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(&#8220;nDivision&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of the state of Texas. nDivision&#8217;s registered office is located at 7301 N. State Highway 161, Suite 100, Irving, TX, 75039. The Company provides managed IT services and project-based professional services in the information technology industry, selling its services directly to customers and through global service providers (GSP). The Company operates in most states of the United States of America.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">nDivision Inc. (&#8220;nDivision&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of the state of Texas. nDivision&#8217;s registered office is located at located at 7301 N. State Highway 161, Suite 100, Irving, TX, 75039. The Company provides managed IT services and project-based professional services in the information technology industry, selling its services directly to customers and through global service providers (GSP). The Company operates in most states of the United States of America.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">On February 13, 2018, Go2Green Landscaping, Inc., a Nevada corporation (the &#8220;Registrant&#8221;) executed an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) with nDivision Inc., and NDI Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of the Registrant (&#8220;Acquisition&#8221;) whereby Acquisition was merged with and into nDivision (the &#8220;Merger&#8221;) in consideration for Twenty Seven Million Five Hundred Thousand (27,500,000) newly-issued shares of Common Stock of the Company (the &#8220;Merger Shares&#8221;). </p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">As a result of the Merger, nDivision became a wholly-owned subsidiary of the Registrant and following the consummation of the Merger and giving effect to the issuance of the Merger Shares and the retirement of 10,000,000 shares of the then 14,400,000 shares issued and outstanding of the Registrant by its principal stockholders, the stockholders of nDivision beneficially owned approximately seventy percent (70%) of the issued and outstanding Common Stock of the Registrant.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">For accounting purposes, nDivision was deemed to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of the Company. Accordingly, nDivision&#8217;s assets, liabilities and results of operations are the historical consolidated financial statements of the Company and the Company&#8217;s assets, liabilities and results of operations are consolidated with nDivision effective as of the date of the Merger. No step-up in basis or intangible assets or goodwill was recorded in this transaction.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">On February 26, 2018, the Company executed an Asset Purchase Agreement (the &#8220;Agreement&#8221;) with Gamwell Technologies Inc., a Texas corporation (&#8220;Gamwell&#8221;). Gamwell is engaged in the business of providing managed services, VIOP telephone, security consulting and professional services to its customers.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">As a result of the Agreement, nDivision acquired various managed services contracts (the &#8220;Purchased Contracts&#8221;) from Gamwell. As consideration for the Purchased Contracts, nDivision paid $800,000 (the &#8220;Cash Consideration&#8221;) to Gamwell. In addition, Gamwell received a promissory note (the &#8220;Promissory Note&#8221;) in an amount that equals fourteen (14) multiplied by the closing monthly recurring revenue from managed services. The Promissory Note was originally estimated at approximately $191,177 based on the closing monthly recurring revenue. Gamwell also received warrants (the &#8220;Warrants&#8221;) to purchase common stock of the Company equal to one fourth percent (0.25%) of the outstanding stock of the Company as of the agreement date. The Warrants were valued at approximately $21,158. The consideration for the contracts purchased was approximately $1,012,335. The Cash Consideration, Promissory Note and Warrants shall be defined as the &#8220;Purchase Price&#8221; and can be adjusted after one year, based on the newly calculated monthly recurring revenue. </p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The Company calculated an approximate 3% decline in the purchased contracts monthly recurring revenue and recognized a gain in contingent consideration of $30,757 and reduced the loan $30,757.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">Since February 13, 2018, the Company has sold 9,336,625 shares of the Registrant&#8217;s common shares at approximately $0.375 - $0.45 per share for $3,503,738. There were no material fees paid in association with these shares being sold.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">On April 9, 2018, the parent company Go2Green Landscaping, Inc. changed its name to nDivision Inc. and changed the ticker symbol to NDVN.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has experienced significant losses and negative cash flows from operations in the past. 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As of September 30, 2020, the Company has no factored invoices.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management intends to finance operating costs over the next twelve months from the date of the issuance of these unaudited condensed consolidated financial statements with existing cash on hand and debt. With the prepayment of annual services from two customers, the current monthly recurring revenue and the existing cash on hand, management believes the expected cash flow from operations and cash on hand will be sufficient to finance operations over the next twelve months from the date of this report.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In December 2019, a novel strain of coronavirus (COVID-19) surfaced. The spread of COVID-19 around the world in 2020 has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies and, as such, as of August 12^th the Company has transition its operations to 100% work from home and there has been minimal impact to our internal operations from the transition. The Company is unable to determine if there will be a material future impact to its customers&#8217; operations and ultimately an impact to the Company&#8217;s overall revenues.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;"></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company has experienced significant losses and negative cash flows from operations in the past. Management has secured new managed services contracts, implemented a strategy which includes cost reduction efforts, as well as identifying strategic acquisitions to improve the overall profitability and cash flows of the Company.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">During the fiscal year ended December 31, 2019, the Company sold 745,778 shares of common stock at a price of approximately $0.37 - $0.45 per share for $288,000.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company has entered into a factoring agreement to provide short term working capital. The Company receives 90% of the factored receivables for a fee of 1.9% of the factored invoice. As of March 24, 2020, the Company has no factored invoices. </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Management intends to finance operating costs over the next twelve months from the date of the issuance of these consolidated financial statements with existing cash on hand, expected cash flow from operations and short-term debt from the factoring of receivables. With the prepayment of annual services from two customers, the current monthly recurring revenue and the existing cash on hand, management believes the expected cash flow from operations and cash on hand will be sufficient to finance operations over the next twelve months from the date of this report.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><strong>Basis of Presentation</strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine month period ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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All significant inter-company accounts and transactions are eliminated in consolidation.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Use of Estimates</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management uses estimates and assumptions in preparing these unaudited condensed consolidated financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. 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The Company reclassed $670,884 and $1,972,425 from selling, general and administrative expense to service costs for the three and nine months ended September 30, 2019, respectively.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Revenue Recognition</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For revenue recognition arrangements that we determine are within the scope of Topic ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, we evaluate the goods or services promised within each contract related performance obligation and assess whether each promised good or service is distinct. 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The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company did not record any impairment during the nine months ended September 30, 2020 and 2019.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Concentration of Risk</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Financial instruments, which potentially subject the Company to concentrations of credit risk, are cash and accounts receivable. 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The beneficial conversion feature guidance requires recognition of the conversion option&#8217;s in-the-money portion, the intrinsic value of the option, in equity, with an offsetting reduction to the carrying amount of the instrument. The resulting discount is amortized as interest over the life of the instrument, if a stated maturity date exists, or to the earliest conversion date, if there is no stated maturity date. If the earliest conversion date is immediately upon issuance, the expense must be recognized at inception. 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Potentially dilutive common shares may consist of incremental shares issuable upon the exercise of stock options and warrants and the conversion of notes payable to common stock. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. 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text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">497,833</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">During the year ended December 31, 2019, the Company disposed of $790,803 of equipment and software and related accumulated depreciation of $754,570, for proceeds of $31,699 which resulted in a gain $4,533.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">Depreciation and amortization expense related to owned assets for the fiscal years ended December 31, 2019 and 2018 was approximately $31,614 and $40,698 respectively.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px">Depreciation and amortization expense related to leased assets for the fiscal years ended December 31, 2019 and 2018 was approximately $276,505 and $375,444, respectively.</p></div> <div style="TEXT-ALIGN: justify; 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nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">204,456</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">529,434</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">479,081</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued compensation</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">128,942</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">156,139</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued sales tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">140,683</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">149,821</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued franchise tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5,000</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">35,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued professional fees and other payables</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">204,456</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">197,823</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total accrued liabilities</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">479,081</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">538,783</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has agreements with an unrelated third party for factoring of specific accounts receivable. Under this arrangement, the Company has transferred the relevant receivables to the factor in exchange for cash and is prevented from selling or pledging the receivables. The agreement provides for an advanced rate of 90% with a fee of 1.9% to be charged on the gross face amount of the invoices purchased for 30 days, and an additional 0.06% charge for each additional day until the invoice(s) are paid. The Company has retained late payment and credit risk related to the factored receivables and therefore continues to recognize the factored receivables in their entirety on its balance sheet. The receivables under factoring arrangements are recorded within accounts receivable and factoring credit facility. The Company has recognized $0 and $0 and $9,245 and $16,728 in interest expense related to these arrangements for the three and nine months ended September 30, 2020 and 2019, respectively.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">The Company has agreements with an unrelated third party for factoring of specific accounts receivable. Under this arrangement, the Company has transferred the relevant receivables to the factor in exchange for cash and is prevented from selling or pledging the receivables. The agreement provides for an advanced rate of 90% with a fee of 1.9% to be charged on the gross face amount of the invoices purchased for 30 days, and an additional 0.06% charge for each additional day until the invoice(s) are paid. The Company has retained late payment and credit risk related to the factored receivables and therefore continues to recognize the factored receivables in their entirety on its balance sheet. The receivables under factoring arrangements are recorded within accounts receivable and factoring credit facility. The balance of the accounts receivable amount factored, and the related factor payable are $0 and $169,257 as of December 31, 2019 and 2018, respectively. The Company has recognized $24,676 and $19,011 in interest expense related to these arrangements for the fiscal year ended December 31, 2019 and 2018, respectively.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Finance Lease Obligations</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company finances certain property and equipment using finance leases. These leases range from one to five years. The finance lease obligations represent the present value of the minimum lease payments, net of imputed interest. The finance lease obligations are secured by the underlying leased assets. Leases are payable in monthly installments ranging from $354 to $10,813 including interest, ranging from 3.6% to 13.2% per annum.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Future minimum lease <font style="letter-spacing:-0.05pt">payments, including principal and interest, under the finance leases for subsequent <font style="letter-spacing:-0.05pt">years</font> are as <font style="letter-spacing:-0.05pt">follows:</font></font></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:top;"> <p style="margin:0px"><strong>Year ended</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Remainder of 2020</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">162,958</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2021</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">150,062</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">131,380</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">118,341</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2024</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">63,340</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">626,081</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: interest </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(98,243</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Present value of net minimum lease payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">527,838</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Short term</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">124,231</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Long term total</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">403,607</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Lease payments for the three and nine months ended September 30, 2020 and 2019 aggregated approximately $52,385 and $199,047 and $123,111 and $386,385, respectively.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The finance lease obligations are secured by underlying leased assets with a net book value of approximately $548,153 and $125,553 as of September 30, 2020 and December 31, 2019, respectively. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Operating Lease</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company&#8217;s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option will result in an economic penalty. All of the Company&#8217;s real estate leases are classified as operating leases. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Most real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional four to five years. The exercise of lease renewal options is at the Company&#8217;s discretion. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, 2020 are: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Weighted average remaining lease term</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="MARGIN: 0px; text-align:right;">50 &nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;"> <p style="margin:0px">Months</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Weighted average incremental borrowing rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5.0</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized in the unaudited condensed consolidated balance sheet as of September 30, 2020:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Remainder of 2020 </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">31,617</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2021 </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">105,615</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2022 </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">129,392</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2023 </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">131,859</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2024 </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">120,871</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total undiscounted future minimum lease payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">519,354</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Less: Imputed interest </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(51,489</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Present value of operating lease obligation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">467,865</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has one leased facility which is office, manufacturing, and warehouse space. The Company is responsible for real estate taxes, utilities, and repairs under the terms of certain of the operating leases. Therefore, all lease and non-lease components are combined and accounted for as single lease component. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the three and nine months ended September 30, 2020, the components of lease expense, included in cost of services and general and administrative expenses and the related interest expense in the consolidated statements of operations income, are as follows: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"><strong>&nbsp;</strong></p></td> <td style="BORDER-BOTTOM: black 1px solid;white-space: nowrap;"> <p style="margin:0px"><strong>&nbsp;</strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended September 30, 2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Operating lease cost:</strong> </p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; 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text-align:justify;">Total lease cost</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50,479</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">146,234</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;"><em><strong>Finance Lease Obligations</strong></em></p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The Company finances certain property and equipment using finance leases. 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text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">140,905</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2021</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">20,701</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2022</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">4,082</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">165,688</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Less: interest</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(9,150</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Present value of net minimum lease payments</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">156,538</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Short term</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">129,532</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Long term total</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">27,006</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">Lease payments for the years ended December 31, 2019 and 2018 aggregated approximately $494,691 and $650,620, respectively.</p> <p style="MARGIN: 0px; 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text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The Company has one leased facility which is office, manufacturing and warehouse space. 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A final payment for the unpaid principal and accrued interest will be payable no later than May 2, 2022. The note will bear interest at a rate of 1.00% per annum and is deferred for the first six months of the loan. 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A beneficial conversion feature is defined as a nondetachable conversion feature that is in the money at the commitment date. The beneficial conversion feature guidance requires recognition of the conversion option&#8217;s in-the-money portion, the intrinsic value of the option, in equity, with an offsetting reduction to the carrying amount of the instrument. The resulting discount is amortized as interest over the life of the instrument, if a stated maturity date exists, or to the earliest conversion date, if there is no stated maturity date. If the earliest conversion date is immediately upon issuance, the expense must be recognized at inception. 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The purpose of the 2018 Plan is to provide additional incentives to select persons who can make, are making, and continue to make substantial contributions to the growth and success of the Company, to attract and retain the employment and services of such persons, and to encourage and reward such contributions, by providing these individuals with an opportunity to acquire or increase stock ownership in the Company through either the grant of options or restricted stock. The 2018 Plan is administered by the Compensation Committee or such other committee as is appointed by the Board of Directors pursuant to the 2018 Plan (the &#8220;Committee&#8221;). The Committee has full authority to administer and interpret the provisions of the 2018 Plan including, but not limited to, the authority to make all determinations with regard to the terms and conditions of an award made under the 2018 Plan. The maximum number of shares that may be granted under the 2018 Plan is 8,000,000. 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text-align:right;">6,939,178</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Granted</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2,825,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercised, converted</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Forfeited </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(145,834</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">September 30, 2020</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">9,618,344</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Number of options exercisable at end of period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">5,778,236</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Number of options available for grant at end of period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">3,840,108</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Weighted average option prices per share:</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.30</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Granted during the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.35</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercised during the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Terminated during the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.60</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Outstanding at end of the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.40</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercisable at end of period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.40</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Stock-based compensation expense attributable to stock options was $230,867 and $515,309 for the three and nine month periods ended September 30, 2020 and $149,436 and $420,223 for the three and nine month periods ended September 30, 2019. As of September 30, 2020, there was approximately $1,276,000 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was 3 years.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">During the nine month period ended September 30, 2020, the Company granted options to purchase 625,000 shares of common stock with an average vesting period of 3 years, an average expected life of 6.5 years and an average exercise price of $0.35 per common share. Total value was approximately $250,700.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">On August 4, 2020, the Company issued an option to an employee to purchase up to 2,000,000 shares of common stock at a per common share price of $0.34 per common share and an average expected life of 6.5 years. The option vests over 5 years; 400,000 shares on the employees 12 month anniversary and vests the remaining 1,600,000 shares 1/48^th per month over the following 48 months. Total value of this option was $597,214. These shares were not part of the Shareholder approved stock option plan and issued as an inducement of the employee.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">On August 27, 2020, the Company issued an option to an employee to purchase up to 200,000 shares of common stock at a per common share price of $0.35 per common share and an average expected life of 6.5 years. The option vested immediately. Total value of this option was $61,172. These shares were not part of the Shareholder approved stock option plan and issued as an inducement of the employee.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">During the nine month period ended September 30, 2019, the Company granted options to purchase 1,325,000 shares of common stock with an average vesting period of 3 years, an average expected life of 6.5 years and an average exercise price of $0.61 per common share. Total value was approximately $755,000.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected option life (years)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7.5</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">6.5</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected stock price volatility</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">114-116</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">137-145</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected dividend yield</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">&#8212;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">&#8212;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Risk-free interest rate</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2.07</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">2.40&#8211;2.90 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">The only warrants remaining are related to the Gamwell contract acquisition. 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The 2018 Plan is administered by the Compensation Committee or such other committee as is appointed by the Board of Directors pursuant to the 2018 Plan (the &#8220;Committee&#8221;). The Committee has full authority to administer and interpret the provisions of the 2018 Plan including, but not limited to, the authority to make all determinations with regard to the terms and conditions of an award made under the 2018 Plan. The maximum number of shares that may be granted under the 2018 Plan is 8,000,000. This number is subject to adjustment to reflect changes in the capital structure or organization of the Company.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The following table reflects the stock options for year ended December 31, 2019 and 2018:</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">A summary of stock option activity is as follows:</p> <p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Number of options outstanding:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Beginning of year</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5,901,678</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">752,062</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Granted</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,325,000</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">6,405,314</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Exercised, converted</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Forfeited / exchanged / modification</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(287,500</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(1,225,699</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">End of year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">6,939,178</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5,937,677</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; 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text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"><strong>&nbsp;</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong>&nbsp;</strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px"><strong>&nbsp;</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px"><strong>&nbsp;</strong></p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer A</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">41</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">48</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer C</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">31</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; 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text-align:justify;">Federal</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; 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text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total deferred expense (benefit):</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; 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text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">A reconciliation of the Company&#146;s tax provision for (benefit from) income taxes as computed by applying the U.S. statutory income tax rate to the Company&#146;s effective income tax rate is as follows:</p> <p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Year Ended December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Income at US Statutory Rate</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(211,240</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(515,830</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Change in tax law</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">340,826</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">State taxes, net of Federal benefit</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(52,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">211,240</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">227,004</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">$ </p></td> <td style="BORDER-BOTTOM: 3px double;"> <p style="MARGIN: 0px; text-align:right;">0</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;"> <p style="MARGIN: 0px; text-align:right;">0</p></td> <td></td></tr></table> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The net deferred income tax asset balance related to the following:</p> <p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Years Ended December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Net Operating Losses</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,032,904</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">974,283</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Stock Options</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">250,182</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">131,318</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Other</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">204</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">4,770</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total Deferred tax assets</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; 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In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine month period ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company&#8217;s Form 10-K filed on March 25, 2020 from which the accompanying December 31, 2019 numbers are derived.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The unaudited condensed consolidated financial statements include the accounts and transactions of the Company and its wholly owned subsidiary, nDivision Service, Inc. (incorporated in the state of Texas). 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At contract inception, once the contract is determined to be within the scope of Topic 606, we evaluate the goods or services promised within each contract related performance obligation and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes revenue upon completion of our performance obligations or expiration of the contractual time to use services such as managed services and professional service hours purchased in bulk for a given time period. 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Depreciation is calculated using the straight-line method over an estimated useful life of one to ten years.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">Equipment and software licenses are stated at cost. Depreciation is calculated using the straight-line method over an estimated useful life of one to ten years.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">The Company follows beneficial conversion feature guidance in ASC 470-20, which applies to convertible stock as well as convertible debt. A beneficial conversion feature is defined as a nondetachable conversion feature that is in the money at the commitment date. The beneficial conversion feature guidance requires recognition of the conversion option&#8217;s in-the-money portion, the intrinsic value of the option, in equity, with an offsetting reduction to the carrying amount of the instrument. The resulting discount is amortized as interest over the life of the instrument, if a stated maturity date exists, or to the earliest conversion date, if there is no stated maturity date. If the earliest conversion date is immediately upon issuance, the expense must be recognized at inception. When there is a subsequent change to the conversion ratio based on a future occurrence, the new conversion price may trigger the recognition of an additional beneficial conversion feature on occurrence.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the period. Diluted loss per share is computed giving effect to all potentially dilutive common shares. Potentially dilutive common shares may consist of incremental shares issuable upon the exercise of stock options and warrants and the conversion of notes payable to common stock. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. There were approximately 2,585,177 and 2,582,667 of common stock equivalents excluded for the fiscal years ended December 31, 2019 and 2018, respectively because their effect is anti-dilutive.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the period. Diluted loss per share is computed giving effect to all potentially dilutive common shares. Potentially dilutive common shares may consist of incremental shares issuable upon the exercise of stock options and warrants and the conversion of notes payable to common stock. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. There were approximately 10,991,000 and 8,285,000 of common stock equivalents excluded for the three and nine months ended September 30, 2020 and 9,139,000 and 8,382.476 of common stock equivalents excluded for the three and nine months ended September 30, 2019, respectively because their effect is anti-dilutive.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">Marketing costs, which are expensed as incurred, totaled approximately $92,144 and $12,540 for the fiscal years ended December 31, 2019 and 2018, respectively and is included in selling, general and administrative expenses.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Marketing costs, which are expensed as incurred, totaled approximately $14,915 and $22,411 for the three and nine months ended September 30, 2020 and $29,192 and $84,214 for the three and nine months ended September 30, 2019, respectively and is included in selling, general and administrative expenses.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">Compensation expense related to share-based transactions, including employee stock options, is measured in the financial statements based on a determination of the fair value. The grant date fair value is determined using the Black-Scholes-Merton (&#8220;Black-Scholes&#8221;) pricing model. For all stock options, the Company recognizes expense over the requisite service period on a straight-line basis (generally the vesting period of the equity grant). The Company&#8217;s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px">See Note 11 for the assumptions used to calculate the fair value of stock-based employee and non-employee compensation.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Compensation expense related to share-based transactions, including employee stock options, is measured in the financial statements based on a determination of the fair value. The grant date fair value is determined using the Black-Scholes-Merton (&#8220;Black-Scholes&#8221;) pricing model. For all stock options, the Company recognizes expense over the requisite service period on a straight-line basis (generally the vesting period of the equity grant). The Company&#8217;s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">See Note 12 for the assumptions used to calculate the fair value of stock-based employee and non-employee compensation.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">Leases of assets where the Company has assumed substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The interest element of the finance leases is accounted for as finance costs and expensed over the lease term using the effective interest rate method.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company determines if an arrangement is a lease at the inception of a contract. Operating lease right-of-use (&#8220;ROU&#8221;) assets are included in right-of-use assets on the unaudited condensed consolidated balance sheets. The current and long-term components of operating lease liabilities are included in the current portion of operating lease liabilities and operating lease liabilities, net of current portion, respectively on the unaudited condensed consolidated balance sheets.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company&#8217;s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Certain leases may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Leases of assets where the Company has assumed substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are recognized at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The interest element of the finance leases are accounted for as finance costs and expensed over the lease term using the effective interest rate method.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company has determined the deferred tax assets and liabilities on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize our deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px; text-align:justify;">The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</p> <p style="MARGIN: 0px; text-align:justify;">&#160;</p> <p style="MARGIN: 0px">The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of December 31, 2019, no accrued interest or penalties are included on the related tax liability line in the balance sheet.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company has determined the deferred tax assets and liabilities on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize our deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying unaudited condensed consolidated statement of operations. As of September 30, 2020, no accrued interest or penalties are included on the related tax liability line in the balance sheet.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px; text-align:justify;">The consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). The consolidated financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) of the United States.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>September 30,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Equipment and software</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">599,141</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">489,151</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Software licenses</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,302,141</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">868,041</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,901,282</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,357,192</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less - Accumulated depreciation and amortization</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(1,310,609</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(1,147,188</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">590,673</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">210,004</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%"> <tr style="height:15px"> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>December 31,</strong></p> <p style="text-align:center;margin:0px"><strong>2019</strong></p></td> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>December 31,</strong></p> <p style="text-align:center;margin:0px"><strong>2018</strong></p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td style="width:1%;"></td> <td colspan="2" style="width:9%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td colspan="2" style="width:9%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Equipment and software</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">489,151</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">1,124,245</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Software licenses</p></td> <td style="width:1%;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">868,041</p></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">966,754</p></td> <td style="width:1%;"></td></tr> <tr style="height:15px;background-color:#cceeff"> <td></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">1,357,192</p></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">2,090,999</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Less - Accumulated depreciation and amortization</p></td> <td style="width:1%;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">(1,147,188</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">)</p></td> <td style="width:1%;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">(1,593,166</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">210,004</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">497,833</p></td> <td style="width:1%;"></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Useful Life</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Cost</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accumulated</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Amortization</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Book Value</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Service Contracts</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,012,335</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">506,378</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">505,957</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Useful Life</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Cost</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accumulated</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Amortization</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net</strong></p> <p style="MARGIN: 0px; text-align:center;"><strong>Book Value</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Service Contracts</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;">5</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,012,335</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">354,464</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">657,871</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>September 30,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued compensation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">179,349</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">128,942</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued sales tax</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">53,284</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">140,683</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued franchise tax</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7,654</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">5,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued professional fees and other payables</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">289,147</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">204,456</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total accrued liabilities</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">529,434</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">479,081</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued compensation</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">128,942</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">156,139</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued sales tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">140,683</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">149,821</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued franchise tax</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5,000</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">35,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Accrued professional fees and other payables</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">204,456</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">197,823</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total accrued liabilities</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">479,081</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">538,783</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:top;"> <p style="margin:0px"><strong>Year ended</strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Remainder of 2020</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">162,958</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2021</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">150,062</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2022</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">131,380</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2023</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">118,341</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2024</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">63,340</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">626,081</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: interest </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(98,243</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Present value of net minimum lease payments</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">527,838</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Short term</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">124,231</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Long term total</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">403,607</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%"> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Year ended</p></td> <td style="width:1%;"></td> <td colspan="2" style="width:9%;"></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2020</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">140,905</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2021</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">20,701</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2022</p></td> <td style="width:1%;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">4,082</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">165,688</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Less: interest</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(9,150</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Present value of net minimum lease payments</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">156,538</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Short term</p></td> <td style="width:1%;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">129,532</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Long term total</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">27,006</p></td> <td style="width:1%;"></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Remainder of 2020 </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">31,617</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2021 </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">105,615</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2022 </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">129,392</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2023 </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">131,859</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2024 </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">120,871</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total undiscounted future minimum lease payments</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">519,354</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: Imputed interest </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">(51,489</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Present value of operating lease obligation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">467,865</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;word-spacing:0px;text-transform:none;text-align:left;font:10pt times new roman;orphans:2;widows:2;letter-spacing:normal;-webkit-text-stroke-width:0px;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;width:1160" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2020</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">124,452</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2021</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">127,143</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2022</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">129,841</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2023</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">131,859</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">2024</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid;width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:104;vertical-align:bottom;text-align:right;">98,894</td> <td style="PADDING-BOTTOM: 1px;width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total undiscounted future minimum lease payments</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">612,189</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Less: Imputed interest</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid;width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:104;vertical-align:bottom;text-align:right;">(75,435</td> <td style="PADDING-BOTTOM: 1px;width:11;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Present value of operating lease obligation</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">536,754</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal; text-align:left;">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Weighted average remaining lease term</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">50 Months</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Weighted average incremental borrowing rate</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">5.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:bottom;"> <p style="margin:0px">Weighted average remaining lease term</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">59 Months</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Weighted average incremental borrowing rate</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">5.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended September 30, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine months ended September 30, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Operating lease cost:</strong> </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Operating lease cost</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">30,946</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">92,840</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Finance lease cost:</strong> </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Amortization of financed lease assets</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">39,104</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">127,466</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Interest expense</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">11,375</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">18,768</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Total lease cost</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">50,479</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">146,234</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;word-spacing:0px;text-transform:none;text-align:left;font:10pt times new roman;orphans:2;widows:2;letter-spacing:normal;-webkit-text-stroke-width:0px;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;width:1160" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Operating lease cost:</strong></p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:115;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Operating lease cost</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">23,000</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Finance lease cost:</strong></p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Amortization of ROU assets</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">446,877</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Interest expense</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">30,938</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total lease cost</p></td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:11;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:104;vertical-align:bottom;text-align:right;">500,812</td> <td style="width:11;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal; text-align:left;">&nbsp;</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px">The Company obtained an $85,670 promissory note with a maturity date of June 30, 2019, an interest rate of 6%, which is repayable in monthly installments of principal and interest of $2,270. The note is unsecured. The note has been fully repaid as of December 31, 2019.</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">13,358</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px">Number of options outstanding:</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">2018 Equity Incentive Plan</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7,418,344</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Options granted not part of a shareholder approved plan</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2,200,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">September 30, 2020</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">9,618,344</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Number of options outstanding:</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Beginning of year</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">6,939,178</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Granted</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2,825,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercised, converted</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Forfeited </p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(145,834</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">September 30, 2020</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">9,618,344</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Number of options exercisable at end of period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">5,778,236</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Number of options available for grant at end of period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">3,840,108</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Weighted average option prices per share:</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.30</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Granted during the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.35</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercised during the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Terminated during the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.60</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Outstanding at end of the period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.40</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Exercisable at end of period</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0.40</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%"> <tr style="height:15px"> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2019</strong></p></td> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2018</strong></p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td style="width:1%;"></td> <td colspan="2" style="width:9%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td colspan="2" style="width:9%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Expected option life (years)</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">6.5</p></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">6.5</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Expected stock price volatility</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td></td> <td> <p style="text-align:right;margin:0px">137-145</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px">%</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td></td> <td> <p style="text-align:right;margin:0px">51-135</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Expected dividend yield</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px">&#8212;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">&#8212;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Risk-free interest rate</p></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td></td> <td> <p style="text-align:right;margin:0px">2.40-2.90</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">2.00</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected option life (years)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7.5</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">6.5</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected stock price volatility</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">114-116</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">137-145</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Expected dividend yield</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">&#8212;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">&#8212;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Risk-free interest rate</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2.07</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:right;">2.40&#8211;2.90 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Number of options outstanding:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Beginning of year</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5,901,678</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">752,062</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Granted</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,325,000</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">6,405,314</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Exercised, converted</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Forfeited / exchanged / modification</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(287,500</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(1,225,699</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">End of year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">6,939,178</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">5,937,677</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Number of options exercisable at end of year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">3,507,661</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,541,660</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Number of options available for grant at end of year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,060,822</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2,098,323</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Weighted average option prices per share:</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Granted during the year</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.61</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.38</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Exercised during the year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Terminated during the year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.38</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.13</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Outstanding at end of year</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.45</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.38</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Exercisable at end of year</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.39</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0.38</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three Month Ended September 30,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Nine Months Ended September 30,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer A</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">44</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">45</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">41</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">48</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer C</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">27</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">31</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">9</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:center;"><strong>September 30, </strong></p></td> <td colspan="4" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer A</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">83</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">75 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer D</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">17 </p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Customer E</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">15</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">%</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;"></p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Net revenues for the years ended December 31, 2019 and 2018 include revenues from significant customers as follows:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%"> <tr style="height:15px"> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="text-align:center;margin:0px"><strong>Year Ended December 31,</strong></p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2019</strong></p></td> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2018</strong></p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Customer A</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">44</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">42</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Customer B</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">2</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">10</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Customer C</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">6</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Accounts receivable balances as of December 31, 2019 and 2018 from significant customers are as follows:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%"> <tr style="height:15px"> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="text-align:center;margin:0px"><strong>December 31,</strong></p></td> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;vertical-align:bottom;"> <p style="text-align:center;margin:0px"><strong>December 31,</strong></p></td> <td></td></tr> <tr style="height:15px"> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2019</strong></p></td> <td></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="text-align:center;margin:0px"><strong>2018</strong></p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Customer A</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">75</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">74</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Customer 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0px 0px 0in">17</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"></td> <td style="width:1%;"> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="text-align:right;margin:0px 0px 0px 0in">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="text-align:justify;margin:0px 0px 0px 0in">%</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 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<p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Total current expense (benefit):</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#ffffff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Deferred expense (benefit):</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">Federal</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 11.25pt; text-align:justify;">State</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; 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style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">Total income tax expense (benefit):</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 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style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Year Ended December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Income at US Statutory Rate</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(211,240</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(515,830</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Change in tax law</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">340,826</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">State taxes, net of Federal benefit</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(52,000</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">211,240</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">227,004</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr> <tr style="background-color:#cceeff;"> <td></td> <td> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">$ </p></td> <td style="BORDER-BOTTOM: 3px double;"> <p style="MARGIN: 0px; text-align:right;">0</p></td> <td></td> <td> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 3px double;"> <p style="MARGIN: 0px; text-align:right;">0</p></td> <td></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: justify;"><p style="MARGIN: 0px">&#160;</p> <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Years Ended December 31,</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2018</strong></p></td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Net Operating Losses</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,032,904</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">974,283</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Stock Options</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">250,182</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">131,318</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Other</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">204</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">4,770</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total Deferred tax assets</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,283,326</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,110,371</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Depreciation</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(12,015</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(40,376</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Total deferred tax liability</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(12,015</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(40,376</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Deferred tax asset (liability)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,271,311</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,069,995</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Valuation allowance</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(1,271,311</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(1,069,995</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">)</p></td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Net deferred tax asset (liability)</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">&#160;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">$</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;vertical-align:bottom;"></td></tr></table> <p style="MARGIN: 0px">&#160;</p></div> 41249783 14400000 41249783 14400000 0.375 0.45 0.375 0.45 0.37 0.07 9336625 3503738 -30757 21158 800000 191177 0.25 1012335 30757 27500000 10000000 745778 288000 0 The Company receives 90% of the factored receivables for a fee of 1.9% of the factored invoice The Company receives 90% of the factored receivables for a fee of 1.9% of the factored invoice 25713 0.5 10000 0 0 92144 14915 22411 29192 84214 12540 P5Y P1Y P1Y P10Y P10Y 10991000 8285000 9139000 2585177 8382476 2582667 555943 P12M 1901282 1357192 2090999 489151 599141 1124245 868041 1302141 966754 1147188 1310609 1593166 54474 179214 76832 245599 276505 39103 127466 67542 216269 375444 513778 31699 -754570 12213 4533 494292 31699 40698 31614 505957 657871 657871 1012335 1012335 -354464 506378 P5Y P5Y P5Y 50638 151913 151913 50598 202551 151638 202551 50638 202551 202551 50218 202551 50217 505957 202551 179349 128942 156139 53284 140683 149821 7654 5000 35000 289147 204456 197823 529434 479081 538783 0 169257 16728 9245 0 0 24676 19011 The agreement provides for an advanced rate of 90% with a fee of 1.9% to be charged on the gross face amount of the invoices purchased for 30 days, and an additional. 0.06% charge for each additional day until the invoice(s) are paid The agreement provides for an advanced rate of 90% with a fee of 1.9% to be charged on the gross face amount of the invoices purchased for 30 days, and an additional 0.06% charge for each additional day until the invoice(s) are paid 140905 162958 20701 150062 4082 131380 0 118341 0 63340 165538 626081 -9150 -98243 156538 527838 129532 124231 27006 403607 P59M P50M 0.05 0.05 124452 31617 105615 127413 129392 129841 131859 131859 120871 98894 519354 612189 -51489 -75435 467865 536754 23000 30946 92840 39104 446877 127466 11375 30938 18768 50479 500812 146234 386385 123111 52385 199047 494691 650620 125553 548153 125553 450834 30945 63497 P1Y 225 354 15530 10813 0.036 0.036 0.559 0.132 P1Y P1Y P5Y P5Y 13358 85670 2019-06-30 0.06 2270 0.01 2022-05-02 395411 710500 500000 0.40 0.25 0.08 0.25 7418344 2200000 9618344 5901678 752062 6939178 1325000 6405314 2825000 0 0 -287500 -1225699 -145834 6939178 5901678 9618344 3507661 1541660 5778236 1060822 2098323 3840108 0.30 0.38 0.61 0.38 0.35 0 0.38 0.13 0.60 0.45 0.38 0.40 0.39 0.38 0.40 P7Y5M30D P6Y5M30D P6Y5M30D P6Y5M30D 0 0 0.02 0.0207 0.024 0.029 0.029 0.029 1.37 1.37 1.14 0.51 1.45 1.45 1.16 1.35 149436 230867 1276000 951932 P3Y P3Y P3Y P6Y5M30D P6Y6M P6Y6M 0.35 0.61 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the common stock price of a Qualified Offering.