Iconic Brands Inc (ICNB)

[Joseph Knecht]

Am I reading this correctly?

1. DeCicco and Faltings beneficially controlled Bellissima Spirits prior to the closing.

2. ICNB bought 51% of Bellissima for 10 shares of ICNB Series D Preferred Stock.

3. DeCicco and Faltings now own those 10 shares of Series D Preferred Stock.

4. Collectively, those 10 shares can be converted to 51 percent of all ICNB common shares outstanding at the time of conversion.