UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 4.02 | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On May 16, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of the Company, in consultation with management, concluded that the following previously issued consolidated financial statements of the Company should no longer be relied upon and need to be restated because of a non-cash error in accounting for its preferred dividends: (1) the financial statements pertaining to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, (2) the financial statements pertaining to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 and (3) the financial statements pertaining to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
The Company is currently assessing the impact of the error on its financial statements and is working to amend each quarterly or annual report as needed.
The errors described above are not related to the Company’s cash position and stem from a material weakness in the Company’s internal control over financial reporting (“ICFR”). This material weakness is attributed to the Company not having sufficient resources within its accounting department to address complex financial instruments in the consolidated financial statements, as previously concluded by management in Item 9A of the Form 10-K.
The Audit Committee and management have discussed the matters disclosed in this Form 8-K with Marcum LLP, the Company’s independent registered public accounting firm.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 20, 2025
| IMAC HOLDINGS, INC. | ||
| By: | /s/ Faith Zaslavsky | |
| Name: | Faith Zaslavsky | |
| Title: | Chief Executive Officer | |