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]

Core Insights - iCoreConnect Inc. has appointed Yvonne Hyland to its Board of Directors, bringing over 30 years of experience in the global technology industry [1][2] - Hyland has held leadership roles in both startups and Fortune 100 companies, including significant positions at SAP and Gartner, and has a proven track record of scaling businesses to $200 million in annual revenue [2][3] - The CEO of iCoreConnect, Robert McDermott, emphasized that Hyland's strategic mindset and hands-on experience will provide invaluable insights as the company continues its growth trajectory [3] Company Overview - iCoreConnect Inc. is a leading cloud-based Software-as-a-Service (SaaS) company that specializes in enterprise and healthcare workflow solutions [1][4] - The company aims to enhance workflow productivity and profitability through its innovative platform of applications and services, helping organizations optimize operations and achieve better business outcomes [4]

Core Insights - iCoreConnect Inc. has formed a new partnership with the Alaska Dental Society, which has endorsed nine of its products, enhancing iCoreConnect's national presence [1][2] - The company now has over 160 product endorsement agreements with various state dental associations, indicating a strong reputation within the dental community [2] - iCoreConnect's endorsed products are designed to improve efficiency and patient care in dental practices, aligning with the needs of state dental associations [4][6] Company Overview - iCoreConnect is a leading provider of cloud-based software and technology solutions aimed at enhancing the efficiency and profitability of dental practices [6] - The company's mission focuses on empowering dental professionals with innovative tools that improve both patient care and business performance [6] Industry Context - State dental associations, like the Alaska Dental Society, play a crucial role in supporting their members through resources that enhance clinical practice and business operations [3] - The endorsements from these associations provide iCoreConnect with significant lead generation opportunities and an effective distribution channel for its products, reaching approximately 155,000 dental professionals nationwide [4]

Financial Performance - iCoreConnect reported a 66% increase in revenue, rising from $1.6 million in Q2 2023 to $3.1 million in Q2 2024, and for the six months ending June 30, 2024, revenue grew from $3.7 million to $5.8 million compared to the same period in 2023 [1] - Gross profit margins improved from 74% to 80% for both the three and six months ending June 30, 2024, compared to the same periods in 2023 [1] - The company signed agreements with customers awaiting installation for the first time, indicating high demand for its solutions, including the newly launched Fintech product, iCorePay [1] Operational and Strategic Developments - Operating expenses increased due to a one-time, non-recurring charge of $4.8 million related to stock-based compensation for certain officers and employees [2] - iCoreConnect has integrated artificial intelligence in its support division and is testing AI across various solutions, particularly in ICD-10 coding and insurance verification software [2] - The company expanded its relationships with various organizations, enhancing value for end users by enabling access to multiple solutions through the iCoreEnterprise platform [2] Debt Restructuring - iCoreConnect reached restructuring agreements with certain convertible noteholders covering approximately $3.6 million in principal and accrued interest, extending maturities to August 1, 2027 [3][4] - Noteholders will have the option to convert their notes into common stock at a conversion price of $0.80 per share, with mandatory conversion required if the common stock price exceeds $1.04 [3] Company Overview - iCoreConnect is a market-leading, cloud-based software and technology company focused on increasing workflow productivity and practice profitability through its enterprise and healthcare workflow platform [5] - The company is known for its innovation in solving healthcare business problems and has a platform of 16 SaaS enterprise solutions with over 130 product endorsements from state or regional healthcare associations across the United States [5]

Core Insights - iCoreConnect Inc. has entered into a reseller agreement with mConsent to enhance its patient engagement platform by integrating iCoreRx ePrescribing software [1][2][3] - The partnership aims to provide dental practices with advanced ePrescribing solutions that streamline workflows and improve patient safety [2][4] - iCoreRx is recognized for its user-friendly interface, compliance with ePrescribing regulations, and features like real-time drug interaction checks [3][4] Company Overview - iCoreConnect Inc. is a cloud-based software and technology company focused on increasing workflow productivity and profitability in healthcare [4] - The company offers a platform of 16 SaaS enterprise solutions and has over 130 product endorsements from healthcare associations across the U.S. [4] - mConsent is a rapidly growing SaaS platform for dental practices, serving over 5 million patients and emphasizing automation to enhance patient experiences [5] Financial Impact - Dental practices using mConsent's platform save approximately $65,000 annually on administrative costs and reduce documentation time by 35% [5] - The collaboration is expected to enhance operational efficiency and patient care in dental practices [4][5]

Financial Results Announcement - iCoreConnect, Inc. announced its financial results for the three months ended March 31, 2024[4] - A press release detailing the financial results was issued on May 15, 2024[4] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4] Document Details - The report includes a cover page interactive data file embedded within the Inline XBRL document[7] - The financial results are not deemed "filed" under the Securities Exchange Act of 1934[6] Leadership - Robert McDermott serves as the President and Chief Executive Officer of iCoreConnect, Inc.[10]

Financial Performance - Total revenue for the three months ended March 31, 2024, increased by 48% to $2,723,363 compared to $1,840,371 in the same period in 2023[166] - Gross profit margin improved to 81% for the three months ended March 31, 2024, up from 73% in 2023, driven by higher sales growth in subscription software[168] - Net loss attributable to common stockholders for the three months ended March 31, 2024, was $5,170,970, a 206% increase from $1,689,034 in 2023[173] - The company reported an operating loss of $3,042,185 for the three-month period ended March 31, 2024, with an accumulated deficit of $120,509,730 and a net working capital deficit of $10,906,673[183] Revenue Sources - Subscription revenue from SaaS and MSaaS offerings accounted for 95% and 93% of total revenue for the three months ended March 31, 2024, and 2023, respectively[160] - The company expects the growth rate of its SaaS and MSaaS offerings to outpace that of professional services over time, benefiting gross margin rates[168] Expenses - Selling, general and administrative expenses rose by 87% to $4,519,898 for the three months ended March 31, 2024, primarily due to increased payroll expenses[173] - Depreciation and amortization expenses increased by 154% to $732,553, reflecting higher amortization costs from asset acquisitions[176] - Financing fee expenses increased significantly to $1,302,697 for the three months ended March 31, 2024, compared to $80,063 in the same period of 2023, primarily due to expensing deferred financing fees of approximately $1,008,000 related to a cancelled equity line of credit[178] Cash Flow - Net cash used in operating activities decreased to $990,030 for the three months ended March 31, 2024, from $1,152,215 in the same period of 2023, attributed to larger non-cash charge add backs and increases in accounts payable[185] - Net cash used in investing activities rose to $1,204,437 for the three months ended March 31, 2024, compared to $194,115 in the same period of 2023, mainly due to asset acquisitions of FeatherPay and Verifi Dental Limited[186] - Net cash provided by financing activities decreased to $1,113,140 for the three months ended March 31, 2024, from $1,953,579 in the same period of 2023, reflecting changes in debt issuance and payments[187] Financing and Future Outlook - The company raised $1,423,093 in gross proceeds through secured and convertible notes in the first three months of 2024[172] - The company has entered into a purchase agreement with Arena Business Solutions for up to $40 million of common stock, subject to certain conditions[187] - The company is reliant on future fundraising to finance operations, with substantial doubt about its ability to continue as a going concern for the next 12 months[183] - Management is focused on increasing revenues through new service lines and strategic partnerships while exploring additional areas of opportunity[184] Tax and Dividends - The company incurred an income tax expense of $54,000 for the three months ended March 31, 2024, compared to no tax expense in the same period of 2023, due to its registration in Delaware[181] - Preferred dividends for the three months ended March 31, 2024, amounted to $448,000, reflecting dividends accrued for the Series A Preferred Stock[181] Market Strategy - The company continues to pursue contracts with larger enterprise healthcare businesses, enhancing its market presence[172] - Cost of sales remained flat at $513,097 for the three months ended March 31, 2024, indicating effective cost management[174]

New Endorsements Allows iCoreConnect New Entry Into the Tennessee Market OCOEE, FL, April 23, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire  -- iCoreConnect Inc. (NASDAQ:ICCT)("iCore" or the "Company"), a leading cloud-based software and SaaS technology company focused on increasing workflow productivity and customer profitability through its enterprise and healthcare workflow platform, announced today the endorsement of the Tennessee Dental Association for seven of iCoreConnect's solutions.  This strategic co ...

Financial Performance - Revenues for the years ended December 31, 2023 and December 31, 2022, were $8,151,587 and $7,987,902, respectively, indicating a growth of approximately 2.05% year-over-year[58] - The company’s software solutions are sold under annual recurring revenue subscriptions, providing predictable future costs for customers[51] Mergers and Acquisitions - The company completed a merger on August 25, 2023, with Old iCore, which is now a wholly-owned subsidiary, enhancing its market position[39] - The company has engaged in merger and acquisition activity, with the most recent merger completed on August 25, 2023, resulting in Old iCore becoming a wholly-owned subsidiary[39] - The company may engage in merger and acquisition activities, although the anticipated benefits may not always be realized[73] Product and Service Offerings - iCoreConnect offers a range of HIPAA compliant SaaS products, including iCoreVerify and iCoreHuddle, aimed at increasing workflow efficiency and revenue realization for healthcare practices[40][41][43] - The company is focused on extending existing service offerings and innovating based on customer feedback to improve workflow and profitability[77] - The company continues to innovate based on customer feedback, focusing on compliance and improved workflow for dental and physician practices[77] Customer Relationships and Market Position - The company aims to deepen relationships with existing customers by providing additional value-added products and services, indicating a strategy for customer retention and growth[53] - The company has received over 100 major healthcare association endorsements in 33 states, showcasing its competitive strength in the market[78] - The company has secured over 100 major healthcare association endorsements across 33 states in recent years, indicating strong market acceptance[78] Security and Compliance - iCoreSecure, an encrypted email solution, addresses privacy concerns in various sectors, showcasing the company's commitment to data security[46] - The company acknowledges potential risks related to HIPAA compliance and data security, which could impact its business operations and reputation[59][61] - The company has implemented security measures to address risks of unauthorized access and potential system failures, although challenges remain[74] - The company has implemented security measures such as firewalls and intrusion detection, but acknowledges the risk of potential system failures or breaches[74] - The company’s services are designed to be HIPAA compliant, ensuring the protection of sensitive health information[40] Governance and Internal Controls - The company has identified deficiencies in its corporate governance practices, which may impact investor confidence and the price of its common stock[72] - As of December 31, 2023, the company identified material weaknesses in its internal controls related to financial reporting, which could adversely impact stock price[72] Strategic Focus and Risks - The company emphasizes the importance of managed IT services, which are in high demand, allowing customers to scale their businesses without extensive capital investment[47][48] - The company is focused on protecting its core technology and intellectual property through trade secrets and nondisclosure agreements, as it does not currently own patents or trademarks[55] - Future profitability is contingent on the company's ability to differentiate its products and services from competitors, particularly in the HIPAA-compliant healthcare information sector[69] - The company faces risks related to the protection of its intellectual property rights, which could impact its competitive position[65] - The company is not currently subject to direct regulation by government agencies, but potential future regulations could adversely affect its operations[70] - The company recognizes the challenge of maintaining service quality and accuracy, which is critical to avoid liability and protect its operational results[76] Management and Experience - The management team has decades of experience in operating successful IT companies, which supports the company's strategic direction and operational execution[48] - The company plans to increase the number of direct sales professionals and develop additional distribution channels for its products and services[78] - The company plans to increase its direct sales force and develop additional distribution channels to enhance market reach[78]

Revenue Performance - Total revenue for the nine months ended September 30, 2023, decreased by 4% to $5.7 million compared to $5.9 million in the same period in 2022[163] - Revenue for the three months ended September 30, 2023, increased by 6% to $2.0 million from $1.9 million in the same period in 2022[168] - Net revenues for the nine months ended September 30, 2023 decreased to $5.7 million, a 4% decline compared to $5.9 million for the same period in 2022[176] - Subscription Software and Services revenues decreased slightly to $5.1 million from $5.3 million, attributed to changes in ePrescription mandates[177] - Subscription revenue related to SaaS and MSaaS offerings accounted for 92% of total revenue for the three months ended September 30, 2023[158] - Professional services and other revenue accounted for 8% of total revenue for the three months ended September 30, 2023[159] Profitability and Expenses - Gross profit percentage increased to 74% for the nine months ended September 30, 2023, compared to 70% in 2022, with gross profit increasing by $37,000[165] - Selling, general and administrative expenses for the three months ended September 30, 2023, increased by 67% to $3.6 million from $2.2 million in 2022[170] - Selling, general and administrative expenses increased by 30% to $9.2 million from $6.4 million, primarily due to higher payroll and merger-related costs[180] - Net loss attributable to common stockholders for the three months ended September 30, 2023, was $3.9 million, a 179% increase from $1.4 million in 2022[168] Cash Flow and Financing - Net cash used in operating activities was $1.8 million for the nine months ended September 30, 2023, slightly higher than $1.7 million in 2022[191] - Net cash used in investing activities surged to $10.0 million from $0.2 million, mainly due to a Forward Purchase Agreement costing $7.8 million[192] - Net cash provided by financing activities was $12.0 million, significantly higher than $2.0 million in the prior year, driven by debt transactions and preferred stock issuance[193] - The company raised $540,000 from the sale of common stock and $3.7 million in gross proceeds from secured notes and convertible notes in the first nine months of 2023[167] Financial Position and Concerns - The company has an accumulated deficit of $107.4 million and a net working capital deficit of $7.0 million, raising concerns about its ability to continue as a going concern[188] - Preferred dividends for the nine months ended September 30, 2023 were $0.2 million, compared to none in 2022, related to Series A Preferred Stock[186] - The company entered into a Purchase Agreement to sell up to $40 million of common stock over a 36-month period, subject to certain conditions[194] Future Outlook - The company expects the growth rate of its SaaS and MSaaS subscription offerings to outpace that of professional services over time[165] - Interest expense for the nine months ended September 30, 2023 rose to $1.0 million, a 79% increase from $0.6 million in 2022, due to additional bridge debt[182]