secwatch.observer — SEC 8-K summary
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Issuer:     iCoreConnect Inc. (—)
CIK:        0001408057
Form:       8-K
Filed at:   2023-05-25T23:59:59+00:00
Accession:  0001477932-23-003977
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

iCoreConnect to restate 2021/2022 financials due to warrant accounting errors; prior financials no longer reliable
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1408057/000147793223003977/0001477932-23-003977-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1408057/000147793223003977/icct_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-23-003977

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