iCoreConnect Inc.: auditor change — iCoreConnect to restate 2021/2022 financials due to warrant accounting errors; prior financials no longer reliable

iCoreConnect Inc.

Restatement covers audited FY2021 and FY2022 annual reports and Q3 2021, Q1-Q3 2022 quarterly reports.
Improper accounting for warrants with down round provisions; non-cash charge required for incremental fair value of additional shares.
Material weakness in internal controls over complex financial instruments identified; governance deficiencies cited.
On May 23, 2023, company entered into agreements with warrant holders to eliminate down round provisions; modifications to be reflected.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

iCoreConnect Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

Considering such restatements, the Company concluded that the financial statements included in the Impacted Filings should no longer be relied upon.

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Source: SEC EDGAR

accession 0001477932-23-003977

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