Annual report pursuant to Section 13 and 15(d)

PRO FORMA FINANCIAL STATEMENTS (Details 1)

v3.20.1
PRO FORMA FINANCIAL STATEMENTS (Details 1) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenue $ 1,014,000 $ 1,089,000
Cost of sales 305,000 449,000
Gross profit 709,000 640,000
Expenses    
Selling, general and administrative 3,434,000 3,451,000
Depreciation and amortization 655,000 407,000
Total operating expenses 4,089,000 3,858,000
Income (Loss) from operations (3,380,000) (3,218,000)
Other income (expense)    
Interest expense (236,000) (232,000)
Other (expense) income 64,000 1,740,000
Gain on cancellation of liabilities (697,000)
Total other income (expense) 397,000 (1,972,000)
Net income (loss) $ (2,983,000) $ (5,190,000)
Net loss per share available to common stockholders, basic and diluted $ (0.05) $ (0.12)
Weighted average number of shares, basic and diluted 58,546,699 44,622,040
Pro Forma Adjustment [Member]    
Revenue  
Cost of sales  
Gross profit  
Expenses    
Selling, general and administrative  
Depreciation and amortization  
Total operating expenses  
Income (Loss) from operations  
Other income (expense)    
Interest expense  
Other (expense) income  
Gain on cancellation of liabilities  
Total other income (expense)  
Net income (loss)  
Net loss per share available to common stockholders, basic and diluted  
Weighted average number of shares, basic and diluted  
Pro Forma Combined [Member]    
Revenue $ 1,997,000  
Gross profit 1,321,000  
Expenses    
Selling, general and administrative 3,733,000  
Depreciation and amortization 655,000  
Total operating expenses 4,388,000  
Income (Loss) from operations (3,067,000)  
Other income (expense)    
Interest expense (236,000)  
Other (expense) income 94,000  
Gain on cancellation of liabilities 697,000  
Total other income (expense) 367,000  
Net income (loss) $ (2,700,000)  
Net loss per share available to common stockholders, basic and diluted $ (0.05)  
Weighted average number of shares, basic and diluted 59,276,699  
Cost of sales $ 676,000  
TrinIT [Member]    
Revenue 983,000  
Gross profit 612,000  
Expenses    
Selling, general and administrative 299,000  
Depreciation and amortization  
Total operating expenses 299,000  
Income (Loss) from operations 313,000  
Other income (expense)    
Interest expense  
Other (expense) income 30,000  
Gain on cancellation of liabilities  
Total other income (expense) (30,000)  
Net income (loss) $ 283,000  
Net loss per share available to common stockholders, basic and diluted  
Weighted average number of shares, basic and diluted  
Cost of sales $ 371,000  
iCoreConnect [Member]    
Revenue 1,014,000  
Cost of sales 305,000  
Gross profit 709,000  
Expenses    
Selling, general and administrative 3,434,000  
Depreciation and amortization 655,000  
Total operating expenses 4,089,000  
Income (Loss) from operations (3,380,000)  
Other income (expense)    
Interest expense (236,000)  
Other (expense) income 64,000  
Gain on cancellation of liabilities 697,000  
Total other income (expense) 397,000  
Net income (loss) $ (2,983,000)  
Net loss per share available to common stockholders, basic and diluted $ (0.05)  
Weighted average number of shares, basic and diluted 58,546,699