Fri, Aug 16, 8:29 PM (151 days ago)
For the quarter ending June 30, 2024, iCoreConnect Inc. reported significant financial challenges, including a 66% increase in revenue to $3,087,900 compared to $1,856,148 in Q2 2023, driven by strong organic growth and new acquisitions. However, the company incurred a net loss of $10,895,414, a 302% increase from the previous year, primarily due to elevated selling, general, and administrative expenses, which rose 188% to $9,187,200, largely from stock-based compensation related to a business combination. Gross profit margins improved to 80% from 74%, reflecting a favorable mix of higher-margin subscription services. The company faces liquidity concerns, with a working capital deficit of $11,496,812 and an accumulated deficit of $131,553,141. Cash flow from operations showed slight improvement, with net cash used decreasing to $1,008,485 from $1,919,630 in the prior year. Future operations are contingent on raising capital, as current financing activities have not met operational needs. The company anticipates continued revenue growth but acknowledges uncertainties regarding its ability to sustain operations without additional funding.