2022 Q4 Form 10-Q Financial Statement

#000147793222008519 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.044M $1.889M $1.365M
YoY Change 7.24% 38.36% 157.57%
Cost Of Revenue $470.1K $517.7K $420.9K
YoY Change -27.87% 22.98% 53.62%
Gross Profit $1.574M $1.371M $944.2K
YoY Change 25.48% 45.21% 268.83%
Gross Profit Margin 77.0% 72.59% 69.17%
Selling, General & Admin $2.809M $2.152M $1.343M
YoY Change 38.38% 60.27% 79.96%
% of Gross Profit 178.47% 156.93% 142.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $291.4K $286.6K $383.3K
YoY Change -49.49% -25.21% 67.36%
% of Gross Profit 18.51% 20.9% 40.59%
Operating Expenses $3.100M $2.438M $1.693M
YoY Change 18.95% 43.98% 73.69%
Operating Profit -$1.526M -$1.067M -$749.3K
YoY Change 12.89% 42.42% 4.21%
Interest Expense -$249.5K $216.5K $97.55K
YoY Change 74.49% 121.96% 23.48%
% of Operating Profit
Other Income/Expense, Net $127.5K -$334.8K -$356.5K
YoY Change -142.9% -6.08% 548.13%
Pretax Income -$1.648M -$1.402M -$1.106M
YoY Change 12.73% 26.79% 42.86%
Income Tax
% Of Pretax Income
Net Earnings -$1.648M -$1.402M -$1.106M
YoY Change 12.73% 26.79% 42.86%
Net Earnings / Revenue -80.65% -74.23% -81.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$8.132K -$7.118K
COMMON SHARES
Basic Shares Outstanding 172.4M shares 172.5M shares 151.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.2K $162.8K $699.2K
YoY Change 173.15% -76.71% 819.97%
Cash & Equivalents $196.2K $162.8K $699.2K
Short-Term Investments
Other Short-Term Assets $480.7K $368.4K $181.9K
YoY Change 53.93% 102.48% 506.4%
Inventory
Prepaid Expenses
Receivables $414.8K $505.1K $484.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.092M $1.036M $1.365M
YoY Change 7.75% -24.09% 501.39%
LONG-TERM ASSETS
Property, Plant & Equipment $74.19K $79.93K $50.60K
YoY Change -19.84% 57.95% -54.0%
Goodwill $1.485M $1.485M $3.074M
YoY Change 0.0% -51.69%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.465M $5.711M $6.040M
YoY Change -2.72% -5.45% 155.61%
TOTAL ASSETS
Total Short-Term Assets $1.092M $1.036M $1.365M
Total Long-Term Assets $5.465M $5.711M $6.040M
Total Assets $6.556M $6.747M $7.405M
YoY Change -1.12% -8.89% 185.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.336M $2.004M $1.244M
YoY Change 42.3% 61.12% 24.65%
Accrued Expenses $169.4K $279.5K $58.50K
YoY Change 153.85% 377.83% 53.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.729M $4.045M $1.198M
YoY Change 146.36% 237.55% -6.81%
Total Short-Term Liabilities $6.799M $6.344M $2.511M
YoY Change 67.7% 152.63% 7.87%
LONG-TERM LIABILITIES
Long-Term Debt $1.449M $1.578M $2.750M
YoY Change -5.8% -42.62% 2031.53%
Other Long-Term Liabilities $809.5K $739.5K $52.66K
YoY Change 2404.52% 1304.29% -65.36%
Total Long-Term Liabilities $2.259M $2.317M $2.802M
YoY Change 43.79% -17.31% 897.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.799M $6.344M $2.511M
Total Long-Term Liabilities $2.259M $2.317M $2.802M
Total Liabilities $9.058M $8.661M $5.314M
YoY Change 61.02% 63.0% 103.66%
SHAREHOLDERS EQUITY
Retained Earnings -$88.88M -$87.23M -$81.33M
YoY Change 7.34% 7.25%
Common Stock $181.3K $172.4K $159.2K
YoY Change 8.26% 8.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.502M -$1.914M $2.092M
YoY Change
Total Liabilities & Shareholders Equity $6.556M $6.747M $7.405M
YoY Change -1.12% -8.89% 185.92%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.648M -$1.402M -$1.106M
YoY Change 12.73% 26.79% 42.86%
Depreciation, Depletion And Amortization $291.4K $286.6K $383.3K
YoY Change -49.49% -25.21% 67.36%
Cash From Operating Activities $402.7K -$240.7K -$891.6K
YoY Change -141.59% -73.0% 96.39%
INVESTING ACTIVITIES
Capital Expenditures $93.02K -$71.05K -$1.434M
YoY Change -94.66% -95.05% 1056.67%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$93.02K -$71.05K -$1.434M
YoY Change -25.86% -95.05% 1056.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -276.4K 310.4K 2.179M
YoY Change -159.26% -85.76% 239.41%
NET CHANGE
Cash From Operating Activities 402.7K -240.7K -891.6K
Cash From Investing Activities -93.02K -71.05K -1.434M
Cash From Financing Activities -276.4K 310.4K 2.179M
Net Change In Cash 33.31K -1.430K -146.9K
YoY Change -105.31% -99.03% -329.47%
FREE CASH FLOW
Cash From Operating Activities $402.7K -$240.7K -$891.6K
Capital Expenditures $93.02K -$71.05K -$1.434M
Free Cash Flow $309.7K -$169.7K $542.7K
YoY Change -111.42% -131.27% -264.44%

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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 condensed 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 nine months period ended September 30, 2022, the Company generated an operating loss of $3,275,662. In addition, at September 30, 2022, the Company has an accumulated deficit, and net working capital deficit of $87,226,601 and $5,307,882, 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>
CY2022Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3275662 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-87226601 usd
CY2022Q3 icct Working Capital Deficit
WorkingCapitalDeficit
5307882 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
173700 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
36000 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
CY2022Q3 us-gaap Advertising Expense
AdvertisingExpense
93657 usd
CY2021Q3 us-gaap Advertising Expense
AdvertisingExpense
72933 usd
us-gaap Advertising Expense
AdvertisingExpense
357349 usd
us-gaap Advertising Expense
AdvertisingExpense
199508 usd
icct Weighted Average Exercise Price Of Warrants Forfeited Expired
WeightedAverageExercisePriceOfWarrantsForfeitedExpired
0
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 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 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 down round 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>
CY2022Q3 icct Long Term Debt Gross
LongTermDebtGross
5622797 usd
CY2021Q4 icct Long Term Debt Gross
LongTermDebtGross
3863827 usd
CY2022Q3 icct Less Current Maturities
LessCurrentMaturities
-4045050 usd
CY2021Q4 icct Less Current Maturities
LessCurrentMaturities
-2325339 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
1577747 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 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
P9Y3M18D
icct Weighted Average Exercise Price Exercised
WeightedAverageExercisePriceExercised
0
icct Weighted Average Exercise Price Forfeited
WeightedAverageExercisePriceForfeited
0
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
P9Y
icct Number Of Options Outstanding Exercisable Ending
NumberOfOptionsOutstandingExercisableEnding
2355000 shares
icct Weighted Average Exercise Price Exercisable
WeightedAverageExercisePriceExercisable
0.20
icct Weighted Average Remaining Contractual Term In Years Exercisable Ending
WeightedAverageRemainingContractualTermInYearsExercisableEnding
P5Y6M
icct Number Of Options Nonvested Beginning
NumberOfOptionsNonvestedBeginning
30880000 shares
icct Weighted Average Grant Date Fair Value Nonvested Beginning
WeightedAverageGrantDateFairValueNonvestedBeginning
0.12
icct Weighted Average Remaining Years To Vest Nonvested Begining
WeightedAverageRemainingYearsToVestNonvestedBegining
P2Y7M6D
icct Number Of Options Nonvested Granted
NumberOfOptionsNonvestedGranted
300000 shares
icct Weighted Average Grant Date Fair Value Nonvested Granted
WeightedAverageGrantDateFairValueNonvestedGranted
0.11
icct Weighted Average Remaining Years To Vest Nonvested Granted
WeightedAverageRemainingYearsToVestNonvestedGranted
P2Y1M6D
icct Number Of Options Nonvested Vested
NumberOfOptionsNonvestedVested
-960000 shares
icct Weighted Average Grant Date Fair Value Nonvested Vested
WeightedAverageGrantDateFairValueNonvestedVested
0.13
icct Weighted Average Remaining Years To Vest Nonvested Vested
WeightedAverageRemainingYearsToVestNonvestedVested
P2Y
icct Number Of Options Nonvested Ending
NumberOfOptionsNonvestedEnding
30220000 shares
icct Weighted Average Grant Date Fair Value Nonvested Ending
WeightedAverageGrantDateFairValueNonvestedEnding
0.12
icct Weighted Average Remaining Years To Vest Nonvested Ending
WeightedAverageRemainingYearsToVestNonvestedEnding
P2Y4M24D
CY2022Q3 icct Shares Issued Warrants
SharesIssuedWarrants
10950000 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 Granted
NumberOfWarrantsOutstandingGranted
350000 shares
icct Weighted Average Exercise Price Of Warrants Granted
WeightedAverageExercisePriceOfWarrantsGranted
0.23
icct Weighted Average Remaining Life Of Warrants In Years Granted
WeightedAverageRemainingLifeOfWarrantsInYearsGranted
P4Y10M24D
icct Aggregate Intrinsic Value Of Warrants Granted
AggregateIntrinsicValueOfWarrantsGranted
23753 usd
icct Number Of Warrants Outstanding Ending
NumberOfWarrantsOutstandingEnding
10950000 shares
icct Aggregate Intrinsic Value Of Warrants Ending
AggregateIntrinsicValueOfWarrantsEnding
738976 usd
CY2021Q4 us-gaap Goodwill
Goodwill
1484966 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2022Q3 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 Netcarrying Amount
NetcarryingAmount
3940621 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8166245 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
icct Accumulated Amortization Of Intangible Assets
AccumulatedAmortizationOfIntangibleAssets
-5008611 usd
CY2022Q3 icct Netcarrying Amount
NetcarryingAmount
3157634 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
280815 usd
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
322180 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
983934 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
824173 usd
icct Summary Of Lease Commitmentstabletextblock
SummaryOfLeaseCommitmentstabletextblock
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%"><tbody><tr style="height:15px"><td colspan="2"><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 style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="10" style="vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Lease Commitments</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td colspan="2"><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 style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="10" 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>as of 09/30/2022</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </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:23%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">279,532</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;">$</td><td class="ffcell" style="width:22%;vertical-align:bottom;text-align:right;">746,768</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:22%;vertical-align:bottom;text-align:right;">353,246</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:22%;vertical-align:bottom;text-align:right;">1,379,546</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>
CY2022Q3 us-gaap Other Commitment
OtherCommitment
1379546 usd
CY2021Q3 icct Obliged Liabilities
ObligedLiabilities
863274 usd
icct Credit Card Obligations
CreditCardObligations
28578 usd
icct Organization Agree To Pay
OrganizationAgreeToPay
100000 usd
icct Aggregate Value
AggregateValue
100000 usd
CY2022Q4 icct Organization Agree To Pay
OrganizationAgreeToPay
100000 usd
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
9000000 shares
icct Reasonable Award
ReasonableAward
270020 usd
icct Previously Accrued Amount
PreviouslyAccruedAmount
320000 usd
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd

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