ienect (ICCT) - 2024 Q4 - Annual Report

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]