2022 Q2 Form 10-Q Financial Statement
#000147793222003232 Filed on May 12, 2022
Income Statement
| Concept | 2022 Q2 | 2022 Q1 | 2021 Q1 |
|---|---|---|---|
| Revenue | $2.011M | $2.044M | $704.0K |
| YoY Change | 104.93% | 190.32% | 39.13% |
| Cost Of Revenue | $621.3K | $634.2K | $240.0K |
| YoY Change | 132.06% | 164.23% | 9.6% |
| Gross Profit | $1.390M | $1.410M | $464.0K |
| YoY Change | 94.76% | 203.83% | 61.66% |
| Gross Profit Margin | 69.11% | 68.97% | 65.9% |
| Selling, General & Admin | $2.262M | $1.950M | $856.4K |
| YoY Change | 125.29% | 127.75% | 5.86% |
| % of Gross Profit | 162.72% | 138.36% | 184.58% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $258.3K | $63.81K | $684.00 |
| YoY Change | 18.27% | 9229.53% | -99.69% |
| % of Gross Profit | 18.59% | 4.53% | 0.15% |
| Operating Expenses | $2.602M | $2.406M | $1.109M |
| YoY Change | 107.39% | 116.95% | 7.47% |
| Operating Profit | -$1.212M | -$996.6K | -$645.1K |
| YoY Change | 124.05% | 54.48% | -13.41% |
| Interest Expense | $189.2K | -$155.7K | -$167.8K |
| YoY Change | 104.46% | -7.22% | 379.43% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$275.2K | $89.99K | $0.00 |
| YoY Change | -73.6% | ||
| Pretax Income | -$1.487M | -$1.542M | -$812.9K |
| YoY Change | -6.07% | 89.72% | 4.22% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$1.487M | -$1.542M | -$812.9K |
| YoY Change | -6.07% | 89.72% | 4.22% |
| Net Earnings / Revenue | -73.94% | -75.46% | -115.47% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$8.628K | -$9.014K | -$7.021K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 172.2M shares | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2022 Q2 | 2022 Q1 | 2021 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $164.3K | $810.1K | $194.2K |
| YoY Change | -80.58% | 317.2% | 218.31% |
| Cash & Equivalents | $164.3K | $810.1K | $194.2K |
| Short-Term Investments | |||
| Other Short-Term Assets | $400.0K | $390.4K | $48.57K |
| YoY Change | 202.95% | 703.77% | 111.17% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $701.9K | $715.7K | $177.0K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $1.266M | $1.916M | $419.7K |
| YoY Change | 4.47% | 356.55% | 99.86% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $85.73K | $1.170M | $152.2K |
| YoY Change | 468.14% | 669.01% | 187.17% |
| Goodwill | $1.485M | $1.485M | |
| YoY Change | 15.01% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $5.969M | $6.267M | $2.332M |
| YoY Change | 32.76% | 168.7% | -6.89% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.266M | $1.916M | $419.7K |
| Total Long-Term Assets | $5.969M | $6.267M | $2.332M |
| Total Assets | $7.235M | $8.184M | $2.752M |
| YoY Change | 26.75% | 197.35% | 1.37% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.680M | $1.243M | $985.3K |
| YoY Change | 101.6% | 26.18% | -8.94% |
| Accrued Expenses | $283.7K | $1.046M | $77.46K |
| YoY Change | 503.17% | 1250.92% | 58.08% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $1.604M | $1.776M | $965.4K |
| YoY Change | -32.38% | 83.99% | 6.32% |
| Total Short-Term Liabilities | $3.568M | $4.099M | $2.041M |
| YoY Change | 8.64% | 100.81% | -0.23% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $3.675M | $3.683M | $0.00 |
| YoY Change | -100.0% | ||
| Other Long-Term Liabilities | $774.3K | $32.32K | $134.6K |
| YoY Change | 940.14% | -75.99% | 30.69% |
| Total Long-Term Liabilities | $4.450M | $3.716M | $134.6K |
| YoY Change | 5877.4% | 2660.22% | 16.04% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $3.568M | $4.099M | $2.041M |
| Total Long-Term Liabilities | $4.450M | $3.716M | $134.6K |
| Total Liabilities | $8.018M | $7.815M | $2.176M |
| YoY Change | 138.71% | 259.14% | 0.65% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$85.82M | -$84.34M | |
| YoY Change | 8.71% | ||
| Common Stock | $172.5K | ||
| YoY Change | 13.76% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$782.4K | $368.8K | $576.2K |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $7.235M | $8.184M | $2.752M |
| YoY Change | 26.75% | 197.35% | 1.37% |
Cashflow Statement
| Concept | 2022 Q2 | 2022 Q1 | 2021 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.487M | -$1.542M | -$812.9K |
| YoY Change | -6.07% | 89.72% | 4.22% |
| Depreciation, Depletion And Amortization | $258.3K | $63.81K | $684.00 |
| YoY Change | 18.27% | 9229.53% | -99.69% |
| Cash From Operating Activities | -$385.6K | -$1.049M | -$715.2K |
| YoY Change | 20.04% | 46.73% | 64.03% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$66.60K | -$63.30K | -$48.68K |
| YoY Change | -96.51% | 30.03% | -73.1% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | ||
| YoY Change | -100.0% | ||
| Cash From Investing Activities | -$66.60K | -$63.30K | -$48.68K |
| YoY Change | -96.51% | 30.02% | -91.24% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $350.0K | $1.417M | |
| YoY Change | -75.31% | ||
| Debt Paid & Issued, Net | $499.0K | ||
| YoY Change | |||
| Cash From Financing Activities | -193.7K | $1.851M | $950.4K |
| YoY Change | -106.72% | 94.75% | 56.32% |
| NET CHANGE | |||
| Cash From Operating Activities | -385.6K | -$1.049M | -$715.2K |
| Cash From Investing Activities | -66.60K | -$63.30K | -$48.68K |
| Cash From Financing Activities | -193.7K | $1.851M | $950.4K |
| Net Change In Cash | -645.8K | $738.3K | $186.6K |
| YoY Change | -199.07% | 295.74% | -148.58% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$385.6K | -$1.049M | -$715.2K |
| Capital Expenditures | -$66.60K | -$63.30K | -$48.68K |
| Free Cash Flow | -$319.0K | -$986.1K | -$666.5K |
| YoY Change | -120.07% | 47.95% | 161.37% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
172216323 | shares |
| CY2021Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
167493479 | shares |
| CY2021Q1 | us-gaap |
Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
-645117 | USD |
| CY2022Q1 | us-gaap |
Legal Fees
LegalFees
|
300000 | USD |
| CY2021Q1 | us-gaap |
Legal Fees
LegalFees
|
0 | USD |
| CY2022Q1 | us-gaap |
Other Expenses
OtherExpenses
|
89993 | USD |
| CY2021Q1 | us-gaap |
Other Expenses
OtherExpenses
|
0 | USD |
| CY2022Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-545682 | USD |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1542235 | USD |
| CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-812914 | USD |
| CY2022Q1 | icct |
Net Loss Per Share Available To Common Stockholders Basic And Diluted
NetLossPerShareAvailableToCommonStockholdersBasicAndDiluted
|
-0.01 | |
| CY2021Q1 | icct |
Net Loss Per Share Available To Common Stockholders Basic And Diluted
NetLossPerShareAvailableToCommonStockholdersBasicAndDiluted
|
-0.01 | |
| CY2022Q1 | icct |
Weighted Average Number Of Shares Basic And Diluted
WeightedAverageNumberOfSharesBasicAndDiluted
|
171087892 | shares |
| CY2021Q1 | icct |
Weighted Average Number Of Shares Basic And Diluted
WeightedAverageNumberOfSharesBasicAndDiluted
|
115776822 | shares |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-628940 | USD |
| CY2021Q1 | icct |
Stock Issued For Cash Amount
StockIssuedForCashAmount
|
1417313 | USD |
| CY2021Q1 | icct |
Stock Issued For Conversion Of Fees For Services Payable Amount
StockIssuedForConversionOfFeesForServicesPayableAmount
|
481923 | USD |
| CY2021Q1 | icct |
Stock Compensation Expense Amount
StockCompensationExpenseAmount
|
118796 | USD |
| CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-812914 | USD |
| CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
576178 | USD |
| CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1005291 | USD |
| CY2022Q1 | icct |
Stock Issued For Cash Amount
StockIssuedForCashAmount
|
350000 | USD |
| CY2022Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
300000 | USD |
| CY2022Q1 | icct |
Stock Compensation Expense Amount
StockCompensationExpenseAmount
|
255697 | USD |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1542235 | USD |
| CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
368753 | USD |
| CY2022Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1542235 | USD |
| CY2021Q1 | us-gaap |
Profit Loss
ProfitLoss
|
812914 | USD |
| CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
63814 | USD |
| CY2021Q1 | us-gaap |
Depreciation
Depreciation
|
684 | USD |
| CY2022Q1 | us-gaap |
Deferred Sales Inducements Amortization Expense
DeferredSalesInducementsAmortizationExpense
|
391957 | USD |
| CY2022Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
36000 | USD |
| CY2021Q1 | us-gaap |
Deferred Sales Inducements Amortization Expense
DeferredSalesInducementsAmortizationExpense
|
252013 | USD |
| CY2022Q1 | us-gaap |
Dividends Sharebased Compensation Stock
DividendsSharebasedCompensationStock
|
255697 | USD |
| CY2021Q1 | us-gaap |
Dividends Sharebased Compensation Stock
DividendsSharebasedCompensationStock
|
118796 | USD |
| CY2022Q1 | us-gaap |
Legal Fees
LegalFees
|
300000 | USD |
| CY2021Q1 | us-gaap |
Legal Fees
LegalFees
|
0 | USD |
| CY2022Q1 | icct |
Non Cash Interest Expense
NonCashInterestExpense
|
94589 | USD |
| CY2021Q1 | icct |
Non Cash Interest Expense
NonCashInterestExpense
|
26858 | USD |
| CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
86654 | USD |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
50486 | USD |
| CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
78100 | USD |
| CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
28469 | USD |
| CY2022Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-62940 | USD |
| CY2021Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-10356 | USD |
| CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-398477 | USD |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-220677 | USD |
| CY2022Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
12955 | USD |
| CY2021Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
9382 | USD |
| CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1049394 | USD |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-715169 | USD |
| CY2022Q1 | icct |
Additions To Capitalized Software
AdditionsToCapitalizedSoftware
|
-63296 | USD |
| CY2021Q1 | icct |
Additions To Capitalized Software
AdditionsToCapitalizedSoftware
|
-48682 | USD |
| CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-63296 | USD |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-48682 | USD |
| CY2022Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
2000000 | USD |
| CY2021Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
0 | USD |
| CY2022Q1 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
-499042 | USD |
| CY2021Q1 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
-489641 | USD |
| CY2022Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
350000 | USD |
| CY2021Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1417313 | USD |
| CY2021Q1 | icct |
Conversion Of Accounts Payable Into Common Stock
ConversionOfAccountsPayableIntoCommonStock
|
-22734 | USD |
| CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1850958 | USD |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
950406 | USD |
| CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
738268 | USD |
| CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
186555 | USD |
| CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
71807 | USD |
| CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7619 | USD |
| CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
810075 | USD |
| CY2021Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
194174 | USD |
| CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
32909 | USD |
| CY2021Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
140939 | USD |
| CY2022Q1 | icct |
Stock Issued For Conversion Of Accounts Payable
StockIssuedForConversionOfAccountsPayable
|
0 | USD |
| CY2021Q1 | icct |
Stock Issued For Conversion Of Accounts Payable
StockIssuedForConversionOfAccountsPayable
|
481923 | USD |
| CY2022Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1. NATURE OF OPERATIONS </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">iCoreConnect Inc., (the “Company”), a Nevada Corporation, is a market leading cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Business Combinations</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During 2021 the Company completed three asset acquisitions which were accounted for as business combinations; On April 23, 2021, the Company acquired substantially all the assets of Heyns Unlimited LLC doing business as Advantech; On May 31, 2021, the Company acquired substantially all the assets of BCS Tech Center, Inc.; and on September 1, 2021, the Company acquired substantially all the assets of Spectrum Technology Solutions, LLC.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Going Concern and Liquidity</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the three months period ended March 31, 2022, the Company generated an operating loss of $996,553. In addition at March 31, 2022, the Company has an accumulated deficit, and net working capital deficit of $84,337,498 and $2,183,076, respectively. The Company’s activities were primarily financed through private placements of equity securities and issuance of debt. The Company intends to raise additional capital through the issuance of debt and/or equity securities to fund its operations. The Company is reliant on future fundraising to finance operations in the near future. The financing may not be available on terms satisfactory to the Company, if at all. In light of these matters, there is substantial doubt that the Company will be able to continue as a going concern for a period of 12 months from the issuance date of these financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Currently, management intends to develop a vastly improved healthcare communications system and intends to develop alliances with strategic partners to generate revenues that will sustain the Company. While management believes in the viability of its strategy to increase revenues and in its ability to raise additional funds, there can be no assurances to that effect. Management’s ability to continue as a going concern is ultimately dependent upon its ability to continually increase the Company’s customer base and realize increased revenues from signed contracts. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p> | |
| CY2022Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-996553 | USD |
| CY2022Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-84337498 | USD |
| CY2022Q1 | icct |
Working Capital Deficit
WorkingCapitalDeficit
|
-2183076 | USD |
| CY2022Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | USD |
| CY2022Q1 | icct |
Revenue Description
RevenueDescription
|
The Company’s secondary source of revenue is professional services and other revenue related to customer onboarding, IT services and equipment sales that often precede a subscription service offering purchased by the customer. Approximately 90% of our revenue is subscription based with the remainder being professional services and other IT related revenue. The geographic concentration of our revenue is 100% in North America. | |
| CY2022Q1 | us-gaap |
Advertising Expense
AdvertisingExpense
|
132094 | USD |
| CY2021Q1 | us-gaap |
Advertising Expense
AdvertisingExpense
|
56376 | USD |
| CY2022Q1 | us-gaap |
Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company accounts for derivative instruments in accordance with ASC 815 “Derivatives and Hedging”, which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risk. Terms of convertible debt and preferred stock instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the balance sheet at fair value. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Freestanding warrants issued by the Company in connection with the issuance or sale of debt and equity instruments are considered to be derivative instruments. Pursuant to ASC 815, an evaluation of specifically identified conditions is made to determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability.</p> | |
| CY2022Q1 | icct |
Financial Instruments With Down Round Featurespolicytextblock
FinancialInstrumentsWithDownRoundFeaturespolicytextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company follows the guidance of FASB ASU 2017-11, “Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); and Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features. ASU 2017-11 simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downround adjustment of the current exercise price based on the price of the future equity offerings. The standard requires companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for the purposes of determining liability of equity classification. Companies that provide earning per share (“EPS”) data will adjust their diluted EPS calculation for the effect of the feature when triggered (i.e. when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) and will also recognize the effect of the trigger within equity.</p> | |
| CY2022Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p> | |
| CY2022Q1 | icct |
Beneficial Conversion Features And Warrantspolicttextblock
BeneficialConversionFeaturesAndWarrantspolicttextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company evaluates the conversion feature of convertible debt instruments to determine whether the conversion feature was beneficial as described in ASC 470-30, Debt with Conversion and Other Options. The Company records a beneficial conversion feature (“BCF”) related to the issuance of convertible debt that has conversion features at fixed or adjustable rates that are in-the-money when issued and records the relative fair value of any warrants issued with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to the warrants and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion features, both of which are credited to additional paid-in capital. The Company calculates the fair value of warrants with the convertible instruments using the Black-Scholes valuation model.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Under these guidelines, the Company first allocates the value of the proceeds received from a convertible debt transaction between the convertible debt instrument and any other detachable instruments included in the transaction (such as warrants) on a relative fair value basis. A BCF is then measured as the intrinsic value of the conversion option at the commitment date, representing the difference between the effective conversion price and the Company’s stock price on the commitment date multiplied by the number of shares into which the debt instrument is convertible. The allocated value of the BCF and warrants are recorded as a debt discount and accreted over the expected term of the convertible debt as interest expense. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible debt instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible debt instrument.</p> | |
| CY2022Q1 | us-gaap |
Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
|
4722844 | shares |
| CY2022Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
350000 | USD |
| CY2022Q1 | icct |
Number Of Options Warrants Outstanding Beginning
NumberOfOptionsWarrantsOutstandingBeginning
|
32275000 | shares |
| CY2022Q1 | icct |
Weighted Average Exercise Price Beginning
WeightedAverageExercisePriceBeginning
|
0.12 | |
| CY2022Q1 | icct |
Weighted Average Remaining Contractual Term In Years Beginning
WeightedAverageRemainingContractualTermInYearsBeginning
|
P9Y9M18D | |
| CY2022Q1 | icct |
Aggregate Intrinsic Value Beginning
AggregateIntrinsicValueBeginning
|
0 | USD |
| CY2022Q1 | icct |
Number Of Options Warrants Outstanding Granted
NumberOfOptionsWarrantsOutstandingGranted
|
300000 | shares |
| CY2022Q1 | icct |
Weighted Average Exercise Price Granted
WeightedAverageExercisePriceGranted
|
0.11 | |
| CY2022Q1 | icct |
Weighted Average Remaining Contractual Term In Years Granted
WeightedAverageRemainingContractualTermInYearsGranted
|
P9Y9M18D | |
| CY2022Q1 | icct |
Weighted Average Exercise Price Exercised
WeightedAverageExercisePriceExercised
|
0 | |
| CY2022Q1 | icct |
Weighted Average Exercise Price Forfeited
WeightedAverageExercisePriceForfeited
|
0 | |
| CY2022Q1 | icct |
Number Of Options Warrants Outstanding Ending
NumberOfOptionsWarrantsOutstandingEnding
|
32575000 | shares |
| CY2022Q1 | icct |
Weighted Average Exercise Price Ending
WeightedAverageExercisePriceEnding
|
0.12 | |
| CY2022Q1 | icct |
Weighted Average Remaining Contractual Term In Years Ending
WeightedAverageRemainingContractualTermInYearsEnding
|
P9Y6M | |
| CY2022Q1 | icct |
Aggregate Intrinsic Value Ending
AggregateIntrinsicValueEnding
|
0 | USD |
| CY2022Q1 | icct |
Number Of Options Outstanding Exercisable Ending
NumberOfOptionsOutstandingExercisableEnding
|
1395000 | shares |
| CY2022Q1 | icct |
Weighted Average Exercise Price Exercisable
WeightedAverageExercisePriceExercisable
|
0.24 | |
| CY2022Q1 | icct |
Weighted Average Remaining Contractual Term In Years Exercisable Ending
WeightedAverageRemainingContractualTermInYearsExercisableEnding
|
P6Y4M24D | |
| CY2022Q1 | icct |
Aggregate Intrinsic Value Exercisable
AggregateIntrinsicValueExercisable
|
0 | USD |
| CY2022Q1 | icct |
Number Of Options Nonvested Beginning
NumberOfOptionsNonvestedBeginning
|
30880000 | shares |
| CY2022Q1 | icct |
Weighted Average Grant Date Fair Value Nonvested Beginning
WeightedAverageGrantDateFairValueNonvestedBeginning
|
9.9 | |
| CY2022Q1 | icct |
Weighted Average Remaining Years To Vest Nonvested Begining
WeightedAverageRemainingYearsToVestNonvestedBegining
|
P2Y7M6D | |
| CY2022Q1 | icct |
Number Of Options Nonvested Granted
NumberOfOptionsNonvestedGranted
|
300000 | shares |
| CY2022Q1 | icct |
Weighted Average Grant Date Fair Value Nonvested Granted
WeightedAverageGrantDateFairValueNonvestedGranted
|
9.8 | |
| CY2022Q1 | icct |
Weighted Average Remaining Years To Vest Nonvested Granted
WeightedAverageRemainingYearsToVestNonvestedGranted
|
P2Y8M12D | |
| CY2022Q1 | icct |
Weighted Average Grant Date Fair Value Nonvested Vested
WeightedAverageGrantDateFairValueNonvestedVested
|
0 | |
| CY2022Q1 | icct |
Number Of Options Nonvested Ending
NumberOfOptionsNonvestedEnding
|
31180000 | shares |
| CY2022Q1 | icct |
Weighted Average Grant Date Fair Value Nonvested Ending
WeightedAverageGrantDateFairValueNonvestedEnding
|
9.6 | |
| CY2022Q1 | icct |
Weighted Average Remaining Years To Vest Nonvested Ending
WeightedAverageRemainingYearsToVestNonvestedEnding
|
P2Y7M6D | |
| CY2022Q1 | icct |
Number Of Warrants Outstanding Beginning
NumberOfWarrantsOutstandingBeginning
|
10600000 | shares |
| CY2022Q1 | icct |
Weighted Average Exercise Price Of Warrants Beginning
WeightedAverageExercisePriceOfWarrantsBeginning
|
0.23 | |
| CY2022Q1 | icct |
Weighted Average Remaining Life Of Warrants In Years Beggining
WeightedAverageRemainingLifeOfWarrantsInYearsBeggining
|
P4Y4M24D | |
| CY2022Q1 | icct |
Aggregate Intrinsic Value Of Warrants Beggining
AggregateIntrinsicValueOfWarrantsBeggining
|
715223 | USD |
| CY2022Q1 | icct |
Weighted Average Exercise Price Of Warrants Granted
WeightedAverageExercisePriceOfWarrantsGranted
|
0 | |
| CY2022Q1 | icct |
Number Of Warrants Outstanding Ending
NumberOfWarrantsOutstandingEnding
|
10600000 | shares |
| CY2022Q1 | icct |
Weighted Average Exercise Price Of Warrants Ending
WeightedAverageExercisePriceOfWarrantsEnding
|
0.23 | |
| CY2022Q1 | icct |
Weighted Average Remaining Life Of Warrants In Years Ending
WeightedAverageRemainingLifeOfWarrantsInYearsEnding
|
P4Y1M6D | |
| CY2022Q1 | icct |
Aggregate Intrinsic Value Of Warrants Ending
AggregateIntrinsicValueOfWarrantsEnding
|
715223 | USD |
| CY2021Q4 | us-gaap |
Goodwill
Goodwill
|
1484966 | USD |
| CY2022Q1 | us-gaap |
Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
|
0 | USD |
| CY2022Q1 | us-gaap |
Goodwill
Goodwill
|
1484966 | USD |
| CY2021Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
7965297 | USD |
| CY2021 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
0 | USD |
| CY2021 | icct |
Accumulated Amortization Of Intangible Assets
AccumulatedAmortizationOfIntangibleAssets
|
-4024677 | USD |
| CY2022Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
8028594 | USD |
| CY2022Q1 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
0 | USD |
| CY2022Q1 | icct |
Accumulated Amortization Of Intangible Assets
AccumulatedAmortizationOfIntangibleAssets
|
-4416634 | USD |
| CY2022Q1 | icct |
Intangible Assets Net
IntangibleAssetsNet
|
3611960 | USD |
| CY2022Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
391957 | USD |
| CY2022Q1 | icct |
Summary Of Lease Commitmentstabletextblock
SummaryOfLeaseCommitmentstabletextblock
|
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td colspan="15" style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Lease Commitments</strong></p></td></tr><tr style="height:15px"><td colspan="15" style="BORDER-BOTTOM: 1px solid;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>as of 03/31/2022</strong></p></td></tr><tr style="height:15px"><td colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Less than 1 year</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>1-3 years</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>3-5 years</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Total</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td>288,086</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">755,353</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">482,328</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,525,767</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table> | |
| CY2022Q1 | us-gaap |
Other Commitment
OtherCommitment
|
1525767 | USD |
| CY2021Q3 | icct |
Obliged Liabilities
ObligedLiabilities
|
863274 | USD |
| CY2022Q1 | icct |
Credit Card Obligations
CreditCardObligations
|
28577 | USD |
| CY2022Q1 | icct |
Fdic Insured Limit
FdicInsuredLimit
|
250000 | USD |
| CY2022Q1 | icct |
Total Revenue Percentage
TotalRevenuePercentage
|
0.10 | pure |
