iCoreConnect Inc. (NASDAQ:ICCT), a provider of prepackaged software services, has announced amendments to its financial agreements and the issuance of new equity securities, according to a recent 8-K filing with the Securities and Exchange Commission.
On Monday, the company reported that it has amended the terms of two convertible promissory notes. The first amendment concerns a note originally issued on October 26, 2023, with a principal amount of $94,685.91. The maturity date of this note has been extended to July 31, 2024. As part of the agreement, iCoreConnect has issued 15,229 shares of common stock to the note holder as an inducement.
Similarly, the second amended note, initially issued on December 29, 2023, with a principal amount of $473,743, also had its maturity extended to July 31, 2024. The holder of this note received 74,685 shares of common stock as an inducement for consenting to the extension.
Additionally, iCoreConnect disclosed the issuance of a new convertible promissory note in the principal amount of $397,622. This note bears an annual interest rate of 12% and is convertible into common stock at a price of $1.42 per share, with the maturity date set for July 31, 2024.
In other recent news, cloud-based software and technology firm, iCoreConnect, has marked its expansion into Tennessee by securing an endorsement from the Tennessee Dental Association (TDA) for seven of its software solutions. This endorsement is a significant development for iCoreConnect's growth strategy, which relies heavily on gaining product endorsements from state healthcare associations. The TDA's support will allow its members to incorporate iCoreConnect's suite of solutions into their practices, potentially enhancing workflow productivity and profitability.
iCoreConnect's growth strategy also includes initiating co-branded marketing campaigns with state associations to promote their endorsed products through various channels. The company, known for its cloud-based enterprise and healthcare workflow platform, has a portfolio of 16 SaaS enterprise solutions and over 100 product endorsements from state or regional healthcare associations in the United States.
InvestingPro Insights
In light of iCoreConnect Inc.'s recent financial activities, real-time metrics and insights from InvestingPro reveal a few key considerations for investors. With a market capitalization of just over $10 million, the company is operating with a significant debt burden and is quickly burning through cash, as highlighted by two InvestingPro Tips. Additionally, the company's short-term obligations exceed its liquid assets, which may impact its ability to meet immediate financial needs.
InvestingPro Data indicates a negative adjusted P/E ratio for the last twelve months as of Q1 2024, standing at -0.47, reflecting the company's lack of profitability during this period. Moreover, the gross profit margin is notably high at 77.3%, yet the company's operating income margin is negative at -132.47%, suggesting substantial operational costs relative to its gross profits.
For investors seeking a more in-depth analysis, InvestingPro offers additional tips on iCoreConnect, which can be found at https://www.investing.com/pro/ICCT. Readers interested in leveraging these insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a total of 7 InvestingPro Tips that could further inform investment decisions.
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