iCoreConnect Inc.: debt financing — iCoreConnect issues $350K promissory note at 12% interest, convertible at $2.01/share

iCoreConnect Inc.

iCoreConnect issued $350,000 promissory note to accredited investor; 12% annual interest, matures May 13, 2024.
Note convertible into common stock at $2.01 per share; also issued 5-year warrant for 24,500 shares at $2.21.
Securities sold without registration under Rule 506 of Regulation D, relying on accredited investor exemption.

item 1.01 item 2.03 item 3.02 item 9.01

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 $350,000 with an accredited investor at 12% per annum maturing May 13, 2024.

Instrument: loan
Principal: $350,000
Counterparty: an accredited investor
Rate: 12% per annum
Maturity: May 13, 2024
Event: incurrence

Exact text from the filing

On October 13, 2023, iCoreConnect, Inc. (the "Company"), entered into a promissory note with an issue date of October 13, 2023 (the "Promissory Note") with an accredited investor in exchange for $350,000. The maturity of the Promissory Note is May 13, 2024 and carries an interest rate of 12% per annum

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

iCoreConnect Inc. entered into Promissory Note with an accredited investor valued at $350,000 (effective 2023-10-13).

Action: entry
Counterparty: an accredited investor
Value: $350,000
Effective: 2023-10-13

Exact text from the filing

On October 13, 2023, iCoreConnect, Inc. (the “Company”), entered into a promissory note with an issue date of October 13, 2023 (the “Promissory Note”) with an accredited investor in exchange for $350,000.

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Source: SEC EDGAR

accession 0001477932-23-007755

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