Iconic Brands Inc (ICNB)

[The Whale]

Basis of Presentation and Going Concern

The financial statements are prepared on a “going concern” basis, which contemplates the realization of assets and liabilities in the normal course of business; however, there is substantial doubt as to the Company’s ability to continue as a going concern.
As of December 31, 2016, the Company had negative working capital of $1,568,565 and a stockholders’ deficiency of $8,884,500. The Company also incurred a net loss of $5,965,722 for the year ended December 31, 2016 and has accumulated losses of $20,391,046 as of December 31, 2016. These factors create substantial doubt as to the Company’s ability to continue as a going concern.
The Company plans to improve its financial condition through its investment in BiVi LLC (see Note 4) and its investment in Bellissima Spirits LLC (see Note 5.). However, there is no assurance that the Company will be successful in accomplishing its objectives. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.