2022 Q3 Form 10-Q Financial Statement

#000147793222005934 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.889M $2.011M $2.044M
YoY Change 38.36% 104.93% 190.32%
Cost Of Revenue $517.7K $621.3K $634.2K
YoY Change 22.98% 132.06% 164.23%
Gross Profit $1.371M $1.390M $1.410M
YoY Change 45.21% 94.76% 203.83%
Gross Profit Margin 72.59% 69.11% 68.97%
Selling, General & Admin $2.152M $2.262M $1.950M
YoY Change 60.27% 125.29% 127.75%
% of Gross Profit 156.93% 162.72% 138.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $286.6K $258.3K $63.81K
YoY Change -25.21% 18.27% 9229.53%
% of Gross Profit 20.9% 18.59% 4.53%
Operating Expenses $2.438M $2.602M $2.406M
YoY Change 43.98% 107.39% 116.95%
Operating Profit -$1.067M -$1.212M -$996.6K
YoY Change 42.42% 124.05% 54.48%
Interest Expense $216.5K $189.2K -$155.7K
YoY Change 121.96% 104.46% -7.22%
% of Operating Profit
Other Income/Expense, Net -$334.8K -$275.2K $89.99K
YoY Change -6.08% -73.6%
Pretax Income -$1.402M -$1.487M -$1.542M
YoY Change 26.79% -6.07% 89.72%
Income Tax
% Of Pretax Income
Net Earnings -$1.402M -$1.487M -$1.542M
YoY Change 26.79% -6.07% 89.72%
Net Earnings / Revenue -74.23% -73.94% -75.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.132K -$8.628K -$9.014K
COMMON SHARES
Basic Shares Outstanding 172.5M shares 172.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.8K $164.3K $810.1K
YoY Change -76.71% -80.58% 317.2%
Cash & Equivalents $162.8K $164.3K $810.1K
Short-Term Investments
Other Short-Term Assets $368.4K $400.0K $390.4K
YoY Change 102.48% 202.95% 703.77%
Inventory
Prepaid Expenses
Receivables $505.1K $701.9K $715.7K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.036M $1.266M $1.916M
YoY Change -24.09% 4.47% 356.55%
LONG-TERM ASSETS
Property, Plant & Equipment $79.93K $85.73K $1.170M
YoY Change 57.95% 468.14% 669.01%
Goodwill $1.485M $1.485M $1.485M
YoY Change -51.69% 15.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.711M $5.969M $6.267M
YoY Change -5.45% 32.76% 168.7%
TOTAL ASSETS
Total Short-Term Assets $1.036M $1.266M $1.916M
Total Long-Term Assets $5.711M $5.969M $6.267M
Total Assets $6.747M $7.235M $8.184M
YoY Change -8.89% 26.75% 197.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.004M $1.680M $1.243M
YoY Change 61.12% 101.6% 26.18%
Accrued Expenses $279.5K $283.7K $1.046M
YoY Change 377.83% 503.17% 1250.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.045M $1.604M $1.776M
YoY Change 237.55% -32.38% 83.99%
Total Short-Term Liabilities $6.344M $3.568M $4.099M
YoY Change 152.63% 8.64% 100.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.578M $3.675M $3.683M
YoY Change -42.62%
Other Long-Term Liabilities $739.5K $774.3K $32.32K
YoY Change 1304.29% 940.14% -75.99%
Total Long-Term Liabilities $2.317M $4.450M $3.716M
YoY Change -17.31% 5877.4% 2660.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.344M $3.568M $4.099M
Total Long-Term Liabilities $2.317M $4.450M $3.716M
Total Liabilities $8.661M $8.018M $7.815M
YoY Change 63.0% 138.71% 259.14%
SHAREHOLDERS EQUITY
Retained Earnings -$87.23M -$85.82M -$84.34M
YoY Change 7.25% 8.71%
Common Stock $172.4K $172.5K
YoY Change 8.31% 13.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.914M -$782.4K $368.8K
YoY Change
Total Liabilities & Shareholders Equity $6.747M $7.235M $8.184M
YoY Change -8.89% 26.75% 197.35%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.402M -$1.487M -$1.542M
YoY Change 26.79% -6.07% 89.72%
Depreciation, Depletion And Amortization $286.6K $258.3K $63.81K
YoY Change -25.21% 18.27% 9229.53%
Cash From Operating Activities -$240.7K -$385.6K -$1.049M
YoY Change -73.0% 20.04% 46.73%
INVESTING ACTIVITIES
Capital Expenditures -$71.05K -$66.60K -$63.30K
YoY Change -95.05% -96.51% 30.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$71.05K -$66.60K -$63.30K
YoY Change -95.05% -96.51% 30.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $350.0K
YoY Change -75.31%
Debt Paid & Issued, Net $499.0K
YoY Change
Cash From Financing Activities 310.4K -193.7K $1.851M
YoY Change -85.76% -106.72% 94.75%
NET CHANGE
Cash From Operating Activities -240.7K -385.6K -$1.049M
Cash From Investing Activities -71.05K -66.60K -$63.30K
Cash From Financing Activities 310.4K -193.7K $1.851M
Net Change In Cash -1.430K -645.8K $738.3K
YoY Change -99.03% -199.07% 295.74%
FREE CASH FLOW
Cash From Operating Activities -$240.7K -$385.6K -$1.049M
Capital Expenditures -$71.05K -$66.60K -$63.30K
Free Cash Flow -$169.7K -$319.0K -$986.1K
YoY Change -131.27% -120.07% 47.95%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
838420 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71807 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7619 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
164261 usd
us-gaap Interest Paid Net
InterestPaidNet
301644 usd
icct Stock Issued For Acquisitions
StockIssuedForAcquisitions
0 usd
icct Stock Issued For Acquisitions
StockIssuedForAcquisitions
500250 usd
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 the Company’s revenue is subscription based with the remainder being professional services and other IT related revenue. The geographic concentration of the Company’s revenue is 100% in North America
icct Number Of Options Nonvested Ending
NumberOfOptionsNonvestedEnding
31180000 shares
icct Weighted Average Grant Date Fair Value Nonvested Ending
WeightedAverageGrantDateFairValueNonvestedEnding
9.3
icct Weighted Average Remaining Years To Vest Nonvested Ending
WeightedAverageRemainingYearsToVestNonvestedEnding
P2Y
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 (i) on April 23, 2021, the Company acquired substantially all the assets of Heyns Unlimited LLC doing business as Advantech (ii) on May 31, 2021, the Company acquired substantially all the assets of BCS Tech Center, Inc.; and (iii) 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 six months ended June 30, 2022, the Company generated an operating loss of $2,208,497. In addition, at June 30, 2022, the Company has an accumulated deficit, and net working capital deficit of $85,824,625 and $2,301,852 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>
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2208497 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-85824625 usd
CY2022Q2 icct Working Capital Deficit
WorkingCapitalDeficit
-2301852 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
173700 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
36000 usd
us-gaap Advertising Expense
AdvertisingExpense
263693 usd
us-gaap Advertising Expense
AdvertisingExpense
126575 usd
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>
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>
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>
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>
icct Weighted Average Grant Date Fair Value Nonvested Granted
WeightedAverageGrantDateFairValueNonvestedGranted
9.2
CY2022Q2 icct Long Term Debt Gross
LongTermDebtGross
5279437 usd
CY2021Q4 icct Long Term Debt Gross
LongTermDebtGross
3863827 usd
CY2022Q2 icct Less Current Maturities
LessCurrentMaturities
-1604018 usd
CY2021Q4 icct Less Current Maturities
LessCurrentMaturities
-2325339 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
3675419 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1538488 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
4722844 shares
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
350000 usd
icct Number Of Options Warrants Outstanding Beginning
NumberOfOptionsWarrantsOutstandingBeginning
32275000 shares
icct Weighted Average Exercise Price Beginning
WeightedAverageExercisePriceBeginning
0.12
icct Weighted Average Remaining Contractual Term In Years Beginning
WeightedAverageRemainingContractualTermInYearsBeginning
P9Y9M18D
icct Aggregate Intrinsic Value Beginning
AggregateIntrinsicValueBeginning
0 usd
icct Number Of Options Warrants Outstanding Granted
NumberOfOptionsWarrantsOutstandingGranted
300000 shares
icct Weighted Average Exercise Price Granted
WeightedAverageExercisePriceGranted
0.11
icct Weighted Average Remaining Contractual Term In Years Granted
WeightedAverageRemainingContractualTermInYearsGranted
P9Y6M
icct Number Of Options Warrants Outstanding Ending
NumberOfOptionsWarrantsOutstandingEnding
32575000 shares
icct Weighted Average Exercise Price Ending
WeightedAverageExercisePriceEnding
0.12
icct Weighted Average Remaining Contractual Term In Years Ending
WeightedAverageRemainingContractualTermInYearsEnding
P9Y2M12D
icct Aggregate Intrinsic Value Ending
AggregateIntrinsicValueEnding
0 usd
icct Number Of Options Outstanding Exercisable Ending
NumberOfOptionsOutstandingExercisableEnding
1395000 shares
icct Weighted Average Exercise Price Exercisable
WeightedAverageExercisePriceExercisable
0.24
icct Weighted Average Remaining Contractual Term In Years Exercisable Ending
WeightedAverageRemainingContractualTermInYearsExercisableEnding
P5Y9M18D
icct Aggregate Intrinsic Value Exercisable
AggregateIntrinsicValueExercisable
0 usd
icct Number Of Options Nonvested Beginning
NumberOfOptionsNonvestedBeginning
30880000 shares
icct Weighted Average Grant Date Fair Value Nonvested Beginning
WeightedAverageGrantDateFairValueNonvestedBeginning
9.9
icct Weighted Average Remaining Years To Vest Nonvested Begining
WeightedAverageRemainingYearsToVestNonvestedBegining
P2Y3M18D
icct Number Of Options Nonvested Granted
NumberOfOptionsNonvestedGranted
300000 shares
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
icct Accumulated Amortization Of Intangible Assets
AccumulatedAmortizationOfIntangibleAssets
-4727796 usd
CY2022Q2 icct Intangible Assets Net
IntangibleAssetsNet
3367401 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
703118 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
469669 usd
CY2022Q2 icct Shares Issued Warrants
SharesIssuedWarrants
10600000 shares
icct Number Of Warrants Outstanding Beginning
NumberOfWarrantsOutstandingBeginning
10600000 shares
icct Weighted Average Exercise Price Of Warrants Beginning
WeightedAverageExercisePriceOfWarrantsBeginning
0.23
icct Weighted Average Remaining Life Of Warrants In Years Beggining
WeightedAverageRemainingLifeOfWarrantsInYearsBeggining
P4Y4M24D
icct Aggregate Intrinsic Value Of Warrants Beggining
AggregateIntrinsicValueOfWarrantsBeggining
715223 usd
icct Number Of Warrants Outstanding Ending
NumberOfWarrantsOutstandingEnding
10600000 shares
icct Weighted Average Exercise Price Of Warrants Ending
WeightedAverageExercisePriceOfWarrantsEnding
0.23
icct Weighted Average Remaining Life Of Warrants In Years Ending
WeightedAverageRemainingLifeOfWarrantsInYearsEnding
P3Y9M18D
icct Aggregate Intrinsic Value Of Warrants Ending
AggregateIntrinsicValueOfWarrantsEnding
715223 usd
CY2021Q4 us-gaap Goodwill
Goodwill
1484966 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2022Q2 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
CY2021Q4 icct Intangible Assets Net
IntangibleAssetsNet
3940621 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8095197 usd
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 06/30/2022</strong></p></td></tr><tr style="height:15px"><td colspan="2" style="BORDER-BOTTOM: 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;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;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;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 style="width:9%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">283,731</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%;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;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">748,100</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">417,787</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;">1,449,618</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>
CY2022Q2 us-gaap Other Commitment
OtherCommitment
1449618 usd
CY2021Q3 icct Obliged Liabilities
ObligedLiabilities
863274 usd
icct Credit Card Obligations
CreditCardObligations
28577 usd
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
350000 usd

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