UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF DECEMBER 31, 2019

(All amounts rounded to the nearest thousand except share amounts)

iCoreConnect

TrinIT*

Pro Forma Adjustments

Notes

Pro Forma Combined

ASSETS

Cash and cash equivalents

$

445,000

$

15,000

$

(400,000

)

$

60,000

Accounts receivable, net

101,000

-

-

101,000

Prepaid expenses

8,000

-

-

8,000

Total current assets

554,000

15,000

(400,000

)

169,000

Property and equipment, net

6,000

3,000

-

9,000

Right of use lease asset - operating

53,000

-

-

53,000

Software development costs, net

625,000

-

-

625,000

Acquired technology, net

891,000

-

-

891,000

Goodwill and intangible assets, net

393,000

583,000

(a)

976,000

Total long-term assets

1,968,000

3,000

583,000

2,554,000

TOTAL ASSETS

$

2,522,000

$

18,000

$

183,000

$

2,723,000

LIABILITIES AND STOCKHOLDERS' DEFICIT

Accounts payable and accrued expenses

$

1,001,000

-

-

$

1,001,000

Operating lease liability, current portion

55,000

-

-

55,000

Current maturities of long-term debt

880,000

-

-

880,000

Total current liabilities

1,936,000

-

-

1,936,000

Long-term debt

121,000

-

-

121,000

TOTAL LIABILITIES

2,057,000

-

-

2,057,000

TOTAL STOCKHOLDERS' EQUITY

465,000

18,000

183,000

666,000

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,522,000

$

18,000

$

183,000

$

2,723,000

See accompanying note to the Unaudited Pro Forma Condensed Combined Financial Information

* - The financial statements of TrinIT as of and for the year ended December 31, 2019 are unaudited and have been compiled by management.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2019

(All amounts rounded to the nearest thousand except share amounts)

iCoreConnect

TrinIT*

Pro Forma Adjustments

Pro Forma Combined

Revenue

$

1,014,000

$

983,000

-

$

1,997,000

Cost of sales

305,000

371,000

-

676,000

Gross profit

709,000

612,000

-

1,321,000

Expenses

Selling, general and administrative

3,434,000

299,000

-

3,733,000

Depreciation and amortization

655,000

-

-

655,000

Total operating expenses

4,089,000

299,000

-

4,388,000

Income (Loss) from operations

(3,380,000

)

313,000

-

(3,067,000

)

Other income (expense)

Interest expense

(236,000

)

-

-

(236,000

)

Other (expense) income

(64,000

)

(30,000

)

-

(94,000

)

Gain on cancellation of liabilities

697,000

-

-

697,000

Total other income (expense)

397,000

(30,000

)

-

367,000

Net income (loss)

$

(2,983,000

)

$

283,000

-

$

(2,700,000

)

Net loss per share available to common stockholders, basic and diluted

$

(0.05

)

$

(0.05

)

Weighted average number of shares, basic and diluted

$

58,546,699

$

59,276,699

See accompanying note to the Unaudited Pro Forma Condensed Combined Financial Information

* - The financial statements of TrinIT as of and for the year ended December 31, 2019 are unaudited and have been compiled by management.