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Last $0.05 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 8:10 PM 05/21/15 All times are local (Market data is delayed by at least 15 minutes).

inspro technologies corp (ITCC) Snapshot

Open
$0.05
Previous Close
$0.05
Day High
$0.05
Day Low
$0.05
52 Week High
05/28/14 - $0.10
52 Week Low
12/8/14 - $0.02
Market Cap
1.9M
Average Volume 10 Days
1.1K
EPS TTM
$-0.20
Shares Outstanding
41.5M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for INSPRO TECHNOLOGIES CORP (ITCC)

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inspro technologies corp (ITCC) Details

InsPro Technologies Corporation, through its subsidiary, InsPro Technologies, LLC, provides Web-based insurance administration software applications for insurance carriers and third party administrators. Its software product includes InsPro Enterprise software product, which is an insurance administration and marketing system that supports group and individual business lines, as well as processes agent, direct market, worksite, and Web site generated businesses. The company offers InsPro Enterprise on a licensed and an application service provider basis. It also provides various professional services, such as implementation, legacy system migration, application management, Web development, help desk, and hosting service support services, as well as consulting services. The company was formerly known as Health Benefits Direct Corporation and changed its name to InsPro Technologies Corporation in November 2010. InsPro Technologies Corporation was founded in 1986 and is based in Radnor, Pennsylvania.

84 Employees
Last Reported Date: 03/31/15
Founded in 1986

inspro technologies corp (ITCC) Top Compensated Officers

Chairman, Chief Executive Officer and Member ...
Total Annual Compensation: --
Founder and Vice Chairman
Total Annual Compensation: $300.0K
Chief Operating Officer, Chief Financial Offi...
Total Annual Compensation: $250.0K
Chief Revenue Officer of Inspro Technologies,...
Total Annual Compensation: $141.7K
Chief Information Officer of Inspro Technolog...
Total Annual Compensation: $106.3K
Compensation as of Fiscal Year 2014.

inspro technologies corp (ITCC) Key Developments

InsPro Technologies Corporation Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2015

InsPro Technologies Corporation reported consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, revenues were $3,732,773 compared to $3,576,599 a year ago. Operating loss from continuing operations was $3,231,820 compared to $564,714 a year ago. Loss from continuing operations was $3,260,246 against $572,158 a year ago. Net loss was $3,221,528 or $0.08 per basic and diluted share compared to $501,758 or $0.01 per basic and diluted share a year ago. Basic and diluted loss from continuing operations per share was $0.08 compared to $0.01 per basic and diluted share a year ago. Net cash used in operating activities was $2,677,559 against $611,948 a year ago. Purchase of property and equipment was $4,679 against $70,601 a year ago. The results from operations in the first quarter of 2015 were unfavorably impacted by higher cost of revenues, a result of increased utilization of several outside consulting firms, to assist with modifications to InsPro Enterprise’s functionality and new clients’ implementations of InsPro Enterprise.

InsPro Technologies Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

InsPro Technologies Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $4,852,129 against $3,055,850 for the same period in the last year. An increase of $367,417 in professional services from several ongoing implementations, a $775,000 increase in license revenue and an increase in ASP/Hosting and Maintenance revenues due to the growth in clients, accounts for the increase in Revenue. Operating loss from continuing operations was $2,022,805 against $1,008,687 for the same period in the last year. The results from operations in the fourth quarter of 2014 were unfavorably impacted by higher cost of revenues, a result of increased utilization of several outside consulting firms, to assist with modifications to InsPro Enterprise’s functionality and new clients’ implementations of InsPro Enterprise™. In the third quarter of 2014 the company engaged a third party consulting firm to be a preferred system integrator. Loss from continuing operations was $2,033,156 against $920,724 for the same period in the last year. Net loss was $1,982,092 or $0.04 per basic and diluted share against $833,814 or $0.02 per basic and diluted share for the same period in the last year. Loss from operations per basic and diluted share was $0.05 against $0.02 for the same period in the last year. The net loss in the fourth quarter of 2014 as compared to the fourth quarter of 2013 was unfavorably impacted by higher costs of revenues partially offset by higher revenues partially offset by lower gain on the change of the fair value of warrant liability. For the year, the company reported revenues of $18,670,138 against $14,802,268 for the same period in the last year. Revenue growth was a result of a $3,088,663 increase in professional services, from implementation services, $946,490 higher ASP/Hosting revenue and $215,489 higher maintenance revenue, which was a result of increased fees from existing and recent implementations of InsPro Enterprise, partially offset by $400,000 of lower license fees. In 2014 the company recognized a $2,150,000 in license fees for two clients while in 2013 the company recognized $2,550,000 of license fees for three clients. Operating loss from continuing operations was $5,432,967 against $2,120,683 for the same period in the last year. The results from operations in 2014 were unfavorably impacted by higher costs of revenues, a result of increased utilization of several outside consulting firms, to assist with modifications to InsPro Enterprise’s functionality and new clients’ implementations of InsPro Enterprise, combined with $1,694,385 higher non-cash equity compensation expense. Loss from continuing operations was $5,424,247 against $2,135,175 for the same period in the last year. Net loss was $5,184,687 or $0.12 per basic and diluted share against $1,743,008 or $0.04 per basic and diluted share for the same period in the last year. Loss from operations per basic and diluted share was $0.13 against $0.05 for the same period in the last year. The net loss in 2014 was unfavorably impacted by higher costs of revenues combined with higher non-cash equity compensation expense. Net cash provided in operating activities was $1,622,779 against net cash used in operating activities of $1,867,552 for the same period in the last year. Purchase of property and equipment was $576,274 against $234,961 for the same period in the last year.

InsPro Technologies Corporation Receives Loan from Edmond Walters

On March 17, 2015, InsPro Technologies Corporation announced that it has received a loan from Edmond Walters, a current director of the company, in the amount of $500,000. The Loan was a pre-payment by Mr. Walters in connection with any future issuance of equity securities of the company, and is convertible into equity securities of the Company in connection with any such future issuance of equity securities as agreed to by the company and Mr. Walters. The loan is refundable to Mr. Walters on demand, without interest, if the company does not consummate an equity financing within a time period to be determined by the Company and Mr. Walters.

 

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