CareCloud, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CareCloud, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

CareCloud, Inc. (CCLDO) filed a Annual Report (10-K) with the SEC on March 21, 2024. CareCloud, Inc. filed its 2023 Form 10-K on March 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as MTBC, Inc. and MEDICAL TRANSCRIPTION BILLING, CORP. CareCloud, Inc. is incorporated in Delaware. The company's business address is in Somerset, NJ.

Why It Matters

For investors and stakeholders tracking CareCloud, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CareCloud's financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. Understanding the company's historical structure, including its former names (MTBC, Inc. and MEDICAL TRANSCRIPTION BILLING, CORP.), offers context for its evolution and strategic direction.

Risk Assessment

Risk Level: — CareCloud, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand CareCloud's 2023 performance and strategic initiatives.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-21 — Filing Date (Date of submission)

Key Players & Entities

• CareCloud, Inc. (company) — Filer name
• MTBC, Inc. (company) — Former company name
• MEDICAL TRANSCRIPTION BILLING, CORP (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-21 (date) — Filing date
• 7 CLYDE ROAD, SOMERSET, NJ 08873 (address) — Business and mailing address

FAQ

Industry Context

CareCloud, Inc. operates in the software and services sector, specifically focusing on healthcare technology solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and cash flow trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing CareCloud.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance and strategy.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-21: Filing Date — Date CareCloud, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following previous filings.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share CCLD Nasdaq Global Marke

Filing Documents

• form10-k.htm (10-K) — 2307KB
• ex10-26.htm (EX-10.26) — 43KB
• ex10-27.htm (EX-10.27) — 16KB
• ex21-1.htm (EX-21.1) — 11KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• ex97-1.htm (EX-97.1) — 48KB
• form10k_001.jpg (GRAPHIC) — 12KB
• form10k_002.jpg (GRAPHIC) — 88KB
• form10k_003.jpg (GRAPHIC) — 120KB
• form10k_004.jpg (GRAPHIC) — 89KB
• form10k_005.jpg (GRAPHIC) — 112KB
• ex10-26_001.jpg (GRAPHIC) — 2KB
• 0001493152-24-010800.txt (&nbsp;) — 11337KB
• ccld-20231231.xsd (EX-101.SCH) — 67KB
• ccld-20231231_cal.xml (EX-101.CAL) — 91KB
• ccld-20231231_def.xml (EX-101.DEF) — 325KB
• ccld-20231231_lab.xml (EX-101.LAB) — 584KB
• ccld-20231231_pre.xml (EX-101.PRE) — 498KB
• form10-k_htm.xml (XML) — 1511KB

Forward-Looking Statements

Forward-Looking Statements 3 Summary of Risk Factors 4 PART I 7

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34

Cybersecurity

Item 1C. Cybersecurity 34

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II 36

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

[Reserved]

Item 6. [Reserved] 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 53

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53

Controls and Procedures

Item 9A. Controls and Procedures 53

Other Information

Item 9B. Other Information 54

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 54 PART III 54

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 54

Executive Compensation

Item 11. Executive Compensation 54

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 54

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 54 PART IV 55

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 55

Signatures

Signatures 61 2 Forward-Looking Certain of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact contained in this Annual Report on Form 10-K are forward-looking statements. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "might," "will," "shall," "should," "could," "intends," "expects," "plans," "goals," "projects," "anticipates," "believes," "seeks," "estimates," "forecasts," "predicts," "possible," "potential," "target," or "continue" or the negative of these terms or other comparable terminology. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this Annual Report on Form 10-K include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures (including our ability to continue as a going concern, to raise additional capital and to succeed in our future operations), expected growth, profitability and business outlook, increased sales and marketing expenses, and the expected results from the integration of our acquisitions. Forward-looking may cause our (or our industry's) actual results, levels of activity or performance

forward-looking statements, including without limitation, risks and uncertainties relating to

forward-looking statements, including without limitation, risks and uncertainties relating to: our ability to manage our growth, including acquiring, partnering with, and effectively integrating acquired businesses into our infrastructure and avoiding legal exposure and liabilities associated with acquired companies and assets; our ability to retain our clients and revenue levels, including effectively migrating new clients and maintaining or growing the revenue levels of our new and existing clients; our ability to maintain operations in Pakistan, Azad Jammu and Kashmir, and Sri Lanka (together, the "Offshore Offices") in a manner that continues to enable us to offer competitively priced products and services; our ability to keep pace with a rapidly changing healthcare industry; our ability to consistently achieve and maintain compliance with a myriad of federal, state, foreign, local, payor and industry requirements, regulations, rules, laws and contracts; our ability to maintain and protect the privacy of confidential and protected Company, client and patient information; our ability to develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards and third-party software platforms and technologies, and protect and enforce all of these and other intellectual property rights; our ability to attract and retain key officers and employees, and the continued involvement of Mahmud Haq as Executive Chairman and A. Hadi Chaudhry as Chief Executive Officer and President, all of which are critical to our ongoing operations and growing our business; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; our ability to comply with covenants contained in our credit agreement with our senior secured lender, Silicon Valley Bank, a division of First Citizens Bank, and other future debt facilities; our ability to resume and then co

Business

Business Intelligence ("BI") and healthcare analytics platforms that allow our clients to derive actionable insights from their vast amount of data; and Customized applications, interfaces, and a variety of other technology solutions that support our healthcare clients. Digital health: Chronic care management is a program that supports care for patients with chronic conditions by certified care managers that operate under the supervision of the patient's regular physician; Remote patient monitoring enables patient data collected outside the clinical setting through remote devices to be fed into their provider's EHR to enable proactive patient care; and Telemedicine solutions which allow healthcare providers to conduct remote patient visits and extend the timely delivery of care to patients unable to travel to a provider's office. Healthcare IT professional services & staffing: Professional services consisting of a broad range of consulting services including full software implementations and activation, revenue cycle optimization, data analytic services, and educational training services; Strategic advisory services to manage system evaluations and selection, provide interim management, and operational assessments; and Workforce augmentation and on-demand staffing to support our clients as they expand their businesses, seek highly trained personnel, or struggle to address staffing shortages. Our medical practice management solutions include: Medical practice management: Medical practice management services are provided to medical practices. In this service model, we provide the medical practice with appropriate facilities, equipment, supplies, support services, nurses and administrative support staff. We also provide management, bill-paying and financial advisory services. The modernization of the healthcare industry, along with the increased adoption

View Full Filing

View this 10-K filing on SEC EDGAR