Replies to post #162702 on Iconic Brands Inc (ICNB)

[pocket.change]

Love this part... SHORTLY BEFORE THE REVERSE SPLIT!!! OOPPS!!! All shareholder value lost!!!

The Company has, and will continue to have, insufficient capital with which to provide the owners of business opportunities with any significant cash or other assets.

Going Concern Consideration

As of December 31, 2012, the Company had negative working capital of $4,154,105 and a stockholders’ deficiency of $7,536,518. Further, from inception to December 31, 2011, the Company incurred losses of $16,492,729. 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 by reorganizing and acquiring a new business. However, there is no assurance that the Company will be successful in accomplishing this objective. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.


WOW, WHAT A DISASTER THIS STOCK IS AND HAS BEEN FOR NEARLY A DECADE!!! Shareholders lose EVERYTHING while bailing richie boy out every time!!!

[pocket.change]

WOW!!! Check this out!!! richie boy issued himself over $1.5 MILLION dollars worth of stock for a failing company!!! LMAO!!! Thanks for provided that document Joseph Knecht!!!

from the 10k:

2) 19,634,112 shares of common stock were issued to Company management and personnel for services rendered, including 15,972,359 shares to the Richard J. DeCicco, the Company’s Chief Executive Officer, 100,000 shares to the William Blacker, the Company’s Chief Financial Officer, and 2,586,753 shares to Donald Chadwell, the Company’s director at the time. The estimated value of the services rendered is $1,963,411 and 850,000 shares to eight employees, and 125,000 shares to a law firm. These securities were issued in reliance on the exemption under Section 4(2) of the Act; the recipients are affiliates of the Company and had access to all of the information which would be required to be included in a registration statement and the transaction did not involve a public offering.

3) 2,086,973 shares of common stock valued at $208,697 were issued to Danny DeVito and affiliates, accredited investors, for consulting services performed in connection with the License Agreement between the Company and Seven Cellos by which the Company obtained a limited license for the use of Danny Devito’s name and likeness and his endorsement in connection with the manufacture, distribution and promotion of the Danny Devito Premium Limoncello. These securities were issued in reliance on the exemption under Section 4(2) of the Act and did not involve a public offering;

https://www.sec.gov/Archives/edgar/data/1350073/000147793213002636/icnb_10k.htm

So if we do the math, Danny DeVito (yet another failed business venture of richie boy's) received 2,086,973 shares valued at $208,697 and RICHIE BOY gave himself 15,972,359 shares with a comparable value of... drum roll please.... $1.6 MILLION at that time... and that's what he gives himself for FAILING at business ventures. WOW!!! OOPS!!!!

[Whiplash_Investor]

Nice find! Even though, this set of fins were released for 2nd qtr, they retained wording from the end of December 2012 that had signed documents with the auditor’s statement...all below.

I have been under a wrong impression on this point, that audits never got done of 2011 and 2012. Clearly they did! Text below:

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of Iconic Brands, Inc.

We have audited the accompanying consolidated balance sheets of Iconic Brands, Inc. as of December 31, 2012 and 2011, and the related consolidated statements of operations, stockholders’ deficiency, and cash flows for the years ended December 31, 2012 and 2011 and the development stage period January 1, 2011 to December 31, 2012. Iconic Brands, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Iconic Brands, Inc. as of December 31, 2012 and 2011 and the results of its operations and its cash flows for the years ended December 31, 2012 and 2011 and the development stage period January 1, 2011 to December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 of the financial statements, the Company has limited operations and resources, which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ ZBS Goup, LLP.
ZBS Group, LLP. Melville, NY 11747

May 17, 2013



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