Wed, May 15, 9:27 PM (72 days ago)
iCoreConnect Inc. reported financial results for Q1 2024, showing a 48% increase in revenue to $2.72 million from $1.84 million in Q1 2023, driven by organic growth and new offerings from recent asset acquisitions. Gross profit margin expanded to 81% from 73% due to higher-margin subscription services. However, operating expenses surged 87% to $4.52 million, primarily due to increased payroll and administrative costs. The company posted a net loss of $4.72 million, up from $1.69 million, influenced by higher financing fees and other expenses. The balance sheet shows a decline in cash to $138,031 from $1.22 million at year-end 2023, with total assets rising to $20.54 million from $15.69 million, mainly due to acquisitions. Current liabilities increased to $12.28 million from $8.88 million, reflecting higher accounts payable and notes payable. The company faces substantial doubt about its ability to continue as a going concern, relying on future fundraising to finance operations. Recent acquisitions of FeatherPay, Verifi Dental, and Teamworx are expected to contribute to future growth, though integration risks remain.