The balance sheet reflects a severe insolvency risk, with total liabilities of $13.3 million vastly exceeding the remaining $310.1K in total assets.
| Total Current Assets | 310.06K | 684.34K | 1.14M | 10.83M | 9.07M | 4.76M | 2.58M | 668.11K | 708.46K | 1.6M |
| Cash & Short-Term Investments | 45.05K | 504.19K | 221.51K | 763.21K | 7.12M | 2.62M | 373.69K | 194.32K | 127.79K | 876.21K |
| Cash Only | 45.05K | 504.19K | 221.51K | 763.21K | 7.12M | 2.62M | 373.69K | 194.32K | 127.79K | 876.21K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 28.03K | 731.07K | 2.88M | 1.21M | 1.51M | 1.26M | 303.63K | 139.99K | 301K |
| Days Sales Outstanding | 112.56 | 142 | 51.34 | 64.97 | 30.68 | 43.05 | 30.36 | 16.54 | 65 | 7.32K |
| Inventory | 0 | 0 | 0 | 196.12K | 191.66K | 0 | 312.26K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 47.46 | 42.96 | - | 44.87 | - | - | - |
| Other Current Assets | 265K | 152.12K | 191.54K | 6.99M | 547.54K | 619.73K | 633.3K | 170.16K | 93.04K | 2.74K |
| Total Non-Current Assets | 0 | 904.68K | 762K | 6.87M | 18.16M | 14.99M | 17.84M | 10.41M | 570.62K | 0 |
| Property, Plant & Equipment | 0 | 904.68K | 762K | 5.21M | 7.27M | 5.59M | 7.41M | 3.33M | 542.79K | 0 |
| Fixed Asset Turnover | 0.04x | 0.08x | 6.82x | 3.11x | 1.98x | 2.29x | 2.04x | 2.01x | 1.45x | - |
| Goodwill | 0 | 0 | 0 | 0 | 4.66M | 2.04M | 2.04M | 2.04M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 1.37M | 5.8M | 6.61M | 7.17M | 4.26M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 300.43K | 430.87K | 743.31K | 1.22M | 773.48K | 27.83K | 0 |
| Total Assets | 310.06K | 1.59M | 1.14M | 11.08M | 27.23M | 19.75M | 20.42M | 11.07M | 1.28M | 1.6M |
| Asset Turnover | 0.02x | 0.05x | 4.54x | 1.46x | 0.53x | 0.65x | 0.74x | 0.61x | 0.61x | 0.01x |
| Asset Growth % | -66.36% | 38.89% | -89.68% | -59.3% | 37.9% | -3.29% | 84.37% | 765.84% | -20.13% | - |
| Total Current Liabilities | 13.29M | 7.98M | 1.9M | 6.43M | 4.93M | 5.95M | 6.07M | 13.83M | 473.82K | 51.09K |
| Accounts Payable | 4.91M | 2.71M | 584.05K | 568.64K | 2.52M | 1.69M | 2.91M | 1.26M | 56.66K | 2.99K |
| Days Payables Outstanding | 3.31K | 3.25K | 158.1 | 137.6 | 565.66 | 380.35 | 418.07 | 493.07 | 327.18 | 255.91 |
| Short-Term Debt | 3.83M | 0 | 0 | 51.66K | 254.49K | 2.53M | 1.5M | 4.84M | 182.93K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 241.67K | 320.92K | 295.07K | 189.69K | 454.38K | 130.91K | 0 |
| Other Current Liabilities | 4.01M | 4.02M | 1.31M | 4.18M | 337.94K | 339.38K | 421.04K | 7.26M | 95.5K | 48.1K |
| Current Ratio | 0.02x | 0.09x | 0.60x | 1.68x | 1.84x | 0.80x | 0.42x | 0.05x | 1.50x | 31.35x |
| Quick Ratio | 0.02x | 0.09x | 0.60x | 1.65x | 1.80x | 0.80x | 0.37x | 0.05x | 1.50x | 31.35x |
| Cash Conversion Cycle | -3.19K | - | - | -25.17 | -492.02 | - | -342.84 | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 2.72M | 4.34M | 5.98M | 6.42M | 1.18M | 633.83K | 500K |
| Long-Term Debt | 0 | 0 | 0 | 53.04K | 104.7K | 1.96M | 2.11M | 317.29K | 456.15K | 500K |
| Capital Lease Obligations | 0 | 0 | 0 | 2.66M | 4.05M | 3.55M | 3.73M | 84.04K | 52.49K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 189.38K | 468.76K | 578.87K | 774.45K | 125.18K | 0 |
| Total Liabilities | 13.29M | 7.98M | 1.9M | 6.43M | 9.28M | 11.93M | 12.48M | 15.01M | 1.11M | 551.09K |
| Total Debt | 3.83M | 0 | 0 | 4.16M | 5.9M | 9.14M | 8.38M | 5.26M | 759.83K | 500K |
| Net Debt | 3.78M | -504.19K | -221.51K | 3.39M | -1.21M | 6.51M | 8.01M | 5.06M | 632.04K | -376.2K |
| Debt / Equity | -0.30x | - | - | 0.89x | 0.33x | 1.17x | 1.06x | - | 4.43x | 0.48x |
| Debt / EBITDA | -0.50x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.50x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -7.49x | -8.29x | -50.82x | -3752.49x | -19.91x | -8.84x | -6.74x | -23.61x | -32.76x | - |
| Total Equity | -12.98M | -6.39M | -752.65K | 4.65M | 17.95M | 7.81M | 7.94M | -3.93M | 171.43K | 1.05M |
| Equity Growth % | -1764.01% | -749.53% | -116.18% | -74.09% | 129.78% | -1.56% | 301.86% | -2393.74% | -83.68% | - |
| Book Value per Share | -3.43 | -4.07 | -0.68 | 4.94 | 23.88 | 21.21 | 30.71 | -16.29 | 1.14 | 7.05 |
| Total Shareholders' Equity | -12.98M | -6.39M | -752.65K | 4.65M | 17.95M | 10.43M | 10.02M | -2.31M | 747.42K | 767.1K |
| Common Stock | 1.34K | 1.17K | 1.15K | 1.1K | 26.22K | 12.83K | 8.91K | 6.58K | 6.58K | 6.49K |
| Retained Earnings | -72.38M | -64.98M | -55.94M | -46.52M | -28.21M | -15.05M | -10.04M | -3.54M | -491.08K | -433.9K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -2.62M | -2.08M | -1.63M | -575.99K | 283.36K |
Imminent insolvency and liquidation
As reported in recent financial statements, total assets have plummeted from $4.3 million in 2023Q3 to a mere $310.1K by 2025Q3, signaling a near-total liquidation of the company's operational footprint and a fundamental collapse in the firm's underlying value proposition over the observed period.
The consistent decline in total assets suggests that the company is systematically shedding its clinical infrastructure to satisfy mounting liabilities. This trajectory indicates that the business is no longer a going concern in its original form, with the remaining asset base providing negligible support for future operations.
According to the latest quarterly filings, the current ratio has deteriorated to a precarious 0.02, reflecting a severe liquidity crisis where cash reserves of only $45.1K are insufficient to cover the company's immediate obligations, leaving virtually no buffer against further operational shocks or creditor demands.
The rapid contraction of the current ratio from 0.84 in 2023Q3 to near-zero levels highlights an inability to meet short-term liabilities. Investors should monitor this trend as it suggests that the company is likely reliant on external financing or asset fire-sales to maintain even minimal corporate functions.
Based on reported figures, shareholders' equity has spiraled into a deep deficit of -$13.0 million as of 2025Q3, driven by persistent net losses and the accumulation of a $72.4 million deficit in retained earnings, which effectively wipes out all residual value for common equity holders.
The persistent negative equity indicates that the company's liabilities have consistently exceeded its assets for several quarters. This structural imbalance suggests that the firm is technically insolvent, with the equity account serving as a repository for the cumulative failure of the historical business model.
As indicated by the balance sheet data, total debt has fluctuated significantly, reaching $3.8 million in 2025Q3, which, when contrasted with the near-zero asset base, suggests that the company is struggling to manage its remaining debt obligations while its revenue-generating capacity has effectively vanished.
The presence of debt in a company with virtually no assets or revenue warrants further investigation into the nature of these obligations and their seniority. It appears that the firm is attempting to navigate a debt-heavy structure without the operational cash flow necessary to service or refinance these liabilities.
While the balance sheet shows a total absence of goodwill and PPE as of 2025Q3, the rapid disappearance of these items suggests that the company may have incurred significant impairment charges or fire-sale losses that are not fully captured in the headline asset values.
The transition from $1.2 million in PPE in 2023Q3 to zero in 2025Q3 implies a complete exit from physical clinical operations. This rapid divestiture may have triggered undisclosed legal or lease-break liabilities that could further impair the company's already fragile financial position.
Quick answers to the most common questions about buying BACK stock.
As of 2024, IMAC Holdings, Inc. (BACK) had total assets of $1.6M including $0.7M in current assets.
IMAC Holdings, Inc. (BACK) carries total debt of $0.0M, offset by $0.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IMAC Holdings, Inc. (BACK) has total shareholders' equity (book value) of $-6.4M ($-4.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IMAC Holdings, Inc. (BACK) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.