Iconic (ICON) is a great example of the dangers of how convertible loan notes or death spiral finance which whilst enabling poor quality companies with no other traditional financing options to survive often causes massive dilution to shareholders.
Iconic (ICON) published its results for the twelve months ended 30 June 2023 today. The promised annual report is not yet on the website meaning that we can’t see how much was paid for the Directors services or what the new auditor thinks about ability of the company to continue as a going concern.
Iconic Labs (ICON) yesterday announced that it was changing its auditor on 24 October 2023 as follows:
Since I last wrote about Iconic (ICON) it has undertaken a 10,000 for 1 share consolidation reducing its 46,996,580,000 shares into 4,699,658 ordinary shares of 10 pence nominal each on 25 August. But then…
Yesterday Iconic (ICON) announced that it had issued its long-awaited Prospectus which resulted in a 40% spike in its share price as punters piled. The Prospectus was not instantly available but now that it is Iconic share price has already dropped back 18% at the time of writing this article.
Since I wrote about Iconic (ICON) on 1 April 2023 discussing its interim results for the six months ended 31 December 2022 “Iconic Labs – an insolvent shell company needing to get an FCA approved Prospectus published and to issue bucket loads more confetti to survive” not much has changed. In fact….
Shareprophets repeatedly warned that Iconic (ICON) was a dog that should be avoided prior to it achieving its relisting. As ever the Bulletin Board Morons knew better and there was an Artificial Intelligence RTO due imminently which would see them make money.
Iconic (ICON) published its interim accounts for the six months ended 31 December 2022 at 1.59 PM on Friday allaying some of its shareholders concerns that it might miss the 31 March 2023 publication deadline and have its shares suspended again.
In today’s RNS Iconic (ICON) announced that it had received a “Conversion Notice was dated 27 March 2023 and provides for 50 Convertible Notes to be converted into 1,315,789,473 ordinary shares of £0.00001 ("Ordinary Shares") in the Company at a conversion price of £0.000038 at the aggregate principal amount of £50,000.” With the issuance of another 1,315,789,473 new shares, the Company's issued ordinary share capital is now 43,106,916,660 shares. Yes that is more than 43 billion shares in issue.
On the LSE Asylum, the Bulletin Board Morons are frothing with excitement about a potential reverse takeover of Iconic (ICON) involving Livento Group. Given that Iconic has no effective business any acquisition is likely to be a reverse takeover as indicated by Iconic in the RNS of 2 February 2023 below:
Today EHGOSF announced its fourth conversion under its the £3 million facility to Iconic Labs (ICON):
There are already 39.664 billion shares in issue for Iconic Labs (ICON) a company with a past of disgrace and no business. Today it spelt out in part just how much more confetti will hit the market. Still the morons can’t do the maths.
In today’s RNS Iconic Labs (ICON) announced two conversions from European High Growth Opportunities Securitization Fund ("EHGOSF") as follows:
At midday today Iconic Labs (ICON) was restored to a Standard listing after its suspension on 7 June 2021.
On 3 January 2023 Iconic (ICON) published its accounts for the year ended 30 June 2022. It showed a loss of £762,107 and the balance sheet now shows £1 of intangible asset and £5 of cash with a deficit on shareholders’ funds of £8,938,520. EHGOF financing fees in the period were £585,000.
Iconic (ICON) published its results for the year ended 30 June 2021 which showed a loss of £7,697,306. The balance sheet showed gross assets of only £154,056 and a deficit in shareholders’ funds of £8,176,413. The results are primarily for the period before Iconic went into administration on 4 June 2021.
