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0001654954-20-006074.txt : 20200529 0001654954-20-006074.hdr.sgml : 20200529 20200529092045 ACCESSION NUMBER: 0001654954-20-006074 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200529 DATE AS OF CHANGE: 20200529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GROWLIFE, INC. CENTRAL INDEX KEY: 0001161582 STANDARD INDUSTRIAL CLASSIFICATION: GLASS PRODUCTS, MADE OF PURCHASED GLASS [3231] IRS NUMBER: 900821083 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50385 FILM NUMBER: 20924279 BUSINESS ADDRESS: STREET 1: 5400 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98033 BUSINESS PHONE: 866-781-5559 MAIL ADDRESS: STREET 1: 5400 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98033 FORMER COMPANY: FORMER CONFORMED NAME: PHOTOTRON HOLDINGS, INC. DATE OF NAME CHANGE: 20110309 FORMER COMPANY: FORMER CONFORMED NAME: CATALYST LIGHTING GROUP INC DATE OF NAME CHANGE: 20030909 FORMER COMPANY: FORMER CONFORMED NAME: WENTWORTH III INC DATE OF NAME CHANGE: 20011026 10-Q 1 phot_10q.htm QUARTERLY REPORT phot_10q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2020

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

For the transition period from _______ to _______

Commission file number 000-50385

GrowLife, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

90-0821083

(I.R.S. Employer Identification No.)

5400 Carillon Point

Kirkland, WA 98033

(Address of principal executive offices and zip code)

(866) 781-5559

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer (Do not check if a smaller reporting company)	☐	Smaller reporting company	☒
Emerging growth company	☐

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

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

As of May 29, 2020, there were 30,563,855 shares of the issuer’s common stock, $0.0001 par value per share, outstanding.

TABLE OF CONTENTS

		PAGE
PART I FINANCIAL INFORMATION
ITEM 1	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019	4
	Condensed Consolidated Statements of Changes in Stockholders’ Deficit	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019	6
	Notes to the Condensed Consolidated Financial Statements	7
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operation	24
ITEM 4	Controls and Procedures	31
PART II OTHER INFORMATION		32
ITEM 1	Legal Proceedings	32
ITEM 1A	Risk Factors	32
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	42
ITEM 6	Exhibits	43
	SIGNATURES	46

ITEM 1.

FINANCIAL STATEMENTS

GROWLIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	March 31, 2020	December 31, 2019
ASSETS		(Audited)

CURRENT ASSETS:
Cash and cash equivalents	$168,514	$40,834
Accounts receivable - trade, net of allowance for doubtful accounts of $5,690 as of 3/31/2020 and 12/31/2019	167,976	101,806
Inventory, net	474,029	600,674
Deposits	18,995	18,995
Total current assets	829,514	762,309

PROPERTY AND EQUIPMENT, NET	157,194	166,482
INTANGIBLE ASSETS, NET	1,634,505	1,802,434
GOODWILL	781,749	781,749
OPERATING LEASE RIGHT OF USE ASSET	499,083	537,522
TOTAL ASSETS	$3,902,045	$4,050,496

LIABILITIES AND STOCKHOLDERS' (DEFICIT)

CURRENT LIABILITIES:
Accounts payable - trade	$1,164,716	$1,157,090
Accrued expenses	319,444	259,093
Accrued expenses - related parties	-	31,485
Derivative liability	1,579,055	1,300,915
Convertible notes payable	3,462,594	2,884,279
Notes payable- related parties	104,144	104,144
Acquisition of EZ-CLONE Enterprises, Inc. payable in cash	1,026,000	1,026,000
Current portion of operating lease right of use liability	140,772	140,772
Total current liabilities	7,796,725	6,903,778

LONG TERM LIABILITIES:
Deferred tax liability	470,200	470,200
Long term acquisition of EZ-CLONE Enterprises, Inc. payable in common stock	1,000,000	900,000
Non-current portion of operating lease right of use liability	375,541	410,734
Total long term liabilities	1,845,741	1,780,934

COMMITMENTS AND CONTINGENCIES (Note 15)	-	-

STOCKHOLDERS' DEFICIT
Preferred stock - $0.0001 par value, 10,000,000 shares authorized, no shares
issued and outstanding	-	-
Common stock - $0.0001 par value, 120,000,000 shares authorized, 29,282,602 and 28,677.147
shares issued and outstanding at 3/31/2020 and 12/31/2019, respectively	386,330	386,269
Additional paid in capital	143,628,456	143,441,047
Accumulated deficit	(149,755,207)	(148,461,532)
Total stockholders' deficit	(5,740,421)	(4,634,216)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$3,902,045	$4,050,496

The accompanying notes are an integral part of these consolidated financial statements.

GROWLIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended,
	March 31, 2020	March 31, 2019

NET REVENUE	$1,661,800	$2,244,279
COST OF GOODS SOLD	1,008,355	1,473,371
GROSS PROFIT	653,445	770,908
GENERAL AND ADMINISTRATIVE EXPENSES	1,357,841	2,129,956
OPERATING LOSS	(704,396)	(1,359,048)

OTHER INCOME (EXPENSE):
Change in fair value of derivative	(278,140)	487,273
Interest expense, net	(281,001)	(120,040)
Loss on debt conversions	(30,138)	(1,346,510)
Total other expense, net	(589,279)	(979,277)

LOSS BEFORE INCOME TAXES	(1,293,675)	(2,338,325)

Income taxes - current benefit	-	-

NET LOSS	(1,293,675)	(2,338,325)

Net loss attrituable to noncontrolling interest in EZ-Clone Enterprises, Inc.	-	(25,528)

NET LOSS ATTRIBUTABLE TO GROWLIFE, INC. AND SUBSIDIARIES	$(1,293,675)	$(2,363,853)
COMMON SHAREHOLDERS

Basic and diluted loss per share	$(0.04)	$(0.10)

Weighted average shares of common stock outstanding- basic and diluted	28,850,114	23,737,277

The accompanying notes are an integral part of these consolidated financial statements.

GROWLIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(Unaudited)

					Total
	Common Stock		Additional Paid	Accumulated	Stockholders'
	Shares	Amount	in Capital	Deficit	(Deficit)

Balance as of January 1, 2019	22,917,327	$343,749	$139,331,067	$(141,176,087)	$(1,501,271)
Stock based compensation for stock options	-	-	16,016	-	16,016
Stock based compensation for warrants	-	-	24,000	-	24,000
Shares issued for debt conversion	-	-	-	-	-
Shares issued for services rendered	139,441	2,092	163,308	-	165,400
Shares issued for convertible note and interest conversion	561,041	8,416	726,731	-	735,147
Shares issued for purchase of warrant	833,333	12,500	987,500	-	1,000,000
Noncontrolling interest in EZ-Clone Enterprises, Inc.	-	-	-	(25,528)	(25,528)
Net loss for the three months ended March 31, 2019	-	-	-	(2,338,325)	(2,338,325)
Balance as of March 31, 2019	24,451,143	366,757	141,248,622	(143,539,940)	(1,924,561)

Balance as of January 1, 2020	28,677,147	386,269	143,441,047	(148,461,532)	(4,634,216)
Stock based compensation for stock options	-	-	13,439	-	13,439
Stock based compensation for warrants	-	-	24,000	-	24,000
Shares issued for convertible note and interest conversion	605,294	61	149,510	-	149,571
Warrant exercise	146	-	460	-	460
Fractional shares issued related to reverse stock split	15	-	-	-	-
Net loss for the three months ended March 31, 2020	-	-	-	(1,293,675)	(1,293,675)
Balance as of March 31, 2020	29,282,602	$386,330	$143,628,456	$(149,755,207)	$(5,740,421)

The accompanying notes are an integral part of these consolidated financial statements.

GROWLIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended,
	March 31, 2020	March 31, 2019

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$(1,293,675)	$(2,363,853)
Adjustments to reconcile net loss to net cash (used in)
operating activities
Depreciation	9,288	29,873
Amortization of intangible assets	167,929	285,257
Stock based compensation	37,439	40,016
Common stock issued for services	-	165,400
Non cash interest and amortization of debt discount	247,748	-
Change in fair value of derivative liability	278,140	(487,273)
Accrued interest on convertible notes payable		65,649
Loss on debt conversions	30,138	1,360,146
Noncontrolling interest in EZ-Clone Enterprises, Inc.	-	25,528
Changes in operating assets and liabilities:
Accounts receivable	(66,170)	(207,185)
Inventory	126,645	(49,110)
Prepaids costs	-	3,418
Deposits	-	(6,500)
Right of use, net	3,246	-
Accounts payable	7,626	155,078
Accrued expenses	28,866	(46,918)
Deferred revenue	-	(86,243)
CASH (USED IN) OPERATING ACTIVITIES	(422,780)	(1,116,717)

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in purchased assets	-	(5,319)
NET CASH (USED IN) INVESTING ACTIVITIES:	-	(5,319)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of convertible notes payable	-	(590,909)
Proceeds from notes payable	550,000	-
Repayment on capital lease	-	(2,286)
Proceeds from the issuance of common stock	460	-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	550,460	(593,195)

NET INCREASE (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	127,680	(1,715,231)

CASH AND CASH EQUIVALENTS, beginning of period	40,834	2,334,377

CASH AND CASH EQUIVALENTS, end of period	$168,514	$619,146

Supplemental disclosures of cash flow information:

Non-cash investing and financing activities:
Shares issued for convertible note and interest conversion	$100,000	$368,000
Shares issued for purchase of warrant	$-	$1,000,000

The accompanying notes are an integral part of these consolidated financial statements.

GROWLIFE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial statements have been prepared by GrowLife, Inc. (“the Company”, “us,” “we,” or “our”) in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of our management, all adjustments, consisting of only normal recurring accruals, necessary for a fair presentation of the financial position, results of operations, and cash flows for the fiscal periods presented have been included.

These financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report filed on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission (“SEC”) on April 1, 2020. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full fiscal year, or for any other fiscal period.

NOTE 1 – DESCRIPTION OF BUSINESS AND ORGANIZATION

GrowLife, Inc. (“GrowLife” or the “Company”) is incorporated under the laws of the State of Delaware and is headquartered in Kirkland, Washington. The Company was founded in 2012 with the Closing of the Agreement and Plan of Merger with SGT Merger Corporation.

The Company’s goal of becoming the nation’s largest cultivation facility service provider for the production of organics, herbs and greens and plant-based medicines has not changed. The Company’s mission is to best serve more cultivators in the design, build-out, expansion and maintenance of their facilities with products of high quality, exceptional value and competitive price. Through a nationwide network of knowledgeable representatives, regional centers and its e-commerce website, GrowLife provides essential and hard-to-find goods including media (i.e., farming soil), industry-leading hydroponics equipment, organic plant nutrients, and thousands more products to specialty grow operations across the United States.

The Company primarily sells through its wholly owned subsidiary, GrowLife Hydroponics, Inc. GrowLife companies distribute and sell over 15,000 products through its e-commerce distribution channel, GrowLifeEco.com, and through our regional retail storefronts. GrowLife and its business units are organized and directed to operate strictly in accordance with all applicable state and federal laws.

On June 7, 2013, GrowLife Hydroponics completed the purchase of Rocky Mountain Hydroponics, LLC, a Colorado limited liability company (“RMC”), and Evergreen Garden Center, LLC, a Maine limited liability company (“EGC”). The effective date of the purchase was June 7, 2013.

On October 15, 2018, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.

The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-CLONE stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.

As of March 4, 2019, the Company began to trade on the Pink Sheet stocks system. Our bid price had closed below $0.01 for more than 30 consecutive calendar days. As of March 17, 2020, the Company commenced trading on the OTCQB Market ("OTCQB") after successfully up-listing from the OTC Pink Market.

On October 9, 2019, the Company approved the reduction of authorized capital stock, whereby the total number of the Company’s authorized common stock decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. On November 20, 2019, the Company filed a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the reduction, the Company an aggregate 130,000,000 authorized shares consisting of: (i)120,000,000 shares of common stock, par value $0.0001 per share, and (ii) 10,000,000 shares of preferred stock, par value $0.0001 per share.

The reverse stock split of 1 for 150 was effective at the open of business on November 27, 2019 whereupon the shares of common stock began trading on a split-adjusted basis. The Company’s CUSIP number for the Company’s common stock changed to 39985X203. All warrant, option, share and per share information in this Form 10-Q gives retroactive effect to the 1-for-150 reverse split with all numbers rounded up to the nearest whole share.

NOTE 2 –

GOING CONCERN

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred net losses of $1,293,675 and $7,374,383 and $11,473,136 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018, respectively. Net cash used in operating activities was $422,780, $2,909,811 and $3,854,505 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018, respectively.

The Company anticipates that it will record losses from operations for the foreseeable future. As of March 31, 2020, the Company’s accumulated deficit was $(149,755,207). The Company has limited capital resources, and operations to date have been funded with the proceeds from private equity and debt financings. These conditions raise substantial doubt about our ability to continue as a going concern. The audit report prepared by the Company’s independent registered public accounting firm relating to our consolidated financial statements for the year ended December 31, 2019 includes an explanatory paragraph expressing the substantial doubt about the Company’s ability to continue as a going concern.

The Company believes that its cash on hand will be sufficient to fund our operations only until August 31, 2020. The Company needs additional financing to implement our business plan and to service our ongoing operations and pay our current debts. There can be no assurance that we will be able to secure any needed funding, or that if such funding is available, the terms or conditions would be acceptable to us. If we are unable to obtain additional financing when it is needed, we will need to restructure our operations, and divest all or a portion of our business. We may seek additional capital through a combination of private and public equity offerings, debt financings and strategic collaborations. Debt financing, if obtained, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, and could increase our expenses and require that our assets secure such debt. Equity financing, if obtained, could result in dilution to the Company’s then-existing stockholders and/or require such stockholders to waive certain rights and preferences. If such financing is not available on satisfactory terms, or is not available at all, the Company may be required to delay, scale back, eliminate the development of business opportunities or file for bankruptcy and our operations and financial condition may be materially adversely affected. See Note 11 for additional debt proceeds received in 2020.

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES: ADOPTION OF ACCOUNTING STANDARDS

Basis of Presentation - The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Principles of Consolidation - The condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. Inter-Company items and transactions have been eliminated in consolidation. Non-controlling interest represents the portion of ownership which the Company did not own.

Cash and Cash Equivalents - We classify highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit. At March 31, 2020, the Company had uninsured deposits in the amount of $0.

Accounts Receivable and Revenue – The company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires the application of the five-step-principles-based-accounting-model for revenue recognition. These steps include (1) a legally enforceable contract, written or unwritten is identified; (2) performance obligations in the contracts are identified; (3) the transaction price reflecting variable consideration, if any, is identified; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when the control of goods is transferred to the customer at a particular time or over time. Our hydroponic sales are cash or credit card. Our EZ-CLONE sales include credit, cash, payments in advance, 3% discount upon receipt and, we extend thirty day terms to select customers. Accounts receivable are reviewed periodically for collectability.

Sales Returns - We allow customers to return defective products when they meet certain established criteria as outlined in our sales terms and conditions. It is our practice to regularly review and revise, when deemed necessary, our estimates of sales returns, which are based primarily on actual historical return rates. We record estimated sales returns as reductions to sales and accounts receivable. Returned products which are recorded in inventory are valued based upon the amount we expect to realize upon its subsequent disposition. As of March 31, 2020 and December 31, 2019, there was a reserve for sales returns of $20,000, respectively, which is minimal based upon our historical experience.

Inventories - Inventories are recorded on a first in first out basis Inventory consists of raw materials, work in process and finished goods and components sold by EZ-CLONE to it distribution customers.

Property and Equipment – Equipment consists of machinery, equipment, tooling, computer equipment and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3-10 years, except for leasehold improvements which are depreciated over the lesser of the life of the lease or 10 years.

Long Lived Assets – The Company reviews its long-lived assets for impairment annually or when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.

Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets.

Goodwill-The Company reviews its acquired goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing its goodwill, the Company performs a qualitative analysis to determine if it is more-likely-than-not that the goodwill is impaired. If the qualitative analysis indicates that goodwill is likely impaired, the Company calculates the fair value of its goodwill by allocating the fair value of the business unit containing the goodwill to all its tangible and intangible assets and liabilities, with the residual fair value allocated to goodwill. The excess, if any, of the goodwill carrying value in excess of its fair value would be recognized as an impairment loss. Management has concluded that, based on a qualitative analysis, it is more-likely-than-not that goodwill has not been impaired as of March 31, 2020 and December 31, 2019.

Fair Value Measurements and Financial Instruments – ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities as of March 31, 2020 and December 31, 2019 are based upon the short-term nature of the assets and liabilities.

Derivative Financial Instruments –Pursuant to ASC 815 “Derivatives and Hedging”, the Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company then determines if embedded derivative must bifurcated and separately accounted for. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date.

Stock Based Compensation – We have share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options to purchase shares of our common stock at the fair market value at the time of grant. Stock-based compensation cost is measured by us at the grant date, based on the fair value of the award, over the requisite service period using an estimated forfeiture rate. For options issued to employees, we recognize stock compensation costs utilizing the fair value methodology over the related period of benefit. Grants of stock options and stock to non-employees and other parties are accounted for in accordance with the ASC 718.

Convertible Securities – Based upon ASC 815-15, we have adopted a sequencing approach regarding the application of ASC 815-40 to convertible securities issued subsequent to September 30, 2015. We will evaluate our contracts based upon the earliest issuance date.

Net Loss Per Share - Under the provisions of ASC Topic 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The common stock equivalents have not been included as they are anti-dilutive.

As of March 31, 2020, there are also (i) stock option grants outstanding for the purchase of 550,000 common shares at an $1.491 average exercise price; and (ii) warrants for the purchase of 2,418,834 shares of common shares at a $3.465 average exercise price. In addition, we have an unknown number of common shares to be issued under the Crossover and 12% convertible promissory note financing agreements in the case of default. In addition, we have an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements because the number of shares ultimately issued to Chicago Venture depends on the price at which Chicago Venture converts its debt to shares and exercises its warrants. The lower the conversion or exercise prices, the more shares that will be issued to Chicago Venture upon the conversion of debt to shares. We will not know the exact number of shares of stock issued to Chicago Venture until the debt is actually converted to equity.

As of March 31, 2019, there are also (i) stock option grants outstanding for the purchase of 656,667 common shares at a $1.453 average exercise price; (ii) warrants for the purchase of 2,418,834 million common shares at a $3.465 average exercise price; and (iii) 764,573 shares related to convertible debt that can be converted at $0.38 per share. In addition, the Company has an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements.

Dividend Policy - The Company has never paid any cash dividends and intends, for the foreseeable future, to retain any future earnings for the development of our business. Our future dividend policy will be determined by the board of directors on the basis of various factors, including our results of operations, financial condition, capital requirements and investment opportunities.

Use of Estimates - In preparing these consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets, estimates of sales returns, inventory impairment, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments and share based compensation.

Recent Accounting Pronouncements

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s consolidated financial statements.

NOTE 4 –BUSINESS COMBINATIONS, ACQUISITION PAYABLE AND OTHER TRANSACTION

Acquisition of EZ-CLONE Enterprises, Inc.

On October 15, 2018, in connection with the Company’s strategy to become a dominate cultivation facilities provider, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation that was founded in January 2000. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The Company has proprietary products and services such as the Commercial Pro System, Hobbyist Cloning Systems, Cloning Tents, Coco Collars, Coco Seed Starters, Rooting Gel, and Clear Rez. Technical Support, know-how and overall knowledge is also considered proprietary. The Company trademarks are EZ-CLONE and EZ-CLONE CRIB.

This acquisition is expected to accelerate the Company’s revenue growth, increase the Company gross margins and add additional manufacturing and research and development personnel.

The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-Clone stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.

The Company accounted for the acquisition in accordance with ASC 805, “Business Combinations”. ASC 805 defines the acquirer in a business combination as the entity that obtains control of one or more businesses in a business combination and establishes the acquisition date as the date that the acquirer achieves control. ASC 805 requires an acquirer to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date, measured at their fair values as of that date.

For accounting purposes, from the October 15, 2018 acquisition date and through September 30, 2019, the Company has consolidated EZ-Clone given their control and have treated its ability to acquire the remaining 49% interest in EZ-Clone as a de facto option to buy and has thus categorized it as non-controlling until November 5, 2019 when the amended purchase agreement obligates the Company to purchase the remaining 49%. Effective in the quarter beginning October 1, 2019, the Company for accounting purposes, considers EZ-Clone to be 100% owned and thus eliminated the non-controlling interest and recorded an acquisition payable related to the balance owed. As of March 31, 2020, the Company has an acquisition payable totaling $2,026,000, of which $1,026,000 is current and $1,000,000 is categorized as long term since stock is expected to be issued to settle this and will not utilize current assets. The total liability consists of the discounted value of the future payments of $1,960,0000 and the $171,000 extension fee payable. The Company will accrete the difference between the carrying value of the acquisition payable and the contractual obligations as interest expense through July 2020 when payment is due. During the quarter ended March 31, 2020 the Company recognized $100,000 of interest expense related to accretion of the purchase obligation. The Company treated the $171,000 as a financing fee and expensed it as interest expense in 2019. During the fourth quarter of 2019, the Company recorded a non cash financing charge as interest expense totaling approximately $410,000 to recognize the acquisition payable and to eliminate the non-controlling interest.

As of the acquisition date in October 2018, the Company recognized approximately $3.4 million of intangible assets and began amortizing them over 3 years. In the fourth quarter of 2019, the Company completed its evaluation of assets acquired and finalized its asset valuation. The finalized valuation resulted in lower intangible assets from the original assessment, allocating some of the intangible to Goodwill and determined that the life of definite life intangibles to be 5 years (See Note 7). The Company adjusted the cost basis and accumulated amortization, reducing both, but did not change quarterly 2019 amortization expense that had been recorded through September 30, 2019 which was in excess of $800,000. The change in the purchase accounting also resulted in the recording of a deferred tax liability and the lowering of non-controlling interest by $587,750.

The summary of assets acquired and liabilities assumed is based upon the Company final evaluation done in the fourth quarter of 2019 and is detailed below.

Intangible assets	$2,351,000
Goodwill	781,749
Net working capital	551,000
Propety and equipment	318,000
Deferred tax liability	(587,750)
	$3,413,999

The fair value of the intangible assets associated with the assets acquired was $2,351,000 estimated by using a discounted cash flow approach based on future economic benefits. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results.

NOTE 5 – INVENTORY

Inventory as of March 31, 2020 and December 31, 2019 consisted of the following:

	March 31,	December 31,
	2020	2019

Raw materials	$345,965	$329,482
Work in process	65,258	49,253
Finished goods	-	92,703
Inventory deposits	62,806	129,236
Inventory reserve	-	-
Total	$474,029	$600,674

Raw materials consist of supplies for product lines at EZ-CLONE.

Finished goods inventory relates to product lines EZ- CLONE.

The Company reviews its inventory on a periodic basis to identify products that are slow moving and/or obsolete, and if such products are identified, the Company records the appropriate inventory impairment charge at such time.

NOTE 6 – PROPERTY AND EQUIPMENT

Property and equipment as of March 31, 2020 and December 31, 2019 consists of the following:

	March 31,	December 31,
	2020	2019

Machinery, equipment and tooling	$356,867	$356,867
Computer equipment	16,675	16,675
Leasehold improvements	14,702	14,702
Total property and equipment	388,244	388,244
Less accumulated depreciation and amortization	(231,050)	(221,763)
Net property and equipment	$157,194	$166,482

Total depreciation expense was $9,288 and $29,873 for the three months ended March 31, 2020 and 2019, respectively. All equipment is used for manufacturing, selling, general and administrative purposes and accordingly all depreciation is classified in cost of goods sold, selling, general and administrative expenses.

NOTE 7 – INTANGIBLE ASSETS

Intangible assets as of March 31, 2020 and December 31, 2019 consisted of the following:

	Estimated Useful Lives	March 31, 2020	December 31, 2019

Customer Lists	5 Years	$1,297,000	$1,297,000
Intellectual Property	5 Years	1,054,000	1,054,000
less accumulated amortization		(716,495)	(548,566)
Net Intangible assets-definitive life		1,634,505	1,802,434

Goodwill-indefinite life	N/A	781,749	781,749

Total intangible assets and goodwill		$2,416,254	$2,584,183

As of the acquisition date in October 2018, the Company originally recognized approximately $3.4 million of intangible assets and began amortizing them over 3 years. In the fourth quarter of 2019, the Company completed its evaluation of assets acquired and finalized its asset valuation. The finalized valuation resulted in lower intangible assets from the original assessment, allocated some of the intangible to Goodwill and determined that the life of definite life intangibles to be 5 years. In the 4th quarter of 2019, the Company adjusted the cost basis and accumulated amortization, reducing both, but did not change 2019 quarterly amortization expense that had been recorded through September 30, 2019 which was in excess of $800,000.

Total amortization expense was $167,929 and $285,277 for the three months ended March 31, 2020 and 2019, respectively. Amortization expense for the intangibles will be approximately $470,000 for years 2020 through 2022 and approximately $392,000 in 2023.

NOTE 8- LEASES

The Company previously entered into operating leases for retail and corporate facilities. These leases have terms which range from two to five years, and often include options to renew. These operating leases are listed as separate line items on the Company's Condensed Consolidated Balance Sheets and represent the Company’s right to use the underlying assets for the lease term. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1,378,000 on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. During the quarter ended September 30, 2019, the Company has cancelled all but one lease and has recognized the rent and termination fees related to the cancelled leases as an expense in the current period. As of March 31, 2020, total right-of-use assets and operating lease liabilities for remaining long term lease was $499,803 and $516,313, respectively. During the three months ended March 31, 2020, the Company recognized $55,746 in total lease costs for the lease.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating right-of-use assets and related lease liabilities as of and for the three months ended March 31, 2020 were as follows:

Cash paid for ROU operating lease liability $210,000

Weighted-average remaining lease term 3 years

Weighted-average discount rate 10 %

Year Ended
March 31,	$
2021	$216,300
2022	222,792
2023	194,283

	633,375
Imputed interest	(117,062)
Total lease liability	$516,313

NOTE 9- ACCOUNTS PAYABLE

Accounts payable were $1,164,716 and $1,157,090 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to vendors for inventory purchases, audit, legal and other expenses incurred by the Company. The increase relates to inventory purchased at EZ-CLONE for production for sales expected during the three months ended June 30, 2020.

NOTE 10- ACCRUED EXPENSES

Accrued expenses were $319,444 and $259,093 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to sales tax, payroll and restructuring expense liabilities. As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves of $209,577 as of March 31, 2020 and December 31, 2019, respectively.

NOTE 11 – CONVERTIBLE NOTES PAYABLE, NET

Convertible notes payable as of March 31, 2020 consisted of the following

				Balance
		Accrued	Debt	As of
	Principal	Interest	Discount	March 31, 2020
10% OID Convertible Promissory Notes	$2,650,007	$287,716	$-	$2,937,723
Secured Advance Note	184,903	-	-	184,903
12% Convertible Promissory Notes	339,900	12,975	(12,907)	339,968
	$3,174,810	$300,691	$(12,907)	$3,462,594

Convertible notes payable as of December 31, 2019 consisted of the following:

				Balance
		Accrued	Debt	As of
	Principal	Interest	Discount	December 31, 2019
10% OID Convertible Promissory Notes	$2,195,007	$220,980	$-	$2,415,987
Secured Advance Note	205,228	-	-	205,228
12% Convertible Promissory Notes	281,600	3,055	(21,591)	263,064
	$2,681,835	$224,035	$(21,591)	$2,884,279

10% Convertible Promissory Notes

Funding from Chicago Venture Partners, L.P. (“Chicago Venture”), Iliad Research and Trading, L.P. (“Iliad”) and Odyssey Research and Trading, LLC, (“Odyssey”). The Company typically issues original issuance discount notes with these parties that has a stated interest rate of typically 10%. Accrued interest represents the interest to be accreted over the remaining term of the notes. These notes contain terms and conditions that are deemed beneficial conversion features and the Company recognizes a derivative liability related to these terms until the notes are converted. Upon the conversion of these notes, the Company records a loss on debt conversion and reduces their derivative liability. The notes may be converted to common stock after six months until they are converted.

As of December 31, 2019, the outstanding principal balance due to Chicago Venture, Iliad and Odyssey was $2,195,007 and accrued interest was $220,980, which results in a total amount of $2,415,987.

During the year ended December 31, 2019, Chicago Venture and Iliad converted principal and accrued interest of $1,357,872 into 3,120,521 shares of our common stock at a per share conversion price of $0.766 with a fair value of $2,284,081. The Company recognized $926,208 loss on debt conversions during the year ended December 31, 2019.

As of March 31, 2020, the outstanding principal balance due to Chicago Venture, Iliad and Odyssey was $2,650,007 and accrued interest was $287,716, which results in a total amount of $2,937,723.

During the quarter ended March 31, 2020, Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165 with a fair value of $130,138 and recognized a $30,138 loss on debt conversions.

The Company’s obligation to pay the Debt, or any portion thereof, is secured by all of the Company’s assets.

The Company has approximately $645,000 available under the Notes as of March 31, 2020 but cannot currently access the available funds.

The 10% Notes are convertible at the holder’s option into the Company’s common stock as defined in the documents. Based upon the last conversion price of the stock at March 31, 2020, the notes would convert to approximately 17,781,855 shares.

Securities Purchase Agreement, Secured Promissory Notes and Security Agreement with Chicago Venture Partners, L.P (Chicago Venture) dated January 30, 2020

On January 30, 2020, the Company executed the following agreements with Chicago Venture: (i) Securities Purchase Agreement; (ii) Secured Convertible Promissory Notes (“Notes”); and (iii) Security Agreement (collectively the “Chicago Venture Agreements”). The Company entered into the Chicago Venture Agreements with the intent to acquire working capital to grow the Company’s businesses.

The total amount of funding under the CVP Agreements is $500,000 in various tranches. The Notes carry an original issue discount of $50,000 and a transaction expense amount of $5,000, for total debt of $555,000 (“Debt”). The Company agreed to reserve 53,333 shares of its common stock for issuance upon conversion of the Debt, if that occurs in the future. If not converted sooner, the Debt is due on or before January 29, 2021. The Debt carries an interest rate of ten percent (10%). The Debt is convertible, at CVP’s option, into the Company’s common stock at $0.30 per share subject to adjustment as provided for in the Notes. The Company received approximately $500,000 of funding under the Chicago Venture agreements in the quarter ended March 31, 2020. The balance outstanding at March 31, 2020 was $555,000.

The Company’s obligation to pay the Debt, or any portion thereof, is secured by all of the Company’s assets.

Secured Advance Note with Crossover Capital Fund I LLC (“Crossover”)

On September 20, 2019, the Company closed a Secured Advance Note with Crossover Capital Fund I LLC (the “Crossover Note”). The Company entered into the Crossover Note with the intent to acquire working capital to grow the Company’s businesses. The total amount of funding under the Crossover Note is $250,000. The Crossover Note carries an original issue discount of $57,400 and a transaction expense amount of $7,000, for total debt of $308,400. On December 22, 2019, the Note increased by $25,700. The original issue discount was immediately recorded as interest expense due to the note maturity being less than one year. The Company agreed to reserve three times the number of shares based on the conversion value in case of default under the Crossover Note, if that occurs in the future. The Crossover Note is due in nine months and is repayable weekly at $9,205. The Crossover Note is convertible into the Company’s common stock at the market value share price subject to adjustment as provided for in the Crossover Note in the case of default. The Company’s obligation to pay the Crossover Note, or any portion thereof, is secured by all of the Company’s assets. As of December 31, 2019, the outstanding principal balance due Crossover was $205,228. The Company also issued 33,333 shares of common stock to Crossover as a commitment fee that was valued at fair market value at $25,000 or $0.75 per share and expensed as interest expense during the year ended December 31, 2019.

On January 14, 2020, the Note increased by $25,700. As of March 31, 2020, the outstanding principal balance due to Crossover was $184,903. The Company is behind on the weekly payments under this Note and is in discussions with the Crossover

12% Convertible Promissory Notes

The Company entered into Convertible Promissory Notes with Power Up Lending Group Ltd on November 18, 2019 and December 9, 2019 for $281,600 to fund short-term working capital. The Notes accrues interest at a rate of 12% per annum and became due in one year and are convertible into common stock at 75% of market value after six months. The Company received cash of $250,000, and recorded interest expense of $3,055, a transaction expense amount of $6,000 and amortization of debt discount of $21,591. The Company recorded as interest expense in 2019 the value of the beneficial conversion feature of $93,867 related to the potential conversion at a discount after six months.

The Company entered into Convertible Promissory Note with Power Up Lending Group Ltd on January 14, 2020 for $58,300 to fund short-term working capital. The Notes accrues interest at a rate of 12% per annum and became due in one year and are convertible into common stock at 75% of market value after six months. The Company received cash of $50,000, and recorded interest expense of $1,495, a transaction expense amount of $3,000 and amortization of debt discount of $5,300. The Company recorded as interest expense in the three months ended March 31, 2020 the value of the beneficial conversion feature of $19,433 related to the potential conversion at a discount after six months.

NOTE 12 – DERIVATIVE LIABILITY

The Convertible Notes payable include a conversion feature that pursuant ASC 815 “Derivatives and Hedging”, has been identified as an embedded derivative financial instrument and which the Company has elected to account for under the fair value method of accounting.

If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20. Debt with Conversion and Other Options. In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method. The debt is convertible at the lesser of 65% of the fair value of the Company’s common stock or $1.35 requiring the conversion feature to be bifurcated from the host debt contract and accounting for separately as a derivative, resulting in periodic revaluations. The notes underlying the derivatives are short term in nature and generally converted to stock in less than one year. The derivative is valued at period end with the key inputs being current stock price and the conversion feature.

There was a derivative liability of $1,579,055 and $1,300,915 as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 and 2019, the Company recorded non-cash expense $278,140 and non-cash income of $487,223 related to the “change in fair value of derivative” expense related to the Chicago Venture and Iliad financing. These were the only changes in level 3 fair value instruments during such periods.

Derivative liability as of March 31, 2020 was as follows:

				Carrying
	Fair Value Measurements Using Inputs			Amount at
Financial Instruments	Level 1	Level 2	Level 3	March 31, 2020

Liabilities:
Derivative Instruments	$-	$-	$1,579,055	$1,579,055

Total	$-	$-	$1,579,055	$1,579,055

Derivative liability as of December 31, 2019 was as follows:

				Carrying
	Fair Value Measurements Using Inputs			Amount at
Financial Instruments	Level 1	Level 2	Level 3	December 31, 2019

Liabilities:
Derivative Instruments	$-	$-	$1,300,915	$1,300,915

Total	$-	$-	$1,300,915	$1,300,915

NOTE 13 – RELATED PARTY TRANSACTIONS AND CERTAIN RELATIONSHIPS

Since January 1, 2019, the Company engaged in the following reportable transactions with our directors, executive officers, holders of more than 5% of our voting securities, and affiliates or immediately family members of our directors, executive officers and holders of more than 5% of our voting securities.

Certain Relationships

Please see the transactions with Chicago Venture Partners, L.P. discussed in Notes 11 and 12.

Related Party Transactions

Transactions with Katherine McLain

Ms. Katherine McLain was appointed as a director on February 14, 2017. On February 22, 2019, the Company issued 54,054 shares of the Company’s common stock to Katherine McLain valued at $1.11 per share or $60,000. This issuance was an annual award for independent director services.

Transaction with Thom Kozik

Mr. Kozik was appointed as a director on October 5, 2017. On February 22, 2019, the Company issued 54,054 shares of the Company’s common stock to Mr. Kozik valued at $1.11 per share or $60,000. This issuance was an annual award for independent director services.

Notes Payable to Related Parties

EZ-CLONE has $104,144 due to relatives of the two selling shareholders as of March 31, 2020 and December 31, 2019, respectively.

NOTE 14 – EQUITY

Authorized Capital Stock

On October 9, 2019, the Company approved the reduction of authorized capital stock, whereby the total number of the Company’s authorized common stock decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. On November 20, 2019, the Company filed a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the reduction, we have an aggregate 130,000,000 authorized shares consisting of : (i) 120,000,000 shares of common stock, par value $0.0001 per share, and (ii) 10,000,000 shares of preferred stock, par value $0.0001 per share.

The reverse stock split of 1 for 150 was effective at the open of business on November 27, 2019 whereupon the shares of the Company’s common stock began trading on a split-adjusted basis. Our CUSIP number will change to 39985X203.

Non-Voting Preferred Stock

Under the terms of our articles of incorporation, our board of directors is authorized to issue shares of non-voting preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of non-voting preferred stock.

The purpose of authorizing our board of directors to issue non-voting preferred stock and determine our rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of non-voting preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Other than the Series B and C Preferred Stock discussed below, there are no shares of non-voting preferred stock presently outstanding and we have no present plans to issue any shares of preferred stock.

Capital Stock Issued and Outstanding

As of March 31, 2020, the Company had issued and outstanding securities of 29,282,602 shares of common stock.

Voting Common Stock

Holders of the Company’s common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights. An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the election. On all other matters, the affirmative vote of the holders of a majority of the stock present in person or represented by proxy and entitled to vote is required for approval, unless otherwise provided in our articles of incorporation, bylaws or applicable law. Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential dividend rights of outstanding preferred stock.

In the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately all assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.

Unless otherwise indicated, all of the following sales or issuances of Company securities were conducted under the exemption from registration as provided under Section 4(2) of the Securities Act of 1933 (and also qualified for exemption under 4(5), formerly 4(6) of the Securities Act of 1933, except as noted below). All of the shares issued were issued in transactions not involving a public offering, are considered to be restricted stock as defined in Rule 144 promulgated under the Securities Act of 1933 and stock certificates issued with respect thereto bear legends to that effect.

The Company has compensated consultants and service providers with restricted common stock during the development of our business and when our capital resources were not adequate to provide payment in cash.

During the three months ended March 31, 2020, the Company had the following issuances of unregistered equity securities to accredited investors unless otherwise indicated:

Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165.

The Company issued 15 shares related to a reverse stock split.

The Company issued 164 shares of common stock related to the exercise of warrants for $460, or $3.151 per share.

Warrants

The Company had no warrant activity during the three months ended March 31, 2020.

A summary of the warrants issued as of March 31, 2020 is as follows:

	March 31, 2020
		Weighted
		Average
		Exercise
	Shares	Price
Outstanding at January 1, 2020	2,418,834	$3.465
Issued	-	$-
Exercised	-	$-
Forfeited	-	$-
Expired	-	$-
Outstanding at March 31, 2020	2,418,834	$3.465
Exerciseable at March 31, 2020	2,312,168	$-

A summary of the status of the warrants outstanding as of March 31, 2020 is presented below:

	March 31, 2020
	Weighted	Weighted		Weighted
	Average	Average		Average
Number of	Remaining	Exercise	Shares	Exercise
Warrants	Life	Price	Exerciseable	Price
366,667	6.41	$1.500	366,667	$1.500
320,000	4.58	1.800	213,333	1.800
1,407,582	1.58	3.150	1,407,582	3.150
324,586	2.83	7.500	324,586	7.500
-	-	-	-	-
2,418,834	2.52	$3.465	2,312,168	$3.374

Warrants had no intrinsic value as of March 31, 2020.

The warrants were valued using the following assumptions:

Dividend yield	0%
Expected life	1-5 Years
Expected volatility	70-200%
Risk free interest rate	0.78-2.6%

NOTE 15– STOCK OPTIONS

Description of Stock Option Plan

The Company has 1,333,333 shares available for issuance under the First Amended and Restated 2017 Stock Incentive Plan. The Company has outstanding unexercised stock option grants totaling 550,000 shares at an average exercise price of $1.491 per share as of March 31, 2020. The Company filed registration statements on Form S-8 to register 1,333,333 shares of our common stock related to the 2017 Stock Incentive Plan and First Amended and Restated 2017 Stock Incentive Plan.

Determining Fair Value under ASC 718

The Company records compensation expense associated with stock options and other equity-based compensation using the Black-Scholes-Merton option valuation model for estimating fair value of stock options granted under our plan. The Company amortizes the fair value of stock options on a ratable basis over the requisite service periods, which are generally the vesting periods. The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company estimates the volatility of our common stock based on the historical volatility of its own common stock over the most recent period corresponding with the estimated expected life of the award. The Company bases the risk-free interest rate used in the Black Scholes-Merton option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on our common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes-Merton option valuation model and adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate is recognized in the period the forfeiture estimate is changed.

Stock Option Activity

Stock option activity for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018 was as follows:

	Options	Weighted Average	Option
	Shares	Exercise Price	$
Outstanding as of January 1, 2018	373,333	$1.065	$397,600
Granted	300,000	1.950	585,000
Exercised	(6,666)	0.900	(5,999)
Forfeitures	-	-	-
Outstanding as of January 1, 2019	666,667	1.410	940,000
Granted	23,333	1.200	28,000
Exercised	(26,111)	(0.900)	23,500
Forfeitures	(113,869)	(1.146)	130,477
Outstanding as of December 31, 2019	550,020	1.491	1,121,977
Granted	-	-	-
Exercised	-	-	-
Forfeitures	-	-	-
Outstanding as of March 31, 2020	550,000	$1.491	$820,000

The following table summarizes information about stock options outstanding and exercisable at March 31, 2020:

		Weighted			Weighted
		Average	Weighted		Average
Range of	Number	Remaining Life	Average	Number	Exercise Price
Exercise Prices	Outstanding	In Years	Exercise Price	Exerciseable	Exerciseable
$0.90	80,000	2.75	$0.90	66,667	$0.90
1.05	66,667	2.75	1.05	55,556	1.05
1.2-1.35	16,667	0.80	1.2-1.35	13,333	1.2-1.35
1.50	133,333	2.61	1.50	112,778	1.50
1.80	253,333	3.75	1.80	126,667	1.80
	550,000	3.12	$1.491	375,000	$1.25

Stock option grants totaling 550,000 shares of common stock have no intrinsic value as of March 31, 2020.

The stock option grants were valued using the following assumptions:

Dividend yield	0%
Expected life	1-5 Years
Expected volatility	70-200%
Risk free interest rate	0.78-2.6%

NOTE 16 – COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS

Legal Proceedings

From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and may be adjusted from time to time according to developments.

The Company’s know of no material, existing or pending legal proceedings against our Company, nor is the Company involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to the Company’s interest.

As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves.

Operating Leases

The Company is obligated under the following leases for its various facilities.

On May 31, 2019, the Company rented space at 5400 Carillon Point, Kirkland, Washington 98033 for $623 per month for the Company’s corporate office and use of space in the Regus network, including California. The Company’s agreement was renewed and now expires May 31, 2021.

On December 14, 2018, GrowLife, Inc. entered into a lease agreement with Pensco Trust Company for a 28,000 square feet industrial space at 10170 Croydon Way, Sacramento, California 95827 used for the assembly and sales of plastic parts by EZ-CLONE. The monthly lease payment is $17,500 and increased approximately 3% per year. The lease expires on December 31, 2023.

NOTE 17 – SUBSEQUENT EVENTS

The Company evaluates subsequent events, for the purpose of adjustment or disclosure, up through the date the financial statements are available.

There were material events subsequent to March 31, 2020:

COVID-19 Pandemic

Presently, the impact of COVID-19 has not shown any imminent adverse effects on the Company’s business, especially since states across the United States—including California—has deemed cannabis businesses as “essential,” allowing the Company’s business to continue its operations. This notwithstanding, it is still unknown and difficult to predict what adverse effects, if any, COVID-19 can have on the Company’s business, or against the various aspects of same.

As of the date of this Annual Report, COVID-19 coronavirus has been declared a pandemic by the World Health Organization, has been declared a National Emergency by the United States Government and has resulted in several states being designated disaster zones. COVID-19 coronavirus caused significant volatility in global markets. The spread of COVID-19 coronavirus has caused public health officials to recommend precautions to mitigate the spread of the virus, especially as to travel and congregating in large numbers. In addition, certain states and municipalities have enacted, and additional cities are considering, quarantining and “shelter-in-place” regulations which severely limit the ability of people to move and travel and require non-essential businesses and organizations to close.

Recent shelter-in-place and essential-only travel regulations could negatively impact the Company’s customers. In addition, while the Company’s products are manufactured in the United States, the Company still could experience significant supply chain disruptions due to interruptions in operations at any or all of our suppliers’ facilities or downline suppliers. If the Company experiences significant delays in receiving our products the Company will experience delays in fulfilling orders and ultimately receiving payment, which could result in loss of sales and a loss of customers, and adversely impact our financial condition and results of operations. The current status of COVID-19 coronavirus closures and restrictions could also negatively impact the Company’s ability to receive funding from the Company’s existing capital sources as each business is and has been affected uniquely.

Other

On April 17, 2020, the Company received $362,500 under the Paycheck Protection Program of the U.S. Small Business Administration’s 7(a) Loan Program pursuant to the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), Pub. Law 116-136, 134 Stat. 281 (2020).

On April 30, 2020, Chicago Venture converted principal and accrued interest of $100,000 into 709,844 shares of the Company’s common stock at a per share conversion price of $0.141.

On April 16, 2020, the Company issued 20,000 shares of the Company’s common stock each to Katherine McLain and Thom Kozik, directors valued at $0.295 per share or $5,900. This issuance was an annual award for independent director services.

On May 7, 2020, EZ-CLONE received $203,329 under the Paycheck Protection Program of the U.S. Small Business Administration’s 7(a) Loan Program pursuant to the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), Pub. Law 116-136, 134 Stat. 281 (2020).

During May 26-28, 2020, PowerUp Lending Group Ltd converted principal of $80,000 into 531,409 shares of the Company’s common stock at a per share conversion price of $0.151.

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking statements in this report reflect the good-faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, those discussed below as well as those discussed elsewhere in this report (including in Part II, Item 1A (Risk Factors)). Readers are urged not to place undue reliance on these forward-looking statements because they speak only as of the date of this report. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report.

THE COMPANY AND OUR BUSINESS

GrowLife, Inc. (“GrowLife” or the “Company”) is incorporated under the laws of the State of Delaware and is headquartered in Kirkland, Washington. We were founded in 2012 with the Closing of the Agreement and Plan of Merger with SGT Merger Corporation.

FINANCIAL PERFORMANCE

We continued to operate and provide essential business services on a state-by-state basis, as determined by state laws amid the COVID-19 pandemic. The cannabis and hemp industries that service the medicinal demand are seeing great support from the states. Additionally, this is planting season for many hemp farmers across the country, it is imperative for GrowLife to support these farmers by keeping EZ-CLONE and all GrowLife products available to them. Starting March 2020, we have experienced strong sales but our first quarter was impacted by the Covid-19 pandemic. However, we have a sales order backlog of $0.4 million into the second quarter.

Our year to date revenue was $1.7 million as compared to $2.2 million for three months ended March 31, 2019. Our gross profits, or revenue after our cost of sales, was reported at $0.6 million for three months ended March 31, 2020 as compared to last year’s $0.8 million. GrowLife blended gross margins of 39.3% were up from 34.3% during the three months ended March 31, 2019.

These key metrics deserve a moment of pause and explanation. First, year over year is down 26% and even with the $0.4 million in backlog we would be down 8%. While relatively speaking we had a strong 2019 with $8.2 million, fourth quarter finished soft with $1.47 million in revenue and $0.3 million in gross profit. In comparing fourth quarter to the first quarter, we see about a 15% increase in revenue and doubling of gross profit. In addition, we built a sales order backlog of $0.4 million to be shipped in the second quarter.

However, the tipping of the blended gross margins towards the EZ-CLONE business drives them up to 39% in comparison to fourth quarter’s 21% and last year’s overall 30%.

As a result of the cost reductions implemented during the year ended December 31, 2019, we reduced operating expenses by $772,000 during the three months ended March 30, 2020 and we reduced cash used in operations by $0.7 million from $1.1 million to $0.4 million.

Finally, the Company continues to generate growth by investing in its EZ-CLONE products, sales and marketing efforts and thus reports a loss for the three months ended March 31, 2020. We believe that expansion spending is necessary in a high-growth market such as the cannabis, hemp and CBD-related businesses.

SO WHERE ARE WE INVESTING? CLONING AND CBD

We see the greatest opportunity for our Company in further positioning ourselves as the industry leader in plant cloning, and more specifically, as the leader in cloning of hemp plants grown for CBD extraction. Hemp production was recently legalized in the United States, subject to certain federal and state restrictions, creating a completely new market opportunity where countless farmers are switching their operations to hemp. Some conservative reports estimate that more than 500 million hemp plants will be planted in 2019, with farmers looking to grow hemp to provide raw materials to the exploding CBD market. Unfortunately, a lot of hemp growers do not understand the intricacies of growing hemp, especially for CBD extraction. Not all hemp plants can be used to create CBD products. Plants need to be rich in CBD, not THC, be the correct gender, and be healthy and large enough to process. In order to achieve this, the only way to start plants is by using genetically modified and feminized seeds or through cloning.

To position as a future industry leader, we believe that we need the foresight to project the growing hemp and CBD industry of the future and to stay ahead of trends, and to strategically position our company accordingly. This includes the booming need for CBD-rich hemp.

Toward the end of 2018, we announced the majority acquisition of a company called EZ-CLONE Enterprises. EZ-CLONE was and is known as the industry-leading supplier of commercial-grade cloning and propagation equipment. This was a part of this strategic positioning plan.

Cannabis cultivators have been cloning their favorite strains from mother plants for years , using various methods like tabletop growing. These methods are extremely labor and space intensive. As the demand for cannabis and CBD-rich hemp increases through further legalization, so will the demand for more and more starters, whether CLONEs or seeds. And while cloning is the preferred method of production for many growers, cloning can be time and labor intensive, and takes a lot of space in most grow facilities.

In late 2017, EZ-CLONE developed its Pro unit, which is one of the largest and most efficient cloning systems on the market. It is commercially scalable and allows cultivators to clone high volumes of plants, in a short timeframe, as short as 14 days, with the least amount of human and environmental resources consumed than ever previously seen. These systems decrease the need for resources such as labor and planting area, and we estimate that cultivators reduce their costs by over 20% per plant using CLONEs vs. seed while simultaneously producing the highest-quality plants possible. This system is so unique, we recently announced a patent issuance on this system and hope to secure further intellectual property protection on EZ-CLONE products in the coming months and years.

We believe this illustrates how GrowLife is positioned as an innovator of this industry-leading cloning solution, to capitalize not only on the emerging cannabis industry but now the exploding hemp CBD industry. In just the few months since taking over operations at EZ-CLONE, we have seen an increase in revenue of over 130% relative to last year.

In addition to the Pro unit, the EZ-CLONE product line has systems of all sizes designed for any size grow room or facility, consumable products such as rooting compound, and everything needed to operate these systems. Since our acquisition, we have added a subscription-based service to provide monthly shipments to cultivators with everything necessary to CLONE in our systems, as well as struck a deal with technology company Emerald Metrics to add spectral imaging add-ons to our Pro systems that allow growers to see the health of their CLONEs through any computer or mobile device.

We have all heard statistics such as the CBD industry will reach $20 billion by 2024. We believe these forecasts could be understated. Analysts continue to be shocked at the rise of consumer acceptance of CBD products, and more and more large companies will begin to debut CBD products, and demand for raw hemp-based CBD will grow accordingly. Additionally, we are seeing many hemp growers losing crop viability due to the way they are starting plants, some losing crops to cross-pollination and some even being burned down by the DEA when they have too high of levels of THC. We believe this is a testament as to how much demand for hemp crops will continue to grow, and growers will continue to search for the best way to grow hemp to avoid these issues. And I reiterate that cloning is really the best way to ensure a healthy crop with the proper CBD content. We plan to be the hemp CBD heroes with our, for lack of a better word, revolutionary cloning products. We have made strides to reach hemp farmers and educate them on the benefits of cloning, launching our resource and sales channel at EZCLONEHemp.com, attending hemp-focused tradeshows, and ramping up our sales force in hemp-heavy states where traditional agricultural is making the switch to hemp.

IN SUMMARY

Moving forward, we believe there will continue to be innovation in plant-growing equipment after the planting stage, but this not involve our present intended operations. We are not going to create the best LED light, or trimming machine. We are going to stick with focusing on our core competencies: helping cultivators with jump-starting their crops, reduce their costs and grow better plants. We’re going to help them with the equipment needed to grow their own clones, address innovation in the cloning process and educate cultivators on the necessity of cloning in order to maximize yield and grow high CBD strains, and even potentially provide the clones themselves.

We believe that through our strategic investment in EZ-CLONE, we have positioned ourselves very well to capitalize on this expanding market opportunity. Where EZ-CLONE was able to create a quality product with steady growth, GrowLife has propelled it into an international brand being utilized by some of the largest grow operations in the world.

Recently we have been investing capital into building out our manufacturing capacity for the EZ-CLONE product line to prepare for this continued growth. We currently have a sizable backlog of orders and need to have the manufacturing capacity to not only fulfill these orders but keep up with demand. Growth on this scale requires capital.

Through a nationwide network of knowledgeable representatives, GrowLife continues to provide essential and hard-to-find goods including media (i.e., farming soil), industry-leading hydroponics equipment, organic plant nutrients, and thousands more products to specialty grow operations across the United States.

Please follow our shareholder updates for more to come on our financing. If we secure this financing we can then dedicate funds toward increasing our manufacturing capacity, hiring additional sales and support staff and actualize on our vision of being the leading source of plant starters and equipment for the hemp and cannabis market and meet the demand as it continues to rise.

We believe with the revenue growth and increased margins described, our fundamentals are strong, our positioning is focused and trajectory is encouraging. To put it is simply, we are ready and prepared to make our place in one of the largest shifts in mainstream wellness and agriculture in history.

Employees

As of March 31, 2020, we had twenty four full-time and part-time employees. Marco Hegyi, our Chief Executive Officer, is based in Kirkland, Washington. Mark E. Scott, our Chief Financial Officer, is based primarily in Seattle, Washington. We have approximately 11 employees located throughout the United States who operate our businesses. We employ 11 employees at EZ-CLONE in Sacramento, CA. None of our employees are subject to a collective bargaining agreement or represented by a trade or labor union. We believe that we have a good relationship with our employees.

Key Partners

Our key customers vary by state and are expected to be more defined as the company moves from its retail walk-in purchasing sales strategy to serving cultivation facilities directly and under predictable purchasing contracts.

Our key suppliers include distributors and manufacturers. All the products purchased and resold are applicable to indoor growing for organics, greens, and plant-based medicines.

Competition

Covering two countries across all cultivator segments creates competitors that also serve as partners. Large commercial cultivators have found themselves willing to assume their own equipment support by buying large volume purchased directly from certain suppliers and distributors such as Hawthorne and HydroFarm. Other key competitors on the retail side consist of local and regional hydroponic resellers of indoor growing equipment. On the e-commerce business, GrowersHouse.com, Hydrobuilder.com and smaller online resellers using Amazon and eBay e-commerce market systems.

Intellectual Property and Proprietary Rights

Our intellectual property consists of brands and their related trademarks and websites, customer lists and affiliations, product know-how and technology, and marketing intangibles.

Our other intellectual property is primarily in the form of trademarks and domain names. We also hold rights to several website addresses related to our business including websites that are actively used in our day-to-day business such as www.shopgrowlife.com, www.growlifeinc.com, www.growlifeeco.com and www.greners.com.

We have applied for two patents related to the vertical room product previously discussed.

We have a policy of entering into confidentiality and non-disclosure agreements with our employees, some of our vendors and customers as necessary.

Acquisition of EZ-CLONE

On October 15, 2018, we closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.

The October 15, 2018 agreement called us, upon delivery of the remaining 49% of EZ-Clone stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.

Government Regulation

Currently, there are thirty three states plus the District of Columbia that have laws and/or regulation that recognize in one form or another legitimate medical uses for cannabis and consumer use of cannabis in connection with medical treatment. There are currently ten states and the District of Columbia that allow recreational use of cannabis. As of September 30, 2019, the policy and regulations of the Federal government and its agencies is that cannabis has no medical benefit and a range of activities including cultivation and use of cannabis for personal use is prohibited on the basis of federal law and may or may not be permitted on the basis of state law. Active enforcement of the current federal regulatory position on cannabis on a regional or national basis may directly and adversely affect the willingness of customers of GrowLife to invest in or buy products from GrowLife. Active enforcement of the current federal regulatory position on cannabis may thus indirectly and adversely affect revenues and profits of the GrowLife companies.

All this being said, many reports show that the majority of the American public is in favor of making medical cannabis available as a controlled substance to those patients who need it. The need and consumption will then require cultivators to continue to provide safe and compliant crops to consumers. The cultivators will then need to build facilities and use consumable products, which GrowLife provides.

OUR COMMON STOCK

As of March 4, 2019, we began to trade on the Pink Sheet stocks system. Our bid price had closed below $0.01 for more than 30 consecutive calendar days. As of March 17, 2020, we commenced trading on the OTCQB Market ("OTCQB") after successfully up-listing from the OTC Pink Market.

PRIMARY RISKS AND UNCERTAINTIES

We are exposed to various risks related to legal proceedings, our need for additional financing, the sale of significant numbers of our shares, the potential adjustment in the exercise price of our convertible debentures and a volatile market price for our common stock. These risks and uncertainties are discussed in more detail below in Part II, Item 1A.

RESULTS OF OPERATIONS

The following table presents certain consolidated statement of operations information and presentation of that data as a percentage of change from period-to-period.

(dollars in thousands)

	Three Months Ended March 31,
	2020	2019	$ Variance	% Variance
Net revenue	$1,661	$2,244	$(583)	-26.0%
Cost of goods sold	1,008	1,473	(465)	31.6%
Gross profit	653	771	(118)	-15.3%
General and administrative expenses	1,358	2,130	(772)	36.2%
Operating loss	(705)	(1,359)	654	51.5%
Other income (expense):
Change in fair value of derivative	(278)	487	(765)	-157.1%
Interest expense, net	(281)	(120)	(161)	-134.2%
Loss on debt conversions	(30)	(1,346)	1,316	97.8%
Total other expense, net	(589)	(979)	390	39.8%
Loss before income taxes	(1,294)	(2,338)	1,044	44.7%
Income taxes - current benefit	-	-	-	-100.0%
Net loss	$(1,294)	$(2,338)	$1,044	44.7%

THREE MONTHS ENDED MARCH 31, 2020 AS COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2019

Revenue

Net revenue for the three months ended March 31, 2020 decreased by $583,000 to $1,661,000 from $2,244,000 for the three months ended March 31, 2019. The first quarter of 2020 was impacted by the Covid-19 pandemic. However, we have a sales order backlog of $400,000 into quarter 2. The hydroponics revenue for the three months ended March 31, 2020 was $687,000 as compared to $1,305,000 for the three months ended March 31, 2019. The EZ-CLONE revenue for the three months ended March 31, 2020 was $974,000 as compared to $939,000 for the three months ended March 31, 2019.

Cost of Goods Sold

Cost of sales for the three months ended March 31, 2020 decreased by $465,000 to $1,008,000 from $1,473,000 for the three months ended March 31, 2019. Our quarter one was impacted by the Covid-19 pandemic and the lower revenue volume during the quarter.

Gross profit was $653,000 for the three months ended March 31, 2020 as compared to a gross profit of $771,000 for the three months ended March 31, 2019. The gross profit percentage was 39.3% for the three months ended March 31, 2020 as compared to 34.3% for the three months ended March 31, 2019. The increase was due increased sales, offset by lower cost of sales related to favorable product mix related to the acquisition of EZ-CLONE on October 15, 2018. EZ-CLONE reported a gross profit percentage of 52.5%.

General and Administrative Expenses

General and administrative expenses for the three months ended March 31, 2020 were $1,358,000 as compared to $2,130,000 for the three months ended March 31, 2019. The variances were as follows: (i) a decrease in non-cash other expenses of $140,000; (ii) a decrease in payroll expenses of $163,000; (iii) a decrease in rent expense of $90,000; (iv) a decrease in sales and marketing expenses of $98,000; (v) decreased insurance of $35,000; and (vi) decreased other expenses of $246,000 . As part of the general and administrative expenses for the three months ended March 31, 2020, we recorded public relation, investor relation or business development expenses of $0. We implemented a cost reduction program during the year ended December 31, 2019.

Non-cash general and administrative expenses for the three months ended March 31, 2020 included non-cash expenses of $215,000 including (i) depreciation of 9,000; (ii) amortization of intangible assets of $168,000; and (iii) stock based compensation of $38,000 related to stock option grants and warrants.

Non-cash general and administrative expenses for the three months ended March 31, 2019 were $520,000 including (i) depreciation and amortization of $30,000; (ii) amortization of intangible assets of $285,000; (iii) stock based compensation of $40,000 related to stock option grants and warrants; and (iv) common stock issued for services of $165,000.

Other Expense

Other expense for the three months ended March 31, 2020 was $589,000 as compared to other expense of $979,000 for the three months ended March 31, 2019. The other expense for the three months ended March 31, 2020 included (i) change in derivative liability of $278,000; (ii) interest expense of $281,000; and (iii) loss on debt conversions of $30,000. The change in derivative liability is the non-cash change in the fair value and relates to our derivative instruments. The non-cash interest related to accrued interest expense on our notes payable. The loss on debt conversions related to the conversion of our notes payable at prices below the market price.

The other expense for the three months ended March 31, 2019 included (i) interest expense of $120,000; and (ii) loss on debt conversions of $1,347,000; offset by (iii) change in fair value of derivative of $487,000 The non-cash interest related to the amortization of the debt discount associated with our convertible notes and accrued interest expense related to our notes payable. The loss on debt conversions related to the conversion of our notes payable at prices below the market price.

Net Loss

Net loss for the three months ended March 31, 2020 was $1,294,000 as compared to $2,338,000 for the three months ended March 31, 2019 for the reasons discussed above.

Net loss for the three months ended March 31, 2020 included non-cash expenses of $771,000 including (i) depreciation of $9,000; (ii) amortization of intangible assets of $168,000; (iii) stock based compensation of $38,000 related to stock option grants and warrants; (iv) accrued interest on convertible notes payable of $248,000; (v) change in derivative liability of $278,000; and (vi) loss on debt conversions of $30,000.

Net loss for the three months ended March 31, 2019 included non-cash expenses of $1,446,000 including (i) depreciation and amortization of $30,000; (ii) amortization of intangible assets of $285,000; (iii) stock based compensation of $40,000 related to stock option grants and warrants; (iv) common stock issued for services of $165,000; (v) accrued interest on convertible notes payable of $66,000; (vi) loss on debt conversions of $1,347,000; (vii) noncontrolling interest in EZ-Clone Enterprises, Inc.; and offset by (viii) change in derivative liability of $487,000.

We expect losses to continue as we implement our business plan.

LIQUIDITY AND CAPITAL RESOURCES

We adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standard Codification (“ASC”) Topic 205-40, Presentation of Financial Statements – Going Concern, which requires that management evaluate whether there are relevant conditions and events that, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern and to meet its obligations as they become due within one year after the date that the financial statements are issued.

The accompanying financial statements have been prepared assuming that we will continue as a going concern. However, since inception, we have sustained significant operating losses and such losses are expected to continue for the foreseeable future. As of March 31, 2020, we had an accumulated deficit of $149,755,207, cash and cash equivalents of $168,514 and a working capital deficit of $1,784,790 (less derivative liability, convertible debt, right of use liability and deferred revenue). Additionally, we used in operating activities $423,000, $2,910,000 and $3,855,000 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018 respectively. We will require additional cash funding to fund operations beyond June 30, 2020. Accordingly, management has concluded that we do not have sufficient funds to support operations within one year after the date the financial statements are issued and, therefore, we concluded there was substantial doubt about the Company’s ability to continue as a going concern.

To fund further operations, we will need to raise additional capital. We may obtain additional financing in the future through the issuance of its common stock, or through other equity or debt financings. Our ability to continue as a going concern or meet the minimum liquidity requirements in the future is dependent on its ability to raise significant additional capital, of which there can be no assurance. If the necessary financing is not obtained or achieved, we will likely be required to reduce its planned expenditures, which could have an adverse impact on the results of operations, financial condition and our ability to achieve its strategic objective. There can be no assurance that financing will be available on acceptable terms, or at all. The financial statements contain no adjustments for the outcome of these uncertainties. These factors raise substantial doubt about our ability to continue as a going concern and have a material adverse effect on our future financial results, financial position and cash flows.

Funding Agreements with Chicago Venture Partners, L.P., and Iliad Research and Trading, L.P and Odyssey Research and Trading, LLC

We have various 10% Convertible Promissory Notes with the above entities. We currently have $645,000 availability under the funding agreements. We are able to currently utilize this availability.

Operating Activities

Net cash used in operating activities for the three months ended March 31, 2020 was $423,000. This amount was primarily related to a net loss of $1,294,000, offset by (i) net working capital of $100,000; and (ii) non-cash expenses of $771,000 including (iii) depreciation of $9,000; (iv) amortization of intangible assets of $168,000; (iv) stock based compensation of $38,000 related to stock option grants and warrants; (v) accrued interest on convertible notes payable of $248,000; (vi) change in derivative liability of $278,000; and (vii) loss on debt conversions of $30,000.

Financing Activities

Net cash provided by financing activities for the three months ended March 31, 2020 was $550,000. The amount related to proceeds from note payable of $550,000.

Our contractual cash obligations as of March 31, 2020 are summarized in the table below:

		Less Than
Contractual Cash Obligations	Total	1 Year	1-3 Years
Operating lease cash payments	$633,375	$211,246	$422,129
Convertible notes payable and accrued interest	3,462,594	3,462,594	-
Notes payable and capital leases	104,144	104,144	-
Acquisition of 49% of EZ-CLONE Enterprises, Inc.	1,026,000	1,026,000	-
	$5,226,113	$4,803,984	$422,129

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements (as that term is defined in Item 303 of Regulation S-K) that are reasonably likely to have a current or future material effect on our financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 4.

CONTROLS AND PROCEDURES

a) Evaluation of Disclosure Controls and Procedures

We conducted an evaluation under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive and principal financial officers concluded as of March 31, 2020, that our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses in our internal controls over financial reporting discussed immediately below.

Identified Material Weakness

A material weakness in our internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.

Management identified the following material weakness during its assessment of internal controls over financial reporting:

Audit Committee:

The current Audit Committee has two independent directors, but the Chairman is an interim Named Executive Officer. We expect to expand this committee during 2020.

b) Changes in Internal Control over Financial Reporting

During the quarter ended March 31, 2020, there were no changes in our internal controls over financial reporting during this fiscal quarter, which were identified in connection with our management’s evaluation required by paragraph (d) of rules 13a-15 and 15d-15 under the Exchange Act, that materially affected, or is reasonably likely to have a materially affect, on our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although we cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and may be adjusted from time to time according to developments.

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors.

There are certain inherent risks which will have an effect on our development in the future and the most significant risks and uncertainties known and identified by our management are described below.

Risks Related to Pandemics

The effects of the recent COVID-19 coronavirus pandemic are not immediately known, but may adversely affect our business, results of operations, financial condition, liquidity, and cash flow.

Presently, the impact of COVID-19 has not shown any imminent adverse effects on our business. This notwithstanding, it is still unknown and difficult to predict what adverse effects, if any, COVID-19 can have on our business, or against the various aspects of same.

As of the date of this Quarterly Report, COVID-19 coronavirus has been declared a pandemic by the World Health Organization, has been declared a National Emergency by the United States Government and has resulted in several states being designated disaster zones. COVID-19 coronavirus caused significant volatility in global markets. The spread of COVID-19 coronavirus has caused public health officials to recommend precautions to mitigate the spread of the virus, especially as to travel and congregating in large numbers. In addition, certain states and municipalities have enacted, and additional cities are considering, quarantining and “shelter-in-place” regulations which severely limit the ability of people to move and travel and require non-essential businesses and organizations to close. While some states are considering lifting their “shelter-in-place” restrictions and travel bans, as they are removed there is no certainty that an outbreak will not occur and additional restrictions imposed again in response.

It is unclear how such restrictions, which will contribute to a general slowdown in the global economy, will affect our business, results of operations, financial condition and our future strategic plans.

Recent shelter-in-place and essential-only travel regulations could negatively impact our customers. In addition, while our products are manufactured in the United States, we still could experience significant supply chain disruptions due to interruptions in operations at any or all of our suppliers’ facilities or downline suppliers. If we experience significant delays in receiving our products we will experience delays in fulfilling orders and ultimately receiving payment, which could result in loss of sales and a loss of customers, and adversely impact our financial condition and results of operations. The current status of COVID-19 coronavirus closures and restrictions could also negatively impact our ability to receive funding from our existing capital sources as each business is and has been affected uniquely.

In addition, our headquarters are located in Seattle, Washington which was also recently subject of large COVID-19 outbreak. In response, Washington State governor, Jay Inslee, mandated a minimum 2 week stay at home order with exceptions only for essential businesses. The state is currently in phase 1 of a reopening program. It is unclear at this time how these restrictions will be amended as the pandemic evolves. We are hopeful that COVID-19 closures will have only a limited effect on our operations and revenues.

General securities market uncertainties resulting from the COVID-19 pandemic.

Since the outset of the pandemic the United States and worldwide national securities markets have undergone unprecedented stress due to the uncertainties of the pandemic and the resulting reactions and outcomes of government, business and the general population. These uncertainties have resulted in declines in all market sectors, increases in volumes due to flight to safety and governmental actions to support the markets. As a result, until the pandemic has stabilized, the markets may not be available to the Company for purposes of raising required capital. Should we not be able to obtain financing when required, in the amounts necessary to execute on our plans in full, or on terms which are economically feasible we may be unable to sustain the necessary capital to pursue our strategic plan and may have to reduce the planned future growth and/or scope of our operations.

Risks Related to Our Business

Risks Associated with Securities Purchase Agreements with Chicago Venture Partners, L.P. (“Chicago Venture”), Iliad Research and Trading, L.P. (“Iliad”) and Odyssey Research and Trading, LLC, (“Odyssey”).

The Securities Purchase Agreements with Chicago Venture, Iliad and Odyssey will terminate if we file protection from its creditors, a Registration Statement on Form S-1 is not effective, and our market capitalization or the trading volume of our common stock does not reach certain levels. If terminated, we will be unable to draw down all or substantially all of Notes.

Our ability to require Chicago Venture, Iliad and Odyssey to fund the Notes is at mutual discretion, subject to certain limitations. Chicago Venture, Iliad and Odyssey are obligated to fund if each of the following conditions are met; (i) the average and median daily dollar volumes of our common stock for the twenty (20) and sixty (60) trading days immediately preceding the funding date are greater than $100,000; (ii) our market capitalization on the funding date is greater than $17,000,000; (iii) we are not in default with respect to share delivery obligations under the note as of the funding date; and (iv) we are current in our reporting obligations.

There is no guarantee that we will be able to meet the foregoing conditions or any other conditions under the Securities Purchase Agreements and/or Notes or that we will be able to draw down any portion of the amounts available under the Securities Purchase Agreements and/or Notes.

If we not able to draw down all amounts possible under the Securities Purchase Agreements or if the Securities Purchase Agreements are terminated, we may be forced to curtail the scope of our operations or alter our business plan if other financing is not available to us.

Risks Associated with EZ-CLONE Enterprises, Inc.

On October 15, 2018, we closed the Purchase and Sale Agreement with EZ-CLONE. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.

The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-Clone stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, we amended the purchase agreement with one 24.5% owner obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid and we continue in discussion with the shareholders about paying of the remaining purchase price payable.

Our acquisition of EZ-Clone thus far has been positive for our overall results of operations. Additionally, we have spent a significant amount of time and effort modifying our business plans and focuses toward the clone industry. If we fail to close on the remaining 49% of EZ-Clone we may experience direct consequences including, but not limited to, claims for breach of contract for failure to close on a contractual obligation.

Our common stock.

As of March 4, 2019, we began to trade on the OTC Pink Sheet stocks system because our bid price had closed below $0.01 for more than 30 consecutive calendar days. As of March 17, 2020, we commenced trading on the OTCQB Market ("OTCQB") after successfully up-listing from the OTC Pink Market.

This action had a material adverse effect on our business, financial condition and results of operations. If we are unable to obtain additional financing when it is needed, we will need to restructure our operations, and divest all or a portion of our business.

We have been involved in Legal Proceedings.

We have been involved in certain disputes and legal proceedings as discussed in the section title “Legal Proceedings”. In addition, as a public company, we are also potentially susceptible to litigation, such as claims asserting violations of securities laws. Any such claims, with or without merit, if not resolved, could be time-consuming and result in costly litigation. There can be no assurance that an adverse result in any future proceeding would not have a potentially material adverse on our business, results of operations or financial condition.

We may engage in acquisitions, mergers, strategic alliances, joint ventures and divestures that could result in final results that are different than expected.

In the normal course of business, we engage in discussions relating to possible acquisitions, equity investments, mergers, strategic alliances, joint ventures and divestitures. Such transactions are accompanied by a number of risks, including the use of significant amounts of cash, potentially dilutive issuances of equity securities, incurrence of debt on potentially unfavorable terms as well as impairment expenses related to goodwill and amortization expenses related to other intangible assets, the possibility that we may pay too much cash or issue too many of our shares as the purchase price for an acquisition relative to the economic benefits that we ultimately derive from such acquisition, and various potential difficulties involved in integrating acquired businesses into our operations.

From time to time, we have also engaged in discussions with candidates regarding the potential acquisitions of our product lines, technologies and businesses. If a divestiture such as this does occur, we cannot be certain that our business, operating results and financial condition will not be materially and adversely affected. A successful divestiture depends on various factors, including our ability to effectively transfer liabilities, contracts, facilities and employees to any purchaser; identify and separate the intellectual property to be divested from the intellectual property that we wish to retain; reduce fixed costs previously associated with the divested assets or business; and collect the proceeds from any divestitures.

If we do not realize the expected benefits of any acquisition or divestiture transaction, our financial position, results of operations, cash flows and stock price could be negatively impacted.

Our proposed business is dependent on laws pertaining to the marijuana industry.

Continued development of the marijuana industry is dependent upon continued legislative authorization of the use and cultivation of marijuana at the state level. Any number of factors could slow or halt progress in this area. Further, progress, while encouraging, is not assured. While there may be ample public support for legislative action, numerous factors impact the legislative process. Any one of these factors could slow or halt use of marijuana, which would negatively impact our proposed business.

Currently, thirty three states and the District of Columbia allow its citizens to use medical cannabis. Additionally, ten states and the District of Columbia have legalized cannabis for adult use. The state laws are in conflict with the federal Controlled Substances Act, which makes marijuana use and possession illegal on a national level. The Obama administration previously effectively stated that it is not an efficient use of resources to direct law federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws allowing the use and distribution of medical marijuana. The Trump administration position is unknown. However, there is no guarantee that the Trump administration will not change current policy regarding the low-priority enforcement of federal laws. Additionally, any new administration that follows could change this policy and decide to enforce the federal laws strongly. Any such change in the federal government’s enforcement of current federal laws could cause significant financial damage to us and its shareholders.

Further, while we do not harvest, distribute or sell marijuana, by supplying products to growers of marijuana, we could be deemed to be participating in marijuana cultivation, which remains illegal under federal law, and exposes us to potential criminal liability, with the additional risk that our business could be subject to civil forfeiture proceedings.

The marijuana industry faces strong opposition.

It is believed by many that large, well-funded businesses may have a strong economic opposition to the marijuana industry. We believe that the pharmaceutical industry clearly does not want to cede control of any product that could generate significant revenue. For example, medical marijuana will likely adversely impact the existing market for the current “marijuana pill” sold by mainstream pharmaceutical companies. Further, the medical marijuana industry could face a material threat from the pharmaceutical industry, should marijuana displace other drugs or encroach upon the pharmaceutical industry’s products. The pharmaceutical industry is well funded with a strong and experienced lobby that eclipses the funding of the medical marijuana movement. Any inroads the pharmaceutical industry could make in halting or impeding the marijuana industry harm our business, prospects, results of operation and financial condition.

Marijuana remains illegal under Federal law.

Marijuana is a Schedule-I controlled substance and is illegal under federal law. Even in those states in which the use of marijuana has been legalized, its use remains a violation of federal law. Since federal law criminalizing the use of marijuana preempts state laws that legalize its use, strict enforcement of federal law regarding marijuana would harm our business, prospects, results of operation and financial condition.

Raising additional capital to implement our business plan and pay our debts will cause dilution to our existing stockholders, require us to restructure our operations, and divest all or a portion of our business.

We need additional financing to implement our business plan and to service our ongoing operations and pay our current debts. There can be no assurance that we will be able to secure any needed funding, or that if such funding is available, the terms or conditions would be acceptable to us.

If we raise additional capital through borrowing or other debt financing, we may incur substantial interest expense. Sales of additional equity securities will dilute on a pro rata basis the percentage ownership of all holders of common stock. When we raise more equity capital in the future, it will result in substantial dilution to our current stockholders.

If we are unable to obtain additional financing when it is needed, we will need to restructure our operations, and divest all or a portion of our business.

Closing of bank and merchant processing accounts could have a material adverse effect on our business, financial condition and/or results of operations.

As a result of the regulatory environment, we have experienced the closing of several of our bank and merchant processing accounts since March 2014. We have been able to open other bank accounts. However, we may have other banking accounts closed. These factors impact management and could have a material adverse effect on our business, financial condition and/or results of operations.

Federal regulation and enforcement may adversely affect the implementation of medical marijuana laws and regulations may negatively impact our revenues and profits.

Currently, there are thirty three states plus the District of Columbia that have laws and/or regulation that recognize in one form or another legitimate medical uses for cannabis and consumer use of cannabis in connection with medical treatment. Many other states are considering legislation to similar effect. As of the date of this writing, the policy and regulations of the Federal government and its agencies is that cannabis has no medical benefit and a range of activities including cultivation and use of cannabis for personal use is prohibited on the basis of federal law and may or may not be permitted on the basis of state law. Active enforcement of the current federal regulatory position on cannabis on a regional or national basis may directly and adversely affect the willingness of customers of GrowLife to invest in or buy products from GrowLife that may be used in connection with cannabis. Active enforcement of the current federal regulatory position on cannabis may thus indirectly and adversely affect revenues and profits of the GrowLife companies.

Our history of net losses has raised substantial doubt regarding our ability to continue as a going concern. If we do not continue as a going concern, investors could lose their entire investment.

Our history of net losses has raised substantial doubt about our ability to continue as a going concern, and as a result, our independent registered public accounting firm included an explanatory paragraph in its report on our financial statements as of and for the years ended December 31, 2019 and 2018 with respect to this uncertainty. Accordingly, our ability to continue as a going concern will require us to seek alternative financing to fund our operations. This going concern opinion could materially limit our ability to raise additional funds through the issuance of new debt or equity securities or otherwise. Future reports on our financial statements may include an explanatory paragraph with respect to our ability to continue as a going concern.

We have a history of operating losses and there can be no assurance that we can again achieve or maintain profitability.

We have experienced net losses since inception. As of March 31, 2020, we had an accumulated deficit of $149.8 million. There can be no assurance that we will achieve or maintain profitability.

We are subject to corporate governance and internal control reporting requirements, and our costs related to compliance with, or our failure to comply with existing and future requirements, could adversely affect our business.

We must comply with corporate governance requirements under the Sarbanes-Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, as well as additional rules and regulations currently in place and that may be subsequently adopted by the SEC and the Public Company Accounting Oversight Board. These laws, rules, and regulations continue to evolve and may become increasingly stringent in the future. We are required to include management’s report on internal controls as part of our annual report pursuant to Section 404 of the Sarbanes-Oxley Act. We strive to continuously evaluate and improve our control structure to help ensure that we comply with Section 404 of the Sarbanes-Oxley Act. The financial cost of compliance with these laws, rules, and regulations is expected to remain substantial.

We cannot assure you that we will be able to fully comply with these laws, rules, and regulations that address corporate governance, internal control reporting, and similar matters. Failure to comply with these laws, rules and regulations could materially adversely affect our reputation, financial condition, and the value of our securities.

Our inability or failure to effectively manage our growth could harm our business and materially and adversely affect our operating results and financial condition.

Our strategy envisions growing our business. We plan to expand our product, sales, administrative and marketing organizations. Any growth in or expansion of our business is likely to continue to place a strain on our management and administrative resources, infrastructure and systems. As with other growing businesses, we expect that we will need to further refine and expand our business development capabilities, our systems and processes and our access to financing sources. We also will need to hire, train, supervise and manage new and retain contributing employees. These processes are time consuming and expensive, will increase management responsibilities and will divert management attention. We cannot assure you that we will be able to:

	●	expand our products effectively or efficiently or in a timely manner;
	●	allocate our human resources optimally;
	●	meet our capital needs;
	●	identify and hire qualified employees or retain valued employees; or
	●	incorporate effectively the components of any business or product line that we may acquire in our effort to achieve growth.

Our operating results may fluctuate significantly based on customer acceptance of our products. As a result, period-to-period comparisons of our results of operations are unlikely to provide a good indication of our future performance. Management expects that we will experience substantial variations in our net sales and operating results from quarter to quarter due to customer acceptance of our products. If customers do not accept our products, our sales and revenues will decline, resulting in a reduction in our operating income.

Customer interest for our products could also be impacted by the timing of our introduction of new products. If our competitors introduce new products around the same time that we issue new products, and if such competing products are superior to our own, customers’ desire for our products could decrease, resulting in a decrease in our sales and revenues. To the extent that we introduce new products and customers decide not to migrate to our new products from our older products, our revenues could be negatively impacted due to the loss of revenue from those customers. In the event that our newer products do not sell as well as our older products, we could also experience a reduction in our revenues and operating income.

If we do not successfully generate additional products and services, or if such products and services are developed but not successfully commercialized, we could lose revenue opportunities.

Our future success depends, in part, on our ability to expand our product and service offerings. To that end we have engaged in the process of identifying new product opportunities to provide additional products and related services to our customers. The process of identifying and commercializing new products is complex and uncertain, and if we fail to accurately predict customers’ changing needs and emerging technological trends our business could be harmed. We may have to commit significant resources to commercializing new products before knowing whether our investments will result in products the market will accept. Furthermore, we may not execute successfully on commercializing those products because of errors in product planning or timing, technical hurdles that we fail to overcome in a timely fashion, or a lack of appropriate resources. This could result in competitors providing those solutions before we do and a reduction in net sales and earnings.

The success of new products depends on several factors, including proper new product definition, timely completion and introduction of these products, differentiation of new products from those of our competitors, and market acceptance of these products. There can be no assurance that we will successfully identify new product opportunities, develop and bring new products to market in a timely manner, or achieve market acceptance of our products or that products and technologies developed by others will not render our products or technologies obsolete or noncompetitive.

Our future success depends on our ability to grow and expand our customer base. Our failure to achieve such growth or expansion could materially harm our business.

To date, our revenue growth has been derived primarily from the sale of our products and through the purchase of existing businesses. Our success and the planned growth and expansion of our business depend on us achieving greater and broader acceptance of our products and expanding our customer base. There can be no assurance that customers will purchase our products or that we will continue to expand our customer base. If we are unable to effectively market or expand our product offerings, we will be unable to grow and expand our business or implement our business strategy. This could materially impair our ability to increase sales and revenue and materially and adversely affect our margins, which could harm our business and cause our stock price to decline.

If we incur substantial liability from litigation, complaints, or enforcement actions resulting from misconduct by our distributors, our financial condition could suffer. We will require that our distributors comply with applicable law and with our policies and procedures. Although we will use various means to address misconduct by our distributors, including maintaining these policies and procedures to govern the conduct of our distributors and conducting training seminars, it will still be difficult to detect and correct all instances of misconduct. Violations of applicable law or our policies and procedures by our distributors could lead to litigation, formal or informal complaints, enforcement actions, and inquiries by various federal, state, or foreign regulatory authorities against us and/or our distributors. and could consume considerable amounts of financial and other corporate resources, which could have a negative impact on our sales, revenue, profitability and growth prospects. As we are currently in the process of implementing our direct sales distributor program, we have not been, and are not currently, subject to any material litigation, complaint or enforcement action regarding distributor misconduct by any federal, state or foreign regulatory authority.

Our future manufacturers could fail to fulfill our orders for products, which would disrupt our business, increase our costs, harm our reputation and potentially cause us to lose our market.

We may depend on contract manufacturers in the future to produce our products. These manufacturers could fail to produce products to our specifications or in a workmanlike manner and may not deliver the units on a timely basis. Our manufacturers may also have to obtain inventories of the necessary parts and tools for production. Any change in manufacturers to resolve production issues could disrupt our ability to fulfill orders. Any change in manufacturers to resolve production issues could also disrupt our business due to delays in finding new manufacturers, providing specifications and testing initial production. Such disruptions in our business and/or delays in fulfilling orders would harm our reputation and would potentially cause us to lose our market.

Our inability to effectively protect our intellectual property would adversely affect our ability to compete effectively, our revenue, our financial condition and our results of operations.

We may be unable to obtain intellectual property rights to effectively protect our business. Our ability to compete effectively may be affected by the nature and breadth of our intellectual property rights. While we intend to defend against any threats to our intellectual property rights, there can be no assurance that any such actions will adequately protect our interests. If we are unable to secure intellectual property rights to effectively protect our technology, our revenue and earnings, financial condition, and/or results of operations would be adversely affected.

We may also rely on nondisclosure and non-competition agreements to protect portions of our technology. There can be no assurance that these agreements will not be breached, that we will have adequate remedies for any breach, that third parties will not otherwise gain access to our trade secrets or proprietary knowledge, or that third parties will not independently develop the technology.

We do not warrant any opinion as to non-infringement of any patent, trademark, or copyright by us or any of our affiliates, providers, or distributors. Nor do we warrant any opinion as to invalidity of any third-party patent or unpatentability of any third-party pending patent application.

Our industry is highly competitive and we have less capital and resources than many of our competitors, which may give them an advantage in developing and marketing products similar to ours or make our products obsolete.

We are involved in a highly competitive industry where we may compete with numerous other companies who offer alternative methods or approaches, may have far greater resources, more experience, and personnel perhaps more qualified than we do. Such resources may give our competitors an advantage in developing and marketing products similar to ours or products that make our products obsolete. There can be no assurance that we will be able to successfully compete against these other entities.

Transfers of our securities may be restricted by virtue of state securities “blue sky” laws, which prohibit trading absent compliance with individual state laws. These restrictions may make it difficult or impossible to sell shares in those states.

Transfers of our common stock may be restricted under the securities or securities regulations laws promulgated by various states and foreign jurisdictions, commonly referred to as "blue sky" laws. Absent compliance with such individual state laws, our common stock may not be traded in such jurisdictions. Because the securities held by many of our stockholders have not been registered for resale under the blue sky laws of any state, the holders of such shares and persons who desire to purchase them should be aware that there may be significant state blue sky law restrictions upon the ability of investors to sell the securities and of purchasers to purchase the securities. These restrictions may prohibit the secondary trading of our common stock. Investors should consider the secondary market for our securities to be a limited one.

We are dependent on key personnel.

Our success depends to a significant degree upon the continued contributions of key management and other personnel, some of whom could be difficult to replace. We do not maintain key man life insurance covering our officers. Our success will depend on the performance of our officers and key management and other personnel, our ability to retain and motivate our officers, our ability to integrate new officers and key management and other personnel into our operations, and the ability of all personnel to work together effectively as a team. Our failure to retain and recruit officers and other key personnel could have a material adverse effect on our business, financial condition and results of operations.

We have limited insurance.

We have no directors’ and officers’ liability insurance and limited commercial liability insurance policies. Any significant claims would have a material adverse effect on our business, financial condition and results of operations.

Risks Related to our Common Stock

Chicago Venture, Iliad and Odyssey could have significant influence over matters submitted to stockholders for approval.

As a result of funding from Chicago Venture, Iliad and Odyssey as previously detailed, they exercise significant control over us.

While there are limits on the ownership by each party, if these companies were to choose to act together, they would be able to significantly influence all matters submitted to our stockholders for approval, as well as our officers, directors, management and affairs. For example, these companies, if they choose to act together, could significantly influence the election of directors and approval of any merger, consolidation or sale of all or substantially all of our assets. This concentration of voting power could delay or prevent an acquisition of us on terms that other stockholders may desire.

Trading in our stock is limited by the SEC’s penny stock regulations.

Our stock is categorized as a penny stock. The SEC has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security that has a market price (as defined) less than US$ 5.00 per share or an exercise price of less than US $5.00 per share, subject to certain exclusions (e.g., net tangible assets in excess of $2,000,000 or average revenue of at least $6,000,000 for the last three years). The penny stock rules impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC, which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. Finally, broker-dealers may not handle penny stocks under $0.10 per share.

These disclosure requirements reduce the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules would affect the ability of broker-dealers to trade our securities if we become subject to them in the future. The penny stock rules also could discourage investor interest in and limit the marketability of our common stock to future investors, resulting in limited ability for investors to sell their shares.

FINRA sales practice requirements may also limit a shareholder’s ability to buy and sell our stock.

In addition to the “penny stock” rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

The market price of our common stock may be volatile.

The market price of our common stock has been and is likely in the future to be volatile. Our common stock price may fluctuate in response to factors such as:

●

Halting of trading by the SEC or FINRA.

●	Announcements by us regarding liquidity, legal proceedings, significant acquisitions, equity investments and divestitures, strategic relationships, addition or loss of significant customers and contracts, capital expenditure commitments, loan, note payable and agreement defaults, loss of our subsidiaries and impairment of assets,

●	Issuance of convertible or equity securities for general or merger and acquisition purposes,

●	Issuance or repayment of debt, accounts payable or convertible debt for general or merger and acquisition purposes,

●	Sale of a significant number of shares of our common stock by shareholders,

●	General market and economic conditions,

●

Quarterly variations in our operating results,

●	Investor relation activities,

●	Announcements of technological innovations,

●	New product introductions by us or our competitors,

●	Competitive activities, and

●	Additions or departures of key personnel.

These broad market and industry factors may have a material adverse effect on the market price of our common stock, regardless of our actual operating performance. These factors could have a material adverse effect on our business, financial condition, and/or results of operations.

The sale of a significant number of our shares of common stock could depress the price of our common stock.

Sales or issuances of a large number of shares of common stock in the public market or the perception that sales may occur could cause the market price of our common stock to decline. As of March 31, 2020, there were approximately (i) 29,282,602 shares of common stock outstanding; (ii) stock option grants for the purchase of 550,000 shares of common stock at average exercise price of $1.491 per share; (iii) warrants to purchase an aggregate of we had warrants to purchase an aggregate of 2,418,834 shares of common stock with expiration dates between November 2021 and October 2028 at an exercise price of $3.465 per share; (iv) and unknown number of common shares to be issued under the Chicago Venture, Iliad St. George, Power Up and Crossover Fund financing agreements.

These stock option grant, warrant and contingent shares could result in further dilution to common stockholders and may affect the market price of the common stock.

Significant shares of common stock are held by our principal shareholders, other Company insiders and other large shareholders. As affiliates as defined under Rule 144 of the Securities Act or Rule 144 of the Company, our principal shareholders, other Company insiders and other large shareholders may only sell their shares of common stock in the public market pursuant to an effective registration statement or in compliance with Rule 144.

These stock option grant, warrant and contingent shares could result in further dilution to common stockholders and may affect the market price of the common stock.

Some of our convertible debentures and warrants may require adjustment in the conversion price.

Our Convertible Notes Payable may require an adjustment in the current conversion price of $0.165 per share if we issue common stock, warrants or equity below the price that is reflected in the convertible notes payable. Our warrant with St. George may require an adjustment in the exercise price. The conversion price of the convertible notes and warrants will have an impact on the market price of our common stock. Specifically, if under the terms of the convertible notes the conversion price goes down, then the market price, and ultimately the trading price, of our common stock will go down. If under the terms of the convertible notes the conversion price goes up, then the market price, and ultimately the trading price, of our common stock will likely go up. In other words, as the conversion price goes down, so does the market price of our stock. As the conversion price goes up, so presumably does the market price of our stock. The more the conversion price goes down, the more shares are issued upon conversion of the debt which ultimately means the more stock that might flood into the market, potentially causing a further depression of our stock.

We do not anticipate paying any cash dividends on our capital stock in the foreseeable future.

We have never declared or paid cash dividends on our capital stock. We currently intend to retain all of our future earnings, if any, to finance the growth and development of our business, and we do not anticipate paying any cash dividends on our capital stock in the foreseeable future. In addition, the terms of any future debt agreements may preclude us from paying dividends. As a result, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.

Anti-takeover provisions may limit the ability of another party to acquire our company, which could cause our stock price to decline.

Our certificate of incorporation, as amended, our bylaws and Delaware law contain provisions that could discourage, delay or prevent a third party from acquiring our company, even if doing so may be beneficial to our stockholders. In addition, these provisions could limit the price investors would be willing to pay in the future for shares of our common stock.

We may issue preferred stock that could have rights that are preferential to the rights of common stock that could discourage potentially beneficially transactions to our common shareholders.

An issuance of additional shares of preferred stock could result in a class of outstanding securities that would have preferences with respect to voting rights and dividends and in liquidation over our common stock and could, upon conversion or otherwise, have all of the rights of our common stock. Our Board of Directors' authority to issue preferred stock could discourage potential takeover attempts or could delay or prevent a change in control through merger, tender offer, proxy contest or otherwise by making these attempts more difficult or costly to achieve. The issuance of preferred stock could impair the voting, dividend and liquidation rights of common stockholders without their approval.

If the company were to dissolve or wind-up, holders of our common stock may not receive a liquidation preference.

If we were too wind-up or dissolve the Company and liquidate and distribute our assets, our shareholders would share ratably in our assets only after we satisfy any amounts we owe to our creditors. If our liquidation or dissolution were attributable to our inability to profitably operate our business, then it is likely that we would have material liabilities at the time of liquidation or dissolution. Accordingly, we cannot give you any assurance that sufficient assets will remain available after the payment of our creditors to enable you to receive any liquidation distribution with respect to any shares you may hold.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

We have compensated consultants and service providers with restricted common stock during the development of our business and when our capital resources were not adequate to provide payment in cash.

During the three months ended March 31, 2020, we had the following sales of unregistered sales of equity securities.

Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165.

We issued 15 shares related to a reverse stock split.

We issued 164 shares of common stock related to the exercise of warrants for $460, or $3.151 per share.

ITEM 6.

EXHIBITS

The exhibits required to be filed herewith by Item 601 of Regulation S-K, as described in the following index of exhibits, are attached hereto unless otherwise indicated as being incorporated by reference, as follows:

(a)

Exhibits

Exhibit No.		Description

3.1		Certificate of Incorporation. Filed as an exhibit to the Company’s Form 10-SB General Form for Registration of Securities of Small Business Issuers filed with the SEC on December 7, 2007, and hereby incorporated by reference.

3.2		Second Amended and Restated Bylaws of GrowLife, Inc. dated October 16, 2015. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 26, 2015, and hereby incorporated by reference.

3.3		Certificate of Amendment of Certificate of Incorporation of GrowLife, Inc. dated October 23, 2017 to increase the authorized shares of Common Stock from 3,000,000,000 to 6,000,000,000 shares. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 24, 2017, and hereby incorporated by reference.

3.4		Amendment to Articles of Incorporation dated November 20, 2019. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on November 26, 2019, and hereby incorporated by reference.

4.1		GrowLife, Inc. 2017 Stock Incentive Plan filed as an Annex 1 to the Company’s Preliminary Schedule 14A filed with the SEC on June 30, 2017, and hereby incorporated by reference.

4.2		Form of Warrants. Filed as exhibits to the Company’s Form 8-K and filed with the SEC on February 28, 2020, and hereby incorporated by reference.

10.1		Compilation of Securities Purchase Agreement and Warrant to Purchase Common Stock dated February 9, 2018 entered into by and between GrowLife, Inc. and St. George Investments LLC. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on February 15, 2018, and hereby incorporated by reference.

10.2		Compilation of Securities Purchase Agreement, Secured Promissory Notes, and Security Agreement by and between GrowLife, Inc.. and Iliad Research and Trading , L.P. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on August 16, 2018, and hereby incorporated by reference.

10.3		Rights Offering to Shareholders filed in Amendment No.1 of Form S-1. Filed with the SEC on September 18, 2018, and hereby incorporated by reference. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on September 21, 2018, and hereby incorporated by reference.

10.4		Rights Offering to Shareholders filed in Amendment No.1 of Form S-1. Filed with the SEC on September 18, 2018, and hereby incorporated by reference. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on September 21, 2018, and hereby incorporated by reference.

10.5		Purchase and Sale agreement dated October 10, 2018 by and between GrowLife, Inc. and EZ-CLONE Enterprises LLC. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 18, 2018, and hereby incorporated by reference.

10.6		Compilation of Securities Purchase Agreement, Warrant, Secured Promissory Notes, and Security Agreement by and between GrowLife, Inc.. and Iliad Research and Trading , L.P. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 17, 2018, and hereby incorporated by reference.

10.7		Marco Hegyi Employment Agreement dated October 15, 2018. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 17, 2018, and hereby incorporated by reference.

10.8		Mark E. Scott Employment Agreement dated October 15, 2018. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 17, 2018, and hereby incorporated by reference.

10.9		Joseph Barnes Employment Agreement dated October 15, 2018. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 17, 2018, and hereby incorporated by reference.

10.10		Prospectus Supplement dated November 8, 2018 to Rights Offering to Shareholders filed in 424(b)(4) Prospectus filed with the SEC on October 18, 2018, and hereby incorporated by reference. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on November 16, 2018, and hereby incorporated by reference.

10.11		Prospectus Supplement dated November 16, 2018 to Rights Offering to Shareholders filed in 424(b)(4) Prospectus filed with the SEC on October 18, 2018, and hereby incorporated by reference. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on November 16, 2018, and hereby incorporated by reference.

10.12		Standard and Industrial Multi-Tenant Lease dated December 18, 2018 by and between Pensco Trust Company and GrowLife, Inc. Filed as an exhibit to the Company’s Form 10-K and filed with the SEC on March 8, 2019, and hereby incorporated by reference.

10.13		Termination of Existing Agreements and Release Agreement accepted February 15, 2019 entered into by and between GrowLife, Inc. and CANX USA LLC. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on February 20, 2019, and hereby incorporated by reference.

10.14		Compilation of Securities Purchase Agreement, Secured Promissory Notes, and Security Agreement by and between GrowLife, Inc. and Odyssey Research and Trading, LLC. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on July 30, 2019, and hereby incorporated by reference.

10.15		Amendment No. 1 to Purchase and Sale Agreement dated October 23, 2019, entered into by and between GrowLife, Inc. and William Blackburn. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on November 12, 2019, and hereby incorporated by reference.

10.16	Settlement and Release Agreement dated October 22, 2019 and which closed November 14, 2019 by and Between GrowLife Innovations, Inc. and All Commercial Floors, Inc. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on November 20, 2019, and hereby incorporated by reference.

10.17	Intellectual Property Assignment Agreement dated October 22, 2019 and which closed November 14, 2019 by and Between GrowLife Innovations, Inc. and All Commercial Floors, Inc. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on November 20, 2019, and hereby incorporated by reference.

10.18	Compilation of Securities Purchase Agreement, Secured Promissory Notes, and Security Agreement. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on February 5, 2020, and hereby incorporated by reference.

14.1	Code of Conduct and Ethics dated May 15, 2014. Attached as an exhibit to the Company’s Form 8-K filed and with the SEC on June 9, 2014, and hereby incorporated by reference.

16.1	Letter dated October 3, 2019 from SD Mayer and Associates, LLP. Filed as an exhibit to the Company’s Form 8-K and filed with the SEC on October 8, 2019, and hereby incorporated by referene.

31.01	Certification of Principal Executive Officer Pursuant to Rule 13a-14	Filed herewith.

31.02	Certification of Principal Financial Officer Pursuant to Rule 13a-14	Filed herewith.

32.01	CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act	Filed herewith.

32.02	CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act	Filed herewith.

99.1	Amended and Restated Audit Committee Charter, dated October 16, 2015. Attached as an exhibit to the Company’s Form 8-K and filed with the SEC on October 26, 2015, and hereby incorporated by reference.

99.2	Compensation Committee Charter dated May 15, 2014. Attached as an exhibit to the Company’s Form 8-K dated June 3, 2014 and filed with the SEC on June 9, 2014, and hereby incorporated by reference.

99.3	Amended and Restated Nominations and Governance Charter, dated October 16, 2015.Attached as an exhibit to the Company’s Form 8-K and filed with the SEC on October 26, 2015, and hereby incorporated by reference.

99.4	Amended and Restated Insider Trading Policy, dated October 16, 2015. Attached as an exhibit to the Company’s Form 8-K and filed with the SEC on October 26, 2015, and hereby incorporated by reference.

101.INS*	XBRL Instance Document

101.SCH*	XBRL Taxonomy Extension Schema Document

101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document

101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

*Filed Herewith. Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

In accordance with Section 13 or 15(d) requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GROWLIFE, INC.

(Registrant)


Date: May 29, 2020	By:	/s/ Marco Hegyi
		Marco Hegyi
		Chief Executive Officer and President
		(Principal Executive Officer)


Date: May 29, 2020	By:	/s/ Mark Scott
		Mark Scott
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 phot_ex311.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 phot_ex311

EXHIBIT 31.1

SECTION 302 CERTIFICATIONS

I, Marco Hegyi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of GrowLife, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(a) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 29, 2020

/s/ Marco Hegyi

Marco Hegyi

Chief Executive Officer

EX-31.2 3 phot_ex312.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 phot_ex312

EXHIBIT 31.2

SECTION 302 CERTIFICATIONS

I, Mark Scott, certify that:

1. I have reviewed this quarterly report on Form 10-Q of GrowLife, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 29, 2020

/s/ Mark E. Scott

Mark Scott

Chief Financial Officer

EX-32.1 4 phot_ex321.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 phot_ex321

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of GrowLife, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marco Hegyi, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report.

This certificate is being made for the exclusive purpose of compliance by the Principal Executive and Financial and Accounting Officer of the Company with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, and may not be disclosed, distributed or used by any person or for any reason other than as specifically required by law.

/s/ Marco Hegyi

Marco Hegyi

Chief Executive Officer

May 29, 2020

EX-32.2 5 phot_ex322.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 phot_ex322

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of GrowLife, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark Scott, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by the Report.

/s/ Mark E. Scott

Mark Scott

Chief Financial Officer

May 29, 2020

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(“GrowLife” or the “Company”) is incorporated under the laws of the State of Delaware and is headquartered in Kirkland, Washington. The Company was founded in 2012 with the Closing of the Agreement and Plan of Merger with SGT Merger Corporation.   The Company’s goal of becoming the nation’s largest cultivation facility service provider for the production of organics, herbs and greens and plant-based medicines has not changed. The Company’s mission is to best serve more cultivators in the design, build-out, expansion and maintenance of their facilities with products of high quality, exceptional value and competitive price. Through a nationwide network of knowledgeable representatives, regional centers and its e-commerce website, GrowLife provides essential and hard-to-find goods including media (i.e., farming soil), industry-leading hydroponics equipment, organic plant nutrients, and thousands more products to specialty grow operations across the United States.   The Company primarily sells through its wholly owned subsidiary, GrowLife Hydroponics, Inc. GrowLife companies distribute and sell over 15,000 products through its e-commerce distribution channel, GrowLifeEco.com, and through our regional retail storefronts. GrowLife and its business units are organized and directed to operate strictly in accordance with all applicable state and federal laws.   On June 7, 2013, GrowLife Hydroponics completed the purchase of Rocky Mountain Hydroponics, LLC, a Colorado limited liability company (“RMC”), and Evergreen Garden Center, LLC, a Maine limited liability company (“EGC”). The effective date of the purchase was June 7, 2013.   On October 15, 2018, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.    The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-CLONE stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.   As of March 4, 2019, the Company began to trade on the Pink Sheet stocks system. Our bid price had closed below $0.01 for more than 30 consecutive calendar days. As of March 17, 2020, the Company commenced trading on the OTCQB Market ("OTCQB") after successfully up-listing from the OTC Pink Market.   On October 9, 2019, the Company approved the reduction of authorized capital stock, whereby the total number of the Company’s authorized common stock decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. On November 20, 2019, the Company filed a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the reduction, the Company an aggregate 130,000,000 authorized shares consisting of: (i)120,000,000 shares of common stock, par value $0.0001 per share, and (ii) 10,000,000 shares of preferred stock, par value $0.0001 per share.   The reverse stock split of 1 for 150 was effective at the open of business on November 27, 2019 whereupon the shares of common stock began trading on a split-adjusted basis. The Company’s CUSIP number for the Company’s common stock changed to 39985X203. All warrant, option, share and per share information in this Form 10-Q gives retroactive effect to the 1-for-150 reverse split with all numbers rounded up to the nearest whole share. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred net losses of $1,293,675 and $7,374,383 and $11,473,136 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018, respectively. Net cash used in operating activities was $422,780, $2,909,811 and $3,854,505 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018, respectively.   The Company anticipates that it will record losses from operations for the foreseeable future. As of March 31, 2020, the Company’s accumulated deficit was $(149,755,207). The Company has limited capital resources, and operations to date have been funded with the proceeds from private equity and debt financings. These conditions raise substantial doubt about our ability to continue as a going concern. The audit report prepared by the Company’s independent registered public accounting firm relating to our consolidated financial statements for the year ended December 31, 2019 includes an explanatory paragraph expressing the substantial doubt about the Company’s ability to continue as a going concern.   The Company believes that its cash on hand will be sufficient to fund our operations only until August 31, 2020. The Company needs additional financing to implement our business plan and to service our ongoing operations and pay our current debts. There can be no assurance that we will be able to secure any needed funding, or that if such funding is available, the terms or conditions would be acceptable to us. If we are unable to obtain additional financing when it is needed, we will need to restructure our operations, and divest all or a portion of our business. We may seek additional capital through a combination of private and public equity offerings, debt financings and strategic collaborations. Debt financing, if obtained, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, and could increase our expenses and require that our assets secure such debt. Equity financing, if obtained, could result in dilution to the Company’s then-existing stockholders and/or require such stockholders to waive certain rights and preferences. If such financing is not available on satisfactory terms, or is not available at all, the Company may be required to delay, scale back, eliminate the development of business opportunities or file for bankruptcy and our operations and financial condition may be materially adversely affected. See Note 11 for additional debt proceeds received in 2020. Basis of Presentation - The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).   Principles of Consolidation - The condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. Inter-Company items and transactions have been eliminated in consolidation. Non-controlling interest represents the portion of ownership which the Company did not own.   Cash and Cash Equivalents - We classify highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit.  At March 31, 2020, the Company had uninsured deposits in the amount of $0.   Accounts Receivable and Revenue – The company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires the application of the five-step-principles-based-accounting-model for revenue recognition. These steps include (1) a legally enforceable contract, written or unwritten is identified; (2) performance obligations in the contracts are identified; (3) the transaction price reflecting variable consideration, if any, is identified; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when the control of goods is transferred to the customer at a particular time or over time. Our hydroponic sales are cash or credit card. Our EZ-CLONE sales include credit, cash, payments in advance, 3% discount upon receipt and, we extend thirty day terms to select customers. Accounts receivable are reviewed periodically for collectability.   Sales Returns - We allow customers to return defective products when they meet certain established criteria as outlined in our sales terms and conditions. It is our practice to regularly review and revise, when deemed necessary, our estimates of sales returns, which are based primarily on actual historical return rates. We record estimated sales returns as reductions to sales and accounts receivable. Returned products which are recorded in inventory are valued based upon the amount we expect to realize upon its subsequent disposition. As of March 31, 2020 and December 31, 2019, there was a reserve for sales returns of $20,000, respectively, which is minimal based upon our historical experience.   Inventories - Inventories are recorded on a first in first out basis Inventory consists of raw materials, work in process and finished goods and components sold by EZ-CLONE to it distribution customers.   Property and Equipment – Equipment consists of machinery, equipment, tooling, computer equipment and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3-10 years, except for leasehold improvements which are depreciated over the lesser of the life of the lease or 10 years.    Long Lived Assets – The Company reviews its long-lived assets for impairment annually or when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.   Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets.   Goodwill-The Company reviews its acquired goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing its goodwill, the Company performs a qualitative analysis to determine if it is more-likely-than-not that the goodwill is impaired. If the qualitative analysis indicates that goodwill is likely impaired, the Company calculates the fair value of its goodwill by allocating the fair value of the business unit containing the goodwill to all its tangible and intangible assets and liabilities, with the residual fair value allocated to goodwill. The excess, if any, of the goodwill carrying value in excess of its fair value would be recognized as an impairment loss. Management has concluded that, based on a qualitative analysis, it is more-likely-than-not that goodwill has not been impaired as of March 31, 2020 and December 31, 2019.   Fair Value Measurements and Financial Instruments – ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value.  The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs).  The hierarchy consists of three levels:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 100%">Level 1 – Quoted prices in active markets for identical assets and liabilities;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 100%">Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and.   Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.  </td></tr> </table> The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities as of March 31, 2020 and December 31, 2019 are based upon the short-term nature of the assets and liabilities.    Derivative Financial Instruments –Pursuant to ASC 815 “Derivatives and Hedging”, the Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company then determines if embedded derivative must bifurcated and separately accounted for. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date.   Stock Based Compensation – We have share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options to purchase shares of our common stock at the fair market value at the time of grant. Stock-based compensation cost is measured by us at the grant date, based on the fair value of the award, over the requisite service period using an estimated forfeiture rate. For options issued to employees, we recognize stock compensation costs utilizing the fair value methodology over the related period of benefit.  Grants of stock options and stock to non-employees and other parties are accounted for in accordance with the ASC 718.   Convertible Securities – Based upon ASC 815-15, we have adopted a sequencing approach regarding the application of ASC 815-40 to convertible securities issued subsequent to September 30, 2015. We will evaluate our contracts based upon the earliest issuance date.   Net Loss Per Share - Under the provisions of ASC Topic 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The common stock equivalents have not been included as they are anti-dilutive.   As of March 31, 2020, there are also (i) stock option grants outstanding for the purchase of 550,000 common shares at an $1.491 average exercise price; and (ii) warrants for the purchase of 2,418,834 shares of common shares at a $3.465 average exercise price. In addition, we have an unknown number of common shares to be issued under the Crossover and 12% convertible promissory note financing agreements in the case of default. In addition, we have an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements because the number of shares ultimately issued to Chicago Venture depends on the price at which Chicago Venture converts its debt to shares and exercises its warrants. The lower the conversion or exercise prices, the more shares that will be issued to Chicago Venture upon the conversion of debt to shares. We will not know the exact number of shares of stock issued to Chicago Venture until the debt is actually converted to equity.   As of March 31, 2019, there are also (i) stock option grants outstanding for the purchase of 656,667 common shares at a $1.453 average exercise price; (ii) warrants for the purchase of 2,418,834 million common shares at a $3.465 average exercise price; and (iii) 764,573 shares related to convertible debt that can be converted at $0.38 per share. In addition, the Company has an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements.   Dividend Policy - The Company has never paid any cash dividends and intends, for the foreseeable future, to retain any future earnings for the development of our business. Our future dividend policy will be determined by the board of directors on the basis of various factors, including our results of operations, financial condition, capital requirements and investment opportunities.   Use of Estimates - In preparing these consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets, estimates of sales returns, inventory impairment, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments and share based compensation.    Recent Accounting Pronouncements   A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s consolidated financial statements. Acquisition of EZ-CLONE Enterprises, Inc.   On October 15, 2018, in connection with the Company’s strategy to become a dominate cultivation facilities provider, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation that was founded in January 2000. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The Company has proprietary products and services such as the Commercial Pro System, Hobbyist Cloning Systems, Cloning Tents, Coco Collars, Coco Seed Starters, Rooting Gel, and Clear Rez. Technical Support, know-how and overall knowledge is also considered proprietary. The Company trademarks are EZ-CLONE and EZ-CLONE CRIB.   This acquisition is expected to accelerate the Company’s revenue growth, increase the Company gross margins and add additional manufacturing and research and development personnel.   On October 15, 2018, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.   The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-Clone stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.   The Company accounted for the acquisition in accordance with ASC 805, “Business Combinations”. ASC 805 defines the acquirer in a business combination as the entity that obtains control of one or more businesses in a business combination and establishes the acquisition date as the date that the acquirer achieves control. ASC 805 requires an acquirer to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date, measured at their fair values as of that date.   For accounting purposes, from the October 15, 2018 acquisition date and through September 30, 2019, the Company has consolidated EZ-Clone given their control and have treated its ability to acquire the remaining 49% interest in EZ-Clone as a de facto option to buy and has thus categorized it as non-controlling until November 5, 2019 when the amended purchase agreement obligates the Company to purchase the remaining 49%. Effective in the quarter beginning October 1, 2019, the Company for accounting purposes, considers EZ-Clone to be 100% owned and thus eliminated the non-controlling interest and recorded an acquisition payable related to the balance owed. As of March 31, 2020, the Company has an acquisition payable totaling $2,026,000, of which $1,026,000 is current and $1,000,000 is categorized as long term since stock is expected to be issued to settle this and will not utilize current assets. The total liability consists of the discounted value of the future payments of $1,960,0000 and the $171,000 extension fee payable. The Company will accrete the difference between the carrying value of the acquisition payable and the contractual obligations as interest expense through July 2020 when payment is due. During the quarter ended March 31, 2020 the Company recognized $100,000 of interest expense related to accretion of the purchase obligation. The Company treated the $171,000 as a financing fee and expensed it as interest expense in 2019. During the fourth quarter of 2019, the Company recorded a non cash financing charge as interest expense totaling approximately $410,000 to recognize the acquisition payable and to eliminate the non-controlling interest.   As of the acquisition date in October 2018, the Company recognized approximately $3.4 million of intangible assets and began amortizing them over 3 years. In the fourth quarter of 2019, the Company completed its evaluation of assets acquired and finalized its asset valuation. The finalized valuation resulted in lower intangible assets from the original assessment, allocating some of the intangible to Goodwill and determined that the life of definite life intangibles to be 5 years (See Note 7). The Company adjusted the cost basis and accumulated amortization, reducing both, but did not change quarterly 2019 amortization expense that had been recorded through September 30, 2019 which was in excess of $800,000. The change in the purchase accounting also resulted in the recording of a deferred tax liability and the lowering of non-controlling interest by $587,750.   The summary of assets acquired and liabilities assumed is based upon the Company final evaluation done in the fourth quarter of 2019 and is detailed below.   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 88%">Intangible assets</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,351,000</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">781,749</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Net working capital</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">551,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Propety and equipment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">318,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Deferred tax liability</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(587,750</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3,413,999</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   The fair value of the intangible assets associated with the assets acquired was $2,351,000 estimated by using a discounted cash flow approach based on future economic benefits. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results. Inventory as of March 31, 2020 and December 31, 2019 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">March 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 76%">Raw materials</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">345,965</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">329,482</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Work in process</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">65,258</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">49,253</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Finished goods</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">92,703</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Inventory deposits</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">62,806</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">129,236</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Inventory reserve</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">   Total</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">474,029</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">600,674</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Raw materials consist of supplies for product lines at EZ-CLONE.   Finished goods inventory relates to product lines EZ- CLONE.   The Company reviews its inventory on a periodic basis to identify products that are slow moving and/or obsolete, and if such products are identified, the Company records the appropriate inventory impairment charge at such time. Property and equipment as of March 31, 2020 and December 31, 2019 consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">March 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 76%">Machinery, equipment and tooling</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">356,867</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">356,867</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Computer equipment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">16,675</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">16,675</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">14,702</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">14,702</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">     Total property and equipment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">388,244</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">388,244</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Less accumulated depreciation and amortization</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(231,050</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(221,763</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">     Net property and equipment</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">157,194</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">166,482</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Total depreciation expense was $9,288 and $29,873 for the three months ended March 31, 2020 and 2019, respectively. All equipment is used for manufacturing, selling, general and administrative purposes and accordingly all depreciation is classified in cost of goods sold, selling, general and administrative expenses. Intangible assets as of March 31, 2020 and December 31, 2019 consisted of the following:    <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Estimated Useful Lives</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Customer Lists</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">5 Years</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,297,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,297,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Intellectual Property</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">5 Years</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,054,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,054,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">less accumulated amortization</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(716,495</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(548,566</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Net Intangible assets-definitive life</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,634,505</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,802,434</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif"> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 70%">Goodwill-indefinite life</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: center">N/A</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%"></td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 10%; text-align: right">781,749</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%"></td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 10%; text-align: right">781,749</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Total intangible assets and goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,416,254</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,584,183</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> </table>   As of the acquisition date in October 2018, the Company originally recognized approximately $3.4 million of intangible assets and began amortizing them over 3 years. In the fourth quarter of 2019, the Company completed its evaluation of assets acquired and finalized its asset valuation. The finalized valuation resulted in lower intangible assets from the original assessment, allocated some of the intangible to Goodwill and determined that the life of definite life intangibles to be 5 years. In the 4th quarter of 2019, the Company adjusted the cost basis and accumulated amortization, reducing both, but did not change 2019 quarterly amortization expense that had been recorded through September 30, 2019 which was in excess of $800,000.   Total amortization expense was $167,929 and $285,277 for the three months ended March 31, 2020 and 2019, respectively. Amortization expense for the intangibles will be approximately $470,000 for years 2020 through 2022 and approximately $392,000 in 2023. The Company previously entered into operating leases for retail and corporate facilities. These leases have terms which range from two to five years, and often include options to renew. These operating leases are listed as separate line items on the Company's Condensed Consolidated Balance Sheets and represent the Company’s right to use the underlying assets for the lease term. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1,378,000 on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. During the quarter ended September 30, 2019, the Company has cancelled all but one lease and has recognized the rent and termination fees related to the cancelled leases as an expense in the current period. As of March 31, 2020, total right-of-use assets and operating lease liabilities for remaining long term lease was $499,803 and $516,313, respectively. During the three months ended March 31, 2020, the Company recognized $55,746 in total lease costs for the lease.   Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.   Information related to the Company's operating right-of-use assets and related lease liabilities as of and for the three months ended March 31, 2020 were as follows:   <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 100%">Cash paid for ROU operating lease liability $210,000   </td></tr> </table> Weighted-average remaining lease term 3 years Weighted-average discount rate 10 %    <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">Year Ended</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">March 31,</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"> $</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 88%; text-align: center">2021</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">216,300</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">2022</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">222,792</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">2023</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">194,283</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">633,375</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">Imputed interest</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(117,062</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">Total lease liability</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">516,313</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> Accounts payable were $1,164,716 and $1,157,090 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to vendors for inventory purchases, audit, legal and other expenses incurred by the Company. The increase relates to inventory purchased at EZ-CLONE for production for sales expected during the three months ended June 30, 2020. Accrued expenses were $319,444 and $259,093 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to sales tax, payroll and restructuring expense liabilities. As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves of $209,577 as of March 31, 2020 and December 31, 2019, respectively. Convertible notes payable as of March 31, 2020 consisted of the following   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Balance</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Debt</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">As of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Interest</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Discount</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">10% OID Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,650,007</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">287,716</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,937,723</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Secured Advance Note</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">184,903</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">184,903</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">12% Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">339,900</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">12,975</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,907</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">339,968</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3,174,810</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">300,691</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,907</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3,462,594</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Convertible notes payable as of December 31, 2019 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Balance</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Debt</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">As of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Interest</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Discount</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">10% OID Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,195,007</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">220,980</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,415,987</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Secured Advance Note</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">205,228</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">205,228</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">12% Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">281,600</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,055</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(21,591</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">263,064</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,681,835</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">224,035</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(21,591</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,884,279</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   10% Convertible Promissory Notes   Funding from Chicago Venture Partners, L.P. (“Chicago Venture”), Iliad Research and Trading, L.P. (“Iliad”) and Odyssey Research and Trading, LLC, (“Odyssey”). The Company typically issues original issuance discount notes with these parties that has a stated interest rate of typically 10%. Accrued interest represents the interest to be accreted over the remaining term of the notes. These notes contain terms and conditions that are deemed beneficial conversion features and the Company recognizes a derivative liability related to these terms until the notes are converted. Upon the conversion of these notes, the Company records a loss on debt conversion and reduces their derivative liability. The notes may be converted to common stock after six months until they are converted.   As of December 31, 2019, the outstanding principal balance due to Chicago Venture, Iliad and Odyssey was $2,195,007 and accrued interest was $220,980, which results in a total amount of $2,415,987.   During the year ended December 31, 2019, Chicago Venture and Iliad converted principal and accrued interest of $1,357,872 into 3,120,521 shares of our common stock at a per share conversion price of $0.766 with a fair value of $2,284,081. The Company recognized $926,208 loss on debt conversions during the year ended December 31, 2019.   As of March 31, 2020, the outstanding principal balance due to Chicago Venture, Iliad and Odyssey was $2,650,007 and accrued interest was $287,716, which results in a total amount of $2,937,723.   During the quarter ended March 31, 2020, Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165 with a fair value of $130,138 and recognized a $30,138 loss on debt conversions.   The Company’s obligation to pay the Debt, or any portion thereof, is secured by all of the Company’s assets.   The Company has approximately $645,000 available under the Notes as of March 31, 2020 but cannot currently access the available funds.   The 10% Notes are convertible at the holder’s option into the Company’s common stock as defined in the documents. Based upon the last conversion price of the stock at March 31, 2020, the notes would convert to approximately 17,781,855 shares.   Securities Purchase Agreement, Secured Promissory Notes and Security Agreement with Chicago Venture Partners, L.P (Chicago Venture) dated January 30, 2020   On January 30, 2020, the Company executed the following agreements with Chicago Venture: (i) Securities Purchase Agreement; (ii) Secured Convertible Promissory Notes (“Notes”); and (iii) Security Agreement (collectively the “Chicago Venture Agreements”). The Company entered into the Chicago Venture Agreements with the intent to acquire working capital to grow the Company’s businesses.   The total amount of funding under the CVP Agreements is $500,000 in various tranches. The Notes carry an original issue discount of $50,000 and a transaction expense amount of $5,000, for total debt of $555,000 (“Debt”). The Company agreed to reserve 53,333 shares of its common stock for issuance upon conversion of the Debt, if that occurs in the future. If not converted sooner, the Debt is due on or before January 29, 2021. The Debt carries an interest rate of ten percent (10%). The Debt is convertible, at CVP’s option, into the Company’s common stock at $0.30 per share subject to adjustment as provided for in the Notes. The Company received approximately $500,000 of funding under the Chicago Venture agreements in the quarter ended March 31, 2020. The balance outstanding at March 31, 2020 was $555,000.   The Company’s obligation to pay the Debt, or any portion thereof, is secured by all of the Company’s assets.   Secured Advance Note with Crossover Capital Fund I LLC (“Crossover”)   On September 20, 2019, the Company closed a Secured Advance Note with Crossover Capital Fund I LLC (the “Crossover Note”). The Company entered into the Crossover Note with the intent to acquire working capital to grow the Company’s businesses. The total amount of funding under the Crossover Note is $250,000. The Crossover Note carries an original issue discount of $57,400 and a transaction expense amount of $7,000, for total debt of $308,400. On December 22, 2019, the Note increased by $25,700. The original issue discount was immediately recorded as interest expense due to the note maturity being less than one year. The Company agreed to reserve three times the number of shares based on the conversion value in case of default under the Crossover Note, if that occurs in the future. The Crossover Note is due in nine months and is repayable weekly at $9,205. The Crossover Note is convertible into the Company’s common stock at the market value share price subject to adjustment as provided for in the Crossover Note in the case of default. The Company’s obligation to pay the Crossover Note, or any portion thereof, is secured by all of the Company’s assets. As of December 31, 2019, the outstanding principal balance due Crossover was $205,228. The Company also issued 33,333 shares of common stock to Crossover as a commitment fee that was valued at fair market value at $25,000 or $0.75 per share and expensed as interest expense during the year ended December 31, 2019.   On January 14, 2020, the Note increased by $25,700. As of March 31, 2020, the outstanding principal balance due to Crossover was $184,903. The Company is behind on the weekly payments under this Note and is in discussions with the Crossover   12% Convertible Promissory Notes   The Company entered into Convertible Promissory Notes with Power Up Lending Group Ltd on November 18, 2019 and December 9, 2019 for $281,600 to fund short-term working capital. The Notes accrues interest at a rate of 12% per annum and became due in one year and are convertible into common stock at 75% of market value after six months. The Company received cash of $250,000, and recorded interest expense of $3,055, a transaction expense amount of $6,000 and amortization of debt discount of $21,591. The Company recorded as interest expense in 2019 the value of the beneficial conversion feature of $93,867 related to the potential conversion at a discount after six months.   The Company entered into Convertible Promissory Note with Power Up Lending Group Ltd on January 14, 2020 for $58,300 to fund short-term working capital. The Notes accrues interest at a rate of 12% per annum and became due in one year and are convertible into common stock at 75% of market value after six months. The Company received cash of $50,000, and recorded interest expense of $1,495, a transaction expense amount of $3,000 and amortization of debt discount of $5,300. The Company recorded as interest expense in the three months ended March 31, 2020 the value of the beneficial conversion feature of $19,433 related to the potential conversion at a discount after six months. The Convertible Notes payable include a conversion feature that pursuant ASC 815 “Derivatives and Hedging”, has been identified as an embedded derivative financial instrument and which the Company has elected to account for under the fair value method of accounting.     If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20. Debt with Conversion and Other Options. In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method. The debt is convertible at the lesser of 65% of the fair value of the Company’s common stock or $1.35 requiring the conversion feature to be bifurcated from the host debt contract and accounting for separately as a derivative, resulting in periodic revaluations. The notes underlying the derivatives are short term in nature and generally converted to stock in less than one year. The derivative is valued at period end with the key inputs being current stock price and the conversion feature.   There was a derivative liability of $1,579,055 and $1,300,915 as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 and 2019, the Company recorded non-cash expense $278,140 and non-cash income of $487,223 related to the “change in fair value of derivative” expense related to the Chicago Venture and Iliad financing. These were the only changes in level 3 fair value instruments during such periods.   Derivative liability as of March 31, 2020 was as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Fair Value Measurements Using Inputs</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Amount at</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Financial Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 1</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 2</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 3</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Liabilities:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">Derivative Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Derivative liability as of December 31, 2019 was as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Fair Value Measurements Using Inputs</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Amount at</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Financial Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 1</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 2</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 3</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Liabilities:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">Derivative Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table> Since January 1, 2019, the Company engaged in the following reportable transactions with our directors, executive officers, holders of more than 5% of our voting securities, and affiliates or immediately family members of our directors, executive officers and holders of more than 5% of our voting securities.   Certain Relationships Please see the transactions with Chicago Venture Partners, L.P. discussed in Notes 11 and 12.   Related Party Transactions   Transactions with Katherine McLain   Ms. Katherine McLain was appointed as a director on February 14, 2017. On February 22, 2019, the Company issued 54,054 shares of the Company’s common stock to Katherine McLain valued at $1.11 per share or $60,000. This issuance was an annual award for independent director services.   Transaction with Thom Kozik   Mr. Kozik was appointed as a director on October 5, 2017. On February 22, 2019, the Company issued 54,054 shares of the Company’s common stock to Mr. Kozik valued at $1.11 per share or $60,000. This issuance was an annual award for independent director services.   Notes Payable to Related Parties   EZ-CLONE has $104,144 due to relatives of the two selling shareholders as of March 31, 2020 and December 31, 2019, respectively. Authorized Capital Stock   On October 9, 2019, the Company approved the reduction of authorized capital stock, whereby the total number of the Company’s authorized common stock decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. On November 20, 2019, the Company filed a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the reduction, we have an aggregate 130,000,000 authorized shares consisting of : (i) 120,000,000 shares of common stock, par value $0.0001 per share, and (ii) 10,000,000 shares of preferred stock, par value $0.0001 per share.   The reverse stock split of 1 for 150 was effective at the open of business on November 27, 2019 whereupon the shares of the Company’s common stock began trading on a split-adjusted basis. Our CUSIP number will change to 39985X203.   Non-Voting Preferred Stock   Under the terms of our articles of incorporation, our board of directors is authorized to issue shares of non-voting preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of non-voting preferred stock.   The purpose of authorizing our board of directors to issue non-voting preferred stock and determine our rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of non-voting preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Other than the Series B and C Preferred Stock discussed below, there are no shares of non-voting preferred stock presently outstanding and we have no present plans to issue any shares of preferred stock.   Capital Stock Issued and Outstanding   As of March 31, 2020, the Company had issued and outstanding securities of 29,282,602 shares of common stock.   Voting Common Stock   Holders of the Company’s common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights. An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the election. On all other matters, the affirmative vote of the holders of a majority of the stock present in person or represented by proxy and entitled to vote is required for approval, unless otherwise provided in our articles of incorporation, bylaws or applicable law. Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential dividend rights of outstanding preferred stock.   In the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately all assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.   Unless otherwise indicated, all of the following sales or issuances of Company securities were conducted under the exemption from registration as provided under Section 4(2) of the Securities Act of 1933 (and also qualified for exemption under 4(5), formerly 4(6) of the Securities Act of 1933, except as noted below). All of the shares issued were issued in transactions not involving a public offering, are considered to be restricted stock as defined in Rule 144 promulgated under the Securities Act of 1933 and stock certificates issued with respect thereto bear legends to that effect.    The Company has compensated consultants and service providers with restricted common stock during the development of our business and when our capital resources were not adequate to provide payment in cash.   During the three months ended March 31, 2020, the Company had the following issuances of unregistered equity securities to accredited investors unless otherwise indicated:   Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165.   The Company issued 15 shares related to a reverse stock split.   The Company issued 164 shares of common stock related to the exercise of warrants for $460, or $3.151 per share.   Warrants   The Company had no warrant activity during the three months ended March 31, 2020.   A summary of the warrants issued as of March 31, 2020 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 75%">Outstanding at January 1, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,418,834</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">3.465</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Issued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeited</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expired</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding at March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,418,834</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.465</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exerciseable at March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,312,168</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   A summary of the status of the warrants outstanding as of March 31, 2020 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Number of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Remaining</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Life</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exerciseable</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 13%; text-align: right">366,667</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">6.41</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">1.500</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">366,667</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">1.500</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 8%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">320,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">4.58</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.800</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">213,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.800</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,407,582</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.58</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3.150</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,407,582</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3.150</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">324,586</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2.83</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">7.500</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">324,586</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">7.500</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,418,834</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2.52</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.465</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,312,168</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.374</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Warrants had no intrinsic value as of March 31, 2020.    The warrants were valued using the following assumptions:    <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 70%">Dividend yield</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 30%; text-align: center">0%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected life</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">1-5 Years</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected volatility</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">70-200%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Risk free interest rate</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">0.78-2.6%</td></tr> </table> Description of Stock Option Plan   The Company has 1,333,333 shares available for issuance under the First Amended and Restated 2017 Stock Incentive Plan. The Company has outstanding unexercised stock option grants totaling 550,000 shares at an average exercise price of $1.491 per share as of March 31, 2020. The Company filed registration statements on Form S-8 to register 1,333,333 shares of our common stock related to the 2017 Stock Incentive Plan and First Amended and Restated 2017 Stock Incentive Plan.   Determining Fair Value under ASC 718   The Company records compensation expense associated with stock options and other equity-based compensation using the Black-Scholes-Merton option valuation model for estimating fair value of stock options granted under our plan. The Company amortizes the fair value of stock options on a ratable basis over the requisite service periods, which are generally the vesting periods. The expected life of awards granted represents the period of time that they are expected to be outstanding.  The Company estimates the volatility of our common stock based on the historical volatility of its own common stock over the most recent period corresponding with the estimated expected life of the award. The Company bases the risk-free interest rate used in the Black Scholes-Merton option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on our common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes-Merton option valuation model and adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate is recognized in the period the forfeiture estimate is changed.   Stock Option Activity   Stock option activity for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018 was as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Options</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Option</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">$</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 64%">Outstanding as of January 1, 2018</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">373,333</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1.065</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">397,600</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Granted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">300,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.950</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">585,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(6,666</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.900</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(5,999</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeitures</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding as of January 1, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">666,667</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.410</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">940,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Granted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">23,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.200</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">28,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(26,111</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(0.900</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">23,500</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeitures</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(113,869</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(1.146</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">130,477</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding as of December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">550,020</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.491</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,121,977</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Granted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeitures</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding as of March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">550,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1.491</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">820,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   The following table summarizes information about stock options outstanding and exercisable at March 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Range of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Number</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Remaining Life</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Number</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Prices</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Outstanding</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">In Years</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exerciseable</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exerciseable</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 22%; text-align: right">0.90</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">80,000</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">2.75</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">0.90</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">66,667</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">0.90</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">66,667</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2.75</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">55,556</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2-1.35</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">16,667</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.80</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2-1.35</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">13,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2-1.35</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">133,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2.61</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">112,778</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1.80</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">253,333</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3.75</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1.80</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">126,667</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1.80</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">550,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.12</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1.491</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">375,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1.25</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Stock option grants totaling 550,000 shares of common stock have no intrinsic value as of March 31, 2020.   The stock option grants were valued using the following assumptions:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 55%">Dividend yield</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 45%; text-align: center">0%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected life</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">1-5 Years</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected volatility</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">70-200%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Risk free interest rate</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">0.78-2.6%</td></tr> </table> Legal Proceedings   From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and may be adjusted from time to time according to developments.   The Company’s know of no material, existing or pending legal proceedings against our Company, nor is the Company involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to the Company’s interest.   As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves.   Operating Leases   The Company is obligated under the following leases for its various facilities.   On May 31, 2019, the Company rented space at 5400 Carillon Point, Kirkland, Washington 98033 for $623 per month for the Company’s corporate office and use of space in the Regus network, including California. The Company’s agreement was renewed and now expires May 31, 2021.   On December 14, 2018, GrowLife, Inc. entered into a lease agreement with Pensco Trust Company for a 28,000 square feet industrial space at 10170 Croydon Way, Sacramento, California 95827 used for the assembly and sales of plastic parts by EZ-CLONE. The monthly lease payment is $17,500 and increased approximately 3% per year. The lease expires on December 31, 2023. The Company evaluates subsequent events, for the purpose of adjustment or disclosure, up through the date the financial statements are available.   There were material events subsequent to March 31, 2020:   COVID-19 Pandemic   Presently, the impact of COVID-19 has not shown any imminent adverse effects on the Company’s business, especially since states across the United States—including California—has deemed cannabis businesses as “essential,” allowing the Company’s business to continue its operations. This notwithstanding, it is still unknown and difficult to predict what adverse effects, if any, COVID-19 can have on the Company’s business, or against the various aspects of same.   As of the date of this Annual Report, COVID-19 coronavirus has been declared a pandemic by the World Health Organization, has been declared a National Emergency by the United States Government and has resulted in several states being designated disaster zones. COVID-19 coronavirus caused significant volatility in global markets. The spread of COVID-19 coronavirus has caused public health officials to recommend precautions to mitigate the spread of the virus, especially as to travel and congregating in large numbers. In addition, certain states and municipalities have enacted, and additional cities are considering, quarantining and “shelter-in-place” regulations which severely limit the ability of people to move and travel and require non-essential businesses and organizations to close.   Recent shelter-in-place and essential-only travel regulations could negatively impact the Company’s customers. In addition, while the Company’s products are manufactured in the United States, the Company still could experience significant supply chain disruptions due to interruptions in operations at any or all of our suppliers’ facilities or downline suppliers. If the Company experiences significant delays in receiving our products the Company will experience delays in fulfilling orders and ultimately receiving payment, which could result in loss of sales and a loss of customers, and adversely impact our financial condition and results of operations. The current status of COVID-19 coronavirus closures and restrictions could also negatively impact the Company’s ability to receive funding from the Company’s existing capital sources as each business is and has been affected uniquely.   Other   On April 17, 2020, the Company received $362,500 under the Paycheck Protection Program of the U.S. Small Business Administration’s 7(a) Loan Program pursuant to the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), Pub. Law 116-136, 134 Stat. 281 (2020).   On April 30, 2020, Chicago Venture converted principal and accrued interest of $100,000 into 709,844 shares of the Company’s common stock at a per share conversion price of $0.141.   On April 16, 2020, the Company issued 20,000 shares of the Company’s common stock each to Katherine McLain and Thom Kozik, directors valued at $0.295 per share or $5,900. This issuance was an annual award for independent director services.   On May 7, 2020, EZ-CLONE received $203,329 under the Paycheck Protection Program of the U.S. Small Business Administration’s 7(a) Loan Program pursuant to the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), Pub. Law 116-136, 134 Stat. 281 (2020).   During May 26-28, 2020, PowerUp Lending Group Ltd converted principal of $80,000 into 531,409 shares of the Company’s common stock at a per share conversion price of $0.151. The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. Inter-Company items and transactions have been eliminated in consolidation. Non-controlling interest represents the portion of ownership which the Company did not own. We classify highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit.  At March 31, 2020, the Company had uninsured deposits in the amount of $0. The company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires the application of the five-step-principles-based-accounting-model for revenue recognition. These steps include (1) a legally enforceable contract, written or unwritten is identified; (2) performance obligations in the contracts are identified; (3) the transaction price reflecting variable consideration, if any, is identified; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when the control of goods is transferred to the customer at a particular time or over time. Our hydroponic sales are cash or credit card. Our EZ-CLONE sales include credit, cash, payments in advance, 3% discount upon receipt and, we extend thirty day terms to select customers. Accounts receivable are reviewed periodically for collectability. We allow customers to return defective products when they meet certain established criteria as outlined in our sales terms and conditions. It is our practice to regularly review and revise, when deemed necessary, our estimates of sales returns, which are based primarily on actual historical return rates. We record estimated sales returns as reductions to sales and accounts receivable. Returned products which are recorded in inventory are valued based upon the amount we expect to realize upon its subsequent disposition. As of March 31, 2020 and December 31, 2019, there was a reserve for sales returns of $20,000, respectively, which is minimal based upon our historical experience. Inventories are recorded on a first in first out basis Inventory consists of raw materials, work in process and finished goods and components sold by EZ-CLONE to it distribution customers. Equipment consists of machinery, equipment, tooling, computer equipment and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3-10 years, except for leasehold improvements which are depreciated over the lesser of the life of the lease or 10 years.  The Company reviews its long-lived assets for impairment annually or when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results. Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. The Company reviews its acquired goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing its goodwill, the Company performs a qualitative analysis to determine if it is more-likely-than-not that the goodwill is impaired. If the qualitative analysis indicates that goodwill is likely impaired, the Company calculates the fair value of its goodwill by allocating the fair value of the business unit containing the goodwill to all its tangible and intangible assets and liabilities, with the residual fair value allocated to goodwill. The excess, if any, of the goodwill carrying value in excess of its fair value would be recognized as an impairment loss. Management has concluded that, based on a qualitative analysis, it is more-likely-than-not that goodwill has not been impaired as of March 31, 2020 and December 31, 2019. ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value.  The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs).  The hierarchy consists of three levels:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">Level 1 – Quoted prices in active markets for identical assets and liabilities;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 100%"> Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and.   Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.  </td></tr> </table> The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities as of March 31, 2020 and December 31, 2019 are based upon the short-term nature of the assets and liabilities.  Pursuant to ASC 815 “Derivatives and Hedging”, the Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company then determines if embedded derivative must bifurcated and separately accounted for. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. We have share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options to purchase shares of our common stock at the fair market value at the time of grant. Stock-based compensation cost is measured by us at the grant date, based on the fair value of the award, over the requisite service period using an estimated forfeiture rate. For options issued to employees, we recognize stock compensation costs utilizing the fair value methodology over the related period of benefit.  Grants of stock options and stock to non-employees and other parties are accounted for in accordance with the ASC 718. Based upon ASC 815-15, we have adopted a sequencing approach regarding the application of ASC 815-40 to convertible securities issued subsequent to September 30, 2015. We will evaluate our contracts based upon the earliest issuance date. Under the provisions of ASC Topic 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The common stock equivalents have not been included as they are anti-dilutive.   As of March 31, 2020, there are also (i) stock option grants outstanding for the purchase of 550,000 common shares at an $1.491 average exercise price; and (ii) warrants for the purchase of 2,418,834 shares of common shares at a $3.465 average exercise price. In addition, we have an unknown number of common shares to be issued under the Crossover and 12% convertible promissory note financing agreements in the case of default. In addition, we have an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements because the number of shares ultimately issued to Chicago Venture depends on the price at which Chicago Venture converts its debt to shares and exercises its warrants. The lower the conversion or exercise prices, the more shares that will be issued to Chicago Venture upon the conversion of debt to shares. We will not know the exact number of shares of stock issued to Chicago Venture until the debt is actually converted to equity.   As of March 31, 2019, there are also (i) stock option grants outstanding for the purchase of 656,667 common shares at a $1.453 average exercise price; (ii) warrants for the purchase of 2,418,834 million common shares at a $3.465 average exercise price; and (iii) 764,573 shares related to convertible debt that can be converted at $0.38 per share. In addition, the Company has an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements. The Company has never paid any cash dividends and intends, for the foreseeable future, to retain any future earnings for the development of our business. Our future dividend policy will be determined by the board of directors on the basis of various factors, including our results of operations, financial condition, capital requirements and investment opportunities. In preparing these consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets, estimates of sales returns, inventory impairment, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments and share based compensation.  A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s consolidated financial statements. <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 88%">Intangible assets</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,351,000</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">781,749</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Net working capital</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">551,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Propety and equipment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">318,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Deferred tax liability</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(587,750</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3,413,999</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">March 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 76%">Raw materials</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">345,965</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">329,482</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Work in process</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">65,258</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">49,253</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Finished goods</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">92,703</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Inventory deposits</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">62,806</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">129,236</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Inventory reserve</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">   Total</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">474,029</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">600,674</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">March 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 76%">Machinery, equipment and tooling</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">356,867</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">356,867</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Computer equipment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">16,675</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">16,675</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">14,702</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">14,702</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">     Total property and equipment</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">388,244</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">388,244</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Less accumulated depreciation and amortization</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(231,050</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(221,763</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">     Net property and equipment</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">157,194</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">166,482</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Estimated Useful Lives</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Customer Lists</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">5 Years</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,297,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,297,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Intellectual Property</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">5 Years</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,054,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,054,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">less accumulated amortization</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(716,495</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(548,566</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Net Intangible assets-definitive life</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,634,505</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,802,434</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif"> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 70%">Goodwill-indefinite life</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: center">N/A</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%"></td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 10%; text-align: right">781,749</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 10%; text-align: right">781,749</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Total intangible assets and goodwill</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,416,254</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,584,183</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> </table> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 100%">Cash paid for ROU operating lease liability $210,000   </td></tr> </table> Weighted-average remaining lease term 3 years Weighted-average discount rate 10 % <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">Year Ended</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">March 31,</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"> $</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 88%; text-align: center">2021</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">216,300</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">2022</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">222,792</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">2023</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">194,283</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">633,375</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">Imputed interest</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(117,062</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">Total lease liability</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">516,313</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> Convertible notes payable as of March 31, 2020 consisted of the following   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Balance</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Debt</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">As of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Interest</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Discount</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">10% OID Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,650,007</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">287,716</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,937,723</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Secured Advance Note</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">184,903</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">184,903</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">12% Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">339,900</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">12,975</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,907</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">339,968</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3,174,810</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">300,691</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(12,907</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3,462,594</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   Convertible notes payable as of December 31, 2019 consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Balance</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Accrued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Debt</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">As of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Principal</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Interest</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Discount</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">10% OID Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,195,007</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">220,980</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,415,987</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Secured Advance Note</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">205,228</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">205,228</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">12% Convertible Promissory Notes</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">281,600</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,055</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(21,591</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">263,064</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,681,835</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">224,035</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(21,591</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,884,279</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Fair Value Measurements Using Inputs</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Amount at</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Financial Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 1</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 2</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 3</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Liabilities:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">Derivative Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,579,055</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Carrying</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Fair Value Measurements Using Inputs</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Amount at</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Financial Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 1</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 2</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Level 3</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Liabilities:</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 52%">Derivative Instruments</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Total</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,300,915</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 75%">Outstanding at January 1, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,418,834</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">3.465</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Issued</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeited</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif">$</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expired</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding at March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,418,834</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.465</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exerciseable at March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,312,168</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Number of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Remaining</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Warrants</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Life</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exerciseable</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 13%; text-align: right">366,667</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">6.41</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">1.500</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">366,667</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 14%; text-align: right">1.500</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 8%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">320,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">4.58</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.800</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">213,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.800</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,407,582</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.58</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3.150</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,407,582</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3.150</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">324,586</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2.83</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">7.500</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">324,586</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">7.500</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,418,834</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2.52</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.465</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,312,168</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.374</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 70%">Dividend yield</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 30%; text-align: center">0%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected life</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">1-5 Years</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected volatility</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">70-200%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Risk free interest rate</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: center">0.78-2.6%</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Options</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Option</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">$</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 64%">Outstanding as of January 1, 2018</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">373,333</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1.065</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">397,600</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Granted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">300,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.950</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">585,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(6,666</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.900</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(5,999</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeitures</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding as of January 1, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">666,667</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.410</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">940,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Granted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">23,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.200</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">28,000</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(26,111</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">(0.900</td> <td style="font: 8pt Times New Roman, Times, Serif">)</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">23,500</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeitures</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(113,869</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(1.146</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">)</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">130,477</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding as of December 31, 2019</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">550,020</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.491</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,121,977</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Granted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Forfeitures</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Outstanding as of March 31, 2020</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">550,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1.491</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">820,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Weighted</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Range of</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Number</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Remaining Life</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Average</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Number</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Prices</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Outstanding</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">In Years</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exerciseable</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center">Exerciseable</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 22%; text-align: right">0.90</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">80,000</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">2.75</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">0.90</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">66,667</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 12%; text-align: right">0.90</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">66,667</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2.75</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">55,556</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.05</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2-1.35</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">16,667</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.80</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2-1.35</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">13,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2-1.35</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">133,333</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2.61</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">112,778</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1.50</td> <td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1.80</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">253,333</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3.75</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1.80</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">126,667</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1.80</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">550,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">3.12</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1.491</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">375,000</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1.25</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif; width: 55%">Dividend yield</td> <td style="font: 8pt Times New Roman, Times, Serif; width: 45%; text-align: center">0%</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 8pt Times New Roman, Times, Serif">Expected life</td> <td style="font: 8pt Times New Roman, Times, Serif; 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Entity Filer Category Entity Emerging Growth Company Entity Small Business Entity Shell Company Entity Common Stock, Shares Outstanding Entity Interactive Data Current Entity Incorporation, State or Country Code Entity File Number Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS: Cash and cash equivalents Accounts receivable - trade, net of allowance for doubtful accounts of $5,690 as of 3/31/2020 and 12/31/2019 Inventory, net Deposits Total current assets PROPERTY AND EQUIPMENT, NET INTANGIBLE ASSETS, NET GOODWILL OPERATING LEASE RIGHT OF USE ASSET TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' (DEFICIT) CURRENT LIABILITIES: Accounts payable - trade Accrued expenses Accrued expenses - related parties Derivative liability Convertible notes payable Notes payable - related parties Acquisition of EZ-CLONE Enterprises, Inc. payable in cash Current portion of operating lease right of use liability Total current liabilities LONG TERM LIABILITIES: Deferred tax liability Long term acquisition of EZ-CLONE Enterprises, Inc. payable in common stock Non-current portion of operating lease right of use liability Total long term liabilities COMMITMENTS AND CONTINGENCIES (Note 15) STOCKHOLDERS' DEFICIT Preferred stock - $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding Common stock - $0.0001 par value, 120,000,000 shares authorized, 29,282,602 and 28,677,147 shares issued and outstanding at 3/31/2020 and 12/31/2019, respectively Additional paid in capital Accumulated deficit Total stockholders' deficit TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT Accounts receivable, allowance for doubtful accounts Preferred Stock, Par Value Preferred Stock, Authorized Preferred Stock, Issued Preferred Stock, Outstanding Common Stock, Par Value Common Stock, Authorized Common Stock, Issued Common Stock, Outstanding Income Statement [Abstract] NET REVENUE COST OF GOODS SOLD GROSS PROFIT GENERAL AND ADMINISTRATIVE EXPENSES RESTRUCTURING EXPENSE - FLOORING DIVISION RESTRUCTURING EXPENSE - RETAIL STORES AND ONLINE SALES OPERATING LOSS OTHER INCOME (EXPENSE): Change in fair value of derivative Interest expense, net Loss on debt conversions Total other expense, net LOSS BEFORE INCOME TAXES Income taxes - current benefit NET LOSS Net loss attributable to noncontrolling interest in EZ-Clone Enterprises, Inc. NET LOSS ATTRIBUTABLE TO GROWLIFE, INC. AND SUBSIDIARIES Basic and diluted loss per share Weighted average shares of common stock outstanding- basic and diluted Statement [Table] Statement [Line Items] Begining balance, shares Begining balance, amount Stock based compensation for stock options Stock based compensation for warrants Shares issued for debt conversion, shares Shares issued for debt conversion, amount Shares issued for services rendered, shares Shares issued for services rendered, amount Shares issued for convertible note and interest conversion, shares Shares issued for convertible note and interest conversion, amount Shares issued for common stock, shares Shares issued for common stock, amount Rigths offering, shares Rigths offering, amount Stock option exercise, shares Stock option exercise, amount Shares issued for acquisition of EZ-Clone Enterprises, Inc., shares Shares issued for acquisition of EZ-Clone Enterprises, Inc., amount Shares issued for purchase of warrant, shares Shares issued for purchase of warrant, amount Shares issued for convertible note and commitment shares, shares Shares issued for convertible note and commitment shares, amount Warrant exercise, shares Warrant exercise, amount Noncontrolling interest in EZ-Clone Enterprises, Inc. 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Custom Element. Custom Element. Custom Element. Custom Element. GRENERS.COM Member Non RMH EGC Acquisition Member Custom Element. Custom Element. Post RMH EGC Acquisition Member. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. RMH EGC Acquisition Member ROCKY MOUNTAIN HYDROPONICS and EVERGREEN GARDEN CENTER Member Shares issued for convertible note and interest&amp;amp;#160;&amp;amp;#160;conversion. Custom Element. Custom Element. Vape Holdings Inc Member Custom Element. Custom Element. Unrealized Gain on Investment in Related Party Member. 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7. INTANGIBLE ASSETS (Tables)
3 Months Ended

Mar. 31, 2020

Finite-Lived Intangible Assets, Net [Abstract]

Schedule of intangible assets

Estimated Useful Lives March 31, 2020 December 31, 2019

Customer Lists 5 Years $ 1,297,000 $ 1,297,000

Intellectual Property 5 Years 1,054,000 1,054,000

less accumulated amortization (716,495 ) (548,566 )

Net Intangible assets-definitive life 1,634,505 1,802,434

Goodwill-indefinite life N/A 781,749 781,749

Total intangible assets and goodwill $ 2,416,254 $ 2,584,183

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14. EQUITY
3 Months Ended

Mar. 31, 2020

Equity [Abstract]

EQUITY
Authorized Capital Stock

On October 9, 2019, the Company approved the reduction of authorized capital stock, whereby the total number of the Company’s authorized common stock decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. On November 20, 2019, the Company filed a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the reduction, we have an aggregate 130,000,000 authorized shares consisting of : (i) 120,000,000 shares of common stock, par value $0.0001 per share, and (ii) 10,000,000 shares of preferred stock, par value $0.0001 per share.

The reverse stock split of 1 for 150 was effective at the open of business on November 27, 2019 whereupon the shares of the Company’s common stock began trading on a split-adjusted basis. Our CUSIP number will change to 39985X203.

Non-Voting Preferred Stock

Under the terms of our articles of incorporation, our board of directors is authorized to issue shares of non-voting preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of non-voting preferred stock.

The purpose of authorizing our board of directors to issue non-voting preferred stock and determine our rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of non-voting preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Other than the Series B and C Preferred Stock discussed below, there are no shares of non-voting preferred stock presently outstanding and we have no present plans to issue any shares of preferred stock.

Capital Stock Issued and Outstanding

As of March 31, 2020, the Company had issued and outstanding securities of 29,282,602 shares of common stock.

Voting Common Stock

Holders of the Company’s common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights. An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the election. On all other matters, the affirmative vote of the holders of a majority of the stock present in person or represented by proxy and entitled to vote is required for approval, unless otherwise provided in our articles of incorporation, bylaws or applicable law. Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential dividend rights of outstanding preferred stock.

In the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately all assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.

Unless otherwise indicated, all of the following sales or issuances of Company securities were conducted under the exemption from registration as provided under Section 4(2) of the Securities Act of 1933 (and also qualified for exemption under 4(5), formerly 4(6) of the Securities Act of 1933, except as noted below). All of the shares issued were issued in transactions not involving a public offering, are considered to be restricted stock as defined in Rule 144 promulgated under the Securities Act of 1933 and stock certificates issued with respect thereto bear legends to that effect.

The Company has compensated consultants and service providers with restricted common stock during the development of our business and when our capital resources were not adequate to provide payment in cash.

During the three months ended March 31, 2020, the Company had the following issuances of unregistered equity securities to accredited investors unless otherwise indicated:

Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165.

The Company issued 15 shares related to a reverse stock split.

The Company issued 164 shares of common stock related to the exercise of warrants for $460, or $3.151 per share.

Warrants

The Company had no warrant activity during the three months ended March 31, 2020.

A summary of the warrants issued as of March 31, 2020 is as follows:

March 31, 2020

Weighted

Average

Exercise

Shares Price

Outstanding at January 1, 2020 2,418,834 $ 3.465

Issued - $ -

Exercised - $ -

Forfeited - $ -

Expired - $ -

Outstanding at March 31, 2020 2,418,834 $ 3.465

Exerciseable at March 31, 2020 2,312,168 $ -

A summary of the status of the warrants outstanding as of March 31, 2020 is presented below:

March 31, 2020

Weighted Weighted Weighted

Average Average Average

Number of Remaining Exercise Shares Exercise

Warrants Life Price Exerciseable Price

366,667 6.41 $ 1.500 366,667 $ 1.500

320,000 4.58 1.800 213,333 1.800

1,407,582 1.58 3.150 1,407,582 3.150

324,586 2.83 7.500 324,586 7.500

- - - - -

2,418,834 2.52 $ 3.465 2,312,168 $ 3.374

Warrants had no intrinsic value as of March 31, 2020.

The warrants were valued using the following assumptions:

Dividend yield 0%

Expected life 1-5 Years

Expected volatility 70-200%

Risk free interest rate 0.78-2.6%

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3. SIGNIFICANT ACCOUNTING POLICIES: ADOPTION OF ACCOUNTING STANDARDS (Policies)
3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. Inter-Company items and transactions have been eliminated in consolidation. Non-controlling interest represents the portion of ownership which the Company did not own.

Cash and Cash Equivalents
We classify highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit. At March 31, 2020, the Company had uninsured deposits in the amount of $0.

Accounts Receivable and Revenue
The company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires the application of the five-step-principles-based-accounting-model for revenue recognition. These steps include (1) a legally enforceable contract, written or unwritten is identified; (2) performance obligations in the contracts are identified; (3) the transaction price reflecting variable consideration, if any, is identified; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when the control of goods is transferred to the customer at a particular time or over time. Our hydroponic sales are cash or credit card. Our EZ-CLONE sales include credit, cash, payments in advance, 3% discount upon receipt and, we extend thirty day terms to select customers. Accounts receivable are reviewed periodically for collectability.

Sales Returns
We allow customers to return defective products when they meet certain established criteria as outlined in our sales terms and conditions. It is our practice to regularly review and revise, when deemed necessary, our estimates of sales returns, which are based primarily on actual historical return rates. We record estimated sales returns as reductions to sales and accounts receivable. Returned products which are recorded in inventory are valued based upon the amount we expect to realize upon its subsequent disposition. As of March 31, 2020 and December 31, 2019, there was a reserve for sales returns of $20,000, respectively, which is minimal based upon our historical experience.

Inventories
Inventories are recorded on a first in first out basis Inventory consists of raw materials, work in process and finished goods and components sold by EZ-CLONE to it distribution customers.

Property and Equipment
Equipment consists of machinery, equipment, tooling, computer equipment and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3-10 years, except for leasehold improvements which are depreciated over the lesser of the life of the lease or 10 years.

Long Lived Assets
The Company reviews its long-lived assets for impairment annually or when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.

Intangible Assets
Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets.

Goodwill
The Company reviews its acquired goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing its goodwill, the Company performs a qualitative analysis to determine if it is more-likely-than-not that the goodwill is impaired. If the qualitative analysis indicates that goodwill is likely impaired, the Company calculates the fair value of its goodwill by allocating the fair value of the business unit containing the goodwill to all its tangible and intangible assets and liabilities, with the residual fair value allocated to goodwill. The excess, if any, of the goodwill carrying value in excess of its fair value would be recognized as an impairment loss. Management has concluded that, based on a qualitative analysis, it is more-likely-than-not that goodwill has not been impaired as of March 31, 2020 and December 31, 2019.

Fair Value Measurements and Financial Instruments
ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities as of March 31, 2020 and December 31, 2019 are based upon the short-term nature of the assets and liabilities.

Derivative Financial Instruments
Pursuant to ASC 815 “Derivatives and Hedging”, the Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company then determines if embedded derivative must bifurcated and separately accounted for. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date.

Stock Based Compensation
We have share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options to purchase shares of our common stock at the fair market value at the time of grant. Stock-based compensation cost is measured by us at the grant date, based on the fair value of the award, over the requisite service period using an estimated forfeiture rate. For options issued to employees, we recognize stock compensation costs utilizing the fair value methodology over the related period of benefit. Grants of stock options and stock to non-employees and other parties are accounted for in accordance with the ASC 718.

Convertible Securities
Based upon ASC 815-15, we have adopted a sequencing approach regarding the application of ASC 815-40 to convertible securities issued subsequent to September 30, 2015. We will evaluate our contracts based upon the earliest issuance date.

Net Loss Per Share
Under the provisions of ASC Topic 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The common stock equivalents have not been included as they are anti-dilutive.

As of March 31, 2020, there are also (i) stock option grants outstanding for the purchase of 550,000 common shares at an $1.491 average exercise price; and (ii) warrants for the purchase of 2,418,834 shares of common shares at a $3.465 average exercise price. In addition, we have an unknown number of common shares to be issued under the Crossover and 12% convertible promissory note financing agreements in the case of default. In addition, we have an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements because the number of shares ultimately issued to Chicago Venture depends on the price at which Chicago Venture converts its debt to shares and exercises its warrants. The lower the conversion or exercise prices, the more shares that will be issued to Chicago Venture upon the conversion of debt to shares. We will not know the exact number of shares of stock issued to Chicago Venture until the debt is actually converted to equity.

As of March 31, 2019, there are also (i) stock option grants outstanding for the purchase of 656,667 common shares at a $1.453 average exercise price; (ii) warrants for the purchase of 2,418,834 million common shares at a $3.465 average exercise price; and (iii) 764,573 shares related to convertible debt that can be converted at $0.38 per share. In addition, the Company has an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements.

Dividend Policy
The Company has never paid any cash dividends and intends, for the foreseeable future, to retain any future earnings for the development of our business. Our future dividend policy will be determined by the board of directors on the basis of various factors, including our results of operations, financial condition, capital requirements and investment opportunities.

Use of Estimates
In preparing these consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets, estimates of sales returns, inventory impairment, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments and share based compensation.

Recent Accounting Pronouncements
A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s consolidated financial statements.

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Dec. 31, 2019

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Total

Begining balance, shares at Dec. 31, 2018 22,917,327

Begining balance, amount at Dec. 31, 2018 $ 343,749 $ 139,331,067 $ (141,176,087) $ (1,501,271)

Stock based compensation for stock options 16,016 16,016

Stock based compensation for warrants 24,000 24,000

Shares issued for services rendered, shares 139,441

Shares issued for services rendered, amount $ 2,092 163,308 165,400

Shares issued for convertible note and interest conversion, shares 561,041

Shares issued for convertible note and interest conversion, amount $ 8,416 726,731 735,147

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Shares issued for purchase of warrant, amount $ 12,500 987,500 1,000,000

Noncontrolling interest in EZ-Clone Enterprises, Inc. (25,528) (25,528)

Net loss (2,338,325) (2,338,325)

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Ending balance, amount at Mar. 31, 2019 $ 366,757 141,248,622 (143,539,940) (1,924,561)

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Ending balance, shares at Dec. 31, 2019 28,677,147

Ending balance, amount at Dec. 31, 2019 $ 386,269 143,441,047 (148,461,532) (4,634,216)

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Stock based compensation for warrants 24,000 24,000

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Shares issued for convertible note and interest conversion, amount $ 61 149,510 149,571

Warrant exercise, shares 146

Warrant exercise, amount 460 460

Noncontrolling interest in EZ-Clone Enterprises, Inc. 0

Fractional shares issued related to reverse stock split 15

Net loss (1,293,675) (1,293,675)

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Ending balance, amount at Mar. 31, 2020 $ 386,330 $ 143,628,456 $ (149,755,207) $ (5,740,421)

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7. INTANGIBLE ASSETS (Details Narrative) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Finite-Lived Intangible Assets, Net [Abstract]

Amortization expense $ 167,929 $ 285,257

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3. SIGNIFICANT ACCOUNTING POLICIES: ADOPTION OF ACCOUNTING STANDARDS
3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES: ADOPTION OF ACCOUNTING STANDARDS
Basis of Presentation - The accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Principles of Consolidation - The condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. Inter-Company items and transactions have been eliminated in consolidation. Non-controlling interest represents the portion of ownership which the Company did not own.

Cash and Cash Equivalents - We classify highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit. At March 31, 2020, the Company had uninsured deposits in the amount of $0.

Accounts Receivable and Revenue – The company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires the application of the five-step-principles-based-accounting-model for revenue recognition. These steps include (1) a legally enforceable contract, written or unwritten is identified; (2) performance obligations in the contracts are identified; (3) the transaction price reflecting variable consideration, if any, is identified; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when the control of goods is transferred to the customer at a particular time or over time. Our hydroponic sales are cash or credit card. Our EZ-CLONE sales include credit, cash, payments in advance, 3% discount upon receipt and, we extend thirty day terms to select customers. Accounts receivable are reviewed periodically for collectability.

Sales Returns - We allow customers to return defective products when they meet certain established criteria as outlined in our sales terms and conditions. It is our practice to regularly review and revise, when deemed necessary, our estimates of sales returns, which are based primarily on actual historical return rates. We record estimated sales returns as reductions to sales and accounts receivable. Returned products which are recorded in inventory are valued based upon the amount we expect to realize upon its subsequent disposition. As of March 31, 2020 and December 31, 2019, there was a reserve for sales returns of $20,000, respectively, which is minimal based upon our historical experience.

Inventories - Inventories are recorded on a first in first out basis Inventory consists of raw materials, work in process and finished goods and components sold by EZ-CLONE to it distribution customers.

Property and Equipment – Equipment consists of machinery, equipment, tooling, computer equipment and leasehold improvements, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3-10 years, except for leasehold improvements which are depreciated over the lesser of the life of the lease or 10 years.

Long Lived Assets – The Company reviews its long-lived assets for impairment annually or when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.

Intangible Assets – Intangible assets are capitalized and amortized on a straight-line basis over their estimated useful life, if the life is determinable. If the life is not determinable, amortization is not recorded. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. When an indication exists that the carrying amount of intangible assets may not be recoverable, we assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. Such impairment test is based on the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets.

Goodwill-The Company reviews its acquired goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing its goodwill, the Company performs a qualitative analysis to determine if it is more-likely-than-not that the goodwill is impaired. If the qualitative analysis indicates that goodwill is likely impaired, the Company calculates the fair value of its goodwill by allocating the fair value of the business unit containing the goodwill to all its tangible and intangible assets and liabilities, with the residual fair value allocated to goodwill. The excess, if any, of the goodwill carrying value in excess of its fair value would be recognized as an impairment loss. Management has concluded that, based on a qualitative analysis, it is more-likely-than-not that goodwill has not been impaired as of March 31, 2020 and December 31, 2019.

Fair Value Measurements and Financial Instruments – ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities as of March 31, 2020 and December 31, 2019 are based upon the short-term nature of the assets and liabilities.

Derivative Financial Instruments –Pursuant to ASC 815 “Derivatives and Hedging”, the Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company then determines if embedded derivative must bifurcated and separately accounted for. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date.

Stock Based Compensation – We have share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options to purchase shares of our common stock at the fair market value at the time of grant. Stock-based compensation cost is measured by us at the grant date, based on the fair value of the award, over the requisite service period using an estimated forfeiture rate. For options issued to employees, we recognize stock compensation costs utilizing the fair value methodology over the related period of benefit. Grants of stock options and stock to non-employees and other parties are accounted for in accordance with the ASC 718.

Convertible Securities – Based upon ASC 815-15, we have adopted a sequencing approach regarding the application of ASC 815-40 to convertible securities issued subsequent to September 30, 2015. We will evaluate our contracts based upon the earliest issuance date.

Net Loss Per Share - Under the provisions of ASC Topic 260, “Earnings per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The common stock equivalents have not been included as they are anti-dilutive.

As of March 31, 2020, there are also (i) stock option grants outstanding for the purchase of 550,000 common shares at an $1.491 average exercise price; and (ii) warrants for the purchase of 2,418,834 shares of common shares at a $3.465 average exercise price. In addition, we have an unknown number of common shares to be issued under the Crossover and 12% convertible promissory note financing agreements in the case of default. In addition, we have an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements because the number of shares ultimately issued to Chicago Venture depends on the price at which Chicago Venture converts its debt to shares and exercises its warrants. The lower the conversion or exercise prices, the more shares that will be issued to Chicago Venture upon the conversion of debt to shares. We will not know the exact number of shares of stock issued to Chicago Venture until the debt is actually converted to equity.

As of March 31, 2019, there are also (i) stock option grants outstanding for the purchase of 656,667 common shares at a $1.453 average exercise price; (ii) warrants for the purchase of 2,418,834 million common shares at a $3.465 average exercise price; and (iii) 764,573 shares related to convertible debt that can be converted at $0.38 per share. In addition, the Company has an unknown number of common shares to be issued under the Chicago Venture, Iliad and St. George financing agreements.

Dividend Policy - The Company has never paid any cash dividends and intends, for the foreseeable future, to retain any future earnings for the development of our business. Our future dividend policy will be determined by the board of directors on the basis of various factors, including our results of operations, financial condition, capital requirements and investment opportunities.

Use of Estimates - In preparing these consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets, estimates of sales returns, inventory impairment, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments and share based compensation.

Recent Accounting Pronouncements

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s consolidated financial statements.

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14. EQUITY (Details) - Warrant
3 Months Ended

Mar. 31, 2020

$ / shares

shares

Shares

Outstanding, beginning of period | shares 2,418,834

Issued | shares 0

Exercised | shares 0

Forfeited | shares 0

Expired | shares 0

Outstanding, end of period | shares 2,418,834

Exercisable, end of period | shares 2,312,168

Weighted Average Exercise Price

Outstanding, beginning of period | $ / shares $ 3.465

Issued | $ / shares 0.000

Exercised | $ / shares 0.000

Forfeited | $ / shares (0.000)

Expired | $ / shares 0.000

Outstanding, end of period | $ / shares 3.465

Exercisable, end of period | $ / shares $ 0.00

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14. EQUITY (Details 1) - $ / shares
3 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Warrant 1

Shares outstanding 366,667

Weighted average remaining life 6 years 4 months 28 days

Weighted average exercise price outstanding $ 1.500

Shares exercisable 366,667

Weighted average exercise price exercisable $ 1.500

Warrant 2

Shares outstanding 320,000

Weighted average remaining life 4 years 6 months 29 days

Weighted average exercise price outstanding $ 1.800

Shares exercisable 213,333

Weighted average exercise price exercisable $ 1.800

Warrant 3

Shares outstanding 1,407,582

Weighted average remaining life 1 year 6 months 29 days

Weighted average exercise price outstanding $ 3.150

Shares exercisable 1,407,582

Weighted average exercise price exercisable $ 3.150

Warrant 4

Shares outstanding 324,586

Weighted average remaining life 2 years 9 months 29 days

Weighted average exercise price outstanding $ 7.500

Shares exercisable 324,586

Weighted average exercise price exercisable $ 7.500

Warrant

Shares outstanding 2,418,834 2,418,834

Weighted average remaining life 2 years 6 months 7 days

Weighted average exercise price outstanding $ 3.465 $ 3.465

Shares exercisable 2,312,168

Weighted average exercise price exercisable $ 3.374

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15. STOCK OPTIONS (Details 1) - $ / shares
3 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Exercise Price Range 1

Outstanding 80,000

Weighted average remaining life in years 2 years 9 months

Weighted average exercise price outstanding $ 0.90

Exerciseable 66,667

Weighted average exercise price exercisable $ 0.90

Exercise Price Range 2

Outstanding 66,667

Weighted average remaining life in years 2 years 9 months

Weighted average exercise price outstanding $ 1.05

Exerciseable 55,556

Weighted average exercise price exercisable $ 1.05

Exercise Price Range 3

Outstanding 16,667

Weighted average remaining life in years 9 months 18 days

Exerciseable 13,333

Exercise Price Range 3 | Minimum

Weighted average exercise price outstanding $ 1.20

Weighted average exercise price exercisable 1.20

Exercise Price Range 3 | Maximum

Weighted average exercise price outstanding 1.35

Weighted average exercise price exercisable $ 1.35

Exercise Price Range 4

Outstanding 133,333

Weighted average remaining life in years 2 years 7 months 10 days

Weighted average exercise price outstanding $ 1.50

Exerciseable 112,778

Weighted average exercise price exercisable $ 1.50

Exercise Price Range 5

Outstanding 253,333

Weighted average remaining life in years 3 years 9 months

Weighted average exercise price outstanding $ 1.80

Exerciseable 126,667

Weighted average exercise price exercisable $ 1.80

Stock Options

Outstanding 550,000 550,020 666,667 373,333

Weighted average remaining life in years 3 years 1 month 13 days

Weighted average exercise price outstanding $ 1.491 $ 1.491 $ 1.41 $ 1.065

Exerciseable 375,000

Weighted average exercise price exercisable $ 1.25

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3. SIGNIFICANT ACCOUNTING POLICIES: ADOPTION OF ACCOUNTING STANDARDS (Details Narrative) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Uninsured deposits $ 0

Reserve for sales returns 20,000 $ 20,000

Inventory reserve $ 0 $ 0

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12. DERIVATIVE LIABILITY (Tables)
3 Months Ended

Mar. 31, 2020

Derivative Liability [Abstract]

Fair value of financial instruments

Carrying

Fair Value Measurements Using Inputs Amount at

Financial Instruments Level 1 Level 2 Level 3 March 31, 2020

Liabilities:

Derivative Instruments $ - $ - $ 1,579,055 $ 1,579,055

Total $ - $ - $ 1,579,055 $ 1,579,055

Carrying

Fair Value Measurements Using Inputs Amount at

Financial Instruments Level 1 Level 2 Level 3 December 31, 2019

Liabilities:

Derivative Instruments $ - $ - $ 1,300,915 $ 1,300,915

Total $ - $ - $ 1,300,915 $ 1,300,915

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Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.
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6. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Fixed assets, net of accumulated depreciation $ 157,194 $ 166,482

Accumulated depreciation (231,050) $ (221,763)

Depreciation expense $ 9,288 $ 29,873

X

- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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6. PROPERTY AND EQUIPMENT
3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT
Property and equipment as of March 31, 2020 and December 31, 2019 consists of the following:

March 31, December 31,

2020 2019

Machinery, equipment and tooling $ 356,867 $ 356,867

Computer equipment 16,675 16,675

Leasehold improvements 14,702 14,702

 Total property and equipment 388,244 388,244

Less accumulated depreciation and amortization (231,050 ) (221,763 )

 Net property and equipment $ 157,194 $ 166,482

Total depreciation expense was $9,288 and $29,873 for the three months ended March 31, 2020 and 2019, respectively. All equipment is used for manufacturing, selling, general and administrative purposes and accordingly all depreciation is classified in cost of goods sold, selling, general and administrative expenses.

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10. ACCRUED EXPENSES
3 Months Ended

Mar. 31, 2020

Accrued Liabilities [Abstract]

ACCRUED EXPENSES
Accrued expenses were $319,444 and $259,093 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to sales tax, payroll and restructuring expense liabilities. As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves of $209,577 as of March 31, 2020 and December 31, 2019, respectively.

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14. EQUITY (Details 2) - Warrant
3 Months Ended

Mar. 31, 2020

Dividend yield 0.00%

Minimum

Expected life 1 year

Expected volatility 70.00%

Risk free interest rate 0.78%

Maximum

Expected life 5 years

Expected volatility 200.00%

Risk free interest rate 2.60%

X

- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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3 Months Ended

Mar. 31, 2020

Dividend yield 0.00%

Minimum

Expected life 1 year

Expected volatility 70.00%

Risk free interest rate 0.78%

Maximum

Expected life 5 years

Expected volatility 200.00%

Risk free interest rate 2.60%

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The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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6. PROPERTY AND EQUIPMENT (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Machines and equipment $ 356,867 $ 356,867

Computer equipment 16,675 16,675

Leasehold improvements 14,702 14,702

Total property and equipment 388,244 388,244

Less accumulated depreciation and amortization (231,050) (221,763)

Net property and equipment $ 157,194 $ 166,482

X

- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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2. GOING CONCERN (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Dec. 31, 2018

Non-RMH/EGC

Accumulated deficit $ (149,755,207) $ (148,461,532)

Cash and cash equivalents 168,514 40,834

Net cash used in operating activities $ (422,780) $ (1,116,717) $ 2,909,811 $ 3,854,505

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11. CONVERTIBLE NOTES PAYABLE, NET (Tables)
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Convertible notes summarized
Convertible notes payable as of March 31, 2020 consisted of the following

Balance

Accrued Debt As of

Principal Interest Discount March 31, 2020

10% OID Convertible Promissory Notes $ 2,650,007 $ 287,716 $ - $ 2,937,723

Secured Advance Note 184,903 - - 184,903

12% Convertible Promissory Notes 339,900 12,975 (12,907 ) 339,968

$ 3,174,810 $ 300,691 $ (12,907 ) $ 3,462,594

Convertible notes payable as of December 31, 2019 consisted of the following:

Balance

Accrued Debt As of

Principal Interest Discount December 31, 2019

10% OID Convertible Promissory Notes $ 2,195,007 $ 220,980 $ - $ 2,415,987

Secured Advance Note 205,228 - - 205,228

12% Convertible Promissory Notes 281,600 3,055 (21,591 ) 263,064

$ 2,681,835 $ 224,035 $ (21,591 ) $ 2,884,279

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7. INTANGIBLE ASSETS
3 Months Ended

Mar. 31, 2020

Finite-Lived Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS
Intangible assets as of March 31, 2020 and December 31, 2019 consisted of the following:

Estimated Useful Lives March 31, 2020 December 31, 2019

Customer Lists 5 Years $ 1,297,000 $ 1,297,000

Intellectual Property 5 Years 1,054,000 1,054,000

less accumulated amortization (716,495 ) (548,566 )

Net Intangible assets-definitive life 1,634,505 1,802,434

Goodwill-indefinite life N/A 781,749 781,749

Total intangible assets and goodwill $ 2,416,254 $ 2,584,183

As of the acquisition date in October 2018, the Company originally recognized approximately $3.4 million of intangible assets and began amortizing them over 3 years. In the fourth quarter of 2019, the Company completed its evaluation of assets acquired and finalized its asset valuation. The finalized valuation resulted in lower intangible assets from the original assessment, allocated some of the intangible to Goodwill and determined that the life of definite life intangibles to be 5 years. In the 4th quarter of 2019, the Company adjusted the cost basis and accumulated amortization, reducing both, but did not change 2019 quarterly amortization expense that had been recorded through September 30, 2019 which was in excess of $800,000.

Total amortization expense was $167,929 and $285,277 for the three months ended March 31, 2020 and 2019, respectively. Amortization expense for the intangibles will be approximately $470,000 for years 2020 through 2022 and approximately $392,000 in 2023.

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11. CONVERTIBLE NOTES PAYABLE, NET
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE, NET
Convertible notes payable as of March 31, 2020 consisted of the following

Balance

Accrued Debt As of

Principal Interest Discount March 31, 2020

10% OID Convertible Promissory Notes $ 2,650,007 $ 287,716 $ - $ 2,937,723

Secured Advance Note 184,903 - - 184,903

12% Convertible Promissory Notes 339,900 12,975 (12,907 ) 339,968

$ 3,174,810 $ 300,691 $ (12,907 ) $ 3,462,594

Convertible notes payable as of December 31, 2019 consisted of the following:

Balance

Accrued Debt As of

Principal Interest Discount December 31, 2019

10% OID Convertible Promissory Notes $ 2,195,007 $ 220,980 $ - $ 2,415,987

Secured Advance Note 205,228 - - 205,228

12% Convertible Promissory Notes 281,600 3,055 (21,591 ) 263,064

$ 2,681,835 $ 224,035 $ (21,591 ) $ 2,884,279

10% Convertible Promissory Notes

Funding from Chicago Venture Partners, L.P. (“Chicago Venture”), Iliad Research and Trading, L.P. (“Iliad”) and Odyssey Research and Trading, LLC, (“Odyssey”). The Company typically issues original issuance discount notes with these parties that has a stated interest rate of typically 10%. Accrued interest represents the interest to be accreted over the remaining term of the notes. These notes contain terms and conditions that are deemed beneficial conversion features and the Company recognizes a derivative liability related to these terms until the notes are converted. Upon the conversion of these notes, the Company records a loss on debt conversion and reduces their derivative liability. The notes may be converted to common stock after six months until they are converted.

As of December 31, 2019, the outstanding principal balance due to Chicago Venture, Iliad and Odyssey was $2,195,007 and accrued interest was $220,980, which results in a total amount of $2,415,987.

During the year ended December 31, 2019, Chicago Venture and Iliad converted principal and accrued interest of $1,357,872 into 3,120,521 shares of our common stock at a per share conversion price of $0.766 with a fair value of $2,284,081. The Company recognized $926,208 loss on debt conversions during the year ended December 31, 2019.

As of March 31, 2020, the outstanding principal balance due to Chicago Venture, Iliad and Odyssey was $2,650,007 and accrued interest was $287,716, which results in a total amount of $2,937,723.

During the quarter ended March 31, 2020, Chicago Venture converted principal and accrued interest of $100,000 into 605,294 shares of our common stock at a per share conversion price of $0.165 with a fair value of $130,138 and recognized a $30,138 loss on debt conversions.

The Company’s obligation to pay the Debt, or any portion thereof, is secured by all of the Company’s assets.

The Company has approximately $645,000 available under the Notes as of March 31, 2020 but cannot currently access the available funds.

The 10% Notes are convertible at the holder’s option into the Company’s common stock as defined in the documents. Based upon the last conversion price of the stock at March 31, 2020, the notes would convert to approximately 17,781,855 shares.

Securities Purchase Agreement, Secured Promissory Notes and Security Agreement with Chicago Venture Partners, L.P (Chicago Venture) dated January 30, 2020

On January 30, 2020, the Company executed the following agreements with Chicago Venture: (i) Securities Purchase Agreement; (ii) Secured Convertible Promissory Notes (“Notes”); and (iii) Security Agreement (collectively the “Chicago Venture Agreements”). The Company entered into the Chicago Venture Agreements with the intent to acquire working capital to grow the Company’s businesses.

The total amount of funding under the CVP Agreements is $500,000 in various tranches. The Notes carry an original issue discount of $50,000 and a transaction expense amount of $5,000, for total debt of $555,000 (“Debt”). The Company agreed to reserve 53,333 shares of its common stock for issuance upon conversion of the Debt, if that occurs in the future. If not converted sooner, the Debt is due on or before January 29, 2021. The Debt carries an interest rate of ten percent (10%). The Debt is convertible, at CVP’s option, into the Company’s common stock at $0.30 per share subject to adjustment as provided for in the Notes. The Company received approximately $500,000 of funding under the Chicago Venture agreements in the quarter ended March 31, 2020. The balance outstanding at March 31, 2020 was $555,000.

The Company’s obligation to pay the Debt, or any portion thereof, is secured by all of the Company’s assets.

Secured Advance Note with Crossover Capital Fund I LLC (“Crossover”)

On September 20, 2019, the Company closed a Secured Advance Note with Crossover Capital Fund I LLC (the “Crossover Note”). The Company entered into the Crossover Note with the intent to acquire working capital to grow the Company’s businesses. The total amount of funding under the Crossover Note is $250,000. The Crossover Note carries an original issue discount of $57,400 and a transaction expense amount of $7,000, for total debt of $308,400. On December 22, 2019, the Note increased by $25,700. The original issue discount was immediately recorded as interest expense due to the note maturity being less than one year. The Company agreed to reserve three times the number of shares based on the conversion value in case of default under the Crossover Note, if that occurs in the future. The Crossover Note is due in nine months and is repayable weekly at $9,205. The Crossover Note is convertible into the Company’s common stock at the market value share price subject to adjustment as provided for in the Crossover Note in the case of default. The Company’s obligation to pay the Crossover Note, or any portion thereof, is secured by all of the Company’s assets. As of December 31, 2019, the outstanding principal balance due Crossover was $205,228. The Company also issued 33,333 shares of common stock to Crossover as a commitment fee that was valued at fair market value at $25,000 or $0.75 per share and expensed as interest expense during the year ended December 31, 2019.

On January 14, 2020, the Note increased by $25,700. As of March 31, 2020, the outstanding principal balance due to Crossover was $184,903. The Company is behind on the weekly payments under this Note and is in discussions with the Crossover

12% Convertible Promissory Notes

The Company entered into Convertible Promissory Notes with Power Up Lending Group Ltd on November 18, 2019 and December 9, 2019 for $281,600 to fund short-term working capital. The Notes accrues interest at a rate of 12% per annum and became due in one year and are convertible into common stock at 75% of market value after six months. The Company received cash of $250,000, and recorded interest expense of $3,055, a transaction expense amount of $6,000 and amortization of debt discount of $21,591. The Company recorded as interest expense in 2019 the value of the beneficial conversion feature of $93,867 related to the potential conversion at a discount after six months.

The Company entered into Convertible Promissory Note with Power Up Lending Group Ltd on January 14, 2020 for $58,300 to fund short-term working capital. The Notes accrues interest at a rate of 12% per annum and became due in one year and are convertible into common stock at 75% of market value after six months. The Company received cash of $50,000, and recorded interest expense of $1,495, a transaction expense amount of $3,000 and amortization of debt discount of $5,300. The Company recorded as interest expense in the three months ended March 31, 2020 the value of the beneficial conversion feature of $19,433 related to the potential conversion at a discount after six months.

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15. STOCK OPTIONS
3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK OPTIONS
Description of Stock Option Plan

The Company has 1,333,333 shares available for issuance under the First Amended and Restated 2017 Stock Incentive Plan. The Company has outstanding unexercised stock option grants totaling 550,000 shares at an average exercise price of $1.491 per share as of March 31, 2020. The Company filed registration statements on Form S-8 to register 1,333,333 shares of our common stock related to the 2017 Stock Incentive Plan and First Amended and Restated 2017 Stock Incentive Plan.

Determining Fair Value under ASC 718

The Company records compensation expense associated with stock options and other equity-based compensation using the Black-Scholes-Merton option valuation model for estimating fair value of stock options granted under our plan. The Company amortizes the fair value of stock options on a ratable basis over the requisite service periods, which are generally the vesting periods. The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company estimates the volatility of our common stock based on the historical volatility of its own common stock over the most recent period corresponding with the estimated expected life of the award. The Company bases the risk-free interest rate used in the Black Scholes-Merton option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on our common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes-Merton option valuation model and adjusts share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate is recognized in the period the forfeiture estimate is changed.

Stock Option Activity

Stock option activity for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018 was as follows:

Options Weighted Average Option

Shares Exercise Price $

Outstanding as of January 1, 2018 373,333 $ 1.065 $ 397,600

Granted 300,000 1.950 585,000

Exercised (6,666 ) 0.900 (5,999 )

Forfeitures - - -

Outstanding as of January 1, 2019 666,667 1.410 940,000

Granted 23,333 1.200 28,000

Exercised (26,111 ) (0.900 ) 23,500

Forfeitures (113,869 ) (1.146 ) 130,477

Outstanding as of December 31, 2019 550,020 1.491 1,121,977

Granted - - -

Exercised - - -

Forfeitures - - -

Outstanding as of March 31, 2020 550,000 $ 1.491 $ 820,000

The following table summarizes information about stock options outstanding and exercisable at March 31, 2020:

Weighted Weighted

Average Weighted Average

Range of Number Remaining Life Average Number Exercise Price

Exercise Prices Outstanding In Years Exercise Price Exerciseable Exerciseable

$ 0.90 80,000 2.75 $ 0.90 66,667 $ 0.90

1.05 66,667 2.75 1.05 55,556 1.05

1.2-1.35 16,667 0.80 1.2-1.35 13,333 1.2-1.35

1.50 133,333 2.61 1.50 112,778 1.50

1.80 253,333 3.75 1.80 126,667 1.80

550,000 3.12 $ 1.491 375,000 $ 1.25

Stock option grants totaling 550,000 shares of common stock have no intrinsic value as of March 31, 2020.

The stock option grants were valued using the following assumptions:

Dividend yield 0%

Expected life 1-5 Years

Expected volatility 70-200%

Risk free interest rate 0.78-2.6%

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4. BUSINESS COMBINATIONS, ACQUISITION PAYABLE AND OTHER TRANSACTION (Tables)
3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisition

Intangible assets $ 2,351,000

Goodwill 781,749

Net working capital 551,000

Propety and equipment 318,000

Deferred tax liability (587,750 )

$ 3,413,999

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8. LEASES (Tables)
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Operating right-of-use assets and liabilities information

Cash paid for ROU operating lease liability $210,000

Weighted-average remaining lease term 3 years

Weighted-average discount rate 10 %

Minimum future lease payments

Year Ended

March 31, $

2021 $ 216,300

2022 222,792

2023 194,283

633,375

Imputed interest (117,062 )

Total lease liability $ 516,313

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2. GOING CONCERN
3 Months Ended

Mar. 31, 2020

Going Concern

GOING CONCERN
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred net losses of $1,293,675 and $7,374,383 and $11,473,136 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018, respectively. Net cash used in operating activities was $422,780, $2,909,811 and $3,854,505 for the three months ended March 31, 2020 and the years ended December 31, 2019 and 2018, respectively.

The Company anticipates that it will record losses from operations for the foreseeable future. As of March 31, 2020, the Company’s accumulated deficit was $(149,755,207). The Company has limited capital resources, and operations to date have been funded with the proceeds from private equity and debt financings. These conditions raise substantial doubt about our ability to continue as a going concern. The audit report prepared by the Company’s independent registered public accounting firm relating to our consolidated financial statements for the year ended December 31, 2019 includes an explanatory paragraph expressing the substantial doubt about the Company’s ability to continue as a going concern.

The Company believes that its cash on hand will be sufficient to fund our operations only until August 31, 2020. The Company needs additional financing to implement our business plan and to service our ongoing operations and pay our current debts. There can be no assurance that we will be able to secure any needed funding, or that if such funding is available, the terms or conditions would be acceptable to us. If we are unable to obtain additional financing when it is needed, we will need to restructure our operations, and divest all or a portion of our business. We may seek additional capital through a combination of private and public equity offerings, debt financings and strategic collaborations. Debt financing, if obtained, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, and could increase our expenses and require that our assets secure such debt. Equity financing, if obtained, could result in dilution to the Company’s then-existing stockholders and/or require such stockholders to waive certain rights and preferences. If such financing is not available on satisfactory terms, or is not available at all, the Company may be required to delay, scale back, eliminate the development of business opportunities or file for bankruptcy and our operations and financial condition may be materially adversely affected. See Note 11 for additional debt proceeds received in 2020.

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12. DERIVATIVE LIABILITY (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Derivative instruments $ 1,579,055 $ 1,300,915

Total 1,579,055 1,300,915

Level 1

Derivative instruments 0 0

Total 0 0

Level 2

Derivative instruments 0 0

Total 0 0

Level 3

Derivative instruments 1,579,055 1,300,915

Total $ 1,579,055 $ 1,300,915

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8. LEASES (Details Narrative) - USD ($)
3 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Leases [Abstract]

Right-of-use assets $ 499,083 $ 537,522

Operating lease liabilities 516,313

Lease cost $ 55,746

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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Income Statement [Abstract]

NET REVENUE $ 1,661,800 $ 2,244,279

COST OF GOODS SOLD 1,008,355 1,473,371

GROSS PROFIT 653,445 770,908

GENERAL AND ADMINISTRATIVE EXPENSES 1,357,841 2,129,956

OPERATING LOSS (704,396) (1,359,048)

OTHER INCOME (EXPENSE):

Change in fair value of derivative (278,140) 487,273

Interest expense, net (281,001) (120,040)

Loss on debt conversions (30,138) (1,346,510)

Total other expense, net (589,279) (979,277)

LOSS BEFORE INCOME TAXES (1,293,675) (2,338,325)

Income taxes - current benefit 0 0

NET LOSS (1,293,675) (2,338,325)

Net loss attributable to noncontrolling interest in EZ-Clone Enterprises, Inc. 0 (25,528)

NET LOSS ATTRIBUTABLE TO GROWLIFE, INC. AND SUBSIDIARIES $ (1,293,675) $ (2,363,853)

Basic and diluted loss per share $ (0.04) $ (0.10)

Weighted average shares of common stock outstanding- basic and diluted 28,850,114 23,737,277

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7. INTANGIBLE ASSETS (Details) - USD ($)
3 Months Ended 12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Less: accumulated amortization $ (716,495) $ (548,566)

Net intangible assets - definite life 1,634,505 1,802,434

Goodwill - indefinite life 781,749 781,749

Total intangible assets and goodwill $ 2,416,254 $ 2,584,183

Customer lists

Estimated useful lives 5 years 5 years

Intangible assets, gross $ 1,297,000 $ 1,297,000

Patents

Estimated useful lives 5 years 5 years

Intangible assets, gross $ 1,054,000 $ 1,054,000

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15. STOCK OPTIONS (Details) - USD ($)
3 Months Ended 12 Months Ended

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Dec. 31, 2019

Dec. 31, 2018

Aggregate Intrinsic Value

Outstanding, end of period $ 0

Stock Options

Shares

Outstanding, beginning of period 550,020 666,667 373,333

Granted 0 23,333 300,000

Exercised 0 (26,111) (6,667)

Forfeitures 0 (113,889) 0

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Forfeitures 0 (1.146) (0.00)

Outstanding, end of period $ 1.491 $ 1.491 $ 1.41

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Granted $ 0 $ 28,000 $ 585,000

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Forfeitures $ 0 $ 130,477 $ 0

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13. RELATED PARTY TRANSACTIONS AND CERTAIN RELATIONSHIPS
3 Months Ended

Mar. 31, 2020

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS AND CERTAIN RELATIONSHIPS
Since January 1, 2019, the Company engaged in the following reportable transactions with our directors, executive officers, holders of more than 5% of our voting securities, and affiliates or immediately family members of our directors, executive officers and holders of more than 5% of our voting securities.

Certain Relationships

Please see the transactions with Chicago Venture Partners, L.P. discussed in Notes 11 and 12.

Related Party Transactions

Transactions with Katherine McLain

Ms. Katherine McLain was appointed as a director on February 14, 2017. On February 22, 2019, the Company issued 54,054 shares of the Company’s common stock to Katherine McLain valued at $1.11 per share or $60,000. This issuance was an annual award for independent director services.

Transaction with Thom Kozik

Mr. Kozik was appointed as a director on October 5, 2017. On February 22, 2019, the Company issued 54,054 shares of the Company’s common stock to Mr. Kozik valued at $1.11 per share or $60,000. This issuance was an annual award for independent director services.

Notes Payable to Related Parties

EZ-CLONE has $104,144 due to relatives of the two selling shareholders as of March 31, 2020 and December 31, 2019, respectively.

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5. INVENTORY
3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

INVENTORY
Inventory as of March 31, 2020 and December 31, 2019 consisted of the following:

March 31, December 31,

2020 2019

Raw materials $ 345,965 $ 329,482

Work in process 65,258 49,253

Finished goods - 92,703

Inventory deposits 62,806 129,236

Inventory reserve - -

 Total $ 474,029 $ 600,674

Raw materials consist of supplies for product lines at EZ-CLONE.

Finished goods inventory relates to product lines EZ- CLONE.

The Company reviews its inventory on a periodic basis to identify products that are slow moving and/or obsolete, and if such products are identified, the Company records the appropriate inventory impairment charge at such time.

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9. ACCOUNTS PAYABLE
3 Months Ended

Mar. 31, 2020

Accounts Payable [Abstract]

ACCOUNTS PAYABLE
Accounts payable were $1,164,716 and $1,157,090 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to vendors for inventory purchases, audit, legal and other expenses incurred by the Company. The increase relates to inventory purchased at EZ-CLONE for production for sales expected during the three months ended June 30, 2020.

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4. BUSINESS COMBINATIONS, ACQUISITION PAYABLE AND OTHER TRANSACTION (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Business Combinations [Abstract]

Intangible assets $ 2,351,000

Goodwill $ 781,749 781,749

Net working capital 551,000

Property and equipment 318,000

Deferred tax liability (587,750)

Total $ 3,413,999

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14. EQUITY (Tables)
3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Warrants

March 31, 2020

Weighted

Average

Exercise

Shares Price

Outstanding at January 1, 2020 2,418,834 $ 3.465

Issued - $ -

Exercised - $ -

Forfeited - $ -

Expired - $ -

Outstanding at March 31, 2020 2,418,834 $ 3.465

Exerciseable at March 31, 2020 2,312,168 $ -

March 31, 2020

Weighted Weighted Weighted

Average Average Average

Number of Remaining Exercise Shares Exercise

Warrants Life Price Exerciseable Price

366,667 6.41 $ 1.500 366,667 $ 1.500

320,000 4.58 1.800 213,333 1.800

1,407,582 1.58 3.150 1,407,582 3.150

324,586 2.83 7.500 324,586 7.500

- - - - -

2,418,834 2.52 $ 3.465 2,312,168 $ 3.374

Warrant valuation assumptions

Dividend yield 0%

Expected life 1-5 Years

Expected volatility 70-200%

Risk free interest rate 0.78-2.6%

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17. SUBSEQUENT EVENTS
3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS
The Company evaluates subsequent events, for the purpose of adjustment or disclosure, up through the date the financial statements are available.

There were material events subsequent to March 31, 2020:

COVID-19 Pandemic

Presently, the impact of COVID-19 has not shown any imminent adverse effects on the Company’s business, especially since states across the United States—including California—has deemed cannabis businesses as “essential,” allowing the Company’s business to continue its operations. This notwithstanding, it is still unknown and difficult to predict what adverse effects, if any, COVID-19 can have on the Company’s business, or against the various aspects of same.

As of the date of this Annual Report, COVID-19 coronavirus has been declared a pandemic by the World Health Organization, has been declared a National Emergency by the United States Government and has resulted in several states being designated disaster zones. COVID-19 coronavirus caused significant volatility in global markets. The spread of COVID-19 coronavirus has caused public health officials to recommend precautions to mitigate the spread of the virus, especially as to travel and congregating in large numbers. In addition, certain states and municipalities have enacted, and additional cities are considering, quarantining and “shelter-in-place” regulations which severely limit the ability of people to move and travel and require non-essential businesses and organizations to close.

Recent shelter-in-place and essential-only travel regulations could negatively impact the Company’s customers. In addition, while the Company’s products are manufactured in the United States, the Company still could experience significant supply chain disruptions due to interruptions in operations at any or all of our suppliers’ facilities or downline suppliers. If the Company experiences significant delays in receiving our products the Company will experience delays in fulfilling orders and ultimately receiving payment, which could result in loss of sales and a loss of customers, and adversely impact our financial condition and results of operations. The current status of COVID-19 coronavirus closures and restrictions could also negatively impact the Company’s ability to receive funding from the Company’s existing capital sources as each business is and has been affected uniquely.

Other

On April 17, 2020, the Company received $362,500 under the Paycheck Protection Program of the U.S. Small Business Administration’s 7(a) Loan Program pursuant to the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), Pub. Law 116-136, 134 Stat. 281 (2020).

On April 30, 2020, Chicago Venture converted principal and accrued interest of $100,000 into 709,844 shares of the Company’s common stock at a per share conversion price of $0.141.

On April 16, 2020, the Company issued 20,000 shares of the Company’s common stock each to Katherine McLain and Thom Kozik, directors valued at $0.295 per share or $5,900. This issuance was an annual award for independent director services.

On May 7, 2020, EZ-CLONE received $203,329 under the Paycheck Protection Program of the U.S. Small Business Administration’s 7(a) Loan Program pursuant to the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), Pub. Law 116-136, 134 Stat. 281 (2020).

During May 26-28, 2020, PowerUp Lending Group Ltd converted principal of $80,000 into 531,409 shares of the Company’s common stock at a per share conversion price of $0.151.

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6. PROPERTY AND EQUIPMENT (Tables)
3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of property and equipment

March 31, December 31,

2020 2019

Machinery, equipment and tooling $ 356,867 $ 356,867

Computer equipment 16,675 16,675

Leasehold improvements 14,702 14,702

 Total property and equipment 388,244 388,244

Less accumulated depreciation and amortization (231,050 ) (221,763 )

 Net property and equipment $ 157,194 $ 166,482

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10. ACCRUED EXPENSES (Details Narrative) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Accrued Liabilities [Abstract]

Accrued expenses $ 319,444 $ 259,093

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 12 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Dec. 31, 2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss $ (1,293,675) $ (2,363,853)

Adjustments to reconcile net loss to net cash (used in) operating activities

Depreciation 9,288 29,873

Amortization of intangible assets 167,929 285,257

Stock based compensation 37,439 40,016

Common stock issued for services 0 165,400

Non cash interest and amortization of debt discount 247,748 0

Change in fair value of derivative liability 278,140 (487,273)

Accrued interest on convertible notes payable 65,649

Loss on debt conversions 30,138 1,360,146

Noncontrolling interest in EZ-Clone Enterprises, Inc. 0 25,528

Changes in operating assets and liabilities:

Accounts receivable (66,170) (207,185)

Inventory 126,645 (49,110)

Prepaids costs 0 3,418

Deposits 0 (6,500)

Right of use, net 3,246 0

Accounts payable 7,626 155,078

Accrued expenses 28,866 (46,918)

Deferred revenue 0 (86,243)

CASH (USED IN) OPERATING ACTIVITIES (422,780) (1,116,717) $ 2,909,811 $ 3,854,505

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in purchased assets 0 (5,319)

NET CASH (USED IN) INVESTING ACTIVITIES 0 (5,319)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayment of convertible notes payable 0 (590,909)

Proceeds from notes payable 550,000 0

Repayment on capital lease 0 (2,286)

Proceeds from the issuance of common stock 460 0

NET CASH PROVIDED BY FINANCING ACTIVITIES 550,460 (593,195)

NET INCREASE (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 127,680 (1,715,231)

CASH AND CASH EQUIVALENTS, beginning of period 40,834 2,334,377 2,334,377

CASH AND CASH EQUIVALENTS, end of period 168,514 619,146 $ 40,834 $ 2,334,377

Non-cash investing and financing activities:

Shares issued for convertible note and interest conversion 100,000 368,000

Shares issued for purchase of warrant $ 0 $ 1,000,000

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Mar. 31, 2020

Dec. 31, 2019

CURRENT ASSETS:

Cash and cash equivalents $ 168,514 $ 40,834

Accounts receivable - trade, net of allowance for doubtful accounts of $5,690 as of 3/31/2020 and 12/31/2019 167,976 101,806

Inventory, net 474,029 600,674

Deposits 18,995 18,995

Total current assets 829,514 762,309

PROPERTY AND EQUIPMENT, NET 157,194 166,482

INTANGIBLE ASSETS, NET 1,634,505 1,802,434

GOODWILL 781,749 781,749

OPERATING LEASE RIGHT OF USE ASSET 499,083 537,522

TOTAL ASSETS 3,902,045 4,050,496

CURRENT LIABILITIES:

Accounts payable - trade 1,164,716 1,157,090

Accrued expenses 319,444 259,093

Accrued expenses - related parties 0 31,485

Derivative liability 1,579,055 1,300,915

Convertible notes payable 3,462,594 2,884,279

Notes payable - related parties 104,144 104,144

Acquisition of EZ-CLONE Enterprises, Inc. payable in cash 1,026,000 1,026,000

Current portion of operating lease right of use liability 140,772 140,772

Total current liabilities 7,796,725 6,903,778

LONG TERM LIABILITIES:

Deferred tax liability 470,200 470,200

Long term acquisition of EZ-CLONE Enterprises, Inc. payable in common stock 1,000,000 900,000

Non-current portion of operating lease right of use liability 375,541 410,734

Total long term liabilities 1,845,741 1,780,934

COMMITMENTS AND CONTINGENCIES (Note 15)

STOCKHOLDERS' DEFICIT

Preferred stock - $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding 0 0

Common stock - $0.0001 par value, 120,000,000 shares authorized, 29,282,602 and 28,677,147 shares issued and outstanding at 3/31/2020 and 12/31/2019, respectively 386,330 386,269

Additional paid in capital 143,628,456 143,441,047

Accumulated deficit (149,755,207) (148,461,532)

Total stockholders' deficit (5,740,421) (4,634,216)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,902,045 $ 4,050,496

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16. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
Legal Proceedings

From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and may be adjusted from time to time according to developments.

The Company’s know of no material, existing or pending legal proceedings against our Company, nor is the Company involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to the Company’s interest.

As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves.

Operating Leases

The Company is obligated under the following leases for its various facilities.

On May 31, 2019, the Company rented space at 5400 Carillon Point, Kirkland, Washington 98033 for $623 per month for the Company’s corporate office and use of space in the Regus network, including California. The Company’s agreement was renewed and now expires May 31, 2021.

On December 14, 2018, GrowLife, Inc. entered into a lease agreement with Pensco Trust Company for a 28,000 square feet industrial space at 10170 Croydon Way, Sacramento, California 95827 used for the assembly and sales of plastic parts by EZ-CLONE. The monthly lease payment is $17,500 and increased approximately 3% per year. The lease expires on December 31, 2023.

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5. INVENTORY (Tables)
3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventory

March 31, December 31,

2020 2019

Raw materials $ 345,965 $ 329,482

Work in process 65,258 49,253

Finished goods - 92,703

Inventory deposits 62,806 129,236

Inventory reserve - -

 Total $ 474,029 $ 600,674

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11. CONVERTIBLE NOTES PAYABLE (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Principal $ 3,174,810 $ 2,681,835

Accrued interest 300,691 224,035

Debt discount (12,907) (21,591)

Convertible notes payable 3,462,594 2,884,279

10% OID Convertible Promissory Notes

Principal 2,650,007 2,195,007

Accrued interest 287,716 220,980

Debt discount 0 0

Convertible notes payable 2,937,723 2,415,987

Secured Advance Note

Principal 184,903 205,228

Accrued interest 0 0

Debt discount 0 0

Convertible notes payable 184,903 205,228

12% Convertible note ($850,000)

Principal 339,900 281,600

Accrued interest 12,975 3,055

Debt discount (12,907) (21,591)

Convertible notes payable $ 339,968 $ 263,064

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1. DESCRIPTION OF BUSINESS AND ORGANIZATION
3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND ORGANIZATION
GrowLife, Inc. (“GrowLife” or the “Company”) is incorporated under the laws of the State of Delaware and is headquartered in Kirkland, Washington. The Company was founded in 2012 with the Closing of the Agreement and Plan of Merger with SGT Merger Corporation.

The Company’s goal of becoming the nation’s largest cultivation facility service provider for the production of organics, herbs and greens and plant-based medicines has not changed. The Company’s mission is to best serve more cultivators in the design, build-out, expansion and maintenance of their facilities with products of high quality, exceptional value and competitive price. Through a nationwide network of knowledgeable representatives, regional centers and its e-commerce website, GrowLife provides essential and hard-to-find goods including media (i.e., farming soil), industry-leading hydroponics equipment, organic plant nutrients, and thousands more products to specialty grow operations across the United States.

The Company primarily sells through its wholly owned subsidiary, GrowLife Hydroponics, Inc. GrowLife companies distribute and sell over 15,000 products through its e-commerce distribution channel, GrowLifeEco.com, and through our regional retail storefronts. GrowLife and its business units are organized and directed to operate strictly in accordance with all applicable state and federal laws.

On June 7, 2013, GrowLife Hydroponics completed the purchase of Rocky Mountain Hydroponics, LLC, a Colorado limited liability company (“RMC”), and Evergreen Garden Center, LLC, a Maine limited liability company (“EGC”). The effective date of the purchase was June 7, 2013.

On October 15, 2018, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.

The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-CLONE stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.

As of March 4, 2019, the Company began to trade on the Pink Sheet stocks system. Our bid price had closed below $0.01 for more than 30 consecutive calendar days. As of March 17, 2020, the Company commenced trading on the OTCQB Market ("OTCQB") after successfully up-listing from the OTC Pink Market.

On October 9, 2019, the Company approved the reduction of authorized capital stock, whereby the total number of the Company’s authorized common stock decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. On November 20, 2019, the Company filed a Certificate of Amendment of Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the reduction, the Company an aggregate 130,000,000 authorized shares consisting of: (i)120,000,000 shares of common stock, par value $0.0001 per share, and (ii) 10,000,000 shares of preferred stock, par value $0.0001 per share.

The reverse stock split of 1 for 150 was effective at the open of business on November 27, 2019 whereupon the shares of common stock began trading on a split-adjusted basis. The Company’s CUSIP number for the Company’s common stock changed to 39985X203. All warrant, option, share and per share information in this Form 10-Q gives retroactive effect to the 1-for-150 reverse split with all numbers rounded up to the nearest whole share.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Statement of Financial Position [Abstract]

Accounts receivable, allowance for doubtful accounts $ 5,690 $ 5,690

Preferred Stock, Par Value $ 0.0001 $ 0.0001

Preferred Stock, Authorized 10,000,000 10,000,000

Preferred Stock, Issued 0 0

Preferred Stock, Outstanding 0 0

Common Stock, Par Value $ 0.0001 $ 0.0001

Common Stock, Authorized 120,000,000 120,000,000

Common Stock, Issued 29,282,602 28,677,147

Common Stock, Outstanding 29,282,602 28,677,147

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8. LEASES (Details 1)

Mar. 31, 2020

USD ($)

Leases [Abstract]

2021 $ 216,300

2022 222,792

2023 194,283

Total lease liability 633,375

Less: imputed interest (117,062)

Net lease liability $ 516,313

X

- References
No definition available.
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Amount of lessee's undiscounted obligation for lease payments for operating lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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Amount of lessee's undiscounted obligation for lease payments for operating lease, due in next fiscal year following latest fiscal year.
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-Publisher FASB
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Amount of lessee's undiscounted obligation for lease payments for operating lease, due in third fiscal year following latest fiscal year.
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
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Amount of lessee's undiscounted obligation for lease payments for operating lease, due in second fiscal year following latest fiscal year.
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-Name Accounting Standards Codification
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Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.
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14. EQUITY (Details Narrative)

Mar. 31, 2020

USD ($)

Warrant

Warrant intrinsic value $ 0

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15. STOCK OPTIONS (Details Narrative)

Mar. 31, 2020

USD ($)

Intrinsic value $ 0

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4. BUSINESS COMBINATIONS, ACQUISITION PAYABLE AND OTHER TRANSACTION
3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

BUSINESS COMBINATIONS, ACQUISITION PAYABLE AND OTHER TRANSACTION
Acquisition of EZ-CLONE Enterprises, Inc.

On October 15, 2018, in connection with the Company’s strategy to become a dominate cultivation facilities provider, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation that was founded in January 2000. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The Company has proprietary products and services such as the Commercial Pro System, Hobbyist Cloning Systems, Cloning Tents, Coco Collars, Coco Seed Starters, Rooting Gel, and Clear Rez. Technical Support, know-how and overall knowledge is also considered proprietary. The Company trademarks are EZ-CLONE and EZ-CLONE CRIB.

This acquisition is expected to accelerate the Company’s revenue growth, increase the Company gross margins and add additional manufacturing and research and development personnel.

On October 15, 2018, the Company closed the Purchase and Sale Agreement with EZ-CLONE Enterprises, Inc., a California corporation. EZ-CLONE is the manufacturer of multiple award-winning products specifically designed for the commercial cloning and propagation stage of indoor plant cultivation including cannabis, food, and other hydroponic farming. The total purchase price was $4 million of which $1,500,000 is payable in cash and $2.5 million payable in stock. At closing, we paid 51% of this amount totaling $2,040,000 via a (i) a cash payment of $645,000; and (ii) the issuance of 715,385 restricted shares of our common stock valued $1,395,000.

The October 15, 2018 agreement called for the Company, upon delivery of the remaining 49% of EZ-Clone stock, to acquire such stock within one year for $1,960,000, payable as follows: (i) a cash payment of $855,000; and (ii) the issuance of Company’s common stock at a value of $1,105,000. On November 5, 2019, the Company amended the purchase agreement with one 24.5% shareholder obligating the Company to purchase the remaining 49% of stock by agreeing to a 20% extension fee ($171,000) of the $855,000 cash payable at the earlier of the closing of $2,000,000 in funding or nine months (July 2020). As of March 31, 2020, the $171,000 extension fee has not been paid.

The Company accounted for the acquisition in accordance with ASC 805, “Business Combinations”. ASC 805 defines the acquirer in a business combination as the entity that obtains control of one or more businesses in a business combination and establishes the acquisition date as the date that the acquirer achieves control. ASC 805 requires an acquirer to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date, measured at their fair values as of that date.

For accounting purposes, from the October 15, 2018 acquisition date and through September 30, 2019, the Company has consolidated EZ-Clone given their control and have treated its ability to acquire the remaining 49% interest in EZ-Clone as a de facto option to buy and has thus categorized it as non-controlling until November 5, 2019 when the amended purchase agreement obligates the Company to purchase the remaining 49%. Effective in the quarter beginning October 1, 2019, the Company for accounting purposes, considers EZ-Clone to be 100% owned and thus eliminated the non-controlling interest and recorded an acquisition payable related to the balance owed. As of March 31, 2020, the Company has an acquisition payable totaling $2,026,000, of which $1,026,000 is current and $1,000,000 is categorized as long term since stock is expected to be issued to settle this and will not utilize current assets. The total liability consists of the discounted value of the future payments of $1,960,0000 and the $171,000 extension fee payable. The Company will accrete the difference between the carrying value of the acquisition payable and the contractual obligations as interest expense through July 2020 when payment is due. During the quarter ended March 31, 2020 the Company recognized $100,000 of interest expense related to accretion of the purchase obligation. The Company treated the $171,000 as a financing fee and expensed it as interest expense in 2019. During the fourth quarter of 2019, the Company recorded a non cash financing charge as interest expense totaling approximately $410,000 to recognize the acquisition payable and to eliminate the non-controlling interest.

As of the acquisition date in October 2018, the Company recognized approximately $3.4 million of intangible assets and began amortizing them over 3 years. In the fourth quarter of 2019, the Company completed its evaluation of assets acquired and finalized its asset valuation. The finalized valuation resulted in lower intangible assets from the original assessment, allocating some of the intangible to Goodwill and determined that the life of definite life intangibles to be 5 years (See Note 7). The Company adjusted the cost basis and accumulated amortization, reducing both, but did not change quarterly 2019 amortization expense that had been recorded through September 30, 2019 which was in excess of $800,000. The change in the purchase accounting also resulted in the recording of a deferred tax liability and the lowering of non-controlling interest by $587,750.

The summary of assets acquired and liabilities assumed is based upon the Company final evaluation done in the fourth quarter of 2019 and is detailed below.

Intangible assets $ 2,351,000

Goodwill 781,749

Net working capital 551,000

Propety and equipment 318,000

Deferred tax liability (587,750 )

$ 3,413,999

The fair value of the intangible assets associated with the assets acquired was $2,351,000 estimated by using a discounted cash flow approach based on future economic benefits. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results.

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8. LEASES
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

LEASES
The Company previously entered into operating leases for retail and corporate facilities. These leases have terms which range from two to five years, and often include options to renew. These operating leases are listed as separate line items on the Company's Condensed Consolidated Balance Sheets and represent the Company’s right to use the underlying assets for the lease term. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use assets and lease liabilities for operating leases of approximately $1,378,000 on January 1, 2019. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. During the quarter ended September 30, 2019, the Company has cancelled all but one lease and has recognized the rent and termination fees related to the cancelled leases as an expense in the current period. As of March 31, 2020, total right-of-use assets and operating lease liabilities for remaining long term lease was $499,803 and $516,313, respectively. During the three months ended March 31, 2020, the Company recognized $55,746 in total lease costs for the lease.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating right-of-use assets and related lease liabilities as of and for the three months ended March 31, 2020 were as follows:

Cash paid for ROU operating lease liability $210,000

Weighted-average remaining lease term 3 years

Weighted-average discount rate 10 %

Year Ended

March 31, $

2021 $ 216,300

2022 222,792

2023 194,283

633,375

Imputed interest (117,062 )

Total lease liability $ 516,313

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12. DERIVATIVE LIABILITY
3 Months Ended

Mar. 31, 2020

Derivative Liability [Abstract]

DERIVATIVE LIABILITY
The Convertible Notes payable include a conversion feature that pursuant ASC 815 “Derivatives and Hedging”, has been identified as an embedded derivative financial instrument and which the Company has elected to account for under the fair value method of accounting.

If the conversion features of conventional convertible debt provide for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20. Debt with Conversion and Other Options. In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method. The debt is convertible at the lesser of 65% of the fair value of the Company’s common stock or $1.35 requiring the conversion feature to be bifurcated from the host debt contract and accounting for separately as a derivative, resulting in periodic revaluations. The notes underlying the derivatives are short term in nature and generally converted to stock in less than one year. The derivative is valued at period end with the key inputs being current stock price and the conversion feature.

There was a derivative liability of $1,579,055 and $1,300,915 as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 and 2019, the Company recorded non-cash expense $278,140 and non-cash income of $487,223 related to the “change in fair value of derivative” expense related to the Chicago Venture and Iliad financing. These were the only changes in level 3 fair value instruments during such periods.

Derivative liability as of March 31, 2020 was as follows:

Carrying

Fair Value Measurements Using Inputs Amount at

Financial Instruments Level 1 Level 2 Level 3 March 31, 2020

Liabilities:

Derivative Instruments $ - $ - $ 1,579,055 $ 1,579,055

Total $ - $ - $ 1,579,055 $ 1,579,055

Derivative liability as of December 31, 2019 was as follows:

Carrying

Fair Value Measurements Using Inputs Amount at

Financial Instruments Level 1 Level 2 Level 3 December 31, 2019

Liabilities:

Derivative Instruments $ - $ - $ 1,300,915 $ 1,300,915

Total $ - $ - $ 1,300,915 $ 1,300,915

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5. INVENTORY (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Inventory Disclosure [Abstract]

Raw materials $ 345,965 $ 329,482

Work in process 65,258 49,253

Finished goods 0 92,703

Inventory deposits 62,806 129,236

Inventory reserve 0 0

Total $ 474,029 $ 600,674

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15. STOCK OPTIONS (Tables)
3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock options

Options Weighted Average Option

Shares Exercise Price $

Outstanding as of January 1, 2018 373,333 $ 1.065 $ 397,600

Granted 300,000 1.950 585,000

Exercised (6,666 ) 0.900 (5,999 )

Forfeitures - - -

Outstanding as of January 1, 2019 666,667 1.410 940,000

Granted 23,333 1.200 28,000

Exercised (26,111 ) (0.900 ) 23,500

Forfeitures (113,869 ) (1.146 ) 130,477

Outstanding as of December 31, 2019 550,020 1.491 1,121,977

Granted - - -

Exercised - - -

Forfeitures - - -

Outstanding as of March 31, 2020 550,000 $ 1.491 $ 820,000



Weighted Weighted

Average Weighted Average

Range of Number Remaining Life Average Number Exercise Price

Exercise Prices Outstanding In Years Exercise Price Exerciseable Exerciseable

$ 0.90 80,000 2.75 $ 0.90 66,667 $ 0.90

1.05 66,667 2.75 1.05 55,556 1.05

1.2-1.35 16,667 0.80 1.2-1.35 13,333 1.2-1.35

1.50 133,333 2.61 1.50 112,778 1.50

1.80 253,333 3.75 1.80 126,667 1.80

550,000 3.12 $ 1.491 375,000 $ 1.25

Stock option valluation assumptions

Dividend yield 0%

Expected life 1-5 Years

Expected volatility 70-200%

Risk free interest rate 0.78-2.6%

X

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Tabular disclosure of the freestanding option contracts issued by an entity that are indexed to, and potentially settled in, an entity's own stock. Includes disclosure on the strike price and the number of shares to which the contract is indexed, the settlement date or dates of the contract, and the issuer's accounting for the contract. If the terms of the contract provide settlement alternatives, those settlement alternatives are disclosed, including who controls the settlement alternatives, and the maximum number of shares that could be required to be issued, to net share settle the contract, if applicable. If a contract does not have a fixed or determinable maximum number of shares that could be required to be issued, the fact that a potentially infinite number of shares that may be required to be issued to settle the contract is disclosed. Disclosure also includes the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts.
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
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9. ACCOUNTS PAYABLE (Details Narrative) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accounts Payable [Abstract]
Accounts payable	$ 1,164,716	$ 1,157,090

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Begining balance, shares at Dec. 31, 2018	22,917,327
Begining balance, amount at Dec. 31, 2018	$ 343,749	$ 139,331,067	$ (141,176,087)	$ (1,501,271)
Stock based compensation for stock options		16,016		16,016
Stock based compensation for warrants		24,000		24,000
Shares issued for services rendered, shares	139,441
Shares issued for services rendered, amount	$ 2,092	163,308		165,400
Shares issued for convertible note and interest conversion, shares	561,041
Shares issued for convertible note and interest conversion, amount	$ 8,416	726,731		735,147
Shares issued for purchase of warrant, shares	833,333
Shares issued for purchase of warrant, amount	$ 12,500	987,500		1,000,000
Noncontrolling interest in EZ-Clone Enterprises, Inc.			(25,528)	(25,528)
Net loss			(2,338,325)	(2,338,325)
Ending balance, shares at Mar. 31, 2019	24,451,143
Ending balance, amount at Mar. 31, 2019	$ 366,757	141,248,622	(143,539,940)	(1,924,561)
Begining balance, shares at Dec. 31, 2018	22,917,327
Begining balance, amount at Dec. 31, 2018	$ 343,749	139,331,067	(141,176,087)	(1,501,271)
Ending balance, shares at Dec. 31, 2019	28,677,147
Ending balance, amount at Dec. 31, 2019	$ 386,269	143,441,047	(148,461,532)	(4,634,216)
Stock based compensation for stock options		13,439		13,439
Stock based compensation for warrants		24,000		24,000
Shares issued for convertible note and interest conversion, shares	605,294
Shares issued for convertible note and interest conversion, amount	$ 61	149,510		149,571
Warrant exercise, shares	146
Warrant exercise, amount		460		460
Noncontrolling interest in EZ-Clone Enterprises, Inc.				0
Fractional shares issued related to reverse stock split	15
Net loss			(1,293,675)	(1,293,675)
Ending balance, shares at Mar. 31, 2020	29,282,602
Ending balance, amount at Mar. 31, 2020	$ 386,330	$ 143,628,456	$ (149,755,207)	$ (5,740,421)

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 29, 2020
Document And Entity Information
Entity Registrant Name	GrowLife, Inc.
Entity Central Index Key	0001161582
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,563,855
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	000-50385
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

7. INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended
7. INTANGIBLE ASSETS (Details Narrative) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Amortization expense	$ 167,929	$ 285,257

14. EQUITY (Details) - Warrant	3 Months Ended
14. EQUITY (Details) - Warrant	Mar. 31, 2020 $ / shares shares
Shares
Outstanding, beginning of period \| shares	2,418,834
Issued \| shares	0
Exercised \| shares	0
Forfeited \| shares	0
Expired \| shares	0
Outstanding, end of period \| shares	2,418,834
Exercisable, end of period \| shares	2,312,168
Weighted Average Exercise Price
Outstanding, beginning of period \| $ / shares	$ 3.465
Issued \| $ / shares	0.000
Exercised \| $ / shares	0.000
Forfeited \| $ / shares	(0.000)
Expired \| $ / shares	0.000
Outstanding, end of period \| $ / shares	3.465
Exercisable, end of period \| $ / shares	$ 0.00

14. EQUITY (Details 1) - $ / shares	3 Months Ended
14. EQUITY (Details 1) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Warrant 1
Shares outstanding	366,667
Weighted average remaining life	6 years 4 months 28 days
Weighted average exercise price outstanding	$ 1.500
Shares exercisable	366,667
Weighted average exercise price exercisable	$ 1.500
Warrant 2
Shares outstanding	320,000
Weighted average remaining life	4 years 6 months 29 days
Weighted average exercise price outstanding	$ 1.800
Shares exercisable	213,333
Weighted average exercise price exercisable	$ 1.800
Warrant 3
Shares outstanding	1,407,582
Weighted average remaining life	1 year 6 months 29 days
Weighted average exercise price outstanding	$ 3.150
Shares exercisable	1,407,582
Weighted average exercise price exercisable	$ 3.150
Warrant 4
Shares outstanding	324,586
Weighted average remaining life	2 years 9 months 29 days
Weighted average exercise price outstanding	$ 7.500
Shares exercisable	324,586
Weighted average exercise price exercisable	$ 7.500
Warrant
Shares outstanding	2,418,834	2,418,834
Weighted average remaining life	2 years 6 months 7 days
Weighted average exercise price outstanding	$ 3.465	$ 3.465
Shares exercisable	2,312,168
Weighted average exercise price exercisable	$ 3.374

15. STOCK OPTIONS (Details 1) - $ / shares	3 Months Ended
15. STOCK OPTIONS (Details 1) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Exercise Price Range 1
Outstanding	80,000
Weighted average remaining life in years	2 years 9 months
Weighted average exercise price outstanding	$ 0.90
Exerciseable	66,667
Weighted average exercise price exercisable	$ 0.90
Exercise Price Range 2
Outstanding	66,667
Weighted average remaining life in years	2 years 9 months
Weighted average exercise price outstanding	$ 1.05
Exerciseable	55,556
Weighted average exercise price exercisable	$ 1.05
Exercise Price Range 3
Outstanding	16,667
Weighted average remaining life in years	9 months 18 days
Exerciseable	13,333
Exercise Price Range 3 \| Minimum
Weighted average exercise price outstanding	$ 1.20
Weighted average exercise price exercisable	1.20
Exercise Price Range 3 \| Maximum
Weighted average exercise price outstanding	1.35
Weighted average exercise price exercisable	$ 1.35
Exercise Price Range 4
Outstanding	133,333
Weighted average remaining life in years	2 years 7 months 10 days
Weighted average exercise price outstanding	$ 1.50
Exerciseable	112,778
Weighted average exercise price exercisable	$ 1.50
Exercise Price Range 5
Outstanding	253,333
Weighted average remaining life in years	3 years 9 months
Weighted average exercise price outstanding	$ 1.80
Exerciseable	126,667
Weighted average exercise price exercisable	$ 1.80
Stock Options
Outstanding	550,000	550,020	666,667	373,333
Weighted average remaining life in years	3 years 1 month 13 days
Weighted average exercise price outstanding	$ 1.491	$ 1.491	$ 1.41	$ 1.065
Exerciseable	375,000
Weighted average exercise price exercisable	$ 1.25

3. SIGNIFICANT ACCOUNTING POLICIES: ADOPTION OF ACCOUNTING STANDARDS (Details Narrative) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Uninsured deposits	$ 0
Reserve for sales returns	20,000	$ 20,000
Inventory reserve	$ 0	$ 0

6. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
6. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Fixed assets, net of accumulated depreciation	$ 157,194		$ 166,482
Accumulated depreciation	(231,050)		$ (221,763)
Depreciation expense	$ 9,288	$ 29,873

10. ACCRUED EXPENSES	3 Months Ended
10. ACCRUED EXPENSES	Mar. 31, 2020
Accrued Liabilities [Abstract]
ACCRUED EXPENSES	Accrued expenses were $319,444 and $259,093 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to sales tax, payroll and restructuring expense liabilities. As of September 30, 2019, the Company closed retail stores in Portland, Maine, Encino, California and Calgary, Canada. The Company is negotiating with the landlords and the Company has recorded restructuring reserves of $209,577 as of March 31, 2020 and December 31, 2019, respectively.

14. EQUITY (Details 2) - Warrant	3 Months Ended
14. EQUITY (Details 2) - Warrant	Mar. 31, 2020
Dividend yield	0.00%
Minimum
Expected life	1 year
Expected volatility	70.00%
Risk free interest rate	0.78%
Maximum
Expected life	5 years
Expected volatility	200.00%
Risk free interest rate	2.60%

15. STOCK OPTIONS (Details 2) - Stock Options	3 Months Ended
15. STOCK OPTIONS (Details 2) - Stock Options	Mar. 31, 2020
Dividend yield	0.00%
Minimum
Expected life	1 year
Expected volatility	70.00%
Risk free interest rate	0.78%
Maximum
Expected life	5 years
Expected volatility	200.00%
Risk free interest rate	2.60%

6. PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Machines and equipment	$ 356,867	$ 356,867
Computer equipment	16,675	16,675
Leasehold improvements	14,702	14,702
Total property and equipment	388,244	388,244
Less accumulated depreciation and amortization	(231,050)	(221,763)
Net property and equipment	$ 157,194	$ 166,482

2. GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
2. GOING CONCERN (Details Narrative) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Non-RMH/EGC
Accumulated deficit	$ (149,755,207)		$ (148,461,532)
Cash and cash equivalents	168,514		40,834
Net cash used in operating activities	$ (422,780)	$ (1,116,717)	$ 2,909,811	$ 3,854,505

12. DERIVATIVE LIABILITY (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Derivative instruments	$ 1,579,055	$ 1,300,915
Total	1,579,055	1,300,915
Level 1
Derivative instruments	0	0
Total	0	0
Level 2
Derivative instruments	0	0
Total	0	0
Level 3
Derivative instruments	1,579,055	1,300,915
Total	$ 1,579,055	$ 1,300,915

8. LEASES (Details Narrative) - USD ($)	3 Months Ended
8. LEASES (Details Narrative) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use assets	$ 499,083	$ 537,522
Operating lease liabilities	516,313
Lease cost	$ 55,746

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
NET REVENUE	$ 1,661,800	$ 2,244,279
COST OF GOODS SOLD	1,008,355	1,473,371
GROSS PROFIT	653,445	770,908
GENERAL AND ADMINISTRATIVE EXPENSES	1,357,841	2,129,956
OPERATING LOSS	(704,396)	(1,359,048)
OTHER INCOME (EXPENSE):
Change in fair value of derivative	(278,140)	487,273
Interest expense, net	(281,001)	(120,040)
Loss on debt conversions	(30,138)	(1,346,510)
Total other expense, net	(589,279)	(979,277)
LOSS BEFORE INCOME TAXES	(1,293,675)	(2,338,325)
Income taxes - current benefit	0	0
NET LOSS	(1,293,675)	(2,338,325)
Net loss attributable to noncontrolling interest in EZ-Clone Enterprises, Inc.	0	(25,528)
NET LOSS ATTRIBUTABLE TO GROWLIFE, INC. AND SUBSIDIARIES	$ (1,293,675)	$ (2,363,853)
Basic and diluted loss per share	$ (0.04)	$ (0.10)
Weighted average shares of common stock outstanding- basic and diluted	28,850,114	23,737,277

7. INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
7. INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Less: accumulated amortization	$ (716,495)	$ (548,566)
Net intangible assets - definite life	1,634,505	1,802,434
Goodwill - indefinite life	781,749	781,749
Total intangible assets and goodwill	$ 2,416,254	$ 2,584,183
Customer lists
Estimated useful lives	5 years	5 years
Intangible assets, gross	$ 1,297,000	$ 1,297,000
Patents
Estimated useful lives	5 years	5 years
Intangible assets, gross	$ 1,054,000	$ 1,054,000

15. STOCK OPTIONS (Details) - USD ($)	3 Months Ended	12 Months Ended
15. STOCK OPTIONS (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Aggregate Intrinsic Value
Outstanding, end of period	$ 0
Stock Options
Shares
Outstanding, beginning of period	550,020	666,667	373,333
Granted	0	23,333	300,000
Exercised	0	(26,111)	(6,667)
Forfeitures	0	(113,889)	0
Outstanding, end of period	550,000	550,020	666,667
Weighted Average Exercise Price
Outstanding, beginning of period	$ 1.491	$ 1.41	$ 1.065
Granted	0	1.20	1.95
Exercised	0	(0.90)	0.90
Forfeitures	0	(1.146)	(0.00)
Outstanding, end of period	$ 1.491	$ 1.491	$ 1.41
Aggregate Intrinsic Value
Outstanding, beginning of period	$ 1,121,977	$ 940,000	$ 397,600
Granted	$ 0	$ 28,000	$ 585,000
Exercised	$ 0	$ 23,500	$ (5,999)
Forfeitures	$ 0	$ 130,477	$ 0
Outstanding, end of period	$ 820,000	$ 1,121,977	$ 940,000

9. ACCOUNTS PAYABLE	3 Months Ended
9. ACCOUNTS PAYABLE	Mar. 31, 2020
Accounts Payable [Abstract]
ACCOUNTS PAYABLE	Accounts payable were $1,164,716 and $1,157,090 as of March 31, 2020 and December 31, 2019, respectively. Such liabilities consisted of amounts due to vendors for inventory purchases, audit, legal and other expenses incurred by the Company. The increase relates to inventory purchased at EZ-CLONE for production for sales expected during the three months ended June 30, 2020.

4. BUSINESS COMBINATIONS, ACQUISITION PAYABLE AND OTHER TRANSACTION (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Intangible assets		$ 2,351,000
Goodwill	$ 781,749	781,749
Net working capital		551,000
Property and equipment		318,000
Deferred tax liability		(587,750)
Total		$ 3,413,999

10. ACCRUED EXPENSES (Details Narrative) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Accrued expenses	$ 319,444	$ 259,093

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,293,675)	$ (2,363,853)
Adjustments to reconcile net loss to net cash (used in) operating activities
Depreciation	9,288	29,873
Amortization of intangible assets	167,929	285,257
Stock based compensation	37,439	40,016
Common stock issued for services	0	165,400
Non cash interest and amortization of debt discount	247,748	0
Change in fair value of derivative liability	278,140	(487,273)
Accrued interest on convertible notes payable		65,649
Loss on debt conversions	30,138	1,360,146
Noncontrolling interest in EZ-Clone Enterprises, Inc.	0	25,528
Changes in operating assets and liabilities:
Accounts receivable	(66,170)	(207,185)
Inventory	126,645	(49,110)
Prepaids costs	0	3,418
Deposits	0	(6,500)
Right of use, net	3,246	0
Accounts payable	7,626	155,078
Accrued expenses	28,866	(46,918)
Deferred revenue	0	(86,243)
CASH (USED IN) OPERATING ACTIVITIES	(422,780)	(1,116,717)	$ 2,909,811	$ 3,854,505
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in purchased assets	0	(5,319)
NET CASH (USED IN) INVESTING ACTIVITIES	0	(5,319)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of convertible notes payable	0	(590,909)
Proceeds from notes payable	550,000	0
Repayment on capital lease	0	(2,286)
Proceeds from the issuance of common stock	460	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	550,460	(593,195)
NET INCREASE (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	127,680	(1,715,231)
CASH AND CASH EQUIVALENTS, beginning of period	40,834	2,334,377	2,334,377
CASH AND CASH EQUIVALENTS, end of period	168,514	619,146	$ 40,834	$ 2,334,377
Non-cash investing and financing activities:
Shares issued for convertible note and interest conversion	100,000	368,000
Shares issued for purchase of warrant	$ 0	$ 1,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 168,514	$ 40,834
Accounts receivable - trade, net of allowance for doubtful accounts of $5,690 as of 3/31/2020 and 12/31/2019	167,976	101,806
Inventory, net	474,029	600,674
Deposits	18,995	18,995
Total current assets	829,514	762,309
PROPERTY AND EQUIPMENT, NET	157,194	166,482
INTANGIBLE ASSETS, NET	1,634,505	1,802,434
GOODWILL	781,749	781,749
OPERATING LEASE RIGHT OF USE ASSET	499,083	537,522
TOTAL ASSETS	3,902,045	4,050,496
CURRENT LIABILITIES:
Accounts payable - trade	1,164,716	1,157,090
Accrued expenses	319,444	259,093
Accrued expenses - related parties	0	31,485
Derivative liability	1,579,055	1,300,915
Convertible notes payable	3,462,594	2,884,279
Notes payable - related parties	104,144	104,144
Acquisition of EZ-CLONE Enterprises, Inc. payable in cash	1,026,000	1,026,000
Current portion of operating lease right of use liability	140,772	140,772
Total current liabilities	7,796,725	6,903,778
LONG TERM LIABILITIES:
Deferred tax liability	470,200	470,200
Long term acquisition of EZ-CLONE Enterprises, Inc. payable in common stock	1,000,000	900,000
Non-current portion of operating lease right of use liability	375,541	410,734
Total long term liabilities	1,845,741	1,780,934
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' DEFICIT
Preferred stock - $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock - $0.0001 par value, 120,000,000 shares authorized, 29,282,602 and 28,677,147 shares issued and outstanding at 3/31/2020 and 12/31/2019, respectively	386,330	386,269
Additional paid in capital	143,628,456	143,441,047
Accumulated deficit	(149,755,207)	(148,461,532)
Total stockholders' deficit	(5,740,421)	(4,634,216)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 3,902,045	$ 4,050,496

8. LEASES (Details)	3 Months Ended
8. LEASES (Details)	Mar. 31, 2020 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities	$ 210,000
Weighted-average remaining lease term	3 years
Weighted-average discount rate	10.00%

11. CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Principal	$ 3,174,810	$ 2,681,835
Accrued interest	300,691	224,035
Debt discount	(12,907)	(21,591)
Convertible notes payable	3,462,594	2,884,279
10% OID Convertible Promissory Notes
Principal	2,650,007	2,195,007
Accrued interest	287,716	220,980
Debt discount	0	0
Convertible notes payable	2,937,723	2,415,987
Secured Advance Note
Principal	184,903	205,228
Accrued interest	0	0
Debt discount	0	0
Convertible notes payable	184,903	205,228
12% Convertible note ($850,000)
Principal	339,900	281,600
Accrued interest	12,975	3,055
Debt discount	(12,907)	(21,591)
Convertible notes payable	$ 339,968	$ 263,064

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 5,690	$ 5,690
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Authorized	10,000,000	10,000,000
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Authorized	120,000,000	120,000,000
Common Stock, Issued	29,282,602	28,677,147
Common Stock, Outstanding	29,282,602	28,677,147

8. LEASES (Details 1)	Mar. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 216,300
2022	222,792
2023	194,283
Total lease liability	633,375
Less: imputed interest	(117,062)
Net lease liability	$ 516,313

5. INVENTORY (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 345,965	$ 329,482
Work in process	65,258	49,253
Finished goods	0	92,703
Inventory deposits	62,806	129,236
Inventory reserve	0	0
Total	$ 474,029	$ 600,674