debt [Line Items]
Notes payable		1,750,000
Notes Payable One [Member]
Short-term Debt [Line Items]
Notes payable	43,413	72,238
Notes Payable Two [Member]
Short-term Debt [Line Items]
Notes payable	68,378	81,330
Notes Payable Three [Member]
Short-term Debt [Line Items]
Notes payable		19,191
Notes Payable Four [Member]
Short-term Debt [Line Items]
Notes payable		20,000
Notes Payable Five [Member]
Short-term Debt [Line Items]
Notes payable	59,913	81,862
Notes Payable Six [Member]
Short-term Debt [Line Items]
Notes payable	37,179	84,444
Notes Payable Seven [Member]
Short-term Debt [Line Items]
Notes payable	$ 150,301	$ 2,690,000

Schedule of Notes Payable (Details) (Parenthetical)								12 Months Ended
Schedule of Notes Payable (Details) (Parenthetical)	Oct. 29, 2020 USD ($)	Sep. 25, 2019 USD ($) Installment	Mar. 01, 2019 USD ($) Installment	Nov. 15, 2017 USD ($) Installment	Mar. 08, 2017 USD ($) Installment	Aug. 01, 2016 USD ($) Installment	May 04, 2016 USD ($) Installment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Short-term Debt [Line Items]
Notes payable								$ 359,184	$ 4,486,207
Notes Payable [Member]
Short-term Debt [Line Items]
Notes payable									1,750,000
Notes Payable One [Member]
Short-term Debt [Line Items]
Notes payable								43,413	72,238
Notes Payable One [Member] \| Financial Institution [Member]
Short-term Debt [Line Items]
Notes payable				$ 200,000
Debt instrument interest rate				5.00%
Debt instrument maturity date				May 15, 2023
Number of installments \| Installment				66
Debt instrument, periodic payment				$ 2,652
Balloon payment				$ 60,000
Notes Payable Two [Member]
Short-term Debt [Line Items]
Notes payable								68,378	81,330
Notes Payable Two [Member] \| Financial Institution [Member]
Short-term Debt [Line Items]
Notes payable						$ 131,400
Debt instrument interest rate						5.00%
Debt instrument maturity date						Jul. 01, 2026
Number of installments \| Installment						120
Debt instrument, periodic payment						$ 1,394
Notes Payable Three [Member]
Short-term Debt [Line Items]
Notes payable									19,191
Notes Payable Three [Member] \| Financial Institution [Member]
Short-term Debt [Line Items]
Notes payable							$ 200,000
Debt instrument interest rate							4.25%
Number of installments \| Installment							60
Debt instrument, periodic payment							$ 3,881
Notes Payable Four [Member]
Short-term Debt [Line Items]
Notes payable									20,000
Notes Payable Five [Member]
Short-term Debt [Line Items]
Notes payable								59,913	81,862
Notes Payable Five [Member] \| Advantage Therapy LLC [Member]
Short-term Debt [Line Items]
Notes payable			$ 112,800
Debt instrument interest rate			5.00%
Debt instrument maturity date			Jun. 01, 2024
Number of installments \| Installment			60
Debt instrument, periodic payment			$ 2,129
Notes Payable Six [Member]
Short-term Debt [Line Items]
Notes payable								37,179	$ 84,444
Notes Payable Six [Member] \| Financial Institution [Member]
Short-term Debt [Line Items]
Notes payable		$ 140,000
Debt instrument interest rate		5.39%
Debt instrument maturity date		Sep. 19, 2022
Number of installments \| Installment		36
Debt instrument, periodic payment		$ 4,225
Notes Payable Seven [Member]
Short-term Debt [Line Items]
Notes payable	$ 2,690,000
Debt instrument interest rate	7.00%
Debt instrument maturity date	Apr. 29, 2022
Edward S. Bredniak [Member] \| Notes Payable [Member]
Short-term Debt [Line Items]
Debt instrument face amount								2,000,000
Notes payable								$ 379,676
Debt instrument interest rate								10.00%
Debt instrument maturity date								Jan. 05, 2022
Employee [Member] \| Notes Payable Four [Member]
Short-term Debt [Line Items]
Notes payable					$ 101,906
Debt instrument interest rate					5.00%
Number of installments \| Installment					5
Debt instrument, periodic payment					$ 23,350

Schedule of Principal Maturities of Notes Payable (Details)	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 254,487
2023	51,657
2024	27,631
2025	15,813
2026	9,596
Thereafter
Total	$ 359,184

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Schedule of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of Shares Outstanding, beginning balance	360,169	306,202
Weighted Average Exercise Price Outstanding, beginning balance	$ 3.43	$ 4.04
Weighted Average Remaining Contractual Life beginning balance	3 years 4 months 6 days	3 years 4 months 17 days
Number of Shares, Granted	49,000	90,500
Weighted Average Exercise Price, Granted	$ 1.60	$ 1.24
Weighted Average Remaining Contractual Life, Granted	3 years 4 months 24 days	3 years 25 days
Number of Shares, Exercised
Weighted Average Exercise Price, Exercised
Weighted Average Remaining Contractual Life, Cancelled
Number of Shares, Cancelled	(42,118)	(36,533)
Weighted Average Exercise Price, Cancelled	$ 3.92	$ 2.12
Weighted Average Remaining Contractual Life, Cancelled	1 year 5 months 8 days	2 years 10 months 13 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 6 months 29 days	3 years 4 months 6 days
Number of Shares Outstanding, ending balance	367,051	360,169
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 3.23	$ 3.43

Schedule of Restricted Stock Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of Shares Outstanding, Beginning balance	440,625	247,500
Weighted Average Grant Date Fair Value, Beginning balance	$ 1.83	$ 4.04
Number of Shares, Granted	27,000	310,000
Weighted Average Grant Date Fair Value, Granted	$ 1.56	$ 0.83
Number of Shares, Vested	(206,875)	(76,875)
Weighted Average Grant Date Fair Value, Vested	$ 1.56	$ 3.72
Number of Shares, Cancelled		(40,000)
Weighted Average Grant Date Fair Value, Cancelled		$ 4.04
Number of Shares, Ending balance	260,750	440,625
Weighted Average Grant Date Fair Value, Ending balance	$ 2.02	$ 1.83

Shareholders’ Equity (Details Narrative) - USD ($)											1 Months Ended	12 Months Ended
Shareholders’ Equity (Details Narrative) - USD ($)	Oct. 27, 2021	Oct. 01, 2021	Apr. 07, 2021	Jan. 30, 2021	Oct. 20, 2020	Oct. 05, 2020	Jun. 18, 2020	May 21, 2020	Aug. 13, 2019	May 21, 2019	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	May 31, 2018
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Value, New Issues												$ 20,528,299	$ 5,268,215
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross												49,000	90,500
Stock option granted												27,000	310,000
Number of shares vested												206,875	76,875
Restricted Stock Units (RSUs) [Member]
Subsidiary, Sale of Stock [Line Items]
Vesting period					1 year					4 years
Outstanding restricted stock of its common stock										$ 277,500
Stock option granted									30,000
Number of shares vested					300,000			10,000
Non Qualified Stock Options [Member] \| Various Employees [Member]
Subsidiary, Sale of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross												367,051
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights												Most options vest over a period of
Vesting period												4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage												25.00%
Remaining vesting percentage equal monthly installments												75.00%
2018 Incentive Compensation Plan Member [Member]
Subsidiary, Sale of Stock [Line Items]
Reserving for issuance														1,000,000
Board of Directors Chairman [Member] \| Restricted Stock Units (RSUs) [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares vested												150,000
Non Executive Staff And Contractors [Member] \| Restricted Stock Units (RSUs) [Member]
Subsidiary, Sale of Stock [Line Items]
Vesting period				1 year
Stock option granted				17,000
Consultant [Member]
Subsidiary, Sale of Stock [Line Items]
Stock option granted	10,000
Ascendiant Capital Markets [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance initial public offering											$ 1,200,000
Sale of Stock, Number of Shares Issued in Transaction												1,541,758
Sale of Stock, Consideration Received on Transaction												$ 2,900,000
At The Market Issuance Sales Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Value, Issued for Services						$ 5,000,000
Stock purchase agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued during period, shares		810,811
Stock purchase agreement [Member] \| Louisiana Acquistion [Member]
Subsidiary, Sale of Stock [Line Items]
Stock consideration		$ 1,200,000
Registered Direct Offering [Member] \| Securities Purchase Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued during period, shares							1,764,000
Shares issued, price per share							$ 1.50
Issuance initial public offering							$ 2,644,000
Payment for indebtedness							$ 500,000
IPO [Member] \| Underwriters [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued during period, shares			1,193,750
Shares issued, price per share			$ 1.60
Issuance initial public offering			$ 1,910,000
Stock Issued During Period, Value, New Issues			$ 115,000
IPO [Member] \| Ascendiant Capital Markets [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued during period, shares											10,625,000
Issuance initial public offering											$ 17,000,000.0
Payment for indebtedness											$ 1,800,000
Over-Allotment Option [Member] \| Underwriters [Member]
Subsidiary, Sale of Stock [Line Items]
Percentage of over-allotment option exercised			15.00%

Retirement Plan (Details Narrative) - 401(k) Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Matching contributions, percentage of match	50.00%
Matching contributions, percent of employees' gross pay	6.00%
Matching contributions, amount	$ 139,870	$ 103,902

Schedule of Components of Income Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current income tax expense (refund) - federal
Current income tax expense (refund) - state
Total current income tax expense (refund)
Deferred income tax expense (benefit) - federal
Deferred income tax expense (benefit) - state
Total deferred income tax expense (benefit)
Total provision for income taxes

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Schedule of Company’s Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax	21.00%	21.00%
Permanent differences	(0.01%)	(0.04%)
Change in valuation allowance	(25.77%)	(25.73%)
State income taxes, net of federal benefit	4.78%	4.77%
Total	0.00%	0.00%

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Reserves & allowances	$ 20,880	$ 73,758
Charitable contribution carry-forward	3,020	3,020
Net operating loss carry-forward - federal	6,049,391	3,826,275
Net operating loss carry-forward - state	1,887,147	1,182,423
Non-qualified stock options	349,328	202,222
Total deferred tax assets	8,309,766	5,287,698
Deferred tax liabilities:
Depreciation	(200,738)	(161,956)
Amortization	(119,004)	(58,951)
Total deferred tax liabilities	(319,742)	(220,907)
Less valuation allowance	(7,990,024)	(5,066,791)
Total net deferred tax assets

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 7,990,024	$ 5,066,791
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	2,900,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	28,800,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 30,100,000

Commitments and Contingencies (Details Narrative) - Contractor [Member] - Covent Bridge Group [Member] - USD ($)		1 Months Ended
	Oct. 21, 2021	Nov. 30, 2020	Dec. 31, 2021	Jun. 03, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Accounts payable			$ 2,709,265	$ 2,918,472
Actual overpayment amount			$ 5,327.73
Statistical extrapolation amount	$ 6,791.33	$ 11,530
Overpaid amount	$ 2,716,056.33

Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($)	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated deficit	$ (25,325,482)	$ (22,432,851)	$ (19,894,110)	$ (17,639,909)	$ (16,167,510)	$ (14,192,398)	$ (22,432,851)	$ (16,167,510)	$ (25,325,482)	$ (17,639,909)	$ (28,206,934)	$ (17,664,687)	$ (12,122,249)
Non-controlling interests
Net loss attributable to non-controlling interest
Net loss attributable to IMAC Holdings, Inc.	$ (2,892,631)	$ (2,538,741)	$ (2,229,423)	$ (1,472,399)	$ (1,975,112)	$ (2,070,149)	$ (4,768,164)	$ (4,045,261)	$ (7,660,795)	$ (5,517,660)		$ (5,542,438)
Basic and diluted loss per common share	$ (0.11)	$ (0.10)	$ (0.17)	$ (0.12)	$ (0.19)	$ (0.22)	$ (0.24)	$ (0.41)	$ (0.36)	$ (0.52)	$ (0.47)	$ (0.50)
Previously Reported [Member]
Accumulated deficit	$ (20,752,598)	$ (19,031,862)	$ (17,035,818)	$ (15,235,941)	$ (13,806,283)	$ (11,775,595)	$ (19,031,862)	$ (13,806,283)	$ (20,752,598)	$ (15,235,941)		$ (15,045,783)	(10,042,050)
Non-controlling interests	(4,572,884)	(3,400,989)	(2,858,292)	(2,403,968)	(2,361,227)	(2,416,803)	(3,400,989)	(2,361,227)	(4,572,884)	(2,403,968)		(2,618,904)	$ (2,080,199)
Net loss attributable to non-controlling interest	(1,171,895)	(542,697)	(239,388)	(42,741)	55,576	(336,604)	(782,085)	(281,028)	(1,953,980)	(323,769)		(538,705)
Net loss attributable to IMAC Holdings, Inc.	$ (1,720,736)	$ (1,996,044)	$ (1,990,035)	$ (1,429,658)	$ (2,030,688)	$ (1,733,545)	$ (3,986,079)	$ (3,764,233)	$ (5,706,815)	$ (5,193,891)		$ (5,003,733)
Basic and diluted loss per common share	$ (0.07)	$ (0.08)	$ (0.15)	$ (0.12)	$ (0.20)	$ (0.18)	$ (0.20)	$ (0.38)	$ (0.27)	$ (0.49)		$ (0.45)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details