8-K
filed January 5, 2024, 6:59 PM ET
CIK 0001906133
debt
confidence high
sentiment neutral
materiality 0.55
iCoreConnect Inc.: debt financing — iCoreConnect issues $2M subordinated note, amends convertible notes for NASDAQ approval
iCoreConnect Inc.
- Issued $2,000,000 subordinated note to PIGI Solutions to settle accounts payable; 15% interest, maturity Dec 31, 2024.
- Amended convertible notes (Oct 2023) and warrants to require shareholder approval per NASDAQ Rule 5635(d).
- Issued $100,000 convertible note to an existing investor; 12% interest, convertible at 120% of closing price, matures Dec 28, 2024.
- Subordinated note is secured by company assets but junior to senior lender Element.
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 $2,000,000 at 15% per annum maturing December 31, 2024.
- Instrument
- loan
- Principal
- $2,000,000
- Rate
- 15% per annum
- Maturity
- December 31, 2024
- Event
- incurrence
Exact text from the filing
On December 29, 2023, iCoreConnect, Inc. (the “Company”) issued a subordinated note to a service provider in principal amount of $2,000,000 in exchange for conversion of an accounts payable in the amount of $2,000,000.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
iCoreConnect Inc. incurred convertible notes of $100,000 at 12% per annum maturing December 28, 2024.
- Instrument
- convertible notes
- Principal
- $100,000
- Rate
- 12% per annum
- Maturity
- December 28, 2024
- Event
- incurrence
Exact text from the filing
On December 29, 2023, the Company entered into a securities purchase agreement with an existing investor, pursuant to which the Company issued the investor a convertible note in principal amount of $100,000 in exchange for $100,000 (the “Convertible Promissory Note”).
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
iCoreConnect Inc. amended convertible notes.
- Instrument
- convertible notes
- Event
- amendment
Exact text from the filing
On December 29, 2023, the Company entered into amendments with holders of two an Amendment to Convertible Promissory Notes issued on October 13, 2023 and October 26, 2023 (the “Notes”) whereby the holders of the Notes agreed that the Notes would not be convertible into shares of Company Common stock unless and until the Company’s shareholders approve such conversion per NASDAQ Listing Rule 5635(d).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
iCoreConnect Inc. amended a notes offering (effective 2023-12-29).
- Action
- amendment
- Agreement
- notes offering
- Effective
- 2023-12-29
Exact text from the filing
On December 29, 2023, the Company entered into amendments with holders of two an Amendment to Convertible Promissory Notes issued on October 13, 2023 and October 26, 2023 (the “Notes”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
iCoreConnect Inc. entered into a equity purchase valued at $100,000 (effective 2023-12-29).
- Action
- entry
- Agreement
- equity purchase
- Value
- $100,000
- Effective
- 2023-12-29
Exact text from the filing
On December 29, 2023, the Company entered into a securities purchase agreement with an existing investor, pursuant to which the Company issued the investor a convertible note in principal amount of $100,000 in exchange for $100,000 (the “Convertible Promissory Note”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
iCoreConnect Inc. entered into a credit facility valued at $2,000,000 (effective 2023-12-29).
- Action
- entry
- Agreement
- credit facility
- Value
- $2,000,000
- Effective
- 2023-12-29
Exact text from the filing
On December 29, 2023, iCoreConnect, Inc. (the “Company”) issued a subordinated note to a service provider in principal amount of $2,000,000 in exchange for conversion of an accounts payable in the amount of $2,000,000.
View on SEC.gov
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