DEBT

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

NOTE 7. DEBT

Debt at December 31, 2017 consists of:

	December 31,
	2017
Equity Markets Advisory Inc. (“Equity Markets”):
$159,000 Promissory Notes dated April 15, 2010, November 1, 2013, and January 15, 2014, interest at 12%, due December 31, 2017 (B) (D)		11,227
Total Equity Markets		11,227
Alpha Capital Anstalt (“Alpha”):
$50,000 Promissory Note dated June 9, 2017, interest at 5%, due September 30, 2018 (G)		26,554
Total Alpha		26,554
Sky-Direct LLC (“Sky”):
$21,000 Promissory Notes dated January 27, 2016 and March 4, 2016, interest at 12%, due June 30, 2018 (C)(D)(H)		8,350
$15,000 Promissory Note assigned March 25, 2016, interest at 12%, due September 30, 2018 (A) (B) (D)(H)		15,000
$14,975 Promissory Notes dated October 19 2016, November 29, 2016, and December 30, 2016, interest at 12%, due September 30, 2018 (C)(H)		14,975
$80,700 Promissory Note dated January 30, 2017, interest at 12%, due September 30, 2018 (C)(H)		80,700
$80,000 Promissory Note dated February 28, 2017, interest at 12%, due September 30, 2018 (C)(H)		80,000
$7,000 Promissory Note dated June 30, 2017, interest at 12%, due September 30, 2018 (C)(H)		7,000
$3,000 Promissory Note dated April 28, 2017, interest at 12%, due September 30, 2018 (C)(H)		3,000
$5,000 Promissory Note dated May 19, 2017, interest at 10%, due September 30, 2018 (H)		3,095
$80,000 Promissory Note dated July 31, 2017, interest at 10%, due September 30, 2018- less unamortized debt discount of $0 and $46,465, respectively (H)		33,535
Total Sky		245,655

Oscaleta Partners LLC (“Oscaleta”):
$30,019 Promissory Note dated April 20, 2017, interest at 5%, due September 30, 2018(G)		17,556
$25,000 Promissory Note dated June 9, 2017, interest at 5%, due September 30, 2018 (G)		13,278
Total Oscaleta		30,834
East Six Opportunity Fund LLC:
$25,000 Promissory Note dated June 13, 2017, interest at 5%, due September 30, 2018 (G)		13,155
Other:
$10,000 Promissory Note to Sable Ridge Special Equity Fund LP dated October 10, 2014, interest at 10%, due December 31, 2018 (I)		10,000
$10,000 Promissory Note to Durham Property Management Inc. dated November 1, 2013, interest at 12%, due December 31, 2018 (I)		10,000
Loans from Peter Levine and affiliates, non-interest bearing, no terms of repayment		147,973
Total Other		167,973
Total		495,404
Less current portion		(495,404	)
Non-current portion	$	-

Legend     

(A)	Assigned by Equity Markets Advisory Inc.
(B)	Convertible into ICNB common stock at a Conversion Price equal to the lesser of (1) $2.50 per share or (2) 50% discount from the lowest closing bid price during the 30 days prior to the Notice of Conversion. See Note 8 (Derivative Liability).
(C)	Convertible into ICNB common stock at a Conversion Price equal to a 50% discount to market. See Note 8 (Derivative Liability).
(D)	On December 7, 2016, the Conversion Price on these notes was amended to $0.375 per share. See Note 8 (Derivative Liability).
(G)	Convertible into ICNB common stock at a Conversion Price of $2.50 per share. Contains “down round” price protection. See Note 8 (Derivative Liability).
(H)	In November 2017, the Conversion Price was amended to $0.625 per share and the due date was amended to September 30, 2018.
(I)	In August 2018, the Conversion Price was amended to $0.625 per share and the due date was amended to December 31, 2018.

Effective October 4, 2018, the remaining debt and accrued interest thereon was satisfied through (1) the issuance of a total of 2,077,994 shares of our Series E convertible preferred stock (which are convertible into a total of 831,198 shares of common stock) plus warrants to acquire 831,198 shares of our common stock (for $519,499 debt and accrued interest), (2) the issuance of a total of 122,510 shares of our common stock (for $32,912 debt and accrued interest), and (3) cash (for $90,296 debt and accrued interest).