iCoreConnect Inc.: debt financing — iCoreConnect raises ~$795K via three debt deals with 12% interest and warrants

iCoreConnect Inc.

Oct 26: $200K promissory note to former officer, matures Dec 31, 2023, 12% interest, warrant for 14K shares at $2.15.
Oct 26: $94,685.91 convertible note to same officer, matures Oct 26, 2028, converts at $1.80/share, plus 6,629 inducement shares and warrant for 6,629 shares at $2.15.
Oct 31: $500K convertible note to another investor, matures Oct 31, 2024, 12% interest, convertible at 120% of closing price.
All securities issued in private placements under Section 4(a)(2) and Regulation D.

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 convertible notes of $500,000 with an investor at 12% per annum maturing October 31, 2024.

Instrument: convertible notes
Principal: $500,000
Counterparty: an investor
Rate: 12% per annum
Maturity: October 31, 2024
Event: incurrence

Exact text from the filing

the Company entered into a securities purchase agreement with an investor, pursuant to which the Company issued the investor a convertible promissory note in principal amount of $500,000 (the “Additional Convertible Promissory Note”) in exchange for $500,000. The maturity of the Additional Convertible Promissory Note is October 31, 2024 and carries an interest

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

iCoreConnect Inc. incurred convertible notes of $94,685.91 with former officer of the Company at 12% per annum maturing October 26, 2028.

Instrument: convertible notes
Principal: $94,685.91
Counterparty: former officer of the Company
Rate: 12% per annum
Maturity: October 26, 2028
Event: incurrence

Exact text from the filing

into an additional securities purchase agreement with the same investor, pursuant to which the Company issued the investor a convertible promissory note in principal amount of $94,685.91 (the “Convertible Promissory Note”) in exchange for $94,685.91. The maturity of the Convertible Promissory Note is October 26, 2028 and carries an interest rate of 12% per annum

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

iCoreConnect Inc. incurred loan of $200,000 with former officer of the Company at 12% per annum maturing December 31, 2023.

Instrument: loan
Principal: $200,000
Counterparty: former officer of the Company
Rate: 12% per annum
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

entered into a securities purchase agreement with a former officer of the Company, pursuant to which the Company issued the investor a promissory note in principal amount of $200,000 (the “Promissory Note”) in exchange for $200,000. The maturity of the Promissory Note is December 31, 2023 and carries an interest rate of 12% per annum. In conjunction with the

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Source: SEC EDGAR

accession 0001477932-23-008029

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