IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a
provider of innovative medical advancements and care, specializing
in regenerative rehabilitation treatments without the use of
surgery or opioids, today announces its financial results for its
second quarter ended June 30, 2020.
Recent Financial and Select Corporate
Highlights:
- Completed a $2.65 million offering
of common stock
- Received more than $2.1 million in
financial aid from the US Department of Health and Human Services
and Small Business Administration
- Announced results from an internal
analysis of treatment outcomes for musculoskeletal conditions
showing over 80% of IMAC patients reported improvement in
movement
- Wellness Membership subscribers
increased 30% during the quarter to 637 members
- Headcount was 133 employees at June
30, down 16% for the year
- On July 24, 2020, sold real estate
in Lexington, Kentucky in a sale-leaseback transaction for a sale
price of $1,300,000, eliminating $1,232,000 of liabilities, while
entering into a five-year lease of the property with the
purchaser
- Received U.S. Food and Drug
Administration authorization to initiate a clinical study of its
umbilical cord-derived allogenic mesenchymal stem cells for the
treatment of bradykinesia due to Parkinson’s disease
“The COVID-19 pandemic impacted on our
day-to-day business, as reflected in decreases in key financial
measurements compared to the previous quarter and the same period
during 2019. While there was a decrease in patient visits and
revenue, our implementation of advanced telemedicine therapy,
acceleration of expense synergies, and utilization of
government-sponsored aid helped us avoid a catastrophic reduction
in business. We have already witnessed a recovery in business as
evidenced in same-store visit growth of 7% in June 2020 as compared
to June 2019,” noted Jeffrey Ervin, IMAC’s Chief Executive
Officer.
“In addition, we received clearance to initiate
a Phase 1 clinical trial of our umbilical cord-derived allogenic
mesenchymal stem cells to improve movement for Parkinson’s disease
patients. We appreciate the FDA for authorizing the trial to be
conducted in IMAC clinics and our medical doctors are excited to be
part of the process, which will significantly reduce trial costs.
We are working to combine our already established movement and
balance services with proprietary neurological services to expand
our patient profile and competitive advantage beyond traditional
rehabilitation centers. Furthermore, we believe our stem cell
product could provide us with revenue expansion opportunities if
our trial is successful.”
Results of Operations for the Three and
Six Months Ended June 30, 2020
Patient service revenues decreased 32% to $2.6
million for the three months ended June 30, 2020, compared to $3.8
million for the three months ended June 30, 2019. This decrease was
primarily due to the impact of COVID-19. Patient service revenues
decreased 10% to $5.9 million for the six months ended June 30,
2020, compared to $6.5 million for the six months ended June 30,
2019. This decrease is attributable to the IMAC Chicago and IMAC
Florida acquisitions that occurred in April 2019 and January 2020,
respectively, along with the impact of COVID-19.
Net cash provided by financing activities during
the six months ended June 30, 2020 was $5.9 million, including
proceeds from notes payable, net of related fees and payments,
which totaled $2.1 million, and proceeds from the issuance of
common stock of $3.8 million. Net cash provided by financing
activities during the six months ended June 30, 2019 was $4.1
million, including proceeds from our initial public offering, net
of related fees.
About IMAC Holdings, Inc.
IMAC Holdings was created in March 2015 to
expand on the footprint of the original IMAC Regeneration Center,
which opened in Kentucky in August 2000. IMAC Regeneration Centers
combine life science advancements with traditional medical care for
movement-restricting diseases and conditions. It owns or manages 15
outpatient clinics that provide regenerative, orthopedic and
minimally invasive procedures and therapies. It has partnered with
several active and former professional athletes, opening two Ozzie
Smith IMAC Regeneration Centers, two David Price IMAC Regeneration
Centers, one Tony Delk IMAC Regeneration Center, and three IMAC
Regeneration Centers sponsored by Mike Ditka. IMAC’s outpatient
medical clinics emphasize its focus around treating sports and
orthopedic injuries without surgery or opioids. More information
about IMAC Holdings, Inc. is available at
www.imacregeneration.com
Safe Harbor Statement
This press release contains forward-looking
statements. These forward-looking statements, and terms such as
“anticipate,” “expect,” “believe,” “may,” “will,” “should” or other
comparable terms, are based largely on IMAC's expectations and are
subject to a number of risks and uncertainties, certain of which
are beyond IMAC's control. Actual results could differ materially
from these forward-looking statements as a result of, among other
factors, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the skills and experience necessary to meet customers’
requirements, and its ability to protect its intellectual property.
IMAC encourages you to review other factors that may affect its
future results in its registration statement and in its other
filings with the Securities and Exchange Commission. In light of
these risks and uncertainties, there can be no assurance that the
forward-looking information contained in this press release will in
fact occur.
IMAC Press Contact:Laura Fristoe
lfristoe@imacrc.com
Investors:Bret Shapiro (516) 222-2560
brets@coreir.com
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,802,769 |
|
|
$ |
373,689 |
|
Accounts receivable, net |
|
|
1,489,872 |
|
|
|
1,258,325 |
|
Deferred compensation, current portion |
|
|
263,859 |
|
|
|
312,258 |
|
Other assets |
|
|
336,958 |
|
|
|
633,303 |
|
Total current assets |
|
|
4,893,458 |
|
|
|
2,577,575 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
3,293,992 |
|
|
|
3,692,009 |
|
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
2,040,696 |
|
|
|
2,040,696 |
|
Intangible assets, net |
|
|
7,081,218 |
|
|
|
7,169,072 |
|
Deferred equity costs |
|
|
143,655 |
|
|
|
170,274 |
|
Deferred compensation, net of current portion |
|
|
356,085 |
|
|
|
549,563 |
|
Security deposits |
|
|
451,284 |
|
|
|
499,488 |
|
Right of use asset |
|
|
3,600,198 |
|
|
|
3,719,401 |
|
Total other assets |
|
|
13,673,136 |
|
|
|
14,148,494 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
21,860,586 |
|
|
$ |
20,418,078 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,543,165 |
|
|
$ |
2,909,666 |
|
Patient deposits |
|
|
351,142 |
|
|
|
189,691 |
|
Notes payable, current portion, net of deferred loan costs |
|
|
4,471,874 |
|
|
|
1,422,554 |
|
Finance lease obligation, current portion |
|
|
17,853 |
|
|
|
17,473 |
|
Line of credit |
|
|
79,961 |
|
|
|
79,961 |
|
Liability to issue common stock, current portion |
|
|
326,356 |
|
|
|
421,044 |
|
Operating lease liability, current portion |
|
|
980,967 |
|
|
|
1,025,247 |
|
Total current liabilities |
|
|
8,771,318 |
|
|
|
6,065,636 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Notes payable, net of current portion |
|
|
1,232,677 |
|
|
|
2,109,065 |
|
Finance lease obligation, net of current portion |
|
|
57,542 |
|
|
|
66,565 |
|
Liability to issue common stock, net of current portion |
|
|
362,979 |
|
|
|
578,866 |
|
Operating lease liability, net of current portion |
|
|
3,482,242 |
|
|
|
3,660,654 |
|
Other non-current liabilities |
|
|
30,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
13,936,758 |
|
|
|
12,480,786 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock - $0.001 par value, 5,000,000 authorized, nil
issued and outstanding at June 30, 2020 and December 31, 2019 |
|
|
- |
|
|
|
- |
|
Common stock - $0.001 par value, 30,000,000 authorized, 11,839,973
and 8,913,258 shares issued and outstanding at June 30, 2020 and
December 31, 2019, respectively |
|
|
11,834 |
|
|
|
8,907 |
|
Additional paid-in capital |
|
|
24,079,504 |
|
|
|
20,050,634 |
|
Accumulated deficit |
|
|
(13,806,283 |
) |
|
|
(10,042,050 |
) |
Non-controlling interest |
|
|
(2,361,227 |
) |
|
|
(2,080,199 |
) |
Total stockholders’ equity |
|
|
7,923,828 |
|
|
|
7,937,292 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
21,860,586 |
|
|
$ |
20,418,078 |
|
See accompanying notes to the unaudited condensed
consolidated financial statements.
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient revenues, net |
|
$ |
2,572,580 |
|
|
$ |
3,756,755 |
|
|
$ |
5,881,649 |
|
|
$ |
6,526,583 |
|
Management fees |
|
|
- |
|
|
|
- |
|
|
|
12,487 |
|
|
|
- |
|
Total revenue |
|
|
2,572,580 |
|
|
|
3,756,755 |
|
|
|
5,894,136 |
|
|
|
6,526,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient expenses |
|
|
405,367 |
|
|
|
927,778 |
|
|
|
785,184 |
|
|
|
1,363,907 |
|
Salaries and benefits |
|
|
2,334,249 |
|
|
|
2,593,209 |
|
|
|
5,260,399 |
|
|
|
4,657,832 |
|
Share-based compensation |
|
|
121,945 |
|
|
|
171,590 |
|
|
|
203,029 |
|
|
|
175,339 |
|
Advertising and marketing |
|
|
174,350 |
|
|
|
349,328 |
|
|
|
416,167 |
|
|
|
696,344 |
|
Grant funds |
|
|
(415,978 |
) |
|
|
- |
|
|
|
(415,978 |
) |
|
|
- |
|
General and administrative |
|
|
1,208,457 |
|
|
|
1,429,822 |
|
|
|
2,444,595 |
|
|
|
2,407,191 |
|
Depreciation and amortization |
|
|
453,651 |
|
|
|
396,989 |
|
|
|
904,146 |
|
|
|
682,556 |
|
Total operating expenses |
|
|
4,282,041 |
|
|
|
5,868,716 |
|
|
|
9,597,542 |
|
|
|
9,983,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(1,709,461 |
) |
|
|
(2,111,961 |
) |
|
|
(3,703,406 |
) |
|
|
(3,456,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
39 |
|
|
|
5 |
|
|
|
39 |
|
|
|
5 |
|
Other income (expenses) |
|
|
- |
|
|
|
665 |
|
|
|
- |
|
|
|
(15,290 |
) |
Beneficial conversion interest expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(639,159 |
) |
Loss on extinguishment of debt |
|
|
(109,544 |
) |
|
|
- |
|
|
|
(109,544 |
) |
|
|
- |
|
Loss on disposal of assets |
|
|
(21,225 |
) |
|
|
- |
|
|
|
(21,225 |
) |
|
|
- |
|
Interest expense |
|
|
(134,921 |
) |
|
|
(85,210 |
) |
|
|
(211,125 |
) |
|
|
(115,881 |
) |
Total other (expenses) |
|
|
(265,651 |
) |
|
|
(84,540 |
) |
|
|
(341,855 |
) |
|
|
(770,325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before income
taxes |
|
|
(1,975,112 |
) |
|
|
(2,196,501 |
) |
|
|
(4,045,261 |
) |
|
|
(4,226,911 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(1,975,112 |
) |
|
|
(2,196,501 |
) |
|
|
(4,045,261 |
) |
|
|
(4,226,911 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income) attributable
to the non-controlling interest |
|
|
(55,576 |
) |
|
|
295,733 |
|
|
|
281,028 |
|
|
|
726,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to IMAC
Holdings, Inc. |
|
$ |
(2,030,688 |
) |
|
$ |
(1,900,768 |
) |
|
$ |
(3,764,233 |
) |
|
$ |
(3,499,955 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
10,184,294 |
|
|
|
8,106,177 |
|
|
|
9,897,773 |
|
|
|
7,018,559 |
|
See accompanying notes to the unaudited condensed
consolidated financial statements.
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
STOCKHOLDERS’ EQUITY(Unaudited)
|
|
Common Stock |
|
|
Additional |
|
|
Non- |
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Par |
|
|
Paid-In- Capital |
|
|
Controlling Interest |
|
|
Accumulated Deficit |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31,
2018 |
|
|
4,553,623 |
|
|
$ |
4,534 |
|
|
$ |
1,233,966 |
|
|
$ |
(1,625,840 |
) |
|
$ |
(3,544,820 |
) |
|
$ |
(3,932,160 |
) |
Common stock issued for
initial public offering proceeds, net of related fees |
|
|
850,000 |
|
|
|
850 |
|
|
|
3,503,314 |
|
|
|
- |
|
|
|
- |
|
|
|
3,504,164 |
|
Issuance of common stock in
connection with convertible notes |
|
|
449,217 |
|
|
|
449 |
|
|
|
2,245,636 |
|
|
|
- |
|
|
|
- |
|
|
|
2,246,085 |
|
Issuance of common stock in
connection with acquisitions |
|
|
1,410,183 |
|
|
|
1,410 |
|
|
|
7,247,798 |
|
|
|
- |
|
|
|
- |
|
|
|
7,249,208 |
|
Exercise of warrants |
|
|
9,900 |
|
|
|
10 |
|
|
|
49,490 |
|
|
|
- |
|
|
|
- |
|
|
|
49,500 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(431,223 |
) |
|
|
(1,599,187 |
) |
|
|
(2,030,410 |
) |
Balance, March 31, 2019 |
|
|
7,252,923 |
|
|
|
7,253 |
|
|
|
14,280,204 |
|
|
|
(2,057,063 |
) |
|
|
(5,144,007 |
) |
|
|
7,086,387 |
|
Issuance of common stock in
connection with acquisitions |
|
|
1,002,306 |
|
|
|
1,002 |
|
|
|
4,072,436 |
|
|
|
- |
|
|
|
- |
|
|
|
4,073,438 |
|
Exercise of warrants |
|
|
61,569 |
|
|
|
62 |
|
|
|
307,783 |
|
|
|
- |
|
|
|
- |
|
|
|
307,845 |
|
Issuance of employee stock
options |
|
|
- |
|
|
|
- |
|
|
|
16,216 |
|
|
|
- |
|
|
|
- |
|
|
|
16,216 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(295,733 |
) |
|
|
(1,900,768 |
) |
|
|
(2,351,875 |
) |
Balance, June 30, 2019 |
|
|
8,316,798 |
|
|
$ |
8,317 |
|
|
$ |
18,676,639 |
|
|
$ |
(2,352,796 |
) |
|
$ |
(7,044,775 |
) |
|
$ |
9,287,385 |
|
|
|
Common Stock |
|
|
Additional |
|
|
Non- |
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Par |
|
|
Paid-In- Capital |
|
|
Controlling Interest |
|
|
Accumulated Deficit |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31,
2019 |
|
|
8,913,258 |
|
|
$ |
8,907 |
|
|
$ |
20,050,634 |
|
|
$ |
(2,080,199 |
) |
|
$ |
(10,042,050 |
) |
|
$ |
7,937,292 |
|
Issuance of common stock |
|
|
1,095,840 |
|
|
|
1,096 |
|
|
|
1,376,122 |
|
|
|
- |
|
|
|
- |
|
|
|
1,377,218 |
|
Issuance of employee stock
options |
|
|
- |
|
|
|
- |
|
|
|
38,359 |
|
|
|
- |
|
|
|
- |
|
|
|
38,359 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(336,604 |
) |
|
|
(1,733,545 |
) |
|
|
(2,070,149 |
) |
Balance, March 31, 2020 |
|
|
10,009,098 |
|
|
|
10,003 |
|
|
|
21,465,115 |
|
|
|
(2,416,803 |
) |
|
|
(11,775,595 |
) |
|
|
7,282,720 |
|
Issuance of common stock |
|
|
1,830,875 |
|
|
|
1,831 |
|
|
|
2,576,820 |
|
|
|
- |
|
|
|
- |
|
|
|
2,578,651 |
|
Issuance of employee stock
options |
|
|
- |
|
|
|
- |
|
|
|
37,569 |
|
|
|
- |
|
|
|
- |
|
|
|
37,569 |
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
55,576 |
|
|
|
(2,030,688 |
) |
|
|
(1,975,112 |
) |
Balance, June 30, 2020 |
|
|
11,839,973 |
|
|
$ |
11,834 |
|
|
$ |
24,079,504 |
|
|
$ |
(2,361,227 |
) |
|
$ |
(13,806,283 |
) |
|
$ |
7,923,828 |
|
See accompanying notes to unaudited condensed
consolidated financial statements.
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)
|
|
Six Months EndedJune 30, |
|
|
|
2020 |
|
|
2019 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,045,261 |
) |
|
$ |
(4,226,911 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
904,146 |
|
|
|
682,556 |
|
Beneficial conversion interest expense |
|
|
- |
|
|
|
639,159 |
|
Share based compensation |
|
|
203,030 |
|
|
|
175,339 |
|
Loss on disposition of assets |
|
|
(16,577 |
) |
|
|
- |
|
(Increase) decrease in operating assets: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(210,707 |
) |
|
|
(259,712 |
) |
Other assets |
|
|
299,721 |
|
|
|
(98,685 |
) |
Security deposits |
|
|
48,204 |
|
|
|
(70,773 |
) |
Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
(329,056 |
) |
|
|
675,820 |
|
Patient deposits |
|
|
161,451 |
|
|
|
861,409 |
|
Lease incentive obligation |
|
|
- |
|
|
|
(57,262 |
) |
Net cash used in operating activities |
|
|
(2,985,049 |
) |
|
|
(1,679,060 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(10,511 |
) |
|
|
(389,469 |
) |
Purchase of license fee |
|
|
(243,750 |
) |
|
|
- |
|
Acquisition of IMAC Florida (Note 6) |
|
|
(200,000 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(454,261 |
) |
|
|
(389,469 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from initial public offering, net of related fees |
|
|
- |
|
|
|
3,839,482 |
|
Proceeds from warrants exercised |
|
|
- |
|
|
|
357,345 |
|
Proceeds from issuance of common stock |
|
|
3,774,617 |
|
|
|
- |
|
Proceeds from notes payable |
|
|
2,891,520 |
|
|
|
100,000 |
|
Payments on notes payable |
|
|
(719,104 |
) |
|
|
(54,377 |
) |
Payments of debt issuance costs |
|
|
(70,000 |
) |
|
|
- |
|
Proceeds from line of credit |
|
|
- |
|
|
|
20,000 |
|
Payments on line of credit |
|
|
- |
|
|
|
(150,000 |
) |
Payments on finance lease obligation |
|
|
(8,643 |
) |
|
|
(6,835 |
) |
Net cash provided by financing
activities |
|
|
5,868,390 |
|
|
|
4,105,615 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
|
2,429,080 |
|
|
|
2,037,086 |
|
|
|
|
|
|
|
|
|
|
Cash, beginning of period |
|
|
373,689 |
|
|
|
194,316 |
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
2,802,769 |
|
|
$ |
2,231,402 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
56,058 |
|
|
$ |
30,671 |
|
Non cash financing and
investing: |
|
|
|
|
|
|
|
|
Debt discount notes
payable |
|
$ |
115,000 |
|
|
$ |
- |
|
Business acquisition via stock
issuance |
|
$ |
- |
|
|
$ |
3,771,978 |
|
See accompanying notes to the unaudited condensed
consolidated financial statements.
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