iCoreConnect Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

18. FOURTH QUARTER ADJUSTMENT

18. FOURTH QUARTER ADJUSTMENT

12 Months Ended

Jun. 30, 2014

In the fourth quarter of fiscal 2014, the Company adjusted revenue due to a combination of insufficiently complete submissions to the government and inadequate internal record-keeping. It also recorded various adjustments for derivative liabilities and debt and equity transactions accruals and other miscellaneous items. The net effect of these adjustments of $885,019 related to amounts recorded in prior quarters of 2014 as follows:

Quarter Ended	(Expense) Income
September 30, 2013	$	(3,554,623	)
December 31, 2013		3,746,742
March 31, 2014		(1,077,138	)
Total	$	(885,019	)

The effects of such adjustments on net loss for the prior quarters follows (unaudited):

	Quarter Ended
	September 30, 2013			December 31, 2013			March 31, 2014
Net income (loss):
As previously reported	$	2,666,657		$	(542,687	)	$	(54,187	)
Adjustment		(3,554,623	)		3,746,742			(1,077,138	)
As adjusted	$	(887,966	)	$	3,204,055		$	(1,131,325	)
Basic and diluted income (loss) per share:
As previously reported	$	0.00		$	0.00		$	0.00
Adjustment		-			-			-
As adjusted	$	0.00		$	0.00		$	0.00