Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Jun. 30, 2014
Subsequent Events  
Subsequent events

The Company launched the iCoreExchange, the iCoreMD, and the iCore Dental cloud-based software products during the first quarter of fiscal year 2015.  The iCoreExchange has approximately 650 users at August 26, 2015.


On December 12, 2014 John Schneller resigned as a Board Member and the Company’s Chief Financial Officer.  On December 15, 2014 Don Sproat was hired as Chief Financial Officer.  Mr. Warner resigned from the Board of Directors on December 19, 2014.  In addition, the Company hired a Vice President of Sales on March 1, 2015 and a Director of Software Integration on April 6, 2015.


On July 1, 2015, Chief Executive Officer, Robert McDermott executed a three year Employment Agreement with the Company.


The Company increased its credit line facility from $500,000 to $750,000 on October 29, 2013 and that loan has been extended until January 30, 2016.


Further, the Company initiated a Bridge Loan offering under Rule 506(b) during the second quarter of fiscal 2015. The total Bridge Loan offering is $3,000,000 of which $2,203,654 has been subscribed as of November 17, 2015. The Bridge Loan provides for an 18% annual interest rate with the loan maturing on June 30, 2016. The loan principal and accrued interest will convert into the Company’s Common Shares pursuant to the Amended and Restated Term Sheet of the Convertible Bridge Note Offering. In addition, Bridge Loan investors receive a warrant to purchase Common Shares in the amount of one share for each dollar of principal invested.


In addition, 6,500,000 Common Shares were purchased for cash in August 2014, 4 Preferred B shares were issued to related parties as part of settlement agreements for amounts owed by the Company, and 9.125 Preferred B shares were awarded to Robert McDermott in July 2014 for services.


No other material events have occurred subsequent to June 30, 2014 that require recognition or disclosure in these financial statements.