UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2021~~ 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission File Number: ~~333~~000-~~227420~~53162

ICONIC BRANDS, INC.

(Exact name of registrant as specified in its charter)

Nevada		13-4362274
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

44 Seabro Avenue Amityville, NY		11701
(Address of principal executive offices)		(Zip Code)

(~~866~~631) ~~219~~464-~~8112~~4050

(Registrant’s telephone number, including area code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated ~~filer~~Filer ☒ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~November~~July 1527, ~~2021~~2022, the registrant had 89105,~~602~~897,~~764~~794 shares of common stock, $0.001 par value per share, issued and outstanding.

ICONIC BRANDS, INC.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		4
ITEM 1	Financial Statements	~~F-1~~4
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
	Consolidated Unaudited Balance Sheets as of March 31, 2022, and December 31, 2021	5
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	16
	Consolidated Unaudited Statements of Operations for the three months ended March 31, 2022 and 2021	6
ITEM 4	Controls and Procedures	17
	Consolidated Unaudited Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021	7
PART II - OTHER INFORMATION
	Consolidated Unaudited Statements of Cash Flows for the three months ended March 31, 2022 and 2021	8
ITEM 1	Legal Proceedings	18
	Notes to Consolidated Unaudited Financial Statements	9
ITEM 1A	Risk Factors	18
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	18
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	31
ITEM 3	Defaults Upon Senior Securities	18
ITEM 4	Controls and Procedures	31
ITEM 4	Mine Safety Disclosures	18
PART II - OTHER INFORMATION		32
ITEM 5	Other Information	18
ITEM 1	Legal Proceedings	32
ITEM 6	Exhibits	19
ITEM 1A	Risk Factors	32
Signatures		20
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	32
ITEM 3	Defaults Upon Senior Securities	32
ITEM 4	Mine Safety Disclosures	32
ITEM 5	Other Information	32
ITEM 6	Exhibits	33
Signatures		34

Table of Contents

FORWARD-LOOKING STATEMENTS

Statements in this Quarterly Report on Form 10-Q may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.

Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are often, but not always, made through the use of words or phrases such as “believe,” “will,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” and “would.” These statements are based on current expectations, estimates and projections about our business based in part on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K, and our other filings with the U.S. Securities and Exchange Commission.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Any forward-looking statements speak only as of the date on which they are made, and we disclaim any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events, except as required by applicable law.

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

ICONIC BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

~~Three~~THREE ~~and~~MONTHS ~~Nine~~ENDED ~~Months~~MARCH ~~Ended September 30~~31, ~~2021~~2022 ~~and~~AND ~~2020~~2021

~~CONTENTS~~4 Table of Contents

FINANCIAL STATEMENTS	Page(s)
ICONIC BRANDS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets as of September 30, 2021, and December 31, 2020	F-2
CONDENSED CONSOLIDATED BALANCE SHEETS
Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020	F-3
(Unaudited)
Consolidated Statements of Changes in Stockholders’ Equity (Deficiency) for the three and nine months ended September 30, 2021 and 2020	F-4
	March 31, 2022			December 31, 2021
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020	F-6
ASSETS
Notes to Consolidated Financial Statements	F-7
Current assets:
Cash	$	7,589,114		$	2,190,814
Accounts receivable		4,030,076			852,321
Inventory		3,181,719			1,228,351
Prepaid expense and other current assets		528,071			74,517
Total current assets		15,328,980			4,346,003
Right-of-use assets, net		5,491,085			3,074,864
Leasehold improvements, furniture, and equipment, net		7,312,012			5,556,964
Intangible assets		20,812,986			21,609,586
Goodwill		15,976,877			15,976,877
Other assets		223,779			142,362
Total assets	$	65,145,719		$	50,706,656
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	4,482,141		$	2,713,046
Notes payable		5,045,466			5,045,466
Factoring liability		1,960,604			-
Deferred revenue		145,694			135,034
Other current liabilities		132,234			132,234
Current portion of operating lease liability		562,202			380,487
Contingent consideration		-			8,244,642
Total current liabilities		12,328,341			16,650,909
Operating lease liability, long term		5,225,683			2,835,828
Notes payable, long term		147,001			147,001
Contingent consideration, long term		20,204,505			11,959,863
Total liabilities		37,905,530			31,593,601
Stockholders’ and members’ equity:
Preferred stock, $0.001 par value; authorized 100,000,000 shares:
Series A-2, 38,180 shares issued and outstanding at March 31, 2022; 26,623 shares issued and outstanding at December 31, 2021		38			27
Common stock, $0.001 par value; authorized 2,000,000,000 shares, 97,086,968 issued and outstanding at March 31, 2022 and 90,542,764 issued and outstanding at December 31, 2021		97,088			90,544
Additional paid-in capital		68,021,374			56,749,055
Accumulated deficit		(40,019,265	)		(36,961,344	)
Noncontrolling interests		(859,046	)		(765,227	)
Total stockholders’ equity		27,240,189			19,113,055
Total liabilities and stockholders’ equity	$	65,145,719		$	50,706,656
See accompanying notes to Unaudited Condensed Consolidated Financial Statements.

~~F-1~~5 Table of Contents

ICONIC BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	September 30, 2021			December 31, 2020
	Three months ended March 31,
ASSETS
	2022			2021
Current assets:
REVENUE
Cash	$	5,682,650		$	457,041
Sales	$	4,046,797		$	634,533
Accounts receivable		2,829,278			334,458
Cost of goods sold		2,205,039			318,633
Inventory		1,614,520			507,500
Gross Profit		1,841,758			315,900
Equipment Deposit		2,155,330			-
OPERATING EXPENSES
Security deposit		131,529			-
General and administrative expenses		4,458,387			873,970
Other receivable		25,935			-
Selling and marketing		351,977			121,168
Prepaid expense and other current assets		74,116			-
Total operating expenses		4,810,364			995,138
Total current assets		12,513,358			1,298,999
Loss from operations		(2,968,606	)		(679,238	)
Property and equipment, net		-			-
Other income (expense):
Right-of-use asset, net		588,799			45,381
Gain on forgiveness of PPP loan		-			28,458
Leasehold improvements, furniture, and equipment, net		1,879,536			10,512
Interest expense		(183,134	)		-
Tradename - Trademarks		6,121,400			-
Total other income (expense)		(183,134	)		28,458
Intellectual Property		874,000			-
Net loss	$	(3,151,740	)	$	(650,780	)
Customer Base		13,929,000			-
Net (loss) income attributable to noncontrolling interests in subsidiaries		(93,819	)		16,174
Non-Competes		2,290,200			-
Net (loss) attributable to Iconic Brands, Inc.		(3,057,921	)		(666,954	)
Goodwill		16,492,086			-
Basic and diluted loss per share	$	(0.03	)	$	(0.04	)
Total assets	$	54,688,379		$	1,354,892
Weighted average number of shares outstanding		94,923,294			16,309,048
LIABILITIES AND STOCKHOLDERS’ EQUITY
See accompanying notes to Unaudited Condensed Consolidated Financial Statements.
Current liabilities:
Accounts payable and accrued expenses	$	3,255,436		$	3,089,773
Loans payable to officer and affiliated entity-noninterest bearing and due on demand		-			15,637
Notes payable, net		5,050,000			28,458
Deferred revenue		351,194			-
Other payables		35,713			-
Current portion of operating lease liability		249,203			49,147
Total current liabilities		8,941,546			3,183,015
Operating lease liability, long term		347,595
Contingent consideration		21,129,464			-
Total liabilities		30,418,605			3,183,015
Stockholders’ and members’ equity:
Preferred stock, $.001 par value; authorized 100,000,000 shares:
Series A, 0 and 1 share issued and outstanding at September 30, 2021 and December 31, 2020, respectively		-			1
Series E, 0 and 2,115,224 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		-			2,115
Series F ($1,000 per share stated value), 0 and 2,413.75 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		-			2,413,750
Series G ($1,000 per share stated value), 0 and 1,475 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		-			1,475,000
Series A-2, 27 and 0 share issued and outstanding at September 30, 2021 and December 31, 2020, respectively		27			-
Common stock, $.001 par value; authorized 2,000,000,000 shares, 89,032,764 and 17,268,881 shares issued and outstanding respectively		89,034			17,269
Treasury stock, at cost – 0 and 1,000,000 shares common stock respectively		-			(516,528	)
Additional paid-in capital		57,541,023			22,430,430
Accumulated deficit		(32,497,887	)		(26,497,350	)
Noncontrolling interests		(862,423	)		(1,152,810	)
Total stockholders’ equity (deficit)		24,269,774			(1,828,123	)
Total liabilities and stockholders’ equity	$	54,688,379		$	1,354,892
See accompanying notes to Condensed Consolidated Financial Statements.

~~F-2~~6 Table of Contents

ICONIC BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
REVENUE
Sales	$	2,846,437		$	712,198		$	4,065,884		$	2,173,684
Total revenue		2,846,437			712,198			4,065,884			2,173,684
Cost of goods sold		2,151,088			269,763			2,794,927			850,249
Gross Profit		695,349			442,435			1,270,957			1,323,435
OPERATING EXPENSES
General and administrative expenses		2,784,102			694,627			5,272,073			2,484,612
Selling and marketing		1,256,589			385,709			1,659,956			926,759
Total operating expenses		4,040,691			1,080,336			6,932,029			3,411,371
Loss from operations		(3,345,342	)		(637,901	)		(5,661,072	)		(2,087,936	)
Other income (expense):
Gain on forgiveness of PPP loan		-			-			28,458			-
Interest and amortization expense		(452,539	)		-			(483,293	)		-
Loss on investment in and receivable from Can B Corp		-			(557,307	)		-			(483,472	)
Other expense, net		(22,708	)		-			(22,708	)		-
Total other income (expense)		(475,247	)		(557,307	)		(477,543	)		(483,472	)
Net loss	$	(3,820,589	)	$	(1,195,208	)	$	(6,138,615	)	$	(2,571,408	)
Net (loss) income attributable to noncontrolling interests in subsidiaries	$	(163,024	)	$	23,893		$	(138,078	)	$	37,321
Net (loss) attributable to Iconic Brands, Inc.	$	(3,657,565	)	$	(1,219,101	)	$	(6,000,537	)	$	(2,608,729	)
Basic and diluted loss per share	$	(0.05	)	$	(0.07	)	$	(0.18	)	$	(0.16	)
Weighted average number of shares outstanding		69,757,489			16,268,881			34,394,031			16,066,664
See accompanying notes to Condensed Consolidated Financial Statements.

ICONIC BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

F-3 Table of Contents

	Series A Preferred stock				Series E Preferred stock				Series F Preferred stock				Series G Preferred stock				Series A-2 Preferred stock						Common stock						Treasury stock						Additional paid-in						Non controlling			Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares			Amount			capital			Subtotal			interests			Deficit			Total
Balance, December 31, 2020		1		1		2,115,224		2,115		2,414		2,413,750		1,475		1,475,000		-			-			17,268,881			17,269			(1,000,000	)		(516,528	)		22,430,430			25,822,037			(1,152,810	)		(26,497,350	)		(1,828,123	)
Issuance of common stock in exchange for services rendered and to be rendered		-		-		-		-		-		-		-		-		-			-			401,670			402			-			-			180,350			180,752			-			-			180,752
Retirement of treasury stock		-		-		-		-		-		-		-		-		-			-			(1,000,000	)		(1,000	)		1,000,000			516,528			(515,528	)		-			-			-			-
Net loss		-		-		-		-		-		-		-		-		-			-			-			-			-			-			-			-			16,174			(666,954	)		(650,780	)
Balance, March 31, 2021		1		1		2,115,224		2,115		2,414		2,413,750		1,475		1,475,000		-			-			16,670,551			16,671			-			-			22,095,252			26,002,789			(1,136,636	)		(27,164,304	)		(2,298,151	)

Balance, December 31, 2021		-		-		-		-		-		-		-		-		26,623			27			90,542,764			90,544			-			-			56,749,055			56,839,626			(765,227	)		(36,961,344	)		19,113,055
Common stock and Series A-2 Preferred stock issued for Cash, net of fees		-		-		-		-		-		-		-		-		12,258			12			4,301,004			4,301			-			-			10,993,763			10,998,076			-			-			10,998,076
Conversion of Series A-2 Preferred Stock for Common Stock		-		-		-		-		-		-		-		-		(701	)		(1	)		2,243,200			2,243			-			-			(2,242	)		(0	)		-			-			(0	)
Equity-based compensation		-		-		-		-		-		-		-		-		-			-			-			-			-			-			280,798			280,798			-			-			280,798
Net loss		-		-		-		-		-		-		-		-		-			-			-			-			-			-			-			-			(93,819	)		(3,057,921	)		(3,151,740	)
Balance, March 31, 2022		-		-		-		-		-		-		-		-		38,180			38			97,086,968			97,088			-			-			68,021,374			68,118,500			(859,046	)		(40,019,265	)		(27,240,189	)

ICONIC BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
	Series A Preferred stock				Series E Preferred stock						Series F Preferred stock						Series G Preferred stock				Common stock				Treasury stock						Additional paid-in						Noncontrolling			Accumulated
	Shares		Amount		Shares			Amount			Shares			Amount			Shares		Amount		Shares		Amount		Shares			Amount			capital			Subtotal			interests			Deficit			Total
Balance, December 31, 2019		1	$	1		2,790,224		$	2,790			3,156		$	3,155,750			-	$	-		14,576,681	$	14,577		-		$	-		$	21,282,679		$	24,455,797		$	(1,039,851	)	$	(22,925,748	)		490,198
Sale of Series G Preferred Stock and warrants		-		-		-			-			-			-			1,475		1,475,000		-		-		-			-			-			1,475,000			-			-			1,475,000
Issuance of common stock in exchange for services rendered and to be rendered		-		-		-			-			-			-			-		-		860,000		860		-			-			556,908			557,768			-			-			557,768
Placement agent fees and stock-based compensation		-		-		-			-			-			-			-		-		375,000		375		-			-			(150,375	)		(150,000	)		-			-			(150,000	)
Issuance of common stock in exchange for Series E Preferred stock		-		-		(675,000	)		(675	)		-			-			-		-		270,000		270		-			-			405			-			-			-			-
Issuance of common stock in exchange for Series F Preferred stock		-		-		-			-			(742	)		(742,000	)		-		-		1,187,200		1,187		-			-			740,813			-			-			-			-
Treasury stock acquired from Can B Corp		-		-		-			-			-			-			-		-		-		-		(1,000,000	)		(516,528	)		-			(516,528	)		-			-			(516,528	)
Adjustment		-		-		-			-			-			-			-		-		-		-		-			-			-			-			(2,997	)		-			(2,997	)
Net loss		-		-		-			-			-			-			-		-		-		-		-			-			-			-			37,321			(2,608,729	)		(2,571,408	)
Balance, September 30, 2020		1	$	1		2,115,224		$	2,115			2,414		$	2,413,750			1,475	$	1,475,000		17,268,881	$	17,269		(1,000,000	)	$	(516,528	)	$	22,430,430		$	25,822,037		$	(1,005,527	)	$	(25,534,477	)	$	(717,967	)
Balance at June 30, 2020		1	$	1		2,115,224		$	2,115			2,414		$	2,413,750			1,475	$	1,475,000		17,268,881	$	17,269		-		$	-		$	22,430,430		$	26,338,565		$	(1,026,423	)	$	(24,315,376	)		996,766
Treasury stock acquired from Can B Corp		-		-		-			-			-			-			-		-		-		-		(1,000,000	)		(516,528	)		-			(516,528	)		-			-			(516,528	)
Net loss		-		-		-			-			-			-			-		-		-		-		-			-			-			-			23,893			(1,219,101	)		(1,195,208	)
		-		-		-			-			-			-			-		-		-		-		-			-			-			-			(2,997	)		-			(2,997	)
Balance, September 30, 2020		1	$	1		2,115,224		$	2,115			2,414		$	2,413,750			1,475	$	1,475,000		17,268,881	$	17,269		(1,000,000	)	$	(516,528	)	$	22,430,430		$	25,822,037		$	(1,005,527	)	$	(25,534,477	)	$	(717,967	)

See accompanying notes to Unaudited Condensed Consolidated Financial Statements.

~~F-4~~7 Table of Contents

	Series A Preferred stock						Series E Preferred stock						Series F Preferred stock						Series G Preferred stock						Series A-2 Preferred stock				Common stock						Treasury stock						Additional paid-in					Noncontrolling			Accumulated
ICONIC BRANDS, INC. AND SUBSIDIARIES
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount		Shares			Amount			Shares			Amount			capital			Subtotal		interests			Deficit			Total
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Balance, December 31, 2020		1			1			2,115,224			2,115			2,414			2,413,750			1,475			1,475,000			-		-		17,268,881			17,269			(1,000,000	)		(516,528	)A		22,430,430			25,822,037		(1,152,810	)		(26,497,350	)		(1,828,123	)
(Unaudited)
Common stock and Series A-2 Preferred stock issued for Cash, net of fees		-			-			-			-			-			-			-			-			18,801		19		6,711,997			6,712			-			-			15,003,654			15,010,385		-			-			15,010,385
	Three months ended March 31,
Issuance of common stock for services		-			-			-			-			-			-			-			-			-		-		3,401,670			3,402			-			-			1,235,100			1,238,502		-			-			1,238,502
	2022			2021
Common Stock issued to purchase TopPop		-			-			-			-			-			-			-			-			-		-		26,009,600			26,010			-			-			10,117,734			10,143,744		-			-			10,143,744
CASH FLOWS FROM OPERATING ACTIVITIES:
Common Stock issued for the exchange of Series A Preferred Stock		(1	)		(1	)		-			-			-			-			-			-			-		-		25,600,000			25,600			-			-			(25,599	)		-		-			-			-
Net loss	$	(3,151,740	)	$	(650,780	)
Common and preferred shares issued in exchange for old Series, E, F and G Preferred shares		-			-			(2,115,224	)		(2,115	)		(2,189	)		(2,188,750	)		(1,475	)		(1,475,000	)		3,555		4		2,209,517			2,210			-			-			3,663,651			-		-			-			-
Adjustment to reconcile net loss to net cash used in operating activities:
Buy back of Series F Preferred stock														(225	)		(225,000	)		-			-			-		-		-			-			-			-			225,000			-		-			-			-
Depreciation and amortization		78,348			3,546
Purchase of United Spirits		-			-			-			-			-			-			-			-			-		-		-			-			-			-			-			-		428,465			-			428,465
Amortization of operating lease right-of-use assets		201,253			-
Common stock issued to settle notes payable		-			-			-			-			-			-			-			-			4,268		4		547,200			547			-			-			5,414,865			5,415,416		-			-			5,415,416
Gain on forgiveness of PPP loan		-			(28,458	)
Shares issued in exchange for old warrants		-			-			-			-			-			-			-			-			-		-		8,283,899			8,284			-			-			(8,284	)		-		-			-			-
Amortization of intangibles		796,600			-
Retirement of treasury stock		-			-			-			-			-			-			-			-			-		-		(1,000,000	)		(1,000	)		1,000,000			516,528			(515,528	)		-		-			-			-
Equity based compensation		280,798			180,752
Net income (loss)		-			-			-			-			-			-			-			-			-		-		-			-			-			-			-			-		(138,078	)		(6,000,537	)		(6,138,615	)
Change in allowance for doubtful accounts		47,000			-
Balance, September 30, 2021		-			-			-			-			-			-			-			-			26,623		27		89,032,764			89,034			-			-			57,541,023			57,630,084		(862,423	)		(32,497,887	)		24,269,774
Change in operating assets and liabilities:
Balance, June 30, 2021		1			1			2,115,224			2,115			2,414			2,413,750			1,475			1,475,000			-		-		18,170,551			18,171			-			-			22,682,752			26,591,789		(1,127,864	)		(28,840,322	)		(3,376,397	)
Accounts receivable		(3,244,755	)		106,940
Common stock and Series A-2 Preferred stock issued for Cash, net of fees		-			-			-			-			-			-			-			-			18,800		19		6,711,997			6,712			-			-			15,003,654			15,010,385		-			-			15,010,385
Inventory		(1,953,368	)		(83,482	)
Issuance of common stock for services		-			-			-			-			-			-			-			-			-		-		1,500,000			1,500			-			-			467,250			468,750		-			-			468,750
Operating lease liabilities		(45,904	)		-
Common Stock issued to purchase TopPop		-			-			-			-			-			-			-			-			-		-		26,009,600			26,010			-			-			10,117,734			10,143,744		-			-			10,143,744
Accounts payable and accrued expenses		1,769,095			370,182
Common Stock issued for the exchange of Series A Preferred Stock		(1	)		(1	)		-			-			-			-			-			-			-		-		25,600,000			25,600			-			-			(25,599	)		-		-			-			-
Prepaid expense and other current assets		(453,554	)		-
Common and preferred shares issued in exchange for old Series, E, F and G Preferred shares		-			-			(2,115,224	)		(2,115	)		(2,189	)		(2,188,750	)		(1,475	)		(1,475,000	)		3,555		4		2,209,517			2,210			-			-			3,663,651			-		-			-			-
Other assets		(81,417	)		-
Buy back of Series F Preferred stock		-			-			-			-			(225	)		(225,000	)		-			-			-		-		-			-			-			-			225,000			-		-			-			-
Deferred revenue		10,660			-
Common stock and Series A-2 Preferred stock issued to settle notes payable		-			-			-			-			-			-			-			-			4,268		4		547,200			547			-			-			5,414,865			5,415,416		-			-			5,415,416
Net cash used in operating activities		(5,726,984	)		(101,300	)
Shares issued in exchange for old warrants		-			-			-			-			-			-			-			-			-		-		8,283,899			8,284			-			-			(8,284	)		-		-			-			-
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of United Spirits		-			-			-			-			-			-			-			-			-		-		-			-			-			-			-			-		428,465			-			428,465
Additions to leasehold improvements, furniture, and equipment		(1,833,396	)		-
Net income (loss)		-			-			-			-			-			-			-			-			-		-		-			-			-			-			-			-		(163,024	)		(3,657,565	)		(3,820,589	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Balance, September 30, 2021		-			-			-			-			-			-			-			-			26,623		27		89,032,764			89,034			-			-			57,541,023			57,630,084		(862,423	)		(32,497,887	)		24,269,774
Common stock and Series A-2 Preferred stock issued for Cash, net of fees		10,998,076			-
Proceeds from factoring arrangement		1,960,604			-
Loans payable to officer and affiliated entity		-			(11,921	)
Net cash provided by (used in) financing activities		12,958,680			(11,921	)
Net increase in cash		5,398,300			(113,221	)
Cash at beginning of year		2,190,814			457,041
Cash at end of year	$	7,589,114		$	343,820
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS:
Cash paid for interest	$	-		$	-
Purchase and retirement of treasury stock	$	-		$	516,528
Recognition of right of use asset - operating lease	$	2,617,474		$	-
Conversion of Series A-2 Preferred Stock for Common Stock	$	2,242		$	-
See accompanying notes to Unaudited Condensed Consolidated Financial Statements.

~~See~~8 ~~accompanying~~Table ~~notes~~of ~~to Condensed Consolidated Financial Statements.~~ Contents

F-5 Table of Contents

ICONIC BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine months ended September 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(6,138,615	)	$	(2,571,408	)
Adjustment to reconcile net income to net cash used in operating activities:
Depreciation and amortization		36,308			19,431
Amortization of operating lease right-of-use assets		76,801			-
Gain on forgiveness of PPP loan		(28,458	)		-
Amortization of debt discounts		30,032			-
Stock compensation expense		1,238,502			537,800
Loss on investment in and receivable from Can B Corp		-			483,472
Loss on purchase of United Spirits		1,428,465			-
Change in operating assets and liabilities:
Accounts receivable		2,937,788			227,980
Inventory		87,916			(115,424	)
Equipment Deposit		(1,834,520	)		-
Operating lease liabilities		(80,567	)		-
Accounts payable and accrued expenses		(1,776,018	)		403,116
Prepaid expense and other current assets		(74,116	)		(22,187	)
Loans payable to officer and affiliated entity-noninterest bearing and due on demand		(15,637	)		-
Deferred revenue		(43,565	)		-
Other receivable		(25,935	)		-
Other payables		35,713			-
Net cash used in operating activities		(4,145,906	)		(1,037,220	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash paid from acquisition of TopPop		(3,547,770	)		-
Cash paid for Acquisition of United Spirits		(1,000,000	)		-
Leasehold improvements		-			(11,000	)
Furniture and equipment		-			(8,708	)
Net cash used in investing activities		(4,547,770	)		(19,708	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common stock and Series A-2 Preferred stock issued for Cash, net of fees		15,010,385			-
Repayment of note payable		(2,015,380	)		(40,000	)
Proceeds from issuance of notes payable		924,280			28,458
Proceeds from sale of Series G Preferred stock and warrants (net of placement agent fees of $150,000)		-			1,325,000
Repayment of loan payable to related party		-			(21,068	)
Net cash provided by financing activities		13,919,285			1,292,390
Net increase in cash and restricted cash		5,225,609			235,462
Cash and restricted cash at beginning of year		457,041			263,638
Cash and restricted cash at end of year		5,682,650			499,100
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS:
Cash paid for interest		677,430			-
Common and preferred shares issued in exchange for old Series, E, F and G Preferred shares		3,665,865			-
Purchase and retirement of treasury stock		(516,528	)		516,528
Common stock issued to settle notes payable		5,415,416			-
Issuance of common stock in exchange for Series E Preferred stock		-			270
Issuance of common stock in exchange for Series F Preferred Stock		-			1,187
See accompanying notes to Condensed Consolidated Financial Statements.

F-6 Table of Contents

Iconic Brands, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Three and Nine Months Ended September 30, 2021 and September 30, 2020

(Unaudited)

1. ORGANIZATION AND NATURE OF BUSINESS

Iconic Brands, Inc., ~~formerly~~(“the ~~Paw Spa~~Company”, ~~Inc.~~or (“Iconic”), was incorporated in the State of Nevada on October 21, 2005. ~~Effective~~As ~~December~~of March 31, ~~2016~~2022, ~~Iconic~~the ~~closed~~subsidiaries onof aIconic ~~May~~are ~~15,~~wholly-owned ~~2015~~TopPop ~~agreement~~LLC to(“TopPop”) ~~acquire~~and aUnited ~~51%~~Spirits ~~interest~~Inc., ~~in BiVi LLC~~ (“~~BiVi~~United”), ~~the~~54% ~~brand~~owned ~~owner~~BiVi ofLLC (“BiVi ~~100 percent Sicilian Vodka,~~”) and ~~closed on a December 13, 2016 agreement to acquire a 51% interest in~~ Bellissima Spirits LLC (“Bellissima”), and ~~the~~60% ~~brand~~owned ~~owner~~Empire ofWine ~~Bellissima sparkling wines. These transactions involved entities under common control of Iconic's chief executive officer at such time~~ and ~~represented~~Spirits aLLC ~~change~~(“Empire”) inwhich ~~reporting~~was ~~entity.~~organized ~~The~~on ~~financial~~February ~~statements~~4, ~~of Iconic have been retrospectively adjusted to reflect the operations at BiVi and Bellissima from their inception~~2022.

BiVi is the brand owner of “BiVi 100 percent Sicilian Vodka,” and Bellissima is the brand owner of Bellissima sparkling wines. BiVi was organized in Nevada on May 4, 2015. Bellissima was organized in Nevada on November 23, 2015.

~~Effective~~On ~~May~~July 926, ~~2019~~2021, ~~Iconic~~the ~~closed~~Company onacquired a100% ~~Share~~of TopPop. ~~Exchange~~TopPop ~~Agreement~~is toorganized ~~acquire~~as a ~~51%~~limited ~~interest~~liability company in ~~Green~~the ~~Grow~~State ~~Farms,~~of ~~Inc.~~New ~~(“Green~~Jersey ~~Grow”),~~on anSeptember ~~entity~~5, ~~organized~~2019. onTopPop’s ~~February~~primary ~~28,~~operation ~~2019,~~is tothe ~~grow~~manufacture ~~hemp~~and ~~for~~packaging ~~CBD~~of ~~extraction.~~alcohol ~~Effective~~and ~~December~~non-alcohol 31single-serve, ~~2019~~shelf-stable, ~~Iconic~~ready-to-freeze ~~sold~~ice ~~its~~pops. ~~51%~~TopPop ~~interest~~began operations in ~~Green~~December ~~Grow~~2019 ~~Farms,~~(see ~~Inc~~note 3). On toJuly ~~Can~~26, B2021, ~~Corp~~the ~~(see~~company ~~Note~~purchased ~~3).~~all the outstanding stock of United.

OnEmpire ~~July~~was ~~26, 2021, Iconic acquired 100% TopPop LLC (“TopPop”). TopPop is~~ organized ~~as a limited liability company~~ in the State of ~~New~~Nevada ~~Jersey~~ on ~~September~~February 54, ~~2019~~2022. During ~~TopPop’s primary operation is~~ the ~~manufacture~~first ~~and~~quarter ~~packaging~~ended ofMarch ~~single-serve~~31, ~~shelf-stable~~2022, ~~ready-to-freeze~~there ~~ice~~was ~~pops,~~no ~~both~~business ~~alcohols~~activity ~~infused~~or ~~and non-alcoholic~~transactions. ~~TopPop began operations in December 2019 (See note 4).~~

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Principles of Consolidation

The consolidated financial statements include the accounts of Iconic, its two 5154% owned subsidiaries, BiVi and Bellissima, 60% ~~and~~owned Empire, and its wholly -owned subsidiaries, United ~~Spirits, Inc. (see Note 5)~~ and TopPop ~~LLC~~ , (~~see Note 4) (~~collectively, the “Company”). All inter-company balances and transactions have been eliminated in consolidation.

(b) Use of Estimates

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

(c) Fair Value of Financial Instruments

Generally accepted accounting principles require disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.

In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and notes payable, it was estimated that the carrying amount approximated fair value because of the short maturities of these instruments.

~~F-7~~9 Table of Contents

~~(d)~~Accounting ~~Cash~~guidance on fair value measurements requires that financial assets and ~~Cash~~liabilities ~~Equivalents~~be classified and disclosed in one of the following categories of the fair value hierarchy:

~~The~~Level ~~Company~~1 – ~~considers~~Based ~~all~~on ~~liquid~~unadjusted ~~investments~~quoted ~~purchased~~prices ~~with~~for ~~original~~identical ~~maturities~~assets ~~of ninety days~~ or ~~less~~liabilities toin bean ~~cash~~active ~~equivalents~~market.

Level 2 – Based on observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3 – Based on unobservable inputs that reflect the entity’s own assumptions about the assumptions that a market participant would use in pricing the asset or liability.

We did not have any transfers between levels during the periods presented.

The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy. The only financial instrument measured at fair value is the contingent consideration:

As of March 31, 2022 and December 31, 2021

Quoted Prices in active markets

(Level 1)

Significant other observable inputs (Level 2)

Significant unobservable inputs (Level 3)

Contingent consideration

20,204,505

The fair value of the contingent consideration is based on the projected earnings of the business.

(d) Cash

The total amount of bank deposits (checking and savings accounts) that was not insured by the FDIC at March 31, 2022 was $6,789,306.

(e) Accounts Receivable, Net of Allowance for Doubtful Accounts

The Company extends unsecured credit to customers in the ordinary course of business but mitigates risk by performing credit checks and by actively pursuing past due accounts. The allowance for doubtful accounts is based on customer historical experience and the aging of the related accounts receivable. At ~~September~~March 3031, ~~2021~~2022 and December 31, ~~2020~~2021, the allowance for doubtful accounts was $8447,~~019~~000 and $830,~~617,~~ respectively.

(f) Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market, with due consideration given to obsolescence and to slow moving items. Inventories at ~~September~~March 3031, ~~2021~~2022 and December 31, ~~2020~~2021 ~~consists~~consist of cases of BiVi Vodka and cases of Bellissima sparkling wines purchased from our Italian suppliers and cases of alcoholic beverages ~~and packaging materials relating to our Hooters line of products introduced in August 2019~~. TopPop inventory consists of ~~packing~~raw materials, towork be in ~~used~~process inand finished goods relating to the production cycle.

Table of Contents

(g) Revenue Recognition

It is the Company’s policy that revenues from product sales are recognized in accordance with Accounting Standards Codification (“ASC 606”) “Revenue Recognition.” Five basic steps must be followed ~~before~~to ~~revenue~~recognize ~~can be recognized~~revenue; (1) ~~Identifying~~Identify ~~the~~ contract(s) with a customer that creates enforceable rights and obligations; (2) ~~Identifying~~Identify ~~the~~ performance obligations in the contract, such as ~~promising~~promises to transfer goods or services to a customer; (3) ~~Determining~~Determine the transaction price, ~~meaning~~(i.e. the amount of consideration in a contract to which an entity ~~expects~~believes toit beis entitled in exchange for transferring promised goods or services to a customer); (4) ~~Allocating~~Allocate the transaction price to the performance obligations in the contract, which requires the ~~company~~Company to allocate the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or services promised in the contract; and (5) ~~Recognizing~~Recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. The amount of revenue recognized is the amount allocated to the satisfied performance obligation. Adoption of ASC 606 has not changed the timing and nature of the Company’s revenue recognition and there has been no material effect on the Company’s consolidated financial statements.

Our revenue (referred to in our consolidated financial statements as “sales”) consists primarily of the sale of wine and spirits imported for cash or otherwise agreed-upon credit terms ~~along with ready to freeze products manufactured by us~~. Our customers consist primarily of retailers. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution, and shipping terms. We have elected to treat shipping as a fulfillment activity. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. The Company has no obligation to accept the return of products sold other than for replacement of damaged products. Other than quantity price discounts negotiated with customers prior to billing and delivery (which are reflected as a reduction in sales), the Company does not offer any sales incentives or other rebate arrangements to customers. Revenue associated with manufacturing and packaging business is recognized at a point in time when obligations under the terms of a contact with a customer are satisfied.

(h) Shipping and Handling Costs

Shipping and handling costs to deliver product to customers are reported as operating expenses in the accompanying statements of operations. Shipping and handling costs to purchase inventory are capitalized and expensed to cost of sales when revenue is recognized on the sale of product to customers.

(i) ~~Stock~~Equity-Based Compensation

~~Stock~~Equity-based compensation is accounted for at fair value in accordance with ~~Accounting Standards Codification (“~~ ASC”) Topic 718, “Compensation-Stock Compensation”. For the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022 and ~~2020~~2021, ~~stock~~equity-based compensation was $1280,~~238,502~~798 and $~~537~~180,~~800~~752, respectively.

F-8 Table of Contents

(j) Income Taxes

Income taxes are accounted for under the assets and liability method. Current income taxes are provided in accordance with the laws of the respective taxing authorities. Deferred income taxes are provided for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is not more likely than not that some portion or all of the deferred tax assets will be realized.

~~(k)~~11 ~~Net~~Table ~~Income~~of ~~(Loss) per Share~~Contents

~~Basic net income~~ (~~loss~~k) ~~per~~Net ~~common~~Loss ~~share~~per ~~is computed on the basis of the weighted average number of common shares outstanding during the period of the financial statements.~~Share

~~Diluted~~Basic net ~~income (~~loss) per shares of common ~~share~~stock is computed on the basis of the weighted average number of ~~common~~ shares ~~and~~of ~~dilutive~~common ~~securities (such as~~ stock ~~options, warrants, and convertible securities)~~ outstanding. ~~Dilutive~~during ~~securities~~the ~~having~~period anof ~~anti-dilutive effect on diluted net income (loss) per share are excluded from~~ the ~~calculation.~~financial statements.

Diluted net loss per share of common stock is computed on the basis of the weighted average number of shares of common stock and dilutive securities (such as stock options, warrants, and convertible securities) outstanding. At March 31, 2022 and 2021, the Company had 25,620,245 and 32,564,030 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the treasury stock method. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation.

(l) Recently Issued Accounting Pronouncements

Effective January 1, 2019, we adopted ASU 2016-2 (Topic 842) which establishes a new lease accounting model for lessees. Under the new guidance, lessees are required to recognize right of use assets and liabilities for most leases having terms of 12 months or more. We adopted this new accounting guidance using the effective date transition method, which permits entities to apply the new lease standards using a modified retrospective transition approach at the date of adoption. As such, historical periods were continued to be measured and presented under the previous guidance while current and future periods are subject to this new accounting guidance.

Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

~~(m)~~On ~~Going~~August ~~Concern~~5, 2020, the FASB issued ASU No. 2020-06 which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 simplifies the guidance in U.S. GAAP on the issuer’s accounting for convertible debt instruments. Such guidance includes multiple disparate sets of classification, measurement, and derecognition requirements whose interactions are complex. ASU 2020-06 is effective for annual periods beginning after December 15, 2021 and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The adoption of this new guidance did not have a material impact on our financial statements.

~~The~~(m) ~~accompanying~~Business ~~financial~~Acquisition statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained significant net losses which have resulted in an accumulated deficit at September 30, 2021 of $32,497,887 and has experienced periodic cash flow difficulties, all of which raise substantial doubt regarding the Company’s ability to continue as a going concern.Accounting

~~Continuation~~The ~~of the~~ Company asapplies athe ~~going~~acquisition ~~concern~~method isof ~~dependent~~accounting ~~upon~~for ~~obtaining~~those ~~additional~~that ~~working~~meet ~~capital~~the ~~and~~criteria ~~attaining~~of ~~profitable~~a ~~operations.~~business combination. The ~~management~~Company ofallocates the ~~Company~~purchase ~~has~~price ~~developed~~of aits ~~strategy~~business ~~which~~acquisition itbased ~~believes~~on ~~will accomplish these objectives and which will enable~~ the ~~Company~~fair tovalue ~~continue~~of ~~operations~~identifiable ~~for~~tangible ~~the~~and ~~coming~~intangible ~~year~~assets. The ~~However,~~difference ~~there~~between isthe nototal ~~assurance~~cost ~~that~~of ~~these~~the ~~objectives~~acquisition ~~will~~and bethe ~~met.~~sum ~~These~~of ~~financial~~the ~~statements~~fair dovalues ~~not~~of ~~include~~acquired ~~any~~tangible ~~adjustments~~and ~~relating~~identifiable tointangible ~~the~~assets ~~recoverability~~less ~~and~~liabilities ~~classification~~is of recorded ~~asset~~as ~~amounts,~~goodwill. Transaction orcosts ~~amounts~~are ~~and~~expensed ~~classification~~as ofincurred ~~liabilities~~in ~~that~~general ~~might~~and ~~result~~administrative ~~from the outcome of this uncertainty~~expenses.

3.(l) ~~DISCONTINUED~~Leasehold ~~OPERATIONS~~improvements, ~~AND~~furniture, ~~LOSS~~and ONequipment, ~~INVESTMENT IN AND RECEIVABLE FROM CAN B CORP.~~net

~~Effective~~Leasehold ~~December 31~~improvements, ~~2019~~furniture, ~~the~~and ~~Company~~equipment ~~sold~~are ~~its~~recorded ~~51%~~at ~~equity interest in Green Grow Farms, Inc~~cost. ~~(“Green~~Depreciation ~~Grow”) to Can B Corp. in exchange for 37,500,000 shares~~ of ~~Can~~furniture ~~B Corp. common stock~~ and afixtures ~~Can~~is Bprovided ~~Corp.~~using ~~obligation~~the tostraight-line ~~issue~~method, ~~additional~~generally ~~shares~~over ~~(“Additional~~the ~~Purchases~~terms ~~Shares”)~~ of ~~Can~~the ~~B Corp~~lease. ~~common~~Repairs ~~stock~~and tomaintenance ~~the Company on June 30~~expenditures, ~~2020~~which indo ~~such~~not ~~number~~extend ~~so that~~ the ~~aggregate~~useful ~~value~~lives of the ~~aggregate~~related ~~shares~~assets, ~~issued~~are toexpensed ~~the~~as ~~Company~~incurred. ~~equaled~~Depreciation ~~$1,000,000.~~of Wemachinery ~~acquired~~and ~~this~~equipment ~~equity~~is ~~interest~~based on ~~May~~the 9,estimated ~~2019~~useful inlives ~~exchange for a $200,000 note payable to NY Farms Group Inc. and 2,000,000 shares~~ of ~~Company~~the ~~common stock valued at $1,250,000.~~assets

~~F-9~~3. ~~Table~~ACQUISITION ofOF ~~Contents~~TOPPOP

Effective March 6, 2020, CANB effected a 1 share for 300 shares reverse stock split resulting in a reduction of the number of the Company’s shares of CANB common stock from 37,500,000 shares to 125,000 shares. On July 8, 2020, CANB delivered 418,714 additional shares of CANB common stock required under the December 31, 2019 agreement. The fair value of the 543,714 shares of CANB common stock at June 30, 2020 was $1,073,835 and the Company recognized an unrealized gain of $73,835 in the quarterly period ended June 30, 2020.

On July 29, 2020, the Company executed an exchange agreement with CANB and delivered the 543,714 shares of CANB common stock to CANB in exchange for CANB’s delivery of 1,000,000 shares of common stock to the Company. The July 29, 2020 closing price of CANB common stock was $0.95 per share. In the balance sheet as of September 30, 2020, the Company recorded treasury stock in the amount of $516,528. The Company recognized a loss of $557,307 from the Company’s investment in CANB common stock in the quarterly period ended September 30, 2020.

4. ACQUISITION OF TOPPOP

On July 26, 2021, the Company entered into an acquisition agreement (the “TopPop Acquisition Agreement”) with TopPop, and each of FrutaPop LLC (“Frutapop”), Innoaccel Investments LLC (“Innoaccel”) and Thomas Martin (“Martin” and, together with Frutapop and Innoaccel, the “TopPop Members”), pursuant to which the TopPop Members sold to the Company and the Company acquired, all of the issued and outstanding membership interests of TopPop.

TopPop is a brand owner and contract manufacturing and packaging company specializing in flexible packaging solutions in the food, beverage and health categories. Its first branded and contract products are alcohol-infused ice pops. Its manufacturing facility in Marlton, New Jersey is registered by the Federal Drug Administration and holds a Safe Quality Food certification.

Upon consummation of the acquisition contemplated by the TopPop Acquisition Agreement, the TopPop Members received, in the aggregate: (a) $3,995,500 in cash by transfer of immediately available funds, (b) 26,009,600shares of Company’s common stock, par value $0.001 per share (the “Common Stock”), which shares were valued in the aggregate at $10,143,744, or $0.39 per share, (c) $5,042,467 aggregate principal amount of promissory notes of the Company (the “Promissory Notes”) and (d) future additional cash payments as earnout consideration (the “Total Consideration”). The earn-out payments, if any, will be made (i) following the 12~~-month~~ ~~period~~Table ~~commencing on August 1, 2021 (the “First Year”), in an amount (the “First Year Earn-out Amount”) equal to each TopPop Member’s pro rata portion~~ of the excess, if any, of: (A) 1.96 times TopPop’s EBITDA for the First Year over (B) the aggregate amount of the Promissory Notes repaid in cash during the First Year; provided, however, no First Year Earn-out Amount shall be payable if (i)(A) does not exceed (i)(B); and (ii) following the 12-month period commencing on August 1, 2022 (the “Second Year”), in an amount (the “Second Year Earn-out Amount”) equal to each TopPop Member’s pro rata portion of the excess, if any, of: (A) 1.96 times TopPop’s EBITDA for the Second Year over (B) the aggregate amount of the Promissory Notes repaid in cash during the Second Year; provided, however, no Second Year Earn-out Amount shall be payable if (ii)(A) does not exceed (ii)(B). The earn-out payments shall be made, at the election of each TopPop Member, in cash or in shares of Common Stock or a combination thereof, less any reserve for possible indemnification payments, provided that not less than 45% of the value of each earn-out payment shall be paid in Common Stock. If paid in shares of Common Stock, such shares shall be valued at the then-prevailing market rate.Contents

~~The~~Upon ~~Promissory~~consummation ~~Notes~~of ~~bear~~the ~~interest~~acquisition atcontemplated by the ~~rate~~TopPop Acquisition Agreement, the TopPop Members received, in the aggregate: (a) $3,694,273 in cash by transfer of ~~10%~~immediately available funds, (b) 26,009,600 shares of Company’s common stock, par value $0.001 per ~~annum~~share, ~~and~~which ~~mature~~shares onwere ~~July~~valued 26in the aggregate at $10,143,744, ~~2022~~or $0.39 ~~The~~per share, (c) $5,042,467 aggregate principal amount of promissory notes of the Company (the “Promissory Notes”) ~~are~~and ~~not~~(d) ~~subject~~future toadditional ~~pre-payment~~cash ~~penalties;~~payments ~~however,~~as earnout consideration (the ~~Company~~“Total ~~may~~Consideration”). ~~not~~The ~~pre~~earn-~~pay~~out payments, if any, ~~amount~~will be made (i) following the 12-month period commencing on ~~any~~August ~~Promissory~~1, ~~Note~~2021 ~~without~~(the ~~pre~~“First Year”), in an amount (the “First Year Earn-~~paying~~out aAmount”) equal to each TopPop Member’s pro- rata portion of ~~all~~the ~~Promissory~~excess, ~~Notes~~if any, of: (A) 1.96 Intimes ~~connection~~TopPop’s ~~with~~EBITDA for the First Year over (B) the aggregate amount of the Promissory Notes, repaid in cash during the ~~Company~~First ~~granted~~Year; toprovided, however, no First Year Earn-out Amount shall be payable if (i)(A) does not exceed (i)(B); and (ii) following the ~~TopPop~~12-month ~~Members~~period acommencing ~~security~~on ~~interest~~August 1, 2022 (the “Second Year”), in ~~all~~an ofamount (the ~~Company~~“Second Year Earn-out Amount”) equal to each TopPop Member’s ~~membership~~pro ~~interests~~rata portion of the excess, if any, of: (A) 1.96 times TopPop’s ~~pursuant~~EBITDA tofor ~~certain~~the ~~pledge~~Second ~~agreements~~Year over (B) the ~~“Pledge~~aggregate ~~Agreements”~~amount of the Promissory Notes repaid in cash during the Second Year; provided, however, no Second Year Earn-out Amount shall be payable if (ii)(A) ~~with~~does ~~each~~not ofexceed (ii)(B). The earn-out payments shall be made, at the election of each TopPop ~~Members~~Member, ~~each dated~~in ~~July~~cash 26or in shares of common stock or a combination thereof, ~~2021.~~less ~~The~~any ~~Promissory~~reserve ~~Notes~~for ~~are~~possible indemnification payments, provided that not ~~convertible~~less ~~into~~than ~~equity~~45% ~~securities~~of the value of each earn-out payment shall be paid in common stock. If paid in shares of common stock, such shares shall be valued at the ~~Company~~then-prevailing market rate.

The Company originally calculated the First Year Earn-out Amount to be $8,244,642 and the Second Year Earn-out Amount to be $11,959,863. In connection with the requirement to record the contingent consideration at fair value for every reporting period, information as of and during the period ended March 31, 2022 required the Company to conclude that there will be no contingent consideration required to be made at the end of the First Year, while the entire amount of contingent consideration previously recorded will be required to be made at the end of the Second Year. This is the result of delays in the revenue targets but no material changes in the underlying projections previously used in connection with the valuation of such contingent consideration. Therefore, the Company estimates that the total contingent consideration is $20,204,505 and will be owed at the end of the Second Year.

The Promissory Notes bear interest at the rate of 10% per annum and mature on July 26, 2022. The Promissory Notes are not subject to pre-payment penalties; however, the Company may not pre-pay any amount on any Promissory Note without pre-paying a pro-rata portion of all Promissory Notes. In connection with the Promissory Notes, the Company granted to the TopPop Members a security interest in all of the Company’s membership interests of TopPop pursuant to certain pledge agreements with each of the TopPop Members, each dated July 26, 2021. The Promissory Notes are not convertible into equity securities of the Company. Under the terms of the Promissory Notes, there is a five-day grace period to July 31, 2022 before an event of default occurs. Upon an event of default, the holders may exercise all rights and remedies available under the terms of the Promissory Notes or applicable laws, including to foreclose on certain collateral consisting of the membership interests of TopPop. The Company is currently in discussions with holders regarding possible solutions for the payment of the Promissory Notes, including the possible extension for an additional year.

The Company accounted for the Acquisition of TopPop as a business combination using the purchase method of accounting as prescribed in Accounting Standards Codification 805, Business Combinations (“ASC 805”) and ASC 820 – Fair Value Measurements and Disclosures (“ASC 820”). In accordance with ASC 805 and ASC 820, we used our best estimates and assumptions to accurately assign fair value to the tangible assets acquired, identifiable intangible assets and liabilities assumed as of the acquisition dates. Goodwill as of the acquisition date is measured as the excess of purchase consideration over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed.

~~F-10~~13 Table of Contents

Fair value of the acquisition

The following table summarizes the allocation of the ~~preliminary~~ purchase price as of the TopPop acquisition:

	PreliminaryAllocation as ofJuly 26, 2021
Purchase price:
Cash	$	447,230
Cash, net of cash acquired	$	3,694,273
Fair value of common stock		10,143,744
Contingent consideration		20,204,505
Note payable		5,042,467
Total purchase price		39,084,989
Assets acquired:
Accounts receivable		5,432,608
Furniture and equipment		1,848,580
Inventory		1,194,936
Right-of-use asset		620,219
Equipment deposit		320,810
Security deposit		131,529
Accounts payable		(2,432,621	)
Tradename / Trademarks		6,867,000
Notes payable		(5,936,323	)
IP/Technology		849,000
Operating lease liability		(628,218	)
Non-compete agreement		807,200
Customer Base		14,414,000
Total assets acquired:		31,865,663
Liabilities assumed:
Accounts payable		(2,435,412	)
Notes payable		(5,927,380	)
Deferred revenue		(394,759	)
Net Tangible Assets	$	603,991
Total Liabilities assumed		(8,757,551	)
Tradename / Trademarks		6,121,400
Net assets acquired		23,108,112
IP/Technology		874,000
Excess purchase price “Goodwill”	$	15,976,877
Non-compete agreement		2,290,200
Customer Base		13,929,000
Total assets acquired	$	23,214,600
Consideration:
Cash at closing		3,995,000
Fair value of common stock		10,143,744
Contingent consideration		21,129,464
Note payable		5,042,467
Goodwill	$	16,492,086

5.The ~~UNITED~~excess ~~SPIRITS~~purchase price has been recorded as “goodwill” included as part of “Intangible assets” in the amount of $15,976,877. ~~INC~~The estimated useful life of the identifiable intangible assets is four to ten years. The goodwill is amortizable for tax purposes.

~~Until~~See July 26, 2021, United Spirits, Inc. a New York Corporation (“United”) was owned and managed by Mr. Richard DeCicco, the controlling shareholder and president of the Company. United provides distribution services for Iconic, BiVi and Bellissima (see Note ~~13e)~~14 and was considered a variable interest entity (“VIE”) of The Company. On July 26, 2021, the Company entered into a securities purchase agreement with Mr. DeCicco pursuant to which the Company purchased from Mr. DeCicco, and Mr. DeCicco sold, all of the issued and outstanding capital stock of United to the Company. Pursuant to the United Purchase Agreement, upon the closing of the transactions contemplated thereby, Mr. DeCicco transferred, and the Company acquired, 100% of the issued and outstanding capital stock of United in exchange for ~~a purchase price of $1,000,000. The United Purchase Agreement contains customary representations, warranties and covenants of~~ the ~~parties~~required ~~thereto,~~pro ~~and~~forma ~~the~~information ~~closing~~related ~~of the transactions contemplated by the United Purchase Agreement was subject~~ to the ~~satisfaction~~business ~~of certain closing conditions, including, without limitation, certain approvals from various state liquor authorities~~combination. Prior to the closing of the transactions contemplated by the United Purchase Agreement, the Company marketed and sold its wine and spirts products pursuant to an exclusive marketing and distribution agreement between the Company and United. After the closing, United became a wholly owned subsidiary of the Company.

~~F-11~~14 Table of Contents

6.Intangible ~~INVENTORIES~~assets

Intangible assets consist of the following:
	Estimated Useful	March 31,		December 31,
	Lives	2022		2021
Tradename - Trademarks	5 years	$	6,867,000	$	6,867,000
Intellectual Property	5 years		849,000		849,000
Customer Base	10 years		14,414,000		14,414,000
Non-Competes	4 years		807,200		807,200
			22,937,200		22,937,200
Less: accumulated amortization			2,124,214		1,327,614
		$	20,812,986	$	21,609,586

Intangible assets are amortized on a straight-line basis over the useful lives of the assets. Amortization expense amounted to $796,600 and $0 for the three months ended March 31, 2022 and 2021, respectively.

Future amortization of intangible assets for the remainder of the current fiscal year and the next five years and thereafter:	Amount
Remainder of the year ended December 31, 2022	$	2,389,800
2023		3,186,400
2024		3,186,400
2025		3,102,317
2026		2,341,600
Thereafter		6,606,469
Total	$	20,812,986

4. LEASEHOLD IMPROVEMENTS, FURNITURE, AND EQUIPMENT, NET

Leasehold improvements, furniture, and equipment, net consisted of the following:

	March 31,			December 31,
	2022			2021
Machinery and equipment	$	6,950,296		$	5,352,009
Leasehold improvements		269,976			154,389
Supplies		221,639			140,004
Furniture and fixtures		74,068			36,181
		7,515,979			5,682,583
Less accumulated depreciation		(203,967	)		(125,619	)
	$	7,312,012		$	5,556,964

Depreciation expense related to leasehold improvements, furniture, and equipment amounted to $78,348 and $3,546 for the three months ended March 31, 2022 and 2021, respectively.

Table of Contents

5. INVENTORIES

Inventories consisted of:

	September 30,2021		December 31,2020
	March 31,2022		December 31,2021
Finished goods:
Hooters brands	$	269,425	$	259,837
Bellissima brands	$	686,942	$	384,717
Bellissima brands		328,909		163,258
TopPop		1,017,136		728,305
BiVi brands		47,439		47,439
Total finished goods		1,704,078		1,113,022
TopPop		755,649		-
Total finished goods		1,401,422		470,534
Work-in-process:
TopPop		~~162~~822,~~783~~328		-88,066
Raw materials:
Hooters brands		50,315		36,966
TopPop		254,713		27,263
Total	$	1,614,520	$	507,500
Bellissima brands		400,600		-
Total raw materials		655,313		27,263
Total	$	3,181,719	$	1,228,351

76. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of:

	September 30,2021		December 31,2020
	March 31, 2022		December 31, 2021
Accounts payable	$	13,~~095~~374,~~599~~900	$	1,~~444~~671,~~213~~161
Accrued officers’ compensation		1762,~~062,848~~239		~~851~~780,~~300~~701
Accrued royalties		1161,~~096,989~~244		~~792~~178,~~295~~013
Other		-183,758		183,~~965~~171
Total	$	34,~~255~~482,~~436~~141	$	32,~~089~~713,~~773~~046

87. NOTES PAYABLE

~~Notes~~As of March 31, 2022, notes payable consisted of: a $150,000 SBA note and the $5,042,467 notes to former owners of TopPop.

	September 30,2021		December 31,2020
The future payments on principal of notes payable are as follows:	Amount
Small Business Administration loan (1)	$	150,000	$	28,458
Remainder of the year ended December 31, 2022	$	5,045,466
Note issued as part of the consideration to acquire TopPop (2)		4,900,000		-
Year ending December 31, 2023		3,114
Total	$	5,050,000	$	28,458
Year ending December 31, 2024		3,233
Year ending December 31, 2025		3,356
Year ending December 31, 2026		3,484
Thereafter		133,814
Total	$	5,192,467

In connection with the July 2021 acquisition of 100% of the equity of TopPop, on July 26, 2021, the Company issued to the sellers promissory notes in the aggregate principal amount of $4,900,000 (1the “TopPop Notes”). The ~~SBA~~TopPop ~~loan~~Notes ~~bears~~bear an interest at the rate ~~3.75~~of 10% ~~and~~per ~~matures~~annum, matured on ~~January~~July 2226, ~~2051~~2022 and are secured by all of the outstanding membership interest in TopPop. Holders of approximately $3.55 million of these notes have agreed to extend the term for 30 days and have indicated that they will not seek cash settlement prior to August 2023.The Company has not received any demand for payment on any of the other notes.

~~(2)The~~16 ~~promissory~~Table ~~note~~of ~~bears an interest rate 10% and matures on July 26, 2022.~~ Contents

8. FACTORING LIABILITY

During the three months ended March 31, 2022, the Company entered into a purchase and sale agreement with Prestige Capital Finance, LLC (“Prestige”). Under the agreement, Prestige buys all of the Company’s right, title, and interest in specific accounts receivable. Prestige has full recourse against the Company for advances if payments are not received for any reason. All credit risk is borne by the Company and not by Prestige. Prestige pays a down payment to the Company of 80% of the face value of the specified receivables. The maximum outstanding balance of the advance is $2,000,000. Prestige’s final purchase price of the accounts receivable is at a discount which is deducted from the face value of each account upon collection. The discount fee is based upon the number of days the account receivable is outstanding from the date of the down payment. The discount fee ranges from 1.95% if the receivable is paid within 30 days to 5.85% if paid within 90 days, plus an additional 1.5% for each 10-day period thereafter until the account is paid in full.

The outstanding balance is secured by an interest in virtually all assets of the Company, with a first security interest in accounts receivable. The agreement remains in effect through January10, 2023 and will be automatically renewed for successive periods of one year each unless either party terminates the agreement in writing at least 60 days prior to the expiration of the initial term or any renewal term. Prestige may cancel the agreement at any time upon 60 days’ notice.

The Company accounts for this agreement as a financing arrangement, with the down payments recorded as debt and repayment made when the applicable receivable is collected. As of March 31, 2022, there was an outstanding balance of $1,960,604 and accrued interest of $56,883.

9. CAPITAL STOCK

Preferred Stock and Common Stock

~~The~~On ~~one~~July ~~share~~26, 2021, the Company filed a Certificate of Designation, Preferences and Rights of the Series A-2 Convertible Preferred Stock, ~~which~~par ~~was~~value ~~issued~~$0.001 toper ~~Richard~~share ~~DeCicco~~(“Series onA-2 ~~September~~Preferred 10Stock”) with the Secretary of State of Nevada, ~~2009~~designating up to 45,000 shares ~~entitles~~of the ~~holder~~Company’s preferred stock as Series A-2 Preferred Stock. The holders shall be entitled to ~~two~~receive, ~~votes~~and ~~for~~the ~~every~~Company ~~share~~shall pay, dividends on shares of ~~Common~~Series A-2 Preferred Stock ~~Deemed~~equal ~~Outstanding~~(on an as-if-converted-to common stock basis) to and ~~has~~in nothe ~~conversion~~same orform ~~dividend~~as dividends actually paid on shares of common stock when, as and if such dividends are paid on shares of common stock. The Series A-2 Preferred Stock shall have no voting rights.

On ~~July~~January 265, ~~2021~~2022, the Company ~~entered~~closed ~~into~~the asecond ~~securities~~tranche ~~exchange~~of ~~agreement~~the ~~dated~~equity asfinancing ~~of July 26~~and issued 12,258 shares ~~2021~~of ~~(the “~~Series A-2 Preferred ~~Exchange Agreement”)~~Stock, ~~with Mr. Richard DeCicco~~ 4, ~~who~~301,004 shares ~~at the time~~ of ~~execution~~common stock and ~~delivery~~warrants ofto ~~such agreement~~purchase 40, ~~was the Company’s Chief Executive Officer~~018,583 shares ~~Chief~~of ~~Financial~~common ~~Officer,~~stock ~~chairman~~for ofgross ~~the~~proceeds ~~Company’s board~~ of ~~directors~~approximately ~~(the~~$12.2 million ~~“Board”)~~ and ~~the~~net ~~holder~~proceeds of ~~the~~approximately ~~Company’s~~$10.9 million ~~one~~after ~~issued~~deduction ~~and outstanding share~~ of ~~Series~~placement Aagent ~~Preferred~~commissions ~~Stock.~~and ~~Pursuant~~expenses toof the ~~Series~~offering. ASuch ~~Preferred~~net ~~Exchange~~proceeds ~~Agreement,~~are ~~Mr.~~expected ~~DeCicco~~to ~~exchanged~~be ~~his~~used ~~one~~by ~~share~~the ofCompany ~~Series~~for Adomestic ~~Preferred~~and ~~Stock~~international ~~for~~expansion ~~25,600,000 shares~~ of ~~Common~~its ~~Stock.~~Bellissima ~~Upon such exchange~~brand, the ~~Series~~expansion Aof ~~Preferred~~the ~~Stock,~~production ~~which~~facilities ~~previously gave Mr. DeCicco two votes for every one vote~~ of the Company’s ~~outstanding~~TopPop ~~voting securities~~subsidiary, ~~was~~new ~~cancelled~~product ~~and~~launches, ~~all contractual (or similar) rights~~marketing, ~~preferences~~ and ~~obligations~~other ~~relating~~general toworking ~~such~~capital ~~Series A Preferred Stock became null and void and of no further effect whatsoever~~purposes.

OnBetween January ~~12,~~2022 ~~2020,~~and ~~the~~March ~~Company~~2022, ~~entered~~stockholders ~~into~~converted ~~securities~~701 ~~purchase agreements with certain accredited investors for the sale of a total of 1,500~~ shares of Series GA-2 ~~Convertible~~ Preferred Stock ~~and warrants to purchase 1~~into 2,~~200~~243,~~000~~ 200 shares of ~~our~~ common stock ~~for gross proceeds of $1~~,~~500,000~~ ~~(of~~par ~~which $1,475,000 was collected on January 13, 2020 and January 14, 2020). Each share of Series G Convertible Preferred Stock (designated on January 13, 2020) has a stated~~ value of $~~1,000, is convertible into shares of common stock at a price of $1~~.25001 per share ~~(subject to adjustment under certain circumstances)~~, has no voting rights, is entitled to dividends on an as-converted-to common stock basis, is entitled to a distribution preference of $1,000 upon liquidation, and is not redeemable. Each warrant is exercisable into one share of common stock at ~~an exercise price of~~ $10.25 31 per share ~~(subject to adjustment under certain circumstances) for a period of five years from the date of issuance~~.

~~F-12~~On ~~Table~~March 23, 2021, the Company issued 401,670 shares of ~~Contents~~its common stock to an investors relations firm for services rendered to the Company. The $180,752 fair value of the 401,670 shares of common stock was expensed as investors relations in the three months ended March 31, 2021.

On February 12, 2020, February 13, 2020, and February 14, 2020, three holders converted a total of 675,000 shares of Series E Preferred Stock into a total of 270,000 shares of Iconic common stock, leaving 2,115,224 shares of Series E Preferred Stock outstanding on September 30, 2020.

During the nine months ended September 30, 2020, six holders converted a total of 742 shares of Series F Preferred Stock into a total of 1,187,200 shares of Iconic common stock, leaving 2,414 shares of Series F Preferred Stock outstanding on September 30, 2020.

On July 26, 2021, the Company filed a Certificate of Designation, Preferences and Rights of the Series A-2 Preferred Stock (the “Certificate of Designation”) with the Secretary of State of Nevada, designating up to 45,000 shares of the Company’s preferred stock as Series A-2 Preferred Stock. Also, on July 26, 2021, the Company sold 18,800 shares of newly formed Series A-2 Preferred Stock for cash in connection with the purchase of TopPop. Series A-2 Preferred Stock has a par value of $0.001 per share and a stated value equal to One Thousand Dollars ($1,000). The holders shall be entitled to receive, and the Company shall pay, dividends on shares of Series A-2 Preferred Stock equal (on an as-if-converted-to Common Stock basis) to and in the same form as dividends actually paid on shares of Common Stock when, as and if such dividends are paid on shares of Common Stock. The Series A-2 Preferred Stock shall have no voting rights.

On July 26, 2021, the Company issued 4,268 shares of Series A-2 Preferred Stock and 547,200 shares of common stock to settle $5,414,865 of notes payable.

On July 26, 2021, the Company entered into securities exchange agreements (collectively, the “Exchange Agreement”) with the holders of the Company’s outstanding (a) Series E Convertible Preferred Stock, Series F Convertible Preferred Stock and Series G Convertible Preferred Stock, and (b) Series E Common Stock Purchase Warrants, Series F Common Stock Purchase Warrants and Series G Common Stock Purchase Warrants pursuant to which the Holders exchanged (i) all existing Preferred Stock held by each Holder for shares of Series A-2 Preferred Stock and Warrants, and (ii) all existing warrants held by each Holder for shares of Common Stock. In connection with the Exchange, the Holders exchanged all of their existing securities for an aggregate of 3,555 shares of Series A-2 Preferred Stock, warrants to purchase 14,304,880 shares of Common Stock, and 2,209,517 shares of Common Stock. Upon the Exchange, the existing securities were cancelled and all contractual (or similar) rights, preferences and obligations relating to such existing securities became null and void and of no further effect whatsoever.

Common Stock

On January 22, 2020, the Company issued a total of 375,000 shares of its common stock to the placement agent and four associated individuals for services relating to the offering of 1,500 shares of Series G Preferred Stock that concluded on January 14, 2020 (see Preferred Stock above).

On January 22, 2020, and February 27, 2020, the Company issued a total of 160,000 shares of its common stock to an investor relations firm for services rendered to the Company. The $101,018 total fair value of the 160,000 shares of Iconic common stock on the respective dates of issuance was expensed as investor relations in the three months ended March 31, 2020.

On January 26, 2020, the Company issued 150,000 shares of its common stock to a consulting firm for services rendered to the Company. The $100,500 fair value of the 150,000 shares of Iconic common stock was expensed as consulting fees in the three months ended March 31, 2020.

On February 24, 2020, the Company issued 100,000 shares of its common stock to William Clyde Elliot II pursuant to an Endorsement Agreement dated February 15, 2020 (see Note 11h). The $67,500 fair value of the 100,000 shares of Iconic common stock was charged to prepaid expenses and was expensed over the term of the Endorsement Agreement.

F-13 Table of Contents

On February 24, 2020, the Company issued 50,000 shares of its common stock to a consulting firm for services rendered to the Company. The $33,750 fair value of the 50,000 shares of Iconic common stock was expensed as consulting fees in the three months ended March 31, 2020.

On February 12, 2020, February 13, 2020, and February 14, 2020, three holders converted a total of 675,000 shares of Series E Preferred Stock into a total of 270,000 shares of Iconic common stock.

From January 16, 2020, to February 24, 2020, two holders converted a total of 190 shares of Series F Preferred Stock into a total of 304,000 shares of Iconic common stock.

On May 1, 2020, the Company issued 275,000 shares of its common stock to an investor relations firm for services rendered to the Company. The $167,750 fair value of the 275,000 shares of Iconic common stock was expensed as investor relations in the three months ended June 30, 2020.

On June 1, 2020, the Company issued 75,000 shares of its common stock to a consultant for services rendered to the Company. The $51,750 fair value of the 75,000 shares of Iconic common stock was expensed as consulting fees in the three months ended June 30, 2020.

On June 2, 2020, the Company issued 50,000 shares of its common stock to a consulting firm entity for services rendered to the Company. The $35,500 fair value of the 50,000 shares of Iconic common stock was expensed as consulting fees in the three months ended June 30, 2020.

On May 29, 2020, and June 5, 2020, four holders converted a total of 552 shares of Series F Preferred Stock into a total of 883,200 shares of Iconic common stock.

On July 26, 2021, the Company entered into an acquisition agreement with TopPop and each of FrutaPop LLC, Innoaccel Investments LLC and Thomas Martin and, together with Frutapop and Innoaccel, pursuant to which the TopPop Members sold to the Company and the Company acquired, all of the issued and outstanding membership interests of TopPop (see note 4). Upon consummation of the acquisition, the Company issued 26,009,600 shares of common stock, valued at $10,143,744.

The following events also occurred on July 26, 2021:

The Company sold 18,800 shares of Series A-2 Preferred stock and 6,711,997 shares of common stock for an aggregate of $15,003,654, net of fees.

The Company issued 4,268 shares of Series A-2 Preferred Stock and 547,200 shares of common stock to settle $5,414,865 of notes payable.

The Company entered into securities exchange agreements (collectively, the “Exchange Agreement”) with the holders of the Company’s outstanding (a) Series E Convertible Preferred Stock, Series F Convertible Preferred Stock and Series G Convertible Preferred Stock, and (b) Series E Common Stock Purchase Warrants, Series F Common Stock Purchase Warrants and Series G Common Stock Purchase Warrants pursuant to which the Holders exchanged (i) all existing Preferred Stock held by each Holder for shares of Series A-2 Preferred Stock and Warrants, and (ii) all existing warrants held by each Holder for shares of Common Stock. In connection with the Exchange, the Holders exchanged all of their existing securities for an aggregate of 3,555 shares of Series A-2 Preferred Stock, warrants to purchase 14,304,880 shares of Common Stock, and 2,209,517 shares of Common Stock.

The Company entered into a securities exchange agreement dated as of July 26, 2021 (the “Series A Preferred Exchange Agreement”), with Richard DeCicco, who, at the time of execution and delivery of such agreement, was the Company’s Chief Executive Officer, Chief Financial Officer, chairman of the Company’s board of directors (the “Board”) and the holder of the Company’s one issued and outstanding share of Series A Preferred Stock. Pursuant to the Series A Preferred Exchange Agreement, Mr. DeCicco exchanged his one share of Series A Preferred Stock for 25,600,000 shares of Common Stock. Upon such exchange, the Series A Preferred Stock, which previously gave Mr. DeCicco two votes for every one vote of the Company’s outstanding voting securities, was cancelled and all contractual (or similar) rights, preferences and obligations relating to such Series A Preferred Stock became null and void and of no further effect whatsoever.

F-14 Table of Contents

During the nine months ended September 30, 2021, the Company issued and aggregate 3,401,670 shares of common stock to vendors for services and for officer’s compensation. The aggregate value of the commons stock was $1,238,502.

During the nine months ended September 30, 2021, the Company issued 8,283,899 shares of common stock in exchange for retiring old outstanding warrants.

Warrants

OnIn ~~July~~connection ~~31,~~with ~~2021, pursuant to~~ the ~~Series~~second ~~A-2~~tranche ~~Preferred~~of ~~Stock~~the equity financing, ~~and~~on ~~the~~January ~~purchase~~5, ~~of TopPop~~2022, the Company granted 1440,~~304~~018,~~880~~583 ~~and 73,338,203~~ warrants to purchase common stock~~, respectively~~. The warrants expire in five years and have an exercise price of $0.31 per share.

A summary of ~~warrants~~warrant activity for the period ~~January~~December 131, ~~2020~~2021, to ~~September~~March 3031, ~~2021~~2022, as follows:

	Common
	Warrants			Weighted Average Exercise Price		Weighted Average Contractual Term Outstanding
	shares
Outstanding at December 31, 2021		87,593,083		$	0.31		4.23
	Equivalent
Granted		40,018,583			0.31		4.77
Balance, January 1, 2020		2,895,198
Outstanding at March 31, 2022		127,611,666			0.31		4.46
Granted		1,180,000
Balance, December 31, 2020		10,655,198
Expired		(400,000	)
Exchanged for common stock		(10,255,198	)
Issued		87,643,083
Balance, September 30, 2021		87,643,083

~~Issued~~17 ~~and~~Table ~~outstanding warrants at September 30, 2021 consist~~ of: Contents

Year Granted	Number Common Shares Equivalent		Exercise Price Per Share		Expiration Date
2021		87,643,083	$	0.3125	July 26, 2026
Total		87,643,083

Options

10During the three months ended March 31, 2022, the Company recognized $280,798 of expense for the option awards. ~~INCOME~~There ~~TAXES~~were no options outstanding as of March 31, 2021.

NoThe ~~income~~following ~~taxes~~table ~~were~~summarizes ~~recorded~~the inactivity ~~the~~of ~~periods~~our ~~presented~~stock ~~since~~options for the ~~Company~~three ~~had~~months ~~taxable~~ended ~~losses~~March in31, ~~these periods.~~2022:

The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate of 21% for the periods presented to income (loss) before income taxes. The sources of the difference are as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Contractual Term Outstanding
Outstanding at December 31, 2021		7,408,200	$	0.45		9.79
Granted		-		-		-
Exercised		-		-		-
Forfeited or expired		-		-		-
Outstanding at March 31, 2022		7,408,200		0.45		9.54

	Nine months endedSeptember 30,
	2021			2020
Expected tax at 21%	$	(1,289,109	)	$	(289,002	)
Nontaxable gain on forgiveness of SBA PPP loan		(5,976	)		-
Nontaxable unrealized gain on investment in and receivable from Can B Corp		-			(15,505	)
Nondeductible stock-based compensation		260,085			108,745
Increase (decrease) in valuation allowance		1,035,000			195,762
Income tax provision	$	-		$	-

The aggregate intrinsic value of outstanding options as of December 31, 2021 was $298,544. The outstanding options had no aggregate intrinsic value as of March 31, 2022. The intrinsic value is calculated as the difference between the market value and the exercise price of the shares on balance sheet date. The market values based on the closing bid price as of March 31, 2022 and December 31, 2021 was $0.39 and $0.49, respectively.

~~F-15~~As ~~Table~~of March 31, 2022, there was approximately $2,800,000 of ~~Contents~~unrecognized compensation cost related to unvested stock options granted and outstanding, net of estimated forfeitures. The cost is expected to be recognized on a weighted average basis over a period of approximately three years.

~~Significant~~10. ~~components of the Company’s deferred income tax assets are as follows:~~LEASES

	September 30, 2021			December 31,2020
Net operating loss carryforward		5,884,551			4,849,551
Less valuation allowance		(5,884,551	)		(4,849,551	)
Deferred income tax assets - net	$	-		$	-

On November 12, 2019, TopPop executed a lease agreement with Plymouth 4 East Stow LLC to rent approximately 26,321 square feet of warehouse space in Marlton, NJ. The lease provided a term of five years commencing upon January 1, 2020 and terminating on December 31, 2024. The lease also provided for a monthly payment to Plymouth 4 East Stow LLC for common area use of $4,430 and a security deposit to the Landlord of $45,864.

~~Based~~Effective onNovember ~~management’s~~6, ~~present assessment~~2020, ~~the~~TopPop executed ~~Company has not yet determined that~~ a ~~deferred~~lease ~~tax~~agreement ~~asset~~with ~~attributable~~Warehouse4Biz LLC to ~~the~~rent ~~future~~approximately ~~utilization~~14,758 ofsquare ~~the~~feet ~~net operating loss carryforward as~~ of ~~September~~warehouse ~~30,~~space ~~2021~~in ~~and December 31~~Bellmawr, ~~2020 will be realized~~NJ. ~~Accordingly,~~The ~~the~~lease ~~Company~~provided ~~has maintained~~ a ~~100%~~ ~~valuation~~lease ~~allowance~~term ~~against~~of ~~the~~two ~~deferred~~years ~~tax~~commencing ~~asset~~upon inDecember ~~the~~1, ~~financial~~2020 ~~statements~~and atterminating ~~September~~on November 30, ~~2021 and December 31, 2020~~2022. The ~~Company~~lease ~~will~~provided ~~continue~~a tosecurity ~~review~~deposit ~~this~~to ~~valuation~~Warehouse4Biz ~~allowance~~LLC ~~and~~of ~~make adjustments as appropriate~~$20,734.

~~Current~~On ~~United~~January ~~States~~1, ~~income~~2021, ~~tax~~Iconic ~~laws~~executed ~~limit~~a cancellable Lease Agreement with Dan Kay International (an entity controlled by Richard DeCicco) for the ~~amount~~lease of ~~loss~~the ~~available~~Company’s tooffice beand ~~offset~~warehouse ~~against~~space ~~future~~in ~~taxable~~North ~~income~~Amityville, ~~when~~NY. The agreement has a ~~substantial~~term ~~change~~of inthree ~~ownership~~years ~~occurs.~~from ~~Therefore~~January 1, ~~the~~2021 ~~amount~~to ~~available~~January to1, ~~offset~~2024 ~~future~~and ~~taxable~~provides ~~income~~for ~~may~~monthly berent ~~limited~~of $4,893.

~~All~~Effective ~~tax~~May ~~years~~19, ~~remain~~2021, ~~subject~~TopPop executed a lease agreement with Industrial Opportunities II LLC to ~~examination~~rent byapproximately ~~major~~63,347 ~~taxing~~square ~~jurisdictions~~feet of warehouse space in Pennsauken, NJ. The lease provided a lease term of 76 months commencing upon September 1, 2021 and terminating on December 31, 2027. The lease provided a security deposit to Industrial Opportunities II LLC of $64,931.

Effective February 9, 2022, TopPop executed a lease agreement to rent approximately 82,000 square feet of warehouse space in Pennsauken, NJ. The lease provided a lease term of 74 months (the first two months are rent free) commencing upon February 9, 2022 and terminating on March 31, 2028. The lease provided a security deposit to the landlord of $92,250 Per the lease agreement, TopPop was also required to post an additional deposit of $184,500. On May 31, 2022, TopPopsent the deposit to an escrow account held by the landlord’s counsel.

Table of Contents

The future undiscounted minimum lease payments under the noncancellable leases for the remainder of the current fiscal year and the next five years and thereafter are as follows:

	As of March 31, 2022
Remainder of the year ended December 31, 2022	$	915,669
Year ending December 31, 2023		1,168,312
Year ending December 31, 2024		1,142,884
Year ending December 31, 2025		1,177,170
Year ending December 31, 2026		1,212,485
Thereafter		2,673,963
Total undiscounted finance lease payments	$	8,290,483
Less: Imputed interest		2,502,598
Present value of finance lease liabilities		5,787,885

The operating lease liabilities of $5,787,885 and $3,216,315 as of March 31, 2022 and December 31, 2021, respectively, represents the discounted (at a 10% estimated incremental borrowing rate) value of the future lease payments at March 31, 2022 and December 31, 2021. The Company’s weighted-average remaining lease term relating to its operating leases is 5.47 years.

For the quarters ended March 31, 2022 and 2021, occupancy expense attributed to these leases were $450,138 and $25,508, respectively

11. COMMITMENTS AND CONTINGENCIES

a. Iconic Guarantees

On May 26, 2015, BiVi entered into a ~~License~~license ~~Agreement~~agreement with Neighborhood Licensing, LLC (the “BiVi Licensor”), an entity owned by Chazz Palminteri (“Palminteri”), to use Palminteri’s endorsement, signature and other intellectual property owned by the BiVi Licensor. The Company has agreed to guarantee and act as surety for BiVi’s obligations under certain sections of the ~~License~~license ~~Agreement~~agreement and to indemnify the BiVi Licensor and Palminteri against third party claims.

On November 12, 2015, Bellissima Spirits entered into a ~~License~~license ~~Agreement~~agreement with Christie Brinkley, Inc. (the “Bellissima Licensor”), an entity owned by Christie Brinkley (“Brinkley”), to use Brinkley’s endorsement, signature, and other intellectual property owned by the Bellissima Licensor. The Company has agreed to guarantee and act as surety for Bellissima’s obligations under certain sections of the ~~License~~license ~~Agreement~~agreement and to indemnify the Bellissima Licensor and Brinkley against third party claims.

Table of Contents

b. Royalty Obligations of BiVi and Bellissima

Pursuant to the ~~License~~license ~~Agreement~~agreement with the Bivi Licensor (see Note ~~12a~~11a. above), BiVi is obligated to pay the BiVi Licensor a Royalty Fee equal to 5% of monthly gross sales of BiVi Brand products payable monthly subject to an annual Minimum Royalty Fee of $100,000 in year 1, $150,000 in year 2, $165,000 in year 3, $181,500 in year 4, $199,650 in year 5, and $219,615 in year 6 and each subsequent year. The Minimum Royalty Fee has been waived until such time as the parties agree to reinstate the Minimum Royalty Fee. As of the date of this filing, the Minimum Royalty Fee was not reinstated.

~~F-16~~Pursuant ~~Table~~to the license agreement and Amendment No. 1 to the license agreement effective September 30, 2017 with the Bellissima Licensor (see Note 11a. above), Bellissima is obligated to pay the Bellissima Licensor a Royalty Fee equal to 10% of ~~Contents~~monthly gross sales (12.5% for sales in excess of defined Case Break Points) of Bellissima Brand products payable monthly. The Bellissima Licensor has the right to terminate the endorsement if Bellissima fails to sell 10,000 cases of Bellissima Brand products in year 1, 15,000 cases in year 2, or 20,000 cases in year 3 and each subsequent year. These appropriate thresholds were met during the year.

Pursuant to the License Agreement and Amendment No. 1 to the License Agreement effective September 30, 2017 with the Bellissima Licensor (see Note 11a. above), Bellissima is obligated to pay the Bellissima Licensor a Royalty Fee equal to 10% of monthly gross sales (12.5% for sales in excess of defined Case Break Points) of Bellissima Brand products payable monthly. The Bellissima Licensor has the right to terminate the endorsement if Bellissima fails to sell 10,000 cases of Bellissima Brand products in year 1, 15,000 cases in year 2, or 20,000 cases in year 3 and each subsequent year.

c. Brand Licensing Agreement relating to Hooters Marks

On July 23, 2018, United ~~Spirits, Inc. (“United”)~~ executed a Brand Licensing Agreement (the “Hooters Agreement”) with HI Limited Partnership (“the “Licensor”). The Hooters Agreement provides United a license to use certain “Hooters” Marks to manufacture, market, distribute, and sell alcoholic products.

~~The~~On ~~Initial~~November ~~Term~~1, of2021, the Company amended its agreement with Hooters ~~Agreement~~(the is“Amended ~~from~~Hooters ~~July~~Agreement”) ~~23,~~which ~~2018~~will ~~through~~be effective until December 31, ~~2020.~~2025 ~~Provided~~with ~~that~~an ~~United~~option isto ~~not~~extend inuntil ~~breach~~2028. ofUnder ~~any~~the ~~terms~~Amended ofHooters ~~the~~ Agreement, ~~United~~the ~~may~~Company ~~extend~~must ~~the~~pay ~~Term~~Hooters ~~for~~10% anof ~~additional~~net 3sales ~~years~~of ~~through~~all ~~December~~products ~~31,~~during ~~2023~~the term.

The Hooters Agreement provides for United’s payment of Royalty Fees (payable quarterly) to the Licensor equal to 6% of the net sales of the licensed products subject to a minimum royalty fee of $65,000 for Agreement year 1 (ending December 31, 2018), $255,000 for Agreement year 2, $315,000 for Agreement year 3 and 4, $360,000 for Agreement year 5, and $420,000 for Agreement year 6.

The Hooters Agreement also provided for United’s payment of an advance payment of $30,000 to the Licensor to be credited towards royalty fees payable to Licensor. On September 6, 2018, the $30,000 advance payment was paid to the Licensor. The Hooters Agreement also provides for United’s payment of a marketing contribution equal to 2% of the prior year’s net sales of the Licensed Products. If United fails to spend the required marketing contribution in any calendar year, the deficiency will be paid to Licensor.

For the nine months ended September 30, 2021 and 2020, royalties expense under this Agreement was $184,801 and $117,733, respectively.

d. Marketing and Order Processing Services Agreement

During October 2019, United executed a Marketing and Order Processing Services Agreement (the “QVC Agreement”) with QVC, Inc. (“QVC”). Among other things, the QVC Agreement provides for United’s grant to QVC of an exclusive worldwide right to promote the Bellissima products through direct response television programs.

The ~~Initial~~initial ~~License~~license ~~Period~~period commenced October 2019 and expires in December 2021 (i.e., two years after first airing of a Bellissima product). Unless either party notifies the other party in writing at least 30 days prior to the end of the Initial License Period or any Renewal License Period of its intent to terminate the QVC Agreement, the License continually renews for additional two-year periods. The license automatically renewed on January 1, 2022.

The QVC Agreement provides for United’s payment of “Marketing Fees” (payable no less than monthly) to QVC in amounts agreed to between United and QVC from time to time. For the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022 and ~~2020~~2021, the Marketing Fees expense (payable to QVC) was $~~131~~36,~~450~~027 and $~~373~~81,~~960~~102, respectively, and the direct response sales generated from QVC programs was $1142,~~025,488~~689 and $1405,~~313~~510,~~839,~~ respectively.

e. ~~Distribution~~Concentration ~~Agreement~~of sales

OnFor ~~May~~the 1,three ~~2015,~~months ~~BiVi~~ended ~~entered~~March ~~into~~31, a2022 ~~Distribution Agreement with United for United to distribute~~ and ~~wholesale~~2021, ~~BiVi’s~~sales ~~product~~consisted ~~and to act as the licensed importer and wholesaler. The Distribution Agreement provides United the exclusive right for a term~~ of ~~ten years to sell BiVi’s product for an agreed distribution fee equal to $1.00 per case of product sold.~~:

F-17 Table of Contents

	2022		2021
Bellissima product line:
QVC direct response sales	$	142,689	$	405,510
Other		390,406		206,732
Total Bellissima		533,095		612,242
TopPop		3,513,702		-
Hooters product line		-		22,291

Total	$	4,046,797	$	634,533

InTopPop’s ~~November~~sales ~~2015,~~to ~~Bellissima~~one customer consisted of 92% and ~~United~~65% ~~agreed~~of toits ~~have~~total ~~United~~sales ~~distribute~~for the three months ended March 31, 2022 and ~~wholesale~~2021, ~~Bellissima’s~~respectively. ~~products~~As ~~under~~of ~~the~~March ~~same~~31, ~~terms~~2022 ~~contained~~and inDecember ~~the~~31, ~~Distribution~~2021, ~~Agreement~~93% ~~with~~and ~~BiVi~~9%, ~~described~~respectively, inof ~~the~~TopPop’s ~~preceding~~accounts ~~paragraph~~receivables were from that same customer.

~~Effective~~f. ~~April~~Commission 1, 2019, the Company and United agreed to have United distribute and wholesale Hooters brand products under the same terms contained in the Distribution Agreement with BiVi described in the second preceding paragraph.Agreements

fOn July 10, 2019, the Company executed a Commission Agreement with CAA-GBA USA, LLC (“CAA-GBG”). ~~Compensation~~The ~~Arrangements~~agreement provides CAA-GBG to receive 5% revenue generated with respect to the co-packing or related manufacturing deal for Anheuser-Busch, LLC. Additionally, CAA-GBG is also entitled to receive 5% of revenue for new business identified. The initial agreement expired on July 31, 2021 and automatically renews every year. No commissions were incurred under this agreement since the date of acquisition of TopPop (July 26, 2021) through March 31, 2022. On May 23, 2022,CAA-GBG received notice of termination and the Commission Agreement will end on July 31, 2022.

Effective ~~July~~ 26December 11, ~~2021~~2019, the Company executed ~~Employment~~a ~~Agreements~~Commission Agreement with ~~its~~Christopher ~~Chairman~~J. ~~Richard~~Connolly. ~~DeCicco~~Mr. ~~(“DeCicco”)~~Connolly ~~and~~had ~~its~~agreed ~~Vice~~to ~~President~~provide ofsales ~~Sales~~representation ~~and~~services ~~Marketing~~to ~~Roseann~~Company ~~Faltings~~for ~~(“Faltings”).~~alcohol ~~Both~~ice ~~agreements~~pop ~~had~~packing aopportunities ~~term~~in ofexchange 24for ~~months~~commission. The ~~DeCicco~~agreement ~~Employment Agreement~~ provides ~~for~~ a ~~base~~commission ~~salary~~5% ~~at the rate~~ of ~~$265,000~~gross ~~per~~revenue ~~annum~~collected. The ~~Faltings~~initial ~~Employment~~term ~~Agreement~~is ~~provides~~one ~~for~~year afrom ~~base salary at~~ the ~~rate~~effective ~~of $200,000 per annum~~date. ~~Both~~The ~~DeCicco~~agreement ~~and~~will ~~Faltings~~renew ~~are~~automatically ~~eligible~~ for a1-year ~~bonus~~terms ofunless upthe toagreement ~~25%~~is ~~of base pay after one year of employment~~terminated. ~~For~~ ~~the~~The ~~year~~Company ~~ended~~has ~~December~~decided ~~31,~~to ~~2020,~~keep wethis ~~accrued~~agreement ain ~~total~~place ofand ~~$415,000~~no ~~officers’~~commissions ~~compensation~~were ~~pursuant~~incurred tounder ~~two~~this ~~previous Employment~~agreement ~~Agreements~~since ~~which~~the ~~was~~date ~~allocated~~of ~~50%~~acquisition toof ~~Iconic~~TopPop ~~$207~~(July 26,~~500~~ ~~and~~2021) ~~50%~~through toMarch ~~Bellissima $207~~31,~~500.~~ 2022.

On20 ~~July~~Table ~~26, 2021, the Company, and each other member identified therein, including Mr. DeCicco and Rosanne Faltings, the Company’s vice president~~ of sales and a member of the Board, entered into Amended and Restated Limited Liability Company Agreements dated as of July 26, 2021 of Bellissima and BiVi. The agreements provide that the manager of Bellissima and BiVi, currently Mr. DeCicco, may cause Bellissima and BiVi to make distributions of available cash flow to the members pro rata in accordance with their cash flow ratios, of which the Company is entitled to 100% of any such distribution of available cash flow. The agreements also provide that the manager shall cause Bellissima and BiVi to make distributions of net proceeds attributable to certain capital events to members pro rata in accordance with their membership interest percentage, of which the Company is entitled to 54% of any such distribution of net proceeds and Mr. DeCicco and Ms. Faltings are entitled to 15.34% and 15.33%, respectively. Contents

~~Effective December 5, 2019, the TopPop executed Employment Agreement with its Chief Operating Officer Thomas Martin~~12. ~~The~~RELATED ~~employment~~PARTY ~~had no term limits and may be terminated by written notice by either party. The base agreement provides a base salary of at the rate of $250,000.~~TRANSACTIONS

~~Effective~~On ~~March~~December ~~1 2020~~6, 2019 the ~~TopPop~~Company executed ~~Employment~~a ~~Agreements~~Financial ~~with~~Services ~~its~~Agreement ~~Chief~~with ~~Marketing~~InnoAccel, ~~Officer~~a ~~Laurance~~controlling ~~Rassin~~member ~~and~~of ~~its~~the ~~Chief Creative Officer Tracy Memoli~~TopPop. ~~The~~InnoAccel ~~agreement~~ had noagreed ~~term~~to ~~limits and can be terminated by written notice by either party. Both agreements~~ provide ~~for~~financial ~~a base salary $50,000~~ and aadministrative ~~commission~~services ~~equal~~for ~~to 3% of~~ the ~~gross~~company ~~revenue. Both agreements were amended~~ in ~~July~~exchange ~~2021,~~for inhourly ~~which annual base salary was increased to $150,000 and additional commission incentives were added~~compensations.

AsThe ofCompany ~~September~~has ~~30,~~agreed ~~2021,~~to keep this agreement in place and ~~December~~for the three months ended March 31, ~~2020,~~2022 ~~accrued~~the ~~officers’~~Company ~~compensation~~has ~~was~~recorded ~~$1,062,848~~consulting ~~and~~expense of $~~851~~45,~~300, respectively~~000.

g13. ~~Lease~~SEGMENT ~~Agreements~~REPORTING

OnFASB ~~January~~Codification 1,Topic ~~2021~~280, ~~the~~Segment ~~Company~~Reporting, ~~executed~~establishes astandards ~~cancellable~~for ~~Lease~~reporting ~~Agreement~~financial ~~with~~and ~~Day~~descriptive ~~Kay~~information ~~International~~about (an ~~entity~~enterprise’s ~~controlled~~reportable bysegments. ~~Richard~~The ~~DeCicco)~~Company ~~for~~has ~~the~~two ~~lease~~reportable segments: sale of ~~the~~branded ~~Company’s~~alcoholic ~~office~~beverages and ~~warehouse~~specialty ~~space~~packaging. inThe ~~North~~segments ~~Amityville~~are ~~New~~determined ~~York.~~based ~~The~~on ~~agreement~~several ~~has~~factors, aincluding ~~term~~the nature of ~~three~~products ~~years~~and ~~from January 1~~services, ~~2021~~the tonature ~~January~~of 1production processes, ~~2024~~customer ~~and~~base, ~~provides~~delivery ~~for~~channels ~~monthly~~and ~~rent~~similar ofeconomic ~~$4,893~~characteristics.

OnAn ~~November~~operating ~~12,~~segment’s ~~2019,~~performance ~~TopPop~~is ~~executed~~evaluated abased ~~lease~~on ~~agreement~~its ~~with~~pre-tax ~~Plymouth~~operating ~~4 East Stow LLC to rent approximately 26~~contribution,~~321~~ ~~square~~or ~~feet~~segment ofincome. ~~warehouse~~Segment ~~space~~income inis ~~Marlton,~~defined ~~NJ.~~as ~~The~~net ~~lease~~sales ~~provides~~less ~~for~~cost ~~a term~~ of ~~five~~sales, ~~years~~segment ~~commencing upon January 1~~selling, ~~2020~~general and ~~terminating~~administrative ~~on December 31~~expenses, ~~2024.~~research ~~The~~and ~~lease~~development ~~also~~costs ~~provides~~and ~~for~~stock-based acompensation. ~~monthly~~It ~~payment~~does tonot ~~Plymouth~~include 4other ~~East~~charges ~~Stow~~(income), ~~LLC~~net ~~for~~and ~~common~~interest ~~area use of $4,430~~ and ~~a security deposit to Plymouth 4 East Stow LLC of $45~~other,~~864~~ net.

Effective November 6, 2020, TopPop executed a lease agreement with Warehouse4Biz LLC to rent approximately 14,758 square feet of warehouse space in Bellmawr, NJ. The lease provides for a lease term of two years commencing upon December 1, 2020 and terminating on November 30, 2022. The lease provides for a security deposit to Warehouse4Biz LLC of $20,734.

	Branded Beverages			Specialty Packaging (TopPop)			Corporate			Total
Balance sheet at March 31, 2022
Assets	$	9,339,214		$	55,806,505		$	-		$	65,145,719
Liabilities	$	2,361,276		$	35,544,254		$	-		$	37,905,530

Balance sheet at December 31, 2021
Assets	$	2,925,694		$	47,780,962		$	-		$	50,706,656
Liabilities	$	2,447,005		$	29,146,596		$	-		$	31,593,601


Income Statement for the three months ended March 31, 2022:	Branded Beverages			Specialty Packaging			Corporate			Total
Net Sales	$	533,095		$	3,513,702		$	-		$	4,046,797
Cost of sales	$	214,341		$	1,990,698		$	-		$	2,205,039
Total operating expenses	$	1,617,885		$	2,834,905		$	357,574		$	4,810,364
Loss from operations	$	(1,299,131	)	$	(1,311,901	)	$	(357,574	)	$	(2,968,606	)
Interest expense	$	-		$	183,134		$	-		$	183,134
Depreciation and amortization	$	1,141		$	77,207		$	-		$	78,348

Income Statement for the three months ended March 31, 2021:
Net Sales	$	634,533		$	-		$	-		$	634,533
Cost of Goods Sold	$	318,633		$	-		$	-		$	318,633
Total operating expenses	$	891,388		$	-		$	103,750		$	995,138
Loss from operations	$	(575,488	)	$	-		$	(103,750	)	$	(679,238	)
Depreciation and amortization	$	3,546		$	-		$	-		$	3,546

At21 ~~September~~Table ~~30,~~of ~~2021, the future undiscounted minimum lease payment under the noncancellable leases are as follows:~~ Contents

	As of September 30,2021
Remainder through December 31, 2021	$	61,575
Year ending December 31, 2022		241,289
Year ending December 31, 2023		154,476
Year ending December 31, 2024		180,759
Year ending December 31, 2025 and thereafter		-
Total undiscounted finance lease payments	$	638,098
Less: Imputed interest		41,300
Present value of finance lease liabilities		596,909

14. PROFORMA FINANCIAL STATEMENTS (UNAUDITED)

~~F-18~~Unaudited ~~Table~~Supplemental ofPro ~~Contents~~Forma Data

~~The~~Unaudited ~~operating~~pro ~~lease~~forma ~~liabilities~~results of ~~$596,909~~operations ~~and~~for $the ~~22,909~~quarters asended ofMarch ~~September 30, 2021 and December~~ 31, ~~2020,~~2022 ~~respectively, represents the discounted (at a 4.75% estimated incremental borrowing rate) value of the future lease payments at September 30, 2021~~ and ~~December 31, 2020.~~2021:

For the nine months ended September 30, 2021, occupancy expense attributed to these leases were $169,001.

	Quarter Ended March 31, 2022			Quarter Ended March 31, 2021
Sales	$	4,046,797		$	3,002,597
Cost of sales		2,205,039			1,753,016
Gross Profit		1,841,758			1,249,581

General and administrative expenses		4,458,387			2,773,708
Selling and marketing		351,977			197,029
Total operating expenses		4,810,364			2,970,737
Operating income (loss)		(2,968,606	)		(1,721,156	)
Interest expense		(183,134	)		(384,544	)
Gain on forgiveness of PPP loan		-			28,458
Total other expense		(183,134	)		(356,086	)
Net Loss	$	(3,151,740	)	$	(2,077,242	)
Net (loss) income attributable to noncontrolling interests in subsidiaries		(93,819	)		16,174
Net Loss attributable to common stockholders:	$	(3,057,921	)	$	(2,093,416	)

Basic and Diluted Loss Per Common Share	$	(0.03	)	$	(0.13	)

Weighted Average Shares Outstanding- basic and diluted		94,923,294			86,624,446

hThese pro forma results are based on estimates and assumptions, which the Company believes are reasonable. ~~Concentration~~They are not necessarily indicative of ~~sales~~our consolidated results of operations in future periods or the results that actually would have been realized had we been a combined company during the periods presented. The pro forma results include adjustments in the quarter ended March 31, 2021, related to amortization of acquired intangible assets of $796,601, interest expense on notes payable of $122,500, and officer compensation of $127,384. There are no proforma adjustments for the period ending March 31, 2022.

~~For~~15. ~~the~~SUBSEQUENT ~~nine months ended September 30, 2021 and 2020, sales consisted of:~~EVENTS

	2021		2020
Bellissima product line:
QVC direct response sales	$	1,025,488	$	1,313,839
Other		851,365		728,663
Total Bellissima		1,876,853		2,042,502
BiVi product line		-		-
TopPop		2,045,500		-
United Spirits		105,946		-
Hooters product line		37,585		131,182
Total	$	4,065,884	$	2,173,684

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 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.

~~Accounts~~As ~~receivable~~of ~~due~~April ~~from~~15, ~~QVC~~2022, the ~~direct~~Company ~~response~~was ~~sales~~late in filing its Annual Report on Form 10-K for the year ended December 31, 2021, which was ~~$48~~filed on June 15,~~617~~ ~~and~~2022. ~~$207~~As of May 20,~~433~~ as2022 the Company was late in filing it Quarterly Report on Form 10-Q for the period ended March 31, 2022 and under the terms of ~~September~~the 30Securities Purchase Agreement signed on July 26, 2021, ~~and~~the ~~2020~~Company will incur a late filing penalty. Once the late filing is completed, the ~~respectively~~penalty will be calculated at a monthly rate of 1% of the subscription amount of the Securities offering.

iOn July 1, 2022, under the terms of the Certificate of Designation for the Series A2 Preferred Stock filed on July 26, 2021, the Company calculated that it is obligated to pay a one-time 6% dividend on the subscription value of the initially issued Series A-2 Preferred Stock. ~~Related~~On ~~Party~~July ~~Transaction~~19, 2022, the Company issued shares of common stock to satisfy this dividend requirement and has calculated the number of shares to be issued as 8,810,826 at $0.37 per share.

~~During~~22 ~~the~~Table ~~nine months ended September 30, 2020, the Company paid $36,195~~ of ~~rent for office space to a company controlled by the Chairman, Mr. Richard DeCicco.~~Contents

On July 26, 2021, the Company entered into a securities purchase agreement with Mr. Richard DeCicco,, Chairman, pursuant to which the Company purchased from Mr. DeCicco, and Mr. DeCicco sold, all of the issued and outstanding capital stock of United (See Note 5).

On December 6, 2019 the Company executed a Financial Services Agreement with InnoAccel Solutions (“InnoAccel”), LLC, a controlling member of the TopPop. InnoAccel had agreed to provide financial and administrative services for the company in exchange for hourly compensations.

The Company has agreed to keep this agreement in place and for the three months ended September 30, 2021 the company has recorded consulting expense of $45,000.

Commission Agreements

On July 10, 2019, the Company executed a Commission Agreement with CAA-GBA USA, LLC (“CCA-GBG”). The agreement provides CCA-GBG to receive 5% revenue generated with respect to the co-packing or related manufacturing deal for Anheuser-Busch, LLC. Additionally, CAA-GBG is also entitled to receive 5% of revenue for new business identified. The initial agreement expires on July 31, 2021 and automatically renews every year. The Company has decided to keep this agreement in place and no commissions were incurred under this agreement since the date of acquisition of TopPop (July 26, 2021) through September 30, 2021.

Effective December 11, 2019, the Company executed a Commission Agreement with Christopher J. Connolly. Mr. Connolly had agreed to provide sales representation services to Company for alcohol ice pop packing opportunities in exchange for commission. The agreement provides a commission 5% of gross revenue collected. The initial term is one year from the effective date. The agreement will renew automatically for 1-year terms unless the agreement is terminated. The Company has decided to keep this agreement in place and no commissions were incurred under this agreement since the date of acquisition of TopPop (July 26, 2021) through September 30, 2021.

12. SUBSEQUENT EVENTS

On October 12, 2021 and November 2, 2021 the company issued a total of 7,408,200 options to purchase our common stock at an exercise price of $0.45 and $0.57 respectively. These options vest over three years and have a life of 10 years. The Company will record the applicable stock-based compensation expense ratably over the vesting period of the options beginning in the fourth quarter of 2021.

F-19 Table of Contents

ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national and local general economic and market conditions; demographic changes; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”).

Although the forward-looking statements in this Quarterly Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report and in our other reports as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

You should read the following discussion and analysis of our financial condition and plan of operations together with and our consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, ~~and~~ those discussed in the section titled “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q and the risks described in Part I. Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. All amounts in this report are in U.S. dollars, unless otherwise noted.

Summary Overview

~~Overview~~We are engaged in the development and sale of alcohol and non-alcohol brands that are “better-for-you” (“BFY”) and “better-for-the-planet”. TopPop, our wholly owned subsidiary, produces low calorie, “ready to go” products, ready-to-freeze (“RTF”) products and ready-to-drink (“RTD”) products in sustainable, flexible and stand-up pouch packaging. TopPop also produces “cocktails-to-go” pouches and alcohol ice-pops. Our brands include “Bellissima” by Christie Brinkley, a premium BFY collection of Prosecco, Sparkling Wines, and Still Wines, all certified vegan and made with organic grapes. Bellissima is strategically positioned with its Zero Sugar Wines. We operate in multiple states, sell and distribute across the globe and have Fortune 500 customers that include some of the world’s largest alcohol beverage companies and brands. United is our 100% owned subsidiary that sells our Bellissima, Bella, Sonja Sangria and other alcohol beverages to state distributors. United holds all applicable state and federal licenses in order to sell these products to state distributors in accordance with the United States three tier distribution platform.

~~Iconic~~23 ~~Brands,~~Table Inc. (the “Company,” “we,” “us,” or “our”) is a lifestyle branding company with expertise in developing, from inception to completion, and branding alcoholic beverages for ourselves and third parties. We market and place products into national distribution through long-standing industry relationships. We believe we are a leader in “Celebrity Branding” of beverages in which we procure superior and unique products from around the world and brand such products with internationally-recognized celebrities. We currently market and sell the following products:Contents

·We ~~Bellissima~~have ~~Prosecco~~expertise -in ~~these~~developing, ~~products~~from ~~comprise~~product ainception ~~line~~to ofwholesale ~~all-natural~~distribution ~~and~~or ~~Vegan~~direct ~~Prosecco~~to ~~and~~consumer ~~Sparkling~~through ~~Wine~~the ~~made~~QVC ~~with~~distribution ~~organic grapes~~channel, ~~including~~and ain ~~Zero~~branding ~~Sugar,~~alcohol ~~Zero~~beverages ~~Carb~~for ~~option,~~our acompany ~~DOC Brut~~ and afor ~~Sparkling~~third ~~Rose;~~parties. ·We ~~Bella~~market ~~Sprizz Apertifs - these products comprise a line of aperitifs consisting of three different expressions, a classic Italian aperitif an all-natural elderflower aperitif~~ and aplace ~~classic Italian bitter; and · Hooters Spirits - these~~ products ~~comprise~~into anational ~~line~~distribution ofthrough ~~private~~long-~~label~~standing ~~premium~~industry ~~spirits~~relationships ~~that~~approximately ~~are~~45 ~~sold~~national ~~under~~or ~~the~~regional ~~Hooters~~alcoholic ~~brand~~beverage distributors. ~~The~~We ~~full~~currently ~~line~~market ~~of Hooters Spirits includes Vodka, Gin, Rum (Dark & Light), Tequila (Silver & Gold), American Whiskey~~ and ~~Hooters~~sell ~~Heat Cinnamon Whiskey. (In~~ the ~~third~~following ~~quarter~~product ~~of 2021, we agreed in principle to a new licensing agreement with Hooters, subject to execution of the definitive agreement.)~~lines:

4· ~~Table~~Bellissima Prosecco – these products comprise a line of ~~Contents~~all-natural and vegan Prosecco and Sparkling Wines made with organic grapes, including a Zero Sugar, Zero Carb option, a DOC Brut and a Sparkling Rose. The Bellissima line of Prosecco and Sparkling Wines includes two new flavor profiles, a Zero Sugar/Zero Carb Sparkling Rose and a Rose Prosecco; · Bellissima Zero Sugar Still Wines – this line of five still wines was launched in March 2022 and are certified vegan and are made with organic grapes. · Bella Sprizz Aperitifs – these products comprise a line of aperitifs consisting of three different expressions, a classic Italian aperitif, an all-natural elderflower aperitif and a classic Italian bitter; · Sonja Sangria – a celebrity Sangria that we have sold since the second quarter of 2021. This product is actively being marketed but does not represent a significant part of our sales; · Ready-to-Freeze and Ready-to-Drink Alcoholic Products – these products are currently produced under contract for third-party national and regional brands and for our Boozy Pops® product line; and · BiVi Vodka – a celebrity-branded vodka that we have sold since 2018 under the brand “BiVi 100 percent Sicilian Vodka” and which currently does not represent a material portion of our sales.

In addition, we ~~also~~ develop and market private label spirits for established domestic and international chains. Our mission is to be an industry leader in brand development, marketing, and sales of alcoholic beverages by capitalizing on our ability to procure products from around the world. We plan to leverage our relationships with internationally-recognized celebrities to add value to products and create brand awareness in unbranded niche categories.

WeAs ~~market~~a ~~and~~result ~~sell~~of aour ~~line~~July 2021 acquisition of ~~line~~100% of ~~all-natural~~the ~~and~~equity ~~Vegan~~of ~~Prosecco~~TopPop, ~~and~~we ~~Sparkling~~are ~~Wine~~now ~~made~~a ~~with~~vertically ~~organic~~integrated ~~grapes~~company that develops, ~~including~~produces and distributes alcoholic brands. TopPop is a ~~Zero~~premier ~~Sugar~~product development, ~~Zero~~contract ~~Carb~~manufacturing ~~option~~and packaging company that specializes in flexible packaging applications in the food, abeverage ~~DOC~~and ~~Brut~~health categories. It has the federal and astate ~~Sparkling~~licenses ~~Rose~~necessary to manufacture and blend malt, ~~pursuant~~wine toand aspirits-based ~~License~~products. ~~Agreement~~In ~~entered~~June ~~into~~2020, ~~between~~TopPop ~~our~~opened ~~majority~~a 27,000-~~owned~~square-foot ~~(51%)~~FDA-approved ~~subsidiary~~manufacturing facility in Marlton, ~~Bellissima~~New ~~Spirits~~Jersey ~~LLC~~with ~~(“Bellissima”)~~a ~~and~~Safe ~~Christie~~Quality ~~Brinkley,~~Food ~~Inc~~certification. In September 2021, TopPop leased an ~~entity~~additional ~~owned~~65,000 bysquare ~~supermodel~~feet facility for manufacturing in Pennsauken, New Jersey. Construction is now complete, and ~~entrepreneur~~the ~~Christie~~facility ~~Brinkley~~reached full-scale production capability at the end of March 2022. The facility includes approximately $4 million of high-speed packaging equipment and is expected to triple our production capacity.

WeFor ~~also~~its ~~market~~first product line, TopPop identified the single serve, RTD and ~~sell~~RTF aas ~~Vodka~~an opportunity for product and packaging innovation. TopPop introduced an alcohol-infused ice pop in June 2020 and began marketing the concept to major alcohol companies. In addition, it developed its own product line trademarked under the ~~brand~~name ~~“BiVi~~BoozyPopz® which ~~100~~is ~~percent~~expected ~~Sicilian~~to ~~Vodka,”~~be ~~pursuant~~sold through e-commerce platforms and wholesaled directly to asports ~~License~~and ~~Agreement~~entertainment ~~entered~~venues. ~~into~~TopPop ~~between~~manufactured ~~our~~approximately ~~majority-owned~~eight ~~(51%)~~million ~~subsidiary,~~ice ~~BiVi~~pops ~~LLC~~from ~~(“BiVi”)~~its launch in June 2020 through December 31, 2020 and ~~Neighborhood~~manufactured ~~Licensing~~approximately 42 million ice pops during the year ended December 31, ~~LLC~~2021. TopPop has also developed a pipeline for the single serve, anRTD ~~entity~~alcohol ~~owned~~cocktail bymarket ~~Chazz~~and ~~Palminteri~~anticipates launching a line of products in this market in 2022. TopPop designs and markets flexible packaging for its RTD and RTF products with formulations that are low calorie and contain healthy and natural ingredients. With the opening of TopPop’s new facility at the end of the first quarter of 2022, we expect to have the capacity to manufacture over 150 million units by the end of 2022.

On24 ~~July~~Table ~~26, 2021 we acquired TopPop LLC, (“TopPop”) as further described below. As a result~~ of the acquisition of 100% of the equity of TopPop (described below), we now have a fully vertically integrated product development and manufacturing company for new alcohol brands. TopPop is a premier product development, contract manufacturing and packaging company, specializing in flexible packaging applications in the food, beverage and health categories. TopPop acquired the federal and state licenses necessary to manufacture and blend malt, wine and spirits-based products and, in June 2020. It opened a 27,000 square foot FDA-approved manufacturing facility in Marlton, New Jersey. In 2021 it began construction on a 65,000 square foot manufacturing facility in New Jersey. This facility is expected to be operational by January 1, 2022, and includes approximately $4 million of additional packaging equipment and is expected to increase our production capacity by three times.Contents

~~For~~We ~~its~~believe ~~first~~TopPop ~~product~~brings ~~line,~~to ~~TopPop~~us ~~identified~~additional ~~the~~synergies ~~single~~and ~~serve,~~opportunities ~~ready~~for tocross-promoting ~~drink~~new ~~(“RTD”)~~ and ~~ready~~existing products to ~~freeze~~a ~~(“RTF”)~~broader ~~segments~~customer asbase ~~ripe for product~~ and ~~packaging~~better ~~innovation.~~positions Itour ~~introduced~~company anto ~~alcohol-infused~~establish ~~ice~~and ~~pop~~support inour ~~June~~brands ~~2020~~ and ~~marketed the concept~~ to ~~major~~create ~~alcohol~~sustainable ~~companies~~packaging ~~and~~solutions ~~developed~~to ~~its~~the ~~own~~consumable ~~product~~goods ~~line~~market. We ~~Despite~~believe ~~launching~~our ~~during~~focus ~~the~~on ~~COVID-19~~lifestyle ~~pandemic,~~branding ~~TopPop~~and ~~manufactured~~the ~~approximately~~rising 10“Better-for-You,” ~~million ice pops during~~ “Better-for-the-Planet” ~~year~~consumer ~~ended~~categories ~~December~~has ~~31,~~made ~~2020~~us ~~and~~a ~~approximately~~leader 36in ~~million~~developing ~~ice~~celebrity ~~pops~~brands ~~during~~worldwide, ~~the~~such ~~nine-month~~as ~~period~~our ~~ending~~Bellissima ~~September~~Prosecco ~~30,~~by ~~2021~~Christie Brinkley. ~~TopPop~~Our ~~has~~mission ~~also~~is ~~developed~~to abe ~~robust~~an ~~pipeline~~industry leader in the ~~single~~brand ~~serve~~development, ~~RTD~~marketing ~~alcohol cocktail market~~ and ~~anticipates~~sales ~~launching~~of aalcoholic ~~line~~beverages ofand related products inby ~~this~~capitalizing ~~market~~on inour ~~2022.~~ability ~~TopPop~~to ~~designs~~procure ~~and~~products ~~markets~~from ~~flexible~~around ~~packaging~~the ~~for~~world ~~its RTD~~ and ~~RTF~~to ~~products~~develop ~~with~~unique ~~formulations~~and ~~that~~innovative ~~are~~packaging ~~low~~to ~~calorie~~create ~~and~~brand ~~contain healthy~~ and ~~natural~~product ~~ingredients~~line extensions. ~~With~~We ~~the~~plan ~~opening~~to ofleverage ~~TopPop’s~~our ~~new~~relationships ~~facility~~to ~~expected~~add invalue ~~January 2022, it expects~~ to ~~have~~our ~~the~~products ~~capacity~~and to ~~manufacture~~create ~~over~~brand ~~150~~awareness ~~million~~in ~~units~~unbranded inniche ~~2022~~categories.

We believe our TopPop acquisition has brought us additional synergies and opportunities for cross-promoting new and existing products to a broader customer base and positions the combined entities of Iconic, including its wholly owned subsidiary TopPop, as a company that establishes and supports brands, innovates, produces, licenses, packages, sells alcohol and non-alcohol beverages and creates sustainable packaging solutions to the consumable goods market. Iconic’s focus on lifestyle branding and the rising “Better-for-You”, “Better-for-Planet” consumer category has made it a leader in developing celebrity brands worldwide such as its Bellissima Prosecco by Christie Brinkley. TopPop is a pioneer in flexible packaging. The company’s creative solutions from inception to full scale production, like its “ready-to-freeze” (RTF) alcohol ice pops make it a harbinger in the “pouch market”, one of the fastest growing segments of the beverage industry. TopPop’s proprietary and visionary applications has made the company a leader in providing these increasingly desirable products and services, from “design through delivery”, to some of the largest Fortune 500 and multinational alcohol beverage companies and brands today. The company is vertically integrated with operations in multiple states and sells and distributes products across the globe.

5 Table of Contents

Recent Developments

COVID-19

As a result of COVID-19, we have seen a shift away from the traditional brick-and-mortar business to a direct-to-consumer business. Although we expect brick-and-mortar to rebound, we also expect the director-to-consumer model to stay post-COVID-19, as consumers embrace the convenience of having their alcoholic beverages delivered to their doorstep. As we expand our relationship with QVC and our own direct-to-consumer platform through our website, we believe we are well positioned to execute on this opportunity.

TopPop Acquisition

On July 26, 2021, we ~~entered~~completed ~~into~~the an acquisition ~~agreement~~of (TopPop. In connection with such acquisition, the “former TopPop ~~Acquisition~~members ~~Agreement”~~received, in the aggregate(a) ~~with~~$3,694,273 ~~TopPop~~in cash, ~~and~~net ~~each~~of cash acquired, by transfer of ~~FrutaPop~~immediately ~~LLC~~available funds, (~~“Frutapop”~~b) 26,009,600 ~~Innoaccel~~shares ~~Investments~~of ~~LLC~~our common stock, which shares were valued in the aggregate at $10,143,744, or $0.39 per share, (~~“Innoaccel”~~c) ~~and~~$5,042,467 ~~Thomas~~aggregate ~~Martin~~principal ~~(“Martin”~~amount of our promissory notes and (d) future additional payments as earnout consideration valued at $20,204,505 ~~together~~to ~~with~~be ~~Frutapop~~paid in cash and ~~Innoaccel~~stock. The earn-out payments, if any, will be made (i) following the “12-month period commencing on August 1, 2021, in an aggregate amount equal to the excess, if any, of: (A) 1.96 times TopPop’s ~~Members”~~EBITDA for the period over (B) the aggregate amount of the closing promissory notes repaid in cash during period; provided, ~~pursuant~~however, tono ~~which~~such amount shall be payable if (i)(A) does not exceed (i)(B); and (ii) following the ~~TopPop~~12-month ~~Members~~period ~~sold~~commencing on August 1, 2022, in an aggregate amount equal to usthe ~~and~~excess, weif ~~acquired~~any, ~~all~~of: (A) 1.96 times TopPop’s EBITDA for such period over (B) the aggregate amount of the ~~issued~~closing ~~and~~promissory ~~outstanding~~notes ~~membership~~repaid ~~interests~~in cash during the period; provided, however, no such amount shall be payable if (ii)(A) does not exceed (ii)(B). The earn-out payments will be made, at the election of each former TopPop member, in cash or in shares of our common stock or a combination thereof, less any reserve for possible indemnification payments, provided that not less than 45% of the value of each earn-out payment shall be paid in common stock. If paid in shares of common stock, such shares shall be valued at the then-prevailing market rate.

TopPop is a brand owner and contract manufacturing and packaging company specializing in flexible packaging solutions in the food, beverage and health categories. Its first branded and contract products are alcohol-infused ice pops. Its manufacturing facility in Marlton, New Jersey is registered with the Federal Drug Administration and holds a Safe Quality Food certification.

Upon consummation of the acquisition contemplated by the TopPop Acquisition Agreement, the TopPop Members received, in the aggregate: (a) $3,995,551.08 in cash by transfer of immediately available funds, (b) 26,009,600 shares of our common stock, par value $0.001 per share (the “Common Stock”), which shares were valued in the aggregate at $8,128,000, or $0.3125 per share, (c) $4,900,000.00 aggregate principal amount of our promissory notes (the “Promissory Notes”) and (d) future additional cash payments as earnout consideration (the “Total Consideration”). The earn-out payments, if any, will be made (i) following the 12-month period commencing on August 1, 2021 (the “First Year”), in an amount (the “First Year Earn-out Amount”) equal to each TopPop Member’s pro rata portion of the excess, if any, of: (A) 1.96 times TopPop’s EBITDA for the First Year over (B) the aggregate amount of the Promissory Notes repaid in cash during the First Year; provided, however, no First Year Earn-out Amount shall be payable if (i)(A) does not exceed (i)(B); and (ii) following the 12-month period commencing on August 1, 2022 (the “Second Year”), in an amount (the “Second Year Earn-out Amount”) equal to each TopPop Member’s pro rata portion of the excess, if any, of: (A) 1.96 times TopPop’s EBITDA for the Second Year over (B) the aggregate amount of the Promissory Notes repaid in cash during the Second Year; provided, however, no Second Year Earn-out Amount shall be payable if (ii)(A) does not exceed (ii)(B). The earn-out payments shall be made, at the election of each TopPop Member, in cash or in shares of Common Stock or a combination thereof, less any reserve for possible indemnification payments, provided that not less than 45% of the value of each earn-out payment shall be paid in Common Stock. If paid in shares of Common Stock, such shares shall be valued at the then-prevailing market rate.

The Promissory Notes bear interest at the rate of 10% per annum and mature on July 26, 2022. The Promissory Notes are not subject to pre-payment penalties; however, we may not pre-pay any amount on any Promissory Note without pre-paying a pro-rata portion of all Promissory Notes. In connection with the Promissory Notes, we granted to the TopPop Members a security interest in all of our membership interests of TopPop pursuant to certain pledge agreements (the “Pledge Agreements”) with each of the TopPop Members, each dated July 26, 2021. The Promissory Notes are not convertible into our equity securities.

6 Table of Contents

Series A-2 Convertible Preferred Stock Financing

On July 26, 2021, we entered into securities purchase agreements dated as of July 26, 2021 ~~(collectively, the “Purchase Agreement”)~~ with certain accredited investors ~~(each an “Investor” and collectively, the “Investors”)~~ for the sale of ~~an aggregate of 32,303.11 shares of~~ our newly-created Series A-2 ~~Convertible~~ Preferred Stock, ~~par value $0.001 per share (the “Series A-2 Preferred Stock”), 11,320,201~~ shares of ~~Common~~common ~~Stock~~stock, and warrants ~~(the “Warrants”)~~ to purchase ~~114,690,150~~ shares of ~~Common~~common ~~Stock, for gross proceeds of $35,840,672, before deducting placement agent and other offering expenses~~stock. Pursuant to the Purchase Agreement, the shares of Series A-2 Preferred Stock, Common Stock and Warrants are to be sold in two tranches, the first of which closed on July 26, 2021 for gross proceeds of $22,918,203 for the sale of 20,724.70 shares of Series A-2 Preferred Stock, 7,019,196 shares of Common Stock, and Warrants to purchase 73,338,203 shares of Common Stock. Of the $22,918,203 gross proceeds received by us upon the closing of the first tranche, $18,147,354 was paid in cash, $676,708 was paid by assignment to us of $676,708 aggregate principal and interest amount of our outstanding original issue discount promissory notes and $3,762,000 was paid by assignment to us of $3,762,000 aggregate principal amount of TopPop’s outstanding original issue discount promissory notes, all of which notes were cancelled by us. A $332,141 discount was applied to the cash component of the purchase price received upon the closing of the first tranche.

~~Pursuant~~25 toTable ~~the Purchase Agreement, the closing~~ of the second tranche, which will include the sale of an additional 11,578.40 shares of Series A Preferred Stock, 4,301,005 shares of Common Stock, and Warrants to purchase an additional 41,351,901 shares of Common Stock for gross proceeds of $12,690,901, all of which will be paid in cash, will occur within five trading days of the six-month anniversary of the closing of the first tranche. The closing of the transactions contemplated by the Purchase Agreement are subject to the satisfaction of certain closing conditions, including the execution of the Registration Rights Agreement (as defined below), and the consummation of the transactions contemplated by the TopPop Acquisition Agreement, the Exchange Agreement (as defined below), and the United Purchase Agreement (as defined below). The terms of the Series A-2 Preferred Stock are set forth under Items 3.02 and 5.03 below.Contents

~~The~~Pursuant ~~Warrants~~to ~~are~~the ~~exercisable~~purchase ~~for~~agreements, athe ~~period~~shares of ~~five~~Series ~~years~~A-2 ~~from~~Preferred ~~the~~Stock, ~~date~~common ofstock ~~issuance~~and atwarrants anwere ~~exercise~~sold ~~price~~in oftwo ~~$0.3125~~tranches, ~~per~~the ~~share.~~first ~~The~~of ~~Investors~~which ~~may~~closed ~~exercise~~on ~~the~~July ~~Warrants~~26, on2021 afor ~~cashless~~gross ~~basis~~proceeds ifof $18,372,354 for the sale of an aggregate of 18,800 shares of ~~Common~~Series A-2 Preferred Stock, ~~underlying~~an ~~the~~aggregate ~~Warrants~~of ~~are~~6,711,997 ~~not~~shares ~~then~~of ~~registered~~common ~~for~~stock, ~~resale~~and ~~pursuant~~warrants to purchase an ~~effective~~aggregate ~~registration~~of ~~statement~~73,338,203 ~~under~~shares of common stock. Of the ~~Securities~~$18,372,354 ~~Act~~gross proceeds we received upon the closing of ~~1933~~the first tranche, as$15,603,385 ~~amended~~was ~~(the~~paid ~~“Securities~~in ~~Act”)~~cash net of fees of $2,808,320.

The ~~Purchase~~second ~~Agreement~~tranche ~~also~~closed ~~provides~~on ~~that, until~~ January 265, 2022 ~~(the~~in ~~six-month~~which ~~anniversary of~~ the ~~first~~Company ~~closing~~issued ~~date under the Purchase Agreement)~~12,257.76 inshares ~~the event~~ of aSeries ~~subsequent~~A-2 ~~financing~~Preferred ~~(except for certain exempt issuances as provided in the Purchase Agreement) by us~~Stock, ~~each Investor that invested over $1~~4,~~000~~301,~~000~~004 ~~pursuant~~shares toof ~~the~~common ~~Purchase~~stock ~~Agreement~~and ~~will~~warrants ~~have the right~~ to ~~participate~~purchase in40,018,583 ~~such~~shares ~~subsequent~~of ~~financing~~common upstock tofor angross ~~amount~~proceeds ~~equal to the Investor’s proportionate share~~ of ~~the~~approximately ~~subsequent~~$12.2 ~~financing~~million ~~based~~and onnet ~~such~~proceeds ~~Investor’s~~of ~~percentage~~approximately ~~participation~~$11 inmillion ~~the~~after ~~private~~deducting placement ~~effected~~agent bycommissions ~~the Purchase Agreement on the same terms, conditions~~ and ~~price~~expenses ~~provided for in the subsequent financing up to an amount equal to 50%~~ of the ~~subsequent financing, or, if such subsequent financing is a firm commitment underwritten~~ offering,. upSuch tonet anproceeds ~~amount~~are ~~equal~~expected to ~~25%~~be ofused ~~such~~by ~~subsequent~~the ~~financing.~~Company ~~The Purchase Agreement also provides that,~~ for asdomestic ~~long~~and asinternational ~~the~~expansion ~~Series~~of ~~A-2 Preferred Stock or Warrants are outstanding, if we effect a subsequent financing, an Investor may elect, in~~ its ~~sole~~Bellissima ~~discretion~~brand, tothe ~~exchange~~expansion ~~all or a portion~~ of the ~~Series~~production ~~A-2~~facilities ~~Preferred Stock then held by such Investor for any securities issued in the subsequent financing on a $1.00 for $1.00 basis (assuming each share~~ of ~~Series A-2 Preferred Stock has a value equal to its Stated Value~~TopPop, ~~which~~new isproduct $1launches,~~000~~ ~~per share)~~marketing, ~~provided~~and ~~such~~other ~~subsequent~~general ~~financing~~working iscapital ~~not a firm commitment underwritten offering~~purposes.

InThe ~~connection~~warrants ~~with~~are ~~the~~exercisable ~~transactions~~for ~~contemplated~~a byperiod ~~the~~of ~~Purchase~~five ~~Agreement,~~years wefrom ~~also entered into separate registration rights agreements (collectively,~~ the ~~“Registration~~date ~~Rights~~of ~~Agreement”)~~issuance ~~with~~at ~~the~~an ~~Investors,~~exercise ~~pursuant~~price toof ~~which~~$0.3125 weper ~~agreed~~share. toThe ~~file~~Warrants ~~with~~may ~~the~~be ~~Commission~~exercised on a ~~registration~~cashless ~~statement~~basis ~~under~~if the ~~Securities Act to register the resale of the~~ shares of ~~Common~~common ~~Stock~~stock underlying the ~~Warrants~~warrants onare ornot ~~prior~~then toregistered ~~November~~for ~~23,~~resale ~~2021~~pursuant ~~(120 days following the first closing date under the Purchase Agreement) (the “Filing Date”),~~ to ~~cause~~an ~~such registration statement to be declared~~ effective ~~within thirty (30) days following the Filing Date, and to maintain the effectiveness of the~~ registration statement ~~until all of such shares of Common Stock have been sold or are otherwise able to be sold pursuant to Rule 144~~ under the Securities Act~~, without any restrictions~~. If we fail to file the registration statement or have it declared effective by the dates set forth above, among other things, we are obligated to pay the Investors liquidated damages in the amount of 1% of their subscription amount, per month, until such events are satisfied.

OfIn ~~the~~connection ~~approximately~~with ~~$18~~this offering,~~147~~ we entered into a Placement Agency Agreement with Dawson James Securities,~~354~~ Inc. (the “Placement Agent”), pursuant to which at the closing of ~~net~~the ~~proceeds~~first ~~received~~tranche byunder usthe onpurchase agreements we paid to the ~~initial~~Placement Agent a cash fee in the amount of $2,050,000 and at the closing ~~date~~of the second tranche under the ~~Purchase~~purchase ~~Agreement,~~agreements we paid to the Placement Agent a cash fee in the amount of $31,~~995~~150,000. ~~was~~In ~~applied~~addition, we agreed to pay to the Placement Agent a fee in connection with any cash ~~portion~~exercise of any of the ~~purchase~~Warrants ~~price~~in an amount equal to 10% of the ~~TopPop~~cash ~~Acquisition~~amount ~~Agreement~~received ~~and~~by ~~the~~us ~~balance~~upon isany ~~expected~~such exercise. Pursuant to bethe ~~used~~Placement Agency Agreement, as additional consideration for ~~working~~the ~~capital~~services ~~purposes~~of the Placement Agent, sowe asalso issued to ~~further~~the ~~execute~~Placement onAgent ~~our~~or ~~existing~~its ~~business,~~designees ~~while~~in ~~also~~connection ~~actively~~with ~~pursuing~~the ~~several~~closing ~~additional~~of ~~“iconic”~~the ~~brands.~~first ~~The~~tranche ~~anticipated~~under ~~net~~the ~~proceeds~~purchase agreements 2,194 shares of ~~approximately~~Series ~~$12~~A-2 Preferred Stock and an additional 1,~~690,901~~096 ~~from~~shares of Series A-2 Preferred Stock in connection with the closing of the second tranche under the ~~Purchase~~purchase ~~Agreement~~agreements. ~~are~~The ~~expected~~fees paid to bethe ~~used~~Placement Agent were accounted for ~~working~~as financing costs and reduces the additional paid in capital from the financing.

726 Table of Contents

In connection with this transaction, we entered into a Placement Agency Agreement (the “Placement Agency Agreement”) with Dawson James Securities, Inc. (the “Placement Agent”), pursuant to which at the closing of the first tranche under the Purchase Agreement we paid to the Placement Agent a cash fee in the amount of $2,350,000 and we agreed to pay to the Placement Agent in connection with the closing of the second tranche under the Purchase Agreement a cash fee in the amount of $1,150,000. In addition, we agreed to pay to the Placement Agent a fee in connection with any cash exercise of any of the Warrants in an amount equal to 10% of the cash amount received by us upon any such exercise. Pursuant to the Placement Agency Agreement, as additional consideration for the services of the Placement Agent, we also issued to the Placement Agent or its designees in connection with the closing of the first tranche under the Purchase Agreement 2,194 shares of Series A-2 Preferred Stock and agreed to issue to the Placement Agent or its designees in connection with the closing of the second tranche under the Purchase Agreement as additional 1,096 shares of Series A-2 Preferred Stock.

Exchange of Issued and Outstanding Series E, F and G Convertible Preferred Stock and Series E, F and G Common Stock Purchase Warrants

On July 26, 2021, we entered into securities exchange agreements (collectively, the “Exchange Agreement”) with the holders (each a “Holder” and collectively, the “Holders”) of our outstanding (a) Series E Convertible Preferred Stock, Series F Convertible Preferred Stock and Series G Convertible Preferred Stock (the “Existing Preferred Stock”), and (b) Series E Common Stock Purchase Warrants, Series F Common Stock Purchase Warrants and Series G Common Stock Purchase Warrants (the “Existing Warrants” and together with the Existing Preferred Stock, collectively, the “Existing Securities”), pursuant to which the Holders exchanged (the “Exchange”) (i) all Existing Preferred Stock held by each Holder for shares of Series A-2 Preferred Stock and Warrants, and (ii) all Existing Warrants held by each Holder for shares of Common Stock. In connection with the Exchange, the Holders exchanged all of their Existing Securities for an aggregate of 3,704.80 shares of Series A-2 Preferred Stock, Warrants to purchase 14,304,880 shares of Common Stock, and 2,449,517 shares of Common Stock. Upon the Exchange, the Existing Securities were cancelled and all contractual (or similar) rights, preferences and obligations relating to such Existing Securities became null and void and of no further effect whatsoever.

In conjunction with the closing of the transactions contemplated by the Exchange Agreement, all Holders entered into a lock-up agreement pursuant to which they have agreed not to sell their shares of Series A-2 Preferred Stock, Warrants, or Common Stock, including Common Stock issuable upon the conversion of the Series A-2 Preferred Stock or exercise of the Warrants, in each case issued pursuant to the Exchange Agreement, on or prior to January 26, 2022, at an effective price per share that is lower than $0.3125 (subject to adjustment for reverse and forward stock splits, combinations, recapitalizations and the like).

Redemption of Series F Convertible Preferred Stock

On July 26, 2021, we entered into a redemption agreement with Jason DiPaola, pursuant to which we redeemed and purchased from Mr. DiPaola, and Mr. DiPaola sold and delivered to us, 75 uncertificated shares of our Series F Convertible Preferred Stock owned by Mr. DiPaola, for an aggregate purchase price of $75,000 in accordance with the terms of such redemption agreement.

On July 26, 2021, we entered into a redemption agreement with 32 Entertainment LLC, pursuant to which we redeemed and purchased from 32 Entertainment LLC, and 32 Entertainment LLC sold and delivered to us, 150 uncertificated shares Series F Convertible Preferred Stock owned by 32 Entertainment LLC, for an aggregate purchase price of $150,000 in accordance with the terms of such redemption agreement.

Exchange of Issued and Outstanding Series A Preferred Stock

On July 26, 2021, we entered into a securities exchange agreement dated as of July 26, 2021 (the “Series A Preferred Exchange Agreement”), with Richard DeCicco, who, at the time of execution and delivery of such agreement, was our Chief Executive Officer, Chief Financial Officer, chairman of our board of directors (the “Board”) and the holder of our one issued and outstanding share of Series A Preferred Stock. Pursuant to the Series A Preferred Exchange Agreement, Mr. DeCicco exchanged his one share of Series A Preferred Stock for 25,600,000 shares of Common Stock. Upon such exchange, the Series A Preferred Stock, which previously gave Mr. DeCicco two votes for every one vote of our outstanding voting securities, was cancelled and all contractual (or similar) rights, preferences and obligations relating to such Series A Preferred Stock became null and void and of no further effect whatsoever.

8 Table of Contents

Purchase of all Issued and Outstanding Capital Stock of United Spirits, Inc.

On July 26, 2021, we entered into a securities purchase agreement (the “United Purchase Agreement”) with Mr. DeCicco pursuant to which we purchased from Mr. DeCicco, and Mr. DeCicco sold, all of the issued and outstanding capital stock of United Spirits, Inc., a New York corporation (“United”). Pursuant to the United Purchase Agreement, upon the closing of the transactions contemplated thereby, Mr. DeCicco transferred, and we acquired, 100% of the issued and outstanding capital stock of United in exchange for a purchase price of $1,000,000. The United Purchase Agreement contains customary representations, warranties and covenants of the parties thereto, and the closing of the transactions contemplated by the United Purchase Agreement was subject to the satisfaction of certain closing conditions, including, without limitation, certain approvals from various state liquor authorities. Prior to the closing of the transactions contemplated by the United Purchase Agreement, we marketed and sold our wine and spirts products pursuant to an exclusive marketing and distribution agreement between the Company and United.

Amended and Restated LLC Agreements of Bellissima Spirits LLC and BiVi LLC

On July 26, 2021, we, and each other member identified therein, including Mr. DeCicco and Rosanne Faltings, our vice president of sales and a member of the Board, entered into an Amended and Restated Limited Liability Company Agreement dated as of July 26, 2021 ~~(the “Bellissima LLC Agreement”)~~ of Bellissima ~~Bellissima~~and BiVi. ~~The~~Such ~~Bellissima~~agreement ~~LLC Agreement~~ provides that the manager of Bellissima and BiVi, currently Mr. DeCicco, may cause Bellissima and BiVi to make distributions of available cash flow to the members pro rata in accordance with their cash flow ratios, of which we are entitled to 100% of any such distribution of available cash flow. ~~The~~Such ~~Bellissima~~agreement ~~LLC Agreement~~ also provides that the manager shall cause Bellissima and BiVi to make distributions of net proceeds attributable to certain capital events to members pro rata in accordance with their membership interest percentage, of which we are entitled to 54% of any such distribution of net proceeds and Mr. DeCicco and Ms. Faltings are entitled to 15.34% and 15.33%, respectively. Transfers of membership interests in Bellissima and BiVi are generally restricted and ~~the~~such ~~Bellissima~~agreement ~~LLC Agreement~~ provides for preemptive rights, rights of first refusal, and rights of co-sale, in each case, in accordance with the terms and conditions set forth therein.

On ~~July~~April 2622, ~~2021,~~2022 we, ~~and each other member identified therein, including Mr. DeCicco and Ms. Faltings,~~ entered into ana Second Amended and Restated Limited Liability Company Agreement ~~dated as~~ of ~~July 26~~Bellissima, ~~2021~~which ~~(the~~provides ~~“BiVi~~that ~~LLC~~upon ~~Agreement”~~(i) ofa ~~BiVi.~~sale ~~The~~of ~~BiVi~~all ~~LLC~~or ~~Agreement~~substantially ~~provides~~all ~~that the manager~~ of ~~BiVi,~~our ~~currently Mr. DeCicco~~assets, ~~may~~(ii) ~~cause~~a ~~BiVi~~change toof ~~make~~control ~~distributions~~ of ~~available~~us, ~~cash~~(iii) ~~flow~~a tosale ~~the~~of ~~members~~equity ~~pro~~following ~~rata in accordance with their cash flow ratios, of~~ which weour ~~are~~shareholders ~~entitled~~immediately prior to ~~100% of any~~ such ~~distribution~~transaction ofdo ~~available~~not ~~cash~~own, ~~flow.~~immediately ~~The~~following ~~BiVi~~such ~~LLC~~transaction, ~~Agreement~~a ~~also~~majority ~~provides~~of ~~that~~ the ~~manager~~voting ~~shall~~and ~~cause~~economic ~~BiVi~~rights ~~to make distributions of net proceeds attributable to certain capital events to members pro rata~~ in ~~accordance~~us, ~~with~~or ~~their~~(iv) ~~membership~~a ~~interest percentage~~merger, ofconsolidation ~~which~~or wesimilar ~~are~~transaction ~~entitled~~involving tous, ~~54%~~each of ~~any such distribution of net proceeds and~~ Mr. DeCicco and Ms. Faltings ~~are~~will be entitled to ~~15.34%~~sell ~~and~~their ~~15.33%,~~interest ~~respectively.~~in ~~Transfers~~Bellissima ofto ~~membership~~us ~~interests~~ in ~~BiVi~~exchange ~~are~~for ~~generally~~the ~~restricted~~value ~~and~~of ~~the~~their ~~BiVi~~equity ~~LLC~~interest ~~Agreement~~in ~~provides~~Bellissima ~~for~~that ~~preemptive~~they ~~rights,~~would ~~rights~~have ofreceived ~~first~~upon ~~refusal,~~the ~~and~~sale ~~rights~~ of ~~co-sale,~~their equity interest in ~~each~~Bellissima, ~~case~~upon the sale of Bellissima, inwhich ~~accordance~~value ~~with~~will ~~the~~be ~~terms~~determined ~~and~~by ~~conditions~~an ~~set~~independent ~~forth~~third-party ~~therein~~appraiser.

~~Waiver~~Results ~~Agreement~~of ~~Relating~~Operations tofor ~~Promissory~~the ~~Notes~~Three Months Ended March 31, 2022 and 2021

On July 26, 2021, in connection with the transactions contemplated by the Purchase Agreement, we entered into a waiver agreement (the “Waiver Agreement”), with The Special Equities Opportunity Fund, LLC, Anson Investments Master Fund LP, Joseph Reda and Gregory Castaldo (collectively, the “Lenders”), pursuant to which the Lenders terminated, waived all the terms and provisions of, and forgave and canceled any and all of our obligations provided under, the four original issue promissory notes issued by us to the respective Lenders on each of August 7, 2020, April 16, 2021, and June 7, 2021 (two of the four promissory notes were issued by us on June 7, 2021), in the aggregate principal and interest amount of $100,000, $330,000, $103,333.33 and $143,375, respectively, as partial consideration for the Securities purchased by the Lenders under the Purchase Agreement.

9 Table of Contents

Going Concern

As a result of our current financial condition, we have received a report from our independent registered public accounting firm for our financial statements for the years ended December 31, 2020 and 2019 that includes an explanatory paragraph describing the uncertainty as to our ability to continue as a going concern. In order to continue as a going concern, we must effectively balance many factors and generate more revenue so that we can fund our operations from our sales and revenues. If we are not able to do this, we may not be able to continue as an operating company. Until we can grow revenues sufficient to meet our operating expenses, we must continue to raise capital by issuing debt or through the sale of our stock. There is no assurance that our cash flow will be adequate to satisfy our operating expenses and capital requirements.

Basis of Presentation

The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been omitted pursuant to SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented in this Report not misleading.

Amounts related to disclosure of December 31, 2020, balances within the interim condensed consolidated financial statements were derived from audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on April 14, 2021.

The financial statements for the three and nine months ended September 30, 2021 include the activity of TopPop for the period from July 26, 2021 (date of acquisition) to September 30, 2021.

Current Operating Trends and Financial Highlights

Management currently considers the following events, trends and uncertainties to be important in understanding the Company’s results of operations and financial condition for the most recent quarter and full year:

Regarding results from operations for the quarter ended September 30, 2021, we generated revenue of approximately $2,846,000, as compared to revenue of $712,000 for the three months ended September 30, 2020. This $2,134,000 increase in revenue was due primarily to a $2,045,000 increase in sales from our newly acquired TopPop products, as well as a $89,000 increase in sales of our alcohol-related products.

We generated a net loss for the three months ended September 30, 2021, of approximately $3,657,000, as compared to net loss of approximately $1,219,000 for the three months ended September 30, 2020. The net loss for the three months ended September 30, 2021, includes non-cash stock-based compensation expense of approximately $469,000 and expenses associated with the financing and acquisition of TopPop of approximately $2,000,000.

Regarding results from operations for the nine months ended September 30, 2021, we generated revenue of approximately $4,066,000, as compared to revenue of $2,174,000 for the nine months ended September 30, 2020. This $1,892,000 increase in revenue was due primarily to a $2,045,000 increase in sales of our newly acquired TopPop products but was offset by a $153,000 decrease in sales of our alcohol-related products.

We generated a net loss for the nine months ended September 30, 2021, of approximately $6,000,000, as compared to net loss of approximately $2,608,000 for the nine months ended September 30, 2020. The net loss for the nine months ended September 30, 2021, includes non-cash stock-based compensation expense of approximately $850,000 and expenses associated with the financing and acquisition of TopPop of approximately $2,400,000.

10 Table of Contents

Results of Operations for the Three months Ended September 30, 2021 and 2020

Introduction

We had sales of $24,~~846~~046,~~437~~797 for the three months ended ~~September~~March 3031, ~~2021~~2022, and $~~712~~634,~~198~~533 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $23,~~134~~412,~~239~~264. Our operating expenses were $ 4,~~040~~810,~~691~~364 for the three months ended ~~September~~March 3031, ~~2021~~2022, compared to $1995,~~080,336~~138 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $23,~~960~~815,~~355~~226 or approximately ~~267~~383%. Our net operating (loss) was ($32,~~345~~968,~~342)~~606 for the three months ended ~~September~~March 3031, ~~2021~~2022, compared to ($~~637~~679,~~901)~~238 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $2,~~707~~289,~~441~~368 or approximately ~~424~~337%. A significant amount of these increases relate to the inclusion of the results of TopPop for the ~~period~~three ~~from~~months ~~July~~ended ~~26,~~March ~~2021 to September 30~~31, ~~2021~~2022 and are detailed below.

Table of Contents

Revenues and Net Operating Loss

Our operations for the three months ended ~~September~~March 3031, ~~2021~~2022, and ~~2020~~2021 were as follows:

ICONIC BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three months ended September 30,
	Three Months Ended March 31,
	2021			2020			Increase / Decrease
	2022			2021			Increase / Decrease
REVENUE
Sales	$	24,~~846~~046,~~437~~797		$	~~712~~634,~~198~~533		$	23,~~134~~412,~~239~~264
Cost of goods sold		2,~~151~~205,~~088~~039			~~269~~318,~~763~~633			1,~~881~~886,~~325~~406
Gross Profit		~~695~~1,~~349~~841,758			~~442~~315,~~435~~900			~~252~~1,~~914~~525,858
OPERATING EXPENSES
Officers compensation		1,480,340			103,750			1,376,590
Officers’ compensation		225,461			103,750			121,711
Professional and consulting fees		~~327~~536,~~093~~911			~~330~~158,~~282~~903			(3378,~~189~~008	)
Royalties		~~138~~33,~~627~~231			~~133~~99,~~706~~128			4(65,~~921~~897	)
Investor relations		12,513			(31,392	)		43,905
Fulfillment costs		122,820			140,000			(17,180	)
Marketing and advertising		386,385			322,479			63,906
Travel and entertainment		87,755			12,843			74,912
Travel and entertainment		109,167			1,281			107,886
Other operating expenses, including occupancy		3,452,209			359,346			3,092,863
Other operating expenses, including occupancy		1,586,566			220,230			1,366,336
General and administrative expenses:		4,458,387			873,970			3,584,417
Total operating expenses		4,040,691			1,080,336			2,960,355
Selling and marketing		351,977			121,168			230,809
Loss from operations		(3,345,342	)		(637,901	)		(2,707,441	)
Total operating expenses		4,810,364			995,138			3,815,226
Loss from operations		(2,968,606	)		(679,238	)		(2,289,368	)
Other income (expense):
Interest and amortization expense		(452,539	)		-			(452,539	)
Interest expense		(183,134	)		-			(183,134	)
Loss on investment in and receivable from Can B Corp		-			(557,307	)		557,307
Gain on forgiveness of PPP loan		-			28,458			(28,458	)
Other expense, net		(22,708	)		-			(22,708	)
Total other income (expense)		(183,134	)		28,458			(211,592	)
Total other income (expense)		(475,247	)		(557,307	)		82,060
Net loss	$	(3,151,740	)	$	(650,780	)	$	(2,500,960	)
Net loss	$	(3,820,589	)	$	(1,195,208	)		(2,625,381	)
Net (loss) income attributable to noncontrolling interests in subsidiaries	$	(93,819	)	$	16,174		$	(109,993	)
Net (loss) income attributable to noncontrolling interests in subsidiaries	$	(163,024	)	$	23,893			(186,917	)
Net (loss) attributable to Iconic Brands, Inc.	$	(3,057,921	)	$	(666,954	)	$	(2,390,967	)
Net (loss) attributable to Iconic Brands, Inc.	$	(3,657,565	)	$	(1,219,101	)		(2,438,464	)

Sales

Our sales are comprised of sales of BiVi Sicilian Vodka, Bellissima Prosecco and Sparkling Wine, the line of Hooters brand products and our ready to freeze (“RTF”) TopPop products. Sales were $24,~~846~~046,~~437~~797 for the three months ended ~~September~~March 3031, ~~2021~~2022, and $~~712~~634,~~198~~533 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $23,~~134~~412,~~239~~264 or ~~approximately 300~~538%. The increase of $2,134,239 is due primarily to a $2,045,000 increase in sales from our newly acquired TopPop products, as well as a $89,000 increase in sales of our alcohol-related products. In the third quarter of 2021, we agreed in principle to a new licensing agreement with Hooters, subject to execution of the definitive agreement.

11The ~~Table~~increase ofis ~~Contents~~due primarily to a $3,513,702 in sales from our newly acquired TopPop products.

Cost of Sales

Cost of sales was $2,~~151~~205,~~088~~039, or approximately 7554% of sales, for the three months ended ~~September~~March 3031, ~~2021~~2022 and $~~269~~318,~~763~~633, or approximately 3850% of sales, for the three months ended ~~September~~March 3031, ~~2020~~2021. Cost of sales includes the cost of the products purchased from our suppliers, freight-in costs and import duties. The significant increase in cost of goods as a percentage of sales, year over year, is due to the change in product mix in 2021 as a result of our TopPop acquisition. Cost of goods for the three months ended ~~September~~March 3031, ~~2021~~2022 for our alcohol sales remains at approximately 3840%, which is similar to the prior year, while the costs associated with our TopPop acquisition were approximately 9551% during the three months ended ~~September~~March 3031, ~~2021, due to significant labor costs and write down of perishable items as the summer production season winds down~~2022. ~~The historical cost of goods for TopPop products is approximately 65% and we expect to achieve that margin in future quarters.~~

~~Officers~~28 ~~Compensation~~Table of Contents

Officers’ compensation was $1,480,340 for the three months ended September 30, 2021 and $103,750 for the three months ended September 30, 2020. This increase of $1,376,590 was due to the hiring of 4 additional executives and the one-time payment to an officer for the purchase of his interest in United Spirits, which was acquired from such officer as part of the TopPop financing and acquisition transactions.Compensation

Officers’ compensation was $225,461 for the three months ended March 31, 2022 and $103,750 for the three months ended March 31, 2021. This increase of $121,711 was due to the hiring of additional executives.

Professional and Consulting Fees

Professional and consulting fees were $~~327~~536,~~093~~911 for the three months ended ~~September~~March 3031, ~~2021~~2022 and $~~330~~158,~~282~~903 for the three months ended ~~September~~March 3031, ~~2020~~2021, aan ~~decrease~~increase of $3378,~~189~~008. Professional and consulting fees consist primarily of legal and, accounting and auditing services. The ~~decrease~~increase ~~of approximately $3,189 from 2020 to 2021~~ was primarily related to costs in ~~2020~~2022 toincurred ~~pursue~~by annewly-acquired ~~acquisition which was not completed~~TopPop.

Royalties

We expensed royalties of $~~138~~33,~~627~~231 for the three months ended ~~September~~March 3031, ~~2021~~2022 compared to $~~133~~99,~~706~~128 for the three months ended ~~September30~~March 31, ~~2020~~2021, ana ~~increase~~decrease of $465,~~921, or 3~~897.~~6%.~~ Royalties ~~increased~~decreased due to primarily to anlack ~~increase~~of inHooters sales ofin ~~our~~2022 ~~Bellissima~~compared ~~products~~to 2021.

~~Investor~~Fulfillment ~~relations~~costs

~~Investor~~Fulfillment ~~relations~~costs expenses were $12122,~~513~~820 for the three months ended ~~September~~March 3031, ~~2021~~2022 and ~~were negative~~ $31140,~~392~~000 for the three months ended ~~September~~March 3031, ~~2020~~2021. The ~~negative~~decrease ~~balance in 2020~~ was arelated ~~result~~to oflower ~~certain~~QVC ~~credits~~sales ~~and~~in we2022 ~~expect~~compared ~~that~~to ~~spending on Investor Relations will increase over the next year~~2021.

Marketing and Advertising

Marketing and advertising expenses were $386,385 for the three months ended September 30, 2021 and $322,479 for the three months ended September 30, 2020, an increase of $63,906 or approximately 19%. The increase is due spending to increase visibility of our products through website design and distributor promotions.

Travel and Entertainment

Travel and entertainment expenses were $~~109~~87,~~167~~755 for the three months ended ~~September~~March 3031, ~~2021~~2022 and $112,~~281~~843 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $~~107~~74,~~886~~912. The increase was a result of limited travel during the three months ended ~~September~~March 3031, ~~2020~~2021 due to the COVID-19 environment. During the three months ended ~~September~~March 3031, ~~2021~~2022, our personnel attended numerous product development events.

Other Operating Expenses

Other operating expenses were $13,~~586~~452,~~566~~209 for the three months ended ~~September~~March 3031, ~~2021~~2022 and $~~220~~359,~~230~~346 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $13,~~366~~092,~~336~~863 or approximately ~~620~~861%. The increase was primarily related to $~~780~~796,~~000~~600 of ~~operating~~amortization ~~cost~~of ~~associated~~intangibles, ~~with~~and ~~our~~$280,798 ~~acquisition~~of equity based compensation expense and approximately $1.9 million of ~~TopPop~~general and anadministrative ~~increase~~expenses inof ~~salary~~newly-acquired ~~costs~~TopPop which consists of approximately $~~250~~896,000 ~~due~~of topayroll ~~hiring~~and ~~additional~~related ~~personnel~~expenses and approximately $400,000 of rent expense.

12Selling ~~Table~~and ~~of Contents~~marketing

~~Net~~Marketing ~~Operating~~and ~~Income/Loss~~advertising expenses were $351,977 for the three months ended March 31, 2022, and $121,168 for the three months ended March 31, 2021, an increase of $230,809. The increase resulted from spending to increase the visibility of our products through website design and distributor promotions.

We had a (loss) from operations of ($3,345,342) for the three months ended September 30, 2021 and ($637,901) for the three months ended September 30, 2020, an increase of $2,707,441 or approximately 424%. Net operating (loss~~) increased as set forth above.~~

~~Other~~We ~~Income~~had ~~(Expense)~~a loss from operations of $2,968,606 for the three months ended March 31, 2022 and $679,238 for the three months ended March 31, 2021, an increase of $2,289,368 or approximately 337%. In the categories above there were non-cash expenses that totaled $1,403,999 and are included in the loss of from operations of $2,968,606 as compared to a loss from operations in 2021 of $679,238, which included non-cash items of $155,840.

We29 ~~had~~Table ~~Other Expense~~ of $475,247 for the three months ended September 30,2021, primarily due to interest expense of $452,539, compared to Other Expense of $557, 307 for the three months ended September 30, 2020, primarily due to a loss on investment.Contents

~~Net~~Other ~~(income)~~Income ~~Loss~~and ~~attributable to Noncontrolling Interests in Subsidiaries~~ Expense

~~Net~~We ~~income~~had ~~attributable~~interest toexpense ~~noncontrolling interests in subsidiaries represented 49%~~ of ~~the~~$183,134 ~~net loss of Bellissima and BiVi (of which we own 51%) and is accounted~~ for ~~as a reduction in~~ the ~~net loss attributable to our company. Net (Loss) for the~~ three months ended ~~September~~March 3031, ~~2021~~2022 ~~was~~and ~~$56,119~~gain ~~compared~~on toforgiveness aof ~~net~~PPP ~~income~~loan of $2328,~~893~~458 for the three months ended ~~September~~March 3031, 2021.

Net (income) loss attributable to Noncontrolling Interests in Subsidiaries

Net income (loss) attributable to noncontrolling interests in subsidiaries represented 49% of the net loss of Bellissima and BiVi (of which we own 51%) and is accounted for as a reduction in the net loss attributable to our Company. Net loss for the three months ended March 31, 2022 was $93,819 compared to a net income of $16,174 for the three months ended March 31, 2021.

Net Loss Attributable to Iconic Brands, Inc.

The net loss attributable to Iconic ~~Brands, Inc.~~ was ($3,~~657~~057,~~565)~~921 for the three months ended ~~September~~March 3031, ~~2021~~2022 and ($1666,~~219,101)~~954 for the three months ended ~~September~~March 3031, ~~2020~~2021, an increase of $2,~~438~~390,~~464~~967 or approximately ~~200~~358%. The net loss from Iconic ~~Brands~~ increased primarily as a result of the items described above.

Results of Operations for the Nine Months Ended September 30, 2021 and 2020

Introduction

We had sales of $4,065,884 for the nine months ended September 30, 2021, compared to $2,173,684 for the nine months ended September 30, 2020, an increase of $1,892,200. Our operating expenses were $6,932,029 for the nine months ended September 30, 2021, compared to $3,411,371 for the nine months ended September 30, 2020, an increase of $3,520,658 or approximately 103%. Our net operating (loss) was ($6,138,615) for the nine months ended September 30, 2021, compared to ($2,571,408) for the nine months ended September 30, 2020, an increase of $3,567,207 or approximately 139%. A significant amount of these increases relate to the inclusion of the results of TopPop for the period from July 26, 2021 to September 30, 2021 and are detailed below.

Our operations for the nine months ended September 30, 2021 and 2020 were as follows:

ICONIC BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Nine months ended September 30,
	2021			2020			Increase / Decrease
REVENUE
Sales	$	4,065,884		$	2,173,684		$	1,892,200
Cost of goods sold		2,794,927			850,249			1,944,678
Gross Profit		1,270,957			1,323,435			(52,478	)
OPERATING EXPENSES
Officers compensation		1,847,840			311,250			1,536,590
Professional and consulting fees		1,408,425			792,205			616,220
Royalties		345,162			171,254			173,908
Investor relations		212,120			525,448			(313,328	)
Marketing and advertising		598,972			597,652			1,320
Travel and entertainment		128,195			20,471			107,724
Other operating expenses, including occupancy		2,391,315			993,091			1,398,224
Total operating expenses		6,932,029			3,411,371			3,520,658
Loss from operations		(5,661,072	)		(2,087,936	)		(3,573,136	)
Other income (expense):
Gain on forgiveness of PPP loan		28,458			-			(28,458	)
Interest and amortization expense		(483,293	)		-			483,293
Loss on investment in and receivable from Can B Corp		-			(483,472	)		(483,472	)
Other expense, net		(22,708	)		-			22,708
Total other income (expense)		(477,543	)		(483,472	)		5,929
Net loss	$	(6,138,615	)	$	(2,571,408	)		(3,567,207	)
Net (loss) income attributable to noncontrolling interests in subsidiaries and variable interest entity	$	(138,078	)	$	37,321			175,399
Net (loss) attributable to Iconic Brands, Inc.	$	(6,000,537	)	$	(2,608,729	)		(3,391,808	)

Sales

Our sales are comprised of sales of BiVi Sicilian Vodka, Bellissima Prosecco and Sparkling Wine, the line of Hooters brand products and our RTF TopPop products. Sales were $4,065,884 for the nine months ended September 30, 2021, and $2,173,684 for the nine months ended September 30, 2020, an increase of $1,892,200 or approximately 87%. The increase of $1,892,200 is due primarily to a $2,045,000 increase in sales from our newly acquired TopPop products, offset by a decrease of $152,800 in sales of our alcohol-related products.

13 Table of Contents

Cost of Sales

Cost of sales was $2,794,927, or approximately 69% of sales, for the nine months ended September 30, 2021, and $850,249, or approximately 39% of sales, for the nine months ended September 30, 2020. Cost of sales includes the cost of the products purchased from our suppliers, freight-in costs and import duties. The significant increase in cost of goods as a percentage of sales, year over year, is due to the change in product mix in 2021 because of our TopPop acquisition. Cost of goods for the nine months ended September 30, 2021, for our alcohol sales remains at approximately 39%, which is similar to the prior year, while the costs associated with our TopPop acquisition were approximately 95% during the nine months ended September 30, 2021, due to significant labor costs and write down of perishable items as the summer production season winds down. The historical cost of goods for TopPop products is approximately 65% and we expect to achieve that margin in future quarters.

Officers Compensation

Officers’ compensation was $1,847,840 for the nine months ended September 30, 2021 and $311,250 for the nine months ended September 30, 2020. This increase of $1,536,590 was due to the hiring of 4 additional employees and the one-time payment to an officer for the purchase of such officer’s interest in United Spirits which was acquired from such officer as part of the TopPop financing and acquisition transactions.

Professional and Consulting Fees

Professional and consulting fees were $1,408,425 for the nine months ended September 30, 2021, and $792,205 for the nine months ended September 30, 2020, an increase of $616,220. Professional and consulting fees consist primarily of legal and, accounting and auditing services. The increase of $616,220 from 2020 to 2021 was related to costs associated with the various acquisition and financing transactions contemplated or completed in 2021.

Royalties

We expensed royalties of $345,162 for the nine months ended September 30, 2021, compared to $171,254 for the nine months ended September 30, 2020, an increase of $173,908, or 102%. Royalties increased due primarily to recognition of a $135,000 minimum royalty due on one of our product lines.

Investor relations

Investor relations expenses were $212,120 for the nine months ended September 30, 2021 and were $525,448 for the nine months ended September 30, 2020. The decrease of $313,328 is primarily due to less spending in 2021; however, we expect our investor relations spending for the remainder of 2021 and full year 2022 will significantly increase following our TopPop acquisition.

Marketing and Advertising

Marketing and advertising expenses were $598,972 for the nine months ended September 30, 2021, and $597,652 for the nine months ended September 30, 2020, an increase of $1,320.

Travel and Entertainment

Travel and entertainment expenses were $128,195 for the nine months ended September 30, 2021, and $20,471 for the nine months ended September 30, 2020, an increase of $107,724. The increase was a result of limited travel during the nine months ended September 30, 2020, due to the COVID-19 environment. During the nine months ended September 30, 2021, our personnel attended numerous product development events.

Other Operating Expenses

Other operating expenses were $2,391,315 for the nine months ended September 30, 2021, and $993,091 for the nine months ended September 30, 2020, an increase of $1,398,224 or approximately 141%. The increase was primarily related to $780,000 of operating cost associated with our acquisition of TopPop and an increase in salary costs of approximately $350,000 due to hiring additional personnel.

14 Table of Contents

Net Operating Income/Loss

We had a (loss) from operations of ($5,661,072) for the nine months ended September 30, 2021, and ($2,087,936) for the nine months ended September 30, 2020, an increase of $3,573,136 or approximately 171%. Net operating (loss) increased as set forth above.

Other Income (Expense)

We had Other Expense of $477,543 for the nine months ended September 30,2021, primarily due to interest expense of $483,293, while we had Other Expense of $483,472 for the nine months ended September 30, 2020, primarily due to a loss on investment.

Net (income) Loss attributable to Noncontrolling Interests in Subsidiaries

Net income attributable to noncontrolling interests in subsidiaries represented 49% of the net loss of Bellissima and BiVi (of which we own 51%) and is accounted for as a reduction in the net loss attributable to us. Net (Loss) for the nine months ended September 30, 2021 was ($138,078) compared to net income of $37,321 for the nine months ended September 30,2021, Prior to the acquisition of TopPop we consolidated the results of United Spirits as a variable Interest Entity in our financial statements. With the acquisition of TopPop, we also acquired United Spirits and the there is no longer a Noncontrolling Interest associated with this entity, as it is now a 100%-owned subsidiary.

Net Loss Attributable to Iconic Brands, Inc.

The net loss attributable to Iconic Brands, Inc. was ($6,000,537) for the nine months ended September 30, 2021 and ($2,608,729) for the nine months ended September 30, 2020, an increase of $3,391,808 or approximately 130%. The net loss from Iconic Brands increased primarily because of the items described above.

Liquidity and Capital Resources

Introduction

During the ~~nine~~three months ended ~~September~~March 3031, ~~2021,~~2022 and ~~September 30~~2021, ~~2020,~~ we had negative operating cash flows. Our cash on hand as of ~~September~~March 3031, ~~2021~~2022, was $57,~~682~~589,~~650~~114. ~~Our~~We ~~monthly~~raised ~~cash~~$11 ~~flow~~million, ~~burn~~net ~~rate~~of ~~for 2021 was approximately $400~~fees,~~000,~~ ~~and~~through ~~our~~the ~~monthly~~funding ~~burn~~of ~~rate through~~ the ~~three~~second ~~months~~tranche ~~ended~~of ~~September~~the ~~30,~~equity ~~2021~~financing ~~was~~on ~~approximately~~January ~~$800~~5,~~000~~ 2022. We have strong medium- to long -term cash needs. We anticipate that these needs will be satisfied through ~~the~~our ~~funding~~cash offlows ~~the~~from ~~second~~operations ~~tranche~~and ofadditional ~~the equity~~ financing ~~that~~activities, weas ~~entered~~necessary. ~~into~~Furthermore, onof ~~July~~the 26$4,458,387 ~~2021~~of ~~until~~general ~~such~~and ~~time~~administrative asexpenses, ~~our~~$1,403,999 was non-cash ~~flows~~related ~~from~~and ~~operations~~we ~~will~~expect ~~satisfy~~to ~~our~~increase ~~cash~~sales ~~flow~~in ~~needs~~future periods.

Our cash, current assets, total assets, current liabilities, and total liabilities as of ~~September~~March 3031, ~~2021~~2022 and December 31, ~~2020~~2021, respectively, were as follows: (Note that there are significant changes to these balances since December 31, 2020, as a result of the acquisition of TopPop and the full Balance Sheet should be reviewed in conjunction with this table).

September 30,

December 31,

March 31,

December 31,

2021

2020

Change

2022

2021

Change

Cash

57,~~682~~589,~~650~~114

~~457~~2,~~041~~190,814

5,~~225~~398,~~609~~300

Total Current Assets

1215,~~513~~328,~~358~~980

14,~~298~~346,~~999~~003

1110,~~214~~982,~~359~~977

Total Assets

5465,~~688~~145,~~379~~719

150,~~354~~706,~~892~~656

5314,~~333~~439,~~487~~063

Total Current Liabilities

812,~~941~~328,~~546~~341

316,~~183~~650,~~015~~909

5(4,~~758~~322,~~531~~568

)

Total Liabilities

3037,~~418~~905,~~605~~530

331,~~183~~593,~~015~~601

276,~~235~~311,~~590~~929

15Our ~~Table~~cash increased $5,398,300 and total current assets increased $10,982,977. Our total current liabilities decreased $4,322,568, which represents our recognition of ~~Contents~~the contingent consideration from current to noncurrent liability of approximately $8.2 million, partially offset by increase in accounts payable and notes payable. Our total liabilities increased $6,311,929 as a result of an increase in operating lease liability of $2.6 million from the new TopPop lease, an increase of approximately $2 million in notes payable and an increase in accounts payable and accrued expenses of approximately $1.8 million. Our stockholders’ equity increased from $19,113,055 to $27,240,189 due primarily to recognition of certain intangible assets associated with the TopPop acquisition (see full Balance Sheet for comparison).

~~Our~~In ~~cash~~order ~~increased~~to ~~$5,225,609~~repay ~~and total current assets increased $11,214,359. Our total current liabilities increased $6,818,200 as~~ our ~~notes~~obligations ~~payable~~in ~~and~~full ~~operating~~or ~~lease~~in ~~liabilities~~part ~~increased.~~when ~~Our total liabilities increased $27~~due,~~235,590~~ aswe amay ~~result~~be ofrequired ~~recognition~~to ofraise ~~contingent~~significant ~~payments~~capital ~~associated with the TopPop acquisition. Our stockholders’ equity increased~~ from aother ~~deficit~~sources ofand ~~$(1,828,123)~~ to ~~$24,269,774~~execute ~~due~~on ~~primarily~~our tobusiness ~~recognition~~plans offor ~~certain~~TopPop. ~~intangible~~There ~~assets~~is ~~associated~~no ~~with~~assurance ~~the~~that ~~TopPop~~we ~~acquisition~~will ~~(see~~be ~~full~~successful ~~Balance~~in ~~Sheet~~these ~~for comparison)~~efforts.

In order to repay our obligations in full or in part when due, we may be required to raise significant capital from other sources and to execute on our business plans for TopPop. There is no assurance, however, that we will be successful in these efforts. Please see the Risk Factors beginning on page 18.

Cash Requirements

Our cash on hand as of ~~September~~June 30, ~~2021~~2022 was approximately $54,~~682~~839,~~650~~000. We anticipate that the funding from financing activities and product sales will be enough to sustain us for the next 12 months. In addition, holders approximately $3.55 million of the TopPop Notes have indicated that they will not seek cash settlement prior to August 2023. The Company has not received any demand for payment on any of the other notes.

Table of Contents

Sources and Uses of Cash

Operations

Our net cash (used in) operating activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022 and ~~2020~~2021 was $(45,~~145~~726,~~906)~~984 and $(1101,~~037~~300,~~220),~~ respectively, an increase of $5,625,684. Changes to working capital included increases of $3,~~108~~177,~~686~~755 related to accounts receivable and $1,953,368 for inventory, partially offset by a decrease of $1,769,095 related to accounts payable and accrued expenses. The ~~increase~~net inloss was further offset by non-cash ~~used~~transactions inof ~~operations~~$280,798 ~~was~~related ~~primarily~~to ~~due~~equity compensation, $796,600 related to ~~increased~~amortization ~~operating~~of ~~loss~~intangibles, $201,253 of amortization of right of use assets and $78,348 of depreciation of fixed assets.

Investments

For the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022 we (used) cash for investing activities of $(41,~~547~~833,~~770).~~396 ~~This cash was used~~ for the purchase of ~~TopPop~~fixed assets and ~~United~~leasehold ~~Spirits~~improvements. There ~~For~~was ~~the~~no ~~nine~~cash ~~months ended September 30, 2020, we~~ used ~~cash~~during ~~for investing activities of $19,708 for~~ the ~~purchase~~three ofmonths ~~furniture~~ended ~~and~~March ~~equipment~~31, 2021.

Financing

Our net cash provided from financing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022 was $1312,~~919~~958,~~285~~680 compared to ~~$1,292,390 of~~ cash ~~provided~~used byof ~~financing~~$11,921 ~~activities~~ for the ~~nine~~three months ended ~~September~~March 3031, ~~2020~~2021. The large inflow of cash in ~~2021~~2022 ~~represents~~resulted from the Financing Transaction (detailed herein under “Recent Developments”) of the second tranche on ~~July~~January 265, ~~2021~~2022.

Off-Balance Sheet Arrangements; Commitments and Contractual Obligations

As of September 30, 2021, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or contractual obligations.

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company, we are not required to provide the information required by this Item.

16 Table of Contents

ITEM 4 Controls and Procedures

(a) Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer and our Principal Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined) in Exchange Act Rules 13a - 15(c) and 15d - 15(e). Based upon that evaluation, our Principal Executive Officer and our Principal Financial Officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective tobecause ~~ensure~~of ~~that~~the ~~information~~material ~~required~~weaknesses ~~to be disclosed~~ in ~~reports~~our ~~filed~~internal ~~under~~control ~~the~~over ~~Securities~~financial ~~Exchange~~reporting ~~Act of 1934,~~ as ~~amended~~described ~~(the~~in ~~“Exchange~~Item ~~Act”)~~9A isin ~~recorded,~~our ~~processed,~~Annual ~~summarized~~Report ~~and~~on ~~reported~~Form ~~within~~10-K for the ~~required~~fiscal ~~time~~ended ~~periods~~December ~~and~~31, ~~is accumulated and communicated to our management~~2021, ~~including~~filed ~~our~~with ~~Principal~~the ~~Executive~~SEC ~~Officer~~on ~~and~~June ~~Principal Financial Officer~~15, ~~as appropriate to allow timely decisions regarding required disclosure~~2022.

Our Principal Executive Officer and our Principal Financial Officer ~~does~~do not expect that our disclosure controls or internal controls will prevent all error and all fraud. Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives and our Principal Executive Officer and our Principal Financial Officer ~~has~~have determined that our disclosure controls and procedures are effective at doing so, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented if there exists in an individual a desire to do so. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Furthermore, smaller reporting companies face additional limitations. Smaller reporting companies employ fewer individuals and find it difficult to properly segregate duties. Often, one or two individuals control every aspect of the company’s operation and are in a position to override any system of internal control. Additionally, smaller reporting companies tend to utilize general accounting software packages that lack a rigorous set of software controls.

(b) Changes in Internal Control over Financial Reporting

No change in our system of internal control over financial reporting occurred during the period covered by this report, the three month period ended ~~September~~March 3031, ~~2021~~2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

1731 Table of Contents

PART II - OTHER INFORMATION

ITEM 1 Legal Proceedings

From time to time, we may be subject to litigation and claims arising in the ordinary course of business. We are not currently a party to any material legal proceedings and we are not aware of any pending or threatened legal proceeding against us that we believe ~~could~~will have a material adverse effect on our business, operating results, cash flows or financial condition.

On April 7, 2022, the Office of the Attorney General of the State of New Jersey, Department of Law and Public Safely, Division of Alcoholic Beverage Control issued to TopPop a Notice of Charges (the “Notice”) wherein the New Jersey Division of Alcoholic Beverage Control Board (the “Division”) alleged that TopPop has committed certain violations of its permit issued by the Division for TopPop’s manufacturing facilities located in Marlton, New Jersey. In the Notice, the Division alleged that TopPop (i) allowed such manufacturing facilities to be used in furtherance of, or to aid, an illegal activity or enterprise, and (ii) sold and delivered, or allowed the sale, service, delivery and consumption, of alcoholic beverages beyond the scope of TopPop’s license, and conducted business with companies outside the scope of the license in an area which was not designated or described by TopPop in its license application as a place to be licensed for such sale, service or delivery of alcoholic beverages. The total penalty sought by the Division is a 90-day suspension of TopPop’s permit for that manufacturing facility.

We are in preliminary discussions with the Division regarding a possible settlement of these proceedings. We intend to investigate the claims of the Division and, depending upon our findings, to seek a mutually acceptable resolution to this matter. Although the results of our investigation and of our future discussions with the Division cannot be predicted with certainty, we plan to vigorously pursue a settlement option and believe that the final outcome of this matter will not have a material adverse effect on our business, results of operations or financial condition.

ITEM 1A Risk Factors

There have been no material changes in our risk factors from those disclosed in “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2020~~2021 except ~~as set forth in “Part II. Item 1A. Risk Factors” in our Quarterly Reports on Form 10-Q~~ for the ~~quarterly~~risk ~~periods~~noted ~~ended March 31, 2021 and June 30, 2021 and as described~~ below. The risk factors described in our Annual Report on Form 10-K ~~and subsequent Quarterly Reports on Form 10-Q, in addition to other information set forth below and in this report,~~ could materially affect our business operations, financial condition, or liquidity. Additional risks and uncertainties not currently known to us or that we currently believe are immaterial may also impair our business operations, financial condition, and liquidity.

We ~~face~~are ~~significant~~currently ~~risks~~in ~~relating~~default on our 10% promissory notes, and if we are unable to resolve such default, it could have an adverse impact on our ~~recent~~business, ~~acquisition~~results of operations and financial condition and is likely to negatively impact the price of our common stock.

WeIn ~~recently~~connection ~~completed~~with aour ~~merger~~July ~~transaction~~2021 inacquisition ~~which~~of 100% of the equity of TopPop, ~~and~~on ~~certain~~July ~~other~~26, ~~parties~~2021, ~~sold~~we issued to usthe ~~and~~sellers wepromissory ~~acquired,~~notes ~~all~~in the aggregate principal amount of $4,900,000 (the ~~issued~~“TopPop Notes”). The TopPop Notes bear interest at the rate of 10% per annum, matured on July 26, 2022 and are secured by all of the outstanding membership ~~interests~~interest ofin TopPop. ~~This~~Under ~~recent~~the ~~transformative~~terms ~~acquisition~~of ~~involves~~the TopPop Notes, we have a ~~number~~five-day grace period to July 31, 2022 before an event of ~~significant~~default ~~risks~~under ~~and~~the ~~uncertainties~~TopPop ~~that~~Notes occurs. Upon an event of default under the TopPop Notes, the holders of such TopPop Notes may ~~adversely~~exercise ~~affect~~all usrights and remedies available under the terms of the TopPop Notes or applicable laws, including to foreclose on certain collateral consisting of the ~~following:~~membership interests of TopPop. On July 26, 2022, the total principal amount outstanding under the TopPop Notes was $4,900,000, exclusive of accrued and unpaid interest.

·We ~~inability~~are tocurrently ~~realize~~in ~~anticipated~~discussions ~~synergies~~with orholders ~~other~~of ~~expected~~the ~~benefits~~TopPop orNotes ~~cost~~regarding ~~savings;~~possible ·solutions ~~diversion~~for the payment of ~~financial~~the ~~resources~~TopPop toNotes, including the ~~new~~possible ~~operations~~extension orof ~~acquired~~the ~~businesses;~~maturity ·date ~~failure~~of tothe ~~successfully~~TopPop ~~integrate~~Notes ~~acquired~~for ~~systems,~~an ~~business~~additional ~~processes,~~year. ~~policies~~There ~~and~~can ~~procedures;~~be ·no ~~exposure~~assurance tothat ~~unknown~~our ~~liabilities~~discussions ~~and~~will ~~unforeseen~~be ~~costs~~successful ~~that~~and ~~were~~if we are not ~~discovered~~successful ~~during~~in ~~due~~finding ~~diligence;~~an ·acceptable ~~potential~~resolution ~~loss~~to ofthe ~~key~~existing ~~employees~~default or the impending event of default, ~~suppliers~~the ornoteholders ~~customers;~~will ·be ~~other~~able ~~challenges~~to ~~associated~~seek ~~with~~judgement ~~managing~~for the ~~larger,~~full ~~more~~amount ~~complex~~due and ~~integrated~~may ~~combined~~seek ~~businesses;~~to ~~and~~foreclose ·on ~~Potential~~our ~~delays~~assets. inIf ~~the~~this ~~opening~~occurs, ofany ~~the~~such ~~new~~remedy ~~TopPop~~will ~~manufacturing~~have ~~facility~~a ~~due~~material toadverse ~~regulatory~~effect ~~and~~on ~~equipment~~our ~~factors~~business, ~~such~~results asof ~~late~~operations ~~issuance~~and byfinancial condition and is likely to negatively impact the ~~State~~price of ~~New~~our ~~Jersey~~common stock. Holders of ~~alcohol~~approximately ~~manufacturing~~$3.55 ~~and~~million ~~licensing~~of ~~approvals~~these ornotes ~~supply~~have ~~chain~~agreed ~~delays~~to inextend the ~~delivery~~term offor ~~new~~30 ~~capital~~days ~~equipment~~and have indicated that they will not seek cash settlement prior to August 2023.

If one or more of these risks and uncertainties were to materialize, we could experience reduced sales, higher costs, lower profitability and other adverse impacts to our operations and businesses.

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds

~~Except~~We ~~as set forth below or previously reported on a Current Report on Form 8-K, we~~ had no unregistered sales of equity securities during the ~~period~~three ~~from~~months ~~June~~ended ~~30,~~March ~~2021~~31, to2022 ~~November~~that ~~15,~~have ~~2021~~not been previously disclosed.

On October 12, 2021, we issued 360,000 shares of restricted common stock to suppliers of the Company

The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, there was no solicitation, and the investors were accredited or sophisticated.

ITEM 3 Defaults Upon Senior Securities

None.

ITEM 4 Mine Safety Disclosures

Not applicable.

ITEM 5 Other Information

None.

1832 Table of Contents

ITEM 6 Exhibits

(a) Exhibits

		Incorporated by Reference
Exhibit No.	Description of Exhibits	Form	Filing Date	Exhibit Number
3.1	Certificate of Amendment to Certificate of Incorporation of Iconic Brands, Inc., dated August 19, 2021.	8-K	September 17, 2021	3.1
4.1	Certificate of Designation of Series A-2 Convertible Preferred Stock.	8-K	July 27, 2021	3.1
10.1	Acquisition Agreement, dated as of July 26, 2021, by and among Iconic Brands, Inc., TopPop LLC, FrutaPop LLC, Innoaccel Investments LLC, and Thomas Martin.	8-K	July 27, 2021	10.1
10.2	Form of Promissory Note, dated as of July 26, 2021, relating to the $4,900,000.00 aggregate principal amount of promissory notes of Iconic Brands, Inc.	8-K	July 27, 2021	10.2
10.3	Form of Pledge Agreement, dated as of July 26, 2021, with Iconic Brands, Inc.	8-K	July 27, 2021	10.3
10.4	Form of Securities Purchase Agreement, dated as of July 26, 2021, by and among Iconic Brands, Inc. and the signatories thereto.	8-K	July 27, 2021	10.4
10.5	Form of Common Stock Purchase Warrant, dated as of July 26, 2021, by and among Iconic Brands, Inc. and the signatories thereto.	8-K	July 27, 2021	10.5
10.6	Form of Registration Rights Agreement, dated as of July 26, 2021, by and among Iconic Brands, Inc. and the signatories thereto.	8-K	July 27, 2021	10.6
10.7	Form of Exchange Agreement, dated as of July 26, 2021, by and among Iconic Brands, Inc. and the signatories thereto.	8-K	July 27, 2021	10.7
10.8	Form of Lock-Up Agreement, dated as of July 26, 2021, by and among Iconic Brands, Inc. and the signatories thereto.	8-K	July 27, 2021	10.8
10.9	Exchange Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and Richard DeCicco, as holder of the Iconic Brands, Inc.’s one (1) issued and outstanding share of Series A Preferred Stock.	8-K	July 27, 2021	10.9
10.10	Securities Purchase Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and Richard DeCicco, as owner of one hundred percent (100%) of the issued and outstanding capital stock of United Spirits, Inc.	8-K	July 27, 2021	10.10
10.11	Amended and Restated Limited Liability Company Agreement of Bellissima Spirits LLC, dated as of July 26, 2021.	8-K	July 27, 2021	10.11
10.12	Amended and Restated Limited Liability Company Agreement of BiVi LLC, dated as of July 26, 2021.	8-K	July 27, 2021	10.12
10.13	Redemption Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and Jason DiPaola, dated as of July 26, 2021.	8-K	July 27, 2021	10.13
10.14	Redemption Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and 32 Entertainment LLC.	8-K	July 27, 2021	10.14
10.15	Waiver Agreement, dated as of July 26, 2021, by and among Iconic Brands, Inc., The Special Equities Opportunity Fund, LLC, Anson Investments Master Fund LP, Joseph Reda, and Gregory Castaldo.	8-K	July 27, 2021	10.15
10.16	Employment Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and Richard DeCicco.	8-K	July 27, 2021	10.16
10.17	Employment Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and Roseann Faltings.	8-K	July 27, 2021	10.17
10.18	Employment Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and Larry Romer.	8-K	July 27, 2021	10.18
10.19	Employment Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and David Allen.	8-K	July 27, 2021	10.19
10.20	Employment Agreement, dated as of July 26, 2021, by and between Iconic Brands, Inc. and John Cosenza.	8-K	July 27, 2021	10.20
31.1	Certification by Principal Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification by Principal Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

1933 Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Iconic Brands, Inc.
Dated: November 22, 2021	By:	/s/ Larry Romer
Dated: August 2, 2022	By:	/s/ Tom Martin
		Larry Romer
		Tom Martin
	Its:	Chief Executive Officer

Dated: November 22, 2021	By:	/s/ David Allen
Dated: August 2, 2022	By:	/s/ David Allen
		David Allen
	Its:	Chief Financial Officer

2034

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