SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2021
SUBSEQUENT EVENTS
17. SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS On January 5, 2022, the Company closed the second tranche of the equity financing and sold 12,257 shares of Series A-2 Preferred Stock, 4,781,004 shares of common stock and warrants to purchase 40,018,583 shares of common stock for gross proceeds of approximately $12.2 million and net proceeds of approximately $10.8 million after deduction of placement agent commissions and expenses of the offering. Such net proceeds are expected to be used by the Company for domestic and international expansion of its Bellissima brand, the expansion of the production facilities of the Company’s TopPop subsidiary, new product launches, marketing, and other general working capital purposes. Between January 2022 and May 2022, stockholders converted 701 shares of Series A-2 Preferred Stock into 1,763,200 shares of common stock at $0.31 per share. Pursuant to an amended licensing agreement entered into on April 22, 2022, the Company will grant 1,500,000 options to purchase common stock, subject to approval by the Board of Directors of Iconic, and subject to approval of Iconic’s stock option and grant plan (as may be amended from time to time, the “Plan”) by its stockholders. The exercise price per share of the Option will be equal to the fair market value of Iconic’s common stock on the date the Option is granted, as determined in good faith by its Board of Directors. The Option will be subject to the terms and conditions, including vesting terms (two (2) year vesting in equal quarterly installments), as set forth in a stock option agreement. As of the date of this filing, the options were not yet granted. As of April 15, 2022, the Company is late in filing its Annual Form 10K for the year ended December 31, 2021, and under the terms of the Securities Purchase Agreement signed on July 26, 2021, will incur a late filing penalty. The penalty will be calculated at a monthly rate of 1% of the subscription amount of the Securities offering.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

17. SUBSEQUENT EVENTS

On January 5, 2022, the Company closed the second tranche of the equity financing and sold 12,257 shares of Series A-2 Preferred Stock, 4,781,004 shares of common stock and warrants to purchase 40,018,583 shares of common stock for gross proceeds of approximately $12.2 million and net proceeds of approximately $10.8 million after deduction of placement agent commissions and expenses of the offering. Such net proceeds are expected to be used by the Company for domestic and international expansion of its Bellissima brand, the expansion of the production facilities of the Company’s TopPop subsidiary, new product launches, marketing, and other general working capital purposes.

Between January 2022 and May 2022, stockholders converted 701 shares of Series A-2 Preferred Stock into 1,763,200 shares of common stock at $0.31 per share.

Pursuant to an amended licensing agreement entered into on April 22, 2022, the Company will grant 1,500,000 options to purchase common stock, subject to approval by the Board of Directors of Iconic, and subject to approval of Iconic’s stock option and grant plan (as may be amended from time to time, the “Plan”) by its stockholders. The exercise price per share of the Option will be equal to the fair market value of Iconic’s common stock on the date the Option is granted, as determined in good faith by its Board of Directors. The Option will be subject to the terms and conditions, including vesting terms (two (2) year vesting in equal quarterly installments), as set forth in a stock option agreement. As of the date of this filing, the options were not yet granted.

As of April 15, 2022, the Company is late in filing its Annual Form 10K for the year ended December 31, 2021, and under the terms of the Securities Purchase Agreement signed on July 26, 2021, will incur a late filing penalty. The penalty will be calculated at a monthly rate of 1% of the subscription amount of the Securities offering.