Company Summary: iCoreConnect Inc.

Overview

• Type: Cloud-based software and technology company
• Focus: Increasing workflow productivity and customer profitability through an enterprise platform of applications and services.

Recent Developments

• Business Combination:
  • Entered into a merger agreement on January 5, 2023.
  • Merged with Nevada corporation Old iCore.
  • Changed name from FG Merger Corp. to iCoreConnect Inc. after the merger.
  • Merger finalized on August 25, 2023, with Old iCore surviving as a wholly owned subsidiary.
• Asset Sale:
  • Sold assets related to Managed IT Services (MSP and MSaaS) on October 1, 2024.
• Product Development:
  • Developed new products in 2024:
    • iCoreVerifyPro: Comprehensive insurance verification service for dental practices.
    • iCorePay: Patient billing and payment platform.
    • iCoreAcademy: Educational video library for patient education.

Core Products and Services

• SaaS Offerings:
  • iCoreRx: HIPAA compliant electronic prescription system, includes support for controlled substances (iCoreEPCS) and integrates with practice management and EHR systems.
  • iCorePDMP: Add-on for iCoreRx that provides real-time state prescription drug monitoring database access.
  • iCoreVerify / iCoreVerify+: Insurance eligibility verification tools that automate benefit checks; includes concierge support in the plus version.
  • iCoreClaims: Claims processing platform for insurance and dental providers, verifying eligibility, managing submissions, adjudication, communication, and record-keeping.
  • iCoreHuddle / iCoreHuddle+: Analytics tools for dental practices; provide KPIs, schedule data, outstanding balances, and benefits info.
  • iCoreCodeGenius: Medical coding reference tool with ICD-10 and CPT codes, guidance, and suggestions to reduce denials.
  • iCoreExchange: Secure, HIPAA-compliant communication platform for email among healthcare professionals and with patients.
  • iCoreCloud: Cloud backup solution for practice data, encrypted, fully HIPAA compliant.
  • iCorePay: Payment processing platform with digital wallet support, automates billing and improves revenue cycles.
  • iCoreSecure: Encrypted email for privacy protection across various industries.
  • iCoreClaims & iCoreIT: Healthcare claims management and IT services (note: assets sold in October 2024).

Business Model

• Revenue Type: Primarily from annual recurring subscriptions of SaaS software.
• Customers:
  • No significant customer accounts (>10%) identified.
  • Revenue generated from a broad base of individual customers.
  • Customer concentration is low; accounts receivable with one customer represented about 26% (2024) and 25% (2023) of total receivables.

Employees & Revenue

• Employees: 72 total as of December 31, 2024 (68 full-time).
• Revenue:
  • For the fiscal year 2024: $10.75 million (up 32% from $8.15 million in 2023).
  • Main growth driven by increased subscription sales and pricing adjustments.
• Income:
  • Net loss for 2024: $31.16 million (compared to $15.55 million in 2023).
  • Operating loss increased due to higher expenses, impairments, and other charges.
  • Significant impairment losses in 2024 on goodwill, customer relationships, and acquired technology due to declining market value and financial stability.

Key Financial Highlights (2024 vs 2023)

• Revenues: +32%
• Net Loss: More than doubled, $31.16 million.
• Employees: 72 (mainly software and management staff).
• Customer base: Multiple individual customers, no single dominant customer. Accounts receivable with one customer at about 26% of total.

Additional Notes

• Company is actively involved in legal proceedings and debt restructuring.
• Business operations are impacted by ongoing liquidity and capital raising needs; substantial doubt exists regarding the ability to continue as a going concern.
• Company has undergone reverse stock split, resulting in 2,066,016 shares outstanding at May 29, 2025.
• Stock was listed on NASDAQ until May 22, 2025; now traded OTC market.
• The company is classified as an emerging growth and smaller reporting company, with certain reduced disclosure requirements.