secwatch.observer — SEC 8-K summary
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Issuer:     Iconic Brands, Inc. (—)
CIK:        0001350073
Form:       8-K
Filed at:   2023-05-26T23:59:59+00:00
Accession:  0001477932-23-004018
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 2.04, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Iconic Brands defaults on $660K convertible note; CFO resigns
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- Iconic Brands issued $660K convertible note to Arena Investors; net proceeds $600K after 10% OID; 12% interest after 90 days.
- Arena sent default notice May 24, 2023, citing failure to authorize shares for conversion; Company admits inability to pay.
- CFO David Allen resigned May 19, 2023 for personal reasons; CEO Richard DeCicco serving as interim CFO.
- Conversion price is the lower of $0.0001 per share or 50% of the 30-day lowest closing price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1350073/000147793223004018/0001477932-23-004018-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1350073/000147793223004018/icnb_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-23-004018

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer