Mergers and Acquisitions - The company completed a merger with Old iCore on August 25, 2023, resulting in Old iCore becoming a wholly-owned subsidiary[17] - The company sold the assets of its Managed IT Services on October 1, 2024, indicating a strategic shift in its business focus[18] - The company is actively evaluating opportunities for acquisitions or investments in complementary businesses and technologies[42] Product Offerings - The company offers a range of HIPAA-compliant SaaS products, including iCoreRx and iCoreVerify, aimed at improving workflow efficiency and patient safety[21][23] - iCorePay, a cloud-based FinTech solution, streamlines billing and payment processes, enhancing patient experience and revenue collection for healthcare providers[30] - The company markets a range of HIPAA-compliant SaaS offerings, including iCoreRx and iCoreVerify, aimed at improving workflow productivity in healthcare[21] Business Strategy - The company aims to expand into new horizontal markets, focusing on analytics, claims, coding, billing processing, and electronic prescribing[40] - The company plans to deepen existing customer relationships by providing additional value-added products and services[39] - The company has a strategy of continuous innovation based on customer feedback, aiming to improve products and services through development, acquisitions, and partnerships[38] Financial Information - The company has implemented a reverse stock split at a ratio of 1-for-20 effective December 23, 2024, to comply with Nasdaq Listing Rule requirements[14] - There was a significant accounts receivable concentration, with one customer representing 26% of total accounts receivable as of December 31, 2024, compared to 25% for a different customer in 2023[44] - As of December 31, 2024, the company had 72 employees, with 68 being full-time[47] Technology and Security - The company’s software solutions are designed to be secure, private, scalable, and reliable, with a comprehensive security infrastructure in place[33] - The company does not currently own any patents or trademarks, relying instead on trade secrets and contractual rights to protect its technology[45] User Experience and Adoption - The company emphasizes rapid deployment and lower total cost of ownership for its services, allowing customers to save on traditional enterprise software costs[35] - The company is committed to enhancing user adoption by designing intuitive products that require minimal training[36] - High levels of user adoption are facilitated by intuitive product design, enabling users to benefit with minimal training[37] Market Validation - The company has won over 100 major healthcare association endorsements across 33 states, indicating strong market validation[41] - The company has won over 100 major healthcare association endorsements in 33 states, indicating strong market presence[41]

Core Points - iCoreConnect Inc. has announced a 1-for-20 reverse stock split of its common stock, effective at 11:59 pm (Eastern Time) on December 20, 2024 [1] - The reverse stock split will reduce the number of outstanding shares from approximately 33.0 million to about 1.6 million, while the number of authorized shares will remain at 250 million [3] - The nominal par value per share will remain unchanged at $0.0001, and no fractional shares will be issued; any fractional shares will be rounded up to the nearest whole number [2] Company Overview - iCoreConnect Inc. is a leader in providing cloud-based software and technology solutions aimed at enhancing workflow productivity and profitability in the healthcare sector [4]

Company Overview - iCoreConnect Inc. is a leading provider of cloud-based software and technology solutions, focusing on enhancing workflow productivity and profitability in healthcare [3] - The Dental Marshal is a consulting service specializing in optimizing dental practice organizations and workplace efficiency [4] Partnership Announcement - iCoreConnect has entered into a Channel Partner agreement with The Dental Marshal to provide cloud-based Software-as-a-Service (SaaS) solutions [1][2] - The partnership aims to empower dental practices by offering a range of iCoreConnect's solutions, including iCoreRx, iCoreVerify, iCorePay, and others [2] Solutions Offered - iCoreConnect's solutions include: - iCoreRx: Cloud ePrescribing and Electronic Prescribing for Controlled Substances (EPCS) - iCoreVerify: Automated Insurance Verification - iCorePay: Digital Patient Statements, Billing & Payments - iCoreClaims: Dental Claims & Billing - iCoreAnalytics: Actionable Practice Analytics - iCoreHIPAA: HIPAA Compliance Platform [2] Leadership Statements - Karren Gordon, Owner of The Dental Marshal, emphasized the partnership's potential to maximize efficiency in dental practices [2] - Robert McDermott, CEO of iCoreConnect, highlighted the collaboration's goal to streamline revenue cycle management and enhance operational performance in dental practices [2]

Core Insights - iCoreConnect Inc. has expanded its endorsement partnership with the Maryland State Dental Association (MSDA) to include its full suite of cloud-based software and technology solutions [1][2] - The MSDA previously endorsed specific products from iCoreConnect, including iCoreVerify in 2021 and iCoreRx in 2022 [1][2] - The expanded partnership aims to enhance revenue cycle management, efficiency, and profitability for dental practices [2] Company Overview - iCoreConnect Inc. is a leader in providing cloud-based software and technology solutions designed to improve workflow productivity and profitability in the healthcare sector [4] - The company has over 190 product endorsement agreements across the U.S., showcasing its commitment to enhancing workflow efficiency, productivity, and data security in dental practices [2] Industry Context - The Maryland State Dental Association, founded in 1883, is the oldest and largest professional association for organized dentistry in Maryland, focusing on high-quality and ethical oral health care [5] - The MSDA's endorsement of iCoreConnect's full platform reflects a growing trend among state dental associations to support innovative solutions that improve business operations and revenue for dental practices [2]

Core Insights - iCoreConnect, Inc. reported significant financial growth in Q3 2024, with total revenue increasing by 51% year-to-date and recurring revenue growing by 56% [2][3]. Financial Performance - For the nine months ending September 30, 2024, total revenue reached $8,599,262, up from $5,701,372 in the same period of 2023 [3]. - Quarterly revenue for Q3 2024 rose by 39% to $2,787,999 compared to $2,004,853 in Q3 2023 [3]. - Gross margin improved from 74% to 77% year-to-date [2]. Business Achievements - Subscription Software Services revenue surged by 56% year-to-date and 44% for the three-month period, driven by the adoption of iCorePay and iCoreVerifyPro [4]. - The launch of the iCoreEnterprise Platform in Q3 2024 allows access to 17 unique SaaS products with a single sign-on, enhancing usability and attracting larger enterprise clients [5]. Strategic Initiatives - iCoreConnect is focused on strengthening its market position through strategic growth initiatives and innovative solutions tailored to its expanding customer base [6].

Financial Performance - Total revenue for the nine months ended September 30, 2024, increased by 51% to $8,599,262 compared to $5,701,372 for the same period in 2023[245] - Total revenue for the three months ended September 30, 2024, increased by 39% to $2,787,999 compared to $2,004,853 for the same period in 2023[248] - Net revenues increased to $8,599,262 for the nine months ended September 30, 2024, up from $5,701,372 in the same period of 2023, representing a growth of 51%[254] Profitability - Gross profit margin was 77% for the nine months ended September 30, 2024, up from 74% in the same period of 2023, with gross profit increasing by $2,444,543[247] - Gross profit percentage for the three months ended September 30, 2024, was 70%, down from 74% in the same period of 2023, with gross profit increasing by $474,031[250] - Net loss attributable to common stockholders was $23,174,710 for the nine months ended September 30, 2024, compared to $8,306,945 in 2023, reflecting an increase of 179%[254] Expenses - Selling, general, and administrative expenses increased by 86% to $17,061,929 for the nine months ended September 30, 2024, compared to $9,189,829 in 2023[253] - Selling, general and administrative expenses rose to $17,061,929 for the nine months ended September 30, 2024, from $9,189,829 in 2023, largely due to a one-time stock-based compensation cost of $4,779,580[256] - Depreciation and amortization expenses increased by 158% to $2,320,952 for the nine months ended September 30, 2024, compared to $900,936 in 2023[253] - Depreciation and amortization expenses increased to $2,320,952 for the nine months ended September 30, 2024, compared to $900,936 in 2023, marking a rise of 157%[257] Cash Flow - Net cash used in operating activities decreased to $1,258,941 for the nine months ended September 30, 2024, from $1,761,951 in 2023, a reduction of $503,010[277] - Net cash used in investing activities was $1,901,003 for the nine months ended September 30, 2024, significantly lower than $9,989,644 in 2023, primarily due to merger-related costs in the prior year[278] - Net cash provided by financing activities was $2,152,932 for the nine months ended September 30, 2024, down from $12,012,831 in 2023, reflecting reduced net issuance of debt[279] Shareholder Matters - Preferred dividends increased to $1,565,531 for the nine months ended September 30, 2024, compared to $218,516 in 2023, an increase of 616%[261] - Change in fair value of forward purchase agreement was a net expense of $5,109,277 for the nine months ended September 30, 2024, compared to $419,407 in 2023, indicating a significant increase of 1,118%[260] Company Operations - The company continues to see organic growth in its SaaS-based products, benefiting from trends toward cloud-based offerings[251] - The company views its operations as one segment focused on providing subscription-based SaaS, Managed IT, and related professional services[246] Going Concern - The company has an accumulated deficit of $138,213,468 and a net working capital deficit of $11,670,852 as of September 30, 2024, raising concerns about its ability to continue as a going concern[275] Agreements and Future Plans - The Company executed a Registration Rights Agreement with Clearthink on August 16, 2024, agreeing to file a registration statement within 30 days for shares of common stock issuable under the Strata Agreement[283] - Clearthink is obligated to make purchases at the Company's direction, with no upper limit on the price per share under the Strata Agreement[283] - The Company expects proceeds from sales to Clearthink will be used for working capital and general corporate purposes, but the exact amount cannot be determined at this time[284] - The Company will not sell or issue shares to Clearthink exceeding 19.99% of its outstanding shares without stockholder approval[285] - Clearthink and its affiliates cannot beneficially own more than 9.99% of the Company's outstanding common stock as a result of purchases under the Strata Agreement[286] - The Company may specify purchase amounts in a Request Notice, with a maximum of $1,000,000 or 500% of the average shares traded over the previous 10 trading days[287] - The purchase price for shares will vary based on trading price, ranging from 80% to 90% of the average of the two lowest daily volume-weighted average prices[288] - The Strata Agreement will terminate automatically after 24 months or upon reaching the Commitment Amount in gross purchase price[290] - The Company issued 300,000 shares valued at $156,030 as Commitment Fee Shares to Clearthink upon execution of the Strata Agreement[291]

Core Insights - iCoreConnect Inc has entered into a new endorsement agreement with the North Dakota Dental Association (NDDA) to promote its cloud-based software solutions for the dental industry [1][2] - The NDDA's endorsement adds to iCoreConnect's extensive network, which includes over 180 product endorsement agreements across the U.S., showcasing the company's commitment to enhancing workflow efficiency, productivity, and data security in dental practices [2][3] - The NDDA has endorsed the complete iCoreEnterprise platform, which includes various innovative solutions aimed at improving productivity and patient care [3] Company Overview - iCoreConnect Inc is recognized as a leader in providing cloud-based software and technology solutions specifically designed to enhance workflow productivity and profitability in the healthcare sector [4] - The company offers a comprehensive suite of products, including iCoreRx for ePrescribing, iCoreVerify for automated insurance verification, and iCoreAnalytics for actionable practice analytics, among others [7] Industry Context - The North Dakota Dental Association, established in 1889, represents over 87% of dentists in North Dakota and is dedicated to advocating for oral health and promoting education and service to its members and the public [5][6] - The collaboration between iCoreConnect and NDDA is expected to yield significant benefits for dental practices in North Dakota, enhancing both operational efficiency and patient care [3]

Core Insights - iCoreConnect Inc. has expanded its partnership with the Arizona Dental Association (AzDA), now endorsing five of its products, including iCoreRx, iCoreVerify, and iCoreExchange [1][2] - The partnership aims to enhance revenue cycle management, efficiency, and profitability for dental practices [2] - AzDA's endorsement of additional products reflects its commitment to improving revenue generation and patient satisfaction for its members [2] Company Overview - iCoreConnect Inc. is a leader in cloud-based software and technology solutions, focusing on enhancing workflow productivity and profitability in healthcare [4] - The company continues to develop its platform of Software as a Service (SaaS) solutions to meet the evolving needs of dental professionals across the nation [2] Arizona Dental Association (AzDA) - AzDA has been advocating for the dental profession in Arizona since 1909, providing leadership and resources to ensure the success of its members [5] - The association aims to promote oral health and serves as a trusted resource for dental professionals and the general public [5]

Core Insights - iCoreConnect Inc. has announced a new endorsement agreement with the Delaware State Dental Society (DSDS), marking a significant step in its growth among state dental associations across the U.S. [1][2] - The company now holds over 180 product endorsement agreements, reinforcing its reputation as a trusted partner in the dental industry [2][3] - iCoreConnect serves approximately 155,000 dental professionals nationwide, utilizing endorsements for product distribution and lead generation [3] Company Overview - iCoreConnect is a leading provider of cloud-based software and technology solutions aimed at improving workflow productivity and profitability in the healthcare and dental sectors [5] - The company's innovative platform helps organizations optimize operations and achieve better business outcomes [5] Delaware State Dental Society (DSDS) - DSDS represents 80% of licensed dentists in Delaware and focuses on advocating for high-quality continuing education and community engagement [6]

Core Insights - iCoreConnect Inc. has announced the acquisition of substantially all assets of the Healthcare Circle of Excellence (HCofE), positioning itself as a leader in providing essential resources and solutions for local healthcare community partners and practices [1][2] - This strategic acquisition significantly expands iCoreConnect's partnerships and resources, enhancing its ability to meet the critical needs of healthcare practices with comprehensive solutions [2][4] - The company plans to launch a new Healthcare Circle of Excellence division and a dedicated website to identify practitioners' needs and offer a wide array of vetted solutions [3][4] Company Developments - The new division will focus on empowering locally vetted teams of healthcare business professionals to partner strategically with practitioners and organizations, providing tailored solutions [3] - Robert McDermott, President and CEO of iCoreConnect, emphasized the importance of integrating these partnerships and resources into the company's ecosystem to better address the changing needs of medical and dental practices [4] - Former members of HCofE have joined iCoreConnect, expressing enthusiasm about leveraging the company's technologies and resources to support healthcare communities [4] Industry Impact - With this acquisition, iCoreConnect aims to set new standards in healthcare financial management, driving improved performance and profitability for healthcare practices [4][5] - The company's innovative platform of applications and services is designed to enhance workflow productivity and profitability in the healthcare sector [5]