8-K
filed February 16, 2024, 6:59 PM ET
CIK 0001906133
debt
confidence high
sentiment negative
materiality 0.60
iCoreConnect Inc.: debt financing — iCoreConnect issues $473,743 convertible note, enters forbearance with lender
iCoreConnect Inc.
- Issued 12% convertible note of $473,743 due June 1, 2024, converting at 100% of Dec 29 close, subject to shareholder approval.
- Entered Forbearance Agreement with senior secured lender; agreed to $300,000 payment and default rate interest increase.
- As part of forbearance, lender waived covenants and interest-only payments through July 2024; company must report weekly metrics.
- Terminated Purchase Agreement with Arena Business Solutions, effective Feb 15, 2024, with no penalties.
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 $473,743 with an investor at 12% per annum maturing June 1, 2024.
- Instrument
- convertible notes
- Principal
- $473,743
- Counterparty
- an investor
- Rate
- 12% per annum
- Maturity
- June 1, 2024
- Event
- incurrence
Exact text from the filing
On February 9, 2024, the Company issued a convertible note entered into a securities purchase agreement with an investor with an effective date of December 29, 2023, pursuant to which the Company in principal amount of $473,743 in exchange for the conversion of a payable in the amount of $473,743.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
iCoreConnect Inc. entered into securities purchase agreement with an investor (effective 2023-12-29).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- an investor
- Effective
- 2023-12-29
Exact text from the filing
On February 9, 2024, the Company issued a convertible note entered into a securities purchase agreement with an investor with an effective date of December 29, 2023, pursuant to which the Company in principal amount of $473,743 in exchange for the conversion of a payable in the amount of $473,743.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
iCoreConnect Inc. terminated Purchase Agreement with Arena Business Solutions Global SPC II, Ltd. on behalf of and for the account of Segregated Portfolio #8 – SPC #8 ("Arena") (effective 2024-02-14).
- Action
- termination
- Counterparty
- Arena Business Solutions Global SPC II, Ltd. on behalf of and for the account of Segregated Portfolio #8 – SPC #8 ("Arena")
- Effective
- 2024-02-14
Exact text from the filing
On February 14, 2024, the Company provided termination notification to Arena Business Solutions Global SPC II, Ltd. on behalf of and for the account of Segregated Portfolio #8 – SPC #8 (“Arena”) for the Purchase Agreement entered into by the parties on September 12, 2023 with an effective date of February 15, 2024.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
iCoreConnect Inc. entered into Forbearance Agreement with its senior secured lender (effective 2024-02-12).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- its senior secured lender
- Effective
- 2024-02-12
Exact text from the filing
On February 12, 2024, the Company entered into a Forbearance Agreement with its senior secured lender whereby the Company agreed to make $300,000 payment to cure certain defaults under the original Loan Agreement.
View on SEC.gov
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