Tuesday, July 18, 2017 8:31:41 AM
"December 13, 2016, the Company entered into a Securities Purchase Agreement with Bellissima Spirits LLC (“Bellissima”) and Bellissima’s members under which the Company acquired a 51% Majority Interest in Bellissima in exchange for the issuance of a total of 10 shares of newly designated Iconic Series D Convertible Preferred Stock. Each share of Iconic Series D Convertible Preferred Stock is convertible into the equivalent of 5.1% of Iconic common stock issued and outstanding at the time of conversion."
For all practical purposes, Rich took 51 percent of Bellissima out of his left pocket and put it in his right pocket.
http://www.otcmarkets.com/financialReportViewer?symbol=ICNB&id=164765
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