$ BiVi. ICNB SHAREHOLDERS SHOULD READ!!!!!!! THE O/S IS 375 MILLION AS OF 5/16/2016
For atleast 2 years now post have been used to scare people out of their ICNB shares by posting about HUGE loans going to come due at any time but here is the facts from the ICNB filings as of March 31st 2016. THERE ARE NO LONG TERN DEBT UNTIL DECEMBER 31st 2017.
. Amendment of Stock Conversion Exercise Price on Promissory Notes:
On May 12, 2015, The Holder and the Company amended certain provisions of the promissory notes. The new provisions allow the notes including all accrued interest thereon to be convertible into shares of the Company’s common stock at a conversion price equal to the lesser of (i) $0.01 or (ii) fifty percent (50%) of the lowest Closing Bid Price of the Common Stock for the thirty (30) Trading days preceding the Conversion Date, as reported by Bloomberg LP. Two holders of promissory notes have elected to exercise their rights to convert part of the principal plus accrued interest and associated fees to common stock of the Company in the table below.
Additionally, Equity Markets Advisory, Inc., pursuant to the terms of a settlement agreement elected to convert a portion of the compromised amount into shares of common stock of the Company based on a conversion price of $.0065 per share. See table below.
e. Conversion of Debt to Common Shares
New debt for the three months ended March 31,2016 was issued for cash proceeds of $100,000 and subsequently converted to common shares. The Company converted $100,000 in debt to 111,893,388 shares of common stock in the three months ended March 31, 2016.
Counterparty # of Shares
Conversion Amount
Southridge Partners II LP 5,197,119 45,474.79 $ Southridge Partners II LP 6,584,656 16,462 Southridge Partners II LP 5,059,180 2,530 Southridge Partners II LP 4,779,538 3,107 Southridge Partners II LP 5,526,100 6,079 27,146,593 73,651
Alpha Capital Anstalt 5,588,670 6,127
Equity Markets Advisory, Inc. 9,000,000 58,500 41,735,263 138,278 $
Iconic Brands, Inc. Notes to Financial Statements (unaudited)
No assurance is provided 12
6. DEBT
Debt relating to Iconic Brands, Inc. consisted of the following at :
(A) In the year ended December 31, 2014 the company issued $200,000 in convertible promissory notes. $125,000 of the proceeds was used to invest in MMBA. $100,000 of the proceeds was held by MMBA attorney and used to pay operating expenses for the company. These notes were converted to common shares.
In the year ended December 31, 2014, the company entered into an agreement with Capstone Capital Group I, an accredited investor, whereas Capstone Capital Group I returned to the Company, 916,603 shares of Series B preferred stock in exchange for $5,000 and 100,000 shares of the Company’s restricted common stock.
(B) New debt for the three months ended March 31,2016 was issued for cash proceeds of $100,000 and subsequently converted to common shares. (See footnote 5e). Debt for the year ended December 31, 2015 was issued for cash proceeds of $385,000, consulting services of $240,000 and repayment of invoices paid on behalf of Company of $8,600 as shown in the table below:
Description of Notes 2016 2015
Loans payable, interest at 12%, due 12/31/2017 (A) $496,252 $496,252
- Convertible promissory notes, interest at 10% (B) 643,610 643,610
Total 1,139,862 1,139,862
Less current portion of debt 643,610 643,610 Long term debt $496,252 $496,252
GO > $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ICNB
