2024 Q2 Form 10-K Financial Statement

#000147793224002244 Filed on April 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $3.088M $8.152M
YoY Change 66.36%
Cost Of Revenue $606.6K $2.029M
YoY Change 25.33% -9.54%
Gross Profit $2.481M $6.122M
YoY Change 80.84% 6.58%
Gross Profit Margin 80.36% 75.11%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.43K
YoY Change -98.65%
% of Gross Profit 0.28%
Operating Expenses $9.969M $16.40M
YoY Change 186.41% 1400.56%
Operating Profit -$7.488M -$10.28M
YoY Change 866.78% 840.34%
Interest Expense $501.6K $1.109M
YoY Change -181.86% -6.15%
% of Operating Profit
Other Income/Expense, Net $0.00 -$5.275M
YoY Change -100.0% -546.26%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$10.90M -$15.92M
YoY Change -66116.81% 12556.4%
Net Earnings / Revenue -352.84% -195.3%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 10.15M shares 8.951M shares 7.350M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $247.2K $1.219M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $703.8K $563.9K
Other Receivables
Total Short-Term Assets $1.443M $3.508M
YoY Change 978.63% 370.56%
LONG-TERM ASSETS
Property, Plant & Equipment $183.6K $202.4K
YoY Change -82.56% -80.13%
Goodwill $1.485M $1.485M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $15.99M $12.18M
YoY Change -81.35% -85.45%
TOTAL ASSETS
Total Short-Term Assets $1.443M $3.508M
Total Long-Term Assets $15.99M $12.18M
Total Assets $17.43M $15.69M
YoY Change -79.7% -81.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $6.544M $4.720M
YoY Change -5.29% 10.3%
Total Short-Term Liabilities $12.94M $8.876M
YoY Change 474.18% 1195.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.943M $1.420M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.081M $2.366M
YoY Change 440.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.94M $8.876M
Total Long-Term Liabilities $4.081M $2.366M
Total Liabilities $17.02M $11.24M
YoY Change 655.28% 1541.39%
SHAREHOLDERS EQUITY
Retained Earnings -$131.6M -$115.0M
YoY Change 6105.12% 89035.18%
Common Stock $1.040K $1.007K
YoY Change 392.89% 377.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $410.6K $4.444M
YoY Change
Total Liabilities & Shareholders Equity $17.43M $15.69M
YoY Change -79.7% -81.42%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$10.90M -$15.92M
YoY Change -66116.81% 12556.4%
Depreciation, Depletion And Amortization $17.43K
YoY Change -98.65%
Cash From Operating Activities -$8.825M
YoY Change -2756.72%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.21M
YoY Change -87.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.881M
YoY Change 11424.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $20.06M
YoY Change -76.08%
NET CHANGE
Cash From Operating Activities -$8.825M
Cash From Investing Activities -$10.21M
Cash From Financing Activities $20.06M
Net Change In Cash $1.023M
YoY Change 96.07%
FREE CASH FLOW
Cash From Operating Activities -$8.825M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q4 icct Customer Relationships Net
CustomerRelationshipsNet
2980412 usd
CY2023Q4 icct Forward Purchase Agreement
ForwardPurchaseAgreement
5484556 usd
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001906133
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023 dei Document Fin Stmt Error Correction Flag
DocumentFinStmtErrorCorrectionFlag
false
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
3755209 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10068477 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6076078 shares
CY2022 icct Weighted Average Exercise Price Of Warrants Ending
WeightedAverageExercisePriceOfWarrantsEnding
2.98
CY2022 icct Aggregate Intrinsic Value Of Warrants Beginning
AggregateIntrinsicValueOfWarrantsBeginning
0 usd
CY2022 icct Aggregate Intrinsic Value Of Warrants Ending
AggregateIntrinsicValueOfWarrantsEnding
0 usd
CY2023 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
540000 usd
CY2023 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
1392935 usd
CY2021Q4 us-gaap Goodwill
Goodwill
1484966 usd
CY2023Q3 us-gaap Goodwill
Goodwill
1484966 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023 dei Document Type
DocumentType
10-K
CY2023 dei Document Annual Report
DocumentAnnualReport
true
CY2023 dei Document Period End Date
DocumentPeriodEndDate
2023-12-31
CY2023 dei Document Transition Report
DocumentTransitionReport
false
CY2023 dei Entity File Number
EntityFileNumber
001-41309
CY2023 dei Entity Registrant Name
EntityRegistrantName
iCoreConnect Inc.
CY2023 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-2462502
CY2023 dei Entity Address Address Line1
EntityAddressAddressLine1
529 E Crown Point Road
CY2023 dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 250
CY2023 dei Entity Address City Or Town
EntityAddressCityOrTown
Ocoee
CY2023 dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
CY2023 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
34761
CY2023 dei City Area Code
CityAreaCode
888
CY2023 dei Local Phone Number
LocalPhoneNumber
810-7706
CY2023 dei Security12b Title
Security12bTitle
Common stock, par value $0.0001 per share
CY2023 dei Trading Symbol
TradingSymbol
ICCT
CY2023 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2023 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2023 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2023 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2023 dei Entity Small Business
EntitySmallBusiness
true
CY2023 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2023 dei Entity Ex Transition Period
EntityExTransitionPeriod
true
CY2023 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2023 dei Entity Shell Company
EntityShellCompany
false
CY2023Q2 dei Entity Public Float
EntityPublicFloat
85200000 usd
CY2024Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10150753 shares
CY2023 dei Auditor Firm
AuditorFirmId
688
CY2023 dei Auditor Name
AuditorName
Marcum LLP
CY2023 dei Auditor Location
AuditorLocation
New York, NY
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1219358 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
196153 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
414809 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
480706 usd
CY2022Q4 us-gaap Assets Current
AssetsCurrent
1091668 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
74194 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
944487 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
531061 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
79428 usd
CY2022Q4 icct Customer Relationships Net
CustomerRelationshipsNet
2350380 usd
CY2022Q4 icct Forward Purchase Agreement
ForwardPurchaseAgreement
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1484966 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
12178179 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
5464516 usd
CY2022Q4 us-gaap Assets
Assets
6556184 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2336174 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
169417 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
4034865 usd
CY2022Q4 icct Related Party Notes Payable Current
RelatedPartyNotesPayableCurrent
244666 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
119598 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
13847 usd
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
6798969 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1449261 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
809458 usd
CY2022Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
2258719 usd
CY2022Q4 us-gaap Liabilities
Liabilities
9057688 usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
0 usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
0 usd
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
3755209 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
376 usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 usd
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10068477 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6076078 shares
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
1007 usd
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
608 usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
119481543 usd
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
80359848 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-115038758 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-82861960 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
4444168 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-2501504 usd
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
15686504 usd
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6556184 usd
CY2023 us-gaap Revenues
Revenues
8151587 usd
CY2022 us-gaap Revenues
Revenues
7987902 usd
CY2023 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2029145 usd
CY2022 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2243253 usd
CY2023 us-gaap Gross Profit
GrossProfit
6122442 usd
CY2022 us-gaap Gross Profit
GrossProfit
5744649 usd
CY2023 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15124081 usd
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9254670 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1274963 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1292085 usd
CY2023 us-gaap Operating Expenses
OperatingExpenses
16399044 usd
CY2022 us-gaap Operating Expenses
OperatingExpenses
10546755 usd
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
-10276602 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-4802106 usd
CY2023 us-gaap Interest Expense
InterestExpense
1109388 usd
CY2022 us-gaap Interest Expense
InterestExpense
785406 usd
CY2023 us-gaap Financing Interest Expense
FinancingInterestExpense
1287916 usd
CY2022 us-gaap Financing Interest Expense
FinancingInterestExpense
426419 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
105676 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022 us-gaap Other Expenses
OtherExpenses
65893 usd
CY2023 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5275061 usd
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1277718 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-15551663 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-6079824 usd
CY2023 us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
CY2022 us-gaap Dividends Common Stock
DividendsCommonStock
1794704 usd
CY2023 us-gaap Dividends Preferred Stock
DividendsPreferredStock
368699 usd
CY2022 us-gaap Dividends Preferred Stock
DividendsPreferredStock
0 usd
CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-15920362 usd
CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-7874528 usd
CY2023 icct Net Loss Per Share Basic And Diluted
NetLossPerShareBasicAndDiluted
-2.17
CY2022 icct Net Loss Per Share Basic And Diluted
NetLossPerShareBasicAndDiluted
-1.37
CY2023 icct Weighted Average Number Of Shares Basic And Diluted
WeightedAverageNumberOfSharesBasicAndDiluted
7349541 shares
CY2022 icct Weighted Average Number Of Shares Basic And Diluted
WeightedAverageNumberOfSharesBasicAndDiluted
5768249 shares
CY2022 icct Balances As Previously Reported Amount
BalancesAsPreviouslyReportedAmount
1005291 usd
CY2022 icct Retroactive Application Of Reverse Capitalization Amount
RetroactiveApplicationOfReverseCapitalizationAmount
-10243017 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-9237726 usd
CY2022 icct Stock Issued For Cash Amount
StockIssuedForCashAmount
450000 usd
CY2022 icct Origination Fee In Convertible Debt Agreement
OriginationFeeInConvertibleDebtAgreement
426419 usd
CY2022 icct Stock Issued For Conversion Of Debt Amount
StockIssuedForConversionOfDebtAmount
22387 usd
CY2022 icct Stock Repurchased And Cancelled As Part Of Settlement Amount
StockRepurchasedAndCancelledAsPartOfSettlementAmount
-100000 usd
CY2022 icct Exercise Of Common Stock Options Amount
ExerciseOfCommonStockOptionsAmount
2100 usd
CY2022 icct Repurchase Of Common Stock Warrants
RepurchaseOfCommonStockWarrants
-45000 usd
CY2022 icct Stock Compensation Expense Amount
StockCompensationExpenseAmount
1817123 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-6079824 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-12744521 usd
CY2023 icct Balances As Previously Reported Amount
BalancesAsPreviouslyReportedAmount
-2501504 usd
CY2023 icct Retroactive Application Of Reverse Capitalization Amount
RetroactiveApplicationOfReverseCapitalizationAmount
-10243309 usd
CY2022Q4 icct Stockholders Equity After Adjustment
StockholdersEquityAfterAdjustment
-12744813 usd
CY2023 icct Stock Issued For Cash Amount
StockIssuedForCashAmount
2880985 usd
CY2023 icct Origination Fee In Convertible Debt Agreement Amount
OriginationFeeInConvertibleDebtAgreementAmount
1040165 usd
CY2023 icct Stock Issued For Conversion Of Debt Amount
StockIssuedForConversionOfDebtAmount
5747497 usd
CY2023 icct Stock Compensation Expense Amount
StockCompensationExpenseAmount
1942036 usd
CY2023 icct Issuance Of Series A Preferred Stock On Merger Amount
IssuanceOfSeriesAPreferredStockOnMergerAmount
-17847298 usd
CY2023 icct Common Stock Issued On Exercise Of Options Amount
CommonStockIssuedOnExerciseOfOptionsAmount
-5920 usd
CY2023 icct Conversion Of Series A Preferred Stock To Common Stock Amount
ConversionOfSeriesAPreferredStockToCommonStockAmount
0 usd
CY2023 icct Series A Preferred Stock Issued For Cash Amount
SeriesAPreferredStockIssuedForCashAmount
465000 usd
CY2023 icct Stock Issued For Purchase Of Assets Of Preferred Dental Amount
StockIssuedForPurchaseOfAssetsOfPreferredDentalAmount
400000 usd
CY2023 icct Warrant Agreement Amount
WarrantAgreementAmount
1987460 usd
CY2023 icct Origination Fee On Equity Line Of Credit Amount
OriginationFeeOnEquityLineOfCreditAmount
600000 usd
CY2023 icct Stock Issued For The Conversion Of Warrants Amount
StockIssuedForTheConversionOfWarrantsAmount
-3500 usd
CY2023 icct Merger Transaction Costs
MergerTransactionCosts
208322 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-15920362 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4444168 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-15920362 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-6079824 usd
CY2023 us-gaap Depreciation
Depreciation
17429 usd
CY2022 us-gaap Depreciation
Depreciation
22521 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1269564 usd
CY2023 us-gaap Financing Interest Expense
FinancingInterestExpense
1287916 usd
CY2022 us-gaap Financing Interest Expense
FinancingInterestExpense
426419 usd
CY2023 icct Bad Debt Expense
BadDebtExpense
158620 usd
CY2022 icct Bad Debt Expense
BadDebtExpense
261717 usd
CY2023 icct Change In Value Of Forward Purchase Agreement
ChangeInValueOfForwardPurchaseAgreement
2312116 usd
CY2022 icct Change In Value Of Forward Purchase Agreement
ChangeInValueOfForwardPurchaseAgreement
0 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
1942036 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1717123 usd
CY2023 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-13778 usd
CY2022 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0 usd
CY2023 us-gaap Dividends
Dividends
368699 usd
CY2022 us-gaap Dividends
Dividends
0 usd
CY2023 us-gaap Other Noncash Expense
OtherNoncashExpense
167265 usd
CY2022 us-gaap Other Noncash Expense
OtherNoncashExpense
603146 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
105676 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
307716 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
47479 usd
CY2023 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
1244356 usd
CY2022 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
26420 usd
CY2023 us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
-31034 usd
CY2022 us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
-34386 usd
CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
907164 usd
CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
552424 usd
CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
105751 usd
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-6572 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8824972 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1272995 usd
CY2023 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
1559144 usd
CY2022 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
0 usd
CY2023 icct Investment In Forward Purchase Agreement
InvestmentInForwardPurchaseAgreement
7796672 usd
CY2022 icct Investment In Forward Purchase Agreement
InvestmentInForwardPurchaseAgreement
0 usd
CY2023 us-gaap Proceeds From Sale Of Other Assets1
ProceedsFromSaleOfOtherAssets1
28000 usd
CY2022 us-gaap Proceeds From Sale Of Other Assets1
ProceedsFromSaleOfOtherAssets1
0 usd
CY2023 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
159878 usd
CY2022 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
4153 usd
CY2023 icct Additions To Capitalized Software
AdditionsToCapitalizedSoftware
-727021 usd
CY2022 icct Additions To Capitalized Software
AdditionsToCapitalizedSoftware
-289812 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10214715 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-293965 usd
CY2023 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
7796753 usd
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3585000 usd
CY2023 us-gaap Repayments Of Debt
RepaymentsOfDebt
1235399 usd
CY2022 us-gaap Repayments Of Debt
RepaymentsOfDebt
2323181 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2881024 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
450000 usd
CY2023 icct Conversion Of Convertible Debt Into Common Stock
ConversionOfConvertibleDebtIntoCommonStock
0 usd
CY2022 icct Conversion Of Convertible Debt Into Common Stock
ConversionOfConvertibleDebtIntoCommonStock
-22387 usd
CY2023 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
18312897 usd
CY2022 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2100 usd
CY2023 icct Effect Of Merger Net Of Transactions
EffectOfMergerNetOfTransactions
-7692383 usd
CY2022 icct Effect Of Merger Net Of Transactions
EffectOfMergerNetOfTransactions
0 usd
CY2023 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
0 usd
CY2022 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
45000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1023205 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
124346 usd
CY2023 icct Stock Issued For Acquisition Of Preferred Dental
StockIssuedForAcquisitionOfPreferredDental
400000 usd
CY2022 icct Stock Issued For Acquisition Of Preferred Dental
StockIssuedForAcquisitionOfPreferredDental
0 usd
CY2023 icct Stock Issued For Conversion Of Notes Payable
StockIssuedForConversionOfNotesPayable
5765656 usd
CY2022 icct Stock Issued For Conversion Of Notes Payable
StockIssuedForConversionOfNotesPayable
22387 usd
CY2023 us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
CY2022 us-gaap Dividends Common Stock
DividendsCommonStock
1794704 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1. NATURE OF OPERATIONS</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">iCoreConnect Inc., (the “Company”), a Delaware Corporation, is a cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services.</p>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
17002897 usd
CY2023Q4 us-gaap Secured Debt Repurchase Agreements
SecuredDebtRepurchaseAgreements
12569810 usd
CY2023Q4 icct Due From Officers Or Stockholders Or Related Party Current
DueFromOfficersOrStockholdersOrRelatedPartyCurrent
4433087 usd
CY2023Q4 us-gaap Sale Leaseback Transaction Historical Cost
SaleLeasebackTransactionHistoricalCost
4433087 usd
CY2023Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
0 usd
CY2023 icct Going Concern And Liquidity Policy Textblock
GoingConcernAndLiquidityPolicyTextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">U. S. GAAP requires management to assess a company’s ability to continue as a going concern within one year from the financial statement issuance and to provide related note disclosures in certain circumstances. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the fiscal year period ended December 31, 2023, the Company generated an operating loss of $10,276,602. In addition, the Company has an accumulated deficit, and net working capital deficit of $115,038,758 and $5,367,985. The Company’s activities were primarily financed through private placements of equity securities and issuance of debt. The Company intends to raise additional capital through the issuance of debt and/or equity securities to fund its operations. The Company is reliant on future fundraising to finance operations in the near future. The financing may not be available on terms satisfactory to the Company, if at all. In light of these matters, there is substantial doubt that the Company will be able to continue as a going concern.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">Currently, management continues to develop its healthcare communications system and continues to develop alliances with strategic partners to generate revenues that will sustain the Company. Management will also seek to raise additional funds. While management believes in the viability of its strategy to increase revenues and in its ability to raise additional funds, there can be no assurances to that effect. Management’s ability to continue as a going concern is ultimately dependent upon its ability to continually increase the Company’s customer base and realize increased revenues from signed contracts. The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
-10276602 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-115038758 usd
CY2023Q4 icct Working Capital Deficit
WorkingCapitalDeficit
-5367985 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
102061 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
65000 usd
CY2023 icct Long Lived Assets And Goodwillpolicytextblock
LongLivedAssetsAndGoodwillpolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company accounts for long-lived assets in accordance with the provisions of ASC 360-10-35, <em>Property, Plant and Equipment, Impairment or Disposal of Long-lived Assets</em>. This accounting standard requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. During December 31, 2023, the Company determined that the carrying value of certain customer relationships exceed their fair value and impairment of long-lived assets existed. The Company took an impairment of $105,676 and adjusted the value of customer relationships to their fair value.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company accounts for goodwill and intangible assets in accordance with ASC 350, <em>Intangibles - Goodwill and Other</em>. Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed. ASC 350 requires that goodwill and other intangibles with indefinite lives be tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below its carrying value. During the fourth quarter of 2020, the Company adopted ASU No. 2017-04, <em>Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</em>. This guidance simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. As of December 31, 2023 the Company determined that the carrying value of certain customer relationships exceed their fair value and impairment existed in the amount of $105,676. The Company adjusted the value of its customer relationships to their fair value. As of December 31, 2023 and December 31, 2022, there is no impairment of the Company’s Goodwill.</p>
CY2023Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
105676 usd
CY2023 icct Recurring Revenues
RecurringRevenues
7400659 usd
CY2022 icct Recurring Revenues
RecurringRevenues
7206156 usd
CY2023 icct Non Recurring Revenues
NonRecurringRevenues
750928 usd
CY2022 icct Non Recurring Revenues
NonRecurringRevenues
781746 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
614061 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
525533 usd
CY2023 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company accounts for derivative instruments in accordance with ASC 815, which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risk. Terms of convertible debt and preferred stock instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the balance sheet at fair value. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Freestanding warrants issued by the Company in connection with the issuance or sale of debt and equity instruments are considered to be derivative instruments. Pursuant to ASC 815, an evaluation of specifically identified conditions is made to determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability.</p>
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.88
CY2022 icct Weighted Average Remaining Contractual Term In Years Ending
WeightedAverageRemainingContractualTermInYearsEnding
P8Y9M18D
CY2023 icct Financial Instruments With Down Round Featurespolicytextblock
FinancialInstrumentsWithDownRoundFeaturespolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">With respect to financial instruments, the Company follows the guidance of FASB ASU 2017-11, “Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features. Whereby ASU 2017-11 simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a down round adjustment of the current exercise price based on the price of the future equity offerings. The standard requires companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for the purposes of determining liability of equity classification. The Company accounts for instruments with Most Favored Nations (the “MFN”) terms or conditions similar to that of a down round feature. The impact of such terms or conditions will be accounted for when the event occurs. The Diluted EPS calculation for the effect of the feature when triggered (i.e. when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) and will also recognize the effect of the trigger within equity.</p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and to the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p>
CY2023 icct Beneficial Conversion Features And Warrantspolicttextblock
BeneficialConversionFeaturesAndWarrantspolicttextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company evaluates the conversion feature of convertible debt instruments to determine whether the conversion feature was beneficial as described in ASC 470-30, Debt with Conversion and Other Options. The Company records a beneficial conversion feature (“BCF”) related to the issuance of convertible debt that has conversion features at fixed or adjustable rates that are in-the-money when issued and records the relative fair value of any warrants issued with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to the warrants and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion features, both of which are credited to additional paid-in capital. The Company calculates the fair value of warrants with the convertible instruments using the Black-Scholes valuation model.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Under these guidelines, the Company first allocates the value of the proceeds received from a convertible debt transaction between the convertible debt instrument and any other detachable instruments included in the transaction (such as warrants) on a relative fair value basis. A BCF is then measured as the intrinsic value of the conversion option at the commitment date, representing the difference between the effective conversion price and the Company’s stock price on the commitment date multiplied by the number of shares into which the debt instrument is convertible. The allocated value of the BCF and warrants are recorded as a debt discount and accreted over the expected term of the convertible debt as interest expense. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible debt instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible debt instrument.</p>
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 icct Restated Strike Price
RestatedStrikePrice
1817123 usd
CY2022 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
100000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1094005 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.58
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y9M18D
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10054 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.58
CY2022 icct Weighted Average Remaining Contractual Term In Years Granted
WeightedAverageRemainingContractualTermInYearsGranted
P9Y
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
23459 shares
CY2022 icct Weighted Average Remaining Contractual Term In Years Exercised As Part Of Merger
WeightedAverageRemainingContractualTermInYearsExercisedAsPartOfMerger
P5Y6M
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
335 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.48
CY2022 icct Weighted Average Remaining Contractual Term In Years Forfeited
WeightedAverageRemainingContractualTermInYearsForfeited
P6Y2M12D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1080265 shares
CY2022Q4 icct Common Stock Warrants
CommonStockWarrants
13158 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
311049 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.58
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y9M18D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1034856 shares
CY2022 icct Weighted Average Grant Date Fair Value Nonvested Beginning
WeightedAverageGrantDateFairValueNonvestedBeginning
3.58
CY2022 icct Weighted Average Remaining Years To Vest Nonvested Begining
WeightedAverageRemainingYearsToVestNonvestedBegining
P9Y9M18D
CY2022 icct Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Granted Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsGrantedNumberOfShares
10054 shares
CY2022 icct Weighted Average Grant Date Fair Values Nonvested Granted
WeightedAverageGrantDateFairValuesNonvestedGranted
4.48
CY2022 icct Weighted Average Remaining Years To Vest Nonvested Granted
WeightedAverageRemainingYearsToVestNonvestedGranted
P9Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
275359 shares
CY2022 icct Weighted Average Grant Date Fair Value Nonvested Vested
WeightedAverageGrantDateFairValueNonvestedVested
0
CY2022 icct Weighted Average Remaining Years To Vest Nonvested Vested
WeightedAverageRemainingYearsToVestNonvestedVested
P8Y3M18D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
335 shares
CY2022 icct Weighted Average Grant Date Fair Values Nonvested Forfeited Expired
WeightedAverageGrantDateFairValuesNonvestedForfeitedExpired
4.13
CY2022 icct Weighted Average Remaining Years To Vest Nonvested Forfeitedexpired Term
WeightedAverageRemainingYearsToVestNonvestedForfeitedexpiredTerm
P9Y
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
769216 shares
CY2022 icct Weighted Average Grant Date Fair Values Nonvested Ending
WeightedAverageGrantDateFairValuesNonvestedEnding
3.58
CY2022 icct Weighted Average Remaining Years To Vest Nonvested Ending
WeightedAverageRemainingYearsToVestNonvestedEnding
P8Y9M18D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1080265 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.88
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
7446 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.04
CY2023 icct Weighted Average Remaining Contractual Term In Years Granted
WeightedAverageRemainingContractualTermInYearsGranted
P9Y7M6D
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
310881 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.62
CY2023 icct Weighted Average Remaining Contractual Term In Years Exercised As Part Of Merger
WeightedAverageRemainingContractualTermInYearsExercisedAsPartOfMerger
P7Y7M6D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
502 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.81
CY2023 icct Weighted Average Remaining Contractual Term In Years Forfeited
WeightedAverageRemainingContractualTermInYearsForfeited
P7Y9M18D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
776328 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.74
CY2023 icct Weighted Average Remaining Contractual Term In Years Ending
WeightedAverageRemainingContractualTermInYearsEnding
P8Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
381256 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.72
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y10M24D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
769216 shares
CY2023 icct Weighted Average Grant Date Fair Value Nonvested Beginning
WeightedAverageGrantDateFairValueNonvestedBeginning
3.58
CY2023 icct Weighted Average Remaining Years To Vest Nonvested Begining
WeightedAverageRemainingYearsToVestNonvestedBegining
P8Y9M18D
CY2023 icct Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Granted Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsGrantedNumberOfShares
7446 shares
CY2023 icct Weighted Average Grant Date Fair Value Nonvested Vested
WeightedAverageGrantDateFairValueNonvestedVested
6.04
CY2023 icct Weighted Average Remaining Years To Vest Nonvested Granted
WeightedAverageRemainingYearsToVestNonvestedGranted
P9Y7M6D
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
381256 shares
CY2023 icct Weighted Average Grant Date Fair Values Nonvested Granted
WeightedAverageGrantDateFairValuesNonvestedGranted
3.72
CY2023 icct Weighted Average Remaining Years To Vest Nonvested Vested
WeightedAverageRemainingYearsToVestNonvestedVested
P7Y10M24D
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
334 shares
CY2023 icct Weighted Average Grant Date Fair Values Nonvested Forfeited Expired
WeightedAverageGrantDateFairValuesNonvestedForfeitedExpired
4.13
CY2023 icct Weighted Average Remaining Years To Vest Nonvested Forfeitedexpired Term
WeightedAverageRemainingYearsToVestNonvestedForfeitedexpiredTerm
P9Y
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
395072 shares
CY2023 icct Weighted Average Grant Date Fair Values Nonvested Ending
WeightedAverageGrantDateFairValuesNonvestedEnding
3.76
CY2023 icct Weighted Average Remaining Years To Vest Nonvested Ending
WeightedAverageRemainingYearsToVestNonvestedEnding
P8Y
CY2023 us-gaap Restricted Stock Expense
RestrictedStockExpense
394168 usd
CY2022 icct Issued Common Sttock Warrants Purchased
IssuedCommonSttockWarrantsPurchased
1278 shares
CY2022 icct Warrants To Be Issued Additional
WarrantsToBeIssuedAdditional
28883 shares
CY2022Q4 icct Strike Price
StrikePrice
0.15
CY2022Q4 icct Restated Strike Price
RestatedStrikePrice
45000 usd
CY2023 icct Warrants To Be Issued Additional
WarrantsToBeIssuedAdditional
1424 shares
CY2023Q4 icct Common Stock Warrants
CommonStockWarrants
45129 shares
CY2022 icct Purchase Price Description
PurchasePriceDescription
The Company issued convertible debt in December 2022 at a price of $2.39 thereby affecting the down round provision on 659,585 warrants with a trigger price that is lower than $0.30 for any equity instrument issued. As such the Company has recorded a charge of $1,794,704 as a Dividend to Common Stockholders reflecting the increase in value of shares to be received by the warrant holder along with an increase in 366,331 warrants issuable to these holders for a total of 1,014,791 warrants at a new exercise price of $2.39
CY2021Q4 icct Number Of Warrants Outstanding
NumberOfWarrantsOutstanding
648461 shares
CY2022 icct Weighted Average Exercise Price Of Warrants Beginning
WeightedAverageExercisePriceOfWarrantsBeginning
3.88
CY2022 icct Weighted Average Remaining Life Of Warrants In Years Beginning
WeightedAverageRemainingLifeOfWarrantsInYearsBeginning
P4Y4M24D
CY2023 icct Aggregate Intrinsic Value Of Warrants Beginning
AggregateIntrinsicValueOfWarrantsBeginning
0 usd
CY2022 icct Number Of Warrants Granted
NumberOfWarrantsGranted
379492 shares
CY2022 icct Weighted Average Exercise Price Of Warrants Granted
WeightedAverageExercisePriceOfWarrantsGranted
2.39
CY2022 icct Weighted Average Remaining Life Of Warrants In Years Exercised
WeightedAverageRemainingLifeOfWarrantsInYearsExercised
P3Y4M24D
CY2022Q4 icct Number Of Warrants Outstanding
NumberOfWarrantsOutstanding
1027953 shares
CY2023 icct Weighted Average Exercise Price Of Warrants Beginning
WeightedAverageExercisePriceOfWarrantsBeginning
3.88
CY2023 icct Weighted Average Remaining Life Of Warrants In Yearsgranted
WeightedAverageRemainingLifeOfWarrantsInYearsgranted
P3Y5M12D
CY2023 icct Number Of Warrants Granted
NumberOfWarrantsGranted
45129 shares
CY2023 icct Weighted Average Exercise Price Of Warrants Granted
WeightedAverageExercisePriceOfWarrantsGranted
2.09
CY2023 icct Weighted Average Remaining Life Of Warrants In Years Beginning
WeightedAverageRemainingLifeOfWarrantsInYearsBeginning
P5Y
CY2023 icct Number Of Warrants Exercised
NumberOfWarrantsExercised
-368368 shares
CY2023 icct Weighted Average Exercise Price Of Warrants Exercised
WeightedAverageExercisePriceOfWarrantsExercised
3.88
CY2023 icct Weighted Average Remaining Life Of Warrants In Years Exercised
WeightedAverageRemainingLifeOfWarrantsInYearsExercised
P2Y9M10D
CY2023 icct Number Of Warrants Cancelled
NumberOfWarrantsCancelled
-659585 shares
CY2023 icct Weighted Average Exercise Price Of Warrants Cancelled
WeightedAverageExercisePriceOfWarrantsCancelled
3.88
CY2022 icct Weighted Average Remaining Life Of Warrants In Years Cancelled
WeightedAverageRemainingLifeOfWarrantsInYearsCancelled
P2Y9M10D
CY2023Q4 icct Number Of Warrants Outstanding
NumberOfWarrantsOutstanding
45129 shares
CY2023 icct Weighted Average Exercise Price Of Warrants Ending
WeightedAverageExercisePriceOfWarrantsEnding
2.09
CY2023 icct Weighted Average Remaining Life Of Warrants In Years Cancelled
WeightedAverageRemainingLifeOfWarrantsInYearsCancelled
P4Y9M18D
CY2023 icct Aggregate Intrinsic Value Of Warrants Ending
AggregateIntrinsicValueOfWarrantsEnding
0 usd
CY2023Q3 us-gaap Customer Advances Current
CustomerAdvancesCurrent
15000000 usd
CY2023 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
291259 shares
CY2023 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
600000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
282256 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
154378 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
79835 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80184 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
202421 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
74194 usd
CY2023 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
17429 usd
CY2022 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
22521 usd
CY2023 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-13778 usd
CY2023 icct Recovery Of Depreciation Expense
RecoveryOfDepreciationExpense
17778 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1484966 usd
CY2022 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1484966 usd
CY2023 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 usd
CY2023Q4 us-gaap Goodwill
Goodwill
1484966 usd
CY2023 icct Schedule Of Carrying Amounts And Accumulated Amortization
ScheduleOfCarryingAmountsAndAccumulatedAmortization
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Gross </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Carrying</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Amount</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>  Impairment</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Accumulated </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Amortization</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Net </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Carrying</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Amount</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Definite-lived intangible assets at January 1, 2021</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Capitalized software</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,014,490</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,483,429 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px">$</p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">531,061</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Customer relationships</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,713,434</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,363,054 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,350,380</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Acquired technology</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,527,186</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,447,758 </td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">79,428</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Total definite-lived intangible assets at December 31, 2022</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,255,110</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,294,241 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,960,869</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Capitalized software</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,741,511</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,838,099 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">903,412</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Customer relationships</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,272,578</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(105,676 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,186,490 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,980,412</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Acquired technology</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,527,186</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,527,186 </td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total definite-lived intangible assets at December 31, 2023</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">10,541,275</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">(105,676 </td><td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">(6,551,775 </td><td style="PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">3,883,824</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8255110 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-5294241 usd
CY2022Q4 icct Finite Lived Intangible Asset Net Carrying Amount
FiniteLivedIntangibleAssetNetCarryingAmount
2960869 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10541275 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
105676 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-6551775 usd
CY2023Q4 icct Finite Lived Intangible Asset Net Carrying Amount
FiniteLivedIntangibleAssetNetCarryingAmount
3883824 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1257534 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1269564 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1357783 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1357783 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1087976 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
80282 usd
CY2023 icct Forward Purchase Agreementdisclosuretextblock
ForwardPurchaseAgreementdisclosuretextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>7. FORWARD PURCHASE AGREEMENT</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On August 14, 2023, the Company entered into Prepaid Forward Purchase Agreement (the “FPA”) with Old iCore and RiverNorth SPAC Arbitrage Fund, L.P., a Delaware limited partnership (the “Purchaser”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In accordance with the FPA and subject to the terms and conditions set forth therein, the Purchaser purchased the lesser of (a) 1.5 million shares of FGMC Common Stock and (b) such number of shares of FGMC Common Stock as shall, following the Business Combination, not exceed 9.9% of the total number of shares of FGMC Common Stock to be outstanding (such shares to be purchased, the “Forward Purchase Shares”) from public shareholders for a price no greater than the redemption price per share as is indicated in FGMC’s most recently filed periodic report (the “Prepaid Forward Purchase Price”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In accordance with the terms of the Business Combination, upon the consummation of the Business Combination, each Forward Purchase Share automatically converted into one share of Preferred Stock (including the shares of the Company’s Common Stock underlying the Preferred Stock, the “Purchased Shares”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upon the Business Combination closing, 100,000 Purchased Shares were deemed to be “Commitment Shares” and the remaining Purchased Shares were deemed to be “Prepaid Forward Purchase Shares”.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upon the closing of the Business Combination FGMC caused Purchaser to be paid directly out of the funds held in FGMC’s trust account, a cash amount (the “Prepayment Amount”) equal to the number of Purchased Shares multiplied by the amount paid to redeeming stockholders in connection with the Business Combination (the “Redemption Price”). The Redemption Price was $10.69.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upon the sale of the Prepaid Forward Purchase Shares (or underlying FGMC Common Stock) by the Purchaser, the Purchaser will remit the Reference Price (as defined below) per share to FGMC. On the earlier to occur of: </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">the occurrence of a “Registration Failure” (as defined in the FPA), and</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">the date that is twelve months after the closing of the Business Combination (the “Maturity Date”), then, for any Common Stock underlying the Prepaid Forward Purchase Shares not sold by the Purchaser, the Purchaser shall, on the 25th trading day after the Maturity Date (the “Payment Date”), pay the Company an amount equal to (i) the number of Prepaid Forward Purchase Shares that the Purchaser held on the Maturity Date, multiplied by (ii) the lowest daily volume weighted average price per share of FGMC Common Stock during the twenty trading days beginning on the day after the Maturity Date less $0.15.</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Between the Maturity Date and the Payment Date, the Purchaser may not sell more than a number of Prepaid Forward Purchase Shares per day equal to the greater of (i) 5% of the Purchased Shares owned by the Purchaser at the Maturity Date and (ii) 10% of the daily trading volume on such date.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Purchaser has agreed that until the Maturity Date, the Common Stock underlying the Prepaid Forward Purchase Shares may not be sold for a price less than the Reference Price. The “Reference Price” will initially equal the Redemption Price and will be reduced (but never increased) each month commencing on the first day of the month starting 30 days after the Business Combination closing to the volume weighted average price of the FGMC Common Stock for the preceding 10 trading days, but in no event less than $10.00 per share (the “Floor”) unless in the Company’s sole discretion, the Floor is lowered. Any reduction of the Floor shall be accomplished through a written notice from the Company to Purchaser.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The FPA provides for certain registration rights. In particular, FGMC is required to, within 30 calendar days following written request by Purchaser, file with the SEC a registration statement registering the resale of all shares held by Purchaser and have such registration statement declared effective as soon as practicable after the filing thereof.</p>
CY2023 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
100000 shares
CY2023 icct Redemption Price Per Shares
RedemptionPricePerShares
10.69
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
6337429 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
5491570 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0 usd
CY2023Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
196837 usd
CY2022Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
7444 usd
CY2023Q4 icct Total Notes Payable Net Of Financing Costs
TotalNotesPayableNetOfFinancingCosts
6140592 usd
CY2022Q4 icct Total Notes Payable Net Of Financing Costs
TotalNotesPayableNetOfFinancingCosts
5484126 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4720455 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4034865 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1420137 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1449261 usd
CY2023Q3 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
2500000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
115535 usd
CY2023Q3 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
876522 shares
CY2023Q3 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1200000 usd
CY2023Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.12 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
27559000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
62985000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
5900000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
19676000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
14849000 usd
CY2023Q4 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
926000 usd
CY2022Q4 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
74000 usd
CY2023Q4 icct Stock Issued During Period Values Share Based Compensation
StockIssuedDuringPeriodValuesShareBasedCompensation
433000 usd
CY2022Q4 icct Stock Issued During Period Values Share Based Compensation
StockIssuedDuringPeriodValuesShareBasedCompensation
418000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
12000 usd
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
140000 usd
CY2023Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAllowanceForCreditLoss
25000 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAllowanceForCreditLoss
0 usd
CY2023Q4 icct Forward Purchase Agreement Taxes
ForwardPurchaseAgreementTaxes
562000 usd
CY2022Q4 icct Forward Purchase Agreement Taxes
ForwardPurchaseAgreementTaxes
0 usd
CY2023Q4 us-gaap Other Payables To Broker Dealers And Clearing Organizations
OtherPayablesToBrokerDealersAndClearingOrganizations
224000 usd
CY2022Q4 us-gaap Other Payables To Broker Dealers And Clearing Organizations
OtherPayablesToBrokerDealersAndClearingOrganizations
195000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
289000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
22123000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
15396000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
273000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
273000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
21850000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15396000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 icct Effective Income Tax Rate Permanent Differences Percent
EffectiveIncomeTaxRatePermanentDifferencesPercent
-0.03 pure
CY2022 icct Effective Income Tax Rate Permanent Differences Percent
EffectiveIncomeTaxRatePermanentDifferencesPercent
-0.02 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.03 pure
CY2023 icct Cumulative Adjustments Taxes
CumulativeAdjustmentsTaxes
0.23 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.41 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.22 pure
CY2023Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
250000 usd
CY2023 icct Schedule Of Undiscounted Future Lease Obligations
ScheduleOfUndiscountedFutureLeaseObligations
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td colspan="15" style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Lease Commitments</strong></p></td></tr><tr style="height:15px"><td colspan="15" style="BORDER-BOTTOM: 1px solid;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>as of December 31, 2023</strong></p></td></tr><tr style="height:15px"><td colspan="2" style="vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Less than 1 year</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>1-3 years</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>3-5 years</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Total</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td>369,849</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,059,423</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">89,038</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,518,310</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2023Q4 us-gaap Other Commitment
OtherCommitment
1518310 usd
CY2023 icct Schedule Of Undiscounted Minimum Lease Commitments
ScheduleOfUndiscountedMinimumLeaseCommitments
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Undiscounted minimum lease commitments</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,518,310</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Less: Imputed Interest</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(330,476 </td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Lease liabilities</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,187,834</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2021Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
270020 usd
CY2023Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
523415 usd
CY2023Q1 icct Damage Claim Settlement Amount Under Act
DamageClaimSettlementAmountUnderAct
635000 usd
CY2023Q3 icct Notes Payable Acquire
NotesPayableAcquire
1200000 usd
CY2023Q3 icct Acquisition Of Common Stock
AcquisitionOfCommonStock
400000 usd
CY2023Q3 us-gaap Basic Earnings Per Share Pro Forma
BasicEarningsPerShareProForma
10
CY2023Q3 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
40000 shares
CY2023 icct Annual Customer Attrition Rate
AnnualCustomerAttritionRate
0.05 pure
CY2023 icct Gross Margin Percentage
GrossMarginPercentage
0.37 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2550 pure
CY2023 us-gaap Workers Compensation Discount Percent
WorkersCompensationDiscountPercent
0.12 pure
CY2023Q3 icct Notes Payable Acquire
NotesPayableAcquire
1200000 usd
CY2023Q3 icct Acquisition Of Common Stock
AcquisitionOfCommonStock
400000 usd
CY2023Q3 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
1600000 usd
CY2023Q3 us-gaap Acquisition Costs
AcquisitionCosts
40855 usd
CY2023Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1559145 usd
CY2023Q3 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
1600000 usd
CY2023 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
9311714 usd
CY2022 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
9058801 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15433055 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7611211 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7349541 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5768249 shares
CY2023 icct Basic And Diluted Loss Per Common Share
BasicAndDilutedLossPerCommonShare
-2.10
CY2022 icct Basic And Diluted Loss Per Common Share
BasicAndDilutedLossPerCommonShare
-1.32

Files In Submission

Name View Source Status
0001477932-24-002244-index-headers.html Edgar Link pending
0001477932-24-002244-index.html Edgar Link pending
0001477932-24-002244.txt Edgar Link pending
0001477932-24-002244-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
icct-20231231.xsd Edgar Link pending
icct_10k.htm Edgar Link pending
icct_ex231.htm Edgar Link pending
icct_ex311.htm Edgar Link pending
icct_ex312.htm Edgar Link pending
icct_ex321.htm Edgar Link pending
icct_ex322.htm Edgar Link pending
icct_ex97.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
icct-20231231_def.xml Edgar Link unprocessable
icct-20231231_lab.xml Edgar Link unprocessable
icct-20231231_pre.xml Edgar Link unprocessable
icct_10k_htm.xml Edgar Link completed
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R62.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
icct-20231231_cal.xml Edgar Link unprocessable