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iCoreConnect Inc. (ICCT-2.75%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $2,787,999 from $2,004,853 in the same quarter the previous year. The increase is attributed to organic sales growth and new offerings from asset acquisitions.
Gross profit for the quarter was $1,961,009, compared to $1,486,978 in the previous year, with a gross profit margin of 70% compared to 74% in the previous year.
Selling, general, and administrative expenses decreased to $3,354,831 from $3,589,655, primarily due to lower professional fees.
Net loss for the quarter was $5,990,795, up from $3,691,800 in the previous year. After preferred dividends, net loss attributable to common stockholders was $6,660,327, compared to $3,910,316 in the previous year.
Cash used in operating activities was $1,258,941, while cash used in investing and financing activities was $1,901,003 and $2,152,932, respectively.
iCoreConnect had a working capital deficit of $11,670,852 as of September 30, 2024. The company acknowledges its dependence on future fundraising to meet obligations.
The filing also details various financial agreements, including a Strata Purchase Agreement with Clearthink Capital Partners, LLC, and a Registration Rights Agreement.
iCoreConnect does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to accounting for complex financial instruments.
iCoreConnect continues to focus on expanding its SaaS offerings and highlights its dependence on strategic partnerships and customer base growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iCoreConnect Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.