Iconic Brands Inc (ICNB)

[Whiplash_Investor]

There are so many extraneous costs, most of which are uncheckable. Here’s one that anyone can test for reasonableness:

From page F-24 of the 1st qtr 2020 10Q:

“On January 1, 2019, United Spirits, Inc. executed a lease agreement with the two officers of the Company to use part of their residence in Copiague, New York for Company office space. The agreement has a term of three years from January 1, 2019 to December 31, 2021 and provides for monthly rent of $3,930.”

Part of a residence for office space costs $3390/mo? See how the profit for ICNB gets siphoned off legally. And this is just one example. That’s probably equal to his entire mortgage payment. $3390 is almost ridiculous.