iCoreConnect Inc.: M&A transaction — iCoreConnect replaces $1.2M cash in dental billing asset deal with 12% promissory note due Oct 31

iCoreConnect Inc.

Amends Sept 1 asset purchase agreement for Preferred Dental Development: $1.2M cash swapped for promissory note at 12% interest, due Oct 31, 2023.
Original consideration also included $400k in stock (40,000 shares at $10/share); stock portion unchanged.
Note accrues interest from Sept 1, 2023; payments apply first to interest, then principal.
Events of default include non-payment and bankruptcy; 60-day cure period then holder may accelerate and recover costs.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

iCoreConnect Inc. incurred loan of $1.2 million with Preferred Dental Development, LLC at 12% per annum maturing October 31, 2023.

Instrument: loan
Principal: $1.2 million
Counterparty: Preferred Dental Development, LLC
Rate: 12% per annum
Maturity: October 31, 2023
Event: incurrence

Exact text from the filing

the Company would deliver to the Seller a promissory note and the amount of $1.2 million bearing an interest rate of 12% per annum payable on October 31, 2023

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

iCoreConnect Inc. completed an acquisition involving Preferred Dental Development, LLC for $1,200,000 in cash and $400,000 worth of shares of Company common stock at $10.00 per share (closed 2023-10-05).

Action: acquisition
Counterparty: Preferred Dental Development, LLC
Consideration: $1,200,000 in cash and $400,000 worth of shares of Company common stock at $10.00 per share
Closing: 2023-10-05

Exact text from the filing

On October 5, 2023, the Company and Seller entered into an amendment to the Agreement pursuant to which the parties agreed that in satisfaction of the payment of the cash consideration set forth above, the Company would deliver to the Seller a promissory note and the amount of $1.2 million bearing an interest rate of 12% per annum payable on October 31, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

iCoreConnect Inc. amended Asset Purchase Agreement with Preferred Dental Development, LLC valued at $1.2 million bearing an interest rate of 12% per annum (effective 2023-10-05).

Action: amendment
Agreement: asset purchase
Counterparty: Preferred Dental Development, LLC
Value: $1.2 million bearing an interest rate of 12% per annum
Effective: 2023-10-05

Exact text from the filing

On October 5, 2023, the Company and Seller entered into an amendment to the Agreement pursuant to which the parties agreed that in satisfaction of the payment of the cash consideration set forth above, the Company would deliver to the Seller a promissory note and the amount of $1.2 million bearing an interest rate of 12% per annum payable on October 31, 2023.

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Source: SEC EDGAR

accession 0001477932-23-007570

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