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

Annual report pursuant to Section 13 and 15(d)

16. CHANGE IN ACCOUNTING POLICY AND ACCOUNTING ESTIMATES, AND CORRECTION OF A PRIOR PERIOD ERROR (Details)

16. CHANGE IN ACCOUNTING POLICY AND ACCOUNTING ESTIMATES, AND CORRECTION OF A PRIOR PERIOD ERROR (Details) - USD ($)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Balance Sheet
Cash	$ 190,820	$ 513,272				$ 67
Accounts receivable	18,897	8,186
Total Current Assets	235,408	521,458
Deferred loan costs	1,354,243	3,227
Total Assets	1,723,520	524,685
Accounts payable	442,407	1,149,320
Employee/contractor payables	200,000	703,531
Common stock payable	2,156,877	107,572
Related party payable	692,225	638,785
Share based compensation liability	0	880,700
Current portion of long term debt	793,064	4,820,361
Total current liabilities	4,783,573	8,300,269
Warrants	1,452,677	5,999,435
Total Liabilities	11,344,955	14,299,704
Common stock	1,151,411	997,299
Additional Paid in Capital	43,491,445	41,445,027
Accumulated deficit	(54,264,291)	(56,217,345)
Total Stockholders' Deficit	(9,621,435)	(13,775,019)	$ (9,621,435)	$ (13,775,019)	$ (7,920,373)
Total Liabilities and Stockholders' deficit	1,723,520	524,685
Statement of Operations
Revenues	366,447	105,692
Cost of services	211,758	17,787
Gross profit	154,689	87,905
General and administrative	3,463,790	8,170,616
Acquisition expense	0	400,016
Impairment of goodwill	0	59,400
Depreciation and amortization	7,875	14,179
Bad debt expense		94,832
Impairment of technology asset		1,257,058
Total operating expenses	3,471,665	9,996,101
Loss from operations	(3,316,976)	(9,908,196)
Gain (loss) on debt settlement	1,423,939	(49,672)
Change in fair value of derivatives	5,045,928	3,157,821
Interest expense	(1,223,816)	(1,430,419)
Total other income/(expenses)	5,270,030	1,677,730
Net income (loss)	1,953,054	$ (8,230,466)
Actual
Balance Sheet
Cash	513,272
Accounts receivable	8,186
Total Current Assets	521,458
Deferred loan costs	0
Total Assets	521,458
Accounts payable	1,149,320
Employee/contractor payables	703,531
Common stock payable	0
Related party payable	638,785
Share based compensation liability	0
Current portion of long term debt	4,820,361
Total current liabilities	7,311,997
Warrants	5,999,435
Total Liabilities	13,311,432
Common stock	997,299
Additional Paid in Capital	41,445,027
Accumulated deficit	(55,232,300)
Total Stockholders' Deficit	(12,789,974)
Total Liabilities and Stockholders' deficit	521,458
Statement of Operations
Revenues	105,692
Cost of services	17,787
Gross profit	87,905
General and administrative	7,289,916
Acquisition expense	400,016
Impairment of goodwill	59,400
Depreciation and amortization	14,179
Bad debt expense	94,832
Impairment of technology asset	1,257,058
Total operating expenses	9,115,401
Loss from operations	(9,027,496)
Gain (loss) on debt settlement	(49,672)
Change in fair value of derivatives	3,157,821
Interest expense	(1,326,074)
Total other income/(expenses)	1,782,075
Net income (loss)	(7,245,421)
Correction of Error
Balance Sheet
Cash	0
Accounts receivable	0
Total Current Assets	0
Deferred loan costs	3,227
Total Assets	3,227
Accounts payable	0
Employee/contractor payables	0
Common stock payable	107,572
Related party payable	0
Share based compensation liability	880,700
Current portion of long term debt	0
Total current liabilities	988,272
Warrants	0
Total Liabilities	988,272
Common stock	0
Additional Paid in Capital	0
Accumulated deficit	(985,045)
Total Stockholders' Deficit	(985,045)
Total Liabilities and Stockholders' deficit	3,227
Statement of Operations
Revenues	0
Cost of services	0
Gross profit	0
General and administrative	880,700
Acquisition expense	0
Impairment of goodwill	0
Depreciation and amortization	0
Bad debt expense	0
Impairment of technology asset	0
Total operating expenses	880,700
Loss from operations	(880,700)
Gain (loss) on debt settlement	0
Change in fair value of derivatives	0
Interest expense	(104,345)
Total other income/(expenses)	(104,345)
Net income (loss)	(985,045)
Restated Actual
Balance Sheet
Cash	513,272
Accounts receivable	8,186
Total Current Assets	521,458
Deferred loan costs	3,227
Total Assets	524,685
Accounts payable	1,149,320
Employee/contractor payables	703,531
Common stock payable	107,572
Related party payable	638,785
Share based compensation liability	880,700
Current portion of long term debt	4,820,361
Total current liabilities	8,300,269
Warrants	5,999,435
Total Liabilities	14,299,704
Common stock	997,299
Additional Paid in Capital	41,445,027
Accumulated deficit	(56,217,345)
Total Stockholders' Deficit	(13,775,019)
Total Liabilities and Stockholders' deficit	524,685
Statement of Operations
Revenues	105,692
Cost of services	17,787
Gross profit	87,905
General and administrative	8,170,616
Acquisition expense	400,016
Impairment of goodwill	59,400
Depreciation and amortization	14,179
Bad debt expense	94,832
Impairment of technology asset	1,257,058
Total operating expenses	9,996,101
Loss from operations	(9,908,196)
Gain (loss) on debt settlement	(49,672)
Change in fair value of derivatives	3,157,821
Interest expense	(1,430,419)
Total other income/(expenses)	1,677,730
Net income (loss)	$ (8,230,466)